UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number |
811-09903 | |||||
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BNY Mellon Funds Trust |
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(Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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(Address of principal executive offices) (Zip code) |
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Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 922-6400 | |||||
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Date of fiscal year end:
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8/31 |
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Date of reporting period: |
2/29/2016 |
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FORM N-CSR
Item 1. Reports to Stockholders.
cThe BNY Mellon Funds
BNY Mellon Large Cap Stock Fund
BNY Mellon Large Cap Market Opportunities Fund
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
BNY Mellon Income Stock Fund
BNY Mellon Mid Cap Multi-Strategy Fund
BNY Mellon Small Cap Multi-Strategy Fund
BNY Mellon Focused Equity Opportunities Fund
BNY Mellon Small/Mid Cap Multi-Strategy Fund
BNY Mellon International Fund
BNY Mellon Emerging Markets Fund
BNY Mellon International Appreciation Fund
BNY Mellon International Equity Income Fund
BNY Mellon Asset Allocation Fund
SEMIANNUAL REPORT February 29, 2016 | |
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Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
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The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2015, through February 29, 2016. For information about how each fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The reporting period was a time of varied and, at times, conflicting economic influences. On one hand, the U.S. economy continued to grow as domestic labor markets posted significant gains, housing markets recovered, and lower fuel prices put cash in consumers’ pockets. Indeed, these factors, along with low inflation, prompted the Federal Reserve Board in December to raise short-term interest rates for the first time in nearly a decade.
On the other hand, the global economy continued to disappoint, particularly in China and other emerging markets, when reduced industrial demand and declining currency values sparked substantial declines in commodity prices. These developments proved especially challenging for financial markets in January and early February: stocks and riskier sectors of the bond market fell sharply before later recovering a portion of their losses. In contrast, longer term U.S. government securities gained valued during the ensuing flight to quality.
While market volatility may persist over the foreseeable future until global economic sentiment improves, we recently have seen signs of stabilizing commodity prices and continued strength in the U.S. economy. Still, we expect wide differences in underlying fundamental and technical influences across various asset classes, economic sectors, and regional markets over the months ahead, suggesting that selectivity may be an important determinant of investment success. We encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2016
3
DISCUSSION OF FUND PERFORMANCE
For the period of September 1, 2015, through February 29, 2016, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, and Peter D. Goslin, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of -2.68%, and Investor shares produced a total return of -2.61%.1 In comparison, the Standard & Poor’s 500® Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, produced a total return of -0.93% for the same period.2
U.S. equities posted mildly negative total returns, on average, over the reporting period amid intensifying global economic concerns. Security selection shortfalls in the industrials, consumer staples, and information technology sectors undermined the fund’s results compared to its benchmark.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of large capitalization companies with market capitalizations of $5 billion or more at the time of purchase.
We apply a systematic, quantitative investment approach designed to identify and exploit relative misvaluations primarily within large-cap U.S. stocks. We use a proprietary valuation model that identifies and ranks stocks to construct the fund’s portfolio. We construct the fund’s portfolio through a systematic structured approach, focusing on stock selection as opposed to making proactive decisions as to industry or sector exposure. Within each sector and style subset, the fund overweights the most attractive stocks and underweights or zero weights the stocks that have been ranked least attractive. The fund typically will hold between 100 and 175 securities.
Market Performance Constrained by Economic Uncertainties
Large-cap stocks fell sharply over the second half of September 2015 amid intensifying fears that slowing global growth—particularly in China—might derail the U.S. economic recovery. An October rally put the S&P 500 Index into positive territory, but U.S. stock prices remained volatile over the remainder of 2015 when investor sentiment fluctuated between concerns about the global economy and optimism regarding job growth and other positive developments in the United States.
In January 2016, more disappointing economic data from China sparked renewed weakness in commodity prices. Investors again grew concerned about the potential impact of China’s economic troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015 might weigh on the domestic economic recovery. Consequently, U.S. stocks declined sharply in January. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings helped trigger a rebound later in the month, enabling the S&P 500 Index to end the reporting period with only a relatively modest loss.
Stock Selections Hampered Relative Performance
In this volatile environment, the fund’s holdings in some industry groups did not keep pace with market averages. In the industrials sector, aerospace manufacturer Boeing lost value after posting weaker-than-expected earnings and forecasting fewer jet aircraft deliveries in 2016, and transportation logistics provider Old Dominion Freight Line was hurt by lower shipping volumes.
Among consumer staples companies, agricultural commodities processer Archer Daniels Midland and food production-and-distribution company Bunge struggled with declining grain prices, more than offsetting better performance by tobacco producer Altria Group. Results in the information technology sector were undermined by overweighted exposure to consumer electronics giant Apple, where iPhone sales disappointed. Gains posted by Internet registry VeriSign were not enough to fully offset Apple’s negative impact on the sector’s results. In other areas, fertilizer manufacturer Mosaic encountered weaker customer demand when agricultural commodity prices declined.
The fund achieved better results in the hard-hit energy sector, where our security selection process helped cushion some of the industry group’s weakness. Relative performance was bolstered by overweighted exposure to integrated energy producer Exxon Mobil, one of the few energy companies to achieve positive absolute returns for the reporting period. Refiner Valero Energy also fared relatively well amid falling input costs. The fund generally avoided many of the smaller, more volatile companies in the energy sector.
In the telecommunications services sector, strong stock selections included service provider CenturyLink, which reported better-than-expected earnings, and telecommunications giant Verizon, which benefited from the flight to traditionally defensive stocks. Among individual companies, real estate investment trust (REIT) Public Storage ranked as the fund’s top performer after posting strong earnings growth during the reporting period.
Quality Companies with Attractive Valuations
Although our quantitative process does not directly consider macroeconomic factors, it is worth noting that the U.S. economic recovery has remained intact, and aggressively accommodative monetary policies are at work in overseas markets.
Our quantitative models have continued to identify an ample number of high-quality opportunities that meet our criteria for attractive valuations, strong earnings growth, and positive behavioral characteristics. The fund ended the reporting period with roughly market-neutral exposure to the S&P 500 Index’s various economic sectors, which we believe better enables us to add value through our disciplined stock selection process.
March 15, 2016
Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects the monthly reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s 500® Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Index return does not reflect fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
4
For the period of September 1, 2015, through February 29, 2016, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Large Cap Market Opportunities Fund’s Class M shares produced a total return of -3.32%, and Investor shares produced a total return of -3.48%.1 In comparison, the Standard & Poor’s 500® Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, produced a total return of -0.93% for the same period.2
U.S. equities posted mildly negative total returns, on average, over the reporting period amid persistent global economic concerns. Shortfalls among several of the fund’s underlying strategies undermined its results compared to the benchmark.
Effective December 31, 2015, Caroline Lee Tsao became the fund’s portfolio manager responsible for investment allocation decisions.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its assets in equity securities of large-cap companies, currently defined to be those companies with total market capitalizations of $5 billion or more at the time of the purchase. The fund normally allocates its assets among multiple investment strategies, each employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, including some or all of the following: the Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy, all as more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds advised by the fund’s investment adviser or its affiliates.
The fund’s investment adviser determines the investment strategies, sets the target allocations, monitors portfolio trading activity within the investment strategies, and executes all purchases and sales of portfolio securities of the fund.
Market Performance Constrained by Economic Uncertainties
Large-cap stocks fell sharply over the second half of September 2015 in the midst of intensifying fears that slowing global growth—particularly in China and other emerging markets—might derail the U.S. economic recovery. An October rally put the S&P 500 Index into positive territory, but U.S. stock prices remained volatile over the remainder of 2015 when investor sentiment fluctuated between concerns about sluggish global economic conditions and optimism regarding job growth and other positive developments in the United States.
In January 2016, additional releases of disappointing economic data in China sparked renewed weakness in commodity prices. Investors again grew concerned about the potential impact of China’s economic troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015, the first in almost a decade, might also weigh on the domestic economic recovery. Consequently, U.S. stocks in January suffered their worst monthly performance in nearly seven years. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings helped trigger a rebound later in the month, enabling the S&P 500 Index to end the reporting period with only a relatively modest loss.
Relative Performance Hampered by Value-Oriented Exposure
In this volatile environment, growth-oriented stocks generally fared better than their value-oriented counterparts. The fund’s asset allocation strategy maintained exposure toward value stocks, dampening the fund’s results compared to its generally style-neutral benchmark.
In addition, some of the fund’s underlying strategies encountered challenges that undermined their results during the reporting period. Most notably, the Focused Equity Strategy was hurt by its lack of exposure to the telecommunications services and utilities sectors, and its stock selections proved particularly disappointing among energy and consumer discretionary companies. Other laggards over the reporting period included the Income Stock Strategy and the Dynamic Large Cap Value Strategy.
The fund achieved better results from the growth-oriented U.S. Large Cap Equity Strategy, which benefited from a relatively defensive investment posture. The U.S. Large Cap Equity Strategy also achieved relatively strong stock selections in the information technology, health care and consumer discretionary sectors.
Finding Opportunities for Long-Term Gains
We remain cautiously optimistic regarding the U.S. economy. As of the reporting period’s end, domestic economic data has stayed positive in spite of ongoing overseas challenges, and we currently expect the sustained economic recovery to continue. Nonetheless, it appears likely that heightened market volatility will persist over the near term as nervous investors react to the latest global economic data, policy changes from central banks, and political developments throughout the world.
Therefore, we have continued to allocate the fund’s assets with a long-term perspective. We made no changes to the fund’s allocation strategy during the reporting period, and we have maintained target allocations of 38% of the fund’s assets to the Focused Equity Strategy, 10% to the U.S. Large Cap Equity Strategy, 14% to the Income Stock Strategy, 18% to the Dynamic Large Cap Value Strategy, and 20% to the U.S. Large Cap Growth Strategy.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects monthly reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Investors cannot invest directly in any index.
5
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of -2.54%, and Investor shares produced a total return of -2.68%.1 In comparison, the fund’s benchmark, the Standard & Poor’s 500® Composite Stock Price Index (S&P 500 Index), produced a total return of -0.93% for the same period. 2
U.S. equities posted mildly negative total returns, on average, over the reporting period amid persistent global economic concerns. Shortfalls among several of the fund’s underlying strategies constrained its results compared to the benchmark.
Effective December 31, 2015, Caroline Lee Tsao became the fund’s portfolio manager responsible for investment allocation decisions.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities of large-cap companies, currently defined to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies, each employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, and uses tax-sensitive strategies to reduce the impact of federal and state income taxes on its after-tax returns. The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy, all as more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds advised by the fund’s investment adviser or its affiliates.
The fund’s investment adviser determines the investment strategies, sets the target allocations, monitors portfolio trading activity within the investment strategies, and executes all purchases and sales of portfolio securities of the fund.
Market Performance Constrained by Economic Uncertainties
Large-cap stocks fell sharply over the second half of September 2015 amid intensifying fears that slowing global growth—particularly in China and other emerging markets—might derail the U.S. economic recovery. An October rally put the S&P 500 Index into positive territory, but stock prices remained volatile over the remainder of 2015. In January 2016, disappointing economic data in China sparked renewed weakness in commodity prices, and investors again grew concerned about the potential impact of China’s troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015 might also weigh on the domestic economic recovery. Consequently, U.S. stocks in January suffered their worst monthly performance in nearly seven years. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings triggered a rebound later in the month, enabling the S&P 500 Index to end the reporting period with a relatively modest loss.
Relative Performance Hampered by Value-Oriented Exposure
In this volatile environment, growth-oriented stocks generally fared better than their value-oriented counterparts. The fund’s asset allocation strategy maintained exposure toward value stocks, dampening its results compared to the style-neutral benchmark.
In addition, some of the fund’s underlying strategies encountered challenges during the reporting period. Most notably, the Focused Equity Strategy was hurt by its lack of exposure to the telecommunications services and utilities sectors, and its stock selections proved disappointing among energy and consumer discretionary companies. Other laggards over the reporting period included the Income Stock Strategy and the Dynamic Large Cap Value Strategy.
The fund achieved better results from the U.S. Large Cap Equity Strategy, which benefited from lack of exposure to the hard-hit financials sector and strong stock selections in the information technology, health care, and consumer discretionary sectors. The Large Cap Tax-Sensitive Strategy made successful stock selections in the health care and consumer discretionary sectors.
Finding Opportunities for Long-Term Gains
We remain cautiously optimistic regarding the U.S. economy. As of the reporting period’s end, domestic economic data has stayed positive in spite of ongoing overseas challenges, and we expect the sustained economic recovery to continue. Nonetheless, it appears likely that heightened market volatility will persist over the near term as nervous investors react to the latest global economic data, policy changes from central banks, and political developments throughout the world.
Therefore, we have continued to allocate the fund’s assets with a long-term perspective. We made no changes to the fund’s allocation strategy during the reporting period, and we have maintained target allocations of 40% of the fund’s assets to the Large Cap Tax-Sensitive Strategy, 20% to the Focused Equity Strategy, 5% to the U.S. Large Cap Equity Strategy, 12% to the Dynamic Large Cap Value Strategy, 11% to the U.S. Large Cap Growth Strategy, and 12% to the Income Stock Strategy.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects monthly reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Investors cannot invest directly in any index.
6
For the period of September 1, 2015, through February 29, 2016, as provided by John C. Bailer, Brian C. Ferguson, and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Income Stock Fund’s Class M shares produced a total return of -0.66%, and Investor shares produced a total return of -0.79%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend Index, produced a total return of 6.43% for the same period.2
Dividend-paying stocks fared relatively well over the reporting period when intensifying global economic concerns sparked a flight to traditional safe havens. Shortfalls in the fund’s sector allocation strategy undermined its results compared to the benchmark.
Effective December 31, 2015, David S. Intoppa and Brian C. Ferguson became portfolio managers for the fund.
The Fund’s Investment Approach
The fund seeks total return consisting of capital appreciation and income. To pursue its goal, the fund normally invests at least 80% of its assets in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis, and risk management. While we attempt to manage risks by diversifying broadly across companies and industries, the fund may at times overweight certain sectors in an attempt to earn higher yields. The fund may also use derivatives as a substitute for taking a position in an underlying asset, to increase returns or income, to manage interest-rate risk, or as part of a hedging strategy.
Global Challenges Sparked Heightened Market Volatility
U.S. stocks fell through most of September 2015 due to intensifying fears surrounding slowing global growth, but an October rally put most broad stock market indices into positive territory for the reporting period. Nonetheless, global economic concerns and falling energy prices continued to raise questions about the sustainability of the U.S. recovery, and stock prices remained volatile over the remainder of 2015.
In January 2016, disappointing global growth sparked renewed weakness in commodity prices, sending crude oil to multi-year lows. Investors again grew concerned about the potential impact of China’s economic troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015 might weigh on the domestic economy. Consequently, most stocks again fell sharply in January and early February.
Economically insensitive stocks generally proved to be exceptions to the broader stock market’s disappointing results over the reporting period. Investors responded to global economic instability by favoring traditionally defensive companies and market sectors. Robust demand for income-generating investments amid persistently low bond yields also helped support the prices of dividend-paying equities.
Fund Results Hampered by Sector Allocations
Underweighted positions in some of the benchmark’s better-performing industry groups undermined the fund’s relative results. Most notably, the fund maintained a market weight in the utilities sector, which is substantially below the benchmark weight. Utilities benefited from investors’ reach for higher yields despite what we believed were expensive valuations and low growth potential.
The fund’s performance was further constrained by overweighted exposure to the financials sector amid low interest rates and heightened volatility. The fund’s security selection strategy among financial companies also proved counterproductive, particularly among insurers and capital markets firms—such as JPMorgan Chase & Co., Prudential Financial, PNC Financial Services Group, U.S. Bancorp, and Wells Fargo & Co.—that tend to be relatively sensitive to economic trends. Finally, overweighted exposure to the health care sector dampened the fund’s relative performance, and positive results from our security selection strategy in the sector were not enough to fully offset allocation-related weakness. Among individual stocks, electronics giant Apple, telecommunications provider Vodafone Group, and drugmaker Pfizer undermined the fund’s relative results over the reporting period.
The fund’s sector allocation strategy fared better in the consumer staples and telecommunications services sectors, where overweighted exposure proved helpful. An underweighted position and favorable stock selections in the energy sector helped the fund cushion the impact of the industry group’s sharp declines over the reporting period. The fund successfully avoided some of the harder-hit energy companies in favor of their higher-quality counterparts, including Occidental Petroleum, Phillips 66, and Schlumberger. In the industrials sector, we emphasized defensive contractors, such as Raytheon, that benefited from rising military spending. Telecommunications provider AT&T advanced due to the flight to quality, an attractive valuation, and positive trends in its wireless business. Among consumer staples companies, Molson Coors Brewing benefited from industry consolidation developments.
At times during the reporting period, the fund wrote call options as it sought to produce higher levels of current income.
Finding Value-Oriented, Dividend-Paying Opportunities
Despite ongoing overseas challenges, U.S. economic data has remained positive, and we expect the sustained economic recovery to continue. We continue to seek opportunities to purchase stocks of fundamentally strong companies at what we believe are attractive prices. As of the reporting period’s end, we have identified an ample number of such opportunities in the financials, information technology, health care, and telecommunications services sectors. In contrast, we have found relatively few current opportunities in the utilities, industrials, and consumer discretionary sectors.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. – Reflects the reinvestment of dividends and, where applicable, capital gain distributions. The Dow Jones U.S. Select Dividend Index is an unmanaged index which represents the country’s leading stocks by dividend yield. One hundred U.S. stocks are selected to the index by dividend yield, subject to screens for dividend-per-share growth rate, dividend payout ratio, and average daily dollar trading volume. Investors cannot invest directly in any index.
7
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of -7.16%, and Investor shares produced a total return of -7.24%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index, produced a total return of -5.60% for the reporting period.2 The Russell Midcap Value Index and Russell Midcap Growth Index, the fund’s secondary benchmarks, produced total returns of -5.17% and -6.03%, respectively, for the same period.3
Mid-cap stocks posted negative total returns, on average, over the reporting period amid persistent global economic concerns. Shortfalls among most of the fund’s underlying strategies constrained its results compared to the benchmark.
Effective December 31, 2015, Caroline Lee Tsao became the fund’s primary portfolio manager responsible for investment allocation decisions.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of mid-cap companies. The fund considers mid-cap companies to be those companies with market-capitalizations that are within the market capitalization range of companies comprising the Russell Midcap Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser and unaffiliated sub-investment advisers that invest primarily in equity securities issued by mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Mid Cap Tax-Sensitive Core Strategy, Opportunistic Mid Cap Value Strategy, Mid Cap Growth Strategy, Boston Partners Mid Cap Value Strategy, and Henderson Geneva Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Market Performance Constrained by Economic Uncertainties
Mid-cap stocks fell sharply over the second half of September 2015 amid intensifying fears that slowing global growth—particularly in China and other emerging markets—might derail the U.S. economic recovery. An October rally put the Russell Midcap Index into positive territory, but stock prices remained volatile over the remainder of 2015 when investor sentiment flucuated between concerns about troubling global economic conditions and optimism regarding job growth and other positive developments in the United States.
In January 2016, disappointing economic data in China sparked renewed weakness in commodity prices, and investors again grew concerned about the potential impact of China’s troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015 might also weigh on the domestic economic recovery. Consequently, mid-cap stocks fell sharply in January. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings triggered a rebound later in the month, enabling the Russell Midcap Index to end the reporting period with a relatively moderate loss.
Relative Performance Hampered by Growth-Oriented Tilt
In this volatile environment, all but one of the fund’s underlying strategies encountered challenges during the reporting period. Most notably, the Opportunistic Mid Cap Value Strategy was hurt by security selection shortfalls in the financials sector and, to a lesser extent, in the information technology and consumer discretionary sectors. The Henderson Geneva Mid Cap Growth Strategy trailed market averages due to overweighted exposure to the health care sector and an underweighted position in the consumer staples sector, as well as unfavorable stock selections in the consumer discretionary, consumer staples, industrials, and financials sectors. The Boston Partners Mid Cap Value Strategy struggled with poor stock selections in the information technology and materials sectors. Finally, the Mid Cap Growth Strategy was undermined mainly by its sector allocation strategy, including a significantly overweighted position among health care stocks and underweighted exposure to the consumer staples sector.
On a more positive note, the Mid Cap Tax-Sensitive Core Strategy outperformed market averages due to successful stock selections in the industrials, information technology, consumer staples, materials, and financials sectors. In addition, the fund’s overall asset allocation strategy maintained a slight bias toward growth stocks, which detracted from the fund’s results compared to the style-neutral benchmark when value-oriented stocks generally fared better than their growth-oriented counterparts.
Finding Opportunities for Long-Term Gains
We remain cautiously optimistic regarding the U.S. economy. As of the reporting period’s end, domestic economic data has stayed positive in spite of ongoing overseas challenges, and we expect the sustained economic recovery to continue. Nonetheless, it appears likely that heightened market volatility will persist over the near term as nervous investors react to the latest global economic data, policy changes from central banks, and political developments throughout the world.
Therefore, we have continued to allocate the fund’s assets with a long-term perspective. We made no changes to the fund’s allocation strategy during the reporting period, and we have maintained target allocations of 30% of the fund’s assets to the Mid Cap Tax-Sensitive Core Strategy, 20% to the Opportunistic Mid Cap Value Strategy, 20% to the Mid Cap Growth Strategy, 20% to the Boston Partners Mid Cap Value Strategy, and 10% to the Henderson Geneva Mid Cap Growth Strategy.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Russell Midcap® Index is a widely accepted, unmanaged index of medium-cap stock market performance. Index return does not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
3 SOURCE: LIPPER INC. – The Russell Midcap Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Growth Index is an unmanaged index that 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. Index returns do not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
8
For the period of September 1, 2015, through February 29, 2016, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of -12.79%, and Investor shares produced a total return of return -12.94%.1 In comparison, the fund’s primary benchmark, the Russell 2000 Index, produced a total return of -10.16% for the same period. The Russell 2000 Growth Index and Russell 2000 Value Index, the fund’s secondary benchmarks, produced total returns of -13.47% and -6.73%, respectively, for the same period. 2
Small-cap stocks posted negative total returns, on average, over the reporting period amid investors’ worries that global economic instability might hurt the U.S. economy. Shortfalls among two of the fund’s three underlying strategies constrained its results compared to the benchmark.
Effective December 31, 2015, Caroline Lee Tsao became the fund’s primary portfolio manager responsible for investment allocation decisions.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that are equal to or less than the market capitalization of the largest company included in the Russell 2000 Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small Cap Strategy, the Small Cap Value Strategy, and the Small Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Market Performance Undermined by Economic Headwinds
Stocks across all capitalization ranges fell sharply over the second half of September 2015 amid intensifying fears that slowing global growth—particularly in China and other emerging markets—might derail the U.S. economic recovery. An October rally put the Russell 2000 Index in positive territory for the reporting period, but stock prices remained volatile over the remainder of 2015 when investor sentiment vacillated between concerns about troubling global economic conditions and optimism regarding robust job growth and other positive developments in the United States.
In January 2016, additional releases of disappointing economic data in China sparked renewed weakness in commodity prices, sending crude oil prices to multi-year lows, and investors again grew concerned about the potential impact of China’s troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015, the first in nearly a decade, might also weigh on the domestic economic recovery. Consequently, small-cap stocks fell sharply as investor sentiment deteriorated in January. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings triggered a rebound later in the month, enabling the Russell 2000 Index to recoup a portion of its earlier losses.
Relative Performance Hampered by Stock Selection Shortfalls
Two of the fund’s underlying strategies fell short of market averages in the reporting period’s volatile market environment. Most notably, the Small Cap Growth Strategy was hurt by unfavorable security selections in the health care sector. The Opportunistic Small Cap Strategy produced disappointing results from its stock selection strategy in the financials and health care sectors. While both of these underlying strategies achieved better results from their sector allocation positions, it was not enough to fully offset the negative impact of weak security selections.
On a more positive note, the Small Cap Value Strategy produced above-average returns, mainly due to the strength of its stock selections in the energy, financials, utilities, and consumer discretionary sectors. In addition, the fund’s overall asset allocation strategy maintained a slight bias toward small-cap value stocks, supporting its results compared to the style-neutral benchmark when value-oriented small-cap stocks fared significantly better than their growth-oriented counterparts.
Finding Opportunities for Long-Term Gains
We remain cautiously optimistic regarding prospects for the U.S. economy. As of the end of the reporting period, domestic economic data has stayed positive in spite of ongoing challenges in overseas markets, and we expect the sustained economic recovery to continue. In addition, small-cap stocks historically have been less sensitive that their larger counterparts to international economic developments. Nonetheless, it appears likely that heightened market volatility will persist over the near term as nervous investors react to the latest global economic data, policy changes from the Federal Reserve Board and other central banks, and political developments throughout the world.
Therefore, we have continued to allocate the fund’s assets with a long-term perspective. We made no changes to the fund’s allocation strategy during the reporting period, and we have maintained target allocations of 40% of the fund’s assets to the Opportunistic Small Cap Strategy, 30% to the Small Cap Value Strategy, and 30% to the Small Cap Growth Strategy.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or midcap companies often experience sharper price fluctuations than stocks of large-cap companies.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. – Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Russell 2000® Index is an unmanaged index of small-cap stock market performance and is composed of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. companies based on total market capitalization. The index does not take into account fees and expenses to which the fund is subject. Investors cannot invest directly in any index. The Russell 2000 Growth Index is an unmanaged index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The total return figure cited for this index assumes change in security prices and reinvestment of dividends, but does not reflect the costs of managing a mutual fund. The Russell 2000 Value Index is an unmanaged index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in any index.
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DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Irene D. O’Neill, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of -4.89%, and Investor shares produced a total return of -5.01%.1 In comparison, the Standard & Poor’s 500® Composite Stock Price Index® (“S&P 500 Index”), the fund’s benchmark, produced a total return of -0.93% for the same period.2
Equities generally posted mildly negative total returns over the reporting period amid persistent global economic concerns. Shortfalls in the energy, consumer discretionary, and financials sectors undermined the fund’s results compared to its benchmark.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities. We begin with a top-down assessment of broad economic, political, and social trends. We strive to determine those sectors and industries most likely to benefit from identified trends, focusing on sectors we believe present the most attractive growth outlook. Within those sectors and industries, we then employ a bottom-up, fundamental approach to find individual companies with:
· Unrecognized or underestimated earnings power
· Sustainable revenue and cash flow
· Positive operational or financial catalysts
· Attractive valuation based on growth prospects
· Strong or improving financial conditions
Finally, we select for investment the 25 to 30 best opportunities from the companies meeting these criteria.
Market Performance Constrained by Economic Uncertainties
Stocks plunged in the weeks before the start of the reporting period when Chinese monetary authorities devalued the country’s currency, exacerbating fears about slowing global growth, particularly in the emerging markets. The market decline continued into September, but an October rally put the S&P 500 Index back in positive territory. Nonetheless, global economic concerns and falling energy prices continued to raise questions about the sustainability of the U.S. recovery, and stock prices remained volatile over the remainder of 2015.
In January 2016, new releases of disappointing economic data in China sparked renewed weakness in commodity prices, sending crude oil to multi-year lows. Investors again grew concerned about the potential impact of China’s economic troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015, the first in almost a decade, might also weigh on the domestic economic recovery. Consequently, U.S. stocks in January suffered their worst monthly performance in nearly seven years. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings helped trigger a rebound later in the month, enabling the S&P 500 Index to end the reporting period with only a relatively modest loss.
Performance Hampered by Growth-Oriented Stock Selections
In this volatile environment, investors generally favored defensive market sectors over the more growth-oriented industry groups on which the fund focused. Most notably, the fund held no stocks in the utilities and telecommunications services sectors, which fared well over the reporting period despite trading at relatively full valuations. In addition, the fund’s holdings in the hard-hit energy sector were hurt by low oil prices and company-specific issues. For example, refiner Marathon Petroleum announced an acquisition that was poorly received by investors, and independent energy producer Anadarko Petroleum struggled when a potential takeover was not well received by investors. The fund also did not hold the large, integrated oil producers that led the sector over the reporting period.
In the consumer discretionary sector, motorcycle manufacturer Harley-Davidson encountered intensifying competitive pressures from Japanese rivals, media company Time Warner struggled with an industry-wide shift to digital entertainment, and casual dining company Yum! Brands reported disappointing results from its Chinese operations. Conversely, the fund did not participate in relatively strong results from McDonald’s. Among financial companies, Bank of America was hindered by fears that persistently low interest rates would constrain profit margins, and investment manager Invesco was hurt by weak equity markets.
The fund achieved better relative results in the industrials sector, where diversified conglomerate 3M and equipment maker Illinois Tool Works benefited from lower input costs and relatively heavy exposure to U.S. consumers. In other areas, social media giant Facebook continued to gain share in a growing online advertising market, and drugmaker Johnson & Johnson reported solid financial results while raising its future earnings guidance.
Finding Secular Growth Opportunities
While we believe that recent global growth concerns were overblown, we expect the global economy to recover at a relatively slow pace. Meanwhile, a moderate U.S. economic recovery appears to remain intact. Therefore, we have retained the fund’s focus on companies that, in our analysis, are benefiting from secular growth trends, including cloud and mobile computing. We also have favored companies with growth catalysts, such as restructurings, mergers, and acquisitions.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects the monthly reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Index return does not reflect fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
10
For the period of September 1, 2015, through February 29, 2016, as provided by Caroline Lee Tsao, Primary Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of -10.16%, and Investor shares produced a total return of -10.29%.1 In comparison, the Russell 2500™ Index, the fund’s primary benchmark, produced a total return of -8.57% for the same period. The Russell 2500 Growth Index and Russell 2500 Value Index, the fund’s secondary benchmarks, produced total returns of -11.30% and -5.93%, respectively, for the same period. 2
Small and mid-cap stocks generally posted negative total returns over the reporting period amid worries that global economic instability might hurt the U.S. economy. Shortfalls among all three of the fund’s underlying strategies constrained its results compared to the benchmark.
Effective December 31, 2015, Caroline Lee Tsao became the fund’s portfolio manager responsible for investment allocation decisions.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of small- and mid-cap companies. The fund currently considers small- and mid-cap companies to be those companies with total market capitalizations that are within the market-capitalization range of the smallest company included in the Russell 2000 Index and the largest company included in the Russell Midcap Index.
The fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small- and midcap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small/Mid Cap Strategy, the Small/Mid Cap Value Strategy, and the Small/Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Market Performance Hurt by Economic Headwinds
Stocks across all capitalization ranges fell sharply over the second half of September 2015 amid intensifying fears that slowing global growth—particularly in China and other emerging markets—might derail the U.S. economic recovery. A subsequent rally put the Russell 2500 Index in positive territory by early November, but stock prices remained volatile over the remainder of 2015 when investor sentiment fluctuated from concerns about troubling global economic conditions to optimism regarding robust job growth and other positive developments in the United States.
In January 2016, additional releases of disappointing economic data in China sparked renewed weakness in commodity prices, sending crude oil prices to multi-year lows, and investors again grew concerned about the potential impact of China’s troubles on the United States. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015, the first in nearly a decade, might also weigh on the domestic economic recovery. Consequently, small- and mid-cap stocks fell sharply in January. The market’s slide continued into February, but strong U.S. economic data and solid corporate earnings triggered a rebound later in the month, enabling the Russell 2500 Index to recoup a portion of its earlier losses.
Relative Performance Hampered by Stock Selection Shortfalls
Each of the fund’s underlying strategies encountered challenges in this volatile market environment. Most notably, the Small/Mid Cap Growth Strategy was hurt by its stock selection strategy in the health care, industrials, and consumer discretionary sectors, as well as by overweighted exposure to the lagging health care and energy sectors. The Opportunistic Small/Mid Cap Strategy made disappointing security selections in the health care and financials sectors but achieved better results through its sector allocations to the information technology and energy sectors. Results from the Small/Mid Cap Value Strategy were undermined by sector allocation shortfalls in 7 of the benchmark’s 10 market sectors, and security selections proved disappointing in the consumer staples, industrials, and consumer discretionary sectors.
On a more positive note, the fund’s overall asset allocation strategy maintained a slight bias toward value stocks, supporting its results compared to the style-neutral benchmark when value-oriented stocks fared significantly better than their growth-oriented counterparts.
Finding Opportunities for Long-Term Gains
We remain cautiously optimistic regarding the U.S. economy. As of the end of the reporting period, domestic economic data has stayed positive in spite of ongoing overseas challenges, and we expect the sustained domestic economic recovery to continue. In addition, small- and mid-cap stocks historically have been less sensitive that their large-cap counterparts to international economic developments. Nonetheless, it appears likely that heightened market volatility will persist over the near term as nervous investors react to the latest global economic data, policy changes from the Federal Reserve Board and other central banks, and political developments throughout the world.
Therefore, we have continued to allocate the fund’s assets with a long-term perspective. We made no changes to the fund’s allocation strategy during the reporting period, and we have maintained target allocations of 40% of the fund’s assets to the Opportunistic Small/Mid Cap Strategy, 30% to the Small/Mid Cap Value Strategy, and 30% to the Small/Mid Cap Growth Strategy.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
Part of the fund’s recent performance is attributable to positive returns from its initial public offering (IPO) investments. There can be no guarantee that IPOs will have or continue to have a positive effect on fund performance.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects the reinvestment of dividends and, where applicable, capital gain distributions. The Russell 2500™ Index is a widely accepted, unmanaged index, which measures the performance of small to mid-cap U.S. stocks. The Russell 2500 Value Index is an unmanaged index that measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Growth Index is an unmanaged index that measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Index returns do not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
11
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Mark A. Bogar, Andrew R. Leger, and James A. Lydotes, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon International Fund’s Class M shares produced a total return of -11.15%, and Investor shares produced a total return of -11.26%.1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE Index”), produced a total return of -9.48% for the same period.2
Developed equity markets declined during the reporting period amid heightened volatility arising from challenging global economic developments. The fund lagged its benchmark, largely due to disappointing returns from Japanese financial and technology stocks.
Effective December 31, 2015, Andrew R. Leger and James A. Lydotes became portfolio managers for the fund.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue this goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the MSCI EAFE Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Markets Proved Volatile Amid Global Uncertainty
After a sharp decline in September 2015 as a result of troubling global economic data, the MSCI EAFE Index rebounded when the Chinese central bank announced a rate cut and expectations rose that Eurozone and Japanese central banks might soon further ease monetary policy. However, when the European Central Bank (“ECB”) announced its plan for monetary easing in early December, European equities fell sharply as investors signaled their disappointment with the modest extent of the program. The market decline accelerated and broadened globally in January and early February 2016 due to renewed concerns about the Chinese economic slowdown and plummeting prices of oil and other commodities. Japanese investors were further impacted in late January by the surprise announcement that the Bank of Japan, Japan’s central bank, would adopt negative interest rates for the first time, joining the ECB in reducing interest rates below zero percent to encourage bank lending. International equity investors saw some relief in late February when stocks posted relatively modest gains in anticipation of additional easing measures from the ECB.
Japanese Holdings Weighed on Relative Performance
The Bank of Japan’s unexpected move to impose negative interest rates took a toll on many of the country’s lending institutions, including money center banks Sumitomo Mitsui Financial Group and Mizuho Financial Group. Other Japanese holdings were hurt by company-specific issues. Game maker Nintendo declined due to a slower-than-expected transition to mobile gaming, while enterprise technology systems integration company Fujitsu experienced revenue disappointments. Several Eurozone holdings also undermined the fund’s relative returns, though to a lesser degree. Bank of Ireland and Germany-based Commerzbank suffered as a result of fears that steepening negative interest rates imposed by the ECB would reduce profit margins. Other notable disappointments included Swiss global staffing provider Adecco, pharmaceutical giant Novartis, Irish packaging maker Smurfit Kappa Group, and Netherlands-based NXP Semiconductors.
On a more positive note, the fund enhanced its relative returns in the United Kingdom by generally avoiding the hard-hit materials sector, instead focusing on comparatively strong-performing stocks in other areas, such as oil-and-gas producer BG Group, and consumer products makers Unilever and Imperial Tobacco. In Germany, ProSiebenSat.1 Media advanced after reporting strong financial results and attractive future prospects, while computer chip maker Infineon Technologies rose as the company expanded into the automotive and power control areas. The fund’s sole Portuguese holding, upstream oil producer Galp Energia, generated positive returns stemming from its attractive growth profile and strong balance sheet. Other top holdings included Israeli fixed-line and satellite communications company Bezeq The Israel Telecommunication Corp., Japanese telecommunication provider KDDI, and French steel manufacturer Aperam.
Recent Pullback Offers a Buying Opportunity
In light of recently positive international financial developments—including easing credit standards, improving auto sales, and the impact of low commodity prices on consumer spending—as well as the Eurozone’s increasingly aggressive policy of monetary easing, we regard the recent European equity pullback as an attractive buying opportunity. We also believe the recent selloff in Japanese stocks was overblown, and continue to seek opportunities for further investments in Japan. As of the end of the reporting period, we have increased the fund’s exposure to the United Kingdom and France and have trimmed exposure to Switzerland and Italy.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies representative of the market structure of European and Pacific Basin countries. Index return does not reflect fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
12
For the period of September 1, 2015, through February 29, 2016, as provided by George E. DeFina, Sean P. Fitzgibbon, and Jay Malikowski, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of -8.41%, and Investor shares produced a total return of -8.52%.1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International Emerging Markets Index (“MSCI EM Index”), produced a total return of -8.85%.2
Emerging market equities lost ground amid heightened volatility stemming from slowing Chinese growth, declining commodity prices, and a strengthening U.S. dollar. Strong individual stock selections in Mexico, Peru, and Brazil enabled the fund to outperform its benchmark.
Effective December 31, 2015, George E. DeFina became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the MSCI EM Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Global Uncertainties Weighed on Emerging Markets
Following a sharp decline in September 2015 caused by slowing Chinese economic growth and falling commodity prices, the MSCI EM Index rebounded after the Chinese central bank announced lower short-term interest rates and other measures intended to stimulate economic activity. However, the strengthening U.S. dollar and falling commodity prices continued to weigh on emerging market stocks from November 2015 through early February 2016. Meanwhile, natural resources exporters in Latin American economies also struggled with low commodity prices, and Brazil saw recessionary economic conditions amid intensifying government and corporate scandals.
During these months, the MSCI EM Index underperformed international developed market averages. The negative performance trend reversed during the final weeks of February, when investors’ expectations for additional stimulus measures in China sparked a rally in commodities-related equities, enabling the benchmark to recoup some of its previous losses and end the reporting period with slightly stronger returns than those of the developed international markets.
Mexican, Peruvian, and Brazilian Holdings Enhanced Performance
The fund’s relative performance was bolstered by favorable asset allocations and security selections across several countries. In Mexico, the fund avoided the weak materials sector, instead finding more attractive investments among consumer staples stocks, such as tortilla maker Gruma and Coca-Cola bottler Arca Continental. In the relatively small Peruvian market, the fund’s lone holding, bank holding company Credicorp, rose on the strength of improving profitability and returns on equity. Underweighted exposure to Brazil further enhanced returns, as did relatively good stock selections such as beverage producer Ambev. Leading performers in other countries included two refiners benefiting from low oil prices, Thai Oil and South Korea-based S-Oil, as well as telecommunications services providers PT Telecom Indonesia and MTN in South Africa, the latter of which rose after the fund’s timely purchase of shares.
On a more negative note, underweighted exposure to the relatively healthy Malaysian and Taiwanese markets detracted from the fund’s relative results, as did some individual holdings in other regions. In India, satellite TV services provider Dish TV India faced rising programming costs, while automobile manufacturer Maruti Suzuki India suffered due to unfavorable currency conversion rates between India and Japan. In Taiwan, fabric and apparel maker Eclat Textile was hurt by sluggish demand from U.S. customers. Other notable disappointments included South Korean auto parts maker Hyundai Wia and Chinese drug maker Shanghai Pharmaceuticals Holdings.
Seeing Improving Investor Sentiment
While the emerging markets have faced a number of macroeconomic challenges in recent years, we believe the asset class is oversold and see signs that it may be nearing a bottom compared to other global equities. We believe investor sentiment toward emerging market stocks clearly improved during the closing weeks of the reporting period. We are watching closely for indications of corporate earnings growth in some of the more economically sensitive industry groups—such as the financials, energy and consumer cyclicals sectors—that could signal the start of a sustained upturn.
Currently, the fund remains well balanced between growth-oriented and value-oriented stocks. We have increased the fund’s exposure to Mexico from under- to overweighted, and increased the allocation to South African equities to a nearly market-neutral position. In contrast, we have trimmed the fund’s exposures to South Korea, Taiwan, and India.
March 15, 2016
Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The Morgan Stanley Capital International Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of select designated emerging market countries in Europe, Latin America, and the Pacific Basin. Index return does not reflect fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
13
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Richard A. Brown, William S. Cazalet, Thomas J. Durante, and Karen Q. Wong, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon International Appreciation Fund’s Class M shares produced a total return of -10.37%, and Investor shares produced a total return of -10.57%.1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE Index”), produced a total return of -9.48% for the same period.2
Developed equity markets declined during the reporting period amid heightened volatility arising from global economic challenges. The fund lagged its benchmark primarily due to pricing disparities between the stocks of the companies comprising the MSCI EAFE Index and the related Depositary Receipts (DRs) in which the fund invests.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities, including DRs, common stocks, preferred stocks, convertible securities, equity securities in foreign investment funds, or trusts and other equity investments.
The fund invests primarily in DRs representing the local shares of non-U.S. companies, in particular, American Depositary Receipts (ADRs). In selecting securities, we screen the MSCI EAFE Index universe of approximately 1,000 issuers for the availability of issuers with a DR facility. The investment adviser then uses a proprietary mathematical algorithm to reflect the characteristics of the developed markets that takes into consideration risk characteristics, including country weights and sector weights within each country. As a result of this process, we expect to hold ADRs representing 200 to 300 foreign issuers. The fund’s country allocation is expected to be within 5% of that of the MSCI EAFE Index, and under normal circumstances, the fund will invest in at least 10 different countries. The fund generally will not invest in securities from developing countries because they are not included in the MSCI EAFE Index.
Markets Volatile Amid Global Instability
The reporting period proved volatile for most international stock markets, sparking a broad flight to safety away from equities.
After a sharp market decline in September 2015 resulting from troubling global economic data, the MSCI EAFE Index rebounded in October after the Chinese central bank announced a rate cut and expectations rose that Eurozone and Japanese central banks might soon further ease monetary policy. However, when the European Central Bank (ECB) announced its plan in early December, European equities fell sharply as investors signaled their disappointment with the modest extent of the program. European stocks also were hurt by deteriorating consumer confidence stemming from the region’s refugee crisis.
The market decline accelerated and broadened in January and early February 2016 due to renewed concerns about the Chinese economic slowdown and plummeting prices of oil and other commodities. Japanese investors were surprised in late January by the announcement that the Bank of Japan would adopt negative interest rates for the first time. International equity investors saw some relief in late February when stocks posted relatively modest gains in anticipation of additional easing measures from the ECB.
Nine of Ten Market Sectors Produced Negative Returns
Only one of the ten economic sectors represented in the MSCI EAFE Index, namely, the consumer staples sector, produced positive returns over the reporting period. Results in the consumer staples sector were bolstered by mergers-and-acquisitions activity among alcoholic beverage companies and greater pricing power for tobacco producers. Food companies with stable earnings and high dividends benefited from the flight to traditional safe havens.
The financials sector produced the benchmark’s greatest losses for the reporting period. Negative interest rates hurt the profit margins of Japanese banks at the same time that lending volumes to China moderated and the credit quality of loans to energy and materials companies deteriorated. In Europe, Spanish and Italian banks were hurt by a lack of economic growth and sluggish loan demand from businesses and consumers.
In the consumer discretionary sector, Japanese automobile manufacturers lost value when a strengthening yen hurt overseas sales. European carmakers were hurt by a major emissions-testing scandal at Volkswagen and weaker-than-expected consumer demand. Meanwhile, consumer goods companies in Japan, including electronics makers, experienced slower sales to China and other Asian markets. The health care sector was hurt by the impact on Swiss pharmaceutical companies of slowing Chinese growth, a strong U.S. dollar, and litigation-related issues. Finally, in the materials sector, metals-and-mining companies continued to struggle with low commodity prices.
The fund employed futures contracts during the reporting period as it sought to manage its cash flows.
Maintaining a Diversified Portfolio
While we remain optimistic regarding the long-term prospects for international stocks, we believe heightened market volatility seems likely to persist until global economic conditions improve. As always, we have continued to monitor the factors considered by the fund’s investment model in light of current market conditions. In our experience, the fund’s broadly diversified portfolio has the potential to limit the impact on the overall portfolio of unexpected losses in individual sectors or holdings.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies representative of the market structure of European and Pacific Basin countries. Index return does not reflect fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
14
For the period of September 1, 2015, through February 29, 2016, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, and Peter D. Goslin, CFA, Primary Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of -5.51%, and Investor shares produced a total return of -5.49%.1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International All Country World Index Ex-U.S. (the “MSCI ACWI Ex-US Index”), produced a total return of -9.29% for the same period.2
Developed equity markets declined during the reporting period amid heightened volatility arising from challenging global economic developments. The fund outperformed its benchmark, largely due to the success of our security selection strategy across several regions and industry groups.
The Fund’s Investment Approach
The fund seeks total return consisting of capital appreciation and income. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund focuses on dividend-paying stocks of foreign companies, including those in developed- and emerging-market countries. The fund may invest in the stocks of companies of any market capitalization.
We select stocks through a disciplined investment process using proprietary quantitative computer models that analyze a diverse set of characteristics to identify and rank stocks according to earnings quality. Based on this analysis, we generally select from the higher-ranked dividend-paying securities those stocks that we believe will continue to pay above-average dividends. We seek to overweight higher dividend-paying stocks, while maintaining country and sector weights generally similar to those of the MSCI ACWI Ex-US Index.
Markets Proved Volatile Amid Global Instability
The reporting period proved volatile for most international stock markets, sparking a broad flight to safety away from equities and toward higher-quality sovereign bonds.
After a sharp market decline in September 2015 resulting from troubling global economic data, the MSCI ACWI Ex-US Index rebounded in October after the Chinese central bank announced a rate cut and expectations rose that Eurozone and Japanese central banks might soon further ease monetary policy. However, when the European Central Bank (ECB) announced its plan for monetary easing in early December, European equities fell sharply as investors signaled their disappointment with the modest extent of the program.
The market decline accelerated and broadened globally in January and early February 2016 due to renewed concerns about the Chinese economic slowdown and plummeting prices of oil and other commodities. Japanese investors were surprised in late January by the announcement that the Bank of Japan would adopt negative interest rates for the first time, joining the ECB in reducing interest rates below zero percent to encourage bank lending. International equity investors saw some relief in late February when stocks posted relatively modest gains in anticipation of additional easing measures from the ECB.
Security Selections Bolstered Fund Performance
Although we are never satisfied with negative absolute returns, we nonetheless are pleased that our disciplined investment process enabled the fund to outperform market averages. The fund’s performance particularly benefited from strong stock selections in the financials and telecommunications services sectors in the United Kingdom, Israel, and Germany.
The fund’s top performers for the reporting period included Bezeq The Israeli Telecommunication Corp., which hit new five-year highs when investors responded positively to the company’s business model and high dividend yield. Norwegian insurer Gjensidige Forsikring advanced despite general market weakness after announcing a higher dividend payout. U.K.-based tobacco producer British American Tobacco benefited from the flight to traditional safe havens and posted better-than-expected financial results stemming from improved pricing power. From a country allocation perspective, the fund’s quantitative investment process resulted in modestly overweighted exposure to the United Kingdom and Israel and a modestly underweighted position in Japan, all of which helped support the fund’s relative performance.
Laggards during the reporting period were concentrated primarily in the consumer staples and energy sectors. Colombian oil-and-gas producer Ecopetrol lost considerable value after worries regarding the impact of low commodity prices on cash flows sparked a credit rating downgrade. In Thailand, agro-industrial company Charoen Pokphand Foods was hurt by an insider trading scandal involving one of its subsidiaries, raising concerns regarding overall corporate governance.
Focusing on Quality, Value, Growth, and Dividends
Although our quantitative investment process typically does not directly consider macroeconomic factors, it is worth noting that aggressively accommodative monetary policies remain at work around the world, and we believe international equities generally have reached more attractive valuations.
Our models have continued to identify opportunities with what we believe are attractive valuations, improving growth fundamentals, and competitive dividend yields in the developed and emerging markets. We have found an ample number of stocks meeting our criteria in the telecommunications services and utilities sectors, but relatively few among consumer staples and health care companies. The fund ended the reporting period with overweighted exposure to the United Kingdom and Norway, but relatively light positions in Switzerland and Japan.
March 15, 2016
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI ACWI Ex-US Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the U.S.) and 23 Emerging Markets (EM) countries. Investors cannot invest directly in any index.
15
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of -3.90%, and Investor shares produced a total return of -3.91%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Morningstar Index”), produced a total return of -2.27% for the same period.2
Stocks generally posted negative returns while investment-grade bonds benefited from a flight to quality amid intensifying global economic concerns over the reporting period. Relative weakness among the fund’s investments in small-cap and international stocks dampened its returns compared to the benchmark.
The Fund’s Investment Approach
The fund seeks long-term growth of principal in conjunction with current income. The fund may invest in both individual securities and other investment companies, including other BNY Mellon funds, funds in the Dreyfus Family of Funds and unaffiliated open-end funds, closed-end funds, and exchange-traded funds (collectively, the “underlying funds”). To pursue its goal, the fund may allocate its assets, directly in individual equity and debt securities and/or through investment in the underlying funds, to gain investment exposure to the following asset classes: Large Cap Equities, Small Cap and Mid Cap Equities, Developed International and Global Equities, Emerging Market Equities, Investment Grade Bonds, High Yield Bonds, Emerging Markets Debt, Diversifying Strategies, and Money Market Instruments.
Further information about the fund’s investment strategy and process and the underlying funds is provided in the fund’s prospectus.
Global Challenges Constrained Market Performance
Stocks across all capitalization ranges fell sharply over the second half of September 2015 in the midst of intensifying fears that slowing global growth—particularly in China—might derail the U.S. economic recovery. An October rally put several broad measures of stock market performance into positive territory, but equities remained volatile over the remainder of 2015 when investor sentiment fluctuated between concerns about sluggish global economic conditions and optimism regarding job growth and other positive developments in the United States. In contrast, investment-grade bonds generally benefited from these developments, which sparked a flight to sovereign bonds and other high-quality fixed-income securities.
In January 2016, additional news of disappointing economic data in China sparked renewed weakness in commodity prices. Investors again grew concerned about the potential impact of China’s economic troubles on the U.S. economy. Moreover, U.S. investors worried that an increase in short-term interest rates in December 2015, the first in almost a decade, might also weigh on the domestic economic recovery. Consequently, stocks declined sharply in January, and high-quality bonds rallied. The stock market’s slide continued into February, but strong U.S. economic data and solid corporate earnings helped trigger a rebound later in the month.
Fund Hampered by Small-Cap and International Exposures
In this volatile environment, investors generally flocked to traditionally defensive stocks, and smaller U.S. stocks underperformed their large-cap counterparts. International equities in both developed and emerging markets also posted significant losses during the reporting period. The fund’s exposure to these asset classes dampened its relative performance. On a more positive note, results were supported by positive total returns from fixed-income securities. In addition, the fund held no direct exposure to the hard-hit commodities market. Exposure to real estate-related securities and diversifying strategies also bolstered the fund’s results.
As is to be expected in a volatile market environment, the fund’s underlying strategies produced widely disparate results over the reporting period. Top performers for the reporting period included the fund’s direct equity investments, the fund’s direct investments in fixed-income securities, as well as through its holdings of Dreyfus U.S. Equity Fund and one of the unaffiliated funds in the Diversifying Strategies asset class. The fund’s holdings of BNY Mellon International Fund, Dreyfus Select Managers Small Cap Growth Fund, and BNY Mellon Focused Equity Opportunities Fund detracted from the fund’s performance.
We made several allocation changes during the reporting period. In November, we eliminated the fund’s position in Dreyfus Emerging Markets Debt Local Currency Fund and reduced its exposure to an unaffiliated investment company in the Emerging Markets Debt asset class. In December, we sold the fund’s holdings of the unaffiliated investment company in the Emerging Markets Debt asset class and trimmed its holdings of BNY Mellon Emerging Markets Fund and BNY Mellon Focused Equity Opportunities Fund.
Positioned for Continued Volatility
We remain cautiously optimistic regarding the U.S. economy, but expect global economic uncertainty to persist into the foreseeable future. Therefore, it appears likely that heightened market volatility will continue over the near term as nervous investors react to the latest global economic data, policy changes from central banks, and political developments throughout the world. As of the reporting period’s end, we have allocated the fund’s assets in a relatively defensive manner, apportioning approximately 61% of the fund’s assets to stocks, 29% to fixed-income securities, and 9% to diversifying strategies.
March 15, 2016
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Bonds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by the fund’s investment adviser pursuant to an agreement in effect through December 31, 2016, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.
2 SOURCE: BLOOMBERG. L.P. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Morningstar Moderate Target Risk Index is an unmanaged index of global equities, bonds, and traditional inflation hedges such as commodities and Treasury Inflation Protected Securities (TIPS).
16
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2015 to February 29, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
|
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|
|
|
|
|
|
|
|
|
|
| |||||||
assuming actual returns for the six months ended February 29, 2016 |
|||||||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
|
||||||||||||
BNY Mellon Large Cap Stock Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.07 |
$ |
5.30 |
|||||||||||||||||
Ending value (after expenses) |
$ |
973.20 |
$ |
973.90 |
|||||||||||||||||
Annualized expense ratio (%) |
.83 |
1.08 |
|||||||||||||||||||
BNY Mellon Large Cap Market |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.84 |
$ |
4.06 |
|||||||||||||||||
Ending value (after expenses) |
$ |
966.80 |
$ |
965.20 |
|||||||||||||||||
Annualized expense ratio (%) |
.58 |
.83 |
|||||||||||||||||||
BNY Mellon Tax-Sensitive |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.14 |
$ |
4.37 |
|||||||||||||||||
Ending value (after expenses) |
$ |
974.60 |
$ |
973.20 |
|||||||||||||||||
Annualized expense ratio (%) |
.64 |
.89 |
|||||||||||||||||||
BNY Mellon Income Stock Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.97 |
$ |
5.20 |
|||||||||||||||||
Ending value (after expenses) |
$ |
993.40 |
$ |
992.10 |
|||||||||||||||||
Annualized expense ratio (%) |
.80 |
1.05 |
|||||||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.32 |
$ |
5.51 |
|||||||||||||||||
Ending value (after expenses) |
$ |
928.40 |
$ |
927.60 |
|||||||||||||||||
Annualized expense ratio (%) |
.90 |
1.15 |
|||||||||||||||||||
BNY Mellon Small Cap Multi-Strategy Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.89 |
$ |
6.05 |
|||||||||||||||||
Ending value (after expenses) |
$ |
872.10 |
$ |
870.60 |
|||||||||||||||||
Annualized expense ratio (%) |
1.05 |
1.30 |
|||||||||||||||||||
BNY Mellon Focused |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.22 |
$ |
5.43 |
|||||||||||||||||
Ending value (after expenses) |
$ |
951.10 |
$ |
949.90 |
|||||||||||||||||
Annualized expense ratio (%) |
.87 |
1.12 |
17
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
Expenses and Value of a $1,000 Investment (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
assuming actual returns for the six months ended February 29, 2016 |
|||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
|||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.48 |
$ |
5.66 |
|||||||||||||||
Ending value (after expenses) |
$ |
898.40 |
$ |
897.10 |
|||||||||||||||
Annualized expense ratio (%) |
.95 |
1.20 |
|||||||||||||||||
BNY Mellon International Fund |
|||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.84 |
$ |
6.01 |
|||||||||||||||
Ending value (after expenses) |
$ |
888.50 |
$ |
887.40 |
|||||||||||||||
Annualized expense ratio (%) |
1.03 |
1.28 |
|||||||||||||||||
BNY Mellon Emerging Markets Fund |
|||||||||||||||||||
Expenses paid per $1,000† |
$ |
7.05 |
$ |
8.24 |
|||||||||||||||
Ending value (after expenses) |
$ |
915.90 |
$ |
914.80 |
|||||||||||||||
Annualized expense ratio (%) |
1.48 |
1.73 |
|||||||||||||||||
BNY Mellon International Appreciation Fund |
|||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.15 |
$ |
5.32 |
|||||||||||||||
Ending value (after expenses) |
$ |
896.30 |
$ |
894.30 |
|||||||||||||||
Annualized expense ratio (%) |
.88 |
1.13 |
|||||||||||||||||
BNY Mellon International Equity Income Fund |
|||||||||||||||||||
Expenses paid per $1,000† |
$ |
5.22 |
$ |
6.43 |
|||||||||||||||
Ending value (after expenses) |
$ |
944.90 |
$ |
945.10 |
|||||||||||||||
Annualized expense ratio (%) |
1.08 |
1.33 |
|||||||||||||||||
BNY Mellon Asset Allocation Fund |
|||||||||||||||||||
Expenses paid per $1,000† |
$ |
1.27 |
$ |
2.54 |
|||||||||||||||
Ending value (after expenses) |
$ |
961.00 |
$ |
960.90 |
|||||||||||||||
Annualized expense ratio (%) |
.26 |
.52 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
18
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 29, 2016 |
||||||||||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
|
|||||||||||||||
BNY Mellon Large Cap Stock Fund |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.17 |
$ |
5.42 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,020.74 |
$ |
1,019.49 |
||||||||||||||||||||
Annualized expense ratio (%) |
.83 |
1.08 |
||||||||||||||||||||||
BNY Mellon Large Cap Market |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.92 |
$ |
4.17 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,021.98 |
$ |
1,020.74 |
||||||||||||||||||||
Annualized expense ratio (%) |
.58 |
.83 |
||||||||||||||||||||||
BNY Mellon Tax-Sensitive |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.22 |
$ |
4.47 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,021.68 |
$ |
1,020.44 |
||||||||||||||||||||
Annualized expense ratio (%) |
.64 |
.89 |
||||||||||||||||||||||
BNY Mellon Income Stock Fund |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.02 |
$ |
5.27 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,020.89 |
$ |
1,019.64 |
||||||||||||||||||||
Annualized expense ratio (%) |
.80 |
1.05 |
||||||||||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.52 |
$ |
5.77 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,020.39 |
$ |
1,019.14 |
||||||||||||||||||||
Annualized expense ratio (%) |
.90 |
1.15 |
||||||||||||||||||||||
BNY Mellon Small Cap Multi-Strategy Fund |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
5.27 |
$ |
6.52 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,019.64 |
$ |
1,018.40 |
||||||||||||||||||||
Annualized expense ratio (%) |
1.05 |
1.30 |
||||||||||||||||||||||
BNY Mellon Focused |
||||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.37 |
$ |
5.62 |
||||||||||||||||||||
Ending value (after expenses) |
$ |
1,020.54 |
$ |
1,019.29 |
||||||||||||||||||||
Annualized expense ratio (%) |
.87 |
1.12 |
19
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUND’S (Unaudited) (continued)
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
assuming a hypothetical 5% annualized return for the six months ended February 29, 2016 |
||||||||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
|
|||||||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.77 |
$ |
6.02 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,020.14 |
$ |
1,018.90 |
||||||||||||||||||
Annualized expense ratio (%) |
.95 |
1.20 |
||||||||||||||||||||
BNY Mellon International Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
5.17 |
$ |
6.42 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,019.74 |
$ |
1,018.50 |
||||||||||||||||||
Annualized expense ratio (%) |
1.03 |
1.28 |
||||||||||||||||||||
BNY Mellon Emerging Markets Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
7.42 |
$ |
8.67 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,017.50 |
$ |
1,016.26 |
||||||||||||||||||
Annualized expense ratio (%) |
1.48 |
1.73 |
||||||||||||||||||||
BNY Mellon International Appreciation Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
4.42 |
$ |
5.67 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,020.49 |
$ |
1,019.24 |
||||||||||||||||||
Annualized expense ratio (%) |
.88 |
1.13 |
||||||||||||||||||||
BNY Mellon International Equity Income Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
5.42 |
$ |
6.67 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,019.49 |
$ |
1,018.25 |
||||||||||||||||||
Annualized expense ratio (%) |
1.08 |
1.33 |
||||||||||||||||||||
BNY Mellon Asset Allocation Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
1.31 |
$ |
2.61 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,023.57 |
$ |
1,022.28 |
||||||||||||||||||
Annualized expense ratio (%) |
.26 |
.52 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
20
STATEMENT OF INVESTMENTS
February 29, 2016 (Unaudited)
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Common Stocks - 99.8% |
Shares |
Value ($) |
||||||||||||
Automobiles & Components - .9% |
||||||||||||||
Visteon |
40,735 |
2,848,191 |
||||||||||||
Banks - 6.1% |
||||||||||||||
Bank of America |
390,085 |
4,883,864 |
||||||||||||
Citigroup |
117,270 |
4,555,939 |
||||||||||||
JPMorgan Chase & Co. |
110,104 |
6,198,855 |
||||||||||||
Wells Fargo & Co. |
86,149 |
4,042,111 |
||||||||||||
19,680,769 |
||||||||||||||
Capital Goods - 6.3% |
||||||||||||||
3M |
15,128 |
2,373,129 |
||||||||||||
Allison Transmission Holdings |
43,050 |
1,019,424 |
||||||||||||
Boeing |
30,885 |
3,649,989 |
||||||||||||
General Dynamics |
25,117 |
3,422,694 |
||||||||||||
General Electric |
57,679 |
1,680,766 |
||||||||||||
Honeywell International |
9,606 |
973,568 |
||||||||||||
Illinois Tool Works |
10,307 |
971,435 |
||||||||||||
Lennox International |
5,540 |
715,823 |
||||||||||||
Owens Corning |
53,955 |
2,315,749 |
||||||||||||
Rockwell Automation |
11,306 |
1,176,842 |
||||||||||||
Spirit Aerosystems Holdings, Cl. A |
50,422 |
a |
2,319,412 |
|||||||||||
20,618,831 |
||||||||||||||
Consumer Durables & Apparel - .3% |
||||||||||||||
Brunswick |
12,130 |
516,010 |
||||||||||||
D.R. Horton |
17,980 |
480,426 |
||||||||||||
996,436 |
||||||||||||||
Consumer Services - 3.3% |
||||||||||||||
Carnival |
58,375 |
2,799,665 |
||||||||||||
Darden Restaurants |
40,011 |
2,555,903 |
||||||||||||
Marriott International, Cl. A |
38,980 |
b |
2,656,487 |
|||||||||||
Wyndham Worldwide |
38,197 |
2,782,269 |
||||||||||||
10,794,324 |
||||||||||||||
Diversified Financials - 5.8% |
||||||||||||||
Affiliated Managers Group |
14,486 |
a |
2,009,063 |
|||||||||||
American Express |
58,101 |
3,229,254 |
||||||||||||
Ameriprise Financial |
30,485 |
2,559,216 |
||||||||||||
Berkshire Hathaway, Cl. B |
41,695 |
a |
5,594,218 |
|||||||||||
Franklin Resources |
62,777 |
2,250,555 |
||||||||||||
Moody's |
8,095 |
718,836 |
||||||||||||
T. Rowe Price Group |
37,496 |
2,591,349 |
||||||||||||
18,952,491 |
||||||||||||||
Energy - 5.7% |
||||||||||||||
Exxon Mobil |
109,402 |
8,768,570 |
||||||||||||
HollyFrontier |
14,965 |
506,116 |
||||||||||||
Marathon Petroleum |
55,333 |
1,895,155 |
||||||||||||
Phillips 66 |
9,130 |
724,831 |
||||||||||||
Schlumberger |
16,236 |
1,164,446 |
||||||||||||
Tesoro |
24,717 |
1,994,168 |
||||||||||||
Valero Energy |
56,247 |
3,379,320 |
||||||||||||
18,432,606 |
||||||||||||||
BNY Mellon Large Cap Stock Fund (continued) | ||||||||||||||
Common Stocks - 99.8% (continued) |
Shares |
Value ($) |
||||||||||||
Exchange-Traded Funds - .9% |
||||||||||||||
SPDR S&P 500 ETF Trust |
15,400 |
2,977,590 |
||||||||||||
Food & Staples Retailing - 1.9% |
||||||||||||||
Kroger |
36,863 |
1,471,203 |
||||||||||||
Wal-Mart Stores |
71,548 |
4,746,494 |
||||||||||||
6,217,697 |
||||||||||||||
Food, Beverage & Tobacco - 6.0% |
||||||||||||||
Altria Group |
93,937 |
5,783,701 |
||||||||||||
Coca-Cola Enterprises |
15,330 |
743,658 |
||||||||||||
CVS Health |
55,735 |
5,415,770 |
||||||||||||
General Mills |
33,805 |
1,989,424 |
||||||||||||
PepsiCo |
56,450 |
5,521,939 |
||||||||||||
19,454,492 |
||||||||||||||
Health Care Equipment & Services - 5.3% |
||||||||||||||
Abbott Laboratories |
82,313 |
3,188,806 |
||||||||||||
Anthem |
14,375 |
1,878,669 |
||||||||||||
Cigna |
13,791 |
1,925,362 |
||||||||||||
DENTSPLY International |
36,482 |
2,223,943 |
||||||||||||
Express Scripts Holding |
45,960 |
a |
3,234,665 |
|||||||||||
HCA Holdings |
32,193 |
a |
2,228,077 |
|||||||||||
Hologic |
69,990 |
a |
2,423,754 |
|||||||||||
17,103,276 |
||||||||||||||
Household & Personal Products - 1.4% |
||||||||||||||
Estee Lauder, Cl. A |
36,572 |
3,340,121 |
||||||||||||
Procter & Gamble |
15,639 |
1,255,655 |
||||||||||||
4,595,776 |
||||||||||||||
Insurance - 1.9% |
||||||||||||||
Prudential Financial |
41,316 |
2,730,574 |
||||||||||||
Travelers |
31,816 |
3,420,856 |
||||||||||||
6,151,430 |
||||||||||||||
Materials - 2.9% |
||||||||||||||
Air Products & Chemicals |
4,520 |
598,764 |
||||||||||||
Crown Holdings |
21,355 |
a |
1,000,482 |
|||||||||||
Dow Chemical |
26,772 |
1,301,387 |
||||||||||||
LyondellBasell Industries, Cl. A |
40,095 |
3,216,020 |
||||||||||||
Nucor |
15,435 |
607,213 |
||||||||||||
Reliance Steel & Aluminum |
45,910 |
2,795,460 |
||||||||||||
9,519,326 |
||||||||||||||
Media - 4.5% |
||||||||||||||
Comcast, Cl. A |
58,697 |
3,388,578 |
||||||||||||
Time Warner |
43,256 |
2,863,547 |
||||||||||||
Twenty-First Century Fox, Cl. A |
108,751 |
2,938,452 |
||||||||||||
Walt Disney |
55,009 |
5,254,460 |
||||||||||||
14,445,037 |
||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.2% |
||||||||||||||
Agilent Technologies |
75,835 |
2,832,437 |
||||||||||||
Amgen |
33,744 |
4,801,096 |
||||||||||||
Biogen |
3,265 |
a |
847,006 |
|||||||||||
Charles River Laboratories International |
9,055 |
a |
664,909 |
|||||||||||
Gilead Sciences |
56,172 |
4,901,007 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Stock Fund (continued) | ||||||||||||||||||
Common Stocks - 99.8% (continued) |
Shares |
Value ($) |
||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.2% (continued) |
||||||||||||||||||
Johnson & Johnson |
73,218 |
7,703,266 |
||||||||||||||||
Merck & Co. |
94,016 |
4,720,543 |
||||||||||||||||
Mettler-Toledo International |
7,991 |
a |
2,516,446 |
|||||||||||||||
Pfizer |
207,121 |
6,145,280 |
||||||||||||||||
Quintiles Transnational Holdings |
9,040 |
a |
566,898 |
|||||||||||||||
Zoetis |
14,382 |
590,525 |
||||||||||||||||
36,289,413 |
||||||||||||||||||
Real Estate - 2.8% |
||||||||||||||||||
General Growth Properties |
114,362 |
c |
3,147,242 |
|||||||||||||||
Host Hotels & Resorts |
46,632 |
c |
713,936 |
|||||||||||||||
Post Properties |
12,430 |
c |
692,724 |
|||||||||||||||
Public Storage |
15,605 |
c |
3,893,291 |
|||||||||||||||
Simon Property Group |
3,589 |
c |
680,941 |
|||||||||||||||
9,128,134 |
||||||||||||||||||
Retailing - 5.2% |
||||||||||||||||||
Amazon.com |
1,875 |
a |
1,035,975 |
|||||||||||||||
Bed Bath & Beyond |
43,226 |
a,b |
2,072,687 |
|||||||||||||||
Dollar General |
6,210 |
461,093 |
||||||||||||||||
Home Depot |
45,949 |
5,703,190 |
||||||||||||||||
Lowe's |
51,619 |
3,485,831 |
||||||||||||||||
Nordstrom |
12,155 |
b |
623,795 |
|||||||||||||||
Target |
46,019 |
3,610,191 |
||||||||||||||||
16,992,762 |
||||||||||||||||||
Semiconductors & Semiconductor Equipment - 1.0% |
||||||||||||||||||
Intel |
49,483 |
1,464,202 |
||||||||||||||||
Texas Instruments |
35,896 |
1,903,206 |
||||||||||||||||
3,367,408 |
||||||||||||||||||
Software & Services - 13.6% |
||||||||||||||||||
Accenture, Cl. A |
41,392 |
4,149,962 |
||||||||||||||||
Activision Blizzard |
86,960 |
2,754,023 |
||||||||||||||||
Alliance Data Systems |
2,505 |
a |
526,376 |
|||||||||||||||
Alphabet, Cl. A |
8,217 |
a |
5,893,397 |
|||||||||||||||
Alphabet, Cl. C |
8,216 |
a |
5,732,878 |
|||||||||||||||
Citrix Systems |
39,535 |
a |
2,793,148 |
|||||||||||||||
eBay |
24,805 |
a |
590,359 |
|||||||||||||||
Electronic Arts |
54,090 |
a |
3,474,742 |
|||||||||||||||
Facebook, Cl. A |
8,791 |
a |
939,934 |
|||||||||||||||
International Business Machines |
34,306 |
4,495,115 |
||||||||||||||||
Microsoft |
87,335 |
4,443,605 |
||||||||||||||||
Nuance Communications |
27,390 |
a |
534,379 |
|||||||||||||||
VeriSign |
15,188 |
a,b |
1,283,234 |
|||||||||||||||
Visa, Cl. A |
83,605 |
6,052,166 |
||||||||||||||||
WEX |
9,105 |
a |
594,556 |
|||||||||||||||
44,257,874 |
||||||||||||||||||
Technology Hardware & Equipment - 5.3% |
||||||||||||||||||
Apple |
131,741 |
12,738,037 |
||||||||||||||||
Cisco Systems |
79,590 |
2,083,666 |
||||||||||||||||
BNY Mellon Large Cap Stock Fund (continued) | ||||||||||||||||||
Common Stocks - 99.8% (continued) |
Shares |
Value ($) |
||||||||||||||||
Technology Hardware & Equipment - 5.3% (continued) |
||||||||||||||||||
NCR |
100,070 |
a |
2,337,635 |
|||||||||||||||
17,159,338 |
||||||||||||||||||
Telecommunication Services - 3.1% |
||||||||||||||||||
AT&T |
15,157 |
560,051 |
||||||||||||||||
CenturyLink |
93,633 |
b |
2,864,233 |
|||||||||||||||
Verizon Communications |
132,334 |
6,713,304 |
||||||||||||||||
10,137,588 |
||||||||||||||||||
Transportation - 2.6% |
||||||||||||||||||
Delta Air Lines |
57,867 |
2,791,504 |
||||||||||||||||
JetBlue Airways |
93,875 |
a |
2,065,250 |
|||||||||||||||
Southwest Airlines |
87,536 |
3,672,135 |
||||||||||||||||
8,528,889 |
||||||||||||||||||
Utilities - 1.8% |
||||||||||||||||||
Duke Energy |
39,080 |
2,902,862 |
||||||||||||||||
FirstEnergy |
91,575 |
3,065,015 |
||||||||||||||||
5,967,877 |
||||||||||||||||||
Total Common Stocks (cost $286,773,406) |
324,617,555 |
|||||||||||||||||
Other Investment - 1.1% |
||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
3,529,103 |
d |
3,529,103 |
|||||||||||||||
Investment of Cash Collateral for Securities Loaned - 1.1% |
||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
3,487,011 |
d |
3,487,011 |
|||||||||||||||
Total Investments (cost $293,789,520) |
102.0% |
331,633,669 |
||||||||||||||||
Liabilities, Less Cash and Receivables |
(2.0%) |
(6,460,151) |
||||||||||||||||
Net Assets |
100.0% |
325,173,518 |
ETF—Exchange-Traded Fund
SPDR—Standard & Poor's Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $9,343,414 and the value of the collateral held by the fund was $9,572,783, consisting of cash collateral of $3,487,011 and U.S. Government & Agency securities valued at $6,085,772.
c Investment in real estate investment trust.
d Investment in affiliated money market mutual fund.
22
Portfolio Summary (Unaudited) † |
Value (%) |
Software & Services |
13.6 |
Pharmaceuticals, Biotechnology & Life Sciences |
11.2 |
Capital Goods |
6.3 |
Banks |
6.1 |
Food, Beverage & Tobacco |
6.0 |
Diversified Financials |
5.8 |
Energy |
5.7 |
Health Care Equipment & Services |
5.3 |
Technology Hardware & Equipment |
5.3 |
Retailing |
5.2 |
Media |
4.5 |
Consumer Services |
3.3 |
Telecommunication Services |
3.1 |
Materials |
2.9 |
Real Estate |
2.8 |
Transportation |
2.6 |
Money Market Investments |
2.2 |
Insurance |
1.9 |
Food & Staples Retailing |
1.9 |
Utilities |
1.8 |
Household & Personal Products |
1.4 |
Semiconductors & Semiconductor Equipment |
1.0 |
Automobiles & Components |
.9 |
Exchange-Traded Funds |
.9 |
Consumer Durables & Apparel |
.3 |
102.0 |
† Based on net assets.
See notes to financial statements.
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Market Opportunities Fund | |||||||||||||||||
Common Stocks - 47.9% |
Shares |
Value ($) |
|||||||||||||||
Banks - 1.1% |
|||||||||||||||||
Bank of America |
79,480 |
995,090 |
|||||||||||||||
Capital Goods - 5.5% |
|||||||||||||||||
3M |
6,810 |
1,068,285 |
|||||||||||||||
Donaldson |
4,764 |
a |
134,535 |
||||||||||||||
Eaton |
19,325 |
1,095,921 |
|||||||||||||||
Emerson Electric |
2,645 |
129,155 |
|||||||||||||||
Fastenal |
4,280 |
a |
193,841 |
||||||||||||||
Flowserve |
3,500 |
147,070 |
|||||||||||||||
Honeywell International |
9,860 |
999,311 |
|||||||||||||||
Illinois Tool Works |
9,360 |
882,180 |
|||||||||||||||
MSC Industrial Direct Cl. A |
1,821 |
126,705 |
|||||||||||||||
Toro |
2,930 |
233,521 |
|||||||||||||||
W.W. Grainger |
342 |
a |
74,180 |
||||||||||||||
5,084,704 |
|||||||||||||||||
Consumer Durables & Apparel - .3% |
|||||||||||||||||
NIKE, Cl. B |
4,116 |
253,504 |
|||||||||||||||
Consumer Services - .5% |
|||||||||||||||||
McDonald's |
1,619 |
189,731 |
|||||||||||||||
Starbucks |
4,542 |
264,390 |
|||||||||||||||
454,121 |
|||||||||||||||||
Diversified Financials - 3.8% |
|||||||||||||||||
Capital One Financial |
17,625 |
1,158,491 |
|||||||||||||||
Intercontinental Exchange |
5,934 |
1,415,022 |
|||||||||||||||
Invesco |
36,098 |
965,261 |
|||||||||||||||
3,538,774 |
|||||||||||||||||
Energy - 3.6% |
|||||||||||||||||
California Resources |
136 |
76 |
|||||||||||||||
EOG Resources |
2,816 |
182,308 |
|||||||||||||||
Halliburton |
26,851 |
866,750 |
|||||||||||||||
Marathon Petroleum |
23,210 |
794,942 |
|||||||||||||||
Occidental Petroleum |
1,441 |
99,170 |
|||||||||||||||
Schlumberger |
2,511 |
180,089 |
|||||||||||||||
Valero Energy |
19,685 |
1,182,675 |
|||||||||||||||
3,306,010 |
|||||||||||||||||
Food, Beverage & Tobacco - 3.9% |
|||||||||||||||||
Constellation Brands, Cl. A |
7,350 |
1,039,510 |
|||||||||||||||
PepsiCo |
13,975 |
1,367,034 |
|||||||||||||||
Philip Morris International |
13,730 |
1,249,842 |
|||||||||||||||
3,656,386 |
|||||||||||||||||
Health Care Equipment & Services - 2.5% |
|||||||||||||||||
Aetna |
8,900 |
966,807 |
|||||||||||||||
C.R. Bard |
1,439 |
276,835 |
|||||||||||||||
Cerner |
2,990 |
b |
152,669 |
||||||||||||||
Intuitive Surgical |
369 |
b |
207,769 |
||||||||||||||
ResMed |
5,165 |
a |
293,940 |
||||||||||||||
Stryker |
2,432 |
242,908 |
|||||||||||||||
Varian Medical Systems |
2,051 |
a,b |
160,429 |
||||||||||||||
2,301,357 |
|||||||||||||||||
Household & Personal Products - .4% |
|||||||||||||||||
Colgate-Palmolive |
2,881 |
189,109 |
|||||||||||||||
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||||||||||||||
Common Stocks - 47.9% (continued) |
Shares |
Value ($) |
|||||||||||||||
Household & Personal Products - .4% (continued) |
|||||||||||||||||
Estee Lauder, Cl. A |
2,420 |
221,019 |
|||||||||||||||
410,128 |
|||||||||||||||||
Insurance - 1.4% |
|||||||||||||||||
Hartford Financial Services Group |
30,630 |
1,290,136 |
|||||||||||||||
Materials - 2.1% |
|||||||||||||||||
Dow Chemical |
23,450 |
1,139,904 |
|||||||||||||||
Ecolab |
1,710 |
175,360 |
|||||||||||||||
FMC |
3,365 |
126,659 |
|||||||||||||||
International Flavors & Fragrances |
1,330 |
137,376 |
|||||||||||||||
Monsanto |
1,944 |
174,941 |
|||||||||||||||
Praxair |
1,743 |
177,420 |
|||||||||||||||
1,931,660 |
|||||||||||||||||
Media - 3.0% |
|||||||||||||||||
Comcast, Cl. A |
27,830 |
1,606,626 |
|||||||||||||||
Time Warner |
15,800 |
1,045,960 |
|||||||||||||||
Walt Disney |
1,940 |
185,309 |
|||||||||||||||
2,837,895 |
|||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 5.2% |
|||||||||||||||||
Agilent Technologies |
26,370 |
984,920 |
|||||||||||||||
Allergan |
3,120 |
b |
905,143 |
||||||||||||||
Biogen |
541 |
b |
140,346 |
||||||||||||||
Celgene |
1,591 |
b |
160,421 |
||||||||||||||
Gilead Sciences |
1,835 |
160,104 |
|||||||||||||||
Johnson & Johnson |
21,995 |
2,314,094 |
|||||||||||||||
Mettler-Toledo International |
653 |
b |
205,636 |
||||||||||||||
4,870,664 |
|||||||||||||||||
Retailing - 2.7% |
|||||||||||||||||
Amazon.com |
1,835 |
b |
1,013,874 |
||||||||||||||
Lowe's |
14,830 |
1,001,470 |
|||||||||||||||
The TJX Companies |
4,391 |
325,373 |
|||||||||||||||
Tractor Supply |
2,179 |
184,278 |
|||||||||||||||
2,524,995 |
|||||||||||||||||
Semiconductors & Semiconductor Equipment - 1.6% |
|||||||||||||||||
Broadcom |
11,130 |
1,491,086 |
|||||||||||||||
Software & Services - 8.0% |
|||||||||||||||||
Adobe Systems |
2,607 |
b |
221,986 |
||||||||||||||
Alphabet, Cl. A |
230 |
b |
164,961 |
||||||||||||||
Alphabet, Cl. C |
230 |
b |
160,487 |
||||||||||||||
Automatic Data Processing |
2,465 |
208,761 |
|||||||||||||||
Cognizant Technology Solutions, Cl. A |
3,280 |
b |
186,894 |
||||||||||||||
Facebook, Cl. A |
17,170 |
b |
1,835,816 |
||||||||||||||
Jack Henry & Associates |
2,570 |
211,357 |
|||||||||||||||
MasterCard, Cl. A |
3,275 |
284,663 |
|||||||||||||||
Microsoft |
26,319 |
1,339,111 |
|||||||||||||||
Oracle |
4,736 |
174,190 |
|||||||||||||||
Paychex |
4,301 |
221,028 |
|||||||||||||||
salesforce.com |
21,075 |
b |
1,427,831 |
24
BNY Mellon Large Cap Market Opportunities Fund (continued) | ||||||||||||||||
Common Stocks - 47.9% (continued) |
Shares |
Value ($) |
||||||||||||||
Software & Services - 8.0% (continued) |
||||||||||||||||
ServiceNow |
17,860 |
b |
982,121 |
|||||||||||||
7,419,206 |
||||||||||||||||
Technology Hardware & Equipment - 2.1% |
||||||||||||||||
Amphenol, Cl. A |
5,018 |
266,305 |
||||||||||||||
Cisco Systems |
7,508 |
196,559 |
||||||||||||||
Palo Alto Networks |
9,575 |
b |
1,386,364 |
|||||||||||||
TE Connectivity |
2,130 |
121,240 |
||||||||||||||
1,970,468 |
||||||||||||||||
Transportation - .2% |
||||||||||||||||
Expeditors International of Washington |
4,220 |
193,192 |
||||||||||||||
Total Common Stocks (cost $37,623,717) |
44,529,376 |
|||||||||||||||
Other Investment - 51.9% |
||||||||||||||||
Registered Investment Company; |
||||||||||||||||
BNY Mellon Income Stock Fund, Cl. M |
1,674,534 |
c |
12,843,677 |
|||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
284,561 |
d |
284,561 |
|||||||||||||
Dreyfus Research Growth Fund, Cl. Y |
1,435,867 |
c |
18,551,400 |
|||||||||||||
Dreyfus Strategic Value Fund, Cl. Y |
529,563 |
c |
16,522,372 |
|||||||||||||
(cost $50,340,308) |
48,202,010 |
|||||||||||||||
Investment of Cash Collateral for Securities Loaned - .4% |
||||||||||||||||
Registered Investment Company; |
||||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
412,268 |
d |
412,268 |
|||||||||||||
Total Investments (cost $88,376,293) |
100.2% |
93,143,654 |
||||||||||||||
Liabilities, Less Cash and Receivables |
(.2%) |
(199,765) |
||||||||||||||
Net Assets |
100.0% |
92,943,889 |
a Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $856,745 and the value of the collateral held by the fund was $886,717, consisting of cash collateral of $412,268 and U.S. Government & Agency securities valued at $474,449.
b Non-income producing security.
c Investment in affiliated mutual fund.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Mutual Funds: Domestic |
51.6 |
Software & Services |
8.0 |
Capital Goods |
5.5 |
Pharmaceuticals, Biotechnology & Life Sciences |
5.2 |
Food, Beverage & Tobacco |
3.9 |
Diversified Financials |
3.8 |
Energy |
3.6 |
Media |
3.0 |
Retailing |
2.7 |
Health Care Equipment & Services |
2.5 |
Materials |
2.1 |
Technology Hardware & Equipment |
2.1 |
Semiconductors & Semiconductor Equipment |
1.6 |
Insurance |
1.4 |
Banks |
1.1 |
Money Market Investments |
.7 |
Consumer Services |
.5 |
Household & Personal Products |
.4 |
Consumer Durables & Apparel |
.3 |
Transportation |
.2 |
100.2 |
† Based on net assets.
See notes to financial statements.
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||||||||||||||
Common Stocks - 64.7% |
Shares |
Value ($) |
|||||||||||||||
Automobiles & Components - .3% |
|||||||||||||||||
BorgWarner |
2,295 |
75,001 |
|||||||||||||||
Delphi Automotive |
655 |
43,675 |
|||||||||||||||
Ford Motor |
26,738 |
334,492 |
|||||||||||||||
General Motors |
2,080 |
61,235 |
|||||||||||||||
Harley-Davidson |
3,074 |
a |
132,705 |
||||||||||||||
Johnson Controls |
9,299 |
339,042 |
|||||||||||||||
986,150 |
|||||||||||||||||
Banks - 2.7% |
|||||||||||||||||
Bank of America |
220,149 |
2,756,265 |
|||||||||||||||
BB&T |
10,767 |
346,267 |
|||||||||||||||
Citigroup |
16,595 |
644,716 |
|||||||||||||||
Citizens Financial Group |
8,195 |
157,590 |
|||||||||||||||
Fifth Third Bancorp |
3,234 |
49,351 |
|||||||||||||||
JPMorgan Chase & Co. |
29,499 |
1,660,794 |
|||||||||||||||
KeyCorp |
12,445 |
131,295 |
|||||||||||||||
M&T Bank |
630 |
64,607 |
|||||||||||||||
PNC Financial Services Group |
7,076 |
575,350 |
|||||||||||||||
SunTrust Banks |
1,700 |
56,406 |
|||||||||||||||
U.S. Bancorp |
8,742 |
336,742 |
|||||||||||||||
Wells Fargo & Co. |
41,667 |
1,955,016 |
|||||||||||||||
Zions Bancorporation |
2,665 |
56,818 |
|||||||||||||||
8,791,217 |
|||||||||||||||||
Capital Goods - 5.8% |
|||||||||||||||||
3M |
19,259 |
3,021,159 |
|||||||||||||||
Allegion |
2,996 |
188,748 |
|||||||||||||||
Boeing |
5,995 |
708,489 |
|||||||||||||||
Caterpillar |
4,600 |
311,420 |
|||||||||||||||
Danaher |
4,112 |
367,078 |
|||||||||||||||
Deere & Co. |
1,466 |
a |
117,544 |
||||||||||||||
Donaldson |
8,320 |
a |
234,957 |
||||||||||||||
Dover |
5,199 |
315,995 |
|||||||||||||||
Eaton |
41,301 |
2,342,180 |
|||||||||||||||
Emerson Electric |
6,630 |
323,743 |
|||||||||||||||
Fastenal |
7,460 |
a |
337,863 |
||||||||||||||
Flowserve |
9,980 |
419,360 |
|||||||||||||||
General Dynamics |
2,421 |
329,910 |
|||||||||||||||
General Electric |
76,355 |
2,224,985 |
|||||||||||||||
Honeywell International |
26,450 |
2,680,707 |
|||||||||||||||
Illinois Tool Works |
19,770 |
1,863,322 |
|||||||||||||||
Ingersoll-Rand |
7,050 |
391,698 |
|||||||||||||||
Lockheed Martin |
1,964 |
423,812 |
|||||||||||||||
MSC Industrial Direct, Cl. A |
3,167 |
220,360 |
|||||||||||||||
Northrop Grumman |
1,146 |
220,284 |
|||||||||||||||
Parker Hannifin |
612 |
61,934 |
|||||||||||||||
Raytheon |
4,495 |
556,706 |
|||||||||||||||
Rockwell Collins |
2,683 |
234,950 |
|||||||||||||||
Stanley Black & Decker |
653 |
61,389 |
|||||||||||||||
Toro |
5,110 |
407,267 |
|||||||||||||||
United Rentals |
875 |
b |
45,124 |
||||||||||||||
United Technologies |
3,444 |
332,759 |
|||||||||||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
|||||||||||||||
Capital Goods - 5.8% (continued) |
|||||||||||||||||
W.W. Grainger |
1,588 |
a |
344,437 |
||||||||||||||
Xylem |
2,698 |
100,932 |
|||||||||||||||
19,189,112 |
|||||||||||||||||
Commercial & Professional Services - .2% |
|||||||||||||||||
ADT |
2,610 |
a |
105,366 |
||||||||||||||
Robert Half International |
3,145 |
123,882 |
|||||||||||||||
Tyco International |
1,194 |
42,005 |
|||||||||||||||
Waste Management |
7,974 |
445,348 |
|||||||||||||||
716,601 |
|||||||||||||||||
Consumer Durables & Apparel - .7% |
|||||||||||||||||
Leggett & Platt |
5,590 |
249,649 |
|||||||||||||||
Lennar, Cl. A |
6,550 |
274,707 |
|||||||||||||||
Mattel |
2,120 |
68,942 |
|||||||||||||||
NIKE, Cl. B |
22,200 |
1,367,298 |
|||||||||||||||
VF |
4,760 |
309,924 |
|||||||||||||||
2,270,520 |
|||||||||||||||||
Consumer Services - 1.0% |
|||||||||||||||||
Carnival |
2,398 |
115,008 |
|||||||||||||||
Chipotle Mexican Grill |
500 |
a,b |
254,580 |
||||||||||||||
McDonald's |
8,601 |
1,007,951 |
|||||||||||||||
Starbucks |
24,118 |
1,403,909 |
|||||||||||||||
Starwood Hotels & Resorts Worldwide |
760 |
c |
52,524 |
||||||||||||||
Wyndham Worldwide |
2,925 |
213,057 |
|||||||||||||||
Wynn Resorts |
1,425 |
a |
117,534 |
||||||||||||||
Yum! Brands |
3,597 |
260,675 |
|||||||||||||||
3,425,238 |
|||||||||||||||||
Diversified Financials - 3.9% |
|||||||||||||||||
American Express |
1,989 |
110,549 |
|||||||||||||||
Ameriprise Financial |
3,382 |
283,919 |
|||||||||||||||
Berkshire Hathaway, Cl. B |
13,992 |
b |
1,877,307 |
||||||||||||||
BlackRock |
863 |
269,221 |
|||||||||||||||
Capital One Financial |
38,018 |
2,498,923 |
|||||||||||||||
Charles Schwab |
12,266 |
307,263 |
|||||||||||||||
CME Group |
5,075 |
464,058 |
|||||||||||||||
Discover Financial Services |
5,797 |
269,097 |
|||||||||||||||
Goldman Sachs Group |
2,240 |
334,947 |
|||||||||||||||
H&R Block |
2,640 |
86,803 |
|||||||||||||||
Intercontinental Exchange |
13,049 |
3,111,665 |
|||||||||||||||
Invesco |
76,395 |
2,042,802 |
|||||||||||||||
Legg Mason |
4,320 |
123,379 |
|||||||||||||||
McGraw-Hill Financial |
2,118 |
190,069 |
|||||||||||||||
Moody's |
720 |
63,936 |
|||||||||||||||
Morgan Stanley |
6,300 |
155,610 |
|||||||||||||||
Navient |
11,370 |
123,137 |
|||||||||||||||
State Street |
7,726 |
423,230 |
|||||||||||||||
Synchrony Financial |
4,290 |
b |
115,615 |
||||||||||||||
T. Rowe Price Group |
561 |
38,771 |
|||||||||||||||
12,890,301 |
26
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
||||||||||||||
Energy - 4.4% |
||||||||||||||||
Anadarko Petroleum |
4,930 |
187,093 |
||||||||||||||
Apache |
4,635 |
177,428 |
||||||||||||||
Baker Hughes |
4,240 |
181,769 |
||||||||||||||
Cabot Oil & Gas |
8,255 |
166,173 |
||||||||||||||
California Resources |
512 |
288 |
||||||||||||||
Chevron |
11,639 |
971,158 |
||||||||||||||
Cimarex Energy |
937 |
78,736 |
||||||||||||||
Columbia Pipeline Group |
5,430 |
98,554 |
||||||||||||||
ConocoPhillips |
1,731 |
a |
58,560 |
|||||||||||||
Devon Energy |
6,515 |
128,215 |
||||||||||||||
Diamond Offshore Drilling |
5,190 |
a |
103,852 |
|||||||||||||
EOG Resources |
10,552 |
683,136 |
||||||||||||||
EQT |
1,305 |
72,741 |
||||||||||||||
Exxon Mobil |
29,314 |
2,349,517 |
||||||||||||||
FMC Technologies |
4,110 |
b |
100,818 |
|||||||||||||
Halliburton |
53,513 |
1,727,400 |
||||||||||||||
Helmerich & Payne |
3,515 |
186,190 |
||||||||||||||
Hess |
3,865 |
168,514 |
||||||||||||||
Kinder Morgan |
17,825 |
322,454 |
||||||||||||||
Marathon Oil |
18,115 |
148,724 |
||||||||||||||
Marathon Petroleum |
46,841 |
1,604,304 |
||||||||||||||
Murphy Oil |
5,865 |
a |
100,761 |
|||||||||||||
Newfield Exploration |
3,080 |
b |
83,868 |
|||||||||||||
Occidental Petroleum |
5,449 |
375,000 |
||||||||||||||
ONEOK |
1,650 |
39,600 |
||||||||||||||
Phillips 66 |
5,038 |
399,967 |
||||||||||||||
Pioneer Natural Resources |
1,008 |
121,494 |
||||||||||||||
Range Resources |
2,505 |
a |
59,444 |
|||||||||||||
Schlumberger |
11,997 |
860,425 |
||||||||||||||
Southwestern Energy |
6,220 |
a,b |
35,952 |
|||||||||||||
Spectra Energy |
5,537 |
161,680 |
||||||||||||||
Tesoro |
2,130 |
171,848 |
||||||||||||||
Transocean |
11,585 |
a |
100,210 |
|||||||||||||
Valero Energy |
43,358 |
2,604,949 |
||||||||||||||
Williams |
94 |
1,503 |
||||||||||||||
14,632,325 |
||||||||||||||||
Food & Staples Retailing - 1.1% |
||||||||||||||||
Costco Wholesale |
4,295 |
644,379 |
||||||||||||||
CVS Health |
11,301 |
1,098,118 |
||||||||||||||
Kroger |
14,332 |
571,990 |
||||||||||||||
Sysco |
1,650 |
72,815 |
||||||||||||||
Walgreens Boots Alliance |
7,587 |
598,918 |
||||||||||||||
Wal-Mart Stores |
8,317 |
551,750 |
||||||||||||||
3,537,970 |
||||||||||||||||
Food, Beverage & Tobacco - 4.4% |
||||||||||||||||
Altria Group |
15,089 |
929,030 |
||||||||||||||
Archer-Daniels-Midland |
6,445 |
225,317 |
||||||||||||||
Coca-Cola |
27,685 |
1,194,054 |
||||||||||||||
Constellation Brands, Cl. A |
17,033 |
2,408,977 |
||||||||||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
||||||||||||||
Food, Beverage & Tobacco - 4.4% (continued) |
||||||||||||||||
General Mills |
6,450 |
379,582 |
||||||||||||||
Hershey |
1,576 |
143,243 |
||||||||||||||
Kraft Heinz |
4,451 |
342,816 |
||||||||||||||
McCormick & Co. |
3,022 |
281,832 |
||||||||||||||
Mead Johnson Nutrition |
1,047 |
77,227 |
||||||||||||||
Molson Coors Brewing, Cl. B |
4,480 |
382,010 |
||||||||||||||
Mondelez International, Cl. A |
19,035 |
771,489 |
||||||||||||||
Monster Beverage |
755 |
b |
94,752 |
|||||||||||||
PepsiCo |
39,736 |
3,886,976 |
||||||||||||||
Philip Morris International |
35,019 |
3,187,780 |
||||||||||||||
Reynolds American |
6,818 |
343,832 |
||||||||||||||
Tyson Foods, Cl. A |
1,390 |
90,002 |
||||||||||||||
14,738,919 |
||||||||||||||||
Health Care Equipment & Services - 3.3% |
||||||||||||||||
Abbott Laboratories |
6,843 |
265,098 |
||||||||||||||
Aetna |
20,413 |
2,217,464 |
||||||||||||||
AmerisourceBergen |
2,496 |
216,204 |
||||||||||||||
Anthem |
2,774 |
362,534 |
||||||||||||||
Baxter International |
1,585 |
62,623 |
||||||||||||||
Becton Dickinson & Co. |
3,380 |
498,381 |
||||||||||||||
Boston Scientific |
21,064 |
b |
357,667 |
|||||||||||||
C.R. Bard |
4,481 |
862,055 |
||||||||||||||
Cardinal Health |
1,135 |
92,729 |
||||||||||||||
Cerner |
5,920 |
b |
302,275 |
|||||||||||||
Cigna |
2,998 |
418,551 |
||||||||||||||
Express Scripts Holding |
5,628 |
b |
396,099 |
|||||||||||||
Humana |
2,671 |
472,687 |
||||||||||||||
Intuitive Surgical |
1,143 |
b |
643,578 |
|||||||||||||
McKesson |
2,139 |
332,871 |
||||||||||||||
Medtronic |
8,775 |
679,097 |
||||||||||||||
ResMed |
9,007 |
a |
512,588 |
|||||||||||||
St. Jude Medical |
2,716 |
145,822 |
||||||||||||||
Stryker |
5,231 |
522,472 |
||||||||||||||
UnitedHealth Group |
9,693 |
1,154,436 |
||||||||||||||
Varian Medical Systems |
3,569 |
a,b |
279,167 |
|||||||||||||
10,794,398 |
||||||||||||||||
Household & Personal Products - 1.1% |
||||||||||||||||
Clorox |
2,630 |
332,485 |
||||||||||||||
Colgate-Palmolive |
11,848 |
777,703 |
||||||||||||||
Estee Lauder, Cl. A |
5,325 |
486,332 |
||||||||||||||
Kimberly-Clark |
4,350 |
566,805 |
||||||||||||||
Procter & Gamble |
19,686 |
1,580,589 |
||||||||||||||
3,743,914 |
||||||||||||||||
Insurance - 1.8% |
||||||||||||||||
Aflac |
1,080 |
64,282 |
||||||||||||||
Allstate |
5,750 |
364,895 |
||||||||||||||
American International Group |
14,635 |
734,677 |
||||||||||||||
Aon |
4,891 |
466,063 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
||||||||||||||||
Insurance - 1.8% (continued) |
||||||||||||||||||
Chubb |
1,356 |
156,659 |
||||||||||||||||
Cincinnati Financial |
1,410 |
89,027 |
||||||||||||||||
Hartford Financial Services Group |
67,045 |
2,823,935 |
||||||||||||||||
Lincoln National |
2,076 |
75,836 |
||||||||||||||||
Marsh & McLennan Cos. |
7,356 |
419,660 |
||||||||||||||||
MetLife |
6,757 |
267,307 |
||||||||||||||||
Prudential Financial |
1,076 |
71,113 |
||||||||||||||||
Travelers |
4,791 |
515,128 |
||||||||||||||||
6,048,582 |
||||||||||||||||||
Materials - 2.3% |
||||||||||||||||||
Air Products & Chemicals |
3,487 |
461,923 |
||||||||||||||||
Alcoa |
14,925 |
a |
133,280 |
|||||||||||||||
CF Industries Holdings |
2,460 |
89,692 |
||||||||||||||||
Dow Chemical |
53,386 |
2,595,093 |
||||||||||||||||
E.I. du Pont de Nemours & Co. |
8,041 |
489,456 |
||||||||||||||||
Ecolab |
2,980 |
305,599 |
||||||||||||||||
FMC |
5,880 |
221,323 |
||||||||||||||||
Freeport-McMoRan |
25,405 |
a |
193,840 |
|||||||||||||||
International Flavors & Fragrances |
2,310 |
238,600 |
||||||||||||||||
International Paper |
2,004 |
71,543 |
||||||||||||||||
LyondellBasell Industries, Cl. A |
3,266 |
261,966 |
||||||||||||||||
Monsanto |
7,141 |
642,619 |
||||||||||||||||
Mosaic |
3,850 |
102,602 |
||||||||||||||||
Newmont Mining |
6,295 |
162,600 |
||||||||||||||||
Nucor |
1,060 |
41,700 |
||||||||||||||||
Owens-Illinois |
3,930 |
b |
58,793 |
|||||||||||||||
PPG Industries |
4,666 |
450,409 |
||||||||||||||||
Praxair |
3,437 |
349,852 |
||||||||||||||||
Sherwin-Williams |
1,290 |
348,945 |
||||||||||||||||
Vulcan Materials |
3,429 |
337,859 |
||||||||||||||||
7,557,694 |
||||||||||||||||||
Media - 2.9% |
||||||||||||||||||
CBS, Cl. B |
1,149 |
55,589 |
||||||||||||||||
Comcast, Cl. A |
75,871 |
4,380,033 |
||||||||||||||||
Discovery Communications, Cl. A |
1,955 |
b |
48,875 |
|||||||||||||||
Omnicom Group |
820 |
63,804 |
||||||||||||||||
Time Warner |
37,592 |
2,488,590 |
||||||||||||||||
Time Warner Cable |
3,688 |
703,892 |
||||||||||||||||
Twenty-First Century Fox, Cl. A |
4,796 |
129,588 |
||||||||||||||||
Walt Disney |
18,040 |
1,723,181 |
||||||||||||||||
9,593,552 |
||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 6.5% |
||||||||||||||||||
AbbVie |
12,108 |
661,218 |
||||||||||||||||
Agilent Technologies |
49,550 |
1,850,693 |
||||||||||||||||
Alexion Pharmaceuticals |
1,150 |
b |
161,920 |
|||||||||||||||
Allergan |
8,680 |
b |
2,518,155 |
|||||||||||||||
Amgen |
6,369 |
906,181 |
||||||||||||||||
Baxalta |
2,915 |
112,286 |
||||||||||||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 6.5% (continued) |
||||||||||||||||||
Biogen |
2,909 |
b |
754,653 |
|||||||||||||||
Bristol-Myers Squibb |
17,152 |
1,062,223 |
||||||||||||||||
Celgene |
11,381 |
b |
1,147,546 |
|||||||||||||||
Eli Lilly & Co. |
9,686 |
697,392 |
||||||||||||||||
Endo International |
1,170 |
b |
48,918 |
|||||||||||||||
Gilead Sciences |
17,306 |
1,509,948 |
||||||||||||||||
Illumina |
528 |
b |
79,327 |
|||||||||||||||
Johnson & Johnson |
62,661 |
6,592,564 |
||||||||||||||||
Mallinckrodt |
646 |
b |
42,009 |
|||||||||||||||
Merck & Co. |
19,251 |
966,593 |
||||||||||||||||
Mettler-Toledo International |
1,140 |
b |
358,997 |
|||||||||||||||
Mylan |
1,890 |
b |
85,182 |
|||||||||||||||
Perrigo |
354 |
44,693 |
||||||||||||||||
Pfizer |
44,543 |
1,321,591 |
||||||||||||||||
Regeneron Pharmaceuticals |
252 |
b |
96,773 |
|||||||||||||||
Thermo Fisher Scientific |
4,740 |
612,361 |
||||||||||||||||
21,631,223 |
||||||||||||||||||
Real Estate - 1.1% |
||||||||||||||||||
American Tower |
2,360 |
c |
217,592 |
|||||||||||||||
AvalonBay Communities |
2,636 |
c |
452,443 |
|||||||||||||||
Crown Castle International |
2,870 |
c |
248,255 |
|||||||||||||||
Equinix |
373 |
c |
113,276 |
|||||||||||||||
Equity Residential |
6,437 |
c |
479,492 |
|||||||||||||||
General Growth Properties |
10,720 |
c |
295,014 |
|||||||||||||||
Iron Mountain |
7,405 |
c |
217,559 |
|||||||||||||||
Kimco Realty |
13,000 |
c |
347,750 |
|||||||||||||||
Macerich |
1,470 |
c |
116,248 |
|||||||||||||||
Public Storage |
61 |
c |
15,219 |
|||||||||||||||
Simon Property Group |
1,672 |
c |
317,229 |
|||||||||||||||
SL Green Realty |
2,005 |
c |
176,801 |
|||||||||||||||
Ventas |
3,150 |
c |
175,360 |
|||||||||||||||
Weyerhaeuser |
14,470 |
c |
375,931 |
|||||||||||||||
3,548,169 |
||||||||||||||||||
Retailing - 3.7% |
||||||||||||||||||
Amazon.com |
6,617 |
b |
3,656,025 |
|||||||||||||||
Dollar Tree |
5,134 |
b |
412,003 |
|||||||||||||||
eBay |
2,742 |
b |
65,260 |
|||||||||||||||
Genuine Parts |
949 |
85,552 |
||||||||||||||||
Home Depot |
11,673 |
1,448,853 |
||||||||||||||||
Kohl's |
1,095 |
51,104 |
||||||||||||||||
L Brands |
2,529 |
a |
214,434 |
|||||||||||||||
Lowe's |
38,847 |
2,623,338 |
||||||||||||||||
Macy's |
1,854 |
80,111 |
||||||||||||||||
Netflix |
3,234 |
a,b |
302,088 |
|||||||||||||||
Nordstrom |
3,550 |
a |
182,186 |
|||||||||||||||
O'Reilly Automotive |
1,734 |
b |
451,395 |
|||||||||||||||
Priceline Group |
503 |
b |
636,401 |
|||||||||||||||
Ross Stores |
4,413 |
242,627 |
28
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
||||||||||||||
Retailing - 3.7% (continued) |
||||||||||||||||
Target |
1,870 |
146,701 |
||||||||||||||
The TJX Companies |
16,517 |
1,223,910 |
||||||||||||||
Tractor Supply |
3,806 |
321,873 |
||||||||||||||
12,143,861 |
||||||||||||||||
Semiconductors & Semiconductor Equipment - 1.7% |
||||||||||||||||
Analog Devices |
1,503 |
79,644 |
||||||||||||||
Applied Materials |
5,935 |
111,993 |
||||||||||||||
Broadcom |
20,920 |
2,802,652 |
||||||||||||||
Intel |
40,102 |
1,186,618 |
||||||||||||||
Lam Research |
4,510 |
330,583 |
||||||||||||||
Micron Technology |
6,870 |
b |
73,028 |
|||||||||||||
NVIDIA |
13,595 |
426,339 |
||||||||||||||
Texas Instruments |
12,854 |
681,519 |
||||||||||||||
Xilinx |
1,834 |
86,601 |
||||||||||||||
5,778,977 |
||||||||||||||||
Software & Services - 9.0% |
||||||||||||||||
Accenture, Cl. A |
5,305 |
531,879 |
||||||||||||||
Adobe Systems |
11,732 |
b |
998,980 |
|||||||||||||
Alphabet, Cl. A |
2,687 |
b |
1,927,170 |
|||||||||||||
Alphabet, Cl. C |
2,688 |
b |
1,875,606 |
|||||||||||||
Autodesk |
3,025 |
b |
156,513 |
|||||||||||||
Automatic Data Processing |
10,122 |
857,232 |
||||||||||||||
Cognizant Technology Solutions, Cl. A |
10,632 |
b |
605,811 |
|||||||||||||
Facebook, Cl. A |
49,895 |
b |
5,334,773 |
|||||||||||||
Fiserv |
4,532 |
b |
433,395 |
|||||||||||||
International Business Machines |
4,857 |
636,413 |
||||||||||||||
Intuit |
2,117 |
204,587 |
||||||||||||||
Jack Henry & Associates |
4,480 |
368,435 |
||||||||||||||
MasterCard, Cl. A |
14,383 |
1,250,170 |
||||||||||||||
Microsoft |
116,048 |
5,904,522 |
||||||||||||||
Oracle |
26,000 |
956,280 |
||||||||||||||
Paychex |
15,194 |
780,820 |
||||||||||||||
PayPal Holdings |
3,322 |
126,701 |
||||||||||||||
salesforce.com |
47,328 |
b |
3,206,472 |
|||||||||||||
ServiceNow |
33,570 |
b |
1,846,014 |
|||||||||||||
Visa, Cl. A |
18,845 |
1,364,190 |
||||||||||||||
Western Union |
4,157 |
75,907 |
||||||||||||||
Yahoo! |
15,247 |
b |
484,702 |
|||||||||||||
29,926,572 |
||||||||||||||||
Technology Hardware & Equipment - 3.3% |
||||||||||||||||
Amphenol, Cl. A |
12,654 |
671,548 |
||||||||||||||
Apple |
45,549 |
4,404,133 |
||||||||||||||
Cisco Systems |
60,537 |
1,584,859 |
||||||||||||||
Corning |
16,020 |
293,166 |
||||||||||||||
EMC |
5,402 |
141,154 |
||||||||||||||
Hewlett Packard Enterprise |
21,518 |
285,544 |
||||||||||||||
HP |
20,128 |
215,168 |
||||||||||||||
Motorola Solutions |
878 |
64,524 |
||||||||||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 64.7% (continued) |
Shares |
Value ($) |
||||||||||||||
Technology Hardware & Equipment - 3.3% (continued) |
||||||||||||||||
NetApp |
2,965 |
73,651 |
||||||||||||||
Palo Alto Networks |
17,995 |
b |
2,605,496 |
|||||||||||||
QUALCOMM |
6,347 |
322,364 |
||||||||||||||
SanDisk |
3,190 |
230,509 |
||||||||||||||
Seagate Technology |
2,930 |
a |
91,885 |
|||||||||||||
Western Digital |
735 |
31,995 |
||||||||||||||
11,015,996 |
||||||||||||||||
Telecommunication Services - 1.2% |
||||||||||||||||
AT&T |
41,738 |
1,542,219 |
||||||||||||||
CenturyLink |
13,250 |
405,317 |
||||||||||||||
Frontier Communications |
36,960 |
a |
199,954 |
|||||||||||||
TE Connectivity |
3,710 |
211,173 |
||||||||||||||
Verizon Communications |
28,600 |
1,450,878 |
||||||||||||||
3,809,541 |
||||||||||||||||
Transportation - .9% |
||||||||||||||||
CH Robinson Worldwide |
1,155 |
80,654 |
||||||||||||||
CSX |
7,713 |
186,192 |
||||||||||||||
Delta Air Lines |
3,995 |
192,719 |
||||||||||||||
Expeditors International of Washington |
7,370 |
337,399 |
||||||||||||||
FedEx |
2,909 |
398,184 |
||||||||||||||
Kansas City Southern |
1,865 |
152,389 |
||||||||||||||
Norfolk Southern |
1,862 |
136,243 |
||||||||||||||
Ryder System |
1,780 |
100,962 |
||||||||||||||
Southwest Airlines |
11,105 |
465,855 |
||||||||||||||
Union Pacific |
7,606 |
599,809 |
||||||||||||||
United Parcel Service, Cl. B |
3,923 |
378,766 |
||||||||||||||
3,029,172 |
||||||||||||||||
Utilities - 1.4% |
||||||||||||||||
AES |
11,440 |
112,112 |
||||||||||||||
AGL Resources |
1,550 |
100,208 |
||||||||||||||
American Electric Power |
2,915 |
180,001 |
||||||||||||||
CenterPoint Energy |
12,855 |
239,489 |
||||||||||||||
CMS Energy |
8,781 |
347,376 |
||||||||||||||
Dominion Resources |
4,433 |
309,955 |
||||||||||||||
DTE Energy |
660 |
55,519 |
||||||||||||||
Duke Energy |
2,761 |
205,087 |
||||||||||||||
Eversource Energy |
7,290 |
395,847 |
||||||||||||||
Exelon |
9,445 |
297,423 |
||||||||||||||
NextEra Energy |
5,805 |
654,920 |
||||||||||||||
NiSource |
10,190 |
218,881 |
||||||||||||||
NRG Energy |
7,975 |
85,970 |
||||||||||||||
Pinnacle West Capital |
4,130 |
284,268 |
||||||||||||||
SCANA |
1,735 |
112,810 |
||||||||||||||
Sempra Energy |
4,585 |
442,498 |
||||||||||||||
Southern |
1,708 |
82,291 |
||||||||||||||
Xcel Energy |
10,635 |
420,508 |
||||||||||||||
4,545,163 |
||||||||||||||||
Total Common Stocks (cost $150,934,453) |
214,345,167 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||||
Other Investment - 35.4% |
Shares |
Value ($) |
|||||
Registered Investment Company; |
|||||||
BNY Mellon Income Stock Fund, Cl. M |
5,123,927 |
d |
39,300,519 |
||||
Dreyfus Institutional Preferred Plus Money Market Fund |
2,292,092 |
e |
2,292,092 |
||||
Dreyfus Research Growth Fund, Cl. Y |
2,800,058 |
d |
36,176,756 |
||||
Dreyfus Strategic Value Fund, Cl. Y |
1,266,761 |
d |
39,522,956 |
||||
(cost $125,730,435) |
117,292,323 |
||||||
Investment of Cash Collateral for Securities Loaned - .6% |
|||||||
Registered Investment Company; |
|||||||
Dreyfus Institutional Cash Advantage Fund |
1,944,242 |
e |
1,944,242 |
||||
Total Investments (cost $278,609,130) |
100.7% |
333,581,732 |
|||||
Liabilities, Less Cash and Receivables |
(.7%) |
(2,194,199) |
|||||
Net Assets |
100.0% |
331,387,533 |
a Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $4,180,145 and the value of the collateral held by the fund was $4,300,665, consisting of cash collateral of $1,944,242 and U.S. Government & Agency securities valued at $2,356,423.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated mutual fund.
e Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Mutual Funds: Domestic |
34.7 |
Software & Services |
9.0 |
Pharmaceuticals, Biotechnology & Life Sciences |
6.5 |
Capital Goods |
5.8 |
Energy |
4.4 |
Food, Beverage & Tobacco |
4.4 |
Diversified Financials |
3.9 |
Retailing |
3.7 |
Health Care Equipment & Services |
3.3 |
Technology Hardware & Equipment |
3.3 |
Media |
2.9 |
Banks |
2.7 |
Materials |
2.3 |
Insurance |
1.8 |
Semiconductors & Semiconductor Equipment |
1.7 |
Utilities |
1.4 |
Money Market Investments |
1.3 |
Telecommunication Services |
1.2 |
Food & Staples Retailing |
1.1 |
Household & Personal Products |
1.1 |
Real Estate |
1.1 |
Consumer Services |
1.0 |
Transportation |
.9 |
Consumer Durables & Apparel |
.7 |
Automobiles & Components |
.3 |
Commercial & Professional Services |
.2 |
100.7 |
† Based on net assets.
See notes to financial statements.
30
BNY Mellon Income Stock Fund | ||||||||||||||
Common Stocks - 97.3% |
Shares |
Value ($) |
||||||||||||
Banks - 13.7% |
||||||||||||||
JPMorgan Chase & Co. |
762,723 |
42,941,305 |
||||||||||||
PNC Financial Services Group |
358,833 |
29,176,711 |
||||||||||||
U.S. Bancorp |
889,719 |
34,271,976 |
||||||||||||
Wells Fargo & Co. |
446,586 |
20,953,815 |
||||||||||||
127,343,807 |
||||||||||||||
Capital Goods - 5.2% |
||||||||||||||
Honeywell International |
132,423 |
13,421,071 |
||||||||||||
Raytheon |
200,548 |
24,837,870 |
||||||||||||
United Technologies |
105,555 |
10,198,724 |
||||||||||||
48,457,665 |
||||||||||||||
Consumer Services - 3.2% |
||||||||||||||
Carnival |
322,034 |
15,444,751 |
||||||||||||
McDonald's |
123,754 |
14,502,731 |
||||||||||||
29,947,482 |
||||||||||||||
Diversified Financials - 2.8% |
||||||||||||||
Goldman Sachs Group |
93,851 |
14,033,540 |
||||||||||||
Invesco |
441,076 |
11,794,372 |
||||||||||||
25,827,912 |
||||||||||||||
Energy - 9.2% |
||||||||||||||
California Resources |
67,041 |
37,684 |
||||||||||||
Occidental Petroleum |
713,210 |
49,083,112 |
||||||||||||
Phillips 66 |
189,558 |
15,049,010 |
||||||||||||
Schlumberger |
298,740 |
21,425,633 |
||||||||||||
85,595,439 |
||||||||||||||
Food, Beverage & Tobacco - 11.5% |
||||||||||||||
Coca-Cola |
644,490 |
27,796,854 |
||||||||||||
ConAgra Foods |
405,678 |
17,062,817 |
||||||||||||
Kellogg |
268,229 |
19,854,311 |
||||||||||||
Molson Coors Brewing, Cl. B |
163,054 |
13,903,615 |
||||||||||||
PepsiCo |
194,387 |
19,014,936 |
||||||||||||
Philip Morris International |
101,990 |
9,284,150 |
||||||||||||
106,916,683 |
||||||||||||||
Health Care Equipment & Services - 2.1% |
||||||||||||||
Medtronic |
125,933 |
9,745,955 |
||||||||||||
UnitedHealth Group |
82,720 |
9,851,952 |
||||||||||||
19,597,907 |
||||||||||||||
Insurance - 6.2% |
||||||||||||||
Chubb |
256,849 |
29,673,765 |
||||||||||||
Prudential Financial |
429,195 |
28,365,497 |
||||||||||||
58,039,262 |
||||||||||||||
Materials - 3.4% |
||||||||||||||
CF Industries Holdings |
322,678 |
11,764,840 |
||||||||||||
Dow Chemical |
404,818 |
19,678,203 |
||||||||||||
31,443,043 |
||||||||||||||
Media - 5.7% |
||||||||||||||
Cinemark Holdings |
419,733 |
13,893,162 |
||||||||||||
Omnicom Group |
507,183 |
39,463,909 |
||||||||||||
53,357,071 |
||||||||||||||
BNY Mellon Income Stock Fund (continued) | ||||||||||||||
Common Stocks - 97.3% (continued) |
Shares |
Value ($) |
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 8.1% |
||||||||||||||
Bristol-Myers Squibb |
209,345 |
12,964,736 |
||||||||||||
Eli Lilly & Co. |
143,707 |
10,346,904 |
||||||||||||
Merck & Co. |
279,508 |
14,034,097 |
||||||||||||
Pfizer |
1,275,876 |
37,855,241 |
||||||||||||
75,200,978 |
||||||||||||||
Real Estate - 2.7% |
||||||||||||||
Communications Sales & Leasing |
1,324,428 |
24,965,468 |
||||||||||||
Retailing - 1.1% |
||||||||||||||
Staples |
1,026,932 |
9,704,507 |
||||||||||||
Semiconductors & Semiconductor Equipment - 4.6% |
||||||||||||||
Applied Materials |
670,783 |
12,657,675 |
||||||||||||
Microchip Technology |
409,326 |
a |
18,210,914 |
|||||||||||
Texas Instruments |
225,397 |
11,950,549 |
||||||||||||
42,819,138 |
||||||||||||||
Technology Hardware & Equipment - 7.4% |
||||||||||||||
Apple |
261,954 |
25,328,332 |
||||||||||||
Cisco Systems |
1,665,130 |
43,593,103 |
||||||||||||
68,921,435 |
||||||||||||||
Telecommunication Services - 8.1% |
||||||||||||||
AT&T |
1,216,151 |
44,936,780 |
||||||||||||
Vodafone Group, ADR |
1,011,985 |
30,764,344 |
||||||||||||
75,701,124 |
||||||||||||||
Utilities - 2.3% |
||||||||||||||
NRG Yield, Cl. C |
1,626,721 |
a |
21,261,243 |
|||||||||||
Total Common Stocks (cost $852,850,490) |
905,100,164 |
|||||||||||||
Preferred Stocks - 1.3% |
||||||||||||||
Utilities - 1.3% |
||||||||||||||
Nextera Energy |
207,810 |
12,098,698 |
||||||||||||
Other Investment - 1.3% |
||||||||||||||
Registered Investment Company; |
||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
12,426,719 |
b |
12,426,719 |
|||||||||||
Investment of Cash Collateral for Securities Loaned - 3.1% |
||||||||||||||
Registered Investment Company; |
||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
29,245,014 |
b |
29,245,014 |
|||||||||||
Total Investments (cost $905,589,020) |
103.0% |
958,870,595 |
||||||||||||
Liabilities, Less Cash and Receivables |
(3.0%) |
(28,226,076) |
||||||||||||
Net Assets |
100.0% |
930,644,519 |
ADR—American Depository Receipt
a Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $28,735,716 and the value of the collateral held by the fund was $29,245,014.
b Investment in affiliated money market mutual fund.
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † |
Value (%) |
Banks |
13.7 |
Food, Beverage & Tobacco |
11.5 |
Energy |
9.2 |
Pharmaceuticals, Biotechnology & Life Sciences |
8.1 |
Telecommunication Services |
8.1 |
Technology Hardware & Equipment |
7.4 |
Insurance |
6.2 |
Media |
5.7 |
Capital Goods |
5.2 |
Semiconductors & Semiconductor Equipment |
4.6 |
Money Market Investments |
4.4 |
Utilities |
3.6 |
Materials |
3.4 |
Consumer Services |
3.2 |
Diversified Financials |
2.8 |
Real Estate |
2.7 |
Health Care Equipment & Services |
2.1 |
Retailing |
1.1 |
103.0 |
† Based on net assets.
See notes to financial statements.
32
BNY Mellon Mid Cap Multi-Strategy Fund | |||||||||||||||||
Common Stocks - 98.2% |
Shares |
Value ($) |
|||||||||||||||
Automobiles & Components - 1.0% |
|||||||||||||||||
BorgWarner |
38,045 |
1,243,311 |
|||||||||||||||
Delphi Automotive |
27,755 |
1,850,703 |
|||||||||||||||
Gentex |
362,952 |
5,284,581 |
|||||||||||||||
Goodyear Tire & Rubber |
36,015 |
1,084,772 |
|||||||||||||||
Harley-Davidson |
66,390 |
a |
2,866,056 |
||||||||||||||
Lear |
46,767 |
4,739,835 |
|||||||||||||||
Tenneco |
84,128 |
b |
3,829,507 |
||||||||||||||
Thor Industries |
12,105 |
670,375 |
|||||||||||||||
Visteon |
7,915 |
553,417 |
|||||||||||||||
22,122,557 |
|||||||||||||||||
Banks - 3.4% |
|||||||||||||||||
BB&T |
148,792 |
4,785,151 |
|||||||||||||||
BOK Financial |
13,595 |
a |
664,388 |
||||||||||||||
CIT Group |
19,940 |
594,411 |
|||||||||||||||
Cullen/Frost Bankers |
21,895 |
a |
1,049,427 |
||||||||||||||
East West Bancorp |
208,038 |
6,234,899 |
|||||||||||||||
Fifth Third Bancorp |
448,311 |
6,841,226 |
|||||||||||||||
First Horizon National |
81,485 |
979,450 |
|||||||||||||||
First Niagara Financial Group |
133,540 |
1,233,910 |
|||||||||||||||
First Republic Bank |
215,445 |
13,258,485 |
|||||||||||||||
Huntington Bancshares |
541,631 |
4,739,271 |
|||||||||||||||
KeyCorp |
77,730 |
820,051 |
|||||||||||||||
M&T Bank |
19,829 |
2,033,464 |
|||||||||||||||
New York Community Bancorp |
66,095 |
1,000,017 |
|||||||||||||||
People's United Financial |
94,455 |
a |
1,379,988 |
||||||||||||||
Popular |
24,215 |
641,698 |
|||||||||||||||
Regions Financial |
165,525 |
1,244,748 |
|||||||||||||||
Signature Bank |
84,738 |
b |
10,977,808 |
||||||||||||||
SunTrust Banks |
185,696 |
6,161,393 |
|||||||||||||||
SVB Financial Group |
11,256 |
b |
1,000,096 |
||||||||||||||
TCF Financial |
33,090 |
375,241 |
|||||||||||||||
Webster Financial |
200,781 |
6,748,249 |
|||||||||||||||
Zions Bancorporation |
50,215 |
1,070,584 |
|||||||||||||||
73,833,955 |
|||||||||||||||||
Capital Goods - 9.2% |
|||||||||||||||||
Acuity Brands |
24,569 |
5,145,486 |
|||||||||||||||
AECOM |
35,005 |
b |
961,237 |
||||||||||||||
Allegion |
161,861 |
10,197,243 |
|||||||||||||||
AMETEK |
41,382 |
1,920,539 |
|||||||||||||||
B/E Aerospace |
17,250 |
752,445 |
|||||||||||||||
Beacon Roofing Supply |
50,411 |
b |
1,819,837 |
||||||||||||||
BWX Technologies |
174,386 |
5,562,913 |
|||||||||||||||
Chicago Bridge & Iron Co. |
19,843 |
665,534 |
|||||||||||||||
Curtiss-Wright |
29,637 |
2,092,076 |
|||||||||||||||
Donaldson |
40,700 |
a |
1,149,368 |
||||||||||||||
Dover |
24,330 |
1,478,777 |
|||||||||||||||
Fastenal |
126,237 |
a |
5,717,274 |
||||||||||||||
Fluor |
44,211 |
2,035,474 |
|||||||||||||||
Fortune Brands Home & Security |
28,990 |
a |
1,455,878 |
||||||||||||||
HD Supply Holdings |
447,033 |
b |
12,423,047 |
||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
|||||||||||||||
Capital Goods - 9.2% (continued) |
|||||||||||||||||
Hubbell |
158,991 |
15,797,346 |
|||||||||||||||
Huntington Ingalls Industries |
44,920 |
5,887,215 |
|||||||||||||||
IDEX |
76,411 |
5,743,051 |
|||||||||||||||
Ingersoll-Rand |
309,749 |
17,209,654 |
|||||||||||||||
Joy Global |
58,325 |
753,559 |
|||||||||||||||
L-3 Communications Holdings |
14,120 |
1,656,417 |
|||||||||||||||
Lincoln Electric Holdings |
12,945 |
706,409 |
|||||||||||||||
Masco |
291,206 |
8,212,009 |
|||||||||||||||
Middleby |
53,744 |
b |
4,976,694 |
||||||||||||||
MSC Industrial Direct Cl. A |
7,400 |
514,892 |
|||||||||||||||
Nordson |
113,754 |
8,152,749 |
|||||||||||||||
NOW |
19,230 |
b |
311,141 |
||||||||||||||
Orbital ATK |
7,695 |
644,533 |
|||||||||||||||
Owens Corning |
21,075 |
904,539 |
|||||||||||||||
PACCAR |
35,355 |
1,820,782 |
|||||||||||||||
Parker Hannifin |
30,179 |
3,054,115 |
|||||||||||||||
Pentair |
15,205 |
725,431 |
|||||||||||||||
Quanta Services |
27,775 |
b |
563,555 |
||||||||||||||
Raytheon |
17,250 |
2,136,412 |
|||||||||||||||
Regal Beloit |
172,958 |
9,440,048 |
|||||||||||||||
Rockwell Automation |
13,159 |
1,369,720 |
|||||||||||||||
Rockwell Collins |
20,250 |
1,773,292 |
|||||||||||||||
Roper Technologies |
36,962 |
6,207,029 |
|||||||||||||||
Snap-on |
63,310 |
9,159,058 |
|||||||||||||||
SolarCity |
8,425 |
a,b |
155,273 |
||||||||||||||
Stanley Black & Decker |
65,417 |
6,149,852 |
|||||||||||||||
Terex |
28,585 |
639,732 |
|||||||||||||||
Textron |
291,550 |
9,956,432 |
|||||||||||||||
Timken |
87,533 |
2,611,109 |
|||||||||||||||
TransDigm Group |
8,200 |
b |
1,751,356 |
||||||||||||||
Trinity Industries |
20,380 |
322,819 |
|||||||||||||||
Triumph Group |
11,410 |
347,549 |
|||||||||||||||
United Rentals |
18,115 |
b |
934,191 |
||||||||||||||
W.W. Grainger |
3,944 |
a |
855,454 |
||||||||||||||
WABCO Holdings |
32,801 |
b |
3,093,134 |
||||||||||||||
Wabtec |
53,666 |
3,788,820 |
|||||||||||||||
WESCO International |
61,184 |
b |
2,695,155 |
||||||||||||||
Xylem |
189,178 |
7,077,149 |
|||||||||||||||
201,474,803 |
|||||||||||||||||
Commercial & Professional Services - 2.4% |
|||||||||||||||||
Avery Dennison |
68,626 |
4,468,925 |
|||||||||||||||
Cintas |
21,340 |
1,792,347 |
|||||||||||||||
Copart |
354,086 |
b |
13,366,746 |
||||||||||||||
Dun & Bradstreet |
9,890 |
947,363 |
|||||||||||||||
IHS, Cl. A |
39,364 |
b |
4,093,462 |
||||||||||||||
Manpowergroup |
66,431 |
5,144,417 |
|||||||||||||||
Pitney Bowes |
41,880 |
758,866 |
|||||||||||||||
R.R. Donnelley & Sons |
37,630 |
a |
571,223 |
||||||||||||||
Republic Services |
35,910 |
1,641,087 |
|||||||||||||||
Robert Half International |
160,501 |
6,322,134 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Commercial & Professional Services - 2.4% (continued) |
||||||||||||||||
Stericycle |
37,488 |
b |
4,271,008 |
|||||||||||||
Tyco International |
26,810 |
943,176 |
||||||||||||||
Verisk Analytics |
87,155 |
b |
6,348,370 |
|||||||||||||
Waste Connections |
32,215 |
1,986,699 |
||||||||||||||
52,655,823 |
||||||||||||||||
Consumer Durables & Apparel - 3.8% |
||||||||||||||||
Brunswick |
83,848 |
3,566,894 |
||||||||||||||
Carter's |
51,606 |
5,244,718 |
||||||||||||||
Coach |
33,095 |
1,288,719 |
||||||||||||||
D.R. Horton |
38,970 |
1,041,278 |
||||||||||||||
Fossil Group |
17,905 |
a,b |
839,924 |
|||||||||||||
Garmin |
22,545 |
a |
913,298 |
|||||||||||||
GoPro, Cl. A |
17,935 |
a,b |
213,068 |
|||||||||||||
Hanesbrands |
51,440 |
1,465,526 |
||||||||||||||
Harman International Industries |
6,664 |
510,996 |
||||||||||||||
Hasbro |
14,850 |
1,126,669 |
||||||||||||||
Jarden |
224,249 |
b |
11,858,287 |
|||||||||||||
Kate Spade & Company |
392,453 |
a,b |
7,778,418 |
|||||||||||||
Leggett & Platt |
22,780 |
1,017,355 |
||||||||||||||
Lennar, Cl. A |
10,685 |
448,129 |
||||||||||||||
Lululemon Athletica |
12,470 |
b |
782,243 |
|||||||||||||
Mattel |
62,110 |
2,019,817 |
||||||||||||||
Michael Kors Holdings |
23,660 |
b |
1,340,339 |
|||||||||||||
Mohawk Industries |
4,205 |
b |
755,765 |
|||||||||||||
Newell Rubbermaid |
169,052 |
a |
6,425,667 |
|||||||||||||
NVR |
780 |
b |
1,276,860 |
|||||||||||||
Polaris Industries |
42,701 |
a |
3,753,845 |
|||||||||||||
PulteGroup |
29,770 |
511,746 |
||||||||||||||
PVH |
200,865 |
15,898,465 |
||||||||||||||
Ralph Lauren |
6,706 |
608,637 |
||||||||||||||
Toll Brothers |
36,860 |
b |
1,011,807 |
|||||||||||||
TopBuild |
8,613 |
b |
232,379 |
|||||||||||||
Tupperware Brands |
8,250 |
a |
412,170 |
|||||||||||||
Under Armour, Cl. A |
100,295 |
a,b |
8,393,689 |
|||||||||||||
Whirlpool |
8,340 |
1,295,369 |
||||||||||||||
82,032,077 |
||||||||||||||||
Consumer Services - 1.5% |
||||||||||||||||
ARAMARK |
37,605 |
1,181,549 |
||||||||||||||
Brinker International |
14,600 |
727,080 |
||||||||||||||
Chipotle Mexican Grill |
3,282 |
a,b |
1,671,063 |
|||||||||||||
Darden Restaurants |
22,030 |
1,407,276 |
||||||||||||||
Dunkin' Brands Group |
3,160 |
a |
147,193 |
|||||||||||||
Hilton Worldwide Holdings |
59,135 |
1,228,825 |
||||||||||||||
Houghton Mifflin Harcourt |
205,581 |
b |
3,866,979 |
|||||||||||||
Hyatt Hotels, Cl. A |
11,430 |
a,b |
527,495 |
|||||||||||||
Marriott International, Cl. A |
21,730 |
a |
1,480,899 |
|||||||||||||
MGM Resorts International |
60,420 |
b |
1,143,751 |
|||||||||||||
Norwegian Cruise Line Holdings |
13,395 |
b |
658,096 |
|||||||||||||
Panera Bread, Cl. A |
63,186 |
b |
13,092,139 |
|||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Consumer Services - 1.5% (continued) |
||||||||||||||||
Royal Caribbean Cruises |
18,510 |
1,376,589 |
||||||||||||||
Service Corporation International |
35,860 |
843,427 |
||||||||||||||
Starwood Hotels & Resorts Worldwide |
18,750 |
c |
1,295,812 |
|||||||||||||
Wyndham Worldwide |
13,420 |
977,513 |
||||||||||||||
Wynn Resorts |
13,225 |
a |
1,090,798 |
|||||||||||||
32,716,484 |
||||||||||||||||
Diversified Financials - 9.0% |
||||||||||||||||
Affiliated Managers Group |
33,590 |
b |
4,658,597 |
|||||||||||||
Ally Financial |
186,823 |
b |
3,284,348 |
|||||||||||||
Ameriprise Financial |
22,696 |
1,905,329 |
||||||||||||||
CBOE Holdings |
117,307 |
7,331,687 |
||||||||||||||
Charles Schwab |
71,803 |
1,798,665 |
||||||||||||||
Discover Financial Services |
85,181 |
3,954,102 |
||||||||||||||
E*TRADE Financial |
810,185 |
b |
19,006,940 |
|||||||||||||
Equifax |
147,663 |
15,486,895 |
||||||||||||||
H&R Block |
47,660 |
1,567,061 |
||||||||||||||
Intercontinental Exchange |
69,724 |
16,626,385 |
||||||||||||||
Invesco |
64,835 |
1,733,688 |
||||||||||||||
Legg Mason |
32,005 |
914,063 |
||||||||||||||
Leucadia National |
1,185,446 |
17,129,695 |
||||||||||||||
LPL Financial Holdings |
10,910 |
a |
220,709 |
|||||||||||||
McGraw-Hill Financial |
33,961 |
3,047,660 |
||||||||||||||
Moody's |
48,149 |
4,275,631 |
||||||||||||||
Nasdaq |
30,140 |
1,907,561 |
||||||||||||||
Navient |
266,498 |
2,886,173 |
||||||||||||||
Northern Trust |
25,145 |
1,493,110 |
||||||||||||||
Principal Financial Group |
32,030 |
1,211,054 |
||||||||||||||
Raymond James Financial |
647,536 |
28,387,978 |
||||||||||||||
SEI Investments |
89,079 |
3,400,145 |
||||||||||||||
SLM |
2,758,243 |
b |
16,108,139 |
|||||||||||||
State Street |
34,967 |
1,915,492 |
||||||||||||||
Synchrony Financial |
667,381 |
b |
17,985,918 |
|||||||||||||
T. Rowe Price Group |
27,950 |
1,931,624 |
||||||||||||||
TD Ameritrade Holding |
607,308 |
17,356,863 |
||||||||||||||
197,525,512 |
||||||||||||||||
Energy - 2.9% |
||||||||||||||||
Anadarko Petroleum |
20,052 |
760,973 |
||||||||||||||
Antero Resources |
28,850 |
a,b |
659,222 |
|||||||||||||
Bristow Group |
51,632 |
a |
785,323 |
|||||||||||||
Cabot Oil & Gas |
19,620 |
394,951 |
||||||||||||||
Cameron International |
40,190 |
b |
2,634,856 |
|||||||||||||
Cheniere Energy |
202,840 |
b |
7,251,530 |
|||||||||||||
Cimarex Energy |
54,707 |
a |
4,597,029 |
|||||||||||||
Cobalt International Energy |
29,380 |
b |
78,151 |
|||||||||||||
Columbia Pipeline Group |
42,260 |
767,019 |
||||||||||||||
Concho Resources |
17,823 |
b |
1,608,348 |
|||||||||||||
CONSOL Energy |
4,525 |
a |
39,051 |
|||||||||||||
Diamond Offshore Drilling |
27,155 |
a |
543,372 |
|||||||||||||
Diamondback Energy |
67,707 |
b |
4,824,124 |
|||||||||||||
Energen |
136,996 |
3,627,654 |
34
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Energy - 2.9% (continued) |
||||||||||||||||
Ensco |
61,855 |
536,283 |
||||||||||||||
EQT |
67,790 |
3,778,615 |
||||||||||||||
FMC Technologies |
7,805 |
b |
191,457 |
|||||||||||||
Gulfport Energy |
154,404 |
b |
3,705,696 |
|||||||||||||
Helmerich & Payne |
25,640 |
a |
1,358,151 |
|||||||||||||
Hess |
19,235 |
838,646 |
||||||||||||||
HollyFrontier |
25,495 |
862,241 |
||||||||||||||
Kosmos Energy |
83,668 |
b |
408,300 |
|||||||||||||
Marathon Oil |
141,630 |
1,162,782 |
||||||||||||||
Marathon Petroleum |
92,803 |
3,178,503 |
||||||||||||||
National Oilwell Varco |
25,380 |
a |
742,873 |
|||||||||||||
Newfield Exploration |
26,800 |
b |
729,764 |
|||||||||||||
Noble Energy |
62,905 |
1,855,697 |
||||||||||||||
Oceaneering International |
12,065 |
333,235 |
||||||||||||||
ONEOK |
43,380 |
1,041,120 |
||||||||||||||
Parsley Energy, Cl. A |
165,116 |
b |
3,034,832 |
|||||||||||||
Pioneer Natural Resources |
12,453 |
1,500,960 |
||||||||||||||
Range Resources |
30,220 |
a |
717,121 |
|||||||||||||
RSP Permian |
77,560 |
a,b |
1,854,460 |
|||||||||||||
Seadrill |
112,115 |
a,b |
251,138 |
|||||||||||||
Tesoro |
55,883 |
4,508,640 |
||||||||||||||
Weatherford International |
127,765 |
b |
817,696 |
|||||||||||||
Western Refining |
53,522 |
1,427,432 |
||||||||||||||
World Fuel Services |
13,365 |
625,616 |
||||||||||||||
WPX Energy |
100,855 |
a,b |
414,514 |
|||||||||||||
64,447,375 |
||||||||||||||||
Exchange-Traded Funds - 1.9% |
||||||||||||||||
iShares Russell Mid-Cap Growth ETF |
237,900 |
20,518,875 |
||||||||||||||
PowerShares QQQ Trust |
143,069 |
a |
14,664,572 |
|||||||||||||
SPDR S&P MidCap 400 ETF Trust |
25,588 |
a |
6,216,349 |
|||||||||||||
41,399,796 |
||||||||||||||||
Food & Staples Retailing - .3% |
||||||||||||||||
Rite Aid |
144,300 |
b |
1,147,185 |
|||||||||||||
Sprouts Farmers Markets |
28,375 |
a,b |
808,120 |
|||||||||||||
Sysco |
51,235 |
2,261,001 |
||||||||||||||
Whole Foods Market |
42,600 |
1,333,806 |
||||||||||||||
5,550,112 |
||||||||||||||||
Food, Beverage & Tobacco - 3.1% |
||||||||||||||||
Archer-Daniels-Midland |
287,634 |
10,055,685 |
||||||||||||||
Brown-Forman, Cl. B |
16,455 |
a |
1,620,324 |
|||||||||||||
Bunge |
16,310 |
810,933 |
||||||||||||||
Campbell Soup |
18,170 |
a |
1,121,997 |
|||||||||||||
Coca-Cola Enterprises |
92,079 |
4,466,752 |
||||||||||||||
ConAgra Foods |
51,890 |
2,182,493 |
||||||||||||||
Constellation Brands, Cl. A |
42,436 |
6,001,723 |
||||||||||||||
Dr. Pepper Snapple Group |
22,700 |
2,077,731 |
||||||||||||||
Hain Celestial Group |
98,271 |
b |
3,633,079 |
|||||||||||||
Hershey |
12,140 |
1,103,405 |
||||||||||||||
Hormel Foods |
8,840 |
375,788 |
||||||||||||||
Ingredion |
18,750 |
1,897,875 |
||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Food, Beverage & Tobacco - 3.1% (continued) |
||||||||||||||||
J.M. Smucker |
43,752 |
5,581,443 |
||||||||||||||
Kellogg |
14,360 |
1,062,927 |
||||||||||||||
Keurig Green Mountain |
19,245 |
1,769,385 |
||||||||||||||
McCormick & Co. |
25,710 |
2,397,715 |
||||||||||||||
Mead Johnson Nutrition |
23,115 |
1,704,962 |
||||||||||||||
Molson Coors Brewing, Cl. B |
120,295 |
10,257,555 |
||||||||||||||
Monster Beverage |
15,695 |
b |
1,969,722 |
|||||||||||||
Pilgrim's Pride |
25,115 |
a,b |
614,062 |
|||||||||||||
Tyson Foods, Cl. A |
38,890 |
2,518,127 |
||||||||||||||
WhiteWave Foods, Cl. A |
141,396 |
b |
5,474,853 |
|||||||||||||
68,698,536 |
||||||||||||||||
Health Care Equipment & Services - 8.5% |
||||||||||||||||
Alere |
14,850 |
b |
791,505 |
|||||||||||||
Align Technology |
245,177 |
b |
16,189,037 |
|||||||||||||
Allscripts Healthcare Solutions |
48,915 |
b |
612,416 |
|||||||||||||
AmerisourceBergen |
76,824 |
6,654,495 |
||||||||||||||
athenahealth |
51,813 |
a,b |
6,687,504 |
|||||||||||||
Becton Dickinson & Co. |
22,762 |
3,356,257 |
||||||||||||||
Boston Scientific |
1,282,002 |
b |
21,768,394 |
|||||||||||||
Brookdale Senior Living |
36,925 |
b |
530,612 |
|||||||||||||
C.R. Bard |
31,804 |
6,118,454 |
||||||||||||||
Cardinal Health |
76,586 |
6,257,076 |
||||||||||||||
Centene |
162,690 |
b |
9,266,822 |
|||||||||||||
Cerner |
111,089 |
b |
5,672,204 |
|||||||||||||
Community Health Systems |
5,203 |
b |
78,669 |
|||||||||||||
Cooper |
102,083 |
14,593,786 |
||||||||||||||
DaVita HealthCare Partners |
51,899 |
b |
3,423,777 |
|||||||||||||
DENTSPLY International |
164,568 |
10,032,065 |
||||||||||||||
DexCom |
7,355 |
b |
478,516 |
|||||||||||||
Edwards Lifesciences |
21,490 |
b |
1,869,630 |
|||||||||||||
Envision Healthcare Holdings |
20,845 |
b |
458,382 |
|||||||||||||
Health Net |
15,005 |
b |
933,611 |
|||||||||||||
Henry Schein |
13,220 |
b |
2,187,249 |
|||||||||||||
Hill-Rom Holdings |
11,425 |
529,549 |
||||||||||||||
Hologic |
27,950 |
b |
967,908 |
|||||||||||||
IDEXX Laboratories |
36,077 |
a,b |
2,639,393 |
|||||||||||||
IMS Health Holdings |
181,761 |
b |
4,685,799 |
|||||||||||||
Intuitive Surgical |
3,543 |
b |
1,994,922 |
|||||||||||||
Laboratory Corporation of America Holdings |
110,423 |
b |
12,128,862 |
|||||||||||||
MEDNAX |
133,591 |
b |
8,955,941 |
|||||||||||||
Quest Diagnostics |
20,900 |
1,390,477 |
||||||||||||||
ResMed |
22,965 |
a |
1,306,938 |
|||||||||||||
Sirona Dental Systems |
56,775 |
b |
6,243,547 |
|||||||||||||
St. Jude Medical |
85,196 |
4,574,173 |
||||||||||||||
STERIS |
48,644 |
a |
3,128,782 |
|||||||||||||
Tenet Healthcare |
20,952 |
b |
520,029 |
|||||||||||||
Universal Health Services, Cl. B |
11,337 |
1,251,265 |
||||||||||||||
Varian Medical Systems |
59,922 |
a,b |
4,687,099 |
|||||||||||||
VCA |
143,319 |
b |
7,313,569 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||||
Health Care Equipment & Services - 8.5% (continued) |
||||||||||||||||||
Veeva Systems, Cl. A |
17,995 |
a,b |
437,099 |
|||||||||||||||
Zimmer Biomet Holdings |
63,261 |
6,124,297 |
||||||||||||||||
186,840,110 |
||||||||||||||||||
Household & Personal Products - .5% |
||||||||||||||||||
Avon Products |
113,360 |
431,902 |
||||||||||||||||
Church & Dwight |
85,235 |
7,735,929 |
||||||||||||||||
Clorox |
9,593 |
1,212,747 |
||||||||||||||||
Edgewell Personal Care |
8,460 |
646,767 |
||||||||||||||||
Energizer Holdings |
7,565 |
294,581 |
||||||||||||||||
Herbalife |
7,145 |
a,b |
391,189 |
|||||||||||||||
10,713,115 |
||||||||||||||||||
Insurance - 4.8% |
||||||||||||||||||
Alleghany |
10,540 |
b |
4,890,349 |
|||||||||||||||
Allstate |
67,119 |
4,259,372 |
||||||||||||||||
Aon |
105,145 |
10,019,267 |
||||||||||||||||
Arthur J. Gallagher & Co. |
4,265 |
169,960 |
||||||||||||||||
Assurant |
115,563 |
8,216,529 |
||||||||||||||||
Assured Guaranty |
36,975 |
917,350 |
||||||||||||||||
Cincinnati Financial |
31,530 |
1,990,804 |
||||||||||||||||
CNO Financial Group |
118,231 |
2,060,766 |
||||||||||||||||
Everest Re Group |
8,640 |
1,608,163 |
||||||||||||||||
FNF Group |
723,015 |
23,845,035 |
||||||||||||||||
Hartford Financial Services Group |
53,315 |
2,245,628 |
||||||||||||||||
Lincoln National |
33,780 |
1,233,983 |
||||||||||||||||
Loews |
110,469 |
4,015,548 |
||||||||||||||||
Markel |
1,716 |
b |
1,470,114 |
|||||||||||||||
Marsh & McLennan |
88,045 |
5,022,967 |
||||||||||||||||
Old Republic International |
79,145 |
1,408,781 |
||||||||||||||||
PartnerRe |
8,479 |
1,189,349 |
||||||||||||||||
Progressive |
80,350 |
2,564,772 |
||||||||||||||||
Reinsurance Group of America |
59,900 |
5,396,990 |
||||||||||||||||
StanCorp Financial Group |
15,265 |
1,753,948 |
||||||||||||||||
Torchmark |
46,583 |
2,385,981 |
||||||||||||||||
Unum Group |
237,461 |
6,774,762 |
||||||||||||||||
Validus Holdings |
21,155 |
950,071 |
||||||||||||||||
W.R. Berkley |
85,975 |
4,427,712 |
||||||||||||||||
Willis Towers Watson |
14,963 |
1,695,607 |
||||||||||||||||
XL Group |
112,207 |
3,857,677 |
||||||||||||||||
104,371,485 |
||||||||||||||||||
Materials - 4.4% |
||||||||||||||||||
Airgas |
8,680 |
1,228,394 |
||||||||||||||||
Albemarle |
23,695 |
1,332,133 |
||||||||||||||||
Alcoa |
170,645 |
a |
1,523,860 |
|||||||||||||||
Ashland |
9,860 |
939,559 |
||||||||||||||||
Ball |
15,550 |
1,029,876 |
||||||||||||||||
Bemis |
25,965 |
1,274,103 |
||||||||||||||||
Berry Plastics Group |
50,838 |
b |
1,582,587 |
|||||||||||||||
Celanese, Ser. A |
25,490 |
1,538,067 |
||||||||||||||||
CF Industries Holdings |
55,533 |
2,024,733 |
||||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||||
Materials - 4.4% (continued) |
||||||||||||||||||
Crown Holdings |
71,852 |
b |
3,366,266 |
|||||||||||||||
Eastman Chemical |
21,885 |
1,403,923 |
||||||||||||||||
FMC |
20,965 |
789,123 |
||||||||||||||||
Freeport-McMoRan |
48,415 |
a |
369,406 |
|||||||||||||||
GCP Applied Technologies |
11,035 |
a,b |
195,651 |
|||||||||||||||
Graphic Packaging Holding |
574,008 |
7,077,519 |
||||||||||||||||
International Flavors & Fragrances |
15,553 |
1,606,469 |
||||||||||||||||
International Paper |
51,690 |
1,845,333 |
||||||||||||||||
Martin Marietta Materials |
8,904 |
1,269,888 |
||||||||||||||||
Methanex |
39,176 |
a |
1,240,704 |
|||||||||||||||
Mosaic |
625,841 |
16,678,663 |
||||||||||||||||
Newmont Mining |
306,456 |
7,915,758 |
||||||||||||||||
Nucor |
40,615 |
1,597,794 |
||||||||||||||||
Owens-Illinois |
25,885 |
b |
387,240 |
|||||||||||||||
Packaging Corporation of America |
63,443 |
3,076,985 |
||||||||||||||||
PolyOne |
54,824 |
1,475,287 |
||||||||||||||||
PPG Industries |
20,294 |
1,958,980 |
||||||||||||||||
Reliance Steel & Aluminum |
16,000 |
974,240 |
||||||||||||||||
Royal Gold |
9,890 |
458,599 |
||||||||||||||||
Scotts Miracle-Gro, Cl. A |
95,777 |
6,610,529 |
||||||||||||||||
Sealed Air |
29,615 |
1,354,294 |
||||||||||||||||
Sherwin-Williams |
7,521 |
2,034,431 |
||||||||||||||||
Sonoco Products |
25,750 |
1,125,275 |
||||||||||||||||
Steel Dynamics |
152,499 |
2,773,957 |
||||||||||||||||
Valspar |
118,652 |
9,283,332 |
||||||||||||||||
Vulcan Materials |
16,935 |
1,668,606 |
||||||||||||||||
W.R. Grace & Co. |
11,035 |
b |
758,546 |
|||||||||||||||
WestRock |
15,151 |
511,649 |
||||||||||||||||
Yamana Gold |
1,671,874 |
4,748,122 |
||||||||||||||||
97,029,881 |
||||||||||||||||||
Media - 2.2% |
||||||||||||||||||
AMC Networks, Cl. A |
14,915 |
b |
977,529 |
|||||||||||||||
Cablevision Systems, Cl. A |
26,225 |
853,099 |
||||||||||||||||
CBS, Cl. B |
292,338 |
14,143,312 |
||||||||||||||||
Charter Communications, Cl. A |
7,085 |
a,b |
1,272,183 |
|||||||||||||||
Cinemark Holdings |
23,625 |
781,987 |
||||||||||||||||
Discovery Communications, Cl. A |
22,600 |
b |
565,000 |
|||||||||||||||
Discovery Communications, Cl. C |
28,435 |
b |
700,923 |
|||||||||||||||
Gannet Company |
32,422 |
494,760 |
||||||||||||||||
IMAX |
199,971 |
b |
5,901,144 |
|||||||||||||||
Interpublic Group of Companies |
78,825 |
1,686,067 |
||||||||||||||||
John Wiley & Sons, Cl. A |
17,995 |
783,322 |
||||||||||||||||
Liberty Broadband, Cl. A |
2,552 |
b |
128,340 |
|||||||||||||||
Liberty Broadband, Cl. C |
8,505 |
b |
428,397 |
|||||||||||||||
Liberty Media, Cl. A |
10,210 |
b |
363,680 |
|||||||||||||||
Liberty Media, Cl. C |
34,775 |
b |
1,213,647 |
|||||||||||||||
Lions Gate Entertainment |
162,199 |
a |
3,422,399 |
|||||||||||||||
Nielsen Holdings |
41,165 |
2,072,246 |
||||||||||||||||
Omnicom Group |
92,963 |
7,233,451 |
||||||||||||||||
Sinclair Broadcast Group, Cl. A |
68,403 |
2,111,601 |
36
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Media - 2.2% (continued) |
||||||||||||||||
Sirius XM Holdings |
34,570 |
a,b |
128,600 |
|||||||||||||
Starz, Cl. A |
29,154 |
b |
734,389 |
|||||||||||||
TEGNA |
44,295 |
1,091,429 |
||||||||||||||
47,087,505 |
||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.2% |
||||||||||||||||
Agilent Technologies |
235,784 |
8,806,532 |
||||||||||||||
Akorn |
317,469 |
a,b |
8,441,501 |
|||||||||||||
Alkermes |
19,275 |
b |
622,004 |
|||||||||||||
Alnylam Pharmaceuticals |
11,595 |
b |
679,119 |
|||||||||||||
BioMarin Pharmaceutical |
19,614 |
b |
1,605,798 |
|||||||||||||
Bio-Techne |
8,015 |
688,008 |
||||||||||||||
Bruker |
95,020 |
2,468,620 |
||||||||||||||
Charles River Laboratories International |
9,595 |
b |
704,561 |
|||||||||||||
Endo International |
28,225 |
b |
1,180,087 |
|||||||||||||
ICON |
71,355 |
b |
5,077,622 |
|||||||||||||
Illumina |
27,122 |
b |
4,074,809 |
|||||||||||||
Incyte |
19,105 |
b |
1,404,217 |
|||||||||||||
Ionis Pharmaceuticals |
18,865 |
a,b |
651,974 |
|||||||||||||
Jazz Pharmaceuticals |
135,090 |
b |
16,424,242 |
|||||||||||||
Mallinckrodt |
5,340 |
b |
347,260 |
|||||||||||||
Medivation |
24,698 |
b |
883,447 |
|||||||||||||
Mettler-Toledo International |
3,643 |
b |
1,147,217 |
|||||||||||||
Mylan |
117,568 |
b |
5,298,790 |
|||||||||||||
PAREXEL International |
62,696 |
a,b |
3,679,628 |
|||||||||||||
Perrigo |
89,041 |
11,241,426 |
||||||||||||||
Puma Biotechnology |
825 |
b |
36,944 |
|||||||||||||
QIAGEN |
39,220 |
b |
827,934 |
|||||||||||||
Seattle Genetics Inc |
12,510 |
a,b |
377,677 |
|||||||||||||
United Therapeutics |
6,172 |
b |
752,614 |
|||||||||||||
Vertex Pharmaceuticals |
119,340 |
b |
10,202,377 |
|||||||||||||
Waters |
14,200 |
b |
1,708,402 |
|||||||||||||
Zoetis |
53,915 |
2,213,750 |
||||||||||||||
91,546,560 |
||||||||||||||||
Real Estate - 5.5% |
||||||||||||||||
American Assets Trust |
48,885 |
c |
1,813,145 |
|||||||||||||
American Capital Agency |
17,115 |
c |
309,268 |
|||||||||||||
American Homes 4 Rent, Cl. A |
128,426 |
a,c |
1,797,964 |
|||||||||||||
Annaly Capital Management |
37,560 |
c |
380,483 |
|||||||||||||
Apartment Investment & Management, Cl. A |
32,810 |
c |
1,201,174 |
|||||||||||||
Apple Hospitality REIT |
38,515 |
732,170 |
||||||||||||||
AvalonBay Communities |
12,985 |
c |
2,228,745 |
|||||||||||||
Boston Properties |
67,018 |
c |
7,649,435 |
|||||||||||||
Camden Property Trust |
19,290 |
c |
1,441,735 |
|||||||||||||
CBRE Group, Cl. A |
246,495 |
b |
6,263,438 |
|||||||||||||
Communications Sales & Leasing |
13,165 |
248,160 |
||||||||||||||
Corrections Corporation of America |
7,549 |
c |
218,393 |
|||||||||||||
Crown Castle International |
33,260 |
c |
2,876,990 |
|||||||||||||
Digital Realty Trust |
25,055 |
c |
1,981,099 |
|||||||||||||
Douglas Emmett |
105,325 |
c |
2,826,923 |
|||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Real Estate - 5.5% (continued) |
||||||||||||||||
Equinix |
5,897 |
a,c |
1,790,860 |
|||||||||||||
Equity Commonwealth |
50,205 |
b,c |
1,336,959 |
|||||||||||||
Equity Lifestyle Properties |
29,360 |
c |
2,059,898 |
|||||||||||||
Equity Residential |
87,776 |
c |
6,538,434 |
|||||||||||||
Essex Property Trust |
22,409 |
c |
4,689,756 |
|||||||||||||
Extra Space Storage |
105,216 |
c |
8,643,494 |
|||||||||||||
Federal Realty Investment Trust |
6,345 |
c |
939,441 |
|||||||||||||
Forest City Realty Trust |
28,360 |
528,914 |
||||||||||||||
Four Corners Property Trust |
13,673 |
224,374 |
||||||||||||||
General Growth Properties |
115,332 |
c |
3,173,937 |
|||||||||||||
HCP |
50,185 |
a,c |
1,484,472 |
|||||||||||||
Healthcare Trust of America, Cl. A |
40,030 |
1,113,234 |
||||||||||||||
Hospitality Properties Trust |
39,145 |
c |
950,441 |
|||||||||||||
Host Hotels & Resorts |
105,409 |
c |
1,613,812 |
|||||||||||||
Iron Mountain |
42,213 |
c |
1,240,218 |
|||||||||||||
Jones Lang LaSalle |
6,309 |
643,960 |
||||||||||||||
Kilroy Realty |
25,289 |
c |
1,372,434 |
|||||||||||||
Kimco Realty |
274,278 |
c |
7,336,936 |
|||||||||||||
Macerich |
65,294 |
c |
5,163,450 |
|||||||||||||
MFA Financial |
145,910 |
c |
993,647 |
|||||||||||||
Omega Healthcare Investors |
28,465 |
a,c |
912,588 |
|||||||||||||
Prologis |
44,785 |
c |
1,722,431 |
|||||||||||||
Rayonier |
39,619 |
c |
864,883 |
|||||||||||||
Realty Income |
44,600 |
a,c |
2,610,884 |
|||||||||||||
Regency Centers |
88,727 |
c |
6,262,352 |
|||||||||||||
SL Green Realty |
76,531 |
c |
6,748,504 |
|||||||||||||
Spirit Realty Capital |
101,515 |
c |
1,085,195 |
|||||||||||||
Starwood Property Trust |
15,340 |
c |
269,064 |
|||||||||||||
Taubman Centers |
10,310 |
c |
730,154 |
|||||||||||||
Two Harbors Investment |
104,110 |
806,852 |
||||||||||||||
UDR |
56,260 |
c |
1,931,406 |
|||||||||||||
Ventas |
35,710 |
c |
1,987,976 |
|||||||||||||
VEREIT |
120,780 |
968,656 |
||||||||||||||
Vornado Realty Trust |
20,080 |
c |
1,734,109 |
|||||||||||||
Weingarten Realty Investors |
42,625 |
c |
1,501,679 |
|||||||||||||
Welltower |
36,595 |
c |
2,334,029 |
|||||||||||||
Weyerhaeuser |
92,887 |
c |
2,413,204 |
|||||||||||||
WP Carey |
9,295 |
526,934 |
||||||||||||||
119,218,693 |
||||||||||||||||
Retailing - 6.4% |
||||||||||||||||
Advance Auto Parts |
12,860 |
1,908,938 |
||||||||||||||
AutoZone |
3,708 |
b |
2,872,106 |
|||||||||||||
Bed Bath & Beyond |
21,635 |
a,b |
1,037,398 |
|||||||||||||
Best Buy |
98,243 |
3,182,091 |
||||||||||||||
CarMax |
24,720 |
a,b |
1,143,547 |
|||||||||||||
Dollar General |
29,900 |
2,220,075 |
||||||||||||||
Dollar Tree |
26,419 |
b |
2,120,125 |
|||||||||||||
eBay |
66,073 |
b |
1,572,537 |
|||||||||||||
Expedia |
131,779 |
13,719,512 |
||||||||||||||
Foot Locker |
30,885 |
1,930,312 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Retailing - 6.4% (continued) |
||||||||||||||||
GameStop, Cl. A |
17,020 |
a |
524,556 |
|||||||||||||
Genuine Parts |
13,910 |
1,253,986 |
||||||||||||||
GNC Holdings, Cl. A |
8,005 |
227,982 |
||||||||||||||
Kohl's |
31,465 |
1,468,472 |
||||||||||||||
L Brands |
23,040 |
a |
1,953,562 |
|||||||||||||
Liberty Interactive, Cl. A |
417,108 |
b |
10,586,201 |
|||||||||||||
Liberty Ventures, Ser. A |
21,951 |
b |
805,382 |
|||||||||||||
LKQ |
670,686 |
b |
18,510,934 |
|||||||||||||
Macy's |
32,035 |
1,384,232 |
||||||||||||||
Murphy USA |
14,322 |
b |
912,168 |
|||||||||||||
Nordstrom |
3,425 |
a |
175,771 |
|||||||||||||
Office Depot |
63,105 |
b |
320,573 |
|||||||||||||
O'Reilly Automotive |
38,171 |
b |
9,936,675 |
|||||||||||||
Ross Stores |
38,475 |
2,115,355 |
||||||||||||||
Sally Beauty Holdings |
407,011 |
b |
12,853,407 |
|||||||||||||
Signet Jewelers |
10,902 |
1,181,777 |
||||||||||||||
Staples |
1,449,698 |
13,699,646 |
||||||||||||||
Tiffany & Co. |
55,060 |
3,577,799 |
||||||||||||||
Tractor Supply |
95,708 |
8,094,026 |
||||||||||||||
TripAdvisor |
11,730 |
b |
734,298 |
|||||||||||||
Ulta Salon Cosmetics & Fragrance |
43,797 |
b |
7,234,826 |
|||||||||||||
Williams-Sonoma |
199,497 |
10,395,789 |
||||||||||||||
139,654,058 |
||||||||||||||||
Semiconductors & Semiconductor Equipment - 3.2% |
||||||||||||||||
Analog Devices |
39,975 |
2,118,275 |
||||||||||||||
Applied Materials |
146,620 |
2,766,719 |
||||||||||||||
Atmel |
66,850 |
540,148 |
||||||||||||||
Broadcom |
26,416 |
3,538,952 |
||||||||||||||
Cypress Semiconductor |
75,745 |
b |
604,445 |
|||||||||||||
FEI |
163,676 |
13,297,038 |
||||||||||||||
KLA-Tencor |
10,620 |
719,399 |
||||||||||||||
Lam Research |
21,200 |
a |
1,553,960 |
|||||||||||||
Linear Technology |
41,710 |
1,819,390 |
||||||||||||||
Maxim Integrated Products |
214,971 |
7,278,918 |
||||||||||||||
Mellanox Technologies |
285,907 |
b |
14,526,935 |
|||||||||||||
Microchip Technology |
29,410 |
a |
1,308,451 |
|||||||||||||
Microsemi |
100,068 |
b |
3,465,355 |
|||||||||||||
NVIDIA |
53,210 |
1,668,666 |
||||||||||||||
ON Semiconductor |
101,293 |
b |
849,848 |
|||||||||||||
Qorvo |
15,000 |
a,b |
676,200 |
|||||||||||||
Skyworks Solutions |
101,821 |
6,766,005 |
||||||||||||||
United Microelectronics, ADR |
2,510,370 |
5,196,466 |
||||||||||||||
Xilinx |
31,345 |
1,480,111 |
||||||||||||||
70,175,281 |
||||||||||||||||
Software & Services - 9.0% |
||||||||||||||||
Activision Blizzard |
269,196 |
8,525,437 |
||||||||||||||
Akamai Technologies |
133,347 |
b |
7,196,738 |
|||||||||||||
Alliance Data Systems |
19,844 |
b |
4,169,820 |
|||||||||||||
Amdocs |
121,937 |
6,921,144 |
||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Software & Services - 9.0% (continued) |
||||||||||||||||
ANSYS |
130,205 |
b |
10,809,619 |
|||||||||||||
Autodesk |
28,790 |
b |
1,489,595 |
|||||||||||||
Booz Allen Hamilton Holdings |
307,936 |
8,499,034 |
||||||||||||||
Broadridge Financial Solutions |
92,307 |
5,181,192 |
||||||||||||||
CA |
49,905 |
1,461,717 |
||||||||||||||
CDK Global |
12,250 |
549,903 |
||||||||||||||
Citrix Systems |
21,120 |
b |
1,492,128 |
|||||||||||||
Cognizant Technology Solutions, Cl. A |
83,913 |
b |
4,781,363 |
|||||||||||||
Computer Sciences |
21,925 |
631,659 |
||||||||||||||
CoreLogic |
93,676 |
b |
3,240,253 |
|||||||||||||
CoStar Group |
17,853 |
b |
3,161,052 |
|||||||||||||
CSRA |
22,595 |
586,340 |
||||||||||||||
DST Systems |
17,520 |
1,832,242 |
||||||||||||||
Electronic Arts |
46,965 |
b |
3,017,032 |
|||||||||||||
Fidelity National Information Services |
251,608 |
14,656,166 |
||||||||||||||
Fiserv |
95,636 |
b |
9,145,671 |
|||||||||||||
FleetCor Technologies |
5,593 |
b |
714,170 |
|||||||||||||
Fortinet |
72,795 |
b |
2,067,378 |
|||||||||||||
Gartner |
74,715 |
b |
6,156,516 |
|||||||||||||
Global Payments |
47,816 |
2,914,385 |
||||||||||||||
IAC/InterActiveCorp |
64,818 |
2,879,216 |
||||||||||||||
Intuit |
150,760 |
14,569,446 |
||||||||||||||
j2 Global |
32,371 |
2,365,673 |
||||||||||||||
Jack Henry & Associates |
21,980 |
1,807,635 |
||||||||||||||
LinkedIn, Cl. A |
12,245 |
b |
1,434,992 |
|||||||||||||
Manhattan Associates |
96,194 |
b |
5,315,680 |
|||||||||||||
MAXIMUS |
36,905 |
1,814,619 |
||||||||||||||
NetEase, ADR |
18,378 |
a |
2,473,863 |
|||||||||||||
NetSuite |
6,560 |
a,b |
396,355 |
|||||||||||||
Pandora Media |
11,420 |
b |
116,712 |
|||||||||||||
Paychex |
182,545 |
9,380,988 |
||||||||||||||
Rackspace Hosting |
16,250 |
b |
349,863 |
|||||||||||||
Red Hat |
87,544 |
b |
5,721,001 |
|||||||||||||
Science Applications International |
167,877 |
7,495,708 |
||||||||||||||
ServiceNow |
21,145 |
b |
1,162,764 |
|||||||||||||
Solera Holdings |
15,175 |
845,247 |
||||||||||||||
Splunk |
162,736 |
b |
7,095,290 |
|||||||||||||
SS&C Technologies Holdings |
7,950 |
463,406 |
||||||||||||||
Symantec |
89,400 |
1,726,314 |
||||||||||||||
Synopsys |
25,557 |
b |
1,143,676 |
|||||||||||||
Total System Services |
120,073 |
5,232,781 |
||||||||||||||
|
69,310 |
a,b |
1,255,897 |
|||||||||||||
Tyler Technologies |
37,092 |
b |
4,462,909 |
|||||||||||||
Ultimate Software Group |
21,592 |
b |
3,708,642 |
|||||||||||||
VeriSign |
22,480 |
a,b |
1,899,335 |
|||||||||||||
Western Union |
28,295 |
516,667 |
||||||||||||||
Workday, Cl. A |
9,680 |
b |
585,156 |
|||||||||||||
Xerox |
140,620 |
1,351,358 |
||||||||||||||
Yelp |
19,825 |
b |
401,258 |
|||||||||||||
197,173,005 |
38
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Technology Hardware & Equipment - 5.3% |
||||||||||||||||
3D Systems |
42,720 |
a,b |
455,822 |
|||||||||||||
Amphenol, Cl. A |
396,904 |
21,063,695 |
||||||||||||||
Arista Networks |
8,110 |
a,b |
555,859 |
|||||||||||||
ARRIS International |
4,315 |
b |
103,085 |
|||||||||||||
Arrow Electronics |
82,931 |
b |
4,740,336 |
|||||||||||||
Avnet |
93,818 |
3,860,611 |
||||||||||||||
EchoStar, Cl. A |
15,495 |
b |
692,626 |
|||||||||||||
F5 Networks |
7,530 |
b |
724,160 |
|||||||||||||
Flextronics International |
257,673 |
b |
2,798,329 |
|||||||||||||
FLIR Systems |
484,773 |
15,008,572 |
||||||||||||||
Harris |
70,202 |
5,477,160 |
||||||||||||||
Ingram Micro, Cl. A |
133,976 |
4,796,341 |
||||||||||||||
Jabil Circuit |
197,380 |
4,115,373 |
||||||||||||||
Juniper Networks |
55,395 |
1,368,256 |
||||||||||||||
Keysight Technologies |
453,001 |
b |
11,818,796 |
|||||||||||||
Lexmark International, Cl. A |
19,075 |
591,707 |
||||||||||||||
Lumentum Holdings |
15,630 |
b |
375,589 |
|||||||||||||
Motorola Solutions |
25,235 |
1,854,520 |
||||||||||||||
NCR |
23,405 |
b |
546,741 |
|||||||||||||
NetApp |
7,280 |
180,835 |
||||||||||||||
Palo Alto Networks |
12,390 |
b |
1,793,948 |
|||||||||||||
SanDisk |
26,055 |
1,882,734 |
||||||||||||||
Seagate Technology |
366,060 |
a |
11,479,642 |
|||||||||||||
Teradata |
7,830 |
b |
195,359 |
|||||||||||||
Trimble Navigation |
360,633 |
b |
8,388,324 |
|||||||||||||
VeriFone Systems |
17,130 |
b |
409,236 |
|||||||||||||
Viavi Solutions |
810,815 |
b |
5,294,622 |
|||||||||||||
Western Digital |
90,224 |
3,927,451 |
||||||||||||||
Zebra Technologies, Cl. A |
15,545 |
b |
960,370 |
|||||||||||||
115,460,099 |
||||||||||||||||
Telecommunication Services - .4% |
||||||||||||||||
CenturyLink |
76,275 |
2,333,252 |
||||||||||||||
Frontier Communications |
128,465 |
a |
694,996 |
|||||||||||||
Level 3 Communications |
33,337 |
b |
1,618,511 |
|||||||||||||
SBA Communications, Cl. A |
14,210 |
b |
1,348,387 |
|||||||||||||
TE Connectivity |
45,355 |
2,581,607 |
||||||||||||||
Telephone & Data Systems |
22,325 |
596,524 |
||||||||||||||
Zayo Group Holdings |
27,385 |
b |
648,477 |
|||||||||||||
9,821,754 |
||||||||||||||||
Transportation - 1.3% |
||||||||||||||||
Alaska Air Group |
18,760 |
1,386,364 |
||||||||||||||
CH Robinson Worldwide |
132,030 |
9,219,655 |
||||||||||||||
Copa Holdings |
8,535 |
a |
521,147 |
|||||||||||||
Delta Air Lines |
27,825 |
1,342,278 |
||||||||||||||
Expeditors International of Washington |
27,280 |
1,248,878 |
||||||||||||||
Genesee & Wyoming, Cl. A |
16,515 |
b |
936,731 |
|||||||||||||
Hertz Global Holdings |
5,195 |
b |
44,158 |
|||||||||||||
J.B. Hunt Transport Services |
60,997 |
4,653,461 |
||||||||||||||
Kansas City Southern |
18,870 |
1,541,868 |
||||||||||||||
Landstar System |
15,410 |
912,272 |
||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | ||||||||||||||||
Common Stocks - 98.2% (continued) |
Shares |
Value ($) |
||||||||||||||
Transportation - 1.3% (continued) |
||||||||||||||||
Southwest Airlines |
76,530 |
3,210,433 |
||||||||||||||
Spirit Airlines |
11,200 |
b |
534,800 |
|||||||||||||
United Continental Holdings |
39,635 |
b |
2,269,500 |
|||||||||||||
27,821,545 |
||||||||||||||||
Utilities - 4.0% |
||||||||||||||||
AES |
149,620 |
1,466,276 |
||||||||||||||
AGL Resources |
16,385 |
1,059,290 |
||||||||||||||
Alliant Energy |
46,813 |
3,180,943 |
||||||||||||||
Ameren |
120,294 |
5,647,803 |
||||||||||||||
American Electric Power |
88,953 |
5,492,848 |
||||||||||||||
American Water Works |
27,465 |
1,780,281 |
||||||||||||||
Aqua America |
38,885 |
1,188,714 |
||||||||||||||
Calpine |
408,712 |
b |
5,133,423 |
|||||||||||||
CenterPoint Energy |
12,660 |
235,856 |
||||||||||||||
CMS Energy |
58,830 |
2,327,315 |
||||||||||||||
Consolidated Edison |
22,755 |
1,593,078 |
||||||||||||||
DTE Energy |
22,480 |
1,891,018 |
||||||||||||||
Edison International |
131,497 |
8,962,836 |
||||||||||||||
Entergy |
10,715 |
773,730 |
||||||||||||||
Eversource Energy |
48,730 |
2,646,039 |
||||||||||||||
First Solar |
10,390 |
b |
746,729 |
|||||||||||||
FirstEnergy |
141,164 |
4,724,759 |
||||||||||||||
Great Plains Energy |
105,516 |
3,095,839 |
||||||||||||||
ITC Holdings |
156,687 |
6,366,193 |
||||||||||||||
National Fuel Gas |
7,975 |
a |
364,298 |
|||||||||||||
NiSource |
80,020 |
1,718,830 |
||||||||||||||
NRG Energy |
65,635 |
707,545 |
||||||||||||||
OGE Energy |
11,300 |
281,144 |
||||||||||||||
Pepco Holdings |
60,380 |
1,580,748 |
||||||||||||||
PG&E |
90,094 |
5,111,033 |
||||||||||||||
Pinnacle West Capital |
27,865 |
1,917,948 |
||||||||||||||
Portland General Electric |
81,019 |
3,082,773 |
||||||||||||||
PPL |
55,880 |
1,955,241 |
||||||||||||||
Public Service Enterprise Group |
40,220 |
1,715,785 |
||||||||||||||
Questar |
37,960 |
940,269 |
||||||||||||||
SCANA |
32,385 |
2,105,673 |
||||||||||||||
Sempra Energy |
21,360 |
2,061,454 |
||||||||||||||
SunEdison |
46,790 |
a,b |
92,644 |
|||||||||||||
Vectren |
31,400 |
1,429,328 |
||||||||||||||
WEC Energy Group |
22,830 |
1,286,470 |
||||||||||||||
Westar Energy |
44,721 |
1,943,575 |
||||||||||||||
Xcel Energy |
42,585 |
1,683,811 |
||||||||||||||
88,291,539 |
||||||||||||||||
Total Common Stocks (cost $1,895,782,778) |
2,147,661,660 |
|||||||||||||||
Master Limited Partnerships - .1% |
||||||||||||||||
Diversified Financials - .1% |
||||||||||||||||
Blackstone Group LP |
78,930 |
2,049,812 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||||
Rights - .0% |
Number of Rights |
Value ($) |
|||||
Food, Beverage & Tobacco - .0% |
|||||||
Safeway CVR--Casa Ley |
30,090 |
b |
0 |
||||
Safeway CVR--PDC |
30,090 |
b |
0 |
||||
0 |
|||||||
Health Care Equipment & Services - .0% |
|||||||
Community Health Systems |
33,320 |
b |
267 |
||||
Total Rights (cost $2,051) |
267 |
||||||
Other Investment - 1.4% |
Shares |
Value ($) |
|||||
Registered Investment Company; |
|||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
31,879,631 |
d |
31,879,631 |
||||
Investment of Cash Collateral for Securities Loaned - 2.8% |
|||||||
Registered Investment Company; |
|||||||
Dreyfus Institutional Cash Advantage Fund |
60,325,214 |
d |
60,325,214 |
||||
Total Investments (cost $1,989,650,451) |
102.5% |
2,241,916,584 |
|||||
Liabilities, Less Cash and Receivables |
(2.5%) |
(55,086,383) |
|||||
Net Assets |
100.0% |
2,186,830,201 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
LP—Limited Partnership
REIT—Real Estate Investment Trust
a Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $111,977,176 and the value of the collateral held by the fund was $115,016,562, consisting of cash collateral of $60,325,214 and U.S. Government & Agency securities valued at $54,691,348.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Capital Goods |
9.2 |
Diversified Financials |
9.1 |
Software & Services |
9.0 |
Health Care Equipment & Services |
8.5 |
Retailing |
6.4 |
Real Estate |
5.5 |
Technology Hardware & Equipment |
5.3 |
Insurance |
4.8 |
Materials |
4.4 |
Money Market Investments |
4.2 |
Pharmaceuticals, Biotechnology & Life Sciences |
4.2 |
Utilities |
4.0 |
Consumer Durables & Apparel |
3.8 |
Banks |
3.4 |
Semiconductors & Semiconductor Equipment |
3.2 |
Food, Beverage & Tobacco |
3.1 |
Energy |
2.9 |
Commercial & Professional Services |
2.4 |
Media |
2.2 |
Exchange-Traded Funds |
1.9 |
Consumer Services |
1.5 |
Transportation |
1.3 |
Automobiles & Components |
1.0 |
Household & Personal Products |
.5 |
Telecommunication Services |
.4 |
Food & Staples Retailing |
.3 |
102.5 |
† Based on net assets.
See notes to financial statements.
40
BNY Mellon Small Cap Multi-Strategy Fund | |||||||||||||||||
Common Stocks - 98.8% |
Shares |
Value ($) |
|||||||||||||||
Automobiles & Components - .5% |
|||||||||||||||||
Standard Motor Products |
22,242 |
669,707 |
|||||||||||||||
Thor Industries |
18,776 |
1,039,815 |
|||||||||||||||
1,709,522 |
|||||||||||||||||
Banks - 12.1% |
|||||||||||||||||
Ameris Bancorp |
61,092 |
1,648,873 |
|||||||||||||||
Bank of Hawaii |
15,947 |
a |
1,012,634 |
||||||||||||||
Boston Private Financial Holdings |
46,332 |
489,266 |
|||||||||||||||
Brookline Bancorp |
59,985 |
630,442 |
|||||||||||||||
Bryn Mawr Bank |
15,270 |
383,735 |
|||||||||||||||
Capital Bank Financial, Cl. A |
13,598 |
a |
400,461 |
||||||||||||||
Cardinal Financial |
31,325 |
603,319 |
|||||||||||||||
Central Pacific Financial |
28,720 |
572,390 |
|||||||||||||||
CoBiz Financial |
30,170 |
327,345 |
|||||||||||||||
Columbia Banking System |
131,532 |
3,792,068 |
|||||||||||||||
FCB Financial Holdings, Cl. A |
107,122 |
b |
3,214,731 |
||||||||||||||
First Busey |
29,008 |
549,702 |
|||||||||||||||
First Horizon National |
85,598 |
1,028,888 |
|||||||||||||||
First Interstate BancSystem, Cl. A |
67,022 |
1,796,190 |
|||||||||||||||
First Midwest Bancorp |
42,713 |
713,307 |
|||||||||||||||
Fulton Financial |
46,590 |
587,500 |
|||||||||||||||
MB Financial |
21,910 |
668,693 |
|||||||||||||||
National Bank Holdings, Cl. A |
76,320 |
1,476,029 |
|||||||||||||||
Pinnacle Financial Partners |
43,810 |
2,031,470 |
|||||||||||||||
PrivateBancorp |
36,475 |
1,253,281 |
|||||||||||||||
Seacoast Banking Corp. of Florida |
33,849 |
b |
501,642 |
||||||||||||||
Simmons First National, Cl. A |
19,244 |
792,660 |
|||||||||||||||
South State |
39,427 |
2,462,216 |
|||||||||||||||
SVB Financial Group |
47,192 |
b |
4,193,009 |
||||||||||||||
Synovus Financial |
90,857 |
2,415,888 |
|||||||||||||||
Talmer Bancorp, Cl. A |
177,021 |
2,973,953 |
|||||||||||||||
UMB Financial |
30,477 |
a |
1,496,725 |
||||||||||||||
United Community Banks |
44,592 |
771,888 |
|||||||||||||||
Washington Trust Bancorp |
12,567 |
466,236 |
|||||||||||||||
Webster Financial |
43,714 |
1,469,228 |
|||||||||||||||
Westamerica Bancorporation |
6,750 |
a |
303,683 |
||||||||||||||
41,027,452 |
|||||||||||||||||
Capital Goods - 10.0% |
|||||||||||||||||
AeroVironment |
30,297 |
b |
753,789 |
||||||||||||||
Altra Industrial Motion |
76,871 |
1,868,734 |
|||||||||||||||
Apogee Enterprises |
10,557 |
421,541 |
|||||||||||||||
Astec Industries |
21,894 |
950,856 |
|||||||||||||||
Beacon Roofing Supply |
54,696 |
b |
1,974,526 |
||||||||||||||
Chart Industries |
30,782 |
b |
620,873 |
||||||||||||||
CLARCOR |
75,395 |
3,629,515 |
|||||||||||||||
Comfort Systems USA |
19,109 |
536,007 |
|||||||||||||||
Crane |
34,475 |
1,690,999 |
|||||||||||||||
Cubic |
36,058 |
1,267,078 |
|||||||||||||||
Curtiss-Wright |
21,214 |
1,497,496 |
|||||||||||||||
EMCOR Group |
52,350 |
2,401,294 |
|||||||||||||||
Encore Wire |
35,507 |
1,283,223 |
|||||||||||||||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||||||||||||||
Common Stocks - 98.8% (continued) |
Shares |
Value ($) |
|||||||||||||||
Capital Goods - 10.0% (continued) |
|||||||||||||||||
EnerSys |
8,220 |
422,179 |
|||||||||||||||
Granite Construction |
47,038 |
1,949,725 |
|||||||||||||||
Lindsay |
12,172 |
a |
881,253 |
||||||||||||||
Lydall |
47,049 |
b |
1,362,069 |
||||||||||||||
MSC Industrial Direct Cl. A |
12,204 |
849,154 |
|||||||||||||||
Raven Industries |
28,446 |
434,655 |
|||||||||||||||
Simpson Manufacturing |
107,960 |
3,664,162 |
|||||||||||||||
TASER International |
30,050 |
a,b |
582,369 |
||||||||||||||
Thermon Group Holdings |
108,845 |
b |
1,844,923 |
||||||||||||||
Trex |
44,756 |
a,b |
1,927,641 |
||||||||||||||
Watsco |
9,810 |
1,251,265 |
|||||||||||||||
34,065,326 |
|||||||||||||||||
Commercial & Professional Services - 5.0% |
|||||||||||||||||
Advisory Board |
25,775 |
b |
760,105 |
||||||||||||||
CEB |
5,207 |
282,584 |
|||||||||||||||
Herman Miller |
45,998 |
1,200,088 |
|||||||||||||||
HNI |
27,156 |
918,144 |
|||||||||||||||
Huron Consulting Group |
11,944 |
b |
663,131 |
||||||||||||||
Interface |
224,418 |
3,568,246 |
|||||||||||||||
Kforce |
39,813 |
634,619 |
|||||||||||||||
Knoll |
51,366 |
981,091 |
|||||||||||||||
Korn/Ferry International |
57,335 |
1,629,461 |
|||||||||||||||
McGrath RentCorp |
22,634 |
556,796 |
|||||||||||||||
Steelcase, Cl. A |
103,753 |
1,295,875 |
|||||||||||||||
TrueBlue |
196,201 |
b |
4,502,813 |
||||||||||||||
16,992,953 |
|||||||||||||||||
Consumer Durables & Apparel - 4.4% |
|||||||||||||||||
Cavco Industries |
6,373 |
b |
517,105 |
||||||||||||||
Deckers Outdoor |
17,835 |
a,b |
1,008,748 |
||||||||||||||
Ethan Allen Interiors |
29,116 |
830,679 |
|||||||||||||||
G-III Apparel Group |
35,970 |
b |
1,897,417 |
||||||||||||||
iRobot |
22,846 |
a,b |
715,994 |
||||||||||||||
Malibu Boats, Cl. A |
70,327 |
b |
1,086,552 |
||||||||||||||
Oxford Industries |
36,345 |
2,639,737 |
|||||||||||||||
Steven Madden |
47,238 |
b |
1,662,778 |
||||||||||||||
TopBuild |
11,504 |
b |
310,378 |
||||||||||||||
Universal Electronics |
11,601 |
b |
616,477 |
||||||||||||||
Vera Bradley |
40,046 |
a,b |
665,965 |
||||||||||||||
WCI Communities |
159,382 |
b |
2,749,339 |
||||||||||||||
William Lyon Homes, Cl. A |
28,841 |
a,b |
342,054 |
||||||||||||||
15,043,223 |
|||||||||||||||||
Consumer Services - 1.9% |
|||||||||||||||||
Belmond, Cl. A |
74,904 |
b |
688,368 |
||||||||||||||
Capella Education |
7,615 |
352,118 |
|||||||||||||||
Cheesecake Factory |
27,383 |
a |
1,366,412 |
||||||||||||||
Fogo De Chao |
26,268 |
420,288 |
|||||||||||||||
Houghton Mifflin Harcourt |
66,571 |
b |
1,252,201 |
||||||||||||||
Potbelly |
72,675 |
b |
912,071 |
||||||||||||||
Texas Roadhouse |
33,577 |
1,400,497 |
|||||||||||||||
6,391,955 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||||||||
Common Stocks - 98.8% (continued) |
Shares |
Value ($) |
|||||||||
Diversified Financials - 2.3% |
|||||||||||
Cohen & Steers |
20,534 |
639,018 |
|||||||||
FNFV Group |
118,721 |
b |
1,207,393 |
||||||||
Morningstar |
6,254 |
496,505 |
|||||||||
Piper Jaffray |
12,424 |
b |
526,156 |
||||||||
Raymond James Financial |
50,625 |
2,219,400 |
|||||||||
SLM |
488,052 |
b |
2,850,224 |
||||||||
7,938,696 |
|||||||||||
Energy - 1.8% |
|||||||||||
Energen |
20,525 |
543,502 |
|||||||||
Geospace Technologies |
24,173 |
a,b |
270,012 |
||||||||
Gulf Island Fabrication |
16,697 |
148,770 |
|||||||||
Natural Gas Services Group |
19,394 |
b |
350,256 |
||||||||
Oil States International |
19,563 |
b |
510,790 |
||||||||
Patterson-UTI Energy |
55,463 |
861,895 |
|||||||||
PDC Energy |
34,903 |
a,b |
1,748,989 |
||||||||
RPC |
88,761 |
a |
1,204,487 |
||||||||
Synergy Resources |
76,478 |
a,b |
477,988 |
||||||||
6,116,689 |
|||||||||||
Exchange-Traded Funds - 2.5% |
|||||||||||
iShares Russell 2000 ETF |
19,752 |
a |
2,029,123 |
||||||||
iShares Russell 2000 Growth ETF |
38,627 |
4,769,276 |
|||||||||
iShares Russell 2000 Value ETF |
20,718 |
1,790,864 |
|||||||||
8,589,263 |
|||||||||||
Food & Staples Retailing - .9% |
|||||||||||
Fresh Market |
31,037 |
b |
716,024 |
||||||||
Performance Food Group |
56,402 |
a |
1,394,821 |
||||||||
United Natural Foods |
26,226 |
a,b |
809,334 |
||||||||
2,920,179 |
|||||||||||
Food, Beverage & Tobacco - 1.3% |
|||||||||||
Boston Beer, Cl. A |
5,270 |
a,b |
991,340 |
||||||||
Fresh Del Monte Produce |
13,681 |
548,745 |
|||||||||
Hain Celestial Group |
15,590 |
b |
576,362 |
||||||||
Snyder's-Lance |
48,642 |
a |
1,591,080 |
||||||||
WhiteWave Foods |
22,172 |
b |
858,500 |
||||||||
4,566,027 |
|||||||||||
Health Care Equipment & Services - 3.9% |
|||||||||||
Air Methods |
24,932 |
a,b |
905,780 |
||||||||
Align Technology |
19,315 |
b |
1,275,369 |
||||||||
Amedisys |
2,730 |
b |
100,300 |
||||||||
Globus Medical, Cl. A |
95,850 |
a,b |
2,329,155 |
||||||||
ICU Medical |
15,955 |
b |
1,466,264 |
||||||||
Invacare |
19,553 |
a |
236,787 |
||||||||
LDR Holding |
34,673 |
b |
719,465 |
||||||||
LifePoint Health |
14,763 |
b |
920,621 |
||||||||
Meridian Bioscience |
31,595 |
636,639 |
|||||||||
Natus Medical |
8,420 |
b |
305,814 |
||||||||
NxStage Medical |
99,401 |
b |
1,481,075 |
||||||||
Omnicell |
27,796 |
b |
760,777 |
||||||||
WellCare Health Plans |
23,607 |
b |
2,121,561 |
||||||||
13,259,607 |
|||||||||||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||||||||
Common Stocks - 98.8% (continued) |
Shares |
Value ($) |
|||||||||
Household & Personal Products - .6% |
|||||||||||
Inter Parfums |
87,194 |
2,206,880 |
|||||||||
Insurance - 1.3% |
|||||||||||
First American Financial |
14,885 |
a |
551,192 |
||||||||
Primerica |
65,470 |
a |
2,762,179 |
||||||||
RLI |
7,569 |
475,106 |
|||||||||
Safety Insurance Group |
10,656 |
589,383 |
|||||||||
4,377,860 |
|||||||||||
Materials - 3.9% |
|||||||||||
Calgon Carbon |
106,633 |
1,494,995 |
|||||||||
Carpenter Technology |
8,710 |
258,861 |
|||||||||
Haynes International |
12,778 |
393,562 |
|||||||||
Louisiana-Pacific |
52,975 |
a,b |
841,773 |
||||||||
Methanex |
112,471 |
a |
3,561,957 |
||||||||
New Gold |
872,489 |
a,b |
2,957,738 |
||||||||
OMNOVA Solutions |
204,231 |
b |
1,070,170 |
||||||||
Royal Gold |
8,850 |
410,375 |
|||||||||
Yamana Gold |
756,998 |
2,149,874 |
|||||||||
13,139,305 |
|||||||||||
Media - 4.0% |
|||||||||||
E.W. Scripps, Cl. A |
87,240 |
b |
1,505,762 |
||||||||
IMAX |
50,437 |
b |
1,488,396 |
||||||||
Lions Gate Entertainment |
27,473 |
579,680 |
|||||||||
Media General |
87,388 |
b |
1,452,389 |
||||||||
New York Times, Cl. A |
81,823 |
1,028,515 |
|||||||||
Nexstar Broadcasting Group, Cl. A |
69,772 |
a |
3,117,413 |
||||||||
Sinclair Broadcast Group, Cl. A |
119,889 |
a |
3,700,973 |
||||||||
Time |
54,705 |
771,340 |
|||||||||
13,644,468 |
|||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 7.7% |
|||||||||||
Cambrex |
44,115 |
b |
1,701,516 |
||||||||
Cepheid |
32,776 |
b |
972,792 |
||||||||
Collegium Pharmaceutical |
64,111 |
1,118,096 |
|||||||||
Emergent BioSolutions |
48,308 |
b |
1,634,260 |
||||||||
Flamel Technologies, ADR |
293,257 |
b |
2,560,134 |
||||||||
Flexion Therapeutics |
106,671 |
b |
1,008,574 |
||||||||
Foamix Pharmaceuticals |
142,892 |
a,b |
818,771 |
||||||||
GW Pharmaceuticals, ADR |
77,500 |
b |
3,185,250 |
||||||||
Ligand Pharmaceuticals |
20,136 |
a,b |
1,858,150 |
||||||||
Otonomy |
69,192 |
b |
876,663 |
||||||||
PAREXEL International |
25,495 |
b |
1,496,302 |
||||||||
Retrophin |
82,944 |
a,b |
1,180,293 |
||||||||
Revance Therapeutics |
128,942 |
a,b |
2,280,339 |
||||||||
Sagent Pharmaceuticals |
19,260 |
b |
273,107 |
||||||||
Sangamo BioSciences |
160,073 |
b |
838,783 |
||||||||
TherapeuticsMD |
686,140 |
a,b |
4,192,315 |
||||||||
25,995,345 |
|||||||||||
Real Estate - 4.4% |
|||||||||||
American Assets Trust |
23,505 |
c |
871,800 |
||||||||
American Residential Properties |
66,827 |
c |
1,061,881 |
42
BNY Mellon Small Cap Multi-Strategy Fund (continued) | ||||||||||||||||||
Common Stocks - 98.8% (continued) |
Shares |
Value ($) |
||||||||||||||||
Real Estate - 4.4% (continued) |
||||||||||||||||||
CyrusOne |
30,794 |
c |
1,220,674 |
|||||||||||||||
Education Realty Trust |
14,248 |
c |
564,933 |
|||||||||||||||
EPR Properties |
19,758 |
c |
1,229,540 |
|||||||||||||||
Equity Commonwealth |
27,142 |
b,c |
722,791 |
|||||||||||||||
Healthcare Trust of America, Cl. A |
49,528 |
1,377,374 |
||||||||||||||||
Kite Realty Group Trust |
36,341 |
c |
978,300 |
|||||||||||||||
Ladder Capital, Cl. A |
125,033 |
1,292,841 |
||||||||||||||||
Pebblebrook Hotel Trust |
43,272 |
a,c |
1,175,268 |
|||||||||||||||
Physicians Realty Trust |
140,296 |
c |
2,410,285 |
|||||||||||||||
Retail Opportunity Investments |
28,752 |
c |
528,462 |
|||||||||||||||
STORE Capital |
61,809 |
c |
1,492,687 |
|||||||||||||||
14,926,836 |
||||||||||||||||||
Retailing - 3.8% |
||||||||||||||||||
Burlington Stores |
18,139 |
b |
1,016,872 |
|||||||||||||||
Core-Mark Holding |
26,260 |
1,933,524 |
||||||||||||||||
Dick's Sporting Goods |
11,645 |
494,563 |
||||||||||||||||
Express |
33,472 |
b |
576,723 |
|||||||||||||||
Guess? |
54,631 |
a |
1,166,372 |
|||||||||||||||
Haverty Furniture |
12,398 |
241,017 |
||||||||||||||||
Lithia Motors, Cl. A |
24,248 |
2,248,275 |
||||||||||||||||
Ollie's Bargain Outlet Holdings |
73,438 |
a |
1,483,448 |
|||||||||||||||
The Children's Place |
15,289 |
1,041,792 |
||||||||||||||||
Urban Outfitters |
48,928 |
b |
1,296,103 |
|||||||||||||||
Vitamin Shoppe |
26,462 |
b |
730,087 |
|||||||||||||||
Zumiez |
32,656 |
a,b |
674,673 |
|||||||||||||||
12,903,449 |
||||||||||||||||||
Semiconductors & Semiconductor Equipment - 6.7% |
||||||||||||||||||
Advanced Energy Industries |
23,830 |
b |
710,849 |
|||||||||||||||
Applied Micro Circuits |
342,880 |
b |
1,981,847 |
|||||||||||||||
Brooks Automation |
59,091 |
576,137 |
||||||||||||||||
Cypress Semiconductor |
120,614 |
a,b |
962,500 |
|||||||||||||||
Inphi |
80,752 |
b |
2,043,026 |
|||||||||||||||
Integrated Device Technology |
67,182 |
b |
1,304,674 |
|||||||||||||||
MaxLinear, Cl. A |
66,107 |
b |
1,063,662 |
|||||||||||||||
Mellanox Technologies |
97,687 |
b |
4,963,476 |
|||||||||||||||
Microsemi |
51,380 |
b |
1,779,289 |
|||||||||||||||
MKS Instruments |
21,494 |
707,153 |
||||||||||||||||
Nanometrics |
25,766 |
b |
357,632 |
|||||||||||||||
Power Integrations |
38,123 |
1,747,177 |
||||||||||||||||
Semtech |
37,463 |
b |
717,791 |
|||||||||||||||
Teradyne |
50,549 |
964,475 |
||||||||||||||||
Veeco Instruments |
154,975 |
b |
2,874,786 |
|||||||||||||||
22,754,474 |
||||||||||||||||||
Software & Services - 7.0% |
||||||||||||||||||
Acxiom |
38,089 |
b |
789,966 |
|||||||||||||||
Aspen Technology |
12,350 |
b |
407,180 |
|||||||||||||||
CACI International, Cl. A |
18,113 |
b |
1,750,078 |
|||||||||||||||
CommVault Systems |
76,739 |
b |
2,875,411 |
|||||||||||||||
CoreLogic |
104,829 |
b |
3,626,035 |
|||||||||||||||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | ||||||||||||||||||
Common Stocks - 98.8% (continued) |
Shares |
Value ($) |
||||||||||||||||
Software & Services - 7.0% (continued) |
||||||||||||||||||
CSG Systems International |
23,697 |
899,538 |
||||||||||||||||
Demandware |
45,477 |
a,b |
1,577,597 |
|||||||||||||||
Fleetmatics Group |
8,975 |
b |
324,087 |
|||||||||||||||
HubSpot |
44,148 |
b |
1,839,206 |
|||||||||||||||
Infoblox |
164,744 |
b |
2,550,237 |
|||||||||||||||
LogMeIn |
31,718 |
b |
1,614,446 |
|||||||||||||||
Monotype Imaging Holdings |
22,456 |
533,105 |
||||||||||||||||
NIC |
23,120 |
406,681 |
||||||||||||||||
Perficient |
74,487 |
b |
1,344,490 |
|||||||||||||||
Proofpoint |
27,595 |
b |
1,292,550 |
|||||||||||||||
SS&C Technologies Holdings |
21,594 |
1,258,714 |
||||||||||||||||
TiVo |
70,995 |
b |
595,648 |
|||||||||||||||
23,684,969 |
||||||||||||||||||
Technology Hardware & Equipment - 8.6% |
||||||||||||||||||
Ciena |
219,374 |
b |
4,497,167 |
|||||||||||||||
DTS |
9,997 |
b |
236,629 |
|||||||||||||||
Electronics For Imaging |
23,274 |
b |
921,883 |
|||||||||||||||
FARO Technologies |
12,163 |
b |
389,824 |
|||||||||||||||
FEI |
38,371 |
3,117,260 |
||||||||||||||||
FLIR Systems |
24,577 |
760,904 |
||||||||||||||||
Ixia |
54,847 |
b |
625,804 |
|||||||||||||||
Jabil Circuit |
26,652 |
555,694 |
||||||||||||||||
Keysight Technologies |
26,890 |
b |
701,560 |
|||||||||||||||
Littelfuse |
7,114 |
808,293 |
||||||||||||||||
Lumentum Holdings |
69,501 |
b |
1,670,109 |
|||||||||||||||
Mercury Systems |
119,518 |
b |
1,952,924 |
|||||||||||||||
Methode Electronics |
79,809 |
2,280,143 |
||||||||||||||||
ScanSource |
69,496 |
b |
2,598,455 |
|||||||||||||||
Sierra Wireless |
104,556 |
a,b |
1,382,230 |
|||||||||||||||
Tech Data |
21,492 |
a,b |
1,513,252 |
|||||||||||||||
Universal Display |
57,470 |
b |
2,745,917 |
|||||||||||||||
Viavi Solutions |
268,030 |
b |
1,750,236 |
|||||||||||||||
Vishay Intertechnology |
62,839 |
a |
744,014 |
|||||||||||||||
29,252,298 |
||||||||||||||||||
Transportation - 2.0% |
||||||||||||||||||
ArcBest |
41,302 |
808,280 |
||||||||||||||||
Kirby |
19,245 |
b |
1,089,459 |
|||||||||||||||
Knight Transportation |
134,638 |
3,262,279 |
||||||||||||||||
Marten Transport |
33,336 |
546,710 |
||||||||||||||||
Werner Enterprises |
39,196 |
1,040,654 |
||||||||||||||||
6,747,382 |
||||||||||||||||||
Utilities - 2.2% |
||||||||||||||||||
California Water Service Group |
32,195 |
795,860 |
||||||||||||||||
Chesapeake Utilities |
13,078 |
814,759 |
||||||||||||||||
Hawaiian Electric Industries |
41,777 |
1,226,573 |
||||||||||||||||
NorthWestern |
14,727 |
874,342 |
||||||||||||||||
Piedmont Natural Gas |
13,542 |
804,530 |
||||||||||||||||
Portland General Electric |
36,079 |
1,372,806 |
||||||||||||||||
Vectren |
12,160 |
553,523 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||||||||||||
Common Stocks - 98.8% (continued) |
Shares |
Value ($) |
|||||||||||||
Utilities - 2.2% (continued) |
|||||||||||||||
WGL Holdings |
13,929 |
949,819 |
|||||||||||||
7,392,212 |
|||||||||||||||
Total Common Stocks (cost $334,641,943) |
335,646,370 |
||||||||||||||
Other Investment - 1.5% |
|||||||||||||||
Registered Investment Company; |
|||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
5,189,020 |
d |
5,189,020 |
||||||||||||
Investment of Cash Collateral for Securities Loaned - 8.9% |
|||||||||||||||
Registered Investment Company; |
|||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
30,077,315 |
d |
30,077,315 |
||||||||||||
Total Investments (cost $369,908,278) |
109.2% |
370,912,705 |
|||||||||||||
Liabilities, Less Cash and Receivables |
(9.2%) |
(31,185,718) |
|||||||||||||
Net Assets |
100.0% |
339,726,987 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $42,543,280 and the value of the collateral held by the fund was $43,516,308, consisting of cash collateral of $30,077,315 and U.S. Government & Agency securities valued at $13,438,993.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Banks |
12.1 |
Money Market Investments |
10.4 |
Capital Goods |
10.0 |
Technology Hardware & Equipment |
8.6 |
Pharmaceuticals, Biotechnology & Life Sciences |
7.1 |
Software & Services |
7.0 |
Semiconductors & Semiconductor Equipment |
6.7 |
Commercial & Professional Services |
5.0 |
Consumer Durables & Apparel |
4.4 |
Real Estate |
4.4 |
Media |
4.0 |
Health Care Equipment & Services |
3.9 |
Materials |
3.9 |
Retailing |
3.8 |
Exchange-Traded Funds |
2.5 |
Diversified Financials |
2.3 |
Utilities |
2.2 |
Transportation |
2.0 |
Consumer Services |
1.9 |
Energy |
1.8 |
Food, Beverage & Tobacco |
1.3 |
Insurance |
1.3 |
Food & Staples Retailing |
.9 |
Household & Personal Products |
.7 |
Biotechnology |
.5 |
Automobiles & Components |
.5 |
109.2 |
† Based on net assets.
See notes to financial statements.
44
BNY Mellon Focused Equity Opportunities Fund | |||||||||||||||||
Common Stocks - 99.5% |
Shares |
Value ($) |
|||||||||||||||
Banks - 2.8% |
|||||||||||||||||
Bank of America |
991,580 |
12,414,582 |
|||||||||||||||
Capital Goods - 10.7% |
|||||||||||||||||
3M |
77,714 |
12,190,995 |
|||||||||||||||
Eaton |
222,450 |
12,615,140 |
|||||||||||||||
Honeywell International |
114,589 |
11,613,595 |
|||||||||||||||
Illinois Tool Works |
107,200 |
10,103,600 |
|||||||||||||||
46,523,330 |
|||||||||||||||||
Diversified Financials - 9.7% |
|||||||||||||||||
Capital One Financial |
213,340 |
14,022,838 |
|||||||||||||||
Intercontinental Exchange |
71,249 |
16,990,037 |
|||||||||||||||
Invesco |
414,800 |
11,091,752 |
|||||||||||||||
42,104,627 |
|||||||||||||||||
Energy - 7.3% |
|||||||||||||||||
Halliburton |
314,855 |
10,163,519 |
|||||||||||||||
Marathon Petroleum |
262,200 |
8,980,350 |
|||||||||||||||
Valero Energy |
212,170 |
12,747,174 |
|||||||||||||||
31,891,043 |
|||||||||||||||||
Food, Beverage & Tobacco - 10.6% |
|||||||||||||||||
Constellation Brands, Cl. A |
99,513 |
14,074,124 |
|||||||||||||||
PepsiCo |
165,053 |
16,145,484 |
|||||||||||||||
Philip Morris International |
174,340 |
15,870,170 |
|||||||||||||||
46,089,778 |
|||||||||||||||||
Health Care Equipment & Services - 2.7% |
|||||||||||||||||
Aetna |
109,722 |
11,919,101 |
|||||||||||||||
Insurance - 3.7% |
|||||||||||||||||
Hartford Financial Services Group |
381,140 |
16,053,617 |
|||||||||||||||
Materials - 3.1% |
|||||||||||||||||
Dow Chemical |
281,440 |
13,680,798 |
|||||||||||||||
Media - 7.9% |
|||||||||||||||||
Comcast, Cl. A |
363,770 |
21,000,442 |
|||||||||||||||
Time Warner |
202,310 |
13,392,922 |
|||||||||||||||
34,393,364 |
|||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.9% |
|||||||||||||||||
Agilent Technologies |
321,150 |
11,994,953 |
|||||||||||||||
Allergan |
40,294 |
a |
11,689,692 |
||||||||||||||
Johnson & Johnson |
268,720 |
28,272,031 |
|||||||||||||||
51,956,676 |
|||||||||||||||||
Retailing - 5.5% |
|||||||||||||||||
Amazon.com |
21,233 |
a |
11,731,657 |
||||||||||||||
Lowe's |
181,160 |
12,233,735 |
|||||||||||||||
23,965,392 |
|||||||||||||||||
Semiconductors & Semiconductor Equipment - 4.1% |
|||||||||||||||||
Broadcom |
134,975 |
18,082,601 |
|||||||||||||||
Software & Services - 15.4% |
|||||||||||||||||
Facebook, Cl. A |
218,944 |
a |
23,409,493 |
||||||||||||||
Microsoft |
276,190 |
14,052,547 |
|||||||||||||||
salesforce.com |
251,880 |
a |
17,064,870 |
||||||||||||||
BNY Mellon Focused Equity Opportunities Fund (continued) | |||||||||||||||||
Common Stocks - 99.5% (continued) |
Shares |
Value ($) |
|||||||||||||||
Software & Services - 15.4% (continued) |
|||||||||||||||||
ServiceNow |
228,490 |
a |
12,564,665 |
||||||||||||||
67,091,575 |
|||||||||||||||||
Technology Hardware & Equipment - 4.1% |
|||||||||||||||||
Palo Alto Networks |
122,108 |
a,b |
17,680,017 |
||||||||||||||
Total Investments (cost $389,908,359) |
99.5% |
433,846,501 |
|||||||||||||||
Cash and Receivables (Net) |
.5% |
2,063,185 |
|||||||||||||||
Net Assets |
100.0% |
435,909,686 |
a Non-income producing security.
b Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $3,438,328 and the value of the collateral held by the fund was $3,578,812, consisting of U.S. Government & Agency securities.
Portfolio Summary (Unaudited) † |
Value (%) |
Software & Services |
15.4 |
Pharmaceuticals, Biotechnology & Life Sciences |
11.9 |
Capital Goods |
10.7 |
Food, Beverage & Tobacco |
10.6 |
Diversified Financials |
9.7 |
Media |
7.9 |
Energy |
7.3 |
Retailing |
5.5 |
Semiconductors & Semiconductor Equipment |
4.1 |
Technology Hardware & Equipment |
4.1 |
Insurance |
3.7 |
Materials |
3.1 |
Banks |
2.8 |
Health Care Equipment & Services |
2.7 |
99.5 |
† Based on net assets.
See notes to financial statements.
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund | ||||||||
Common Stocks - 97.8% |
Shares |
Value ($) |
||||||
Automobiles & Components - .2% |
||||||||
Gentex |
25,181 |
366,635 |
||||||
Standard Motor Products |
10,424 |
313,867 |
||||||
680,502 |
||||||||
Banks - 6.8% |
||||||||
Bank of Hawaii |
9,519 |
a |
604,457 |
|||||
Boston Private Financial Holdings |
24,380 |
257,453 |
||||||
Columbia Banking System |
55,728 |
1,606,638 |
||||||
First Horizon National |
20,251 |
243,417 |
||||||
First Republic Bank |
69,127 |
4,254,076 |
||||||
National Bank Holdings, Cl. A |
36,670 |
709,198 |
||||||
Pinnacle Financial Partners |
33,068 |
1,533,363 |
||||||
PrivateBancorp |
17,189 |
590,614 |
||||||
SVB Financial Group |
29,806 |
b |
2,648,263 |
|||||
Synovus Financial |
82,397 |
2,190,936 |
||||||
Talmer Bancorp, Cl. A |
73,659 |
1,237,471 |
||||||
UMB Financial |
6,700 |
329,037 |
||||||
Webster Financial |
81,155 |
2,727,620 |
||||||
18,932,543 |
||||||||
Capital Goods - 8.5% |
||||||||
AGCO |
45,807 |
a |
2,266,988 |
|||||
Allegion |
12,010 |
756,630 |
||||||
Altra Industrial Motion |
23,846 |
579,696 |
||||||
Beacon Roofing Supply |
25,608 |
b |
924,449 |
|||||
BWX Technologies |
14,866 |
474,225 |
||||||
Carlisle |
22,129 |
1,995,151 |
||||||
CLARCOR |
32,353 |
1,557,473 |
||||||
Crane |
16,197 |
794,463 |
||||||
Cubic |
17,132 |
602,018 |
||||||
Curtiss-Wright |
10,078 |
711,406 |
||||||
EMCOR Group |
12,720 |
583,466 |
||||||
Granite Construction |
11,646 |
482,727 |
||||||
HD Supply Holdings |
64,987 |
b |
1,805,989 |
|||||
Hubbell |
27,771 |
2,759,327 |
||||||
Lydall |
22,351 |
b |
647,061 |
|||||
MSC Industrial Direct Cl. A |
6,111 |
425,203 |
||||||
Nordson |
7,703 |
552,074 |
||||||
Regal Beloit |
21,856 |
1,192,900 |
||||||
Snap-on |
7,944 |
1,149,258 |
||||||
Textron |
15,862 |
541,687 |
||||||
Timken |
12,597 |
375,769 |
||||||
Trex |
21,321 |
a,b |
918,295 |
|||||
Watsco, Cl. A |
4,689 |
598,082 |
||||||
Xylem |
24,112 |
902,030 |
||||||
23,596,367 |
||||||||
Commercial & Professional Services - 3.5% |
||||||||
Advisory Board |
19,930 |
b |
587,736 |
|||||
CEB |
2,498 |
135,566 |
||||||
Clean Harbors |
41,275 |
b |
1,758,315 |
|||||
Copart |
23,152 |
b |
873,988 |
|||||
Herman Miller |
31,962 |
833,889 |
||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||||
Common Stocks - 97.8% (continued) |
Shares |
Value ($) |
||||||
Commercial & Professional Services - 3.5% (continued) |
||||||||
Huron Consulting Group |
9,083 |
b |
504,288 |
|||||
Interface |
95,024 |
1,510,882 |
||||||
Kforce |
18,756 |
298,971 |
||||||
Korn/Ferry International |
21,879 |
621,801 |
||||||
Steelcase, Cl. A |
76,805 |
959,294 |
||||||
TrueBlue |
77,552 |
b |
1,779,818 |
|||||
9,864,548 |
||||||||
Consumer Durables & Apparel - 2.1% |
||||||||
G-III Apparel Group |
16,950 |
b |
894,113 |
|||||
Jarden |
17,432 |
b |
921,804 |
|||||
Kate Spade & Company |
30,680 |
b |
608,078 |
|||||
Malibu Boats, Cl. A |
33,218 |
b |
513,218 |
|||||
Oxford Industries |
10,862 |
788,907 |
||||||
PVH |
15,253 |
1,207,275 |
||||||
Steven Madden |
22,617 |
b |
796,118 |
|||||
5,729,513 |
||||||||
Consumer Services - 2.4% |
||||||||
Cheesecake Factory |
45,109 |
a |
2,250,939 |
|||||
Houghton Mifflin Harcourt |
50,866 |
b |
956,789 |
|||||
Panera Bread, Cl. A |
3,926 |
a,b |
813,467 |
|||||
Service Corporation International |
88,522 |
2,082,037 |
||||||
Texas Roadhouse |
15,980 |
666,526 |
||||||
6,769,758 |
||||||||
Diversified Financials - 5.4% |
||||||||
CBOE Holdings |
10,030 |
626,875 |
||||||
E*TRADE Financial |
168,342 |
b |
3,949,303 |
|||||
FNFV Group |
74,444 |
b |
757,095 |
|||||
Intercontinental Exchange |
7,228 |
1,723,589 |
||||||
Leucadia National |
232,457 |
3,359,004 |
||||||
Raymond James Financial |
61,830 |
2,710,627 |
||||||
SLM |
315,071 |
b |
1,840,015 |
|||||
14,966,508 |
||||||||
Energy - 2.8% |
||||||||
Cheniere Energy |
38,996 |
b |
1,394,107 |
|||||
Cheniere Energy Partners LP Holdings |
27,390 |
459,330 |
||||||
Dril-Quip |
30,867 |
a,b |
1,674,535 |
|||||
Energen |
10,691 |
283,098 |
||||||
Gulfport Energy |
12,711 |
b |
305,064 |
|||||
Oceaneering International |
10,150 |
280,343 |
||||||
Oil States International |
6,572 |
b |
171,595 |
|||||
PDC Energy |
11,409 |
a,b |
571,705 |
|||||
RPC |
164,681 |
a |
2,234,721 |
|||||
Tesoro |
3,519 |
283,913 |
||||||
7,658,411 |
||||||||
Exchange-Traded Funds - 2.6% |
||||||||
iShares Russell 2000 ETF |
10,371 |
a |
1,065,413 |
|||||
iShares Russell 2000 Growth ETF |
18,270 |
2,255,797 |
||||||
iShares Russell 2000 Value ETF |
28,938 |
2,501,401 |
46
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||||
Common Stocks - 97.8% (continued) |
Shares |
Value ($) |
||||||
Exchange-Traded Funds - 2.6% (continued) |
||||||||
iShares Russell Mid-Cap Growth ETF |
15,799 |
1,362,664 |
||||||
7,185,275 |
||||||||
Food & Staples Retailing - 1.5% |
||||||||
Casey's General Stores |
28,575 |
3,016,663 |
||||||
Performance Food Group |
26,626 |
658,461 |
||||||
United Natural Foods |
14,772 |
b |
455,864 |
|||||
4,130,988 |
||||||||
Food, Beverage & Tobacco - 1.4% |
||||||||
Boston Beer, Cl. A |
6,241 |
a,b |
1,173,995 |
|||||
Hain Celestial Group |
9,501 |
b |
351,252 |
|||||
Molson Coors Brewing, Cl. B |
8,813 |
751,485 |
||||||
Snyder's-Lance |
23,022 |
a |
753,050 |
|||||
WhiteWave Foods, Cl. A |
20,221 |
b |
782,957 |
|||||
3,812,739 |
||||||||
Health Care Equipment & Services - 7.7% |
||||||||
Air Methods |
56,271 |
a,b |
2,044,325 |
|||||
Align Technology |
24,693 |
b |
1,630,479 |
|||||
Amedisys |
4,493 |
b |
165,073 |
|||||
AmerisourceBergen |
4,111 |
356,095 |
||||||
athenahealth |
4,081 |
b |
526,735 |
|||||
Boston Scientific |
48,028 |
b |
815,515 |
|||||
Centene |
12,433 |
b |
708,184 |
|||||
Cooper |
5,832 |
833,743 |
||||||
DENTSPLY International |
11,848 |
722,254 |
||||||
Globus Medical, Cl. A |
63,610 |
b |
1,545,723 |
|||||
HealthSouth |
55,194 |
1,944,485 |
||||||
ICU Medical |
7,484 |
b |
687,780 |
|||||
IMS Health Holdings |
15,417 |
b |
397,450 |
|||||
Laboratory Corporation of America Holdings |
6,413 |
b |
704,404 |
|||||
LDR Holding |
16,242 |
b |
337,022 |
|||||
LifePoint Health |
6,332 |
a,b |
394,864 |
|||||
MEDNAX |
51,635 |
b |
3,461,610 |
|||||
NxStage Medical |
47,222 |
b |
703,608 |
|||||
Universal Health Services, Cl. B |
13,950 |
1,539,662 |
||||||
VCA |
12,124 |
b |
618,688 |
|||||
WellCare Health Plans |
12,801 |
b |
1,150,426 |
|||||
21,288,125 |
||||||||
Household & Personal Products - .4% |
||||||||
Inter Parfums |
41,007 |
1,037,887 |
||||||
Insurance - 2.6% |
||||||||
Assurant |
22,095 |
1,570,954 |
||||||
First American Financial |
9,800 |
a |
362,894 |
|||||
FNF Group |
116,534 |
3,843,291 |
||||||
Primerica |
33,474 |
1,412,268 |
||||||
7,189,407 |
||||||||
Materials - 4.6% |
||||||||
Calgon Carbon |
33,888 |
475,110 |
||||||
Compass Minerals International |
28,354 |
a |
1,923,535 |
|||||
Louisiana-Pacific |
16,232 |
a,b |
257,926 |
|||||
Methanex |
87,763 |
2,779,454 |
||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||||
Common Stocks - 97.8% (continued) |
Shares |
Value ($) |
||||||
Materials - 4.6% (continued) |
||||||||
Mosaic |
84,992 |
2,265,037 |
||||||
New Gold |
663,058 |
b |
2,247,767 |
|||||
Newmont Mining |
788 |
20,354 |
||||||
Royal Gold |
5,074 |
235,281 |
||||||
Scotts Miracle-Gro, Cl. A |
8,152 |
562,651 |
||||||
Yamana Gold |
699,948 |
1,987,852 |
||||||
12,754,967 |
||||||||
Media - 3.2% |
||||||||
E.W. Scripps, Cl. A |
23,496 |
a |
405,541 |
|||||
IMAX |
40,637 |
b |
1,199,198 |
|||||
Lions Gate Entertainment |
26,694 |
563,243 |
||||||
Media General |
80,044 |
a,b |
1,330,331 |
|||||
New York Times, Cl. A |
38,623 |
485,491 |
||||||
Nexstar Broadcasting Group, Cl. A |
35,520 |
a |
1,587,034 |
|||||
Sinclair Broadcast Group, Cl. A |
112,422 |
3,470,467 |
||||||
9,041,305 |
||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.3% |
||||||||
Akorn |
63,206 |
a,b |
1,680,648 |
|||||
Cambrex |
27,436 |
b |
1,058,207 |
|||||
Cepheid |
15,319 |
b |
454,668 |
|||||
Collegium Pharmaceutical |
30,040 |
523,898 |
||||||
Flexion Therapeutics |
35,864 |
b |
339,094 |
|||||
Foamix Pharmaceuticals |
67,282 |
a,b |
385,526 |
|||||
GW Pharmaceuticals, ADR |
60,325 |
b |
2,479,358 |
|||||
Jazz Pharmaceuticals |
4,338 |
b |
527,414 |
|||||
Ligand Pharmaceuticals, Cl. B |
9,655 |
a,b |
890,963 |
|||||
Otonomy |
32,542 |
a,b |
412,307 |
|||||
PAREXEL International |
12,112 |
b |
710,853 |
|||||
Perrigo |
3,737 |
471,796 |
||||||
Retrophin |
39,156 |
a,b |
557,190 |
|||||
TherapeuticsMD |
159,677 |
a,b |
975,626 |
|||||
Vertex Pharmaceuticals |
5,091 |
b |
435,230 |
|||||
11,902,778 |
||||||||
Real Estate - 3.6% |
||||||||
CBRE Group, Cl. A |
17,537 |
b |
445,615 |
|||||
CyrusOne |
11,589 |
c |
459,388 |
|||||
Empire State Realty Trust, Cl. A |
15,162 |
c |
237,740 |
|||||
EPR Properties |
40,141 |
c |
2,497,974 |
|||||
Equity Commonwealth |
18,677 |
b,c |
497,369 |
|||||
Extra Space Storage |
6,591 |
c |
541,451 |
|||||
Healthcare Trust of America, Cl. A |
76,320 |
2,122,459 |
||||||
Kite Realty Group Trust |
12,601 |
c |
339,219 |
|||||
National Retail Properties |
31,790 |
c |
1,398,124 |
|||||
Physicians Realty Trust |
48,349 |
c |
830,636 |
|||||
STORE Capital |
29,363 |
c |
709,116 |
|||||
10,079,091 |
||||||||
Retailing - 6.5% |
||||||||
Burlington Stores |
8,723 |
a,b |
489,011 |
|||||
Core-Mark Holding |
12,385 |
911,908 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||||
Common Stocks - 97.8% (continued) |
Shares |
Value ($) |
||||||
Retailing - 6.5% (continued) |
||||||||
Dick's Sporting Goods |
51,115 |
2,170,854 |
||||||
Expedia |
6,571 |
684,107 |
||||||
Guess? |
17,720 |
a |
378,322 |
|||||
Liberty Interactive, Cl. A |
30,900 |
b |
784,242 |
|||||
Lithia Motors, Cl. A |
18,675 |
1,731,546 |
||||||
LKQ |
115,354 |
b |
3,183,770 |
|||||
Ollie's Bargain Outlet Holdings |
35,102 |
a |
709,060 |
|||||
Sally Beauty Holdings |
30,999 |
b |
978,948 |
|||||
Staples |
228,737 |
2,161,565 |
||||||
Ulta Salon Cosmetics & Fragrance |
2,989 |
b |
493,753 |
|||||
Urban Outfitters |
67,178 |
b |
1,779,545 |
|||||
Williams-Sonoma |
33,635 |
1,752,720 |
||||||
18,209,351 |
||||||||
Semiconductors & Semiconductor Equipment - 5.2% |
||||||||
Cypress Semiconductor |
57,002 |
a,b |
454,876 |
|||||
First Solar |
7,348 |
b |
528,101 |
|||||
Inphi |
28,470 |
b |
720,291 |
|||||
Integrated Device Technology |
31,480 |
b |
611,342 |
|||||
Maxim Integrated Products |
32,372 |
1,096,116 |
||||||
MaxLinear, Cl. A |
30,976 |
b |
498,404 |
|||||
Mellanox Technologies |
89,545 |
b |
4,549,781 |
|||||
Microsemi |
27,798 |
b |
962,645 |
|||||
Power Integrations |
17,849 |
818,020 |
||||||
Semtech |
16,140 |
b |
309,242 |
|||||
Skyworks Solutions |
6,713 |
446,079 |
||||||
Teradyne |
21,823 |
416,383 |
||||||
United Microelectronics, ADR |
812,451 |
1,681,774 |
||||||
Veeco Instruments |
81,649 |
b |
1,514,589 |
|||||
14,607,643 |
||||||||
Software & Services - 8.3% |
||||||||
Acxiom |
18,681 |
b |
387,444 |
|||||
Akamai Technologies |
9,919 |
b |
535,328 |
|||||
Amdocs |
43,375 |
2,461,965 |
||||||
ANSYS |
5,123 |
b |
425,311 |
|||||
Aspen Technology |
34,067 |
b |
1,123,189 |
|||||
Booz Allen Hamilton Holdings |
26,113 |
720,719 |
||||||
CACI International, Cl. A |
8,593 |
b |
830,256 |
|||||
CommVault Systems |
44,950 |
b |
1,684,277 |
|||||
CoreLogic |
136,633 |
b |
4,726,135 |
|||||
Demandware |
21,604 |
b |
749,443 |
|||||
Fidelity National Information Services |
11,209 |
652,924 |
||||||
Fleetmatics Group |
4,276 |
b |
154,406 |
|||||
HubSpot |
20,710 |
b |
862,779 |
|||||
Jack Henry & Associates |
27,610 |
2,270,646 |
||||||
Leidos Holdings |
5,429 |
234,641 |
||||||
LogMeIn |
14,858 |
b |
756,272 |
|||||
Paychex |
12,953 |
665,655 |
||||||
Perficient |
35,108 |
b |
633,699 |
|||||
Proofpoint |
12,927 |
b |
605,501 |
|||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | ||||||||
Common Stocks - 97.8% (continued) |
Shares |
Value ($) |
||||||
Software & Services - 8.3% (continued) |
||||||||
PTC |
10,545 |
b |
325,946 |
|||||
Science Applications International |
14,363 |
641,308 |
||||||
Splunk |
12,959 |
b |
565,012 |
|||||
SS&C Technologies Holdings |
10,148 |
591,527 |
||||||
Synopsys |
2,299 |
b |
102,880 |
|||||
TiVo |
45,675 |
b |
383,213 |
|||||
23,090,476 |
||||||||
Technology Hardware & Equipment - 10.1% |
||||||||
Amphenol, Cl. A |
14,242 |
755,823 |
||||||
Ciena |
172,803 |
b |
3,542,461 |
|||||
Electronics For Imaging |
9,292 |
b |
368,056 |
|||||
F5 Networks |
1,765 |
b |
169,740 |
|||||
FEI |
35,488 |
2,883,045 |
||||||
FLIR Systems |
100,964 |
3,125,845 |
||||||
Ingram Micro, Cl. A |
47,828 |
1,712,242 |
||||||
IPG Photonics |
26,048 |
a,b |
2,147,918 |
|||||
Keysight Technologies |
47,241 |
b |
1,232,518 |
|||||
Lumentum Holdings |
34,345 |
825,310 |
||||||
Mercury Systems |
56,303 |
b |
919,991 |
|||||
Methode Electronics |
61,010 |
1,743,056 |
||||||
National Instruments |
76,025 |
2,193,321 |
||||||
ScanSource |
51,140 |
b |
1,912,125 |
|||||
Trimble Navigation |
28,133 |
b |
654,374 |
|||||
Universal Display |
45,446 |
b |
2,171,410 |
|||||
Viavi Solutions |
204,393 |
b |
1,334,686 |
|||||
Vishay Intertechnology |
32,752 |
a |
387,784 |
|||||
28,079,705 |
||||||||
Transportation - 2.9% |
||||||||
CH Robinson Worldwide |
9,117 |
636,640 |
||||||
Kirby |
48,628 |
b |
2,752,831 |
|||||
Knight Transportation |
131,313 |
3,181,714 |
||||||
Ryder System |
25,215 |
1,430,195 |
||||||
8,001,380 |
||||||||
Utilities - 1.2% |
||||||||
Atmos Energy |
9,380 |
651,066 |
||||||
Calpine |
37,289 |
b |
468,350 |
|||||
CMS Energy |
15,568 |
615,870 |
||||||
ITC Holdings |
12,159 |
494,020 |
||||||
NiSource |
30,244 |
649,641 |
||||||
Portland General Electric |
15,331 |
583,345 |
||||||
3,462,292 |
||||||||
Total Common Stocks (cost $270,469,975) |
272,071,559 |
|||||||
Other Investment - 2.2% |
||||||||
Registered Investment Company; |
||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
6,248,282 |
d |
6,248,282 |
48
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Investment of Cash Collateral for Securities Loaned - 4.3% |
Shares |
Value ($) |
|||
Registered Investment Company; |
|||||
Dreyfus Institutional Cash Advantage Fund |
11,849,272 |
d |
11,849,272 |
||
Total Investments (cost $288,567,529) |
104.3% |
290,169,113 |
|||
Liabilities, Less Cash and Receivables |
(4.3%) |
(12,047,217) |
|||
Net Assets |
100.0% |
278,121,896 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $20,622,753 and the value of the collateral held by the fund was $21,107,967, consisting of cash collateral of $11,849,272 and U.S. Government & Agency securities valued at $9,258,695.
b Non-income producing security.
c Investment in real estate investment trust.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Technology Hardware & Equipment |
10.1 |
Capital Goods |
8.5 |
Software & Services |
8.3 |
Health Care Equipment & Services |
7.7 |
Banks |
6.8 |
Money Market Investments |
6.5 |
Retailing |
6.5 |
Diversified Financials |
5.4 |
Semiconductors & Semiconductor Equipment |
5.2 |
Materials |
4.6 |
Pharmaceuticals, Biotechnology & Life Sciences |
4.3 |
Real Estate |
3.6 |
Commercial & Professional Services |
3.5 |
Media |
3.2 |
Transportation |
2.9 |
Energy |
2.8 |
Exchange-Traded Funds |
2.6 |
Insurance |
2.6 |
Consumer Services |
2.4 |
Consumer Durables & Apparel |
2.1 |
Food & Staples Retailing |
1.5 |
Food, Beverage & Tobacco |
1.4 |
Utilities |
1.2 |
Household & Personal Products |
.4 |
Automobiles & Components |
.2 |
104.3 |
† Based on net assets.
See notes to financial statements.
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund | ||||||||||||||
Common Stocks - 98.4% |
Shares |
Value ($) |
||||||||||||
Australia - 4.7% |
||||||||||||||
ASX |
173,536 |
5,208,169 |
||||||||||||
Commonwealth Bank of Australia |
237,428 |
11,838,160 |
||||||||||||
Goodman Group |
1,414,591 |
6,555,202 |
||||||||||||
LendLease Group |
787,608 |
7,327,670 |
||||||||||||
Qantas Airways |
1,856,369 |
a |
5,099,213 |
|||||||||||
Woodside Petroleum |
563,363 |
10,191,394 |
||||||||||||
46,219,808 |
||||||||||||||
Belgium - 1.2% |
||||||||||||||
Anheuser-Busch InBev |
105,022 |
11,766,169 |
||||||||||||
Brazil - 1.0% |
||||||||||||||
Aperam |
290,010 |
9,879,027 |
||||||||||||
France - 12.4% |
||||||||||||||
Airbus Group |
145,572 |
9,427,804 |
||||||||||||
Atos |
178,251 |
12,937,474 |
||||||||||||
AXA |
604,504 |
13,283,845 |
||||||||||||
Cap Gemini |
89,862 |
7,419,094 |
||||||||||||
Carrefour |
420,993 |
11,117,350 |
||||||||||||
Cie Generale des Etablissements Michelin |
112,561 |
10,122,242 |
||||||||||||
Dassault Aviation |
5,441 |
6,288,017 |
||||||||||||
Eiffage |
86,867 |
6,161,013 |
||||||||||||
Orange |
554,228 |
9,565,460 |
||||||||||||
Sanofi |
243,153 |
19,240,072 |
||||||||||||
Societe Generale |
205,277 |
7,123,737 |
||||||||||||
Thales |
99,367 |
7,901,962 |
||||||||||||
120,588,070 |
||||||||||||||
Germany - 7.9% |
||||||||||||||
Allianz |
32,183 |
4,798,322 |
||||||||||||
Commerzbank |
2,154,121 |
a |
17,519,944 |
|||||||||||
Continental |
64,359 |
12,923,894 |
||||||||||||
Deutsche Post |
281,136 |
6,688,827 |
||||||||||||
Evonik Industries |
295,106 |
8,900,564 |
||||||||||||
Infineon Technologies |
904,077 |
11,094,638 |
||||||||||||
ProSiebenSat.1 Media |
180,936 |
9,282,517 |
||||||||||||
Wacker Chemie |
68,184 |
5,410,395 |
||||||||||||
76,619,101 |
||||||||||||||
Hong Kong - 1.6% |
||||||||||||||
AIA Group |
2,968,000 |
15,112,178 |
||||||||||||
Ireland - 1.8% |
||||||||||||||
Bank of Ireland |
31,136,695 |
a |
8,843,051 |
|||||||||||
Smurfit Kappa Group |
378,053 |
8,740,646 |
||||||||||||
17,583,697 |
||||||||||||||
Israel - 2.8% |
||||||||||||||
Bezeq The Israeli Telecommunication Corp. |
2,948,526 |
6,607,118 |
||||||||||||
Teva Pharmaceutical Industries, ADR |
373,554 |
20,769,602 |
||||||||||||
27,376,720 |
||||||||||||||
Italy - 1.9% |
||||||||||||||
Banco Popolare |
407,884 |
a |
3,334,135 |
|||||||||||
Enel |
2,524,528 |
10,074,870 |
||||||||||||
Prysmian |
240,629 |
4,883,087 |
||||||||||||
18,292,092 |
||||||||||||||
BNY Mellon International Fund (continued) | ||||||||||||||
Common Stocks - 98.4% (continued) |
Shares |
Value ($) |
||||||||||||
Japan - 22.6% |
||||||||||||||
Aisin Seiki |
229,700 |
9,157,845 |
||||||||||||
Astellas Pharma |
507,000 |
7,270,400 |
||||||||||||
Chubu Electric Power |
746,700 |
9,816,551 |
||||||||||||
East Japan Railway |
70,700 |
6,190,379 |
||||||||||||
Fujitsu |
2,212,000 |
8,064,822 |
||||||||||||
Japan Airlines |
245,700 |
8,775,719 |
||||||||||||
KDDI |
662,100 |
16,833,099 |
||||||||||||
Mitsubishi Electric |
1,290,000 |
12,998,441 |
||||||||||||
Mizuho Financial Group |
8,008,600 |
11,729,629 |
||||||||||||
Murata Manufacturing |
131,500 |
15,721,275 |
||||||||||||
Nintendo |
108,800 |
15,173,747 |
||||||||||||
Nippon Shokubai |
77,800 |
3,868,553 |
||||||||||||
Nitto Denko |
100,500 |
5,286,437 |
||||||||||||
Panasonic |
1,691,300 |
14,228,045 |
||||||||||||
Resona Holdings |
1,763,800 |
6,144,470 |
||||||||||||
Secom |
100,500 |
7,143,476 |
||||||||||||
Seven & I Holdings |
474,000 |
18,797,408 |
||||||||||||
Shionogi & Co. |
200,000 |
8,538,098 |
||||||||||||
Sony |
659,600 |
13,910,729 |
||||||||||||
Sumitomo Mitsui Financial Group |
575,500 |
16,045,466 |
||||||||||||
Tosoh |
1,060,000 |
4,008,140 |
||||||||||||
219,702,729 |
||||||||||||||
Netherlands - 3.5% |
||||||||||||||
Heineken |
134,864 |
10,846,525 |
||||||||||||
NXP Semiconductors |
119,032 |
a |
8,479,840 |
|||||||||||
RELX |
890,284 |
14,568,938 |
||||||||||||
33,895,303 |
||||||||||||||
Portugal - .7% |
||||||||||||||
Galp Energia |
642,089 |
7,025,105 |
||||||||||||
Singapore - .4% |
||||||||||||||
Singapore Exchange |
827,600 |
4,279,784 |
||||||||||||
Spain - 3.2% |
||||||||||||||
ACS Actividades de Construccion y Servicios |
340,290 |
8,780,491 |
||||||||||||
Banco Bilbao Vizcaya Argentaria |
2,811,376 |
17,824,725 |
||||||||||||
Distribuidora Internacional de Alimentacion |
910,417 |
a |
4,559,609 |
|||||||||||
31,164,825 |
||||||||||||||
Sweden - 2.7% |
||||||||||||||
Boliden |
389,046 |
5,822,593 |
||||||||||||
SKF, Cl. B |
568,384 |
9,357,212 |
||||||||||||
Svenska Cellulosa, Cl. B |
360,693 |
10,712,401 |
||||||||||||
25,892,206 |
||||||||||||||
Switzerland - 6.5% |
||||||||||||||
Actelion |
60,182 |
a |
8,330,448 |
|||||||||||
Adecco |
134,514 |
a |
7,787,863 |
|||||||||||
Credit Suisse Group |
638,927 |
a |
8,559,745 |
|||||||||||
Julius Baer Group |
226,807 |
a |
9,030,172 |
|||||||||||
Novartis |
319,593 |
22,809,422 |
||||||||||||
Swiss Life Holding |
27,496 |
a |
6,681,744 |
|||||||||||
63,199,394 |
50
BNY Mellon International Fund (continued) | |||||||||||||
Common Stocks - 98.4% (continued) |
Shares |
Value ($) |
|||||||||||
United Kingdom - 21.3% |
|||||||||||||
AstraZeneca |
439,449 |
24,930,450 |
|||||||||||
Aviva |
1,522,330 |
9,178,990 |
|||||||||||
BAE Systems |
1,055,796 |
7,498,054 |
|||||||||||
HSBC Holdings |
1,968,892 |
12,502,966 |
|||||||||||
Imperial Brands |
287,569 |
14,864,141 |
|||||||||||
Legal & General Group |
1,630,940 |
5,093,889 |
|||||||||||
Marks & Spencer Group |
2,090,146 |
12,307,861 |
|||||||||||
National Grid |
779,804 |
10,410,855 |
|||||||||||
Petrofac |
450,642 |
5,642,914 |
|||||||||||
Prudential |
674,093 |
11,637,706 |
|||||||||||
Royal Dutch Shell, Cl. B |
916,557 |
20,830,797 |
|||||||||||
Sky |
883,026 |
12,731,659 |
|||||||||||
Unilever |
718,486 |
30,751,862 |
|||||||||||
Whitbread |
125,358 |
6,790,754 |
|||||||||||
Wolseley |
188,573 |
9,641,305 |
|||||||||||
WPP |
571,042 |
12,002,973 |
|||||||||||
206,817,176 |
|||||||||||||
United States - 2.2% |
|||||||||||||
iShares MSCI EAFE ETF |
391,857 |
21,015,291 |
|||||||||||
Total Common Stocks (cost $1,128,098,413) |
956,428,675 |
||||||||||||
Other Investment - .7% |
|||||||||||||
Registered Investment Company; |
|||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
6,759,093 |
b |
6,759,093 |
||||||||||
Total Investments (cost $1,134,857,506) |
99.1% |
963,187,768 |
|||||||||||
Cash and Receivables (Net) |
.9% |
9,079,316 |
|||||||||||
Net Assets |
100.0% |
972,267,084 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Financials |
23.2 |
Industrials |
13.9 |
Consumer Discretionary |
12.1 |
Consumer Staples |
11.7 |
Health Care |
11.5 |
Materials |
6.9 |
Information Technology |
6.5 |
Energy |
3.9 |
Telecommunications |
3.4 |
Utilities |
3.1 |
Exchange-Traded Funds |
2.2 |
Money Market Investment |
.7 |
99.1 |
† Based on net assets.
See notes to financial statements.
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Common Stocks - 99.3% |
Shares |
Value ($) |
|||||||||||||||
Brazil - 3.4% |
|||||||||||||||||
Ambev, ADR |
2,781,977 |
12,073,780 |
|||||||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo |
637,400 |
3,588,951 |
|||||||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR |
96,819 |
539,282 |
|||||||||||||||
Fibria Celulose |
392,500 |
4,300,781 |
|||||||||||||||
Multiplus |
100,700 |
667,062 |
|||||||||||||||
21,169,856 |
|||||||||||||||||
China - 21.7% |
|||||||||||||||||
Air China, Cl. H |
6,262,000 |
3,711,447 |
|||||||||||||||
ANTA Sports Products |
2,899,000 |
6,571,236 |
|||||||||||||||
Beijing Capital International Airport, Cl. H |
1,788,000 |
1,560,197 |
|||||||||||||||
China Construction Bank, Cl. H |
30,428,939 |
17,851,215 |
|||||||||||||||
China Longyuan Power Group, Cl. H |
3,501,000 |
1,923,753 |
|||||||||||||||
CNOOC |
10,807,000 |
11,384,964 |
|||||||||||||||
Ctrip.com International, ADR |
147,407 |
a |
6,031,894 |
||||||||||||||
Dongfeng Motor Group, Cl. H |
4,718,000 |
5,501,669 |
|||||||||||||||
JD.com, ADR |
133,689 |
a |
3,437,144 |
||||||||||||||
PICC Property & Casualty, Cl. H |
5,874,000 |
8,866,073 |
|||||||||||||||
Ping An Insurance Group Company of China, Cl. H |
2,370,500 |
10,026,864 |
|||||||||||||||
Shanghai Pharmaceuticals Holding, Cl. H |
3,987,000 |
7,202,786 |
|||||||||||||||
Shenzhou International Group Holdings |
352,000 |
1,801,171 |
|||||||||||||||
Sihuan Pharmaceutical Holdings Group |
10,620,000 |
2,717,108 |
|||||||||||||||
Sinopec Shanghai Petrochemical, Cl. H |
7,406,000 |
a |
3,142,150 |
||||||||||||||
Sinotrans, Cl. H |
10,709,000 |
3,992,787 |
|||||||||||||||
Tencent Holdings |
2,028,800 |
36,943,535 |
|||||||||||||||
132,665,993 |
|||||||||||||||||
Colombia - .6% |
|||||||||||||||||
Bancolombia, ADR |
126,216 |
3,796,577 |
|||||||||||||||
Hong Kong - 6.4% |
|||||||||||||||||
China Mobile |
1,254,000 |
13,283,695 |
|||||||||||||||
China Mobile, ADR |
127,405 |
6,814,893 |
|||||||||||||||
China Overseas Land & Investment |
2,568,000 |
7,610,296 |
|||||||||||||||
COSCO Pacific |
4,369,483 |
4,563,782 |
|||||||||||||||
CSPC Pharmaceutical Group |
4,616,000 |
3,681,270 |
|||||||||||||||
Haier Electronics Group |
589,000 |
881,915 |
|||||||||||||||
Lenovo Group |
814,000 |
682,476 |
|||||||||||||||
Sino Biopharmaceutical |
2,160,000 |
1,577,916 |
|||||||||||||||
39,096,243 |
|||||||||||||||||
Hungary - .8% |
|||||||||||||||||
Richter Gedeon |
288,173 |
5,113,908 |
|||||||||||||||
India - 6.0% |
|||||||||||||||||
Aurobindo Pharma |
356,445 |
3,413,292 |
|||||||||||||||
Bharti Infratel |
445,657 |
2,327,445 |
|||||||||||||||
HCL Technologies |
857,825 |
10,218,896 |
|||||||||||||||
Hindustan Petroleum |
389,745 |
3,919,352 |
|||||||||||||||
ICICI Bank |
268,552 |
752,847 |
|||||||||||||||
Maruti Suzuki India |
43,978 |
2,079,203 |
|||||||||||||||
Reliance Industries |
150,536 |
2,125,219 |
|||||||||||||||
BNY Mellon Emerging Markets Fund (continued) | |||||||||||||||||
Common Stocks - 99.3% (continued) |
Shares |
Value ($) |
|||||||||||||||
India - 6.0% (continued) |
|||||||||||||||||
UPL |
862,764 |
4,807,120 |
|||||||||||||||
Yes Bank |
709,289 |
7,135,786 |
|||||||||||||||
36,779,160 |
|||||||||||||||||
Indonesia - 3.7% |
|||||||||||||||||
Bank Negara Indonesia |
14,511,600 |
5,517,128 |
|||||||||||||||
Matahari Department Store |
4,146,000 |
5,726,379 |
|||||||||||||||
Telekomunikasi Indonesia |
46,119,100 |
11,284,966 |
|||||||||||||||
22,528,473 |
|||||||||||||||||
Malaysia - 1.3% |
|||||||||||||||||
British American Tobacco Malaysia |
157,600 |
2,104,873 |
|||||||||||||||
Malayan Banking |
2,854,900 |
5,777,364 |
|||||||||||||||
7,882,237 |
|||||||||||||||||
Mexico - 5.9% |
|||||||||||||||||
Alfa, Cl. A |
1,437,882 |
2,601,353 |
|||||||||||||||
Arca Continental |
1,030,658 |
6,287,980 |
|||||||||||||||
Controladora Vuela Compania de Aviacion, ADR |
115,066 |
a |
2,250,691 |
||||||||||||||
Gruma, Cl. B |
231,085 |
3,697,105 |
|||||||||||||||
Grupo Aeroportuario del Centro Norte |
954,400 |
a |
4,532,479 |
||||||||||||||
Grupo Financiero Banorte, Ser. O |
1,563,100 |
7,889,646 |
|||||||||||||||
Wal-Mart de Mexico |
3,806,400 |
8,962,781 |
|||||||||||||||
36,222,035 |
|||||||||||||||||
Peru - 2.0% |
|||||||||||||||||
Credicorp |
104,235 |
12,220,511 |
|||||||||||||||
Philippines - .9% |
|||||||||||||||||
Metropolitan Bank & Trust |
3,542,324 |
5,628,885 |
|||||||||||||||
Russia - 5.6% |
|||||||||||||||||
Lukoil, ADR |
258,506 |
9,174,378 |
|||||||||||||||
Magnit, GDR |
149,917 |
4,979,988 |
|||||||||||||||
Rosneft, GDR |
1,732,068 |
6,483,849 |
|||||||||||||||
Sberbank of Russia, ADR |
2,248,227 |
13,601,773 |
|||||||||||||||
34,239,988 |
|||||||||||||||||
South Africa - 6.8% |
|||||||||||||||||
AngloGold Ashanti, ADR |
235,033 |
a |
3,060,130 |
||||||||||||||
Barclays Africa Group |
1,102,972 |
9,386,927 |
|||||||||||||||
Bidvest Group |
398,536 |
8,964,599 |
|||||||||||||||
Clicks Group |
838,040 |
4,884,294 |
|||||||||||||||
Mediclinic International |
348,215 |
a |
4,047,659 |
||||||||||||||
MTN Group |
696,638 |
5,864,586 |
|||||||||||||||
Woolworths Holdings |
1,047,341 |
5,324,944 |
|||||||||||||||
41,533,139 |
|||||||||||||||||
South Korea - 12.3% |
|||||||||||||||||
BGF Retail |
11,425 |
1,501,315 |
|||||||||||||||
DGB Financial Group |
343,980 |
2,303,710 |
|||||||||||||||
Dongbu Insurance |
56,895 |
3,102,169 |
|||||||||||||||
Hyundai Marine & Fire Insurance |
87,546 |
2,174,712 |
|||||||||||||||
Hyundai Wia |
66,510 |
5,878,729 |
|||||||||||||||
KB Financial Group |
271,509 |
6,504,684 |
|||||||||||||||
Korea Electric Power |
197,409 |
9,385,437 |
|||||||||||||||
Korea Electric Power, ADR |
26,786 |
630,542 |
52
BNY Mellon Emerging Markets Fund (continued) | ||||||||||||||||
Common Stocks - 99.3% (continued) |
Shares |
Value ($) |
||||||||||||||
South Korea - 12.3% (continued) |
||||||||||||||||
Korea Investment Holdings |
145,166 |
a |
4,860,448 |
|||||||||||||
LG Chem |
15,095 |
3,653,680 |
||||||||||||||
LG Household & Health Care |
11,996 |
8,405,378 |
||||||||||||||
Lotte Chemical |
29,629 |
7,639,155 |
||||||||||||||
Samsung Electronics |
20,365 |
19,359,462 |
||||||||||||||
75,399,421 |
||||||||||||||||
Taiwan - 11.2% |
||||||||||||||||
Advanced Semiconductor Engineering |
6,971,842 |
7,903,255 |
||||||||||||||
China Development Financial Holding |
12,249,000 |
2,928,941 |
||||||||||||||
CTBC Financial Holding |
10,032,967 |
4,861,946 |
||||||||||||||
Largan Precision |
86,000 |
6,466,419 |
||||||||||||||
Novatek Microelectronics |
1,233,000 |
5,064,232 |
||||||||||||||
Powertech Technology |
1,697,000 |
3,669,185 |
||||||||||||||
Taiwan Semiconductor Manufacturing |
6,964,000 |
31,345,494 |
||||||||||||||
Uni-President Enterprises |
2,441,000 |
4,214,846 |
||||||||||||||
Zhen Ding Technology Holding |
986,000 |
2,132,052 |
||||||||||||||
68,586,370 |
||||||||||||||||
Thailand - 3.7% |
||||||||||||||||
Jasmine Broadband Internet Infrastructure Fund, Cl. F |
11,130,200 |
2,608,610 |
||||||||||||||
PTT |
1,075,100 |
7,895,554 |
||||||||||||||
Thai Beverage |
11,500,900 |
5,725,910 |
||||||||||||||
Thai Oil |
3,590,000 |
6,397,704 |
||||||||||||||
22,627,778 |
||||||||||||||||
Turkey - 4.0% |
||||||||||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi |
4,292,344 |
3,731,224 |
||||||||||||||
Ford Otomotiv Sanayi |
208,154 |
2,448,060 |
||||||||||||||
TAV Havalimananlari Holdings |
920,461 |
5,412,299 |
||||||||||||||
Tupras Turkiye Petrol Rafinerileri |
164,119 |
a |
4,189,313 |
|||||||||||||
Turkiye Halk Bankasi |
2,515,224 |
8,475,214 |
||||||||||||||
24,256,110 |
||||||||||||||||
United Arab Emirates - 1.9% |
||||||||||||||||
Abu Dhabi Commercial Bank |
2,256,932 |
4,185,725 |
||||||||||||||
Emaar Properties |
3,001,077 |
4,780,067 |
||||||||||||||
Emirates Telecommunications Group |
601,237 |
2,872,327 |
||||||||||||||
11,838,119 |
||||||||||||||||
United States - 1.1% |
||||||||||||||||
iShares MSCI Emerging Markets ETF |
218,343 |
6,620,160 |
||||||||||||||
Total Common Stocks (cost $613,502,493) |
608,204,963 |
|||||||||||||||
BNY Mellon Emerging Markets Fund (continued) | ||||||||||||||||
Other Investment - .1% |
Shares |
Value ($) |
||||||||||||||
Registered Investment Company; |
||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
472,164 |
b |
472,164 |
|||||||||||||
Total Investments (cost $613,974,657) |
99.4% |
608,677,127 |
||||||||||||||
Cash and Receivables (Net) |
.6% |
3,935,928 |
||||||||||||||
Net Assets |
100.0% |
612,613,055 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
GDR—Global Depository Receipt
a Non-income producing security.
b Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Financials |
26.8 |
Information Technology |
20.2 |
Consumer Staples |
10.3 |
Energy |
8.4 |
Consumer Discretionary |
7.6 |
Telecommunication Services |
7.4 |
Industrials |
6.1 |
Health Care |
4.5 |
Materials |
4.3 |
Utilities |
2.6 |
Exchange-Traded Funds |
1.1 |
Money Market Investment |
.1 |
99.4 |
† Based on net assets.
See notes to financial statements.
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund | |||||||||||||||
Common Stocks - 99.4% |
Shares |
Value ($) |
|||||||||||||
Automobiles & Components - 4.3% |
|||||||||||||||
Bridgestone, ADR |
23,448 |
413,154 |
|||||||||||||
Daimler |
10,257 |
697,168 |
|||||||||||||
Denso, ADR |
20,138 |
373,358 |
|||||||||||||
Ferrari |
1,439 |
a |
54,653 |
||||||||||||
Fiat Chrysler Automobiles |
14,395 |
98,606 |
|||||||||||||
Honda Motor, ADR |
14,948 |
384,313 |
|||||||||||||
Nissan Motor, ADR |
2,962 |
53,583 |
|||||||||||||
Toyota Motor, ADR |
10,048 |
1,045,997 |
|||||||||||||
Volkswagen, ADR |
8,750 |
239,925 |
|||||||||||||
3,360,757 |
|||||||||||||||
Banks - 11.4% |
|||||||||||||||
Australia & New Zealand Banking Group, ADR |
29,298 |
469,647 |
|||||||||||||
Banco Bilbao Vizcaya Argentaria, ADR |
69,211 |
438,106 |
|||||||||||||
Banco Santander, ADR |
109,115 |
435,369 |
|||||||||||||
Bank of Ireland, ADR |
13,000 |
a |
145,730 |
||||||||||||
Bank of Yokohama, ADR |
11,208 |
202,529 |
|||||||||||||
Barclays, ADR |
29,240 |
276,026 |
|||||||||||||
BNP Paribas, ADR |
16,961 |
394,513 |
|||||||||||||
Commerzbank, ADR |
22,392 |
a |
182,943 |
||||||||||||
Commonwealth Bank of Australia, ADR |
3,823 |
b |
574,568 |
||||||||||||
Credit Agricole, ADR |
25,891 |
133,598 |
|||||||||||||
Danske Bank, ADR |
22,808 |
a |
309,048 |
||||||||||||
Erste Group Bank, ADR |
12,283 |
a |
157,591 |
||||||||||||
Hachijuni Bank, ADR |
3,799 |
174,342 |
|||||||||||||
Hang Seng Bank, ADR |
8,669 |
148,847 |
|||||||||||||
HSBC Holdings, ADR |
22,228 |
706,184 |
|||||||||||||
ING Groep, ADR |
36,569 |
428,589 |
|||||||||||||
Intesa Sanpaolo, ADR |
29,834 |
448,107 |
|||||||||||||
Lloyds Banking Group, ADR |
112,623 |
456,123 |
|||||||||||||
Mitsubishi UFJ Financial Group, ADR |
104,092 |
446,555 |
|||||||||||||
Mizuho Financial Group, ADR |
41,000 |
120,130 |
|||||||||||||
National Australia Bank, ADR |
55,006 |
491,204 |
|||||||||||||
Shinsei Bank, ADR |
50,546 |
122,321 |
|||||||||||||
Societe Generale, ADR |
40,045 |
281,516 |
|||||||||||||
Sumitomo Mitsui Financial Group, ADR |
33,296 |
184,793 |
|||||||||||||
Sumitomo Mitsui Trust Holdings, ADR |
51,240 |
146,034 |
|||||||||||||
United Overseas Bank, ADR |
11,700 |
284,661 |
|||||||||||||
Westpac Banking, ADR |
32,315 |
661,165 |
|||||||||||||
8,820,239 |
|||||||||||||||
Capital Goods - 10.3% |
|||||||||||||||
ABB, ADR |
27,472 |
a |
489,002 |
||||||||||||
Airbus Group, ADR |
27,772 |
446,296 |
|||||||||||||
Asahi Glass, ADR |
38,076 |
182,003 |
|||||||||||||
Atlas Copco, Cl. A, ADR |
11,747 |
264,542 |
|||||||||||||
Atlas Copco, Cl. B, ADR |
9,020 |
191,946 |
|||||||||||||
BAE Systems, ADR |
10,689 |
302,499 |
|||||||||||||
CK Hutchison Holdings, ADR |
16,471 |
200,617 |
|||||||||||||
FANUC, ADR |
12,000 |
293,760 |
|||||||||||||
ITOCHU, ADR |
5,705 |
134,410 |
|||||||||||||
Kajima, ADR |
3,417 |
196,165 |
|||||||||||||
BNY Mellon International Appreciation Fund (continued) | |||||||||||||||
Common Stocks - 99.4% (continued) |
Shares |
Value ($) |
|||||||||||||
Capital Goods - 10.3% (continued) |
|||||||||||||||
Kawasaki Heavy Industries, ADR |
17,754 |
195,116 |
|||||||||||||
Keppel, ADR |
13,187 |
96,529 |
|||||||||||||
Komatsu, ADR |
14,788 |
227,735 |
|||||||||||||
Kubota, ADR |
5,271 |
336,079 |
|||||||||||||
Marubeni, ADR |
4,423 |
223,273 |
|||||||||||||
Metso, ADR |
30,248 |
164,852 |
|||||||||||||
Mitsubishi Electric, ADR |
18,575 |
380,602 |
|||||||||||||
Mitsubishi, ADR |
8,957 |
287,968 |
|||||||||||||
Mitsui & Co., ADR |
811 |
187,746 |
|||||||||||||
Nidec, ADR |
15,562 |
260,508 |
|||||||||||||
NSK, ADR |
11,210 |
204,022 |
|||||||||||||
Rolls-Royce Holdings, ADR |
20,230 |
189,150 |
|||||||||||||
Sandvik, ADR |
27,176 |
246,758 |
|||||||||||||
Siemens, ADR |
7,611 |
704,779 |
|||||||||||||
SKF, ADR |
10,990 |
181,994 |
|||||||||||||
Sumitomo Electric Industries, ADR |
27,020 |
323,970 |
|||||||||||||
Sumitomo, ADR |
24,536 |
241,189 |
|||||||||||||
Teijin, ADR |
6,424 |
207,162 |
|||||||||||||
Toray Industries, ADR |
15,040 |
239,888 |
|||||||||||||
TOTO, ADR |
6,445 |
183,747 |
|||||||||||||
Volvo, ADR |
21,752 |
219,478 |
|||||||||||||
8,003,785 |
|||||||||||||||
Commercial & Professional Services - 1.8% |
|||||||||||||||
Dai Nippon Printing, ADR |
24,828 |
212,776 |
|||||||||||||
Experian, ADR |
19,573 |
322,759 |
|||||||||||||
Secom, ADR |
28,620 |
509,150 |
|||||||||||||
Toppan Printing, ADR |
39,905 |
342,784 |
|||||||||||||
1,387,469 |
|||||||||||||||
Consumer Durables & Apparel - 3.3% |
|||||||||||||||
adidas, ADR |
7,975 |
423,074 |
|||||||||||||
Casio Computer, ADR |
1,290 |
239,282 |
|||||||||||||
Cie Financiere Richemont, ADR |
40,900 |
257,261 |
|||||||||||||
Electrolux, ADR |
3,567 |
164,831 |
|||||||||||||
LVMH Moet Hennessy Louis Vuitton, ADR |
14,919 |
493,222 |
|||||||||||||
Panasonic, ADR |
26,520 |
222,503 |
|||||||||||||
Pandora, ADR |
10,600 |
334,642 |
|||||||||||||
Sega Sammy Holdings, ADR |
70,384 |
182,998 |
|||||||||||||
Sony, ADR |
12,522 |
264,465 |
|||||||||||||
2,582,278 |
|||||||||||||||
Consumer Services - 1.3% |
|||||||||||||||
Compass Group, ADR |
26,025 |
460,642 |
|||||||||||||
InterContinental Hotels Group, ADR |
6,647 |
251,190 |
|||||||||||||
Sodexo, ADR |
15,810 |
322,998 |
|||||||||||||
1,034,830 |
|||||||||||||||
Diversified Financials - 2.7% |
|||||||||||||||
Computershare, ADR |
32,342 |
207,312 |
|||||||||||||
Credit Suisse Group, ADR |
19,057 |
254,030 |
|||||||||||||
Daiwa Securities Group, ADR |
42,790 |
255,884 |
|||||||||||||
Deutsche Bank |
13,106 |
225,292 |
|||||||||||||
Nomura Holdings, ADR |
53,857 |
226,199 |
54
BNY Mellon International Appreciation Fund (continued) | ||||||||||||||||||
Common Stocks - 99.4% (continued) |
Shares |
Value ($) |
||||||||||||||||
Diversified Financials - 2.7% (continued) |
||||||||||||||||||
ORIX, ADR |
4,179 |
272,471 |
||||||||||||||||
UBS Group |
42,451 |
646,104 |
||||||||||||||||
2,087,292 |
||||||||||||||||||
Energy - 4.3% |
||||||||||||||||||
BP, ADR |
22,866 |
665,172 |
||||||||||||||||
Eni, ADR |
13,775 |
384,322 |
||||||||||||||||
Repsol, ADR |
18,957 |
196,205 |
||||||||||||||||
Royal Dutch Shell, Cl. A, ADR |
8,674 |
394,493 |
||||||||||||||||
Royal Dutch Shell, Cl. B, ADR |
6,693 |
305,937 |
||||||||||||||||
Statoil, ADR |
13,355 |
194,449 |
||||||||||||||||
Technip, ADR |
14,109 |
172,341 |
||||||||||||||||
Total, ADR |
17,119 |
765,390 |
||||||||||||||||
Woodside Petroleum, ADR |
12,515 |
230,276 |
||||||||||||||||
3,308,585 |
||||||||||||||||||
Food & Staples Retailing - 1.2% |
||||||||||||||||||
Aeon, ADR |
16,968 |
222,481 |
||||||||||||||||
Delhaize Group, ADR |
10,319 |
259,729 |
||||||||||||||||
J Sainsbury, ADR |
1,318 |
18,505 |
||||||||||||||||
Koninklijke Ahold, ADR |
12,403 |
270,261 |
||||||||||||||||
Tesco, ADR |
21,655 |
a |
163,820 |
|||||||||||||||
934,796 |
||||||||||||||||||
Food, Beverage & Tobacco - 8.6% |
||||||||||||||||||
Ajinomoto, ADR |
10,230 |
250,635 |
||||||||||||||||
Anheuser-Busch InBev, ADR |
6,685 |
745,377 |
||||||||||||||||
British American Tobacco, ADR |
6,204 |
674,003 |
||||||||||||||||
Coca-Cola Amatil, ADR |
19,462 |
116,967 |
||||||||||||||||
Coca-Cola HBC, ADR |
8,162 |
a |
153,446 |
|||||||||||||||
Danone, ADR |
37,009 |
515,165 |
||||||||||||||||
Diageo, ADR |
4,498 |
461,495 |
||||||||||||||||
Heineken, ADR |
8,009 |
320,760 |
||||||||||||||||
Imperial Brands, ADR |
4,537 |
467,538 |
||||||||||||||||
Japan Tobacco, ADR |
14,000 |
278,320 |
||||||||||||||||
Kirin Holdings, ADR |
20,382 |
268,023 |
||||||||||||||||
Nestle, ADR |
23,155 |
1,617,608 |
||||||||||||||||
Orkla, ADR |
26,607 |
218,443 |
||||||||||||||||
SABMiller, ADR |
6,578 |
380,471 |
||||||||||||||||
Yamazaki Baking, ADR |
1,023 |
193,679 |
||||||||||||||||
6,661,930 |
||||||||||||||||||
Health Care Equipment & Services - 1.8% |
||||||||||||||||||
Essilor International, ADR |
8,784 |
518,344 |
||||||||||||||||
Fresenius Medical Care & Co., ADR |
8,300 |
348,185 |
||||||||||||||||
Olympus, ADR |
7,140 |
261,110 |
||||||||||||||||
Smith & Nephew, ADR |
8,103 |
264,482 |
||||||||||||||||
1,392,121 |
||||||||||||||||||
Household & Personal Products - 3.2% |
||||||||||||||||||
Henkel AG & Co., ADR |
3,272 |
327,364 |
||||||||||||||||
Kao, ADR |
6,988 |
352,195 |
||||||||||||||||
L'Oreal, ADR |
10,964 |
368,171 |
||||||||||||||||
Reckitt Benckiser, ADR |
14,141 |
260,194 |
||||||||||||||||
Svenska Cellulosa, ADR |
9,119 |
271,290 |
||||||||||||||||
BNY Mellon International Appreciation Fund (continued) | ||||||||||||||||||
Common Stocks - 99.4% (continued) |
Shares |
Value ($) |
||||||||||||||||
Household & Personal Products - 3.2% (continued) |
||||||||||||||||||
Unilever (NY Shares) |
10,503 |
447,533 |
||||||||||||||||
Unilever, ADR |
9,938 |
425,545 |
||||||||||||||||
2,452,292 |
||||||||||||||||||
Insurance - 5.5% |
||||||||||||||||||
Aegon (NY Shares) |
23,011 |
115,055 |
||||||||||||||||
Ageas, ADR |
7,836 |
287,581 |
||||||||||||||||
AIA Group, ADR |
31,000 |
641,080 |
||||||||||||||||
Allianz, ADR |
48,070 |
711,917 |
||||||||||||||||
AXA, ADR |
24,100 |
527,549 |
||||||||||||||||
Legal & General Group, ADR |
26,267 |
415,019 |
||||||||||||||||
MS&AD Insurance Group Holdings, ADR |
18,902 |
256,500 |
||||||||||||||||
Prudential, ADR |
15,132 |
526,745 |
||||||||||||||||
Tokio Marine Holdings, ADR |
12,055 |
421,563 |
||||||||||||||||
Zurich Insurance Group, ADR |
16,447 |
a |
349,005 |
|||||||||||||||
4,252,014 |
||||||||||||||||||
Materials - 6.3% |
||||||||||||||||||
Air Liquide, ADR |
24,467 |
507,935 |
||||||||||||||||
Akzo Nobel, ADR |
12,115 |
235,758 |
||||||||||||||||
Alumina, ADR |
43,720 |
164,824 |
||||||||||||||||
Amcor, ADR |
7,596 |
303,840 |
||||||||||||||||
Anglo American, ADR |
17,423 |
a |
57,322 |
|||||||||||||||
ArcelorMittal |
19,505 |
a |
74,119 |
|||||||||||||||
Asahi Kasei, ADR |
16,985 |
190,232 |
||||||||||||||||
BASF, ADR |
8,746 |
568,315 |
||||||||||||||||
BHP Billiton Ltd., ADR |
11,404 |
257,844 |
||||||||||||||||
BHP Billiton, ADR |
4,945 |
99,345 |
||||||||||||||||
Boral, ADR |
14,021 |
233,939 |
||||||||||||||||
Glencore, ADR |
46,136 |
167,474 |
||||||||||||||||
James Hardie Industries, ADR |
22,520 |
287,806 |
||||||||||||||||
Johnson Matthey, ADR |
2,392 |
173,157 |
||||||||||||||||
Kobe Steel, ADR |
9,450 |
36,099 |
||||||||||||||||
Nippon Steel & Sumitomo Metal, ADR |
11,082 |
190,666 |
||||||||||||||||
Nitto Denko, ADR |
8,620 |
243,084 |
||||||||||||||||
Norsk Hydro, ADR |
30,033 |
117,129 |
||||||||||||||||
OJI Holdings, ADR |
3,200 |
121,054 |
||||||||||||||||
Rio Tinto, ADR |
7,424 |
193,766 |
||||||||||||||||
South32, ADR |
17,139 |
a |
76,097 |
|||||||||||||||
Syngenta, ADR |
4,695 |
376,962 |
||||||||||||||||
UPM-Kymmene, ADR |
10,872 |
183,628 |
||||||||||||||||
4,860,395 |
||||||||||||||||||
Media - 2.4% |
||||||||||||||||||
Pearson, ADR |
11,433 |
135,252 |
||||||||||||||||
Publicis Groupe, ADR |
13,264 |
205,327 |
||||||||||||||||
RELX, ADR |
26,124 |
455,080 |
||||||||||||||||
Sky, ADR |
3,357 |
194,471 |
||||||||||||||||
Wolters Kluwer, ADR |
8,372 |
314,452 |
||||||||||||||||
WPP, ADR |
4,996 |
525,779 |
||||||||||||||||
1,830,361 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | ||||||||||||||
Common Stocks - 99.4% (continued) |
Shares |
Value ($) |
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 9.8% |
||||||||||||||
AstraZeneca, ADR |
22,386 |
641,807 |
||||||||||||
Bayer, ADR |
7,730 |
801,214 |
||||||||||||
Eisai, ADR |
4,123 |
255,667 |
||||||||||||
GlaxoSmithKline, ADR |
19,040 |
736,277 |
||||||||||||
Novartis, ADR |
18,187 |
1,293,278 |
||||||||||||
Novo Nordisk, ADR |
18,375 |
944,475 |
||||||||||||
Roche Holding, ADR |
46,082 |
1,476,928 |
||||||||||||
Sanofi, ADR |
19,089 |
754,970 |
||||||||||||
Shire, ADR |
1,985 |
309,878 |
||||||||||||
Teva Pharmaceutical Industries, ADR |
7,500 |
417,000 |
||||||||||||
7,631,494 |
||||||||||||||
Real Estate - 3.9% |
||||||||||||||
British Land, ADR |
34,194 |
309,456 |
||||||||||||
CapitaLand, ADR |
60,796 |
257,611 |
||||||||||||
City Developments, ADR |
27,591 |
140,300 |
||||||||||||
Daiwa House Industry, ADR |
12,610 |
346,901 |
||||||||||||
Hysan Development, ADR |
23,301 |
184,584 |
||||||||||||
LendLease Group, ADR |
33,616 |
314,478 |
||||||||||||
Mitsubishi Estate, ADR |
18,000 |
334,800 |
||||||||||||
Sino Land, ADR |
25,641 |
178,059 |
||||||||||||
Sun Hung Kai Properties, ADR |
22,037 |
250,340 |
||||||||||||
Swire Pacific, ADR |
22,906 |
224,983 |
||||||||||||
Westfield, ADR |
31,914 |
455,732 |
||||||||||||
2,997,244 |
||||||||||||||
Retailing - 1.2% |
||||||||||||||
Hennes & Mauritz, ADR |
75,106 |
482,932 |
||||||||||||
Kingfisher, ADR |
26,001 |
244,409 |
||||||||||||
Marui Group, ADR |
6,401 |
176,924 |
||||||||||||
904,265 |
||||||||||||||
Software & Services - 2.2% |
||||||||||||||
Dassault Systemes, ADR |
4,670 |
353,449 |
||||||||||||
Fujitsu, ADR |
7,602 |
140,105 |
||||||||||||
NICE Systems, ADR |
2,700 |
161,784 |
||||||||||||
Sage Group, ADR |
8,164 |
270,147 |
||||||||||||
SAP, ADR |
10,012 |
754,304 |
||||||||||||
1,679,789 |
||||||||||||||
Technology Hardware & Equipment - 2.9% |
||||||||||||||
Canon, ADR |
10,097 |
284,735 |
||||||||||||
Ericsson, ADR |
27,004 |
247,762 |
||||||||||||
FUJIFILM Holdings, ADR |
8,819 |
332,476 |
||||||||||||
Hitachi, ADR |
4,435 |
186,847 |
||||||||||||
Kyocera, ADR |
7,424 |
326,879 |
||||||||||||
Nokia, ADR |
61,380 |
370,121 |
||||||||||||
Omron, ADR |
6,660 |
176,357 |
||||||||||||
Ricoh,ADR |
15,155 |
148,974 |
||||||||||||
TDK, ADR |
3,571 |
185,728 |
||||||||||||
2,259,879 |
||||||||||||||
Telecommunication Services - 5.5% |
||||||||||||||
BT Group, ADR |
15,368 |
519,746 |
||||||||||||
BNY Mellon International Appreciation Fund (continued) | ||||||||||||||
Common Stocks - 99.4% (continued) |
Shares |
Value ($) |
||||||||||||
Telecommunication Services - 5.5% (continued) |
||||||||||||||
Deutsche Telekom, ADR |
32,684 |
544,515 |
||||||||||||
KDDI, ADR |
21,000 |
267,960 |
||||||||||||
Nippon Telegraph & Telephone, ADR |
7,682 |
328,098 |
||||||||||||
Orange, ADR |
20,502 |
352,429 |
||||||||||||
Singapore Telecommunications, ADR |
1,960 |
51,685 |
||||||||||||
SoftBank Group, ADR |
15,000 |
370,500 |
||||||||||||
Swisscom, ADR |
5,636 |
275,262 |
||||||||||||
Telecom Italia, ADR |
21,096 |
a |
202,100 |
|||||||||||
Telefonica, ADR |
35,550 |
353,367 |
||||||||||||
Telenor, ADR |
2,996 |
133,412 |
||||||||||||
Telstra, ADR |
17,148 |
322,211 |
||||||||||||
Vodafone Group, ADR |
18,664 |
567,386 |
||||||||||||
4,288,671 |
||||||||||||||
Transportation - 1.8% |
||||||||||||||
ANA Holdings, ADR |
34,722 |
196,443 |
||||||||||||
Deutsche Lufthansa, ADR |
3,316 |
a |
49,243 |
|||||||||||
International Consolidated Airlines Group, ADR |
4,862 |
183,540 |
||||||||||||
MTR, ADR |
8,662 |
407,894 |
||||||||||||
Nippon Yusen, ADR |
51,373 |
185,456 |
||||||||||||
Ryanair Holdings, ADR |
1,829 |
152,118 |
||||||||||||
TNT Express, ADR |
21,644 |
184,407 |
||||||||||||
1,359,101 |
||||||||||||||
Utilities - 3.7% |
||||||||||||||
Centrica, ADR |
10,470 |
119,986 |
||||||||||||
CLP Holdings, ADR |
18,613 |
164,725 |
||||||||||||
E.ON, ADR |
20,694 |
189,557 |
||||||||||||
EDP - Energias de Portugal, ADR |
4,030 |
124,487 |
||||||||||||
Enel, ADR |
87,907 |
344,595 |
||||||||||||
Engie, ADR |
12,586 |
193,824 |
||||||||||||
Hong Kong & China Gas, ADR |
111,620 |
199,800 |
||||||||||||
Iberdrola, ADR |
19,848 |
509,002 |
||||||||||||
National Grid, ADR |
5,744 |
386,456 |
||||||||||||
RWE, ADR |
4,530 |
51,506 |
||||||||||||
SSE, ADR |
7,960 |
151,797 |
||||||||||||
United Utilities Group, ADR |
8,447 |
215,905 |
||||||||||||
Veolia Environnement, ADR |
10,027 |
225,006 |
||||||||||||
2,876,646 |
||||||||||||||
Total Common Stocks (cost $109,920,928) |
76,966,233 |
|||||||||||||
Short-Term Investments - .1% |
Principal Amount ($) |
Value ($) |
||||||||||||
U.S. Treasury Bills |
||||||||||||||
0.22%, 3/17/16 |
65,000 |
c |
64,994 |
56
BNY Mellon International Appreciation Fund (continued) | |||||
Other Investment - .0% |
Shares |
Value ($) |
|||
Registered Investment Company; |
|||||
Dreyfus Institutional Preferred Plus Money Market Fund |
54,482 |
d |
54,482 |
||
Total Investments (cost $110,040,404) |
99.5% |
77,085,709 |
|||
Cash and Receivables (Net) |
.5% |
361,480 |
|||
Net Assets |
100.0% |
77,447,189 |
ADR—American Depository Receipt
a Non-income producing security.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $574,568 or .74% of net assets.
c Held by or on behalf of a counterparty for open financial futures contracts.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Banks |
11.4 |
Capital Goods |
10.3 |
Pharmaceuticals, Biotechnology & Life Sciences |
9.8 |
Food, Beverage & Tobacco |
8.6 |
Materials |
6.3 |
Insurance |
5.5 |
Telecommunication Services |
5.5 |
Automobiles & Components |
4.3 |
Energy |
4.3 |
Real Estate |
3.9 |
Utilities |
3.7 |
Consumer Durables & Apparel |
3.3 |
Household & Personal Products |
3.2 |
Technology Hardware & Equipment |
2.9 |
Diversified Financials |
2.7 |
Media |
2.4 |
Software & Services |
2.2 |
Commercial & Professional Services |
1.8 |
Health Care Equipment & Services |
1.8 |
Transportation |
1.8 |
Consumer Services |
1.3 |
Food & Staples Retailing |
1.2 |
Retailing |
1.2 |
Short-Term/Money Market Investment |
.1 |
99.5 |
† Based on net assets.
See notes to financial statements.
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Equity Income Fund | ||||||||||||||||
Common Stocks - 97.7% |
Shares |
Value ($) |
||||||||||||||
Australia - 6.2% |
||||||||||||||||
Australia & New Zealand Banking Group |
70,130 |
1,116,473 |
||||||||||||||
Commonwealth Bank of Australia |
78,066 |
3,892,371 |
||||||||||||||
Insurance Australia Group |
526,059 |
1,942,082 |
||||||||||||||
National Australia Bank |
155,966 |
2,694,320 |
||||||||||||||
Sydney Airport |
260,771 |
1,200,811 |
||||||||||||||
Telstra |
119,241 |
446,951 |
||||||||||||||
Westpac Banking |
128,115 |
2,630,389 |
||||||||||||||
13,923,397 |
||||||||||||||||
Brazil - 2.7% |
||||||||||||||||
AMBEV |
574,900 |
2,525,491 |
||||||||||||||
Banco do Brasil |
508,400 |
1,714,270 |
||||||||||||||
Cielo |
99,495 |
768,348 |
||||||||||||||
Fibria Celulose |
83,200 |
911,656 |
||||||||||||||
5,919,765 |
||||||||||||||||
Canada - 6.0% |
||||||||||||||||
BCE |
37,400 |
1,615,415 |
||||||||||||||
CI Financial |
60,200 |
1,333,477 |
||||||||||||||
Inter Pipeline |
120,200 |
2,204,999 |
||||||||||||||
National Bank of Canada |
81,300 |
2,214,869 |
||||||||||||||
Potash Corp of Saskatchewan |
123,200 |
2,087,935 |
||||||||||||||
RioCan Real Estate Investment Trust |
53,000 |
1,004,375 |
||||||||||||||
Shaw Communications, Cl. B |
68,900 |
1,193,146 |
||||||||||||||
TELUS |
37,700 |
1,098,120 |
||||||||||||||
TransCanada |
17,600 |
645,854 |
||||||||||||||
13,398,190 |
||||||||||||||||
China - 5.4% |
||||||||||||||||
Bank of China, Cl. H |
4,706,500 |
1,765,642 |
||||||||||||||
China Shenhua Energy, Cl. H |
742,000 |
1,039,193 |
||||||||||||||
CNOOC |
1,711,400 |
1,802,927 |
||||||||||||||
Industrial & Commercial Bank of China, Cl. H |
8,320,000 |
4,118,966 |
||||||||||||||
Jiangsu Expressway, Cl. H |
971,300 |
1,143,439 |
||||||||||||||
Zhejiang Expressway, Cl. H |
2,450,700 |
2,168,691 |
||||||||||||||
12,038,858 |
||||||||||||||||
Colombia - .5% |
||||||||||||||||
Ecopetrol |
3,331,358 |
1,154,015 |
||||||||||||||
France - 5.0% |
||||||||||||||||
Klepierre |
23,761 |
984,532 |
||||||||||||||
Renault |
67,055 |
6,110,534 |
||||||||||||||
Total |
57,950 |
2,596,431 |
||||||||||||||
Unibail-Rodamco |
5,681 |
1,408,847 |
||||||||||||||
11,100,344 |
||||||||||||||||
Germany - 4.2% |
||||||||||||||||
Muenchener Rueckversicherungs |
16,189 |
3,196,680 |
||||||||||||||
ProSiebenSat.1 Media |
121,851 |
6,251,293 |
||||||||||||||
9,447,973 |
||||||||||||||||
Israel - 2.8% |
||||||||||||||||
Bezeq The Israeli Telecommunication Corp. |
2,816,831 |
6,312,013 |
||||||||||||||
Italy - .8% |
||||||||||||||||
Eni |
33,262 |
465,251 |
||||||||||||||
BNY Mellon International Equity Income Fund (continued) | ||||||||||||||||
Common Stocks - 97.7% (continued) |
Shares |
Value ($) |
||||||||||||||
Italy - .8% (continued) |
||||||||||||||||
Snam |
243,246 |
1,307,987 |
||||||||||||||
1,773,238 |
||||||||||||||||
Japan - 13.1% |
||||||||||||||||
Aozora Bank |
844,000 |
2,737,878 |
||||||||||||||
Asahi Glass |
198,000 |
955,631 |
||||||||||||||
Canon |
17,900 |
499,992 |
||||||||||||||
Daito Trust Construction |
39,900 |
5,391,835 |
||||||||||||||
ITOCHU |
120,200 |
1,410,650 |
||||||||||||||
JFE Holdings |
371,300 |
4,418,158 |
||||||||||||||
Marubeni |
479,800 |
2,394,848 |
||||||||||||||
Nippon Steel & Sumitomo Metal |
160,200 |
2,754,227 |
||||||||||||||
Nissan Motor |
56,200 |
507,965 |
||||||||||||||
NTT DOCOMO |
51,600 |
1,199,463 |
||||||||||||||
Sumitomo |
286,300 |
2,804,390 |
||||||||||||||
Takeda Pharmaceutical |
88,400 |
4,193,456 |
||||||||||||||
29,268,493 |
||||||||||||||||
Macau - 2.9% |
||||||||||||||||
Sands China |
1,833,500 |
6,373,643 |
||||||||||||||
Malaysia - 1.0% |
||||||||||||||||
British American Tobacco Malaysia |
163,000 |
2,176,994 |
||||||||||||||
New Zealand - 2.5% |
||||||||||||||||
Auckland International Airport |
645,400 |
2,592,485 |
||||||||||||||
Mighty River Power |
222,000 |
386,172 |
||||||||||||||
Spark New Zealand |
1,097,200 |
2,489,260 |
||||||||||||||
5,467,917 |
||||||||||||||||
Norway - 1.5% |
||||||||||||||||
Gjensidige Forsikring |
210,613 |
3,303,165 |
||||||||||||||
Poland - .2% |
||||||||||||||||
Synthos |
547,022 |
538,236 |
||||||||||||||
Singapore - .9% |
||||||||||||||||
Ascendas Real Estate Investment Trust |
642,500 |
1,105,801 |
||||||||||||||
DBS Group Holdings |
96,200 |
928,846 |
||||||||||||||
2,034,647 |
||||||||||||||||
South Africa - 2.4% |
||||||||||||||||
Massmart Holdings |
195,444 |
1,308,420 |
||||||||||||||
MMI Holdings |
944,187 |
1,378,736 |
||||||||||||||
Redefine Properties |
1,268,299 |
817,924 |
||||||||||||||
Vodacom Group |
195,059 |
1,841,154 |
||||||||||||||
5,346,234 |
||||||||||||||||
South Korea - 2.7% |
||||||||||||||||
POSCO |
37,465 |
6,054,184 |
||||||||||||||
Spain - 3.9% |
||||||||||||||||
Banco Santander |
604,000 |
2,429,760 |
||||||||||||||
CaixaBank |
710,100 |
2,021,292 |
||||||||||||||
Red Electrica |
54,600 |
4,326,795 |
||||||||||||||
8,777,847 |
||||||||||||||||
Sweden - 2.3% |
||||||||||||||||
Investor, Cl. B |
87,430 |
2,901,597 |
||||||||||||||
Skanska, Cl. B |
104,294 |
2,223,394 |
||||||||||||||
5,124,991 |
58
BNY Mellon International Equity Income Fund (continued) | |||||||||||||
Common Stocks - 97.7% (continued) |
Shares |
Value ($) |
|||||||||||
Switzerland - 4.8% |
|||||||||||||
Nestle |
13,901 |
a |
973,673 |
||||||||||
Novartis |
52,949 |
3,778,982 |
|||||||||||
STMicroelectronics |
426,006 |
2,425,224 |
|||||||||||
Transocean |
173,883 |
1,503,278 |
|||||||||||
Zurich Insurance Group |
9,429 |
a |
1,991,950 |
||||||||||
10,673,107 |
|||||||||||||
Taiwan - 4.7% |
|||||||||||||
Chicony Electronics |
341,280 |
739,994 |
|||||||||||
Compal Electronics |
955,900 |
560,832 |
|||||||||||
MediaTek |
315,000 |
2,219,389 |
|||||||||||
Siliconware Precision Industries |
3,329,000 |
5,103,731 |
|||||||||||
Taiwan Mobile |
341,000 |
1,050,938 |
|||||||||||
Transcend Information |
231,400 |
703,526 |
|||||||||||
10,378,410 |
|||||||||||||
Thailand - 1.4% |
|||||||||||||
Charoen Pokphand Foods |
5,757,900 |
3,071,382 |
|||||||||||
United Kingdom - 15.2% |
|||||||||||||
AstraZeneca |
49,784 |
2,824,304 |
|||||||||||
BAE Systems |
401,869 |
2,853,994 |
|||||||||||
BP |
624,376 |
3,027,107 |
|||||||||||
British American Tobacco |
113,112 |
6,157,072 |
|||||||||||
CYBG-CDI |
37,306 |
a |
96,657 |
||||||||||
GlaxoSmithKline |
158,384 |
3,075,590 |
|||||||||||
HSBC Holdings |
208,822 |
1,326,073 |
|||||||||||
Legal & General Group |
839,172 |
2,620,972 |
|||||||||||
National Grid |
234,918 |
3,136,297 |
|||||||||||
Persimmon |
48,273 |
a |
1,458,816 |
||||||||||
Royal Dutch Shell, Cl. A |
94,193 |
2,143,701 |
|||||||||||
SSE |
141,183 |
2,703,306 |
|||||||||||
Standard Life |
151,490 |
696,145 |
|||||||||||
Unilever |
13,969 |
597,886 |
|||||||||||
Vodafone Group |
152,830 |
464,680 |
|||||||||||
WM Morrison Supermarkets |
219,274 |
603,468 |
|||||||||||
33,786,068 |
|||||||||||||
United States - 4.6% |
|||||||||||||
iShares MSCI EAFE ETF |
190,000 |
10,189,700 |
|||||||||||
Total Common Stocks (cost $233,754,569) |
217,632,811 |
||||||||||||
Other Investment - 2.2% |
Shares |
Value ($) |
|||||||||||
Registered Investment Company; |
|||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
4,955,849 |
b |
4,955,849 |
||||||||||
Total Investments (cost $238,710,418) |
99.9% |
222,588,660 |
|||||||||||
Cash and Receivables (Net) |
.1% |
292,373 |
|||||||||||
Net Assets |
100.0% |
222,881,033 |
CDI—Chess Depository Interest
ETF—Exchange-Traded Fund
a Non-income producing security.
b Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Financial |
26.8 |
Consumer Discretionary |
9.3 |
Industrial |
8.9 |
Consumer Staples |
7.8 |
Materials |
7.5 |
Energy |
7.4 |
Telecommunication Services |
6.7 |
Health Care |
6.2 |
Information Technology |
5.9 |
Utilities |
5.3 |
Exchange-Traded Funds |
4.6 |
Money Market Investment |
2.2 |
Telecommunications |
1.3 |
99.9 |
† Based on net assets.
See notes to financial statements.
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund | |||||||||||||||||||||||||
Bonds and Notes - 15.0% |
Principal |
Value ($) |
|||||||||||||||||||||||
Casinos - .0% |
|||||||||||||||||||||||||
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes, 6.08%, 10/01/16 |
58,000 |
a |
58,569 |
||||||||||||||||||||||
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes, 6.44%, 10/01/16 |
57,000 |
a |
57,745 |
||||||||||||||||||||||
116,314 |
|||||||||||||||||||||||||
Commercial Mortgage Pass-Through Ctfs. - .2% |
|||||||||||||||||||||||||
WFRBS Commercial Mortgage Trust, Ser. 2011-C5, Cl. A2, 2.68%, 11/15/44 |
150,000 |
150,538 |
|||||||||||||||||||||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4, 3.00%, 5/15/45 |
540,000 |
549,389 |
|||||||||||||||||||||||
699,927 |
|||||||||||||||||||||||||
Consumer Discretionary - .7% |
|||||||||||||||||||||||||
21st Century Fox America, Gtd. Notes, 6.15%, 3/01/37 |
265,000 |
282,106 |
|||||||||||||||||||||||
Amazon.com, Sr. Unscd. Notes, 2.50%, 11/29/22 |
435,000 |
436,800 |
|||||||||||||||||||||||
Comcast, Gtd. Notes, 3.13%, 7/15/22 |
575,000 |
599,253 |
|||||||||||||||||||||||
eBay, Sr. Unscd. Notes, 2.60%, 7/15/22 |
325,000 |
303,945 |
|||||||||||||||||||||||
Hyundai Capital America, Sr. Unscd. Notes, 2.40%, 10/30/18 |
195,000 |
a |
195,625 |
||||||||||||||||||||||
Scripps Networks Interactive, Sr. Unscd. Notes, 2.80%, 6/15/20 |
345,000 |
338,082 |
|||||||||||||||||||||||
Time Warner, Gtd. Notes, 4.00%, 1/15/22 |
470,000 |
487,029 |
|||||||||||||||||||||||
Volkswagen International Finance, Gtd. Notes, 1.60%, 11/20/17 |
165,000 |
a |
161,707 |
||||||||||||||||||||||
2,804,547 |
|||||||||||||||||||||||||
Consumer Staples - .4% |
|||||||||||||||||||||||||
Anheuser-Busch InBev Finance, Gtd. Notes, 4.90%, 2/01/46 |
375,000 |
402,813 |
|||||||||||||||||||||||
CVS Health, Sr. Unscd. Notes, 4.88%, 7/20/35 |
340,000 |
366,387 |
|||||||||||||||||||||||
Kroger, Sr. Unscd. Notes, 2.60%, 2/01/21 |
235,000 |
240,047 |
|||||||||||||||||||||||
PepsiCo, Sr. Unscd. Notes, 4.50%, 1/15/20 |
375,000 |
413,830 |
|||||||||||||||||||||||
Walgreen, Gtd. Notes, 3.10%, 9/15/22 |
260,000 |
256,240 |
|||||||||||||||||||||||
1,679,317 |
|||||||||||||||||||||||||
Energy - .3% |
|||||||||||||||||||||||||
Apache, Sr. Unscd. Notes, 3.25%, 4/15/22 |
195,000 |
170,240 |
|||||||||||||||||||||||
BP Capital Markets, Gtd. Notes, 4.75%, 3/10/19 |
255,000 |
268,733 |
|||||||||||||||||||||||
Enterprise Products Operating, Gtd. Notes, 2.55%, 10/15/19 |
200,000 |
193,705 |
|||||||||||||||||||||||
Halliburton, Sr. Unscd. Notes, 3.38%, 11/15/22 |
205,000 |
202,141 |
|||||||||||||||||||||||
Petrobras Global Finance, Gtd. Notes, 5.38%, 1/27/21 |
325,000 |
244,563 |
|||||||||||||||||||||||
Petrobras International Finance, Gtd. Notes, 6.13%, 10/06/16 |
185,000 |
b |
186,388 |
||||||||||||||||||||||
Spectra Energy Partners, Sr. Unscd. Notes, 3.50%, 3/15/25 |
195,000 |
177,721 |
|||||||||||||||||||||||
1,443,491 |
|||||||||||||||||||||||||
Financials - 2.4% |
|||||||||||||||||||||||||
Bank of America, Sr. Unscd. Notes, Ser. L, 2.60%, 1/15/19 |
545,000 |
548,078 |
|||||||||||||||||||||||
Bank of America, Sub. Notes, Ser. L, 3.95%, 4/21/25 |
525,000 |
506,938 |
|||||||||||||||||||||||
BlackRock, Sr. Unscd. Notes, 6.25%, 9/15/17 |
420,000 |
451,513 |
|||||||||||||||||||||||
Boston Properties, Sr. Unscd. Notes, 4.13%, 5/15/21 |
360,000 |
381,781 |
|||||||||||||||||||||||
Citigroup, Sr. Unscd. Bonds, 2.50%, 7/29/19 |
195,000 |
195,612 |
|||||||||||||||||||||||
Citigroup, Sr. Unscd. Notes, 2.50%, 9/26/18 |
465,000 |
468,250 |
|||||||||||||||||||||||
Citizens Financial Group, Sub. Notes, 4.15%, 9/28/22 |
445,000 |
a |
456,274 |
||||||||||||||||||||||
Ford Motor Credit, Sr. Unscd. Notes, 3.00%, 6/12/17 |
390,000 |
393,821 |
|||||||||||||||||||||||
BNY Mellon Asset Allocation Fund (continued) | |||||||||||||||||||||||||
Bonds and Notes - 15.0% (continued) |
Principal |
Value ($) |
|||||||||||||||||||||||
Financials - 2.4% (continued) |
|||||||||||||||||||||||||
GE Capital International Funding, Gtd. Notes, 2.34%, 11/15/20 |
410,000 |
a |
414,385 |
||||||||||||||||||||||
General Electric , Sub. Notes, 5.30%, 2/11/21 |
142,000 |
160,714 |
|||||||||||||||||||||||
Goldman Sachs Group, Sub. Notes, 6.75%, 10/01/37 |
495,000 |
567,447 |
|||||||||||||||||||||||
HSBC Finance, Sub. Notes, 6.68%, 1/15/21 |
642,000 |
715,046 |
|||||||||||||||||||||||
JPMorgan Chase & Co., Sub. Notes, 3.38%, 5/01/23 |
425,000 |
420,106 |
|||||||||||||||||||||||
MetLife, Sr. Unscd. Notes, 7.72%, 2/15/19 |
345,000 |
398,893 |
|||||||||||||||||||||||
Morgan Stanley, Sub. Notes, 4.88%, 11/01/22 |
735,000 |
777,690 |
|||||||||||||||||||||||
NYSE Holdings, Gtd. Notes, 2.00%, 10/05/17 |
460,000 |
464,296 |
|||||||||||||||||||||||
Rabobank Nederland, Gtd. Notes, 4.50%, 1/11/21 |
530,000 |
580,266 |
|||||||||||||||||||||||
Royal Bank of Canada, Sr. Unscd. Bonds, 1.25%, 6/16/17 |
520,000 |
519,869 |
|||||||||||||||||||||||
Simon Property Group, Sr. Unscd. Notes, 5.65%, 2/01/20 |
450,000 |
504,000 |
|||||||||||||||||||||||
Societe Generale, Sub. Notes, 4.75%, 11/24/25 |
510,000 |
a |
484,677 |
||||||||||||||||||||||
Toyota Motor Credit, Sr. Unscd. Bonds, 1.55%, 7/13/18 |
325,000 |
325,173 |
|||||||||||||||||||||||
Wachovia, Sub. Notes, 5.63%, 10/15/16 |
290,000 |
297,876 |
|||||||||||||||||||||||
Wells Fargo & Co., Sub. Notes, 4.90%, 11/17/45 |
300,000 |
304,826 |
|||||||||||||||||||||||
10,337,531 |
|||||||||||||||||||||||||
Foreign/Governmental - .3% |
|||||||||||||||||||||||||
Mexican Government, Sr. Unscd. Notes, 5.63%, 1/15/17 |
315,000 |
326,497 |
|||||||||||||||||||||||
Petroleos Mexicanos, Gtd. Notes, 4.88%, 1/24/22 |
460,000 |
442,520 |
|||||||||||||||||||||||
Province of Ontario Canada, Sr. Unscd. Bonds, 4.00%, 10/07/19 |
330,000 |
356,584 |
|||||||||||||||||||||||
1,125,601 |
|||||||||||||||||||||||||
Health Care - .3% |
|||||||||||||||||||||||||
AbbVie, Sr. Unscd. Notes, 1.80%, 5/14/18 |
300,000 |
299,315 |
|||||||||||||||||||||||
Amgen, Sr. Unscd. Notes, 5.65%, 6/15/42 |
485,000 |
536,328 |
|||||||||||||||||||||||
Biogen, Sr. Unscd. Notes, 2.90%, 9/15/20 |
345,000 |
349,166 |
|||||||||||||||||||||||
Celgene, Sr. Unscd. Notes, 2.88%, 8/15/20 |
265,000 |
268,383 |
|||||||||||||||||||||||
1,453,192 |
|||||||||||||||||||||||||
Industrials - .3% |
|||||||||||||||||||||||||
ABB Finance USA, Gtd. Notes, 2.88%, 5/08/22 |
405,000 |
409,747 |
|||||||||||||||||||||||
American Airlines, Bonds, 3.38%, 11/01/28 |
342,923 |
333,064 |
|||||||||||||||||||||||
Burlington North Santa Fe., Sr. Unscd. Debs., 3.45%, 9/15/21 |
430,000 |
453,234 |
|||||||||||||||||||||||
General Electric, Jr. Sub. Debs., Ser. D , 5.00%, 12/29/49 |
295,000 |
c |
299,794 |
||||||||||||||||||||||
1,495,839 |
|||||||||||||||||||||||||
Information Technology - .9% |
|||||||||||||||||||||||||
Adobe Systems, Sr. Unscd. Notes, 3.25%, 2/01/25 |
305,000 |
304,648 |
|||||||||||||||||||||||
Apple, Sr. Unscd. Notes, 4.38%, 5/13/45 |
300,000 |
303,419 |
|||||||||||||||||||||||
Arrow Electronics, Sr. Unscd. Notes, 3.50%, 4/01/22 |
350,000 |
347,773 |
|||||||||||||||||||||||
Fidelity National Information Services, Gtd. Notes, 3.88%, 6/05/24 |
465,000 |
450,107 |
|||||||||||||||||||||||
Flextronics International, Gtd. Notes, 4.75%, 6/15/25 |
290,000 |
280,575 |
|||||||||||||||||||||||
Intel, Sr. Unscd. Notes, 2.70%, 12/15/22 |
290,000 |
294,901 |
|||||||||||||||||||||||
Intel, Sr. Unscd. Notes, 4.90%, 7/29/45 |
415,000 |
451,236 |
|||||||||||||||||||||||
Microsoft, Sr. Unscd. Notes, 3.75%, 2/12/45 |
440,000 |
427,148 |
|||||||||||||||||||||||
Oracle, Sr. Unscd. Notes, 2.38%, 1/15/19 |
350,000 |
359,799 |
|||||||||||||||||||||||
Oracle, Sr. Unscd. Notes, 2.50%, 5/15/22 |
300,000 |
301,852 |
60
BNY Mellon Asset Allocation Fund (continued) | |||||||||||||||||||||||||
Bonds and Notes - 15.0% (continued) |
Principal |
Value ($) |
|||||||||||||||||||||||
Information Technology - .9% (continued) |
|||||||||||||||||||||||||
Seagate HDD Cayman, Gtd. Bonds, 4.75%, 1/01/25 |
190,000 |
145,825 |
|||||||||||||||||||||||
3,667,283 |
|||||||||||||||||||||||||
Materials - .1% |
|||||||||||||||||||||||||
Eastman Chemical, Sr. Unscd. Notes, 3.60%, 8/15/22 |
460,000 |
457,698 |
|||||||||||||||||||||||
Municipal Bonds - 1.0% |
|||||||||||||||||||||||||
California Earthquake Authority, Revenue, 2.81%, 7/01/19 |
350,000 |
356,744 |
|||||||||||||||||||||||
California Educational Facilities Authority, Revenue (Stanford University), 5.00%, 10/01/32 |
375,000 |
496,237 |
|||||||||||||||||||||||
Chicago, GO, 7.38%, 1/01/33 |
290,000 |
295,191 |
|||||||||||||||||||||||
Florida Hurricane Catastrophe Fund Finance Corporation, Revenue Bonds, 3.00%, 7/01/20 |
750,000 |
774,532 |
|||||||||||||||||||||||
Massachusetts, GO (Build America Bonds), 4.20%, 12/01/21 |
210,000 |
232,258 |
|||||||||||||||||||||||
New Jersey Economic Development Authority, School Facilities Construction Revenue, 1.10%, 6/15/16 |
475,000 |
475,546 |
|||||||||||||||||||||||
New York City, GO (Build America Bonds), 6.25%, 6/01/35 |
345,000 |
394,145 |
|||||||||||||||||||||||
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue (Build America Bonds), 6.28%, 6/15/42 |
530,000 |
611,625 |
|||||||||||||||||||||||
Oakland Unified School District, GO (Build America Bonds), 9.50%, 8/01/34 |
180,000 |
215,568 |
|||||||||||||||||||||||
Texas Public Finance Authority, Windstorm Insurance Association Premium Revenue, 8.25%, 7/01/24 |
310,000 |
311,469 |
|||||||||||||||||||||||
University of California Regents, Limited Project Revenue, 4.13%, 5/15/45 |
340,000 |
343,726 |
|||||||||||||||||||||||
4,507,041 |
|||||||||||||||||||||||||
Telecommunications - .4% |
|||||||||||||||||||||||||
AT&T, Sr. Unscd. Notes, 4.45%, 5/15/21 |
525,000 |
562,006 |
|||||||||||||||||||||||
Telefonica Emisiones, Gtd. Notes, 5.13%, 4/27/20 |
575,000 |
616,484 |
|||||||||||||||||||||||
Verizon Communications, Sr. Unscd. Notes, 3.65%, 9/14/18 |
280,000 |
293,694 |
|||||||||||||||||||||||
Verizon Communications, Sr. Unscd. Notes, 6.55%, 9/15/43 |
245,000 |
299,772 |
|||||||||||||||||||||||
1,771,956 |
|||||||||||||||||||||||||
U.S. Government Agencies - .1% |
|||||||||||||||||||||||||
Federal National Mortgage Association, REMIC, Series 2014-28, Cl. ND, 3.00%, 3/25/40 |
389,429 |
d |
409,726 |
||||||||||||||||||||||
U.S. Government Agencies/Mortgage-Backed - 4.4% |
|||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation |
|||||||||||||||||||||||||
3.00%, 9/1/27-11/1/28 |
411,220 |
d |
430,149 |
||||||||||||||||||||||
3.50%, 12/1/28-10/1/45 |
2,153,123 |
d |
2,255,475 |
||||||||||||||||||||||
4.00%, 6/1/26-4/1/44 |
1,301,218 |
d |
1,398,255 |
||||||||||||||||||||||
4.50%, 12/1/40 |
1,020,287 |
d |
1,124,807 |
||||||||||||||||||||||
5.00%, 7/1/40 |
313,243 |
d |
346,566 |
||||||||||||||||||||||
Federal National Mortgage Association |
|||||||||||||||||||||||||
2.50%, 11/1/30 |
889,155 |
d |
912,832 |
||||||||||||||||||||||
3.00%, 3/1/31-12/1/45 |
1,259,903 |
d |
1,304,209 |
||||||||||||||||||||||
3.50%, 9/1/26-1/1/46 |
2,682,387 |
d |
2,820,798 |
||||||||||||||||||||||
4.00%, 8/1/27-8/1/44 |
1,351,900 |
d |
1,448,512 |
||||||||||||||||||||||
4.50%, 4/1/41-8/1/44 |
886,438 |
d |
964,241 |
||||||||||||||||||||||
5.00%, 2/1/41-11/1/43 |
956,133 |
d |
1,066,591 |
||||||||||||||||||||||
5.50%, 4/1/36-1/1/39 |
692,511 |
d |
784,602 |
||||||||||||||||||||||
Government National Mortgage Association I |
|||||||||||||||||||||||||
BNY Mellon Asset Allocation Fund (continued) | |||||||||||||||||||||||||
Bonds and Notes - 15.0% (continued) |
Principal |
Value ($) |
|||||||||||||||||||||||
U.S. Government Agencies/Mortgage-Backed - 4.4% (continued) |
|||||||||||||||||||||||||
4.00%, 8/15/45 |
997,837 |
1,067,802 |
|||||||||||||||||||||||
5.00%, 11/15/34 |
117,648 |
131,938 |
|||||||||||||||||||||||
Government National Mortgage Association II |
|||||||||||||||||||||||||
3.00%, 1/20/44-4/20/45 |
1,524,108 |
1,582,901 |
|||||||||||||||||||||||
3.50%, 4/20/45 |
473,725 |
502,252 |
|||||||||||||||||||||||
4.00%, 12/20/44 |
17,589 |
18,808 |
|||||||||||||||||||||||
4.50%, 2/20/46 |
655,000 |
706,319 |
|||||||||||||||||||||||
18,867,057 |
|||||||||||||||||||||||||
U.S. Government Securities - 3.1% |
|||||||||||||||||||||||||
U.S. Treasury Bonds , 3.00%, 5/15/45 |
795,000 |
858,072 |
|||||||||||||||||||||||
U.S. Treasury Bonds , 2.88%, 8/15/45 |
320,000 |
336,862 |
|||||||||||||||||||||||
U.S. Treasury Inflation Protected Securities, Notes, 1.38%, 1/15/20 |
508,668 |
e |
539,261 |
||||||||||||||||||||||
U.S. Treasury Inflation Protected Securities, Notes, 0.13%, 4/15/20 |
641,433 |
e |
647,672 |
||||||||||||||||||||||
U.S. Treasury Inflation Protected Securities, Notes, 0.63%, 7/15/21 |
939,356 |
e |
973,059 |
||||||||||||||||||||||
U.S. Treasury Inflation Protected Securities, Notes, 0.38%, 7/15/25 |
643,394 |
e |
648,504 |
||||||||||||||||||||||
U.S. Treasury Notes , 0.88%, 5/15/17 |
2,090,000 |
b |
2,094,000 |
||||||||||||||||||||||
U.S. Treasury Notes , 0.63%, 9/30/17 |
1,975,000 |
b |
1,970,487 |
||||||||||||||||||||||
U.S. Treasury Notes , 0.75%, 10/31/17 |
1,495,000 |
1,494,241 |
|||||||||||||||||||||||
U.S. Treasury Notes , 0.88%, 11/30/17 |
640,000 |
641,050 |
|||||||||||||||||||||||
U.S. Treasury Notes , 2.63%, 1/31/18 |
2,880,000 |
2,980,238 |
|||||||||||||||||||||||
U.S. Treasury Notes , 2.25%, 11/15/24 |
115,000 |
120,177 |
|||||||||||||||||||||||
13,303,623 |
|||||||||||||||||||||||||
Utilities - .1% |
|||||||||||||||||||||||||
Hydro-Quebec, Gov't Gtd. Notes, 2.00%, 6/30/16 |
280,000 |
281,153 |
|||||||||||||||||||||||
Total Bonds and Notes |
64,421,296 |
||||||||||||||||||||||||
Common Stocks - 20.1% |
Shares |
Value ($) |
|||||||||||||||||||||||
Consumer Discretionary - 2.9% |
|||||||||||||||||||||||||
Amazon.com |
495 |
f |
273,497 |
||||||||||||||||||||||
Bed Bath & Beyond |
11,615 |
f |
556,939 |
||||||||||||||||||||||
Brunswick |
3,245 |
138,042 |
|||||||||||||||||||||||
Carnival |
15,620 |
749,135 |
|||||||||||||||||||||||
Comcast, Cl. A |
15,850 |
915,020 |
|||||||||||||||||||||||
D.R. Horton |
4,810 |
128,523 |
|||||||||||||||||||||||
Darden Restaurants |
10,770 |
687,988 |
|||||||||||||||||||||||
Dollar General |
1,675 |
124,369 |
|||||||||||||||||||||||
eBay |
6,665 |
f |
158,627 |
||||||||||||||||||||||
Home Depot |
12,360 |
1,534,123 |
|||||||||||||||||||||||
Lowe's |
13,815 |
932,927 |
|||||||||||||||||||||||
Marriott International, Cl. A |
10,425 |
710,464 |
|||||||||||||||||||||||
Nordstrom |
3,250 |
166,790 |
|||||||||||||||||||||||
Target |
12,385 |
971,603 |
|||||||||||||||||||||||
Time Warner |
11,585 |
766,927 |
|||||||||||||||||||||||
Twenty-First Century Fox, Cl. A |
29,415 |
794,793 |
|||||||||||||||||||||||
Visteon |
10,935 |
764,575 |
|||||||||||||||||||||||
Walt Disney |
14,805 |
1,414,174 |
|||||||||||||||||||||||
Wyndham Worldwide |
10,315 |
751,345 |
|||||||||||||||||||||||
12,539,861 |
|||||||||||||||||||||||||
Consumer Staples - 1.9% |
|||||||||||||||||||||||||
Altria Group |
25,350 |
1,560,799 |
|||||||||||||||||||||||
Coca-Cola Enterprises |
4,110 |
199,376 |
|||||||||||||||||||||||
CVS Health |
15,045 |
1,461,923 |
|||||||||||||||||||||||
Estee Lauder, Cl. A |
9,875 |
901,884 |
|||||||||||||||||||||||
General Mills |
9,040 |
532,004 |
|||||||||||||||||||||||
Kroger |
9,945 |
396,905 |
|||||||||||||||||||||||
PepsiCo |
15,130 |
1,480,017 |
|||||||||||||||||||||||
Procter & Gamble |
4,200 |
337,218 |
|||||||||||||||||||||||
Wal-Mart Stores |
19,255 |
1,277,377 |
|||||||||||||||||||||||
8,147,503 |
|||||||||||||||||||||||||
Energy - 1.2% |
|||||||||||||||||||||||||
Exxon Mobil |
29,530 |
2,366,829 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||||||||||||||||||
Common Stocks - 20.1% (continued) |
Shares |
Value ($) |
|||||||||||||||||||||||
Energy - 1.2% (continued) |
|||||||||||||||||||||||||
HollyFrontier |
4,005 |
135,449 |
|||||||||||||||||||||||
Marathon Petroleum |
14,925 |
511,181 |
|||||||||||||||||||||||
Phillips 66 |
2,445 |
194,109 |
|||||||||||||||||||||||
Schlumberger |
4,365 |
313,058 |
|||||||||||||||||||||||
Tesoro |
6,640 |
535,715 |
|||||||||||||||||||||||
Valero Energy |
15,180 |
912,014 |
|||||||||||||||||||||||
4,968,355 |
|||||||||||||||||||||||||
Exchange-Traded Funds - .0% |
|||||||||||||||||||||||||
SPDR S&P 500 ETF Trust |
215 |
41,570 |
|||||||||||||||||||||||
Financials - 3.4% |
|||||||||||||||||||||||||
Affiliated Managers Group |
3,880 |
f |
538,117 |
||||||||||||||||||||||
American Express |
15,575 |
865,658 |
|||||||||||||||||||||||
Ameriprise Financial |
8,160 |
685,032 |
|||||||||||||||||||||||
Bank of America |
104,610 |
1,309,717 |
|||||||||||||||||||||||
Berkshire Hathaway, Cl. B |
11,255 |
f |
1,510,083 |
||||||||||||||||||||||
Citigroup |
31,570 |
1,226,494 |
|||||||||||||||||||||||
Franklin Resources |
16,945 |
607,478 |
|||||||||||||||||||||||
General Growth Properties |
30,780 |
g |
847,066 |
||||||||||||||||||||||
Host Hotels & Resorts |
12,500 |
g |
191,375 |
||||||||||||||||||||||
JPMorgan Chase & Co. |
29,642 |
1,668,845 |
|||||||||||||||||||||||
Moody's |
2,160 |
191,808 |
|||||||||||||||||||||||
Post Properties |
3,330 |
g |
185,581 |
||||||||||||||||||||||
Prudential Financial |
11,225 |
741,860 |
|||||||||||||||||||||||
Public Storage |
4,215 |
g |
1,051,600 |
||||||||||||||||||||||
Simon Property Group |
990 |
g |
187,833 |
||||||||||||||||||||||
T. Rowe Price Group |
10,120 |
699,393 |
|||||||||||||||||||||||
Travelers |
8,590 |
923,597 |
|||||||||||||||||||||||
Wells Fargo & Co. |
23,255 |
1,091,125 |
|||||||||||||||||||||||
14,522,662 |
|||||||||||||||||||||||||
Health Care - 3.3% |
|||||||||||||||||||||||||
Abbott Laboratories |
22,205 |
860,222 |
|||||||||||||||||||||||
Agilent Technologies |
20,355 |
760,259 |
|||||||||||||||||||||||
Amgen |
9,110 |
1,296,171 |
|||||||||||||||||||||||
Anthem |
3,850 |
503,156 |
|||||||||||||||||||||||
Biogen |
875 |
f |
226,993 |
||||||||||||||||||||||
Charles River Laboratories International |
2,430 |
f |
178,435 |
||||||||||||||||||||||
Cigna |
3,770 |
526,330 |
|||||||||||||||||||||||
DENTSPLY International |
9,810 |
598,018 |
|||||||||||||||||||||||
Express Scripts Holding |
12,300 |
f |
865,674 |
||||||||||||||||||||||
Gilead Sciences |
15,160 |
1,322,710 |
|||||||||||||||||||||||
HCA Holdings |
8,655 |
f |
599,013 |
||||||||||||||||||||||
Hologic |
18,755 |
f |
649,486 |
||||||||||||||||||||||
Johnson & Johnson |
19,770 |
2,080,002 |
|||||||||||||||||||||||
Merck & Co. |
25,310 |
1,270,815 |
|||||||||||||||||||||||
Mettler-Toledo International |
2,155 |
f |
678,631 |
||||||||||||||||||||||
Pfizer |
55,895 |
1,658,405 |
|||||||||||||||||||||||
Quintiles Transnational Holdings |
2,420 |
f |
151,758 |
||||||||||||||||||||||
Zoetis |
3,865 |
158,697 |
|||||||||||||||||||||||
14,384,775 |
|||||||||||||||||||||||||
Industrials - 1.8% |
|||||||||||||||||||||||||
3M |
4,070 |
638,461 |
|||||||||||||||||||||||
Allison Transmission Holdings |
11,570 |
273,978 |
|||||||||||||||||||||||
Boeing |
8,265 |
976,758 |
|||||||||||||||||||||||
Delta Air Lines |
15,495 |
747,479 |
|||||||||||||||||||||||
General Dynamics |
6,795 |
925,955 |
|||||||||||||||||||||||
General Electric |
15,450 |
450,213 |
|||||||||||||||||||||||
Honeywell International |
2,580 |
261,483 |
|||||||||||||||||||||||
Illinois Tool Works |
2,755 |
259,659 |
|||||||||||||||||||||||
JetBlue Airways |
25,135 |
f |
552,970 |
||||||||||||||||||||||
Lennox International |
1,480 |
191,231 |
|||||||||||||||||||||||
Owens Corning |
14,410 |
618,477 |
|||||||||||||||||||||||
Rockwell Automation |
3,050 |
317,474 |
|||||||||||||||||||||||
Southwest Airlines |
23,675 |
993,166 |
|||||||||||||||||||||||
Spirit Aerosystems Holdings, Cl. A |
13,565 |
f |
623,990 |
||||||||||||||||||||||
7,831,294 |
|||||||||||||||||||||||||
Information Technology - 4.0% |
|||||||||||||||||||||||||
Accenture, Cl. A |
11,170 |
1,119,904 |
|||||||||||||||||||||||
Activision Blizzard |
23,265 |
736,803 |
|||||||||||||||||||||||
Alliance Data Systems |
670 |
f |
140,787 |
||||||||||||||||||||||
Alphabet, Cl. A |
2,205 |
f |
1,581,470 |
||||||||||||||||||||||
BNY Mellon Asset Allocation Fund (continued) | |||||||||||||||||||||||||
Common Stocks - 20.1% (continued) |
Shares |
Value ($) |
|||||||||||||||||||||||
Information Technology - 4.0% (continued) |
|||||||||||||||||||||||||
Alphabet, Cl. C |
2,205 |
f |
1,538,583 |
||||||||||||||||||||||
Apple |
35,450 |
3,427,660 |
|||||||||||||||||||||||
Cisco Systems |
21,290 |
557,372 |
|||||||||||||||||||||||
Citrix Systems |
10,585 |
f |
747,830 |
||||||||||||||||||||||
Electronic Arts |
14,490 |
f |
930,838 |
||||||||||||||||||||||
Facebook, Cl. A |
2,375 |
f |
253,935 |
||||||||||||||||||||||
Intel |
12,960 |
383,486 |
|||||||||||||||||||||||
International Business Machines |
9,255 |
1,212,683 |
|||||||||||||||||||||||
Microsoft |
23,630 |
1,202,294 |
|||||||||||||||||||||||
NCR |
26,850 |
f |
627,216 |
||||||||||||||||||||||
Nuance Communications |
7,325 |
f |
142,911 |
||||||||||||||||||||||
Texas Instruments |
9,660 |
512,173 |
|||||||||||||||||||||||
VeriSign |
4,065 |
f |
343,452 |
||||||||||||||||||||||
Visa, Cl. A |
22,560 |
1,633,118 |
|||||||||||||||||||||||
WEX |
2,440 |
f |
159,332 |
||||||||||||||||||||||
17,251,847 |
|||||||||||||||||||||||||
Materials - .6% |
|||||||||||||||||||||||||
Air Products & Chemicals |
1,210 |
160,289 |
|||||||||||||||||||||||
Crown Holdings |
5,720 |
f |
267,982 |
||||||||||||||||||||||
Dow Chemical |
7,265 |
353,152 |
|||||||||||||||||||||||
LyondellBasell Industries, Cl. A |
10,825 |
868,273 |
|||||||||||||||||||||||
Nucor |
4,130 |
162,474 |
|||||||||||||||||||||||
Reliance Steel & Aluminum |
12,295 |
748,643 |
|||||||||||||||||||||||
2,560,813 |
|||||||||||||||||||||||||
Telecommunications - .6% |
|||||||||||||||||||||||||
AT&T |
4,080 |
150,756 |
|||||||||||||||||||||||
CenturyLink |
25,165 |
769,797 |
|||||||||||||||||||||||
Verizon Communications |
35,590 |
1,805,481 |
|||||||||||||||||||||||
2,726,034 |
|||||||||||||||||||||||||
Utilities - .4% |
|||||||||||||||||||||||||
Duke Energy |
10,455 |
776,597 |
|||||||||||||||||||||||
FirstEnergy |
24,580 |
822,693 |
|||||||||||||||||||||||
1,599,290 |
|||||||||||||||||||||||||
Total Common Stocks |
86,574,004 |
||||||||||||||||||||||||
Other Investments - 65.1% |
Shares |
Value ($) |
|||||||||||||||||||||||
Registered Investment Company; |
|||||||||||||||||||||||||
ASG Global Alternatives Fund, Cl. Y |
1,258,601 |
12,472,734 |
|||||||||||||||||||||||
ASG Managed Futures Strategy Fund, Cl. Y |
1,032,091 |
11,569,746 |
|||||||||||||||||||||||
BNY Mellon Corporate Bond Fund, Cl. M |
913,708 |
h |
11,393,936 |
||||||||||||||||||||||
BNY Mellon Emerging Markets Fund, Cl. M |
1,303,926 |
h |
9,440,422 |
||||||||||||||||||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M |
2,393,589 |
h |
30,446,453 |
||||||||||||||||||||||
BNY Mellon Income Stock Fund, Cl. M |
1,482,307 |
h |
11,369,292 |
||||||||||||||||||||||
BNY Mellon Intermediate Bond Fund, Cl. M |
2,032,521 |
h |
25,528,459 |
||||||||||||||||||||||
BNY Mellon International Fund, Cl. M |
1,954,234 |
h |
19,776,851 |
||||||||||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M |
2,434,605 |
h |
31,601,178 |
||||||||||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund, Cl. M |
248,666 |
h |
2,944,205 |
||||||||||||||||||||||
BNY Mellon Small/Mid Cap Fund, Cl. M |
676,730 |
h |
7,247,778 |
||||||||||||||||||||||
Dreyfus Floating Rate Income Fund, Cl. Y |
813,493 |
h |
9,322,627 |
||||||||||||||||||||||
Dreyfus Global Real Estate Securities Fund, Cl. Y |
879,075 |
h |
7,269,951 |
||||||||||||||||||||||
Dreyfus High Yield Fund, Cl. I |
2,147,991 |
h |
12,136,149 |
||||||||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
6,443,472 |
i |
6,443,472 |
||||||||||||||||||||||
Dreyfus International Small Cap Fund, Cl. Y |
1,123,799 |
h |
13,339,495 |
||||||||||||||||||||||
Dreyfus Research Growth Fund, Cl. Y |
550,120 |
h |
7,107,548 |
||||||||||||||||||||||
Dreyfus Select Managers Small Cap Growth Fund, Cl. Y |
677,347 |
f,h |
12,903,469 |
||||||||||||||||||||||
Dreyfus Select Managers Small Cap Value Fund, Cl. Y |
618,257 |
h |
11,202,811 |
||||||||||||||||||||||
Dreyfus U.S. Equity Fund, Cl. Y |
149,408 |
h |
2,418,921 |
62
BNY Mellon Asset Allocation Fund (continued) | |||||||||||||||||||||||||
Other Investments - 65.1% (continued) |
Shares |
Value ($) |
|||||||||||||||||||||||
Registered Investment Company; (continued) |
|||||||||||||||||||||||||
Dreyfus/Newton International Equity Fund, Cl. Y |
593,730 |
h |
10,188,413 |
||||||||||||||||||||||
Dynamic Total Return Fund, Cl. Y |
486,666 |
f,h |
7,319,457 |
||||||||||||||||||||||
Global Stock Fund, Cl. Y |
410,618 |
h |
6,886,073 |
||||||||||||||||||||||
Total Other Investments |
280,329,440 |
||||||||||||||||||||||||
Investment of Cash Collateral for Securities Loaned - .0% |
Shares |
Value ($) |
|||||||||||||||||||||||
Registered Investment Company; |
|||||||||||||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
73,500 |
i |
73,500 |
||||||||||||||||||||||
Total Investments (cost $426,513,879) |
100.2% |
431,398,240 |
|||||||||||||||||||||||
Liabilities, Less Cash and Receivables |
(0.2%) |
(923,030) |
|||||||||||||||||||||||
Net Assets |
100.0% |
430,475,210 |
ETF—Exchange-Traded Fund
GO—General Obligation
REMIC—Real Estate Mortgage Investment Conduit
SPDR—Standard & Poor's Depository Receipt
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $1,828,982 or .42% of net assets.
b Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $4,044,840 and the value of the collateral held by the fund was $4,142,411, consisting of cash collateral of $73,500 and U.S. Government & Agency securities valued at $4,068,911.
c Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing security.
g Investment in real estate investment trust.
h Investment in affiliated mutual fund.
i Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Mutual Funds: Domestic |
45.2 |
Common Stocks |
20.1 |
Mutual Funds: Foreign |
18.4 |
U.S. Government Agencies/Mortgage-Backed |
7.6 |
Corporate Bonds |
5.9 |
Money Market Investments |
1.5 |
Municipal Bonds |
1.0 |
Foreign/Governmental |
.3 |
Commercial Mortgage-Backed |
.2 |
Exchange-Traded Funds |
.0 |
100.2 |
† Based on net assets.
See notes to financial statements.
63
STATEMENT OF FINANCIAL FUTURES
February 29, 2016 (Unaudited)
BNY Mellon International Appreciation Fund |
Contracts |
Market Value Covered by Contracts ($) |
Expiration |
Unrealized Appreciation at 02/29/2016 ($) |
|
Financial Futures Long |
|||||
MSCI EAFE Index |
4 |
309,000 |
March 2016 |
4,783 |
|
Gross Unrealized Appreciation |
4,783 |
See notes to financial statements.
64
STATEMENT OF ASSETS AND LIABILITIES
February 29, 2016 (Unaudited)
|
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
|
Assets ($): |
||||||||||
Investments in securities—See Statement of Investments† |
324,617,555 |
|
44,529,376 |
214,345,167 |
917,198,862 |
|||||
Affiliated issuers |
7,016,114 |
48,614,278 |
119,236,565 |
41,671,733 |
||||||
Cash |
- |
10,616 |
26,014 |
- |
||||||
Dividends and securities lending |
735,061 |
122,297 |
623,617 |
2,656,646 |
||||||
Receivable for shares of Beneficial Interest subscribed |
75,000 |
85,000 |
11,078 |
522,542 |
||||||
Receivable for investment securities sold |
- |
389,816 |
- |
- |
||||||
Prepaid expenses |
17,730 |
14,562 |
17,634 |
24,541 |
||||||
332,461,460 |
93,765,945 |
334,260,075 |
962,074,324 |
|||||||
Liabilities ($): |
||||||||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) |
209,853 |
45,306 |
168,287 |
528,132 |
||||||
Due to Administrator—Note 3(a) |
31,873 |
4,599 |
23,494 |
91,440 |
||||||
Cash overdraft due to Custodian |
203,633 |
- |
- |
605,626 |
||||||
Liability for securities on loan—Note 1(c) |
3,487,011 |
412,268 |
1,944,242 |
29,245,014 |
||||||
Payable for investment securities purchased |
3,008,884 |
- |
- |
- |
||||||
Payable for shares of Beneficial Interest redeemed |
318,868 |
336,267 |
704,291 |
901,765 |
||||||
Accrued expenses |
27,820 |
23,616 |
32,228 |
57,828 |
||||||
7,287,942 |
822,056 |
2,872,542 |
31,429,805 |
|||||||
Net Assets ($) |
325,173,518 |
92,943,889 |
331,387,533 |
930,644,519 |
||||||
Composition of Net Assets ($): |
||||||||||
Paid-in capital |
287,403,415 |
81,078,933 |
263,327,762 |
867,809,810 |
||||||
Accumulated undistributed investment income—net |
38,227 |
110,215 |
617,679 |
98,343 |
||||||
Accumulated net realized gain (loss) on investments |
(112,273) |
6,987,380 |
12,469,490 |
9,454,791 |
||||||
Accumulated net unrealized appreciation (depreciation) |
37,844,149 |
4,767,361 |
54,972,602 |
53,281,575 |
||||||
Net Assets ($) |
325,173,518 |
92,943,889 |
331,387,533 |
930,644,519 |
||||||
Net Asset Value Per Share |
||||||||||
Class M |
||||||||||
Net Assets ($) |
316,248,109 |
92,164,348 |
328,825,505 |
918,233,188 |
||||||
Shares Outstanding |
61,018,746 |
8,697,571 |
24,975,242 |
119,748,042 |
||||||
Net Asset Value Per Share ($) |
5.18 |
10.60 |
13.17 |
7.67 |
||||||
Investor Shares |
||||||||||
Net Assets ($) |
8,925,409 |
779,541 |
2,562,028 |
12,411,331 |
||||||
Shares Outstanding |
1,720,997 |
72,978 |
190,476 |
1,604,808 |
||||||
Net Asset Value Per Share ($) |
5.19 |
10.68 |
13.45 |
7.73 |
||||||
† |
Investments at cost ($) |
|||||||||
Unaffiliated issuers |
286,773,406 |
37,623,717 |
150,934,455 |
863,917,287 |
||||||
Affiliated issuers |
7,016,114 |
50,752,576 |
127,674,677 |
41,671,733 |
||||||
†† |
Value of securities on loan ($) |
9,343,414 |
856,745 |
4,180,145 |
28,735,716 |
See notes to financial statements.
65
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
|
Assets ($): |
||||||||||
Investments in securities—See Statement of Investments† |
2,149,711,739 |
|
335,646,370 |
433,846,501 |
272,071,559 |
|||||
Affiliated issuers |
92,204,845 |
35,266,335 |
- |
18,097,554 |
||||||
Cash |
4,293,782 |
1,573,663 |
- |
87,921 |
||||||
Receivable for investment securities sold |
20,565,430 |
5,616,572 |
2,216,371 |
6,161,321 |
||||||
Dividends, interest and securities lending |
2,315,807 |
- |
926,713 |
- |
||||||
Receivable for shares of Beneficial Interest subscribed |
1,595,946 |
480,570 |
79,821 |
75,595 |
||||||
Dividends and securities lending |
- |
148,145 |
- |
210,928 |
||||||
Prepaid expenses |
49,178 |
19,380 |
23,627 |
23,898 |
||||||
2,270,736,727 |
378,751,035 |
437,093,033 |
296,728,776 |
|||||||
Liabilities ($): |
||||||||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) |
1,375,012 |
299,836 |
276,643 |
224,706 |
||||||
Due to Administrator—Note 3(a) |
210,552 |
32,874 |
43,219 |
26,765 |
||||||
Cash overdraft due to Custodian |
- |
- |
388,375 |
- |
||||||
Liability for securities on loan—Note 1(c) |
60,325,214 |
30,077,315 |
- |
11,849,272 |
||||||
Payable for investment securities purchased |
20,887,329 |
8,314,547 |
- |
6,132,684 |
||||||
Payable for shares of Beneficial Interest redeemed |
995,203 |
254,473 |
433,893 |
334,761 |
||||||
Interest payable—Note 2 |
- |
- |
409 |
- |
||||||
Accrued expenses |
113,216 |
45,003 |
40,808 |
38,692 |
||||||
83,906,526 |
39,024,048 |
1,183,347 |
18,606,880 |
|||||||
Net Assets ($) |
2,186,830,201 |
339,726,987 |
435,909,686 |
278,121,896 |
||||||
Composition of Net Assets ($): |
||||||||||
Paid-in capital |
1,970,675,344 |
357,364,201 |
391,627,143 |
293,218,434 |
||||||
Accumulated undistributed (distribution in excess of) investment income—net |
6,736,827 |
(1,024,741) |
2,481,945 |
(1,062,508) |
||||||
Accumulated net realized gain (loss) on investments |
(42,848,103) |
(17,616,900) |
(2,137,544) |
(15,635,614) |
||||||
Accumulated net unrealized appreciation (depreciation) |
252,266,133 |
1,004,427 |
43,938,142 |
1,601,584 |
||||||
Net Assets ($) |
2,186,830,201 |
339,726,987 |
435,909,686 |
278,121,896 |
||||||
Net Asset Value Per Share |
||||||||||
Class M |
||||||||||
Net Assets ($) |
2,135,493,236 |
328,474,947 |
431,895,896 |
276,906,166 |
||||||
Shares Outstanding |
164,526,606 |
23,546,648 |
33,949,275 |
25,852,578 |
||||||
Net Asset Value Per Share ($) |
12.98 |
13.95 |
12.72 |
10.71 |
||||||
Investor Shares |
||||||||||
Net Assets ($) |
51,336,965 |
11,252,040 |
4,013,790 |
1,215,730 |
||||||
Shares Outstanding |
4,013,845 |
837,480 |
317,729 |
114,538 |
||||||
Net Asset Value Per Share ($) |
12.79 |
13.44 |
12.63 |
10.61 |
||||||
† |
Investments at cost ($) |
|||||||||
Unaffiliated issuers |
1,897,445,606 |
334,641,943 |
389,908,359 |
270,469,975 |
||||||
Affiliated issuers |
92,204,845 |
35,266,335 |
- |
18,097,554 |
||||||
†† |
Value of securities on loan ($) |
111,977,176 |
42,543,280 |
3,438,328 |
20,622,753 |
See notes to financial statements.
66
|
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
BNY Mellon |
|
Assets ($): |
||||||||||
Investments in securities—See Statement of Investments† |
956,428,675 |
|
608,204,963 |
77,031,227 |
217,632,811 |
175,037,780 |
||||
Affiliated issuers |
6,759,093 |
472,164 |
54,482 |
4,955,849 |
256,360,460 |
|||||
Cash |
1,782,575 |
309,515 |
1,248 |
486,863 |
- |
|||||
Cash denominated in foreign currency††† |
1,951,469 |
3,614,923 |
- |
3,116,052 |
- |
|||||
Dividends receivable |
6,225,538 |
2,099,168 |
248,052 |
1,108,405 |
- |
|||||
Receivable for shares of Beneficial Interest subscribed |
730,304 |
297,574 |
- |
838,334 |
64,400 |
|||||
Receivable for investment securities sold |
- |
1,028,750 |
- |
- |
524,494 |
|||||
Dividends, interest and securities lending income receivable |
- |
- |
- |
- |
770,024 |
|||||
Prepaid expenses |
37,947 |
24,789 |
257,697 |
29,127 |
21,648 |
|||||
973,915,601 |
616,051,846 |
77,592,706 |
228,167,441 |
432,778,806 |
||||||
Liabilities ($): |
||||||||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) |
819,682 |
1,537,072 |
43,095 |
240,106 |
52,871 |
|||||
Due to Administrator—Note 3(a) |
97,133 |
64,412 |
7,828 |
21,773 |
14,882 |
|||||
Payable for shares of Beneficial Interest redeemed |
687,785 |
781,497 |
36,065 |
171,915 |
72,363 |
|||||
Cash overdraft due to custodian |
- |
- |
- |
- |
238,384 |
|||||
Notes payable—Note 2 |
- |
1,000,000 |
- |
- |
- |
|||||
Interest payable—Note 2 |
- |
10,752 |
- |
- |
- |
|||||
Payable for future variation margin―Note 4 |
- |
- |
2,120 |
- |
- |
|||||
Payable for investment securities purchased |
- |
- |
- |
4,794,085 |
1,816,983 |
|||||
Unrealized depreciation on forward foreign |
- |
- |
- |
23,254 |
- |
|||||
Liability for securities on loan—Note 1(c) |
- |
- |
- |
- |
73,500 |
|||||
Accrued expenses |
43,917 |
45,058 |
56,409 |
35,275 |
34,613 |
|||||
1,648,517 |
3,438,791 |
145,517 |
5,286,408 |
2,303,596 |
||||||
Net Assets ($) |
972,267,084 |
612,613,055 |
77,447,189 |
222,881,033 |
430,475,210 |
67
STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
BNY Mellon |
||
Composition of Net Assets ($): |
|||||||||||
Paid-in capital |
1,768,402,714 |
1,114,390,121 |
155,399,259 |
288,727,943 |
423,468,052 |
||||||
Accumulated undistributed investment income—net |
1,320,744 |
599,794 |
174,064 |
525,400 |
(15,555) |
||||||
Accumulated net realized gain (loss) on investments |
(625,594,648) |
(496,923,585) |
(45,176,222) |
(50,201,376) |
2,138,352 |
||||||
Accumulated net unrealized appreciation (depreciation) |
(171,669,738) |
(5,297,530) |
(32,954,695) |
(16,121,758) |
4,884,361 |
||||||
Accumulated net unrealized appreciation (depreciation) |
(191,988) |
(155,745) |
- |
(49,176) |
- |
||||||
Accumulated net unrealized appreciation (depreciation) |
- |
- |
4,783 |
- |
- |
||||||
Net Assets ($) |
972,267,084 |
612,613,055 |
77,447,189 |
222,881,033 |
430,475,210 |
||||||
Net Asset Value Per Share |
|||||||||||
Class M |
|||||||||||
Net Assets ($) |
962,268,206 |
602,829,485 |
73,397,924 |
222,291,770 |
423,931,193 |
||||||
Shares Outstanding |
95,057,587 |
83,247,768 |
6,701,937 |
20,100,813 |
40,747,015 |
||||||
Net Asset Value Per Share ($) |
10.12 |
7.24 |
10.95 |
11.06 |
10.40 |
||||||
Investor Shares |
|||||||||||
Net Assets ($) |
9,998,878 |
9,783,570 |
4,049,265 |
589,263 |
6,544,017 |
||||||
Shares Outstanding |
928,152 |
1,314,519 |
373,739 |
52,740 |
624,667 |
||||||
Net Asset Value Per Share ($) |
10.77 |
7.44 |
10.83 |
11.17 |
10.48 |
||||||
† |
Investments at cost ($) |
||||||||||
Unaffiliated issuers |
1,128,098,413 |
613,502,493 |
109,985,922 |
233,754,569 |
166,423,985 |
||||||
Affiliated issuers |
6,759,093 |
472,164 |
54,482 |
4,955,849 |
260,089,894 |
||||||
†† |
Value of securities on loan ($) |
- |
- |
- |
- |
4,044,840 |
|||||
††† |
Cash denominated in foreign currency (cost) ($) |
1,975,268 |
3,656,422 |
- |
3,109,964 |
- |
See notes to financial statements.
68
STATEMENT OF OPERATIONS
Six Months Ended February 29, 2016 (Unaudited)
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
|
Investment Income ($): |
|||||||||
Income: |
|||||||||
Cash dividends: |
|||||||||
Unaffiliated issuers |
4,126,512 |
506,736 |
2,661,390 |
17,334,379 |
|||||
Affiliated issuers |
1,333 |
549,402 |
1,298,170 |
16,951 |
|||||
Income from securities lending—Note 1(c) |
14,036 |
586 |
11,993 |
13,372 |
|||||
Total Income |
4,141,881 |
1,056,724 |
3,971,553 |
17,364,702 |
|||||
Expenses: |
|||||||||
Investment advisory fee—Note 3(a) |
1,197,401 |
246,979 |
1,012,965 |
3,293,335 |
|||||
Administration fee—Note 3(a) |
230,864 |
36,310 |
163,683 |
635,037 |
|||||
Custodian fees—Note 3(b) |
31,438 |
6,565 |
10,617 |
40,784 |
|||||
Professional fees |
17,497 |
16,539 |
16,348 |
16,515 |
|||||
Registration fees |
14,964 |
14,933 |
14,341 |
15,637 |
|||||
Shareholder servicing costs—Note 3(b) |
12,703 |
1,352 |
4,731 |
17,760 |
|||||
Trustees’ fees and expenses—Note 3(c) |
12,613 |
3,834 |
13,297 |
32,915 |
|||||
Prospectus and shareholders’ reports |
4,281 |
3,128 |
3,834 |
5,035 |
|||||
Loan commitment fees—Note 2 |
3,422 |
999 |
4,937 |
9,295 |
|||||
Interest expense—Note 2 |
877 |
286 |
- |
4,895 |
|||||
Miscellaneous |
8,697 |
13,562 |
15,963 |
19,693 |
|||||
Total Expenses |
1,534,757 |
344,487 |
1,260,716 |
4,090,901 |
|||||
Less—reduction in fees due to earnings credits—Note 3(b) |
(11) |
(2) |
(3) |
(15) |
|||||
Net Expenses |
1,534,746 |
344,485 |
1,260,713 |
4,090,886 |
|||||
Investment Income—Net |
2,607,135 |
712,239 |
2,710,840 |
13,273,816 |
|||||
Realized and Unrealized Gain (Loss) |
|||||||||
Net realized gain (loss) on investments: |
|||||||||
Unaffiliated issuers |
772,491 |
769,334 |
37,937 |
22,325,877 |
|||||
Affiliated issuers |
- |
927,734 |
318,670 |
- |
|||||
Capital gain distributions on affiliated issuers |
- |
5,341,051 |
12,252,453 |
- |
|||||
Net realized gain (loss) on options transactions |
- |
- |
- |
761,431 |
|||||
Net Realized Gain (Loss) |
772,491 |
7,038,119 |
12,609,060 |
23,087,308 |
|||||
Net unrealized appreciation (depreciation) on investments: |
|||||||||
Unaffiliated issuers |
(8,885,079) |
(2,512,208) |
(7,345,675) |
(34,680,642) |
|||||
Affiliated issuers |
- |
(7,927,890) |
(17,431,043) |
- |
|||||
Net unrealized appreciation (depreciation) |
- |
- |
- |
(133,972) |
|||||
Net Unrealized Appreciation (Depreciation) |
(8,885,079) |
(10,440,098) |
(24,776,718) |
(34,814,614) |
|||||
Net Realized and Unrealized Gain (Loss) on Investments |
(8,112,588) |
(3,401,979) |
(12,167,658) |
(11,727,306) |
|||||
Net Increase (Decrease) in Net Assets |
(5,505,453) |
(2,689,740) |
(9,456,818) |
1,546,510 |
See notes to financial statements.
69
STATEMENT OF OPERATIONS (Unaudited) (continued)
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
|
Investment Income ($): |
|||||||||
Income: |
|||||||||
Cash dividends (net of $13,682, $4,690 and $4,644 |
|||||||||
Unaffiliated issuers |
16,084,112 |
1,906,207 |
4,706,382 |
1,418,742 |
|||||
Affiliated issuers |
35,671 |
4,835 |
512 |
5,852 |
|||||
Income from securities lending—Note 1(c) |
289,759 |
128,505 |
10,745 |
53,517 |
|||||
Interest |
4,250 |
— |
210 |
- |
|||||
Total Income |
16,413,792 |
2,039,547 |
4,717,849 |
1,478,111 |
|||||
Expenses: |
|||||||||
Investment advisory fee—Note 3(a) |
8,397,243 |
1,546,153 |
1,790,928 |
1,132,287 |
|||||
Administration fee—Note 3(a) |
1,403,535 |
228,005 |
320,628 |
189,224 |
|||||
Custodian fees—Note 3(b) |
84,879 |
62,165 |
24,641 |
50,468 |
|||||
Trustees’ fees and expenses—Note 3(c) |
71,210 |
12,955 |
20,806 |
8,985 |
|||||
Shareholder servicing costs—Note 3(b) |
69,185 |
15,921 |
10,067 |
1,879 |
|||||
Registration fees |
43,258 |
15,508 |
16,444 |
17,319 |
|||||
Professional fees |
23,226 |
18,259 |
20,333 |
16,409 |
|||||
Loan commitment fees—Note 2 |
21,234 |
3,617 |
3,913 |
1,478 |
|||||
Prospectus and shareholders’ reports |
13,732 |
7,170 |
3,846 |
4,400 |
|||||
Interest expense—Note 2 |
- |
— |
7,833 |
- |
|||||
Miscellaneous |
26,717 |
14,840 |
14,213 |
13,304 |
|||||
Total Expenses |
10,154,219 |
1,924,593 |
2,233,652 |
1,435,753 |
|||||
Less—reduction in fees due to earnings credits—Note 3(b) |
(147) |
(59) |
(8) |
(7) |
|||||
Net Expenses |
10,154,072 |
1,924,534 |
2,233,644 |
1,435,746 |
|||||
Investment Income—Net |
6,259,720 |
115,013 |
2,484,205 |
42,365 |
|||||
Realized and Unrealized Gain (Loss) |
|||||||||
Net realized gain (loss) on investments |
(36,919,174) |
(13,348,588) |
(1,558,566) |
(13,721,670) |
|||||
Net unrealized appreciation (depreciation) on investments |
(131,162,506) |
(35,799,306) |
(20,214,581) |
(17,965,298) |
|||||
Net Realized and Unrealized Gain (Loss) on Investments |
(168,081,680) |
(49,147,894) |
(21,773,147) |
(31,686,968) |
|||||
Net (Decrease)in Net Assets |
(161,821,960) |
(49,032,881) |
(19,288,942) |
(31,644,603) |
See notes to financial statements.
70
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
BNY Mellon |
|
Investment Income ($): |
|||||||||
Income: |
|||||||||
Cash dividends (net of $699,605, $857,019, $61,655 and |
|||||||||
Unaffiliated issuers |
9,268,206 |
7,382,396 |
947,968 |
3,631,115 |
1,199,475 |
||||
Affiliated issuers |
7,069 |
1,586 |
214 |
3,343 |
2,759,374 |
||||
Interest |
- |
- |
41 |
- |
885,688 |
||||
Income from securities lending—Note 1(c) |
- |
- |
- |
- |
1,415 |
||||
Total Income |
9,275,275 |
7,383,982 |
948,223 |
3,634,458 |
4,845,952 |
||||
Expenses: |
|||||||||
Investment advisory fee—Note 3(a) |
4,416,593 |
5,034,982 |
233,397 |
1,051,019 |
642,888 |
||||
Administration fee—Note 3(a) |
651,359 |
548,469 |
58,501 |
154,953 |
95,377 |
||||
Custodian fees—Note 3(b) |
152,172 |
740,149 |
5,202 |
62,532 |
8,071 |
||||
Trustees’ fees and expenses—Note 3(c) |
29,643 |
20,448 |
3,140 |
9,836 |
14,333 |
||||
Professional fees |
24,081 |
61,913 |
18,803 |
22,529 |
20,798 |
||||
Registration fees |
16,717 |
17,503 |
14,695 |
16,523 |
16,234 |
||||
Shareholder servicing costs—Note 3(b) |
16,030 |
16,895 |
5,993 |
2,636 |
8,010 |
||||
Loan commitment fees—Note 2 |
10,284 |
9,765 |
859 |
2,265 |
3,322 |
||||
Prospectus and shareholders’ reports |
6,247 |
5,591 |
5,095 |
2,709 |
3,707 |
||||
Interest expense—Note 2 |
773 |
33,622 |
63 |
1,152 |
- |
||||
ADR fees |
- |
- |
51,857 |
- |
- |
||||
Miscellaneous |
33,793 |
30,567 |
18,484 |
18,163 |
28,129 |
||||
Total Expenses |
5,357,692 |
6,519,904 |
416,089 |
1,344,317 |
840,869 |
||||
Less—reduction in expenses due to |
- |
- |
- |
- |
(231,550) |
||||
Less—reduction in fees due to earnings credits—Note 3(b) |
(15) |
(18) |
(25) |
(3) |
(4) |
||||
Net Expenses |
5,357,677 |
6,519,886 |
416,064 |
1,344,314 |
609,315 |
||||
Investment Income—Net |
3,917,598 |
864,096 |
532,159 |
2,290,144 |
4,236,637 |
71
STATEMENT OF OPERATIONS (Unaudited) (continued)
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
BNY Mellon |
|
Realized and Unrealized Gain (Loss) |
|||||||||
Net realized gain (loss) on investments |
(12,779,020) |
(108,700,940) |
- |
(13,033,439) |
- |
||||
Net realized gain (loss) on forward foreign |
189,416 |
(847,867) |
- |
43,648 |
- |
||||
Net realized gain (loss) on financial futures |
- |
- |
(147,205) |
- |
- |
||||
Net realized gain (loss) on investments: |
|||||||||
Unaffiliated issuers |
- |
- |
(1,983,119) |
- |
(2,191,742) |
||||
Affiliated issuers |
- |
- |
- |
- |
(3,789,850) |
||||
Capital gain distributions on affiliated issuer |
- |
- |
- |
- |
9,010,478 |
||||
Net Realized Gain (Loss) |
(12,589,604) |
(109,548,807) |
(2,130,324) |
(12,989,791) |
3,028,886 |
||||
Net unrealized appreciation (depreciation) on investments |
(110,811,968) |
48,180,493 |
- |
(768,184) |
- |
||||
Net unrealized appreciation (depreciation) on forward |
- |
24,140 |
- |
(23,254) |
- |
||||
Net unrealized appreciation (depreciation) |
- |
- |
69,268 |
- |
- |
||||
Net unrealized appreciation (depreciation) |
|||||||||
Unaffiliated issuers |
- |
- |
(8,026,261) |
- |
(718,966) |
||||
Affiliated issuers |
- |
- |
- |
- |
(23,646,459) |
||||
Net Unrealized Appreciation (Depreciation) |
(110,811,968) |
48,204,633 |
(7,956,993) |
(791,438) |
(24,365,425) |
||||
Net Realized and Unrealized Gain (Loss) on Investments |
(123,401,572) |
(61,344,174) |
(10,087,317) |
(13,781,229) |
(21,336,539) |
||||
Net (Decrease) in Net Assets Resulting |
(119,483,974) |
(60,480,078) |
(9,555,158) |
(11,491,085) |
(17,099,902) |
72
STATEMENT OF CHANGES IN NET ASSETS
BNY Mellon Large Cap Stock Fund |
BNY Mellon Large Cap |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income—net |
2,607,135 |
6,017,527 |
712,239 |
1,273,743 |
|||||
Net realized gain (loss) on investments |
772,491 |
38,116,732 |
7,038,119 |
24,846,923 |
|||||
Net unrealized appreciation (depreciation) on investments |
(8,885,079) |
(39,821,717) |
(10,440,098) |
(26,946,867) |
|||||
Net Increase (Decrease) in Net Assets |
(5,505,453) |
4,312,542 |
(2,689,740) |
(826,201) |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(2,589,423) |
(5,612,113) |
(993,839) |
(2,735,909) |
|||||
Investor Shares |
(60,126) |
(117,874) |
(6,507) |
(14,416) |
|||||
Net realized gain on investments: |
|||||||||
Class M |
(35,063,742) |
(75,452,399) |
(20,163,560) |
(28,126,074) |
|||||
Investor Shares |
(1,058,366) |
(2,051,151) |
(191,924) |
(162,969) |
|||||
Total Dividends |
(38,771,657) |
(83,233,537) |
(21,355,830) |
(31,039,368) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
37,493,477 |
105,014,504 |
7,146,133 |
8,895,486 |
|||||
Investor Shares |
1,991,118 |
5,442,502 |
402,885 |
2,038,911 |
|||||
Dividends reinvested: |
|||||||||
Class M |
25,238,514 |
53,759,056 |
11,656,466 |
15,633,492 |
|||||
Investor Shares |
982,549 |
1,999,029 |
73,976 |
87,402 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(102,086,303) |
(151,889,288) |
(33,081,085) |
(54,768,872) |
|||||
Investor Shares |
(2,552,909) |
(8,137,824) |
(584,988) |
(1,484,859) |
|||||
Increase (Decrease) in Net Assets from |
(38,933,554) |
6,187,979 |
(14,386,613) |
(29,598,440) |
|||||
Total Increase (Decrease) In Net Assets |
(83,210,664) |
(72,733,016) |
(38,432,183) |
(61,464,009) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
408,384,182 |
481,117,198 |
131,376,072 |
192,840,081 |
|||||
End of Period |
325,173,518 |
408,384,182 |
92,943,889 |
131,376,072 |
|||||
Undistributed investment income—net |
38,227 |
80,641 |
110,215 |
398,322 |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class M + |
|||||||||
Shares sold |
6,830,223 |
16,518,103 |
588,486 |
625,247 |
|||||
Shares issued for dividends reinvested |
4,465,806 |
8,691,257 |
1,036,130 |
1,134,506 |
|||||
Shares redeemed |
(17,610,504) |
(23,419,675) |
(2,755,842) |
(3,785,593) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(6,314,475) |
1,789,685 |
(1,131,226) |
(2,025,840) |
|||||
Investor Shares a |
|||||||||
Shares sold |
337,708 |
827,889 |
31,237 |
140,670 |
|||||
Shares issued for dividends reinvested |
173,813 |
322,892 |
6,524 |
6,302 |
|||||
Shares redeemed |
(462,342) |
(1,251,214) |
(48,790) |
(101,676) |
|||||
Net Increase (Decrease) in Shares Outstanding |
49,179 |
(100,433) |
(11,029) |
45,296 |
a During the period ended February 29, 2016, 134,202 Class M shares representing $798,301 were exchanged for 134,102 Investor shares for BNY Mellon Large Cap Stock Fund.
See notes to financial statements.
73
STATEMENT OF CHANGES IN NET ASSETS (continued)
BNY Mellon Tax-Sensitive |
BNY Mellon Income Stock Fund |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income—net |
2,710,840 |
4,530,865 |
13,273,816 |
25,272,272 |
|||||
Net realized gain (loss) on investments |
12,609,060 |
33,707,479 |
23,087,308 |
104,385,390 |
|||||
Net unrealized appreciation (depreciation) on investments |
(24,776,718) |
(39,142,915) |
(34,814,614) |
(150,493,398) |
|||||
Net Increase (Decrease) in Net Assets |
(9,456,818) |
(904,571) |
1,546,510 |
(20,835,736) |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(3,971,525) |
(7,192,207) |
(13,109,611) |
(24,976,110) |
|||||
Investor Shares |
(29,776) |
(57,298) |
(162,524) |
(252,824) |
|||||
Net realized gain on investments: |
|||||||||
Class M |
(28,802,216) |
(57,273,113) |
(92,555,875) |
(127,193,057) |
|||||
Investor Shares |
(294,305) |
(523,700) |
(1,309,191) |
(1,400,716) |
|||||
Total Dividends |
(33,097,822) |
(65,046,318) |
(107,137,201) |
(153,822,707) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
12,214,265 |
27,793,897 |
85,042,550 |
190,335,138 |
|||||
Investor Shares |
342,103 |
1,939,911 |
5,464,976 |
17,969,397 |
|||||
Dividends reinvested: |
|||||||||
Class M |
26,042,120 |
51,004,374 |
46,461,393 |
67,935,234 |
|||||
Investor Shares |
190,229 |
283,387 |
1,137,433 |
1,295,717 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(69,127,498) |
(86,113,878) |
(186,711,984) |
(263,087,249) |
|||||
Investor Shares |
(1,810,179) |
(1,220,805) |
(7,134,218) |
(16,349,432) |
|||||
Increase (Decrease) in Net Assets from |
(32,148,960) |
(6,313,114) |
(55,739,850) |
(1,901,195) |
|||||
Total Increase (Decrease) In Net Assets |
(74,703,600) |
(72,264,003) |
(161,330,541) |
(176,559,638) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
406,091,133 |
478,355,136 |
1,091,975,060 |
1,268,534,698 |
|||||
End of Period |
331,387,533 |
406,091,133 |
930,644,519 |
1,091,975,060 |
|||||
Undistributed investment income—net |
617,679 |
1,908,140 |
98,343 |
96,662 |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class M a |
|||||||||
Shares sold |
866,558 |
1,739,475 |
10,601,974 |
20,590,143 |
|||||
Shares issued for dividends reinvested |
1,874,883 |
3,333,619 |
5,668,064 |
7,541,083 |
|||||
Shares redeemed |
(5,090,880) |
(5,463,558) |
(22,283,769) |
(28,572,270) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(2,349,439) |
(390,464) |
(6,013,731) |
(441,044) |
|||||
Investor Shares a |
|||||||||
Shares sold |
23,813 |
119,413 |
654,639 |
1,915,659 |
|||||
Shares issued for dividends reinvested |
13,406 |
18,154 |
137,334 |
142,375 |
|||||
Shares redeemed |
(129,573) |
(76,502) |
(864,174) |
(1,770,021) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(92,354) |
61,065 |
(72,201) |
288,013 |
a During the period ended February 29, 2016, 10,500 Class M shares representing $151,820 were exchanged for 10,312 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 259,151 Class M shares representing $2,220,603 were exchanged for 256,966 Investor shares for BNY Mellon Income Stock Fund.
See notes to financial statements.
74
BNY Mellon Mid Cap Multi-Strategy Fund |
BNY Mellon Small Cap Multi-Strategy Fund |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended February 29, 2016 |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income (loss)—net |
6,259,720 |
6,192,726 |
115,013 |
(564,909) |
|||||
Net realized gain (loss) on investments |
(36,919,174) |
124,765,996 |
(13,348,588) |
11,968,154 |
|||||
Net unrealized appreciation (depreciation) on investments |
(131,162,506) |
(137,886,801) |
(35,799,306) |
(5,697,100) |
|||||
Net Increase (Decrease) in Net Assets |
(161,821,960) |
(6,928,079) |
(49,032,881) |
5,706,145 |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(2,822,168) |
(5,222,092) |
— |
— |
|||||
Investor Shares |
— |
(32,692) |
— |
— |
|||||
Net realized gain on investments: |
|||||||||
Class M |
(99,762,866) |
(112,802,264) |
(13,981,459) |
(15,772,731) |
|||||
Investor Shares |
(2,536,472) |
(3,298,195) |
(530,824) |
(610,080) |
|||||
Total Dividends |
(105,121,506) |
(121,355,243) |
(14,512,283) |
(16,382,811) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
403,298,320 |
540,918,730 |
44,476,885 |
64,280,798 |
|||||
Investor Shares |
13,637,473 |
33,791,197 |
2,356,075 |
6,043,757 |
|||||
Dividends reinvested: |
|||||||||
Class M |
53,692,956 |
64,066,844 |
8,441,422 |
9,794,853 |
|||||
Investor Shares |
2,166,218 |
2,748,036 |
418,602 |
481,674 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(260,609,570) |
(202,860,269) |
(31,585,396) |
(42,985,217) |
|||||
Investor Shares |
(14,924,723) |
(28,388,662) |
(2,008,578) |
(4,863,891) |
|||||
Increase (Decrease) in Net Assets from |
197,260,674 |
410,275,876 |
22,099,010 |
32,751,974 |
|||||
Total Increase (Decrease) In Net Assets |
(69,682,792) |
281,992,554 |
(41,446,154) |
(22,075,308) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
2,256,512,993 |
1,974,520,439 |
381,173,141 |
359,097,833 |
|||||
End of Period |
2,186,830,201 |
2,256,512,993 |
339,726,987 |
381,173,141 |
|||||
Undistributed (distributions in excess of) |
6,736,827 |
3,299,275 |
(1,024,741) |
(1,139,754) |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class Ma |
|||||||||
Shares sold |
29,313,015 |
35,477,532 |
2,938,414 |
3,829,533 |
|||||
Shares issued for dividends reinvested |
3,922,057 |
4,433,692 |
550,647 |
587,927 |
|||||
Shares redeemed |
(18,734,831) |
(13,275,294) |
(2,074,976) |
(2,522,982) |
|||||
Net Increase (Decrease) in Shares Outstanding |
14,500,241 |
26,635,930 |
1,414,085 |
1,894,478 |
|||||
Investor Sharesa |
|||||||||
Shares sold |
984,633 |
2,233,290 |
155,687 |
367,558 |
|||||
Shares issued for dividends reinvested |
160,579 |
192,574 |
28,323 |
29,880 |
|||||
Shares redeemed |
(1,082,910) |
(1,886,014) |
(139,282) |
(294,490) |
|||||
Net Increase (Decrease) in Shares Outstanding |
62,302 |
539,850 |
44,728 |
102,948 |
a During the period ended February 29, 2016, 341,536 Class M shares representing $5,009,274 were exchanged for 346,443 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 48,005 Class M shares representing $788,157were exchanged for 49,727 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund.
See notes to financial statements.
75
STATEMENT OF CHANGES IN NET ASSETS (continued)
BNY Mellon Focused Equity |
BNY Mellon Small/Mid Cap |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income (loss)—net |
2,484,205 |
4,604,554 |
42,365 |
(307,715) |
|||||
Net realized gain (loss) on investments |
(1,558,566) |
61,148,604 |
(13,721,670) |
18,132,303 |
|||||
Net unrealized appreciation (depreciation) on investments |
(20,214,581) |
(86,397,807) |
(17,965,298) |
(11,767,489) |
|||||
Net Increase (Decrease) in Net Assets |
(19,288,942) |
(20,644,649) |
(31,644,603) |
6,057,099 |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(3,773,879) |
(3,475,992) |
(882,016) |
- |
|||||
Investor Shares |
(44,480) |
(30,274) |
- |
- |
|||||
Net realized gain on investments: |
|||||||||
Class M |
(43,223,639) |
(107,705,077) |
(18,614,519) |
(101,042,144) |
|||||
Investor Shares |
(741,578) |
(1,250,725) |
(99,692) |
(621,220) |
|||||
Total Dividends |
(47,783,576) |
(112,462,068) |
(19,596,227) |
(101,663,364) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
29,258,048 |
121,511,302 |
31,143,498 |
50,415,720 |
|||||
Investor Shares |
1,873,121 |
14,081,498 |
709,183 |
2,509,601 |
|||||
Dividends reinvested: |
|||||||||
Class M |
27,138,539 |
64,142,086 |
13,917,272 |
67,444,832 |
|||||
Investor Shares |
583,461 |
978,916 |
92,905 |
405,065 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(120,167,958) |
(166,854,155) |
(57,006,864) |
(94,347,846) |
|||||
Investor Shares |
(5,694,463) |
(8,552,226) |
(865,582) |
(3,870,796) |
|||||
Increase (Decrease) in Net Assets from |
(67,009,252) |
25,307,421 |
(12,009,588) |
22,556,576 |
|||||
Total Increase (Decrease) In Net Assets |
(134,081,770) |
(107,799,296) |
(63,250,418) |
(73,049,689) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
569,991,456 |
677,790,752 |
341,372,314 |
414,422,003 |
|||||
End of Period |
435,909,686 |
569,991,456 |
278,121,896 |
341,372,314 |
|||||
Undistributed (distribution in excess of) |
2,481,945 |
3,816,099 |
(1,062,508) |
(222,857) |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class M a |
|||||||||
Shares sold |
2,134,759 |
7,665,315 |
2,731,060 |
3,742,275 |
|||||
Shares issued for dividends reinvested |
1,934,322 |
4,189,555 |
1,191,547 |
5,551,015 |
|||||
Shares redeemed |
(8,404,502) |
(10,418,965) |
(4,791,282) |
(6,798,439) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(4,335,421) |
1,435,905 |
(868,675) |
2,494,851 |
|||||
Investor Shares a |
|||||||||
Shares sold |
131,288 |
874,215 |
62,809 |
179,466 |
|||||
Shares issued for dividends reinvested |
41,855 |
64,318 |
8,023 |
33,615 |
|||||
Shares redeemed |
(445,804) |
(544,225) |
(78,325) |
(273,977) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(272,661) |
394,308 |
(7,493) |
(60,896) |
a During the period ended February 29, 2016, 111,931 Class M shares representing $1,675,703 were exchanged for 112,824 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 17,572 Class M shares representing $217,730 were exchanged for 17,755 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund.
See notes to financial statements.
76
BNY Mellon International Fund |
BNY Mellon Emerging Markets Fund |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income—net |
3,917,598 |
14,574,755 |
864,096 |
15,299,699 |
|||||
Net realized gain (loss) on investments |
(12,589,604) |
(52,222,530) |
(109,548,807) |
(180,096,116) |
|||||
Net unrealized appreciation (depreciation) on investments |
(110,811,968) |
(45,098,153) |
48,204,633 |
(310,595,785) |
|||||
Net Increase (Decrease) in Net Assets |
(119,483,974) |
(82,745,928) |
(60,480,078) |
(475,392,202) |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(14,863,929) |
(14,400,687) |
(7,819,971) |
(22,289,722) |
|||||
Investor Shares |
(121,406) |
(201,687) |
(55,653) |
(304,846) |
|||||
Total Dividends |
(14,985,335) |
(14,602,374) |
(7,875,624) |
(22,594,568) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
264,795,599 |
351,929,668 |
102,136,780 |
198,022,883 |
|||||
Investor Shares |
5,652,244 |
19,615,699 |
4,490,656 |
25,468,886 |
|||||
Dividends reinvested: |
|||||||||
Class M |
3,494,971 |
3,525,703 |
1,547,745 |
4,773,026 |
|||||
Investor Shares |
95,701 |
127,975 |
49,972 |
214,050 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(178,613,866) |
(243,506,991) |
(542,105,093) |
(649,204,470) |
|||||
Investor Shares |
(8,365,251) |
(13,737,139) |
(10,800,206) |
(24,902,599) |
|||||
Increase (Decrease) in Net Assets from |
87,059,398 |
117,954,915 |
(444,680,146) |
(445,628,224) |
|||||
Total Increase (Decrease) In Net Assets |
(47,409,911) |
20,606,613 |
(513,035,848) |
(943,614,994) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
1,019,676,995 |
999,070,382 |
1,125,648,903 |
2,069,263,897 |
|||||
End of Period |
972,267,084 |
1,019,676,995 |
612,613,055 |
1,125,648,903 |
|||||
Undistributed investment income—net |
1,320,744 |
12,388,481 |
599,794 |
7,611,322 |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class M a |
|||||||||
Shares sold |
23,707,084 |
29,375,912 |
13,416,964 |
20,908,039 |
|||||
Shares issued for dividends reinvested |
309,563 |
313,954 |
198,429 |
522,785 |
|||||
Shares redeemed |
(16,004,426) |
(20,484,370) |
(69,322,191) |
(68,803,608) |
|||||
Net Increase (Decrease) in Shares Outstanding |
8,012,221 |
9,205,496 |
(55,706,798) |
(47,372,784) |
|||||
Investor Shares a |
|||||||||
Shares sold |
473,259 |
1,531,589 |
559,481 |
2,566,417 |
|||||
Shares issued for dividends reinvested |
7,962 |
10,718 |
6,231 |
22,868 |
|||||
Shares redeemed |
(698,066) |
(1,060,377) |
(1,336,380) |
(2,544,094) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(216,845) |
481,930 |
(770,668) |
45,191 |
a During the period ended February 29, 2016, 216,318 Class M shares representing $2,532,161 were exchanged for 203,835 Investor shares for BNY Mellon International Fund and 228,748 Class M shares representing $1,871,014 were exchanged for 223,450 Investor shares for BNY Mellon Emerging Markets Fund.
See notes to financial statements.
77
STATEMENT OF CHANGES IN NET ASSETS (continued)
BNY Mellon |
BNY Mellon International |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income—net |
532,159 |
2,280,903 |
2,290,144 |
10,333,101 |
|||||
Net realized gain (loss) on investments |
(2,130,324) |
(754,919) |
(12,989,791) |
(32,817,099) |
|||||
Net unrealized appreciation (depreciation) on investments |
(7,956,993) |
(9,908,606) |
(791,438) |
(35,106,636) |
|||||
Net Increase (Decrease) in Net Assets |
(9,555,158) |
(8,382,622) |
(11,491,085) |
(57,590,634) |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(2,143,484) |
(3,106,454) |
(4,396,528) |
(11,647,603) |
|||||
Investor Shares |
(101,316) |
(143,667) |
(25,033) |
(88,042) |
|||||
Total Dividends |
(2,244,800) |
(3,250,121) |
(4,421,561) |
(11,735,645) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
4,195,950 |
24,753,960 |
75,898,891 |
146,976,624 |
|||||
Investor Shares |
84,449 |
349,812 |
599,169 |
4,374,118 |
|||||
Dividends reinvested: |
|||||||||
Class M |
137,562 |
233,016 |
1,177,521 |
2,979,153 |
|||||
Investor Shares |
100,983 |
139,904 |
2,730 |
11,600 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(20,764,944) |
(24,093,192) |
(122,001,989) |
(139,673,758) |
|||||
Investor Shares |
(495,876) |
(296,254) |
(2,905,177) |
(1,882,695) |
|||||
Increase (Decrease) in Net Assets from |
(16,741,876) |
1,087,246 |
(47,228,855) |
12,785,042 |
|||||
Total Increase (Decrease) In Net Assets |
(28,541,834) |
(10,545,497) |
(63,141,501) |
(56,541,237) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
105,989,023 |
116,534,520 |
286,022,534 |
342,563,771 |
|||||
End of Period |
77,447,189 |
105,989,023 |
222,881,033 |
286,022,534 |
|||||
Undistributed investment income—net |
174,064 |
1,886,705 |
525,400 |
2,656,817 |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class M a |
|||||||||
Shares sold |
349,746 |
1,917,937 |
6,582,549 |
11,030,480 |
|||||
Shares issued for dividends reinvested |
11,570 |
18,776 |
101,728 |
220,097 |
|||||
Shares redeemed |
(1,732,027) |
(1,867,229) |
(10,323,757) |
(10,556,975) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(1,370,711) |
69,484 |
(3,639,480) |
693,602 |
|||||
Investor Shares a |
|||||||||
Shares sold |
7,564 |
26,265 |
51,342 |
321,582 |
|||||
Shares issued for dividends reinvested |
8,580 |
11,383 |
234 |
836 |
|||||
Shares redeemed |
(44,028) |
(22,617) |
(243,022) |
(139,946) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(27,884) |
(15,031) |
(191,446) |
182,472 |
a During the period ended February 29, 2016, 8,715 Class M shares representing $101,839 were exchanged for 8,674 Investor shares for BNY Mellon International Equity Income Fund.
See notes to financial statements.
78
BNY Mellon Asset Allocation Fund |
|||||||||
Six Months Ended |
Year Ended |
||||||||
|
|
(Unaudited) |
|
August 31, 2015 |
|||||
Operations ($): |
|||||||||
Investment income—net |
4,236,637 |
7,380,562 |
|||||||
Net realized gain (loss) on investments |
3,028,886 |
27,678,763 |
|||||||
Net unrealized appreciation (depreciation) on investments |
(24,365,425) |
(46,513,280) |
|||||||
Net Increase (Decrease) in Net Assets |
(17,099,902) |
(11,453,955) |
|||||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(4,545,547) |
(12,516,765) |
|||||||
Investor Shares |
(56,534) |
(167,238) |
|||||||
Net realized gain on investments: |
|||||||||
Class M |
(22,663,275) |
(18,177,531) |
|||||||
Investor Shares |
(306,583) |
(275,821) |
|||||||
Total Dividends |
(27,571,939) |
(31,137,355) |
|||||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
18,762,653 |
45,747,505 |
|||||||
Investor Shares |
1,848,787 |
2,974,230 |
|||||||
Dividends reinvested: |
|||||||||
Class M |
18,732,613 |
15,676,886 |
|||||||
Investor Shares |
340,872 |
404,901 |
|||||||
Cost of shares redeemed: |
|||||||||
Class M |
(36,910,331) |
(45,694,871) |
|||||||
Investor Shares |
(1,451,110) |
(4,691,385) |
|||||||
Increase (Decrease) in Net Assets from |
1,323,484 |
14,417,266 |
|||||||
Total Increase (Decrease) In Net Assets |
(43,348,357) |
(28,174,044) |
|||||||
Net Assets ($): |
|||||||||
Beginning of Period |
473,823,567 |
501,997,611 |
|||||||
End of Period |
430,475,210 |
473,823,567 |
|||||||
Undistributed (distribution in excess of) investment income—net |
(15,555) |
349,889 |
|||||||
Capital Share Transactions (Shares): |
|||||||||
Class M a |
|||||||||
Shares sold |
1,708,703 |
3,756,904 |
|||||||
Shares issued for dividends reinvested |
1,716,579 |
1,321,000 |
|||||||
Shares redeemed |
(3,295,934) |
(3,745,414) |
|||||||
Net Increase (Decrease) in Shares Outstanding |
129,348 |
1,332,490 |
|||||||
Investor Shares a |
|||||||||
Shares sold |
168,494 |
241,148 |
|||||||
Shares issued for dividends reinvested |
30,974 |
33,815 |
|||||||
Shares redeemed |
(126,681) |
(382,565) |
|||||||
Net Increase (Decrease) in Shares Outstanding |
72,787 |
(107,602) |
a During the period ended February 29, 2016, 45,034 Class M shares representing $525,277 were exchanged for 44,738 Investor shares for BNY Mellon Asset Allocation Fund.
See notes to financial statements.
79
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Large Cap Stock Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
5.92 |
7.15 |
9.97 |
9.17 |
8.14 |
7.16 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.04 |
.09 |
.09 |
.12 |
.08 |
.09 |
|||||||||
Net realized and unrealized |
(.15) |
(.04) |
1.88 |
1.21 |
1.03 |
.98 |
|||||||||
Total from Investment Operations |
(.11) |
.05 |
1.97 |
1.33 |
1.11 |
1.07 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.04) |
(.08) |
(.10) |
(.12) |
(.08) |
(.09) |
|||||||||
Dividends from net realized gain on investments |
(.59) |
(1.20) |
(4.69) |
(.41) |
- |
- |
|||||||||
Total Distributions |
(.63) |
(1.28) |
(4.79) |
(.53) |
(.08) |
(.09) |
|||||||||
Net asset value, end of period |
5.18 |
5.92 |
7.15 |
9.97 |
9.17 |
8.14 |
|||||||||
Total Return (%) |
(2.68) |
b |
.12 |
26.27 |
15.16 |
13.73 |
14.86 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.83 |
c |
.81 |
.81 |
.80 |
.81 |
.80 |
||||||||
Ratio of net expenses to average net assets |
.83 |
c |
.81 |
.81 |
.80 |
.81 |
.80 |
||||||||
Ratio of net investment income |
1.42 |
c |
1.32 |
1.20 |
1.23 |
.95 |
.98 |
||||||||
Portfolio Turnover |
25.99 |
b |
52.80 |
142.41 |
50.96 |
76.82 |
86.71 |
||||||||
Net Assets, end of period ($ x 1,000) |
316,248 |
398,485 |
468,446 |
732,612 |
971,849 |
1,093,037 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
80
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Large Cap Stock Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
5.92 |
7.15 |
9.97 |
9.17 |
8.15 |
7.16 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.03 |
.07 |
.07 |
.09 |
.06 |
.06 |
|||||||||
Net realized and unrealized |
(.14) |
(.03) |
1.88 |
1.21 |
1.02 |
1.00 |
|||||||||
Total from Investment Operations |
(.11) |
.04 |
1.95 |
1.30 |
1.08 |
1.06 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.03) |
(.07) |
(.08) |
(.09) |
(.06) |
(.07) |
|||||||||
Dividends from net realized gain on investments |
(.59) |
(1.20) |
(4.69) |
(.41) |
— |
— |
|||||||||
Total Distributions |
(.62) |
(1.27) |
(4.77) |
(.50) |
(.06) |
(.07) |
|||||||||
Net asset value, end of period |
5.19 |
5.92 |
7.15 |
9.97 |
9.17 |
8.15 |
|||||||||
Total Return (%) |
(2.61) |
b |
(.13) |
25.96 |
14.87 |
13.33 |
14.78 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.08 |
c |
1.06 |
1.06 |
1.06 |
1.06 |
1.05 |
||||||||
Ratio of net expenses to average net assets |
1.08 |
c |
1.06 |
1.06 |
1.06 |
1.06 |
1.05 |
||||||||
Ratio of net investment income |
1.16 |
c |
1.08 |
.93 |
.99 |
.71 |
.68 |
||||||||
Portfolio Turnover Rate |
25.99 |
b |
52.80 |
142.41 |
50.96 |
76.82 |
86.71 |
||||||||
Net Assets, end of period ($ x 1,000) |
8,925 |
9,900 |
12,672 |
20,165 |
12,344 |
12,986 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
81
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Large Cap |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
13.25 |
16.21 |
14.21 |
12.16 |
11.00 |
9.48 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.07 |
.11 |
.11 |
.10 |
.06 |
.02 |
|||||||||
Net realized and unrealized |
(.37) |
(.28) |
3.13 |
2.03 |
1.13 |
1.55 |
|||||||||
Total from Investment Operations |
(.30) |
(.17) |
3.24 |
2.13 |
1.19 |
1.57 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.11) |
(.25) |
(.18) |
(.08) |
(.03) |
(.02) |
|||||||||
Dividends from net realized gain on investments |
(2.24) |
(2.54) |
(1.06) |
- |
- |
(.03) |
|||||||||
Total Distributions |
(2.35) |
(2.79) |
(1.24) |
(.08) |
(.03) |
(.05) |
|||||||||
Net asset value, end of period |
10.60 |
13.25 |
16.21 |
14.21 |
12.16 |
11.00 |
|||||||||
Total Return (%) |
(3.32) |
b |
(1.72) |
23.67 |
17.64 |
10.89 |
16.48 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets c |
.58 |
d |
.53 |
.53 |
.79 |
.78 |
.94 |
||||||||
Ratio of net expenses to average net assets c |
.58 |
d |
.53 |
.53 |
.79 |
.78 |
.75 |
||||||||
Ratio of net investment income |
1.21 |
d |
.78 |
.69 |
.76 |
.55 |
.21 |
||||||||
Portfolio Turnover |
12.06 |
b |
30.75 |
26.42 |
78.41 |
43.61 |
22.06 |
||||||||
Net Assets, end of period ($ x 1,000) |
92,164 |
130,257 |
192,209 |
216,116 |
152,458 |
117,994 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
82
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Large Cap |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
13.32 |
16.29 |
14.28 |
12.25 |
10.98 |
9.48 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.06 |
.07 |
.06 |
.07 |
.13 |
.00 |
b | ||||||||
Net realized and unrealized |
(.38) |
(.28) |
3.17 |
2.04 |
1.14 |
1.54 |
|||||||||
Total from Investment Operations |
(.32) |
(.21) |
3.23 |
2.11 |
1.27 |
1.54 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.08) |
(.22) |
(.16) |
(.08) |
- |
(.01) |
|||||||||
Dividends from net realized gain on investments |
(2.24) |
(2.54) |
(1.06) |
- |
- |
(.03) |
|||||||||
Total Distributions |
(2.32) |
(2.76) |
(1.22) |
(.08) |
- |
(.04) |
|||||||||
Net asset value, end of period |
10.68 |
13.32 |
16.29 |
14.28 |
12.25 |
10.98 |
|||||||||
Total Return (%) |
(3.48) |
c |
(1.99) |
23.54 |
17.29 |
11.57 |
16.16 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets d |
.83 |
e |
.79 |
.81 |
1.05 |
1.02 |
1.24 |
||||||||
Ratio of net expenses to average net assets d |
.83 |
e |
.79 |
.81 |
1.05 |
1.02 |
1.00 |
||||||||
Ratio of net investment income |
.99 |
e |
.50 |
.45 |
.48 |
.95 |
.03 |
||||||||
Portfolio Turnover Rate |
12.06 |
c |
30.75 |
26.42 |
78.41 |
43.61 |
22.06 |
||||||||
Net Assets, end of period ($ x 1,000) |
780 |
1,119 |
631 |
103 |
28 |
11 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Amount does not include the expenses of the underlying funds.
e Annualized.
See notes to financial statements.
83
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Tax-Sensitive Large Cap |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
14.71 |
17.12 |
14.45 |
12.50 |
11.14 |
9.52 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.10 |
.16 |
.15 |
.13 |
.09 |
.06 |
|||||||||
Net realized and unrealized |
(.41) |
(.23) |
3.22 |
1.93 |
1.32 |
1.61 |
|||||||||
Total from Investment Operations |
(.31) |
(.07) |
3.37 |
2.06 |
1.41 |
1.67 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.15) |
(.26) |
(.20) |
(.11) |
(.05) |
(.02) |
|||||||||
Dividends from net realized gain on investments |
(1.08) |
(2.08) |
(.50) |
— |
— |
(.03) |
|||||||||
Total Distributions |
(1.23) |
(2.34) |
(.70) |
(.11) |
(.05) |
(.05) |
|||||||||
Net asset value, end of period |
13.17 |
14.71 |
17.12 |
14.45 |
12.50 |
11.14 |
|||||||||
Total Return (%) |
(2.54) |
b |
(.94) |
23.82 |
16.60 |
12.75 |
17.54 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets c |
.64 |
d |
.61 |
.61 |
.79 |
.87 |
1.28 |
||||||||
Ratio of net expenses to average net assets c |
.64 |
d |
.61 |
.61 |
.79 |
.87 |
.88 |
||||||||
Ratio of net investment income |
1.38 |
d |
.99 |
.95 |
.97 |
.78 |
.51 |
||||||||
Portfolio Turnover |
9.61 |
b |
20.63 |
13.01 |
82.04 |
32.62 |
29.24 |
||||||||
Net Assets, end of period ($ x 1,000) |
328,826 |
401,855 |
474,496 |
638,085 |
123,250 |
75,326 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
84
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Tax-Sensitive Large Cap |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
14.98 |
17.40 |
14.64 |
12.41 |
11.04 |
9.52 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.09 |
.12 |
.08 |
.13 |
.06 |
.03 |
|||||||||
Net realized and unrealized |
(.43) |
(.23) |
3.30 |
2.10 |
1.31 |
1.54 |
|||||||||
Total From Investment Operations |
(.34) |
(.11) |
3.38 |
2.23 |
1.37 |
1.57 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.11) |
(.23) |
(.12) |
— |
— |
(.02) |
|||||||||
Dividends from net realized gain on investments |
(1.08) |
(2.08) |
(.50) |
— |
— |
(.03) |
|||||||||
Total Distributions |
(1.19) |
(2.31) |
(.62) |
— |
— |
(.05) |
|||||||||
Net asset value, end of period |
13.45 |
14.98 |
17.40 |
14.64 |
12.41 |
11.04 |
|||||||||
Total Return (%) |
(2.68) |
b |
(1.19) |
23.47 |
17.97 |
12.51 |
16.31 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets c |
.89 |
d |
.86 |
.87 |
1.05 |
1.11 |
1.77 |
||||||||
Ratio of net expenses to average net assets c |
.89 |
d |
.86 |
.87 |
1.03 |
1.11 |
1.13 |
||||||||
Ratio of net investment income |
1.17 |
d |
.74 |
.53 |
.89 |
.46 |
.26 |
||||||||
Portfolio Turnover Rate |
9.61 |
b |
20.63 |
13.01 |
82.04 |
32.62 |
29.24 |
||||||||
Net Assets, end of period ($ x 1,000) |
2,562 |
4,237 |
3,859 |
1,196 |
12 |
11 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
85
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Income Stock Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
8.57 |
9.94 |
8.39 |
6.99 |
6.28 |
5.49 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.11 |
.19 |
.19 |
.24 |
.21 |
.17 |
|||||||||
Net realized and unrealized |
(.11) |
(.38) |
1.86 |
1.41 |
.70 |
.79 |
|||||||||
Total From Investment Operations |
.00 |
b |
(.19) |
2.05 |
1.65 |
.91 |
.96 |
||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.11) |
(.19) |
(.19) |
(.24) |
(.20) |
(.17) |
|||||||||
Dividends from net realized gain on investments |
(.79) |
(.99) |
(.31) |
(.01) |
— |
— |
|||||||||
Total Distributions |
(.90) |
(1.18) |
(.50) |
(.25) |
(.20) |
(.17) |
|||||||||
Net asset value, end of period |
7.67 |
8.57 |
9.94 |
8.39 |
6.99 |
6.28 |
|||||||||
Total Return (%) |
(.66) |
c |
(2.28) |
25.17 |
24.01 |
14.80 |
17.41 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.80 |
d |
.80 |
.80 |
.81 |
.82 |
.86 |
||||||||
Ratio of net expenses to average net assets |
.80 |
d |
.80 |
.80 |
.81 |
.82 |
.86 |
||||||||
Ratio of net investment income |
2.62 |
d |
2.06 |
2.08 |
3.03 |
3.17 |
2.71 |
||||||||
Portfolio Turnover |
28.24 |
c |
65.75 |
57.74 |
41.79 |
35.60 |
72.27 |
||||||||
Net Assets, end of period ($ x 1,000) |
918,233 |
1,077,496 |
1,254,622 |
981,444 |
541,604 |
204,785 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
86
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Income Stock Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
8.63 |
10.02 |
8.45 |
7.04 |
6.33 |
5.54 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.10 |
.17 |
.16 |
.22 |
.19 |
.15 |
|||||||||
Net realized and unrealized |
(.11) |
(.40) |
1.89 |
1.43 |
.71 |
.80 |
|||||||||
Total from Investment Operations |
(.01) |
(.23) |
2.05 |
1.65 |
.90 |
.95 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.10) |
(.17) |
(.17) |
(.23) |
(.19) |
(.16) |
|||||||||
Dividends from net realized gain on investments |
(.79) |
(.99) |
(.31) |
(.01) |
— |
— |
|||||||||
Total Distributions |
(.89) |
(1.16) |
(.48) |
(.24) |
(.19) |
(.16) |
|||||||||
Net asset value, end of period |
7.73 |
8.63 |
10.02 |
8.45 |
7.04 |
6.33 |
|||||||||
Total Return (%) |
(.79) |
b |
(2.64) |
24.75 |
23.84 |
14.45 |
17.02 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.05 |
c |
1.05 |
1.07 |
1.06 |
1.06 |
1.12 |
||||||||
Ratio of net expenses to average net assets |
1.05 |
c |
1.05 |
1.07 |
1.06 |
1.06 |
1.12 |
||||||||
Ratio of net investment income |
2.37 |
c |
1.81 |
1.74 |
2.80 |
2.91 |
2.32 |
||||||||
Portfolio Turnover Rate |
28.24 |
b |
65.75 |
57.74 |
41.79 |
35.60 |
72.27 |
||||||||
Net Assets, end of period ($ x 1,000) |
12,411 |
14,479 |
13,913 |
2,809 |
1,235 |
1,056 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
87
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
14.66 |
15.58 |
13.33 |
11.65 |
11.41 |
9.31 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
.04 |
.05 |
.05 |
.07 |
.01 |
(.00) |
b | ||||||||
Net realized and unrealized |
(1.05) |
(.04) |
2.94 |
2.60 |
.60 |
2.10 |
|||||||||
Total from Investment Operations |
(1.01) |
.01 |
2.99 |
2.67 |
.61 |
2.10 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.02) |
(.04) |
(.05) |
(.03) |
(.04) |
(.00) |
b | ||||||||
Dividends from net realized gain on investments |
(.65) |
(.89) |
(.69) |
(.96) |
(.33) |
— |
|||||||||
Total Distributions |
(.67) |
(.93) |
(.74) |
(.99) |
(.37) |
(.00) |
b | ||||||||
Net asset value, end of period |
12.98 |
14.66 |
15.58 |
13.33 |
11.65 |
11.41 |
|||||||||
Total Return (%) |
(7.16) |
c |
.15 |
23.09 |
24.74 |
5.66 |
22.59 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.90 |
d |
.90 |
.90 |
.92 |
.90 |
.90 |
||||||||
Ratio of net expenses to average net assets |
.90 |
d |
.90 |
.90 |
.92 |
.90 |
.90 |
||||||||
Ratio of net investment income (loss) |
.57 |
d |
.29 |
.33 |
.59 |
.09 |
(.01) |
||||||||
Portfolio Turnover |
42.89 |
c |
73.87 |
53.63 |
106.59 |
156.98 |
132.20 |
||||||||
Net Assets, end of period ($ x 1,000) |
2,135,493 |
2,199,395 |
1,922,073 |
1,572,562 |
1,188,324 |
1,280,742 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
88
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
14.45 |
15.37 |
13.17 |
11.52 |
11.29 |
9.24 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
.02 |
.01 |
.01 |
.04 |
(.02) |
(.03) |
|||||||||
Net realized and unrealized |
(1.03) |
(.03) |
2.91 |
2.57 |
.60 |
2.08 |
|||||||||
Total from Investment Operations |
(1.01) |
(.02) |
2.92 |
2.61 |
.58 |
2.05 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
- |
(.01) |
(.03) |
— |
(.02) |
— |
|||||||||
Dividends from net realized gain on investments |
(.65) |
(.89) |
(.69) |
(.96) |
(.33) |
— |
|||||||||
Total Distributions |
(.65) |
(.90) |
(.72) |
(.96) |
(.35) |
— |
|||||||||
Net asset value, end of period |
12.79 |
14.45 |
15.37 |
13.17 |
11.52 |
11.29 |
|||||||||
Total Return (%) |
(7.24) |
b |
(.08) |
22.74 |
24.46 |
5.36 |
22.19 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.15 |
c |
1.15 |
1.15 |
1.17 |
1.15 |
1.15 |
||||||||
Ratio of net expenses to average net assets |
1.15 |
c |
1.15 |
1.15 |
1.17 |
1.15 |
1.15 |
||||||||
Ratio of net investment income (loss) |
.31 |
c |
.04 |
.08 |
.37 |
(.16) |
(.26) |
||||||||
Portfolio Turnover Rate |
42.89 |
b |
73.87 |
53.63 |
106.59 |
156.98 |
132.20 |
||||||||
Net Assets, end of period ($ x 1,000) |
51,337 |
57,118 |
52,447 |
29,639 |
25,283 |
28,098 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
89
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Small Cap Multi-Strategy Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
16.65 |
17.18 |
14.78 |
11.53 |
10.78 |
8.94 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
.01 |
(.02) |
(.04) |
.01 |
(.00) |
b |
(.02) |
||||||||
Net realized and unrealized |
(2.08) |
.25 |
2.44 |
3.27 |
1.05 |
1.86 |
|||||||||
Total from Investment Operations |
(2.07) |
.23 |
2.40 |
3.28 |
1.05 |
1.84 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
— |
— |
— |
(.03) |
(.30) |
— |
|||||||||
Dividends from net realized gain on investments |
(.63) |
(.76) |
— |
— |
— |
— |
|||||||||
Total Distributions |
(.63) |
(.76) |
— |
(.03) |
(.30) |
— |
|||||||||
Net asset value, end of period |
13.95 |
16.65 |
17.18 |
14.78 |
11.53 |
10.78 |
|||||||||
Total Return (%) |
(12.79) |
c |
1.33 |
16.24 |
25.51 |
10.05 |
20.58 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.05 |
d |
1.03 |
1.03 |
1.05 |
1.04 |
1.01 |
||||||||
Ratio of net expenses to average net assets |
1.05 |
d |
1.03 |
1.03 |
1.05 |
1.04 |
1.01 |
||||||||
Ratio of net investment income |
.07 |
d |
(.14) |
(.21) |
.09 |
(.01) |
(.16) |
||||||||
Portfolio Turnover |
55.66 |
c |
90.30 |
92.86 |
128.11 |
148.75 |
161.05 |
||||||||
Net Assets, end of period ($ x 1,000) |
328,475 |
368,428 |
347,613 |
299,415 |
232,952 |
351,122 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized..
d Annualized.
See notes to financial statements.
90
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Small Cap Multi-Strategy Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
16.08 |
16.65 |
14.36 |
11.21 |
10.49 |
8.72 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment (loss)—net a |
(.01) |
(.06) |
(.07) |
(.02) |
(.03) |
(.04) |
|||||||||
Net realized and unrealized |
(2.00) |
.25 |
2.36 |
3.17 |
1.03 |
1.81 |
|||||||||
Total from Investment Operations |
(2.01) |
.19 |
2.29 |
3.15 |
1.00 |
1.77 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
— |
— |
— |
— |
(.28) |
— |
|||||||||
Dividends from net realized gain on investments |
(.63) |
(.76) |
— |
— |
— |
— |
|||||||||
Total Distributions |
(.63) |
(.76) |
— |
— |
(.28) |
— |
|||||||||
Net asset value, end of period |
13.44 |
16.08 |
16.65 |
14.36 |
11.21 |
10.49 |
|||||||||
Total Return (%) |
(12.94) |
b |
1.13 |
15.95 |
28.10 |
9.76 |
20.30 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.30 |
c |
1.28 |
1.28 |
1.30 |
1.29 |
1.26 |
||||||||
Ratio of net expenses to average net assets |
1.30 |
c |
1.28 |
1.28 |
1.30 |
1.29 |
1.26 |
||||||||
Ratio of net investment (loss) |
(.18) |
c |
(.39) |
(.46) |
(.16) |
(.26) |
(.39) |
||||||||
Portfolio Turnover Rate |
55.66 |
b |
90.30 |
92.86 |
128.11 |
148.75 |
161.05 |
||||||||
Net Assets, end of period ($ x 1,000) |
11,252 |
12,745 |
11,485 |
8,472 |
6,397 |
7,815 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
91
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Focused Equity Opportunities Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
14.66 |
18.30 |
15.24 |
13.08 |
12.04 |
10.09 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.07 |
.12 |
.11 |
.16 |
.08 |
.04 |
|||||||||
Net realized and unrealized |
(.66) |
(.69) |
4.31 |
2.12 |
1.01 |
1.96 |
|||||||||
Total from Investment Operations |
(.59) |
(.57) |
4.42 |
2.28 |
1.09 |
2.00 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.11) |
(.10) |
(.14) |
(.12) |
(.02) |
(.05) |
|||||||||
Dividends from net realized gain on investments |
(1.24) |
(2.97) |
(1.22) |
- |
(.03) |
- |
|||||||||
Total Distributions |
(1.35) |
(3.07) |
(1.36) |
(.12) |
(.05) |
(.05) |
|||||||||
Net asset value, end of period |
12.72 |
14.66 |
18.30 |
15.24 |
13.08 |
12.04 |
|||||||||
Total Return (%) |
(4.89) |
b |
(3.82) |
30.54 |
17.54 |
9.07 |
19.82 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.87 |
c |
.85 |
.85 |
.86 |
.87 |
.87 |
||||||||
Ratio of net expenses to average net assets |
.87 |
c |
.85 |
.85 |
.86 |
.87 |
.87 |
||||||||
Ratio of net investment income |
.98 |
c |
.73 |
.65 |
1.12 |
.62 |
.29 |
||||||||
Portfolio Turnover |
29.20 |
b |
74.72 |
76.48 |
77.03 |
59.71 |
58.98 |
||||||||
Net Assets, end of period ($ x 1,000) |
431,896 |
561,399 |
674,222 |
539,019 |
467,903 |
425,016 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
92
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Focused Equity Opportunities Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
14.55 |
18.20 |
15.18 |
13.05 |
12.04 |
10.07 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.05 |
.08 |
.06 |
.12 |
.06 |
.00 |
b | ||||||||
Net realized and unrealized |
(.66) |
(.69) |
4.30 |
2.10 |
.99 |
1.99 |
|||||||||
Total from Investment Operations |
(.61) |
(.61) |
4.36 |
2.22 |
1.05 |
1.99 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.07) |
(.07) |
(.12) |
(.09) |
(.01) |
(.02) |
|||||||||
Dividends from net realized gain on investments |
(1.24) |
(2.97) |
(1.22) |
- |
(.03) |
- |
|||||||||
Total Distributions |
(1.31) |
(3.04) |
(1.34) |
(.09) |
(.04) |
(.02) |
|||||||||
Net asset value, end of period |
12.63 |
14.55 |
18.20 |
15.18 |
13.05 |
12.04 |
|||||||||
Total Return (%) |
(5.01) |
c |
(4.05) |
30.18 |
17.12 |
8.73 |
19.80 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.12 |
d |
1.11 |
1.11 |
1.13 |
1.13 |
1.12 |
||||||||
Ratio of net expenses to average net assets |
1.12 |
d |
1.11 |
1.11 |
1.13 |
1.13 |
1.12 |
||||||||
Ratio of net investment income |
.67 |
d |
.47 |
.36 |
.90 |
.52 |
.00 |
e | |||||||
Portfolio Turnover Rate |
29.20 |
c |
74.72 |
76.48 |
77.03 |
59.71 |
58.98 |
||||||||
Net Assets, end of period ($ x 1,000) |
4,014 |
8,593 |
3,569 |
979 |
203 |
26 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
e Amount represents less than $.01%.
See notes to financial statements.
93
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.72 |
16.98 |
15.09 |
12.99 |
13.14 |
10.92 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
.00 |
b |
(.01) |
.07 |
.12 |
.05 |
.04 |
||||||||
Net realized and unrealized |
(1.22) |
.10 |
2.82 |
2.19 |
(.02) |
2.31 |
|||||||||
Total from Investment Operations |
(1.22) |
.09 |
2.89 |
2.31 |
.03 |
2.35 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.04) |
- |
(.08) |
(.21) |
(.18) |
(.04) |
|||||||||
Dividends from net realized gain on investments |
(.75) |
(4.35) |
(.92) |
- |
- |
(.09) |
|||||||||
Total Distributions |
(.79) |
(4.35) |
(1.00) |
(.21) |
(.18) |
(.13) |
|||||||||
Net asset value, end of period |
10.71 |
12.72 |
16.98 |
15.09 |
12.99 |
13.14 |
|||||||||
Total Return (%) |
(10.16) |
c |
1.71 |
19.84 |
18.07 |
.34 |
21.41 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.95 |
d |
.94 |
.91 |
.92 |
.92 |
.92 |
||||||||
Ratio of net expenses to average net assets |
.95 |
d |
.94 |
.91 |
.92 |
.92 |
.92 |
||||||||
Ratio of net investment income (loss) |
.03 |
d |
(.08) |
.46 |
.83 |
.38 |
.29 |
||||||||
Portfolio Turnover |
57.28 |
c |
110.79 |
144.87 |
169.30 |
149.30 |
107.81 |
||||||||
Net Assets, end of period ($ x 1,000) |
276,906 |
339,836 |
411,334 |
464,031 |
526,484 |
510,512 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
94
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Small/Mid Cap Multi-StrategyFund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.59 |
16.88 |
15.02 |
12.94 |
13.11 |
10.89 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
(.01) |
(.04) |
(.00) |
b |
.09 |
.00 |
b |
.01 |
|||||||
Net realized and unrealized |
(1.22) |
.10 |
2.84 |
2.17 |
(.01) |
2.30 |
|||||||||
Total from Investment Operations |
(1.23) |
.06 |
2.84 |
2.26 |
(.01) |
2.31 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
- |
- |
(.06) |
(.18) |
(.16) |
- |
- |
||||||||
Dividends from net realized gain on investments |
(.75) |
(4.35) |
(.92) |
- |
- |
(.09) |
|||||||||
Total Distributions |
(.75) |
(4.35) |
(.98) |
(.18) |
(.16) |
(.09) |
|||||||||
Net asset value, end of period |
10.61 |
12.59 |
16.88 |
15.02 |
12.94 |
13.11 |
|||||||||
Total Return (%) |
(10.29) |
c |
1.48 |
19.53 |
17.65 |
.08 |
21.14 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.20 |
d |
1.19 |
1.17 |
1.17 |
1.17 |
1.20 |
||||||||
Ratio of net expenses to average net assets |
1.20 |
d |
1.19 |
1.17 |
1.17 |
1.17 |
1.20 |
||||||||
Ratio of net investment income (loss) |
(.23) |
d |
(.32) |
(.03) |
.64 |
.04 |
.06 |
||||||||
Portfolio Turnover Rate |
57.28 |
c |
110.79 |
144.87 |
169.30 |
149.30 |
107.81 |
||||||||
Net Assets, end of period ($ x 1,000) |
1,216 |
1,536 |
3,088 |
439 |
957 |
507 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
95
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon International Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.55 |
12.72 |
11.14 |
9.29 |
9.94 |
9.38 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.04 |
.18 |
.21 |
.19 |
.22 |
.22 |
|||||||||
Net realized and unrealized |
(1.31) |
(1.16) |
1.57 |
1.98 |
(.54) |
.55 |
|||||||||
Total from Investment Operations |
(1.27) |
(.98) |
1.78 |
2.17 |
(.32) |
.77 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.16) |
(.19) |
(.20) |
(.32) |
(.33) |
(.21) |
|||||||||
Net asset value, end of period |
10.12 |
11.55 |
12.72 |
11.14 |
9.29 |
9.94 |
|||||||||
Total Return (%) |
(11.15) |
b |
(7.68) |
16.11 |
23.74 |
(2.98) |
8.05 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.03 |
c |
1.03 |
1.03 |
1.05 |
1.04 |
1.02 |
||||||||
Ratio of net expenses to average net assets |
1.03 |
c |
1.03 |
1.03 |
1.05 |
1.04 |
1.02 |
||||||||
Ratio of net investment income |
.76 |
c |
1.49 |
1.64 |
1.77 |
2.35 |
2.07 |
||||||||
Portfolio Turnover |
38.40 |
b |
112.69 |
92.94 |
55.78 |
44.62 |
57.38 |
||||||||
Net Assets, end of period ($ x 1,000) |
962,268 |
1,005,637 |
990,119 |
519,964 |
549,601 |
879,450 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
96
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon International Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.26 |
13.50 |
11.82 |
9.84 |
10.51 |
9.92 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.03 |
.15 |
.19 |
.17 |
.18 |
.21 |
|||||||||
Net realized and unrealized |
(1.40) |
(1.22) |
1.67 |
2.10 |
(.54) |
.56 |
|||||||||
Total from Investment Operations |
(1.37) |
(1.07) |
1.86 |
2.27 |
(.36) |
.77 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.12) |
(.17) |
(.18) |
(.29) |
(.31) |
(.18) |
|||||||||
Net asset value, end of period |
10.77 |
12.26 |
13.50 |
11.82 |
9.84 |
10.51 |
|||||||||
Total Return (%) |
(11.26) |
b |
(7.88) |
15.85 |
23.36 |
(3.20) |
7.67 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.28 |
c |
1.28 |
1.28 |
1.30 |
1.29 |
1.27 |
||||||||
Ratio of net expenses to average net assets |
1.28 |
c |
1.28 |
1.28 |
1.30 |
1.29 |
1.27 |
||||||||
Ratio of net investment income |
.46 |
c |
1.17 |
1.38 |
1.51 |
1.85 |
1.79 |
||||||||
Portfolio Turnover Rate |
38.40 |
b |
112.69 |
92.94 |
55.78 |
44.62 |
57.38 |
||||||||
Net Assets, end of period ($ x 1,000) |
9,999 |
14,040 |
8,952 |
4,432 |
4,116 |
6,157 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Emerging Markets Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
7.98 |
10.98 |
9.11 |
9.19 |
10.65 |
10.02 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.01 |
.09 |
.10 |
.12 |
.12 |
.14 |
|||||||||
Net realized and unrealized |
(.68) |
(2.96) |
1.88 |
(.10) |
(1.16) |
.54 |
|||||||||
Total from Investment Operations |
(.67) |
(2.87) |
1.98 |
.02 |
(1.04) |
.68 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.07) |
(.13) |
(.11) |
(.10) |
(.11) |
(.05) |
|||||||||
Dividends from net realized gain on investments |
— |
— |
— |
— |
(.31) |
— |
|||||||||
Total Distributions |
(.07) |
(.13) |
(.11) |
(.10) |
(.42) |
(.05) |
|||||||||
Net asset value, end of period |
7.24 |
7.98 |
10.98 |
9.11 |
9.19 |
10.65 |
|||||||||
Total Return (%) |
(8.41) |
b |
(26.28) |
21.82 |
.09 |
(9.55) |
6.77 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.48 |
c |
1.42 |
1.42 |
1.41 |
1.40 |
1.41 |
||||||||
Ratio of net expenses to average net assets |
1.48 |
c |
1.42 |
1.42 |
1.41 |
1.40 |
1.41 |
||||||||
Ratio of net investment income |
.20 |
c |
.98 |
1.04 |
1.19 |
1.21 |
1.20 |
||||||||
Portfolio Turnover |
55.39 |
b |
107.27 |
70.89 |
53.25 |
67.21 |
77.45 |
||||||||
Net Assets, end of period ($ x 1,000) |
602,829 |
1,108,616 |
2,046,317 |
1,830,754 |
2,138,311 |
2,352,233 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
98
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Emerging Markets Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
8.17 |
11.25 |
9.33 |
9.41 |
10.91 |
10.27 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
(.00) |
b |
.08 |
.09 |
.09 |
.09 |
.13 |
||||||||
Net realized and unrealized |
(.69) |
(3.04) |
1.91 |
(.10) |
(1.19) |
.55 |
|||||||||
Total from Investment Operations |
(.69) |
(2.96) |
2.00 |
(.01) |
(1.10) |
.68 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.04) |
(.12) |
(.08) |
(.07) |
(.09) |
(.04) |
|||||||||
Dividends from net realized gain on investments |
— |
— |
— |
— |
(.31) |
— |
|||||||||
Total Distributions |
(.04) |
(.12) |
(.08) |
(.07) |
(.40) |
(.04) |
|||||||||
Net asset value, end of period |
7.44 |
8.17 |
11.25 |
9.33 |
9.41 |
10.91 |
|||||||||
Total Return (%) |
(8.52) |
c |
(26.49) |
21.57 |
(.19) |
(9.86) |
6.59 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.73 |
d |
1.67 |
1.67 |
1.65 |
1.65 |
1.67 |
||||||||
Ratio of net expenses to average net assets |
1.73 |
d |
1.67 |
1.67 |
1.65 |
1.65 |
1.67 |
||||||||
Ratio of net investment income |
(.06) |
d |
.76 |
.90 |
.90 |
.87 |
1.10 |
||||||||
Portfolio Turnover Rate |
55.39 |
c |
107.27 |
70.89 |
53.25 |
67.21 |
77.45 |
||||||||
Net Assets, end of period ($ x 1,000) |
9,784 |
17,033 |
22,947 |
10,864 |
16,326 |
22,027 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon International Appreciation Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.51 |
13.90 |
12.38 |
10.80 |
11.31 |
10.54 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.07 |
.27 |
.38 |
.27 |
.28 |
.36 |
|||||||||
Net realized and unrealized |
(1.34) |
(1.26) |
1.42 |
1.69 |
(.39) |
.68 |
|||||||||
Total from Investment Operations |
(1.27) |
(.99) |
1.80 |
1.96 |
(.11) |
1.04 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.29) |
(.40) |
(.28) |
(.38) |
(.40) |
(.27) |
|||||||||
Net asset value, end of period |
10.95 |
12.51 |
13.90 |
12.38 |
10.80 |
11.31 |
|||||||||
Total Return (%) |
(10.37) |
b |
(7.14) |
14.65 |
18.39 |
(.55) |
9.75 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.88 |
c |
.83 |
.81 |
.83 |
.83 |
.70 |
||||||||
Ratio of net expenses to average net assets |
.88 |
c |
.83 |
.81 |
.83 |
.83 |
.70 |
||||||||
Ratio of net investment income |
1.15 |
c |
2.02 |
2.78 |
2.27 |
2.66 |
2.94 |
||||||||
Portfolio Turnover Rate |
1.74 |
b |
12.51 |
4.41 |
1.24 |
1.49 |
9.39 |
||||||||
Net Assets, end of period ($ x 1,000) |
73,398 |
101,023 |
111,225 |
98,361 |
119,730 |
198,122 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
100
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon International Appreciation Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.37 |
13.74 |
12.24 |
10.68 |
11.19 |
10.43 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.05 |
.23 |
.34 |
.25 |
.27 |
.33 |
|||||||||
Net realized and unrealized |
(1.34) |
(1.24) |
1.41 |
1.66 |
(.41) |
.67 |
|||||||||
Total from Investment Operations |
(1.29) |
(1.01) |
1.75 |
1.91 |
(.14) |
1.00 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.25) |
(.36) |
(.25) |
(.35) |
(.37) |
(.24) |
|||||||||
Net asset value, end of period |
10.83 |
12.37 |
13.74 |
12.24 |
10.68 |
11.19 |
|||||||||
Total Return (%) |
(10.57) |
b |
(7.32) |
14.39 |
18.13 |
(.85) |
9.50 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.13 |
c |
1.08 |
1.06 |
1.08 |
1.09 |
.95 |
||||||||
Ratio of net expenses to average net assets |
1.13 |
c |
1.08 |
1.06 |
1.08 |
1.09 |
.95 |
||||||||
Ratio of net investment income |
.89 |
c |
1.77 |
2.52 |
2.08 |
2.52 |
2.75 |
||||||||
Portfolio Turnover |
1.74 |
b |
12.51 |
4.41 |
1.24 |
1.49 |
9.39 |
||||||||
Net Assets, end of period ($ x 1,000) |
4,049 |
4,966 |
5,310 |
4,773 |
4,032 |
4,019 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon International Equity Income Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
a |
| |||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.92 |
14.82 |
13.81 |
12.87 |
12.50 |
||||||||||
Investment Operations: |
|||||||||||||||
Investment income—net b |
.11 |
.43 |
.75 |
.64 |
.65 |
||||||||||
Net realized and unrealized |
(.76) |
(2.82) |
.90 |
.87 |
(.02) |
||||||||||
Total from Investment Operations |
(.65) |
(2.39) |
1.65 |
1.51 |
.63 |
||||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.21) |
(.51) |
(.64) |
(.57) |
(.26) |
||||||||||
Net asset value, end of period |
11.06 |
11.92 |
14.82 |
13.81 |
12.87 |
||||||||||
Total Return (%) |
(5.51) |
c |
(16.51) |
12.08 |
11.96 |
5.28 |
c |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.08 |
d |
1.07 |
1.08 |
1.15 |
1.62 |
d |
||||||||
Ratio of net expenses to average net assets |
1.08 |
d |
1.07 |
1.08 |
1.15 |
1.20 |
d |
||||||||
Ratio of net investment income |
1.86 |
d |
3.25 |
5.13 |
4.57 |
7.38 |
d |
||||||||
Portfolio Turnover |
37.65 |
c |
88.45 |
83.07 |
74.80 |
95.27 |
c |
||||||||
Net Assets, end of period ($ x 1,000) |
222,292 |
283,099 |
341,645 |
165,132 |
81,034 |
a From December 15, 2011 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
102
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon International Equity Income Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
a |
| |||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.97 |
14.89 |
13.89 |
12.88 |
12.50 |
||||||||||
Investment Operations: |
|||||||||||||||
Investment income—net b |
.09 |
.39 |
.50 |
.98 |
.65 |
||||||||||
Net realized and unrealized |
(.74) |
(2.83) |
1.11 |
.49 |
(.04) |
||||||||||
Total from Investment Operations |
(.65) |
(2.44) |
1.61 |
1.47 |
.61 |
||||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.15) |
(.48) |
(.61) |
(.46) |
(.23) |
||||||||||
Net asset value, end of period |
11.17 |
11.97 |
14.89 |
13.89 |
12.88 |
||||||||||
Total Return (%) |
(5.49) |
c |
(16.77) |
11.79 |
11.56 |
5.10 |
c |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
1.33 |
d |
1.33 |
1.36 |
1.42 |
2.10 |
d |
||||||||
Ratio of net expenses to average net assets |
1.33 |
d |
1.33 |
1.36 |
1.42 |
1.45 |
d |
||||||||
Ratio of net investment income |
1.48 |
d |
2.84 |
3.81 |
5.34 |
7.14 |
d |
||||||||
Portfolio Turnover Rate |
37.65 |
c |
88.45 |
83.07 |
74.80 |
95.27 |
c |
||||||||
Net Assets, end of period ($ x 1,000) |
589 |
2,924 |
919 |
51 |
10 |
a From December 15, 2011 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Class M | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Asset Allocation Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.51 |
12.57 |
11.68 |
10.97 |
10.63 |
9.85 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.10 |
.18 |
.17 |
.19 |
.17 |
.16 |
|||||||||
Net realized and unrealized |
(.52) |
(.46) |
1.67 |
.81 |
.43 |
.83 |
|||||||||
Total from Investment Operations |
(.42) |
(.28) |
1.84 |
1.00 |
.60 |
.99 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.11) |
(.32) |
(.26) |
(.26) |
(.21) |
(.21) |
|||||||||
Dividends from net realized gain on investments |
(.58) |
(.46) |
(.69) |
(.03) |
(.05) |
- |
|||||||||
Total Distributions |
(.69) |
(.78) |
(.95) |
(.29) |
(.26) |
(.21) |
|||||||||
Net asset value, end of period |
10.40 |
11.51 |
12.57 |
11.68 |
10.97 |
10.63 |
|||||||||
Total Return (%) |
(3.90) |
b |
(2.39) |
16.25 |
9.20 |
5.72 |
10.00 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets c |
.37 |
d |
.35 |
.35 |
.37 |
.37 |
.53 |
||||||||
Ratio of net expenses to average net assets c |
.26 |
d |
.26 |
.26 |
.25 |
.27 |
.53 |
||||||||
Ratio of net investment income |
1.87 |
d |
1.48 |
1.43 |
1.69 |
1.59 |
1.49 |
||||||||
Portfolio Turnover |
11.97 |
b |
30.31 |
48.28 |
27.39 |
e |
81.55 |
71.08 |
|||||||
Net Assets, end of period ($ x 1,000) |
423,931 |
467,431 |
493,660 |
411,214 |
392,948 |
365,661 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 27.03%.
See notes to financial statements.
104
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Asset Allocation Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.58 |
12.64 |
11.74 |
11.03 |
10.69 |
9.90 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.09 |
.15 |
.14 |
.17 |
.14 |
.14 |
|||||||||
Net realized and unrealized |
(.51) |
(.46) |
1.68 |
.80 |
.43 |
.83 |
|||||||||
Total from Investment Operations |
(.42) |
(.31) |
1.82 |
.97 |
.57 |
.97 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.10) |
(.29) |
(.23) |
(.23) |
(.18) |
(.18) |
|||||||||
Dividends from net realized gain on investments |
(.58) |
(.46) |
(.69) |
(.03) |
(.05) |
- |
|||||||||
Total Distributions |
(.68) |
(.75) |
(.92) |
(.26) |
(.23) |
(.18) |
|||||||||
Net asset value, end of period |
10.48 |
11.58 |
12.64 |
11.74 |
11.03 |
10.69 |
|||||||||
Total Return (%) |
(3.91) |
b |
(2.62) |
15.96 |
8.86 |
5.44 |
9.77 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets c |
.62 |
d |
.60 |
.61 |
.62 |
.62 |
.78 |
||||||||
Ratio of net expenses to average net assets c |
.52 |
d |
.51 |
.52 |
.50 |
.53 |
.78 |
||||||||
Ratio of net investment income |
1.59 |
d |
1.25 |
1.17 |
1.45 |
1.28 |
1.23 |
||||||||
Portfolio Turnover |
11.97 |
b |
30.31 |
48.28 |
27.39 |
e |
81.55 |
71.08 |
|||||||
Net Assets, end of period ($ x 1,000) |
6,544 |
6,393 |
8,338 |
4,939 |
5,091 |
4,265 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 27.03%.
See notes to financial statements.
105
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Large Cap Stock Fund, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Appreciation Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund and the following non-diversified fund: BNY Mellon Focused Equity Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund seek capital appreciation. BNY Mellon Income Stock Fund and BNY Mellon International Equity Income Fund seek total return (consisting of capital appreciation and income). BNY Mellon International Fund and BNY Mellon Emerging Markets Fund seek long-term capital growth. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon International Appreciation Fund seek long-term capital appreciation. BNY Mellon Asset Allocation Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. Walter Scott & Partners Limited (“Walter Scott”), also a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s sub-investment adviser with respect to the U.S. Large Cap Equity Strategy of each fund. Robeco Investment Management, Inc. (“Robeco”), doing business as Boston Partners, and Geneva Capital Management LLC (“Geneva”), doing business as Henderson Geneva Capital Management LLC, serve as BNY Mellon Mid Cap Multi-Strategy Fund’s sub-investment adviser with respect to the Boston Partners Mid Cap Value Strategy and the Henderson Geneva Mid Cap Growth Strategy of the fund, respectively. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to
106
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
BNY Mellon Asset Allocation Fund: Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S Treasury Bills are valued at the mean price between quoted prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
107
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Financial futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Table 1 summarizes of the inputs used as of February 29, 2016 in valuing each fund’s investments:
At February 29, 2016, there were no transfers between levels of the fair value hierarchy, except for BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund.
At August 31, 2015, $954,796,226, $1,000,981,358 and $280,720,037 of exchange traded foreign equity securities were classified within Level 2 of the fair value hierarchy for BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund, respectively.
Table 2 summarizes the reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for BNY Mellon Emerging Markets Fund.
Table 2—Reconciliation of Level 3 Assets | |
Equity Securities- | |
Balance as of 8/31/2015 |
5,684,823 |
Realized gain (loss) |
- |
Change in unrealized appreciation (depreciation) |
(1,667,450) |
Purchases/issuances |
- |
Sales/dispositions |
- |
Transfers into Level 3 |
- |
Transfers out of Level 3† |
(4,017,373) |
Balance as of 2/29/2016 |
0 |
The amount of total gains (losses) for the period |
- |
† The transfer out of Level 3 for the current period was due to the resumption of trading of a security.
(b) Foreign currency transactions: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
108
Table 1—Fair Value Measurements |
|||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
|
Level 2—Other |
|
Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
|
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Total | |||||||||
BNY Mellon Large Cap |
|||||||||||||||||
Equity Securities—Domestic |
321,639,965 |
- |
- |
- |
- |
- |
321,639,965 | ||||||||||
Exchange-Traded Funds |
2,977,590 |
- |
- |
- |
- |
- |
2,977,590 | ||||||||||
Mutual Funds |
7,016,114 |
- |
- |
- |
- |
- |
7,016,114 | ||||||||||
BNY Mellon Large Cap Market |
|||||||||||||||||
Equity Securities—Domestic |
43,038,290 |
- |
- |
- |
- |
- |
43,038,290 | ||||||||||
Equity Securities—Foreign |
1,491,086 |
- |
- |
- |
- |
- |
1,491,086 | ||||||||||
Mutual Funds |
48,614,278 |
- |
- |
- |
- |
- |
48,614,278 | ||||||||||
BNY Mellon Tax-Sensitive |
|||||||||||||||||
Equity Securities—Domestic |
211,442,305 |
- |
- |
- |
- |
- |
211,442,305 | ||||||||||
Equity Securities—Foreign |
2,902,862 |
- |
- |
- |
- |
- |
2,902,862 | ||||||||||
Mutual Funds |
119,236,565 |
- |
- |
- |
- |
- |
119,236,565 | ||||||||||
BNY Mellon Income Stock Fund |
|||||||||||||||||
Equity Securities—Domestic |
874,335,820 |
- |
- |
- |
- |
- |
874,335,820 | ||||||||||
Equity Securities—Domestic |
12,098,698 |
- |
- |
- |
- |
- |
12,098,698 | ||||||||||
Equity Securities—Foreign |
30,764,344 |
- |
- |
- |
- |
- |
30,764,344 | ||||||||||
Mutual Funds |
41,671,733 |
- |
- |
- |
- |
- |
41,671,733 | ||||||||||
BNY Mellon Mid Cap |
|||||||||||||||||
Equity Securities—Domestic |
2,067,982,366 |
- |
- |
- |
- |
- |
2,067,982,366 | ||||||||||
Equity Securities—Foreign |
38,279,498 |
- |
- |
- |
- |
- |
38,279,498 | ||||||||||
Exchange-Traded Funds |
41,399,796 |
- |
- |
- |
- |
- |
41,399,796 | ||||||||||
Master Limited Partnership |
2,049,812 |
- |
- |
- |
- |
- |
2,049,812 | ||||||||||
Mutual Funds |
92,204,845 |
- |
- |
- |
- |
- |
92,204,845 | ||||||||||
Rights† |
267 |
- |
- |
- |
- |
- |
267 |
109
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements (continued) |
|||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
|
Level 2—Other |
|
Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
|
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Total | |||||||||
BNY Mellon Small Cap |
|||||||||||||||||
Equity Securities—Domestic |
307,940,302 |
- |
- |
- |
- |
- |
307,940,302 | ||||||||||
Equity Securities—Foreign |
19,116,805 |
- |
- |
- |
- |
- |
19,116,805 | ||||||||||
Exchange-Traded Funds |
8,589,263 |
- |
- |
- |
- |
- |
8,589,263 | ||||||||||
Mutual Funds |
35,266,335 |
- |
- |
- |
- |
- |
35,266,335 | ||||||||||
BNY Mellon Focused Equity |
|||||||||||||||||
Equity Securities—Domestic |
415,763,900 |
- |
- |
- |
- |
- |
415,763,900 | ||||||||||
Equity Securities—Foreign |
18,082,601 |
- |
- |
- |
- |
- |
18,082,601 | ||||||||||
BNY Mellon Small/Mid Cap |
|||||||||||||||||
Equity Securities—Domestic |
251,511,620 |
- |
- |
- |
- |
- |
251,970,950 | ||||||||||
Equity Securities—Foreign |
12,915,335 |
- |
- |
- |
- |
- |
12,915,334 | ||||||||||
Exchange-Traded Funds |
7,185,275 |
- |
- |
- |
- |
- |
7,185,275 | ||||||||||
Mutual Funds |
18,097,554 |
- |
- |
- |
- |
- |
18,097,554 | ||||||||||
BNY Mellon International Fund |
|||||||||||||||||
Equity Securities—Foreign |
29,249,442 |
- |
906,163,942†† |
- |
- |
- |
935,413,384 | ||||||||||
Exchange-Traded Funds |
21,015,291 |
- |
- |
- |
- |
- |
21,015,291 | ||||||||||
Mutual Funds |
6,759,093 |
- |
- |
- |
- |
- |
6,759,093 | ||||||||||
BNY Mellon |
|||||||||||||||||
Equity Securities—Foreign |
73,631,596 |
- |
527,953,207†† |
- |
- |
- |
601,584,803 | ||||||||||
Exchange-Traded Funds |
6,620,160 |
- |
- |
- |
- |
- |
6,620,160 | ||||||||||
Mutual Funds |
472,164 |
- |
- |
- |
- |
- |
472,164 |
110
Table 1—Fair Value Measurements (continued) |
|||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
|
Level 2—Other |
|
Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
|
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Total | |||||||||
BNY Mellon International |
|||||||||||||||||
Equity Securities—Foreign |
76,966,233 |
- |
- |
- |
- |
- |
76,966,233 | ||||||||||
Mutual Funds |
54,482 |
- |
- |
- |
- |
- |
54,482 | ||||||||||
U.S. Treasury |
- |
- |
64,994 |
- |
- |
- |
64,994 | ||||||||||
Other Financial Instruments |
|||||||||||||||||
Financial Futures††† |
4,783 |
- |
- |
- |
- |
- |
4,783 | ||||||||||
BNY Mellon International |
|||||||||||||||||
Equity Securities—Foreign |
- |
- |
207,443,111†† |
- |
- |
- |
207,443,111 | ||||||||||
Exchange-Traded Fund |
10,189,700 |
- |
- |
- |
- |
- |
10,189,700 | ||||||||||
Mutual Funds |
4,955,849 |
- |
- |
- |
- |
- |
4,955,849 | ||||||||||
Forward Foreign Currency |
- |
- |
- |
(23,254) |
- |
- |
(23,254) | ||||||||||
BNY Mellon Asset |
|||||||||||||||||
Commercial Mortgage-Backed |
- |
- |
699,927 |
- |
- |
- |
699,927 | ||||||||||
Corporate Bonds† |
- |
- |
25,508,321 |
- |
- |
- |
25,508,321 | ||||||||||
Equity Securities—Domestic |
86,532,434 |
- |
- |
- |
- |
- |
86,532,434 | ||||||||||
Exchange-Traded Funds |
41,570 |
- |
- |
- |
- |
- |
41,570 | ||||||||||
Foreign Government |
- |
- |
1,125,601 |
- |
- |
- |
1,125,601 | ||||||||||
Municipal Bonds† |
- |
- |
4,507,041 |
- |
- |
- |
4,507,041 | ||||||||||
Mutual Funds |
280,402,940 |
- |
- |
- |
- |
- |
280,402,940 | ||||||||||
U.S. Government |
- |
- |
19,276,783 |
- |
- |
- |
19,276,783 | ||||||||||
U.S. treasury |
- |
- |
13,303,623 |
- |
- |
- |
13,303,623 |
† See Statement of Investments for additional detailed categorizations.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures. See note above for additional information.
††† Amount shown represents unrealized appreciation (depreciation) at period end.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. At February 29, 2016, for BNY Mellon Small Cap Multi-Strategy Fund, the value of the collateral was 98% of the market value of the securities on loan. On a daily basis, the collateral held by the relevant fund is monitored to ensure that its value is at least 100% of the market value of the securities on loan. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Table 3 summarizes the amount The Bank of New York Mellon earned from each relevant fund from lending portfolio securities, pursuant to
111
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
the securities lending agreement during the period ended February 29, 2016.
Effective July 1, 2015, the funds adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
Table 3—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund |
$2,841 |
BNY Mellon Large Cap Market Opportunities Fund |
195 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
2,802 |
BNY Mellon Income Stock Fund |
4,457 |
BNY Mellon Mid Cap Multi-Strategy Fund |
62,675 |
BNY Mellon Small Cap Multi-Strategy Fund |
10,985 |
BNY Mellon Focused Equity Opportunities Fund |
2,212 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
11,259 |
BNY Mellon Asset Allocation Fund |
332 |
(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Table 4 summarizes each fund’s investments in affiliated investment companies during the period ended February 29, 2016.
(e) Risk: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund invest in foreign markets which may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.
BNY Mellon Asset Allocation Fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
BNY Mellon Focused Equity Opportunities Fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
(f) Dividends to shareholders: Dividends payable to shareholders are recorded by each fund on the ex-dividend date. BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund and BNY Mellon Asset Allocation Fund normally declare and pay dividends from investment income-net monthly. BNY Mellon International Equity Income Fund normally declares and pays dividends from investment income-net quarterly. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Appreciation Fund normally declare and pay dividends from investment income-net annually. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
112
Table 4—Affiliated Investment Companies |
|||||||||||||
|
Value |
Purchases ($) |
Sales ($) |
Net Realized |
Net Unrealized |
Value |
Net |
Dividends/ |
|||||
BNY Mellon Large Cap |
|||||||||||||
Dreyfus Institutional Cash Advantage Fund |
4,895,683 |
18,859,886 |
20,268,558 |
- |
- |
3,487,011 |
1.1 |
- |
|||||
Dreyfus Institutional |
1,055,612 |
38,743,405 |
36,269,914 |
- |
- |
3,529,103 |
1.1 |
- |
|||||
Total |
5,951,295 |
57,603,291 |
56,538,472 |
- |
- |
7,016,114 |
2.2 |
- |
|||||
BNY Mellon |
|||||||||||||
BNY Mellon Income |
18,506,351 |
— |
4,206,527 |
65,481 |
(1,521,628) |
12,843,677 |
13.8 |
1,573,349 |
|||||
Dreyfus Institutional Cash Advantage Fund |
— |
4,014,313 |
3,602,045 |
— |
— |
412,268 |
.4 |
— |
|||||
Dreyfus Institutional |
642,367 |
18,118,194 |
18,476,000 |
— |
— |
284,561 |
.3 |
785 |
|||||
Dreyfus Research |
26,877,003 |
— |
6,803,122 |
919,203 |
(2,441,684) |
18,551,400 |
20.0 |
1,329,294 |
|||||
Dreyfus Strategic |
24,248,039 |
- |
3,704,139 |
(56,950) |
(3,964,578) |
16,522,372 |
17.8 |
2,987,025 |
|||||
Total |
70,273,760 |
22,132,507 |
36,791,833 |
927,734 |
(7,927,890) |
48,614,278 |
52.3 |
5,890,453 |
|||||
BNY Mellon Tax-Sensitive |
|||||||||||||
BNY Mellon Income |
47,361,479 |
— |
3,340,309 |
(97,041) |
(4,623,610) |
39,300,519 |
11.9 |
4,658,066 |
|||||
Dreyfus Institutional Cash Advantage Fund |
— |
11,950,307 |
10,006,065 |
— |
— |
1,944,242 |
.6 |
— |
|||||
Dreyfus Institutional |
2,606,818 |
25,453,766 |
25,768,492 |
— |
— |
2,292,092 |
.7 |
2,513 |
|||||
Dreyfus Research |
46,775,919 |
— |
7,114,470 |
484,225 |
(3,968,918) |
36,176,756 |
10.9 |
2,430,001 |
|||||
Dreyfus Strategic |
48,136,817 |
2,300,000 |
2,006,832 |
(68,514) |
(8,838,515) |
39,522,956 |
11.9 |
6,460,043 |
|||||
Total |
144,881,033 |
39,704,073 |
48,236,168 |
318,670 |
(17,431,043) |
119,236,565 |
36.0 |
13,550,623 |
|||||
BNY Mellon |
|||||||||||||
Dreyfus Institutional Cash Advantage Fund |
— |
58,317,690 |
29,072,676 |
— |
— |
29,245,014 |
3.1 |
— |
|||||
Dreyfus Institutional |
35,029,870 |
154,848,022 |
177,451,173 |
— |
— |
12,426,719 |
1.3 |
— |
|||||
Total |
35,029,870 |
213,165,712 |
206,523,849 |
— |
— |
41,671,733 |
4.4 |
— |
113
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 4—Affiliated Investment Companies (continued) |
|||||||||||||
|
Value |
Purchases ($) |
Sales ($) |
Net Realized |
Net Unrealized |
Value |
Net |
Dividends/ |
|||||
BNY Mellon Mid Cap |
|||||||||||||
Dreyfus Institutional Cash Advantage Fund |
90,518,383 |
223,477,125 |
253,670,294 |
— |
— |
60,325,214 |
2.8 |
— |
|||||
Dreyfus Institutional |
61,681,822 |
263,674,612 |
293,476,803 |
— |
— |
31,879,631 |
1.4 |
— |
|||||
Total |
152,200,205 |
487,151,737 |
547,147,097 |
— |
— |
92,204,845 |
4.2 |
— |
|||||
BNY Mellon Small Cap |
|||||||||||||
Dreyfus Institutional Cash Advantage Fund |
12,009,038 |
109,475,203 |
91,406,926 |
— |
— |
30,077,315 |
8.9 |
— |
|||||
Dreyfus Institutional |
4,198,727 |
40,535,904 |
39,545,611 |
— |
— |
5,189,020 |
1.5 |
— |
|||||
Total |
16,207,765 |
150,011,107 |
130,952,537 |
— |
— |
35,266,335 |
10.4 |
— |
|||||
BNY Mellon Focused |
|||||||||||||
Dreyfus Institutional Cash Advantage Fund |
- |
27,016,613 |
27,016,613 |
- |
- |
- |
- |
- |
|||||
Dreyfus Institutional |
299,952 |
24,624,498 |
24,924,450 |
- |
- |
- |
- |
- |
|||||
Total |
299,952 |
51,641,111 |
51,941,063 |
- |
- |
- |
- |
- |
|||||
BNY Mellon Small/ |
|||||||||||||
Dreyfus Institutional Cash Advantage Fund |
7,296,640 |
64,245,579 |
59,692,947 |
— |
— |
11,849,272 |
4.3 |
— |
|||||
Dreyfus Institutional |
7,610,955 |
51,934,357 |
53,297,030 |
— |
— |
6,248,282 |
2.2 |
— |
|||||
Total |
14,907,595 |
116,179,936 |
112,989,977 |
— |
— |
18,097,554 |
6.5 |
— |
|||||
BNY Mellon |
|||||||||||||
Dreyfus Institutional |
- |
177,413,753 |
170,654,660 |
— |
— |
6,759,093 |
.7 |
— |
|||||
BNY Mellon |
|||||||||||||
Dreyfus Institutional |
85,348 |
199,750,399 |
199,363,583 |
— |
— |
472,164 |
.1 |
— |
|||||
BNY Mellon International |
|||||||||||||
Dreyfus Institutional |
684,003 |
10,804,672 |
11,434,193 |
— |
— |
54,482 |
.0 |
— |
|||||
BNY Mellon International |
|||||||||||||
Dreyfus Institutional |
3,115,092 |
96,478,666 |
94,637,909 |
— |
— |
4,955,849 |
2.2 |
— |
114
Table 4—Affiliated Investment Companies (continued) |
|||||||||||||
|
Value |
Purchases ($) |
Sales ($) |
Net Realized |
Net Unrealized |
Value |
Net |
Dividends/ |
|||||
BNY Mellon |
|||||||||||||
BNY Mellon Corporate |
11,334,970 |
167,542 |
- |
- |
(108,576) |
11,393,936 |
2.6 |
202,263 |
|||||
BNY Mellon Emerging |
22,644,868 |
211,410 |
12,050,000 |
(2,941,962) |
1,576,106 |
9,440,422 |
2.2 |
211,409 |
|||||
BNY Mellon Focused Equity |
35,900,535 |
3,302,800 |
4,000,000 |
(450,581) |
(4,306,301) |
30,446,453 |
7.1 |
3,302,800 |
|||||
BNY Mellon Income |
11,470,370 |
1,182,097 |
- |
- |
(1,283,175) |
11,369,292 |
2.6 |
1,207,296 |
|||||
BNY Mellon Intermediate |
25,303,931 |
204,296 |
- |
- |
20,232 |
25,528,459 |
5.9 |
249,012 |
|||||
BNY Mellon International |
22,258,330 |
306,028 |
- |
- |
(2,787,507) |
19,776,851 |
4.6 |
306,028 |
|||||
BNY Mellon Mid Cap |
34,037,429 |
1,544,454 |
- |
- |
(3,980,705) |
31,601,178 |
7.3 |
1,544,454 |
|||||
BNY Mellon Short-Term |
2,931,791 |
12,401 |
- |
- |
13 |
2,944,205 |
.7 |
15,137 |
|||||
BNY Mellon Small/Mid Cap |
8,067,522 |
496,293 |
- |
- |
(1,316,037) |
7,247,778 |
1.7 |
496,292 |
|||||
Dreyfus Emerging Markets |
4,665,155 |
- |
4,720,693 |
(397,307) |
452,845 |
- |
- |
- |
|||||
Dreyfus Floating Rate |
9,751,795 |
223,073 |
- |
- |
(652,241) |
9,322,627 |
2.2 |
223,073 |
|||||
Dreyfus Global Real Estate |
7,173,098 |
387,848 |
- |
- |
(290,995) |
7,269,951 |
1.7 |
387,848 |
|||||
Dreyfus High Yield |
13,044,410 |
341,871 |
- |
- |
(1,250,132) |
12,136,149 |
2.8 |
412,231 |
|||||
Dreyfus Institutional Cash Advantage Fund |
- |
1,805,650 |
1,732,150 |
- |
- |
73,500 |
.0 |
- |
|||||
Dreyfus Institutional |
3,638,118 |
27,357,755 |
24,552,401 |
- |
- |
6,443,472 |
1.5 |
4,195 |
|||||
Dreyfus International |
14,667,573 |
100,128 |
- |
- |
(1,428,206) |
13,339,495 |
3.1 |
100,128 |
|||||
Dreyfus Research |
7,294,671 |
378,956 |
- |
- |
(566,079) |
7,107,548 |
1.6 |
378,957 |
|||||
Dreyfus Select |
15,251,974 |
962,729 |
- |
- |
(3,311,234) |
12,903,469 |
3.0 |
962,730 |
|||||
Dreyfus Select |
12,422,112 |
841,599 |
- |
- |
(2,060,900) |
11,202,811 |
2.6 |
841,598 |
|||||
Dreyfus U.S. Equity |
2,401,827 |
360,581 |
- |
- |
(343,487) |
2,418,921 |
.6 |
360,580 |
|||||
Dreyfus/Newton |
11,241,563 |
127,033 |
- |
- |
(1,180,183) |
10,188,413 |
2.4 |
127,033 |
|||||
Dynamic Total Return |
7,591,990 |
- |
- |
- |
(272,533) |
7,319,457 |
1.7 |
- |
|||||
Global Stock Fund Cl. Y |
7,006,650 |
436,787 |
- |
- |
(557,364) |
6,886,073 |
1.6 |
436,788 |
|||||
Total |
290,100,682 |
40,751,331 |
47,055,244 |
(3,789,850) |
(23,646,459) |
256,360,460 |
59.5 |
11,769,852 |
115
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(g) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 29, 2016, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 29, 2016, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 5 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2015.
Table 6 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2015. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 5—Capital Loss Carryover |
||||||||
Expiring in fiscal year |
Post-Enactment Losses($)†† |
Post-Enactment Losses($)††† |
||||||
2017 ($)† |
2018 ($)† |
Total ($) | ||||||
BNY Mellon International Fund |
87,733,772 |
462,294,170 |
- |
- |
550,027,942 | |||
BNY Mellon Emerging Markets Fund |
- |
- |
133,596,991 |
220,677,657 |
354,274,648 | |||
BNY Mellon International Appreciation Fund |
15,657,135 |
- |
773,775 |
25,945,899 |
42,376,809 | |||
BNY Mellon International Equity Income Fund |
- |
- |
24,808,912 |
11,551,082 |
36,359,994 |
† If not applied, the carryovers expire in the above fiscal years.
†† Post-enactment short-term capital losses which can be carried forward for an unlimited period.
††† Post-enactment long-term capital losses which can be carried forward for an unlimited period.
Table 6—Tax Character of Distributions Paid | ||||||||||
2015 | ||||||||||
|
|
|
Ordinary Income ($) |
Long-Term Capital Gains ($) |
||||||
BNY Mellon Large Cap Stock Fund |
33,049,617 |
50,183,920 |
||||||||
BNY Mellon Large Cap Market Opportunities Fund |
6,814,516 |
24,224,852 |
||||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
18,169,833 |
46,876,485 |
||||||||
BNY Mellon Income Stock Fund |
69,863,917 |
83,958,790 |
||||||||
BNY Mellon Mid Cap Multi-Strategy Fund |
30,572,498 |
90,782,745 |
||||||||
BNY Mellon Small Cap Multi-Strategy Fund |
— |
16,382,811 |
||||||||
BNY Mellon Focused Equity Opportunities Fund |
31,556,543 |
80,905,525 |
||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
29,294,975 |
72,368,389 |
||||||||
BNY Mellon International Fund |
14,602,374 |
— |
||||||||
BNY Mellon Emerging Markets Fund |
22,594,568 |
— |
||||||||
BNY Mellon International Appreciation Fund |
3,250,121 |
— |
||||||||
BNY Mellon International Equity Income Fund |
11,735,645 |
— |
||||||||
BNY Mellon Asset Allocation Fund |
15,972,128 |
15,165,227 |
116
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in a $555 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to January 11, 2016, the unsecured credit facility with Citibank, N.A. was $480 million and prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 29, 2016, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund and BNY Mellon Asset Allocation Fund did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon Large Cap Stock Fund was approximately $141,800, with a related weighted average annualized interest rate of 1.24%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon Large Cap Market Opportunities Fund was approximately $42,900, with a related weighted average annualized interest rate of 1.34%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon Income Stock Fund was approximately $824,700, with a related weighted average annualized interest rate of 1.19%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon Focused Equity Opportunities Fund was approximately $1,264,800, with a related weighted average annualized interest rate of 1.25%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon International Fund was approximately $117,000, with a related weighted average annualized interest rate of 1.32%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon Emerging Markets Fund was approximately $5,314,300, with a related weighted average annualized interest rate of 1.27%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon International Appreciation Fund was approximately $9,300, with a related weighted average annualized interest rate of 1.35%.
The average amount of borrowings outstanding under the Facilities during the period ended February 29, 2016 for BNY Mellon International Equity Income Fund was approximately $191,800, with a related weighted average annualized interest rate of 1.21%.
NOTE 3—Investment Advisory Fee, Administration Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .65% of BNY Mellon Large Cap Stock Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Large Cap Market Opportunities Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Multi-Strategy Fund, .85% of BNY Mellon Small Cap Multi-Strategy Fund, .70% of BNY Mellon Focused Equity Opportunities Fund, .75% of BNY Mellon Small/Mid Cap Multi-Strategy Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund, .50% of BNY Mellon International Appreciation Fund, .85% of BNY Mellon International Equity Income Fund and .65% (equity investments), .40% (debt securities) and .15% (money market investments and other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Asset Allocation Fund.
For BNY Mellon Asset Allocation Fund, the Investment Adviser has contractually agreed, from September 1, 2015 through December 31, 2016, to waive receipt of its fees
117
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
and/or assume the direct expense of the fund, so that the total annual fund operating expenses of neither class (including indirect fees, and expense of the underlying funds, but excluding Shareholder Services Plan fees, taxes interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .87% of the value of the fund’s average daily net assets. This reduction in expenses, pursuant to the undertaking, amounted to $231,550 during the period ended February 29, 2016.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
No administration fee is applied to assets held by BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund which are invested in shares of other underlying funds.
No administration fee is applied to assets held by BNY Mellon Asset Allocation Fund which are invested in cash or money market instruments or shares of other underlying funds.
Pursuant to a sub-investment advisory agreement between Dreyfus and Walter Scott, Dreyfus pays Walter Scott a monthly fee at an annual rate of .41% of BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s average daily net assets allocated to the U.S. Large Cap Equity Strategy.
Pursuant to separate sub-investment advisory agreements between Dreyfus and Robeco and Geneva, each serves as the fund’s sub-investment adviser responsible for the day-to-day management of a portion of BNY Mellon Mid Cap Multi-Strategy Fund’s portfolio. Dreyfus pays Robeco and Geneva separate monthly fees at an annual percentage of BNY Mellon Mid Cap Multi-Strategy Fund’s average daily net assets allocated to the Boston Partners Mid Cap Value Strategy and Henderson Geneva Mid Cap Growth Strategy, respectively. Dreyfus has obtained an exemptive order from the SEC (the “Order”), upon which the funds may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined under the Act) of Dreyfus’ ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by Dreyfus to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus. Dreyfus has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
(b) Each fund has adopted a Shareholder Services Plan with respect to their Investor shares. Each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 7 summarizes the amounts Investor shares were charged during the period ended February 29, 2016, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
118
Table 7—Shareholder Services Plan Fees |
|
BNY Mellon Large Cap Stock Fund |
$12,649 |
BNY Mellon Large Cap Market Opportunities Fund |
1,342 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
4,715 |
BNY Mellon Income Stock Fund |
17,695 |
BNY Mellon Mid Cap Multi-Strategy Fund |
68,535 |
BNY Mellon Small Cap Multi-Strategy Fund |
15,615 |
BNY Mellon Focused Equity Opportunities Fund |
10,036 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
1,849 |
BNY Mellon International Fund |
15,934 |
BNY Mellon Emerging Markets Fund |
16,806 |
BNY Mellon International Appreciation Fund |
5,873 |
BNY Mellon International Equity Income Fund |
2,619 |
BNY Mellon Asset Allocation Fund |
7,989 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 8 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 8.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 9 summarizes the amount each fund was charged during the period ended February 29, 2016 pursuant to the custody agreement.
Table 9—Custody Agreement Fees |
|
BNY Mellon Large Cap Stock Fund |
$31,438 |
BNY Mellon Large Cap Market Opportunities Fund |
6,565 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
10,617 |
BNY Mellon Income Stock Fund |
40,784 |
BNY Mellon Mid Cap Multi-Strategy Fund |
84,879 |
BNY Mellon Small Cap Multi-Strategy Fund |
62,165 |
BNY Mellon Focused Equity Opportunities Fund |
24,641 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
50,468 |
BNY Mellon International Fund |
152,172 |
BNY Mellon Emerging Markets Fund |
740,149 |
BNY Mellon International Appreciation Fund |
5,202 |
BNY Mellon International Equity Income Fund |
62,532 |
BNY Mellon Asset Allocation Fund |
8,071 |
Table 8—Cash Management Agreement Fees |
||||
|
Dreyfus Transfer, Inc. |
Dreyfus Transfer, Inc. |
||
BNY Mellon Large Cap Stock Fund |
45 |
(11) |
||
BNY Mellon Large Cap Market Opportunities Fund |
9 |
(2) |
||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
14 |
(3) |
||
BNY Mellon Income Stock Fund |
61 |
(15) |
||
BNY Mellon Mid Cap Multi-Strategy Fund |
654 |
(147) |
||
BNY Mellon Small Cap Multi-Strategy Fund |
262 |
(59) |
||
BNY Mellon Focused Equity Opportunities Fund |
30 |
(8) |
||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
28 |
(7) |
||
BNY Mellon International Fund |
65 |
(15) |
||
BNY Mellon Emerging Markets Fund |
80 |
(18) |
||
BNY Mellon International Appreciation Fund |
108 |
(25) |
||
BNY Mellon International Equity Income Fund |
16 |
(3) |
||
BNY Mellon Asset Allocation Fund |
17 |
(4) |
119
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 10 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended February 29, 2016.
Table 10—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund |
$5,294 |
BNY Mellon Large Cap Market Opportunities Fund |
7,411 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
7,411 |
BNY Mellon Income Stock Fund |
5,294 |
BNY Mellon Mid Cap Multi-Strategy Fund |
8,470 |
BNY Mellon Small Cap Multi-Strategy Fund |
5,294 |
BNY Mellon Focused Equity Opportunities Fund |
5,294 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
5,294 |
BNY Mellon International Fund |
5,294 |
BNY Mellon Emerging Markets Fund |
5,294 |
BNY Mellon International Appreciation Fund |
5,294 |
BNY Mellon International Equity Income Fund |
5,294 |
BNY Mellon Asset Allocation Fund |
6,353 |
Table 11 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Table 11—Due to The Dreyfus Corporation and Affiliates |
|||||||
|
Investment |
Shareholder |
Custodian |
Chief Compliance |
Less Expense | ||
BNY Mellon Large Cap Stock Fund |
163,829 |
1,806 |
39,806 |
4,412 |
- | ||
BNY Mellon Large Cap Market Opportunities Fund |
31,221 |
182 |
7,727 |
6,176 |
- | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
143,918 |
523 |
17,670 |
6,176 |
- | ||
BNY Mellon Income Stock Fund |
470,004 |
2,516 |
51,200 |
4,412 |
- | ||
BNY Mellon Mid Cap Multi-Strategy Fund |
1,248,750 |
9,809 |
109,395 |
7,058 |
- | ||
BNY Mellon Small Cap Multi-Strategy Fund |
220,967 |
2,264 |
72,193 |
4,412 |
- | ||
BNY Mellon Focused Equity Opportunities Fund |
239,235 |
1,084 |
31,912 |
4,412 |
- | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
158,739 |
262 |
61,293 |
4,412 |
- | ||
BNY Mellon International Fund |
652,889 |
2,037 |
160,344 |
4,412 |
- | ||
BNY Mellon Emerging Markets Fund |
585,759 |
1,956 |
944,945 |
4,412 |
- | ||
BNY Mellon International Appreciation Fund |
30,953 |
810 |
6,920 |
4,412 |
- | ||
BNY Mellon International Equity Income Fund |
146,348 |
119 |
89,227 |
4,412 |
- | ||
BNY Mellon Asset Allocation Fund |
96,923 |
1,317 |
12,587 |
5,294 |
(63,250) |
120
NOTE 4—Securities Transactions:
Table 12 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts, financial futures and options transactions, during the period ended February 29, 2016.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each relevant fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.
Each type of derivative instrument that was held by each relevant fund during the period ended February 29, 2016 is discussed below.
Financial Futures: In the normal course of pursuing its investment objective, BNY Mellon International Appreciation Fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invest in financial futures in order to manage its exposure to or protect against changes in the market. A financial futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognize a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with financial futures since they are exchange traded, and the exchange guarantees the financial futures against default. Financial futures open at February 29, 2016 are set forth in the Statements of Financial Futures.
Table 12—Purchases and Sales |
||||||||
|
Purchases ($) |
Sales ($) |
||||||
BNY Mellon Large Cap Stock Fund |
96,696,987 |
170,327,037 |
||||||
BNY Mellon Large Cap Market Opportunities Fund |
14,143,702 |
43,507,928 |
||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
37,541,227 |
86,943,233 |
||||||
BNY Mellon Income Stock Fund |
284,150,995 |
404,094,932 |
||||||
BNY Mellon Mid Cap Multi-Strategy Fund |
1,052,102,880 |
956,980,006 |
||||||
BNY Mellon Small Cap Multi-Strategy Fund |
210,562,574 |
202,172,644 |
||||||
BNY Mellon Focused Equity Opportunities Fund |
150,492,093 |
261,655,575 |
||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
172,399,005 |
203,905,656 |
||||||
BNY Mellon International Fund |
473,357,517 |
395,729,346 |
||||||
BNY Mellon Emerging Markets Fund |
484,737,961 |
928,568,530 |
||||||
BNY Mellon International Appreciation Fund |
1,626,205 |
19,573,807 |
||||||
BNY Mellon International Equity Income Fund |
92,484,187 |
142,060,225 |
||||||
BNY Mellon Asset Allocation Fund |
54,622,351 |
69,211,217 |
121
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Options Transactions: BNY Mellon Income Stock Fund purchases and writes (sells) put and call options to hedge against changes in the values of equities or as a substitute for an investment. The fund is subject to market risk, in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.
As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction. Table 13 summarizes BNY Mellon Income Stock Fund’s call/put options written during the period ended February 29, 2016.
Table 13—Options Written |
|||||||
BNY Mellon Income Stock Fund |
Options Terminated |
||||||
Options Written |
Number of |
Premiums |
Cost ($) |
Net Realized |
|||
Contracts outstanding August 31, 2015 |
2,847 |
175,722 |
|||||
Contracts written |
6,825 |
585,709 |
|||||
Contracts terminated: |
|||||||
Contracts expired |
9,672 |
761,431 |
- |
761,431 |
|||
Contracts outstanding February 29, 2016 |
- |
- |
Forward Foreign Currency Exchange Contracts: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund enter into forward contracts in order to hedge their exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of their investment strategies. When executing forward contracts, each fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, each fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statements of Operations. Each fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. Each fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between each fund and the counterparty and the posting of collateral, if any, by
122
the counterparty to each fund to cover the funds’ exposure to the counterparty. At February 29, 2016, there were no forward contracts outstanding for BNY Mellon International Fund and BNY Mellon Emerging Markets Fund. Table 14 summarizes open forward contracts for each relevant fund at February 29, 2016.
Table 14—Forward Foreign Currency Exchange Contracts
BNY Mellon International Equity Income Fund | ||||
Forward Foreign Currency Exchange Contracts |
Foreign Currency |
Cost ($) |
Value ($) |
Unrealized (Depreciation)($) |
Purchases: |
||||
Deutsche Bank |
||||
Australian Dollar, |
||||
Expiring |
||||
3/1/2016 |
858,098 |
617,333 |
612,468 |
(4,865) |
Euro, |
||||
Expiring |
||||
3/1/2016 |
339,131 |
373,535 |
368,925 |
(4,610) |
Japanese Yen, |
||||
Expiring |
||||
3/1/2016 |
148,622,114 |
1,325,634 |
1,318,098 |
(7,536) |
New Zealand Dollar, |
||||
Expiring |
||||
3/1/2016 |
363,883 |
242,533 |
239,763 |
(2,770) |
Singapore Dollar, |
||||
Expiring |
||||
3/1/2016 |
120,215 |
85,671 |
85,502 |
(169) |
South African Rand, |
||||
Expiring |
||||
3/3/2016 |
3,628,032 |
231,942 |
228,638 |
(3,304) |
Gross Unrealized Depreciation |
(23,254) |
The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require each relevant fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, each relevant fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.
Table 15 summarizes each relevant fund’s derivatives assets and liabilities (by type) on a gross basis, and net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of February 29, 2016.
Table 15—Derivative of Assets and Liabilities subsect to Master Agreements
BNY Mellon International Equity Income Fund |
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments: |
|
Assets ($) |
|
Liabilities ($) |
|
Forward contracts |
|
- |
|
(23,254) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
|
- |
|
(23,254) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
|
- |
|
- |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
|
- |
|
(23,254) |
|
123
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
Financial |
|
|
|
|
|
|
Instruments |
|
|
|
|
|
|
and Derivatives |
|
|
|
|
Gross Amount of |
|
Available |
Collateral |
|
Net Amount of |
Counterparty |
Liabilities ($) |
1 |
for Offset ($) |
Pledged ($) |
|
Liabilities ($) |
Deutsche Bank |
(23,254) |
|
- |
- |
|
(23,254) |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities. |
Table 16 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended February 29, 2016.
Table 16—Average Market Value of Derivatives | |
Average Market Value ($) | |
BNY Mellon Income Stock Fund |
49,822 |
BNY Mellon International Fund |
6,611,707 |
BNY Mellon Emerging Markets Fund |
4,200,882 |
BNY Mellon International Appreciation Fund |
652,251 |
BNY Mellon International Equity Income Fund |
2,038,346 |
Table 17 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 29, 2016.
At February 29, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 17—Accumulated Net Unrealized Appreciation (Depreciation) |
||||||||
|
Gross |
Gross |
Net ($) | |||||
BNY Mellon Large Cap Stock Fund |
52,974,290 |
15,130,141 |
37,844,149 | |||||
BNY Mellon Large Cap Market Opportunities Fund |
11,487,931 |
6,720,570 |
4,767,361 | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
69,618,748 |
14,646,146 |
54,972,602 | |||||
BNY Mellon Income Stock Fund |
102,290,014 |
49,008,439 |
53,281,575 | |||||
BNY Mellon Mid Cap Multi-Strategy Fund |
347,929,042 |
95,662,909 |
252,266,133 | |||||
BNY Mellon Small Cap Multi-Strategy Fund |
29,651,244 |
28,646,817 |
1,004,427 | |||||
BNY Mellon Focused Equity Opportunities Fund |
60,810,921 |
16,872,779 |
43,938,142 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
23,742,749 |
22,141,165 |
1,601,584 | |||||
BNY Mellon International Fund |
9,646,441 |
181,316,179 |
(171,669,738) | |||||
BNY Mellon Emerging Markets Fund |
62,283,033 |
67,580,563 |
(5,297,530) | |||||
BNY Mellon International Appreciation Fund |
9,369,110 |
42,323,805 |
(32,954,695) | |||||
BNY Mellon International Equity Income Fund |
13,829,160 |
29,950,917 |
(16,121,757) | |||||
BNY Mellon Asset Allocation Fund |
23,647,246 |
18,762,885 |
4,884,361 |
124
NOTES
125
NOTES
126
NOTES
127
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Sub-Investment Adviser
Walter Scott & Partners Limited
One Charlotte Square
Edinburgh, Scotland, UK
Geneva Capital Management LLC
100 East Wisconsin Avenue
Suite 2550,
Milwaukee, WI 53202
Rebeco Investment Management, Inc.
909 Third Avenue
New York, NY 10022
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: |
|||||||
BNY Mellon Large Cap Stock Fund |
Class M: MPLCX |
Investor: MILCX |
|||||
BNY Mellon Large Cap Market Opportunities Fund |
Class M: MMOMX |
Investor: MMOIX |
|||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
Class M: MTSMX |
Investor: MTSIX |
|||||
BNY Mellon Income Stock Fund |
Class M: MPISX |
Investor: MIISX |
|||||
BNY Mellon Mid Cap Multi-Strategy Fund |
Class M: MPMCX |
Investor: MIMSX |
|||||
BNY Mellon Small Cap Multi-Strategy Fund |
Class M: MPSSX |
Investor: MISCX |
|||||
BNY Mellon Focused Equity Opportunities Fund |
Class M: MFOMX |
Investor: MFOIX |
|||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
Class M: MMCMX |
Investor: MMCIX |
|||||
BNY Mellon International Fund |
Class M: MPITX |
Investor: MIINX |
|||||
BNY Mellon Emerging Markets Fund |
Class M: MEMKX |
Investor: MIEGX |
|||||
BNY Mellon International Appreciation Fund |
Class M: MPPMX |
Investor: MARIX |
|||||
BNY Mellon International Equity Income Fund |
Class M: MLIMX |
Investor: MLIIX |
|||||
BNY Mellon Asset Allocation Fund |
Class M: MPBLX |
Investor: MIBLX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2016 MBSC Securities Corporation |
MFTSA0216-EQ |
The BNY Mellon Funds
BNY Mellon Bond Fund
BNY Mellon Intermediate Bond Fund
BNY Mellon Corporate Bond Fund
BNY Mellon Short-Term U.S. Government Securities Fund
SEMIANNUAL REPORT February 29, 2016 | |
|
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
|
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2015, through February 29, 2016. For information about how each fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The reporting period was a time of varied and, at times, conflicting economic influences. On one hand, the U.S. economy continued to grow as domestic labor markets posted significant gains, housing markets recovered, and lower fuel prices put cash in consumers’ pockets. Indeed, these factors, along with low inflation, prompted the Federal Reserve Board in December to raise short-term interest rates for the first time in nearly a decade.
On the other hand, the global economy continued to disappoint, particularly in China and other emerging markets, when reduced industrial demand and declining currency values sparked substantial declines in commodity prices. These developments proved especially challenging for financial markets in January and early February: stocks and riskier sectors of the bond market fell sharply before later recovering a portion of their losses. In contrast, longer term U.S. government securities gained valued during the ensuing flight to quality.
While market volatility may persist over the foreseeable future until global economic sentiment improves, we recently have seen signs of stabilizing commodity prices and continued strength in the U.S. economy. Still, we expect wide differences in underlying fundamental and technical influences across various asset classes, economic sectors, and regional markets over the months ahead, suggesting that selectivity may be an important determinant of investment success. We encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2016
3
DISCUSSION OF FUND PERFORMANCE
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Bond Fund’s Class M shares produced a total return of 1.86%, and Investor shares produced a total return of 1.73%.1 In comparison, the fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Index”), produced a total return of 2.20% for the same period.2
Fixed-income securities produced positive returns, on average, over the reporting period amid robust investor demand for investment grade, income-oriented investments. The fund produced slightly lower returns than its benchmark, mainly due to its relatively defensive duration posture during a time of falling interest rates.
Effective September 15, 2015, Timothy J. Sanville became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its assets in bonds, such as U.S. Treasury and government agency bonds, corporate bonds, mortgage-related securities, and foreign corporate and government bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.3
Flight to Safety Supported U.S. Government Securities
The Index’s moderately positive total return for the reporting period masked heightened market volatility over the time under review. Despite a sustained U.S. economic recovery, worries about economic instability in overseas markets dampened investor sentiment worldwide. An economic slowdown in China and sharply falling commodity prices triggered a flight to traditional safe havens in September 2015, hurting riskier corporate bonds while sending prices of high-quality U.S. government securities higher and their yields lower. Market volatility continued over the remainder of 2015 when investor sentiment fluctuated between concerns about troubling global economic conditions and optimism regarding robust job growth and other positive developments in the United States. Expectations that the Federal Reserve Board (the “Fed”) would begin to raise short-term interest rates for the first time in nearly 10 years, as indeed it did in December, also contributed to heightened market turbulence.
The U.S. bond market rallied strongly in January 2016 when the flight to quality resumed in response to more disappointing economic data from China, declines in crude oil prices to multi-year lows, and renewed worries that international weakness might derail the U.S. recovery. Intensifying demand for high-quality U.S. investments continued to put downward pressure on Treasury yields, helping the broad U.S. bond market to produce positive total returns in an otherwise challenging investment climate for riskier assets.
Duration Posture Dampened Fund Results
Although the fund participated substantially in the benchmark’s positive returns over the reporting period, its relative performance was undermined to a degree by our duration management strategy among U.S. Treasury securities. We set the fund’s average duration in a relatively short position in an effort to cushion market volatility, but this positioning proved counterproductive when interest rates fell. We reduced the fund’s underweighted position among U.S. Treasury securities with 30-year maturities, but the benefits of this move were balanced by overweighted exposure to bonds with maturities in the 5-year range and a correspondingly underweighted position in 10-year maturities.
In addition, the fund’s holdings of Treasury Inflation Protected Securities (TIPS) lagged broader market averages amid persistently low inflation and falling commodity prices. A focus on shorter-maturity, seasoned mortgage-backed securities also detracted mildly from the fund’s overall results.
The fund fared better in other areas. Most notably, our security selection strategy among corporate-backed bonds added value, as we maintained underweighted exposure to the hard-hit energy sector and held no positions in securities backed by metals-and-mining companies. Relative weakness stemming from overweighted exposure to the financial sector was not enough to fully offset the benefits of avoiding bonds from commodities-related industry groups.
Maintaining a Conservative Investment Posture
Heightened market volatility appears likely to persist over the near term as nervous investors react to new releases of global economic data. Yet, despite the adverse impact of global economic headwinds, we currently expect the domestic economy to continue to grow. We also anticipate that the Fed will implement one or more additional rate hikes at some point in 2016, but any increases are likely to be modest and gradual.
As of the reporting period’s end, we have maintained a relatively cautious investment posture, which seeks to protect the fund from market uncertainty and volatility. We have maintained a relatively short duration posture, but have moderated this positioning by increasing the fund’s holdings of longer-dated securities. In addition, we have remained watchful for tactical trading opportunities that, in our analysis, can produce higher returns without incurring significantly greater levels of risk. Of course, we are prepared to shift toward a more constructive investment posture as market conditions evolve.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The fund may use derivative instruments, such as options, futures and options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
² SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Barclays U.S. Aggregate Bond Index is a widely accepted, unmanaged total return index of corporate, U.S. government and U.S. government agency debt instruments, mortgage-backed securities, and asset-backed securities with an average maturity of 1-10 years. Investors cannot invest directly in any index.
3 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
4
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of 1.06%, and Investor shares produced a total return of 0.94%.1 In comparison, the fund’s benchmark, the Barclays Intermediate Government/Credit Bond Index (the “Index”), produced a total return of 1.69%.2
Intermediate-term bonds produced positive returns, on average, over the reporting period amid robust investor demand for investment grade securities. The fund produced slightly lower returns than its benchmark, mainly due to its relatively defensive duration posture.
Effective September 15, 2015, Timothy J. Sanville became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its assets in bonds, such as U.S. government and agency bonds, corporate bonds, mortgage-related securities, foreign corporate and government bonds, and municipal bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser. 3 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years. When managing the fund, we use a disciplined process to select securities and manage risk. We generally choose bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. Our management process also includes computer modeling and scenario testing of possible changes in market conditions.
Flight to Safety Supported U.S. Government Securities
The Index’s moderately positive total return for the reporting period masked heightened market volatility over the time under review. Despite a sustained U.S. economic recovery, worries about economic instability in overseas markets dampened investor sentiment. An economic slowdown in China triggered a flight to traditional safe havens in September 2015, hurting riskier corporate bonds while sending prices of high-quality U.S. government securities higher and their yields lower. Market volatility continued over the remainder of 2015 when investor sentiment fluctuated between concerns about troubling global economic conditions and optimism regarding robust job growth and other positive developments in the United States. Expectations that the Federal Reserve Board (the “Fed”) would begin to raise short-term interest rates, as indeed it did in December, also contributed to heightened market turbulence.
The U.S. bond market rallied strongly in January 2016 when the flight to quality resumed in response to more disappointing economic data from China and declines in crude oil prices to multi-year lows. Intensifying demand for high-quality U.S. investments continued to put downward pressure on Treasury yields, helping the benchmark to produce positive total returns in an otherwise challenging investment climate for riskier assets.
Duration Posture Dampened Fund Results
Although the fund participated substantially in the benchmark’s positive returns over the reporting period, its relative performance was undermined to a degree by our duration management strategy among U.S. Treasury securities. We set the fund’s average duration in a relatively short position in an effort to cushion market volatility, but this positioning proved counterproductive when interest rates fell. We reduced the fund’s underweighted position among long-term U.S. Treasury securities, but the benefits of this move were balanced by overweighted exposure to bonds with short-term maturities and a correspondingly underweighted position in intermediate-term maturities.
In addition, the fund’s holdings of Treasury Inflation Protected Securities (TIPS) lagged broader market averages amid persistently low inflation and falling commodity prices. A focus on shorter-maturity, seasoned mortgage-backed securities also detracted mildly from the fund’s overall results.
The fund fared better in other areas. Most notably, our security selection strategy among corporate-backed bonds added value, as we maintained underweighted exposure to the hard-hit energy and materials sectors. Relative weakness stemming from overweighted exposure to the financials sector was not enough to fully offset the benefits of avoiding bonds from commodities-related industry groups. The fund’s holdings of U.S. government agency debentures also fared relatively well.
Maintaining a Conservative Investment Posture
Heightened market volatility appears likely to persist over the near term. Despite the adverse impact of global economic headwinds, we currently expect the domestic economy to continue to grow. We also anticipate that the Fed will implement one or more additional rate hikes at some point in 2016, but any increases are likely to be modest and gradual.
As of the reporting period’s end, we have maintained a relatively cautious investment posture, which seeks to protect the fund from market uncertainty and volatility. We have retained a relatively short duration posture, but have moderated this positioning by increasing the fund’s exposure to longer-dated securities. Of course, we are prepared to shift toward a more constructive investment posture as market conditions evolve.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures and options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. – Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Barclays Intermediate Government/Credit Bond Index is a widely accepted, unmanaged index of government and credit bond market performance composed of U.S. government, Treasury and agency securities, fixed-income securities, and nonconvertible investment grade credit debt, with an average maturity of 1-10 years. Index return does not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
3 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
5
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of 0.83%, and Investor shares produced a total return of 0.63%.1 In comparison, the fund’s benchmark, the Barclays U.S. Intermediate Credit Bond Index (the “Index”), produced a total return of 1.22%, and the Barclays U.S. Credit Index, the fund’s former benchmark, produced a total return of 1.35% for the same period.2
Investment grade corporate backed securities produced mildly positive returns, on average, over the reporting period amid robust investor demand for higher-quality, income-oriented investments. The fund produced lower returns than its benchmark, mainly due to overweighted exposure to securities toward the lower end of the investment grade credit quality spectrum.
Effective September 15, 2015, Timothy J. Sanville became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets in corporate bonds, which include U.S. dollar-denominated bonds issued by U.S. and foreign corporations. The remainder of the fund’s assets may be invested in U.S. government and agency bonds, mortgage-related securities, including commercial mortgage-backed securities, asset-backed securities, foreign corporate bonds denominated in foreign currencies, foreign government bonds, municipal bonds and commercial paper, and other money market instruments. For additional yield, the fund may invest up to 20% of its assets in fixed income securities rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the investment adviser.
We employ a disciplined process to select bonds and manage risk, choosing bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. In selecting corporate bonds for investment, we analyze fundamental metrics, including the issuer’s cash flow, leverage and operating margins, as well as its business strategy and operating performance, and macroeconomic factors.
Flight to Safety Hurt Lower-Rated Corporate Bonds
The Index’s mildly positive total return for the reporting period masked heightened market volatility over the time under review. Despite a sustained U.S. economic recovery, worries about economic instability in overseas markets dampened investor sentiment. An economic slowdown in China and sharply falling commodity prices triggered a flight to traditional safe havens in September 2015, hurting riskier corporate bonds while sending prices of high-quality U.S. government securities higher and their yields lower. Market volatility continued over the remainder of 2015 when investor sentiment fluctuated between concerns about troubling global economic conditions and optimism regarding robust job growth and other positive developments in the United States. Expectations that the Federal Reserve Board (the “Fed”) would begin to raise short-term interest rates for the first time in nearly 10 years, as indeed it did in December, also contributed to heightened market turbulence.
The corporate bond market encountered additional volatility in January 2016 in response to more disappointing economic data from China and declines in crude oil prices to multi-year lows. Intensifying demand for high-quality U.S. investments continued to put downward pressure on yields of higher-quality corporate bonds, helping the benchmark to produce positive total returns in an otherwise challenging investment climate for riskier assets.
Focus on Yield Dampened Fund Results
Although the fund participated in the benchmark’s positive returns over the reporting period, its relative performance was undermined to a degree by an overweighted position among higher-yielding BBB-rated securities and correspondingly underweighted exposure to corporate bonds rated AAA and AA. The fund’s security selection strategy in the energy sector particularly weighed on results, more than offsetting the benefits of underweighted exposure to the hard-hit oil-and-gas sector. The fund’s positions in the industrials sector also lagged market averages during the reporting period.
The fund achieved better results in the financial sector, where a slightly overweighted position and a focus on relatively long maturities added value.
Maintaining a Constructive Investment Posture
Despite the adverse impact of global economic headwinds on U.S. exporters and commodities producers, we currently expect the domestic economy to continue to grow. We also recently have seen signs of stabilizing energy prices. We anticipate that the Fed will implement one or more additional rate hikes at some point in 2016, but any increases are likely to be modest and gradual.
Therefore, as of the reporting period’s end, we have retained a relatively constructive investment posture. We have maintained a relatively long duration posture, which we believe can help the fund participate more fully in gains if yield differences moderate along the market’s credit-quality spectrum. In addition, we have remained watchful for tactical trading opportunities that, in our analysis, can produce higher returns without incurring significantly greater levels of risk. Of course, we are prepared to adjust the fund’s investment posture as market conditions evolve.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures and options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: LIPPER INC. – The Barclays U.S. Intermediate Credit Bond Index is an unmanaged index that consists of dollar denominated, investment grade, publicly issued securities with a maturity of between one and 10 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. The Barclays U.S. Credit Index is an unmanaged index designed to measure the performance of investment grade securities with a maturity of at least 1 year, issued by U.S. and foreign industrial, utility, and financial issuers and by non-corporate issuers. Investors cannot invest directly in any index.
6
For the period of September 1, 2015, through February 29, 2016, as provided by Lawrence R. Dunn, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of 0.52%, and Investor shares produced a total return of 0.38%.1 In comparison, the Barclays 1-3 Year U.S. Government Index (the “Index”), the fund’s benchmark, produced a total return of 0.58%.2
Short-term U.S. government securities produced mildly positive returns over the reporting period amid robust investor demand and despite a rate hike from the Federal Reserve Board (the “Fed”). The fund’s Class M shares produced returns that were roughly in line with its benchmark, as results were supported by our security selection strategy among mortgage-backed securities from U.S. government agencies.
Effective September 15, 2015, Timothy J. Sanville became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks to provide as high a level of current income as is consistent with the preservation of capital. To pursue this goal, the fund invests at least 80% of its assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and in repurchase agreements. The fund may invest up to 35% of its net assets in mortgage-related securities issued by U.S. government agencies or instrumentalities, such as mortgage pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The fund may also invest in collateralized mortgage obligations (“CMOs”), including stripped mortgage-backed securities. Generally, the fund’s average effective portfolio maturity and the average effective duration of the fund’s portfolio will be less than three years.
When choosing securities, we typically first examine U.S. and global economic conditions and other market factors to estimate long- and short-term interest rates. Using a research-driven investment process, we then seek to identify what we believe are potentially profitable sectors before they are widely perceived by the market. We also seek to identify underpriced or mispriced securities that appear likely to perform well over time.
Flight to Quality Supported U.S. Government Securities
The Index’s modestly positive total return for the reporting period masked heightened market volatility over the time under review. Despite a sustained U.S. economic recovery, worries about economic instability in overseas markets dampened investor sentiment worldwide. More specifically, an economic slowdown in China and sharply falling commodity prices triggered a flight to traditional safe havens in September, hurting riskier corporate bonds while sending prices of high-quality U.S. government securities higher and yields lower. Market volatility continued over the remainder of 2015 when investors reacted to weak global economic data and expectations that the Fed would begin to raise short-term interest rates for the first time in nearly 10 years, as indeed it did in December. The U.S. bond market generally remained turbulent in January 2016 when investors again worried that international weakness might derail the U.S. recovery. Intensifying demand for high-quality U.S. investments continued to put downward pressure on Treasury yields, helping short-term U.S. government securities produce positive total returns in an otherwise challenging investment climate for riskier assets.
Security Selections Bolstered Fund Results
The fund’s performance was supported by favorable security selections among mortgage-backed securities, as our focus on mortgage pools with final maturities in the five- to ten-year range (and average maturities in the two-and-a-half to three-and-a-half year range) provided higher yields than their shorter-dated counterparts. We mostly emphasized pass-through mortgage-backed securities, and we gradually reduced the fund’s exposure to riskier commercial mortgage-backed securities, CMOs, and “private label” mortgages due to heightened volatility in prepayment trends.
We set the fund’s average duration in a position that was roughly in line with industry averages, which helped cushion the impact of interest-rate volatility on the fund’s results, and sought to add to the fund’s relative performance through our security selection strategy.
Maintaining a Conservative Investment Posture
Heightened market volatility appears likely to persist over the near term. Despite the adverse impact of global economic headwinds on U.S. exporters and commodities producers, we currently expect the domestic economy to continue to grow. We also anticipate that the Fed will implement additional rate hikes at some point in 2016, but any increases are likely to be modest and gradual.
As of the reporting period’s end, we have maintained a relatively cautious investment posture, which seeks to protect the fund from market uncertainty and volatility. We have maintained a relatively short duration posture, but have moderated this positioning by increasing the fund’s holdings of longer-dated securities. In addition, we have remained watchful for tactical trading opportunities that, in our analysis, can produce higher returns without incurring significantly greater levels of risk. Of course, we are prepared to shift toward a more constructive investment posture as market conditions evolve.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures and options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 SOURCE: LIPPER INC. – Reflects reinvestment of dividends and, where applicable, capital gain distributions.
The Barclays 1-3 Year U.S. Government Index is a widely accepted, unmanaged index of government bonds and notes issued by the U.S. Treasury or various U.S. government-sponsored agencies that have a remaining maturity of less than 3 years and more than 1 year and have $250 million or more of outstanding face value. Index return does not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
7
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2015 to February 29, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
assuming actual returns for the six months ended February 29, 2016 |
|||||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
||||||||||
BNY Mellon Bond Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.81 |
$ |
4.06 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,018.60 |
$ |
1,017.30 |
|||||||||||||||||
Annualized expense ratio (%) |
.56 |
.81 |
|||||||||||||||||||
BNY Mellon Intermediate Bond Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.80 |
$ |
4.05 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,010.60 |
$ |
1,009.40 |
|||||||||||||||||
Annualized expense ratio (%) |
.56 |
.81 |
|||||||||||||||||||
BNY Mellon Corporate Bond Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.80 |
$ |
4.04 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,008.30 |
$ |
1,006.30 |
|||||||||||||||||
Annualized expense ratio (%) |
.56 |
.81 |
|||||||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.74 |
$ |
3.99 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,005.20 |
$ |
1,003.80 |
|||||||||||||||||
Annualized expense ratio (%) |
.55 |
.80 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
8
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
assuming a hypothetical 5% annualized return for the six months ended February 29, 2016 |
||||||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
|||||||||||
BNY Mellon Bold Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.82 |
$ |
4.07 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.08 |
$ |
1,020.84 |
||||||||||||||||||
Annualized expense ratio (%) |
.56 |
.81 |
||||||||||||||||||||
BNY Mellon Intermediate Bond Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.82 |
$ |
4.07 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.08 |
$ |
1,020.84 |
||||||||||||||||||
Annualized expense ratio (%) |
.56 |
.81 |
||||||||||||||||||||
BNY Mellon Corporate Bond Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.82 |
$ |
4.07 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.08 |
$ |
1,020.84 |
||||||||||||||||||
Annualized expense ratio (%) |
.56 |
.81 |
||||||||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.77 |
$ |
4.02 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.13 |
$ |
1,020.89 |
||||||||||||||||||
Annualized expense ratio (%) |
.55 |
.80 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
9
STATEMENT OF INVESTMENTS
February 29, 2016 (Unaudited)
BNY Mellon Bond Fund | |||||||||||
Bonds and Notes - 99.4% |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
|||||||
Asset-Backed Ctfs./Auto Receivables - .0% |
|||||||||||
First Investors Auto Owner Trust, |
0.90 |
10/15/18 |
31,324 |
a |
31,308 |
||||||
Casinos - .1% |
|||||||||||
Agua Caliente Band of Cahuilla Indians, |
6.08 |
10/1/16 |
346,000 |
a |
349,394 |
||||||
Agua Caliente Band of Cahuilla Indians, |
6.44 |
10/1/16 |
439,000 |
a |
444,738 |
||||||
794,132 |
|||||||||||
Commercial Mortgage Pass-Through Ctfs. - 1.1% |
|||||||||||
UBS Commercial Mortgage Trust, |
3.40 |
5/10/45 |
730,000 |
770,451 |
|||||||
WFRBS Commercial Mortgage Trust, |
2.68 |
11/15/44 |
1,325,000 |
1,329,749 |
|||||||
WFRBS Commercial Mortgage Trust, |
3.00 |
5/15/45 |
9,045,000 |
9,202,266 |
|||||||
11,302,466 |
|||||||||||
Consumer Discretionary - 2.8% |
|||||||||||
21st Century Fox America, |
6.15 |
3/1/37 |
5,054,000 |
5,380,241 |
|||||||
Comcast, |
3.13 |
7/15/22 |
9,270,000 |
9,661,009 |
|||||||
Scripps Networks Interactive, |
2.80 |
6/15/20 |
5,465,000 |
5,355,421 |
|||||||
Time Warner, |
4.00 |
1/15/22 |
7,570,000 |
7,844,276 |
|||||||
28,240,947 |
|||||||||||
Consumer Staples - 2.8% |
|||||||||||
Anheuser-Busch InBev Finance, |
4.90 |
2/1/46 |
5,935,000 |
6,375,181 |
|||||||
CVS Health, |
4.88 |
7/20/35 |
5,540,000 |
5,969,954 |
|||||||
Kroger, |
2.60 |
2/1/21 |
3,735,000 |
3,815,217 |
|||||||
PepsiCo, |
4.50 |
1/15/20 |
7,040,000 |
7,768,964 |
|||||||
Walgreen, |
3.10 |
9/15/22 |
4,225,000 |
4,163,902 |
|||||||
28,093,218 |
|||||||||||
Energy - 2.4% |
|||||||||||
Apache, |
3.25 |
4/15/22 |
3,205,000 |
2,798,042 |
|||||||
BP Capital Markets, |
4.75 |
3/10/19 |
4,640,000 |
4,889,883 |
|||||||
Enterprise Products Operating, |
2.55 |
10/15/19 |
3,235,000 |
3,133,185 |
|||||||
Halliburton, |
3.38 |
11/15/22 |
3,290,000 |
3,244,111 |
|||||||
Petrobras Global Finance, |
5.38 |
1/27/21 |
5,355,000 |
4,029,637 |
|||||||
Petrobras International Finance, |
6.13 |
10/6/16 |
2,765,000 |
b |
2,785,738 |
||||||
Spectra Energy Partners, |
3.50 |
3/15/25 |
3,145,000 |
2,866,322 |
|||||||
23,746,918 |
|||||||||||
Financials - 17.6% |
|||||||||||
Bank of America, |
2.60 |
1/15/19 |
9,330,000 |
9,382,696 |
|||||||
Bank of America, |
3.95 |
4/21/25 |
9,170,000 |
8,854,515 |
|||||||
BlackRock, |
6.25 |
9/15/17 |
7,860,000 |
8,449,744 |
|||||||
Boston Properties, |
4.13 |
5/15/21 |
7,185,000 |
7,619,714 |
|||||||
Citigroup, |
2.50 |
7/29/19 |
3,095,000 |
3,104,712 |
|||||||
Citigroup, |
2.50 |
9/26/18 |
7,075,000 |
7,124,447 |
10
BNY Mellon Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 99.4% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Financials - 17.6% (continued) |
||||||||||||||||||||
Citizens Financial Group, |
4.15 |
9/28/22 |
8,555,000 |
a |
8,771,741 |
|||||||||||||||
Ford Motor Credit, |
3.00 |
6/12/17 |
6,225,000 |
6,285,993 |
||||||||||||||||
GE Capital International Funding, |
2.34 |
11/15/20 |
6,873,000 |
a |
6,946,500 |
|||||||||||||||
Goldman Sachs Group, |
6.75 |
10/1/37 |
8,270,000 |
9,480,372 |
||||||||||||||||
HSBC Finance, |
6.68 |
1/15/21 |
10,510,000 |
11,705,817 |
||||||||||||||||
Hyundai Capital America, |
2.40 |
10/30/18 |
3,035,000 |
a |
3,044,733 |
|||||||||||||||
JPMorgan Chase & Co., |
3.38 |
5/1/23 |
5,770,000 |
5,703,553 |
||||||||||||||||
MetLife, |
7.72 |
2/15/19 |
6,865,000 |
7,937,402 |
||||||||||||||||
Morgan Stanley, |
4.88 |
11/1/22 |
11,490,000 |
12,157,362 |
||||||||||||||||
NYSE Holdings, |
2.00 |
10/5/17 |
7,340,000 |
7,408,548 |
||||||||||||||||
Rabobank Nederland, |
4.50 |
1/11/21 |
8,060,000 |
8,824,418 |
||||||||||||||||
Royal Bank of Canada, |
1.25 |
6/16/17 |
8,385,000 |
8,382,895 |
||||||||||||||||
Simon Property Group, |
5.65 |
2/1/20 |
8,782,000 |
9,835,831 |
||||||||||||||||
Societe Generale, |
4.75 |
11/24/25 |
8,355,000 |
a |
7,940,158 |
|||||||||||||||
Toyota Motor Credit, |
1.55 |
7/13/18 |
5,385,000 |
5,387,870 |
||||||||||||||||
Volkswagen International Finance, |
1.60 |
11/20/17 |
2,585,000 |
a |
2,533,406 |
|||||||||||||||
Wachovia, |
5.63 |
10/15/16 |
4,690,000 |
4,817,371 |
||||||||||||||||
Wells Fargo & Co., |
4.90 |
11/17/45 |
4,735,000 |
4,811,167 |
||||||||||||||||
176,510,965 |
||||||||||||||||||||
Foreign/Governmental - 2.0% |
||||||||||||||||||||
Mexican Government, |
5.63 |
1/15/17 |
5,975,000 |
6,193,087 |
||||||||||||||||
Petroleos Mexicanos, |
4.88 |
1/24/22 |
7,535,000 |
7,248,670 |
||||||||||||||||
Province of Ontario Canada, |
4.00 |
10/7/19 |
6,500,000 |
7,023,633 |
||||||||||||||||
20,465,390 |
||||||||||||||||||||
Health Care - 2.4% |
||||||||||||||||||||
AbbVie, |
1.80 |
5/14/18 |
5,025,000 |
5,013,528 |
||||||||||||||||
Amgen, |
5.65 |
6/15/42 |
7,955,000 |
8,796,886 |
||||||||||||||||
Biogen, |
2.90 |
9/15/20 |
5,600,000 |
5,667,614 |
||||||||||||||||
Celgene, |
2.88 |
8/15/20 |
4,305,000 |
4,359,958 |
||||||||||||||||
23,837,986 |
||||||||||||||||||||
Industrials - 2.7% |
||||||||||||||||||||
ABB Finance USA, |
2.88 |
5/8/22 |
7,215,000 |
7,299,574 |
||||||||||||||||
American Airlines, |
3.38 |
11/1/28 |
5,339,804 |
5,186,285 |
||||||||||||||||
Burlington North Santa Fe., |
3.45 |
9/15/21 |
6,415,000 |
6,761,622 |
||||||||||||||||
General Electric, |
5.00 |
12/29/49 |
5,393,000 |
c |
5,480,636 |
|||||||||||||||
General Electric , |
5.30 |
2/11/21 |
2,373,000 |
2,685,738 |
||||||||||||||||
27,413,855 |
||||||||||||||||||||
Information Technology - 7.0% |
||||||||||||||||||||
Adobe Systems, |
3.25 |
2/1/25 |
4,895,000 |
4,889,346 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 99.4% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Information Technology - 7.0% (continued) |
||||||||||||||||||||
Amazon.com, |
2.50 |
11/29/22 |
6,675,000 |
6,702,614 |
||||||||||||||||
Apple, |
4.38 |
5/13/45 |
4,895,000 |
4,950,779 |
||||||||||||||||
Arrow Electronics, |
3.50 |
4/1/22 |
5,620,000 |
5,584,240 |
||||||||||||||||
eBay, |
2.60 |
7/15/22 |
5,295,000 |
4,951,969 |
||||||||||||||||
Fidelity National Information Services, |
3.88 |
6/5/24 |
7,445,000 |
7,206,552 |
||||||||||||||||
Flextronics International, |
4.75 |
6/15/25 |
4,895,000 |
4,735,912 |
||||||||||||||||
Intel, |
2.70 |
12/15/22 |
4,020,000 |
4,087,938 |
||||||||||||||||
Intel, |
4.90 |
7/29/45 |
6,550,000 |
7,121,920 |
||||||||||||||||
Microsoft, |
3.75 |
2/12/45 |
7,035,000 |
6,829,522 |
||||||||||||||||
Oracle, |
2.38 |
1/15/19 |
5,980,000 |
6,147,416 |
||||||||||||||||
Oracle, |
2.50 |
5/15/22 |
4,990,000 |
5,020,808 |
||||||||||||||||
Seagate HDD Cayman, |
4.75 |
1/1/25 |
3,135,000 |
2,406,106 |
||||||||||||||||
70,635,122 |
||||||||||||||||||||
Materials - .7% |
||||||||||||||||||||
Eastman Chemical, |
3.60 |
8/15/22 |
7,075,000 |
7,039,597 |
||||||||||||||||
Municipal Bonds - 7.6% |
||||||||||||||||||||
California Earthquake Authority, |
2.81 |
7/1/19 |
5,700,000 |
5,809,839 |
||||||||||||||||
California Educational Facilities Authority, |
5.00 |
10/1/32 |
6,125,000 |
8,105,212 |
||||||||||||||||
Chicago, |
7.38 |
1/1/33 |
4,710,000 |
4,794,309 |
||||||||||||||||
Florida Hurricane Catastrophe Fund Finance Corporation, |
3.00 |
7/1/20 |
14,000,000 |
14,457,940 |
||||||||||||||||
Massachusetts, |
4.20 |
12/1/21 |
3,985,000 |
4,407,370 |
||||||||||||||||
New Jersey Economic Development Authority, |
1.10 |
6/15/16 |
7,425,000 |
7,433,539 |
||||||||||||||||
New York City, |
6.25 |
6/1/35 |
5,470,000 |
6,249,201 |
||||||||||||||||
New York City Municipal Water Finance Authority, |
6.28 |
6/15/42 |
8,440,000 |
9,739,844 |
||||||||||||||||
Oakland Unified School District, |
9.50 |
8/1/34 |
3,550,000 |
4,251,480 |
||||||||||||||||
Texas Public Finance Authority, |
8.25 |
7/1/24 |
4,890,000 |
4,913,179 |
||||||||||||||||
University of California Regents, |
4.13 |
5/15/45 |
5,530,000 |
5,590,609 |
||||||||||||||||
75,752,522 |
||||||||||||||||||||
Telecommunications - 2.8% |
||||||||||||||||||||
AT&T, |
4.45 |
5/15/21 |
7,980,000 |
8,542,486 |
||||||||||||||||
Telefonica Emisiones, |
5.13 |
4/27/20 |
9,395,000 |
10,072,812 |
||||||||||||||||
Verizon Communications, |
3.65 |
9/14/18 |
4,420,000 |
4,636,169 |
||||||||||||||||
Verizon Communications, |
6.55 |
9/15/43 |
3,920,000 |
4,796,351 |
||||||||||||||||
28,047,818 |
||||||||||||||||||||
U.S. Government Agencies/Mortgage-Backed - 30.3% |
||||||||||||||||||||
Federal Home Loan Mortgage Corporation |
||||||||||||||||||||
3.00%, 9/1/27-11/1/28 |
6,559,886 |
d |
6,861,542 |
|||||||||||||||||
3.50%, 12/1/28-10/1/45 |
34,605,580 |
d |
36,250,983 |
|||||||||||||||||
4.00%, 6/1/26-4/1/44 |
20,423,403 |
d |
21,941,353 |
|||||||||||||||||
4.50%, 12/1/40 |
16,200,108 |
d |
17,859,670 |
|||||||||||||||||
5.00%, 12/1/39-7/1/40 |
8,464,346 |
d |
9,401,264 |
12
BNY Mellon Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 99.4% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
||||||||||||||||
U.S. Government Agencies/Mortgage-Backed - 30.3% (continued) |
||||||||||||||||||||
Federal National Mortgage Association |
||||||||||||||||||||
2.50%, 11/1/30 |
14,084,803 |
d |
14,459,863 |
|||||||||||||||||
3.00%, 3/1/31-12/1/45 |
19,630,958 |
d |
20,322,128 |
|||||||||||||||||
REMIC, Series 2014-28, Cl. ND, 3.00%, 3/25/40 |
6,008,338 |
d |
6,321,488 |
|||||||||||||||||
3.50%, 9/1/26-1/1/46 |
43,152,699 |
d |
45,383,562 |
|||||||||||||||||
4.00%, 8/1/27-8/1/44 |
22,256,280 |
d |
23,846,141 |
|||||||||||||||||
4.50%, 4/1/44-8/1/44 |
13,656,455 |
d |
14,854,230 |
|||||||||||||||||
5.00%, 2/1/41-11/1/43 |
9,325,360 |
d |
10,404,602 |
|||||||||||||||||
5.50%, 3/1/38-1/1/39 |
9,176,682 |
d |
10,402,233 |
|||||||||||||||||
Government National Mortgage Association I |
||||||||||||||||||||
4.00%, 8/15/45 |
15,596,727 |
16,690,331 |
||||||||||||||||||
5.00%, 11/15/34-3/15/36 |
5,018,512 |
5,629,094 |
||||||||||||||||||
Government National Mortgage Association II |
||||||||||||||||||||
3.00%, 1/20/44-4/20/45 |
23,185,711 |
24,081,615 |
||||||||||||||||||
3.50%, 4/20/45 |
7,570,028 |
8,025,885 |
||||||||||||||||||
4.00%, 12/20/44 |
303,773 |
324,819 |
||||||||||||||||||
4.50%, 2/20/46 |
10,325,000 |
11,133,960 |
||||||||||||||||||
304,194,763 |
||||||||||||||||||||
U.S. Government Securities - 16.6% |
||||||||||||||||||||
U.S. Treasury Bonds |
3.00 |
5/15/45 |
10,750,000 |
11,602,862 |
||||||||||||||||
U.S. Treasury Bonds |
2.88 |
8/15/45 |
5,075,000 |
5,342,427 |
||||||||||||||||
U.S. Treasury Inflation Protected Securities, Notes |
1.38 |
1/15/20 |
10,944,570 |
e |
11,602,809 |
|||||||||||||||
U.S. Treasury Inflation Protected Securities, |
0.13 |
4/15/20 |
10,207,364 |
e |
10,306,651 |
|||||||||||||||
U.S. Treasury Inflation Protected Securities, |
0.63 |
7/15/21 |
13,917,166 |
e |
14,416,500 |
|||||||||||||||
U.S. Treasury Inflation Protected Securities, |
0.38 |
7/15/25 |
12,179,597 |
e |
12,276,340 |
|||||||||||||||
U.S. Treasury Notes |
0.88 |
5/15/17 |
3,250,000 |
b |
3,256,220 |
|||||||||||||||
U.S. Treasury Notes |
0.63 |
9/30/17 |
33,000,000 |
b |
32,924,595 |
|||||||||||||||
U.S. Treasury Notes |
0.75 |
10/31/17 |
30,600,000 |
30,584,455 |
||||||||||||||||
U.S. Treasury Notes |
0.88 |
11/30/17 |
10,030,000 |
10,046,459 |
||||||||||||||||
U.S. Treasury Notes |
2.63 |
1/31/18 |
21,000,000 |
21,730,905 |
||||||||||||||||
U.S. Treasury Notes |
2.25 |
11/15/24 |
1,940,000 |
2,027,339 |
||||||||||||||||
166,117,562 |
||||||||||||||||||||
Utilities - .5% |
||||||||||||||||||||
Hydro-Quebec, |
2.00 |
6/30/16 |
5,130,000 |
5,151,130 |
||||||||||||||||
Total Bonds and Notes |
997,375,699 |
|||||||||||||||||||
Other Investment - 2.2% |
Shares |
Value ($) |
||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
21,946,470 |
f |
21,946,470 |
|||||||||||||||||
Investment of Cash Collateral for Securities Loaned - .0% |
||||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
320,250 |
f |
320,250 |
|||||||||||||||||
Total Investments (cost $1,000,174,172) |
101.6% |
1,019,642,419 |
||||||||||||||||||
Liabilities, Less Cash and Receivables |
(1.6%) |
(16,037,606) |
||||||||||||||||||
Net Assets |
100.0% |
1,003,604,813 |
GO—General Obligation
REMIC—Real Estate Mortgage Investment Conduit
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $30,061,978 or 3.0% of net assets.
b Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $36,488,103 and the value of the collateral held by the fund was $37,382,973, consisting of cash collateral of $320,250 and U.S. Government & Agency securities valued at $37,062,723.
c Variable rate security—interest rate subject to periodic change.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated money market mutual fund.
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † |
Value (%) |
Corporate Bonds |
41.8 |
U.S. Government Agencies/Mortgage-Backed |
30.3 |
U.S. Government Securities |
16.6 |
Municipal Bonds |
7.6 |
Money Market Investments |
2.2 |
Foreign/Governmental |
2.0 |
Commercial Mortgage-Backed |
1.1 |
Asset-Backed |
.0 |
101.6 |
† Based on net assets.
See notes to financial statements.
14
BNY Mellon Intermediate Bond Fund | |||||||||||
Bonds and Notes - 98.6% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Asset-Backed Ctfs./Auto Receivables - 1.4% |
|||||||||||
GM Financial Automobile Leasing Trust, |
1.22 |
1/22/18 |
420,000 |
a |
420,079 |
||||||
Hyundai Auto Receivables Trust, |
1.95 |
10/15/18 |
6,604,000 |
6,611,705 |
|||||||
Santander Drive Auto Receivables Trust, |
3.01 |
4/16/18 |
2,498,600 |
2,503,953 |
|||||||
Santander Drive Auto Receivables Trust, |
1.55 |
10/15/18 |
2,733,623 |
2,734,040 |
|||||||
12,269,777 |
|||||||||||
Casinos - .1% |
|||||||||||
Agua Caliente Band of Cahuilla Indians, |
6.08 |
10/1/16 |
254,000 |
a |
256,492 |
||||||
Agua Caliente Band of Cahuilla Indians, |
6.44 |
10/1/16 |
326,000 |
a |
330,261 |
||||||
586,753 |
|||||||||||
Commercial Mortgage Pass-Through Ctfs. - .5% |
|||||||||||
Morgan Stanley Capital I Trust, |
5.33 |
11/12/41 |
4,570,582 |
4,598,946 |
|||||||
Consumer Discretionary - 5.1% |
|||||||||||
21st Century Fox America, |
3.00 |
9/15/22 |
7,200,000 |
7,237,159 |
|||||||
Grupo Televisa, |
6.00 |
5/15/18 |
6,120,000 |
6,585,922 |
|||||||
Hyundai Capital America, |
2.40 |
10/30/18 |
2,665,000 |
a |
2,673,547 |
||||||
Macy's Retail Holdings, |
3.45 |
1/15/21 |
4,365,000 |
4,379,108 |
|||||||
NBCUniversal Media, |
4.38 |
4/1/21 |
7,050,000 |
7,785,259 |
|||||||
Stanford University, |
4.75 |
5/1/19 |
5,000,000 |
5,492,065 |
|||||||
Time Warner, |
4.00 |
1/15/22 |
7,400,000 |
7,668,117 |
|||||||
Volkswagen International Finance, |
1.60 |
11/20/17 |
2,250,000 |
a |
2,205,092 |
||||||
44,026,269 |
|||||||||||
Consumer Staples - 5.1% |
|||||||||||
Anheuser-Busch InBev Finance, |
2.65 |
2/1/21 |
6,635,000 |
6,752,307 |
|||||||
Coca-Cola, |
1.15 |
4/1/18 |
3,335,000 |
3,345,475 |
|||||||
CVS Health, |
2.25 |
8/12/19 |
4,340,000 |
b |
4,381,634 |
||||||
Diageo Capital, |
1.50 |
5/11/17 |
5,300,000 |
5,310,139 |
|||||||
Dr. Pepper Snapple Group, |
2.60 |
1/15/19 |
6,145,000 |
6,226,987 |
|||||||
Kroger, |
2.30 |
1/15/19 |
4,570,000 |
4,652,932 |
|||||||
McDonald's, |
5.80 |
10/15/17 |
4,460,000 |
4,763,249 |
|||||||
Wal-Mart Stores, |
3.63 |
7/8/20 |
7,920,000 |
8,545,038 |
|||||||
43,977,761 |
|||||||||||
Energy - 2.0% |
|||||||||||
Apache, |
3.25 |
4/15/22 |
2,750,000 |
2,400,816 |
|||||||
BP Capital Markets, |
4.75 |
3/10/19 |
5,813,000 |
6,126,053 |
|||||||
Enterprise Products Operating, |
2.55 |
10/15/19 |
3,330,000 |
3,225,195 |
|||||||
Halliburton, |
3.38 |
11/15/22 |
2,825,000 |
2,785,597 |
|||||||
Spectra Energy Partners, |
3.50 |
3/15/25 |
2,760,000 |
2,515,436 |
|||||||
17,053,097 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||||||||||||
Bonds and Notes - 98.6% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Financials - 17.3% |
|||||||||||||||||||
American Express Credit, |
1.80 |
7/31/18 |
6,735,000 |
6,709,191 |
|||||||||||||||
American Honda Finance, |
1.20 |
7/14/17 |
3,450,000 |
3,443,428 |
|||||||||||||||
Bank of America, |
2.60 |
1/15/19 |
7,325,000 |
7,366,372 |
|||||||||||||||
Bank of America, |
3.95 |
4/21/25 |
7,175,000 |
6,928,151 |
|||||||||||||||
Bank of Montreal, |
1.40 |
4/10/18 |
4,605,000 |
4,582,583 |
|||||||||||||||
Boston Properties, |
3.70 |
11/15/18 |
6,948,000 |
7,203,297 |
|||||||||||||||
Citigroup, |
2.50 |
7/29/19 |
11,135,000 |
11,169,942 |
|||||||||||||||
Citizens Financial Group, |
4.30 |
12/3/25 |
6,885,000 |
7,083,453 |
|||||||||||||||
Fidelity National Information Services, |
3.88 |
6/5/24 |
5,470,000 |
5,294,807 |
|||||||||||||||
Ford Motor Credit, |
3.00 |
6/12/17 |
5,035,000 |
5,084,333 |
|||||||||||||||
GE Capital International Funding, |
2.34 |
11/15/20 |
2,293,000 |
a |
2,317,521 |
||||||||||||||
Goldman Sachs Group, |
2.63 |
1/31/19 |
7,790,000 |
7,864,145 |
|||||||||||||||
HSBC Finance, |
6.68 |
1/15/21 |
9,502,000 |
10,583,128 |
|||||||||||||||
Intercontinental Exchange, |
2.75 |
12/1/20 |
6,195,000 |
6,296,778 |
|||||||||||||||
JPMorgan Chase & Co., |
3.38 |
5/1/23 |
7,895,000 |
7,804,081 |
|||||||||||||||
MetLife, |
6.75 |
6/1/16 |
4,450,000 |
4,513,760 |
|||||||||||||||
Morgan Stanley, |
4.88 |
11/1/22 |
7,610,000 |
8,052,004 |
|||||||||||||||
Private Export Funding, |
4.38 |
3/15/19 |
1,065,000 |
1,162,656 |
|||||||||||||||
Rabobank Nederland, |
1.70 |
3/19/18 |
6,820,000 |
b |
6,814,789 |
||||||||||||||
Royal Bank of Canada, |
4.65 |
1/27/26 |
6,510,000 |
6,530,611 |
|||||||||||||||
Santander Holdings USA, |
2.65 |
4/17/20 |
4,615,000 |
4,460,965 |
|||||||||||||||
Simon Property Group, |
2.50 |
7/15/21 |
3,290,000 |
3,317,995 |
|||||||||||||||
Societe Generale, |
2.63 |
10/1/18 |
2,000,000 |
2,041,680 |
|||||||||||||||
Societe Generale, |
4.75 |
11/24/25 |
7,335,000 |
a |
6,970,803 |
||||||||||||||
Toyota Motor Credit, |
2.10 |
1/17/19 |
5,640,000 |
5,722,445 |
|||||||||||||||
149,318,918 |
|||||||||||||||||||
Foreign/Governmental - 2.2% |
|||||||||||||||||||
Petroleos Mexicanos, |
4.88 |
1/24/22 |
6,390,000 |
6,147,180 |
|||||||||||||||
Province of Nova Scotia Canada, |
5.13 |
1/26/17 |
5,430,000 |
5,627,158 |
|||||||||||||||
Province of Ontario Canada, |
4.00 |
10/7/19 |
6,515,000 |
7,039,842 |
|||||||||||||||
18,814,180 |
|||||||||||||||||||
Health Care - 4.0% |
|||||||||||||||||||
AbbVie, |
1.80 |
5/14/18 |
4,415,000 |
4,404,921 |
|||||||||||||||
Actavis Funding, |
3.45 |
3/15/22 |
4,560,000 |
4,656,526 |
|||||||||||||||
Amgen, |
5.70 |
2/1/19 |
2,905,000 |
3,217,627 |
|||||||||||||||
AstraZeneca, |
5.90 |
9/15/17 |
6,090,000 |
6,499,047 |
|||||||||||||||
GlaxoSmithKline Capital, |
5.65 |
5/15/18 |
5,853,000 |
6,395,140 |
16
BNY Mellon Intermediate Bond Fund (continued) | |||||||||||||||||
Bonds and Notes - 98.6% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||
Health Care - 4.0% (continued) |
|||||||||||||||||
Pfizer, |
6.20 |
3/15/19 |
4,050,000 |
4,577,237 |
|||||||||||||
UnitedHealth Group, |
1.90 |
7/16/18 |
4,335,000 |
4,377,015 |
|||||||||||||
34,127,513 |
|||||||||||||||||
Industrials - 4.6% |
|||||||||||||||||
ABB Finance USA, |
1.63 |
5/8/17 |
6,107,000 |
6,130,475 |
|||||||||||||
American Airlines, |
3.38 |
11/1/28 |
4,604,969 |
4,472,576 |
|||||||||||||
Burlington North Santa Fe, |
5.65 |
5/1/17 |
5,530,000 |
5,794,196 |
|||||||||||||
Caterpillar Financial Services, |
2.10 |
6/9/19 |
6,590,000 |
6,644,644 |
|||||||||||||
General Electric, |
5.00 |
12/29/49 |
3,884,000 |
c |
3,947,115 |
||||||||||||
General Electric , |
5.30 |
2/11/21 |
792,000 |
896,378 |
|||||||||||||
John Deere Capital, |
1.95 |
1/8/19 |
4,915,000 |
4,970,952 |
|||||||||||||
United Technologies, |
6.13 |
2/1/19 |
1,860,000 |
2,085,077 |
|||||||||||||
Waste Management, |
3.13 |
3/1/25 |
4,775,000 |
4,830,548 |
|||||||||||||
39,771,961 |
|||||||||||||||||
Information Technology - 9.3% |
|||||||||||||||||
Adobe Systems, |
4.75 |
2/1/20 |
6,414,000 |
7,025,928 |
|||||||||||||
Amazon.com, |
2.60 |
12/5/19 |
6,345,000 |
6,513,498 |
|||||||||||||
Apple, |
2.00 |
5/6/20 |
5,915,000 |
5,989,659 |
|||||||||||||
Automatic Data Processing, |
2.25 |
9/15/20 |
4,135,000 |
4,221,723 |
|||||||||||||
Cisco Systems, |
2.13 |
3/1/19 |
7,265,000 |
7,411,927 |
|||||||||||||
EMC, |
1.88 |
6/1/18 |
5,710,000 |
5,497,491 |
|||||||||||||
Fiserv, |
3.85 |
6/1/25 |
6,035,000 |
6,237,148 |
|||||||||||||
Flextronics International, |
4.75 |
6/15/25 |
4,265,000 |
4,126,387 |
|||||||||||||
Intel, |
1.35 |
12/15/17 |
7,930,000 |
7,980,966 |
|||||||||||||
Microsoft, |
3.13 |
11/3/25 |
6,550,000 |
6,888,858 |
|||||||||||||
Oracle, |
2.50 |
5/15/22 |
7,000,000 |
7,043,218 |
|||||||||||||
QUALCOMM, |
2.25 |
5/20/20 |
4,420,000 |
b |
4,468,399 |
||||||||||||
Seagate HDD Cayman, |
4.75 |
1/1/25 |
2,710,000 |
2,079,920 |
|||||||||||||
Thomson Reuters, |
1.65 |
9/29/17 |
4,305,000 |
4,288,241 |
|||||||||||||
79,773,363 |
|||||||||||||||||
Materials - .5% |
|||||||||||||||||
Dow Chemical, |
4.25 |
11/15/20 |
4,053,000 |
4,331,895 |
|||||||||||||
Municipal Bonds - 5.4% |
|||||||||||||||||
California Earthquake Authority, |
2.81 |
7/1/19 |
4,800,000 |
4,892,496 |
|||||||||||||
California,, |
5.95 |
4/1/16 |
3,255,000 |
3,270,949 |
|||||||||||||
Florida Hurricane Catastrophe Fund Finance Corporation, |
3.00 |
7/1/20 |
11,000,000 |
11,359,810 |
|||||||||||||
Massachusetts, |
4.20 |
12/1/21 |
9,625,000 |
10,645,154 |
|||||||||||||
New Jersey Economic Development Authority, |
1.10 |
6/15/16 |
6,450,000 |
6,457,417 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 98.6% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Municipal Bonds - 5.4% (continued) |
||||||||||||||||||||
Texas Public Finance Authority, |
8.25 |
7/1/24 |
4,305,000 |
4,325,406 |
||||||||||||||||
University of California Regents, |
1.80 |
7/1/19 |
5,675,000 |
5,736,857 |
||||||||||||||||
46,688,089 |
||||||||||||||||||||
Telecommunications - 2.8% |
||||||||||||||||||||
AT&T, |
4.45 |
5/15/21 |
6,960,000 |
7,450,589 |
||||||||||||||||
British Telecommunications, |
1.25 |
2/14/17 |
4,900,000 |
4,894,924 |
||||||||||||||||
Verizon Communications, |
5.15 |
9/15/23 |
10,515,000 |
11,922,874 |
||||||||||||||||
24,268,387 |
||||||||||||||||||||
U.S. Government Agencies - 1.1% |
||||||||||||||||||||
Federal Home Loan Bank, |
5.38 |
5/15/19 |
4,795,000 |
5,440,858 |
||||||||||||||||
Federal National Mortgage Association, |
2.00 |
4/30/20 |
3,610,000 |
d |
3,710,286 |
|||||||||||||||
9,151,144 |
||||||||||||||||||||
U.S. Government Agencies/Mortgage-Backed - 1.0% |
||||||||||||||||||||
Government National Mortgage Association, |
2.30 |
1/16/49 |
3,933,871 |
3,876,718 |
||||||||||||||||
Federal National Mortgage Association |
||||||||||||||||||||
3.69%, 6/1/17 |
4,714,269 |
d |
4,810,610 |
|||||||||||||||||
8,687,328 |
||||||||||||||||||||
U.S. Government Securities - 35.4% |
||||||||||||||||||||
U.S. Treasury Inflation Protected Securities, |
0.13 |
4/15/18 |
18,686,006 |
e |
18,881,742 |
|||||||||||||||
U.S. Treasury Inflation Protected Securities, |
0.13 |
4/15/20 |
8,884,093 |
e |
8,970,509 |
|||||||||||||||
U.S. Treasury Inflation Protected Securities, |
0.63 |
7/15/21 |
11,429,708 |
e |
11,839,795 |
|||||||||||||||
U.S. Treasury Notes |
0.75 |
1/15/17 |
27,250,000 |
b |
27,269,702 |
|||||||||||||||
U.S. Treasury Notes |
0.88 |
1/31/17 |
38,010,000 |
b |
38,078,304 |
|||||||||||||||
U.S. Treasury Notes |
0.88 |
2/28/17 |
17,250,000 |
b |
17,280,998 |
|||||||||||||||
U.S. Treasury Notes |
0.63 |
5/31/17 |
17,750,000 |
b |
17,726,428 |
|||||||||||||||
U.S. Treasury Notes |
0.63 |
6/30/17 |
5,465,000 |
5,456,890 |
||||||||||||||||
U.S. Treasury Notes |
1.88 |
8/31/17 |
20,610,000 |
20,949,735 |
||||||||||||||||
U.S. Treasury Notes |
0.63 |
9/30/17 |
30,830,000 |
b |
30,759,553 |
|||||||||||||||
U.S. Treasury Notes |
0.75 |
10/31/17 |
40,550,000 |
40,529,401 |
||||||||||||||||
U.S. Treasury Notes |
2.63 |
1/31/18 |
43,070,000 |
44,569,051 |
||||||||||||||||
U.S. Treasury Notes |
2.00 |
11/30/20 |
5,955,000 |
6,160,632 |
||||||||||||||||
U.S. Treasury Notes |
2.00 |
7/31/22 |
2,045,000 |
2,110,025 |
||||||||||||||||
U.S. Treasury Notes |
2.25 |
11/15/24 |
13,325,000 |
b |
13,924,891 |
|||||||||||||||
304,507,656 |
||||||||||||||||||||
Utilities - .8% |
||||||||||||||||||||
Duke Energy Carolinas, |
1.75 |
12/15/16 |
3,010,000 |
3,019,572 |
||||||||||||||||
Hydro-Quebec, |
2.00 |
6/30/16 |
3,655,000 |
3,670,055 |
||||||||||||||||
6,689,627 |
||||||||||||||||||||
Total Bonds and Notes |
848,642,664 |
|||||||||||||||||||
Other Investment - .9% |
Shares |
Value ($) |
||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
7,772,160 |
f |
7,772,160 |
18
BNY Mellon Intermediate Bond Fund (continued) | ||||||||||
Investment of Cash Collateral for Securities Loaned - 1.2% |
Shares |
Value ($) |
||||||||
Registered Investment Company; |
||||||||||
Dreyfus Institutional Cash Advantage Fund |
10,222,660 |
f |
10,222,660 |
|||||||
Total Investments (cost $858,498,693) |
100.7% |
866,637,484 |
||||||||
Liabilities, Less Cash and Receivables |
(0.7%) |
(6,376,049) |
||||||||
Net Assets |
100.0% |
860,261,435 |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $15,173,795 or 1.76% of net assets.
b Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $143,582,251 and the value of the collateral held by the fund was $147,436,380, consisting of cash collateral of $10,222,660 and U.S. Government & Agency securities valued at $137,213,720.
c Variable rate security—interest rate subject to periodic change.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Corporate Bonds |
51.6 |
U.S. Government Securities |
35.4 |
Municipal Bonds |
5.4 |
Foreign/Governmental |
2.2 |
Money Market Investments |
2.1 |
U.S. Government Agencies/Mortgage-Backed |
2.1 |
Asset-Backed |
1.4 |
Commercial Mortgage-Backed |
.5 |
100.7 |
† Based on net assets.
See notes to financial statements.
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund | |||||||||||
Bonds and Notes - 98.1% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Consumer Discretionary - 15.6% |
|||||||||||
21st Century Fox America, |
3.00 |
9/15/22 |
4,250,000 |
4,271,934 |
|||||||
Borgwarner, |
4.63 |
9/15/20 |
3,000,000 |
3,243,492 |
|||||||
Brinker International, |
3.88 |
5/15/23 |
4,500,000 |
4,418,676 |
|||||||
CCO Safari II, |
4.91 |
7/23/25 |
5,000,000 |
a |
5,137,035 |
||||||
CVS Health, |
2.25 |
8/12/19 |
2,000,000 |
2,019,186 |
|||||||
D.R. Horton, |
4.00 |
2/15/20 |
5,000,000 |
5,112,500 |
|||||||
Daimler Finance, |
2.25 |
7/31/19 |
4,000,000 |
a |
3,967,504 |
||||||
Ford Motor Credit, |
4.39 |
1/8/26 |
3,000,000 |
3,066,816 |
|||||||
Ford Motor Credit, |
4.25 |
2/3/17 |
3,500,000 |
3,570,315 |
|||||||
General Motors Financial, |
4.75 |
8/15/17 |
2,000,000 |
2,050,264 |
|||||||
General Motors Financial, |
4.00 |
1/15/25 |
2,000,000 |
1,856,040 |
|||||||
Grupo Televisa, |
6.00 |
5/15/18 |
5,982,000 |
6,437,416 |
|||||||
Grupo Televisa, |
4.63 |
1/30/26 |
1,000,000 |
1,018,035 |
|||||||
Harley-Davidson Financial Services, |
2.15 |
2/26/20 |
5,000,000 |
a,b |
4,961,600 |
||||||
Hasbro, |
3.15 |
5/15/21 |
6,000,000 |
6,093,552 |
|||||||
Kia Motors, |
3.63 |
6/14/16 |
6,800,000 |
a |
6,840,650 |
||||||
Kohl's, |
4.25 |
7/17/25 |
4,000,000 |
3,851,636 |
|||||||
Macy's Retail Holdings, |
3.45 |
1/15/21 |
4,750,000 |
4,765,352 |
|||||||
Marriott International, |
2.88 |
3/1/21 |
3,000,000 |
3,008,802 |
|||||||
NBCUniversal Media, |
4.38 |
4/1/21 |
5,000,000 |
5,521,460 |
|||||||
NVR, |
3.95 |
9/15/22 |
7,000,000 |
7,051,695 |
|||||||
Scripps Networks Interactive, |
2.80 |
6/15/20 |
5,500,000 |
5,389,719 |
|||||||
Sky, |
2.63 |
9/16/19 |
4,000,000 |
a |
4,018,052 |
||||||
Thomson Reuters, |
4.70 |
10/15/19 |
5,750,000 |
6,198,960 |
|||||||
Time Warner, |
4.00 |
1/15/22 |
5,000,000 |
5,181,160 |
|||||||
Volkswagen Group of America Finance, |
2.13 |
5/23/19 |
5,000,000 |
a |
4,831,770 |
||||||
Wyndham Worldwide, |
5.10 |
10/1/25 |
3,000,000 |
3,065,004 |
|||||||
116,948,625 |
|||||||||||
Consumer Staples - 3.8% |
|||||||||||
Anheuser-Busch InBev Finance, |
3.65 |
2/1/26 |
7,000,000 |
7,234,346 |
|||||||
Flowers Foods, |
4.38 |
4/1/22 |
5,850,000 |
6,245,524 |
|||||||
Grupo Bimbo, |
3.88 |
6/27/24 |
3,000,000 |
a |
2,952,096 |
||||||
Jb Y Co., |
3.75 |
5/13/25 |
6,000,000 |
a |
5,864,424 |
||||||
Kroger, |
3.50 |
2/1/26 |
3,000,000 |
3,102,543 |
|||||||
Newell Rubbermaid, |
2.15 |
10/15/18 |
1,000,000 |
988,977 |
20
BNY Mellon Corporate Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 98.1% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Consumer Staples - 3.8% (continued) |
||||||||||||||||||||
Whole Foods Market, |
5.20 |
12/3/25 |
2,000,000 |
a |
2,005,498 |
|||||||||||||||
28,393,408 |
||||||||||||||||||||
Energy - 3.9% |
||||||||||||||||||||
Continental Resources, |
5.00 |
9/15/22 |
4,550,000 |
3,459,138 |
||||||||||||||||
Ensco, |
4.50 |
10/1/24 |
2,000,000 |
1,004,700 |
||||||||||||||||
Marathon Oil, |
2.80 |
11/1/22 |
5,000,000 |
3,281,615 |
||||||||||||||||
Petrobras Global Finance, |
5.38 |
1/27/21 |
7,500,000 |
5,643,750 |
||||||||||||||||
Pioneer Natural Resources, |
3.95 |
7/15/22 |
5,000,000 |
4,752,315 |
||||||||||||||||
Regency Energy Partners, |
5.88 |
3/1/22 |
2,500,000 |
2,199,558 |
||||||||||||||||
Rowan Companies, |
7.88 |
8/1/19 |
3,000,000 |
2,426,388 |
||||||||||||||||
Southwestern Energy, |
4.05 |
1/23/20 |
3,000,000 |
c |
1,957,500 |
|||||||||||||||
Sunoco Logistics Partners Operations, |
3.45 |
1/15/23 |
3,000,000 |
2,460,270 |
||||||||||||||||
Sunoco Logistics Partners Operations, |
4.25 |
4/1/24 |
2,250,000 |
1,883,714 |
||||||||||||||||
29,068,948 |
||||||||||||||||||||
Financials - 30.2% |
||||||||||||||||||||
AerCap Aviation Solutions, |
6.38 |
5/30/17 |
7,845,000 |
8,119,575 |
||||||||||||||||
Apollo Management Holdings, |
4.00 |
5/30/24 |
7,000,000 |
a |
7,178,864 |
|||||||||||||||
Assured Guaranty U.S. Holdings, |
5.00 |
7/1/24 |
7,000,000 |
7,388,591 |
||||||||||||||||
BAC Capital Trust, |
4.00 |
9/29/49 |
3,000,000 |
c |
2,103,750 |
|||||||||||||||
Bank of America, |
5.49 |
3/15/19 |
2,000,000 |
2,183,788 |
||||||||||||||||
Bank of America, |
4.20 |
8/26/24 |
5,000,000 |
5,013,750 |
||||||||||||||||
Barclays Bank, |
6.05 |
12/4/17 |
6,500,000 |
a |
6,886,782 |
|||||||||||||||
BBVA Bancomer, |
4.38 |
4/10/24 |
4,000,000 |
a |
3,990,000 |
|||||||||||||||
Blackstone Holdings Finance, |
6.63 |
8/15/19 |
2,000,000 |
a |
2,280,884 |
|||||||||||||||
Blackstone Holdings Finance, |
4.75 |
2/15/23 |
3,000,000 |
a |
3,266,079 |
|||||||||||||||
Boston Properties, |
3.70 |
11/15/18 |
5,000,000 |
5,183,720 |
||||||||||||||||
Brixmor Operating Partnership, |
3.88 |
8/15/22 |
1,470,000 |
1,368,523 |
||||||||||||||||
Carlyle Holdings Finance, |
3.88 |
2/1/23 |
5,921,000 |
a |
6,057,142 |
|||||||||||||||
CBRE Services, |
4.88 |
3/1/26 |
5,000,000 |
5,050,795 |
||||||||||||||||
Citigroup, |
5.95 |
12/29/49 |
5,000,000 |
c |
4,704,380 |
|||||||||||||||
Citigroup, |
3.50 |
5/15/23 |
4,000,000 |
3,933,820 |
||||||||||||||||
Citizens Financial Group, |
4.15 |
9/28/22 |
6,000,000 |
a |
6,152,010 |
|||||||||||||||
Credit Suisse Group Funding Guernsey, |
3.75 |
3/26/25 |
7,000,000 |
6,624,016 |
||||||||||||||||
CubeSmart, |
4.80 |
7/15/22 |
6,595,000 |
7,157,151 |
||||||||||||||||
DDR, |
3.50 |
1/15/21 |
4,500,000 |
4,556,853 |
||||||||||||||||
Essex Portfolio, |
3.25 |
5/1/23 |
2,500,000 |
2,474,018 |
||||||||||||||||
First Industrial, |
5.95 |
5/15/17 |
1,500,000 |
1,566,930 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.1% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Financials - 30.2% (continued) |
|||||||||||
Five Corners Funding Trust, |
4.42 |
11/15/23 |
6,000,000 |
a |
6,219,288 |
||||||
Goldman Sachs Group, |
6.15 |
4/1/18 |
4,000,000 |
4,313,484 |
|||||||
HSBC Finance, |
6.68 |
1/15/21 |
6,000,000 |
6,682,674 |
|||||||
Jefferies Group, |
6.88 |
4/15/21 |
2,000,000 |
2,242,534 |
|||||||
JPMorgan Chase & Co., |
3.38 |
5/1/23 |
1,000,000 |
988,484 |
|||||||
Kilroy Realty, |
4.38 |
10/1/25 |
5,000,000 |
5,210,695 |
|||||||
Kimco Realty, |
3.40 |
11/1/22 |
2,130,000 |
2,156,802 |
|||||||
Lexington Realty Trust, |
4.40 |
6/15/24 |
2,500,000 |
2,531,695 |
|||||||
Liberty Property, |
6.63 |
10/1/17 |
4,200,000 |
4,471,278 |
|||||||
Moody's, |
2.75 |
7/15/19 |
2,000,000 |
2,039,828 |
|||||||
Moody's, |
4.50 |
9/1/22 |
5,000,000 |
5,392,695 |
|||||||
Morgan Stanley, |
4.88 |
11/1/22 |
7,000,000 |
7,406,574 |
|||||||
National Retail Properties, |
3.90 |
6/15/24 |
4,000,000 |
4,065,796 |
|||||||
Nomura Holdings, |
2.00 |
9/13/16 |
2,000,000 |
2,005,554 |
|||||||
NYSE Holdings, |
2.00 |
10/5/17 |
3,000,000 |
3,028,017 |
|||||||
Prologis, |
2.75 |
2/15/19 |
3,000,000 |
3,052,647 |
|||||||
Rabobank, |
4.38 |
8/4/25 |
5,000,000 |
5,035,845 |
|||||||
Realty Income, |
4.65 |
8/1/23 |
3,000,000 |
3,171,183 |
|||||||
Retail Opportunity Investments Partnership, |
5.00 |
12/15/23 |
3,500,000 |
3,633,224 |
|||||||
Retail Opportunity Investments Partnership, |
4.00 |
12/15/24 |
3,000,000 |
2,910,366 |
|||||||
Royal Bank of Canada, |
4.65 |
1/27/26 |
5,500,000 |
5,517,413 |
|||||||
Royal Bank of Scotland Group, |
5.13 |
5/28/24 |
5,000,000 |
4,803,280 |
|||||||
Santander Issuances, |
5.91 |
6/20/16 |
5,750,000 |
a |
5,809,662 |
||||||
Societe Generale, |
4.75 |
11/24/25 |
7,000,000 |
a |
6,652,436 |
||||||
Stifel Financial, |
4.25 |
7/18/24 |
7,000,000 |
6,971,104 |
|||||||
TIAA Asset Management Finance, |
2.95 |
11/1/19 |
5,000,000 |
a |
5,029,110 |
||||||
Volkswagen International Finance, |
1.60 |
11/20/17 |
2,000,000 |
a |
1,960,082 |
||||||
WEA Finance, |
1.75 |
9/15/17 |
2,000,000 |
a |
1,986,072 |
||||||
Weingarten Realty Investors, |
3.50 |
4/15/23 |
3,000,000 |
2,967,315 |
|||||||
Westpac Banking, |
4.63 |
6/1/18 |
4,750,000 |
4,979,173 |
|||||||
226,475,731 |
|||||||||||
Foreign/Governmental - 3.7% |
|||||||||||
Bermudian Government, |
5.60 |
7/20/20 |
6,102,000 |
a |
6,718,302 |
||||||
Commonwealth of Bahamas, |
5.75 |
1/16/24 |
4,000,000 |
a |
4,100,000 |
||||||
North American Development Bank, |
2.30 |
10/10/18 |
3,000,000 |
3,072,576 |
|||||||
Petroleos Mexicanos, |
2.64 |
7/18/18 |
5,000,000 |
c |
4,825,000 |
22
BNY Mellon Corporate Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 98.1% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Foreign/Governmental - 3.7% (continued) |
||||||||||||||||||||
Petroleos Mexicanos, |
5.50 |
1/21/21 |
3,000,000 |
3,036,900 |
||||||||||||||||
Spanish Government, |
4.00 |
3/6/18 |
6,000,000 |
a |
6,280,332 |
|||||||||||||||
28,033,110 |
||||||||||||||||||||
Health Care - 3.8% |
||||||||||||||||||||
AbbVie, |
1.80 |
5/14/18 |
3,000,000 |
2,993,151 |
||||||||||||||||
AbbVie, |
3.60 |
5/14/25 |
5,000,000 |
5,114,305 |
||||||||||||||||
Aetna, |
2.20 |
3/15/19 |
4,000,000 |
4,030,876 |
||||||||||||||||
Amgen, |
3.88 |
11/15/21 |
3,500,000 |
3,744,485 |
||||||||||||||||
Dignity Health, |
3.13 |
11/1/22 |
5,000,000 |
5,118,245 |
||||||||||||||||
Teva Pharmaceutical Finance IV, |
2.25 |
3/18/20 |
4,500,000 |
4,447,917 |
||||||||||||||||
Unitedhealth Group, |
3.35 |
7/15/22 |
3,000,000 |
3,138,888 |
||||||||||||||||
28,587,867 |
||||||||||||||||||||
Industrials - 6.2% |
||||||||||||||||||||
Air Canada, |
3.60 |
9/15/28 |
3,000,000 |
a |
2,868,750 |
|||||||||||||||
American Airlines, |
3.38 |
11/1/28 |
4,409,013 |
4,282,254 |
||||||||||||||||
Delta Air Lines, |
3.63 |
1/30/29 |
980,193 |
982,938 |
||||||||||||||||
GATX, |
4.75 |
6/15/22 |
3,000,000 |
3,237,102 |
||||||||||||||||
GATX, |
3.25 |
3/30/25 |
4,000,000 |
3,725,140 |
||||||||||||||||
General Electric, |
5.00 |
12/29/49 |
6,838,000 |
c |
6,949,117 |
|||||||||||||||
Lender Processing Services, |
5.75 |
4/15/23 |
1,556,000 |
1,614,350 |
||||||||||||||||
Lockheed Martin, |
3.10 |
1/15/23 |
2,000,000 |
b |
2,056,136 |
|||||||||||||||
Pentair Finance, |
2.65 |
12/1/19 |
4,500,000 |
4,400,010 |
||||||||||||||||
Rolls-Royce, |
3.63 |
10/14/25 |
3,000,000 |
a |
3,052,335 |
|||||||||||||||
Roper Technologies, |
3.00 |
12/15/20 |
3,000,000 |
3,034,023 |
||||||||||||||||
Tyco Electronics Group, |
3.70 |
2/15/26 |
2,000,000 |
2,047,068 |
||||||||||||||||
Union Pacific, |
2.25 |
2/15/19 |
4,000,000 |
4,072,156 |
||||||||||||||||
Waste Management, |
4.75 |
6/30/20 |
3,853,000 |
4,240,034 |
||||||||||||||||
46,561,413 |
||||||||||||||||||||
Information Technology - 13.1% |
||||||||||||||||||||
Adobe Systems, |
4.75 |
2/1/20 |
6,000,000 |
6,572,430 |
||||||||||||||||
Arrow Electronics, |
3.00 |
3/1/18 |
3,500,000 |
3,516,888 |
||||||||||||||||
Arrow Electronics, |
5.13 |
3/1/21 |
3,000,000 |
3,217,815 |
||||||||||||||||
Arrow Electronics, |
4.00 |
4/1/25 |
2,000,000 |
1,994,092 |
||||||||||||||||
Avnet, |
4.88 |
12/1/22 |
6,000,000 |
6,234,894 |
||||||||||||||||
Broadridge Financial Solutions, |
3.95 |
9/1/20 |
5,850,000 |
6,203,065 |
||||||||||||||||
CA, |
2.88 |
8/15/18 |
3,750,000 |
3,794,014 |
||||||||||||||||
CA, |
3.60 |
8/1/20 |
5,000,000 |
5,142,655 |
||||||||||||||||
Cadence Design Systems, |
4.38 |
10/15/24 |
5,000,000 |
5,133,645 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 98.1% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Information Technology - 13.1% (continued) |
||||||||||||||||||||
eBay, |
2.60 |
7/15/22 |
2,000,000 |
1,870,432 |
||||||||||||||||
Electronic Arts, |
3.70 |
3/1/21 |
5,000,000 |
5,067,975 |
||||||||||||||||
Fidelity National Information Services, |
5.00 |
3/15/22 |
4,000,000 |
4,135,224 |
||||||||||||||||
Fidelity National Information Services, |
3.50 |
4/15/23 |
2,000,000 |
1,902,562 |
||||||||||||||||
Fiserv, |
3.50 |
10/1/22 |
7,000,000 |
7,150,969 |
||||||||||||||||
Flextronics International, |
4.75 |
6/15/25 |
7,550,000 |
7,304,625 |
||||||||||||||||
Jabil Circuit, |
5.63 |
12/15/20 |
4,737,000 |
4,920,559 |
||||||||||||||||
Lam Research, |
3.80 |
3/15/25 |
8,000,000 |
7,799,632 |
||||||||||||||||
Maxim Integrated Products, |
2.50 |
11/15/18 |
5,000,000 |
5,015,275 |
||||||||||||||||
Seagate HDD Cayman, |
4.75 |
1/1/25 |
6,000,000 |
4,604,988 |
||||||||||||||||
Total System Services, |
2.38 |
6/1/18 |
6,500,000 |
6,416,761 |
||||||||||||||||
97,998,500 |
||||||||||||||||||||
Materials - 5.5% |
||||||||||||||||||||
Alcoa, |
5.13 |
10/1/24 |
2,500,000 |
b |
2,271,875 |
|||||||||||||||
Allegheny Technologies, |
7.63 |
8/15/23 |
6,385,000 |
c |
4,437,575 |
|||||||||||||||
Anglo American Capital, |
1.57 |
4/15/16 |
3,000,000 |
a,c |
2,956,692 |
|||||||||||||||
CRH America, |
3.88 |
5/18/25 |
3,000,000 |
a |
3,049,131 |
|||||||||||||||
Dow Chemical, |
4.13 |
11/15/21 |
5,500,000 |
5,817,207 |
||||||||||||||||
Eastman Chemical, |
3.60 |
8/15/22 |
4,000,000 |
3,979,984 |
||||||||||||||||
Freeport-McMoran, |
4.00 |
11/14/21 |
4,000,000 |
2,740,000 |
||||||||||||||||
Georgia-Pacific, |
3.16 |
11/15/21 |
7,000,000 |
a |
7,054,418 |
|||||||||||||||
Glencore Funding, |
2.13 |
4/16/18 |
5,000,000 |
a,b |
4,580,435 |
|||||||||||||||
Glencore Funding, |
4.63 |
4/29/24 |
3,000,000 |
a |
2,288,100 |
|||||||||||||||
Valmont Industries, |
6.63 |
4/20/20 |
1,667,000 |
1,875,368 |
||||||||||||||||
41,050,785 |
||||||||||||||||||||
Municipal Bonds - 6.0% |
||||||||||||||||||||
California Earthquake Authority, |
2.81 |
7/1/19 |
7,500,000 |
7,644,525 |
||||||||||||||||
Florida Hurricane Catastrophe Fund Finance Corporation, |
3.00 |
7/1/20 |
6,500,000 |
6,712,615 |
||||||||||||||||
Illinois, |
6.20 |
7/1/21 |
1,100,000 |
1,201,915 |
||||||||||||||||
Kentucky Public Transportation Infrastructure Authority, |
3.22 |
7/1/17 |
2,500,000 |
2,547,150 |
||||||||||||||||
Las Vegas Valley Water District, |
7.10 |
6/1/39 |
5,000,000 |
5,765,600 |
||||||||||||||||
New Jersey Transportation Trust Fund Authority, |
1.76 |
12/15/18 |
5,000,000 |
4,903,400 |
||||||||||||||||
Oakland Unified School District, |
9.50 |
8/1/34 |
2,500,000 |
2,994,000 |
||||||||||||||||
Texas Public Finance Authority, |
8.25 |
7/1/24 |
7,500,000 |
7,535,550 |
||||||||||||||||
West Contra Costa Unified School District, |
8.46 |
8/1/34 |
5,000,000 |
6,011,300 |
||||||||||||||||
45,316,055 |
24
BNY Mellon Corporate Bond Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 98.1% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Telecommunications - 4.4% |
||||||||||||||||||||
America Movil, |
5.00 |
3/30/20 |
3,980,000 |
4,364,969 |
||||||||||||||||
AT&T , |
3.60 |
2/17/23 |
7,000,000 |
7,132,846 |
||||||||||||||||
CenturyLink, |
5.80 |
3/15/22 |
3,000,000 |
2,925,000 |
||||||||||||||||
Telefonica Emisiones, |
4.57 |
4/27/23 |
6,500,000 |
6,915,571 |
||||||||||||||||
Telefonos de Mexico, |
5.50 |
11/15/19 |
3,000,000 |
3,316,926 |
||||||||||||||||
Verizon Communications, |
5.15 |
9/15/23 |
7,000,000 |
7,937,244 |
||||||||||||||||
32,592,556 |
||||||||||||||||||||
Utilities - 1.9% |
||||||||||||||||||||
Black Hills, |
4.25 |
11/30/23 |
5,000,000 |
5,359,305 |
||||||||||||||||
CMS Energy, |
5.05 |
3/15/22 |
1,500,000 |
1,662,018 |
||||||||||||||||
NextEra Energy Capital Holdings, |
2.70 |
9/15/19 |
3,000,000 |
3,014,202 |
||||||||||||||||
PPL Capital Funding, |
1.90 |
6/1/18 |
2,000,000 |
1,997,024 |
||||||||||||||||
PPL Capital Funding, |
3.95 |
3/15/24 |
2,000,000 |
2,103,130 |
||||||||||||||||
14,135,679 |
||||||||||||||||||||
Total Bonds and Notes |
735,162,677 |
|||||||||||||||||||
Other Investment - .9% |
Shares |
Value ($) |
||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
6,358,772 |
d |
6,358,772 |
|||||||||||||||||
Investment of Cash Collateral for Securities Loaned - .5% |
||||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||||
Dreyfus Institutional Cash Advantage Fund |
3,942,730 |
d |
3,942,730 |
|||||||||||||||||
Total Investments (cost $751,432,447) |
99.5% |
745,464,179 |
||||||||||||||||||
Cash and Receivables (Net) |
0.5% |
3,626,080 |
||||||||||||||||||
Net Assets |
100.0% |
749,090,259 |
BAN—Bond Anticipation Notes
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $146,995,535 or 19.62% of net assets.
b Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $3,807,155 and the value of the collateral held by the fund was $3,942,730.
c Variable rate security—interest rate subject to periodic change.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † |
Value (%) |
Corporate Bonds |
88.4 |
Municipal Bonds |
6.0 |
Foreign/Governmental |
3.7 |
Money Market Investments |
1.4 |
99.5 |
† Based on net assets.
See notes to financial statements.
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||
Bonds and Notes - 99.2% |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
|||||||
Commercial Mortgage Pass-Through Ctfs. - .5% |
|||||||||||
JP Morgan Chase Commercial Mortgage Securities, |
5.40 |
5/15/45 |
989,913 |
993,211 |
|||||||
Municipal Bonds - 4.8% |
|||||||||||
California, |
1.25 |
11/1/16 |
1,000,000 |
1,003,830 |
|||||||
California Earthquake Authority, |
2.81 |
7/1/19 |
1,275,000 |
1,299,569 |
|||||||
Florida Hurricane Catastrophe Fund Finance Corporation, |
2.11 |
7/1/18 |
2,850,000 |
2,880,381 |
|||||||
Kansas Development Finance Authority, |
1.88 |
4/15/18 |
1,000,000 |
1,007,020 |
|||||||
University of California Regents, |
0.94 |
7/1/17 |
3,000,000 |
a |
2,999,340 |
||||||
9,190,140 |
|||||||||||
U.S. Government Agencies - 29.7% |
|||||||||||
Federal Farm Credit Bank, |
0.64 |
1/11/17 |
3,750,000 |
3,740,040 |
|||||||
Federal Farm Credit Bank, |
0.69 |
5/16/17 |
1,380,000 |
1,378,904 |
|||||||
Federal Farm Credit Bank, |
1.10 |
10/15/18 |
6,500,000 |
6,485,596 |
|||||||
Federal Farm Credit Bank, |
1.23 |
1/25/19 |
7,660,000 |
7,648,893 |
|||||||
Federal Farm Credit Bank, |
1.42 |
4/29/19 |
2,750,000 |
2,750,566 |
|||||||
Federal Farm Credit Bank, |
1.29 |
6/14/19 |
3,050,000 |
3,039,725 |
|||||||
Federal Home Loan Bank, |
5.38 |
5/15/19 |
650,000 |
737,551 |
|||||||
Federal Home Loan Mortgage Corporation, |
1.00 |
9/8/17 |
3,750,000 |
b |
3,750,049 |
||||||
Federal Home Loan Mortgage Corporation, |
1.00 |
9/28/17 |
3,105,000 |
b |
3,105,661 |
||||||
Federal Home Loan Mortgage Corporation, |
0.88 |
10/20/17 |
2,000,000 |
b |
1,998,306 |
||||||
Federal Home Loan Mortgage Corporation, |
1.40 |
1/29/19 |
2,000,000 |
b |
2,001,252 |
||||||
Federal Home Loan Mortgage Corporation, |
1.30 |
2/26/19 |
1,825,000 |
b |
1,820,598 |
||||||
Federal National Mortgage Association, |
1.75 |
11/25/20 |
2,573,304 |
b |
2,593,135 |
||||||
Federal National Mortgage Association, |
4.00 |
2/25/24 |
3,976 |
b |
3,976 |
||||||
Federal National Mortgage Association, |
1.27 |
2/26/19 |
1,710,000 |
b |
1,710,460 |
||||||
Federal National Mortgage Association, |
0.65 |
2/27/17 |
2,000,000 |
b |
1,997,838 |
||||||
Federal National Mortgage Association, |
1.13 |
4/30/18 |
1,090,000 |
b |
1,090,089 |
||||||
Federal National Mortgage Association, |
1.75 |
6/8/18 |
2,230,000 |
b |
2,237,036 |
||||||
Federal National Mortgage Association, |
1.25 |
2/26/19 |
1,810,000 |
b |
1,805,949 |
||||||
Federal National Mortgage Association, |
1.50 |
10/23/19 |
4,400,000 |
b |
4,401,091 |
||||||
Federal National Mortgage Association, |
1.00 |
4/30/18 |
3,310,000 |
b |
3,307,739 |
||||||
57,604,454 |
26
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | ||||||||||||||||||||
Bonds and Notes - 99.2% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
||||||||||||||||
U.S. Government Agencies/Mortgage-Backed - 32.4% |
||||||||||||||||||||
Federal Home Loan Mortgage Corporation: |
||||||||||||||||||||
REMIC, Ser. 3846, Cl. CK, 1.50%, 9/15/20 |
604,265 |
b |
605,427 |
|||||||||||||||||
2.00%, 5/1/23 |
1,209,187 |
b |
1,246,731 |
|||||||||||||||||
REMIC, Ser. 4079, Cl. WA, 2.00%, 8/15/40 |
2,977,012 |
b |
2,994,333 |
|||||||||||||||||
2.50%, 8/1/25 |
1,860,871 |
b |
1,918,019 |
|||||||||||||||||
REMIC, Ser. 2663, Cl. BC, 4.00%, 8/15/18 |
2,404,056 |
b |
2,458,273 |
|||||||||||||||||
4.50%, 12/1/19-9/1/26 |
4,587,552 |
b |
4,781,928 |
|||||||||||||||||
REMIC, Ser. 3578, Cl. AM, 4.50%, 9/15/16 |
11,520 |
b |
11,520 |
|||||||||||||||||
REMIC, Ser. 2495, Cl. UC, 5.00%, 7/15/32 |
5,632 |
b |
5,740 |
|||||||||||||||||
Federal National Mortgage Association: |
||||||||||||||||||||
2.00%, 12/1/22-5/1/25 |
8,829,015 |
b |
9,089,591 |
|||||||||||||||||
REMIC, Ser. 2010-13, Cl. KA, 2.00%, 12/25/18 |
716,673 |
b |
721,954 |
|||||||||||||||||
2.50%, 3/1/22-5/1/25 |
8,367,007 |
b |
8,634,734 |
|||||||||||||||||
REMIC, Ser. 2011-23, Cl. AB, 2.75%, 6/25/20 |
1,638,708 |
b |
1,660,010 |
|||||||||||||||||
REMIC, Ser. 2009-111, Cl. JB, 3.00%, 6/25/22 |
1,945,635 |
b |
1,992,297 |
|||||||||||||||||
3.63%, 7/1/18 |
876,587 |
b |
927,163 |
|||||||||||||||||
4.50%, 11/1/22 |
3,742,888 |
b |
3,939,300 |
|||||||||||||||||
REMIC, Ser. 2003-67, Cl. TJ, 4.75%, 7/25/18 |
394,423 |
b |
405,939 |
|||||||||||||||||
5.00%, 2/1/22 |
1,396,626 |
b |
1,451,240 |
|||||||||||||||||
REMIC, Ser. 2004-53, Cl. P, 5.50%, 7/25/33 |
63,350 |
b |
63,666 |
|||||||||||||||||
Government National Mortgage Association I: |
||||||||||||||||||||
Ser. 2013-101, Cl. A, 0.51%, 5/16/35 |
3,581,309 |
3,520,295 |
||||||||||||||||||
Ser. 2013-73, Cl. A, 0.98%, 12/16/35 |
4,261,690 |
4,199,996 |
||||||||||||||||||
Ser. 2012-22, Cl. AB, 1.66%, 3/16/33 |
192,919 |
193,019 |
||||||||||||||||||
Ser. 2012-55, Cl. A, 1.70%, 8/16/33 |
3,544,029 |
3,553,709 |
||||||||||||||||||
Ser. 2013-105, Cl. A, 1.71%, 2/16/37 |
3,620,479 |
3,595,337 |
||||||||||||||||||
Ser. 2011-20, Cl. A, 1.88%, 4/16/32 |
1,555,994 |
1,556,678 |
||||||||||||||||||
Ser. 2011-49, Cl. A, 2.45%, 7/16/38 |
2,609,325 |
2,640,586 |
||||||||||||||||||
Ser. 2005-76, Cl. B, 4.89%, 10/16/38 |
195,674 |
a |
195,617 |
|||||||||||||||||
Ser. 2003-48, Cl. C, 4.89%, 7/16/34 |
418,405 |
425,239 |
||||||||||||||||||
Government National Mortgage Association II |
||||||||||||||||||||
Ser. 2010-101, Cl. NC, 2.50%, 11/20/36 |
46,536 |
46,758 |
||||||||||||||||||
62,835,099 |
||||||||||||||||||||
U.S. Government Securities - 31.8% |
||||||||||||||||||||
U.S. Treasury Notes |
1.88 |
10/31/17 |
3,250,000 |
3,308,081 |
||||||||||||||||
U.S. Treasury Notes |
0.88 |
11/15/17 |
6,490,000 |
6,499,884 |
||||||||||||||||
U.S. Treasury Notes |
0.88 |
11/30/17 |
6,000,000 |
6,009,846 |
||||||||||||||||
U.S. Treasury Notes |
1.00 |
12/15/17 |
6,500,000 |
c |
6,524,758 |
|||||||||||||||
U.S. Treasury Notes |
0.88 |
1/15/18 |
6,250,000 |
6,259,275 |
||||||||||||||||
U.S. Treasury Notes |
1.00 |
2/15/18 |
6,000,000 |
6,024,726 |
||||||||||||||||
U.S. Treasury Notes |
1.00 |
5/15/18 |
8,250,000 |
8,281,746 |
||||||||||||||||
U.S. Treasury Notes |
1.13 |
6/15/18 |
6,000,000 |
6,041,838 |
||||||||||||||||
U.S. Treasury Notes |
1.38 |
7/31/18 |
5,750,000 |
c |
5,826,929 |
|||||||||||||||
U.S. Treasury Notes |
1.00 |
8/15/18 |
5,500,000 |
5,521,697 |
||||||||||||||||
U.S. Treasury Notes |
1.13 |
1/15/19 |
1,250,000 |
1,257,910 |
||||||||||||||||
61,556,690 |
||||||||||||||||||||
Total Bonds and Notes |
192,179,594 |
|||||||||||||||||||
Other Investment - 1.8% |
Shares |
Value ($) |
||||||||||||||||||
Registered Investment Company; |
||||||||||||||||||||
Dreyfus Institutional Preferred Plus Money Market Fund |
3,423,089 |
d |
3,423,089 |
|||||||||||||||||
Total Investments (cost $195,722,623) |
101.0% |
195,602,683 |
||||||||||||||||||
Liabilities, Less Cash and Receivables |
(1.0%) |
(1,879,144) |
||||||||||||||||||
Net Assets |
100.0% |
193,723,539 |
GO—General Obligation
REMIC—Real Estate Mortgage Investment Conduits
a Variable rate security—interest rate subject to periodic change.
b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
c Security, or portion thereof, on loan. At February 29, 2016, the value of the fund’s securities on loan was $12,351,688 and the value of the collateral held by the fund was $12,620,857, consisting of U.S. Government & Agency securities.
d Investment in affiliated money market mutual fund.
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † |
Value (%) |
U.S. Government Agencies/Mortgage-Backed |
62.1 |
U.S. Government Securities |
31.8 |
Municipal Bonds |
4.8 |
Money Market Investment |
1.8 |
Commercial Mortgage-Backed |
.5 |
101.0 |
† Based on net assets.
See notes to financial statements.
28
STATEMENT OF ASSETS AND LIABILITIES
February 29, 2016 (Unaudited)
|
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
|
Assets ($): |
||||||||||
Investments in securities—See Statement of Investments† |
997,375,699 |
|
848,642,664 |
735,162,677 |
192,179,594 |
|||||
Affiliated issuers |
22,266,720 |
17,994,820 |
10,301,502 |
3,423,089 |
||||||
Receivable for investment securities sold |
8,259,876 |
- |
- |
- |
||||||
Dividends, interest and securities |
6,317,815 |
5,137,571 |
7,881,289 |
452,918 |
||||||
Receivable for shares of Beneficial Interest subscribed |
127,516 |
116,152 |
659,651 |
7,913 |
||||||
Prepaid expenses |
25,433 |
23,513 |
38,741 |
18,847 |
||||||
1,034,373,059 |
871,914,720 |
754,043,860 |
196,082,361 |
|||||||
Liabilities ($): |
||||||||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) |
375,518 |
323,168 |
280,405 |
71,976 |
||||||
Due to Administrator—Note 3(a) |
100,906 |
86,669 |
74,932 |
20,120 |
||||||
Cash overdraft due to Custodian |
1,270,218 |
877,951 |
536,782 |
113,179 |
||||||
Payable for investment securities purchased |
28,430,889 |
- |
- |
1,710,060 |
||||||
Liability for securities on loan—Note 1(b) |
320,250 |
10,222,660 |
3,942,730 |
- |
||||||
Payable for shares of Beneficial Interest redeemed |
224,851 |
93,763 |
83,300 |
418,506 |
||||||
Accrued expenses |
45,614 |
49,074 |
35,452 |
24,981 |
||||||
30,768,246 |
11,653,285 |
4,953,601 |
2,358,822 |
|||||||
Net Assets ($) |
1,003,604,813 |
860,261,435 |
749,090,259 |
193,723,539 |
||||||
Composition of Net Assets ($): |
||||||||||
Paid-in capital |
988,755,742 |
863,779,739 |
770,774,136 |
205,028,029 |
||||||
Accumulated distribution |
(1,820,309) |
(1,697,003) |
(1,589,229) |
(766,545) |
||||||
Accumulated net realized gain (loss) on investments |
(2,798,867) |
(9,960,092) |
(14,126,380) |
(10,418,005) |
||||||
Accumulated net unrealized appreciation (depreciation) |
19,468,247 |
8,138,791 |
(5,968,268) |
(119,940) |
||||||
Net Assets ($) |
1,003,604,813 |
860,261,435 |
749,090,259 |
193,723,539 |
||||||
Net Asset Value Per Share |
||||||||||
Class M |
||||||||||
Net Assets ($) |
994,564,374 |
853,561,028 |
747,523,469 |
192,139,639 |
||||||
Shares Outstanding |
77,729,514 |
67,946,156 |
59,959,523 |
16,227,749 |
||||||
Net Asset Value Per Share ($) |
12.80 |
12.56 |
12.47 |
11.84 |
||||||
Investor Shares |
||||||||||
Net Assets ($) |
9,040,439 |
6,700,407 |
1,566,790 |
1,583,900 |
||||||
Shares Outstanding |
708,164 |
533,146 |
125,788 |
133,962 |
||||||
Net Asset Value Per Share ($) |
12.77 |
12.57 |
12.46 |
11.82 |
||||||
† |
Investments at cost ($) |
|||||||||
Unaffiliated issuers |
977,907,452 |
840,503,873 |
741,130,945 |
192,299,534 |
||||||
Affiliated issuers |
22,266,720 |
17,994,820 |
10,301,502 |
3,423,089 |
||||||
†† |
Value of securities on loan ($) |
36,488,103 |
143,852,251 |
3,807,155 |
12,351,688 |
See notes to financial statements.
29
STATEMENT OF OPERATIONS
Six Months Ended February 29, 2016 (Unaudited)
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
|
Investment Income ($): |
|||||||||
Income: |
|||||||||
Interest |
14,511,793 |
8,933,717 |
13,864,684 |
761,557 |
|||||
Income from securities lending—Note 1(b) |
24,311 |
38,968 |
34,638 |
3,076 |
|||||
Dividends from affiliated issuers |
8,506 |
6,908 |
6,359 |
3,562 |
|||||
Total Income |
14,544,610 |
8,979,593 |
13,905,681 |
768,195 |
|||||
Expenses: |
|||||||||
Investment advisory fee—Note 3(a) |
2,010,256 |
1,739,765 |
1,538,036 |
352,083 |
|||||
Administration fee—Note 3(a) |
630,149 |
545,347 |
482,064 |
126,131 |
|||||
Custodian fees—Note 3(b) |
36,970 |
32,080 |
30,168 |
7,460 |
|||||
Trustees’ fees and expenses—Note 3(c) |
34,606 |
26,434 |
27,012 |
5,779 |
|||||
Professional fees |
29,500 |
29,196 |
28,174 |
22,848 |
|||||
Registration fees |
15,427 |
14,646 |
17,131 |
14,595 |
|||||
Loan commitment fees—Note 2 |
10,358 |
8,018 |
6,216 |
1,861 |
|||||
Shareholder servicing costs—Note 3(b) |
9,986 |
8,758 |
6,207 |
1,973 |
|||||
Prospectus and shareholders’ reports |
4,914 |
8,453 |
4,889 |
3,611 |
|||||
Miscellaneous |
26,250 |
23,088 |
26,021 |
19,491 |
|||||
Total Expenses |
2,808,416 |
2,435,785 |
2,165,918 |
555,832 |
|||||
Less—reduction in fees due to earnings credits—Note 3(b) |
(28) |
(24) |
(6) |
(6) |
|||||
Net Expenses |
2,808,388 |
2,435,761 |
2,165,912 |
555,826 |
|||||
Investment Income—Net |
11,736,222 |
6,543,832 |
11,739,769 |
212,369 |
|||||
Realized and Unrealized Gain (Loss) |
|||||||||
Net realized gain (loss) on investments |
1,504,794 |
(708,136) |
(1,454,301) |
(95,373) |
|||||
Net unrealized appreciation (depreciation) |
5,175,666 |
3,171,233 |
(4,543,325) |
883,878 |
|||||
Net Realized and Unrealized Gain (Loss) on Investments |
6,680,460 |
2,463,097 |
(5,997,626) |
788,505 |
|||||
Net Increase in Net Assets Resulting from Operations |
18,416,682 |
9,006,929 |
5,742,143 |
1,000,874 |
See notes to financial statements.
30
STATEMENT OF CHANGES IN NET ASSETS
BNY Mellon Bond Fund |
BNY Mellon Intermediate Bond Fund |
|||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
|||||
(Unaudited) |
August 31, 2015 |
(Unaudited) |
August 31, 2015 |
|||||
Operations ($): |
||||||||
Investment income—net |
11,736,222 |
23,041,042 |
6,543,832 |
13,260,272 |
||||
Net realized gain (loss) on investments |
1,504,794 |
2,893,863 |
(708,136) |
3,433,622 |
||||
Net unrealized appreciation (depreciation) on investments |
5,175,666 |
(17,220,035) |
3,171,233 |
(13,121,777) |
||||
Net Increase (Decrease) in Net Assets |
18,416,682 |
8,714,870 |
9,006,929 |
3,572,117 |
||||
Dividends to Shareholders from ($): |
||||||||
Investment income—net: |
||||||||
Class M |
(13,722,681) |
(27,414,861) |
(8,483,678) |
(17,067,354) |
||||
Investor Shares |
(98,893) |
(219,936) |
(58,781) |
(121,389) |
||||
Net realized gain on investments: |
||||||||
Class M |
- |
(2,408,122) |
- |
- |
||||
Investor Shares |
- |
(22,615) |
- |
- |
||||
Total Dividends |
(13,821,574) |
(30,065,534) |
(8,542,459) |
(17,188,743) |
||||
Beneficial Interest Transactions ($): |
||||||||
Net proceeds from shares sold: |
||||||||
Class M |
66,082,937 |
140,159,445 |
57,978,359 |
133,871,253 |
||||
Investor Shares |
3,647,359 |
10,156,088 |
3,240,692 |
9,630,429 |
||||
Dividends reinvested: |
||||||||
Class M |
2,338,437 |
5,986,027 |
1,774,207 |
3,482,582 |
||||
Investor Shares |
88,620 |
225,238 |
56,032 |
107,875 |
||||
Cost of shares redeemed: |
||||||||
Class M |
(88,800,071) |
(154,767,849) |
(83,970,727) |
(158,778,804) |
||||
Investor Shares |
(2,955,137) |
(11,250,581) |
(4,071,732) |
(8,568,791) |
||||
Increase (Decrease) in Net Assets from |
(19,597,855) |
(9,491,632) |
(24,993,169) |
(20,255,456) |
||||
Total Increase (Decrease) In Net Assets |
(15,002,747) |
(30,842,296) |
(24,528,699) |
(33,872,082) |
||||
Net Assets ($): |
||||||||
Beginning of Period |
1,018,607,560 |
1,049,449,856 |
884,790,134 |
918,662,216 |
||||
End of Period |
1,003,604,813 |
1,018,607,560 |
860,261,435 |
884,790,134 |
||||
Undistributed (distributions in |
(1,820,309) |
265,043 |
(1,697,003) |
301,624 |
||||
Capital Share Transactions (Shares): |
||||||||
Class Ma |
||||||||
Shares sold |
5,182,700 |
10,824,835 |
4,617,070 |
10,545,637 |
||||
Shares issued for dividends reinvested |
183,317 |
463,209 |
141,297 |
274,672 |
||||
Shares redeemed |
(6,965,520) |
(11,965,604) |
(6,691,773) |
(12,513,648) |
||||
Net Increase (Decrease) in Shares Outstanding |
(1,599,503) |
(677,560) |
(1,933,406) |
(1,693,339) |
||||
Investor Sharesa |
||||||||
Shares sold |
286,472 |
786,616 |
258,151 |
757,599 |
||||
Shares issued for dividends reinvested |
6,961 |
17,461 |
4,460 |
8,505 |
||||
Shares redeemed |
(232,239) |
(869,871) |
(324,077) |
(674,628) |
||||
Net Increase (Decrease) in Shares Outstanding |
61,194 |
(65,794) |
(61,466) |
91,476 |
a During the period ended February 29, 2016, 48,096 Class M shares representing $617,291 were exchanged for 48,218 Investor shares for BNY Mellon Bond Fund and 84,021 Class M shares representing $1,059,423 were exchanged for 83,983 Investor shares for BNY Mellon Intermediate Bond Fund.
See notes to financial statements.
31
STATEMENT OF CHANGES IN NET ASSETS (continued)
BNY Mellon |
BNY Mellon Short-Term |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
August 31, 2015 |
|
(Unaudited) |
August 31, 2015 |
||||
Operations ($): |
|||||||||
Investment income—net |
11,739,769 |
21,402,595 |
212,369 |
1,055,327 |
|||||
Net realized gain (loss) on investments |
(1,454,301) |
(1,348,407) |
(95,373) |
442,474 |
|||||
Net unrealized appreciation (depreciation) on investments |
(4,543,325) |
(18,122,002) |
883,878 |
(641,369) |
|||||
Net Increase (Decrease) in Net Assets |
5,742,143 |
1,932,186 |
1,000,874 |
856,432 |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(13,708,776) |
(25,237,440) |
(1,036,618) |
(2,739,026) |
|||||
Investor Shares |
(79,065) |
(159,946) |
(5,968) |
(15,229) |
|||||
Total Dividends |
(13,787,841) |
(25,397,386) |
(1,042,586) |
(2,754,255) |
|||||
Beneficial Interest Transactions ($): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
88,615,966 |
222,649,831 |
52,264,744 |
79,156,646 |
|||||
Investor Shares |
1,613,496 |
8,657,857 |
361,189 |
2,733,011 |
|||||
Dividends reinvested: |
|||||||||
Class M |
4,454,665 |
8,602,085 |
240,946 |
646,918 |
|||||
Investor Shares |
19,720 |
40,199 |
5,389 |
14,230 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(123,651,661) |
(169,141,225) |
(55,973,384) |
(136,233,802) |
|||||
Investor Shares |
(5,316,368) |
(4,736,335) |
(358,066) |
(1,956,531) |
|||||
Increase (Decrease) in Net Assets from |
(34,264,182) |
66,072,412 |
(3,459,182) |
(55,639,528) |
|||||
Total Increase (Decrease) In Net Assets |
(42,309,880) |
42,607,212 |
(3,500,894) |
(57,537,351) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
791,400,139 |
748,792,927 |
197,224,433 |
254,761,784 |
|||||
End of Period |
749,090,259 |
791,400,139 |
193,723,539 |
197,224,433 |
|||||
Undistributed (distributions in |
(1,589,229) |
458,843 |
(766,545) |
63,672 |
|||||
Capital Share Transactions (Shares): |
|||||||||
Class Ma |
|||||||||
Shares sold |
7,088,041 |
17,294,578 |
4,417,588 |
6,646,583 |
|||||
Shares issued for dividends reinvested |
356,212 |
669,501 |
20,367 |
54,347 |
|||||
Shares redeemed |
(9,917,559) |
(13,175,760) |
(4,732,720) |
(11,436,795) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(2,473,306) |
4,788,319 |
(294,765) |
(4,735,865) |
|||||
Investor Sharesa |
|||||||||
Shares sold |
128,811 |
671,094 |
30,515 |
229,553 |
|||||
Shares issued for dividends reinvested |
1,578 |
3,128 |
456 |
1,198 |
|||||
Shares redeemed |
(426,767) |
(369,199) |
(30,330) |
(164,546) |
|||||
Net Increase (Decrease) in Shares Outstanding |
(296,378) |
305,023 |
641 |
66,205 |
a During the period ended February 29, 2016, 43,274 Class M shares representing $546,349 were exchanged for 43,287 Investor shares for BNY Mellon Corporate Bond Fund and 11,693 Class M shares representing $138,653 were exchanged for 11,713 Investor shares for BNY Mellon Short-Term U.S. Government Securities Fund.
See notes to financial statements.
32
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.74 |
13.00 |
12.89 |
13.71 |
13.38 |
13.36 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.15 |
.29 |
.31 |
.32 |
.38 |
.39 |
|||||||||
Net realized and unrealized |
.09 |
(.18) |
.34 |
(.64) |
.42 |
.14 |
|||||||||
Total from Investment Operations |
.24 |
.11 |
.65 |
(.32) |
.80 |
.53 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.18) |
(.34) |
(.36) |
(.39) |
(.44) |
(.49) |
|||||||||
Dividends from net realized gain on investments |
- |
(.03) |
(.18) |
(.11) |
(.03) |
(.02) |
|||||||||
Total Distributions |
(.18) |
(.37) |
(.54) |
(.50) |
(.47) |
(.51) |
|||||||||
Net asset value, end of period |
12.80 |
12.74 |
13.00 |
12.89 |
13.71 |
13.38 |
|||||||||
Total Return (%) |
1.86 |
b |
.87 |
5.19 |
(2.41) |
6.05 |
4.06 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.56 |
c |
.55 |
.55 |
.55 |
.55 |
.55 |
||||||||
Ratio of net expenses to average net assets |
.56 |
c |
.55 |
.55 |
.55 |
.55 |
.55 |
||||||||
Ratio of net investment income |
2.34 |
c |
2.21 |
2.41 |
2.40 |
2.80 |
2.98 |
||||||||
Portfolio Turnover Rate |
29.79 |
b |
59.94 |
43.62 |
66.14 |
d |
76.43 |
86.75 |
d | ||||||
Net Assets, end of period ($ x 1,000) |
994,564 |
1,010,387 |
1,040,204 |
1,148,032 |
1,326,472 |
1,353,593 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2013 and 2011 were 65.03% and 79.13%, respectively.
See notes to financial statements.
33
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.71 |
12.97 |
12.86 |
13.69 |
13.35 |
13.34 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.13 |
.26 |
.28 |
.29 |
.34 |
.35 |
|||||||||
Net realized and unrealized |
.09 |
(.18) |
.34 |
(.65) |
.43 |
.13 |
|||||||||
Total from Investment Operations |
.22 |
.08 |
.62 |
(.36) |
.77 |
.48 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.16) |
(.31) |
(.33) |
(.36) |
(.40) |
(.45) |
|||||||||
Dividends from net realized gain on investments |
- |
(.03) |
(.18) |
(.11) |
(.03) |
(.02) |
|||||||||
Total Distributions |
(.16) |
(.34) |
(.51) |
(.47) |
(.43) |
(.47) |
|||||||||
Net asset value, end of period |
12.77 |
12.71 |
12.97 |
12.86 |
13.69 |
13.35 |
|||||||||
Total Return (%) |
1.73 |
b |
.62 |
4.95 |
(2.74) |
5.87 |
3.72 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.81 |
c |
.80 |
.80 |
.80 |
.80 |
.80 |
||||||||
Ratio of net expenses to average net assets |
.81 |
c |
.80 |
.80 |
.80 |
.80 |
.80 |
||||||||
Ratio of net investment income |
2.09 |
c |
1.95 |
2.16 |
2.16 |
2.55 |
2.73 |
||||||||
Portfolio Turnover Rate |
29.79 |
b |
59.94 |
43.62 |
66.14 |
d |
76.43 |
86.75 |
d | ||||||
Net Assets, end of period ($ x 1,000) |
9,040 |
8,221 |
9,246 |
8,387 |
9,240 |
11,083 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2013 and 2011 were 65.03% and 79.13%, respectively.
See notes to financial statements.
34
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.55 |
12.75 |
12.73 |
13.26 |
13.09 |
13.15 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.09 |
.19 |
.21 |
.23 |
.29 |
.32 |
|||||||||
Net realized and unrealized |
.04 |
(.15) |
.17 |
(.44) |
.25 |
.04 |
|||||||||
Total from Investment Operations |
.13 |
.04 |
.38 |
(.21) |
.54 |
.36 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.12) |
(.24) |
(.27) |
(.30) |
(.37) |
(.42) |
|||||||||
Dividends from net realized gain on investments |
- |
- |
(.09) |
(.02) |
(.00) |
b |
- |
||||||||
Total Distributions |
(.12) |
(.24) |
(.36) |
(.32) |
(.37) |
(.42) |
|||||||||
Net asset value, end of period |
12.56 |
12.55 |
12.75 |
12.73 |
13.26 |
13.09 |
|||||||||
Total Return (%) |
1.06 |
c |
.39 |
2.87 |
(1.64) |
4.18 |
2.84 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.56 |
d |
.55 |
.55 |
.56 |
.55 |
.55 |
||||||||
Ratio of net expenses to average net assets |
.56 |
d |
.55 |
.55 |
.56 |
.55 |
.55 |
||||||||
Ratio of net investment income |
1.51 |
d |
1.46 |
1.66 |
1.77 |
2.23 |
2.42 |
||||||||
Portfolio Turnover Rate |
14.98 |
c |
50.80 |
42.45 |
44.76 |
39.00 |
45.15 |
||||||||
Net Assets, end of period ($ x 1,000) |
853,561 |
877,322 |
912,247 |
949,095 |
957,778 |
980,237 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
35
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.56 |
12.75 |
12.73 |
13.26 |
13.09 |
13.15 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.08 |
.15 |
.18 |
.20 |
.26 |
.29 |
|||||||||
Net realized and unrealized |
.04 |
(.13) |
.16 |
(.45) |
.24 |
.04 |
|||||||||
Total from Investment Operations |
.12 |
.02 |
.34 |
(.25) |
.50 |
.33 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.11) |
(.21) |
(.23) |
(.26) |
(.33) |
(.39) |
|||||||||
Dividends from net realized gain on investments |
- |
- |
(.09) |
(.02) |
(.00) |
b |
- |
||||||||
Total Distributions |
(.11) |
(.21) |
(.32) |
(.28) |
(.33) |
(.39) |
|||||||||
Net asset value, end of period |
12.57 |
12.56 |
12.75 |
12.73 |
13.26 |
13.09 |
|||||||||
Total Return (%) |
.94 |
c |
.14 |
2.69 |
(1.91) |
3.91 |
2.57 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.81 |
d |
.80 |
.80 |
.82 |
.81 |
.80 |
||||||||
Ratio of net expenses to average net assets |
.81 |
d |
.80 |
.80 |
.82 |
.81 |
.80 |
||||||||
Ratio of net investment income |
1.26 |
d |
1.21 |
1.40 |
1.51 |
1.98 |
2.18 |
||||||||
Portfolio Turnover Rate |
14.98 |
c |
50.80 |
42.45 |
44.76 |
39.00 |
45.15 |
||||||||
Net Assets, end of period ($ x 1,000) |
6,700 |
7,468 |
6,415 |
8,397 |
5,012 |
4,260 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
36
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
a |
| |||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.59 |
12.96 |
12.49 |
12.91 |
12.50 |
||||||||||
Investment Operations: |
|||||||||||||||
Investment income—net b |
.19 |
.35 |
.32 |
.30 |
.12 |
||||||||||
Net realized and unrealized |
(.09) |
(.31) |
.56 |
(.29) |
.43 |
||||||||||
Total from Investment Operations |
.10 |
.04 |
.88 |
.01 |
.55 |
||||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.22) |
(.41) |
(.41) |
(.39) |
(.14) |
||||||||||
Dividends from net realized gain on investments |
- |
- |
(.00) |
c |
(.04) |
- |
|||||||||
Total Distributions |
(.22) |
(.41) |
(.41) |
(.43) |
(.14) |
||||||||||
Net asset value, end of period |
12.47 |
12.59 |
12.96 |
12.49 |
12.91 |
||||||||||
Total Return (%) |
.83 |
d |
.31 |
7.21 |
.02 |
4.40 |
d |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.56 |
e |
.56 |
.56 |
.58 |
.70 |
e |
||||||||
Ratio of net expenses to average net assets |
.56 |
e |
.56 |
.56 |
.58 |
.60 |
e |
||||||||
Ratio of net investment income |
3.05 |
e |
2.71 |
2.48 |
2.31 |
2.25 |
e |
||||||||
Portfolio Turnover Rate |
16.02 |
d |
34.56 |
33.17 |
36.99 |
34.08 |
d |
||||||||
Net Assets, end of period ($ x 1,000) |
747,523 |
786,085 |
747,274 |
554,152 |
312,231 |
a From March 2, 2012 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Amount represents less than $.01 per share.
d Not annualized.
e Annualized.
See notes to financial statements.
37
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
a |
| |||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.59 |
12.96 |
12.49 |
12.91 |
12.50 |
||||||||||
Investment Operations: |
|||||||||||||||
Investment income—net b |
.18 |
.33 |
.28 |
.26 |
.07 |
||||||||||
Net realized and unrealized |
(.10) |
(.32) |
.57 |
(.29) |
.46 |
||||||||||
Total from Investment Operations |
.08 |
.01 |
.85 |
(.03) |
.53 |
||||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.21) |
(.38) |
(.38) |
(.35) |
(.12) |
||||||||||
Dividends from net realized gain on investments |
- |
- |
(.00) |
c |
(.04) |
- |
|||||||||
Total Distributions |
(.21) |
(.38) |
(.38) |
(.39) |
(.12) |
||||||||||
Net asset value, end of period |
12.46 |
12.59 |
12.96 |
12.49 |
12.91 |
||||||||||
Total Return (%) |
.63 |
d |
.04 |
6.92 |
(.24) |
4.29 |
d |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.81 |
e |
.81 |
.82 |
.85 |
1.12 |
e |
||||||||
Ratio of net expenses to average net assets |
.81 |
e |
.81 |
.82 |
.85 |
.85 |
e |
||||||||
Ratio of net investment income |
2.80 |
e |
2.46 |
2.21 |
2.05 |
1.67 |
e |
||||||||
Portfolio Turnover Rate |
16.02 |
d |
34.56 |
33.17 |
36.99 |
34.08 |
d |
||||||||
Net Assets, end of period ($ x 1,000) |
1,567 |
5,315 |
1,519 |
575 |
40 |
a From March 2, 2012 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Amount represents less than $.01 per share.
d Not annualized.
e Annualized.
See notes to financial statements.
38
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.84 |
11.95 |
12.03 |
12.22 |
12.30 |
12.40 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
.01 |
.06 |
.02 |
(.02) |
(.00) |
b |
.07 |
||||||||
Net realized and unrealized |
.05 |
(.02) |
.03 |
(.04) |
.01 |
.02 |
|||||||||
Total from Investment Operations |
.06 |
.04 |
.05 |
(.06) |
.01 |
.09 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.06) |
(.15) |
(.13) |
(.13) |
(.09) |
(.19) |
|||||||||
Net asset value, end of period |
11.84 |
11.84 |
11.95 |
12.03 |
12.22 |
12.30 |
|||||||||
Total Return (%) |
.52 |
c |
.31 |
.44 |
(.49) |
.07 |
.71 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.55 |
d |
.54 |
.53 |
.53 |
.52 |
.52 |
||||||||
Ratio of net expenses to average net assets |
.55 |
d |
.54 |
.53 |
.53 |
.52 |
.52 |
||||||||
Ratio of net investment income |
.21 |
d |
.47 |
.19 |
(.13) |
(.00) |
e |
.56 |
|||||||
Portfolio Turnover Rate |
64.60 |
c |
105.49 |
116.19 |
125.01 |
152.13 |
143.65 |
||||||||
Net Assets, end of period ($ x 1,000) |
192,140 |
195,648 |
253,961 |
279,192 |
302,756 |
349,975 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
e Amount represents less than .01%.
See notes to financial statements.
39
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.82 |
11.93 |
12.01 |
12.21 |
12.29 |
12.40 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income (loss)—net a |
(.00) |
b |
.03 |
(.01) |
(.05) |
(.04) |
.04 |
||||||||
Net realized and unrealized |
.05 |
(.02) |
.03 |
(.05) |
.02 |
.00 |
b | ||||||||
Total from Investment Operations |
.05 |
.01 |
.02 |
(.10) |
(.02) |
.04 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net |
(.05) |
(.12) |
(.10) |
(.10) |
(.06) |
(.15) |
|||||||||
Net asset value, end of period |
11.82 |
11.82 |
11.93 |
12.01 |
12.21 |
12.29 |
|||||||||
Total Return (%) |
.38 |
c |
.07 |
.18 |
(.84) |
(.15) |
.34 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.80 |
d |
.79 |
.78 |
.78 |
.78 |
.78 |
||||||||
Ratio of net expenses to average net assets |
.80 |
d |
.79 |
.78 |
.78 |
.78 |
.78 |
||||||||
Ratio of net investment income |
(.04) |
d |
.22 |
(.06) |
(.40) |
(.29) |
.34 |
||||||||
Portfolio Turnover Rate |
64.60 |
c |
105.49 |
116.19 |
125.01 |
152.13 |
143.65 |
||||||||
Net Assets, end of period ($ x 1,000) |
1,584 |
1,576 |
801 |
894 |
1,142 |
1,171 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
40
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Corporate Bond Fund seek total return (consisting of capital appreciation and current income). BNY Mellon Short-Term U.S. Government Securities Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
41
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Table 1 summarizes of the inputs used as of February 29, 2016 in valuing each fund’s investments:
At February 29, 2016, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Table 2 summarizes the amount The Bank of New York Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 29, 2016.
Effective July 1, 2015, the funds adopted new accounting guidance under Accounting Standards Update No. 2014-11, which requires expanded disclosures related to financial assets pledged in secured financing transactions (such as securities lending) and the related contractual maturity terms of these secured transactions. The type of securities loaned for which cash collateral was received, is indicated in the Statement of Investments. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
Table 2 —Securities Lending Agreement |
|
BNY Mellon Bond Fund |
$5,377 |
BNY Mellon Intermediate Bond Fund |
9,552 |
BNY Mellon Corporate Bond Fund |
7,404 |
BNY Mellon Short-Term U.S. |
782 |
42
Table 1—Fair Value Measurements |
|||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
|
Level 2—Other |
|
Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
|
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Total | |||||||||
BNY Mellon Bond Fund |
|||||||||||||||||
Asset-Backed |
- |
- |
31,308 |
- |
- |
- |
31,308 | ||||||||||
Commercial Mortgage-Backed |
- |
- |
11,302,466 |
- |
- |
- |
11,302,466 | ||||||||||
Corporate Bonds† |
- |
- |
419,511,688 |
- |
- |
- |
419,511,688 | ||||||||||
Foreign Government |
- |
- |
20,465,390 |
- |
- |
- |
20,465,390 | ||||||||||
Municipal Bonds† |
- |
- |
75,752,522 |
- |
- |
- |
75,752,522 | ||||||||||
Mutual Funds |
22,266,720 |
- |
- |
- |
- |
- |
22,266,720 | ||||||||||
U.S. Government Agencies/ |
- |
- |
304,194,763 |
- |
- |
- |
304,194,763 | ||||||||||
U.S. Treasury |
- |
- |
166,117,562 |
- |
- |
- |
166,117,562 | ||||||||||
BNY Mellon |
|||||||||||||||||
Asset-Backed |
- |
- |
12,269,777 |
- |
- |
- |
12,269,777 | ||||||||||
Commercial Mortgage-Backed |
- |
- |
4,598,946 |
- |
- |
- |
4,598,946 | ||||||||||
Corporate Bonds† |
- |
- |
443,925,544 |
- |
- |
- |
443,925,544 | ||||||||||
Foreign Government |
- |
- |
18,814,180 |
- |
- |
- |
18,814,180 | ||||||||||
Municipal Bonds† |
- |
- |
46,688,089 |
- |
- |
- |
46,688,089 | ||||||||||
Mutual Funds |
17,994,820 |
- |
- |
- |
- |
- |
17,994,820 | ||||||||||
U.S. Government Agencies/ |
- |
- |
17,838,472 |
- |
- |
- |
17,838,472 | ||||||||||
U.S. Treasury |
- |
- |
304,507,656 |
- |
- |
- |
304,507,656 | ||||||||||
BNY Mellon |
|||||||||||||||||
Corporate Bonds† |
- |
- |
661,813,512 |
- |
- |
- |
661,813,512 | ||||||||||
Foreign Government |
- |
- |
28,033,110 |
- |
- |
- |
28,033,110 | ||||||||||
Municipal Bonds† |
- |
- |
45,316,055 |
- |
- |
- |
45,316,055 | ||||||||||
Mutual Funds |
10,301,502 |
- |
- |
- |
- |
- |
10,301,502 | ||||||||||
BNY Mellon Short-Term U.S. |
|||||||||||||||||
Commercial Mortgage-Backed |
- |
- |
993,211 |
- |
- |
- |
993,211 | ||||||||||
Municipal Bonds† |
- |
- |
9,190,140 |
- |
- |
- |
9,190,140 | ||||||||||
Mutual Funds |
3,423,089 |
- |
- |
- |
- |
- |
3,423,089 | ||||||||||
U.S. Government Agencies/ |
- |
- |
120,439,553 |
- |
- |
- |
120,439,553 | ||||||||||
U.S. Treasury |
- |
- |
61,556,690 |
- |
- |
- |
61,556,690 |
† See Statement of Investments for additional detailed categorizations.
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Table 3 summarizes each fund’s investments in affiliated investment companies during the period ended February 29, 2016.
43
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 3—Affiliated Investment Companies |
|||||||||
|
Value |
Purchases ($) |
Sales ($) |
Value |
Net |
||||
BNY Mellon Bond Fund |
|||||||||
Dreyfus Institutional Cash Advantage Fund |
3,060,800 |
26,593,650 |
29,334,200 |
320,250 |
.0 |
||||
Dreyfus Institutional Preferred |
10,758,489 |
111,603,295 |
100,415,314 |
21,946,470 |
2.2 |
||||
Total |
13,819,289 |
138,196,945 |
129,749,514 |
22,266,720 |
2.2 |
||||
BNY Mellon Intermediate Bond Fund |
|||||||||
Dreyfus Institutional Cash Advantage Fund |
10,841,450 |
39,910,654 |
40,529,444 |
10,222,660 |
1.2 |
||||
Dreyfus Institutional Preferred |
6,979,474 |
96,189,816 |
95,397,130 |
7,772,160 |
.9 |
||||
Total |
17,820,924 |
136,100,470 |
135,926,574 |
17,994,820 |
2.1 |
||||
BNY Mellon Corporate Bond Fund |
|||||||||
Dreyfus Institutional Cash Advantage Fund |
9,934,700 |
46,267,116 |
52,259,086 |
3,942,730 |
.5 |
||||
Dreyfus Institutional Preferred |
12,408,832 |
83,430,054 |
89,480,114 |
6,358,772 |
.9 |
||||
Total |
22,343,532 |
129,697,170 |
141,739,200 |
10,301,502 |
1.4 |
||||
BNY Mellon Short-Term U.S. |
|||||||||
Dreyfus Institutional Cash Advantage Fund |
- |
6,351,563 |
6,351,563 |
- |
- |
||||
Dreyfus Institutional Preferred |
4,943,597 |
74,952,034 |
76,472,542 |
3,423,089 |
1.8 |
||||
Total |
4,943,597 |
81,303,597 |
82,824,105 |
3,423,089 |
1.8 |
(d) Risk: The funds invests primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering each fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
(e) Dividends to shareholders: Dividends payable to shareholders are recorded by each fund on the ex-dividend date. The funds normally declare and pay dividends from investment income-net monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 29, 2016, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 29, 2016, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under
44
previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 4 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2015.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2015. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 4—Capital Loss Carryover |
||||||||
Expiring in fiscal year |
Post-Enactment |
Post-Enactment |
||||||
2018 ($)† |
2019 ($)† |
Losses($)†† |
Losses($)††† |
Total($) | ||||
BNY Mellon Intermediate Bond Fund |
- |
- |
3,657,577 |
1,428,229 |
5,085,806 | |||
BNY Mellon Corporate Bond Fund |
- |
- |
2,485,122 |
3,170,537 |
5,655,659 | |||
BNY Mellon Short-Term U.S. Government Securities Fund |
28,528 |
64,834 |
6,395,840 |
3,771,293 |
10,260,495 |
† If not applied, the carryover expire in the above fiscal years.
†† Post-enactment short-term capital losses which can be carried forward for an unlimited period.
††† Post-enactment long-term capital losses which can be carried forward for an unlimited period.
Table 5—Tax Character of Distributions Paid |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
2015 | ||||||||||||||||
|
|
|
Ordinary |
Long-Term |
||||||||||||
BNY Mellon Bond Fund |
27,634,797 |
2,430,737 |
||||||||||||||
BNY Mellon Intermediate Bond Fund |
17,188,743 |
- |
||||||||||||||
BNY Mellon Corporate Bond Fund |
25,397,386 |
- |
||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund |
2,754,255 |
- |
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in a $555 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to January 11, 2016, the unsecured credit facility with Citibank, N.A. was $480 million and prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 29, 2016, the funds did not borrow under the Facilities.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of BNY Mellon Bond Fund, .40% of BNY Mellon Intermediate Bond Fund, .40% of BNY Mellon Corporate Bond Fund and .35% of BNY Mellon Short-Term U.S. Government Securities Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to their Investor shares. Each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from
45
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 6 summarizes the amounts Investor shares were charged during the period ended February 29, 2016, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 6 —Shareholder Services Plan Fees |
|
BNY Mellon Bond Fund |
$9,790 |
BNY Mellon Intermediate Bond Fund |
8,587 |
BNY Mellon Corporate Bond Fund |
6,166 |
BNY Mellon Short-Term |
1,935 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 7 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 7.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 8 summarizes the amount each fund was charged during the period ended February 29, 2016 pursuant to the custody agreement.
Table 8—Custody Agreement Fees |
|
BNY Mellon Bond Fund |
$36,970 |
BNY Mellon Intermediate Bond Fund |
32,080 |
BNY Mellon Corporate Bond Fund |
30,168 |
BNY Mellon Short-Term U.S. Government Securities Fund |
7,460 |
Table 7—Cash Management Agreement Fees |
||||
|
Dreyfus Transfer, Inc. |
Dreyfus Transfer, Inc. |
||
BNY Mellon Bond Fund |
124 |
(28) |
||
BNY Mellon Intermediate Bond Fund |
105 |
(24) |
||
BNY Mellon Corporate Bond Fund |
27 |
(6) |
||
BNY Mellon Short-Term U.S. Government Securities Fund |
29 |
(6) |
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 9 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 9 —The Bank of New York Mellon Cash Management Fees |
|
BNY Mellon Bond Fund |
$45 |
BNY Mellon Intermediate Bond Fund |
65 |
BNY Mellon Corporate Bond Fund |
12 |
BNY Mellon Short-Term |
8 |
During the period ended February 29, 2016, each fund was charged $5,294 for services performed by the Chief Compliance Officer and his staff.
46
Table 10 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 11 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended February 29, 2016.
Table 12 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 29, 2016.
At February 29, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 10—Due to The Dreyfus Corporation and Affiliates |
||||||||
|
Investment |
Shareholder |
Custodian |
Chief |
||||
BNY Mellon Bond Fund |
319,176 |
1,689 |
50,241 |
4,412 |
||||
BNY Mellon Intermediate Bond Fund |
274,141 |
1,280 |
43,335 |
4,412 |
||||
BNY Mellon Corporate Bond Fund |
237,016 |
559 |
38,418 |
4,412 |
||||
BNY Mellon Short-Term U.S. Government Securities Fund |
55,687 |
303 |
11,574 |
4,412 |
Table 11—Purchases and Sales |
||||||||
|
Purchases ($) |
Sales ($) |
||||||
BNY Mellon Bond Fund |
297,582,827 |
309,781,927 |
||||||
BNY Mellon Intermediate Bond Fund |
129,101,983 |
196,469,281 |
||||||
BNY Mellon Corporate Bond Fund |
121,278,123 |
153,799,521 |
||||||
BNY Mellon Short-Term U.S. Government Securities Fund |
127,595,646 |
131,334,093 |
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) |
||||||||
|
Gross |
Gross |
Net ($) | |||||
BNY Mellon Bond Fund |
24,969,192 |
5,500,945 |
19,468,247 | |||||
BNY Mellon Intermediate Bond Fund |
12,745,099 |
4,606,308 |
8,138,791 | |||||
BNY Mellon Corporate Bond Fund |
12,105,201 |
18,073,469 |
(5,968,268) | |||||
BNY Mellon Short-Term U.S. Government Securities Fund |
401,035 |
520,975 |
(119,940) |
47
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: |
|||||||
BNY Mellon Bond Fund |
Class M: MPBFX |
Investor: MIBDX |
|||||
BNY Mellon Intermediate Bond Fund |
Class M: MPIBX |
Investor: MIIDX |
|||||
BNY Mellon Corporate Bond Fund |
Class M: BYMMX |
Investor: BYMIX |
|||||
BNY Mellon Short-Term U.S. Government Securities Fund |
Class M: MPSUX |
Investor: MISTX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2016 MBSC Securities Corporation |
MFTSA0216-TB |
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund
BNY Mellon National Short-Term Municipal Bond Fund
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
BNY Mellon Municipal Opportunities Fund
SEMIANNUAL REPORT February 29, 2016 | |
|
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
|
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2015, through February 29, 2016. For information about how each fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The reporting period was a time of varied and, at times, conflicting economic influences. On one hand, the U.S. economy continued to grow as domestic labor markets posted significant gains, housing markets recovered, and lower fuel prices put cash in consumers’ pockets. Indeed, these factors, along with low inflation, prompted the Federal Reserve Board in December to raise short-term interest rates for the first time in nearly a decade.
On the other hand, the global economy continued to disappoint, particularly in China and other emerging markets, when reduced industrial demand and declining currency values sparked substantial declines in commodity prices. These developments proved especially challenging for financial markets in January and early February: stocks and riskier sectors of the bond market fell sharply before later recovering a portion of their losses. In contrast, longer term U.S. government securities gained valued during the ensuing flight to quality.
While market volatility may persist over the foreseeable future until global economic sentiment improves, we recently have seen signs of stabilizing commodity prices and continued strength in the U.S. economy. Still, we expect wide differences in underlying fundamental and technical influences across various asset classes, economic sectors, and regional markets over the months ahead, suggesting that selectivity may be an important determinant of investment success. We encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2016
3
DISCUSSION OF FUND PERFORMANCE
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of 3.35%, and Investor shares produced a total return of 3.31%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 3.80%, and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 3.79% for the same period.2
Municipal bonds gained value over the reporting period amid deteriorating investor sentiment and falling long-term interest rates, which sparked robust demand for competitive levels of after-tax income from higher-quality investments. The fund modestly lagged its benchmark, as a relatively defensive duration posture offset the benefits of strong security selections.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund may occasionally, including for temporary defensive purposes, invest in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed8 years.
Flight to Safety Supported Municipal Bonds
Like most other financial markets, the municipal bond market was influenced during the reporting period by bouts of economic uncertainty. Despite a sustained U.S. economic recovery fueled by robust job growth, persistent global economic instability and declining commodity prices made investors increasingly cautious, causing them to turn away from riskier assets, such as stocks and corporate-backed bonds, and toward high-quality fixed-income securities. Demand was especially robust for high-quality bonds with competitive income profiles, and the after-tax yields of municipal bonds generally compared favorably with those of taxable U.S. Treasury securities over the reporting period. In addition, municipal bonds proved attractive to investors due to the bonds’ lack of direct exposure to global economic instability.
Intermediate-term municipal bonds benefited from falling long-term interest rates, while returns from short-term securities were relatively constrained when the Federal Reserve Board (the “Fed”) raised short-term interest rates in December 2015 for the first time in nearly a decade. Supply-and-demand influences in the municipal bond market also generally proved favorable. Over the final months of 2015, new issuance volumes increased in response to issuers rushing to refinance existing debt before the Fed’s rate hike, but the supply of newly issued tax-exempt securities subsequently moderated. Meanwhile, investor demand remained strong and steady.
Municipal bonds were further supported by generally improving credit conditions as tax revenues recovered beyond pre-recession levels for most states, enabling them to balance their budgets and replenish reserves. Pockets of fiscal instability in Puerto Rico, Illinois, and New Jersey had little impact on the national municipal bond market during the reporting period.
Defensive Duration Posture Dampened Fund Results
The fund’s performance compared to its benchmark was undermined to a degree by a relatively short average duration, which prevented it from participating more fully in strength among longer term maturities. In particular, seasoned holdings of shorter-term, escrowed bonds did not keep pace with market averages. The fund’s performance also was hampered during the reporting period by its hedging strategy, which employed futures contracts to protect against the possibility of rising interest rates.
On the other hand, the fund achieved more positive relative results from its security selection and allocation strategies. Underweighted exposure to bonds with credit ratings at the lower end of the investment-grade spectrum bolstered the fund’s performance, as did favorable security selections among AAA-rated municipal bonds. Positions in high-quality, longer-duration general obligation bonds fared well, as did revenue bonds backed by educational institutions and housing projects.
A Conservative Investment Posture
We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but are aware of the risks posed by persistent global instability and political uncertainty. Therefore, as of the end of the reporting period, we have retained the fund’s relatively short average duration and focus on higher-quality municipal securities. In setting our interest-rate strategy, we also are closely monitoring the changing relationship between yields of municipal bonds and U.S. Treasury securities, and we have reduced the extent to which we are using futures contracts for hedging purposes. In our judgment, these are prudent strategies as we continue to seek competitive yields while mitigating the potential impact of heightened market volatility.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 SOURCE: LIPPER INC. S&P Municipal Bond Intermediate Index and BLOOMBERG L.P. S&P Municipal Bond Investment Grade Intermediate Index: These are unmanaged, market-weighted indexes designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years, and, in the case of the S&P Municipal Bond Investment Grade Index, that are rated at least BBB- by Standard & Poor’s Ratings Services, Baa3 by Moody’s Investor’s Service, Inc., or BBB- by Fitch Ratings. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
4
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive and J. Christopher Nicholl, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 0.55%, and Investor shares produced a total return of 0.43%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of 0.98%, and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of 0.99% for the same period.2
Municipal bonds produced positive absolute returns over the reporting period amid deteriorating investor sentiment and falling long-term interest rates, which sparked robust demand for higher quality, income-oriented investments. The fund lagged its benchmark, mainly due to a relatively defensive duration posture.
Effective September 2015, John F. Flahive and J. Christopher Nicholl became portfolio managers for the fund.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund occasionally may invest in taxable bonds, including for temporary defensive purposes. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
Flight to Safety Supported Municipal Bonds
Like most other financial markets, the municipal bond market was influenced during the reporting period by bouts of economic uncertainty. Despite a sustained U.S. economic recovery fueled by robust job growth, persistent global economic instability and declining commodity prices made investors increasingly cautious. They turned away from riskier assets, such as stocks and high yield bonds, and toward high-quality fixed-income securities. Demand was especially robust for high-quality bonds with competitive income profiles, and the after-tax yields of municipal bonds generally compared favorably with those of U.S. Treasury securities over the reporting period. In addition, municipal bonds proved attractive to investors due to the bonds’ lack of direct exposure to global economic instability.
Short-term municipal bonds benefited from falling yields even as the Federal Reserve Board (the “Fed”) raised short-term interest rates in December 2015 for the first time in nearly a decade. The flight to safety and supply-and-demand influences in the municipal bond market together put downward pressure on yields over the reporting period. New issuance volumes increased over the final months of 2015 in response to issuers rushing to refinance existing debt before the Fed’s rate hike, but the supply of newly issued tax-exempt securities subsequently moderated amid steady investor demand.
Municipal bonds were further supported by generally improving credit conditions. Tax revenues recovered beyond pre-recession levels for most states, reducing the need for short-term borrowing. Pockets of fiscal instability in Puerto Rico, Illinois, and New Jersey had little impact on the national municipal bond market during the reporting period.
Lower-Quality Holdings Dampened Fund Results
The fund’s performance compared to its benchmark was undermined to a degree by a relatively short average duration and overweighted exposure to bonds with maturities in the one- to three-year range, which prevented it from participating more fully in strength among longer-term maturities. Fund results also were hampered by weakness among a small number of holdings from Puerto Rico and local municipalities in Illinois. Among revenue bonds, the fund experienced shortfalls among shorter-term securities backed by transportation infrastructure, educational institutions, and water-and-sewer facilities. The fund’s relative performance also was mildly undermined by the fund’s hedging strategy, which employed futures contracts to protect against the possibility of unexpected changes in interest rates.
On the other hand, the fund achieved more positive relative results from its holdings of escrowed bonds and longer-term general obligation and revenue bonds.
A Conservative Investment Posture
We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but are also aware of the risks posed by persistent global instability, political uncertainty, and the likelihood of further rate hikes by the Fed. Therefore, as of the end of the reporting period, we have retained the fund’s relatively short average duration, and we have continued to focus on higher-quality municipal securities. In setting our interest-rate strategy, we also are closely monitoring the changing relationship between yields of municipal bonds and U.S. Treasury securities, and we have reduced the extent to which we are using futures contracts for hedging purposes. In our judgment, these are prudent strategies as we continue to seek competitive yields while mitigating the potential impact of heightened market volatility.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 SOURCES: BLOOMBERG L.P., LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The S&P Municipal Bond Investment Grade Short Index and the S&P Municipal Bond Short Index are unmanaged, market-weighted indicess designed to measure the performance of municipal bonds with a minimum maturity of 6 months and a maximum maturity of up to, but not including, 4 years, and, in the case of the S&P Municipal Bond Investment Grade Short Index, that are rated at least BBB- by Standard & Poor’s Ratings Services, Baa3 by Moody’s Investor’s Service, Inc., or BBB- by Fitch Ratings. Unlike a mutual fund, neither index is 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 S&P Municipal Bond Investment Grade Short Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond Investment Grade Short Index has been calculated for a 10-year period.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
5
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by Mary Collette O’Brien and Gregory J. Conant, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of 3.27%, and Investor shares produced a total return of 3.15%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 3.80%, and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 3.79% for the same period.2
Municipal bonds gained value over the reporting period amid robust demand for competitive levels of after-tax income from higher-quality investments. The fund lagged its benchmark, as a relatively defensive duration posture offset the benefits of strong security selections.
Effective September 15, 2015, Gregory J. Conant became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds, the interest from which is exempt from federal and Pennsylvania state personal income taxes. The fund may also invest in municipal bonds that are exempt from federal income taxes, but not Pennsylvania personal income taxes, and in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Flight to Safety Supported Municipal Bonds
Like most other financial markets, the municipal bond market was influenced during the reporting period by bouts of economic uncertainty. Despite a sustained U.S. economic recovery fueled by robust job growth, persistent global economic instability and declining commodity prices made investors increasingly cautious, causing them to turn away from riskier assets, such as stocks and high yield bonds, and toward high-quality fixed-income securities. Demand was especially robust for high-quality bonds with competitive income profiles, and the after-tax yields of municipal bonds generally compared favorably with those of U.S. Treasury securities over the reporting period. In addition, municipal bonds proved attractive to investors due to the bonds’ lack of direct exposure to global economic instability.
Intermediate-term municipal bonds benefited from falling long-term interest rates even as the Federal Reserve Board (the “Fed”) raised short-term interest rates in December 2015 for the first time in nearly a decade. Supply-and-demand influences in the municipal bond market also generally proved favorable. Over the final months of 2015, new issuance volumes increased in response to issuers rushing to refinance existing debt before the Fed’s rate hike, but the supply of newly issued tax-exempt securities subsequently moderated. Meanwhile, investor demand remained strong and steady.
Municipal bonds were further supported by generally improving credit conditions as tax revenues recovered beyond pre-recession levels for most states. While Pennsylvania generally benefits from a large, diverse economy, a budget imbalance and pension liabilities have weighed on its fiscal health compared to many other states.
Defensive Duration Posture Dampened Fund Results
The fund’s performance compared to its benchmark was undermined to a degree by a relatively short average duration, which prevented it from participating more fully in strength among longer-term maturities. In particular, seasoned holdings of shorter-term, escrowed bonds and general obligation bonds from local municipalities did not keep pace with market averages. The fund’s performance also was hampered during the reporting period by its hedging strategy, which employed futures contracts to protect against the possibility of unexpected changes in interest rates. Finally, a small position in Puerto Rico bonds was hurt by intensifying credit concerns surrounding the territory’s sluggish economy, pension funding liabilities, and debt service capabilities.
On the other hand, the fund achieved more positive relative results from its security selection strategy. Positions in longer-duration revenue bonds fared well, including those backed by transportation infrastructure and water-and-sewer facilities. Out-of-state exposure to municipal bonds from California and Texas also bolstered the fund’s relative performance.
A Conservative Investment Posture
We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but are aware of the risks posed by persistent global instability and political uncertainty. Therefore, as of the end of the reporting period, we have retained the fund’s relatively short average duration and focus on higher-quality municipal securities. In setting our interest-rate strategy, we also are closely monitoring the changing relationship between yields of municipal bonds and U.S. Treasury securities, and we have reduced the extent to which we are using futures contracts for hedging purposes. In our judgment, these are prudent strategies as we continue to seek competitive yields while mitigating the potential impact of heightened market volatility.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Pennsylvania residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 SOURCE: LIPPER INC. S&P Municipal Bond Intermediate Index and BLOOMBERG L.P. S&P Municipal Bond Investment Grade Intermediate Index: These are unmanaged, market-weighted indices designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years, and, in the case of the S&P Municipal Bond Investment Grade Index, that are rated at least BBB- by Standard & Poor’s Ratings Services, Baa3 by Moody’s Investor’s Service, Inc., or BBB- by Fitch Ratings. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses and is not limited to investments principally in Pennsylvania municipal obligations. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
6
For the period of September 1, 2015, through February 29, 2016, as provided by Mary Collette O’Brien and Stephen J. O'Brien, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of 3.39%, and Investor shares produced a total return of 3.19%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 3.80%, and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 3.79% for the same period.2
Municipal bonds gained value over the reporting period amid deteriorating investor sentiment and falling long-term interest rates, which sparked robust demand for competitive levels of after-tax income from higher quality investments. The fund lagged its benchmark, as a relatively defensive duration posture offset the benefits of strong security selection.
Effective September 15, 2015, Stephen J. O’Brien became a portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds, the interest from which is exempt from federal and Massachusetts state personal income taxes. The fund may also invest in municipal bonds that are exempt from federal income taxes, but not Massachusetts personal income taxes, and in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Flight to Safety Supported Municipal Bonds
Like most other financial markets, the municipal bond market was influenced during the reporting period by bouts of economic uncertainty. Despite a sustained U.S. economic recovery fueled by robust job growth, persistent global economic instability and declining commodity prices made investors increasingly cautious, causing them to turn away from riskier assets, such as stocks and corporate-backed bonds, and toward high-quality fixed-income securities. Demand was especially robust for high-quality bonds with competitive income profiles, and the after-tax yields of municipal bonds generally compared favorably with those of taxable U.S. Treasury securities over the reporting period. In addition, municipal bonds proved attractive to investors due to the bonds’ lack of direct exposure to global economic instability.
Intermediate-term municipal bonds benefited from falling long-term interest rates, and returns from short-term securities were positive despite the Federal Reserve Board (the “Fed”) move to higher short-term interest rates in December 2015. Supply-and-demand influences in the municipal bond market also generally proved favorable. Over the final months of 2015, new issuance volumes increased in response to issuers rushing to refinance existing debt before the Fed’s rate hike, but the supply of newly issued tax-exempt securities subsequently moderated. Meanwhile, investor demand remained strong and steady.
Municipal bonds were further supported by generally improving credit conditions as tax revenues recovered beyond pre-recession levels for most states. In Massachusetts, the positive effects of a large, diverse economy have been augmented by prudent fiscal management and efforts to improve pension funding levels.
Defensive Duration Posture Dampened Fund Results
The fund’s performance compared to its benchmark was undermined to a degree by a relatively short average duration, which prevented it from participating more fully in strength among longer-term maturities. In particular, shorter-term bonds that are not represented in the benchmark did not keep pace with market averages. The fund’s performance also was hampered during the reporting period by a small position in Puerto Rico bonds, which were hurt by intensifying credit concerns surrounding the territory’s sluggish economy, pension funding liabilities, and debt service capabilities.
On the other hand, the fund achieved more positive relative results from its security selection and allocation strategies. Overweighted positions in longer-maturity bonds with credit ratings at the lower end of the investment-grade spectrum significantly bolstered performance, as did out-of-state exposure to municipal bonds from Pennsylvania and Texas.
A Conservative Investment Posture
We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but are aware of the risks posed by persistent global instability and political uncertainty. Therefore, as of the end of the reporting period, we have retained the fund’s relatively short average duration and focus on higher-quality municipal securities. In setting our interest-rate strategy, we also are closely monitoring the changing relationship between yields of municipal bonds and U.S. Treasury securities. In our judgment, these are prudent strategies as we continue to seek competitive yields while mitigating the potential impact of heightened market volatility.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The amount of public information available about municipal bonds is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal bonds. Other factors include the general conditions of the municipal bond market, the size of the particular offering, the maturity of the obligation, and the rating of the issue. Changes in economic, business, or political conditions relating to a particular municipal project, municipality, or state in which the fund invests may have an impact on the fund’s share price.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Massachusetts residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable.
2 SOURCE: LIPPER INC. S&P Municipal Bond Intermediate Index and BLOOMBERG L.P. S&P Municipal Bond Investment Grade Intermediate Index: These are unmanaged, market-weighted indices designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years, and, in the case of the S&P Municipal Bond Investment Intermediate Grade Index, that are rated at least BBB- by Standard & Poor’s Ratings Services, Baa3 by Moody’s Investor’s Service, Inc., or BBB- by Fitch Ratings. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses and is not limited to investments principally in Massachusetts municipal obligations. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
7
DISCUSSION OF FUND PERFORMANCE (continued)
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive and Gregory J. Conant, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of 3.41%, and Investor shares produced a total return of 3.37%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 3.80%, and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 3.79% for the same period.2
Municipal bonds gained value over the reporting period amid deteriorating investor sentiment and falling long-term interest rates, which sparked robust demand for competitive levels of after-tax income from higher-quality investments. The fund lagged its benchmark, mainly due to its holdings of lower-rated securities.
Effective September 15, 2015, Gregory J. Conant became a primary portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal, New York state, and New York city income taxes as is consistent with the preservation of capital. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal, New York state, and New York City personal income taxes. These municipal bonds include those issued by New York state and New York City as well as those issued by U.S. territories and possessions.3 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years.
Flight to Safety Supported Municipal Bonds
Like most other financial markets, the municipal bond market was influenced during the reporting period by bouts of economic uncertainty. Despite a sustained U.S. economic recovery fueled by robust job growth, persistent global economic instability and declining commodity prices made investors increasingly cautious, causing them to turn away from riskier assets, such as stocks and high yield bonds, and toward high-quality fixed-income securities. Demand was especially robust for high-quality bonds with competitive income profiles, and the after-tax yields of municipal bonds generally compared favorably with those of U.S. Treasury securities over the reporting period. In addition, municipal bonds proved attractive to investors due to the bonds’ lack of direct exposure to global economic instability.
Intermediate-term municipal bonds benefited from falling long-term interest rates even as the Federal Reserve Board (the “Fed”) raised short-term interest rates in December 2015 for the first time in nearly a decade. Supply-and-demand influences in the municipal bond market also generally proved favorable. New issuance volumes increased over the final months of 2015 in response to issuers rushing to refinance existing debt before the Fed’s rate hike, but the supply of newly issued tax-exempt securities subsequently moderated. Meanwhile, investor demand remained strong and steady throughout the reporting period.
Municipal bonds were further supported by generally improving credit conditions as tax revenues recovered beyond pre-recession levels for most states. New York ranked as one of the leaders of the national economic recovery, and the state benefited from higher-than-projected tax collections, ample reserve balances, and low unfunded pension liabilities.
Lower-Quality Holdings Dampened Fund Results
The fund’s performance compared to its benchmark was undermined to a degree by securities with below-investment-grade credit ratings, which fell out of favor among investors during the flight to quality. In contrast, investment-grade holdings generally added value during the reporting period.
The fund’s results also were hurt by a relatively short average duration, which prevented the fund from participating more fully in strength among longer-term maturities. The fund’s holdings of shorter maturity bonds typically lagged market averages, while their longer-term counterparts fared relatively well. Finally, the fund’s results were undermined by its hedging strategy, which employed futures contracts to protect against the possibility of unexpected changes in interest rates.
On the other hand, the fund achieved more positive relative results from its security selection strategy. Positions in longer-duration revenue bonds fared well, including those backed by health care facilities and water-and-sewer infrastructure. Relative performance was further bolstered by a “barbelled” emphasis along the market’s maturity spectrum.
A Conservative Investment Posture
We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but are aware of the risks posed by persistent global instability and political uncertainty. Therefore, as of the end of the reporting period, we have retained the fund’s relatively short average duration, and we have focused on higher-quality municipal securities. In setting our interest-rate strategy, we also are closely monitoring the changing relationship between yields of municipal bonds and U.S. Treasury securities, and we have reduced the extent to which we are using futures contracts for hedging purposes. In our judgment, these are prudent strategies as we continue to seek competitive yields while mitigating the potential impact of heightened market volatility.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-New York residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. The fund’s returns reflect the absorption of certain fund expenses by BNY Mellon Fund Advisers pursuant to an agreement in effect through December 31, 2016, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.
2 SOURCE: LIPPER INC. S&P Municipal Bond Intermediate Index and BLOOMBERG L.P. S&P Municipal Bond Investment Grade Intermediate Index: These are unmanaged, market-weighted indices designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years, and, in the case of the S&P Municipal Bond Investment Grade Index, that are rated at least BBB- by Standard & Poor’s Ratings Services, Baa3 by Moody’s Investor’s Services, Inc., or BBB- by Fitch Ratings. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses and is not limited to investments principally in New York municipal obligations. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
8
For the period of September 1, 2015, through February 29, 2016, as provided by John F. Flahive, Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 2.92%, and Investor shares produced a total return of 2.87%.1 In comparison, the fund’s benchmark, the Barclays Municipal Bond Index (the “Index”), produced a total return of 3.62% for the same period.2
Municipal bonds gained value over the reporting period amid deteriorating investor sentiment and falling long-term interest rates, which sparked robust demand for competitive levels of after-tax income from investment-grade securities. The fund modestly lagged its benchmark, as its hedging strategy proved counterproductive when interest rates declined.
The Fund’s Investment Approach
The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in U.S. dollar-denominated fixed-income securities that provide income exempt from federal income tax (municipal bonds). While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its assets in taxable fixed-income securities, including taxable municipal bonds and non-U.S. dollar-denominated foreign debt securities, such as Brady bonds and sovereign debt obligations.
We seek to deliver value-added excess returns (“alpha”) by applying an investment approach designed to identify and exploit relative value opportunities within the municipal bond market. Although the fund seeks to be diversified by geography and sector, the fund may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions.
Flight to Safety Supported Municipal Bonds
Like most other financial markets, the municipal bond market was influenced during the reporting period by bouts of economic uncertainty. Despite a sustained U.S. economic recovery fueled by robust job growth, persistent global economic instability and declining commodity prices made investors increasingly cautious. They turned away from riskier assets, such as stocks, and toward higher-quality fixed-income securities. Demand was especially robust for investment-grade bonds with competitive income profiles, and the after-tax yields of higher quality municipal bonds generally compared favorably with those of taxable U.S. Treasury securities. In addition, municipal bonds proved attractive to investors due to the bonds’ lack of direct exposure to global economic developments.
Longer term municipal bonds benefited from falling long-term interest rates over the reporting period, and returns from short-term securities were positive despite the Federal Reserve Board’s (the “Fed”) implementation of higher short-term interest rates in December 2015. Supply-and-demand influences in the municipal bond market also generally proved favorable. New issuance volumes increased over the final months of 2015 in response to issuers rushing to refinance existing debt before the Fed’s rate increase, but the supply of newly issued tax-exempt securities subsequently moderated amid steady investor demand.
Municipal bonds were further supported by generally improving credit conditions as tax revenues recovered beyond pre-recession levels for most states, enabling them to balance their budgets and replenish reserves. Pockets of fiscal instability in Puerto Rico, Illinois, and New Jersey had little impact on the national municipal bond market during the reporting period.
Hedging Strategy Dampened Fund Results
The fund’s performance compared to its benchmark was undermined by its hedging strategy, which employed futures contracts to protect against the possibility of rising interest rates in the recovering economy. This strategy did not work as expected when interest rates declined across the market’s maturity range throughout the reporting period.
On the other hand, the fund achieved more positive relative results from its security selection strategies. The fund received significantly positive contributions from all rating tiers along the market’s investment-grade quality spectrum, with especially strong performance among municipal bonds rated BBB and A. The fund also participated fully in the strength among bonds from certain states, such as California, Texas, and New York. A small position in Puerto Rico produced a mildly positive result when it rebounded from a low valuation in spite of the U.S. territory’s ongoing fiscal problems. Finally, the fund’s security selections among revenue bonds fared well across a variety of issuers.
A More Conservative Investment Posture
We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but also are aware of the risks posed by persistent global instability and political uncertainty. Therefore, as of the end of the reporting period, we reduced the fund’s average duration to a relatively short position. We have maintained a focus on longer-term securities, but have hedged those exposures through the use of futures contracts. We have continued to emphasize higher-yielding BBB-rated bonds, and we remain watchful for opportunities to capture higher yields from creditworthy issuers, such as charter schools and toll roads.
March 15, 2016
Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Barclays Municipal Bond Index is an unmanaged total return performance benchmark for the investment-grade, geographically unrestricted tax-exempt bond market. Index return does not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
9
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2015 to February 29, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
assuming actual returns for the six months ended February 29, 2016 |
|||||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
||||||||||
BNY Mellon National Intermediate |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.53 |
$ |
3.79 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,033.50 |
$ |
1,033.10 |
|||||||||||||||||
Annualized expense ratio (%) |
.50 |
.75 |
|||||||||||||||||||
BNY Mellon National Short-Term |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.54 |
$ |
3.79 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,005.50 |
$ |
1,004.30 |
|||||||||||||||||
Annualized expense ratio (%) |
.51 |
.76 |
|||||||||||||||||||
BNY Mellon Pennsylvania |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.49 |
$ |
4.79 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,032.70 |
$ |
1,031.50 |
|||||||||||||||||
Annualized expense ratio (%) |
.69 |
.94 |
|||||||||||||||||||
BNY Mellon Massachusetts |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.68 |
$ |
3.94 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,033.90 |
$ |
1,031.90 |
|||||||||||||||||
Annualized expense ratio (%) |
.53 |
.78 |
|||||||||||||||||||
BNY Mellon New York |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.98 |
$ |
4.25 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,034.10 |
$ |
1,033.70 |
|||||||||||||||||
Annualized expense ratio (%) |
.59 |
.84 |
|||||||||||||||||||
BNY Mellon Municipal |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.48 |
$ |
4.74 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,029.20 |
$ |
1,028.70 |
|||||||||||||||||
Annualized expense ratio (%) |
.69 |
.94 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
10
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
assuming a hypothetical 5% annualized return for the six months ended February 29, 2016 |
||||||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
|||||||||||
BNY Mellon National Intermediate |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.51 |
$ |
3.77 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.38 |
$ |
1,021.13 |
||||||||||||||||||
Annualized expense ratio (%) |
.50 |
.75 |
||||||||||||||||||||
BNY Mellon National Short-Term |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.56 |
$ |
3 .82 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.33 |
$ |
1,021.08 |
||||||||||||||||||
Annualized expense ratio (%) |
.51 |
.76 |
||||||||||||||||||||
BNY Mellon Pennsylvania |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.47 |
$ |
4.72 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,021.43 |
$ |
1,020.19 |
||||||||||||||||||
Annualized expense ratio (%) |
.69 |
.94 |
||||||||||||||||||||
BNY Mellon Massachusetts |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.66 |
$ |
3 .92 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,022.23 |
$ |
1,020.98 |
||||||||||||||||||
Annualized expense ratio (%) |
.53 |
.78 |
||||||||||||||||||||
BNY Mellon New York |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
2.97 |
$ |
4.22 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,021.93 |
$ |
1,020.69 |
||||||||||||||||||
Annualized expense ratio (%) |
.59 |
.84 |
||||||||||||||||||||
BNY Mellon Municipal |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
3.47 |
$ |
4.72 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,021.43 |
$ |
1,020.19 |
||||||||||||||||||
Annualized expense ratio (%) |
.69 |
.94 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
11
STATEMENT OF INVESTMENTS
February 29, 2016 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 99.4% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Alabama - .8% |
|||||||||||
Alabama 21st Century Authority, |
5.00 |
6/1/20 |
1,500,000 |
1,723,800 |
|||||||
Alabama 21st Century Authority, |
5.00 |
6/1/21 |
1,240,000 |
1,455,090 |
|||||||
Jefferson County, |
5.00 |
1/1/24 |
13,325,000 |
13,455,052 |
|||||||
16,633,942 |
|||||||||||
Alaska - .3% |
|||||||||||
Alaska, |
5.00 |
10/1/32 |
5,000,000 |
5,731,400 |
|||||||
Arizona - .7% |
|||||||||||
Arizona Board of Regents, |
6.00 |
7/1/18 |
1,100,000 |
a |
1,234,585 |
||||||
Arizona Board of Regents, |
6.00 |
7/1/18 |
1,000,000 |
a |
1,122,350 |
||||||
Arizona Board of Regents, |
6.00 |
7/1/18 |
2,500,000 |
a |
2,805,875 |
||||||
Arizona Transportation Board, |
5.00 |
7/1/18 |
5,000,000 |
a |
5,498,450 |
||||||
Salt River Project Agricultural Improvement and Power District, |
5.00 |
12/1/26 |
2,000,000 |
2,345,600 |
|||||||
University of Arizona Board of Regents, |
6.20 |
6/1/16 |
1,145,000 |
1,160,927 |
|||||||
14,167,787 |
|||||||||||
California - 16.8% |
|||||||||||
Alameda Corridor Transportation Authority, |
5.25 |
10/1/21 |
5,000,000 |
5,349,450 |
|||||||
Bay Area Toll Authority, |
1.88 |
4/1/19 |
10,000,000 |
10,213,900 |
|||||||
Bay Area Toll Authority, |
2.00 |
4/1/21 |
10,000,000 |
10,342,600 |
|||||||
California, |
5.00 |
2/1/21 |
4,000,000 |
4,777,520 |
|||||||
California, |
5.00 |
9/1/21 |
5,000,000 |
6,061,600 |
|||||||
California, |
5.00 |
9/1/23 |
5,000,000 |
6,259,300 |
|||||||
California, |
5.25 |
10/1/23 |
5,000,000 |
6,085,350 |
|||||||
California, |
5.00 |
12/1/23 |
12,500,000 |
15,713,125 |
|||||||
California, |
5.00 |
12/1/23 |
2,500,000 |
3,142,625 |
|||||||
California, |
5.25 |
9/1/29 |
10,000,000 |
12,343,500 |
|||||||
California, |
6.00 |
3/1/33 |
11,445,000 |
13,592,082 |
|||||||
California, |
6.50 |
4/1/33 |
8,750,000 |
10,215,975 |
|||||||
California, |
5.50 |
3/1/40 |
7,950,000 |
9,208,644 |
|||||||
California Department of Water Resources, |
5.00 |
5/1/21 |
3,420,000 |
3,744,490 |
|||||||
California Department of Water Resources, |
5.00 |
5/1/18 |
8,565,000 |
a |
9,376,791 |
||||||
California Department of Water Resources, |
5.00 |
12/1/19 |
5,000,000 |
5,800,850 |
|||||||
California Health Facilities Financing Authority, |
5.00 |
11/15/23 |
1,500,000 |
1,811,220 |
|||||||
California Health Facilities Financing Authority, |
5.00 |
11/15/24 |
1,600,000 |
1,911,664 |
12
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||
California - 16.8% (continued) |
||||||||||
California Health Facilities Financing Authority, |
6.25 |
10/1/18 |
4,000,000 |
a |
4,571,840 |
|||||
California Health Facilities Financing Authority, |
6.25 |
10/1/18 |
8,500,000 |
a |
9,715,160 |
|||||
California Health Facilities Financing Authority, |
6.50 |
10/1/18 |
3,440,000 |
a |
3,949,980 |
|||||
California Health Facilities Financing Authority, |
6.50 |
10/1/18 |
60,000 |
a |
68,895 |
|||||
California State Public Works Board, |
5.00 |
4/1/19 |
8,760,000 |
9,894,683 |
||||||
California State Public Works Board, |
5.00 |
10/1/20 |
2,000,000 |
2,360,380 |
||||||
California State Public Works Board, |
5.00 |
11/1/20 |
1,350,000 |
1,597,455 |
||||||
California Statewide Communities Development Authority, |
6.25 |
8/1/19 |
4,205,000 |
a |
4,986,752 |
|||||
California Statewide Communities Development Authority, |
4.50 |
7/1/18 |
1,770,000 |
1,847,508 |
||||||
California Statewide Communities Development Authority, |
5.00 |
5/15/38 |
5,000,000 |
5,044,400 |
||||||
Golden State Tobacco Securitization Corporation, |
5.00 |
6/1/29 |
12,080,000 |
14,260,440 |
||||||
Golden State Tobacco Securitization Corporation, |
5.00 |
6/1/30 |
2,500,000 |
2,920,575 |
||||||
Golden State Tobacco Securitization Corporation, |
5.00 |
6/1/32 |
2,000,000 |
2,365,440 |
||||||
Los Angeles County Metropolitan Transportation Authority, |
5.00 |
7/1/20 |
7,165,000 |
8,459,142 |
||||||
Los Angeles County Metropolitan Transportation Authority, |
5.00 |
7/1/22 |
3,450,000 |
4,270,479 |
||||||
Los Angeles Department of Airports, |
5.25 |
5/15/26 |
15,520,000 |
18,304,443 |
||||||
New Haven Unified School District, |
0.00 |
8/1/33 |
4,000,000 |
b |
2,180,320 |
|||||
Port of Oakland, |
5.00 |
5/1/18 |
1,835,000 |
2,001,178 |
||||||
Port of Oakland, |
5.00 |
5/1/19 |
2,250,000 |
2,532,825 |
||||||
Port of Oakland, |
5.00 |
5/1/23 |
1,875,000 |
2,199,413 |
||||||
Riverside County Transportation Commission, |
5.25 |
6/1/25 |
4,635,000 |
5,836,809 |
||||||
Riverside County Transportation Commission, |
5.25 |
6/1/28 |
5,000,000 |
6,181,000 |
||||||
Sacramento County Sanitation Districts Financing Authority, |
0.81 |
12/1/35 |
10,000,000 |
c |
9,261,000 |
|||||
Sacramento County Water Financing Authority, |
0.83 |
6/1/34 |
8,000,000 |
c |
7,447,040 |
|||||
San Francisco City and County, |
5.00 |
4/1/27 |
3,555,000 |
4,293,125 |
||||||
San Francisco City and County Airport Commission, |
5.00 |
5/1/25 |
5,000,000 |
5,991,750 |
||||||
San Francisco City and County Airport Commission, |
5.00 |
5/1/26 |
5,000,000 |
5,977,800 |
||||||
San Francisco City and County Public Utilities Commission, |
5.00 |
11/1/37 |
11,000,000 |
12,854,160 |
||||||
San Francisco Community College District, |
5.00 |
6/15/29 |
5,000,000 |
6,128,450 |
||||||
Southern California Public Power Authority, |
5.25 |
11/1/20 |
4,000,000 |
4,590,680 |
||||||
Southern California Public Power Authority, |
5.00 |
7/1/30 |
1,000,000 |
1,211,380 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
California - 16.8% (continued) |
|||||||||||
Southern California Public Power Authority, |
5.00 |
7/1/31 |
3,855,000 |
4,643,810 |
|||||||
Southern California Public Power Authority, |
5.00 |
7/1/33 |
3,380,000 |
4,037,647 |
|||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, |
5.00 |
9/1/20 |
6,000,000 |
6,870,660 |
|||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, |
5.00 |
9/1/21 |
1,325,000 |
1,548,700 |
|||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, |
5.00 |
9/1/26 |
6,610,000 |
8,195,144 |
|||||||
University of California Regents, |
5.00 |
5/15/31 |
9,000,000 |
10,939,770 |
|||||||
University of California Regents, |
5.00 |
5/15/30 |
11,000,000 |
13,431,880 |
|||||||
358,922,799 |
|||||||||||
Colorado - 1.9% |
|||||||||||
City and County of Denver, |
5.25 |
11/15/19 |
4,445,000 |
4,773,619 |
|||||||
Colorado Health Facilities Authority, |
6.00 |
10/1/23 |
2,000,000 |
2,247,840 |
|||||||
Colorado Health Facilities Authority, |
6.25 |
10/1/33 |
1,600,000 |
1,796,384 |
|||||||
E-470 Public Highway Authority, |
5.00 |
9/1/16 |
3,565,000 |
3,643,073 |
|||||||
E-470 Public Highway Authority, |
5.25 |
9/1/16 |
2,360,000 |
2,414,658 |
|||||||
E-470 Public Highway Authority, |
5.00 |
9/1/17 |
3,500,000 |
3,709,335 |
|||||||
E-470 Public Highway Authority, |
1.76 |
9/1/17 |
5,000,000 |
c |
5,013,550 |
||||||
Public Authority for Colorado Energy, |
5.75 |
11/15/18 |
1,465,000 |
1,573,557 |
|||||||
Public Authority for Colorado Energy, |
6.13 |
11/15/23 |
5,350,000 |
6,643,309 |
|||||||
Regional Transportation District of Colorado, |
5.00 |
6/1/19 |
1,750,000 |
1,979,355 |
|||||||
Regional Transportation District of Colorado, |
5.00 |
6/1/20 |
2,700,000 |
3,139,830 |
|||||||
Regional Transportation District of Colorado, |
5.50 |
6/1/22 |
2,200,000 |
2,605,284 |
|||||||
39,539,794 |
|||||||||||
Connecticut - 1.6% |
|||||||||||
Connecticut, |
5.00 |
11/15/21 |
9,430,000 |
11,298,366 |
|||||||
Connecticut, |
5.00 |
4/15/22 |
5,000,000 |
6,012,950 |
|||||||
Connecticut, |
5.00 |
5/15/23 |
10,000,000 |
11,819,200 |
|||||||
Connecticut, |
4.00 |
6/15/30 |
3,000,000 |
3,310,800 |
|||||||
Connecticut, |
5.25 |
6/1/18 |
1,500,000 |
1,650,555 |
|||||||
34,091,871 |
|||||||||||
Delaware - .7% |
|||||||||||
Delaware River and Bay Authority, |
5.00 |
1/1/21 |
2,000,000 |
2,356,220 |
14
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Delaware - .7% (continued) |
||||||||||||||||||||
Delaware River and Bay Authority, |
5.00 |
1/1/22 |
2,710,000 |
3,256,797 |
||||||||||||||||
Delaware River and Bay Authority, |
5.00 |
1/1/23 |
1,500,000 |
1,823,685 |
||||||||||||||||
Delaware River and Bay Authority, |
5.00 |
1/1/24 |
1,000,000 |
1,231,310 |
||||||||||||||||
University of Delaware, |
5.00 |
11/1/27 |
5,440,000 |
6,544,701 |
||||||||||||||||
15,212,713 |
||||||||||||||||||||
District of Columbia - .6% |
||||||||||||||||||||
District of Columbia, |
0.79 |
6/1/16 |
5,000,000 |
c |
5,007,850 |
|||||||||||||||
Metropolitan Washington Airports Authority, |
5.00 |
10/1/23 |
4,250,000 |
5,002,122 |
||||||||||||||||
Metropolitan Washington Airports Authority, |
5.00 |
10/1/24 |
2,500,000 |
2,915,525 |
||||||||||||||||
12,925,497 |
||||||||||||||||||||
Florida - 4.8% |
||||||||||||||||||||
Citizens Property Insurance Corporation, |
5.00 |
6/1/20 |
10,000,000 |
11,425,500 |
||||||||||||||||
Florida Department of Transportation, |
5.00 |
7/1/19 |
4,220,000 |
4,515,611 |
||||||||||||||||
Florida Department of Transportation, |
5.00 |
7/1/20 |
2,500,000 |
2,675,125 |
||||||||||||||||
Florida State Board of Education, |
5.00 |
6/1/26 |
10,000,000 |
12,429,400 |
||||||||||||||||
Jacksonville, |
5.00 |
10/1/21 |
2,500,000 |
2,999,625 |
||||||||||||||||
Jacksonville Electric Authority, |
5.00 |
10/1/21 |
2,000,000 |
2,271,640 |
||||||||||||||||
Jacksonville Electric Authority, |
5.00 |
10/1/22 |
1,625,000 |
1,843,254 |
||||||||||||||||
Jacksonville Electric Authority, |
5.00 |
10/1/24 |
1,000,000 |
1,134,310 |
||||||||||||||||
Lee County, |
5.50 |
10/1/23 |
3,565,000 |
4,241,993 |
||||||||||||||||
Lee County, |
5.50 |
10/1/24 |
5,000,000 |
5,889,700 |
||||||||||||||||
Miami-Dade County, |
5.50 |
10/1/25 |
4,175,000 |
4,919,945 |
||||||||||||||||
Miami-Dade County, |
5.00 |
10/1/22 |
2,000,000 |
2,137,640 |
||||||||||||||||
Miami-Dade County School Board, |
5.00 |
5/1/21 |
5,000,000 |
5,884,100 |
||||||||||||||||
Orlando Utilities Commission, |
1.78 |
10/1/16 |
13,400,000 |
c |
13,422,512 |
|||||||||||||||
Port Saint Lucie, |
5.00 |
9/1/29 |
5,000,000 |
5,117,200 |
||||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
5,000,000 |
a |
5,592,200 |
|||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
1,790,000 |
a |
2,002,008 |
|||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
1,085,000 |
a |
1,213,507 |
|||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
2,105,000 |
a |
2,354,316 |
|||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
725,000 |
a |
810,869 |
|||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
210,000 |
a |
234,872 |
|||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
240,000 |
a |
268,426 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Florida - 4.8% (continued) |
||||||||||||||||||||
Sarasota County, |
5.25 |
10/1/18 |
245,000 |
a |
274,018 |
|||||||||||||||
Tampa Bay Water A Regional Water Supply Authority, |
5.00 |
10/1/20 |
5,000,000 |
5,899,700 |
||||||||||||||||
Tampa Sports Authority, |
5.00 |
1/1/24 |
90,000 |
111,858 |
||||||||||||||||
Tampa Sports Authority, |
5.00 |
1/1/25 |
2,865,000 |
3,603,024 |
||||||||||||||||
103,272,353 |
||||||||||||||||||||
Georgia - 2.3% |
||||||||||||||||||||
Atlanta, |
5.00 |
11/1/25 |
3,750,000 |
4,745,212 |
||||||||||||||||
Burke County Development Authority, |
2.35 |
12/11/20 |
7,500,000 |
7,721,025 |
||||||||||||||||
Burke County Development Authority, |
7.00 |
1/1/23 |
6,000,000 |
6,639,060 |
||||||||||||||||
DeKalb County, |
5.25 |
10/1/36 |
3,500,000 |
4,134,655 |
||||||||||||||||
Georgia, |
4.00 |
10/1/24 |
10,000,000 |
11,476,500 |
||||||||||||||||
Main Street Natural Gas Inc., |
6.38 |
7/15/38 |
1,335,000 |
d |
16,474 |
|||||||||||||||
Municipal Electric Authority of Georgia, |
5.75 |
1/1/20 |
5,000,000 |
5,592,150 |
||||||||||||||||
Private Colleges and Universities Authority, |
5.00 |
9/1/18 |
1,310,000 |
1,315,489 |
||||||||||||||||
Private Colleges and Universities Authority, |
5.00 |
9/1/41 |
6,990,000 |
8,145,447 |
||||||||||||||||
49,786,012 |
||||||||||||||||||||
Hawaii - 1.3% |
||||||||||||||||||||
Hawaii County, |
5.00 |
9/1/24 |
1,000,000 |
1,256,390 |
||||||||||||||||
Hawaii County, |
5.00 |
9/1/24 |
4,025,000 |
5,056,970 |
||||||||||||||||
Hawaii County, |
5.00 |
9/1/25 |
1,000,000 |
1,271,750 |
||||||||||||||||
Hawaii County, |
5.00 |
9/1/25 |
2,370,000 |
3,014,047 |
||||||||||||||||
Hawaii County, |
5.00 |
9/1/26 |
1,000,000 |
1,269,770 |
||||||||||||||||
Hawaii County, |
5.00 |
9/1/26 |
3,260,000 |
4,139,450 |
||||||||||||||||
University of Hawaii Board of Regents, |
5.00 |
10/1/31 |
8,750,000 |
10,705,012 |
||||||||||||||||
26,713,389 |
||||||||||||||||||||
Idaho - .8% |
||||||||||||||||||||
Idaho Health Facilities Authority, |
5.00 |
12/1/33 |
5,000,000 |
5,737,750 |
||||||||||||||||
University of Idaho Regents, |
5.25 |
4/1/21 |
9,850,000 |
11,568,726 |
||||||||||||||||
17,306,476 |
||||||||||||||||||||
Illinois - 6.4% |
||||||||||||||||||||
Chicago, |
5.00 |
1/1/22 |
4,615,000 |
5,500,434 |
||||||||||||||||
Chicago, |
5.00 |
1/1/23 |
2,000,000 |
2,424,380 |
||||||||||||||||
Chicago, |
5.00 |
1/1/24 |
5,000,000 |
6,115,650 |
||||||||||||||||
Chicago, |
5.00 |
1/1/25 |
4,450,000 |
5,481,955 |
||||||||||||||||
Chicago, |
5.00 |
1/1/25 |
7,055,000 |
8,396,367 |
||||||||||||||||
Chicago, |
5.00 |
1/1/24 |
4,500,000 |
4,608,135 |
16
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Illinois - 6.4% (continued) |
||||||||||||||||||||
Chicago, |
5.00 |
1/1/26 |
3,000,000 |
3,055,590 |
||||||||||||||||
Chicago, |
5.50 |
1/1/34 |
5,400,000 |
5,440,878 |
||||||||||||||||
Chicago, |
5.50 |
1/1/35 |
3,750,000 |
3,775,800 |
||||||||||||||||
Chicago, |
5.50 |
1/1/37 |
3,500,000 |
3,516,730 |
||||||||||||||||
Chicago, |
5.00 |
12/1/17 |
1,110,000 |
1,135,153 |
||||||||||||||||
Chicago, |
5.25 |
1/1/22 |
1,000,000 |
1,057,530 |
||||||||||||||||
Chicago, |
5.00 |
1/1/26 |
2,270,000 |
2,292,972 |
||||||||||||||||
Chicago, |
5.00 |
1/1/24 |
3,000,000 |
3,482,130 |
||||||||||||||||
Chicago, |
5.00 |
1/1/25 |
2,110,000 |
2,458,593 |
||||||||||||||||
Chicago Board of Education, |
5.25 |
12/1/35 |
7,215,000 |
5,847,325 |
||||||||||||||||
Chicago Board of Education, |
5.50 |
12/1/18 |
1,605,000 |
1,671,800 |
||||||||||||||||
Illinois, |
5.00 |
8/1/18 |
19,900,000 |
21,514,686 |
||||||||||||||||
Illinois, |
5.00 |
8/1/19 |
10,000,000 |
11,008,200 |
||||||||||||||||
Illinois, |
5.00 |
9/1/19 |
7,500,000 |
7,524,375 |
||||||||||||||||
Illinois, |
5.00 |
8/1/23 |
5,000,000 |
5,619,650 |
||||||||||||||||
Illinois, |
5.25 |
2/1/28 |
6,000,000 |
6,361,020 |
||||||||||||||||
Illinois, |
5.00 |
1/1/20 |
5,000,000 |
5,594,750 |
||||||||||||||||
Illinois Finance Authority, |
4.30 |
6/1/16 |
2,500,000 |
2,523,800 |
||||||||||||||||
Railsplitter Tobacco Settlement Authority, |
6.25 |
6/1/24 |
10,000,000 |
10,149,700 |
||||||||||||||||
136,557,603 |
||||||||||||||||||||
Kansas - 1.7% |
||||||||||||||||||||
Harvey County Unified School District Number 373, |
5.00 |
9/1/18 |
1,700,000 |
a |
1,882,359 |
|||||||||||||||
Kansas Department of Transportation, |
5.00 |
9/1/27 |
10,000,000 |
12,453,700 |
||||||||||||||||
Kansas Department of Transportation, |
5.00 |
9/1/28 |
6,000,000 |
7,422,540 |
||||||||||||||||
Kansas Department of Transportation, |
5.00 |
9/1/29 |
1,300,000 |
1,599,455 |
||||||||||||||||
Kansas Development Finance Authority, |
4.00 |
5/1/21 |
3,370,000 |
3,753,843 |
||||||||||||||||
Wichita, |
5.00 |
10/1/21 |
7,990,000 |
9,640,734 |
||||||||||||||||
36,752,631 |
||||||||||||||||||||
Kentucky - .1% |
||||||||||||||||||||
Kentucky State Property and Buildings Commission, |
5.00 |
8/1/21 |
1,785,000 |
2,119,455 |
||||||||||||||||
Louisiana - 2.5% |
||||||||||||||||||||
Jefferson Sales Tax District, |
5.25 |
12/1/17 |
4,000,000 |
a |
4,319,600 |
|||||||||||||||
Louisiana, |
5.00 |
8/1/26 |
5,000,000 |
6,091,300 |
||||||||||||||||
Louisiana Citizens Property Insurance Corporation, |
5.00 |
6/1/16 |
5,500,000 |
a |
5,566,825 |
|||||||||||||||
Louisiana Citizens Property Insurance Corporation, |
6.13 |
6/1/25 |
14,500,000 |
16,184,320 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Louisiana - 2.5% (continued) |
||||||||||||||||||||
Louisiana Citizens Property Insurance Corporation, |
5.00 |
6/1/21 |
5,000,000 |
5,936,750 |
||||||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, |
5.00 |
10/1/22 |
5,000,000 |
5,793,050 |
||||||||||||||||
Louisiana Public Facilities Authority, |
6.00 |
7/1/29 |
2,000,000 |
2,288,460 |
||||||||||||||||
Louisiana Public Facilities Authority, |
5.00 |
10/1/41 |
6,000,000 |
6,565,500 |
||||||||||||||||
52,745,805 |
||||||||||||||||||||
Maryland - 2.4% |
||||||||||||||||||||
Anne Arundel County, |
5.00 |
4/1/28 |
2,480,000 |
3,025,749 |
||||||||||||||||
Anne Arundel County, |
5.00 |
4/1/29 |
4,640,000 |
5,624,005 |
||||||||||||||||
Anne Arundel County, |
5.00 |
4/1/30 |
4,640,000 |
5,599,923 |
||||||||||||||||
Maryland, |
5.00 |
3/1/26 |
2,000,000 |
2,460,420 |
||||||||||||||||
Maryland Department of Transportation, |
5.00 |
12/1/21 |
6,300,000 |
7,679,574 |
||||||||||||||||
Montgomery County, |
5.00 |
11/1/26 |
10,000,000 |
12,582,700 |
||||||||||||||||
Montgomery County, |
4.00 |
12/1/30 |
12,000,000 |
13,386,960 |
||||||||||||||||
50,359,331 |
||||||||||||||||||||
Massachusetts - 2.0% |
||||||||||||||||||||
Massachusetts, |
0.87 |
11/1/18 |
2,000,000 |
c |
2,000,620 |
|||||||||||||||
Massachusetts, |
5.00 |
7/1/25 |
7,000,000 |
8,583,050 |
||||||||||||||||
Massachusetts, |
5.00 |
9/1/28 |
5,000,000 |
6,094,650 |
||||||||||||||||
Massachusetts, |
5.00 |
9/1/31 |
5,000,000 |
5,973,550 |
||||||||||||||||
Massachusetts, |
5.50 |
10/1/20 |
3,285,000 |
3,961,973 |
||||||||||||||||
Massachusetts Development Finance Agency, |
4.00 |
7/1/32 |
10,470,000 |
11,346,025 |
||||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
5/1/44 |
2,505,000 |
2,947,959 |
||||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
7.50 |
10/1/18 |
820,000 |
a |
963,033 |
|||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
7.50 |
10/1/18 |
1,180,000 |
a |
1,385,827 |
|||||||||||||||
Massachusetts Water Pollution Abatement Trust, |
5.75 |
8/1/29 |
380,000 |
381,725 |
||||||||||||||||
43,638,412 |
||||||||||||||||||||
Michigan - 2.4% |
||||||||||||||||||||
Detroit, |
5.75 |
7/1/22 |
7,000,000 |
7,687,890 |
||||||||||||||||
Michigan, |
5.25 |
9/15/23 |
7,500,000 |
8,035,050 |
||||||||||||||||
Michigan Building Authority, |
5.00 |
10/15/22 |
2,400,000 |
2,926,992 |
||||||||||||||||
Michigan Finance Authority, |
5.00 |
12/1/31 |
10,000,000 |
11,551,800 |
||||||||||||||||
Michigan Finance Authority, |
5.00 |
12/1/35 |
5,000,000 |
5,697,800 |
||||||||||||||||
Michigan Finance Authority, |
5.00 |
7/1/26 |
1,875,000 |
2,232,825 |
18
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Michigan - 2.4% (continued) |
||||||||||||||||||||
Michigan Finance Authority, |
5.00 |
7/1/27 |
3,000,000 |
3,543,990 |
||||||||||||||||
Michigan Finance Authority, |
5.00 |
7/1/28 |
2,500,000 |
2,934,850 |
||||||||||||||||
Michigan Finance Authority, |
5.00 |
7/1/26 |
2,500,000 |
2,977,100 |
||||||||||||||||
Michigan State Building Authority, |
5.00 |
10/15/29 |
3,450,000 |
4,055,578 |
||||||||||||||||
51,643,875 |
||||||||||||||||||||
Minnesota - 1.0% |
||||||||||||||||||||
Minneapolis, |
6.63 |
11/15/18 |
12,000,000 |
a |
13,878,720 |
|||||||||||||||
University of Minnesota Regents, |
5.00 |
8/1/16 |
6,300,000 |
a |
6,424,299 |
|||||||||||||||
Western Minnesota Municipal Power Agency, |
5.00 |
1/1/22 |
1,500,000 |
1,814,820 |
||||||||||||||||
22,117,839 |
||||||||||||||||||||
Mississippi - .1% |
||||||||||||||||||||
Mississippi Home Corporation, |
4.38 |
12/1/18 |
415,000 |
435,551 |
||||||||||||||||
Mississippi State University Educational Building Corporation, |
5.25 |
8/1/16 |
400,000 |
408,472 |
||||||||||||||||
Southern Mississippi Educational Building Corporation, |
5.00 |
9/1/24 |
450,000 |
560,142 |
||||||||||||||||
Southern Mississippi Educational Building Corporation, |
5.00 |
9/1/25 |
250,000 |
314,055 |
||||||||||||||||
Southern Mississippi Educational Building Corporation, |
5.00 |
9/1/26 |
550,000 |
694,722 |
||||||||||||||||
2,412,942 |
||||||||||||||||||||
Missouri - 2.0% |
||||||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
7/1/21 |
1,505,000 |
1,817,197 |
||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
7/1/22 |
1,685,000 |
2,075,869 |
||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
7/1/23 |
2,125,000 |
2,654,295 |
||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
1/1/26 |
750,000 |
930,000 |
||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
7/1/21 |
45,000 |
54,218 |
||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
7/1/22 |
65,000 |
79,989 |
||||||||||||||||
Missouri Environmental Improvement and Energy Resources Authority, |
5.00 |
7/1/23 |
75,000 |
93,650 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Missouri - 2.0% (continued) |
||||||||||||||||||||
Missouri Health and Educational Facilities Authority, |
5.00 |
10/1/38 |
2,000,000 |
2,338,400 |
||||||||||||||||
Missouri Highways and Transportation Commission, |
5.00 |
5/1/23 |
25,625,000 |
32,058,412 |
||||||||||||||||
42,102,030 |
||||||||||||||||||||
Nebraska - .5% |
||||||||||||||||||||
Central Plains Energy Project, |
5.00 |
12/1/19 |
10,000,000 |
11,305,700 |
||||||||||||||||
Nevada - 1.2% |
||||||||||||||||||||
Clark County, |
5.00 |
7/1/28 |
10,000,000 |
11,317,300 |
||||||||||||||||
Clark County School District, |
5.00 |
6/15/20 |
12,930,000 |
14,048,704 |
||||||||||||||||
25,366,004 |
||||||||||||||||||||
New Jersey - 4.4% |
||||||||||||||||||||
Garden State Preservation Trust, |
5.13 |
11/1/16 |
1,000,000 |
1,030,230 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/24 |
5,000,000 |
5,473,650 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/20 |
5,000,000 |
5,489,450 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/20 |
5,000,000 |
5,613,900 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
3/1/25 |
13,000,000 |
14,980,940 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.50 |
9/1/23 |
10,000,000 |
11,923,200 |
||||||||||||||||
New Jersey Educational Facilities Authority, |
7.50 |
6/1/19 |
3,750,000 |
a |
4,534,125 |
|||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
5.00 |
7/1/22 |
1,830,000 |
2,186,576 |
||||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
5.00 |
7/1/24 |
3,005,000 |
3,530,334 |
||||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
5.00 |
7/1/19 |
2,000,000 |
2,249,720 |
||||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.50 |
6/15/31 |
5,000,000 |
5,474,400 |
||||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.50 |
12/15/21 |
10,000,000 |
11,677,300 |
||||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.00 |
6/15/19 |
10,000,000 |
10,862,700 |
||||||||||||||||
New Jersey Turnpike Authority, |
5.00 |
1/1/33 |
5,000,000 |
5,824,950 |
||||||||||||||||
Rutgers The State University, |
5.00 |
5/1/21 |
2,000,000 |
2,381,140 |
||||||||||||||||
93,232,615 |
||||||||||||||||||||
New Mexico - .5% |
||||||||||||||||||||
New Mexico Municipal Energy Acquisition Authority, |
5.00 |
8/1/19 |
10,000,000 |
11,275,600 |
||||||||||||||||
New York - 13.4% |
||||||||||||||||||||
Albany Industrial Development Agency, |
5.75 |
11/15/17 |
1,000,000 |
a |
1,087,440 |
|||||||||||||||
Metropolitan Transportation Authority, |
5.00 |
11/15/28 |
2,880,000 |
2,974,234 |
||||||||||||||||
Metropolitan Transportation Authority, |
5.75 |
1/1/18 |
1,500,000 |
1,640,475 |
||||||||||||||||
Metropolitan Transportation Authority, |
5.00 |
11/15/24 |
5,000,000 |
5,371,450 |
||||||||||||||||
Metropolitan Transportation Authority, |
6.50 |
11/15/28 |
12,000,000 |
13,885,440 |
20
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
New York - 13.4% (continued) |
||||||||||||||||||
Metropolitan Transportation Authority, |
0.86 |
11/1/22 |
8,625,000 |
c |
8,398,594 |
|||||||||||||
Monroe County Industrial Development Corporation, |
4.00 |
7/1/35 |
2,450,000 |
2,648,181 |
||||||||||||||
New York City, |
5.00 |
8/1/23 |
5,000,000 |
6,180,650 |
||||||||||||||
New York City, |
5.00 |
8/1/24 |
5,000,000 |
6,258,400 |
||||||||||||||
New York City, |
5.13 |
12/1/24 |
2,005,000 |
2,167,746 |
||||||||||||||
New York City, |
5.00 |
10/1/25 |
2,500,000 |
3,003,775 |
||||||||||||||
New York City, |
5.00 |
8/1/26 |
5,660,000 |
6,890,767 |
||||||||||||||
New York City, |
5.00 |
8/1/28 |
16,000,000 |
18,954,560 |
||||||||||||||
New York City, |
5.13 |
12/1/17 |
2,995,000 |
a |
3,234,570 |
|||||||||||||
New York City Transitional Finance Authority, |
5.00 |
2/1/23 |
13,000,000 |
15,412,280 |
||||||||||||||
New York City Transitional Finance Authority, |
5.00 |
11/1/25 |
20,000,000 |
24,314,800 |
||||||||||||||
New York Liberty Development Corporation, |
5.00 |
11/15/44 |
10,000,000 |
e |
10,668,200 |
|||||||||||||
New York State Dormitory Authority, |
5.00 |
10/1/41 |
7,500,000 |
8,686,725 |
||||||||||||||
New York State Dormitory Authority, |
5.75 |
7/1/18 |
130,000 |
137,779 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/40 |
10,000,000 |
11,254,100 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/23 |
11,000,000 |
13,524,830 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/31 |
5,165,000 |
6,158,694 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
2/15/33 |
25,000,000 |
29,768,500 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/21 |
10,000,000 |
12,009,700 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/34 |
5,000,000 |
5,945,800 |
||||||||||||||
New York State Thruway Authority, |
5.00 |
1/1/32 |
3,000,000 |
3,539,250 |
||||||||||||||
New York State Thruway Authority, |
5.00 |
4/1/21 |
5,000,000 |
5,358,350 |
||||||||||||||
New York State Thruway Authority, |
5.00 |
4/1/17 |
4,500,000 |
a |
4,722,390 |
|||||||||||||
New York State Urban Development Corporation, |
5.00 |
3/15/29 |
10,000,000 |
12,036,300 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
12/1/38 |
2,350,000 |
2,747,338 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
9/1/31 |
1,145,000 |
1,376,714 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
9/1/32 |
2,500,000 |
2,982,550 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
5/1/36 |
3,000,000 |
3,406,170 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
5/1/37 |
3,400,000 |
3,852,948 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
5/1/38 |
1,375,000 |
1,555,813 |
||||||||||||||
Sales Tax Asset Receivable Corporation, |
5.00 |
10/15/29 |
6,370,000 |
7,853,700 |
||||||||||||||
Tobacco Settlement Financing Corporation of New York, |
5.00 |
6/1/20 |
5,000,000 |
5,061,800 |
||||||||||||||
Triborough Bridge and Tunnel Authority, |
5.00 |
11/15/37 |
2,425,000 |
2,630,810 |
||||||||||||||
Triborough Bridge and Tunnel Authority, |
0.00 |
11/15/29 |
10,000,000 |
b |
6,764,800 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
New York - 13.4% (continued) |
||||||||||||||||||||
Utility Debt Securitization Authority of New York, |
5.00 |
12/15/26 |
2,500,000 |
3,092,400 |
||||||||||||||||
287,559,023 |
||||||||||||||||||||
North Carolina - 2.0% |
||||||||||||||||||||
North Carolina Eastern Municipal Power Agency, |
5.25 |
1/1/18 |
5,000,000 |
a |
5,420,200 |
|||||||||||||||
North Carolina Eastern Municipal Power Agency, |
5.00 |
1/1/19 |
18,000,000 |
a |
20,169,000 |
|||||||||||||||
North Carolina Municipal Power Agency Number 1, |
5.00 |
1/1/24 |
1,585,000 |
1,762,472 |
||||||||||||||||
North Carolina Municipal Power Agency Number 1, |
5.00 |
1/1/19 |
3,915,000 |
a |
4,386,757 |
|||||||||||||||
University of North Carolina Board of Governors, |
4.00 |
4/1/35 |
3,420,000 |
3,687,410 |
||||||||||||||||
Wake County, |
5.00 |
1/1/24 |
5,955,000 |
6,854,681 |
||||||||||||||||
42,280,520 |
||||||||||||||||||||
Ohio - 1.1% |
||||||||||||||||||||
Columbus, |
5.00 |
7/1/21 |
3,005,000 |
3,619,673 |
||||||||||||||||
Hamilton County, |
5.00 |
12/1/26 |
3,500,000 |
4,289,460 |
||||||||||||||||
Montgomery County, |
6.00 |
10/1/23 |
3,055,000 |
3,433,576 |
||||||||||||||||
Ohio, |
5.00 |
6/15/26 |
4,630,000 |
5,633,969 |
||||||||||||||||
Ohio, |
5.00 |
6/15/27 |
5,070,000 |
6,145,246 |
||||||||||||||||
23,121,924 |
||||||||||||||||||||
Oregon - .4% |
||||||||||||||||||||
Oregon, |
5.00 |
11/1/19 |
5,000,000 |
5,770,800 |
||||||||||||||||
Oregon, |
5.00 |
11/1/20 |
3,100,000 |
3,678,088 |
||||||||||||||||
9,448,888 |
||||||||||||||||||||
Pennsylvania - 3.7% |
||||||||||||||||||||
Pennsylvania, |
5.00 |
8/15/21 |
7,210,000 |
8,543,057 |
||||||||||||||||
Pennsylvania, |
5.00 |
6/15/22 |
5,220,000 |
6,271,360 |
||||||||||||||||
Pennsylvania, |
5.00 |
11/15/22 |
5,000,000 |
5,969,800 |
||||||||||||||||
Pennsylvania, |
5.00 |
3/15/31 |
5,000,000 |
5,869,100 |
||||||||||||||||
Pennsylvania, |
5.00 |
4/1/26 |
11,520,000 |
13,791,514 |
||||||||||||||||
Pennsylvania, |
5.00 |
6/1/28 |
7,540,000 |
8,768,869 |
||||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/31 |
5,110,000 |
5,971,801 |
||||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
6/1/18 |
5,000,000 |
5,461,350 |
||||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/20 |
3,675,000 |
4,305,556 |
||||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/21 |
3,740,000 |
4,446,224 |
||||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
6/1/24 |
5,000,000 |
6,063,400 |
||||||||||||||||
State Public School Building Authority, |
5.00 |
4/1/22 |
1,000,000 |
1,122,660 |
||||||||||||||||
State Public School Building Authority, |
5.00 |
4/1/25 |
2,750,000 |
3,041,885 |
||||||||||||||||
79,626,576 |
22
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
South Carolina - .9% |
||||||||||||||||||||
Clemson University, |
4.00 |
5/1/35 |
2,635,000 |
2,838,264 |
||||||||||||||||
Greenville County School District, |
5.50 |
12/1/18 |
3,000,000 |
3,381,720 |
||||||||||||||||
Growth Remedy Opportunity Without Tax Hike, |
5.00 |
12/1/28 |
1,750,000 |
2,077,653 |
||||||||||||||||
Growth Remedy Opportunity Without Tax Hike, |
5.00 |
12/1/29 |
2,000,000 |
2,366,420 |
||||||||||||||||
South Carolina Public Service Authority, |
5.00 |
12/1/22 |
7,500,000 |
9,200,550 |
||||||||||||||||
19,864,607 |
||||||||||||||||||||
South Dakota - .1% |
||||||||||||||||||||
South Dakota Educational Enhancement Funding Corporation, |
5.00 |
6/1/25 |
1,800,000 |
2,088,882 |
||||||||||||||||
South Dakota Educational Enhancement Funding Corporation, |
5.00 |
6/1/27 |
500,000 |
571,225 |
||||||||||||||||
2,660,107 |
||||||||||||||||||||
Tennessee - .6% |
||||||||||||||||||||
Clarksville Natural Gas Acquisition Corporation, |
5.00 |
12/15/20 |
1,690,000 |
1,907,520 |
||||||||||||||||
Metropolitan Government of Nashville and Davidson County, |
5.00 |
7/1/25 |
4,475,000 |
5,209,347 |
||||||||||||||||
Metropolitan Government of Nashville and Davidson County, |
5.00 |
7/1/20 |
5,525,000 |
a |
6,490,604 |
|||||||||||||||
13,607,471 |
||||||||||||||||||||
Texas - 10.0% |
||||||||||||||||||||
Clifton Higher Education Finance Corporation, |
5.00 |
8/15/23 |
1,100,000 |
1,268,927 |
||||||||||||||||
Cypress-Fairbanks Independent School District, |
4.00 |
8/15/19 |
10,000,000 |
10,979,500 |
||||||||||||||||
Dallas and Fort Worth, |
5.00 |
11/1/31 |
5,000,000 |
5,787,350 |
||||||||||||||||
Dallas and Fort Worth, |
5.00 |
11/1/26 |
3,000,000 |
3,483,540 |
||||||||||||||||
Dallas and Fort Worth, |
5.00 |
11/1/27 |
3,400,000 |
3,948,012 |
||||||||||||||||
Dallas Area Rapid Transit, |
5.00 |
12/1/22 |
5,700,000 |
7,058,538 |
||||||||||||||||
Dallas Independent School District, |
4.00 |
2/15/32 |
3,000,000 |
3,293,520 |
||||||||||||||||
El Paso, |
5.00 |
3/1/22 |
1,000,000 |
1,217,310 |
||||||||||||||||
Forney Independent School District, |
5.00 |
8/15/27 |
2,200,000 |
2,710,642 |
||||||||||||||||
Forney Independent School District, |
5.75 |
8/15/18 |
1,000,000 |
a |
1,123,470 |
|||||||||||||||
Harris County, |
5.00 |
8/15/23 |
12,500,000 |
14,252,875 |
||||||||||||||||
Harris County, |
5.00 |
10/1/21 |
13,705,000 |
15,694,418 |
||||||||||||||||
Harris County Flood Control District, |
5.00 |
10/1/26 |
10,000,000 |
12,421,200 |
||||||||||||||||
Harris County Health Facilities Development Corporation, |
7.00 |
12/1/18 |
5,000,000 |
a |
5,856,600 |
|||||||||||||||
Harris County-Houston Sports Authority, |
5.00 |
11/15/22 |
6,500,000 |
7,908,420 |
||||||||||||||||
Houston, |
5.00 |
5/15/21 |
5,000,000 |
5,979,500 |
||||||||||||||||
Houston Community College System, |
5.00 |
2/15/21 |
2,250,000 |
2,677,343 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Texas - 10.0% (continued) |
||||||||||||||||||||
Lower Colorado River Authority, |
5.00 |
5/15/16 |
35,000 |
35,352 |
||||||||||||||||
Lower Colorado River Authority, |
5.00 |
5/15/16 |
15,000 |
15,151 |
||||||||||||||||
North Texas Tollway Authority, |
5.00 |
1/1/40 |
5,000,000 |
5,666,850 |
||||||||||||||||
North Texas Tollway Authority, |
5.00 |
1/1/30 |
3,000,000 |
3,557,400 |
||||||||||||||||
North Texas Tollway Authority, |
5.00 |
1/1/31 |
11,415,000 |
13,398,128 |
||||||||||||||||
San Antonio, |
3.00 |
12/1/19 |
5,800,000 |
6,207,856 |
||||||||||||||||
San Antonio Independent School District, |
5.00 |
2/15/23 |
9,535,000 |
11,834,556 |
||||||||||||||||
Texas Public Finance Authority, |
5.00 |
10/1/23 |
9,385,000 |
11,315,588 |
||||||||||||||||
Texas Public Finance Authority, |
5.00 |
10/1/24 |
5,000,000 |
6,334,950 |
||||||||||||||||
Texas Transportation Commission, |
5.00 |
10/1/24 |
4,000,000 |
5,023,640 |
||||||||||||||||
Texas Transportation Commission, |
5.00 |
4/1/24 |
10,000,000 |
12,572,100 |
||||||||||||||||
Texas Transportation Commission, |
5.00 |
4/1/27 |
5,000,000 |
5,994,550 |
||||||||||||||||
Texas Transportation Commission, |
5.00 |
10/1/24 |
5,900,000 |
7,475,241 |
||||||||||||||||
Texas Transportation Commission, |
5.00 |
4/1/17 |
15,000,000 |
a |
15,735,450 |
|||||||||||||||
Texas Water Development Board, |
5.00 |
7/15/24 |
3,650,000 |
3,880,169 |
||||||||||||||||
214,708,146 |
||||||||||||||||||||
Utah - 1.4% |
||||||||||||||||||||
Utah, |
5.00 |
7/1/20 |
20,000,000 |
23,537,400 |
||||||||||||||||
Utah Associated Municipal Power Systems, |
5.00 |
4/1/22 |
5,675,000 |
6,764,657 |
||||||||||||||||
30,302,057 |
||||||||||||||||||||
Virginia - 1.7% |
||||||||||||||||||||
Virginia College Building Authority, |
5.00 |
2/1/19 |
7,000,000 |
7,864,710 |
||||||||||||||||
Virginia College Building Authority, |
5.00 |
2/1/21 |
2,235,000 |
2,662,891 |
||||||||||||||||
Virginia College Building Authority, |
5.00 |
2/1/23 |
11,285,000 |
13,456,685 |
||||||||||||||||
Virginia Public Building Authority, |
5.00 |
8/1/19 |
6,950,000 |
7,944,823 |
||||||||||||||||
Virginia Transportation Board, |
5.00 |
5/15/22 |
2,795,000 |
3,418,872 |
||||||||||||||||
35,347,981 |
||||||||||||||||||||
Washington - 3.0% |
||||||||||||||||||||
Energy Northwest, |
5.00 |
7/1/20 |
10,955,000 |
12,836,412 |
||||||||||||||||
Energy Northwest, |
5.00 |
7/1/31 |
7,500,000 |
8,547,750 |
||||||||||||||||
FYI Properties, |
5.25 |
6/1/29 |
5,625,000 |
6,363,000 |
||||||||||||||||
Port of Seattle, |
5.00 |
3/1/28 |
1,750,000 |
2,096,710 |
||||||||||||||||
Port of Seattle, |
5.00 |
4/1/29 |
1,000,000 |
1,193,850 |
||||||||||||||||
Port of Seattle, |
5.00 |
4/1/30 |
2,840,000 |
3,375,397 |
||||||||||||||||
Washington, |
5.00 |
9/1/22 |
5,000,000 |
6,081,900 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 99.4% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Washington - 3.0% (continued) |
||||||||||||||||||||
Washington, |
5.00 |
9/1/23 |
5,000,000 |
6,148,750 |
||||||||||||||||
Washington, |
5.00 |
2/1/23 |
5,315,000 |
6,545,741 |
||||||||||||||||
Washington, |
5.00 |
8/1/23 |
3,570,000 |
4,298,101 |
||||||||||||||||
Washington Health Care Facilities Authority, |
5.00 |
10/1/21 |
5,550,000 |
6,631,861 |
||||||||||||||||
64,119,472 |
||||||||||||||||||||
Wisconsin - .6% |
||||||||||||||||||||
Wisconsin, |
5.00 |
5/1/20 |
5,000,000 |
a |
5,816,350 |
|||||||||||||||
WPPI Energy, |
5.00 |
7/1/29 |
1,000,000 |
1,192,910 |
||||||||||||||||
WPPI Energy, |
5.00 |
7/1/30 |
1,000,000 |
1,188,340 |
||||||||||||||||
WPPI Energy, |
5.00 |
7/1/31 |
1,000,000 |
1,182,140 |
||||||||||||||||
WPPI Energy, |
5.00 |
7/1/32 |
500,000 |
587,785 |
||||||||||||||||
WPPI Energy, |
5.00 |
7/1/33 |
2,000,000 |
2,344,600 |
||||||||||||||||
12,312,125 |
||||||||||||||||||||
U.S. Related - .7% |
||||||||||||||||||||
A.B. Won International Airport Authority of Guam, |
5.50 |
10/1/33 |
1,000,000 |
1,152,400 |
||||||||||||||||
Puerto Rico Electric Power Authority, |
5.25 |
7/1/18 |
5,000,000 |
3,250,100 |
||||||||||||||||
Puerto Rico Electric Power Authority, |
5.00 |
7/1/17 |
3,940,000 |
3,946,462 |
||||||||||||||||
Puerto Rico Public Buildings Authority, |
5.50 |
7/1/16 |
1,995,000 |
1,513,527 |
||||||||||||||||
Puerto Rico Public Buildings Authority, |
5.50 |
7/1/16 |
5,000 |
5,087 |
||||||||||||||||
Puerto Rico Public Buildings Authority, |
5.75 |
7/1/17 |
5,000 |
5,324 |
||||||||||||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.75 |
8/1/32 |
11,000,000 |
f |
4,402,310 |
|||||||||||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.25 |
8/1/33 |
2,500,000 |
f |
651,000 |
|||||||||||||||
14,926,210 |
||||||||||||||||||||
Total Long-Term Municipal Investments |
2,125,818,982 |
|||||||||||||||||||
Short-Term Investments - .6% |
||||||||||||||||||||
U.S. Treasury Bills |
0.00 |
3/3/16 |
13,900,000 |
13,899,889 |
||||||||||||||||
Total Investments (cost $2,022,091,840) |
100.0% |
2,139,718,871 |
||||||||||||||||||
Liabilities, Less Cash and Receivables |
0.0% |
(712,674) |
||||||||||||||||||
Net Assets |
100.0% |
2,139,006,197 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
d Non-income producing—security in default.
e Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $10,668,200 or .5% of net assets.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † |
Value (%) |
Transportation Services |
18.5 |
State/Territory |
17.6 |
Special Tax |
12.5 |
Education |
10.0 |
Utility-Water and Sewer |
6.1 |
Utility-Electric |
5.2 |
County |
5.1 |
Prerefunded |
5.0 |
Health Care |
4.5 |
Lease |
2.8 |
City |
2.4 |
Industrial |
.9 |
U.S. Government |
.6 |
Housing |
.3 |
Pollution Control |
.0 |
Other |
8.5 |
100.0 |
† Based on net assets.
See notes to financial statements.
26
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 97.9% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Alabama - .1% |
|||||||||||
Alabama 21st Century Authority, |
4.00 |
6/1/16 |
1,000,000 |
1,009,080 |
|||||||
Alaska - 1.3% |
|||||||||||
Alaska Energy Authority, |
6.00 |
7/1/17 |
5,730,000 |
6,136,314 |
|||||||
Anchorage, |
5.00 |
9/1/17 |
4,000,000 |
4,267,520 |
|||||||
Valdez, |
5.00 |
1/1/18 |
3,000,000 |
3,207,810 |
|||||||
13,611,644 |
|||||||||||
Arizona - 1.1% |
|||||||||||
Maricopa County, |
5.00 |
7/1/18 |
5,000,000 |
5,484,350 |
|||||||
Maricopa County Pollution Control Corporation, |
1.75 |
5/30/18 |
5,000,000 |
5,076,500 |
|||||||
University of Arizona Board of Regents, |
6.20 |
6/1/16 |
570,000 |
577,929 |
|||||||
11,138,779 |
|||||||||||
California - 8.1% |
|||||||||||
Bay Area Toll Authority, |
1.00 |
4/3/17 |
17,500,000 |
17,567,375 |
|||||||
Bay Area Toll Authority, |
1.50 |
4/2/18 |
8,160,000 |
8,257,757 |
|||||||
California, |
1.13 |
12/3/18 |
2,000,000 |
a |
2,012,120 |
||||||
California Health Facilities Financing Authority, |
1.45 |
3/15/17 |
2,715,000 |
2,743,453 |
|||||||
California Municipal Finance Authority, |
1.13 |
2/1/17 |
5,350,000 |
5,361,716 |
|||||||
California Pollution Control Finance Authority, |
1.50 |
6/1/18 |
1,500,000 |
1,499,550 |
|||||||
California Statewide Communities Development Authority, |
5.00 |
5/1/17 |
3,500,000 |
3,684,555 |
|||||||
California Statewide Communities Development Authority, |
4.00 |
5/15/16 |
1,450,000 |
1,460,861 |
|||||||
Chula Vista, |
1.65 |
7/1/18 |
9,895,000 |
9,905,093 |
|||||||
Irvine Reassessment District Number 12-1, |
3.00 |
9/2/16 |
1,995,000 |
2,020,915 |
|||||||
San Joaquin Hills Transportation Corridor Agency, |
5.00 |
1/15/17 |
10,525,000 |
10,929,897 |
|||||||
South San Francisco Unified School District, |
4.00 |
6/15/18 |
6,000,000 |
6,462,540 |
|||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, |
5.00 |
9/1/18 |
2,750,000 |
2,985,538 |
|||||||
Sulphur Springs Union School District, |
0.00 |
1/1/18 |
2,750,000 |
b |
2,711,665 |
||||||
Sulphur Springs Union School District, |
0.00 |
7/1/19 |
5,000,000 |
b |
4,832,200 |
||||||
82,435,235 |
|||||||||||
Colorado - 2.5% |
|||||||||||
City and County of Denver, |
5.00 |
11/15/16 |
1,000,000 |
1,032,570 |
|||||||
Colorado Health Facilities Authority, |
1.88 |
11/6/19 |
5,000,000 |
5,082,650 |
|||||||
Denver Urban Renewal Authority, |
5.00 |
12/1/16 |
1,850,000 |
1,910,662 |
|||||||
Denver Urban Renewal Authority, |
5.00 |
12/1/17 |
4,005,000 |
4,291,157 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Colorado - 2.5% (continued) |
|||||||||||||||||||
E-470 Public Highway Authority, |
1.76 |
9/1/17 |
8,000,000 |
a |
8,021,680 |
||||||||||||||
Regional Transportation District of Colorado, |
5.00 |
6/1/18 |
5,000,000 |
5,460,150 |
|||||||||||||||
25,798,869 |
|||||||||||||||||||
Connecticut - 5.2% |
|||||||||||||||||||
Bridgeport, |
4.00 |
8/15/18 |
2,000,000 |
2,151,460 |
|||||||||||||||
Connecticut, |
5.00 |
9/1/17 |
7,875,000 |
8,402,940 |
|||||||||||||||
Connecticut, |
0.76 |
6/15/18 |
11,495,000 |
a |
11,472,815 |
||||||||||||||
Connecticut, |
5.25 |
6/1/18 |
10,000,000 |
11,003,700 |
|||||||||||||||
Connecticut Health and Educational Facilities Authority, |
0.80 |
7/26/17 |
12,100,000 |
12,120,691 |
|||||||||||||||
Connecticut Health and Educational Facilities Authority, |
1.38 |
7/11/18 |
7,500,000 |
7,600,875 |
|||||||||||||||
52,752,481 |
|||||||||||||||||||
Florida - 3.3% |
|||||||||||||||||||
Citizens Property Insurance Corporation, |
5.25 |
6/1/17 |
6,720,000 |
7,111,373 |
|||||||||||||||
Citizens Property Insurance Corporation, |
5.50 |
6/1/17 |
5,000,000 |
5,306,800 |
|||||||||||||||
Florida Department of Environmental Protection, |
5.00 |
7/1/18 |
3,960,000 |
4,358,178 |
|||||||||||||||
Hillsborough County Aviation Authority, |
5.00 |
10/1/16 |
1,520,000 |
1,561,314 |
|||||||||||||||
Miami-Dade County, |
5.00 |
10/1/18 |
3,700,000 |
4,079,768 |
|||||||||||||||
Miami-Dade County School Board, |
4.00 |
11/1/17 |
3,205,000 |
3,385,634 |
|||||||||||||||
Miami-Dade County School Board, |
5.00 |
5/1/18 |
5,000,000 |
5,456,200 |
|||||||||||||||
Putnam County Development Authority, |
5.35 |
5/1/18 |
2,250,000 |
2,449,935 |
|||||||||||||||
33,709,202 |
|||||||||||||||||||
Georgia - 2.8% |
|||||||||||||||||||
Atlanta, |
5.00 |
1/1/17 |
1,000,000 |
1,037,880 |
|||||||||||||||
Atlanta, |
5.00 |
1/1/18 |
1,000,000 |
1,077,840 |
|||||||||||||||
Burke County Development Authority, |
1.80 |
4/3/18 |
12,750,000 |
12,923,145 |
|||||||||||||||
Burke County Development Authority, |
2.35 |
12/11/20 |
5,000,000 |
5,147,350 |
|||||||||||||||
Monroe County Development Authority, |
2.00 |
6/21/18 |
7,000,000 |
7,123,340 |
|||||||||||||||
Municipal Electric Authority of Georgia, |
5.00 |
1/1/17 |
1,000,000 |
1,038,310 |
|||||||||||||||
28,347,865 |
|||||||||||||||||||
Illinois - 9.1% |
|||||||||||||||||||
Central Lake County Joint Action Water Agency, |
4.00 |
5/1/17 |
5,430,000 |
5,651,815 |
|||||||||||||||
Chicago, |
5.00 |
1/1/17 |
4,000,000 |
4,147,360 |
|||||||||||||||
Chicago, |
5.00 |
1/1/17 |
4,000,000 |
4,147,360 |
|||||||||||||||
Chicago, |
5.00 |
1/1/17 |
1,435,000 |
1,487,865 |
|||||||||||||||
Chicago, |
5.00 |
1/1/18 |
6,000,000 |
6,432,720 |
28
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Illinois - 9.1% (continued) |
|||||||||||||||||||
Chicago, |
5.00 |
1/1/19 |
5,000,000 |
5,189,800 |
|||||||||||||||
Chicago, |
5.00 |
1/1/17 |
4,110,000 |
4,126,769 |
|||||||||||||||
Chicago Board of Education, |
4.01 |
3/1/17 |
10,000,000 |
a |
9,203,800 |
||||||||||||||
Chicago Board of Education, |
5.00 |
12/1/17 |
2,345,000 |
2,250,661 |
|||||||||||||||
Chicago Board of Education, |
4.25 |
12/1/18 |
5,020,000 |
4,621,914 |
|||||||||||||||
Chicago Board of Education, |
5.00 |
12/1/18 |
1,455,000 |
1,514,742 |
|||||||||||||||
Cook County, |
5.00 |
11/15/16 |
5,400,000 |
5,553,684 |
|||||||||||||||
Illinois, |
4.00 |
7/1/16 |
3,000,000 |
3,032,280 |
|||||||||||||||
Illinois, |
5.00 |
7/1/17 |
3,150,000 |
3,302,428 |
|||||||||||||||
Illinois, |
4.00 |
7/1/18 |
5,000,000 |
5,281,400 |
|||||||||||||||
Illinois, |
5.00 |
6/1/18 |
1,960,000 |
2,053,178 |
|||||||||||||||
Illinois, |
5.00 |
1/1/19 |
10,000,000 |
10,925,200 |
|||||||||||||||
Illinois Department of Employment Security, |
5.00 |
6/15/17 |
2,000,000 |
2,074,960 |
|||||||||||||||
Illinois Development Finance Authority, |
1.88 |
3/1/19 |
3,500,000 |
3,575,215 |
|||||||||||||||
Illinois Finance Authority, |
5.00 |
7/1/17 |
2,000,000 |
2,121,320 |
|||||||||||||||
Illinois Toll Highway Authority, |
5.00 |
12/1/18 |
2,000,000 |
2,223,800 |
|||||||||||||||
Springfield, |
5.00 |
3/1/17 |
3,040,000 |
3,172,757 |
|||||||||||||||
92,091,028 |
|||||||||||||||||||
Indiana - 2.2% |
|||||||||||||||||||
Indiana Finance Authority, |
1.95 |
9/14/17 |
2,500,000 |
2,531,050 |
|||||||||||||||
Indiana Health Facility Financing Authority, |
5.00 |
7/28/16 |
45,000 |
c |
45,883 |
||||||||||||||
Whiting, |
1.85 |
10/1/19 |
10,000,000 |
9,973,700 |
|||||||||||||||
Whiting, |
0.76 |
12/2/19 |
10,000,000 |
a |
9,704,100 |
||||||||||||||
22,254,733 |
|||||||||||||||||||
Kentucky - 2.0% |
|||||||||||||||||||
Kentucky Property and Buildings Commission, |
5.00 |
11/1/17 |
4,200,000 |
4,502,106 |
|||||||||||||||
Kentucky Public Transportation Infrastructure Authority, |
5.00 |
7/1/17 |
10,000,000 |
10,507,200 |
|||||||||||||||
Louisville/Jefferson County Metro Government, |
1.65 |
4/3/17 |
4,940,000 |
4,978,334 |
|||||||||||||||
19,987,640 |
|||||||||||||||||||
Louisiana - 2.4% |
|||||||||||||||||||
East Baton Rouge Sewerage Commission, |
0.80 |
8/1/18 |
7,210,000 |
a |
7,162,342 |
||||||||||||||
England District Sub-District Number 1, |
5.00 |
8/15/17 |
3,055,000 |
3,241,233 |
|||||||||||||||
Louisiana Citizens Property Insurance Corporation, |
5.00 |
6/1/18 |
5,000,000 |
5,450,550 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Louisiana - 2.4% (continued) |
|||||||||||||||||||
Louisiana Public Facilities Authority, |
5.25 |
10/1/16 |
8,425,000 |
8,658,204 |
|||||||||||||||
24,512,329 |
|||||||||||||||||||
Maryland - 1.2% |
|||||||||||||||||||
Maryland Health and Higher Educational Facilities Authority, |
1.44 |
11/15/16 |
2,245,000 |
a |
2,251,757 |
||||||||||||||
Maryland Health and Higher Educational Facilities Authority, |
5.00 |
7/1/17 |
4,295,000 |
4,542,736 |
|||||||||||||||
University System of Maryland, |
1.25 |
6/1/18 |
5,000,000 |
5,043,250 |
|||||||||||||||
11,837,743 |
|||||||||||||||||||
Massachusetts - .8% |
|||||||||||||||||||
Massachusetts Development Finance Agency, |
2.25 |
9/1/16 |
5,000,000 |
c |
5,044,050 |
||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
1.70 |
11/1/16 |
2,720,000 |
2,741,243 |
|||||||||||||||
7,785,293 |
|||||||||||||||||||
Michigan - 5.5% |
|||||||||||||||||||
Detroit School District, |
5.00 |
5/1/16 |
1,490,000 |
1,501,875 |
|||||||||||||||
Michigan, |
5.00 |
11/15/17 |
6,000,000 |
6,457,560 |
|||||||||||||||
Michigan, |
4.00 |
11/15/18 |
4,170,000 |
4,538,586 |
|||||||||||||||
Michigan, |
5.00 |
11/15/18 |
3,450,000 |
3,847,440 |
|||||||||||||||
Michigan Finance Authority, |
4.00 |
10/1/17 |
1,155,000 |
1,211,249 |
|||||||||||||||
Michigan Finance Authority, |
5.00 |
10/1/18 |
2,280,000 |
2,512,469 |
|||||||||||||||
Michigan Finance Authority, |
5.00 |
7/1/18 |
1,500,000 |
1,639,800 |
|||||||||||||||
Michigan Finance Authority, |
5.00 |
7/1/18 |
1,000,000 |
1,093,200 |
|||||||||||||||
Michigan Finance Authority, |
5.00 |
5/1/17 |
18,105,000 |
18,985,265 |
|||||||||||||||
Michigan Finance Authority, |
4.75 |
6/1/16 |
3,800,000 |
d |
3,818,582 |
||||||||||||||
Michigan Hospital Finance Authority, |
1.50 |
3/1/17 |
10,000,000 |
10,091,900 |
|||||||||||||||
55,697,926 |
|||||||||||||||||||
Mississippi - .1% |
|||||||||||||||||||
Mississippi Business Finance Corporation, |
1.38 |
3/1/17 |
800,000 |
802,280 |
|||||||||||||||
Missouri - 1.0% |
|||||||||||||||||||
Missouri Regional Convention and Sports Complex Authority, |
5.00 |
8/15/18 |
5,975,000 |
6,578,415 |
|||||||||||||||
Missouri State Environmental Improvement and Energy Resources Authority, |
2.88 |
7/2/18 |
3,400,000 |
3,505,910 |
|||||||||||||||
10,084,325 |
|||||||||||||||||||
Montana - .6% |
|||||||||||||||||||
Montana Board of Investments, |
0.23 |
3/1/17 |
6,000,000 |
a |
6,000,000 |
30
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Nebraska - .8% |
|||||||||||||||||||
Central Plains Energy Project, |
5.00 |
12/1/19 |
7,500,000 |
8,479,275 |
|||||||||||||||
Nevada - 1.9% |
|||||||||||||||||||
Clark County, |
5.00 |
7/1/17 |
15,860,000 |
16,751,808 |
|||||||||||||||
Nevada, |
5.00 |
12/1/17 |
2,200,000 |
2,371,644 |
|||||||||||||||
19,123,452 |
|||||||||||||||||||
New Hampshire - .7% |
|||||||||||||||||||
New Hampshire, |
5.00 |
2/1/17 |
6,000,000 |
6,251,400 |
|||||||||||||||
New Hampshire Business Finance Authority, |
2.13 |
6/1/18 |
1,000,000 |
1,029,210 |
|||||||||||||||
7,280,610 |
|||||||||||||||||||
New Jersey - 3.7% |
|||||||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/18 |
6,500,000 |
6,914,635 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/20 |
2,000,000 |
2,206,600 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
3/1/17 |
1,275,000 |
1,323,131 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
12/15/18 |
1,500,000 |
1,625,055 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/19 |
10,700,000 |
11,635,929 |
|||||||||||||||
New Jersey Sports and Exposition Authority, |
5.00 |
9/1/16 |
1,665,000 |
1,701,147 |
|||||||||||||||
New Jersey Sports and Exposition Authority, |
5.00 |
9/1/18 |
3,950,000 |
4,252,530 |
|||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.00 |
6/15/16 |
2,000,000 |
2,026,180 |
|||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.75 |
6/15/17 |
2,500,000 |
2,645,025 |
|||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.00 |
12/15/17 |
2,500,000 |
2,658,700 |
|||||||||||||||
36,988,932 |
|||||||||||||||||||
New Mexico - .3% |
|||||||||||||||||||
New Mexico Educational Assistance Foundation, |
1.11 |
12/1/20 |
325,000 |
a |
324,968 |
||||||||||||||
New Mexico Finance Authority, |
5.25 |
6/15/18 |
2,605,000 |
2,762,811 |
|||||||||||||||
3,087,779 |
|||||||||||||||||||
New York - 13.5% |
|||||||||||||||||||
Long Island Power Authority, |
5.00 |
5/1/17 |
3,830,000 |
4,026,364 |
|||||||||||||||
Long Island Power Authority, |
0.95 |
11/1/18 |
10,000,000 |
a |
9,931,700 |
||||||||||||||
Metropolitan Transportation Authority, |
0.59 |
6/1/20 |
10,000,000 |
a |
9,887,600 |
||||||||||||||
Nassau County, |
5.00 |
4/1/19 |
10,000,000 |
11,220,100 |
|||||||||||||||
Nassau County, |
5.00 |
7/1/16 |
4,595,000 |
4,665,993 |
|||||||||||||||
New York City, |
5.25 |
8/1/16 |
15,000 |
15,066 |
|||||||||||||||
New York City, |
5.00 |
8/1/17 |
10,000,000 |
10,637,800 |
|||||||||||||||
New York City, |
5.00 |
8/1/17 |
9,545,000 |
10,153,780 |
|||||||||||||||
New York City, |
0.59 |
8/1/27 |
7,000,000 |
a |
6,984,110 |
||||||||||||||
New York City, |
1.41 |
8/1/17 |
5,000,000 |
a |
5,051,750 |
||||||||||||||
New York City Transitional Finance Authority, |
5.00 |
11/1/18 |
5,000,000 |
5,579,900 |
|||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/18 |
10,000,000 |
10,902,500 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
New York - 13.5% (continued) |
|||||||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/18 |
15,000,000 |
16,382,700 |
|||||||||||||||
New York State Dormitory Authority, |
4.00 |
5/15/17 |
4,825,000 |
5,031,269 |
|||||||||||||||
New York State Environmental Facilities Corporation, |
2.75 |
7/1/17 |
2,000,000 |
2,042,780 |
|||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
9/1/17 |
2,000,000 |
2,131,060 |
|||||||||||||||
Triborough Bridge and Tunnel Authority, |
0.87 |
12/1/18 |
15,000,000 |
a |
14,956,950 |
||||||||||||||
Triborough Bridge and Tunnel Authority, |
0.45 |
1/1/19 |
250,000 |
a |
249,140 |
||||||||||||||
Yonkers, |
3.00 |
8/1/17 |
2,045,000 |
2,108,538 |
|||||||||||||||
Yonkers, |
4.00 |
8/1/18 |
3,130,000 |
3,350,884 |
|||||||||||||||
Yonkers, |
4.00 |
9/1/18 |
1,230,000 |
1,320,959 |
|||||||||||||||
136,630,943 |
|||||||||||||||||||
North Carolina - 1.2% |
|||||||||||||||||||
North Carolina Medical Care Commission, |
0.75 |
12/1/17 |
2,300,000 |
a |
2,290,547 |
||||||||||||||
University of North Carolina Board of Governers, |
1.04 |
12/1/17 |
10,100,000 |
a |
10,115,453 |
||||||||||||||
12,406,000 |
|||||||||||||||||||
Ohio - 1.4% |
|||||||||||||||||||
Akron, |
4.00 |
12/1/16 |
4,090,000 |
4,200,880 |
|||||||||||||||
Hamilton County, |
5.00 |
12/1/17 |
3,850,000 |
4,150,377 |
|||||||||||||||
Hamilton County, |
5.00 |
12/1/18 |
2,280,000 |
2,547,832 |
|||||||||||||||
Ohio Water Development Authority, |
5.00 |
12/1/17 |
1,925,000 |
2,076,613 |
|||||||||||||||
Ohio Water Development Authority, |
2.25 |
7/1/16 |
1,000,000 |
1,006,360 |
|||||||||||||||
13,982,062 |
|||||||||||||||||||
Pennsylvania - 8.4% |
|||||||||||||||||||
Allegheny County Sanitary Authority, |
5.00 |
6/1/17 |
4,670,000 |
4,926,570 |
|||||||||||||||
Jim Thorpe Area School District, |
5.30 |
3/15/16 |
150,000 |
150,330 |
|||||||||||||||
Pennsylvania, |
5.00 |
9/1/16 |
4,420,000 |
4,438,873 |
|||||||||||||||
Pennsylvania, |
5.00 |
10/15/17 |
6,450,000 |
6,902,919 |
|||||||||||||||
Pennsylvania, |
5.00 |
8/15/19 |
4,995,000 |
5,668,026 |
|||||||||||||||
Pennsylvania Economic Development Financing Authority, |
4.00 |
6/30/18 |
4,000,000 |
4,247,680 |
|||||||||||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
6/30/19 |
2,500,000 |
2,801,875 |
|||||||||||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
12/31/19 |
2,000,000 |
2,257,560 |
|||||||||||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
6/30/20 |
2,000,000 |
2,270,260 |
|||||||||||||||
Pennsylvania Economic Development Financing Authority, |
2.25 |
7/1/19 |
5,000,000 |
5,100,300 |
32
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Pennsylvania - 8.4% (continued) |
|||||||||||||||||||
Pennsylvania Turnpike Commission, |
0.61 |
12/1/18 |
4,000,000 |
a |
3,983,640 |
||||||||||||||
Pennsylvania Turnpike Commission, |
0.71 |
12/1/19 |
2,150,000 |
a |
2,142,303 |
||||||||||||||
Pennsylvania Turnpike Commission, |
0.81 |
12/1/18 |
5,000,000 |
a |
4,993,050 |
||||||||||||||
Philadelphia, |
5.00 |
1/1/20 |
6,150,000 |
7,066,596 |
|||||||||||||||
Philadelphia, |
5.00 |
8/1/17 |
3,690,000 |
3,921,105 |
|||||||||||||||
Philadelphia School District, |
5.00 |
9/1/18 |
5,350,000 |
5,813,791 |
|||||||||||||||
Pittsburgh, |
5.00 |
9/1/18 |
7,000,000 |
7,718,620 |
|||||||||||||||
Pittsburgh and Allegheny County Sports and Exhibition Authority, |
5.00 |
2/1/18 |
2,540,000 |
2,737,993 |
|||||||||||||||
State Public School Building Authority, |
1.09 |
9/1/18 |
2,910,000 |
a |
2,922,309 |
||||||||||||||
Woodland Hills School District, |
5.00 |
9/1/17 |
5,010,000 |
5,311,552 |
|||||||||||||||
85,375,352 |
|||||||||||||||||||
South Carolina - .7% |
|||||||||||||||||||
Piedmont Municipal Power Agency, |
5.00 |
1/1/17 |
1,060,000 |
1,099,231 |
|||||||||||||||
South Carolina Public Service Authority, |
5.00 |
12/1/18 |
5,000,000 |
5,574,250 |
|||||||||||||||
6,673,481 |
|||||||||||||||||||
Tennessee - 1.5% |
|||||||||||||||||||
Memphis-Shelby County Airport Authority, |
5.00 |
7/1/16 |
6,105,000 |
6,197,247 |
|||||||||||||||
Memphis-Shelby County Airport Authority, |
5.00 |
7/1/17 |
4,905,000 |
5,175,364 |
|||||||||||||||
Memphis-Shelby County Airport Authority, |
5.38 |
7/1/18 |
3,175,000 |
3,483,642 |
|||||||||||||||
14,856,253 |
|||||||||||||||||||
Texas - 7.5% |
|||||||||||||||||||
Cypress-Fairbanks Independent School District, |
1.05 |
8/15/17 |
6,880,000 |
6,887,499 |
|||||||||||||||
Cypress-Fairbanks Independent School District, |
3.00 |
8/15/17 |
7,500,000 |
7,737,825 |
|||||||||||||||
Dallas Independent School District, |
1.50 |
8/15/18 |
4,050,000 |
4,110,264 |
|||||||||||||||
Grand Parkway Transportation Corporation, |
3.00 |
12/15/16 |
10,000,000 |
10,195,800 |
|||||||||||||||
Houston Convention and Entertainment Facilities Department, |
4.88 |
9/1/17 |
5,000,000 |
5,105,850 |
|||||||||||||||
Houston Independent School District, |
2.00 |
6/1/16 |
6,000,000 |
6,027,240 |
|||||||||||||||
Katy Independent School District, |
5.00 |
8/15/17 |
4,000,000 |
4,242,800 |
|||||||||||||||
North Central Texas Health Facilities Development Corporation, |
5.00 |
8/15/17 |
1,000,000 |
1,063,230 |
|||||||||||||||
Northside Independent School District, |
1.35 |
6/1/18 |
9,890,000 |
9,977,230 |
|||||||||||||||
Sam Rayburn Municipal Power Agency, |
5.00 |
10/1/16 |
2,320,000 |
2,381,990 |
|||||||||||||||
San Antonio, |
2.00 |
12/1/16 |
3,000,000 |
3,034,710 |
|||||||||||||||
San Antonio Independent School District, |
2.00 |
8/1/17 |
8,850,000 |
8,999,211 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Texas - 7.5% (continued) |
||||||||||||||||||||
San Antonio Independent School District, |
2.00 |
8/1/18 |
2,870,000 |
2,942,324 |
||||||||||||||||
Texas Municipal Gas Acquisition and Supply Corporation I, |
5.25 |
12/15/18 |
3,325,000 |
3,655,571 |
||||||||||||||||
76,361,544 |
||||||||||||||||||||
Virginia - 2.7% |
||||||||||||||||||||
Greater Richmond Convention Center Authority, |
5.00 |
6/15/17 |
2,280,000 |
2,409,755 |
||||||||||||||||
Greater Richmond Convention Center Authority, |
5.00 |
6/15/18 |
1,750,000 |
1,917,825 |
||||||||||||||||
Virginia College Building Authority, |
5.00 |
2/1/18 |
10,000,000 |
10,846,300 |
||||||||||||||||
York County Economic Development Authority, |
1.88 |
5/16/19 |
12,075,000 |
12,351,397 |
||||||||||||||||
27,525,277 |
||||||||||||||||||||
Washington - 2.5% |
||||||||||||||||||||
Energy Northwest, |
5.00 |
7/1/18 |
10,000,000 |
11,012,900 |
||||||||||||||||
Port of Seattle, |
5.00 |
2/1/19 |
5,875,000 |
6,570,541 |
||||||||||||||||
Seattle, |
0.69 |
11/1/18 |
7,500,000 |
a |
7,500,000 |
|||||||||||||||
25,083,441 |
||||||||||||||||||||
West Virginia - .3% |
||||||||||||||||||||
West Virginia University Board of Governors, |
0.54 |
10/1/19 |
3,500,000 |
a |
3,475,885 |
|||||||||||||||
Wisconsin - 1.2% |
||||||||||||||||||||
La Crosse County, |
1.00 |
10/15/17 |
6,200,000 |
6,208,370 |
||||||||||||||||
Stanley, |
2.25 |
3/1/18 |
4,725,000 |
4,820,823 |
||||||||||||||||
Wisconsin Health and Educational Facilities Authority, |
4.00 |
3/1/18 |
1,500,000 |
1,597,080 |
||||||||||||||||
12,626,273 |
||||||||||||||||||||
U.S. Related - .3% |
||||||||||||||||||||
A.B. Won International Airport Authority of Guam, |
5.00 |
10/1/16 |
2,500,000 |
2,557,125 |
||||||||||||||||
Puerto Rico Highways and Transportation Authority, |
5.00 |
7/1/17 |
2,885,000 |
692,400 |
||||||||||||||||
3,249,525 |
||||||||||||||||||||
Total Long-Term Municipal Investments |
993,062,536 |
|||||||||||||||||||
Short-Term Municipal Investments - 1.0% |
||||||||||||||||||||
New York - 1.0% |
||||||||||||||||||||
Suffolk County, |
2.00 |
9/30/16 |
10,000,000 |
10,081,300 |
||||||||||||||||
Short-Term Investments - 1.7% |
||||||||||||||||||||
U.S. Treasury Bills |
0.00 |
3/3/16 |
17,600,000 |
17,599,859 |
||||||||||||||||
Total Investments (cost $1,019,064,272) |
100.6% |
1,020,743,695 |
||||||||||||||||||
Liabilities, Less Cash and Receivables |
(0.6%) |
(6,384,480) |
||||||||||||||||||
Net Assets |
100.0% |
1,014,359,215 |
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $3,818,582 or .38% of net assets.
34
Portfolio Summary (Unaudited) † |
Value (%) |
Transportation Services |
19.8 |
Education |
15.8 |
Special Tax |
9.2 |
Utility-Electric |
9.1 |
State/Territory |
8.0 |
City |
7.5 |
Utility-Water and Sewer |
5.6 |
County |
3.7 |
Health Care |
3.6 |
Resource Recovery |
2.6 |
Industrial |
2.2 |
Lease |
2.1 |
U.S. Government |
1.7 |
Pollution Control |
.9 |
Prerefunded |
.5 |
Other |
8.3 |
100.6 |
† Based on net assets.
See notes to financial statements.
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 98.2% |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
|||||||
Alabama - 1.3% |
|||||||||||
Jefferson County, |
5.50 |
1/1/21 |
3,500,000 |
3,534,160 |
|||||||
California - .3% |
|||||||||||
Agua Caliente Band, |
6.00 |
7/1/18 |
900,000 |
a |
896,139 |
||||||
Florida - .7% |
|||||||||||
Lake County School Board, |
5.00 |
6/1/27 |
1,620,000 |
1,908,846 |
|||||||
Illinois - 2.2% |
|||||||||||
Chicago, |
5.00 |
1/1/24 |
500,000 |
512,015 |
|||||||
Chicago, |
5.25 |
1/1/22 |
1,285,000 |
1,358,926 |
|||||||
Chicago Board of Education, |
5.25 |
12/1/35 |
1,000,000 |
810,440 |
|||||||
Illinois, |
5.25 |
2/1/29 |
2,000,000 |
2,199,100 |
|||||||
Illinois, |
5.50 |
8/1/17 |
1,000,000 |
1,061,490 |
|||||||
5,941,971 |
|||||||||||
Michigan - .8% |
|||||||||||
Michigan Finance Authority, |
5.00 |
12/1/33 |
1,850,000 |
2,122,967 |
|||||||
New Jersey - 2.2% |
|||||||||||
New Jersey Economic Development Authority, |
5.00 |
3/1/27 |
2,000,000 |
2,165,620 |
|||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/20 |
1,250,000 |
1,403,475 |
|||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/21 |
2,000,000 |
2,308,540 |
|||||||
5,877,635 |
|||||||||||
New York - 2.6% |
|||||||||||
New York City Municipal Water Finance Authority, |
5.00 |
6/15/44 |
3,000,000 |
3,457,470 |
|||||||
New York Liberty Development Corporation, |
5.00 |
11/15/44 |
1,750,000 |
a |
1,866,935 |
||||||
New York State Urban Development Corporation, |
5.00 |
3/15/29 |
1,500,000 |
1,805,445 |
|||||||
7,129,850 |
|||||||||||
Pennsylvania - 84.2% |
|||||||||||
Allegheny County Port Authority, |
5.25 |
3/1/24 |
5,000,000 |
5,938,700 |
|||||||
Allegheny County Sanitary Authority, |
5.00 |
6/1/26 |
3,000,000 |
3,524,460 |
|||||||
Beaver County Hospital Authority, |
5.00 |
5/15/19 |
1,205,000 |
1,357,047 |
|||||||
Beaver County Hospital Authority, |
5.00 |
5/15/23 |
1,370,000 |
1,603,147 |
|||||||
Beaver County Hospital Authority, |
5.00 |
5/15/25 |
1,250,000 |
1,440,225 |
|||||||
Berks County Municipal Authority, |
5.00 |
11/1/19 |
2,000,000 |
2,286,660 |
|||||||
Boyertown Area School District, |
5.00 |
10/1/34 |
1,060,000 |
1,226,060 |
|||||||
Boyertown Area School District, |
5.00 |
10/1/35 |
1,425,000 |
1,641,571 |
|||||||
Canonsburg-Houston Joint Authority, |
5.00 |
12/1/23 |
1,260,000 |
1,530,509 |
|||||||
Central Bucks School District, |
5.00 |
5/15/18 |
5,000,000 |
b |
5,471,250 |
||||||
Chester County, |
5.00 |
7/15/25 |
3,060,000 |
3,477,751 |
36
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 98.2% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
||||||
Pennsylvania - 84.2% (continued) |
||||||||||
Delaware County Authority, |
5.00 |
8/1/30 |
1,000,000 |
1,188,750 |
||||||
Delaware River Port Authority, |
5.00 |
1/1/18 |
1,230,000 |
1,316,211 |
||||||
Downingtown Area School District, |
5.00 |
11/1/18 |
2,010,000 |
2,241,974 |
||||||
Easton Area School District, |
5.50 |
4/1/23 |
2,260,000 |
2,477,344 |
||||||
Erie County, |
5.50 |
9/1/22 |
1,640,000 |
2,049,754 |
||||||
Fox Chapel Area School District, |
5.00 |
8/1/34 |
3,190,000 |
3,700,559 |
||||||
Lower Merion School District, |
5.00 |
9/1/17 |
2,980,000 |
b |
3,178,915 |
|||||
Lower Paxton Township, |
5.00 |
4/1/42 |
1,000,000 |
1,125,840 |
||||||
Monroeville Finance Authority, |
5.00 |
2/15/26 |
2,135,000 |
2,641,016 |
||||||
Montgomery County, |
5.00 |
12/15/24 |
2,545,000 |
2,914,076 |
||||||
Montgomery County, |
4.00 |
4/1/28 |
1,500,000 |
1,675,770 |
||||||
Montgomery County, |
5.00 |
12/15/19 |
100,000 |
b |
115,611 |
|||||
Montgomery County Industrial Development Authority, |
5.50 |
8/1/20 |
995,000 |
b |
1,191,224 |
|||||
Montgomery County Industrial Development Authority, |
5.00 |
1/15/20 |
1,000,000 |
1,111,850 |
||||||
Northhampton County General Purpose Authority, |
5.00 |
11/1/43 |
3,500,000 |
3,958,465 |
||||||
Pennsylvania, |
5.00 |
7/1/20 |
5,000,000 |
5,796,300 |
||||||
Pennsylvania, |
5.00 |
3/15/28 |
2,200,000 |
2,631,288 |
||||||
Pennsylvania, |
5.00 |
4/1/28 |
3,000,000 |
3,533,430 |
||||||
Pennsylvania, |
5.00 |
8/15/22 |
3,060,000 |
3,720,103 |
||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
11/1/26 |
1,000,000 |
1,134,090 |
||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
11/1/27 |
1,535,000 |
1,727,382 |
||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
3/1/25 |
1,000,000 |
1,146,140 |
||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
2/1/26 |
2,455,000 |
2,977,080 |
||||||
Pennsylvania Economic Development Financing Authority, |
2.25 |
7/1/19 |
5,000,000 |
5,100,300 |
||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
7/1/20 |
4,000,000 |
4,557,360 |
||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
1/1/22 |
1,000,000 |
1,061,790 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
8/15/40 |
2,000,000 |
2,300,660 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
11/1/25 |
2,010,000 |
2,312,666 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.25 |
6/15/24 |
5,000,000 |
5,957,450 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
6/15/26 |
1,000,000 |
1,148,940 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
6/15/30 |
1,875,000 |
2,158,894 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
4/1/26 |
1,000,000 |
1,175,560 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
9/1/19 |
5,090,000 |
5,831,002 |
||||||
Pennsylvania Higher Educational Facilities Authority, |
5.25 |
9/1/18 |
1,485,000 |
1,641,549 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 98.2% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
||||||||||||||
Pennsylvania - 84.2% (continued) |
||||||||||||||||||
Pennsylvania Industrial Development Authority, |
5.00 |
7/1/21 |
5,000,000 |
5,911,450 |
||||||||||||||
Pennsylvania Infrastructure Investment Authority, |
5.00 |
5/15/22 |
2,155,000 |
2,634,574 |
||||||||||||||
Pennsylvania Intergovernmental Cooperation Authority, |
5.00 |
6/15/21 |
2,000,000 |
2,331,500 |
||||||||||||||
Pennsylvania Intergovernmental Cooperation Authority, |
5.00 |
6/15/22 |
3,395,000 |
3,943,768 |
||||||||||||||
Pennsylvania State University, |
5.00 |
3/1/28 |
2,980,000 |
3,414,663 |
||||||||||||||
Pennsylvania State University, |
5.00 |
3/1/40 |
3,000,000 |
3,384,930 |
||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/24 |
1,165,000 |
1,402,672 |
||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/32 |
1,190,000 |
1,366,644 |
||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/38 |
2,415,000 |
2,741,435 |
||||||||||||||
Pennsylvania Turnpike Commission, |
5.25 |
7/15/25 |
2,500,000 |
3,129,975 |
||||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
12/1/40 |
2,000,000 |
2,233,320 |
||||||||||||||
Pennsylvania Turnpike Commission, |
5.25 |
12/1/35 |
2,280,000 |
2,654,353 |
||||||||||||||
Pennsylvania Turnpike Commission, |
6.00 |
6/1/18 |
1,500,000 |
b |
1,677,465 |
|||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
6/1/18 |
5,000,000 |
b |
5,479,850 |
|||||||||||||
Perkiomen Valley School District, |
4.00 |
3/1/28 |
3,345,000 |
3,750,849 |
||||||||||||||
Philadelphia, |
5.00 |
6/15/20 |
1,750,000 |
2,016,875 |
||||||||||||||
Philadelphia, |
5.25 |
7/15/27 |
4,000,000 |
4,767,040 |
||||||||||||||
Philadelphia, |
5.00 |
11/1/26 |
2,000,000 |
2,387,200 |
||||||||||||||
Philadelphia, |
5.00 |
11/1/27 |
2,840,000 |
3,364,065 |
||||||||||||||
Philadelphia, |
5.00 |
7/1/31 |
2,000,000 |
2,370,140 |
||||||||||||||
Philadelphia, |
5.00 |
1/1/36 |
2,830,000 |
3,212,644 |
||||||||||||||
Philadelphia Authority for Industrial Development, |
5.00 |
4/1/25 |
2,500,000 |
3,090,650 |
||||||||||||||
Philadelphia Authority for Industrial Development, |
5.00 |
4/1/31 |
2,000,000 |
2,356,140 |
||||||||||||||
Philadelphia School District, |
5.00 |
9/1/20 |
1,805,000 |
2,020,084 |
||||||||||||||
Pittsburgh, |
5.00 |
9/1/25 |
2,000,000 |
2,358,500 |
||||||||||||||
Pittsburgh, |
5.00 |
9/1/26 |
5,000,000 |
5,849,750 |
||||||||||||||
Pittsburgh School District, |
5.00 |
9/1/25 |
1,000,000 |
1,177,250 |
||||||||||||||
Pittsburgh Water and Sewer Authority, |
5.00 |
9/1/25 |
2,580,000 |
3,099,664 |
||||||||||||||
Pocono Mountain School District, |
5.00 |
9/1/22 |
3,500,000 |
3,643,465 |
||||||||||||||
Saint Mary Hospital Authority, |
5.00 |
11/15/22 |
1,500,000 |
1,747,560 |
||||||||||||||
Saint Mary Hospital Authority, |
5.25 |
11/15/23 |
2,000,000 |
2,336,560 |
||||||||||||||
Southcentral Pennsylvania General Authority, |
5.00 |
6/1/27 |
1,085,000 |
1,292,343 |
38
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||||||||||||||
Long-Term Municipal Investments - 98.2% (continued) |
Coupon Rate (%) |
Maturity |
Principal |
Value ($) |
|||||||||||||||||
Pennsylvania - 84.2% (continued) |
|||||||||||||||||||||
Southeastern Pennsylvania Transportation Authority, |
5.00 |
6/1/23 |
2,000,000 |
2,341,620 |
|||||||||||||||||
Southeastern Pennsylvania Transportation Authority, |
5.00 |
3/1/26 |
2,450,000 |
2,799,615 |
|||||||||||||||||
State Public School Building Authority, |
5.00 |
4/1/21 |
1,000,000 |
1,121,930 |
|||||||||||||||||
State Public School Building Authority, |
5.00 |
6/1/24 |
2,000,000 |
2,386,580 |
|||||||||||||||||
State Public School Building Authority, |
5.00 |
4/1/31 |
2,490,000 |
2,776,948 |
|||||||||||||||||
Swarthmore Borough Authority, |
5.00 |
9/15/38 |
1,800,000 |
2,123,910 |
|||||||||||||||||
University of Pittsburgh - of the Commonwealth System of Higher Education, |
5.50 |
9/15/21 |
2,500,000 |
2,862,125 |
|||||||||||||||||
West View Borough Municipal Authority, |
5.00 |
11/15/32 |
3,000,000 |
3,519,600 |
|||||||||||||||||
229,376,429 |
|||||||||||||||||||||
Texas - 1.3% |
|||||||||||||||||||||
North Texas Tollway Authority, |
5.00 |
1/1/33 |
3,000,000 |
3,485,460 |
|||||||||||||||||
U.S. Related - 2.6% |
|||||||||||||||||||||
Guam, |
5.00 |
1/1/24 |
1,500,000 |
1,741,395 |
|||||||||||||||||
Guam, |
5.63 |
12/1/29 |
1,000,000 |
1,111,440 |
|||||||||||||||||
Puerto Rico Commonwealth, |
5.50 |
7/1/19 |
3,000,000 |
3,055,080 |
|||||||||||||||||
Puerto Rico Infrastructure Financing Authority, |
5.00 |
7/1/21 |
4,000,000 |
c |
652,000 |
||||||||||||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.75 |
8/1/32 |
1,000,000 |
d |
400,210 |
||||||||||||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.25 |
8/1/33 |
500,000 |
d |
130,200 |
||||||||||||||||
7,090,325 |
|||||||||||||||||||||
Total Long-Term Municipal Investments |
267,363,782 |
||||||||||||||||||||
Short-Term Investments - .1% |
|||||||||||||||||||||
U.S. Treasury Bills |
0.00 |
3/3/16 |
400,000 |
399,997 |
|||||||||||||||||
Total Investments (cost $256,504,019) |
98.3% |
267,763,779 |
|||||||||||||||||||
Cash and Receivables (Net) |
1.7% |
4,544,383 |
|||||||||||||||||||
Net Assets |
100.0% |
272,308,162 |
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $2,763,074 or 1.01% of net assets.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Non-income producing—security in default.
d Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † |
Value (%) |
Education |
18.0 |
Transportation Services |
14.8 |
City |
11.0 |
Utility-Water and Sewer |
10.1 |
Health Care |
7.7 |
State/Territory |
7.0 |
Prerefunded |
5.8 |
Special Tax |
4.4 |
County |
3.8 |
Lease |
3.0 |
Industrial |
2.9 |
Resource Recovery |
1.9 |
U.S. Government |
.1 |
Other |
7.8 |
98.3 |
† Based on net assets.
See notes to financial statements.
40
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 97.9% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Illinois - .8% |
|||||||||||
Chicago, |
5.00 |
1/1/23 |
1,970,000 |
2,024,983 |
|||||||
Chicago Board of Education, |
5.25 |
12/1/35 |
1,000,000 |
810,440 |
|||||||
2,835,423 |
|||||||||||
Massachusetts - 90.5% |
|||||||||||
Barnstable, |
4.00 |
9/15/21 |
580,000 |
673,171 |
|||||||
Bellingham, |
4.00 |
9/1/19 |
460,000 |
512,472 |
|||||||
Berkshire Wind Power Cooperative Corporation, |
5.25 |
7/1/23 |
750,000 |
863,918 |
|||||||
Boston, |
5.00 |
3/1/25 |
1,150,000 |
1,441,111 |
|||||||
Boston Water and Sewer Commission, |
5.00 |
11/1/17 |
2,000,000 |
2,158,380 |
|||||||
Boston Water and Sewer Commission, |
5.00 |
11/1/18 |
1,500,000 |
1,683,915 |
|||||||
Boston Water and Sewer Commission, |
5.00 |
5/1/19 |
2,480,000 |
a |
2,812,717 |
||||||
Boston Water and Sewer Commission, |
5.00 |
11/1/19 |
2,500,000 |
a |
2,881,950 |
||||||
Canton, |
5.00 |
3/15/21 |
1,250,000 |
1,497,125 |
|||||||
Falmouth, |
4.00 |
11/15/19 |
625,000 |
699,625 |
|||||||
Falmouth, |
4.00 |
11/15/20 |
605,000 |
692,066 |
|||||||
Falmouth, |
4.00 |
7/15/21 |
1,000,000 |
1,156,420 |
|||||||
Falmouth, |
4.00 |
7/15/22 |
1,210,000 |
1,420,794 |
|||||||
Groton-Dunstable Regional School District, |
5.00 |
9/1/20 |
725,000 |
851,861 |
|||||||
Hingham, |
5.00 |
5/15/19 |
955,000 |
1,084,517 |
|||||||
Massachusetts, |
5.00 |
6/15/22 |
3,000,000 |
3,699,180 |
|||||||
Massachusetts, |
5.00 |
6/15/25 |
5,060,000 |
6,341,344 |
|||||||
Massachusetts, |
0.87 |
11/1/18 |
2,500,000 |
b |
2,500,775 |
||||||
Massachusetts, |
5.25 |
8/1/21 |
1,975,000 |
2,408,532 |
|||||||
Massachusetts, |
5.25 |
8/1/23 |
1,000,000 |
1,260,790 |
|||||||
Massachusetts, |
5.00 |
8/1/23 |
310,000 |
363,078 |
|||||||
Massachusetts, |
5.00 |
7/1/25 |
5,575,000 |
6,835,786 |
|||||||
Massachusetts, |
5.00 |
11/1/25 |
2,250,000 |
2,778,435 |
|||||||
Massachusetts, |
5.00 |
8/1/26 |
5,000,000 |
6,004,700 |
|||||||
Massachusetts, |
5.00 |
8/1/33 |
920,000 |
1,078,304 |
|||||||
Massachusetts, |
5.00 |
9/1/22 |
1,650,000 |
2,029,648 |
|||||||
Massachusetts, |
5.25 |
8/1/17 |
5,825,000 |
a |
6,211,547 |
||||||
Massachusetts, |
5.25 |
9/1/25 |
350,000 |
455,536 |
|||||||
Massachusetts, |
5.00 |
6/1/21 |
2,100,000 |
2,532,579 |
|||||||
Massachusetts, |
5.00 |
6/1/22 |
1,620,000 |
1,945,442 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
Massachusetts - 90.5% (continued) |
||||||||||||||||||
Massachusetts, |
5.00 |
6/1/19 |
1,085,000 |
1,234,773 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.00 |
7/1/18 |
4,000,000 |
4,413,080 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.00 |
7/1/24 |
500,000 |
608,985 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.00 |
7/1/20 |
2,500,000 |
2,936,350 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.25 |
7/1/20 |
1,500,000 |
1,777,725 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.25 |
7/1/21 |
3,085,000 |
3,757,777 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.25 |
7/1/21 |
2,000,000 |
2,436,160 |
||||||||||||||
Massachusetts Bay Transportation Authority, |
5.25 |
7/1/22 |
2,430,000 |
3,028,144 |
||||||||||||||
Massachusetts Clean Energy Cooperative Corporation, |
5.00 |
7/1/28 |
1,250,000 |
1,486,438 |
||||||||||||||
Massachusetts College Building Authority, |
4.00 |
5/1/19 |
345,000 |
380,083 |
||||||||||||||
Massachusetts College Building Authority, |
5.00 |
5/1/27 |
3,000,000 |
3,636,450 |
||||||||||||||
Massachusetts College Building Authority, |
5.00 |
5/1/19 |
1,000,000 |
a |
1,132,470 |
|||||||||||||
Massachusetts Department of Transportation, |
5.00 |
1/1/32 |
1,530,000 |
1,725,962 |
||||||||||||||
Massachusetts Department of Transportation, |
5.00 |
1/1/35 |
3,045,000 |
3,453,274 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/25 |
545,000 |
680,809 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/24 |
350,000 |
425,922 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/40 |
1,500,000 |
1,739,820 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/19 |
950,000 |
1,082,877 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/19 |
900,000 |
1,025,883 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/23 |
1,750,000 |
2,172,100 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/44 |
3,250,000 |
3,614,812 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/22 |
1,000,000 |
1,194,850 |
||||||||||||||
Massachusetts Development Finance Agency, |
4.75 |
3/1/20 |
530,000 |
531,786 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.25 |
3/1/26 |
1,000,000 |
1,003,740 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
1/1/19 |
2,000,000 |
2,202,020 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
1/1/25 |
1,000,000 |
1,192,750 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
8/15/27 |
1,000,000 |
1,145,310 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
8/15/28 |
1,000,000 |
1,143,680 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/31 |
400,000 |
474,752 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/32 |
300,000 |
353,895 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/37 |
465,000 |
540,242 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
11/1/38 |
5,000,000 |
5,788,150 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/25 |
1,825,000 |
2,157,716 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/31 |
675,000 |
785,214 |
||||||||||||||
Massachusetts Development Finance Agency, |
4.00 |
7/1/32 |
5,000,000 |
5,418,350 |
42
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
Massachusetts - 90.5% (continued) |
||||||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
4/15/33 |
3,410,000 |
3,762,458 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
4/15/40 |
1,230,000 |
1,332,299 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.25 |
10/1/24 |
465,000 |
553,234 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/25 |
700,000 |
840,112 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/29 |
2,820,000 |
3,279,237 |
||||||||||||||
Massachusetts Development Finance Agency, |
4.00 |
7/1/20 |
530,000 |
586,509 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/27 |
1,550,000 |
1,846,081 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/32 |
1,910,000 |
2,265,222 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.25 |
4/1/23 |
3,675,000 |
4,425,766 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.25 |
4/1/24 |
4,500,000 |
5,410,665 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
9/1/21 |
300,000 |
353,253 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/24 |
2,000,000 |
2,416,860 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/25 |
1,275,000 |
1,546,103 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/28 |
2,000,000 |
2,394,540 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
9/1/35 |
1,350,000 |
1,525,365 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
9/1/40 |
2,650,000 |
2,948,655 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
9/1/45 |
1,000,000 |
1,106,760 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/25 |
3,000,000 |
3,740,100 |
||||||||||||||
Massachusetts Development Finance Agency, |
4.00 |
10/1/17 |
730,000 |
770,435 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/19 |
910,000 |
1,044,070 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/20 |
905,000 |
1,068,298 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/21 |
830,000 |
1,002,980 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
5/1/34 |
2,755,000 |
3,271,948 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
5/1/39 |
1,460,000 |
1,715,179 |
||||||||||||||
Massachusetts Development Finance Agency, |
5.75 |
5/1/19 |
2,000,000 |
a |
2,313,900 |
|||||||||||||
Massachusetts Educational Financing Authority, |
4.00 |
1/1/18 |
2,500,000 |
2,611,500 |
||||||||||||||
Massachusetts Educational Financing Authority, |
5.00 |
1/1/20 |
1,400,000 |
1,563,212 |
||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
10/1/32 |
2,000,000 |
2,124,540 |
||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
10/1/37 |
3,350,000 |
3,554,249 |
||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
5.13 |
11/15/35 |
1,000,000 |
1,126,880 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||
Massachusetts - 90.5% (continued) |
||||||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
7/1/18 |
690,000 |
757,096 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.38 |
2/1/27 |
1,650,000 |
1,822,277 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.25 |
7/1/20 |
1,000,000 |
1,104,750 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.25 |
7/1/23 |
1,325,000 |
1,459,885 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.25 |
12/1/22 |
2,750,000 |
3,097,902 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.25 |
12/1/27 |
2,000,000 |
2,231,820 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
5/1/26 |
2,525,000 |
2,845,498 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
5/1/27 |
1,000,000 |
1,125,590 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.50 |
7/1/22 |
1,800,000 |
2,277,378 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
7/1/23 |
3,335,000 |
4,192,128 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
10/1/24 |
1,000,000 |
1,200,540 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
10/1/24 |
2,495,000 |
2,899,464 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.63 |
10/1/29 |
3,000,000 |
3,464,040 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
10/1/30 |
3,000,000 |
3,445,200 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
7/1/22 |
115,000 |
121,833 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
7/1/17 |
135,000 |
a |
143,124 |
|||||
Massachusetts Health and Educational Facilities Authority, |
7.50 |
10/1/18 |
590,000 |
a |
692,914 |
|||||
Massachusetts Health and Educational Facilities Authority, |
7.50 |
10/1/18 |
410,000 |
a |
481,516 |
|||||
Massachusetts Health and Educational Facilities Authority, |
5.00 |
7/1/40 |
4,640,000 |
5,280,923 |
||||||
Massachusetts Health and Educational Facilities Authority, |
6.25 |
7/1/30 |
2,100,000 |
2,415,840 |
||||||
Massachusetts Health and Educational Facilities Authority, |
5.25 |
8/15/18 |
1,000,000 |
a |
1,112,720 |
|||||
Massachusetts Health and Educational Facilities Authority, |
5.38 |
8/15/18 |
2,000,000 |
a |
2,231,540 |
|||||
Massachusetts Housing Finance Agency, |
4.00 |
6/1/19 |
2,725,000 |
2,949,349 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/19 |
400,000 |
455,236 |
||||||
Massachusetts Port Authority, |
4.00 |
7/1/20 |
1,000,000 |
1,126,610 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/21 |
525,000 |
630,877 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/24 |
315,000 |
388,064 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/27 |
1,345,000 |
1,579,703 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/28 |
200,000 |
240,486 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/28 |
2,500,000 |
2,920,650 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/29 |
200,000 |
239,202 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/31 |
1,500,000 |
1,774,005 |
||||||
Massachusetts Port Authority, |
5.00 |
7/1/33 |
2,000,000 |
2,375,840 |
||||||
Massachusetts School Building Authority, |
5.00 |
8/15/20 |
1,800,000 |
2,122,434 |
44
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Massachusetts - 90.5% (continued) |
||||||||||||||||||||
Massachusetts School Building Authority, |
5.00 |
8/15/26 |
4,000,000 |
4,905,400 |
||||||||||||||||
Massachusetts School Building Authority, |
5.00 |
8/15/29 |
2,700,000 |
3,254,985 |
||||||||||||||||
Massachusetts School Building Authority, |
5.00 |
8/15/30 |
2,000,000 |
2,403,800 |
||||||||||||||||
Massachusetts School Building Authority, |
4.00 |
8/15/32 |
5,000,000 |
5,491,250 |
||||||||||||||||
Massachusetts Turnpike Authority, |
5.00 |
1/1/20 |
3,105,000 |
3,403,111 |
||||||||||||||||
Massachusetts Water Pollution Abatement Trust, |
5.00 |
8/1/18 |
75,000 |
75,314 |
||||||||||||||||
Massachusetts Water Pollution Abatement Trust, |
5.25 |
8/1/20 |
1,700,000 |
2,021,640 |
||||||||||||||||
Massachusetts Water Pollution Abatement Trust, |
5.25 |
8/1/22 |
2,350,000 |
2,934,656 |
||||||||||||||||
Massachusetts Water Pollution Abatement Trust, |
5.00 |
8/1/23 |
3,000,000 |
3,761,850 |
||||||||||||||||
Massachusetts Water Pollution Abatement Trust, |
5.75 |
8/1/29 |
155,000 |
155,704 |
||||||||||||||||
Massachusetts Water Resources Authority, |
5.00 |
8/1/19 |
2,475,000 |
2,832,885 |
||||||||||||||||
Massachusetts Water Resources Authority, |
5.50 |
8/1/21 |
2,000,000 |
2,472,620 |
||||||||||||||||
Massachusetts Water Resources Authority, |
5.00 |
8/1/27 |
2,570,000 |
3,130,003 |
||||||||||||||||
Massachusetts Water Resources Authority, |
5.00 |
8/1/27 |
5,000,000 |
5,856,100 |
||||||||||||||||
Massachusetts Water Resources Authority, |
5.00 |
8/1/28 |
500,000 |
599,015 |
||||||||||||||||
Massachusetts Water Resources Authority, |
5.25 |
8/1/17 |
160,000 |
a |
170,682 |
|||||||||||||||
Massachusetts Water Resources Authority, |
5.25 |
8/1/17 |
95,000 |
a |
101,342 |
|||||||||||||||
Massachusetts Water Resources Authority, |
5.25 |
8/1/17 |
65,000 |
a |
69,339 |
|||||||||||||||
Metropolitan Boston Transit Parking Corporation, |
5.00 |
7/1/25 |
1,000,000 |
1,185,980 |
||||||||||||||||
Newton, |
5.00 |
4/1/39 |
3,750,000 |
4,206,975 |
||||||||||||||||
Newton, |
4.00 |
1/15/25 |
1,420,000 |
1,694,003 |
||||||||||||||||
307,991,565 |
||||||||||||||||||||
Michigan - .7% |
||||||||||||||||||||
Michigan Finance Authority, |
5.00 |
12/1/33 |
2,000,000 |
2,295,100 |
||||||||||||||||
New Jersey - 2.0% |
||||||||||||||||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/20 |
1,760,000 |
1,976,093 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/25 |
2,000,000 |
2,337,240 |
||||||||||||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/21 |
2,160,000 |
2,493,223 |
||||||||||||||||
6,806,556 |
||||||||||||||||||||
New York - 1.1% |
||||||||||||||||||||
New York Liberty Development Corporation, |
5.00 |
11/15/44 |
1,750,000 |
c |
1,866,935 |
|||||||||||||||
New York State Energy Research and Development Authority, |
2.00 |
5/1/20 |
2,000,000 |
2,045,720 |
||||||||||||||||
3,912,655 |
||||||||||||||||||||
Texas - .9% |
||||||||||||||||||||
North Texas Tollway Authority, |
5.00 |
1/1/33 |
2,500,000 |
2,904,550 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
U.S. Related - 1.9% |
|||||||||||
Guam, |
5.00 |
1/1/25 |
1,500,000 |
1,728,030 |
|||||||
Guam, |
6.00 |
11/1/26 |
500,000 |
600,705 |
|||||||
Guam, |
5.63 |
12/1/29 |
1,000,000 |
1,111,440 |
|||||||
Puerto Rico Commonwealth, |
5.50 |
7/1/19 |
1,000,000 |
1,042,740 |
|||||||
Puerto Rico Electric Power Authority, |
5.00 |
7/1/17 |
1,000,000 |
1,001,640 |
|||||||
Puerto Rico Highways and Transportation Authority, |
5.25 |
7/1/16 |
330,000 |
153,450 |
|||||||
Puerto Rico Infrastructure Financing Authority, |
5.00 |
7/1/20 |
2,000,000 |
d |
326,000 |
||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.75 |
8/1/32 |
1,000,000 |
e |
400,210 |
||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.25 |
8/1/33 |
750,000 |
e |
195,300 |
||||||
6,559,515 |
|||||||||||
Total Long-Term Municipal Investments |
333,305,364 |
||||||||||
Short-Term Investments - 1.7% |
|||||||||||
U.S. Treasury Bills |
0.00 |
3/3/16 |
5,800,000 |
5,799,954 |
|||||||
Total Investments (cost $322,284,539) |
99.6% |
339,105,318 |
|||||||||
Cash and Receivables (Net) |
0.4% |
1,386,436 |
|||||||||
Net Assets |
100.0% |
340,491,754 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $1,866,935 or .55% of net assets.
d Non-income producing—security in default.
e Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
Portfolio Summary (Unaudited) † |
Value (%) |
Education |
29.7 |
Transportation Services |
12.1 |
Health Care |
11.6 |
Utility-Water and Sewer |
7.6 |
Special Tax |
6.8 |
State/Territory |
6.8 |
Prerefunded |
6.6 |
City |
4.4 |
Housing |
1.8 |
U.S. Government |
1.7 |
Industrial |
1.2 |
Utility-Electric |
1.0 |
Other |
8.3 |
99.6 |
† Based on net assets.
See notes to financial statements.
46
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||||
Long-Term Municipal Investments - 97.9% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Illinois - 1.1% |
|||||||||||
Chicago, |
5.25 |
1/1/22 |
1,150,000 |
1,216,159 |
|||||||
Chicago Board of Education, |
5.25 |
12/1/35 |
1,000,000 |
810,440 |
|||||||
2,026,599 |
|||||||||||
Michigan - .8% |
|||||||||||
Michigan Finance Authority, |
5.00 |
12/1/33 |
1,150,000 |
1,319,682 |
|||||||
New Jersey - 1.4% |
|||||||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/20 |
1,000,000 |
1,122,780 |
|||||||
New Jersey Economic Development Authority, |
5.25 |
12/15/21 |
1,265,000 |
1,460,152 |
|||||||
2,582,932 |
|||||||||||
New York - 90.2% |
|||||||||||
Albany County Airport Authority, |
5.00 |
12/15/23 |
1,500,000 |
1,723,905 |
|||||||
Albany Industrial Development Agency, |
5.75 |
11/15/17 |
2,500,000 |
a |
2,718,600 |
||||||
Battery Park City Authority, |
5.00 |
11/1/23 |
1,065,000 |
1,346,778 |
|||||||
Erie County Fiscal Stability Authority, |
5.00 |
12/1/24 |
1,000,000 |
1,209,770 |
|||||||
Haverstraw-Stony Point Central School District, |
5.00 |
10/15/33 |
725,000 |
855,101 |
|||||||
Haverstraw-Stony Point Central School District, |
5.00 |
10/15/34 |
730,000 |
858,217 |
|||||||
Haverstraw-Stony Point Central School District, |
5.00 |
10/15/35 |
2,900,000 |
3,396,161 |
|||||||
Long Island Power Authority, |
5.00 |
5/1/20 |
1,000,000 |
1,154,320 |
|||||||
Long Island Power Authority, |
5.00 |
5/1/21 |
1,000,000 |
1,181,560 |
|||||||
Long Island Power Authority, |
5.00 |
9/1/24 |
1,270,000 |
1,563,268 |
|||||||
Metropolitan Transportation Authority, |
5.00 |
11/15/28 |
3,000,000 |
3,098,160 |
|||||||
Metropolitan Transportation Authority, |
6.25 |
11/15/23 |
300,000 |
345,213 |
|||||||
Metropolitan Transportation Authority, |
5.00 |
11/15/24 |
1,465,000 |
1,820,687 |
|||||||
Metropolitan Transportation Authority, |
5.00 |
11/15/28 |
2,375,000 |
2,861,922 |
|||||||
Metropolitan Transportation Authority, |
5.00 |
11/15/30 |
1,190,000 |
1,292,471 |
|||||||
Metropolitan Transportation Authority, |
0.86 |
11/1/22 |
2,200,000 |
b |
2,142,250 |
||||||
Monroe County Industrial Development Corporation, |
5.00 |
6/1/17 |
1,740,000 |
1,821,971 |
|||||||
Monroe County Industrial Development Corporation, |
4.00 |
7/1/35 |
1,940,000 |
2,096,927 |
|||||||
Nassau County, |
5.00 |
10/1/20 |
2,000,000 |
2,272,760 |
|||||||
Nassau County, |
5.00 |
4/1/29 |
1,500,000 |
1,779,105 |
|||||||
Nassau County, |
5.00 |
10/1/23 |
1,100,000 |
1,342,737 |
|||||||
Nassau County, |
5.00 |
7/1/22 |
1,840,000 |
2,017,799 |
|||||||
Nassau County Sewer and Storm Water Finance Authority, |
5.38 |
11/1/18 |
1,000,000 |
a |
1,126,240 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
New York - 90.2% (continued) |
||||||||||||||||||
New York City, |
5.25 |
9/1/23 |
1,000,000 |
1,111,140 |
||||||||||||||
New York City, |
5.00 |
8/1/29 |
2,000,000 |
2,456,720 |
||||||||||||||
New York City, |
5.00 |
8/1/16 |
15,000 |
a |
15,298 |
|||||||||||||
New York City Industrial Development Agency, |
7.00 |
3/1/49 |
1,000,000 |
1,168,150 |
||||||||||||||
New York City Municipal Water Finance Authority, |
5.00 |
6/15/44 |
2,110,000 |
2,431,754 |
||||||||||||||
New York City Transitional Finance Authority, |
5.00 |
11/1/18 |
1,750,000 |
1,952,965 |
||||||||||||||
New York City Transitional Finance Authority, |
5.00 |
11/1/25 |
1,000,000 |
1,272,340 |
||||||||||||||
New York City Transitional Finance Authority, |
5.00 |
5/1/29 |
2,000,000 |
2,367,980 |
||||||||||||||
New York City Transitional Finance Authority, |
5.00 |
11/1/31 |
1,980,000 |
2,298,305 |
||||||||||||||
New York City Trust for Cultural Resources, |
5.00 |
1/1/34 |
2,000,000 |
2,213,840 |
||||||||||||||
New York City Trust for Cultural Resources, |
5.00 |
1/1/39 |
2,500,000 |
2,765,075 |
||||||||||||||
New York City Trust for Cultural Resources, |
5.00 |
8/1/27 |
1,120,000 |
1,357,989 |
||||||||||||||
New York City Trust for Cultural Resources, |
5.00 |
8/1/31 |
1,480,000 |
1,754,525 |
||||||||||||||
New York Liberty Development Corporation, |
5.00 |
9/15/29 |
1,000,000 |
1,185,000 |
||||||||||||||
New York Liberty Development Corporation, |
5.00 |
11/15/44 |
1,500,000 |
c |
1,600,230 |
|||||||||||||
New York Local Government Assistance Corporation, |
5.00 |
4/1/21 |
2,560,000 |
2,970,086 |
||||||||||||||
New York Local Government Assistance Corporation, |
5.00 |
4/1/23 |
1,395,000 |
1,612,997 |
||||||||||||||
New York State, |
5.00 |
2/15/26 |
2,600,000 |
2,913,950 |
||||||||||||||
New York State Dormitory Authority, |
5.75 |
7/1/18 |
1,010,000 |
1,074,428 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
2/15/17 |
5,000 |
5,221 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
10/1/41 |
2,500,000 |
2,895,575 |
||||||||||||||
New York State Dormitory Authority, |
5.63 |
11/1/35 |
1,000,000 |
1,189,710 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/23 |
1,000,000 |
1,209,130 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/26 |
3,000,000 |
3,423,840 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/23 |
650,000 |
796,900 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/31 |
2,000,000 |
2,419,640 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/37 |
2,155,000 |
2,521,264 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/43 |
2,400,000 |
2,765,184 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
5/1/27 |
1,000,000 |
1,215,500 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/23 |
1,000,000 |
1,158,110 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
10/1/18 |
1,540,000 |
1,707,059 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/32 |
1,530,000 |
1,793,894 |
48
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
New York - 90.2% (continued) |
||||||||||||||||||
New York State Dormitory Authority, |
5.00 |
7/1/40 |
3,000,000 |
3,376,230 |
||||||||||||||
New York State Dormitory Authority, |
5.50 |
7/1/23 |
1,765,000 |
2,245,468 |
||||||||||||||
New York State Dormitory Authority, |
5.75 |
3/15/36 |
1,000,000 |
1,144,800 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
2/15/20 |
1,000,000 |
1,157,080 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/20 |
1,000,000 |
1,160,040 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/32 |
1,500,000 |
1,809,570 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/21 |
1,000,000 |
1,200,970 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
3/15/26 |
1,500,000 |
1,867,110 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
5/15/24 |
1,975,000 |
2,393,483 |
||||||||||||||
New York State Energy Research and Development Authority, |
2.00 |
5/1/20 |
2,000,000 |
2,045,720 |
||||||||||||||
New York State Enviornmental Facilities Corporation, |
5.00 |
6/15/26 |
2,000,000 |
2,464,700 |
||||||||||||||
New York State Environmental Facilities Corporation, |
5.00 |
5/15/26 |
2,700,000 |
3,367,629 |
||||||||||||||
New York State Medical Care Facilities Finance Agency, |
6.38 |
11/15/20 |
135,000 |
135,716 |
||||||||||||||
New York State Thruway Authority, |
5.00 |
1/1/32 |
1,000,000 |
1,179,750 |
||||||||||||||
New York State Thruway Authority, |
5.00 |
1/1/31 |
2,000,000 |
2,399,520 |
||||||||||||||
New York State Thruway Authority, |
5.00 |
5/1/19 |
1,000,000 |
1,130,390 |
||||||||||||||
New York State Urban Development Corporation, |
5.00 |
1/1/20 |
2,075,000 |
2,391,894 |
||||||||||||||
New York State Urban Development Corporation, |
5.25 |
1/1/24 |
2,375,000 |
2,625,254 |
||||||||||||||
New York State Urban Development Corporation, |
5.00 |
3/15/23 |
1,410,000 |
1,733,637 |
||||||||||||||
New York State Urban Development Corporation, |
5.00 |
3/15/29 |
1,000,000 |
1,203,630 |
||||||||||||||
Onondaga County Trust for Cultural Resources, |
5.00 |
12/1/19 |
2,500,000 |
2,888,500 |
||||||||||||||
Oyster Bay, |
4.00 |
11/1/19 |
2,000,000 |
2,192,720 |
||||||||||||||
Oyster Bay, |
5.00 |
3/15/21 |
1,330,000 |
1,561,819 |
||||||||||||||
Oyster Bay, |
5.00 |
8/15/22 |
1,715,000 |
2,062,459 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
9/1/31 |
1,010,000 |
1,214,394 |
||||||||||||||
Port Authority of New York and New Jersey, |
5.00 |
5/1/30 |
1,000,000 |
1,221,170 |
||||||||||||||
Sales Tax Asset Receivable Corporation, |
5.00 |
10/15/21 |
1,585,000 |
1,928,533 |
||||||||||||||
Sales Tax Asset Receivable Corporation, |
5.00 |
10/15/23 |
3,000,000 |
3,781,620 |
||||||||||||||
Sales Tax Asset Receivable Corporation, |
5.00 |
10/15/31 |
1,060,000 |
1,292,988 |
||||||||||||||
Suffolk County, |
5.00 |
2/1/22 |
1,000,000 |
1,202,260 |
||||||||||||||
Triborough Bridge and Tunnel Authority, |
5.25 |
1/1/22 |
1,000,000 |
a |
1,233,100 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||||||||||||||||||
Long-Term Municipal Investments - 97.9% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
New York - 90.2% (continued) |
||||||||||||||||||||
Utility Debt Securitization Authority of New York, |
5.00 |
6/15/26 |
2,000,000 |
2,481,360 |
||||||||||||||||
Westchester County Health Care Corporation, |
5.00 |
11/1/20 |
1,400,000 |
1,616,720 |
||||||||||||||||
Westchester County Health Care Corporation, |
5.00 |
11/1/24 |
1,500,000 |
1,732,995 |
||||||||||||||||
Yonkers, |
5.00 |
9/1/21 |
2,640,000 |
3,156,252 |
||||||||||||||||
164,249,202 |
||||||||||||||||||||
Texas - 1.3% |
||||||||||||||||||||
North Texas Tollway Authority, |
5.00 |
1/1/33 |
2,000,000 |
2,323,640 |
||||||||||||||||
U.S. Related - 3.1% |
||||||||||||||||||||
Guam, |
5.00 |
1/1/24 |
1,000,000 |
1,160,930 |
||||||||||||||||
Guam, |
5.00 |
11/1/16 |
1,000,000 |
1,028,890 |
||||||||||||||||
Puerto Rico Commonwealth, |
5.50 |
7/1/19 |
2,500,000 |
2,606,850 |
||||||||||||||||
Puerto Rico Housing Finance Authority, |
5.00 |
12/1/18 |
260,000 |
270,044 |
||||||||||||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.75 |
8/1/32 |
1,200,000 |
d |
480,252 |
|||||||||||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.25 |
8/1/33 |
500,000 |
d |
130,200 |
|||||||||||||||
5,677,166 |
||||||||||||||||||||
Total Long-Term Municipal Investments |
178,179,221 |
|||||||||||||||||||
Short-Term Investments - 1.2% |
||||||||||||||||||||
U.S. Treasury Bills |
0.00 |
3/3/16 |
2,200,000 |
2,199,982 |
||||||||||||||||
Total Investments (cost $171,208,386) |
99.1% |
180,379,203 |
||||||||||||||||||
Cash and Receivables (Net) |
0.9% |
1,719,458 |
||||||||||||||||||
Net Assets |
100.0% |
182,098,661 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $1,600,230 or .88% of net assets.
d Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
50
Portfolio Summary (Unaudited) † |
Value (%) |
Education |
26.7 |
Special Tax |
19.0 |
Transportation Services |
11.6 |
County |
6.8 |
Utility-Water and Sewer |
6.1 |
Health Care |
5.6 |
City |
4.9 |
Utility-Electric |
3.5 |
Industrial |
3.3 |
Prerefunded |
2.8 |
U.S. Government |
1.2 |
Lease |
.8 |
Other |
6.8 |
99.1 |
† Based on net assets.
See notes to financial statements.
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund | |||||||||||
Long-Term Municipal Investments - 103.7% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Alabama - 1.9% |
|||||||||||
Jefferson County, |
5.25 |
1/1/18 |
5,000,000 |
5,048,800 |
|||||||
Jefferson County, |
6.00 |
10/1/42 |
5,000,000 |
5,830,250 |
|||||||
Lower Alabama Gas District, |
5.00 |
9/1/46 |
7,500,000 |
8,785,275 |
|||||||
Tuscaloosa Public Educational Building Authority, |
6.75 |
7/1/33 |
1,100,000 |
1,227,226 |
|||||||
20,891,551 |
|||||||||||
Arizona - .9% |
|||||||||||
Arizona Board of Regents, |
6.00 |
7/1/18 |
750,000 |
a |
841,763 |
||||||
Arizona Health Facilities Authority, |
5.00 |
2/1/42 |
6,000,000 |
6,499,140 |
|||||||
University Medical Center Corporation, |
6.00 |
7/1/21 |
2,500,000 |
a |
3,128,275 |
||||||
10,469,178 |
|||||||||||
California - 17.0% |
|||||||||||
Anaheim Public Financing Authority, |
5.00 |
5/1/46 |
2,000,000 |
2,278,580 |
|||||||
California, |
5.50 |
3/1/40 |
7,950,000 |
9,208,644 |
|||||||
California Health Facilities Financing Authority, |
6.50 |
10/1/18 |
10,000 |
a |
11,483 |
||||||
California Health Facilities Financing Authority, |
6.50 |
10/1/18 |
490,000 |
a |
562,643 |
||||||
California Health Facilities Financing Authority, |
5.00 |
7/1/37 |
2,270,000 |
2,628,501 |
|||||||
California Infrastructure and Economic Development Bank, |
5.25 |
10/1/34 |
900,000 |
1,049,139 |
|||||||
California Municipal Finance Authority, |
6.00 |
1/1/42 |
6,000,000 |
7,177,260 |
|||||||
California Municipal Finance Authority, |
6.50 |
11/1/31 |
300,000 |
362,517 |
|||||||
California Municipal Finance Authority, |
5.00 |
6/1/35 |
600,000 |
676,278 |
|||||||
California Municipal Finance Authority, |
5.00 |
6/1/50 |
2,750,000 |
3,017,080 |
|||||||
California Pollution Control Financing Authority, |
5.00 |
11/21/45 |
6,000,000 |
b |
6,141,840 |
||||||
California State Public Works Board, |
5.00 |
12/1/31 |
2,000,000 |
2,373,640 |
|||||||
California Statewide Communities Development Authority, |
6.75 |
8/1/19 |
2,230,000 |
a |
2,682,199 |
||||||
California Statewide Communities Development Authority, |
5.25 |
12/1/44 |
2,000,000 |
2,165,340 |
|||||||
California Statewide Communities Development Authority, |
6.00 |
8/15/42 |
6,000,000 |
7,186,680 |
|||||||
California Statewide Communities Development Authority, |
5.38 |
5/15/38 |
1,900,000 |
2,151,864 |
|||||||
Capistrano Unified School District Community Facilities District Number 90-2, |
5.00 |
9/1/32 |
4,000,000 |
4,525,480 |
|||||||
Desert Community College District, |
5.00 |
8/1/17 |
6,800,000 |
a |
7,240,096 |
||||||
Galt Redevelopment Agency, |
7.38 |
9/1/33 |
2,000,000 |
2,488,860 |
52
BNY Mellon Municipal Opportunities Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
California - 17.0% (continued) |
||||||||||||||||||
Golden State Tobacco Securitization Corporation, |
5.00 |
6/1/40 |
10,000,000 |
11,492,100 |
||||||||||||||
Grant Joint Union High School District, |
0.00 |
8/1/29 |
2,080,000 |
c |
1,309,901 |
|||||||||||||
Grant Joint Union High School District, |
0.00 |
2/1/33 |
4,380,000 |
c |
2,361,127 |
|||||||||||||
Irvine Reassessment District Number 12-1, |
4.00 |
9/2/29 |
1,000,000 |
1,073,600 |
||||||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 3847), |
5.25 |
5/15/18 |
10,000,000 |
b,d |
11,794,100 |
|||||||||||||
Long Beach, |
5.00 |
5/15/40 |
2,500,000 |
2,770,125 |
||||||||||||||
Long Beach, |
5.00 |
5/15/45 |
2,000,000 |
2,202,920 |
||||||||||||||
Los Angeles County Public Works Financing Authority, |
5.00 |
12/1/34 |
1,000,000 |
1,177,390 |
||||||||||||||
Los Angeles County Public Works Financing Authority, |
5.00 |
12/1/39 |
1,000,000 |
1,155,450 |
||||||||||||||
Los Angeles County Public Works Financing Authority, |
5.00 |
12/1/44 |
1,000,000 |
1,147,970 |
||||||||||||||
Los Angeles Unified School District, |
5.00 |
1/1/34 |
1,000,000 |
1,125,760 |
||||||||||||||
Metropolitan Water District of Southern California, |
6.54 |
7/1/39 |
4,600,000 |
5,150,482 |
||||||||||||||
Metropolitan Water District of Southern California, |
6.95 |
7/1/40 |
4,000,000 |
4,731,400 |
||||||||||||||
New Haven Unified School District, |
0.00 |
8/1/32 |
2,500,000 |
c |
1,410,900 |
|||||||||||||
Northern California Gas Authority Number 1, |
1.13 |
7/1/27 |
660,000 |
e |
597,227 |
|||||||||||||
Oakland Unified School District, |
5.00 |
8/1/40 |
3,000,000 |
3,368,700 |
||||||||||||||
Oakland Unified School District, |
9.50 |
8/1/34 |
10,000,000 |
11,976,000 |
||||||||||||||
Riverside County Transportation Commission, |
5.25 |
6/1/30 |
2,000,000 |
2,444,460 |
||||||||||||||
Riverside County Transportation Commission, |
5.25 |
6/1/31 |
2,000,000 |
2,429,360 |
||||||||||||||
Riverside County Transportation Commission, |
5.25 |
6/1/33 |
3,500,000 |
4,209,555 |
||||||||||||||
Riverside County Transportation Commission, |
5.75 |
6/1/44 |
2,000,000 |
2,306,780 |
||||||||||||||
Riverside County Transportation Commission, |
5.75 |
6/1/48 |
5,000,000 |
5,760,000 |
||||||||||||||
San Diego Regional Building Authority, |
5.38 |
2/1/19 |
2,000,000 |
a |
2,264,980 |
|||||||||||||
San Diego Unified School District, |
0.00 |
7/1/25 |
4,000,000 |
c |
3,205,600 |
|||||||||||||
San Diego Unified School District, |
4.00 |
7/1/33 |
1,000,000 |
1,106,650 |
||||||||||||||
San Diego Unified School District, |
4.00 |
7/1/35 |
2,205,000 |
2,421,046 |
||||||||||||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, |
0.00 |
8/1/38 |
2,000,000 |
c |
611,740 |
|||||||||||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, |
0.00 |
8/1/43 |
7,835,000 |
c |
1,770,083 |
|||||||||||||
San Francisco City and County Redevelopment Financing Authority, |
6.63 |
8/1/41 |
1,250,000 |
1,516,262 |
||||||||||||||
San Joaquin Hills Transportation Corridor Agency, |
5.00 |
1/15/50 |
5,000,000 |
5,464,100 |
||||||||||||||
South Bayside Waste Management Authority, |
6.00 |
9/1/36 |
1,000,000 |
1,147,080 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
California - 17.0% (continued) |
|||||||||||||||||||
University of California Regents, |
5.00 |
5/15/31 |
6,385,000 |
7,761,159 |
|||||||||||||||
University of California Regents, |
5.00 |
5/15/37 |
14,605,000 |
16,972,470 |
|||||||||||||||
190,164,601 |
|||||||||||||||||||
Colorado - .3% |
|||||||||||||||||||
City and County of Denver, |
5.00 |
11/15/21 |
1,500,000 |
1,779,180 |
|||||||||||||||
City and County of Denver, |
5.25 |
11/15/19 |
1,000,000 |
1,073,930 |
|||||||||||||||
Colorado Health Facilities Authority, |
6.00 |
10/1/23 |
500,000 |
561,960 |
|||||||||||||||
3,415,070 |
|||||||||||||||||||
Delaware - 1.2% |
|||||||||||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 4359), |
5.00 |
5/1/21 |
12,230,000 |
b,d |
13,958,319 |
||||||||||||||
District of Columbia - 1.1% |
|||||||||||||||||||
District of Columbia, |
5.00 |
6/1/32 |
3,500,000 |
3,747,905 |
|||||||||||||||
District of Columbia, |
6.00 |
7/1/33 |
1,100,000 |
1,284,162 |
|||||||||||||||
District of Columbia, |
6.00 |
7/1/43 |
1,700,000 |
1,972,646 |
|||||||||||||||
District of Columbia, |
6.00 |
7/1/48 |
1,450,000 |
1,672,415 |
|||||||||||||||
District of Columbia Water and Sewer Authority, |
5.00 |
10/1/39 |
3,000,000 |
3,530,340 |
|||||||||||||||
12,207,468 |
|||||||||||||||||||
Florida - 3.6% |
|||||||||||||||||||
Brevard County Health Facilities Authority, |
7.00 |
4/1/19 |
1,675,000 |
a |
1,989,515 |
||||||||||||||
Collier County Health Facilities Authority, |
5.00 |
5/1/45 |
2,500,000 |
2,799,225 |
|||||||||||||||
Florida Municipal Power Agency, |
6.25 |
10/1/19 |
1,000,000 |
a |
1,191,050 |
||||||||||||||
Higher Educational Facilities Financing Authority, |
5.25 |
4/1/42 |
1,100,000 |
1,197,779 |
|||||||||||||||
Jacksonville, |
5.00 |
10/1/30 |
750,000 |
878,513 |
|||||||||||||||
Miami Beach Redevelopment Agency, |
5.00 |
2/1/40 |
7,545,000 |
8,488,578 |
|||||||||||||||
Miami-Dade County, |
5.50 |
10/1/41 |
1,200,000 |
1,375,728 |
|||||||||||||||
Miami-Dade County, |
5.50 |
10/1/42 |
14,145,000 |
16,476,520 |
|||||||||||||||
Miami-Dade County Expressway Authority, |
5.00 |
7/1/40 |
1,050,000 |
1,177,712 |
|||||||||||||||
Orange County Industrial Development Authority, |
8.00 |
7/1/36 |
2,000,000 |
b |
2,060,100 |
||||||||||||||
Sarasota County Public Hospital District, |
5.63 |
7/1/39 |
2,000,000 |
2,215,880 |
|||||||||||||||
39,850,600 |
|||||||||||||||||||
Georgia - .3% |
|||||||||||||||||||
Atlanta Development Authority, |
5.25 |
7/1/44 |
1,500,000 |
1,753,080 |
|||||||||||||||
Burke County Development Authority, |
7.00 |
1/1/23 |
1,000,000 |
1,106,510 |
|||||||||||||||
2,859,590 |
54
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Hawaii - 3.7% |
|||||||||||||||||||
Hawaii Department of Budget and Finance, |
6.50 |
7/1/39 |
6,000,000 |
6,818,700 |
|||||||||||||||
Hawaii Department of Budget and Finance, |
5.00 |
7/1/35 |
7,000,000 |
8,201,060 |
|||||||||||||||
Hawaii Department of Budget and Finance, |
5.13 |
11/15/32 |
1,000,000 |
1,099,220 |
|||||||||||||||
Hawaii Department of Budget and Finance, |
5.25 |
11/15/37 |
1,000,000 |
1,100,360 |
|||||||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 4007), |
5.00 |
12/1/19 |
20,000,000 |
b,d |
24,295,947 |
||||||||||||||
41,515,287 |
|||||||||||||||||||
Idaho - .4% |
|||||||||||||||||||
Idaho Health Facilities Authority, |
5.00 |
12/1/32 |
3,900,000 |
4,488,042 |
|||||||||||||||
Illinois - 9.1% |
|||||||||||||||||||
Chicago, |
5.50 |
1/1/43 |
4,000,000 |
4,571,440 |
|||||||||||||||
Chicago, |
5.00 |
1/1/31 |
15,000,000 |
17,657,550 |
|||||||||||||||
Chicago, |
5.75 |
1/1/39 |
2,500,000 |
2,916,450 |
|||||||||||||||
Chicago, |
6.50 |
1/1/41 |
5,000,000 |
6,024,950 |
|||||||||||||||
Chicago, |
5.50 |
1/1/40 |
5,000,000 |
5,003,050 |
|||||||||||||||
Chicago, |
5.50 |
1/1/42 |
1,750,000 |
1,749,860 |
|||||||||||||||
Chicago, |
5.50 |
1/1/42 |
1,250,000 |
1,249,900 |
|||||||||||||||
Chicago, |
7.75 |
1/1/42 |
5,000,000 |
5,041,850 |
|||||||||||||||
Chicago, |
5.00 |
1/1/35 |
5,000,000 |
4,822,250 |
|||||||||||||||
Chicago, |
5.00 |
1/1/39 |
1,000,000 |
1,083,860 |
|||||||||||||||
Chicago Board of Education, |
5.25 |
12/1/39 |
18,500,000 |
14,793,155 |
|||||||||||||||
Chicago Board of Education, |
7.00 |
12/1/44 |
5,000,000 |
4,399,350 |
|||||||||||||||
Illinois, |
5.50 |
7/1/33 |
2,500,000 |
2,742,975 |
|||||||||||||||
Illinois, |
5.50 |
7/1/38 |
2,500,000 |
2,711,500 |
|||||||||||||||
Illinois, |
5.00 |
2/1/39 |
5,000,000 |
5,249,850 |
|||||||||||||||
Illinois Finance Authority, |
6.25 |
10/1/33 |
2,760,000 |
3,150,678 |
|||||||||||||||
Illinois Finance Authority, |
5.25 |
5/15/47 |
4,250,000 |
4,380,772 |
|||||||||||||||
Illinois Finance Authority, |
5.63 |
5/15/42 |
3,000,000 |
3,183,810 |
|||||||||||||||
Illinois Finance Authority, |
5.50 |
7/1/28 |
1,560,000 |
1,836,479 |
|||||||||||||||
Illinois Finance Authority, |
6.50 |
7/1/34 |
2,140,000 |
2,375,550 |
|||||||||||||||
Illinois Finance Authority, |
6.00 |
7/1/43 |
5,000,000 |
5,968,550 |
|||||||||||||||
Illinois Finance Authority, |
6.00 |
3/1/38 |
1,000,000 |
1,113,040 |
|||||||||||||||
102,026,869 |
|||||||||||||||||||
Indiana - .7% |
|||||||||||||||||||
Indiana Finance Authority, |
5.25 |
2/1/35 |
5,000,000 |
5,944,400 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||
Indiana - .7% (continued) |
|||||||||||||||||
Indiana Finance Authority, |
5.25 |
9/1/40 |
2,000,000 |
2,246,160 |
|||||||||||||
8,190,560 |
|||||||||||||||||
Kentucky - .5% |
|||||||||||||||||
Kentucky Property and Buildings Commission, |
5.38 |
11/1/23 |
1,500,000 |
1,682,295 |
|||||||||||||
Kentucky Public Transportation Infrastructure Authority, |
5.75 |
7/1/49 |
3,000,000 |
3,410,520 |
|||||||||||||
5,092,815 |
|||||||||||||||||
Louisiana - 1.6% |
|||||||||||||||||
Jefferson Parish Hospital Service District Number 2, |
6.25 |
7/1/31 |
5,000,000 |
5,693,250 |
|||||||||||||
Louisiana Citizens Property Insurance Corporation, |
6.13 |
6/1/25 |
5,000,000 |
5,580,800 |
|||||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, |
5.00 |
10/1/39 |
2,000,000 |
2,260,420 |
|||||||||||||
Louisiana Public Facilities Authority, |
6.00 |
7/1/29 |
1,000,000 |
1,144,230 |
|||||||||||||
New Orleans, |
5.00 |
12/1/34 |
500,000 |
571,920 |
|||||||||||||
New Orleans Aviation Board, |
6.00 |
1/1/23 |
2,000,000 |
2,267,720 |
|||||||||||||
17,518,340 |
|||||||||||||||||
Maine - .8% |
|||||||||||||||||
Maine Health and Higher Educational Facilities Authority, |
6.00 |
7/1/26 |
825,000 |
929,519 |
|||||||||||||
Maine Health and Higher Educational Facilities Authority, |
6.75 |
7/1/41 |
2,725,000 |
3,100,096 |
|||||||||||||
Maine Health and Higher Educational Facilities Authority, |
7.00 |
7/1/41 |
4,240,000 |
4,878,714 |
|||||||||||||
8,908,329 |
|||||||||||||||||
Maryland - 3.3% |
|||||||||||||||||
Maryland, |
4.00 |
3/15/25 |
27,810,000 |
30,856,307 |
|||||||||||||
Maryland Economic Development Corporation, |
5.75 |
6/1/35 |
3,500,000 |
3,827,460 |
|||||||||||||
Maryland Health and Higher Educational Facilities Authority, |
6.75 |
7/1/19 |
2,000,000 |
a |
2,391,640 |
||||||||||||
Maryland Health and Higher Educational Facilities Authority, |
5.13 |
7/1/39 |
250,000 |
269,805 |
|||||||||||||
37,345,212 |
|||||||||||||||||
Massachusetts - 6.1% |
|||||||||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 3896), |
5.00 |
4/1/19 |
15,000,000 |
b,d |
17,982,487 |
||||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 4357), |
5.00 |
8/15/20 |
10,000,000 |
b,d |
12,018,976 |
||||||||||||
Massachusetts, |
5.00 |
11/1/24 |
5,350,000 |
6,622,551 |
|||||||||||||
Massachusetts Development Finance Agency, |
5.25 |
11/15/41 |
4,370,000 |
5,017,896 |
|||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/40 |
5,500,000 |
6,379,340 |
|||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/44 |
2,500,000 |
2,780,625 |
|||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
4/15/40 |
1,500,000 |
1,624,755 |
|||||||||||||
Massachusetts Development Finance Agency, |
5.00 |
10/1/36 |
2,115,000 |
2,386,164 |
|||||||||||||
Massachusetts Development Finance Agency, |
7.25 |
1/1/32 |
3,090,000 |
3,743,133 |
|||||||||||||
Massachusetts Development Finance Agency, |
6.75 |
1/1/36 |
1,165,000 |
1,374,444 |
|||||||||||||
Massachusetts Development Finance Agency, |
6.88 |
1/1/41 |
1,000,000 |
1,181,420 |
56
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Massachusetts - 6.1% (continued) |
|||||||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/36 |
3,500,000 |
4,005,925 |
|||||||
Massachusetts Development Finance Agency, |
5.00 |
7/1/41 |
1,850,000 |
2,096,642 |
|||||||
Massachusetts Health and Educational Facilities Authority, |
7.50 |
10/1/18 |
205,000 |
a |
240,758 |
||||||
Massachusetts Health and Educational Facilities Authority, |
7.50 |
10/1/18 |
295,000 |
a |
346,457 |
||||||
Massachusetts Water Pollution Abatement Trust, |
5.75 |
8/1/29 |
50,000 |
50,227 |
|||||||
67,851,800 |
|||||||||||
Michigan - 2.4% |
|||||||||||
Detroit, |
5.00 |
7/1/22 |
950,000 |
959,994 |
|||||||
Michigan Building Authority, |
5.00 |
10/15/33 |
6,760,000 |
7,825,106 |
|||||||
Michigan Building Authority, |
5.38 |
10/15/41 |
3,000,000 |
3,471,930 |
|||||||
Michigan Finance Authority, |
5.00 |
8/1/32 |
2,000,000 |
2,325,600 |
|||||||
Michigan Finance Authority, |
5.00 |
12/1/38 |
6,475,000 |
7,326,657 |
|||||||
Michigan Finance Authority, |
5.00 |
5/1/25 |
1,250,000 |
1,514,613 |
|||||||
Michigan Finance Authority, |
5.00 |
6/1/19 |
1,000,000 |
1,089,830 |
|||||||
Michigan Finance Authority, |
5.00 |
6/1/20 |
500,000 |
555,695 |
|||||||
Wayne County Airport Authority, |
5.00 |
12/1/21 |
700,000 |
821,226 |
|||||||
Wayne County Airport Authority, |
5.00 |
12/1/39 |
500,000 |
566,595 |
|||||||
26,457,246 |
|||||||||||
Minnesota - 2.9% |
|||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 3844), |
5.00 |
8/1/18 |
17,125,000 |
b,d |
20,082,751 |
||||||
JPMorgan Chase Putters/Drivers Trust (Series 3845), |
5.00 |
8/1/18 |
10,000,000 |
b,d |
11,779,000 |
||||||
Minneapolis, |
6.63 |
11/15/18 |
1,000,000 |
a |
1,156,560 |
||||||
33,018,311 |
|||||||||||
Mississippi - .3% |
|||||||||||
Mississippi Development Bank, |
6.88 |
12/1/40 |
1,625,000 |
2,179,206 |
|||||||
Warren County, |
5.80 |
5/1/34 |
1,500,000 |
1,706,700 |
|||||||
3,885,906 |
|||||||||||
Nevada - 1.0% |
|||||||||||
Clark County, |
6.88 |
7/1/42 |
10,000,000 |
11,288,300 |
|||||||
New Hampshire - 1.1% |
|||||||||||
New Hampshire Business Finance Authority, |
0.56 |
5/1/21 |
12,250,000 |
e |
11,775,312 |
||||||
New Jersey - 4.0% |
|||||||||||
New Jersey, |
5.25 |
6/15/28 |
1,000,000 |
1,084,760 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
New Jersey - 4.0% (continued) |
|||||||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/26 |
2,500,000 |
2,695,975 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.13 |
1/1/34 |
5,325,000 |
5,963,840 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.38 |
1/1/43 |
5,500,000 |
6,133,490 |
|||||||||||||||
New Jersey Economic Development Authority, |
5.00 |
6/15/29 |
13,000,000 |
14,755,000 |
|||||||||||||||
New Jersey Educational Facilities Authority, |
7.50 |
6/1/19 |
2,000,000 |
a |
2,418,200 |
||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
6.25 |
7/1/35 |
1,500,000 |
1,626,945 |
|||||||||||||||
New Jersey Transportation Trust Fund Authority, |
5.25 |
12/15/21 |
7,000,000 |
7,903,000 |
|||||||||||||||
New Jersey Transportation Trust Fund Authority, |
0.00 |
12/15/29 |
5,000,000 |
c |
2,639,600 |
||||||||||||||
45,220,810 |
|||||||||||||||||||
New York - 11.6% |
|||||||||||||||||||
Brooklyn Arena Local Development Corporation, |
6.00 |
7/15/30 |
9,500,000 |
10,889,755 |
|||||||||||||||
Brooklyn Arena Local Development Corporation, |
6.25 |
7/15/40 |
6,000,000 |
6,938,220 |
|||||||||||||||
Brooklyn Arena Local Development Corporation, |
6.38 |
7/15/43 |
4,000,000 |
4,640,960 |
|||||||||||||||
Build New York City Resource Corporation, |
5.50 |
9/1/45 |
1,750,000 |
b |
1,905,312 |
||||||||||||||
Build New York City Resource Corporation, |
5.00 |
1/1/35 |
1,000,000 |
b |
1,080,670 |
||||||||||||||
Hudson Yards Infrastructure Corporation, |
5.75 |
2/15/47 |
5,000,000 |
5,816,150 |
|||||||||||||||
Metropolitan Transportation Authority, |
6.50 |
11/15/28 |
665,000 |
769,485 |
|||||||||||||||
Metropolitan Transportation Authority, |
0.86 |
11/1/22 |
11,000,000 |
e |
10,711,250 |
||||||||||||||
New York City, |
6.00 |
10/15/23 |
365,000 |
416,370 |
|||||||||||||||
New York City, |
6.00 |
10/15/18 |
135,000 |
a |
153,842 |
||||||||||||||
New York City Industrial Development Agency, |
6.50 |
1/1/46 |
325,000 |
369,697 |
|||||||||||||||
New York City Industrial Development Agency, |
7.00 |
3/1/49 |
1,300,000 |
1,518,595 |
|||||||||||||||
New York City Industrial Development Agency, |
1.52 |
3/1/20 |
5,000,000 |
e |
4,843,300 |
||||||||||||||
New York City Municipal Water Finance Authority, |
5.75 |
12/15/16 |
9,000,000 |
b,d |
9,990,900 |
||||||||||||||
New York City Municipal Water Finance Authority, |
5.75 |
12/15/16 |
5,090,000 |
b,d |
5,650,401 |
||||||||||||||
New York City Municipal Water Finance Authority, |
5.00 |
6/15/34 |
10,000,000 |
11,825,400 |
|||||||||||||||
New York Liberty Development Corporation, |
5.75 |
11/15/51 |
5,000,000 |
5,830,700 |
|||||||||||||||
New York Liberty Development Corporation, |
5.00 |
3/15/44 |
2,000,000 |
2,198,700 |
|||||||||||||||
New York Liberty Development Corporation, |
5.00 |
11/15/44 |
10,000,000 |
b |
10,668,200 |
||||||||||||||
New York State Dormitory Authority, |
5.00 |
5/1/38 |
500,000 |
539,565 |
|||||||||||||||
New York State Dormitory Authority, |
5.75 |
3/15/36 |
1,000,000 |
1,144,800 |
58
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||
New York - 11.6% (continued) |
|||||||||||||||||
New York State Energy Research and Development Authority, |
1.21 |
4/1/34 |
17,410,000 |
e |
16,626,550 |
||||||||||||
Port Authority of New York and New Jersey, |
6.00 |
12/1/42 |
5,000,000 |
5,890,350 |
|||||||||||||
Triborough Bridge and Tunnel Authority, |
0.00 |
11/15/27 |
2,000,000 |
c |
1,432,280 |
||||||||||||
Triborough Bridge and Tunnel Authority, |
0.00 |
11/15/28 |
4,715,000 |
c |
3,232,180 |
||||||||||||
Triborough Bridge and Tunnel Authority, |
0.00 |
11/15/31 |
5,000,000 |
c |
3,126,250 |
||||||||||||
Triborough Bridge and Tunnel Authority, |
0.00 |
11/15/32 |
3,000,000 |
c |
1,813,830 |
||||||||||||
130,023,712 |
|||||||||||||||||
North Carolina - .0% |
|||||||||||||||||
North Carolina Eastern Municipal Power Agency, |
6.00 |
1/1/19 |
150,000 |
164,105 |
|||||||||||||
Ohio - 1.0% |
|||||||||||||||||
Montgomery County, |
6.25 |
10/1/33 |
1,115,000 |
1,253,372 |
|||||||||||||
Ohio, |
5.00 |
12/31/39 |
1,200,000 |
1,326,144 |
|||||||||||||
Ohio, |
5.00 |
12/31/35 |
3,000,000 |
3,388,770 |
|||||||||||||
Ohio, |
5.00 |
12/31/39 |
2,000,000 |
2,237,080 |
|||||||||||||
Ohio Turnpike and Infrastructure Commission, |
0/5.70 |
2/15/34 |
3,000,000 |
f |
2,705,280 |
||||||||||||
10,910,646 |
|||||||||||||||||
Oregon - .2% |
|||||||||||||||||
Oregon Health and Science University, |
5.75 |
7/1/19 |
2,000,000 |
a |
2,325,140 |
||||||||||||
Pennsylvania - 1.3% |
|||||||||||||||||
Pennsylvania Economic Development Financing Authority, |
5.00 |
12/1/43 |
4,425,000 |
5,035,517 |
|||||||||||||
Pennsylvania Higher Educational Facilities Authority, |
5.00 |
7/1/32 |
1,000,000 |
1,097,680 |
|||||||||||||
Pennsylvania Higher Educational Facilities Authority, |
5.75 |
8/15/41 |
2,550,000 |
2,993,317 |
|||||||||||||
Pennsylvania Turnpike Commission, |
5.00 |
6/1/30 |
5,000,000 |
5,864,000 |
|||||||||||||
14,990,514 |
|||||||||||||||||
Rhode Island - .7% |
|||||||||||||||||
Rhode Island Health and Educational Building Corporation, |
5.00 |
11/1/45 |
7,000,000 |
7,972,020 |
|||||||||||||
Texas - 17.9% |
|||||||||||||||||
Austin, |
5.00 |
11/15/39 |
13,555,000 |
15,663,887 |
|||||||||||||
Central Texas Regional Mobility Authority, |
5.00 |
1/1/40 |
7,300,000 |
8,246,226 |
|||||||||||||
Central Texas Regional Mobility Authority, |
6.00 |
1/1/41 |
5,000,000 |
5,930,600 |
|||||||||||||
Clifton Higher Education Finance Corporation, |
5.50 |
8/15/31 |
1,250,000 |
1,389,263 |
|||||||||||||
Clifton Higher Education Finance Corporation, |
5.00 |
8/15/32 |
2,745,000 |
2,968,141 |
|||||||||||||
Clifton Higher Education Finance Corporation, |
6.00 |
8/15/33 |
1,500,000 |
1,794,120 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | ||||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||
Texas - 17.9% (continued) |
||||||||||||||||||
Clifton Higher Education Finance Corporation, |
5.75 |
8/15/41 |
1,000,000 |
1,120,640 |
||||||||||||||
Clifton Higher Education Finance Corporation, |
5.00 |
8/15/42 |
2,750,000 |
2,931,225 |
||||||||||||||
Clifton Higher Education Finance Corporation, |
6.00 |
8/15/43 |
2,770,000 |
3,302,948 |
||||||||||||||
Clifton Higher Education Finance Corporation, |
5.00 |
12/1/45 |
3,855,000 |
4,207,347 |
||||||||||||||
Clint Independent School District, |
5.00 |
8/15/45 |
5,000,000 |
5,813,850 |
||||||||||||||
Dallas and Fort Worth, |
5.00 |
11/1/32 |
7,500,000 |
8,376,225 |
||||||||||||||
Grand Parkway Transportation Corporation, |
5.50 |
4/1/53 |
4,500,000 |
5,053,995 |
||||||||||||||
Grand Parkway Transportation Corporation, |
0/5.20 |
10/1/31 |
2,000,000 |
f |
1,708,820 |
|||||||||||||
Grand Parkway Transportation Corporation, |
0/5.40 |
10/1/33 |
2,500,000 |
f |
2,118,525 |
|||||||||||||
Grand Parkway Transportation Corporation, |
0/5.45 |
10/1/34 |
2,235,000 |
f |
1,886,720 |
|||||||||||||
Harris County Health Facilities Development Corporation, |
7.00 |
12/1/18 |
1,000,000 |
a |
1,171,320 |
|||||||||||||
Houston, |
5.00 |
7/1/32 |
500,000 |
556,400 |
||||||||||||||
Houston, |
0.86 |
7/1/30 |
10,650,000 |
e |
9,798,000 |
|||||||||||||
Houston, |
0.86 |
7/1/30 |
3,650,000 |
e |
3,358,000 |
|||||||||||||
Houston Higher Education Finance Corporation, |
6.50 |
5/15/31 |
1,270,000 |
1,513,573 |
||||||||||||||
Houston Higher Education Finance Corporation, |
6.50 |
5/15/21 |
1,530,000 |
a |
1,950,903 |
|||||||||||||
Houston Higher Education Finance Corporation, |
5.88 |
5/15/21 |
725,000 |
820,135 |
||||||||||||||
Houston Higher Education Finance Corporation, |
6.88 |
5/15/21 |
4,400,000 |
a |
5,693,864 |
|||||||||||||
Lower Colorado River Authority, |
5.00 |
5/15/40 |
4,750,000 |
5,386,642 |
||||||||||||||
New Hope Cultural Education Facilities Corporation, |
5.00 |
7/1/47 |
6,500,000 |
6,961,240 |
||||||||||||||
Newark Higher Education Finance Corporation, |
5.50 |
8/15/35 |
750,000 |
b |
770,010 |
|||||||||||||
Newark Higher Education Finance Corporation, |
5.75 |
8/15/45 |
1,000,000 |
b |
1,019,700 |
|||||||||||||
North Texas Education Finance Corporation, |
4.88 |
12/1/32 |
1,630,000 |
1,713,798 |
||||||||||||||
North Texas Tollway Authority, |
6.00 |
1/1/38 |
7,000,000 |
8,295,700 |
||||||||||||||
North Texas Tollway Authority, |
5.50 |
9/1/41 |
20,000,000 |
23,666,400 |
||||||||||||||
Texas Private Activity Bond Surface Transportation Corporation, |
7.00 |
6/30/40 |
7,500,000 |
9,084,600 |
||||||||||||||
Texas Private Activity Bond Surface Transportation Corporation, |
7.00 |
12/31/38 |
10,000,000 |
12,570,900 |
60
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||||||||||
Texas - 17.9% (continued) |
|||||||||||||||||||
Texas Private Activity Bond Surface Transportation Corporation, |
6.75 |
6/30/43 |
5,000,000 |
6,176,000 |
|||||||||||||||
Texas Private Activity Bond Surface Transportation Corporation, |
7.50 |
12/31/31 |
2,500,000 |
3,033,600 |
|||||||||||||||
Texas Transportation Commission, |
5.00 |
8/15/37 |
15,950,000 |
18,190,018 |
|||||||||||||||
Texas Transportation Commission, |
5.00 |
8/15/41 |
6,000,000 |
6,581,760 |
|||||||||||||||
200,825,095 |
|||||||||||||||||||
Vermont - .1% |
|||||||||||||||||||
Burlington, |
5.00 |
7/1/30 |
1,000,000 |
1,152,930 |
|||||||||||||||
Virginia - 1.5% |
|||||||||||||||||||
Chesapeake, |
0/4.88 |
7/15/40 |
2,000,000 |
f |
1,508,640 |
||||||||||||||
Virginia Small Business Financing Authority, |
5.00 |
1/1/40 |
7,510,000 |
8,130,026 |
|||||||||||||||
Virginia Small Business Financing Authority, |
5.25 |
1/1/32 |
4,000,000 |
4,462,040 |
|||||||||||||||
Virginia Small Business Financing Authority, |
6.00 |
1/1/37 |
2,000,000 |
2,319,760 |
|||||||||||||||
16,420,466 |
|||||||||||||||||||
Wisconsin - .5% |
|||||||||||||||||||
Oneida Tribe of Indians, |
6.50 |
2/1/31 |
1,325,000 |
b |
1,521,166 |
||||||||||||||
Wisconsin, |
5.38 |
5/1/25 |
1,000,000 |
1,139,300 |
|||||||||||||||
Wisconsin, |
5.75 |
5/1/33 |
1,500,000 |
1,718,895 |
|||||||||||||||
Wisconsin, |
6.00 |
5/1/33 |
1,000,000 |
1,154,720 |
|||||||||||||||
5,534,081 |
|||||||||||||||||||
U.S. Related - 4.7% |
|||||||||||||||||||
A.B. Won International Airport Authority of Guam, |
6.25 |
10/1/34 |
1,000,000 |
1,172,760 |
|||||||||||||||
A.B. Won International Airport Authority of Guam, |
6.38 |
10/1/43 |
1,000,000 |
1,179,530 |
|||||||||||||||
A.B. Won International Airport Authority of Guam, |
6.00 |
10/1/34 |
2,000,000 |
2,382,020 |
|||||||||||||||
A.B. Won International Airport Authority of Guam, |
6.13 |
10/1/43 |
2,000,000 |
2,357,380 |
|||||||||||||||
Guam, |
6.00 |
11/1/26 |
2,500,000 |
3,003,525 |
|||||||||||||||
Guam, |
6.13 |
11/1/31 |
5,000,000 |
5,938,150 |
|||||||||||||||
Guam, |
6.50 |
11/1/40 |
2,000,000 |
2,407,760 |
|||||||||||||||
Guam Government Department of Education, |
6.63 |
12/1/30 |
1,000,000 |
1,094,660 |
|||||||||||||||
Puerto Rico Commonwealth, |
8.00 |
7/1/35 |
5,000,000 |
3,613,800 |
|||||||||||||||
Puerto Rico Electric Power Authority, |
5.00 |
7/1/21 |
500,000 |
500,205 |
|||||||||||||||
Puerto Rico Electric Power Authority, |
5.00 |
7/1/22 |
2,000,000 |
1,295,060 |
|||||||||||||||
Puerto Rico Electric Power Authority, |
6.75 |
7/1/36 |
10,000,000 |
6,466,900 |
|||||||||||||||
Puerto Rico Electric Power Authority, |
5.00 |
7/1/17 |
750,000 |
751,230 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 103.7% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
U.S. Related - 4.7% (continued) |
|||||||||||
Puerto Rico Sales Tax Financing Corporation, |
5.00 |
8/1/22 |
4,585,000 |
2,922,892 |
|||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.75 |
8/1/32 |
15,000,000 |
f |
6,003,150 |
||||||
Puerto Rico Sales Tax Financing Corporation, |
0/6.25 |
8/1/33 |
750,000 |
f |
195,300 |
||||||
Virgin Islands Public Finance Authority, |
5.00 |
10/1/29 |
2,250,000 |
2,541,172 |
|||||||
Virgin Islands Public Finance Authority, |
5.00 |
10/1/30 |
5,000,000 |
5,620,150 |
|||||||
Virgin Islands Public Finance Authority, |
5.00 |
10/1/34 |
1,500,000 |
1,655,085 |
|||||||
Virgin Islands Public Finance Authority, |
6.75 |
10/1/37 |
1,250,000 |
1,406,550 |
|||||||
52,507,279 |
|||||||||||
Total Long-Term Municipal Investments |
1,161,225,504 |
||||||||||
Short-Term Municipal Investments - .0% |
|||||||||||
Washington - .0% |
|||||||||||
Washington Housing Finance Commission, |
0.05 |
3/1/16 |
400,000 |
g |
400,000 |
||||||
Short-Term Investments - 2.5% |
|||||||||||
U.S. Treasury Bills |
0.00 |
3/3/16 |
27,800,000 |
27,799,778 |
|||||||
Total Investments (cost $1,104,640,471) |
106.2% |
1,189,425,282 |
|||||||||
Liabilities, Less Cash and Receivables |
(6.2%) |
(69,036,801) |
|||||||||
Net Assets |
100.0% |
1,120,388,481 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities were valued at $152,719,879 or 13.63% of net assets.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Collateral for floating rate borrowings.
e Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g Variable rate demand note—rate shown is the interest rate in effect at February 29, 2016. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
62
Portfolio Summary (Unaudited) † |
Value (%) |
Transportation Services |
27.7 |
Education |
19.5 |
Health Care |
9.1 |
Special Tax |
8.0 |
Utility-Water and Sewer |
7.0 |
Industrial |
6.6 |
State/Territory |
4.4 |
Utility-Electric |
4.3 |
Lease |
4.0 |
City |
3.6 |
U.S. Government |
2.5 |
Prerefunded |
2.1 |
Housing |
.3 |
Resource Recovery |
.2 |
Pollution Control |
.1 |
Other |
6.8 |
106.2 |
† Based on net assets.
See notes to financial statements.
63
STATEMENTS OF FINANCIAL FUTURES
February 29, 2016 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund |
Contracts |
Market Value Covered by Contracts ($) |
Expiration |
Unrealized Appreciation at 02/29/2016 ($) |
|
Financial Futures Short |
|||||
U.S. Treasury 10 Year Notes |
659 |
(86,009,797) |
June 2016 |
303,619 |
|
U.S. Treasury 5 Year Notes |
356 |
(43,070,437) |
June 2016 |
119,594 |
|
Gross Unrealized Appreciation |
423,213 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
Contracts |
Market Value Covered by Contracts ($) |
Expiration |
Unrealized Appreciation at 02/29/2016 ($) |
|
Financial Futures Short |
|||||
U.S. Treasury 10 Year Notes |
83 |
(10,832,797) |
June 2016 |
38,241 |
|
U.S. Treasury 5 Year Notes |
45 |
(5,444,297) |
June 2016 |
15,117 |
|
Gross Unrealized Appreciation |
53,358 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
Contracts |
Market Value Covered by Contracts ($) |
Expiration |
Unrealized Appreciation at 02/29/2016 ($) |
|
Financial Futures Short |
|||||
U.S. Treasury 10 Year Notes |
103 |
(13,443,109) |
June 2016 |
47,455 |
|
U.S. Treasury 5 Year Notes |
56 |
(6,775,125) |
June 2016 |
18,812 |
|
Gross Unrealized Appreciation |
66,267 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
Contracts |
Market Value Covered by Contracts ($) |
Expiration |
Unrealized Appreciation at 02/29/2016 ($) |
|
Financial Futures Short |
|||||
U.S. Treasury 10 Year Notes |
56 |
(7,308,875) |
June 2016 |
25,801 |
|
U.S. Treasury 5 Year Notes |
30 |
(3,629,531) |
June 2016 |
10,078 |
|
Gross Unrealized Appreciation |
35,879 |
BNY Mellon Municipal Opportunities Fund |
Contracts |
Market Value Covered by Contracts ($) |
Expiration |
Unrealized Appreciation at 02/29/2016 ($) |
|
Financial Futures Short |
|||||
U.S. Treasury 10 Year Notes |
2,227 |
(290,658,297) |
June 2016 |
1,026,041 |
|
U.S. Treasury 5 Year Notes |
952 |
(115,177,125) |
June 2016 |
319,812 |
|
U.S. Treasury Ultra Long Bond |
300 |
(51,946,875) |
June 2016 |
487,500 |
|
Gross Unrealized Appreciation |
1,833,353 |
See notes to financial statements.
64
Summary of Abbreviations | |||
ABAG |
Association of Bay Area |
ACA |
American Capital Access |
AGC |
ACE Guaranty Corporation |
AGIC |
Asset Guaranty Insurance Company |
AMBAC |
American Municipal Bond |
ARRN |
Adjustable Rate |
BAN |
Bond Anticipation Notes |
BPA |
Bond Purchase Agreement |
CIFG |
CDC Ixis Financial Guaranty |
COP |
Certificate of Participation |
CP |
Commercial Paper |
DRIVERS |
Derivative Inverse |
EDR |
Economic Development |
EIR |
Environmental Improvement |
FGIC |
Financial Guaranty |
FHA |
Federal Housing Administration |
FHLB |
Federal Home |
FHLMC |
Federal Home Loan Mortgage |
FNMA |
Federal National |
GAN |
Grant Anticipation Notes |
GIC |
Guaranteed Investment |
GNMA |
Government National Mortgage |
GO |
General Obligation |
HR |
Hospital Revenue |
IDB |
Industrial Development Board |
IDC |
Industrial Development Corporation |
IDR |
Industrial Development |
LIFERS |
Long Inverse Floating |
LOC |
Letter of Credit |
LOR |
Limited Obligation Revenue |
LR |
Lease Revenue |
MERLOTS |
Municipal Exempt Receipts |
MFHR |
Multi-Family Housing Revenue |
MFMR |
Multi-Family Mortgage Revenue |
PCR |
Pollution Control Revenue |
PILOT |
Payment in Lieu of Taxes |
P-FLOATS |
Puttable Floating Option |
PUTTERS |
Puttable Tax-Exempt Receipts |
RAC |
Revenue Anticipation Certificates |
RAN |
Revenue Anticipation Notes |
RAW |
Revenue Anticipation Warrants |
RIB |
Residual Interest Bonds |
ROCS |
Reset Options Certificates |
RRR |
Resources Recovery Revenue |
SAAN |
State Aid Anticipation Notes |
SBPA |
Standby Bond Purchase Agreement |
SFHR |
Single Family Housing Revenue |
SFMR |
Single Family Mortgage Revenue |
SONYMA |
State of New York |
SPEARS |
Short Puttable Exempt |
SWDR |
Solid Waste Disposal Revenue |
TAN |
Tax Anticipation Notes |
TAW |
Tax Anticipation Warrants |
TRAN |
Tax and Revenue Anticipation Notes |
XLCA |
XL Capital Assurance |
See notes to financial statements.
65
STATEMENTS OF ASSETS AND LIABILITIES
February 29, 2016 (Unaudited)
|
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
Assets ($): |
|||||||||
Investments in securities—See Statement of Investments† |
2,139,718,871 |
|
1,020,743,695 |
267,763,779 |
339,105,318 |
||||
Cash |
- |
386,518 |
- |
82,875 |
|||||
Interest receivable |
24,412,638 |
8,364,894 |
3,196,391 |
3,058,481 |
|||||
Receivable for shares of Beneficial Interest subscribed |
2,207,101 |
463,536 |
7,000 |
- |
|||||
Cash collateral—Note 4 |
1,210,050 |
- |
152,550 |
189,450 |
|||||
Receivable for investment securities sold |
- |
- |
1,809,958 |
- |
|||||
Prepaid expenses and other assets |
38,592 |
31,160 |
46,142 |
17,253 |
|||||
2,167,587,252 |
1,029,989,803 |
272,975,820 |
342,453,377 |
||||||
Liabilities ($): |
|||||||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) |
671,431 |
341,195 |
130,973 |
119,157 |
|||||
Due to Administrator—Note 3(a) |
214,712 |
102,361 |
27,704 |
34,131 |
|||||
Cash overdraft due to Custodian |
1,668,471 |
- |
479,757 |
- |
|||||
Payable for investment securities purchased |
24,577,662 |
13,788,189 |
- |
1,742,685 |
|||||
Payable for shares of Beneficial Interest redeemed |
1,244,327 |
1,351,738 |
12,982 |
37,110 |
|||||
Payable for futures variation margin—Note 4 |
128,828 |
- |
16,242 |
20,172 |
|||||
Accrued expenses |
75,624 |
47,105 |
- |
8,368 |
|||||
28,581,055 |
15,630,588 |
667,658 |
1,961,623 |
||||||
Net Assets ($) |
2,139,006,197 |
1,014,359,215 |
272,308,162 |
340,491,754 |
|||||
Composition of Net Assets ($): |
|||||||||
Paid-in capital |
2,017,068,058 |
1,012,218,633 |
259,940,329 |
323,380,216 |
|||||
Accumulated undistributed investment income—net |
214,080 |
4,923 |
801 |
801 |
|||||
Accumulated net realized gain (loss) on investments |
3,673,815 |
456,236 |
1,053,914 |
223,691 |
|||||
Accumulated net unrealized appreciation (depreciation) |
117,627,031 |
1,679,423 |
11,259,760 |
16,820,779 |
|||||
Accumulated net unrealized appreciation (depreciation) |
423,213 |
- |
53,358 |
66,267 |
|||||
Net Assets ($) |
2,139,006,197 |
1,014,359,215 |
272,308,162 |
340,491,754 |
|||||
Net Asset Value Per Share |
|||||||||
Class M |
|||||||||
Net Assets ($) |
2,088,763,085 |
1,007,326,556 |
266,535,350 |
331,979,818 |
|||||
Shares Outstanding |
150,977,061 |
78,456,649 |
21,311,391 |
25,543,681 |
|||||
Net Asset Value Per Share ($) |
13.83 |
12.84 |
12.51 |
13.00 |
|||||
Investor Shares |
|||||||||
Net Assets ($) |
50,243,112 |
7,032,659 |
5,772,812 |
8,511,936 |
|||||
Shares Outstanding |
3,635,514 |
548,017 |
462,075 |
655,077 |
|||||
Net Asset Value Per Share ($) |
13.82 |
12.83 |
12.49 |
12.99 |
|||||
† |
Investments at cost ($) |
2,022,091,840 |
1,019,064,272 |
256,504,019 |
322,284,539 |
See notes to financial statements.
66
|
|
|
BNY Mellon |
|
BNY Mellon |
|
Assets ($): |
||||||
Investments in securities—See Statement of Investments† |
180,379,203 |
1,189,425,282 |
||||
Cash |
- |
180,889 |
||||
Receivable for investment securities sold |
2,389,587 |
- |
||||
Interest receivable |
2,024,512 |
11,508,116 |
||||
Receivable for shares of Beneficial Interest subscribed |
150,000 |
- |
||||
Cash collateral—Note 4 |
102,600 |
5,303,250 |
||||
Prepaid expenses |
21,363 |
26,714 |
||||
185,067,265 |
1,206,444,251 |
|||||
Liabilities ($): |
||||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) |
70,644 |
507,032 |
||||
Due to Administrator—Note 3(a) |
18,346 |
113,073 |
||||
Cash overdraft due to Custodian |
316,131 |
- |
||||
Payable for investment securities purchased |
2,457,380 |
15,032,065 |
||||
Payable for shares of Beneficial Interest redeemed |
61,423 |
36,613 |
||||
Payable for futures variation margin—Note 4 |
10,922 |
531,734 |
||||
Payable for floating rate notes issued—Note 4 |
- |
69,540,000 |
||||
Interest and expense payable related to |
- |
87,673 |
||||
Accrued expenses |
33,758 |
207,580 |
||||
2,968,604 |
86,055,770 |
|||||
Net Assets ($) |
182,098,661 |
1,120,388,481 |
||||
Composition of Net Assets ($): |
||||||
Paid-in capital |
171,500,843 |
1,081,491,472 |
||||
Accumulated undistributed investment income—net |
15,058 |
1,118,333 |
||||
Accumulated net realized gain (loss) on investments |
1,376,064 |
(48,839,488) |
||||
Accumulated net unrealized appreciation (depreciation) |
9,170,817 |
84,784,811 |
||||
Accumulated net unrealized appreciation (depreciation) |
35,879 |
1,833,353 |
||||
Net Assets ($) |
182,098,661 |
1,120,388,481 |
||||
Net Asset Value Per Share |
||||||
Class M |
||||||
Net Assets ($) |
166,668,450 |
1,102,529,786 |
||||
Shares Outstanding |
14,563,501 |
83,950,901 |
||||
Net Asset Value Per Share ($) |
11.44 |
13.13 |
||||
Investor Shares |
||||||
Net Assets ($) |
15,430,211 |
17,858,695 |
||||
Shares Outstanding |
1,347,461 |
1,359,499 |
||||
Net Asset Value Per Share ($) |
11.45 |
13,14 |
||||
† |
Investments at cost ($) |
171,208,386 |
1,104,640,471 |
See notes to financial statements.
67
STATEMENTS OF OPERATIONS
Six Months Ended February 29, 2016 (Unaudited)
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
BNY Mellon |
|
Investment Income ($): |
||||||||
Interest Income |
32,705,317 |
6,807,342 |
4,606,028 |
4,949,713 |
||||
Expenses: |
||||||||
Investment advisory fee—Note 3(a) |
3,617,231 |
1,772,372 |
696,052 |
572,845 |
||||
Administration fee—Note 3(a) |
1,296,021 |
634,969 |
174,549 |
205,249 |
||||
Trustees’ fees and expenses—Note 3(c) |
64,596 |
30,466 |
8,685 |
9,874 |
||||
Shareholder servicing costs—Note 3(b) |
63,769 |
12,046 |
7,031 |
11,045 |
||||
Custodian fees—Note 3(b) |
49,949 |
39,007 |
13,683 |
14,190 |
||||
Professional fees |
40,503 |
23,519 |
23,359 |
27,308 |
||||
Registration fees |
25,594 |
16,485 |
13,486 |
13,998 |
||||
Loan commitment fees—Note 2 |
17,751 |
9,038 |
1,789 |
2,819 |
||||
Prospectus and shareholders’ reports |
10,550 |
5,491 |
5,627 |
5,831 |
||||
Miscellaneous |
54,682 |
34,121 |
20,895 |
22,153 |
||||
Total Expenses |
5,240,646 |
2,577,514 |
965,156 |
885,312 |
||||
Less—reduction in fees due to earnings credits—Note 3(b) |
(44) |
(11) |
(6) |
(15) |
||||
Net Expenses |
5,240,602 |
2,577,503 |
965,150 |
885,297 |
||||
Investment Income—Net |
27,464,715 |
4,229,839 |
3,640,878 |
4,064,416 |
||||
Realized and Unrealized Gain (Loss) |
||||||||
Net realized gain (loss) on investments |
4,749,078 |
1,038,057 |
1,616,112 |
1,836,870 |
||||
Net realized gain (loss) on financial futures |
(3,823,913) |
(306,958) |
(486,145) |
(568,007) |
||||
Net Realized Gain (Loss) |
925,165 |
731,099 |
1,132,967 |
1,268,863 |
||||
Net unrealized appreciation (depreciation) |
40,499,769 |
352,307 |
4,133,204 |
5,368,961 |
||||
Net unrealized appreciation (depreciation) |
908,330 |
156,250 |
124,842 |
141,267 |
||||
Net Unrealized Appreciation (Depreciation) |
41,408,099 |
508,557 |
4,258,046 |
5,510,228 |
||||
Net Realized and Unrealized Gain (Loss) on Investments |
42,333,264 |
1,239,656 |
5,391,013 |
6,779,091 |
||||
Net Increase in Net Assets Resulting from Operations |
69,797,979 |
5,469,495 |
9,031,890 |
10,843,507 |
See notes to financial statements.
68
|
BNY Mellon |
|
BNY Mellon |
| |
Investment Income ($): |
|||||
Interest Income |
2,909,184 |
25,790,170 |
|||
Expenses: |
|||||
Investment advisory fee—Note 3(a) |
447,332 |
2,845,567 |
|||
Administration fee—Note 3(a) |
112,188 |
713,585 |
|||
Professional fees |
21,102 |
33,481 |
|||
Shareholder servicing costs—Note 3(b) |
19,687 |
23,221 |
|||
Registration fees |
15,376 |
15,522 |
|||
Custodian fees—Note 3(b) |
7,858 |
40,174 |
|||
Prospectus and shareholders’ reports |
6,676 |
6,011 |
|||
Trustees’ fees and expenses—Note 3(c) |
5,413 |
33,973 |
|||
Loan commitment fees—Note 2 |
1,214 |
9,900 |
|||
Interest and expense related to |
- |
191,016 |
|||
Miscellaneous |
19,441 |
43,790 |
|||
Total Expenses |
656,287 |
3,956,240 |
|||
Less—reduction in expenses due to undertakings—Note 3(a) |
(107,905) |
- |
|||
Less—reduction in fees due to earnings credits—Note 3(b) |
(46) |
(8) |
|||
Net Expenses |
548,336 |
3,956,232 |
|||
Investment Income—Net |
2,360,848 |
21,833,938 |
|||
Realized and Unrealized Gain (Loss) |
|||||
Net realized gain (loss) on investments |
1,637,304 |
4,922,046 |
|||
Net realized gain (loss) on financial futures |
(326,662) |
(17,906,376) |
|||
Net Realized Gain (Loss) |
1,310,642 |
(12,984,330) |
|||
Net unrealized appreciation (depreciation) |
2,326,376 |
21,184,122 |
|||
Net unrealized appreciation (depreciation) |
80,176 |
3,676,947 |
|||
Net Unrealized Appreciation (Depreciation) |
2,406,552 |
24,861,069 |
|||
Net Realized and Unrealized Gain (Loss) on Investments |
3,717,194 |
11,876,739 |
|||
Net Increase in Net Assets Resulting from Operations |
6,078,042 |
33,710,677 |
See notes to financial statements.
69
STATEMENT OF CASH FLOWSSix Months Ended February 29, 2016 (Unaudited)
BNY Mellon Municipal Opportunities Fund |
|
|
Cash Flows from Operating Activities ($): |
||
Purchases of portfolio securities |
(131,465,249) |
|
Proceeds from sales of portfolio securities |
206,415,079 |
|
Financial futures transactions |
(13,846,258) |
|
Net purchases of short-term portfolio securities |
(11,108,398) |
|
Interest received |
27,599,541 |
|
Operating expenses paid |
(840,070) |
|
Cash paid to The Dreyfus Corporation for investment advisory fee |
(2,876,650) |
|
Net Cash Used by Operating Activities |
73,877,995 | |
Cash Flows from Financing Activities ($): |
||
Net Beneficial Interest transactions |
(59,809,230) |
|
Dividends paid |
(12,127,247) |
|
Net Cash Used in Financing Activities |
(71,936,477) | |
Increase in cash overdraft due to custodian |
1,941,518 | |
Cash overdraft at beginning of period |
(1,760,629) | |
Cash at end of period |
180,889 | |
Reconciliation of Net Increase in Net Assets Resulting |
||
Net Increase in Net Assets Resulting From Operations |
33,710,677 | |
Adjustments to reconcile net increase in net assets resulting |
||
Purchases of portfolio securities |
(131,465,249) | |
Proceeds from sales of portfolio securities |
206,415,079 | |
Financial futures transactions |
(13,846,258) | |
Net purchases of short-term securities |
(11,108,398) | |
Decrease in interest receivable |
1,181,650 | |
Increase in accrued operating expenses |
118,521 | |
Increased in prepaid expenses |
(2,522) | |
Decrease in Due to The Dreyfus Corporation and affiliates |
(31,084) | |
Decrease in Due to Administrator |
(9,441) | |
Decrease in other assets |
164,038 | |
Decrease in interest and expense payable related to floating rate notes issued |
(34,311) | |
Net realized loss on investment and financial futures transactions |
12,984,332 | |
Net unrealized depreciation on investments and financial futures |
(24,861,069) | |
Net amortization of premiums on investments |
662,030 | |
Net Cash Used by Operating Activities |
73,877,995 | |
Supplemental non-cash financing disclosure: |
||
Reinvestment of dividends |
8,588,358 |
See notes to financial statements.
70
STATEMENT OF CHANGES IN NET ASSETS
BNY Mellon National Intermediate |
BNY Mellon National Short-Term |
|||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
|||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
|
Operations ($): |
||||||||
Investment income—net |
27,464,715 |
53,336,236 |
4,229,839 |
9,392,800 |
||||
Net realized gain (loss) on investments |
925,165 |
1,874,999 |
731,099 |
510,918 |
||||
Net unrealized appreciation (depreciation) on investments |
41,408,099 |
(33,307,884) |
508,557 |
(8,319,412) |
||||
Net Increase (Decrease) in Net Assets |
69,797,979 |
21,903,351 |
5,469,495 |
1,584,306 |
||||
Dividends to Shareholders from ($): |
||||||||
Investment income—net: |
||||||||
Class M |
(26,641,704) |
(51,963,761) |
(4,195,639) |
(9,377,607) |
||||
Investor Shares |
(608,931) |
(1,153,287) |
(29,277) |
(60,889) |
||||
Net realized gain on investments: |
||||||||
Class M |
(311,121) |
- |
(564,699) |
(1,377,549) |
||||
Investor Shares |
(7,743) |
- |
(4,219) |
(13,231) |
||||
Total Dividends |
(27,569,499) |
(53,117,048) |
(4,793,834) |
(10,789,276) |
||||
Beneficial Interest Transactions ($): |
||||||||
Net proceeds from shares sold: |
||||||||
Class M |
213,415,935 |
481,442,530 |
185,279,148 |
410,479,458 |
||||
Investor Shares |
10,951,735 |
28,467,617 |
5,801,386 |
13,730,431 |
||||
Dividends reinvested: |
||||||||
Class M |
4,190,204 |
8,189,444 |
1,225,470 |
2,899,027 |
||||
Investor Shares |
452,112 |
851,692 |
25,927 |
59,006 |
||||
Cost of shares redeemed: |
||||||||
Class M |
(140,730,493) |
(316,030,087) |
(187,378,173) |
(640,914,792) |
||||
Investor Shares |
(12,393,269) |
(20,433,136) |
(10,968,377) |
(11,232,353) |
||||
Increase (Decrease) in Net Assets from |
75,886,224 |
182,488,060 |
(6,014,619) |
(224,979,223) |
||||
Total Increase (Decrease) In Net Assets |
118,114,704 |
151,274,363 |
(5,338,958) |
(234,184,193) |
||||
Net Assets ($): |
||||||||
Beginning of Period |
2,020,891,493 |
1,869,617,130 |
1,019,698,173 |
1,253,882,366 |
||||
End of Period |
2,139,006,197 |
2,020,891,493 |
1,014,359,215 |
1,019,698,173 |
||||
Undistributed investment income—net |
214,080 |
- |
4,923 |
- |
||||
Capital Share Transactions (Shares): |
||||||||
Class Ma |
||||||||
Shares sold |
15,565,058 |
35,131,407 |
14,441,018 |
31,855,274 |
||||
Shares issued for dividends reinvested |
305,138 |
598,235 |
95,511 |
225,049 |
||||
Shares redeemed |
(10,268,042) |
(23,098,865) |
(14,602,765) |
(49,737,504) |
||||
Net Increase (Decrease) in Shares Outstanding |
5,602,154 |
12,630,777 |
(66,236) |
(17,657,181) |
||||
Investor Sharesa |
||||||||
Shares sold |
800,388 |
2,084,275 |
452,055 |
1,066,739 |
||||
Shares issued for dividends reinvested |
32,957 |
62,291 |
2,021 |
4,585 |
||||
Shares redeemed |
(904,910) |
(1,496,552) |
(854,810) |
(872,516) |
||||
Net Increase (Decrease) in Shares Outstanding |
(71,565) |
650,014 |
(400,734) |
198,808 |
a During the period ended February 29, 2016, 440,433 Class M shares representing $5,990,715 were exchanged for 440,917 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 323,542 Class M shares representing $4,155,720 were exchanged for 323,783 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund.
See notes to financial statements.
71
STATEMENT OF CHANGES IN NET ASSETS (continued)
BNY Mellon Pennsylvania Intermediate |
BNY Mellon Massachusetts Intermediate |
|||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
|||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
|
Operations ($): |
||||||||
Investment income—net |
3,640,878 |
7,957,757 |
4,064,416 |
8,343,940 |
||||
Net realized gain (loss) on investments |
1,132,967 |
699,463 |
1,268,863 |
622,100 |
||||
Net unrealized appreciation (depreciation) on investments |
4,258,046 |
(6,589,539) |
5,510,228 |
(6,005,982) |
||||
Net Increase (Decrease) in Net Assets |
9,031,891 |
2,067,681 |
10,843,507 |
2,960,058 |
||||
Dividends to Shareholders from ($): |
||||||||
Investment income—net: |
||||||||
Class M |
(3,573,924) |
(7,886,437) |
(3,965,502) |
(8,150,547) |
||||
Investor Shares |
(66,153) |
(106,754) |
(98,113) |
(237,738) |
||||
Net realized gain on investments: |
||||||||
Class M |
(848,375) |
- |
- |
- |
||||
Investor Shares |
(20,018) |
- |
- |
- |
||||
Total Dividends |
(4,508,470) |
(7,993,191) |
(4,063,615) |
(8,388,285) |
||||
Beneficial Interest Transactions ($): |
||||||||
Net proceeds from shares sold: |
||||||||
Class M |
8,415,270 |
23,588,129 |
34,146,610 |
48,257,231 |
||||
Investor Shares |
2,860,980 |
3,120,757 |
652,222 |
2,303,604 |
||||
Dividends reinvested: |
||||||||
Class M |
705,260 |
423,242 |
803,807 |
1,710,751 |
||||
Investor Shares |
62,336 |
89,206 |
82,440 |
192,644 |
||||
Cost of shares redeemed: |
||||||||
Class M |
(23,751,553) |
(48,119,626) |
(20,203,212) |
(39,584,599) |
||||
Investor Shares |
(2,795,379) |
(1,998,841) |
(1,036,418) |
(3,607,945) |
||||
Increase (Decrease) in Net Assets from |
(14,503,086) |
(22,897,133) |
14,445,449 |
9,271,686 |
||||
Total Increase (Decrease) In Net Assets |
(9,979,665) |
(28,822,643) |
21,225,341 |
3,843,459 |
||||
Net Assets ($): |
||||||||
Beginning of Period |
282,287,827 |
311,110,470 |
319,266,413 |
315,422,954 |
||||
End of Period |
272,308,162 |
282,287,827 |
340,491,754 |
319,266,413 |
||||
Undistributed investment income—net |
801 |
- |
801 |
- |
||||
Capital Share Transactions (Shares): |
||||||||
Class Ma |
||||||||
Shares sold |
678,194 |
1,882,110 |
2,654,705 |
3,747,095 |
||||
Shares issued for dividends reinvested |
56,760 |
33,882 |
62,329 |
132,934 |
||||
Shares redeemed |
(1,908,944) |
(3,854,159) |
(1,572,122) |
(3,078,996) |
||||
Net Increase (Decrease) in Shares Outstanding |
(1,173,990) |
(1,938,167) |
1,144,912 |
801,033 |
||||
Investor Sharesa |
||||||||
Shares sold |
230,204 |
252,607 |
51,105 |
178,341 |
||||
Shares issued for dividends reinvested |
5,019 |
7,152 |
6,396 |
14,968 |
||||
Shares redeemed |
(225,265) |
(161,380) |
(80,562) |
(280,762) |
||||
Net Increase (Decrease) in Shares Outstanding |
9,958 |
98,379 |
(23,061) |
(87,453) |
a During the period ended February 29, 2016, 39,664 Class M shares representing $488,123 were exchanged for 39,696 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 1,200 Class M shares representing $15,385 were exchanged for 1,201 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund.
See notes to financial statements.
72
BNY Mellon New York Intermediate |
BNY Mellon Municipal |
|||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
|||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
|
Operations ($): |
||||||||
Investment income—net |
2,360,848 |
4,946,918 |
21,833,938 |
40,057,438 |
||||
Net realized gain (loss) on investments |
1,310,642 |
1,050,917 |
(12,984,330) |
(3,481,650) |
||||
Net unrealized appreciation (depreciation) on investments |
2,406,552 |
(3,670,321) |
24,861,069 |
(15,995,062) |
||||
Net Increase (Decrease) in Net Assets |
6,078,042 |
2,327,514 |
33,710,677 |
20,580,726 |
||||
Dividends to Shareholders from ($): |
||||||||
Investment income—net: |
||||||||
Class M |
(2,160,858) |
(4,553,082) |
(20,400,959) |
(38,471,435) |
||||
Investor Shares |
(184,932) |
(391,095) |
(314,646) |
(461,291) |
||||
Net realized gain on investments: |
||||||||
Class M |
(452,142) |
- |
- |
- |
||||
Investor Shares |
(43,068) |
- |
- |
- |
||||
Total Dividends |
(2,841,000) |
(4,944,177) |
(20,715,605) |
(38,932,726) |
||||
Beneficial Interest Transactions ($): |
||||||||
Net proceeds from shares sold: |
||||||||
Class M |
10,200,860 |
19,769,952 |
2,306,594 |
228,887,395 |
||||
Investor Shares |
497,689 |
1,228,268 |
5,432,664 |
22,303,245 |
||||
Dividends reinvested: |
||||||||
Class M |
480,812 |
473,206 |
8,414,085 |
15,192,762 |
||||
Investor Shares |
201,688 |
340,564 |
174,273 |
267,506 |
||||
Cost of shares redeemed: |
||||||||
Class M |
(16,303,759) |
(20,925,756) |
(62,267,073) |
(108,405,899) |
||||
Investor Shares |
(1,047,776) |
(2,272,496) |
(4,807,777) |
(10,538,414) |
||||
Increase (Decrease) in Net Assets from |
(5,970,486) |
(1,386,262) |
(50,747,234) |
147,706,595 |
||||
Total Increase (Decrease) In Net Assets |
(2,733,444) |
(4,002,925) |
(37,752,162) |
129,354,595 |
||||
Net Assets ($): |
||||||||
Beginning of Period |
184,832,105 |
188,835,030 |
1,158,140,643 |
1,028,786,048 |
||||
End of Period |
182,098,661 |
184,832,105 |
1,120,388,481 |
1,158,140,643 |
||||
Undistributed investment income—net |
15,058 |
- |
1,118,333 |
- |
||||
Capital Share Transactions (Shares): |
||||||||
Class Ma |
||||||||
Shares sold |
896,959 |
1,743,593 |
177,688 |
17,181,239 |
||||
Shares issued for dividends reinvested |
42,299 |
41,716 |
640,759 |
1,153,996 |
||||
Shares redeemed |
(1,444,362) |
(1,845,901) |
(4,752,071) |
(8,236,637) |
||||
Net Increase (Decrease) in Shares Outstanding |
(505,104) |
(60,592) |
(3,933,624) |
10,098,598 |
||||
Investor Sharesa |
||||||||
Shares sold |
43,758 |
107,734 |
416,010 |
1,689,177 |
||||
Shares issued for dividends reinvested |
17,725 |
30,002 |
13,262 |
20,334 |
||||
Shares redeemed |
(92,074) |
(200,439) |
(365,593) |
(803,210) |
||||
Net Increase (Decrease) in Shares Outstanding |
(30,591) |
(62,703) |
63,679 |
906,301 |
a During the period ended February 29, 2016, 302,770 Class M shares representing $3,937,020 were exchanged for 302,720 Investor shares for BNY Mellon Municipal Opportunities Fund.
See notes to financial statements.
73
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
13.56 |
13.77 |
13.22 |
13.98 |
13.45 |
13.75 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.18 |
.37 |
.39 |
.41 |
.43 |
.48 |
|||||||||
Net realized and unrealized |
.27 |
(.21) |
.55 |
(.73) |
.53 |
(.22) |
|||||||||
Total from Investment Operations |
.45 |
.16 |
.94 |
(.32) |
.96 |
.26 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.18) |
(.37) |
(.39) |
(.39) |
(.43) |
(.48) |
|||||||||
Dividends from net realized gain on investments |
(.00) |
b |
- |
- |
(.05) |
(.00) |
b |
(.08) |
|||||||
Total Distributions |
(.18) |
(.37) |
(.39) |
(.44) |
(.43) |
(.56) |
|||||||||
Net asset value, end of period |
13.83 |
13.56 |
13.77 |
13.22 |
13.98 |
13.45 |
|||||||||
Total Return (%) |
3.35 |
c |
1.23 |
7.18 |
(2.43) |
7.25 |
2.07 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.50 |
d |
.50 |
.50 |
.50 |
.50 |
.50 |
||||||||
Ratio of net expenses to average net assets |
.50 |
d |
.50 |
.50 |
.50 |
.50 |
.50 |
||||||||
Ratio of net investment income to average net assets |
2.66 |
d |
2.70 |
2.90 |
2.94 |
3.16 |
3.65 |
||||||||
Portfolio Turnover Rate |
7.81 |
c |
35.65 |
24.65 |
24.05 |
25.31 |
39.88 |
||||||||
Net Assets, end of period ($ x 1,000) |
2,088,763 |
1,970,693 |
1,827,575 |
1,692,786 |
1,697,522 |
1,535,563 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
74
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
13.54 |
13.75 |
13.20 |
13.97 |
13.44 |
13.73 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.17 |
.34 |
.36 |
.37 |
.40 |
.45 |
|||||||||
Net realized and unrealized |
.27 |
(.22) |
.54 |
(.74) |
.53 |
(.21) |
|||||||||
Total from Investment Operations |
.44 |
.12 |
.90 |
(.37) |
.93 |
.24 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.16) |
(.33) |
(.35) |
(.35) |
(.40) |
(.45) |
|||||||||
Dividends from net realized gain on investments |
(.00) |
b |
- |
- |
(.05) |
(.00) |
b |
(.08) |
|||||||
Total Distributions |
(.16) |
(.33) |
(35) |
(.40) |
(.40) |
(.53) |
|||||||||
Net asset value, end of period |
13.82 |
13.54 |
13.75 |
13.20 |
13.97 |
13.44 |
|||||||||
Total Return (%) |
3.31 |
c |
.90 |
6.92 |
(2.68) |
6.99 |
1.90 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.75 |
d |
.75 |
.75 |
.75 |
.75 |
.75 |
||||||||
Ratio of net expenses to average net assets |
.75 |
d |
.75 |
.75 |
.75 |
.75 |
.75 |
||||||||
Ratio of net investment income to average net assets |
2.42 |
d |
2.45 |
2.65 |
2.68 |
2.92 |
3.41 |
||||||||
Portfolio Turnover Rate |
7.81 |
c |
35.65 |
24.65 |
24.05 |
25.31 |
39.88 |
||||||||
Net Assets, end of period ($ x 1,000) |
50,243 |
50,199 |
42,042 |
37,095 |
38,067 |
41,237 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
75
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Short-Term |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.83 |
12.94 |
12.86 |
13.01 |
12.99 |
13.01 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.05 |
.11 |
.10 |
.12 |
.15 |
.18 |
|||||||||
Net realized and unrealized |
.02 |
(.09) |
.09 |
(.15) |
.02 |
(.02) |
|||||||||
Total from Investment Operations |
.07 |
.02 |
.19 |
(.03) |
.17 |
.16 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.05) |
(.11) |
(.10) |
(.12) |
(.15) |
(.18) |
|||||||||
Dividends from net realized gain on investments |
(.01) |
(.02) |
(.01) |
- |
- |
- |
|||||||||
Total Distributions |
(.06) |
(.13) |
(.11) |
(.12) |
(.15) |
(.18) |
|||||||||
Net asset value, end of period |
12.84 |
12.83 |
12.94 |
12.86 |
13.01 |
12.99 |
|||||||||
Total Return (%) |
.55 |
b |
.17 |
1.37 |
(.27) |
1.34 |
1.31 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.51 |
c |
.50 |
.50 |
.50 |
.51 |
.51 |
||||||||
Ratio of net expenses to average net assets |
.51 |
c |
.50 |
.50 |
.50 |
.51 |
.51 |
||||||||
Ratio of net investment income to average net assets |
.84 |
c |
.82 |
.77 |
.89 |
1.18 |
1.38 |
||||||||
Portfolio Turnover Rate |
14.33 |
b |
34.24 |
39.43 |
41.94 |
34.17 |
24.33 |
||||||||
Net Assets, end of period ($ x 1,000) |
1,007,327 |
1,007,532 |
1,244,187 |
1,181,988 |
1,241,129 |
1,088,334 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
76
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Short-Term |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.82 |
12.93 |
12.85 |
13.00 |
12.97 |
12.99 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.04 |
.08 |
.07 |
.08 |
.12 |
.15 |
|||||||||
Net realized and unrealized |
.02 |
(.10) |
.09 |
(.15) |
.03 |
(.02) |
|||||||||
Total from Investment Operations |
.06 |
(.02) |
.16 |
(.07) |
.15 |
.13 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.04) |
(.07) |
(.07) |
(.08) |
(.12) |
(.15) |
|||||||||
Dividends from net realized gain on investments |
(.01) |
(.02) |
(.01) |
- |
- |
- |
|||||||||
Total Distributions |
(.05) |
(.09) |
(.08) |
(.08) |
(.12) |
(.15) |
|||||||||
Net asset value, end of period |
12.83 |
12.82 |
12.93 |
12.85 |
13.00 |
12.97 |
|||||||||
Total Return (%) |
.43 |
b |
(.15) |
1.20 |
(.52) |
1.17 |
.98 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.76 |
c |
.76 |
.76 |
.76 |
.76 |
.77 |
||||||||
Ratio of net expenses to average net assets |
.76 |
c |
.76 |
.76 |
.76 |
.76 |
.77 |
||||||||
Ratio of net investment income to average net assets |
.61 |
c |
.59 |
.52 |
.63 |
.92 |
1.15 |
||||||||
Portfolio Turnover Rate |
14.33 |
b |
34.24 |
39.43 |
41.94 |
34.17 |
24.33 |
||||||||
Net Assets, end of period ($ x 1,000) |
7,033 |
12,166 |
9,696 |
4,479 |
4,009 |
4,021 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
77
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Pennsylvania Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.31 |
12.56 |
12.27 |
13.15 |
12.77 |
12.96 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.16 |
.33 |
.36 |
.36 |
.42 |
.46 |
|||||||||
Net realized and unrealized |
.24 |
(.25) |
.40 |
(.79) |
.38 |
(.19) |
|||||||||
Total from Investment Operations |
.40 |
.08 |
.76 |
(.43) |
.80 |
.27 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.16) |
(.33) |
(.36) |
(.36) |
(.42) |
(.46) |
|||||||||
Dividends from net realized gain on investments |
(.04) |
- |
(.11) |
(.09) |
- |
- |
|||||||||
Total Distributions |
(.20) |
(.33) |
(.47) |
(.45) |
(.42) |
(.46) |
|||||||||
Net asset value, end of period |
12.51 |
12.31 |
12.56 |
12.27 |
13.15 |
12.77 |
|||||||||
Total Return (%) |
3.27 |
b |
.74 |
6.31 |
(3.47) |
6.34 |
2.21 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.69 |
c |
.68 |
.68 |
.67 |
.67 |
.66 |
||||||||
Ratio of net expenses to average net assets |
.69 |
c |
.68 |
.68 |
.67 |
.67 |
.66 |
||||||||
Ratio of net investment income to average net assets |
2.62 |
c |
2.65 |
2.89 |
2.80 |
3.23 |
3.67 |
||||||||
Portfolio Turnover Rate |
14.37 |
b |
35.96 |
25.84 |
29.10 |
27.16 |
9.72 |
||||||||
Net Assets, end of period ($ x 1,000) |
266,535 |
276,729 |
306,673 |
357,431 |
403,371 |
420,586 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
78
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Pennsylvania Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.29 |
12.54 |
12.25 |
13.14 |
12.75 |
12.94 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.15 |
.30 |
.33 |
.33 |
.38 |
.43 |
|||||||||
Net realized and unrealized |
.24 |
(.25) |
.39 |
(.80) |
.41 |
(.19) |
|||||||||
Total from Investment Operations |
.39 |
.05 |
.72 |
(.47) |
.79 |
.24 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.15) |
(.30) |
(.32) |
(.33) |
(.40) |
(.43) |
|||||||||
Dividends from net realized gain on investments |
(.04) |
- |
(.11) |
(.09) |
- |
- |
|||||||||
Total Distributions |
(.19) |
(.30) |
(.43) |
(.42) |
(.40) |
(.43) |
|||||||||
Net asset value, end of period |
12.49 |
12.29 |
12.54 |
12.25 |
13.14 |
12.75 |
|||||||||
Total Return (%) |
3.15 |
b |
.40 |
6.04 |
(3.71) |
6.28 |
1.95 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.94 |
c |
.93 |
.93 |
.92 |
.92 |
.91 |
||||||||
Ratio of net expenses to average net assets |
.94 |
c |
.93 |
.93 |
.92 |
.92 |
.91 |
||||||||
Ratio of net investment income to average net assets |
2.37 |
c |
2.41 |
2.64 |
2.58 |
2.97 |
3.42 |
||||||||
Portfolio Turnover Rate |
14.37 |
b |
35.96 |
25.84 |
29.10 |
27.16 |
9.72 |
||||||||
Net Assets, end of period ($ x 1,000) |
5,773 |
5,558 |
4,437 |
4,200 |
8,520 |
9,153 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
79
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Massachusetts Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.73 |
12.95 |
12.62 |
13.54 |
13.12 |
13.39 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.16 |
.33 |
.36 |
.37 |
.41 |
.45 |
|||||||||
Net realized and unrealized |
.27 |
(.21) |
.42 |
(.77) |
.44 |
(.20) |
|||||||||
Total from Investment Operations |
.43 |
.12 |
.78 |
(.40) |
.85 |
.25 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.16) |
(.34) |
(.36) |
(.37) |
(.42) |
(.45) |
|||||||||
Dividends from net realized gain on investments |
- |
- |
(.09) |
(.15) |
(.01) |
(.07) |
|||||||||
Total Distributions |
(.16) |
(.34) |
(.45) |
(.52) |
(.43) |
(.52) |
|||||||||
Net asset value, end of period |
13.00 |
12.73 |
12.95 |
12.62 |
13.54 |
13.12 |
|||||||||
Total Return (%) |
3.39 |
b |
.98 |
6.21 |
(3.11) |
6.50 |
2.02 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.53 |
c |
.53 |
.53 |
.53 |
.53 |
.53 |
||||||||
Ratio of net expenses to average net assets |
.53 |
c |
.53 |
.53 |
.53 |
.53 |
.52 |
||||||||
Ratio of net investment income to average net assets |
2.49 |
c |
2.60 |
2.85 |
2.79 |
3.11 |
3.49 |
||||||||
Portfolio Turnover Rate |
18.86 |
b |
41.79 |
32.80 |
21.16 |
29.39 |
10.43 |
||||||||
Net Assets, end of period ($ x 1,000) |
331,980 |
310,635 |
305,513 |
312,640 |
346,647 |
349,768 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
80
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Massachusetts Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.73 |
12.94 |
12.62 |
13.54 |
13.12 |
13.39 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.14 |
.31 |
.34 |
.34 |
.38 |
.42 |
|||||||||
Net realized and unrealized |
.26 |
(.22) |
.40 |
(.77) |
.43 |
(.20) |
|||||||||
Total from Investment Operations |
.40 |
.09 |
.74 |
(.43) |
.81 |
.22 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.14) |
(.30) |
(.33) |
(.34) |
(.38) |
(.42) |
|||||||||
Dividends from net realized gain on investments |
- |
- |
(.09) |
(.15) |
(.01) |
(.07) |
|||||||||
Total Distributions |
(.14) |
(.30) |
(.42) |
(.49) |
(.39) |
(.49) |
|||||||||
Net asset value, end of period |
12.99 |
12.73 |
12.94 |
12.62 |
13.54 |
13.12 |
|||||||||
Total Return (%) |
3.19 |
b |
.73 |
5.95 |
(3.35) |
6.23 |
1.77 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.78 |
c |
.78 |
.78 |
.78 |
.78 |
.78 |
||||||||
Ratio of net expenses to average net assets |
.78 |
c |
.78 |
.78 |
.78 |
.78 |
.77 |
||||||||
Ratio of net investment income to average net assets |
2.25 |
c |
2.35 |
2.60 |
2.55 |
2.86 |
3.24 |
||||||||
Portfolio Turnover Rate |
18.86 |
b |
41.79 |
32.80 |
21.16 |
29.39 |
10.43 |
||||||||
Net Assets, end of period ($ x 1,000) |
8,512 |
8,632 |
9,910 |
8,261 |
9,107 |
8,430 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
81
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon New York Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.24 |
11.40 |
11.11 |
11.92 |
11.46 |
11.60 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.15 |
.30 |
.31 |
.30 |
.36 |
.38 |
|||||||||
Net realized and unrealized |
.23 |
(.16) |
.46 |
(.69) |
.49 |
(.13) |
|||||||||
Total from Investment Operations |
.38 |
.14 |
.77 |
(.39) |
.85 |
.25 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.15) |
(.30) |
(.31) |
(.30) |
(.36) |
(.38) |
|||||||||
Dividends from net realized gain on investments |
(.03) |
- |
(.17) |
(.12) |
(.03) |
(.01) |
|||||||||
Total Distributions |
(.18) |
(.30) |
(.48) |
(.42) |
(.39) |
(.39) |
|||||||||
Net asset value, end of period |
11.44 |
11.24 |
11.40 |
11.11 |
11.92 |
11.46 |
|||||||||
Total Return (%) |
3.41 |
b |
1.33 |
7.04 |
(3.40) |
7.48 |
2.31 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.71 |
c |
.71 |
.71 |
.70 |
.71 |
.70 |
||||||||
Ratio of net expenses to average net assets |
.59 |
c |
.59 |
.59 |
.59 |
.59 |
.59 |
||||||||
Ratio of net investment income to average net assets |
2.66 |
c |
2.64 |
2.79 |
2.57 |
3.06 |
3.41 |
||||||||
Portfolio Turnover Rate |
20.48 |
b |
52.79 |
36.42 |
39.32 |
30.96 |
21.91 |
||||||||
Net Assets, end of period ($ x 1,000) |
166,668 |
169,337 |
172,407 |
184,657 |
203,768 |
182,547 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
82
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon New York Intermediate |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
11.24 |
11.40 |
11.12 |
11.93 |
11.47 |
11.61 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.14 |
.27 |
.29 |
.27 |
.33 |
.36 |
|||||||||
Net realized and unrealized |
.24 |
(.16) |
.44 |
(.69) |
.49 |
(.14) |
|||||||||
Total from Investment Operations |
.38 |
.11 |
.73 |
(.42) |
.82 |
.22 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.14) |
(.27) |
(.28) |
(.27) |
(.33) |
(.35) |
|||||||||
Dividends from net realized gain on investments |
(.03) |
- |
(.17) |
(.12) |
(.03) |
(.01) |
|||||||||
Total Distributions |
(.17) |
(.27) |
(.45) |
(.39) |
(.36) |
(.36) |
|||||||||
Net asset value, end of period |
11.45 |
11.24 |
11.40 |
11.12 |
11.93 |
11.47 |
|||||||||
Total Return (%) |
3.37 |
b |
.98 |
6.77 |
(3.63) |
7.20 |
2.05 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.96 |
c |
.96 |
.96 |
.95 |
.96 |
.95 |
||||||||
Ratio of net expenses to average net assets |
.84 |
c |
.84 |
.84 |
.84 |
.84 |
.84 |
||||||||
Ratio of net investment income to average net assets |
2.41 |
c |
2.39 |
2.54 |
2.32 |
2.81 |
3.16 |
||||||||
Portfolio Turnover Rate |
20.48 |
b |
52.79 |
36.42 |
39.32 |
30.96 |
21.91 |
||||||||
Net Assets, end of period ($ x 1,000) |
15,430 |
15,495 |
16,428 |
17,930 |
19,097 |
17,177 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
83
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Municipal |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.99 |
13.16 |
12.38 |
13.42 |
12.27 |
12.78 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.25 |
.47 |
.49 |
.43 |
.50 |
.52 |
|||||||||
Net realized and unrealized |
.13 |
(.18) |
1.04 |
(.92) |
1.15 |
(.35) |
|||||||||
Total from Investment Operations |
.38 |
.29 |
1.53 |
(.49) |
1.65 |
.17 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.24) |
(.46) |
(.48) |
(.43) |
(.50) |
(.50) |
|||||||||
Dividends from net realized gain on investments |
- |
- |
(.27) |
(.12) |
- |
(.18) |
|||||||||
Total Distributions |
(.24) |
(.46) |
(.75) |
(.55) |
(.50) |
(.68) |
|||||||||
Net asset value, end of period |
13.13 |
12.99 |
13.16 |
12.38 |
13.42 |
12.27 |
|||||||||
Total Return (%) |
2.92 |
b |
2.20 |
12.88 |
(3.95) |
13.65 |
1.54 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.69 |
c |
.69 |
.71 |
.71 |
.73 |
.73 |
||||||||
Ratio of net expenses to average net assets |
.69 |
c |
.69 |
.71 |
.71 |
.73 |
.73 |
||||||||
Ratio of interest and expense related to floating |
.04 |
c |
.04 |
.05 |
.05 |
.06 |
.06 |
||||||||
Ratio of net investment income to average net assets |
3.84 |
c |
3.57 |
3.88 |
3.22 |
3.84 |
4.22 |
||||||||
Portfolio Turnover Rate |
12.01 |
b |
41.90 |
58.87 |
93.04 |
119.90 |
129.00 |
||||||||
Net Assets, end of period ($ x 1,000) |
1,102,530 |
1,141,309 |
1,023,660 |
946,739 |
721,943 |
505,035 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
84
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Municipal |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
12.99 |
13.16 |
12.38 |
13.43 |
12.27 |
12.79 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.24 |
.43 |
.46 |
.40 |
.47 |
.48 |
|||||||||
Net realized and unrealized |
.13 |
(.18) |
1.05 |
(.93) |
1.16 |
(.35) |
|||||||||
Total from Investment Operations |
.37 |
.25 |
1.51 |
(.53) |
1.63 |
.13 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income--net |
(.22) |
(.42) |
(.46) |
(.40) |
(.47) |
(.47) |
|||||||||
Dividends from net realized gain on investments |
- |
- |
(.27) |
(.12) |
- |
(.18) |
|||||||||
Total Distributions |
(.22) |
(.42) |
(.73) |
(.52) |
(.47) |
(.65) |
|||||||||
Net asset value, end of period |
13.14 |
12.99 |
13.16 |
12.38 |
13.43 |
12.27 |
|||||||||
Total Return (%) |
2.87 |
b |
1.93 |
12.54 |
(4.19) |
13.46 |
1.21 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.94 |
c |
.96 |
.98 |
.96 |
.99 |
.98 |
||||||||
Ratio of net expenses to average net assets |
.94 |
c |
.96 |
.98 |
.96 |
.99 |
.98 |
||||||||
Ratio of interest and expense related to floating |
.04 |
c |
.04 |
.05 |
.05 |
.06 |
.06 |
||||||||
Ratio of net investment income to average net assets |
3.59 |
c |
3.30 |
3.67 |
2.98 |
3.63 |
3.93 |
||||||||
Portfolio Turnover Rate |
12.01 |
b |
41.90 |
58.87 |
93.04 |
119.90 |
129.00 |
||||||||
Net Assets, end of period ($ x 1,000) |
17,859 |
16,832 |
5,126 |
2,947 |
2,328 |
1,152 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
85
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently consisting of twenty-five series, including the following non-diversified funds: BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon National Short-Term Municipal Bond Fund seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Pennsylvania Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. BNY Mellon Massachusetts Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. BNY Mellon New York Intermediate Tax- Exempt Bond Fund seeks as high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. BNY Mellon Municipal Opportunities Fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
86
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”) Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Financial futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
Table 1 summarizes of the inputs used as of February 29, 2016 in valuing each fund’s investments:
At February 29, 2016, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund and BNY Mellon New York Intermediate Tax-Exempt Bond Fund each follow an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the funds.
(c) Dividends to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
87
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements |
|||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
|
Level 2—Other |
|
Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
|
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Assets ($) |
Liabilities ($) |
Total | |||||||||
BNY Mellon National |
|||||||||||||||||
Municipal Bonds† |
- |
- |
2,125,818,982 |
- |
- |
- |
2,125,818,982 | ||||||||||
U.S. Government |
- |
- |
13,899,889 |
- |
- |
- |
13,899,889 | ||||||||||
Other Financial Instruments: |
|||||||||||||||||
Financial Futures†† |
423,213 |
- |
- |
- |
- |
- |
423,213 | ||||||||||
BNY Mellon National |
|||||||||||||||||
Municipal Bonds† |
- |
- |
1,003,143,836 |
- |
- |
- |
1,003,143,836 | ||||||||||
U.S. Treasury |
- |
- |
17,599,859 |
- |
- |
- |
17,599,859 | ||||||||||
BNY Mellon Pennsylvania |
|||||||||||||||||
Municipal Bonds† |
- |
- |
267,363,782 |
- |
- |
- |
267,363,782 | ||||||||||
U.S. Treasury |
- |
- |
399,997 |
- |
- |
- |
399,997 | ||||||||||
Other Financial Instruments: |
|||||||||||||||||
Financial Futures†† |
53,358 |
- |
- |
- |
- |
- |
53,358 | ||||||||||
BNY Mellon Massachusetts |
|||||||||||||||||
Municipal Bonds† |
- |
- |
333,305,364 |
- |
- |
- |
333,305,364 | ||||||||||
U.S. Treasury |
- |
- |
5,799,954 |
- |
- |
- |
5,799,954 | ||||||||||
Other Financial Instruments: |
|||||||||||||||||
Financial Futures†† |
66,267 |
- |
- |
- |
- |
- |
66,267 | ||||||||||
BNY Mellon New York |
|||||||||||||||||
Municipal Bonds† |
- |
- |
178,179,221 |
- |
- |
- |
178,179,221 | ||||||||||
U.S. Treasury |
- |
- |
2,199,982 |
- |
- |
- |
2,199,982 | ||||||||||
Other Financial Instruments: |
|||||||||||||||||
Financial Futures†† |
35,879 |
- |
- |
- |
- |
- |
35,879 | ||||||||||
BNY Mellon Municipal |
|||||||||||||||||
Municipal Bonds† |
- |
- |
1,161,625,504 |
- |
- |
- |
1,161,625,504 | ||||||||||
U.S. Treasury |
- |
- |
27,799,778 |
- |
- |
- |
27,799,778 | ||||||||||
Other Financial Instruments: |
|||||||||||||||||
Financial Futures†† |
1,833,353 |
- |
- |
- |
- |
- |
1,833,353 | ||||||||||
Floating Rate Notes††† |
- |
- |
- |
(69,540,000) |
- |
- |
(69,540,000) |
† See Statement of Investments for additional detailed categorizations.
†† Amount shown represents unrealized appreciation at period end.
††† Certain of the fund's liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.
88
(d) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 29, 2016, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 29, 2016, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 30, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 2 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2015.
Table 3 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2015. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 2—Capital Loss Carryover |
||||||
Short-Term |
Long-Term |
Total($) | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
1,110,641 |
- |
1,110,641 | |||
BNY Mellon Municipal Opportunities Fund |
27,972,881 |
12,136,993 |
40,109,874 |
† Short-term capital losses which can be carried forward for an unlimited period.
†† Long-term capital losses which can be carried forward for an unlimited period.
Table 3—Tax Character of Distributions Paid | |||||||
2015 | |||||||
|
Tax-Exempt |
|
Ordinary |
Long-Term Capital |
|||
BNY Mellon National Intermediate Municipal Bond Fund |
53,117,048 |
- |
- |
||||
BNY Mellon National Short-Term Municipal Bond Fund |
9,398,496 |
27,632 |
1,363,148 |
||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
7,993,191 |
- |
- |
||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
8,388,285 |
- |
- |
||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
4,944,177 |
- |
- |
||||
BNY Mellon Municipal Opportunities Fund |
36,954,105 |
1,978,621 |
- |
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in a $555 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to January 11, 2016, the unsecured credit facility with Citibank, N.A. was $480 million and prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 29, 2016, the funds did not borrow under the Facilities.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .35% of BNY Mellon National Intermediate Municipal Bond Fund, .35% of BNY Mellon National Short-Term Municipal Bond Fund, .50% of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, .35% of BNY Mellon Massachusetts
89
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Intermediate Municipal Bond Fund, .50% of BNY Mellon New York Intermediate Tax- Exempt Bond Fund and .50% of BNY Mellon Municipal Opportunities Fund.
For BNY Mellon New York Intermediate Tax-Exempt Bond Fund, the Investment Adviser has contractually agreed from September 1, 2015 through December 31, 2016, to waive receipt of its fees and/or assume the expense of the fund so that the direct expense of neither class (excluding Shareholder Services Pan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .59% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $107,905 during the period ended February 29, 2016.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to their Investor shares. Each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 4 summarizes the amounts Investor shares were charged during the period ended February 29, 2016, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 4 —Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate |
$63,429 |
BNY Mellon National Short-Term |
11,971 |
BNY Mellon Pennsylvania Intermediate |
6,988 |
BNY Mellon Massachusetts Intermediate |
10,920 |
BNY Mellon New York Intermediate |
19,301 |
BNY Mellon Municipal |
23,157 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 5 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 5.
90
Table 5—Cash Management Agreement Fees |
||||
|
Dreyfus Transfer, Inc. |
Dreyfus Transfer, Inc. |
||
BNY Mellon National Intermediate Municipal Bond Fund |
193 |
(44) |
||
BNY Mellon National Short-Term Municipal Bond Fund |
50 |
(11) |
||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
25 |
(6) |
||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
65 |
(15) |
||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
205 |
(46) |
||
BNY Mellon Municipal Opportunities Fund |
39 |
(8) |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 6 summarizes the amount each fund was charged during the period ended February 29, 2016 pursuant to the custody agreement.
Table 6 —Custody Agreement Fees |
|
BNY Mellon National Intermediate |
$49,949 |
BNY Mellon National Short-Term |
39,007 |
BNY Mellon Pennsylvania Intermediate |
13,683 |
BNY Mellon Massachusetts Intermediate |
14,190 |
BNY Mellon New York Intermediate |
7,858 |
BNY Mellon Municipal |
40,174 |
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 7 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 7—The Bank of New York Mellon Cash Management Fees | |
BNY Mellon National Intermediate |
$104 |
BNY Mellon National Short-Term |
23 |
BNY Mellon Pennsylvania Intermediate |
12 |
BNY Mellon Massachusetts Intermediate |
42 |
BNY Mellon New York Intermediate |
130 |
BNY Mellon Municipal Opportunities Fund |
17 |
During the period ended February 29, 2016, each fund was charged $5,294 for services performed by the Chief Compliance Officer and his staff.
Table 8 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Table 8—Due to The Dreyfus Corporation and Affiliates |
||||||||
|
Investment |
Shareholder |
Custodian |
Chief |
Less Expense | |||
BNY Mellon National Intermediate Municipal Bond Fund |
594,260 |
9,956 |
62,803 |
4,412 |
- | |||
BNY Mellon National Short-Term Municipal Bond Fund |
283,308 |
1,472 |
52,003 |
4,412 |
- | |||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
109,540 |
1,198 |
15,823 |
4,412 |
- | |||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
94,464 |
1,697 |
18,584 |
4,412 |
- | |||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
72,537 |
3,089 |
10,232 |
4,412 |
(19,626) | |||
BNY Mellon Municipal Opportunities Fund |
447,076 |
3,544 |
52,000 |
4,412 |
- |
91
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 4—Securities Transactions:
Table 9 summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and financial futures, during the period ended February 29, 2016.
Inverse Floater Securities: BNY Mellon Municipal Opportunities Fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An inverse floater security may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
The average amount of borrowings outstanding under the inverse floater structure during the period ended February 29, 2016, was approximately $69,540,000 with a related weighted average annualized interest rate of .55%.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by each fund during the period ended February 29, 2016 is discussed below.
Table 9—Purchases and Sales | ||
|
Purchases ($) |
Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund |
265,525,894 |
160,023,128 |
BNY Mellon National Short-Term Municipal Bond Fund |
142,590,155 |
184,127,728 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
39,762,715 |
58,122,995 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
72,078,915 |
60,929,165 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
36,255,458 |
43,497,854 |
BNY Mellon Municipal Opportunities Fund |
134,098,444 |
200,770,279 |
Financial Futures: In the normal course of pursuing its investment objective, the funds are exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The funds invest in financial futures in order to manage its exposure to or protect against changes in the market. A financial futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the funds with financial
92
futures since they are exchange traded, and the exchange guarantees the financial futures against default. Financial futures open at February 29, 2016 are set forth in the Statements of Financial Futures. At February 29, 2016, there were no financial futures outstanding for BNY Mellon National Short-Term Municipal Bond Fund.
Table 10 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended February 29, 2016.
Table 10—Average Market Value of Derivatives |
|
BNY Mellon National Intermediate |
$137,891,559 |
BNY Mellon National Short-Term |
25,772,969 |
BNY Mellon Pennsylvania Intermediate |
18,983,568 |
BNY Mellon Massachusetts Intermediate |
21,874,798 |
BNY Mellon New York Intermediate |
12,140,609 |
BNY Mellon Municipal |
431,707,873 |
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 29, 2016.
At February 29, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) |
||||||
|
Gross |
Gross |
Net ($) | |||
BNY Mellon National Intermediate Municipal Bond Fund |
129,104,697 |
11,477,666 |
117,627,031 | |||
BNY Mellon National Short-Term Municipal Bond Fund |
6,545,768 |
4,866,345 |
1,679,423 | |||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
15,594,053 |
4,334,293 |
11,259,760 | |||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
19,801,049 |
2,980,270 |
16,820,779 | |||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
10,274,906 |
1,104,089 |
9,170,817 | |||
BNY Mellon Municipal Opportunities Fund |
104,131,015 |
19,346,204 |
84,784,811 |
93
NOTES
94
NOTES
95
The BNY Mellon Funds
c/o The Dreyfus Corporation
2\00 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: |
||||||||
BNY Mellon National Intermediate Municipal Bond Fund |
Class M: MPNIX |
Investor: MINMX |
||||||
BNY Mellon National Short-Term Municipal Bond Fund |
Class M: MPSTX |
Investor: MINSX |
||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
Class M: MPPIX |
Investor: MIPAX |
||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
Class M: MMBMX |
Investor: MMBIX |
||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
Class M: MNYMX |
Investor: MNYIX |
||||||
BNY Mellon Municipal Opportunities Fund |
Class M: MOTMX |
Investor: MOTIX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2016 MBSC Securities Corporation |
MFTSA0216-MB |
The BNY Mellon Funds
BNY Mellon Money Market Fund
BNY Mellon National Municipal Money Market Fund
SEMIANNUAL REPORT February 29, 2016 | |
|
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
|
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2015, through February 29, 2016. For information about how each fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The reporting period was a time of varied and, at times, conflicting economic influences. On one hand, the U.S. economy continued to grow as domestic labor markets posted significant gains, housing markets recovered, and lower fuel prices put cash in consumers’ pockets. Indeed, these factors, along with low inflation, prompted the Federal Reserve Board in December to raise short-term interest rates for the first time in nearly a decade.
On the other hand, the global economy continued to disappoint, particularly in China and other emerging markets, when reduced industrial demand and declining currency values sparked substantial declines in commodity prices. These developments proved especially challenging for financial markets in January and early February: stocks and riskier sectors of the bond market fell sharply before later recovering a portion of their losses. In contrast, longer term U.S. government securities gained valued during the ensuing flight to quality.
While market volatility may persist over the foreseeable future until global economic sentiment improves, we recently have seen signs of stabilizing commodity prices and continued strength in the U.S. economy. Still, we expect wide differences in underlying fundamental and technical influences across various asset classes, economic sectors, and regional markets over the months ahead, suggesting that selectivity may be an important determinant of investment success. We encourage you to discuss the implications of our observations with your financial advisor.
Thank you for your continued confidence and support.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2016
3
DISCUSSION OF FUND PERFORMANCE
For the period of September 1, 2015 through February 29, 2016, as provided by Patricia A. Larkin, Senior Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon Money Market Fund’s Class M shares produced an annualized yield of 0.03%, and its Investor shares produced an annualized yield of 0.00%. Taking into account the effects of compounding, the fund’s Class M shares and Investor shares produced annualized effective yields of 0.03% and 0.00%, respectively.1
Money market yields stayed low over the reporting period despite a sustained U.S. economic recovery and a modest increase in short-term interest rates by the Federal Reserve Board (the “Fed”).
The Fund’s Investment Approach
The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund invests in a diversified portfolio of high-quality, short-term debt securities, including U.S. government securities; certificates of deposit, time deposits, bankers’ acceptances, and other short-term domestic or foreign bank obligations; repurchase agreements; high-grade commercial paper and other short-term corporate obligations; and taxable municipal obligations. Normally, the fund invests at least 25% of its net assets in bank obligations.
Uneven U.S. Economic Recovery Continued
The reporting period began during a time of intensifying global economic concerns, which investors feared might derail a U.S. economic recovery that had gained a degree of traction earlier in 2015. Disappointing economic data and an unexpected currency devaluation in China caused commodity prices to decline sharply, putting pressure on energy and industrial companies.
Indeed, September 2015 saw a decrease in new job creation to 149,000 new positions. Average hourly wages declined slightly, and the unemployment rate stayed at 5.1%. It was later announced that U.S. GDP growth decelerated to a 2.0% annualized rate during the third quarter, reflecting high business inventory levels and lower exports. On the other hand, personal incomes and real personal consumption expenditures climbed.
October brought better economic news with 295,000 new jobs and a 5.0% unemployment rate. Meanwhile, average annual wages increased at a 4.3% rate compared to September. Fuel prices fell, putting more money in consumers’ pockets, and retail sales moved mildly higher. Conversely, housing starts declined sharply. In November, the service sector continued to expand, but manufacturing activity contracted for the first time in three years due to weaker overseas demand. The U.S. labor market added 280,000 new jobs and the unemployment rate stayed unchanged.
Manufacturing activity continued to shrink as commodity prices fell in December, yet holiday retail sales proved robust, especially for online sellers. In addition, 271,000 new jobs were created and the unemployment rate remained steady at 5.0%. The Fed responded to the strengthening U.S. labor market by raising the federal funds rate in December by 25 basis points to between 0.25% and 0.50%. The move was widely expected by investors, and yields of money market instruments had already repriced slightly higher by the time of the Fed’s announcement. U.S. GDP grew at an estimated annualized rate of 1.4% during the fourth quarter of 2015.
In January 2016, disappointing economic developments in China and plunging commodity prices spooked investors, sparking a flight to quality away from riskier assets and toward traditional safe havens, putting downward pressure on yields of U.S. government securities. Yet, U.S. economic data generally remained positive, as the unemployment rate dipped to 4.9%, its lowest level since February 2008, and 172,000 jobs were added. On the other hand, global economic instability continued to dampen manufacturing activity.
Employment data in February proved to be better than most analysts had expected when 242,000 jobs were added. The unemployment rate remained at 4.9% as more workers returned to the labor force. On a more negative note, average hourly wages slipped 0.1% during the month, leaving them only about 2% above their level from a year ago. The service sector continued to expand in February, and the manufacturing sector contracted at a slower rate than in previous months. Meanwhile, fuel prices began to move slightly higher in the wake of previously sharp declines.
Gradual and Modest Rate Hikes Expected
At its January 2016 meeting, the Fed refrained from implementing a second rate hike. The Fed indicated that it is “closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation” before making additional monetary policy changes. The Fed added that it expects that “economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate.” Therefore, while many analysts expect additional rate hikes at some point this year, we believe those increases are likely to be modest and gradual.
Although we increased the fund’s weighted average maturity during the reporting period to capture higher yields, it generally remains consistent with industry averages. As always, we have maintained our focus on well-established issuers with sound quality and liquidity characteristics.
March 15, 2016
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more Nationally Recognized Statistical Ratings Organization (NRSROs) (or unrated, if deemed of comparable quality by the investment adviser), involve credit and liquidity risks and risk of principal loss.
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, 7-day yields during the reporting period would have been negative absent the expense absorption.
4
For the period of September 1, 2015 through February 29, 2016, as provided by Joseph Irace, Senior Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 29, 2016, BNY Mellon National Municipal Money Market Fund’s Class M shares produced an annualized yield of 0.00%, and Investor shares produced an annualized yield of 0.00%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 0.00% and 0.00%, respectively.1
Supply-and-demand dynamics kept yields of tax-exempt money market instruments near historical lows throughout the reporting period in spite of a short-term interest-rate hike in December from the Federal Reserve Board (the “Fed”) and heightened volatility among stocks and longer-term bonds.
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and maintenance of liquidity. To pursue its goal, the fund invests at least 80% of its assets in short-term municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper, and municipal leases. The fund may invest up to 20% of its total assets in taxable money market securities, such as U.S. government obligations, bank and corporate obligations, and commercial paper. The fund also may invest in custodial receipts.
Global Economic Concerns Sparked a Flight to Quality
Despite a sustained economic recovery in the United States fueled by robust job creation, global investor sentiment took a turn for the worse over the final months of 2015 due to persistent economic slowdowns in the emerging markets and sharp declines in commodity prices. These concerns triggered a global flight to quality in which robust investor demand caused high-quality bond prices to rally and their yields to fall even when the Fed raised short-term interest rates by 25 basis points in December. In January 2016, investors again reacted negatively to weak global economic data, and demand for traditional safe havens in the United States intensified further.
Decreased volumes of new issues also put downward pressure on municipal money market yields over the reporting period. Rising tax receipts for most state and local governments reduced the need for financing, and robust investor demand was met with a relatively limited supply of new tax-exempt instruments. Expectations of higher interest rates—combined with caution in advance of money market reforms scheduled to take effect later this year—also convinced investors to stay focused on highly liquid instruments with shorter maturities. Consequently, yields of variable rate demand notes (VRDNs) remained steady near historical lows, ending the reporting period at 0.02% according to a weekly high-grade market index. In contrast, yields of one-year notes climbed moderately over the reporting period.
The U.S. economic recovery has continued to support better credit conditions for most municipal issuers. With a few notable exceptions, rising revenues from personal income and sales taxes have enabled state and local governments to balance their budgets, and reserve funds have rebounded to pre-recession levels.
Maintaining a Prudent Investment Posture
Like most tax-exempt money market funds, we maintained a focus on highly liquid, short-term instruments in this uncertain market environment. In our judgment, it has made little sense to incur the risks of adding longer dated instruments, and we set the funds’ weighted average maturities in a range that is roughly in line with industry averages, which trended lower. At the same time, we have continued to employ a careful and well-researched credit selection strategy. We have focused mainly on instruments with strong liquidity characteristics, including VRDNs, and have maintained broad diversification across municipal issuers and instruments backed by third parties. In our judgment, state general obligation bonds; essential service revenue bonds issued by water, sewer, and electric enterprises; certain local credits with strong financial positions and stable tax bases; and various health care and education issuers should remain stable credits.
Gradual Rate Hikes Expected
At its January 2016 meeting, the Fed refrained from implementing a second rate hike, choosing instead to leave rates unchanged. The Fed indicated that it is “closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation” before making additional monetary policy changes. The Fed added that it expects that “economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate.”
Therefore, while many analysts expect additional rate hikes at some point this year, we believe those increases are likely to be modest and gradual. Accordingly, we continue to maintain an emphasis on preservation of capital and liquidity.
March 15, 2016
An investment in the funds is not insured or guaranteed by the FDIC or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more NRSRO (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, 7-day yields during the reporting period would have been negative absent the expense absorption.
5
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2015 to February 29, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
assuming actual returns for the six months ended February 29, 2016 |
|||||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
||||||||||
BNY Mellon Money Market Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
1.34 |
$ |
1.44 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,000.20 |
$ |
1,000.00 |
|||||||||||||||||
Annualized expense ratio (%) |
.27 |
.29 |
|||||||||||||||||||
BNY Mellon National Municipal Money Market Fund |
|||||||||||||||||||||
Expenses paid per $1,000† |
$ |
.25 |
$ |
.20 |
|||||||||||||||||
Ending value (after expenses) |
$ |
1,000.00 |
$ |
1,000.00 |
|||||||||||||||||
Annualized expense ratio (%) |
.05 |
.04 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
assuming a hypothetical 5% annualized return for the six months ended February 29, 2016 |
||||||||||||||||||||||
|
|
|
|
|
|
Class M |
|
|
|
Investor Shares |
|
|||||||||||
BNY Mellon Money Market Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
1.36 |
$ |
1.46 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,023.52 |
$ |
1,023.42 |
||||||||||||||||||
Annualized expense ratio (%) |
.27 |
.29 |
||||||||||||||||||||
BNY Mellon National Municipal Money Market Fund |
||||||||||||||||||||||
Expenses paid per $1,000† |
$ |
.25 |
$ |
.20 |
||||||||||||||||||
Ending value (after expenses) |
$ |
1,024.61 |
$ |
1,024.66 |
||||||||||||||||||
Annualized expense ratio (%) |
.05 |
.04 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
6
STATEMENT OF INVESTMENTS
February 29, 2016 (Unaudited)
BNY Mellon Money Market Fund | |||||
Negotiable Bank Certificates of Deposit - 25.5% |
Principal |
Value ($) |
|||
Credit Agricole CIB (Yankee) |
|||||
0.62%, 3/18/16 |
13,000,000 |
13,000,000 |
|||
DZ Bank AG (Yankee) |
|||||
0.60%, 4/15/16 |
12,000,000 |
12,000,000 |
|||
Mitsubishi UFJ Trust and Banking Corp. (Yankee) |
|||||
0.70%, 3/28/16 |
13,000,000 |
a |
13,000,000 |
||
Norinchukin Bank/NY (Yankee) |
|||||
0.59%, 4/27/16 |
13,000,000 |
13,000,000 |
|||
Rabobank Nederland/NY (Yankee) |
|||||
0.65%, 4/4/16 |
12,000,000 |
12,000,000 |
|||
Sumitomo Mitsui Trust Bank (Yankee) |
|||||
0.67%, 3/24/16 |
12,000,000 |
a |
12,000,000 |
||
Wells Fargo Bank, NA |
|||||
0.46%, 4/14/16 |
15,000,000 |
15,000,000 |
|||
Total Negotiable Bank Certificates of Deposit |
|
||||
Commercial Paper - 27.7% |
|||||
BNP Paribas |
|||||
0.63%, 6/1/16 |
12,000,000 |
11,980,680 |
|||
Credit Suisse New York |
|||||
0.63%, 5/3/16 |
12,000,000 |
11,986,770 |
|||
DBS Bank Ltd./Singapore |
|||||
0.62%, 3/17/16 |
13,000,000 |
a |
12,996,418 |
||
Erste Abwicklungsanstalt |
|||||
0.59%, 3/13/16 |
12,000,000 |
a,b |
12,000,000 |
||
Standard Chartered Bank |
|||||
0.63%, 5/27/16 |
12,000,000 |
a |
11,981,730 |
||
Sumitomo Mitsui Banking Corp. |
|||||
0.63%, 5/4/16 |
13,000,000 |
a |
12,985,440 |
||
Toyota Motor Credit Corp. |
|||||
0.58%, 6/3/16 |
12,000,000 |
11,981,827 |
|||
United Overseas Bank Ltd. |
|||||
0.61%, 5/2/16 |
12,000,000 |
a |
11,987,393 |
||
Total Commercial Paper |
|
||||
Asset-Backed Commercial Paper - 10.7% |
|||||
Antalis |
|||||
0.65%, 5/4/16 |
12,000,000 |
a |
11,986,133 |
||
Collateralized Commercial Paper Program Co., LLC |
|||||
0.47%, 4/12/16 |
13,000,000 |
12,992,872 |
|||
Liberty Street Funding LLC |
|||||
0.63%, 3/18/16 |
13,000,000 |
a |
12,996,132 |
||
Total Asset-Backed Commercial Paper |
|
||||
Time Deposits - 12.7% |
|||||
Canadian Imperial Bank of Commerce (Grand Cayman) |
|||||
0.28%, 3/1/16 |
15,000,000 |
15,000,000 |
|||
DnB Bank (Grand Cayman) |
|||||
0.29%, 3/1/16 |
15,000,000 |
15,000,000 |
|||
Skandinaviska Enskilda Banken NY (Grand Cayman) |
|||||
0.29%, 3/1/16 |
15,000,000 |
15,000,000 |
|||
Total Time Deposits |
|
||||
U.S. Treasury Notes - 19.8% |
|||||
0.20% - 0.31%, 4/30/16 - 5/31/16 |
|||||
(cost $70,142,297) |
70,000,000 |
70,142,297 |
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Money Market Fund (continued) | |||||
Repurchase Agreement - 3.4% |
Principal |
Value ($) |
|||
Credit Agricole CIB |
|||||
0.30%, dated 2/29/16, due 3/1/16 in the amount of $12,000,100 (fully collateralized by $1,619,569 U.S. Treasury Bonds, 3.75%, due 11/15/43, value $2,032,592, $4,194,522 U.S. Treasury Inflation Protected Securities, 0.13%, due 4/15/17-4/15/18, value $4,364,577 and $5,703,663 U.S. Treasury Notes, 1.63%-2.38%, due 3/31/16-11/30/20, value $5,842,831) |
|||||
(cost $12,000,000) |
12,000,000 |
12,000,000 |
|||
Total Investments (cost $353,017,692) |
99.8% |
353,017,692 |
|||
Cash and Receivables (Net) |
.2% |
705,658 |
|||
Net Assets |
100.0% |
353,723,350 |
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities amounted to $111,933,246 or 31.64% of net assets.
b Variable rate security—interest rate subject to periodic change.
Portfolio Summary (Unaudited) † |
Value (%) |
Banking |
62.5 |
U.S. Government |
19.8 |
Asset-Backed/Banking |
7.3 |
Asset-Backed/Financial Services |
3.4 |
Finance |
3.4 |
Repurchase Agreement |
3.4 |
99.8 |
† Based on net assets.
See notes to financial statements.
8
BNY Mellon National Municipal Money Market Fund | |||||||||||
Short-Term Investments - 102.0% |
Coupon |
Maturity |
Principal |
Value ($) |
|||||||
Alabama - .8% |
|||||||||||
Mobile County Industrial Development Authority, |
0.02 |
3/7/16 |
7,000,000 |
a |
7,000,000 |
||||||
California - 16.6% |
|||||||||||
California, |
0.01 |
3/1/16 |
2,400,000 |
a |
2,400,000 |
||||||
California, |
0.01 |
3/1/16 |
3,900,000 |
a |
3,900,000 |
||||||
California, |
0.01 |
3/1/16 |
2,950,000 |
a |
2,950,000 |
||||||
California, |
0.01 |
3/1/16 |
1,500,000 |
a |
1,500,000 |
||||||
California, |
0.01 |
3/1/16 |
13,350,000 |
a |
13,350,000 |
||||||
California Health Facilities Financing Authority, |
0.01 |
3/1/16 |
5,275,000 |
a |
5,275,000 |
||||||
California Infrastructure and Economic Development Bank, |
0.01 |
3/1/16 |
3,245,000 |
a |
3,245,000 |
||||||
California Infrastructure and Economic Development Bank, |
0.01 |
3/1/16 |
14,400,000 |
a |
14,400,000 |
||||||
California Pollution Control Financing Authority, |
0.01 |
3/1/16 |
9,190,000 |
a |
9,190,000 |
||||||
California Pollution Control Financing Authority, |
0.01 |
3/1/16 |
11,000,000 |
a |
11,000,000 |
||||||
California Statewide Communities Development Authority, |
0.01 |
3/1/16 |
7,000,000 |
a |
7,000,000 |
||||||
Irvine Ranch Water District, |
0.01 |
3/1/16 |
15,295,000 |
a |
15,295,000 |
||||||
Los Angeles Department of Water and Power, |
0.01 |
3/1/16 |
4,500,000 |
a |
4,500,000 |
||||||
Los Angeles Department of Water and Power, |
0.01 |
3/1/16 |
6,100,000 |
a |
6,100,000 |
||||||
Los Angeles Department of Water and Power, |
0.01 |
3/1/16 |
10,000,000 |
a |
10,000,000 |
||||||
Manteca Redevelopment Agency, |
0.01 |
3/1/16 |
8,335,000 |
a |
8,335,000 |
||||||
Metropolitan Water District of Southern California, |
0.01 |
3/1/16 |
7,870,000 |
a |
7,870,000 |
||||||
San Diego County Regional Transportation Commission, |
0.01 |
3/7/16 |
6,785,000 |
a |
6,785,000 |
||||||
San Francisco City and County, |
0.07 |
5/3/16 |
10,000,000 |
9,999,556 |
|||||||
San Mateo County Joint Powers Financing Authority, |
0.02 |
3/7/16 |
3,500,000 |
a |
3,500,000 |
||||||
Tahoe Forest Hospital District, |
0.01 |
3/1/16 |
2,900,000 |
a |
2,900,000 |
||||||
University of California Regents, |
0.01 |
3/7/16 |
1,000,000 |
a |
1,000,000 |
||||||
150,494,556 |
|||||||||||
Colorado - 6.0% |
|||||||||||
Colorado Health Facilities Authority, |
0.02 |
3/7/16 |
8,530,000 |
a |
8,530,000 |
||||||
Gateway Regional Metropolitan District, |
0.07 |
3/7/16 |
7,250,000 |
a |
7,250,000 |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||||
Short-Term Investments - 102.0% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Colorado - 6.0% (continued) |
||||||||||||||||||||
Sheridan Redevelopment Agency, |
0.04 |
3/7/16 |
4,800,000 |
a |
4,800,000 |
|||||||||||||||
Southern Ute Indian Tribe of the Southern Ute Indian Reservation, |
0.02 |
3/7/16 |
24,000,000 |
a |
24,000,000 |
|||||||||||||||
Southern Ute Indian Tribe of the Southern Ute Indian Reservation, |
0.03 |
3/7/16 |
10,035,000 |
a,b |
10,035,000 |
|||||||||||||||
54,615,000 |
||||||||||||||||||||
Connecticut - .9% |
||||||||||||||||||||
Connecticut Health and Educational Facilities Authority, |
0.04 |
3/7/16 |
5,100,000 |
a |
5,100,000 |
|||||||||||||||
Connecticut Health and Educational Facilities Authority, |
0.07 |
3/7/16 |
2,670,000 |
a |
2,670,000 |
|||||||||||||||
7,770,000 |
||||||||||||||||||||
District of Columbia - 1.4% |
||||||||||||||||||||
District of Columbia, |
0.08 |
3/7/16 |
2,460,000 |
a |
2,460,000 |
|||||||||||||||
Metropolitan Washington Airports Authority, |
0.07 |
3/3/16 |
10,000,000 |
10,000,000 |
||||||||||||||||
12,460,000 |
||||||||||||||||||||
Florida - .6% |
||||||||||||||||||||
Jacksonville, |
0.06 |
3/7/16 |
2,400,000 |
a |
2,400,000 |
|||||||||||||||
Sunshine State Governmental Financing Commission, |
0.08 |
5/10/16 |
3,000,000 |
3,000,000 |
||||||||||||||||
5,400,000 |
||||||||||||||||||||
Idaho - .1% |
||||||||||||||||||||
Coeur D'Alene Tribe, |
0.04 |
3/7/16 |
800,000 |
a |
800,000 |
|||||||||||||||
Illinois - 11.7% |
||||||||||||||||||||
Galesburg, |
0.03 |
3/7/16 |
4,700,000 |
a |
4,700,000 |
|||||||||||||||
Illinois Development Finance Authority, |
0.01 |
3/7/16 |
12,000,000 |
a |
12,000,000 |
|||||||||||||||
Illinois Educational Facilities Authority, |
0.04 |
3/7/16 |
9,800,000 |
a |
9,800,000 |
|||||||||||||||
Illinois Educational Facilities Authority, |
0.02 |
3/7/16 |
400,000 |
a |
400,000 |
|||||||||||||||
Illinois Finance Authority, |
0.04 |
3/7/16 |
2,700,000 |
a |
2,700,000 |
|||||||||||||||
Illinois Finance Authority, |
0.03 |
3/7/16 |
32,400,000 |
a |
32,400,000 |
|||||||||||||||
Illinois Finance Authority, |
0.01 |
3/7/16 |
14,000,000 |
a |
14,000,000 |
|||||||||||||||
Illinois Finance Authority, |
0.01 |
3/7/16 |
970,000 |
a |
970,000 |
|||||||||||||||
Illinois Finance Authority, |
0.04 |
3/7/16 |
5,080,000 |
a |
5,080,000 |
|||||||||||||||
Illinois Finance Authority, |
0.01 |
3/7/16 |
13,000,000 |
a |
13,000,000 |
|||||||||||||||
Illinois Housing Development Authority, |
0.02 |
3/7/16 |
8,100,000 |
a |
8,100,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||||
Short-Term Investments - 102.0% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Illinois - 11.7% (continued) |
||||||||||||||||||||
Lake Villa, |
0.05 |
3/7/16 |
2,185,000 |
a |
2,185,000 |
|||||||||||||||
105,335,000 |
||||||||||||||||||||
Iowa - .8% |
||||||||||||||||||||
Iowa Higher Education Loan Authority, |
0.12 |
3/7/16 |
7,270,000 |
a |
7,270,000 |
|||||||||||||||
Maryland - 3.6% |
||||||||||||||||||||
Baltimore County, |
0.03 |
3/7/16 |
4,250,000 |
a |
4,250,000 |
|||||||||||||||
Baltimore County, |
0.06 |
3/7/16 |
2,465,000 |
a |
2,465,000 |
|||||||||||||||
Maryland Economic Development Corporation, |
0.05 |
3/7/16 |
16,825,000 |
a |
16,825,000 |
|||||||||||||||
Maryland Health and Higher Educational Facilities Authority, |
0.03 |
3/7/16 |
8,715,000 |
a |
8,715,000 |
|||||||||||||||
32,255,000 |
||||||||||||||||||||
Massachusetts - 1.5% |
||||||||||||||||||||
Massachusetts Health and Educational Facilities Authority, |
0.05 |
3/7/16 |
13,835,000 |
a |
13,835,000 |
|||||||||||||||
Minnesota - 1.6% |
||||||||||||||||||||
Cohasset, |
0.07 |
3/7/16 |
2,700,000 |
a |
2,700,000 |
|||||||||||||||
Minneapolis, |
0.02 |
3/7/16 |
3,150,000 |
a |
3,150,000 |
|||||||||||||||
Minnesota Higher Education Facilities Authority, |
0.07 |
3/7/16 |
8,565,000 |
a |
8,565,000 |
|||||||||||||||
14,415,000 |
||||||||||||||||||||
Mississippi - .2% |
||||||||||||||||||||
Mississippi Development Bank, |
0.03 |
3/7/16 |
2,110,000 |
a |
2,110,000 |
|||||||||||||||
Missouri - 1.6% |
||||||||||||||||||||
Saint Charles County Public Water Supply District Number 2, |
0.03 |
3/7/16 |
14,250,000 |
a |
14,250,000 |
|||||||||||||||
Nevada - 2.2% |
||||||||||||||||||||
Las Vegas Valley Water District, |
0.08 |
3/3/16 |
20,000,000 |
20,000,000 |
||||||||||||||||
New Jersey - 7.3% |
||||||||||||||||||||
Bergenfield Borough, |
1.00 |
3/2/16 |
5,000,000 |
5,000,075 |
||||||||||||||||
Burlington County Bridge Commission, |
1.50 |
5/17/16 |
5,000,000 |
5,012,883 |
||||||||||||||||
Hudson County Improvement Authority, |
0.01 |
3/7/16 |
5,000,000 |
a |
5,000,000 |
|||||||||||||||
Long Beach Township, |
1.50 |
9/1/16 |
3,333,000 |
3,346,139 |
||||||||||||||||
New Jersey Economic Development Authority, |
0.05 |
3/7/16 |
16,900,000 |
a |
16,900,000 |
|||||||||||||||
New Jersey Economic Development Authority, |
0.01 |
3/1/16 |
600,000 |
a |
600,000 |
|||||||||||||||
New Jersey Economic Development Authority, |
0.01 |
3/1/16 |
2,300,000 |
a |
2,300,000 |
|||||||||||||||
New Jersey Economic Development Authority, |
0.01 |
3/7/16 |
995,000 |
a |
995,000 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||||
Short-Term Investments - 102.0% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
New Jersey - 7.3% (continued) |
||||||||||||||||||||
New Jersey Economic Development Authority, |
0.01 |
3/7/16 |
3,800,000 |
a |
3,800,000 |
|||||||||||||||
New Jersey Economic Development Authority, |
0.01 |
3/7/16 |
2,250,000 |
a |
2,250,000 |
|||||||||||||||
New Jersey Educational Facilities Authority, |
0.01 |
4/4/16 |
1,500,000 |
1,500,000 |
||||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
0.01 |
3/7/16 |
970,000 |
a |
970,000 |
|||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
0.01 |
3/1/16 |
5,900,000 |
a |
5,900,000 |
|||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
0.01 |
3/1/16 |
3,670,000 |
a |
3,670,000 |
|||||||||||||||
New Jersey Health Care Facilities Financing Authority, |
0.01 |
3/7/16 |
1,900,000 |
a |
1,900,000 |
|||||||||||||||
New Jersey Housing and Mortgage Finance Agency, |
4.00 |
4/1/16 |
145,000 |
145,386 |
||||||||||||||||
New Jersey Housing and Mortgage Finance Agency, |
0.01 |
3/7/16 |
7,035,000 |
a |
7,035,000 |
|||||||||||||||
66,324,483 |
||||||||||||||||||||
New York - 4.3% |
||||||||||||||||||||
Albany Industrial Development Agency, |
0.06 |
3/7/16 |
2,580,000 |
a |
2,580,000 |
|||||||||||||||
Dutchess County Industrial Development Agency, |
0.06 |
3/7/16 |
7,620,000 |
a |
7,620,000 |
|||||||||||||||
Metropolitan Transportation Authority, |
0.75 |
6/1/16 |
15,000,000 |
15,019,546 |
||||||||||||||||
New York City Capital Resource Corporation, |
0.04 |
3/7/16 |
3,700,000 |
a |
3,700,000 |
|||||||||||||||
New York State Housing Finance Agency, |
0.02 |
3/7/16 |
6,900,000 |
a |
6,900,000 |
|||||||||||||||
Onondaga County Industrial Development Agency, |
0.06 |
3/7/16 |
2,670,000 |
a |
2,670,000 |
|||||||||||||||
38,489,546 |
||||||||||||||||||||
Ohio - 3.6% |
||||||||||||||||||||
Hamilton County, |
0.04 |
3/7/16 |
2,680,000 |
a |
2,680,000 |
|||||||||||||||
Ohio Higher Educational Facility Commission, |
0.08 |
5/24/16 |
30,000,000 |
30,000,000 |
||||||||||||||||
32,680,000 |
||||||||||||||||||||
Pennsylvania - 2.8% |
||||||||||||||||||||
Jackson Township Industrial Development Authority, |
0.02 |
3/7/16 |
4,350,000 |
a |
4,350,000 |
|||||||||||||||
Pennsylvania Higher Educational Facilities Authority, |
0.03 |
3/7/16 |
950,000 |
a |
950,000 |
|||||||||||||||
University of Pittsburgh of the Commonwealth System of Higher Education, |
0.06 |
3/1/16 |
20,000,000 |
20,000,000 |
||||||||||||||||
25,300,000 |
||||||||||||||||||||
South Carolina - 1.5% |
||||||||||||||||||||
North Charleston, |
0.05 |
3/7/16 |
5,345,000 |
a |
5,345,000 |
|||||||||||||||
South Carolina Jobs-Economic Development Authority, |
0.04 |
3/7/16 |
4,020,000 |
a |
4,020,000 |
|||||||||||||||
South Carolina Jobs-Economic Development Authority, |
0.12 |
3/7/16 |
2,950,000 |
a |
2,950,000 |
12
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||||
Short-Term Investments - 102.0% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
South Carolina - 1.5% (continued) |
||||||||||||||||||||
South Carolina Jobs-Economic Development Authority, |
0.07 |
3/7/16 |
1,030,000 |
a |
1,030,000 |
|||||||||||||||
13,345,000 |
||||||||||||||||||||
Tennessee - 1.3% |
||||||||||||||||||||
Tennessee, |
0.07 |
5/5/16 |
12,000,000 |
12,000,000 |
||||||||||||||||
Texas - 20.0% |
||||||||||||||||||||
Atascosa County Industrial Development Corporation, |
0.04 |
3/7/16 |
41,200,000 |
a |
41,200,000 |
|||||||||||||||
Austin Independent School District, |
0.08 |
3/7/16 |
15,000,000 |
15,000,000 |
||||||||||||||||
Austin Independent School District, |
0.05 |
4/5/16 |
10,000,000 |
10,000,000 |
||||||||||||||||
Dallas, |
0.04 |
3/3/16 |
10,205,000 |
10,205,000 |
||||||||||||||||
Dallas, |
0.08 |
5/18/16 |
13,000,000 |
13,000,000 |
||||||||||||||||
Harris County Cultural Education Facilities Finance Corporation, |
0.08 |
3/17/16 |
30,000,000 |
30,000,000 |
||||||||||||||||
Harris County Cultural Education Facilities Finance Corporation, |
0.07 |
5/4/16 |
3,000,000 |
3,000,000 |
||||||||||||||||
Harris County Cultural Education Facilities Finance Corporation, |
0.07 |
5/4/16 |
7,000,000 |
7,000,000 |
||||||||||||||||
Harris County Metropolitan Transportation Authority, |
0.09 |
4/6/16 |
9,400,000 |
9,400,000 |
||||||||||||||||
San Antonio, |
0.07 |
5/3/16 |
18,850,000 |
18,850,000 |
||||||||||||||||
Texas A&M University System Board of Regents, |
0.06 |
5/5/16 |
5,000,000 |
5,000,000 |
||||||||||||||||
University of Houston, |
0.07 |
5/17/16 |
4,000,000 |
4,000,000 |
||||||||||||||||
University of Texas, |
0.08 |
5/18/16 |
14,000,000 |
14,000,000 |
||||||||||||||||
180,655,000 |
||||||||||||||||||||
Utah - 2.3% |
||||||||||||||||||||
Intermountain Power Agency, |
0.08 |
4/6/16 |
16,140,000 |
16,140,000 |
||||||||||||||||
Ogden City Redevelopment Agency, |
0.12 |
3/7/16 |
1,850,000 |
a |
1,850,000 |
|||||||||||||||
Utah Housing Corporation, |
0.06 |
3/7/16 |
3,125,000 |
a |
3,125,000 |
|||||||||||||||
21,115,000 |
||||||||||||||||||||
Vermont - .1% |
||||||||||||||||||||
Vermont Educational and Health Buildings Financing Agency, |
0.06 |
3/7/16 |
1,000,000 |
a |
1,000,000 |
|||||||||||||||
Virginia - 1.4% |
||||||||||||||||||||
Loudoun County Industrial Development Authority, |
0.04 |
3/7/16 |
12,500,000 |
a |
12,500,000 |
|||||||||||||||
Washington - 5.1% |
||||||||||||||||||||
Squaxin Island Tribe, |
0.10 |
3/7/16 |
4,510,000 |
a |
4,510,000 |
|||||||||||||||
Washington Health Care Facilities Authority, |
0.04 |
3/7/16 |
6,550,000 |
a |
6,550,000 |
|||||||||||||||
Washington Health Care Facilities Authority, |
0.04 |
3/7/16 |
22,900,000 |
a |
22,900,000 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | ||||||||||||||||||||
Short-Term Investments - 102.0% (continued) |
Coupon |
Maturity |
Principal |
Value ($) |
||||||||||||||||
Washington - 5.1% (continued) |
||||||||||||||||||||
Washington Housing Finance Commission, |
0.02 |
3/7/16 |
8,250,000 |
a |
8,250,000 |
|||||||||||||||
Washington Housing Finance Commission, |
0.12 |
3/7/16 |
4,200,000 |
a |
4,200,000 |
|||||||||||||||
46,410,000 |
||||||||||||||||||||
Wisconsin - 2.7% |
||||||||||||||||||||
Byron, |
0.12 |
3/7/16 |
3,250,000 |
a |
3,250,000 |
|||||||||||||||
Wisconsin Health and Educational Facilities Authority, |
0.12 |
3/7/16 |
6,110,000 |
a |
6,110,000 |
|||||||||||||||
Wisconsin Health and Educational Facilities Authority, |
0.15 |
4/5/16 |
15,000,000 |
15,000,000 |
||||||||||||||||
24,360,000 |
||||||||||||||||||||
Total Investments (cost $922,187,529) |
102.0% |
922,188,585 |
||||||||||||||||||
Liabilities, Less Cash and Receivables |
(2.0%) |
(18,286,612) |
||||||||||||||||||
Net Assets |
100.0% |
903,901,973 |
a Variable rate demand note—rate shown is the interest rate in effect at February 29, 2016. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, these securities amounted to $10,035,000 or 1.11% of net assets.
Portfolio Summary (Unaudited) † |
Value (%) |
Health Care |
20.2 |
Education |
17.0 |
Utility-Water and Sewer |
10.6 |
Utility-Electric |
9.8 |
State/Territory |
6.7 |
Housing |
5.7 |
Industrial |
5.7 |
Transportation Services |
4.6 |
Special Tax |
3.7 |
Lease |
3.1 |
Pollution Control |
1.2 |
City |
.9 |
County |
.5 |
Other |
12.3 |
102.0 |
† Based on net assets.
See notes to financial statements.
14
Summary of Abbreviations | |||
ABAG |
Association of Bay Area |
ACA |
American Capital Access |
AGC |
ACE Guaranty Corporation |
AGIC |
Asset Guaranty Insurance Company |
AMBAC |
American Municipal Bond |
ARRN |
Adjustable Rate |
BAN |
Bond Anticipation Notes |
BPA |
Bond Purchase Agreement |
CIFG |
CDC Ixis Financial Guaranty |
COP |
Certificate of Participation |
CP |
Commercial Paper |
DRIVERS |
Derivative Inverse |
EDR |
Economic Development |
EIR |
Environmental Improvement |
FGIC |
Financial Guaranty |
FHA |
Federal Housing Administration |
FHLB |
Federal Home |
FHLMC |
Federal Home Loan Mortgage |
FNMA |
Federal National |
GAN |
Grant Anticipation Notes |
GIC |
Guaranteed Investment |
GNMA |
Government National Mortgage |
GO |
General Obligation |
HR |
Hospital Revenue |
IDB |
Industrial Development Board |
IDC |
Industrial Development Corporation |
IDR |
Industrial Development |
LIFERS |
Long Inverse Floating |
LOC |
Letter of Credit |
LOR |
Limited Obligation Revenue |
LR |
Lease Revenue |
MERLOTS |
Municipal Exempt Receipts |
MFHR |
Multi-Family Housing Revenue |
MFMR |
Multi-Family Mortgage Revenue |
PCR |
Pollution Control Revenue |
PILOT |
Payment in Lieu of Taxes |
P-FLOATS |
Puttable Floating Option |
PUTTERS |
Puttable Tax-Exempt Receipts |
RAC |
Revenue Anticipation Certificates |
RAN |
Revenue Anticipation Notes |
RAW |
Revenue Anticipation Warrants |
RIB |
Residual Interest Bonds |
ROCS |
Reset Options Certificates |
RRR |
Resources Recovery Revenue |
SAAN |
State Aid Anticipation Notes |
SBPA |
Standby Bond Purchase Agreement |
SFHR |
Single Family Housing Revenue |
SFMR |
Single Family Mortgage Revenue |
SONYMA |
State of New York |
SPEARS |
Short Puttable Exempt |
SWDR |
Solid Waste Disposal Revenue |
TAN |
Tax Anticipation Notes |
TAW |
Tax Anticipation Warrants |
TRAN |
Tax and Revenue Anticipation Notes |
XLCA |
XL Capital Assurance |
See notes to financial statements.
15
STATEMENT OF ASSETS AND LIABILITIES
February 29, 2016 (Unaudited)
|
|
|
|
BNY Mellon |
|
BNY Mellon |
|
|||
Assets ($): |
||||||||||
Investments at value—Note 1(a,b)† |
|
353,017,692 |
a |
922,188,585 |
||||||
Cash |
363,869 |
490,269 |
||||||||
Interest receivable |
466,917 |
198,822 |
||||||||
Receivable for investment securities sold |
- |
10,000,016 |
||||||||
Prepaid expenses |
23,008 |
26,617 |
||||||||
353,871,486 |
932,904,309 |
|||||||||
Liabilities ($): |
||||||||||
Due to The Dreyfus Corporation and affiliates—Note 2(b) |
86,843 |
59,231 |
||||||||
Due to Administrator—Note 2(a) |
35,026 |
4,215 |
||||||||
Payable for investment securities purchased |
- |
28,885,027 |
||||||||
Accrued expenses |
26,267 |
53,863 |
||||||||
148,136 |
29,002,336 |
|||||||||
Net Assets ($) |
353,723,350 |
903,901,973 |
||||||||
Composition of Net Assets ($): |
||||||||||
Paid-in capital |
353,723,112 |
904,983,099 |
||||||||
Accumulated net realized gain (loss) on investments |
238 |
(1,082,182) |
||||||||
Accumulated net unrealized appreciation (depreciation) on investments |
- |
1,056 |
||||||||
Net Assets ($) |
353,723,350 |
903,901,973 |
||||||||
Net Asset Value Per Share |
||||||||||
Class M |
||||||||||
Net Assets ($) |
344,231,890 |
900,307,937 |
||||||||
Shares Outstanding |
344,234,422 |
901,385,776 |
||||||||
Net Asset Value Per Share ($) |
1.00 |
1.00 |
||||||||
Investor Shares |
||||||||||
Net Assets ($) |
9,491,460 |
3,594,036 |
||||||||
Shares Outstanding |
9,491,484 |
3,598,238 |
||||||||
Net Asset Value Per Share ($) |
1.00 |
1.00 |
||||||||
† |
Investments at cost ($) |
353,017,692 |
922,187,529 |
a Amount includes repurchase agreements of $12,000,000 for BNY Mellon Money Market Fund. See Note 1(b).
See notes to financial statements.
16
STATEMENT OF OPERATIONS
Six Months Ended February 29, 2016 (Unaudited)
|
|
|
BNY Mellon |
|
BNY Mellon |
|
|||
Investment Income ($): |
|||||||||
Interest Income |
544,322 |
222,039 |
|||||||
Expenses: |
|||||||||
Investment advisory fee—Note 2(a) |
265,348 |
640,269 |
|||||||
Administration fee—Note 2(a) |
221,837 |
535,325 |
|||||||
Custodian fees—Note 2(b) |
33,119 |
41,170 |
|||||||
Professional fees |
15,120 |
21,006 |
|||||||
Shareholder servicing costs—Note 2(b) |
14,969 |
5,269 |
|||||||
Registration fees |
14,118 |
14,118 |
|||||||
Trustees’ fees and expenses—Note 2(c) |
10,930 |
25,124 |
|||||||
Prospectus and shareholders’ reports |
6,013 |
5,192 |
|||||||
Miscellaneous |
11,848 |
20,801 |
|||||||
Total Expenses |
593,302 |
1,308,274 |
|||||||
Less—reduction in expenses due to undertakings—Note 2(a) |
(98,302) |
(640,270) |
|||||||
Less—reduction in administration fees due to undertakings—Note 2(a) |
(8,111) |
(464,691) |
|||||||
Less—reduction in fees due to earnings credits—Note 2(b) |
(1,178) |
(1) |
|||||||
Net Expenses |
485,711 |
203,312 |
|||||||
Investment Income—Net |
58,611 |
18,727 |
|||||||
Realized and Unrealized Gain (Loss) on Investments—Note 1(b) ($): |
|||||||||
Net realized gain (loss) on investments |
- |
126,474 |
|||||||
Net unrealized appreciation (depreciation) on investments |
- |
(565) |
|||||||
Net Realized and Unrealized Gain (Loss) on Investments |
- |
125,909 |
|||||||
Net Increase in Net Assets Resulting from Operations |
58,611 |
144,636 |
See notes to financial statements.
17
STATEMENT OF CHANGES IN NET ASSETS
BNY Mellon Money Market Fund |
BNY Mellon National Municipal |
||||||||
Six Months Ended |
Year Ended |
Six Months Ended |
Year Ended |
||||||
|
(Unaudited) |
|
August 31, 2015 |
|
(Unaudited) |
|
August 31, 2015 |
||
Operations ($): |
|||||||||
Investment income—net |
58,611 |
302 |
18,727 |
335 |
|||||
Net realized gain (loss) on investments |
- |
238 |
126,474 |
94,639 |
|||||
Net unrealized appreciation (depreciation) on investments |
- |
- |
(565) |
988 |
|||||
Net Increase (Decrease) in Net Assets |
58,611 |
540 |
144,636 |
95,962 |
|||||
Dividends to Shareholders from ($): |
|||||||||
Investment income—net: |
|||||||||
Class M |
(58,375) |
(3,522) |
(18,654) |
(333) |
|||||
Investor Shares |
(236) |
(80) |
(73) |
(2) |
|||||
Total Dividends |
(58,611) |
(3,602) |
(18,727) |
(335) |
|||||
Beneficial Interest Transactions ($1.00 per share): |
|||||||||
Net proceeds from shares sold: |
|||||||||
Class M |
347,009,009 |
537,567,200 |
796,502,995 |
1,996,617,457 |
|||||
Investor Shares |
9,183,203 |
16,638,703 |
852,648 |
10,921,129 |
|||||
Dividends reinvested: |
|||||||||
Class M |
1 |
- |
- |
- |
|||||
Investor Shares |
236 |
80 |
73 |
2 |
|||||
Cost of shares redeemed: |
|||||||||
Class M |
(331,890,726) |
(590,314,609) |
(677,291,869) |
(2,066,980,336) |
|||||
Investor Shares |
(7,726,738) |
(16,659,704) |
(4,052,779) |
(6,774,459) |
|||||
Increase (Decrease) in Net Assets from |
16,574,985 |
(52,768,330) |
116,011,068 |
(66,216,207) |
|||||
Total Increase (Decrease) In Net Assets |
16,574,985 |
(52,771,392) |
116,136,977 |
(66,120,580) |
|||||
Net Assets ($): |
|||||||||
Beginning of Period |
337,148,365 |
389,919,757 |
787,764,996 |
853,885,576 |
|||||
End of Period |
353,723,350 |
337,148,365 |
903,901,973 |
787,764,996 |
See notes to financial statements.
18
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Money Market Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.000 |
.000 |
.000 |
.000 |
.000 |
.000 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net a |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
|||||||||
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Total Return (%) |
.02 |
b |
.00 |
c |
.00 |
c |
.00 |
c |
.00 |
c |
.02 |
||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.33 |
d |
.32 |
.32 |
.31 |
.30 |
.30 |
||||||||
Ratio of net expenses to average net assets |
.27 |
d |
.19 |
.14 |
.20 |
.21 |
.26 |
||||||||
Ratio of net investment income to average net assets |
.03 |
d |
.00 |
c |
.00 |
c |
.00 |
c |
.00 |
c |
.02 |
||||
Net Assets, end of period ($ x 1,000) |
344,232 |
329,114 |
381,864 |
387,463 |
857,600 |
1,006.111 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
19
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Money Market Fund |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.000 |
.000 |
.000 |
.000 |
.000 |
.000 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net a |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
|||||||||
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Total Return (%)b |
.00 |
c |
.00 |
.00 |
.00 |
.00 |
.00 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.58 |
d |
.57 |
.57 |
.56 |
.58 |
.55 |
||||||||
Ratio of net expenses to average net assets |
.29 |
d |
.19 |
.14 |
.19 |
.22 |
.26 |
||||||||
Ratio of net investment income to average net assets b |
.00 |
d |
.00 |
.00 |
.00 |
.00 |
.00 |
||||||||
Net Assets, end of period ($ x 1,000) |
9,491 |
8,035 |
8,056 |
4,640 |
10,340 |
1,522 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
c Not annualized.
d Annualized.
See notes to financial statements
20
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.000 |
.000 |
.000 |
.000 |
.000 |
.000 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net a |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
|||||||||
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Total Return (%) |
.00 |
b,c |
.00 |
b |
.00 |
b |
.00 |
b |
.00 |
b |
.03 |
||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.31 |
d |
.30 |
.30 |
.30 |
.30 |
.29 |
||||||||
Ratio of net expenses to average net assets |
.05 |
d |
.08 |
.13 |
.23 |
.22 |
.26 |
||||||||
Ratio of net investment income to average net assets |
.00 |
b,d |
.00 |
b |
.00 |
b |
.00 |
b |
.00 |
b |
.03 |
||||
Net Assets, end of period ($ x 1,000) |
900,308 |
780,977 |
851,238 |
1,009,973 |
1,316,666 |
1,352,760 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
c Not annualized.
d Annualized.
See notes to financial statements
.
21
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal |
Six Months Ended |
2015 |
|
2014 |
|
2013 |
|
2012 |
|
2011 |
| ||||
Per Share Data ($): |
|||||||||||||||
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Investment Operations: |
|||||||||||||||
Investment income—net a |
.000 |
.000 |
.000 |
.000 |
.000 |
.000 |
|||||||||
Distributions: |
|||||||||||||||
Dividends from investment income—net a |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
(.000) |
|||||||||
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|||||||||
Total Return (%)b |
.00 |
c |
.00 |
.00 |
.00 |
.00 |
.00 |
||||||||
Ratios/Supplemental Data (%): |
|||||||||||||||
Ratio of total expenses to average net assets |
.55 |
d |
.56 |
.55 |
.57 |
.56 |
.54 |
||||||||
Ratio of net expenses to average net assets |
.04 |
d |
.09 |
.13 |
.24 |
.23 |
.29 |
||||||||
Ratio of net investment income to average net assets b |
.00 |
d |
.00 |
.00 |
.00 |
.00 |
.00 |
||||||||
Net Assets, end of period ($ x 1,000) |
3,594 |
6,788 |
2,648 |
2,865 |
1,022 |
272 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
c Not annualized.
d Annualized.
See notes to financial statements
22
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Money Market Fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
At a meeting held on December 8, 2015, the Trust’s Board of Trustees (the “Board”) approved a proposal to change BNY Mellon Money Market Fund’s investment strategy so that the fund will comply with the new definition of “government money market fund” established by the Securities and Exchange Commission, subject to approval by the fund’s shareholders of the removal of a fundamental investment restriction that requires the fund, under normal market conditions, to invest at least 25% of its assets in obligations issued by banks (the “Proposal”). At the meeting, the Board also approved, changing the fund’s name to “BNY Mellon Government Money Market Fund,” subject to shareholder approval of the Proposal. Shareholders of the fund approved the Proposal at a meeting held on April 11, 2016. Each change is expected to be effective on or about May 1, 2016.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a continuous net asset value per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a stable net asset value per share of $1.00.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At February 29, 2016, all of the securities in each fund were considered Level 2 of the fair value hierarchy.
At February 29, 2016, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
BNY Mellon Money Market Fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller’s agreement to repurchase and the fund agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Dividends to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains.
(d) Federal income taxes: It is the policy of BNY Mellon Money Market Fund to continue to qualify as a regulated investment company if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 29, 2016, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 29, 2016, the funds did not incur any interest or penalties.
24
Each tax year in the three-year period ended August 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
BNY Mellon National Municipal Money Market Fund has an unused capital loss carryover of $1,208,656 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2015. If not applied, the carryover expires in fiscal year 2017.
The tax character of distributions paid to shareholders for each fund during the fiscal year ended August 31, 2015 was all ordinary income for BNY Mellon Money Market Fund and all tax-exempt income for BNY Mellon National Municipal Money Market Fund. The tax character of current year distributions will be determined at the end of the current fiscal year.
At February 29, 2016, the cost of investments for federal income tax purposes for each fund was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
NOTE 2—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .15% of BNY Mellon Money Market Fund and .15% of BNY Mellon National Municipal Money Market Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
The Investment Adviser has undertaken to waive receipt of the management/administration fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This undertaking is voluntary and not contractual, and may be terminated at any time. Table 1 summarizes the reduction in expenses for each fund, pursuant to these undertakings, during the period ended February 29, 2016.
Table 1 —Expense Reductions |
|
BNY Mellon Money Market Fund |
|
Expense waiver |
$98,302 |
Administration fee waiver |
8,111 |
BNY Mellon National Municipal |
|
Expense waiver |
640,270 |
Administration fee waiver |
464,691 |
(b) Each fund has adopted a Shareholder Services Plan with respect to their Investor shares. Each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 2 summarizes the amounts Investor shares were charged during the period ended February 29, 2016, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 2 —Shareholder Services Plan Fees |
|
BNY Mellon Money Market Fund |
$14,960 |
BNY Mellon National Municipal |
5,264 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial
25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 3 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 3.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 4 summarizes the amount each fund was charged during the period ended February 29, 2016 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 4.
Table 3—Cash Management Agreement Fees |
||||
|
Dreyfus Transfer, Inc. |
Dreyfus Transfer, Inc. |
||
BNY Mellon Money Market Fund |
6 |
(1) |
||
BNY Mellon National Municipal Money Market Fund |
4 |
(1) |
Table 4—Custody Agreement Fees |
|||
|
Custody Fees ($) |
Earnings Credits ($) |
|
BNY Mellon Money Market Fund |
33,119 |
(1,177) |
|
BNY Mellon National Municipal Money Market Fund |
41,170 |
- |
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 5 summarizes the amount each fund was charged during the period ended February 29, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 5 —The Bank of New York Mellon Cash Management Fees |
|
BNY Mellon Money Market Fund |
$2 |
BNY Mellon National Municipal |
1 |
During the period ended February 29, 2016, each fund was charged $5,294 for services performed by the Chief Compliance Officer and his staff.
Table 6 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Table 6—Due to The Dreyfus Corporation and Affiliates |
||||||||
|
Investment |
Shareholder |
Custodian |
Chief |
Less Expense | |||
BNY Mellon Money Market Fund |
41,076 |
1,885 |
40,502 |
4,412 |
(1,032) | |||
BNY Mellon National Municipal Money Market Fund |
108,837 |
708 |
54,111 |
4,412 |
(108,837) |
26
NOTE 3—Securities Transactions:
BNY Mellon National Municipal Money Market Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended February 29, 2016, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $782,235,000 and $670,560,000 respectively.
NOTE 4—Regulatory Developments:
On July 23, 2014, the SEC adopted amendments to the rules that govern the operations of money market mutual funds. The degree to which a fund will be impacted by the amendments will depend upon the type of fund and the type of investors (retail or institutional). The amendments have staggered compliance dates, but funds must be in compliance with all amendments by October 14, 2016. At this time, management continues to evaluate the implications of the amendments and their impact to the relevant fund’s operations, financial statements and accompanying notes.
27
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: |
||||||||
BNY Mellon Money Market Fund |
Class M: MLMXX |
Investor: MLOXX |
||||||
BNY Mellon National Municipal Money Market Fund |
Class M: MOMXX |
Investor: MNTXX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2016 MBSC Securities Corporation |
MFTSA0216-MM |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe,
President
Date: April 25, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Patrick T. Crowe
Patrick T. Crowe,
President
Date: April 25, 2016
By: /s/ James Windels
James Windels,
Treasurer
Date: April 25, 2016
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
[EX-99.CERT]—Exhibit (a)(2)
SECTION 302 CERTIFICATION
I, Patrick T. Crowe, certify that:
1. I have reviewed this report on Form N-CSR of BNY Mellon Funds Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ Patrick T. Crowe
Patrick T. Crowe,
President
Date: April 25, 2016
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-CSR of BNY Mellon Funds Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ James Windels
James Windels,
Treasurer
Date: April 25, 2016
[EX-99.906CERT]
Exhibit (b)
SECTION 906 CERTIFICATIONS
In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
By: /s/ Patrick T. Crowe
Patrick T. Crowe,
President
Date: April 25, 2016
By: /s/ James Windels
James Windels,
Treasurer
Date: April 25, 2016
This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.