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Name | Symbol | Market | Type |
---|---|---|---|
Bny Mellon Corporate Bond Fund Investor Shares (MM) | NASDAQ:BYMIX | NASDAQ | Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
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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Janette E. Farragher, 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) 922-6000 |
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Date of fiscal year end:
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08/31 |
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Date of reporting period: |
11/30/2012 |
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STATEMENT OF INVESTMENTS |
BNY Mellon Asset Allocation Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Bonds and Notes--17.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Asset-Backed Ctfs./Auto Receivables--.3% | |||||
Ally Auto Receivables Trust, | |||||
Ser. 2010-3, Cl. A4 | 1.55 | 8/17/15 | 300,000 | 303,765 | |
AmeriCredit Automobile Receivables | |||||
Trust, Ser. 2011-3, Cl. A3 | 1.17 | 1/8/16 | 485,000 | 487,751 | |
Nissan Auto Receivables Owner | |||||
Trust, Ser. 2010-A, Cl. A4 | 1.31 | 9/15/16 | 360,000 | 363,407 | |
1,154,923 | |||||
Casinos--.2% | |||||
Agua Caliente Band of Cahuilla | |||||
Indians, Sr. Scd. Notes | 6.08 | 10/1/16 | 204,000 | a | 195,134 |
Agua Caliente Band of Cahuilla | |||||
Indians, Sr. Scd. Notes | 6.44 | 10/1/16 | 174,000 | a | 166,438 |
Seminole Indian Tribe of Florida, | |||||
Sr. Scd. Notes | 5.80 | 10/1/13 | 265,000 | a | 270,434 |
Seminole Indian Tribe of Florida, | |||||
Notes | 7.75 | 10/1/17 | 105,000 | a | 114,975 |
746,981 | |||||
Commercial Mortgage Pass-Through Ctfs.--.3% | |||||
GE Capital Commercial Mortgage, | |||||
Ser. 2004-C3, Cl. A3 | 4.87 | 7/10/39 | 2,139 | b | 2,139 |
GMAC Commercial Mortgage | |||||
Securities Trust, Ser. 2001-C2, Cl. B | 6.79 | 4/15/34 | 138,898 | 138,625 | |
JP Morgan Chase Commercial | |||||
Mortgage Securities, | |||||
Ser. 2004-C1, Cl. A2 | 4.30 | 1/15/38 | 6,692 | 6,784 | |
UBS Commercial Mortgage Trust, | |||||
Ser. 2012-C1, Cl. A3 | 3.40 | 5/10/45 | 155,000 | 167,818 | |
UBS-Citigroup Commercial Mortgage | |||||
Trust, Ser. 2011-C1, Cl. A2 | 2.80 | 1/10/45 | 850,000 | 907,374 | |
WFRBS Commercial Mortgage Trust, | |||||
Ser. 2011-C5, Cl. A2 | 2.68 | 11/15/44 | 80,000 | 84,966 | |
1,307,706 | |||||
Consumer Discretionary--.7% | |||||
Amazon.com, | |||||
Sr. Unscd. Notes | 2.50 | 11/29/22 | 345,000 | 344,061 | |
Comcast, | |||||
Gtd. Notes | 3.13 | 7/15/22 | 180,000 | 188,440 | |
Comcast, | |||||
Gtd. Notes | 5.90 | 3/15/16 | 435,000 | 503,435 | |
Johnson Controls, | |||||
Sr. Unscd. Notes | 3.75 | 12/1/21 | 440,000 | 472,886 | |
News America, | |||||
Gtd. Notes | 6.15 | 3/1/37 | 265,000 | 325,285 | |
Time Warner Cable, | |||||
Gtd. Notes | 4.13 | 2/15/21 | 565,000 | 621,589 | |
Time Warner, | |||||
Gtd. Notes | 4.00 | 1/15/22 | 350,000 | 384,122 | |
2,839,818 | |||||
Consumer Staples--.4% | |||||
Anheuser-Busch InBev Worldwide, | |||||
Gtd. Notes | 2.50 | 7/15/22 | 305,000 | 307,051 | |
PepsiCo, | |||||
Sr. Unscd. Notes | 4.50 | 1/15/20 | 375,000 | 440,078 | |
Pernod-Ricard, | |||||
Sr. Unscd. Notes | 4.45 | 1/15/22 | 290,000 | a | 320,109 |
Walgreen, | |||||
Sr. Unscd. Notes | 3.10 | 9/15/22 | 330,000 | 336,393 | |
1,403,631 | |||||
Energy--.1% | |||||
BP Capital Markets, | |||||
Gtd. Notes | 3.88 | 3/10/15 | 290,000 | 309,984 | |
Petrobras International Finance, | |||||
Gtd. Notes | 5.38 | 1/27/21 | 100,000 | 112,959 | |
422,943 | |||||
Financial--2.6% | |||||
American International Group, | |||||
Sr. Unscd. Notes | 4.25 | 9/15/14 | 520,000 | 549,699 | |
Bank of America, | |||||
Sub. Notes | 5.49 | 3/15/19 | 970,000 | 1,073,226 | |
BBVA US Senior, | |||||
Bank Gtd. Notes | 3.25 | 5/16/14 | 370,000 | 370,177 | |
Bear Stearns, | |||||
Sub. Notes | 5.55 | 1/22/17 | 395,000 | 447,331 | |
BlackRock, | |||||
Sr. Unscd. Notes | 6.25 | 9/15/17 | 420,000 | 516,039 | |
Boston Properties, | |||||
Sr. Unscd Notes | 4.13 | 5/15/21 | 360,000 | 395,476 | |
Citigroup, | |||||
Sub. Notes | 5.00 | 9/15/14 | 415,000 | 437,186 | |
Citigroup, | |||||
Sr. Unscd. Notes | 6.13 | 11/21/17 | 195,000 | 232,016 | |
Ford Motor Credit, | |||||
Sr. Unscd. Notes | 3.00 | 6/12/17 | 320,000 | 326,411 | |
General Electric Capital, | |||||
Sub. Notes | 5.30 | 2/11/21 | 540,000 | 626,489 | |
Goldman Sachs Group, | |||||
Sub. Notes | 6.75 | 10/1/37 | 445,000 | 496,735 | |
HSBC Finance, | |||||
Sr. Sub. Notes | 6.68 | 1/15/21 | 582,000 | 692,898 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 5.13 | 4/13/18 | 350,000 | 367,062 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 8.50 | 7/15/19 | 305,000 | 359,137 | |
MetLife, | |||||
Sr. Unscd. Notes | 7.72 | 2/15/19 | 345,000 | 454,619 | |
Morgan Stanley, | |||||
Sub. Notes | 4.75 | 4/1/14 | 590,000 | c | 610,856 |
NYSE Euronext, | |||||
Sr. Unscd. Notes | 2.00 | 10/5/17 | 385,000 | 396,888 | |
Prudential Financial, | |||||
Sr. Unscd. Notes | 4.75 | 9/17/15 | 395,000 | 435,474 | |
Rabobank Nederland, | |||||
Bank Gtd. Notes | 5.25 | 5/24/41 | 330,000 | 392,471 | |
RBS Citizens Financial Group, | |||||
Sub. Notes | 4.15 | 9/28/22 | 445,000 | a | 452,851 |
Simon Property Group, | |||||
Sr. Unscd. Notes | 5.65 | 2/1/20 | 450,000 | 543,282 | |
TD Ameritrade Holding, | |||||
Gtd. Notes | 4.15 | 12/1/14 | 335,000 | 357,615 | |
10,533,938 | |||||
Foreign/Governmental--.2% | |||||
Mexican Government, | |||||
Sr. Unscd. Notes | 5.63 | 1/15/17 | 315,000 | 368,550 | |
Mexican Government, | |||||
Sr. Unscd. Notes | 6.63 | 3/3/15 | 185,000 | 208,217 | |
Province of Ontario Canada, | |||||
Sr. Unscd. Bonds | 4.00 | 10/7/19 | 330,000 | 382,321 | |
959,088 |
Health Care--.3% | |||||
Amgen, | |||||
Sr. Unscd. Notes | 5.65 | 6/15/42 | 410,000 | 499,310 | |
Catholic Health Initiatives, | |||||
Scd. Bonds | 2.95 | 11/1/22 | 195,000 | 199,807 | |
Thermo Fisher Scientific, | |||||
Sr. Unscd. Notes | 2.25 | 8/15/16 | 280,000 | 291,335 | |
990,452 | |||||
Industrial--.3% | |||||
ABB Finance USA, | |||||
Gtd. Notes | 2.88 | 5/8/22 | 575,000 | 595,400 | |
CRH America, | |||||
Gtd. Notes | 5.30 | 10/15/13 | 405,000 | 419,727 | |
Tyco International Finance, | |||||
Gtd. Notes | 3.38 | 10/15/15 | 56,000 | 59,583 | |
1,074,710 | |||||
Information Technology--.2% | |||||
Oracle, | |||||
Sr. Unscd. Notes | 5.75 | 4/15/18 | 520,000 | 637,995 | |
Materials--.1% | |||||
Eastman Chemical, | |||||
Sr. Unscd. Notes | 3.60 | 8/15/22 | 365,000 | 383,462 | |
Municipal Bonds--1.1% | |||||
California, | |||||
GO (Build America Bonds) | 7.30 | 10/1/39 | 575,000 | 798,267 | |
Chicago, | |||||
GO | 7.78 | 1/1/35 | 340,000 | 447,345 | |
Illinois, | |||||
GO | 4.42 | 1/1/15 | 440,000 | 467,416 | |
Los Angeles Community College | |||||
District, GO (Build America | |||||
Bonds) | 6.75 | 8/1/49 | 655,000 | 926,386 | |
Massachusetts, | |||||
GO (Build America Bonds) | 4.20 | 12/1/21 | 210,000 | 243,018 | |
New Jersey Turnpike Authority, | |||||
Turnpike Revenue (Build | |||||
America Bonds) | 7.10 | 1/1/41 | 435,000 | 631,694 | |
New York City Municipal Water | |||||
Finance Authority, Water and | |||||
Sewer System Second General | |||||
Resolution Revenue (Build | |||||
America Bonds) | 6.28 | 6/15/42 | 320,000 | 379,459 | |
Oakland Unified School District, | |||||
GO (Build America Bonds) | 9.50 | 8/1/34 | 180,000 | 218,488 | |
Puerto Rico Commonwealth | |||||
Government Development Bank, | |||||
Revenue Bonds | 3.67 | 5/1/14 | 415,000 | 418,225 | |
4,530,298 | |||||
Telecommunications--.5% | |||||
AT&T, | |||||
Sr. Unscd. Notes | 4.45 | 5/15/21 | 450,000 | 525,332 | |
Rogers Communications, | |||||
Gtd. Notes | 6.38 | 3/1/14 | 380,000 | 406,574 | |
Telefonica Emisiones, | |||||
Gtd. Notes | 5.13 | 4/27/20 | 495,000 | 497,475 | |
Verizon Communications, | |||||
Sr. Unscd. Notes | 5.50 | 2/15/18 | 550,000 | 664,794 | |
2,094,175 | |||||
U.S. Government Agencies--.1% | |||||
Federal National Mortgage | |||||
Association, Notes | 2.63 | 10/10/24 | 350,000 | d | 352,286 |
U.S. Government Agencies/Mortgage-Backed--5.1% | |||||
Federal Home Loan Mortgage Corp.: |
2.50%, 4/1/27 | 363,146 | d | 379,630 | ||
3.00%, 11/1/42 | 760,000 | d | 799,154 | ||
4.00%, 1/1/41 | 459,915 | d | 490,898 | ||
4.50%, 5/1/39 - 11/1/41 | 3,163,247 | d | 3,491,338 | ||
5.00%, 7/1/40 | 969,971 | d | 1,050,102 | ||
5.50%, 12/1/37 - 12/1/38 | 1,139,288 | d | 1,243,279 | ||
Federal National Mortgage Association: | |||||
3.00%, 8/1/27 - 10/1/32 | 1,491,208 | d | 1,575,285 | ||
3.34%, 4/1/41 | 453,469 | b,d | 477,429 | ||
3.50%, 1/1/26 - 6/1/42 | 3,607,255 | d | 3,862,484 | ||
4.00%, 9/1/24 - 4/1/42 | 2,815,535 | d | 3,047,516 | ||
4.50%, 6/1/23 - 7/1/24 | 350,510 | d | 377,263 | ||
5.00%, 12/1/21 - 2/1/41 | 1,575,639 | d | 1,733,482 | ||
5.50%, 4/1/36 - 3/1/38 | 1,122,540 | d | 1,242,075 | ||
6.00%, 4/1/33 - 12/1/37 | 590,672 | d | 663,817 | ||
6.50%, 10/1/36 | 83,157 | d | 93,754 | ||
20,527,506 | |||||
U.S. Government Securities--4.4% | |||||
U.S. Treasury Inflation Protected Securities: | |||||
Bonds, 2.38%, 1/15/27 | 745,856 | c,e | 870,320 | ||
Notes, 0.63%, 7/15/21 | 610,892 | c,e | 700,617 | ||
Notes, 1.38%, 7/15/18 | 590,205 | c,e | 690,586 | ||
Notes, 1.38%, 1/15/20 | 497,596 | e | 594,045 | ||
Notes, 2.38%, 1/15/17 | 745,856 | c,e | 1,041,226 | ||
U.S. Treasury Notes: | |||||
0.25%, 1/15/15 | 760,000 | c | 759,644 | ||
0.25%, 8/15/15 | 2,045,000 | c | 2,042,125 | ||
0.25%, 9/15/15 | 770,000 | c | 768,737 | ||
0.38%, 4/15/15 | 865,000 | c | 866,893 | ||
0.63%, 9/30/17 | 515,000 | c | 515,885 | ||
0.75%, 6/15/14 | 1,230,000 | c | 1,239,754 | ||
0.75%, 6/30/17 | 110,000 | c | 111,014 | ||
0.75%, 10/31/17 | 650,000 | c | 654,723 | ||
1.25%, 3/15/14 | 1,270,000 | c | 1,286,669 | ||
1.25%, 4/30/19 | 590,000 | c | 602,491 | ||
1.38%, 2/28/19 | 970,000 | c | 1,000,086 | ||
1.50%, 6/30/16 | 500,000 | c | 519,453 | ||
1.50%, 7/31/16 | 510,000 | 530,161 | |||
1.75%, 7/31/15 | 750,000 | c | 778,652 | ||
1.75%, 5/15/22 | 1,935,000 | c | 1,974,608 | ||
2.25%, 7/31/18 | 180,000 | c | 194,878 | ||
17,742,567 | |||||
Utilities--.1% | |||||
Boston Gas, | |||||
Sr. Unscd. Notes | 4.49 | 2/15/42 | 250,000 | a | 269,267 |
Hydro-Quebec, | |||||
Gov't Gtd. Notes | 2.00 | 6/30/16 | 280,000 | 292,601 | |
561,868 | |||||
Total Bonds and Notes | |||||
(cost $63,650,561) | 68,264,347 | ||||
Common Stocks--17.6% | Shares | Value ($) | |||
Consumer Discretionary--1.8% | |||||
Amazon.com | 3,750 | f | 945,187 | ||
Autoliv | 10,450 | 630,762 | |||
Carnival | 13,120 | 507,219 | |||
CBS, Cl. B | 30,130 | 1,084,077 | |||
News, Cl. A | 54,260 | 1,336,966 | |||
PVH | 7,040 | 806,714 | |||
Target | 11,960 | 755,035 | |||
Walt Disney | 26,330 | 1,307,548 | |||
7,373,508 | |||||
Consumer Staples--1.8% |
Coca-Cola Enterprises | 25,060 | 781,371 | |
ConAgra Foods | 11,880 | 354,737 | |
Dr. Pepper Snapple Group | 9,140 | 409,929 | |
PepsiCo | 24,960 | 1,752,442 | |
Philip Morris International | 18,040 | 1,621,435 | |
Ralcorp Holdings | 5,390 | f | 480,465 |
Unilever, ADR | 42,250 | 1,620,287 | |
7,020,666 | |||
Energy--2.0% | |||
Anadarko Petroleum | 11,220 | 821,192 | |
Apache | 11,490 | 885,764 | |
Ensco, Cl. A | 17,370 | 1,011,455 | |
EOG Resources | 4,700 | 552,814 | |
Exxon Mobil | 20,540 | 1,810,396 | |
National Oilwell Varco | 17,760 | 1,213,008 | |
Occidental Petroleum | 11,480 | 863,411 | |
TransCanada | 14,790 | 680,192 | |
7,838,232 | |||
Exchange-Traded Funds--.3% | |||
Standard & Poor's Depository | |||
Receipts S&P 500 ETF Trust | 1,024,859 | 1,066,125 | |
Financial--2.7% | |||
American Express | 19,280 | 1,077,752 | |
American International Group | 22,930 | f | 759,671 |
American Tower | 4,760 | 356,667 | |
Ameriprise Financial | 15,010 | 910,657 | |
Bank of America | 51,910 | 511,833 | |
Capital One Financial | 11,250 | 648,000 | |
CBRE Group, Cl. A | 19,210 | f | 363,645 |
Chubb | 9,230 | 710,618 | |
IntercontinentalExchange | 5,000 | f | 660,750 |
JPMorgan Chase & Co. | 34,312 | 1,409,537 | |
Moody's | 16,750 | 813,715 | |
T. Rowe Price Group | 11,970 | 774,100 | |
Wells Fargo & Co. | 56,860 | 1,876,948 | |
10,873,893 | |||
Health Care--2.6% | |||
Allscripts Healthcare Solutions | 26,160 | f | 290,899 |
Cigna | 11,410 | 596,401 | |
Covidien | 21,542 | 1,251,806 | |
Johnson & Johnson | 15,790 | 1,101,037 | |
McKesson | 7,560 | 714,193 | |
Merck & Co. | 45,690 | 2,024,067 | |
Pfizer | 105,550 | 2,640,861 | |
Sanofi, ADR | 40,100 | 1,789,262 | |
10,408,526 | |||
Industrial--1.9% | |||
ADT | 5,091 | 233,677 | |
Caterpillar | 9,290 | 791,880 | |
Cooper Industries | 15,790 | 1,176,355 | |
Danaher | 11,100 | 599,067 | |
Eaton | 8,650 | 451,184 | |
FedEx | 13,040 | 1,167,471 | |
Fluor | 11,350 | 602,458 | |
General Electric | 80,540 | 1,701,810 | |
Pentair | 2,443 | 118,461 | |
Robert Half International | 18,020 | 509,245 | |
Tyco International | 10,182 | 288,863 | |
7,640,471 | |||
Information Technology--3.3% | |||
Alliance Data Systems | 9,370 | f | 1,335,131 |
Apple | 7,410 | 4,336,925 | |
Cognizant Technology Solutions, |
Cl. A | 11,190 | f | 752,304 |
EMC | 42,270 | f | 1,049,141 |
Informatica | 12,050 | f | 323,783 |
International Business Machines | 5,490 | 1,043,484 | |
Intuit | 12,890 | 772,240 | |
Oracle | 33,870 | 1,087,227 | |
QUALCOMM | 23,550 | 1,498,251 | |
Teradata | 7,315 | f | 435,096 |
VMware, Cl. A | 8,012 | f | 728,691 |
13,362,273 | |||
Materials--.5% | |||
LyondellBasell Industries, Cl. A | 19,410 | 965,259 | |
Praxair | 6,660 | 714,019 | |
Vale, ADR | 25,530 | 444,988 | |
2,124,266 | |||
Telecommunications--.3% | |||
AT&T | 38,497 | 1,313,903 | |
Utilities--.4% | |||
NextEra Energy | 22,630 | 1,554,907 | |
Total Common Stocks | |||
(cost $56,784,878) | 70,576,770 | ||
Other Investment--65.0% | |||
Registered Investment Companies: | |||
ASG Global Alternatives Fund, Cl. | |||
Y | 780,248 | f | 8,301,835 |
BNY Mellon Emerging Markets Fund, | |||
Cl. M | 3,924,399 | g | 38,262,890 |
BNY Mellon Focused Equity | |||
Opportunities Fund, Cl. M | 2,035,403 | g | 26,846,959 |
BNY Mellon Intermediate Bond Fund, | |||
Cl. M | 1,042,676 | g | 13,836,312 |
BNY Mellon International Fund, Cl. | |||
M | 883,599 | g | 8,809,482 |
BNY Mellon Mid Cap Multi-Strategy | |||
Fund, Cl. M | 1,565,056 | g | 18,624,166 |
BNY Mellon Short-Term U.S. | |||
Government Securities Fund, | |||
Cl. M | 1,196,404 | g | 14,572,195 |
BNY Mellon Small/Mid Cap Fund, Cl. | |||
M | 649,291 | g | 8,362,872 |
BNY Mellon U.S. Core Equity 130/30 | |||
Fund, Cl. M | 956,880 | g | 11,788,756 |
Dreyfus Emerging Markets Debt | |||
Local Currency Fund, Cl. I | 324,449 | g | 4,928,387 |
Dreyfus Global Real Estate | |||
Securities Fund, Cl. I | 1,073,159 | g | 8,821,369 |
Dreyfus High Yield Fund, Cl. I | 1,924,524 | g | 12,701,858 |
Dreyfus Inflation Adjusted | |||
Securities Fund, Institutional Shares | 806,860 | g | 11,683,329 |
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | 3,580,284 | h | 3,580,284 |
Dreyfus Select Managers Small Cap | |||
Growth Fund, Cl. I | 417,876 | f,g | 7,755,778 |
Dreyfus Select Managers Small Cap | |||
Value Fund, Cl. I | 515,929 | g | 10,236,034 |
Dreyfus U.S. Equity Fund, Cl. I | 1,274,423 | g | 19,766,300 |
Dreyfus/Newton International | |||
Equity Fund, Cl. I | 251,072 | g | 4,308,398 |
Guggenheim Managed Futures | |||
Strategy Fund, Cl. Y | 187,227 | f | 3,969,210 |
Global Stock Fund, Cl. I | 996,252 | g | 15,182,885 |
TCW Emerging Markets Income Fund, |
Cl. I | 894,206 | 8,387,648 | |
Total Other Investment | |||
(cost $240,594,623) | 260,726,947 | ||
Investment of Cash Collateral for | |||
Securities Loaned--.2% | |||
Registered Investment Company; | |||
Dreyfus Institutional Cash | |||
Advantage Fund | |||
(cost $631,300) | 631,300 | h | 631,300 |
Total Investments (cost $361,661,362) | 99.8 | % | 400,199,364 |
Cash and Receivables (Net) | .2 | % | 731,305 |
Net Assets | 100.0 | % | 400,930,669 |
ADR - American Depository Receipts
GO - General Obligation
a | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be |
resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, | |
these securities were valued at $1,789,208 or .4% of net assets. | |
b | Variable rate security--interest rate subject to periodic change. |
c | Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was |
$16,910,620 and the value of the collateral held by the fund was $17,284,417, consisting of cash collateral of | |
$631,300 and U.S. Government and Agency securities valued at $16,653,117. | |
d | The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National |
Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing | |
affairs of these companies. | |
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 affiliated mutual fund. |
h | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $38,538,002 of which $40,406,691 related to appreciated investment
securities
and $1,868,689 related to depreciated investment securities.
At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 39.9 |
Mutual Funds: Foreign | 24.2 |
Common Stocks | 17.3 |
U.S. Government & Agencies | 9.6 |
Corporate Bonds | 5.5 |
Money Market Investment | 1.1 |
Municipal Bonds | 1.1 |
Asset/Mortgage-Backed | .6 |
Exchange-Traded Funds | .3 |
Foreign/Governmental | .2 |
99.8 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Asset-Backed | - | 1,154,923 | - | 1,154,923 |
Commercial Mortgage-Backed | - | 1,307,706 | - | 1,307,706 |
Corporate Bonds+ | - | 21,689,973 | - | 21,689,973 |
Equity Securities - Domestic Common Stocks+ | 63,333,699 | - | - | 63,333,699 |
Equity Securities - Foreign Common Stocks+ | 6,176,946 | - | - | 6,176,946 |
Exchange-Traded Funds | 1,066,125 | - | - | 1,066,125 |
Foreign Government | - | 959,088 | - | 959,088 |
Municipal Bonds | - | 4,530,298 | - | 4,530,298 |
Mutual Funds | 261,358,247 | - | - | 261,358,247 |
U.S. Government Agencies/Mortgage-Backed | - | 20,879,792 | - | 20,879,792 |
U.S. Treasury | - | 17,742,567 | - | 17,742,567 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
Other investments are valued 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.
U.S. Treasury Bills are valued at the mean price between quoted bid 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 of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Bond Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Bonds and Notes--97.2% | Rate (%) | Date | Amount ($) | Value ($) | |
Asset-Backed Ctfs./Auto Receivables--1.1% | |||||
Ally Auto Receivables Trust, | |||||
Ser. 2010-3, Cl. A4 | 1.55 | 8/17/15 | 3,545,000 | 3,589,495 | |
AmeriCredit Automobile Receivables | |||||
Trust, Ser. 2011-3, Cl. A3 | 1.17 | 1/8/16 | 1,500,000 | 1,508,508 | |
Nissan Auto Receivables Owner | |||||
Trust, Ser. 2010-A, Cl. A4 | 1.31 | 9/15/16 | 3,965,000 | 4,002,527 | |
World Omni Auto Receivables Trust, | |||||
Ser. 2011-A, Cl. A3 | 1.11 | 5/15/15 | 5,175,040 | 5,196,819 | |
14,297,349 | |||||
Casinos--.6% | |||||
Agua Caliente Band of Cahuilla | |||||
Indians, Sr. Scd. Notes | 6.08 | 10/1/16 | 1,351,000 | a | 1,292,286 |
Agua Caliente Band of Cahuilla | |||||
Indians, Scd. Notes | 6.35 | 10/1/15 | 1,097,000 | a | 1,063,640 |
Agua Caliente Band of Cahuilla | |||||
Indians, Sr. Scd. Notes | 6.44 | 10/1/16 | 1,608,000 | a | 1,538,116 |
Seminole Indian Tribe of Florida, | |||||
Sr. Scd. Notes | 5.80 | 10/1/13 | 3,296,000 | a | 3,363,584 |
Seminole Indian Tribe of Florida, | |||||
Notes | 7.75 | 10/1/17 | 1,130,000 | a | 1,237,350 |
8,494,976 | |||||
Commercial Mortgage Pass-Through Ctfs.--2.0% | |||||
Commercial Mortgage Asset Trust, | |||||
Ser. 1999-C1, Cl. D | 7.35 | 1/17/32 | 2,260,000 | b | 2,366,251 |
GE Capital Commercial Mortgage, | |||||
Ser. 2004-C3, Cl. A3 | 4.87 | 7/10/39 | 18,226 | b | 18,225 |
GMAC Commercial Mortgage | |||||
Securities, Ser. 2001-C2, Cl. B | 6.79 | 4/15/34 | 1,608,292 | 1,605,132 | |
JP Morgan Chase Commercial | |||||
Mortgage Securities, | |||||
Ser. 2004-C1, Cl. A2 | 4.30 | 1/15/38 | 75,651 | 76,686 | |
UBS Commercial Mortgage Trust, | |||||
Ser. 2012-C1, Cl. A3 | 3.40 | 5/10/45 | 8,670,000 | 9,386,979 | |
UBS-Citigroup Commercial Mortgage | |||||
Trust, Ser. 2011-C1, Cl. A2 | 2.80 | 1/10/45 | 10,750,000 | 11,475,614 | |
WFRBS Commercial Mortgage Trust, | |||||
Ser. 2011-C5, Cl. A2 | 2.68 | 11/15/44 | 940,000 | 998,346 | |
25,927,233 | |||||
Consumer Discretionary--4.5% | |||||
Amazon.com, | |||||
Sr. Unscd. Notes | 2.50 | 11/29/22 | 6,675,000 | 6,656,831 | |
Comcast, | |||||
Gtd. Notes | 3.13 | 7/15/22 | 3,820,000 | 3,999,124 | |
Comcast, |
Gtd. Notes | 5.90 | 3/15/16 | 8,010,000 | 9,270,141 | |
Johnson Controls, | |||||
Sr. Unscd. Notes | 3.75 | 12/1/21 | 8,110,000 | 8,716,141 | |
News America, | |||||
Gtd. Notes | 6.15 | 3/1/37 | 5,054,000 | 6,203,729 | |
Time Warner Cable, | |||||
Gtd. Notes | 4.13 | 2/15/21 | 10,550,000 | 11,606,656 | |
Time Warner, | |||||
Gtd. Notes | 4.00 | 1/15/22 | 6,125,000 | 6,722,138 | |
Walgreen, | |||||
Sr. Unscd. Notes | 3.10 | 9/15/22 | 6,500,000 | 6,625,931 | |
59,800,691 | |||||
Consumer Staples--1.6% | |||||
Anheuser-Busch InBev Worldwide, | |||||
Gtd. Notes | 2.50 | 7/15/22 | 6,160,000 | 6,201,426 | |
PepsiCo, | |||||
Sr. Unscd. Notes | 4.50 | 1/15/20 | 7,040,000 | 8,261,736 | |
Pernod-Ricard, | |||||
Sr. Unscd. Notes | 4.45 | 1/15/22 | 5,610,000 | a | 6,192,453 |
20,655,615 | |||||
Energy--.6% | |||||
BP Capital Markets, | |||||
Gtd. Notes | 3.88 | 3/10/15 | 5,565,000 | 5,948,495 | |
Petrobras International Finance, | |||||
Gtd. Notes | 5.38 | 1/27/21 | 1,925,000 | 2,174,461 | |
8,122,956 | |||||
Financial--15.0% | |||||
American International Group, | |||||
Sr. Unscd. Notes | 4.25 | 9/15/14 | 9,360,000 | 9,894,578 | |
Bank of America, | |||||
Sub. Notes | 5.49 | 3/15/19 | 19,975,000 | 22,100,720 | |
BBVA US Senior, | |||||
Bank Gtd. Notes | 3.25 | 5/16/14 | 6,655,000 | 6,658,188 | |
Bear Stearns, | |||||
Sub. Notes | 5.55 | 1/22/17 | 5,681,000 | 6,433,642 | |
BlackRock, | |||||
Sr. Unscd. Notes | 6.25 | 9/15/17 | 7,860,000 | 9,657,307 | |
Boston Properties, | |||||
Sr. Unscd. Notes | 4.13 | 5/15/21 | 7,185,000 | 7,893,039 | |
Citigroup, | |||||
Sub. Notes | 5.00 | 9/15/14 | 6,815,000 | 7,179,330 | |
Citigroup, | |||||
Sr. Unscd. Notes | 6.13 | 11/21/17 | 3,135,000 | 3,730,111 | |
Ford Motor Credit, | |||||
Sr. Unscd. Notes | 3.00 | 6/12/17 | 6,225,000 | 6,349,718 | |
General Electric Capital, | |||||
Sub. Notes | 5.30 | 2/11/21 | 12,835,000 | 14,890,718 | |
Goldman Sachs Group, | |||||
Sub. Notes | 6.75 | 10/1/37 | 8,270,000 | 9,231,462 | |
HSBC Finance, | |||||
Sr. Sub. Notes | 6.68 | 1/15/21 | 10,510,000 | 12,512,638 |
Jefferies Group, | |||||
Sr. Unscd. Notes | 5.13 | 4/13/18 | 6,720,000 | 7,047,600 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 8.50 | 7/15/19 | 5,853,000 | 6,891,907 | |
MetLife, | |||||
Sr. Unscd. Notes | 7.72 | 2/15/19 | 6,865,000 | 9,046,265 | |
Morgan Stanley, | |||||
Sub. Notes | 4.75 | 4/1/14 | 9,590,000 | c | 9,928,997 |
NYSE Euronext, | |||||
Sr. Unscd. Notes | 2.00 | 10/5/17 | 7,340,000 | 7,566,637 | |
Prudential Financial, | |||||
Sr. Unscd. Notes | 4.75 | 9/17/15 | 7,135,000 | 7,866,088 | |
Rabobank Nederland, | |||||
Bank Gtd. Notes | 5.25 | 5/24/41 | 6,335,000 | 7,534,260 | |
RBS Citizens Financial Group, | |||||
Sub. Notes | 4.15 | 9/28/22 | 8,555,000 | a | 8,705,936 |
Simon Property Group, | |||||
Sr. Unscd. Notes | 5.65 | 2/1/20 | 8,520,000 | 10,286,145 | |
TD Ameritrade Holding, | |||||
Gtd. Notes | 4.15 | 12/1/14 | 6,630,000 | 7,077,578 | |
198,482,864 | |||||
Foreign/Governmental--1.2% | |||||
Mexican Government, | |||||
Sr. Unscd. Notes | 5.63 | 1/15/17 | 5,975,000 | 6,990,750 | |
Mexican Government, | |||||
Sr. Unscd. Notes | 6.63 | 3/3/15 | 1,480,000 | 1,665,740 | |
Province of Ontario Canada, | |||||
Sr. Unscd. Bonds | 4.00 | 10/7/19 | 6,500,000 | 7,530,568 | |
16,187,058 | |||||
Health Care--1.4% | |||||
Amgen, | |||||
Sr. Unscd. Notes | 5.65 | 6/15/42 | 7,955,000 | 9,687,830 | |
Catholic Health Initiatives, | |||||
Scd. Bonds | 2.95 | 11/1/22 | 3,615,000 | 3,704,117 | |
Thermo Fisher Scientific, | |||||
Sr. Unscd. Notes | 2.25 | 8/15/16 | 5,335,000 | 5,550,966 | |
18,942,913 | |||||
Industrial--1.0% | |||||
ABB Finance USA, | |||||
Gtd. Notes | 2.88 | 5/8/22 | 11,060,000 | 11,452,387 | |
Tyco International Finance, | |||||
Gtd. Notes | 3.38 | 10/15/15 | 1,087,000 | 1,156,548 | |
12,608,935 | |||||
Information Technology--1.0% | |||||
Oracle, | |||||
Sr. Unscd. Notes | 5.75 | 4/15/18 | 10,410,000 | 12,772,175 | |
Materials--1.1% | |||||
CRH America, | |||||
Gtd. Notes | 5.30 | 10/15/13 | 7,100,000 | 7,358,177 | |
Eastman Chemical, | |||||
Sr. Unscd. Notes | 3.60 | 8/15/22 | 7,075,000 | 7,432,853 |
14,791,030 | |||||
Municipal Bonds--6.3% | |||||
California, | |||||
GO (Build America Bonds) | 7.30 | 10/1/39 | 11,215,000 | 15,569,672 | |
Chicago, | |||||
GO | 7.78 | 1/1/35 | 6,460,000 | 8,499,551 | |
Illinois, | |||||
GO | 4.42 | 1/1/15 | 4,935,000 | 5,242,500 | |
Los Angeles Community College | |||||
District, GO (Build America | |||||
Bonds) | 6.75 | 8/1/49 | 13,725,000 | 19,411,679 | |
Massachusetts, | |||||
GO (Build America Bonds) | 4.20 | 12/1/21 | 3,985,000 | 4,611,562 | |
New Jersey Turnpike Authority, | |||||
Turnpike Revenue (Build | |||||
America Bonds) | 7.10 | 1/1/41 | 8,145,000 | 11,827,925 | |
New York City Municipal Water | |||||
Finance Authority, Water and | |||||
Sewer System Second General | |||||
Resolution Revenue (Build | |||||
America Bonds) | 6.28 | 6/15/42 | 5,430,000 | 6,438,948 | |
Oakland Unified School District, | |||||
GO (Build America Bonds) | 9.50 | 8/1/34 | 3,550,000 | 4,309,061 | |
Puerto Rico Commonwealth | |||||
Government Development Bank, | |||||
Revenue Bonds | 3.67 | 5/1/14 | 8,010,000 | 8,072,238 | |
83,983,136 | |||||
Telecommunications--3.0% | |||||
AT&T, | |||||
Sr. Unscd. Notes | 4.45 | 5/15/21 | 7,980,000 | 9,315,884 | |
Rogers Communications, | |||||
Gtd. Notes | 6.38 | 3/1/14 | 6,810,000 | 7,286,237 | |
Telefonica Emisiones, | |||||
Gtd. Notes | 5.13 | 4/27/20 | 9,395,000 | 9,441,975 | |
Verizon Communications, | |||||
Sr. Unscd. Notes | 5.50 | 2/15/18 | 10,755,000 | 12,999,741 | |
39,043,837 | |||||
U.S. Government Agencies--.6% | |||||
Federal National Mortgage | |||||
Association, Notes | 2.63 | 10/10/24 | 6,755,000 | d | 6,799,124 |
Federal National Mortgage | |||||
Association, Notes | 3.00 | 9/16/14 | 1,480,000 | d | 1,553,614 |
8,352,738 | |||||
U.S. Government Agencies/Mortgage-Backed--30.5% | |||||
Federal Home Loan Mortgage Corp.: | |||||
2.50%, 4/1/27 | 6,827,137 | d | 7,137,044 | ||
3.00%, 11/1/42 | 14,274,363 | d | 15,009,748 | ||
4.00%, 1/1/41 | 12,652,638 | d | 13,504,997 | ||
4.50%, 5/1/39 - 11/1/41 | 66,146,560 | d | 72,671,367 | ||
5.00%, 1/1/36 - 7/1/40 | 19,137,869 | d | 20,805,280 | ||
5.50%, 12/1/37 - 12/1/38 | 16,932,513 | d | 18,350,486 |
6.00%, 5/1/38 | 3,406,512 | d | 3,709,220 | ||
Federal National Mortgage Association: | |||||
3.00%, 8/1/27 - 10/1/32 | 28,614,941 | d | 30,228,312 | ||
3.34%, 4/1/41 | 10,369,126 | b,d | 10,916,995 | ||
3.50%, 1/1/26 - 6/1/42 | 69,465,096 | d | 74,399,872 | ||
4.00%, 9/1/24 - 4/1/42 | 49,660,220 | d | 53,564,752 | ||
4.50%, 3/1/23 - 7/1/24 | 6,587,217 | d | 7,090,520 | ||
5.00%, 12/1/21 - 2/1/41 | 18,310,865 | d | 20,110,921 | ||
5.50%, 2/1/38 - 5/1/38 | 19,668,415 | d | 21,603,305 | ||
6.00%, 4/1/33 - 10/1/38 | 15,189,814 | d | 16,996,599 | ||
REMIC, Ser. 2003-64, | |||||
Cl. BC, 5.50%, 3/25/30 | 1,329,669 | d | 1,333,586 | ||
Government National Mortgage Association I; | |||||
5.00%, 11/15/34 - 1/15/39 | 14,247,937 | 15,617,247 | |||
403,050,251 | |||||
U.S. Government Securities--24.9% | |||||
U.S. Treasury Inflation Protected Securities: | |||||
Bonds 2.38%, 1/15/27 | 14,473,442 | c,e | 20,205,156 | ||
Notes, 0.63%, 7/15/21 | 8,320,350 | e | 9,542,401 | ||
Notes, 1.38%, 7/15/18 | 12,762,859 | c,e | 14,933,541 | ||
Notes, 1.38%, 1/15/20 | 10,399,914 | c,e | 12,415,709 | ||
Notes, 2.38%, 1/15/17 | 14,490,652 | c,e | 16,908,779 | ||
U.S. Treasury Notes: | |||||
0.25%, 1/15/15 | 15,500,000 | c | 15,492,730 | ||
0.25%, 8/15/15 | 41,950,000 | c | 41,891,018 | ||
0.25%, 9/15/15 | 22,000,000 | c | 21,963,920 | ||
0.38%, 4/15/15 | 15,500,000 | c | 15,533,914 | ||
0.63%, 7/15/14 | 1,225,000 | c | 1,232,704 | ||
0.63%, 9/30/17 | 8,500,000 | c | 8,514,611 | ||
0.75%, 6/15/14 | 19,500,000 | c | 19,654,635 | ||
0.75%, 6/30/17 | 12,255,000 | c | 12,367,979 | ||
1.25%, 3/15/14 | 13,500,000 | c | 13,677,187 | ||
1.25%, 4/30/19 | 12,645,000 | c | 12,912,720 | ||
1.38%, 2/28/19 | 19,000,000 | c | 19,589,304 | ||
1.50%, 6/30/16 | 5,140,000 | c | 5,339,977 | ||
1.50%, 7/31/16 | 12,995,000 | 13,508,705 | |||
1.75%, 7/31/15 | 14,560,000 | c | 15,116,236 | ||
1.75%, 5/15/22 | 21,810,000 | c | 22,256,429 | ||
2.00%, 2/15/22 | 16,000,000 | c | 16,733,760 | ||
329,791,415 | |||||
Utilities--.8% | |||||
Boston Gas, | |||||
Sr. Unscd. Notes | 4.49 | 2/15/42 | 4,750,000 | a | 5,116,078 |
Hydro-Quebec, | |||||
Gov't Gtd. Notes | 2.00 | 6/30/16 | 5,130,000 | 5,360,860 | |
10,476,938 | |||||
Total Bonds and Notes | |||||
(cost $1,197,459,600) | 1,285,782,110 |
Other Investment--1.5% | Shares | Value ($) |
Registered Investment Company; |
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $19,896,686) | 19,896,686 | f | 19,896,686 |
Investment of Cash Collateral for | |||
Securities Loaned--.6% | |||
Registered Investment Company; | |||
Dreyfus Institutional Cash | |||
Advantage Fund | |||
(cost $8,121,300) | 8,121,300 | f | 8,121,300 |
Total Investments (cost $1,225,477,586) | 99.3 | % | 1,313,800,096 |
Cash and Receivables (Net) | .7 | % | 8,724,645 |
Net Assets | 100.0 | % | 1,322,524,741 |
GO- General Obligation
REMIC- Real Estate Mortgage Investment Conduit
a | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be |
resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, | |
these securities were valued at $28,509,443 or 2.2% of net assets | |
b | Variable rate security--interest rate subject to periodic change. |
c | Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was |
$275,245,028 and the value of the collateral held by the fund was $281,346,628, consisting of cash collateral of | |
$8,121,300 and U.S. Government and Agency securities valued at $273,225,328. | |
d | The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National |
Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing | |
affairs of these companies. | |
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. |
At November 30, 2012, net unrealized appreciation on investments was $88,322,510 of which $88,804,228 related to appreciated investment securities and $481,718 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Government & Agencies | 56.0 |
Corporate Bonds | 30.6 |
Municipal Bonds | 6.3 |
Asset/Mortgage-Backed | 3.1 |
Money Market Investments | 2.1 |
Foreign/Governmental | 1.2 |
99.3 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Asset-Backed | - | 14,297,349 | - | 14,297,349 |
Commercial Mortgage-Backed | - | 25,927,233 | - | 25,927,233 |
Corporate Bonds+ | - | 404,192,930 | - | 404,192,930 |
Foreign Government | - | 16,187,058 | - | 16,187,058 |
Municipal Bonds | - | 83,983,136 | - | 83,983,136 |
Mutual Funds | 28,017,986 | - | - | 28,017,986 |
U.S. Government Agencies/Mortgage-Backed | - | 411,402,989 | - | 411,402,989 |
U.S. Treasury | - | 329,791,415 | - | 329,791,415 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
Other investments are valued 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.
U.S. Treasury Bills are valued at the mean price between quoted bid 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 of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Funds Trust - BNY Mellon Corporate Bond Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Bonds and Notes--98.5% | Rate (%) | Date | Amount ($) | Value ($) | |
Automobiles & Components--2.1% | |||||
Johnson Controls, | |||||
Sr. Unscd. Notes | 3.75 | 12/1/21 | 4,150,000 | 4,460,171 | |
Volkswagen International Finance, | |||||
Gtd. Notes | 1.15 | 11/20/15 | 4,000,000 | a | 4,009,404 |
8,469,575 | |||||
Banks--15.6% | |||||
American Express Centurion, | |||||
Gtd. Notes | 0.76 | 11/13/15 | 3,000,000 | b | 3,000,435 |
Bank of America, | |||||
Sr. Unscd. Notes | 3.88 | 3/22/17 | 1,000,000 | 1,088,531 | |
Bank of America, | |||||
Sub. Notes | 5.49 | 3/15/19 | 4,450,000 | 4,923,565 | |
Barclays Bank, | |||||
Sr. Unscd. Notes | 2.75 | 2/23/15 | 4,000,000 | 4,139,908 | |
BBVA US Senior, | |||||
Bank Gtd. Notes | 3.25 | 5/16/14 | 5,000,000 | 5,002,395 | |
Citigroup, | |||||
Sub. Notes | 5.50 | 2/15/17 | 5,250,000 | 5,831,679 | |
Goldman Sachs Group, | |||||
Sr. Unscd. Notes | 6.25 | 9/1/17 | 5,000,000 | 5,843,025 | |
Morgan Stanley, | |||||
Sub. Notes | 4.88 | 11/1/22 | 6,000,000 | 6,260,298 | |
Rabobank Nederland, | |||||
Bank Gtd. Notes | 3.38 | 1/19/17 | 5,000,000 | 5,382,070 | |
RBS Citizens Finance Group, | |||||
Sub. Notes | 4.15 | 9/28/22 | 6,000,000 | a | 6,105,858 |
Royal Bank of Scotland Group, | |||||
Sr. Unscd. Notes | 2.55 | 9/18/15 | 3,200,000 | 3,276,573 | |
Santander Debt, | |||||
Gtd. Notes | 2.99 | 10/7/13 | 5,300,000 | a | 5,332,097 |
Societe Generale, |
Gtd. Notes | 2.75 | 10/12/17 | 6,000,000 | 6,071,340 | |
Wachovia, | |||||
Sub. Notes | 5.25 | 8/1/14 | 1,860,000 | 1,993,436 | |
Wells Fargo & Co., | |||||
Sub. Notes | 5.13 | 9/15/16 | 250,000 | 284,957 | |
64,536,167 | |||||
Capital Goods--4.0% | |||||
ABB Finance USA, | |||||
Gtd. Notes | 2.88 | 5/8/22 | 2,000,000 | 2,070,956 | |
CRH America, | |||||
Gtd. Notes | 4.13 | 1/15/16 | 250,000 | 260,579 | |
CRH America, | |||||
Gtd. Notes | 6.00 | 9/30/16 | 1,500,000 | 1,689,583 | |
GATX, | |||||
Sr. Unscd. Notes | 4.75 | 6/15/22 | 3,000,000 | 3,181,407 | |
GATX, | |||||
Sr. Unscd. Notes | 8.75 | 5/15/14 | 2,000,000 | 2,213,268 | |
Stanley Black & Decker, | |||||
Gtd. Notes | 2.90 | 11/1/22 | 1,000,000 | 1,025,952 | |
Textron, | |||||
Sr. Unscd. Notes | 4.63 | 9/21/16 | 4,500,000 | 4,933,246 | |
United Technologies, | |||||
Sr. Unscd. Notes | 3.10 | 6/1/22 | 1,000,000 | 1,078,385 | |
16,453,376 | |||||
Casinos--.3% | |||||
Seminole Indian Tribe of Florida, | |||||
Notes | 7.75 | 10/1/17 | 1,000,000 | a | 1,095,000 |
Commercial & Professional Services--2.9% | |||||
ADT, | |||||
Sr. Unscd. Notes | 2.25 | 7/15/17 | 5,500,000 | a | 5,560,704 |
Republic Services, | |||||
Gtd. Notes | 3.55 | 6/1/22 | 3,000,000 | 3,170,697 | |
Waste Management, | |||||
Gtd. Notes | 4.75 | 6/30/20 | 2,750,000 | 3,178,158 | |
11,909,559 | |||||
Consumer Durables & Apparel--1.5% | |||||
Leggett & Platt, | |||||
Sr. Unscd. Notes | 3.40 | 8/15/22 | 2,000,000 | 2,085,284 | |
NVR, |
Sr. Unscd. Notes | 3.95 | 9/15/22 | 4,000,000 | 4,141,092 | |
6,226,376 | |||||
Consumer Services--.7% | |||||
George Washington University, | |||||
Notes | 1.83 | 9/15/17 | 3,000,000 | 3,082,122 | |
Diversified Financials--14.0% | |||||
American Express Credit, | |||||
Sr. Unscd. Notes | 2.38 | 3/24/17 | 2,750,000 | 2,893,613 | |
Bear Stearns, | |||||
Sub. Notes | 5.55 | 1/22/17 | 4,800,000 | 5,435,923 | |
Blackstone Holdings Finance, | |||||
Gtd. Notes | 4.75 | 2/15/23 | 3,000,000 | a | 3,204,582 |
Blackstone Holdings Finance, | |||||
Gtd. Notes | 6.63 | 8/15/19 | 2,000,000 | a | 2,339,944 |
Caterpillar Financial Services, | |||||
Sr. Unscd. Notes, Ser. G | 1.25 | 11/6/17 | 3,355,000 | 3,374,526 | |
Ford Motor Credit, | |||||
Sr. Unscd. Notes | 4.25 | 2/3/17 | 5,500,000 | 5,856,009 | |
General Electric Capital, | |||||
Sub. Notes | 5.30 | 2/11/21 | 5,250,000 | 6,090,866 | |
HSBC Finance, | |||||
Sr. Sub. Notes | 6.68 | 1/15/21 | 5,000,000 | 5,952,730 | |
International Lease Finance, | |||||
Sr. Unscd. Notes | 4.88 | 4/1/15 | 250,000 | 257,187 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 5.13 | 4/13/18 | 1,675,000 | 1,756,656 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 8.50 | 7/15/19 | 3,250,000 | 3,826,875 | |
John Deere Capital, | |||||
Sr. Unscd. Notes | 2.80 | 9/18/17 | 4,000,000 | 4,297,164 | |
MassMutual Global Funding II, | |||||
Sr. Scd. Notes | 2.00 | 4/5/17 | 600,000 | a | 622,063 |
Moody's, | |||||
Sr. Unscd. Notes | 4.50 | 9/1/22 | 5,000,000 | 5,358,460 | |
NYSE Euronext, | |||||
Sr. Unscd. Notes | 2.00 | 10/5/17 | 4,500,000 | 4,638,946 | |
TD Ameritrade Holding, | |||||
Gtd. Notes | 4.15 | 12/1/14 | 1,750,000 | 1,868,139 | |
57,773,683 |
Energy--5.7% | |||||
Devon Energy, | |||||
Sr. Unscd. Notes | 1.88 | 5/15/17 | 3,250,000 | 3,329,264 | |
Nabors Industries, | |||||
Gtd. Notes | 4.63 | 9/15/21 | 5,000,000 | 5,389,955 | |
Petrobras International Finance, | |||||
Gtd. Notes | 5.38 | 1/27/21 | 4,500,000 | 5,083,155 | |
Pioneer Natural Resource, | |||||
Sr. Unscd. Notes | 3.95 | 7/15/22 | 3,000,000 | 3,198,015 | |
Plains All American Pipeline, | |||||
Sr. Unscd. Notes | 3.65 | 6/1/22 | 1,000,000 | 1,069,553 | |
Schlumberger Investment, | |||||
Gtd. Notes | 1.25 | 8/1/17 | 3,000,000 | a | 3,011,103 |
Weatherford International, | |||||
Gtd. Notes | 5.13 | 9/15/20 | 2,252,000 | 2,377,993 | |
23,459,038 | |||||
Food & Staples Retailing--.9% | |||||
Walgreen, | |||||
Sr. Unscd. Notes | 3.10 | 9/15/22 | 3,500,000 | 3,567,809 | |
Food, Beverage & Tobacco--4.6% | |||||
Anheuser-Busch InBev Worldwide, | |||||
Gtd. Notes | 1.38 | 7/15/17 | 1,000,000 | 1,011,967 | |
Beam, | |||||
Sr. Unscd. Notes | 3.25 | 5/15/22 | 4,000,000 | 4,191,080 | |
Campbell Soup, | |||||
Sr. Unscd. Notes | 0.61 | 8/1/14 | 400,000 | b | 401,702 |
Flowers Foods, | |||||
Sr. Unscd. Notes | 4.38 | 4/1/22 | 2,850,000 | 2,959,112 | |
Kraft Foods Group, | |||||
Sr. Unscd. Notes | 1.63 | 6/4/15 | 3,500,000 | a | 3,556,686 |
Kroger, | |||||
Sr. Unscd. Notes | 3.40 | 4/15/22 | 3,500,000 | 3,650,364 | |
Pernod-Ricard, | |||||
Sr. Unscd. Notes | 4.45 | 1/15/22 | 3,000,000 | a | 3,311,472 |
19,082,383 | |||||
Health Care Equipment & Services--3.9% | |||||
Catholic Health Initiatives, | |||||
Scd. Bonds | 2.95 | 11/1/22 | 1,000,000 | 1,024,652 | |
Dignity Health, |
Unscd. Notes | 3.13 | 11/1/22 | 5,000,000 | 5,056,915 | |
Kaiser Foundation Hospitals, | |||||
Sr. Unscd. Notes | 3.50 | 4/1/22 | 2,000,000 | 2,117,318 | |
UnitedHealth Group, | |||||
Sr. Unscd. Notes | 1.40 | 10/15/17 | 3,000,000 | 3,024,267 | |
WellPoint, | |||||
Sr. Unscd. Notes | 1.25 | 9/10/15 | 5,000,000 | 5,048,060 | |
16,271,212 | |||||
Insurance--4.4% | |||||
American International Group, | |||||
Sr. Unscd. Notes | 5.85 | 1/16/18 | 4,250,000 | 4,984,400 | |
Berkshire Hathaway Finance, | |||||
Gtd. Notes | 1.60 | 5/15/17 | 1,000,000 | 1,026,105 | |
Fidelity National Financial, | |||||
Sr. Unscd. Notes | 5.50 | 9/1/22 | 4,075,000 | 4,552,949 | |
MetLife, | |||||
Sr. Unscd. Notes | 1.76 | 12/15/17 | 3,000,000 | b | 3,053,295 |
Prudential Financial, | |||||
Sr. Unscd. Notes | 4.75 | 9/17/15 | 4,250,000 | 4,685,476 | |
18,302,225 | |||||
Materials--2.1% | |||||
Dow Chemical, | |||||
Sr. Unscd. Notes | 4.13 | 11/15/21 | 4,500,000 | 4,909,815 | |
Eastman Chemical, | |||||
Sr. Unscd. Notes | 3.60 | 8/15/22 | 3,000,000 | 3,151,740 | |
Vale Overseas, | |||||
Gtd. Notes | 4.38 | 1/11/22 | 600,000 | 638,506 | |
8,700,061 | |||||
Media--5.9% | |||||
British Sky Broadcasting Group, | |||||
Gtd. Notes | 3.13 | 11/26/22 | 2,000,000 | a | 2,007,496 |
Comcast, | |||||
Gtd. Notes | 3.13 | 7/15/22 | 3,000,000 | 3,140,673 | |
Grupo Televisa, | |||||
Sr. Unscd. Notes | 6.00 | 5/15/18 | 4,000,000 | 4,801,588 | |
News America, | |||||
Gtd. Notes | 4.50 | 2/15/21 | 3,250,000 | 3,723,379 | |
Time Warner Cable, | |||||
Gtd. Notes | 4.13 | 2/15/21 | 4,750,000 | 5,225,746 |
Time Warner, | |||||
Gtd. Notes | 4.00 | 1/15/22 | 5,000,000 | 5,487,460 | |
24,386,342 | |||||
Municipal Bonds--4.6% | |||||
California, | |||||
GO (Various Purpose) | 5.25 | 4/1/14 | 500,000 | 529,780 | |
California, | |||||
GO (Various Purpose) | 5.45 | 4/1/15 | 1,025,000 | 1,134,070 | |
Connecticut, | |||||
GO | 2.55 | 10/15/22 | 3,035,000 | 3,115,458 | |
Illinois, | |||||
GO | 4.42 | 1/1/15 | 3,550,000 | 3,771,201 | |
Massachusetts, | |||||
GO (Build America Bonds) | 4.20 | 12/1/21 | 600,000 | 694,338 | |
Metropolitan Transportation | |||||
Authority, Transportation | |||||
Revenue (Build America Bonds) | 5.37 | 11/15/21 | 185,000 | 215,680 | |
Oakland Unified School District, | |||||
GO (Build America Bonds) | 9.50 | 8/1/34 | 2,500,000 | 3,034,550 | |
Puerto Rico Commonwealth | |||||
Government Development Bank, | |||||
Revenue Bonds | 3.67 | 5/1/14 | 3,485,000 | 3,512,078 | |
West Contra Costa Unified School | |||||
District, GO (Build America | |||||
Bonds) | 8.46 | 8/1/34 | 2,250,000 | 2,817,180 | |
18,824,335 | |||||
Pharmaceuticals, Biotech & Life Sciences--3.4% | |||||
AbbVie, | |||||
Gtd. Notes | 1.75 | 11/6/17 | 5,000,000 | a | 5,076,205 |
Agilent Technologies, | |||||
Sr. Unscd. Notes | 3.20 | 10/1/22 | 3,000,000 | 3,041,790 | |
Amgen, | |||||
Sr. Unscd. Notes | 3.88 | 11/15/21 | 3,500,000 | 3,862,222 | |
AstraZeneca, | |||||
Sr. Unscd. Notes | 5.90 | 9/15/17 | 1,750,000 | 2,152,920 | |
14,133,137 | |||||
Real Estate--6.2% | |||||
Boston Properties, | |||||
Sr. Unscd. Notes | 3.70 | 11/15/18 | 4,490,000 | 4,879,270 |
Camden Property Trust, | |||||
Sr. Unscd. Notes | 5.00 | 6/15/15 | 1,015,000 | 1,102,870 | |
CubeSmart, | |||||
Gtd. Notes | 4.80 | 7/15/22 | 4,200,000 | 4,621,684 | |
Liberty Property, | |||||
Sr. Unscd. Notes | 6.63 | 10/1/17 | 2,500,000 | 3,012,565 | |
Simon Property Group, | |||||
Sr. Unscd. Notes | 3.38 | 3/15/22 | 1,000,000 | c | 1,063,573 |
Simon Property Group, | |||||
Sr. Unscd. Notes | 6.13 | 5/30/18 | 1,250,000 | 1,539,441 | |
UDR, | |||||
Gtd. Notes, Ser. 1 | 4.63 | 1/10/22 | 2,250,000 | 2,500,677 | |
WEA Finance, | |||||
Gtd. Notes | 7.13 | 4/15/18 | 5,500,000 | a | 6,797,285 |
25,517,365 | |||||
Retailing--1.5% | |||||
Amazon.com, | |||||
Sr. Unscd. Notes | 2.50 | 11/29/22 | 3,000,000 | 2,991,834 | |
AutoZone, | |||||
Sr. Unscd. Notes | 3.70 | 4/15/22 | 1,000,000 | 1,061,098 | |
Macy's Retail Holdings, | |||||
Gtd. Notes | 2.88 | 2/15/23 | 2,000,000 | 1,990,228 | |
6,043,160 | |||||
Semiconductors & Semiconductor Equipment--.2% | |||||
Altera, | |||||
Sr. Unscd. Notes | 1.75 | 5/15/17 | 1,000,000 | 1,035,707 | |
Software & Services--3.3% | |||||
eBay, | |||||
Sr. Unscd. Notes | 1.35 | 7/15/17 | 2,000,000 | 2,031,644 | |
Fiserv, | |||||
Gtd. Notes | 3.50 | 10/1/22 | 3,000,000 | 3,056,034 | |
IBM, | |||||
Sr. Unscd. Notes | 0.55 | 2/6/15 | 2,000,000 | 2,001,422 | |
Oracle, | |||||
Sr. Unscd. Notes | 5.75 | 4/15/18 | 2,000,000 | 2,453,828 | |
Symantec, | |||||
Sr. Unscd. Notes | 2.75 | 6/15/17 | 4,000,000 | 4,139,424 | |
13,682,352 | |||||
Technology Hardware & Equipment--2.6% |
Arrow Electronics, | |||||
Sr. Unscd. Notes | 3.38 | 11/1/15 | 6,000,000 | 6,240,822 | |
Avnet, | |||||
Sr. Unscd. Notes | 4.88 | 12/1/22 | 4,000,000 | 4,045,360 | |
Xerox, | |||||
Sr. Unscd. Notes | 1.80 | 9/13/13 | 250,000 | b | 251,789 |
10,537,971 | |||||
Telecommunications--5.2% | |||||
America Movil, | |||||
Gtd. Notes | 5.63 | 11/15/17 | 2,000,000 | 2,439,006 | |
AT&T, | |||||
Sr. Unscd. Notes | 1.70 | 6/1/17 | 1,750,000 | 1,785,966 | |
AT&T, | |||||
Sr. Unscd. Notes | 4.45 | 5/15/21 | 2,000,000 | 2,334,808 | |
British Telecommunications, | |||||
Sr. Unscd. Notes | 2.00 | 6/22/15 | 3,000,000 | 3,086,976 | |
CenturyLink, | |||||
Sr. Unscd. Notes, Ser. T | 5.80 | 3/15/22 | 1,000,000 | 1,058,647 | |
Telefonica Emisiones, | |||||
Gtd. Notes | 5.13 | 4/27/20 | 4,750,000 | 4,773,750 | |
Verizon Communications, | |||||
Sr. Unscd. Notes | 5.50 | 2/15/18 | 2,500,000 | 3,021,790 | |
Vivendi, | |||||
Sr. Unscd. Notes | 2.40 | 4/10/15 | 3,000,000 | a | 3,046,356 |
21,547,299 | |||||
Transportation--.2% | |||||
ERAC USA Finance, | |||||
Gtd. Notes | 1.40 | 4/15/16 | 1,000,000 | a | 1,008,645 |
Utilities--2.7% | |||||
CMS Energy, | |||||
Sr. Unscd. Notes | 4.25 | 9/30/15 | 1,250,000 | 1,335,713 | |
CMS Energy, | |||||
Sr. Unscd. Notes | 5.05 | 3/15/22 | 1,500,000 | 1,673,121 | |
Dominion Resources, | |||||
Sr. Unscd. Notes | 2.25 | 9/1/15 | 2,050,000 | 2,131,664 | |
Duke Energy, | |||||
Sr. Unscd. Notes | 1.63 | 8/15/17 | 2,000,000 | 2,022,368 | |
Georgia Power, | |||||
Sr. Unscd. Notes | 0.75 | 8/10/15 | 2,500,000 | 2,510,820 |
Northeast Utilities, | |||||
Sr. Unscd. Notes | 1.13 | 9/20/13 | 300,000 | b | 301,647 |
PSEG Power, | |||||
Gtd. Notes | 2.75 | 9/15/16 | 1,000,000 | 1,042,805 | |
11,018,138 | |||||
Total Bonds and Notes | |||||
(cost $395,778,294) | 406,663,037 | ||||
Other Investment--.4% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred | |||||
Plus Money Market Fund | |||||
(cost $1,677,392) | 1,677,392 | d | 1,677,392 | ||
Investment of Cash Collateral for | |||||
Securities Loaned--.3% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Cash | |||||
Advantage Fund | |||||
(cost $1,068,100) | 1,068,100 | d | 1,068,100 | ||
Total Investments (cost $398,523,786) | 99.2 | % | 409,408,529 | ||
Cash and Receivables (Net) | .8 | % | 3,336,990 | ||
Net Assets | 100.0 | % | 412,745,519 |
GO-General Obligation
a | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be |
resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, | |
these securities were valued at $56,084,900 or 13.6% of net assets. | |
b | Variable rate security--interest rate subject to periodic change. |
c | Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was |
$1,032,729 and the value of the collateral held by the fund was $1,068,100. | |
d | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $10,884,743 of which $11,135,811 related to appreciated investment securities and $251,068 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 93.9 |
Municipal Bonds | 4.6 |
Money Market Investments | .7 |
99.2 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Corporate Bonds+ | - | 387,838,702 | - | 387,838,702 |
Municipal Bonds | - | 18,824,335 | - | 18,824,335 |
Mutual Funds | 2,745,492 | - | - | 2,745,492 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).
Other investments are valued 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.
U.S. Treasury Bills are valued at the mean price between quoted bid 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 of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Emerging Markets Fund |
November 30, 2012 (Unaudited) |
Common Stocks--96.6% | Shares | Value ($) | |
Brazil--9.6% | |||
Banco Santander Brasil, ADS | 2,787,270 | 18,646,836 | |
Brasil Insurance Participacoes e Administracao | 1,140,000 | 9,443,093 | |
Cia de Bebidas das Americas, ADR | 331,640 | 13,799,540 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 190,000 | 7,691,408 | |
Cia de Saneamento de Minas Gerais | 208,100 | 4,382,488 | |
Diagnosticos da America | 771,000 | 4,481,383 | |
EDP - Energias do Brasil | 1,159,300 | 6,575,588 | |
Embraer, ADR | 189,780 | 4,731,215 | |
Fibria Celulose | 212,800 | a | 2,092,347 |
Fibria Celulose, ADR | 144,550 | a | 1,461,401 |
Fleury | 763,300 | 8,215,977 | |
Gerdau, ADR | 475,740 | 4,039,033 | |
Itau Unibanco Holding, ADR | 1,125,974 | 17,058,506 | |
JBS | 2,478,700 | a | 6,275,630 |
Magnesita Refratarios | 1,350,100 | 5,016,751 | |
Obrascon Huarte Lain Brasil | 1,230,300 | 10,939,583 | |
Oi, ADR | 762,434 | 2,889,625 | |
Oi, ADR, Cl. C | 27,573 | 122,700 | |
Petroleo Brasileiro, ADR | 1,938,950 | 34,842,932 | |
Petroleo Brasileiro, ADR, Cl. A | 496,180 | 8,707,959 | |
Porto Seguro | 677,200 | 7,140,264 | |
Rossi Residencial | 2,213,000 | 4,225,496 | |
Sul America | 878,453 | 6,372,155 | |
Telefonica Brasil, ADR | 426,810 | 9,364,211 | |
Vale, ADR | 761,180 | 13,267,367 | |
211,783,488 | |||
Chile--.7% | |||
ENTEL | 735,410 | 15,137,871 | |
China--14.6% | |||
AAC Technologies Holdings | 3,468,000 | 13,021,445 | |
Anhui Conch Cement, Cl. H | 1,457,000 | 4,850,275 |
Asia Cement China Holdings | 2,521,000 | 1,086,442 | |
Beijing Capital International Airport, Cl. H | 8,584,000 | 6,147,093 | |
BYD Electronic International | 17,703,000 | 4,180,084 | |
China BlueChemical, Cl. H | 14,398,000 | 8,991,551 | |
China Coal Energy, Cl. H | 11,336,000 | 11,438,095 | |
China Communications Construction, Cl. H | 19,127,000 | 17,423,630 | |
China Communications Services, Cl. H | 7,694,000 | 4,328,384 | |
China Construction Bank, Cl. H | 37,853,229 | 29,011,920 | |
China Life Insurance, Cl. H | 4,885,000 | 14,402,499 | |
China Petroleum & Chemical, Cl. H | 21,668,000 | 22,981,466 | |
China Railway Construction, Cl. H | 15,842,500 | 17,661,377 | |
China Railway Group, Cl. H | 10,031,000 | 5,837,244 | |
China Telecom, Cl. H | 30,708,000 | 16,720,570 | |
CNOOC | 7,899,000 | 16,898,328 | |
Dongfeng Motor Group, Cl. H | 1,466,000 | 2,061,805 | |
Great Wall Motor, Cl. H | 6,277,500 | 20,532,970 | |
Guangzhou Automobile Group, Cl. H | 15,731,254 | 12,807,955 | |
Huaneng Power International, ADR | 60,980 | 2,078,808 | |
Huaneng Power International, Cl. H | 18,484,100 | 15,669,342 | |
Industrial & Commercial Bank of China, Cl. H | 27,579,475 | 18,611,217 | |
Lianhua Supermarket Holdings, Cl. H | 9,837,000 | 7,679,008 | |
Mindray Medical International, ADR | 50,510 | 1,708,753 | |
Minth Group | 3,278,000 | 3,544,378 | |
PetroChina, ADR | 48,650 | 6,477,748 | |
PetroChina, Cl. H | 5,356,000 | 7,173,399 | |
PICC Property & Casualty, Cl. H | 310,000 | 398,790 | |
Sinotrans, Cl. H | 33,078,600 | 5,079,035 | |
TPV Technology | 5,553,680 | 1,418,839 | |
Weiqiao Textile, Cl. H | 7,706,400 | 2,784,176 | |
WuXi PharmaTech, ADR | 676,712 | a | 11,091,310 |
Zhejiang Expressway, Cl. H | 9,394,000 | 7,163,498 | |
321,261,434 | |||
Czech Republic--.1% | |||
Komercni Banka | 13,317 | 2,655,764 | |
Egypt--.2% | |||
Commercial International Bank | 670,914 | 3,529,682 | |
Hong Kong--5.4% |
China Mobile | 1,337,400 | 15,289,107 |
China Mobile, ADR | 241,000 | 13,717,720 |
China Overseas Land & Investment | 4,332,000 | 12,827,979 |
China Power International Development | 19,136,920 | 5,061,893 |
China Resources Power Holdings | 3,672,000 | 8,234,544 |
COSCO Pacific | 5,447,881 | 7,690,101 |
Focus Media Holding, ADR | 540,512 | 13,129,036 |
Global Bio-Chem Technology Group | 40,275,920 | 4,677,083 |
iShares FTSE A50 China Index ETF | 8,200,000 | 10,093,675 |
NWS Holdings | 4,762,086 | 7,766,608 |
Shanghai Industrial Holdings | 3,190,000 | 10,434,118 |
Shimao Property Holdings | 3,396,500 | 6,898,004 |
Sino Biopharmaceutical | 7,420,000 | 3,571,082 |
119,390,950 | ||
Hungary--.2% | ||
Richter Gedeon | 24,130 | 3,961,632 |
India--8.1% | ||
Apollo Tyres | 2,287,340 | 3,557,477 |
Bank of India | 110,877 | 572,068 |
Bharat Heavy Electricals | 1,238,770 | 5,336,993 |
Cairn India | 1,436,330 | 8,715,152 |
Grasim Industries, GDR | 62,380 | 3,861,946 |
Hexaware Technologies | 3,389,930 | 6,792,947 |
Hindustan Petroleum | 1,088,588 | 5,742,629 |
ICICI Bank | 699,390 | 14,141,449 |
ICICI Bank, ADR | 122,740 | 5,031,113 |
India Cements | 4,378,335 | 6,906,170 |
JSW Steel | 357,860 | 4,887,146 |
Jubilant Life Sciences | 1,532,942 | 5,902,651 |
NMDC | 2,099,087 | 6,280,474 |
Oil & Natural Gas | 1,395,422 | 6,796,894 |
Oriental Bank of Commerce | 1,282,423 | 7,949,867 |
Power Finance | 1,597,360 | 5,651,474 |
Punjab National Bank | 405,510 | 5,851,361 |
Reliance Industries | 1,882,952 | 27,474,933 |
Rolta India | 3,007,690 | 3,444,785 |
State Bank of India | 201,618 | 8,044,334 |
State Bank of India, GDR | 56,240 | b | 4,610,984 |
Steel Authority of India | 3,732,680 | 5,544,637 | |
Sterlite Industries India | 11,961,700 | 23,870,623 | |
Sterlite Industries India, ADR | 810 | 6,391 | |
176,974,498 | |||
Indonesia--1.6% | |||
Aneka Tambang Persero | 12,068,000 | 1,559,839 | |
Bank Negara Indonesia Persero | 14,115,000 | 5,443,842 | |
Indofood Sukses Makmur | 12,914,500 | 7,875,106 | |
Indosat | 7,260,000 | 4,200,031 | |
Medco Energi Internasional | 23,278,996 | 3,567,011 | |
Telekomunikasi Indonesia Persero | 13,775,500 | 12,923,281 | |
35,569,110 | |||
Malaysia--1.4% | |||
AMMB Holdings | 5,562,900 | 11,675,731 | |
Genting | 2,479,900 | 7,342,413 | |
Malayan Banking | 3,994,527 | 11,892,580 | |
30,910,724 | |||
Mexico--3.3% | |||
Alfa, Cl. A | 7,101,000 | 14,785,686 | |
America Movil, ADR, Ser. L | 392,180 | 9,251,526 | |
Consorcio ARA | 6,828,400 | a | 2,032,663 |
Desarrolladora Homex, ADR | 472,170 | a | 6,223,201 |
Empresas ICA | 2,509,644 | a | 5,716,504 |
Fomento Economico Mexicano, ADR | 119,160 | 11,687,213 | |
Grupo Financiero Banorte, Cl. O | 4,124,900 | 23,540,422 | |
73,237,215 | |||
Peru--.3% | |||
Credicorp | 52,580 | 7,355,942 | |
Philippines--.4% | |||
Metropolitan Bank & Trust | 3,939,610 | 9,615,385 | |
Poland--.6% | |||
Asseco Poland | 346,943 | 4,781,207 | |
Bank Pekao | 102,660 | 5,137,153 | |
Polskie Gornictwo Naftowe I Gazownictwo | 2,609,060 | a | 3,642,724 |
13,561,084 | |||
Russia--7.5% |
Gazprom, ADR | 5,016,750 | 44,598,908 | |
Lukoil, ADR | 746,530 | 46,994,064 | |
Mobile Telesystems, ADR | 792,960 | 13,821,293 | |
Pharmstandard, GDR | 545,324 | a | 7,798,133 |
Sberbank of Russia, ADR | 1,872,280 | 22,217,418 | |
Surgutneftegas, ADR | 1,596,680 | 13,452,029 | |
Uralkali, GDR | 225,900 | 8,365,077 | |
VimpelCom, ADR | 774,770 | 8,197,067 | |
165,443,989 | |||
South Africa--6.2% | |||
ABSA Group | 241,950 | 3,858,507 | |
Adcock Ingram Holdings | 1,035,366 | 6,230,550 | |
Anglo American Platinum | 224,201 | 9,866,670 | |
AngloGold Ashanti | 263,740 | 8,249,440 | |
AVI | 498,750 | 3,241,449 | |
FirstRand | 2,092,750 | 6,838,206 | |
Growthpoint Properties | 3,841,695 | 10,586,872 | |
Imperial Holdings | 469,100 | 9,950,910 | |
JD Group | 1,495,799 | 7,953,120 | |
MTN Group | 1,144,239 | 21,060,000 | |
Murray & Roberts Holdings | 3,512,401 | a | 8,474,422 |
Nedbank Group | 362,670 | 7,315,488 | |
Standard Bank Group | 1,355,539 | 16,032,454 | |
Telkom | 2,500,029 | a | 4,344,624 |
Tiger Brands | 347,590 | 11,709,620 | |
135,712,332 | |||
South Korea--18.1% | |||
BS Financial Group | 530,460 | a | 5,927,475 |
Daelim Industrial | 102,066 | a | 7,436,863 |
DGB Financial Group | 732,040 | a | 9,126,416 |
Hana Financial Group | 363,070 | 11,265,782 | |
Hankook Tire | 134,489 | a | 5,694,529 |
Hankook Tire Worldwide | 30,740 | a | 422,982 |
Hite Jinro | 359,892 | a | 10,037,160 |
Hyundai Development | 415,960 | a | 7,951,583 |
Hyundai Motor | 175,585 | a | 36,565,007 |
KB Financial Group | 510,108 | a | 16,793,970 |
KB Financial Group, ADR | 158,300 | a | 5,203,321 |
Kia Motors | 149,772 | a | 8,561,561 |
Korea Electric Power | 366,195 | a | 9,029,327 |
Korea Electric Power, ADR | 987,840 | a | 12,120,797 |
Korea Exchange Bank | 580,730 | a | 3,909,610 |
KT | 296,380 | a | 10,318,628 |
KT, ADR | 379,100 | a | 6,524,311 |
KT&G | 159,245 | a | 12,603,127 |
Kukdo Chemical | 83,930 | a | 3,243,728 |
LG Electronics | 204,881 | a | 14,436,367 |
Mando | 70,656 | a | 7,993,129 |
Mirae Asset Securities | 328,700 | a | 9,197,590 |
NongShim | 24,410 | a | 5,737,032 |
POSCO | 21,918 | 6,547,973 | |
POSCO, ADR | 76,050 | 5,657,360 | |
Samsung Electronics | 77,557 | 100,701,983 | |
Samsung Fire & Marine Insurance | 54,628 | 11,048,190 | |
Shinhan Financial Group | 306,510 | a | 9,807,980 |
Shinsegae | 63,350 | a | 11,788,359 |
SK Telecom | 70,106 | 9,743,688 | |
SK Telecom, ADR | 391,940 | 5,984,924 | |
TongYang Life Insurance | 293,895 | 2,836,222 | |
Youngone | 397,048 | a | 12,760,096 |
396,977,070 | |||
Taiwan--10.0% | |||
AU Optronics | 1,550,000 | a | 658,859 |
AU Optronics, ADR | 1,207,760 | a | 4,975,971 |
Chinatrust Financial Holding | 14,463,615 | 8,388,240 | |
CTCI | 4,533,000 | 8,643,498 | |
E.Sun Financial Holding | 12,462,000 | 6,884,253 | |
Hon Hai Precision Industry | 17,648,593 | 56,613,508 | |
Mega Financial Holding | 19,045,460 | 14,913,066 | |
Nan Ya Printed Circuit Board | 5,807,983 | 6,896,655 | |
Novatek Microelectronics | 762,000 | 3,068,562 | |
Powertech Technology | 3,915,200 | 5,801,245 | |
Siliconware Precision Industries | 4,335,000 | 4,692,495 | |
Siliconware Precision Industries, ADR | 586,990 | 3,169,746 |
Simplo Technology | 737,000 | 3,728,884 | |
SinoPac Financial Holdings | 22,080,153 | 9,271,628 | |
Taiwan Semiconductor Manufacturing | 830,517 | 2,821,368 | |
Taiwan Semiconductor Manufacturing, ADR | 2,880,577 | 49,747,565 | |
Tatung | 8,777,216 | a | 2,163,037 |
Transcend Information | 2,338,040 | 6,317,070 | |
United Microelectronics | 24,438,397 | 9,462,792 | |
United Microelectronics, ADR | 504,000 | 962,640 | |
Young Fast Optoelectronics | 1,846,272 | 3,781,000 | |
Zhen Ding Technology Holding | 2,170,000 | 5,937,737 | |
218,899,819 | |||
Thailand--4.2% | |||
Airports of Thailand | 3,722,900 | a | 11,402,822 |
Asian Property Development | 29,422,220 | 8,484,413 | |
Bangkok Bank | 3,022,100 | 19,005,060 | |
CP ALL | 5,426,100 | 6,983,739 | |
PTT | 1,246,700 | 12,999,153 | |
PTT Global Chemical | 7,675,883 | 16,257,165 | |
Siam Commercial Bank | 1,395,500 | 7,389,011 | |
Thanachart Capital | 7,696,600 | 8,965,573 | |
91,486,936 | |||
Turkey--3.0% | |||
Aselsan Elektronik Sanayi Ve Ticaret | 1,384,490 | 5,253,291 | |
Asya Katilim Bankasi | 3,933,670 | a | 4,314,852 |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret, Cl. D | 8,619,110 | 5,740,124 | |
Koza Altin Isletmeleri | 292,860 | 7,309,822 | |
Turk Telekomunikasyon | 1,307,110 | 4,886,529 | |
Turkcell Iletisim Hizmetleri | 292,944 | a | 1,762,402 |
Turkiye Garanti Bankasi | 2,621,710 | 12,442,063 | |
Turkiye Halk Bankasi | 1,157,390 | 11,205,668 | |
Turkiye Is Bankasi, Cl. C | 3,964,190 | 12,778,764 | |
65,693,515 | |||
United Arab Emirates--.3% | |||
Emaar Properties | 6,205,260 | 6,352,240 | |
United Kingdom--.4% | |||
African Barrick Gold | 921,690 | 6,098,724 | |
JKX Oil & Gas | 1,483,440 | a | 1,865,708 |
7,964,432 | |||
United States--.4% | |||
iShares MSCI Emerging Markets Index Fund | 231,100 | 9,655,358 | |
Total Common Stocks | |||
(cost $2,071,304,616) | 2,123,130,470 | ||
Preferred Stocks--2.0% | |||
Brazil--1.8% | |||
Bradespar | 517,700 | 6,904,928 | |
Cia de Bebidas das Americas | 270,900 | 11,219,885 | |
Gerdau | 42,600 | 353,272 | |
Itau Unibanco Holding | 189,600 | 2,851,808 | |
Vale | 1,089,900 | 18,719,267 | |
40,049,160 | |||
South Korea--.2% | |||
Samsung Electronics | 5,772 | 4,392,232 | |
Total Preferred Stocks | |||
(cost $39,992,000) | 44,441,392 | ||
Number of | |||
Rights--.0% | Rights | Value ($) | |
Brazil | |||
Rossi Residencial | |||
(cost $363,695) | 1,234,426 | a | 51,993 |
Other Investment--.9% | Shares | Value ($) | |
Registered Investment Company; | |||
Dreyfus Institutional Preferred Plus Money Market Fund | |||
(cost $18,795,800) | 18,795,800 | c | 18,795,800 |
Total Investments (cost $2,130,456,111) | 99.5 | % | 2,186,419,655 |
Cash and Receivables (Net) | .5 | % | 11,126,393 |
Net Assets | 100.0 | % | 2,197,546,048 |
ADR - American Depository Receipts | |||
ADS - American Depository Shares | |||
GDR - Global Depository Receipts |
a | Non-income producing security. |
b | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in |
transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, this | |
security was valued at $4,610,984 or .2% of net assets. | |
c | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $55,963,544 of which $297,204,212 related to appreciated investment securities and $241,240,668 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Financial | 25.4 |
Information Technology | 14.6 |
Energy | 12.9 |
Materials | 9.0 |
Telecommunication Services | 8.7 |
Consumer Discretionary | 8.3 |
Industrial | 8.0 |
Consumer Staples | 5.2 |
Utilities | 3.2 |
Health Care | 2.4 |
Exchange-Traded Funds | .9 |
Money Market Investment | .9 |
99.5 |
† | Based on net assets. |
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
November 30, 2012 (Unaudited) |
Forward Foreign Currency | Foreign | Unrealized | ||
Currency Exchange | Currency | Appreciation | ||
Contracts | Amounts | Cost ($) | Value ($) | (Depreciation) ($) |
Purchases: | ||||
South Korean Won, | ||||
Expiring | ||||
12/3/2012 a | 3,132,495,161 | 2,891,356 | 2,892,825 | 1,469 |
Sales: | Proceeds ($) | |||
South Korean Won, | ||||
Expiring | ||||
12/3/2012 a | 3,098,565,388 | 2,858,983 | 2,861,491 | (2,508) |
Thai Baht, | ||||
Expiring | ||||
12/4/2012 a | 14,864,711 | 484,035 | 484,350 | (315) |
Gross Unrealized Appreciation | 1,469 | |||
Gross Unrealized Depreciation | (2,823 ) |
Counterparty: |
a HSBC |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Foreign Common Stocks+ | 2,103,381,437 | - | - | 2,103,381,437 |
Exchange-Traded Funds | 19,749,033 | - | - | 19,749,033 |
Mutual Funds | 18,795,800 | - | - | 18,795,800 |
Preferred Stocks+ | 44,441,392 | - | - | 44,441,392 |
Rights+ | 51,993 | - | - | 51,993 |
Other Financial Instruments: | ||||
Forward Foreign Currency Exchange Contracts++ | - | 1,469 | - | 1,469 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Forward Foreign Currency Exchange Contracts++ | - | (2,823 ) | - | (2,823 ) |
+ See Statement of Investments for additional detailed categorizations. |
++ Amount shown represents unrealized appreciation (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.
When executing forward contracts, the 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, the 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. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the 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. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Focused Equity Opportunities |
November 30, 2012 (Unaudited) |
Common Stocks--99.5% | Shares | Value ($) | |
Automobiles & Components--2.4% | |||
Johnson Controls | 423,055 | 11,650,935 | |
Banks--6.5% | |||
PNC Financial Services Group | 239,920 | 13,469,109 | |
Wells Fargo & Co. | 541,210 | 17,865,342 | |
31,334,451 | |||
Capital Goods--10.2% | |||
Caterpillar | 195,785 | 16,688,713 | |
Dover | 213,600 | 13,582,824 | |
Eaton | 360,730 | a | 18,815,677 |
49,087,214 | |||
Consumer Services--2.6% | |||
Las Vegas Sands | 273,450 | 12,756,443 | |
Diversified Financials--3.2% | |||
Invesco | 611,830 | 15,289,632 | |
Energy--14.4% | |||
Halliburton | 353,155 | 11,777,719 | |
Marathon Oil | 502,100 | 15,489,785 | |
Schlumberger | 178,270 | 12,767,697 | |
Southwestern Energy | 461,600 | b | 16,022,136 |
Valero Energy | 403,900 | 13,029,814 | |
69,087,151 | |||
Food, Beverage & Tobacco--7.8% | |||
Mondelez International, Cl. A | 713,945 | 18,484,036 | |
PepsiCo | 267,780 | 18,800,834 | |
37,284,870 | |||
Health Care Equipment & Services--3.3% | |||
Express Scripts Holding | 291,590 | b | 15,702,122 |
Household & Personal Products--2.9% | |||
Procter & Gamble | 198,300 | 13,847,289 | |
Insurance--3.2% | |||
MetLife | 461,500 | 15,317,185 | |
Materials--2.6% | |||
Celanese, Ser. A | 306,870 | 12,593,945 | |
Media--5.4% | |||
Comcast, Cl. A | 254,100 | 9,447,438 |
a Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was $16,849,610 and |
the value of the collateral held by the fund was $17,201,555. |
b | Non-income producing security. |
c | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $68,091,799 of which $74,717,296 related to appreciated investment securities and $6,625,497 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Energy | 14.4 |
Pharmaceuticals, Biotech & Life Sciences | 12.0 |
Technology Hardware & Equipment | 10.6 |
Capital Goods | 10.2 |
Food, Beverage & Tobacco | 7.8 |
Software & Services | 6.6 |
Banks | 6.5 |
Media | 5.4 |
Money Market Investments | 4.0 |
Health Care Equipment & Services | 3.3 |
Retailing | 3.3 |
Diversified Financials | 3.2 |
Insurance | 3.2 |
Household & Personal Products | 2.9 |
Consumer Services | 2.6 |
Materials | 2.6 |
Semiconductors & Semiconductor Equipment | 2.5 |
Automobiles & Components | 2.4 |
103.5 |
† Based on net assets. |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Income Stock Fund |
November 30, 2012 (Unaudited) |
Common Stocks--98.1% | Shares | Value ($) |
Automobiles & Components--.9% | ||
Johnson Controls | 182,650 | 5,030,181 |
Banks--4.0% | ||
U.S. Bancorp | 483,150 | 15,586,419 |
Wells Fargo & Co. | 223,210 | 7,368,162 |
22,954,581 | ||
Capital Goods--7.3% | ||
Eaton | 205,280 | 10,707,405 |
General Electric | 1,011,532 | 21,373,671 |
Honeywell International | 154,500 | 9,475,485 |
41,556,561 | ||
Commercial & Professional Services--1.1% | ||
Pitney Bowes | 583,120 | 6,525,113 |
Consumer Durables & Apparel--3.1% | ||
Garmin | 201,540 | 7,837,891 |
Newell Rubbermaid | 451,590 | 9,849,178 |
17,687,069 | ||
Consumer Services--1.6% | ||
Carnival | 234,990 | 9,084,713 |
Diversified Financials--5.3% | ||
Invesco | 382,770 | 9,565,422 |
JPMorgan Chase & Co. | 504,019 | 20,705,101 |
30,270,523 | ||
Energy--6.7% | ||
BP, ADR | 330,150 | 13,787,064 |
Exxon Mobil | 124,250 | 10,951,395 |
Occidental Petroleum | 88,670 | 6,668,871 |
Valero Energy | 199,700 | 6,442,322 |
37,849,652 | |||
Food, Beverage & Tobacco--10.6% | |||
ConAgra Foods | 769,970 | 22,991,304 | |
Kraft Foods Group | 245,323 | a | 11,093,506 |
Lorillard | 70,100 | 8,493,316 | |
PepsiCo | 248,580 | 17,452,802 | |
60,030,928 | |||
Health Care Equipment & Services--1.3% | |||
Baxter International | 114,310 | 7,575,324 | |
Insurance--2.4% | |||
Arthur J. Gallagher & Co. | 242,060 | 8,840,031 | |
MetLife | 136,310 | 4,524,129 | |
13,364,160 | |||
Materials--9.3% | |||
Eastman Chemical | 198,010 | 12,048,908 | |
International Paper | 321,350 | 11,934,939 | |
LyondellBasell Industries, Cl. A | 193,880 | 9,641,652 | |
Martin Marietta Materials | 114,530 | 10,307,700 | |
PPG Industries | 72,820 | 9,049,341 | |
52,982,540 | |||
Media--10.4% | |||
McGraw-Hill | 125,710 | 6,676,458 | |
Omnicom Group | 158,570 | 7,887,272 | |
Regal Entertainment Group, Cl. A | 1,526,750 | 23,786,765 | |
Time Warner | 311,830 | 14,749,559 | |
Viacom, Cl. B | 121,550 | 6,273,196 | |
59,373,250 | |||
Pharmaceuticals, Biotech & Life Sciences--11.0% | |||
Johnson & Johnson | 161,820 | 11,283,709 | |
Merck & Co. | 525,310 | 23,271,233 | |
Pfizer | 664,958 | 16,637,249 | |
Sanofi, ADR | 258,340 | 11,527,131 | |
62,719,322 | |||
Semiconductors & Semiconductor Equipment--2.1% |
Texas Instruments | 396,930 | 11,697,527 | |
Software & Services--.7% | |||
Paychex | 117,190 | 3,813,363 | |
Technology Hardware & Equipment--3.4% | |||
Cisco Systems | 567,190 | 10,725,563 | |
QUALCOMM | 132,670 | 8,440,465 | |
19,166,028 | |||
Telecommunication Services--4.1% | |||
Vodafone Group, ADR | 255,430 | 6,590,094 | |
Windstream | 1,973,812 | 16,540,545 | |
23,130,639 | |||
Utilities--12.8% | |||
Dominion Resources | 112,950 | 5,772,874 | |
DTE Energy | 201,790 | 12,224,438 | |
National Grid, ADR | 297,700 | 16,861,728 | |
NextEra Energy | 305,560 | 20,995,028 | |
NRG Energy | 262,130 | 5,530,943 | |
PPL | 398,260 | 11,688,931 | |
73,073,942 | |||
Total Common Stocks | |||
(cost $506,321,956) | 557,885,416 | ||
Preferred Stocks--1.1% | |||
Diversified Financials | |||
Citigroup, | |||
Conv., Cum. $7.5 | |||
(cost $6,132,556) | 62,040 | 6,225,714 | |
Other Investment--.6% | |||
Registered Investment Company; | |||
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $3,527,411) | 3,527,411 | b | 3,527,411 |
Total Investments (cost $515,981,923) | 99.8 | % | 567,638,541 |
Cash and Receivables (Net) | .2 | % | 1,137,678 |
Net Assets | 100.0 | % | 568,776,219 |
ADR - American Depository Receipts
a | Non-income producing security. |
b | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $51,656,618 of which $65,959,483 related to appreciated investment securities and $14,302,865 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Utilities | 12.8 |
Pharmaceuticals, Biotech & Life Sciences | 11.0 |
Food, Beverage & Tobacco | 10.6 |
Media | 10.4 |
Materials | 9.3 |
Capital Goods | 7.3 |
Energy | 6.7 |
Diversified Financials | 6.4 |
Telecommunication Services | 4.1 |
Banks | 4.0 |
Technology Hardware & Equipment | 3.4 |
Consumer Durables & Apparel | 3.1 |
Insurance | 2.4 |
Semiconductors & Semiconductor Equipment | 2.1 |
Consumer Services | 1.6 |
Health Care Equipment & Services | 1.3 |
Commercial & Professional Services | 1.1 |
Automobiles & Components | .9 |
Software & Services | .7 |
Money Market Investment | .6 |
99.8 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | |||||
Level 2 - Other | Significant | ||||
Level 1 - Unadjusted | Significant | Unobservable | |||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total | |
Investments in Securities: | |||||
Equity Securities - Domestic | |||||
Common Stocks+ | 509,119,399 | - | - | 509,119,399 | |
Preferred Stocks+ | 6,225,714 | 6,225,714 | |||
Mutual Funds | 3,527,411 | - | - | 3,527,411 | |
Equity Securities - Foreign | |||||
Common Stocks+ | 48,766,017 | - | - | 48,766,017 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Intermediate Bond Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Bonds and Notes--98.8% | Rate (%) | Date | Amount ($) | Value ($) | |
Casinos--.6% | |||||
Agua Caliente Band of Cahuilla | |||||
Indians, Sr. Scd. Notes | 6.08 | 10/1/16 | 1,007,000 | a | 963,236 |
Agua Caliente Band of Cahuilla | |||||
Indians, Scd. Notes | 6.35 | 10/1/15 | 539,000 | a | 522,609 |
Agua Caliente Band of Cahuilla | |||||
Indians, Sr. Scd. Notes | 6.44 | 10/1/16 | 1,228,000 | a | 1,174,631 |
Seminole Indian Tribe of Florida, | |||||
Sr. Scd. Notes | 5.80 | 10/1/13 | 2,255,000 | a | 2,301,239 |
Seminole Indian Tribe of Florida, | |||||
Notes | 7.75 | 10/1/17 | 765,000 | a | 837,675 |
5,799,390 | |||||
Consumer Discretionary--5.4% | |||||
Daimler Finance North America, | |||||
Gtd. Notes | 6.50 | 11/15/13 | 4,385,000 | 4,623,754 | |
Grupo Televisa, | |||||
Sr. Unscd. Notes | 6.00 | 5/15/18 | 5,260,000 | 6,314,088 | |
Johnson Controls, | |||||
Sr. Unscd. Notes | 5.50 | 1/15/16 | 6,075,000 | 6,894,651 | |
NBCUniversal Media, | |||||
Sr. Unscd. Notes | 4.38 | 4/1/21 | 5,135,000 | 5,841,396 | |
Stanford University, | |||||
Bonds | 4.75 | 5/1/19 | 5,000,000 | 5,977,065 | |
Time Warner Cable, | |||||
Gtd. Notes | 4.13 | 2/15/21 | 7,225,000 | 7,948,634 | |
Time Warner, | |||||
Gtd. Notes | 4.00 | 1/15/22 | 4,930,000 | 5,410,636 | |
Wal-Mart Stores, | |||||
Sr. Unscd. Notes | 2.80 | 4/15/16 | 7,920,000 | 8,496,687 |
51,506,911 | |||||
Consumer Staples--3.7% | |||||
Anheuser-Busch InBev Worldwide, | |||||
Gtd. Notes | 1.38 | 7/15/17 | 3,430,000 | 3,471,047 | |
Diageo Capital, | |||||
Gtd. Notes | 1.50 | 5/11/17 | 2,345,000 | 2,388,746 | |
Diageo Finance, | |||||
Gtd. Notes | 5.50 | 4/1/13 | 2,080,000 | 2,113,476 | |
Dr. Pepper Snapple Group, | |||||
Gtd. Notes | 2.90 | 1/15/16 | 3,250,000 | 3,440,931 | |
Kroger, | |||||
Sr. Unscd. Notes | 2.20 | 1/15/17 | 3,495,000 | 3,609,419 | |
McDonald's, | |||||
Sr. Unscd. Notes | 5.80 | 10/15/17 | 4,460,000 | 5,466,582 | |
Mondelez International, | |||||
Sr. Unscd. Notes | 4.13 | 2/9/16 | 6,930,000 | 7,587,816 | |
Pernod-Ricard, | |||||
Sr. Unscd. Notes | 4.45 | 1/15/22 | 4,100,000 | a | 4,525,678 |
Walgreen, | |||||
Sr. Unscd. Notes | 1.80 | 9/15/17 | 2,975,000 | 3,012,122 | |
35,615,817 | |||||
Energy--1.6% | |||||
BP Capital Markets, | |||||
Gtd. Notes | 3.20 | 3/11/16 | 6,250,000 | 6,697,444 | |
Occidental Petroleum, | |||||
Sr. Unscd. Notes | 4.13 | 6/1/16 | 3,005,000 | 3,364,864 | |
Petrobras International Finance, | |||||
Gtd. Notes | 3.88 | 1/27/16 | 4,860,000 | 5,173,859 | |
15,236,167 | |||||
Financial--17.5% | |||||
American Express Credit, | |||||
Sr. Unscd. Notes | 2.75 | 9/15/15 | 3,650,000 | 3,843,362 | |
American International Group, | |||||
Sr. Unscd. Notes | 4.25 | 9/15/14 | 6,105,000 | 6,453,675 | |
Bank of America, | |||||
Sub. Notes | 5.49 | 3/15/19 | 8,965,000 | 9,919,046 |
BBVA US Senior, | |||||
Bank Gtd. Notes | 3.25 | 5/16/14 | 4,800,000 | 4,802,299 | |
Bear Stearns, | |||||
Sub. Notes | 5.55 | 1/22/17 | 7,581,000 | 8,585,361 | |
Caterpillar Financial Services, | |||||
Sr. Unscd. Notes | 6.13 | 2/17/14 | 4,975,000 | 5,309,031 | |
Citigroup, | |||||
Sub. Notes | 5.00 | 9/15/14 | 7,780,000 | 8,195,919 | |
Citigroup, | |||||
Sr. Unscd. Notes | 6.13 | 11/21/17 | 2,840,000 | 3,379,112 | |
Ford Motor Credit, | |||||
Sr. Unscd. Notes | 2.75 | 5/15/15 | 1,500,000 | 1,528,320 | |
Ford Motor Credit, | |||||
Sr. Unscd. Notes | 3.00 | 6/12/17 | 3,050,000 | 3,111,107 | |
General Electric Capital, | |||||
Sr. Unscd. Notes | 1.88 | 9/16/13 | 8,375,000 | 8,471,522 | |
General Electric Capital, | |||||
Sub. Notes | 5.30 | 2/11/21 | 1,955,000 | 2,268,123 | |
Goldman Sachs Group, | |||||
Sr. Unscd. Notes | 3.30 | 5/3/15 | 7,780,000 | 8,109,016 | |
HSBC Finance, | |||||
Sr. Sub. Notes | 6.68 | 1/15/21 | 4,862,000 | 5,788,435 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 5.13 | 4/13/18 | 4,930,000 | 5,170,338 | |
Jefferies Group, | |||||
Sr. Unscd. Notes | 8.50 | 7/15/19 | 4,300,000 | 5,063,250 | |
John Deere Capital, | |||||
Sr. Unscd. Notes | 1.25 | 12/2/14 | 3,000,000 | 3,045,435 | |
MetLife, | |||||
Sr. Unscd. Notes | 6.75 | 6/1/16 | 4,450,000 | 5,320,424 | |
Morgan Stanley, | |||||
Sub. Notes | 4.75 | 4/1/14 | 5,985,000 | b | 6,196,564 |
NYSE Euronext, | ||||
Sr. Unscd. Notes | 2.00 | 10/5/17 | 5,300,000 | 5,463,648 |
Private Export Funding, | ||||
Gov't Gtd. Notes | 1.45 | 8/15/19 | 5,000,000 | 5,075,245 |
Private Export Funding, | ||||
Gtd. Notes | 2.45 | 7/15/24 | 9,500,000 | 9,783,005 |
Private Export Funding, | ||||
Gov't Gtd. Notes | 4.38 | 3/15/19 | 3,915,000 | 4,709,158 |
Prudential Financial, | ||||
Sr. Unscd. Notes | 4.75 | 9/17/15 | 4,735,000 | 5,220,172 |
Rabobank Nederland, | ||||
Bank Gtd. Notes | 3.38 | 1/19/17 | 4,785,000 | 5,150,641 |
Royal Bank of Canada, | ||||
Covered Bonds | 1.20 | 9/19/17 | 3,330,000 | 3,355,538 |
Royal Bank of Scotland Group, | ||||
Sr. Unscd. Notes | 2.55 | 9/18/15 | 5,470,000 | 5,600,892 |
Simon Property Group, | ||||
Sr. Unscd. Notes | 4.20 | 2/1/15 | 6,682,000 | 7,104,630 |
TD Ameritrade Holding, | ||||
Gtd. Notes | 4.15 | 12/1/14 | 3,650,000 | 3,896,404 |
Wachovia, | ||||
Sub. Notes | 5.25 | 8/1/14 | 6,210,000 | 6,655,505 |
166,575,177 | ||||
Foreign/Governmental--1.6% | ||||
Mexican Government, | ||||
Sr. Unscd. Notes | 6.63 | 3/3/15 | 1,064,000 | 1,197,532 |
Province of Nova Scotia Canada, | ||||
Sr. Unscd. Bonds | 5.13 | 1/26/17 | 5,430,000 | 6,381,428 |
Province of Ontario Canada, | ||||
Sr. Unscd. Bonds | 4.00 | 10/7/19 | 6,515,000 | 7,547,947 |
15,126,907 | ||||
Health Care--3.5% | ||||
Amgen, | ||||
Sr. Notes | 5.70 | 2/1/19 | 2,905,000 | 3,513,112 |
AstraZeneca, | ||||
Sr. Unscd. Notes | 5.90 | 9/15/17 | 6,090,000 | 7,492,162 |
Catholic Health Initiatives, | ||||
Scd. Bonds | 2.95 | 11/1/22 | 2,585,000 | 2,648,725 |
GlaxoSmithKline Capital, | ||||
Gtd. Bonds | 5.65 | 5/15/18 | 5,853,000 | 7,187,724 |
Pfizer, | ||||
Sr. Unscd. Notes | 6.20 | 3/15/19 | 4,050,000 | 5,177,605 |
Thermo Fisher Scientific, | ||||
Sr. Unscd. Notes | 3.20 | 3/1/16 | 7,090,000 | 7,576,906 |
33,596,234 | ||||
Industrial--.5% | ||||
ABB Finance USA, | ||||
Gtd. Notes | 1.63 | 5/8/17 | 2,000,000 | 2,032,356 |
United Technologies, | ||||
Sr. Unscd. Notes | 6.13 | 2/1/19 | 1,860,000 | 2,343,881 |
4,376,237 | ||||
Information Technology--2.2% | ||||
FISERV, | ||||
Gtd. Notes | 3.13 | 6/15/16 | 5,000,000 | 5,255,590 |
Intel, | ||||
Sr. Unscd. Notes | 1.95 | 10/1/16 | 7,180,000 | 7,482,443 |
Oracle, | ||||
Sr. Unscd. Notes | 5.75 | 4/15/18 | 7,000,000 | 8,588,398 |
21,326,431 | ||||
Materials--1.2% | ||||
CRH America, | ||||
Gtd. Notes | 5.30 | 10/15/13 | 4,784,000 | 4,957,961 |
Dow Chemical, | ||||
Sr. Unscd. Notes | 4.25 | 11/15/20 | 6,245,000 | 6,930,052 |
11,888,013 | ||||
Municipal Bonds--4.0% | ||||
California, | ||||
GO (Various Purpose) | 5.45 | 4/1/15 | 4,550,000 | 5,034,166 |
California, | ||||
GO (Various Purpose) | 5.95 | 4/1/16 | 3,255,000 | 3,687,004 |
Illinois, | ||||
GO | 4.42 | 1/1/15 | 3,225,000 | 3,425,950 |
Massachusetts, | ||||
GO (Build America Bonds) | 4.20 | 12/1/21 | 9,625,000 | 11,138,339 |
North Texas Tollway Authority, | |||||
Special Projects System | |||||
Revenue, BAN | 2.44 | 9/1/13 | 9,020,000 | 9,155,029 | |
Puerto Rico Commonwealth | |||||
Government Development Bank, | |||||
Revenue Bonds | 3.67 | 5/1/14 | 5,830,000 | 5,875,299 | |
38,315,787 | |||||
Telecommunications--2.6% | |||||
AT&T, | |||||
Sr. Unscd. Notes | 4.45 | 5/15/21 | 3,400,000 | 3,969,174 | |
Rogers Communications, | |||||
Gtd. Notes | 6.38 | 3/1/14 | 4,934,000 | 5,279,044 | |
Telefonica Emisiones, | |||||
Gtd. Notes | 4.95 | 1/15/15 | 6,635,000 | 6,885,140 | |
Verizon Communications, | |||||
Sr. Unscd. Notes | 8.75 | 11/1/18 | 6,530,000 | 9,138,304 | |
25,271,662 | |||||
U.S. Government Agencies--2.0% | |||||
Federal Farm Credit Bank, | |||||
Bonds | 1.99 | 3/26/18 | 7,000,000 | 7,033,642 | |
Federal Home Loan Banks, | |||||
Bonds | 3.63 | 10/18/13 | 6,850,000 | 7,054,685 | |
Federal National Mortgage | |||||
Association, Notes | 3.00 | 9/16/14 | 4,895,000 | c | 5,138,472 |
19,226,799 | |||||
U.S. Government Agencies/Mortgage-Backed--.0% | |||||
Federal Home Loan Mortgage Corp.; | |||||
REMIC, Ser. 2134, Cl. PM, | |||||
5.50%, 3/15/14 | 96,480 | c | 98,648 | ||
U.S. Government Securities--51.2% | |||||
U.S. Treasury Inflation Protected Securities: | |||||
Notes, 0.63%, 7/15/21 | 13,992,149 | d | 16,047,246 | ||
Notes, 1.38%, 7/15/18 | 8,347,629 | b,d | 9,767,377 | ||
Notes, 2.38%, 1/15/17 | 15,947,748 | b,d | 18,609,028 | ||
U.S. Treasury Notes: | |||||
0.25%, 5/15/15 | 5,825,000 | b | 5,820,451 |
0.25%, 9/15/15 | 12,250,000 | b | 12,229,910 |
0.38%, 11/15/14 | 15,000,000 | b | 15,035,745 |
0.63%, 7/15/14 | 19,610,000 | b | 19,733,327 |
0.63%, 5/31/17 | 9,610,000 | b | 9,651,294 |
0.63%, 9/30/17 | 16,625,000 | b | 16,653,578 |
0.75%, 9/15/13 | 3,025,000 | b | 3,038,827 |
0.75%, 12/15/13 | 10,500,000 | b | 10,559,881 |
0.75%, 6/15/14 | 11,250,000 | b | 11,339,213 |
0.75%, 10/31/17 | 2,000,000 | b | 2,014,532 |
0.88%, 12/31/16 | 4,500,000 | b | 4,573,476 |
0.88%, 1/31/17 | 22,750,000 | b | 23,112,590 |
0.88%, 2/28/17 | 21,350,000 | b | 21,693,607 |
0.88%, 4/30/17 | 19,000,000 | b | 19,292,429 |
1.00%, 9/30/16 | 6,250,000 | b | 6,384,281 |
1.25%, 2/15/14 | 12,500,000 | b | 12,654,787 |
1.25%, 3/15/14 | 3,305,000 | b | 3,348,378 |
1.25%, 4/15/14 | 6,000,000 | b | 6,083,676 |
1.25%, 4/30/19 | 7,720,000 | 7,883,448 | |
1.50%, 6/30/16 | 10,175,000 | b | 10,570,869 |
1.75%, 7/31/15 | 2,280,000 | b | 2,367,103 |
1.75%, 5/15/22 | 25,910,000 | b | 26,440,352 |
2.00%, 2/15/22 | 16,000,000 | b | 16,733,760 |
2.13%, 11/30/14 | 18,200,000 | 18,873,964 | |
2.13%, 2/29/16 | 18,500,000 | b | 19,555,073 |
2.13%, 8/15/21 | 9,670,000 | b | 10,271,358 |
2.38%, 9/30/14 | 17,930,000 | b | 18,625,487 |
2.38%, 10/31/14 | 18,250,000 | b | 18,985,712 |
2.63%, 1/31/18 | 5,250,000 | 5,775,819 | |
2.63%, 8/15/20 | 2,430,000 | b | 2,692,365 |
2.63%, 11/15/20 | 7,470,000 | b | 8,271,860 |
3.13%, 5/15/21 | 5,500,000 | b | 6,302,659 |
3.25%, 7/31/16 | 7,135,000 | 7,871,353 | |
3.38%, 11/15/19 | 7,000,000 | 8,118,908 |
3.50%, 5/15/20 | 8,000,000 | b | 9,376,248 | |||
3.75%, 11/15/18 | 2,405,000 | b | 2,818,547 | |||
4.25%, 8/15/13 | 6,000,000 | 6,172,032 | ||||
4.25%, 11/15/13 | 27,510,000 | b | 28,568,502 | |||
4.50%, 11/15/15 | 4,070,000 | b | 4,566,666 | |||
488,485,718 | ||||||
Utilities--1.2% | ||||||
Duke Energy Carolinas, | ||||||
First Mortgage Bonds | 1.75 | 12/15/16 | 3,010,000 | 3,107,590 | ||
Hydro-Quebec, | ||||||
Gov't Gtd. Notes | 2.00 | 6/30/16 | 3,655,000 | 3,819,482 | ||
Xcel Energy, | ||||||
Sr. Unscd. Notes | 4.70 | 5/15/20 | 3,705,000 | 4,384,968 | ||
11,312,040 | ||||||
Total Bonds and Notes | ||||||
(cost $897,741,137) | 943,757,938 | |||||
Other Investment--.8% | ||||||
Registered Investment Company; | ||||||
Dreyfus Institutional Preferred | ||||||
Plus Money Market Fund | ||||||
(cost $7,349,035) | 7,349,035 | e | 7,349,035 | |||
Investment of Cash Collateral for | ||||||
Securities Loaned--.7% | ||||||
Registered Investment Company; | ||||||
Dreyfus Institutional Cash | ||||||
Advantage Fund | ||||||
(cost $6,403,950) | 6,403,950 | e | 6,403,950 | |||
Total Investments (cost $911,494,122) | 100.3 | % | 957,510,923 | |||
Liabilities, Less Cash and Receivables | (.3 | %) | (3,005,155 | ) | ||
Net Assets | 100.0 | % | 954,505,768 |
BAN - Bond Anticipation Notes |
GO - General Obligation |
REMIC - Real Estate Mortgage Investment Conduit |
a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012,
these securities were valued at $10,325,068 or 1.1% of net assets. | |
b | Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was |
$323,759,918 and the value of the collateral held by the fund was $331,189,028, consisting of cash collateral of | |
$6,403,950 and U.S. Government and agency securities valued at $324,785,078. | |
c | The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National |
Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing | |
affairs of these companies. | |
d | Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
e | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $46,016,801 of which $48,871,660 related to appreciated investment securities and $2,854,859 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Government & Agencies | 53.2 |
Corporate Bonds | 40.0 |
Municipal Bonds | 4.0 |
Foreign/Governmental | 1.6 |
Money Market Investments | 1.5 |
100.3 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Corporate Bonds+ | - | 382,504,079 | - | 382,504,079 |
Foreign Government | - | 15,126,907 | - | 15,126,907 |
Municipal Bonds | - | 38,315,787 | - | 38,315,787 |
Mutual Funds | 13,752,985 | - | - | 13,752,985 |
U.S. Government Agencies/Mortgage-Backed | - | 19,325,447 | - | 19,325,447 |
U.S. Treasury | - | 488,485,718 | - | 488,485,718 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued 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.
U.S. Treasury Bills are valued at the mean price between quoted bid 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 of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Intermediate U.S. Government Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Bonds and Notes--98.7% | Rate (%) | Date | Amount ($) | Value ($) | |
Financial--4.3% | |||||
Private Export Funding, | |||||
Bank Gtd. Notes | 2.45 | 7/15/24 | 500,000 | 514,895 | |
Private Export Funding, | |||||
Gov't Gtd. Notes | 4.38 | 3/15/19 | 1,065,000 | 1,281,035 | |
1,795,930 | |||||
U.S. Government Agencies--8.9% | |||||
Federal Farm Credit Bank, | |||||
Bonds | 1.99 | 3/26/18 | 1,000,000 | 1,004,806 | |
Federal Home Loan Bank, | |||||
Bonds | 0.50 | 10/16/15 | 750,000 | 750,300 | |
Federal Home Loan Mortgage Corp., | |||||
Notes | 0.90 | 1/23/15 | 1,000,000 | a | 1,000,756 |
Federal National Mortgage | |||||
Association, Notes | 0.75 | 12/19/14 | 1,000,000 | a | 1,009,368 |
3,765,230 | |||||
U.S. Government Agencies/Mortgage-Backed--.8% | |||||
Government National Mortgage Association I: | |||||
Ser. 2004-23, Cl. AB, | |||||
3.63%, 9/16/27 | 94,019 | 96,269 | |||
Ser. 2005-76, Cl. A, 3.96%, | |||||
5/16/30 | 128,259 | 130,233 | |||
Ser. 2004-12, Cl. BA, | |||||
4.81%, 8/16/32 | 106,964 | 108,465 | |||
Ser. 2004-50, Cl. C, 5.32%, | |||||
8/16/30 | 3,768 | b | 3,770 | ||
338,737 | |||||
U.S. Government Securities--84.7% | |||||
U.S. Treasury Bonds; | |||||
7.25%, 5/15/16 | 1,500,000 | 1,852,266 |
Other Investment--1.2% | |||
Registered Investment Company; | |||
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | |||
(cost $494,762) | 494,762 | d | 494,762 |
Total Investments (cost $40,363,752) | 99.9 | % | 41,989,937 |
Cash and Receivables (Net) | .1 | % | 51,535 |
Net Assets | 100.0 | % | 42,041,472 |
a | The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National |
Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing | |
affairs of these companies. | |
b | Variable rate security--interest rate subject to periodic change. |
c | Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
d | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $1,626,185 of which $1,653,717 related to appreciated investment securities and $27,532 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Government & Agencies | 94.4 |
Corporate Bonds | 4.3 |
Money Market Investment | 1.2 |
99.9 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 2 - Other | Significant | |||
Level 1 - Unadjusted | Significant | Unobservable | ||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Corporate Bonds+ | - | 1,795,930 | - | 1,795,930 |
Mutual Funds | 494,762 | - | - | 494,762 |
U.S. Government Agencies/Mortgage-Backed | - | 4,103,967 | - | 4,103,967 |
U.S. Treasury | - | 35,595,278 | - | 35,595,278 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued 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.
U.S. Treasury Bills are valued at the mean price between quoted bid 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 of Trustees.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon International Appreciation Fund |
November 30, 2012 (Unaudited) |
Common Stocks--99.8% | Shares | Value ($) | |
Automobiles & Components--4.7% | |||
Bridgestone, ADR | 9,362 | 450,406 | |
Daimler | 18,457 | 916,021 | |
Denso, ADR | 38,288 | 630,986 | |
Fiat, ADR | 37,495 | a | 174,727 |
Honda Motor, ADR | 21,948 | 730,868 | |
Nissan Motor, ADR | 27,962 | 546,937 | |
Peugeot, ADR | 12,756 | 79,087 | |
Toyota Motor, ADR | 18,548 | 1,596,612 | |
Volkswagen, ADR | 12,300 | 503,931 | |
5,629,575 | |||
Banks--12.3% | |||
Australia & New Zealand Banking | |||
Group, ADR | 52,498 | 1,339,224 | |
Banco Bilbao Vizcaya Argentaria, | |||
ADR | 73,224 | 618,743 | |
Banco Santander, ADR | 133,400 | 1,021,844 | |
Bank of Yokohama, ADR | 13,208 | 250,952 | |
Barclays, ADR | 33,044 | 523,087 | |
BNP Paribas, ADR | 20,711 | 584,050 | |
Commerzbank, ADR | 37,925 | a | 70,161 |
Commonwealth Bank of Australia, | |||
ADR | 7,023 | b | 1,312,005 |
Credit Agricole, ADR | 22,091 | a | 83,261 |
Danske Bank, ADR | 27,008 | a | 234,970 |
Erste Group Bank, ADR | 11,283 | a | 167,327 |
Hachijuni Bank, ADR | 2,799 | 140,930 | |
Hang Seng Bank, ADR | 24,669 | 378,916 | |
HSBC Holdings, ADR | 43,978 | 2,248,595 | |
Intesa Sanpaolo, ADR | 38,434 | 385,109 | |
Lloyds Banking Group, ADR | 177,280 | a | 528,294 |
Mitsubishi UFJ Financial Group, | |||
ADR | 97,092 | 447,594 | |
National Australia Bank, ADR | 40,003 | 1,018,956 | |
Shinsei Bank, ADR | 57,546 | 195,380 | |
Shizuoka Bank, ADR | 3,560 | 351,813 | |
Societe Generale, ADR | 62,395 | a | 452,364 |
Sumitomo Mitsui Financial Group, | |||
ADR | 39,296 | 255,031 | |
Sumitomo Mitsui Trust Holdings, | |||
ADR | 26,240 | 78,982 | |
United Overseas Bank, ADR | 15,700 | 481,990 | |
Westpac Banking, ADR | 10,623 | 1,420,401 | |
14,589,979 | |||
Capital Goods--8.7% | |||
ABB, ADR | 372 | a | 7,224 |
Asahi Glass, ADR | 38,076 | 291,281 | |
Atlas Copco, Cl. A, ADR | 17,247 | 465,669 | |
Atlas Copco, Cl. B, ADR | 18,720 | 432,245 |
BAE Systems, ADR | 121 | 2,565 | |
European Aeronautic Defence and | |||
Space, ADR | 7,893 | 264,968 | |
Hutchison Whampoa, ADR | 14,325 | 292,946 | |
Invensys, ADR | 28,090 | 142,697 | |
ITOCHU, ADR | 12,705 | 254,862 | |
Kajima, ADR | 8,417 | 241,885 | |
Kawasaki Heavy Industries, ADR | 27,754 | 259,222 | |
Keppel, ADR | 31,187 | 548,267 | |
Komatsu, ADR | 22,788 | 512,730 | |
Kubota, ADR | 11,271 | 604,915 | |
Marubeni, ADR | 4,423 | 291,962 | |
Metso, ADR | 12,062 | 454,979 | |
Mitsubishi, ADR | 10,957 | 418,886 | |
Mitsui & Co., ADR | 811 | 225,450 | |
Nidec, ADR | 20,281 | 309,691 | |
NSK, ADR | 20,210 | 241,105 | |
Orkla, ADR | 26,607 | 217,113 | |
Rolls-Royce Holdings, ADR | 11,097 | 795,766 | |
Sandvik, ADR | 48,276 | 724,140 | |
Siemens, ADR | 161 | 16,664 | |
SKF, ADR | 26,290 | 635,692 | |
Sumitomo Electric Industries, ADR | 3,702 | 399,064 | |
Sumitomo, ADR | 24,536 | 305,719 | |
Swire Pacific, Cl. A, ADR | 14,906 | 181,853 | |
TOTO, ADR | 20,445 | 281,323 | |
Volvo, ADR | 35,252 | 503,399 | |
10,324,282 | |||
Commercial & Professional Services--1.2% | |||
Dai Nippon Printing, ADR | 27,828 | 207,597 | |
Experian, ADR | 32,340 | 536,844 | |
Secom, ADR | 37,120 | 473,280 | |
TOPPAN PRINTING, ADR | 39,905 | 246,777 | |
1,464,498 | |||
Consumer Durables & Apparel--2.1% | |||
Adidas, ADR | 10,725 | 473,401 | |
Casio Computer, ADR | 3,290 | 247,244 | |
Electrolux, Cl. B, ADR | 7,167 | 376,769 | |
LVMH Moet Hennessy Louis Vuitton, | |||
ADR | 29,469 | 1,039,961 | |
Panasonic, ADR | 17,520 | 86,899 | |
Sega Sammy Holdings, ADR | 56,384 | 233,994 | |
Sharp, ADR | 16,118 | 33,203 | |
Sony, ADR | 2,522 | 24,564 | |
2,516,035 | |||
Consumer Services--1.0% | |||
Compass Group, ADR | 41,021 | 475,023 | |
InterContinental Hotels Group, ADR | 5,257 | 140,940 | |
Sodexo, ADR | 6,262 | 507,222 | |
1,123,185 | |||
Diversified Financials--2.8% | |||
Credit Suisse Group, ADR | 16,474 | 388,951 | |
Daiwa Securities Group, ADR | 62,790 | 279,416 | |
Deutsche Bank | 16,483 | 727,395 | |
ING Groep, ADR | 70,669 | a | 635,314 |
Nomura Holdings, ADR | 10,857 | 45,057 | |
ORIX, ADR | 6,179 | 313,028 | |
UBS | 61,451 | a | 965,395 |
3,354,556 | |||
Energy--8.2% | |||
BG Group, ADR | 53,335 | 914,695 | |
BP, ADR | 37,095 | 1,549,087 | |
ENI, ADR | 21,775 | 1,032,788 | |
Repsol, ADR | 19,257 | 408,634 | |
Royal Dutch Shell, Cl. A, ADR | 35,198 | 2,357,210 | |
Royal Dutch Shell, Cl. B, ADR | 2,293 | 158,400 | |
Statoil, ADR | 29,155 | 711,090 | |
Technip, ADR | 14,012 | 409,851 | |
Total, ADR | 27,669 | 1,387,877 | |
Woodside Petroleum, ADR | 21,015 | 746,033 | |
9,675,665 | |||
Food & Staples Retailing--1.9% | |||
Aeon, ADR | 58,968 | 654,545 | |
Delhaize Group, ADR | 12,473 | 462,125 | |
J. Sainsbury, ADR | 13,245 | 290,595 | |
Koninklijke Ahold, ADR | 8,454 | 106,943 | |
Tesco, ADR | 43,321 | 678,840 | |
2,193,048 | |||
Food, Beverage & Tobacco--8.2% | |||
Ajinomoto, ADR | 34,230 | 491,543 | |
British American Tobacco, ADR | 7,800 | 822,354 | |
Coca-Cola Amatil, ADR | 22,981 | 661,623 | |
Coca-Cola Hellenic Bottling, ADR | 3,685 | a | 84,866 |
Danone, ADR | 47,002 | 600,686 | |
Diageo, ADR | 5,698 | 681,310 | |
Heineken, ADR | 17,709 | 584,397 | |
Imperial Tobacco Group, ADR | 7,687 | 616,574 | |
Kirin Holdings, ADR | 31,382 | 387,882 | |
Nestle, ADR | 44,405 | 2,908,528 | |
SABMiller, ADR | 20,342 | 927,392 | |
Unilever (NY Shares) | 13,003 | 491,903 | |
Unilever, ADR | 4,990 | 191,367 | |
Yamazaki Baking, ADR | 2,023 | 236,716 | |
9,687,141 | |||
Health Care Equipment & Services--1.1% | |||
Cie Generale d'Opitique Essilor | |||
International, ADR | 15,084 | 731,574 | |
Fresenius Medical Care & Co., ADR | 5,575 | 383,003 | |
Olympus, ADR | 6,140 | a | 102,845 |
Smith & Nephew, ADR | 2,393 | 126,279 | |
1,343,701 | |||
Household & Personal Products--1.7% | |||
Henkel & Co., ADR | 7,872 | 660,540 | |
Kao, ADR | 7,988 | 220,069 | |
L'Oreal, ADR | 29,164 | 791,803 | |
Shiseido, ADR | 5,862 | 84,647 | |
Svenska Cellulosa, ADR | 12,319 | 250,322 | |
2,007,381 | |||
Insurance--5.2% | |||
Aegon (NY Shares) | 77,800 | 446,572 |
Ageas, ADR | 19,975 | 535,929 | |
Allianz, ADR | 98,970 | 1,291,558 | |
AXA, ADR | 37,350 | 615,154 | |
Legal & General Group, ADR | 58,300 | 692,604 | |
MS&AD Insurance Group Holdings, | |||
ADR | 21,902 | 189,233 | |
Prudential, ADR | 31,550 | 920,629 | |
Tokio Marine Holdings, ADR | 19,055 | 491,428 | |
Zurich Insurance Group, ADR | 39,197 | a | 1,002,659 |
6,185,766 | |||
Materials--9.9% | |||
Air Liquide, ADR | 33,061 | 810,325 | |
Akzo Nobel, ADR | 13,615 | 259,774 | |
Alumina, ADR | 8,220 | 32,222 | |
Amcor, ADR | 12,096 | 400,257 | |
Anglo American, ADR | 47,994 | 665,677 | |
ArcelorMittal (NY Shares) | 4,455 | 67,716 | |
Asahi Kasei, ADR | 17,985 | 205,209 | |
BASF, ADR | 15,246 | 1,370,463 | |
BHP Billiton Ltd., ADR | 11,604 | 835,952 | |
BHP Billiton PLC, ADR | 23,634 | 1,492,014 | |
Boral, ADR | 14,421 | 243,715 | |
James Hardie Industries, ADR | 7,724 | 368,744 | |
Johnson Matthey, ADR | 5,851 | 460,474 | |
Kobe Steel, ADR | 44,450 | 209,360 | |
Koninklijke DSM, ADR | 4,946 | 71,816 | |
Lafarge, ADR | 13,770 | 200,216 | |
Newcrest Mining, ADR | 14,039 | 372,034 | |
Nippon Steel Sumitomo Metal, ADR | 22,082 | 514,069 | |
Nitto Denko, ADR | 10,620 | 278,244 | |
Norsk Hydro, ADR | 40,233 | 191,107 | |
OJI Holdings ADR | 848 | 27,085 | |
Rexam, ADR | 4,236 | 148,768 | |
Rio Tinto, ADR | 27,200 | 1,354,560 | |
Stora Enso, ADR | 11,934 | 77,571 | |
Syngenta, ADR | 8,345 | 667,350 | |
Teijin, ADR | 5,424 | 124,806 | |
Toray Industries, ADR | 3,528 | 210,445 | |
UPM-Kymmene, ADR | 7,622 | 85,366 | |
11,745,339 | |||
Media--1.5% | |||
British Sky Broadcasting Group, | |||
ADR | 6,695 | 326,448 | |
Pearson, ADR | 1,012 | 19,268 | |
Publicis Groupe, ADR | 38,414 | 544,326 | |
Reed Elsevier, ADR | 6,531 | 269,600 | |
Wolters Kluwer, ADR | 7,972 | 152,664 | |
WPP, ADR | 6,429 | 441,672 | |
1,753,978 | |||
Pharmaceuticals, Biotech & Life Sciences--8.8% | |||
AstraZeneca, ADR | 8,312 | 395,152 | |
Bayer, ADR | 15,430 | 1,397,958 | |
Eisai, ADR | 11,123 | 468,278 | |
Elan, ADR | 21,218 | a | 211,756 |
GlaxoSmithKline, ADR | 28,499 | 1,225,742 |
Novartis, ADR | 33,887 | 2,102,688 | |
Novo Nordisk, ADR | 7,615 | 1,208,272 | |
Roche Holding, ADR | 38,566 | 1,897,833 | |
Sanofi, ADR | 28,789 | 1,284,565 | |
Teva Pharmaceutical Industries, | |||
ADR | 6,900 | 278,415 | |
10,470,659 | |||
Real Estate--3.9% | |||
British Land, ADR | 12,476 | 110,163 | |
CapitaLand, ADR | 32,796 | 187,593 | |
Cheung Kong Holdings, ADR | 29,243 | 443,909 | |
City Developments, ADR | 36,591 | 351,274 | |
Daiwa House Industry, ADR | 3,061 | 468,455 | |
Hysan Development, ADR | 34,301 | 333,406 | |
Lend Lease Group, ADR | 56,416 | 510,565 | |
Mitsubishi Estate, ADR | 29,000 | 563,180 | |
Sino Land, ADR | 41,641 | 376,110 | |
Sun Hung Kai Properties, ADR | 33,037 | 483,662 | |
Tokyu Land, ADR | 3,001 | 176,759 | |
Westfield Group, ADR | 28,114 | 613,729 | |
4,618,805 | |||
Retailing--1.1% | |||
Hennes & Mauritz, ADR | 112,906 | 724,518 | |
Kingfisher, ADR | 43,728 | 388,742 | |
Marui Group, ADR | 17,401 | 236,828 | |
1,350,088 | |||
Semiconductors & Semiconductor Equipment--.3% | |||
Advantest, ADR | 27,445 | 369,684 | |
Software & Services--1.8% | |||
Computershare, ADR | 24,942 | 227,970 | |
Dassault Systemes, ADR | 3,735 | 424,856 | |
NICE Systems, ADR | 1,000 | a | 33,780 |
Sage Group, ADR | 12,887 | 256,709 | |
SAP, ADR | 13,662 | 1,065,499 | |
Trend Micro, ADR | 4,337 | 113,803 | |
2,122,617 | |||
Technology Hardware & Equipment--2.7% | |||
Canon, ADR | 17,097 | 601,472 | |
Ericsson, ADR | 104 | 977 | |
Fujifilm Holdings, ADR | 11,819 | 216,760 | |
Fujitsu, ADR | 13,602 | 257,894 | |
Hitachi, ADR | 9,435 | 545,815 | |
Kyocera, ADR | 4,712 | 438,216 | |
Mitsubishi Electric, ADR | 30,575 | 480,028 | |
Omron, ADR | 11,660 | 259,785 | |
Ricoh, ADR | 4,031 | 188,288 | |
TDK, ADR | 5,571 | 219,386 | |
3,208,621 | |||
Telecommunication Services--4.9% | |||
BT Group, ADR | 4,903 | 183,323 | |
Deutsche Telekom, ADR | 57,384 | 632,372 | |
France Telecom, ADR | 11,452 | 122,651 | |
Koninklijke KPN, ADR | 15,329 | 86,915 | |
Nippon Telegraph & Telephone, ADR | 682 | 15,297 | |
NTT DOCOMO, ADR | 1,465 | 21,184 |
Portugal Telecom, ADR | 17,340 | 81,151 | ||
Singapore Telecommunications, ADR | 21,960 | 596,214 | ||
Swisscom, ADR | 7,236 | 305,432 | ||
Telecom Corp of New Zealand, ADR | 14,228 | 133,885 | ||
Telecom Italia, ADR | 26,496 | 240,849 | ||
Telecom Italia, Cl. A, ADR | 3,370 | 26,690 | ||
Telefonica, ADR | 61,428 | 800,407 | ||
Telenor, ADR | 6,496 | 397,230 | ||
Telstra, ADR | 21,248 | 478,292 | ||
Vodafone Group, ADR | 63,724 | 1,644,079 | ||
5,765,971 | ||||
Transportation--2.2% | ||||
All Nippon Airways, ADR | 23,722 | 103,902 | ||
Deutsche Lufthansa, ADR | 30,916 | 513,824 | ||
International Consolidated | ||||
Airlines Group, ADR | 19,362 | a | 263,323 | |
MTR, ADR | 20,662 | 832,679 | ||
Neptune Orient Lines, ADR | 102,200 | a | 367,920 | |
Nippon Yusen, ADR | 60,373 | 249,944 | ||
Ryanair Holdings, ADR | 860 | 29,610 | ||
TNT Express, ADR | 24,267 | 238,302 | ||
2,599,504 | ||||
Utilities--3.6% | ||||
Centrica, ADR | 32,540 | 680,737 | ||
CLP Holdings, ADR | 27,613 | 240,233 | ||
E.ON, ADR | 2,044 | 36,879 | ||
Enel, ADR | 103,907 | 386,534 | ||
Energias de Portugal, ADR | 9,430 | 239,899 | ||
GDF Suez, ADR | 15,036 | 338,310 | ||
Hong Kong & China Gas, ADR | 181,714 | 492,445 | ||
Iberdrola, ADR | 24,123 | 482,942 | ||
National Grid, ADR | 308 | 17,445 | ||
RWE, ADR | 12,280 | 512,076 | ||
SSE, ADR | 22,582 | 522,322 | ||
United Utilities Group, ADR | 12,047 | 264,673 | ||
Veolia Environnement, ADR | 977 | 10,571 | ||
4,225,066 | ||||
Total Common Stocks | ||||
(cost $155,953,000) | 118,325,144 | |||
Principal | ||||
Short-Term Investments--.1% | Amount ($) | Value ($) | ||
U.S. Treasury Bills; | ||||
0.11%, 12/20/12 | ||||
(cost $109,994) | 110,000 | c | 109,996 | |
Other Investment--.4% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $507,854) | 507,854 | d | 507,854 | |
Total Investments (cost $156,570,848) | 100.3 | % | 118,942,994 | |
Liabilities, Less Cash and Receivables | (.3 | %) | (338,618 | ) |
Net Assets | 100.0 | % | 118,604,376 |
ADR - American Depository Receipts
a Non-income producing security. |
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in |
transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, this security was |
valued at $1,312,005 or 1.1% of net assets. |
c Held by or on behalf of a counterparty for open financial futures positions. |
d Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized depreciation on investments was $37,627,854 of which $13,392,063 related to appreciated and $51,019,917 related to depreciated investment securities. At November 30, 2012, the cost of investments for investment securities federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 12.3 |
Materials | 9.9 |
Pharmaceuticals, Biotech & Life Sciences | 8.8 |
Capital Goods | 8.7 |
Energy | 8.2 |
Food, Beverage & Tobacco | 8.2 |
Insurance | 5.2 |
Telecommunication Services | 4.9 |
Automobiles & Components | 4.7 |
Real Estate | 3.9 |
Utilities | 3.6 |
Diversified Financials | 2.8 |
Technology Hardware & Equipment | 2.7 |
Transportation | 2.2 |
Consumer Durables & Apparel | 2.1 |
Food & Staples Retailing | 1.9 |
Software & Services | 1.8 |
Household & Personal Products | 1.7 |
Media | 1.5 |
Commercial & Professional Services | 1.2 |
Health Care Equipment & Services | 1.1 |
Retailing | 1.1 |
Consumer Services | 1.0 |
Short-Term/Money Market Investment | .5 |
Semiconductors & Semiconductor Equipment | .3 |
100.3 |
† | Based on net assets. |
STATEMENT OF FINANCIAL FUTURES |
November 30, 2012 (Unaudited) |
Market Value | Unrealized | ||||
Covered by | Appreciation | ||||
Contracts | Contracts ($) | Expiration | at 11/30/2012 | ($) | |
Financial Futures Long | |||||
ASX SPI 200 Index | 2 | 235,645 | December 2012 | 5,242 | |
Euro STOXX 50 | 10 | 335,410 | December 2012 | 14,565 | |
FTSE 100 Index | 3 | 282,307 | December 2012 | 9,262 | |
TOPIX | 2 | 189,483 | December 2012 | 7,995 | |
37,064 |
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
November 30, 2012 (Unaudited) |
Foreign | Unrealized | |||||
Forward Foreign Currency | Currency | Appreciation | ||||
Exchange Contracts | Amounts | Cost ($) | Value ($) | (Depreciation) ($) | ||
Purchases: | ||||||
Australian Dollar, | ||||||
Expiring | ||||||
12/19/2012 a | 143,423 | 147,850 | 149,450 | 1,600 | ||
British Pound, | ||||||
Expiring | ||||||
12/19/2012 a | 197,722 | 313,763 | 316,771 | 3,008 | ||
Euro, | ||||||
Expiring | ||||||
12/19/2012 a | 233,854 | 299,259 | 304,201 | 4,942 | ||
Japanese Yen, | ||||||
Expiring | ||||||
12/19/2012 a | 27,488,585 | 338,619 | 333,530 | (5,089 | ) | |
Gross Unrealized Appreciation | 9,550 | |||||
Gross Unrealized Depreciation | (5,089 | ) |
Counterparty:
a |
UBS |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Foreign Common Stocks+ | 118,325,144 | - | - | 118,325,144 |
Mutual Funds | 507,854 | - | - | 507,854 |
U.S. Treasury | - | 109,996 | - | 109,996 |
Other Financial Instruments: | ||||
Financial Futures++ | 37,064 | - | - | 37,064 |
Forward Foreign Currency Exchange Contracts++ | - | 9,550 | - | 9,550 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Forward Foreign Currency Exchange Contracts++ | - | (5,089 ) | - | (5,089 ) |
+ See Statement of Investments for additional detailed categorizations. |
++ Amount shown represents unrealized appreciation (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.
When executing forward contracts, the 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, the 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. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the 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. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. 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 recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon International Equity Income Fund |
November 30, 2012 (Unaudited) |
Common Stocks--95.8% | Shares | Value ($) |
Australia--12.5% | ||
Australia & New Zealand Banking Group | 17,500 | 444,887 |
Bendigo and Adelaide Bank | 66,700 | 562,435 |
Commonwealth Bank of Australia | 25,200 | 1,569,773 |
Metcash | 188,700 | 675,462 |
National Australia Bank | 53,300 | 1,351,662 |
Tabcorp Holdings | 360,000 | 1,051,951 |
Tatts Group | 1,260,200 | 3,853,380 |
Telstra | 243,700 | 1,096,144 |
Westpac Banking | 88,800 | 2,363,132 |
12,968,826 | ||
Brazil--2.0% | ||
Cielo | 62,940 | 1,639,185 |
Light | 45,100 | 500,220 |
2,139,405 | ||
Canada--.8% | ||
Enerplus | 61,200 | 818,177 |
Pengrowth Energy | 11,700 | 60,894 |
879,071 | ||
China--7.0% | ||
Anta Sports Products | 2,397,000 | 1,750,538 |
Bank of China, Cl. H | 1,209,000 | 510,107 |
Bosideng International Holdings | 3,500,000 | 1,065,779 |
Dongyue Group | 1,800,000 | 1,003,329 |
Guangzhou R&F Properties, Cl. H | 1,278,800 | 2,181,329 |
Jiangsu Expressway, Cl. H | 47,300 | 42,294 |
Zhejiang Expressway, Cl. H | 904,000 | 689,355 |
7,242,731 | ||
France--3.1% | ||
France Telecom | 68,900 | 729,314 |
GDF Suez | 5,050 | 113,589 |
Neopost | 6,900 | 360,520 |
Total | 39,550 | 1,979,017 |
3,182,440 | ||
Germany--2.9% | ||
Deutsche Telekom | 31,200 | 343,687 |
E.ON | 29,250 | 526,866 |
Muenchener Rueckversicherungs | 6,050 | 1,032,712 |
RWE | 26,100 | 1,088,419 |
2,991,684 | ||
Hong Kong--3.3% | ||
Hang Seng Bank | 49,200 | 751,630 |
NWS Holdings | 350,000 | 570,824 |
Shougang Fushan Resources Group | 5,703,000 | 2,126,612 |
3,449,066 | ||
Israel--2.5% | ||
Bezeq Israeli Telecommunication | 1,109,100 | 1,363,991 |
Israel Chemicals | 101,600 | 1,251,625 |
2,615,616 | ||
Italy--.1% | ||
Enel | 22,200 | 84,133 |
STMicroelectronics | 11,700 | 74,560 |
158,693 | ||
Japan--3.7% | ||
Dai Nippon Printing | 137,300 | 1,027,647 |
Mizuho Financial Group | 615,300 | 985,256 |
NKSJ Holdings | 65,400 | 1,240,010 |
Ricoh | 62,400 | 579,074 |
3,831,987 | ||
Netherlands--1.5% | ||
Corio | 24,649 | 1,104,526 |
Koninklijke KPN | 55,547 | 314,249 |
Koninklijke Philips Electronics | 6,900 | 178,219 |
1,596,994 | ||
New Zealand--3.1% | ||
Telecom Corporation of New Zealand | 1,723,900 | 3,269,197 |
Norway--1.9% | ||
Seadrill | 50,800 | 1,955,071 |
Poland--6.9% | ||
KGHM Polska Miedz | 83,500 | 4,734,789 |
PGE | 180,000 | 1,047,518 |
Synthos | 800,000 | 1,446,953 |
7,229,260 | ||
Portugal--.9% | ||
Portugal Telecom | 211,200 | 981,137 |
Singapore--3.3% | ||
Hutchison Port Holdings Trust | 4,050,000 | 3,138,750 |
StarHub | 105,000 | 320,867 |
3,459,617 | ||
South Africa--5.4% |
Growthpoint Properties | 45,300 | 124,837 |
Kumba Iron Ore | 46,800 | 2,863,673 |
Vodacom Group | 197,000 | 2,636,889 |
5,625,399 | ||
Spain--1.0% | ||
ACS Actividades de Construccion y Servicios | 46,900 | 1,002,460 |
Sweden--.4% | ||
Ratos, Cl. B | 19,200 | 191,182 |
Skanska, Cl. B | 11,700 | 185,875 |
377,057 | ||
Taiwan--.3% | ||
Compal Electronics | 116,000 | 78,454 |
Farglory Land Development | 101,000 | 189,110 |
267,564 | ||
Thailand--1.8% | ||
Advanced Info Service | 262,800 | 1,883,871 |
Turkey--6.3% | ||
Ford Otomotiv Sanayi | 350,000 | 3,584,520 |
Tupras Turkiye Petrol Rafinerileri | 74,800 | 1,996,788 |
Turk Telekomunikasyon | 260,000 | 971,990 |
6,553,298 | ||
United Kingdom--20.4% | ||
AstraZeneca | 35,000 | 1,663,476 |
Aviva | 196,000 | 1,100,647 |
BAE Systems | 278,000 | 1,457,790 |
BP | 86,700 | 599,521 |
British American Tobacco | 70,224 | 3,683,565 |
GlaxoSmithKline | 39,700 | 848,815 |
HSBC Holdings | 67,300 | 687,599 |
ICAP | 72,000 | 336,260 |
Man Group | 978,700 | 1,204,245 |
Marks & Spencer Group | 11,700 | 73,219 |
Resolution | 290,300 | 1,105,555 |
Royal Dutch Shell, Cl. A | 28,577 | 956,672 |
Royal Dutch Shell, Cl. B | 8,200 | 283,051 |
RSA Insurance Group | 1,621,000 | 3,051,581 |
SSE | 44,700 | 1,020,532 |
Standard Life | 353,300 | 1,811,330 |
TUI Travel | 139,300 | 605,487 |
Vodafone Group | 310,000 | 800,380 |
21,289,725 | ||
United States--4.7% | ||
iShares MSCI EAFE Index Fund | 88,000 | 4,846,160 |
Total Common Stocks | |||
(cost $94,079,845) | 99,796,329 | ||
Preferred Stocks--2.2% | |||
Brazil--1.4% | |||
AES Tiete | 107,000 | 1,141,707 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo | 47,400 | 301,463 | |
1,443,170 | |||
Germany--.8% | |||
ProSiebenSat.1 Media | 28,700 | 840,012 | |
Total Preferred Stocks | |||
(cost $3,107,924) | 2,283,182 | ||
Other Investment--.6% | |||
Registered Investment Company; | |||
Dreyfus Institutional Preferred Plus Money Market Fund | |||
(cost $585,643) | 585,643 | a | 585,643 |
Total Investments (cost $97,773,412) | 98.6 | % | 102,665,154 |
Cash and Receivables (Net) | 1.4 | % | 1,488,945 |
Net Assets | 100.0 | % | 104,154,099 |
a | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $4,891,742 of which $9,005,002 related to appreciated investment securities and $4,113,260 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Financial | 24.5 |
Telecommunication Services | 14.1 |
Materials | 12.9 |
Industrial | 12.1 |
Consumer Discretionary | 8.9 |
Energy | 8.3 |
Utilities | 5.6 |
Exchange-Traded Fund | 4.7 |
Consumer Staples | 4.2 |
Health Care | 2.4 |
Information Technology | .3 |
Money Market Investment | .6 |
98.6 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Foreign Common Stocks+ | 94,950,169 | - | - | 94,950,169 |
Exchange-Traded Funds | 4,846,160 | - | - | 4,846,160 |
Mutual Funds | 585,643 | - | - | 585,643 |
Preferred Stocks+ | 2,283,182 | - | - | 2,283,182 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon International Fund |
November 30, 2012 (Unaudited) |
Common Stocks--97.4% | Shares | Value ($) | |
Australia--5.0% | |||
Atlas Iron | 589,230 | 851,666 | |
Australia & New Zealand Banking Group | 199,410 | 5,069,428 | |
Coca-Cola Amatil | 162,540 | 2,330,675 | |
Commonwealth Bank of Australia | 36,140 | 2,251,254 | |
Dexus Property Group | 2,615,490 | 2,743,177 | |
Primary Health Care | 687,828 | 2,871,274 | |
QBE Insurance Group | 331,754 | 3,787,636 | |
Rio Tinto | 43,141 | 2,645,044 | |
Spark Infrastructure Group | 1,593,570 | 2,719,091 | |
Stockland | 505,890 | 1,789,743 | |
27,058,988 | |||
Belgium--.7% | |||
Delhaize Group | 107,267 | 3,966,135 | |
Finland--.8% | |||
Kemira | 79,270 | 1,147,436 | |
Sampo, Cl. A | 91,130 | 2,909,627 | |
4,057,063 | |||
France--11.7% | |||
Alstom | 75,006 | 2,729,894 | |
Arkema | 16,840 | 1,722,524 | |
Cap Gemini | 51,560 | 2,182,672 | |
Carrefour | 222,857 | 5,502,517 | |
Cie de St-Gobain | 69,820 | 2,785,863 | |
Danone | 71,870 | 4,558,998 | |
Dassault Systemes | 11,740 | 1,328,348 | |
Electricite de France | 114,890 | 2,109,054 | |
Fonciere Des Regions | 24,290 | 2,038,830 | |
France Telecom | 254,753 | 2,696,590 | |
GDF Suez | 152,192 | 3,423,236 | |
L'Oreal | 20,320 | 2,757,660 | |
Sanofi | 131,629 | 11,753,843 | |
Schneider Electric | 36,040 | 2,532,938 | |
Societe Generale | 83,944 | a | 3,035,548 |
Technip | 17,580 | 2,042,171 | |
Total | 207,012 | 10,358,542 | |
63,559,228 | |||
Germany--8.7% | |||
Aixtron | 173,393 | 2,168,230 | |
Allianz | 22,965 | 2,985,202 | |
Bayer | 64,573 | 5,840,803 | |
Celesio | 155,810 | 2,646,446 | |
Continental | 33,230 | 3,677,768 | |
Daimler | 85,301 | 4,213,409 | |
Deutsche Bank | 95,498 | 4,215,320 | |
Deutsche Lufthansa | 103,850 | 1,723,382 |
Deutsche Telekom | 138,570 | 1,526,431 | |
E.ON | 130,850 | 2,356,937 | |
Fresenius & Co. | 24,150 | 2,791,552 | |
Gerresheimer | 41,840 | a | 2,144,211 |
Hannover Rueckversicherung | 49,140 | 3,620,425 | |
Muenchener Rueckversicherungs | 13,820 | 2,359,021 | |
Siemens | 40,480 | 4,174,824 | |
Talanx | 19,420 | 502,858 | |
46,946,819 | |||
Hong Kong--2.5% | |||
Esprit Holdings | 3,267,139 | 5,075,528 | |
Foxconn International Holdings | 2,472,000 | a | 1,250,321 |
Hang Seng Bank | 227,500 | 3,475,523 | |
Pacific Basin Shipping | 2,028,000 | 1,072,850 | |
SJM Holdings | 1,038,000 | 2,448,277 | |
13,322,499 | |||
Ireland--.3% | |||
Smurfit Kappa Group | 115,220 | 1,350,135 | |
Israel--1.0% | |||
Teva Pharmaceutical Industries, ADR | 132,192 | 5,333,947 | |
Italy--2.6% | |||
Eni | 61,390 | 1,451,497 | |
Finmeccanica | 323,831 | a | 1,702,312 |
Saras | 3,234,506 | a | 3,939,492 |
STMicroelectronics | 538,180 | 3,429,637 | |
Telecom Italia | 3,688,900 | 3,360,698 | |
13,883,636 | |||
Japan--23.0% | |||
Aisin Seiki | 77,200 | 2,281,303 | |
Astellas Pharma | 49,700 | 2,514,090 | |
Daito Trust Construction | 43,600 | 4,225,923 | |
Dena | 58,300 | 2,139,352 | |
Denso | 84,300 | 2,770,288 | |
East Japan Railway | 19,900 | 1,305,986 | |
Fuji Heavy Industries | 412,000 | 4,623,036 | |
Fujitsu | 762,000 | 2,884,018 | |
Hitachi | 924,000 | 5,335,404 | |
Inpex | 1,005 | 5,388,609 | |
Japan Tobacco | 113,900 | 3,412,786 | |
Kao | 134,000 | 3,678,559 | |
LIXIL Group | 76,700 | 1,624,531 | |
Matsumotokiyoshi Holdings | 52,600 | 1,258,291 | |
Mitsubishi | 130,400 | 2,469,272 | |
Mitsubishi UFJ Financial Group | 1,382,700 | 6,323,502 | |
Nihon Kohden | 63,800 | 2,093,516 | |
Nippon Electric Glass | 393,000 | 2,240,674 | |
Nippon Express | 622,000 | 2,233,420 | |
Nippon Shokubai | 178,000 | 1,733,899 | |
Nitto Denko | 31,800 | 1,656,833 | |
Nomura Holdings | 454,700 | 1,880,909 | |
Nomura Research Institute | 123,700 | 2,387,417 | |
Omron | 203,300 | 4,505,721 |
Ricoh | 362,800 | 3,366,798 | |
Sega Sammy Holdings | 124,300 | 2,068,777 | |
Seven & I Holdings | 130,900 | 3,814,178 | |
Shimachu | 144,200 | 3,034,961 | |
Shimamura | 14,900 | 1,505,635 | |
Shin-Etsu Chemical | 62,400 | 3,671,256 | |
SMC | 7,800 | 1,317,110 | |
Sumitomo Mitsui Financial Group | 183,700 | 5,914,233 | |
Sumitomo Mitsui Trust Holdings | 708,860 | 2,149,754 | |
Taiyo Nippon Sanso | 541,000 | 2,999,175 | |
THK | 77,600 | 1,333,890 | |
Tokyo Electron | 59,400 | 2,648,086 | |
Toyo Suisan Kaisha | 48,000 | 1,315,946 | |
Toyota Motor | 211,000 | 9,048,159 | |
Yamaha Motor | 310,000 | 3,252,866 | |
Yamato Holdings | 252,100 | 3,773,778 | |
Yaskawa Electric | 302,000 | 2,410,578 | |
124,592,519 | |||
Netherlands--3.7% | |||
Aegon | 297,400 | 1,710,734 | |
ING Groep | 424,780 | a | 3,817,391 |
Koninklijke Philips Electronics | 343,207 | 8,864,615 | |
Nutreco | 18,940 | 1,544,197 | |
Unilever | 115,220 | 4,371,830 | |
20,308,767 | |||
Norway--1.6% | |||
Norsk Hydro | 439,189 | 2,105,831 | |
Orkla | 255,100 | 2,076,126 | |
Petroleum Geo-Services | 141,820 | 2,377,249 | |
TGS Nopec Geophysical | 74,608 | 2,364,243 | |
8,923,449 | |||
Singapore--1.6% | |||
DBS Group Holdings | 216,987 | 2,568,788 | |
Oversea-Chinese Banking | 455,000 | 3,507,742 | |
United Overseas Bank | 186,000 | 2,852,630 | |
8,929,160 | |||
Spain--.6% | |||
Inditex | 12,370 | 1,695,644 | |
Red Electrica | 29,930 | 1,386,906 | |
3,082,550 | |||
Sweden--2.8% | |||
Autoliv, SDR | 25,250 | 1,525,622 | |
Ericsson, Cl. B | 583,439 | 5,436,843 | |
Svenska Cellulosa, Cl. B | 191,409 | 3,875,159 | |
Volvo, Cl. B | 314,130 | 4,449,902 | |
15,287,526 | |||
Switzerland--9.0% | |||
ABB | 270,740 | a | 5,276,319 |
Adecco | 112,784 | a | 5,572,871 |
Cie Financiere Richemont, Cl. A | 22,480 | 1,733,243 | |
Clariant | 223,090 | a | 2,689,020 |
Nestle | 18,025 | 1,179,687 |
Novartis | 181,339 | 11,222,393 | |
Partners Group Holding | 13,150 | 2,866,408 | |
Roche Holding | 37,385 | 7,358,394 | |
Syngenta | 6,990 | 2,802,185 | |
UBS | 331,279 | a | 5,183,496 |
Zurich Insurance Group | 11,950 | a | 3,049,719 |
48,933,735 | |||
United Arab Emirates--.5% | |||
Dragon Oil | 278,930 | 2,480,232 | |
United Kingdom--21.2% | |||
Aberdeen Asset Management | 668,650 | 3,620,926 | |
Anglo American | 231,841 | 6,435,281 | |
Barclays | 1,002,420 | 3,950,835 | |
BHP Billiton | 61,990 | 1,948,609 | |
BP | 636,129 | 4,398,764 | |
Centrica | 468,440 | 2,445,921 | |
Diageo | 83,780 | 2,492,621 | |
Direct Line Insurance Group | 325,160 | 1,056,239 | |
Experian | 254,460 | 4,227,682 | |
GlaxoSmithKline | 174,760 | 3,736,497 | |
Home Retail Group | 1,122,327 | 2,008,522 | |
HSBC Holdings | 1,298,593 | 13,267,636 | |
ITV | 1,205,970 | 1,910,895 | |
Kingfisher | 499,390 | 2,224,276 | |
Legal & General Group | 621,150 | 1,449,974 | |
Lloyds Banking Group | 5,566,660 | a | 4,146,723 |
Old Mutual | 691,328 | 1,897,342 | |
Resolution | 1,174,441 | 4,472,645 | |
Rexam | 176,138 | 1,235,190 | |
Rio Tinto | 103,087 | 5,109,261 | |
Rolls-Royce Holdings | 166,680 | a | 2,378,053 |
Royal Bank of Scotland Group | 724,244 | a | 3,425,353 |
Royal Dutch Shell, Cl. A | 234,744 | 7,858,523 | |
Royal Dutch Shell, Cl. B | 256,380 | 8,849,825 | |
SABMiller | 50,000 | 2,265,044 | |
Smith & Nephew | 258,541 | 2,723,512 | |
Tesco | 354,323 | 1,845,527 | |
Unilever | 131,379 | 5,058,058 | |
Vodafone Group | 3,315,987 | 8,561,447 | |
115,001,181 | |||
United States--.1% | |||
iShares MSCI EAFE Index Fund | 9,350 | 514,904 | |
Total Common Stocks | |||
(cost $585,397,863) | 527,532,473 | ||
Preferred Stocks--.6% | |||
Germany | |||
ProSiebenSat.1 Media | |||
(cost $3,291,078) | 108,630 | 3,179,459 | |
Total Investments (cost $588,688,941) | 98.0 | % | 530,711,932 |
Cash and Receivables (Net) | 2.0 | % | 10,753,644 |
Net Assets | 100.0 | % | 541,465,576 |
ADR - American Depository Receipts
SDR- Swedish Depository Receipts
a | Non-income producing security. |
At November 30, 2012, net unrealized depreciation on investments was $57,977,009 of which $42,466,298 related to appreciated investment securities and $100,443,307 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Financial | 22.8 |
Industrial | 11.8 |
Health Care | 11.6 |
Consumer Discretionary | 10.8 |
Consumer Staples | 10.2 |
Energy | 9.5 |
Information Technology | 8.1 |
Materials | 7.4 |
Telecommunication Services | 3.0 |
Utilities | 2.7 |
Exchange-Traded Fund | .1 |
98.0 |
† | Based on net assets. |
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS |
November 30, 2012 (Unaudited) |
Foreign | Unrealized | |||||
Forward Foreign Currency | Currency | Appreciation | ||||
Exchange Contracts | Amounts | Proceeds ($) | Value ($) | (Depreciation) ($) | ||
Sales: | ||||||
Australian Dollar, | ||||||
Expiring | ||||||
12/3/2012 a | 265,324 | 277,171 | 276,893 | 278 | ||
British Pound, | ||||||
Expiring | ||||||
12/3/2012 b | 934,605 | 1,499,238 | 1,497,381 | 1,857 | ||
Euro, | ||||||
Expiring: | ||||||
12/3/2012 c | 922,138 | 1,199,111 | 1,199,279 | (168 | ) | |
12/4/2012 b | 299,797 | 389,961 | 389,899 | 62 | ||
Japanese Yen, | ||||||
Expiring: | ||||||
12/3/2012 d | 87,002,789 | 1,061,333 | 1,055,410 | 5,923 | ||
12/4/2012 d | 9,222,643 | 111,851 | 111,878 | (27 | ) | |
Norwegian Krone, | ||||||
Expiring | ||||||
12/3/2012 d | 444,394 | 78,293 | 78,453 | (160 | ) | |
Singapore Dollar, | ||||||
Expiring | ||||||
12/3/2012 d | 54,886 | 44,949 | 44,967 | (18 | ) | |
Swedish Krone, | ||||||
Expiring | ||||||
12/3/2012 c | 647,623 | 97,151 | 97,338 | (187 | ) | |
Swiss Franc, | ||||||
Expiring | ||||||
12/3/2012 e | 336,908 | 363,871 | 363,557 | 314 | ||
Gross Unrealized Appreciation | 8,434 | |||||
Gross Unrealized Depreciation | (560 | ) |
Counterparties: |
a | Goldman Sachs |
b | Barclays Bank |
c | Credit Suisse First Boston |
d | JPMorgan Chase & Co. |
e | Northern Trust |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Foreign Common Stocks+ | 527,017,569 | - | - | 527,017,569 |
Exchange-Traded Funds | 514,904 | - | - | 514,904 |
Preferred Stocks+ | 3,179,459 | - | - | 3,179,459 |
Other Financial Instruments: | ||||
Forward Foreign Currency Exchange Contracts++ | - | 8,434 | - | 8,434 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Forward Foreign Currency Exchange Contracts++ | - | (560 ) | - | (560 ) |
+ See Statement of Investments for additional detailed categorizations. |
++ Amount shown represents unrealized appreciation (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy.
When executing forward contracts, the 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, the 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. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the 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. The fund realizes a gain if the value of the contract increases between those dates. Any realized gain or loss which occurred during the period is reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is typically limited to the unrealized gain on each open contract.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Large Cap Market Opportunities Fund |
November 30, 2012 (Unaudited) |
Common Stocks--82.7% | Shares | Value ($) | |
Automobiles & Components--1.0% | |||
Johnson Controls | 58,349 | 1,606,931 | |
Banks--2.6% | |||
PNC Financial Services Group | 30,320 | 1,702,165 | |
Wells Fargo & Co. | 71,080 | 2,346,351 | |
4,048,516 | |||
Capital Goods--10.4% | |||
Boeing | 16,072 | 1,193,828 | |
Caterpillar | 26,890 | 2,292,104 | |
Donaldson | 45,954 | 1,543,135 | |
Dover | 28,210 | 1,793,874 | |
Eaton | 48,000 | 2,503,680 | |
Emerson Electric | 25,450 | 1,278,354 | |
Flowserve | 11,800 | 1,634,890 | |
MSC Industrial Direct, Cl. A | 17,516 | 1,272,713 | |
Precision Castparts | 8,608 | 1,578,621 | |
Rockwell Collins | 18,948 | 1,083,447 | |
16,174,646 | |||
Consumer Durables & Apparel--1.7% | |||
Coach | 20,960 | 1,212,326 | |
NIKE, Cl. B | 14,729 | 1,435,783 | |
2,648,109 | |||
Consumer Services--4.2% | |||
Las Vegas Sands | 36,730 | 1,713,455 | |
McDonald's | 15,609 | 1,358,607 | |
Panera Bread, Cl. A | 7,471 | a | 1,199,096 |
Starbucks | 43,581 | 2,260,546 | |
6,531,704 | |||
Diversified Financials--1.3% | |||
Invesco | 82,533 | 2,062,500 | |
Energy--9.6% | |||
Apache | 13,039 | 1,005,176 | |
CARBO Ceramics | 13,292 | 1,017,768 | |
EOG Resources | 12,418 | 1,460,605 | |
Halliburton | 47,911 | 1,597,832 | |
Marathon Oil | 66,320 | 2,045,972 | |
Occidental Petroleum | 13,911 | 1,046,246 | |
Schlumberger | 41,065 | 2,941,075 | |
Southwestern Energy | 59,455 | a | 2,063,683 |
Valero Energy | 54,410 | 1,755,267 | |
14,933,624 | |||
Food & Staples Retailing--1.0% | |||
Wal-Mart Stores | 21,166 | 1,524,375 | |
Food, Beverage & Tobacco--3.9% | |||
Coca-Cola | 32,870 | 1,246,430 | |
Kraft Foods Group | 1 | a | 45 |
Mondelez International, Cl. A | 93,434 | 2,419,006 | |
PepsiCo | 34,805 | 2,443,659 | |
6,109,140 | |||
Health Care Equipment & Services--5.9% | |||
C.R. Bard | 13,908 | 1,377,031 | |
Express Scripts Holding | 38,750 | a | 2,086,688 |
Meridian Bioscience | 55,625 | 1,114,169 | |
ResMed | 49,770 | 2,045,049 | |
Stryker | 23,442 | 1,269,619 | |
Varian Medical Systems | 19,726 | a | 1,364,250 |
9,256,806 | |||
Household & Personal Products--2.1% | |||
Colgate-Palmolive | 13,853 | 1,503,050 | |
Procter & Gamble | 25,740 | 1,797,424 | |
3,300,474 | |||
Insurance--1.3% | |||
MetLife | 61,010 | 2,024,922 |
Materials--3.9% | |||
Celanese, Ser. A | 41,316 | 1,695,609 | |
Monsanto | 18,698 | 1,712,550 | |
Praxair | 12,005 | 1,287,056 | |
Sigma-Aldrich | 19,520 | 1,415,590 | |
6,110,805 | |||
Media--2.2% | |||
Comcast, Cl. A | 33,070 | 1,229,543 | |
Walt Disney | 43,969 | 2,183,500 | |
3,413,043 | |||
Pharmaceuticals, Biotech & Life Sciences--6.7% | |||
Celgene | 20,138 | a | 1,582,645 |
Gilead Sciences | 29,590 | a | 2,219,250 |
Johnson & Johnson | 18,700 | 1,303,951 | |
Teva Pharmaceutical Industries, | |||
ADR | 57,440 | 2,317,704 | |
Watson Pharmaceuticals | 35,446 | a | 3,119,602 |
10,543,152 | |||
Retailing--5.8% | |||
Family Dollar Stores | 24,321 | 1,731,655 | |
Lowe's | 59,085 | 2,132,378 | |
TJX | 52,856 | 2,343,635 | |
Tractor Supply | 14,586 | 1,307,197 | |
Urban Outfitters | 40,430 | a | 1,524,211 |
9,039,076 | |||
Semiconductors & Semiconductor Equipment--1.6% | |||
Broadcom, Cl. A | 48,370 | a | 1,566,221 |
Intel | 51,452 | 1,006,916 | |
2,573,137 | |||
Software & Services--9.9% | |||
Adobe Systems | 37,707 | a | 1,305,039 |
Automatic Data Processing | 23,755 | 1,348,334 | |
Google, Cl. A | 2,215 | a | 1,546,890 |
International Business Machines | 9,710 | 1,845,580 | |
MasterCard, Cl. A | 4,639 | 2,266,987 | |
Oracle | 45,646 | 1,465,237 | |
Paychex | 41,416 | 1,347,677 | |
Salesforce.com | 14,895 | a | 2,348,495 |
Teradata | 32,790 | a | 1,950,349 |
15,424,588 | |||
Technology Hardware & Equipment--6.6% | |||
Amphenol, Cl. A | 24,154 | 1,495,616 | |
Apple | 8,463 | 4,953,225 | |
Cisco Systems | 72,383 | 1,368,762 | |
Microsoft | 41,579 | 1,106,833 | |
QUALCOMM | 21,122 | 1,343,782 | |
10,268,218 | |||
Transportation--1.0% | |||
C.H. Robinson Worldwide | 16,738 | 1,033,404 | |
Expeditors International of | |||
Washington | 14,520 | 543,338 | |
1,576,742 | |||
Total Common Stocks | |||
(cost $114,361,519) | 129,170,508 | ||
Other Investment--17.1% | |||
Registered Investment Companies: | |||
BNY Mellon U.S. Core Equity 130/30 | |||
Fund, Cl. M | 1,304,100 | b | 16,066,510 |
Dreyfus Institutional Preferred | |||
Plus Money Market Fund | 1,359,474 | c | 1,359,474 |
Dreyfus Research Growth Fund, Cl. | |||
I | 898,273 | b | 9,306,113 |
Total Other Investment | |||
(cost $25,003,368) | 26,732,097 | ||
Total Investments (cost $139,364,887) | 99.8 | % | 155,902,605 |
Cash and Receivables (Net) | .2 | % | 296,182 |
Net Assets | 100.0 | % | 156,198,787 |
ADR - American Depository Receipts
a | Non-income producing security. |
b | Investment in affiliated mutual fund. |
c | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $16,537,718 of which $19,554,727 related to appreciated investment securities and $3,017,009 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 16.2 |
Capital Goods | 10.4 |
Software & Services | 9.9 |
Energy | 9.6 |
Pharmaceuticals, Biotech & Life Sciences | 6.7 |
Technology Hardware & Equipment | 6.6 |
Health Care Equipment & Services | 5.9 |
Retailing | 5.8 |
Consumer Services | 4.2 |
Food, Beverage & Tobacco | 3.9 |
Materials | 3.9 |
Banks | 2.6 |
Media | 2.2 |
Household & Personal Products | 2.1 |
Consumer Durables & Apparel | 1.7 |
Semiconductors & Semiconductor Equipment | 1.6 |
Diversified Financials | 1.3 |
Insurance | 1.3 |
Automobiles & Components | 1.0 |
Food & Staples Retailing | 1.0 |
Transportation | 1.0 |
Money Market Investment | .9 |
99.8 |
† | Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 126,852,804 | - | - | 126,852,804 |
Equity Securities - Foreign Common Stocks+ | 2,317,704 | - | - | 2,317,704 |
Mutual Funds | 26,732,097 | - | - | 26,732,097 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Large Cap Stock Fund |
November 30, 2012 (Unaudited) |
Common Stocks--100.0% | Shares | Value ($) | |
Automobiles & Components--.9% | |||
Autoliv | 145,700 | a | 8,794,452 |
Banks--2.7% | |||
Wells Fargo & Co. | 792,790 | 26,169,998 | |
Capital Goods--7.8% | |||
Caterpillar | 129,530 | 11,041,137 | |
Cooper Industries | 220,160 | 16,401,920 | |
Danaher | 154,760 | 8,352,397 | |
Eaton | 120,600 | a | 6,290,496 |
Fluor | 157,720 | 8,371,778 | |
General Electric | 1,122,956 | 23,728,060 | |
Pentair | 34,475 | 1,671,693 | |
75,857,481 | |||
Commercial & Professional Services--1.5% | |||
ADT | 71,840 | 3,297,456 | |
Robert Half International | 251,250 | 7,100,325 | |
Tyco International | 143,680 | 4,076,202 | |
14,473,983 | |||
Consumer Durables & Apparel--1.2% | |||
PVH | 98,160 | 11,248,154 | |
Consumer Services--.7% | |||
Carnival | 182,934 | 7,072,228 | |
Diversified Financials--9.8% | |||
American Express | 268,820 | 15,027,038 | |
Ameriprise Financial | 209,280 | 12,697,018 | |
Bank of America | 723,770 | 7,136,372 | |
Capital One Financial | 156,860 | 9,035,136 | |
IntercontinentalExchange | 69,710 | b | 9,212,176 |
JPMorgan Chase & Co. | 478,406 | 19,652,918 | |
Moody's | 233,540 | 11,345,373 | |
T. Rowe Price Group | 166,900 | 10,793,423 | |
94,899,454 | |||
Energy--11.3% | |||
Anadarko Petroleum | 156,440 | 11,449,844 | |
Apache | 160,200 | 12,349,818 | |
Ensco, Cl. A | 242,190 | 14,102,724 | |
EOG Resources | 65,530 | 7,707,639 | |
Exxon Mobil | 286,390 | 25,242,415 | |
National Oilwell Varco | 247,620 | 16,912,446 | |
Occidental Petroleum | 160,060 | 12,038,113 | |
TransCanada | 206,210 | 9,483,598 | |
109,286,597 | |||
Food, Beverage & Tobacco--10.1% | |||
Coca-Cola Enterprises | 349,410 | 10,894,604 | |
ConAgra Foods | 162,760 | 4,860,014 | |
Dr. Pepper Snapple Group | 127,440 | 5,715,684 | |
PepsiCo | 348,010 | 24,433,782 | |
Philip Morris International | 251,530 | 22,607,516 | |
Ralcorp Holdings | 73,830 | b | 6,581,206 |
Unilever, ADR | 589,080 | 22,591,218 | |
97,684,024 | |||
Health Care Equipment & Services--4.1% | |||
Allscripts Healthcare Solutions | 364,740 | b | 4,055,909 |
Cigna | 159,090 | 8,315,634 | |
Covidien | 300,360 | 17,453,920 | |
McKesson | 105,410 | 9,958,083 | |
39,783,546 | |||
Insurance--2.1% | |||
American International Group | 319,710 | b | 10,591,992 |
Chubb | 128,690 | 9,907,843 | |
20,499,835 | |||
Materials--3.1% | |||
LyondellBasell Industries, Cl. A | 270,630 | 13,458,430 | |
Praxair | 92,860 | 9,955,521 | |
Vale, ADR | 355,960 | 6,204,383 | |
29,618,334 | |||
Media--5.4% | |||
CBS, Cl. B | 420,100 | 15,115,198 | |
News, Cl. A | 756,540 | 18,641,146 | |
Walt Disney | 367,110 | 18,230,683 | |
51,987,027 | |||
Pharmaceuticals, Biotech & Life Sciences--10.9% | |||
Johnson & Johnson | 220,160 | 15,351,757 | |
Merck & Co. | 637,050 | 28,221,315 | |
Pfizer | 1,471,670 | 36,821,183 | |
Sanofi, ADR | 559,110 | 24,947,488 | |
105,341,743 | |||
Real Estate--1.0% | |||
American Tower | 66,370 | 4,973,104 | |
CBRE Group, Cl. A | 267,840 | b | 5,070,211 |
10,043,315 | |||
Retailing--2.4% | |||
Amazon.com | 52,290 | b | 13,179,694 |
Target | 166,760 | 10,527,559 | |
23,707,253 | |||
Software & Services--9.3% | |||
Alliance Data Systems | 130,640 | a,b | 18,614,894 |
Cognizant Technology Solutions, | |||
Cl. A | 156,020 | b | 10,489,225 |
Informatica | 168,010 | b | 4,514,429 |
International Business Machines | 76,550 | 14,549,858 | |
Intuit | 179,720 | 10,767,025 | |
Oracle | 472,240 | 15,158,904 | |
Teradata | 101,988 | b | 6,066,246 |
VMware, Cl. A | 111,712 | b | 10,160,206 |
90,320,787 | |||
Technology Hardware & Equipment--9.9% | |||
Apple | 103,320 | 60,471,130 | |
EMC | 589,360 | b | 14,627,915 |
QUALCOMM | 328,350 | 20,889,627 | |
95,988,672 | |||
Telecommunication Services--1.9% | |||
AT&T | 536,759 | 18,319,585 | |
Transportation--1.7% | |||
FedEx | 181,810 | 16,277,449 | |
Utilities--2.2% | |||
NextEra Energy | 315,530 | 21,680,066 | |
Total Common Stocks | |||
(cost $761,932,517) | 969,053,983 | ||
Other Investment--.4% | |||
Registered Investment Company; |
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $3,635,365) | 3,635,365 | c | 3,635,365 | |
Investment of Cash Collateral for | ||||
Securities Loaned--3.2% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $30,852,773) | 30,852,773 | c | 30,852,773 | |
Total Investments (cost $796,420,655) | 103.6 | % | 1,003,542,121 | |
Liabilities, Less Cash and Receivables | (3.6 | %) | (34,775,169 | ) |
Net Assets | 100.0 | % | 968,766,952 |
ADR - American Depository Receipts
a Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was $30,315,608 and |
the value of the collateral held by the fund was $30,852,773. |
b Non-income producing security. |
c Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $207,121,466 of which $221,076,228 related to appreciated investment securities and $13,954,762 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Energy | 11.3 |
Pharmaceuticals, Biotech & Life Sciences | 10.9 |
Food, Beverage & Tobacco | 10.1 |
Technology Hardware & Equipment | 9.9 |
Diversified Financials | 9.8 |
Software & Services | 9.3 |
Capital Goods | 7.8 |
Media | 5.4 |
Health Care Equipment & Services | 4.1 |
Money Market Investments | 3.6 |
Materials | 3.1 |
Banks | 2.7 |
Retailing | 2.4 |
Utilities | 2.2 |
Insurance | 2.1 |
Telecommunication Services | 1.9 |
Transportation | 1.7 |
Commercial & Professional Services | 1.5 |
Consumer Durables & Apparel | 1.2 |
Real Estate | 1.0 |
Automobiles & Components | .9 |
Consumer Services | .7 |
103.6 |
† | Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 882,930,120 | - | - | 882,930,120 |
Equity Securities - Foreign Common Stocks+ | 86,123,863 | - | - | 86,123,863 |
Mutual Funds | 34,488,138 | - | - | 34,488,138 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
November 30, 2012 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--99.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Massachusetts--90.5% | |||||
Ashland, | |||||
GO (Insured; AMBAC) | 5.25 | 5/15/21 | 1,305,000 | 1,451,734 | |
Auburn, | |||||
GO (Insured; AMBAC) | 5.13 | 6/1/20 | 1,225,000 | 1,304,858 | |
Barnstable, | |||||
GO | 4.00 | 9/15/21 | 580,000 | 714,728 | |
Barnstable, | |||||
GO | 4.00 | 9/15/22 | 560,000 | 693,017 | |
Boston, | |||||
GO | 4.00 | 4/1/18 | 3,000,000 | 3,521,910 | |
Boston, | |||||
GO | 5.00 | 3/1/20 | 1,700,000 | 1,995,681 | |
Boston, | |||||
GO | 5.00 | 4/1/20 | 5,000,000 | 6,410,400 | |
Boston, | |||||
GO | 5.00 | 3/1/21 | 2,000,000 | 2,338,720 | |
Boston Water and Sewer Commission, | |||||
General Revenue | 5.00 | 11/1/17 | 2,000,000 | 2,414,400 | |
Boston Water and Sewer Commission, | |||||
General Revenue | 5.00 | 11/1/18 | 1,500,000 | 1,860,090 | |
Boston Water and Sewer Commission, | |||||
General Revenue | 5.00 | 11/1/24 | 1,000,000 | 1,295,070 | |
Boston Water and Sewer Commission, | |||||
General Revenue | 5.00 | 11/1/25 | 2,500,000 | 3,088,375 | |
Boston Water and Sewer Commission, | |||||
General Revenue | 5.00 | 11/1/26 | 2,480,000 | 3,013,870 | |
Boston Water and Sewer Commission, | |||||
General Revenue (Prerefunded) | 5.00 | 11/1/14 | 2,170,000 | a | 2,363,651 |
Boston Water and Sewer Commission, | |||||
General Revenue (Prerefunded) | 5.00 | 11/1/14 | 3,920,000 | a | 4,269,821 |
Brockton, | |||||
GO (Municipal Purpose Loan) | |||||
(Insured; AMBAC) | 5.00 | 6/1/19 | 1,430,000 | 1,565,221 | |
Everett, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.38 | 12/15/17 | 1,250,000 | 1,363,925 | |
Falmouth, | |||||
GO (Municipal Purpose Loan) | 4.00 | 11/15/19 | 625,000 | 748,544 | |
Falmouth, | |||||
GO (Municipal Purpose Loan) | 4.00 | 11/15/20 | 605,000 | 731,832 | |
Groton-Dunstable Regional School | |||||
District, GO | 5.00 | 9/1/20 | 725,000 | 909,143 | |
Haverhill, | |||||
GO (State Qualified Municipal | |||||
Purpose Loan) (Insured; |
National Public Finance | |||||
Guarantee Corp.) | 5.00 | 6/1/16 | 1,580,000 | 1,821,629 | |
Haverhill, | |||||
GO (State Qualified Municipal | |||||
Purpose Loan) (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.00 | 6/1/18 | 505,000 | 575,543 | |
Hopedale, | |||||
GO (Insured; AMBAC) | 5.00 | 11/15/19 | 650,000 | 704,327 | |
Lexington, | |||||
GO | 5.00 | 2/1/17 | 2,030,000 | 2,401,652 | |
Lynnfield, | |||||
GO (Municipal Purpose Loan) | 5.00 | 7/1/21 | 525,000 | 561,319 | |
Lynnfield, | |||||
GO (Municipal Purpose Loan) | 5.00 | 7/1/22 | 585,000 | 625,470 | |
Lynnfield, | |||||
GO (Municipal Purpose Loan) | 5.00 | 7/1/23 | 585,000 | 625,470 | |
Mansfield, | |||||
GO (Insured; AMBAC) | 5.00 | 8/15/17 | 1,395,000 | 1,555,802 | |
Massachusetts, | |||||
GO | 5.25 | 8/1/20 | 1,060,000 | 1,374,809 | |
Massachusetts, | |||||
GO | 5.25 | 8/1/23 | 1,000,000 | 1,344,350 | |
Massachusetts, | |||||
GO (Consolidated Loan) | 5.00 | 8/1/20 | 4,000,000 | 4,877,960 | |
Massachusetts, | |||||
GO (Consolidated Loan) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 8/1/17 | 1,440,000 | 1,739,059 | |
Massachusetts, | |||||
GO (Consolidated Loan) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 8/1/22 | 5,825,000 | 6,979,282 | |
Massachusetts, | |||||
GO (Consolidated Loan) | |||||
(Insured; FGIC) | 5.50 | 8/1/18 | 1,035,000 | 1,300,498 | |
Massachusetts, | |||||
GO (Consolidated Loan) | |||||
(Prerefunded) | 5.00 | 8/1/16 | 1,000,000 | a | 1,164,520 |
Massachusetts, | |||||
GO (Insured; AMBAC) | 5.50 | 10/1/18 | 225,000 | 284,078 | |
Massachusetts, | |||||
Special Obligation Dedicated | |||||
Tax Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 2.82 | 1/1/16 | 3,540,000 | b | 3,693,353 |
Massachusetts Bay Transportation | |||||
Authority, Assessment Revenue | 5.00 | 7/1/18 | 4,000,000 | 4,917,200 | |
Massachusetts Bay Transportation | |||||
Authority, Senior Sales Tax | |||||
Revenue | 5.50 | 7/1/16 | 105,000 | 123,779 | |
Massachusetts Bay Transportation | |||||
Authority, Senior Sales Tax | |||||
Revenue | 5.50 | 7/1/16 | 2,395,000 | 2,818,675 | |
Massachusetts Bay Transportation |
Authority, Senior Sales Tax | |||||
Revenue | 5.25 | 7/1/18 | 1,250,000 | 1,553,675 | |
Massachusetts Bay Transportation | |||||
Authority, Senior Sales Tax | |||||
Revenue | 5.25 | 7/1/21 | 2,000,000 | 2,636,980 | |
Massachusetts Bay Transportation | |||||
Authority, Senior Sales Tax | |||||
Revenue | 5.25 | 7/1/22 | 2,430,000 | 3,234,379 | |
Massachusetts College Building | |||||
Authority, Project Revenue | 5.00 | 5/1/23 | 1,000,000 | c | 1,206,560 |
Massachusetts College Building | |||||
Authority, Revenue | 5.00 | 5/1/24 | 2,500,000 | c | 3,172,400 |
Massachusetts Development Finance | |||||
Agency, Education Revenue | |||||
(Dexter School Project) | 5.00 | 5/1/23 | 1,400,000 | c | 1,574,006 |
Massachusetts Development Finance | |||||
Agency, Education Revenue | |||||
(Dexter School Project) | 5.00 | 5/1/24 | 1,465,000 | c | 1,647,085 |
Massachusetts Development Finance | |||||
Agency, Higher Education | |||||
Revenue (Emerson College Issue) | 5.00 | 1/1/16 | 1,000,000 | c | 1,096,420 |
Massachusetts Development Finance | |||||
Agency, Higher Education | |||||
Revenue (Emerson College Issue) | 5.00 | 1/1/19 | 1,055,000 | c | 1,177,032 |
Massachusetts Development Finance | |||||
Agency, Higher Education | |||||
Revenue (Emerson College Issue) | 5.00 | 1/1/22 | 2,000,000 | c | 2,199,980 |
Massachusetts Development Finance | |||||
Agency, Recovery Zone Facility | |||||
Revenue (Dominion Energy | |||||
Brayton Point Issue) | 2.25 | 9/1/16 | 2,560,000 | 2,635,648 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Boston | |||||
College Issue) | 5.00 | 7/1/20 | 1,000,000 | c | 1,172,580 |
Massachusetts Development Finance | |||||
Agency, Revenue (College of | |||||
the Holy Cross Issue) | 5.00 | 9/1/21 | 1,800,000 | c | 2,176,740 |
Massachusetts Development Finance | |||||
Agency, Revenue (Combined | |||||
Jewish Philanthropies of | |||||
Greater Boston, Inc. Project) | 5.25 | 2/1/22 | 440,000 | 443,348 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Curry College | |||||
Issue) (Insured; ACA) | 4.75 | 3/1/20 | 530,000 | c | 571,472 |
Massachusetts Development Finance | |||||
Agency, Revenue (Curry College | |||||
Issue) (Insured; ACA) | 5.25 | 3/1/26 | 1,000,000 | c | 1,070,440 |
Massachusetts Development Finance | |||||
Agency, Revenue (Curry College | |||||
Issue) (Insured; ACA) | 5.00 | 3/1/36 | 1,000,000 | c | 1,042,090 |
Massachusetts Development Finance | |||||
Agency, Revenue (Emerson | |||||
College Issue) | 4.00 | 1/1/14 | 225,000 | c | 231,466 |
Massachusetts Development Finance | |||||
Agency, Revenue (Harvard |
University Issue) | 5.00 | 10/15/20 | 1,200,000 | c | 1,558,080 |
Massachusetts Development Finance | |||||
Agency, Revenue (Massachusetts | |||||
College of Pharmacy and Allied | |||||
Health Sciences Issue) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 7/1/24 | 2,750,000 | 3,030,115 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Massachusetts | |||||
College of Pharmacy and Allied | |||||
Health Sciences Issue) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 7/1/27 | 1,000,000 | 1,087,510 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Olin College | |||||
Issue) (Insured; XLCA) | 5.25 | 7/1/33 | 5,000,000 | c | 5,115,650 |
Massachusetts Development Finance | |||||
Agency, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/25 | 1,825,000 | 2,223,580 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/26 | 2,000,000 | 2,427,200 | |
Massachusetts Development Finance | |||||
Agency, Revenue (The Broad | |||||
Institute Issue) | 5.25 | 4/1/23 | 3,630,000 | 4,479,202 | |
Massachusetts Development Finance | |||||
Agency, Revenue (The Broad | |||||
Institute Issue) | 5.25 | 4/1/24 | 2,500,000 | 3,049,050 | |
Massachusetts Development Finance | |||||
Agency, Revenue (The Park | |||||
School Issue) | 5.00 | 9/1/21 | 300,000 | c | 364,884 |
Massachusetts Development Finance | |||||
Agency, Revenue (Tufts Medical | |||||
Center Issue) | 5.00 | 1/1/15 | 600,000 | 637,284 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Tufts Medical | |||||
Center Issue) | 5.00 | 1/1/17 | 925,000 | 1,023,947 | |
Massachusetts Development Finance | |||||
Agency, Revenue (UMass | |||||
Memorial Issue) | 5.00 | 7/1/17 | 2,500,000 | 2,834,675 | |
Massachusetts Development Finance | |||||
Agency, Revenue (UMass | |||||
Memorial Issue) | 5.00 | 7/1/19 | 2,000,000 | 2,327,580 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Worcester | |||||
City Campus Corporation Issue) | |||||
(University of Massachusetts | |||||
Project) | 4.00 | 10/1/17 | 730,000 | c | 839,164 |
Massachusetts Development Finance | |||||
Agency, Revenue (Worcester | |||||
City Campus Corporation Issue) | |||||
(University of Massachusetts | |||||
Project) | 5.00 | 10/1/19 | 910,000 | c | 1,139,684 |
Massachusetts Development Finance | |||||
Agency, Revenue (Worcester | |||||
City Campus Corporation Issue) |
(University of Massachusetts | |||||
Project) | 5.00 | 10/1/20 | 905,000 | c | 1,151,368 |
Massachusetts Development Finance | |||||
Agency, Revenue (Worcester | |||||
City Campus Corporation Issue) | |||||
(University of Massachusetts | |||||
Project) | 5.00 | 10/1/21 | 830,000 | c | 1,067,172 |
Massachusetts Development Finance | |||||
Agency, RRR (Waste Management, | |||||
Inc. Project) | 2.13 | 12/1/15 | 1,250,000 | b | 1,256,437 |
Massachusetts Development Finance | |||||
Agency, SWDR (Dominion Energy | |||||
Brayton Point Issue) | 5.75 | 5/1/19 | 2,000,000 | 2,479,760 | |
Massachusetts Development Finance | |||||
Agency, SWDR (Waste | |||||
Management, Inc. Project) | 5.45 | 6/1/14 | 1,000,000 | 1,069,710 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Berklee | |||||
College of Music Issue) | 5.00 | 10/1/24 | 2,155,000 | c | 2,501,158 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Berklee | |||||
College of Music Issue) | 5.00 | 10/1/32 | 2,000,000 | c | 2,273,920 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Berklee | |||||
College of Music Issue) | 5.00 | 10/1/37 | 3,250,000 | c | 3,690,472 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Cape Cod | |||||
Healthcare Obligated Group | |||||
Issue) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.13 | 11/15/35 | 1,000,000 | 1,118,890 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (CareGroup | |||||
Issue) | 5.00 | 7/1/18 | 590,000 | 700,076 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (CareGroup | |||||
Issue) (Capital Asset Program) | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.38 | 2/1/27 | 1,650,000 | 1,911,344 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (CareGroup | |||||
Issue) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 7/1/20 | 1,000,000 | 1,181,270 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (CareGroup | |||||
Issue) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 7/1/23 | 1,000,000 | 1,181,270 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue |
(Dana-Farber Cancer Institute | |||||
Issue) | 5.25 | 12/1/22 | 2,750,000 | 3,279,760 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Dana-Farber Cancer Institute | |||||
Issue) | 5.25 | 12/1/27 | 2,000,000 | 2,350,000 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Dana-Farber Cancer Institute | |||||
Issue) | 5.00 | 12/1/37 | 2,500,000 | 2,803,125 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Dartmouth-Hitchcock Obligated | |||||
Group Issue) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.13 | 8/1/22 | 2,000,000 | 2,004,840 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Harvard | |||||
University Issue) | 5.00 | 12/15/21 | 5,385,000 | c | 7,112,293 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Harvard | |||||
University Issue) | 5.00 | 12/15/25 | 2,500,000 | c | 3,111,925 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Harvard | |||||
University Issue) | 5.00 | 12/15/27 | 3,230,000 | c | 4,013,243 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Isabella | |||||
Stewart Gardner Museum Issue) | 5.00 | 5/1/21 | 1,400,000 | 1,688,526 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Isabella | |||||
Stewart Gardner Museum Issue) | 5.00 | 5/1/26 | 2,525,000 | 2,968,365 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Isabella | |||||
Stewart Gardner Museum Issue) | 5.00 | 5/1/27 | 1,000,000 | 1,172,770 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Eye and Ear | |||||
Infirmary Issue) | 5.00 | 7/1/14 | 500,000 | 524,460 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Eye and Ear | |||||
Infirmary Issue) | 5.00 | 7/1/15 | 500,000 | 539,255 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Institute of | |||||
Technology Issue) | 5.50 | 7/1/22 | 1,500,000 | c | 2,063,625 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Institute of | |||||
Technology Issue) | 5.00 | 7/1/23 | 3,335,000 | c | 4,456,227 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Massachusetts Institute of | |||||
Technology Issue) | 5.00 | 7/1/38 | 1,000,000 | c | 1,167,110 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Milford | |||||
Regional Medical Center Issue) | 5.00 | 7/15/22 | 500,000 | 530,565 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Northeastern University Issue) | 5.00 | 10/1/24 | 2,495,000 | c | 3,006,201 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Northeastern University Issue) | 5.00 | 10/1/24 | 1,000,000 | c | 1,249,920 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Northeastern University Issue) | 5.63 | 10/1/29 | 3,000,000 | c | 3,671,130 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue | |||||
(Northeastern University Issue) | 5.00 | 10/1/30 | 3,000,000 | c | 3,520,140 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/16 | 95,000 | 97,350 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/18 | 1,500,000 | 1,767,180 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/21 | 1,235,000 | 1,436,713 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/22 | 250,000 | 290,833 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 7.50 | 10/1/22 | 1,000,000 | c | 1,273,460 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 8.00 | 10/1/29 | 1,800,000 | c | 2,107,422 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons |
College Issue) | 8.00 | 10/1/39 | 1,500,000 | c | 1,756,185 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Tufts | |||||
University Issue) | 5.25 | 8/15/23 | 1,000,000 | c | 1,217,910 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Tufts | |||||
University Issue) | 5.38 | 8/15/38 | 2,000,000 | c | 2,451,260 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (UMass | |||||
Memorial Issue) | 5.25 | 7/1/25 | 2,000,000 | c | 2,124,460 |
Massachusetts Housing Finance | |||||
Agency, Housing Revenue | 4.00 | 6/1/19 | 3,255,000 | 3,612,139 | |
Massachusetts Housing Finance | |||||
Agency, Housing Revenue | 5.13 | 12/1/34 | 200,000 | 203,518 | |
Massachusetts Industrial Finance | |||||
Agency, Education Revenue | |||||
(Saint John's High School of | |||||
Worcester County, Inc. Issue) | 5.70 | 6/1/18 | 1,135,000 | c | 1,138,167 |
Massachusetts Port Authority, | |||||
Revenue | 4.00 | 7/1/20 | 1,000,000 | 1,202,840 | |
Massachusetts Port Authority, | |||||
Revenue | 5.00 | 7/1/28 | 2,500,000 | 3,085,025 | |
Massachusetts Port Authority, | |||||
Revenue (Insured; AMBAC) | 5.00 | 7/1/19 | 5,000,000 | 5,569,150 | |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; AMBAC) | 5.00 | 8/15/20 | 4,000,000 | 4,760,640 | |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | |||||
(Prerefunded) | 5.00 | 8/15/15 | 2,000,000 | a | 2,248,020 |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | |||||
(Prerefunded) | 5.00 | 8/15/15 | 205,000 | a | 230,422 |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee | |||||
Corp.) (Prerefunded) | 5.00 | 8/15/15 | 925,000 | a | 1,039,709 |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee | |||||
Corp.) (Prerefunded) | 5.00 | 8/15/15 | 575,000 | a | 646,306 |
Massachusetts School Building | |||||
Authority, Senior Dedicated | |||||
Sales Tax Revenue | 5.00 | 8/15/21 | 5,000,000 | c | 6,493,600 |
Massachusetts School Building | |||||
Authority, Senior Dedicated |
Sales Tax Revenue | 5.00 | 8/15/25 | 6,380,000 | c | 8,149,110 |
Massachusetts School Building | |||||
Authority, Senior Dedicated | |||||
Sales Tax Revenue | 5.00 | 10/15/27 | 4,655,000 | c | 5,805,530 |
Massachusetts Turnpike Authority, | |||||
Turnpike Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.00 | 1/1/20 | 5,000,000 | 5,837,800 | |
Massachusetts Water Pollution | |||||
Abatement Trust (Pool Program) | 5.63 | 8/1/13 | 25,000 | 25,114 | |
Massachusetts Water Pollution | |||||
Abatement Trust (Pool Program) | 5.00 | 8/1/18 | 75,000 | 75,298 | |
Massachusetts Water Pollution | |||||
Abatement Trust (Pool Program) | 5.00 | 8/1/21 | 2,625,000 | 3,107,291 | |
Massachusetts Water Pollution | |||||
Abatement Trust (Pool Program) | 5.25 | 8/1/23 | 1,500,000 | 1,997,535 | |
Massachusetts Water Pollution | |||||
Abatement Trust (Pool Program) | 5.00 | 8/1/32 | 605,000 | 607,172 | |
Massachusetts Water Pollution | |||||
Abatement Trust, State | |||||
Revolving Fund Revenue | 5.00 | 8/1/18 | 1,900,000 | 2,356,304 | |
Massachusetts Water Pollution | |||||
Abatement Trust, Water | |||||
Pollution Abatement Revenue | |||||
(MWRA Program) | 5.75 | 8/1/29 | 155,000 | 155,646 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | 5.00 | 8/1/19 | 2,475,000 | 3,101,819 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | 5.00 | 8/1/27 | 5,000,000 | 6,220,250 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 8/1/18 | 500,000 | 620,105 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/1/19 | 1,500,000 | 1,801,050 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/1/21 | 1,000,000 | 1,200,700 | |
Massachusetts Water Resources | |||||
Authority, General Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/1/24 | 2,500,000 | 2,989,075 | |
Middleborough, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 12/15/16 | 1,000,000 | 1,166,660 | |
Middleborough, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 12/15/18 | 1,275,000 | 1,475,150 | |
Milton, | |||||
GO School Bonds | 5.00 | 3/1/23 | 500,000 | 548,875 | |
Milton, |
GO School Bonds | 5.00 | 3/1/24 | 500,000 | 548,285 | |
Milton, | |||||
GO School Bonds | 5.00 | 3/1/25 | 500,000 | 547,575 | |
Northampton, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.13 | 10/15/16 | 1,985,000 | 2,164,464 | |
Northbridge, | |||||
GO (Insured; AMBAC) | 5.25 | 2/15/17 | 60,000 | 60,845 | |
Pembroke, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 8/1/20 | 960,000 | 1,098,000 | |
Randolph, | |||||
GO (Insured; AMBAC) | 5.00 | 9/1/24 | 490,000 | 527,328 | |
Springfield Water and Sewer | |||||
Commission, General Revenue | |||||
(Insured; AMBAC) | 5.00 | 7/15/22 | 1,175,000 | 1,328,620 | |
Springfield Water and Sewer | |||||
Commission, General Revenue | |||||
(Insured; AMBAC) | 5.00 | 7/15/23 | 1,235,000 | 1,393,179 | |
University of Massachusetts | |||||
Building Authority, Project | |||||
Revenue | 5.00 | 11/1/18 | 1,370,000 | c | 1,690,854 |
Waltham, | |||||
GO (Municipal Purpose Loan) | 5.00 | 2/1/19 | 1,195,000 | 1,489,436 | |
Westwood, | |||||
GO | 4.00 | 6/1/18 | 1,105,000 | 1,300,530 | |
Worcester, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/15/16 | 1,000,000 | 1,083,500 | |
Worcester, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 8/15/17 | 1,000,000 | 1,088,480 | |
Worcester, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 4/1/18 | 625,000 | 685,675 | |
U.S. Related--8.5% | |||||
Guam, | |||||
Business Privilege Tax Revenue | 5.00 | 1/1/25 | 1,500,000 | 1,779,630 | |
Guam, | |||||
Hotel Occupancy Tax Revenue | 6.00 | 11/1/26 | 500,000 | 603,090 | |
Guam, | |||||
LOR (Section 30) | 5.63 | 12/1/29 | 1,000,000 | 1,145,320 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.50 | 7/1/18 | 2,500,000 | 2,789,225 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.25 | 7/1/22 | 1,500,000 | 1,577,100 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 7/1/15 | 1,135,000 | 1,218,434 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 7/1/19 | 1,000,000 | 1,120,140 |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/23 | 2,000,000 | 2,185,380 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/1/17 | 1,000,000 | 1,079,830 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.25 | 1/1/15 | 2,000,000 | 2,095,880 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/15 | 1,090,000 | 1,164,153 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Highway Revenue (Insured; FGIC) | 5.50 | 7/1/16 | 3,265,000 | 3,860,471 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Transportation Revenue | |||||
(Insured; FGIC) | 5.25 | 7/1/15 | 305,000 | 313,394 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Transportation Revenue | |||||
(Insured; FGIC) | 5.25 | 7/1/16 | 330,000 | 339,082 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Revenue | |||||
(Ports Authority Project) | 6.00 | 12/15/26 | 2,500,000 | 2,845,075 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Special | |||||
Tax Revenue | 5.00 | 7/1/20 | 2,260,000 | 2,378,311 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.75 | 7/1/22 | 1,780,000 | 1,917,238 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.75 | 8/1/33 | 1,000,000 | d | 1,057,150 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.25 | 8/1/33 | 750,000 | d | 672,390 |
Total Long-Term Municipal Investments | |||||
(cost $320,439,604) | 352,480,855 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--.2% | Rate (%) | Date | Amount ($) | Value ($) | |
Massachusetts; | |||||
Massachusetts, | |||||
GO Notes (Consolidated Loan) | |||||
(LOC; JPMorgan Chase Bank) | 0.19 | 12/3/12 | 500,000 | e | 500,000 |
Massachusetts Development Finance | |||||
Agency, Revenue (Boston | |||||
University Issue) (LOC; | |||||
JPMorgan Chase Bank) | 0.18 | 12/3/12 | 300,000 | c, e | 300,000 |
Total Short-Term Municipal Investments | |||||
(cost $800,000) | 800,000 | ||||
Total Investments (cost $321,239,604) | 99.2 | % | 353,280,855 | ||
Cash and Receivables (Net) | .8 | % | 2,851,249 | ||
Net Assets | 100.0 | % | 356,132,104 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are |
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the |
municipal issue and to retire the bonds in full at the earliest refunding date. |
b Variable rate security--interest rate subject to periodic change. |
c At November 30, 2012, the fund had $105,919,595 or 29.7% of net assets invested in securities whose payment of principal |
and interest is dependent upon revenues generated from education. |
d Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
e Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At November 30, 2012, net unrealized appreciation on investments was $32,041,251 of which $32,042,121 related to appreciated investment securities and $870 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was subtantially the same as the cost for financial reporting purposes.
RAW | Revenue Anticipation Warrants | ROCS | Reset Option Certificates |
RRR | Resources Recovery Revenue | SAAN | State Aid Anticipation Notes |
SBPA | Standby Bond Purchase Agreement | SFHR | Single Family Housing Revenue |
SFMR | Single Family Mortgage Revenue | SONYMA | State of New York Mortgage Agency |
SPEARS | Short Puttable Exempt Adjustable Receipts | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
STATEMENT OF FINANCIAL FUTURES |
November 30, 2012 (Unaudited) |
Market Value | Unrealized | |||
Covered by | (Depreciation) | |||
Contracts | Contracts ($) | Expiration | at 11/30/2012 ($) | |
Financial Futures Short | ||||
U.S. Treasury 10 Year Notes | 70 | (9,388,750 ) | December 2012 | (68,906 ) |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 2 - Other | Level 3 - | |||
Level 1 - | Significant | Significant | ||
Unadjusted | Observable | Unobservable | ||
Assets ($) | Quoted Prices | Inputs | Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 353,280,855 | - | 353,280,855 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Financial Futures+ | (68,906 ) | - | - | (68,906 ) |
+Amount shown represents unrealized (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. 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 preceding securities are categorized as Level 2 in the 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. 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 recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Mid Cap Multi-Strategy Fund |
November 30, 2012 (Unaudited) |
Common Stocks--98.1% | Shares | Value ($) | |
Automobiles & Components--2.2% | |||
BorgWarner | 94,140 | a | 6,241,482 |
Dana Holding | 163,100 | 2,312,758 | |
Delphi Automotive | 165,500 | 5,625,345 | |
Gentex | 22,490 | 399,197 | |
Goodyear Tire & Rubber | 38,240 | a | 481,824 |
Harley-Davidson | 31,310 | 1,470,318 | |
Lear | 76,415 | 3,337,043 | |
Tesla Motors | 9,960 | a,b | 336,847 |
Thor Industries | 11,890 | 448,729 | |
TRW Automotive Holdings | 115,185 | a | 5,832,968 |
Visteon | 7,780 | a | 389,778 |
26,876,289 | |||
Banks--3.4% | |||
Bank of Hawaii | 28,920 | b | 1,257,152 |
BB&T | 64,825 | 1,826,120 | |
Capitol Federal Financial | 111,760 | 1,328,826 | |
CIT Group | 27,360 | a | 1,013,688 |
Comerica | 64,850 | 1,918,911 | |
Commerce Bancshares | 24,864 | 889,634 | |
East West Bancorp | 138,025 | 2,919,229 | |
Fifth Third Bancorp | 529,225 | 7,747,854 | |
First Citizens Bancshares, Cl. A | 4,730 | 780,450 | |
First Niagara Financial Group | 73,130 | 551,400 | |
First Republic Bank | 77,800 | 2,631,196 | |
Fulton Financial | 85,180 | 828,801 | |
Hudson City Bancorp | 80,230 | 646,654 | |
Huntington Bancshares | 246,625 | 1,516,744 | |
KeyCorp | 128,510 | 1,038,361 | |
M&T Bank | 29,015 | b | 2,835,636 |
New York Community Bancorp | 80,750 | 1,050,558 | |
Popular | 19,830 | a | 392,039 |
Prosperity Bancshares | 63,000 | 2,591,190 | |
Regions Financial | 188,350 | 1,256,295 | |
Signature Bank | 14,100 | a | 989,256 |
SunTrust Banks | 168,830 | 4,583,735 | |
Valley National Bancorp | 66,990 | b | 639,085 |
Zions Bancorporation | 30,800 | 618,156 | |
41,850,970 | |||
Capital Goods--10.4% | |||
Aecom Technology | 19,270 | a | 435,309 |
AGCO | 37,065 | a | 1,710,550 |
AMETEK | 148,162 | 5,530,887 | |
B/E Aerospace | 29,200 | a | 1,382,912 |
Babcock and Wilcox | 23,600 | 594,484 | |
Chicago Bridge & Iron & Co. | 14,400 | 585,072 | |
Cooper Industries | 20,200 | 1,504,900 | |
Curtiss-Wright | 68,328 | 2,168,047 | |
Donaldson | 43,380 | 1,456,700 | |
Dover | 110,340 | 7,016,521 | |
Eaton | 44,070 | b | 2,298,691 |
Fastenal | 38,740 | 1,619,719 | |
Flowserve | 33,190 | 4,598,474 | |
Fluor | 72,355 | 3,840,603 | |
Fortune Brands Home & Security | 119,500 | a | 3,583,805 |
Foster Wheeler | 117,070 | a | 2,629,392 |
Gardner Denver | 32,130 | 2,244,280 | |
GATX | 14,570 | 613,834 | |
Hexcel | 102,130 | a | 2,640,060 |
Hubbell, Cl. B | 11,975 | 1,008,894 | |
Huntington Ingalls Industries | 41,990 | 1,715,291 | |
IDEX | 22,300 | 1,002,385 | |
Ingersoll-Rand | 160,060 | 7,807,727 | |
Jacobs Engineering Group | 88,930 | a | 3,640,794 |
Joy Global | 15,580 | 887,904 | |
KBR | 30,280 | 841,784 | |
Kennametal | 34,930 | 1,331,532 | |
L-3 Communications Holdings | 13,570 | 1,042,854 | |
Lincoln Electric Holdings | 14,190 | 674,167 | |
Masco | 332,485 | 5,638,946 | |
MSC Industrial Direct, Cl. A | 9,810 | 712,795 | |
Nordson | 9,510 | 581,917 | |
Owens Corning | 19,670 | a | 680,189 |
PACCAR | 48,420 | 2,127,575 | |
Pall | 18,120 | 1,077,778 | |
Parker Hannifin | 137,500 | 11,295,625 | |
Pentair | 12,780 | 619,702 | |
Quanta Services | 33,160 | a | 857,518 |
Regal-Beloit | 67,430 | 4,703,243 | |
Rockwell Automation | 18,250 | 1,446,130 | |
Rockwell Collins | 20,940 | 1,197,349 | |
Roper Industries | 47,580 | 5,306,597 | |
Shaw Group | 10,000 | a | 449,300 |
Snap-on | 8,960 | 711,782 | |
SPX | 9,530 | 649,184 | |
Stanley Black & Decker | 54,030 | 3,885,297 | |
Terex | 17,940 | a,b | 433,969 |
Textron | 36,290 | 852,452 | |
Timken | 12,610 | 568,081 | |
TransDigm Group | 10,820 | 1,471,736 | |
Trinity Industries | 156,840 | 4,982,807 | |
Triumph Group | 58,770 | 3,855,900 | |
United Rentals | 15,850 | a | 658,251 |
W.W. Grainger | 7,600 | 1,474,552 | |
WABCO Holdings | 21,040 | a | 1,305,532 |
Wabtec | 10,920 | 924,050 | |
WESCO International | 61,270 | a | 3,961,106 |
Xylem | 34,070 | 888,886 | |
129,725,821 | |||
Commercial & Professional Services--3.1% | |||
ADT | 45,470 | 2,087,073 | |
Avery Dennison | 19,550 | 653,947 | |
Cintas | 18,320 | 759,181 | |
Corrections Corp. of America | 17,770 | 602,403 | |
Dun & Bradstreet | 7,300 | 578,014 | |
Equifax | 139,275 | 7,136,451 | |
FTI Consulting | 91,765 | a | 2,836,456 |
IHS, Cl. A | 8,550 | a | 787,797 |
Iron Mountain | 24,085 | 761,073 | |
Manpower | 42,390 | 1,629,472 | |
Nielsen Holdings | 22,140 | a | 627,005 |
Pitney Bowes | 32,600 | b | 364,794 |
R.R. Donnelley & Sons | 32,050 | b | 301,270 |
Republic Services | 40,380 | 1,149,619 | |
Robert Half International | 314,655 | 8,892,150 | |
Stericycle | 13,220 | a | 1,235,673 |
Towers Watson & Co., Cl. A | 49,220 | 2,602,754 | |
Verisk Analytics, Cl. A | 28,060 | a | 1,398,510 |
Waste Connections | 136,290 | 4,486,667 | |
38,890,309 | |||
Consumer Durables & Apparel--4.9% | |||
Brunswick | 90,585 | 2,334,375 | |
Coach | 47,170 | 2,728,313 | |
D.R. Horton | 201,040 | 3,912,238 | |
Deckers Outdoor | 6,000 | a,b | 229,740 |
Fossil | 7,130 | a | 616,317 |
Garmin | 15,690 | b | 610,184 |
Hanesbrands | 13,680 | a | 493,848 |
Harman International Industries | 63,540 | 2,513,642 | |
Hasbro | 18,530 | b | 712,664 |
Jarden | 11,290 | 597,354 | |
Leggett & Platt | 23,360 | 650,576 | |
Lennar, Cl. A | 21,440 | b | 815,578 |
Mattel | 42,970 | 1,611,805 | |
Michael Kors Holdings | 10,840 | 576,146 | |
Mohawk Industries | 72,290 | a | 6,216,217 |
Newell Rubbermaid | 557,110 | 12,150,569 | |
NVR | 750 | a | 674,880 |
Polaris Industries | 13,010 | 1,103,378 | |
PulteGroup | 213,280 | a | 3,585,237 |
PVH | 13,620 | 1,560,716 | |
Ralph Lauren | 7,560 | 1,187,600 | |
Tempur-Pedic International | 9,050 | a,b | 241,183 |
Toll Brothers | 236,080 | a | 7,516,787 |
Tupperware Brands | 10,940 | 709,459 | |
Under Armour, Cl. A | 61,250 | a,b | 3,174,588 |
VF | 20,310 | 3,259,958 | |
Whirlpool | 10,860 | 1,105,982 | |
60,889,334 | |||
Consumer Services--1.6% | |||
Apollo Group, Cl. A | 18,510 | a | 355,207 |
Brinker International | 16,150 | 483,692 | |
Chipotle Mexican Grill | 4,190 | a | 1,105,238 |
Darden Restaurants | 19,250 | b | 1,017,940 |
DeVry | 17,340 | b | 452,054 |
H&R Block | 147,130 | 2,652,754 | |
International Game Technology | 42,400 | 588,088 | |
Marriott International, Cl. A | 34,020 | 1,234,586 | |
MGM Resorts International | 62,820 | a | 637,623 |
Panera Bread, Cl. A | 4,200 | a | 674,100 |
Royal Caribbean Cruises | 20,850 | 734,963 | |
Service Corporation International | 42,870 | 597,179 | |
Six Flags Entertainment | 44,990 | 2,765,985 | |
Starwood Hotels & Resorts | |||
Worldwide | 26,220 | c | 1,414,831 |
Wyndham Worldwide | 19,560 | 960,200 | |
Wynn Resorts | 34,470 | 3,874,428 | |
19,548,868 | |||
Diversified Financials--4.1% | |||
Affiliated Managers Group | 36,010 | a | 4,640,609 |
American Capital | 49,960 | a | 598,521 |
Ameriprise Financial | 30,420 | 1,845,581 | |
Capital One Financial | 33,125 | 1,908,000 | |
Charles Schwab | 92,295 | 1,209,065 | |
Discover Financial Services | 76,815 | 3,196,272 | |
E*TRADE Financial | 570,600 | a | 4,804,452 |
IntercontinentalExchange | 9,750 | a | 1,288,462 |
Invesco | 60,020 | 1,499,900 | |
Legg Mason | 23,960 | 611,699 | |
Leucadia National | 37,240 | 824,866 | |
LPL Financial Holdings | 58,936 | 1,650,797 | |
Moody's | 73,270 | 3,559,457 | |
MSCI | 20,410 | a | 591,890 |
Northern Trust | 32,310 | 1,551,526 | |
NYSE Euronext | 40,400 | 943,340 | |
Raymond James Financial | 211,510 | 7,984,503 | |
SEI Investments | 63,175 | 1,390,482 | |
SLM | 154,480 | 2,556,644 | |
T. Rowe Price Group | 34,480 | 2,229,822 | |
TD Ameritrade Holding | 399,230 | 6,467,526 | |
51,353,414 | |||
Energy--6.6% | |||
Alpha Natural Resources | 207,580 | a,b | 1,552,698 |
Cabot Oil & Gas | 111,250 | 5,239,875 | |
Cameron International | 31,830 | a | 1,717,228 |
CARBO Ceramics | 3,510 | b | 268,761 |
Cheniere Energy | 30,520 | a | 512,736 |
Cimarex Energy | 9,350 | 562,122 | |
Cobalt International Energy | 25,420 | a | 592,794 |
Concho Resources | 44,440 | a | 3,566,754 |
CONSOL Energy | 31,970 | 1,002,259 | |
Continental Resources | 5,770 | a,b | 396,399 |
Denbury Resources | 59,240 | a | 914,073 |
Diamond Offshore Drilling | 10,640 | b | 734,160 |
Energen | 12,780 | 569,093 | |
Ensco, Cl. A | 24,990 | 1,455,168 | |
EQT | 50,970 | 3,061,258 | |
FMC Technologies | 31,500 | a | 1,287,090 |
Helmerich & Payne | 57,860 | 3,020,292 | |
HollyFrontier | 34,740 | 1,574,764 | |
Kosmos Energy | 2,109 | a | 25,013 |
Marathon Petroleum | 44,460 | 2,647,148 | |
McDermott International | 36,190 | a | 381,081 |
Murphy Oil | 27,940 | 1,585,316 | |
Nabors Industries | 43,980 | a | 646,506 |
National Oilwell Varco | 24,780 | 1,692,474 | |
Newfield Exploration | 23,010 | a | 560,063 |
Noble Energy | 61,895 | 6,050,236 | |
Oceaneering International | 24,390 | 1,284,865 | |
Oil States International | 34,950 | a | 2,471,664 |
Peabody Energy | 37,880 | 951,167 | |
Pioneer Natural Resources | 48,700 | 5,210,900 |
Plains Exploration & Production | 22,290 | a | 795,753 |
QEP Resources | 113,650 | 3,195,838 | |
Range Resources | 62,730 | 4,015,975 | |
Rosetta Resources | 59,650 | a | 2,680,671 |
Rowan, Cl. A | 20,170 | a | 639,994 |
SandRidge Energy | 76,440 | a,b | 447,174 |
SEACOR Holdings | 7,250 | a | 656,850 |
SM Energy | 52,950 | 2,631,086 | |
Southwestern Energy | 47,590 | a | 1,651,849 |
Superior Energy Services | 26,990 | a | 548,167 |
Tesoro | 18,670 | 789,368 | |
Ultra Petroleum | 23,720 | a,b | 475,586 |
Unit | 14,490 | a | 650,891 |
Valero Energy | 285,710 | 9,217,005 | |
Weatherford International | 77,745 | a | 809,325 |
Whiting Petroleum | 18,480 | a | 775,051 |
World Fuel Services | 11,820 | 460,389 | |
WPX Energy | 32,320 | 510,333 | |
82,485,262 | |||
Exchange-Traded Funds--.9% | |||
iShares Russell Midcap Growth | |||
Index Fund | 125,240 | b | 7,777,404 |
Standard & Poor's Depository | |||
Receipts S&P MidCap 400 ETF | |||
Trust | 17,210 | b | 3,138,244 |
10,915,648 | |||
Food & Staples Retailing--.7% | |||
Kroger | 79,590 | 2,088,442 | |
Safeway | 40,340 | b | 690,217 |
Whole Foods Market | 58,420 | 5,454,091 | |
8,232,750 | |||
Food, Beverage & Tobacco--3.0% | |||
Beam | 21,310 | 1,195,704 | |
Brown-Forman, Cl. B | 21,890 | 1,536,240 | |
Bunge | 20,880 | 1,527,581 | |
Coca-Cola Enterprises | 108,820 | 3,393,008 | |
ConAgra Foods | 63,700 | 1,902,082 | |
Constellation Brands, Cl. A | 84,210 | a | 3,021,455 |
Dean Foods | 26,220 | a | 449,411 |
Dr. Pepper Snapple Group | 112,995 | 5,067,826 | |
Green Mountain Coffee Roasters | 11,100 | a,b | 407,037 |
H.J. Heinz | 39,780 | 2,325,539 | |
Hershey | 18,990 | 1,391,397 | |
Hillshire Brands | 22,730 | 633,030 | |
Ingredion | 13,840 | 898,908 | |
J.M. Smucker | 15,690 | 1,387,937 | |
Kellogg | 24,305 | 1,347,955 | |
Lorillard | 26,605 | 3,223,462 | |
McCormick & Co. | 21,920 | 1,415,155 | |
Mead Johnson Nutrition | 27,270 | 1,859,541 | |
Molson Coors Brewing, Cl. B | 18,820 | 780,277 | |
Monster Beverage | 20,550 | a | 1,069,627 |
Ralcorp Holdings | 9,020 | a | 804,043 |
Smithfield Foods | 26,260 | a | 587,436 |
Tyson Foods, Cl. A | 44,080 | 845,014 | |
37,069,665 | |||
Health Care Equipment & Services--7.1% |
Allscripts Healthcare Solutions | 30,750 | a | 341,940 |
AMERIGROUP | 6,600 | a | 606,012 |
AmerisourceBergen | 196,430 | 8,293,275 | |
Boston Scientific | 213,170 | a | 1,180,962 |
C.R. Bard | 12,980 | 1,285,150 | |
CareFusion | 208,190 | a | 5,812,665 |
Catamaran | 110,770 | a | 5,393,391 |
Cerner | 19,530 | a | 1,508,107 |
Chemed | 22,450 | 1,528,396 | |
Cigna | 214,435 | 11,208,517 | |
Community Health Systems | 16,030 | a | 472,244 |
Cooper | 9,660 | 917,120 | |
Coventry Health Care | 19,460 | 850,013 | |
DaVita HealthCare Partners | 21,900 | a | 2,365,200 |
DENTSPLY International | 25,890 | 1,027,833 | |
Edwards Lifesciences | 15,030 | a | 1,304,153 |
HCA Holdings | 24,170 | 767,397 | |
Health Management Associates, Cl. | |||
A | 49,330 | a | 392,173 |
Health Net | 12,310 | a | 289,900 |
Henry Schein | 14,570 | a | 1,176,819 |
Hologic | 248,220 | a | 4,736,038 |
Humana | 75,860 | 4,962,003 | |
IDEXX Laboratories | 9,200 | a | 859,924 |
Laboratory Corp. of America | |||
Holdings | 13,610 | a | 1,151,270 |
LifePoint Hospitals | 18,160 | a | 653,397 |
McKesson | 28,645 | 2,706,093 | |
MEDNAX | 110,280 | a | 8,712,120 |
Omnicare | 95,620 | 3,465,269 | |
Quest Diagnostics | 42,295 | 2,443,805 | |
ResMed | 24,470 | b | 1,005,472 |
Sirona Dental Systems | 8,750 | a | 547,838 |
St. Jude Medical | 42,470 | 1,455,872 | |
Tenet Healthcare | 19,077 | a | 552,470 |
Universal Health Services, Cl. B | 70,750 | 3,188,703 | |
Varian Medical Systems | 16,420 | a | 1,135,607 |
WellCare Health Plans | 56,890 | a | 2,746,080 |
Zimmer Holdings | 24,300 | 1,603,071 | |
88,646,299 | |||
Household & Personal Products--.6% | |||
Avon Products | 208,800 | 2,912,760 | |
Church & Dwight | 25,980 | 1,406,817 | |
Clorox | 17,220 | 1,314,747 | |
Energizer Holdings | 9,300 | 741,768 | |
Herbalife | 15,420 | b | 708,857 |
Nu Skin Enterprises, Cl. A | 8,170 | b | 370,918 |
7,455,867 | |||
Insurance--4.8% | |||
Alleghany | 7,805 | a | 2,739,555 |
Allstate | 24,210 | 980,021 | |
American National Insurance | 12,260 | 845,817 | |
Aon | 42,480 | 2,412,864 | |
Arch Capital Group | 33,800 | a | 1,524,380 |
Arthur J. Gallagher & Co. | 204,180 | 7,456,654 | |
Assurant | 16,850 | 576,438 | |
Assured Guaranty | 26,340 | 367,443 |
Axis Capital Holdings | 41,290 | 1,485,201 | |
Brown & Brown | 46,780 | 1,255,575 | |
Everest Re Group | 12,900 | 1,399,263 | |
Fidelity National Financial, Cl. A | 175,770 | 4,255,392 | |
Genworth Financial, Cl. A | 75,150 | a | 447,142 |
Hartford Financial Services Group | 69,620 | 1,474,552 | |
Kemper | 25,630 | 758,904 | |
Lincoln National | 41,380 | 1,022,086 | |
Loews | 47,615 | 1,946,501 | |
Markel | 2,030 | a | 972,370 |
Marsh & McLennan | 87,560 | 3,083,863 | |
MBIA | 22,680 | a,b | 202,759 |
Old Republic International | 41,500 | 435,335 | |
PartnerRe | 11,690 | 968,867 | |
Principal Financial Group | 255,140 | 6,927,051 | |
Progressive | 83,200 | 1,768,000 | |
Protective Life | 43,060 | 1,169,079 | |
Reinsurance Group of America | 61,095 | 3,128,064 | |
Symetra Financial | 99,620 | 1,218,353 | |
Torchmark | 66,640 | 3,464,614 | |
Unum Group | 60,860 | 1,240,935 | |
Validus Holdings | 30,260 | 1,073,020 | |
W.R. Berkley | 24,910 | 990,172 | |
White Mountains Insurance Group | 1,400 | 721,364 | |
XL Group | 45,250 | 1,100,933 | |
59,412,567 | |||
Materials--5.7% | |||
Airgas | 10,130 | 897,214 | |
Albemarle | 12,060 | 721,067 | |
Alcoa | 181,900 | 1,529,779 | |
Allegheny Technologies | 21,570 | 564,703 | |
Allied Nevada Gold | 14,010 | a | 456,025 |
AptarGroup | 20,830 | 992,966 | |
Ashland | 54,000 | 3,829,680 | |
Ball | 59,770 | 2,671,121 | |
Cabot | 40,635 | 1,533,159 | |
Celanese, Ser. A | 22,070 | 905,753 | |
CF Industries Holdings | 8,470 | 1,812,834 | |
Cliffs Natural Resources | 21,510 | b | 618,412 |
Crown Holdings | 76,380 | a | 2,852,793 |
Cytec Industries | 86,750 | 5,954,520 | |
Domtar | 7,060 | 565,577 | |
Eastman Chemical | 20,140 | 1,225,519 | |
FMC | 18,660 | 1,034,884 | |
Graphic Packaging Holding | 235,835 | a | 1,530,569 |
Greif, Cl. A | 14,760 | 605,603 | |
H.B. Fuller | 63,970 | 2,101,414 | |
Huntsman | 28,970 | 476,267 | |
International Flavors & Fragrances | 12,370 | 804,421 | |
International Paper | 96,130 | 3,570,268 | |
LyondellBasell Industries, Cl. A | 133,380 | 6,632,987 | |
Martin Marietta Materials | 9,040 | b | 813,600 |
MeadWestvaco | 30,980 | 957,592 | |
Minerals Technologies | 20,730 | 1,534,020 | |
Nucor | 45,810 | 1,886,456 | |
Owens-Illinois | 34,340 | a | 687,830 |
PPG Industries | 40,620 | 5,047,847 |
Reliance Steel & Aluminum | 13,150 | 741,660 | |
Rock-Tenn, Cl. A | 15,135 | 984,380 | |
Rockwood Holdings | 11,440 | 524,753 | |
Royal Gold | 8,260 | 667,078 | |
Sealed Air | 33,040 | 555,733 | |
Sherwin-Williams | 55,360 | 8,443,507 | |
Sigma-Aldrich | 17,850 | 1,294,482 | |
Steel Dynamics | 43,240 | 558,661 | |
Valspar | 13,900 | 872,642 | |
Vulcan Materials | 20,180 | 1,066,311 | |
W.R. Grace & Co. | 10,410 | a | 681,543 |
Walter Energy | 11,300 | 341,260 | |
71,546,890 | |||
Media--2.5% | |||
AMC Networks, Cl. A | 10,260 | a | 541,318 |
Cablevision Systems (NY Group), | |||
Cl. A | 33,530 | 464,055 | |
CBS, Cl. B | 193,390 | 6,958,172 | |
Charter Communications, Cl. A | 6,980 | a | 494,533 |
Discovery Communications, Cl. A | 34,420 | a | 2,079,312 |
DISH Network, Cl. A | 29,380 | a | 1,088,235 |
Gannett | 37,140 | 664,806 | |
Interpublic Group of Cos. | 311,480 | 3,370,214 | |
Lamar Advertising, Cl. A | 11,900 | a,b | 467,313 |
Liberty Global, Cl. A | 36,040 | a | 2,019,682 |
Liberty Media, Cl. A | 13,870 | a | 1,525,561 |
McGraw-Hill | 64,555 | 3,428,516 | |
Omnicom Group | 86,195 | 4,287,339 | |
Scripps Networks Interactive, Cl. | |||
A | 11,820 | 697,853 | |
Sirius XM Radio | 495,360 | a | 1,377,101 |
Virgin Media | 39,090 | b | 1,374,795 |
30,838,805 | |||
Pharmaceuticals, Biotech & Life Sciences--4.0% | |||
Agilent Technologies | 46,590 | 1,783,931 | |
Alexion Pharmaceuticals | 51,350 | a | 4,930,627 |
Alkermes | 141,910 | a | 2,740,282 |
ARIAD Pharmaceuticals | 25,510 | a | 570,404 |
BioMarin Pharmaceutical | 18,770 | a | 912,222 |
Charles River Laboratories | |||
International | 21,570 | a | 827,641 |
Covance | 21,690 | a | 1,236,547 |
Cubist Pharmaceuticals | 97,332 | a | 3,952,653 |
Endo Health Solutions | 19,100 | a | 547,406 |
Forest Laboratories | 39,130 | a | 1,387,550 |
Hospira | 93,600 | a | 2,789,280 |
ICON, ADR | 58,050 | a | 1,601,599 |
Illumina | 19,130 | a,b | 1,027,472 |
Incyte | 13,640 | a,b | 240,064 |
Life Technologies | 26,450 | a | 1,305,307 |
Medivation | 10,100 | a | 526,715 |
Mylan | 238,700 | a | 6,487,866 |
Myriad Genetics | 15,310 | a | 439,703 |
Onyx Pharmaceuticals | 41,180 | a | 3,107,855 |
Perrigo | 38,710 | 4,006,485 | |
Qiagen | 39,320 | a,b | 727,420 |
Regeneron Pharmaceuticals | 11,580 | a | 2,044,449 |
Salix Pharmaceuticals | 62,390 | a | 2,673,412 |
Techne | 9,360 | 663,624 | |
Vertex Pharmaceuticals | 29,370 | a | 1,168,632 |
Waters | 14,140 | a | 1,195,537 |
Watson Pharmaceuticals | 16,890 | a | 1,486,489 |
50,381,172 | |||
Real Estate--5.4% | |||
Alexandria Real Estate Equities | 16,100 | c | 1,093,512 |
American Assets Trust | 31,020 | 844,675 | |
American Campus Communities | 35,070 | c | 1,536,066 |
American Capital Agency | 46,000 | c | 1,451,300 |
Annaly Capital Management | 131,000 | c | 1,928,320 |
AvalonBay Communities | 12,370 | c | 1,630,242 |
Boston Properties | 17,470 | c | 1,792,946 |
BRE Properties | 17,920 | c | 871,808 |
Camden Property Trust | 25,760 | c | 1,692,432 |
CBRE Group, Cl. A | 190,700 | a | 3,609,951 |
Corporate Office Properties Trust | 39,010 | c | 962,767 |
Digital Realty Trust | 17,370 | b,c | 1,121,060 |
Duke Realty | 72,115 | c | 973,552 |
Equity Residential | 29,865 | 1,657,806 | |
Extra Space Storage | 32,260 | c | 1,133,939 |
Federal Realty Investment Trust | 11,740 | c | 1,221,430 |
Forest City Enterprises, Cl. A | 46,580 | a | 701,029 |
General Growth Properties | 64,660 | c | 1,252,464 |
HCP | 107,390 | c | 4,837,919 |
Health Care REIT | 27,380 | c | 1,612,408 |
Host Hotels & Resorts | 163,289 | c | 2,398,715 |
Jones Lang LaSalle | 11,000 | 902,110 | |
Kimco Realty | 237,865 | c | 4,581,280 |
Macerich | 35,140 | c | 1,985,410 |
Mid-America Apartment Communities | 41,770 | 2,603,106 | |
Piedmont Office Realty Trust, Cl. | |||
A | 63,730 | b,c | 1,124,835 |
Plum Creek Timber | 26,250 | c | 1,124,813 |
ProLogis | 57,550 | c | 1,953,247 |
Rayonier | 37,779 | c | 1,882,905 |
Regency Centers | 31,600 | 1,480,460 | |
SL Green Realty | 20,130 | c | 1,517,399 |
Taubman Centers | 17,920 | 1,388,262 | |
UDR | 43,750 | c | 1,006,688 |
Ventas | 63,870 | c | 4,065,326 |
Vornado Realty Trust | 44,835 | c | 3,426,739 |
Weingarten Realty Investors | 53,980 | b,c | 1,467,176 |
Weyerhaeuser | 67,700 | c | 1,865,812 |
66,699,909 | |||
Retailing--6.3% | |||
Abercrombie & Fitch, Cl. A | 11,910 | 546,550 | |
Advance Auto Parts | 10,440 | 763,686 | |
American Eagle Outfitters | 107,750 | 2,284,300 | |
AutoZone | 4,850 | a | 1,861,284 |
Bed Bath & Beyond | 29,910 | a | 1,756,315 |
Best Buy | 37,140 | 486,905 | |
Big Lots | 9,710 | a | 273,434 |
CarMax | 33,030 | a | 1,197,668 |
Chico's FAS | 26,380 | 491,987 | |
Dick's Sporting Goods | 71,410 | 3,749,739 |
Dollar General | 23,410 | a | 1,170,500 |
Dollar Tree | 30,180 | a | 1,259,713 |
Expedia | 11,450 | 708,297 | |
Family Dollar Stores | 13,710 | 976,152 | |
Foot Locker | 47,070 | 1,686,989 | |
GameStop, Cl. A | 21,860 | b | 573,825 |
Gap | 116,770 | 4,023,894 | |
Genuine Parts | 19,850 | 1,292,036 | |
GNC Holdings, Cl. A | 96,370 | 3,385,478 | |
Groupon | 593,930 | a,b | 2,488,567 |
J.C. Penney | 21,850 | b | 391,989 |
Kohl's | 71,700 | 3,201,405 | |
Liberty Interactive, Cl. A | 74,390 | a | 1,435,727 |
Limited Brands | 31,020 | 1,617,693 | |
LKQ | 43,100 | a | 944,752 |
Lowe's | 282,720 | 10,203,365 | |
Macy's | 129,170 | 4,998,879 | |
Netflix | 7,590 | a,b | 620,179 |
Nordstrom | 48,215 | 2,607,949 | |
O'Reilly Automotive | 16,660 | a | 1,567,373 |
PetSmart | 17,630 | 1,245,736 | |
Rent-A-Center | 75,230 | 2,614,995 | |
Ross Stores | 30,530 | 1,737,768 | |
Sears Canada | 2,252 | a,b | 25,921 |
Sears Holdings | 5,260 | a,b | 220,973 |
Signet Jewelers | 13,450 | 722,938 | |
Staples | 91,810 | 1,074,177 | |
Tiffany & Co. | 17,120 | 1,009,738 | |
Tractor Supply | 10,830 | 970,585 | |
TripAdvisor | 10,870 | a | 415,125 |
Ulta Salon Cosmetics & Fragrance | 13,230 | 1,326,704 | |
Urban Outfitters | 124,420 | a | 4,690,634 |
Williams-Sonoma | 97,040 | 4,392,030 | |
79,013,954 | |||
Semiconductors & Semiconductor Equipment--2.5% | |||
Advanced Micro Devices | 103,980 | a,b | 228,756 |
Altera | 43,130 | 1,396,981 | |
Analog Devices | 93,800 | 3,808,280 | |
Applied Materials | 170,120 | 1,825,388 | |
Avago Technologies | 33,420 | 1,173,042 | |
Broadcom, Cl. A | 125,680 | a | 4,069,518 |
Cree | 15,400 | a,b | 497,574 |
Cypress Semiconductor | 32,610 | a | 330,991 |
KLA-Tencor | 22,250 | 1,011,707 | |
Lam Research | 32,450 | a | 1,139,644 |
Linear Technology | 40,580 | 1,346,850 | |
LSI | 292,530 | a | 1,971,652 |
Marvell Technology Group | 66,190 | 561,291 | |
Maxim Integrated Products | 41,980 | 1,225,396 | |
Microchip Technology | 34,250 | b | 1,041,885 |
Micron Technology | 139,550 | a | 834,509 |
NVIDIA | 186,885 | 2,238,882 | |
ON Semiconductor | 145,670 | a | 965,792 |
Skyworks Solutions | 185,270 | a | 4,196,366 |
Xilinx | 38,790 | 1,344,074 | |
31,208,578 | |||
Software & Services--6.5% |
Activision Blizzard | 64,230 | 734,791 | |
Akamai Technologies | 140,350 | a | 5,139,617 |
Alliance Data Systems | 22,620 | a,b | 3,223,124 |
Amdocs | 73,655 | 2,464,496 | |
ANSYS | 13,000 | a | 862,290 |
AOL | 12,910 | a | 484,383 |
Autodesk | 31,130 | a | 1,031,337 |
BMC Software | 23,710 | a | 971,162 |
CA | 91,055 | 2,017,779 | |
Cadence Design Systems | 49,360 | a | 628,353 |
CGI Group, Cl. A | 30,400 | a | 698,896 |
Citrix Systems | 67,930 | a | 4,154,599 |
Cognizant Technology Solutions, | |||
Cl. A | 54,180 | a | 3,642,521 |
Computer Sciences | 21,990 | 836,939 | |
Concur Technologies | 7,380 | a | 484,940 |
CoreLogic | 15,780 | a | 407,755 |
Electronic Arts | 245,200 | a | 3,631,412 |
Equinix | 7,440 | a | 1,382,054 |
FactSet Research Systems | 6,900 | b | 637,491 |
Fidelity National Information | |||
Services | 37,760 | 1,363,136 | |
Fiserv | 22,290 | a | 1,716,107 |
Fortinet | 19,320 | a | 386,014 |
Gartner | 15,210 | a | 728,255 |
Global Payments | 14,380 | 631,426 | |
IAC/InterActiveCorp | 33,185 | 1,564,673 | |
Informatica | 16,360 | a | 439,593 |
Intuit | 121,780 | 7,295,840 | |
Lender Processing Services | 16,270 | 404,309 | |
LinkedIn, Cl. A | 8,460 | a | 914,864 |
MICROS Systems | 62,990 | a | 2,737,545 |
Nuance Communications | 176,800 | a | 3,932,032 |
Paychex | 46,520 | 1,513,761 | |
Rackspace Hosting | 18,050 | a | 1,247,616 |
Red Hat | 26,060 | a | 1,287,364 |
Rovi | 19,510 | a | 299,283 |
SAIC | 58,380 | 673,121 | |
SolarWinds | 8,350 | a | 467,851 |
Solera Holdings | 18,430 | 953,937 | |
Symantec | 233,705 | a | 4,384,306 |
Synopsys | 120,280 | a | 3,945,184 |
Teradata | 23,600 | a | 1,403,728 |
TIBCO Software | 30,100 | a | 754,005 |
Total System Services | 110,750 | 2,430,963 | |
Vantiv, Cl. A | 144,060 | 3,121,780 | |
VeriFone Systems | 14,690 | a | 446,429 |
VeriSign | 21,290 | a | 726,628 |
Western Union | 89,090 | 1,123,425 | |
80,327,114 | |||
Technology Hardware & Equipment--4.7% | |||
Amphenol, Cl. A | 21,930 | 1,357,906 | |
Arrow Electronics | 55,600 | a | 2,071,656 |
Aruba Networks | 137,520 | a | 2,678,890 |
Avnet | 296,435 | a | 8,682,581 |
Brocade Communications Systems | 79,890 | a | 453,775 |
Dolby Laboratories, Cl. A | 8,690 | a,b | 289,985 |
EchoStar, Cl. A | 16,150 | a | 506,464 |
F5 Networks | 48,550 | a | 4,548,164 |
Flextronics International | 340,465 | a | 1,971,292 |
FLIR Systems | 34,760 | 709,104 | |
Fusion-io | 10,190 | a,b | 237,733 |
Harris | 44,810 | 2,111,895 | |
IPG Photonics | 4,870 | a,b | 287,817 |
Itron | 7,960 | a | 348,648 |
Jabil Circuit | 27,930 | 530,670 | |
JDS Uniphase | 459,890 | a | 5,578,466 |
Juniper Networks | 72,190 | a | 1,297,976 |
Lexmark International, Cl. A | 13,340 | b | 324,562 |
Molex | 33,750 | b | 890,325 |
NCR | 25,070 | a | 599,925 |
NetApp | 48,690 | a | 1,543,960 |
Polycom | 33,660 | a | 352,084 |
Riverbed Technology | 176,950 | a | 3,167,405 |
SanDisk | 115,550 | a | 4,518,005 |
Seagate Technology | 254,415 | b | 6,385,817 |
Trimble Navigation | 21,870 | a | 1,216,847 |
Western Digital | 102,970 | 3,443,317 | |
Xerox | 201,680 | 1,373,441 | |
Zebra Technologies, Cl. A | 16,600 | a | 646,570 |
58,125,280 | |||
Telecommunication Services--1.0% | |||
Crown Castle International | 36,920 | a | 2,492,838 |
Frontier Communications | 141,160 | b | 678,980 |
Level 3 Communications | 23,290 | a | 439,249 |
MetroPCS Communications | 43,790 | a | 466,363 |
SBA Communications, Cl. A | 20,630 | a | 1,419,757 |
Sprint Nextel | 392,200 | a | 2,247,306 |
TE Connectivity | 88,159 | 3,102,315 | |
TW Telecom | 24,190 | a | 621,441 |
Windstream | 86,000 | b | 720,680 |
12,188,929 | |||
Transportation--2.3% | |||
C.H. Robinson Worldwide | 187,720 | 11,589,833 | |
Con-way | 90,920 | 2,553,943 | |
Copa Holdings, Cl. A | 4,650 | 441,006 | |
Delta Air Lines | 112,270 | a | 1,122,700 |
Expeditors International of | |||
Washington | 31,510 | 1,179,104 | |
Hertz Global Holdings | 33,220 | a | 519,561 |
JB Hunt Transport Services | 21,440 | 1,274,608 | |
Kansas City Southern | 24,120 | 1,884,978 | |
Kirby | 116,240 | a | 6,727,971 |
Southwest Airlines | 100,030 | 953,286 | |
United Continential Holdings | 44,930 | a | 908,485 |
29,155,475 | |||
Utilities--3.8% | |||
AES | 173,505 | 1,851,298 | |
AGL Resources | 39,620 | 1,544,388 | |
Alliant Energy | 36,555 | 1,638,395 | |
Ameren | 86,040 | 2,578,619 | |
American Electric Power | 44,590 | 1,901,763 | |
American Water Works | 28,190 | 1,076,012 | |
Aqua America | 36,410 | 929,911 |
Calpine | 55,500 | a | 957,930 | |
CenterPoint Energy | 65,040 | 1,283,239 | ||
DTE Energy | 22,680 | 1,373,954 | ||
Edison International | 86,895 | 3,951,985 | ||
Entergy | 23,190 | 1,473,493 | ||
Great Plains Energy | 219,175 | 4,438,294 | ||
Hawaiian Electric Industries | 43,390 | 1,080,845 | ||
ITC Holdings | 10,400 | b | 816,920 | |
MDU Resources Group | 44,600 | 924,112 | ||
National Fuel Gas | 13,400 | 697,872 | ||
NiSource | 46,800 | 1,131,156 | ||
Northeast Utilities | 43,830 | 1,697,974 | ||
NRG Energy | 33,470 | 706,217 | ||
NV Energy | 103,335 | 1,894,131 | ||
OGE Energy | 17,400 | 994,062 | ||
ONEOK | 27,140 | 1,217,772 | ||
Pepco Holdings | 67,620 | b | 1,334,819 | |
PPL | 72,050 | 2,114,668 | ||
Sempra Energy | 28,940 | 1,980,075 | ||
Vectren | 48,120 | 1,407,510 | ||
Westar Energy | 38,865 | 1,115,426 | ||
Wisconsin Energy | 33,050 | 1,240,367 | ||
Xcel Energy | 62,870 | 1,700,634 | ||
47,053,841 | ||||
Total Common Stocks | ||||
(cost $1,163,613,344) | 1,219,893,010 | |||
Other Investment--2.0% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $25,030,655) | 25,030,655 | d | 25,030,655 | |
Investment of Cash Collateral for | ||||
Securities Loaned--4.2% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $52,207,005) | 52,207,005 | d | 52,207,005 | |
Total Investments (cost $1,240,851,004) | 104.3 | % | 1,297,130,670 | |
Liabilities, Less Cash and Receivables | (4.3 | %) | (53,713,185 | ) |
Net Assets | 100.0 | % | 1,243,417,485 |
ADR - American Depository Receipts
REIT- Real Estate Investment Trust
a Non-income producing security. |
b Security, or portion thereof, on loan. November 30, 2012, the value of the fund's securities on loan was $50,322,723 and the |
value of the collateral held by the fund was $53,155,122, consisting of cash collateral of $52,207,005 and U.S. Government and |
agency securities valued at $948,117. |
c Investment in real estate investment trust. |
d Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $56,279,666 of which $91,428,881 related to appreciated investment securities and $35,149,215 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Capital Goods | 10.4 |
Health Care Equipment & Services | 7.1 |
Energy | 6.6 |
Software & Services | 6.5 |
Retailing | 6.3 |
Money Market Investments | 6.2 |
Materials | 5.7 |
Real Estate | 5.4 |
Consumer Durables & Apparel | 4.9 |
Insurance | 4.8 |
Technology Hardware & Equipment | 4.7 |
Diversified Financials | 4.1 |
Pharmaceuticals, Biotech & Life Sciences | 4.0 |
Utilities | 3.8 |
Banks | 3.4 |
Commercial & Professional Services | 3.1 |
Food, Beverage & Tobacco | 3.0 |
Media | 2.5 |
Semiconductors & Semiconductor Equipment | 2.5 |
Transportation | 2.3 |
Automobiles & Components | 2.2 |
Consumer Services | 1.6 |
Telecommunication Services | 1.0 |
Exchange-Traded Funds | .9 |
Food & Staples Retailing | .7 |
Household & Personal Products | .6 |
104.3 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 1,198,536,835 | - | - | 1,198,536,835 |
Equity Securities - Foreign Common Stocks+ | 10,440,527 | - | - | 10,440,527 |
Exchange-Traded Funds | 10,915,648 | - | - | 10,915,648 |
Mutual Funds | 77,237,660 | - | - | 77,237,660 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Money Market Fund |
November 30, 2012 (Unaudited) |
Negotiable Bank Certificates of Deposit--35.1% | Principal Amount ($) | Value ($) | |
Bank of Tokyo-Mitsubishi Ltd. (Yankee) | |||
0.25%, 1/7/13 | 30,000,000 | 30,000,000 | |
Canadian Imperial Bank of Commerce (Yankee) | |||
0.36%, 12/3/12 | 25,000,000 | a | 25,000,000 |
Chase Bank USA | |||
0.20%, 2/20/13 | 40,000,000 | 40,000,000 | |
Nordea Bank Finland (Yankee) | |||
0.25%, 4/3/13 | 35,000,000 | 35,000,000 | |
Norinchukin Bank (Yankee) | |||
0.27%, 2/15/13 | 40,000,000 | 40,000,000 | |
State Street Bank and Trust Co. | |||
0.20%, 12/14/12 | 30,000,000 | 30,000,000 | |
Sumitomo Mitsui Trust Bank (Yankee) | |||
0.26%, 2/15/13 | 40,000,000 | b | 40,000,000 |
Toronto Dominion Bank (Yankee) | |||
0.20%, 1/18/13 | 26,000,000 | 26,003,460 | |
Westpac Banking Corp. (Yankee) | |||
0.60%, 12/3/12 | 25,000,000 | a,b | 25,000,000 |
Total Negotiable Bank Certificates of Deposit | |||
(cost $291,003,460) | 291,003,460 | ||
Commercial Paper--17.8% | |||
Bank of Nova Scotia | |||
0.12%, 12/3/12 | 38,000,000 | 37,999,747 | |
General Electric Capital Corp. | |||
0.40%, 12/13/12 | 30,000,000 | 29,996,000 | |
Mizuho Funding LLC | |||
0.25%, 1/16/13 | 35,000,000 | b | 34,988,819 |
Sumitomo Mitsui Banking Corporation | |||
0.25%, 1/16/13 | 35,000,000 | b | 34,989,043 |
Westpac Banking Corp. | |||
0.37%, 12/3/12 | 10,000,000 | a,b | 10,000,000 |
Total Commercial Paper | |||
(cost $147,973,609) | 147,973,609 | ||
Asset -Backed Commercial Paper--12.0% | |||
Atlantis One Funding Corp. | |||
0.27%, 1/9/13 | 20,000,000 | b | 19,994,150 |
FCAR Owner Trust, Ser. II | |||
0.28%, 12/3/12 | 40,000,000 | 39,999,378 | |
Northern Pines Funding LLC | |||
0.20%, 12/3/12 | 40,000,000 | 39,999,556 | |
Total Asset-Backed Commercial Paper | |||
(cost $99,993,084) | 99,993,084 | ||
Time Deposits--20.1% | |||
DnB Bank (Grand Cayman) | |||
0.16%, 12/3/12 | 38,000,000 | 38,000,000 | |
National Australia Bank (Grand Cayman) |
0.14%, 12/3/12 | 38,000,000 | 38,000,000 | ||
Royal Bank of Canada (Grand Cayman) | ||||
0.15%, 12/3/12 | 38,000,000 | 38,000,000 | ||
Skandinaviska Enskilda Banken (Grand Cayman) | ||||
0.15%, 12/3/12 | 15,000,000 | 15,000,000 | ||
Swedbank (Grand Cayman) | ||||
0.18%, 12/3/12 | 38,000,000 | 38,000,000 | ||
Total Time Deposits | ||||
(cost $167,000,000) | 167,000,000 | |||
U.S. Treasury Bills--9.0% | ||||
0.10%, 12/6/12 - 12/20/12 | ||||
(cost $74,997,986) | 75,000,000 | 74,997,986 | ||
Repurchase Agreement--6.0% | ||||
Citigroup Global Markets Holdings Inc. | ||||
0.21%, dated 11/30/12, due 12/3/12 in the amount of | ||||
$ 50,000,875 (fully collateralized by $50,567,275 | ||||
Federal Home Loan Mortgage Corp., 0.55%-1%, due | ||||
2/13/15-7/28/17, value $51,000,001) | ||||
(cost $50,000,000) | 50,000,000 | 50,000,000 | ||
Total Investments (cost $830,968,139) | 100.0 | % | 830,968,139 | |
Cash and Receivables (Net) | .0 | % | 277,185 | |
Net Assets | 100.0 | % | 831,245,324 |
a Variable rate security--interest rate subject to periodic change. |
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold |
in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, these |
securities amounted to $164,972,012 or 19.8% of net assets. |
At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Valuation Inputs | Short-Term Investments ($)+ |
Level 1 - Unadjusted Quoted Prices | - |
Level 2 - Other Significant Observable Inputs | 830,968,139 |
Level 3 - Significant Unobservable Inputs | - |
Total | 830,968,139 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 of Trustees.
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 the 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 fund’s 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 as Level 2.
The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the fund’s 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.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Municipal Opportunities Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Corporate Bonds--2.3% | Rate (%) | Date | Amount ($) | Value ($) | |
Catholic Health Initiatives, | |||||
Scd. Bonds | 4.35 | 11/1/42 | 10,000,000 | 10,326,720 | |
Memorial Sloan-Kettering Cancer Center, | |||||
Sr. Unscd. Notes | 4.13 | 7/1/52 | 7,000,000 | 7,054,502 | |
Total Corporate Bonds | |||||
(cost $16,935,160) | 17,381,222 | ||||
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--107.1% | Rate (%) | Date | Amount ($) | Value ($) | |
Alabama--1.5% | |||||
Jefferson County, | |||||
Limited Obligation School | |||||
Warrants (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.50 | 2/15/16 | 5,000,000 | 5,000,750 | |
Jefferson County, | |||||
Limited Obligation School | |||||
Warrants (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.25 | 1/1/18 | 5,000,000 | 5,092,350 | |
Tuscaloosa Public Educational | |||||
Building Authority, Student | |||||
Housing Revenue (Ridgecrest | |||||
Student Housing, LLC | |||||
University of Alabama | |||||
Ridgecrest Residential | |||||
Project) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 6.75 | 7/1/33 | 1,100,000 | 1,370,556 | |
Arizona--.5% | |||||
Arizona Board of Regents, | |||||
Arizona State University | |||||
System Revenue (Polytechnic | |||||
Campus Project) | 6.00 | 7/1/27 | 750,000 | 913,335 | |
University Medical Center | |||||
Corporation, HR | 6.00 | 7/1/39 | 2,500,000 | 2,963,025 | |
California--19.0% | |||||
California, | |||||
GO (Various Purpose) | 6.50 | 4/1/33 | 6,700,000 | 8,616,870 | |
California, | |||||
GO (Various Purpose) | 5.50 | 3/1/40 | 7,950,000 | 9,601,851 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) | 6.50 | 10/1/38 | 490,000 | 604,033 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) (Prerefunded) | 6.50 | 10/1/18 | 10,000 | a | 13,227 |
California Infrastructure and | |||||
Economic Development Bank, | |||||
Revenue (The J. David |
Gladstone Institutes Project) | 5.25 | 10/1/34 | 750,000 | 850,507 | |
California Municipal Finance | |||||
Authority, Charter School | |||||
Revenue (Partnerships to | |||||
Uplift Communities Project) | 5.00 | 8/1/32 | 675,000 | 682,695 | |
California Municipal Finance | |||||
Authority, Charter School | |||||
Revenue (Partnerships to | |||||
Uplift Communities Project) | 5.25 | 8/1/42 | 850,000 | 859,571 | |
California Municipal Finance | |||||
Authority, Revenue (Emerson | |||||
College Issue) | 6.00 | 1/1/42 | 6,000,000 | 7,291,560 | |
California Municipal Finance | |||||
Authority, Revenue | |||||
(Southwestern Law School) | 6.50 | 11/1/31 | 300,000 | 368,562 | |
California State Public Works | |||||
Board, LR (Judicial Council of | |||||
California) (Various Judicial | |||||
Council Projects) | 5.00 | 12/1/31 | 2,000,000 | 2,314,380 | |
California Statewide Communities | |||||
Development Authority, Charter | |||||
School Revenue (Green Dot | |||||
Public Schools) (Animo | |||||
Inglewood Charter High School | |||||
Project) | 7.25 | 8/1/41 | 1,000,000 | 1,124,050 | |
California Statewide Communities | |||||
Development Authority, | |||||
Mortgage Revenue (Methodist | |||||
Hospital of Southern | |||||
California Project) | |||||
(Collateralized; FHA) | 6.75 | 2/1/38 | 2,500,000 | 3,113,200 | |
California Statewide Communities | |||||
Development Authority, Revenue | |||||
(Sutter Health) | 6.00 | 8/15/42 | 6,000,000 | 7,357,620 | |
California Statewide Communities | |||||
Development Authority, Student | |||||
Housing Revenue (University of | |||||
California, Irvine East Campus | |||||
Apartments, Phase 1 Refunding | |||||
- CHF - Irvine, L.L.C.) | 5.38 | 5/15/38 | 1,500,000 | 1,674,105 | |
East Bay Municipal Utility | |||||
District, Water System Revenue | 5.00 | 6/1/18 | 2,465,000 | b | 2,965,568 |
East Bay Municipal Utility | |||||
District, Water System Revenue | 5.00 | 6/1/20 | 2,695,000 | b | 3,374,248 |
East Bay Municipal Utility | |||||
District, Water System Revenue | 5.00 | 6/1/21 | 2,585,000 | b | 3,279,409 |
Irvine Reassessment District | |||||
Number 12-1, Limited | |||||
Obligation Improvement Bonds | 4.00 | 9/2/29 | 1,000,000 | 1,073,920 | |
JPMorgan Chase Putters/Drivers | |||||
Trust (Los Angeles Department | |||||
of Airports, Senior Revenue | |||||
(Los Angeles International | |||||
Airport)) | 5.25 | 5/15/18 | 10,000,000 | c,d | 12,361,600 |
Los Angeles County Metropolitan | |||||
Transportation Authority, |
Proposition A First Tier | |||||
Senior Sales Tax Revenue | 5.00 | 7/1/21 | 5,000,000 | b | 6,359,200 |
Los Angeles Unified School | |||||
District, GO | 5.00 | 1/1/34 | 1,000,000 | 1,168,250 | |
M-S-R Energy Authority, | |||||
Gas Revenue | 7.00 | 11/1/34 | 3,730,000 | 5,514,544 | |
Metropolitan Water District of | |||||
Southern California, Water | |||||
Revenue (Build America Bonds) | 6.54 | 7/1/39 | 4,600,000 | 5,556,754 | |
New Haven Unified School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 8/1/32 | 4,500,000 | e | 1,877,445 |
Newport Beach, | |||||
Revenue (Hoag Memorial | |||||
Hospital Presbyterian) | 6.00 | 12/1/40 | 4,630,000 | 5,841,764 | |
Northern California Gas Authority | |||||
Number 1, Gas Project Revenue | 0.96 | 7/1/27 | 660,000 | f | 538,072 |
Oakland Unified School District, | |||||
GO (Build America Bonds) | 9.50 | 8/1/34 | 10,000,000 | 12,138,200 | |
Sacramento Transportation | |||||
Authority, Limited Tax Measure | |||||
A Sales Tax Revenue | 5.00 | 10/1/24 | 1,000,000 | 1,278,660 | |
Sacramento Transportation | |||||
Authority, Limited Tax Measure | |||||
A Sales Tax Revenue | 5.00 | 10/1/26 | 1,250,000 | 1,583,050 | |
San Diego Regional Building | |||||
Authority, LR (County | |||||
Operations Center and Annex | |||||
Redevelopment Project) | 5.38 | 2/1/36 | 2,000,000 | 2,301,480 | |
San Diego Unified School District, | |||||
GO | 0.00 | 7/1/25 | 4,000,000 | e | 2,527,760 |
San Francisco City and County | |||||
Redevelopment Financing | |||||
Authority, Tax Allocation | |||||
Revenue (San Francisco | |||||
Redevelopment Projects) | 6.63 | 8/1/41 | 1,250,000 | 1,507,138 | |
San Jose, | |||||
Airport Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 6.60 | 3/1/41 | 10,000,000 | 11,170,400 | |
South Bayside Waste Management | |||||
Authority, Solid Waste | |||||
Enterprise Revenue (Shoreway | |||||
Environmental Center) | 6.00 | 9/1/36 | 1,000,000 | 1,138,500 | |
West Contra Costa Unified School | |||||
District, GO (Build America | |||||
Bonds) | 8.46 | 8/1/34 | 9,250,000 | 11,581,740 | |
Colorado--.5% | |||||
Colorado Health Facilities | |||||
Authority, Revenue (Catholic | |||||
Health Initiatives) | 6.00 | 10/1/23 | 500,000 | 618,145 | |
Denver City and County, | |||||
Airport System Revenue | 5.00 | 11/15/21 | 1,500,000 | 1,836,240 | |
Denver City and County, | |||||
Airport System Revenue |
(Insured: Assured Guaranty | |||||
Municipal Corp. and National | |||||
Public Finance Guarantee Corp.) | 5.25 | 11/15/19 | 1,000,000 | 1,171,540 | |
Connecticut--1.1% | |||||
Bridgeport, | |||||
GO | 5.00 | 2/15/32 | 2,175,000 | 2,491,549 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Yale University Issue) | 5.05 | 7/1/42 | 5,000,000 | 5,774,150 | |
District of Columbia--.7% | |||||
District of Columbia, | |||||
Revenue (Friendship Public | |||||
Charter School, Inc. Issue) | 5.00 | 6/1/32 | 3,000,000 | 3,214,650 | |
District of Columbia, | |||||
Revenue (Friendship Public | |||||
Charter School, Inc. Issue) | 5.00 | 6/1/42 | 2,000,000 | 2,101,220 | |
Florida--2.5% | |||||
Brevard County Health Facilities | |||||
Authority, Health Facilities | |||||
Revenue (Health First, Inc. | |||||
Project) | 7.00 | 4/1/39 | 1,500,000 | 1,890,690 | |
Florida Municipal Power Agency, | |||||
All-Requirements Power Supply | |||||
Project Revenue | 6.25 | 10/1/31 | 1,000,000 | 1,236,390 | |
Jacksonville, | |||||
Better Jacksonville Sales Tax | |||||
Revenue | 5.00 | 10/1/30 | 500,000 | 600,895 | |
Miami Beach Health Facilities | |||||
Authority, HR (Mount Sinai | |||||
Medical Center of Florida) | 5.00 | 11/15/29 | 1,000,000 | 1,130,760 | |
Miami-Dade County, | |||||
Aviation Revenue (Miami | |||||
International Airport) | 5.50 | 10/1/41 | 1,200,000 | 1,414,020 | |
Miami-Dade County Educational | |||||
Facilities Authority, Revenue | |||||
(University of Miami Issue) | |||||
(Insured; Berkshire Hathaway | |||||
Assurance Corporation) | 5.50 | 4/1/38 | 600,000 | 668,418 | |
Miami-Dade County Expressway | |||||
Authority, Toll System Revenue | 5.00 | 7/1/40 | 650,000 | 728,000 | |
Orlando-Orange County Expressway | |||||
Authority, Revenue | 5.00 | 7/1/35 | 7,500,000 | b | 8,649,150 |
Sarasota County Public Hospital | |||||
District, HR (Sarasota | |||||
Memorial Hospital Project) | 5.63 | 7/1/39 | 2,000,000 | 2,258,660 | |
Georgia--2.1% | |||||
Burke County Development | |||||
Authority, PCR (Oglethorpe | |||||
Power Corporation Vogtle | |||||
Project) | 7.00 | 1/1/23 | 1,000,000 | 1,205,420 | |
Chatham County Hospital Authority, | |||||
HR Improvement (Memorial | |||||
Health University Medical | |||||
Center, Inc.) (Prerefunded) | 5.75 | 1/1/14 | 2,140,000 | a | 2,264,548 |
DeKalb County, |
GO | 5.00 | 1/1/19 | 500,000 | 521,465 | |
DeKalb County, | |||||
GO (Special Transportation, | |||||
Parks and Greenspace and | |||||
Libraries Tax District) | 5.00 | 12/1/18 | 750,000 | 832,845 | |
DeKalb County, | |||||
Water and Sewerage Revenue | 5.25 | 10/1/41 | 9,000,000 | 10,618,650 | |
Hawaii--5.5% | |||||
Hawaii, | |||||
GO | 5.00 | 12/1/29 | 5,000,000 | 6,209,250 | |
Hawaii Department of Budget and | |||||
Finance, Special Purpose | |||||
Revenue (Hawaiian Electric | |||||
Company, Inc. and Subsidiary | |||||
Projects) | 6.50 | 7/1/39 | 6,000,000 | 7,108,500 | |
Hawaii Department of Budget and | |||||
Finance, Special Purpose | |||||
Senior Living Revenue (Kahala | |||||
Nui) | 5.13 | 11/15/32 | 1,000,000 | 1,088,640 | |
Hawaii Department of Budget and | |||||
Finance, Special Purpose | |||||
Senior Living Revenue (Kahala | |||||
Nui) | 5.25 | 11/15/37 | 1,000,000 | 1,090,240 | |
JPMorgan Chase Putters/Drivers | |||||
Trust (Hawaii, GO) | 5.00 | 12/1/19 | 20,000,000 | c,d | 25,331,198 |
Idaho--.7% | |||||
University of Idaho Regents, | |||||
General Revenue | 5.25 | 4/1/21 | 4,420,000 | 5,310,939 | |
Illinois--3.3% | |||||
Chicago, | |||||
General Airport Third Lien | |||||
Revenue (Chicago O'Hare | |||||
International Airport) | 5.75 | 1/1/39 | 2,500,000 | 3,021,250 | |
Chicago, | |||||
General Airport Third Lien | |||||
Revenue (Chicago O'Hare | |||||
International Airport) | 6.50 | 1/1/41 | 5,000,000 | 6,560,750 | |
Cook County, | |||||
GO | 5.00 | 11/15/29 | 4,000,000 | 4,827,320 | |
Cook County, | |||||
GO | 5.00 | 11/15/33 | 2,300,000 | 2,724,971 | |
Illinois Finance Authority, | |||||
Revenue (Lutheran Home and | |||||
Services Obligated Group) | 5.63 | 5/15/42 | 3,000,000 | 3,122,670 | |
Illinois Finance Authority, | |||||
Revenue (Lutheran Home and | |||||
Services Obligated Group) | 5.75 | 5/15/46 | 1,750,000 | 1,825,127 | |
Illinois Finance Authority, | |||||
Revenue (The Art Institute of | |||||
Chicago) | 6.00 | 3/1/38 | 1,000,000 | 1,165,180 | |
Metropolitan Pier and Exposition | |||||
Authority, Revenue (McCormick | |||||
Place Expansion Project) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 6/15/26 | 2,000,000 | e | 1,183,080 |
Kentucky--.2% | ||||
Kentucky Property and Buildings | ||||
Commission, Revenue (Project | ||||
Number 90) | 5.38 | 11/1/23 | 1,500,000 | 1,831,755 |
Louisiana--2.2% | ||||
Jefferson Parish Hospital Service | ||||
District Number 2, HR (East | ||||
Jefferson General Hospital) | 6.25 | 7/1/31 | 5,000,000 | 6,009,900 |
Louisiana Citizens Property | ||||
Insurance Corporation, | ||||
Assessment Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 6.13 | 6/1/25 | 4,000,000 | 4,952,640 |
Louisiana Public Facilities | ||||
Authority, Revenue (CHRISTUS | ||||
Health Obligated Group) | 6.00 | 7/1/29 | 1,000,000 | 1,192,880 |
New Orleans Aviation Board, | ||||
Revenue (Insured; Assured | ||||
Guaranty Municipal Corp.) | 6.00 | 1/1/23 | 2,000,000 | 2,432,560 |
Saint Charles Parish, | ||||
Gulf Opportunity Zone Revenue | ||||
(Valero Project) | 4.00 | 6/1/22 | 1,750,000 | 1,948,870 |
Maine--1.1% | ||||
Maine Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue | ||||
(MaineGeneral Medical Center | ||||
Issue) | 6.00 | 7/1/26 | 825,000 | 999,966 |
Maine Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue | ||||
(MaineGeneral Medical Center | ||||
Issue) | 6.75 | 7/1/41 | 2,500,000 | 3,069,850 |
Maine Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue | ||||
(MaineGeneral Medical Center | ||||
Issue) | 7.00 | 7/1/41 | 3,500,000 | 4,361,840 |
Maryland--5.5% | ||||
Maryland, | ||||
GO (State and Local Facilities | ||||
Loan) | 4.00 | 3/15/25 | 27,810,000 | 32,542,428 |
Maryland Economic Development | ||||
Corporation, EDR (Terminal | ||||
Project) | 5.75 | 6/1/35 | 3,500,000 | 4,005,750 |
Maryland Economic Development | ||||
Corporation, Port Facilities | ||||
Revenue (CNX Marine Terminals | ||||
Inc. Port of Baltimore | ||||
Facility) | 5.75 | 9/1/25 | 1,000,000 | 1,105,070 |
Maryland Health and Higher | ||||
Educational Facilities | ||||
Authority, Revenue (Anne | ||||
Arundel Health System Issue) | 6.75 | 7/1/29 | 2,000,000 | 2,508,320 |
Maryland Health and Higher | ||||
Educational Facilities |
Authority, Revenue (University | |||||
of Maryland Medical System | |||||
Issue) | 5.13 | 7/1/39 | 250,000 | 279,705 | |
Massachusetts--6.6% | |||||
JPMorgan Chase Putters/Drivers | |||||
Trust (Massachusetts, GO | |||||
Consolidated Loan) | 5.00 | 4/1/19 | 15,000,000 | c,d | 18,960,150 |
Massachusetts Development Finance | |||||
Agency, Revenue (Tufts Medical | |||||
Center Issue) | 7.25 | 1/1/32 | 3,090,000 | 3,979,117 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Tufts Medical | |||||
Center Issue) | 6.75 | 1/1/36 | 1,165,000 | 1,451,450 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Tufts Medical | |||||
Center Issue) | 6.88 | 1/1/41 | 1,000,000 | 1,234,670 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 7.50 | 10/1/22 | 500,000 | 636,730 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 8.00 | 10/1/39 | 2,000,000 | 2,341,580 | |
Massachusetts School Building | |||||
Authority, Senior Dedicated | |||||
Sales Tax Revenue | 5.00 | 8/15/27 | 6,000,000 | 7,610,700 | |
Massachusetts School Building | |||||
Authority, Senior Dedicated | |||||
Sales Tax Revenue | 5.00 | 8/15/30 | 10,000,000 | 12,529,700 | |
Massachusetts Water Pollution | |||||
Abatement Trust, Water | |||||
Pollution Abatement Revenue | |||||
(MWRA Program) | 5.75 | 8/1/29 | 50,000 | 50,208 | |
Michigan--1.7% | |||||
Detroit, | |||||
Water Supply System Second | |||||
Lien Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.00 | 7/1/22 | 950,000 | 1,046,406 | |
Michigan Building Authority, | |||||
Revenue (Facilities Program) | 5.38 | 10/15/41 | 3,000,000 | 3,601,920 | |
Michigan Finance Authority, | |||||
Revenue (School District of | |||||
the City of Detroit) | 5.00 | 6/1/19 | 1,000,000 | 1,165,360 | |
Michigan Finance Authority, | |||||
Revenue (School District of | |||||
the City of Detroit) | 5.00 | 6/1/20 | 500,000 | 584,660 | |
Michigan Strategic Fund, | |||||
LOR (State of Michigan | |||||
Cadillac Place Office Building | |||||
Project) | 5.25 | 10/15/31 | 5,500,000 | 6,441,435 | |
Minnesota--4.9% | |||||
JPMorgan Chase Putters/Drivers | |||||
Trust (Minnesota, GO (Various | |||||
Purpose)) | 5.00 | 8/1/18 | 17,125,000 | c,d | 22,007,992 |
JPMorgan Chase Putters/Drivers | |||||
Trust (Minnesota, GO (Various | |||||
Purpose)) | 5.00 | 8/1/18 | 10,000,000 | c,d | 12,926,200 |
Minneapolis, | |||||
Health Care System Revenue | |||||
(Fairview Health Services) | 6.63 | 11/15/28 | 1,000,000 | 1,222,990 | |
Mississippi--.2% | |||||
Warren County, | |||||
Gulf Opportunity Zone Revenue | |||||
(International Paper Company | |||||
Projects) | 5.80 | 5/1/34 | 1,500,000 | 1,722,615 | |
Nevada--1.6% | |||||
Clark County, | |||||
Airport System Revenue (Build | |||||
America Bonds) | 6.88 | 7/1/42 | 10,000,000 | 11,684,700 | |
New Jersey--4.7% | |||||
New Jersey, | |||||
COP (Equipment Lease Purchase | |||||
Agreement) | 5.25 | 6/15/28 | 1,000,000 | 1,152,930 | |
New Jersey Economic Development | |||||
Authority, Cigarette Tax | |||||
Revenue | 5.00 | 6/15/26 | 2,500,000 | 2,922,800 | |
New Jersey Economic Development | |||||
Authority, Cigarette Tax | |||||
Revenue | 5.00 | 6/15/28 | 2,000,000 | 2,316,260 | |
New Jersey Educational Facilities | |||||
Authority, Revenue (University | |||||
of Medicine and Dentistry of | |||||
New Jersey Issue) | 7.50 | 12/1/32 | 2,000,000 | 2,562,840 | |
New Jersey Health Care Facilities | |||||
Financing Authority, Revenue | |||||
(Saint Peter's University | |||||
Hospital Obligated Group Issue) | 6.00 | 7/1/26 | 2,500,000 | 2,949,800 | |
New Jersey Health Care Facilities | |||||
Financing Authority, Revenue | |||||
(Saint Peter's University | |||||
Hospital Obligated Group Issue) | 6.25 | 7/1/35 | 1,500,000 | 1,766,430 | |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) | 0.00 | 12/15/29 | 5,000,000 | e | 2,591,000 |
New Jersey Turnpike Authority, | |||||
Turnpike Revenue | 5.00 | 1/1/29 | 10,000,000 | 12,151,700 | |
New Jersey Turnpike Authority, | |||||
Turnpike Revenue | 5.00 | 1/1/30 | 5,000,000 | 6,051,100 | |
New York--12.7% | |||||
Albany Industrial Development | |||||
Agency, Civic Facility Revenue | |||||
(Saint Peter's Hospital of the | |||||
City of Albany Project) | 5.75 | 11/15/22 | 4,225,000 | 4,921,322 | |
Brooklyn Arena Local Development | |||||
Corporation, PILOT Revenue | |||||
(Barclays Center Project) | 6.00 | 7/15/30 | 8,000,000 | 9,455,840 | |
Hudson Yards Infrastructure | |||||
Corporation, Hudson Yards | |||||
Senior Revenue | 5.75 | 2/15/47 | 5,000,000 | 6,083,750 |
Metropolitan Transportation | |||||
Authority, Transportation | |||||
Revenue | 6.50 | 11/15/28 | 665,000 | 860,650 | |
New York City, | |||||
GO | 6.00 | 10/15/23 | 500,000 | 635,160 | |
New York City Industrial | |||||
Development Agency, PILOT | |||||
Revenue (Queens Baseball | |||||
Stadium Project) (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 6.50 | 1/1/46 | 325,000 | 390,741 | |
New York City Industrial | |||||
Development Agency, PILOT | |||||
Revenue (Yankee Stadium | |||||
Project) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 7.00 | 3/1/49 | 1,300,000 | 1,621,854 | |
New York City Industrial | |||||
Development Agency, PILOT | |||||
Revenue (Yankee Stadium | |||||
Project) (Insured; FGIC) | 2.78 | 3/1/20 | 5,000,000 | f | 4,970,600 |
New York City Industrial | |||||
Development Agency, Senior | |||||
Airport Facilities Revenue | |||||
(Transportation Infrastructure | |||||
Properties, LLC Obligated | |||||
Group) | 5.00 | 7/1/28 | 5,000,000 | 5,361,750 | |
New York City Municipal Water | |||||
Finance Authority, Water and | |||||
Sewer System Revenue | 5.75 | 12/15/16 | 5,090,000 | c,d | 6,304,922 |
New York City Municipal Water | |||||
Finance Authority, Water and | |||||
Sewer System Revenue | 5.75 | 12/15/16 | 9,000,000 | c,d | 11,148,210 |
New York Liberty Development | |||||
Corporation, Liberty Revenue | |||||
(4 World Trade Center Project) | 5.75 | 11/15/51 | 5,000,000 | 6,128,100 | |
New York Liberty Development | |||||
Corporation, Liberty Revenue | |||||
(7 World Trade Center Project) | 5.00 | 3/15/44 | 2,000,000 | 2,223,540 | |
New York State Dormitory | |||||
Authority, Revenue (Yeshiva | |||||
University) | 5.00 | 11/1/40 | 500,000 | 574,155 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (Education) | 5.75 | 3/15/36 | 1,000,000 | 1,260,740 | |
New York State Dormitory | |||||
Authority, Third General | |||||
Resolution Revenue (State | |||||
University Educational | |||||
Facilities Issue) | 5.00 | 11/15/19 | 10,000,000 | c,d | 12,924,500 |
Niagara Area Development | |||||
Corporation, Solid Waste | |||||
Disposal Facility Revenue | |||||
(Covanta Energy Project) | 5.25 | 11/1/42 | 3,500,000 | 3,574,760 | |
Port Authority of New York and New | |||||
Jersey, Special Project | |||||
Revenue (JFK International Air |
Terminal LLC Project) | 6.00 | 12/1/42 | 5,000,000 | 5,981,550 | |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 0.00 | 11/15/27 | 3,200,000 | e | 2,097,792 |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 0.00 | 11/15/28 | 4,815,000 | e | 3,046,980 |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 0.00 | 11/15/30 | 2,515,000 | e | 1,473,589 |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 0.00 | 11/15/32 | 4,000,000 | e | 2,145,760 |
North Carolina--3.7% | |||||
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue | 5.00 | 1/1/26 | 11,415,000 | 13,250,760 | |
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 6.00 | 1/1/19 | 250,000 | 285,515 | |
North Carolina Medical Care | |||||
Commission, Health Care | |||||
Facilities Revenue (Novant | |||||
Health Inc.) (Insured; | |||||
Berkshire Hathaway Assurance | |||||
Corporation) | 5.00 | 11/1/39 | 12,130,000 | 13,548,482 | |
Ohio--.2% | |||||
Montgomery County, | |||||
Revenue (Catholic Health | |||||
Initiatives) | 6.25 | 10/1/33 | 1,000,000 | 1,216,060 | |
Oregon--.3% | |||||
Oregon Health and Science | |||||
University, Revenue | 5.75 | 7/1/39 | 2,000,000 | 2,350,580 | |
Pennsylvania--.9% | |||||
Clairton Municipal Authority, | |||||
Sewer Revenue | 5.00 | 12/1/37 | 2,000,000 | 2,123,700 | |
Clairton Municipal Authority, | |||||
Sewer Revenue | 5.00 | 12/1/42 | 1,000,000 | 1,059,430 | |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(The Foundation for Indiana | |||||
University of Pennsylvania | |||||
Student Housing Project at | |||||
Indiana University of | |||||
Pennsylvania) | 5.00 | 7/1/32 | 650,000 | 726,836 | |
Pennsylvania Higher Educational | |||||
Facilities Authority, Revenue | |||||
(University of Pennsylvania | |||||
Health System) | 5.75 | 8/15/41 | 2,550,000 | 3,074,025 | |
Texas--11.4% | |||||
Central Texas Regional Mobility | |||||
Authority, Senior Lien Revenue | 6.00 | 1/1/41 | 5,000,000 | 5,966,750 | |
Clifton Higher Education Finance | |||||
Corporation, Education |
Revenue (IDEA Public Schools) | 5.50 | 8/15/31 | 1,250,000 | 1,392,487 |
Clifton Higher Education Finance | ||||
Corporation, Education Revenue | ||||
(IDEA Public Schools) | 5.00 | 8/15/32 | 2,000,000 | 2,201,580 |
Clifton Higher Education Finance | ||||
Corporation, Education | ||||
Revenue (IDEA Public Schools) | 5.75 | 8/15/41 | 1,000,000 | 1,118,970 |
Clifton Higher Education Finance | ||||
Corporation, Education Revenue | ||||
(IDEA Public Schools) | 5.00 | 8/15/42 | 2,750,000 | 2,978,497 |
Forney Independent School | ||||
District, Unlimited Tax School | ||||
Building Bonds (Permanent | ||||
School Fund Guarantee Program) | 5.75 | 8/15/33 | 1,000,000 | 1,235,040 |
Harris County Health Facilities | ||||
Development Corporation, HR | ||||
(Memorial Hermann Healthcare | ||||
System) | 7.00 | 12/1/27 | 1,000,000 | 1,259,880 |
Houston, | ||||
Airport System Subordinate | ||||
Lien Revenue | 5.00 | 7/1/32 | 500,000 | 579,825 |
Houston, | ||||
Combined Utility System First | ||||
Lien Revenue | 5.00 | 11/15/30 | 5,000,000 | 6,130,350 |
Houston Higher Education Finance | ||||
Corporation, Higher Education | ||||
Revenue (Cosmos Foundation, | ||||
Inc.) | 5.88 | 5/15/21 | 1,000,000 | 1,163,810 |
Houston Higher Education Finance | ||||
Corporation, Higher Education | ||||
Revenue (Cosmos Foundation, | ||||
Inc.) | 6.50 | 5/15/31 | 2,800,000 | 3,536,848 |
Houston Higher Education Finance | ||||
Corporation, Higher Education | ||||
Revenue (Cosmos Foundation, | ||||
Inc.) | 6.88 | 5/15/41 | 3,000,000 | 3,860,130 |
North Texas Education Finance | ||||
Corporation, Education Revenue | ||||
(Uplift Education) | 4.88 | 12/1/32 | 3,630,000 | 3,902,831 |
North Texas Education Finance | ||||
Corporation, Education Revenue | ||||
(Uplift Education) | 5.13 | 12/1/42 | 1,500,000 | 1,623,690 |
North Texas Tollway Authority, | ||||
First Tier System Revenue | 6.00 | 1/1/38 | 7,000,000 | 8,455,790 |
North Texas Tollway Authority, | ||||
Special Projects System Revenue | 5.50 | 9/1/41 | 2,500,000 | 3,054,325 |
Texas Private Activity Bond | ||||
Surface Transportation | ||||
Corporation, Senior Lien | ||||
Revenue (LBJ Infrastructure | ||||
Group LLC IH-635 Managed Lanes | ||||
Project) | 7.00 | 6/30/40 | 7,000,000 | 8,816,430 |
Texas Private Activity Bond | ||||
Surface Transportation | ||||
Corporation, Senior Lien | ||||
Revenue (NTE Mobility Partners |
LLC North Tarrant Express | |||||
Managed Lanes Project) | 7.50 | 12/31/31 | 2,500,000 | 3,216,700 | |
Texas Transportation Commission, | |||||
Central Texas Turnpike System | |||||
First Tier Revenue | 5.00 | 8/15/41 | 10,000,000 | 11,352,900 | |
Waco Education Finance | |||||
Corporation, Revenue (Baylor | |||||
University Issue) | 5.00 | 3/1/43 | 10,000,000 | 11,822,200 | |
Virginia--3.0% | |||||
Chesapeake, | |||||
Transportation System Senior | |||||
Toll Road Revenue | 0/4.75 | 7/15/32 | 2,200,000 | g | 1,415,480 |
Chesapeake, | |||||
Transportation System Senior | |||||
Toll Road Revenue | 0/4.88 | 7/15/40 | 2,000,000 | g | 1,279,320 |
Chesapeake, | |||||
Transportation System Senior | |||||
Toll Road Revenue | 5.00 | 7/15/47 | 2,000,000 | 2,216,880 | |
Virginia Small Business Financing | |||||
Authority, Senior Lien Revenue | |||||
(95 Express Lanes LLC Project) | 5.00 | 1/1/40 | 3,000,000 | 3,233,670 | |
Virginia Small Business Financing | |||||
Authority, Senior Lien Revenue | |||||
(Elizabeth River Crossing | |||||
Opco, LLC Project) | 5.25 | 1/1/32 | 4,000,000 | 4,462,200 | |
Virginia Small Business Financing | |||||
Authority, Senior Lien Revenue | |||||
(Elizabeth River Crossing | |||||
Opco, LLC Project) | 6.00 | 1/1/37 | 2,000,000 | 2,348,920 | |
Virginia Small Business Financing | |||||
Authority, Senior Lien Revenue | |||||
(Elizabeth River Crossing | |||||
Opco, LLC Project) | 5.50 | 1/1/42 | 6,155,000 | 6,957,181 | |
Washington--1.8% | |||||
Washington, | |||||
GO (Motor Vehicle Fuel Tax) | 4.00 | 8/1/29 | 4,615,000 | 5,328,387 | |
Washington, | |||||
GO (Motor Vehicle Fuel Tax) | 4.00 | 8/1/30 | 7,095,000 | 8,138,462 | |
Wisconsin--.8% | |||||
Oneida Tribe of Indians, | |||||
Retail Sales Revenue | 6.50 | 2/1/31 | 1,325,000 | d | 1,557,471 |
Wisconsin, | |||||
General Fund Annual | |||||
Appropriation Bonds | 5.38 | 5/1/25 | 1,000,000 | 1,231,130 | |
Wisconsin, | |||||
General Fund Annual | |||||
Appropriation Bonds | 5.75 | 5/1/33 | 1,500,000 | 1,864,335 | |
Wisconsin, | |||||
General Fund Annual | |||||
Appropriation Bonds | 6.00 | 5/1/33 | 1,000,000 | 1,255,250 | |
U.S. Related--6.2% | |||||
Guam, | |||||
Business Privilege Tax Revenue | 5.13 | 1/1/42 | 1,500,000 | 1,715,250 | |
Guam, |
Hotel Occupancy Tax Revenue | 6.00 | 11/1/26 | 2,500,000 | 3,015,450 | |
Guam, | |||||
Hotel Occupancy Tax Revenue | 6.13 | 11/1/31 | 5,000,000 | 5,951,800 | |
Guam, | |||||
Hotel Occupancy Tax Revenue | 6.50 | 11/1/40 | 2,000,000 | 2,417,160 | |
Guam Government Department of | |||||
Education, COP (John F. | |||||
Kennedy High School Project) | 6.63 | 12/1/30 | 1,000,000 | 1,109,090 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 6.00 | 7/1/40 | 5,000,000 | 5,482,400 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.00 | 7/1/22 | 2,000,000 | 2,178,140 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/1/17 | 750,000 | 809,873 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.75 | 8/1/32 | 6,000,000 | g | 6,342,900 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.25 | 8/1/33 | 750,000 | g | 672,390 |
Virgin Islands Public Finance | |||||
Authority, Revenue (Gross | |||||
Receipts Taxes Loan Notes) | 4.00 | 10/1/22 | 3,000,000 | 3,199,500 | |
Virgin Islands Public Finance | |||||
Authority, Revenue (Gross | |||||
Receipts Taxes Loan Notes) | 5.25 | 10/1/27 | 4,000,000 | d | 4,036,720 |
Virgin Islands Public Finance | |||||
Authority, Revenue (Gross | |||||
Receipts Taxes Loan Notes) | 5.00 | 10/1/32 | 6,000,000 | 6,751,200 | |
Virgin Islands Public Finance | |||||
Authority, Subordinated | |||||
Revenue (Virgin Islands | |||||
Matching Fund Loan Note - | |||||
Diageo Project) | 6.75 | 10/1/37 | 2,000,000 | 2,391,760 | |
Total Long-Term Municipal Investments | |||||
(cost $705,371,940) | 791,504,451 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--3.3% | Rate (%) | Date | Amount ($) | Value ($) | |
Colorado--.1% | |||||
Colorado Educational and Cultural | |||||
Facilities Authority, Revenue | |||||
(National Jewish Federation | |||||
Bond Program) (LOC; TD Bank) | 0.18 | 12/3/12 | 700,000 | h | 700,000 |
Florida--1.2% | |||||
Orange County School Board, | |||||
COP (Master Lease Purchase | |||||
Agreement) (LOC; Wells Fargo | |||||
Bank) | 0.19 | 12/3/12 | 4,900,000 | h | 4,900,000 |
Pinellas County Health Facilities | |||||
Authority, Health System | |||||
Revenue (Baycare Health System | |||||
Issue) (LOC; U.S. Bancorp) | 0.19 | 12/3/12 | 4,200,000 | h | 4,200,000 |
Indiana--.0%
Indiana Health and Educational | |||||
Facility Financing Authority, | |||||
HR (Howard Regional Health | |||||
System Project) (LOC; Harris | |||||
NA) | 0.17 | 12/3/12 | 100,000 | h | 100,000 |
Iowa--.6% | |||||
Hills, | |||||
Health Facilities Revenue | |||||
(Mercy Hospital Project) (LOC; | |||||
U.S. Bank NA) | 0.19 | 12/3/12 | 1,100,000 | h | 1,100,000 |
Iowa Finance Authority, | |||||
Health Facilities Revenue | |||||
(Great River Medical Center | |||||
Project) (LOC; JPMorgan Chase | |||||
Bank) | 0.19 | 12/3/12 | 1,200,000 | h | 1,200,000 |
Iowa Higher Education Loan | |||||
Authority, Private College | |||||
Faciliity Revenue, Refunding | |||||
(Des Moines University | |||||
Project) (LOC; Allied Irish | |||||
Banks) | 0.19 | 12/3/12 | 1,900,000 | h | 1,900,000 |
Iowa Higher Education Loan | |||||
Authority, Private College | |||||
Facility Revenue (University | |||||
of Dubuque Project) (LOC; | |||||
Northern Trust Company) | 0.19 | 12/3/12 | 100,000 | h | 100,000 |
Kentucky--.0% | |||||
Trimble County, | |||||
Lease Program Revenue | |||||
(Kentucky Association of | |||||
Counties Leasing Trust) (LOC; | |||||
U.S. Bank NA) | 0.18 | 12/3/12 | 100,000 | h | 100,000 |
Massachusetts--.2% | |||||
Massachusetts, | |||||
GO Notes (Central Artery/Ted | |||||
Williams Tunnel Infrastructure | |||||
Loan Act of 2000) (Liquidity | |||||
Facility; U.S. Bank NA) | 0.19 | 12/3/12 | 1,200,000 | h | 1,200,000 |
Michigan--.1% | |||||
Green Lake Township Economic | |||||
Development Corporation, | |||||
Revenue, Refunding | |||||
(Interlochen Center for the | |||||
Arts Project) (LOC; Bank One | |||||
NA) | 0.18 | 12/3/12 | 1,000,000 | h | 1,000,000 |
Missouri--.0% | |||||
Missouri Health and Educational | |||||
Facilities Authority, | |||||
Educational Facilities Revenue | |||||
(Ranken Technology College) | |||||
(LOC; Northern Trust Company) | 0.19 | 12/3/12 | 100,000 | h | 100,000 |
Ohio--.3% | |||||
Cleveland-Cuyahoga County Port | |||||
Authority, Educational | |||||
Facility Revenue (Laurel | |||||
School Project) (LOC; JPMorgan | |||||
Chase Bank) | 0.19 | 12/3/12 | 2,200,000 | h | 2,200,000 |
Pennsylvania--.1% | ||||||
Beaver County Industrial | ||||||
Development Authority, PCR, | ||||||
Refunding (Pennsylvania | ||||||
Electric Company Project) | ||||||
(LOC; UBS Finance LLC) | 0.16 | 12/3/12 | 600,000 | h | 600,000 | |
Vermont--.5% | ||||||
Vermont Educational and Health | ||||||
Buildings Financing Agency, | ||||||
Revenue (Brattleboro Memorial | ||||||
Hospital Project) (LOC; TD | ||||||
Bank) | 0.19 | 12/3/12 | 1,600,000 | h | 1,600,000 | |
Vermont Educational and Health | ||||||
Buildings Financing Agency, | ||||||
Revenue (Southwestern Vermont | ||||||
Medical Center Project) (LOC; | ||||||
TD Bank) | 0.19 | 12/3/12 | 2,200,000 | h | 2,200,000 | |
Washington--.2% | ||||||
Washington Housing Finance | ||||||
Commission, Nonprofit Revenue | ||||||
(Tacoma Art Museum Project) | ||||||
(LOC; Northern Trust Company) | 0.18 | 12/3/12 | 1,300,000 | h | 1,300,000 | |
Wisconsin--.0% | ||||||
Public Finance Authority, | ||||||
Continuing Care Retirement | ||||||
Community Revenue (The | ||||||
Glenridge on Palmer Ranch, | ||||||
Inc. Project) (LOC; Bank of | ||||||
Scotland PLC) | 0.21 | 12/3/12 | 100,000 | h | 100,000 | |
Wisconsin Health and Educational | ||||||
Facilities Authority, Revenue | ||||||
(Alverno College Project) | ||||||
(LOC; Allied Irish Banks) | 0.19 | 12/3/12 | 100,000 | h | 100,000 | |
Total Short-Term Municipal Investments | ||||||
(cost $24,700,000) | 24,700,000 | |||||
Total Investments (cost $747,007,100) | 112.7 | % | 833,585,673 | |||
Liabilities, Less Cash and Receivables | (12.7 | %) | (93,609,686 | ) | ||
Net Assets | 100.0 | % | 739,975,987 |
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 | Purchased on a delayed delivery basis. |
c | Collateral for floating rate borrowings. |
d | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be |
resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, these | |
securities were valued at $127,558,963 or 17.2% of net assets. | |
e | Security issued with a zero coupon. Income is recognized through the accretion of discount. |
f | Variable rate security--interest rate subject to periodic change. |
g | Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
h | Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At November 30, 2012, net unrealized appreciation on investments was $86,578,573 of which $86,578,853 related to appreciated investment securities and $280 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
STATEMENT OF FINANCIAL FUTURES |
November 30, 2012 (Unaudited) |
Unrealized | ||||||
Market Value | Appreciation/ | |||||
Covered by | (Depreciation) | |||||
Contracts | Contracts ($) | Expiration | at 11/30/2012 | |||
Financial Futures Short | ||||||
U.S. Treasury 10 Year Notes | 500 | (67,062,500 | ) | December 2012 | (492,188 | ) |
U.S. Treasury 30 Year Bonds | 300 | (45,421,875 | ) | December 2012 | (187,500 | ) |
U.S. Treasury Ultra 30 Year Bonds | 300 | (50,203,125 | ) | December 2012 | 140,625 | |
Gross Unrealized Appreciation | 140,625 | |||||
Gross Unrealized Depreciation | (679,688 | ) |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Corporate Bonds+ | - | 17,381,222 | - | 17,381,222 |
Municipal Bonds | - | 816,204,451 | - | 816,204,451 |
Other Financial Instruments: | ||||
Financial Futures++ | 140,625 | - | - | 140,625 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Financial Futures++ | (679,688 ) | - | - | (679,688 ) |
+ See Statement of Investments for additional detailed categorizations. |
++ Amount shown represents unrealized appreciation (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. 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 preceding securities are categorized as Level 2 in the 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. 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 recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon National Intermediate Municipal Bond Fund |
November 30, 2012 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments--97.8% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama--1.7% | ||||
Alabama 21st Century Authority, | ||||
Tobacco Settlement Revenue | 5.00 | 6/1/20 | 1,500,000 | 1,846,470 |
Birmingham Special Care Facilities | ||||
Financing Authority-Baptist | ||||
Medical Centers, Revenue | ||||
(Baptist Health System, Inc.) | 5.00 | 11/15/15 | 5,000,000 | 5,419,750 |
Jefferson County, | ||||
Limited Obligation School | ||||
Warrants | 5.25 | 1/1/15 | 1,180,000 | 1,181,357 |
Jefferson County, | ||||
Limited Obligation School | ||||
Warrants | 5.25 | 1/1/16 | 4,810,000 | 4,816,349 |
Jefferson County, | ||||
Limited Obligation School | ||||
Warrants (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.00 | 1/1/24 | 13,325,000 | 13,571,113 |
Montgomery BMC Special Care | ||||
Facilities Financing | ||||
Authority, Revenue (Baptist | ||||
Health) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 11/15/13 | 1,365,000 | 1,422,507 |
Montgomery BMC Special Care | ||||
Facilities Financing | ||||
Authority, Revenue (Baptist | ||||
Health) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 11/15/14 | 2,500,000 | 2,711,025 |
Alaska--1.3% | ||||
Alaska Industrial Development and | ||||
Export Authority, Revolving | ||||
Fund Revenue | 5.25 | 4/1/27 | 2,295,000 | 2,802,402 |
Valdez, | ||||
Marine Terminal Revenue (BP | ||||
Pipelines (Alaska) Inc. | ||||
Project) | 5.00 | 1/1/16 | 5,000,000 | 5,587,600 |
Valdez, | ||||
Marine Terminal Revenue (BP | ||||
Pipelines (Alaska) Inc. | ||||
Project) | 5.00 | 1/1/18 | 8,000,000 | 9,428,400 |
Valdez, | ||||
Marine Terminal Revenue (BP | ||||
Pipelines (Alaska) Inc. | ||||
Project) | 5.00 | 1/1/21 | 5,000,000 | 6,192,600 |
Arizona--3.6% | ||||
Arizona Board of Regents, | ||||
Arizona State University | ||||
System Revenue (Polytechnic | ||||
Campus Project) | 6.00 | 7/1/25 | 2,500,000 | 3,091,250 |
Arizona Board of Regents, | |||||
Arizona State University | |||||
System Revenue (Polytechnic | |||||
Campus Project) | 6.00 | 7/1/26 | 1,000,000 | 1,236,500 | |
Arizona Board of Regents, | |||||
Arizona State University | |||||
System Revenue (Polytechnic | |||||
Campus Project) | 6.00 | 7/1/28 | 1,100,000 | 1,339,558 | |
Arizona Transportation Board, | |||||
Highway Revenue | 5.00 | 7/1/25 | 15,000,000 | 17,175,000 | |
Arizona Transportation Board, | |||||
Highway Revenue | 5.00 | 7/1/26 | 5,000,000 | 5,921,050 | |
Arizona Water Infrastructure | |||||
Finance Authority, Water | |||||
Quality Revenue | 5.00 | 10/1/21 | 3,000,000 | 3,920,760 | |
Glendale, | |||||
Senior Lien Water and Sewer | |||||
Revenue Obligations | 5.00 | 7/1/25 | 6,325,000 | 7,891,386 | |
Glendale, | |||||
Senior Lien Water and Sewer | |||||
Revenue Obligations | 5.00 | 7/1/26 | 4,425,000 | 5,481,867 | |
Phoenix, | |||||
GO | 6.25 | 7/1/16 | 1,250,000 | 1,501,913 | |
Phoenix Civic Improvement | |||||
Corporation, Transit Excise | |||||
Tax Revenue (Light Rail | |||||
Project) (Insured; AMBAC) | 5.00 | 7/1/16 | 6,000,000 | 6,442,860 | |
University Medical Center | |||||
Corporation, HR | 5.25 | 7/1/16 | 2,310,000 | 2,439,060 | |
University of Arizona Board of | |||||
Regents, System Revenue | 6.20 | 6/1/16 | 7,990,000 | 8,691,522 | |
California--16.5% | |||||
Agua Caliente Band, | |||||
Cahuilla Indians Revenue | 5.60 | 7/1/13 | 475,000 | a | 473,827 |
Alameda Corridor Transportation | |||||
Authority, Subordinate Lien | |||||
Revenue (Insured; AMBAC) | 5.25 | 10/1/21 | 5,000,000 | 5,781,600 | |
California, | |||||
Economic Recovery Bonds | 5.00 | 7/1/15 | 2,950,000 | 3,169,716 | |
California, | |||||
GO | 0.84 | 5/1/15 | 7,500,000 | b | 7,506,225 |
California, | |||||
GO | 5.50 | 6/1/20 | 115,000 | 115,477 | |
California, | |||||
GO | 5.25 | 11/1/26 | 10,500,000 | 10,929,135 | |
California, | |||||
GO (Various Purpose) | 5.00 | 9/1/21 | 2,700,000 | 3,465,234 | |
California, | |||||
GO (Various Purpose) | 5.00 | 9/1/21 | 5,000,000 | 6,417,100 | |
California, | |||||
GO (Various Purpose) | 5.25 | 10/1/23 | 5,000,000 | 6,347,100 | |
California, | |||||
GO (Various Purpose) | 5.00 | 9/1/25 | 20,000,000 | 24,756,000 | |
California, |
GO (Various Purpose) | 6.00 | 3/1/33 | 11,445,000 | 14,730,745 | |
California, | |||||
GO (Various Purpose) | 6.50 | 4/1/33 | 3,000,000 | 3,858,300 | |
California, | |||||
GO (Various Purpose) | 5.50 | 3/1/40 | 7,950,000 | 9,601,851 | |
California, | |||||
GO (Various Purpose) | |||||
(Prerefunded) | 5.00 | 2/1/14 | 1,825,000 | c | 1,925,612 |
California Department of Water | |||||
Resources, Power Supply Revenue | 5.00 | 5/1/22 | 5,000,000 | 6,271,850 | |
California Department of Water | |||||
Resources, Power Supply | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.00 | 5/1/21 | 11,985,000 | 14,576,277 | |
California Department of Water | |||||
Resources, Water System | |||||
Revenue (Central Valley | |||||
Project) | 5.00 | 12/1/19 | 5,000,000 | 6,387,050 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Cedars-Sinai Medical Center) | 5.00 | 8/15/18 | 2,500,000 | 2,990,525 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(City of Hope) | 5.00 | 11/15/23 | 1,500,000 | 1,845,255 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(City of Hope) | 5.00 | 11/15/24 | 1,600,000 | 1,957,152 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) | 6.25 | 10/1/24 | 8,500,000 | 10,647,355 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) | 6.25 | 10/1/28 | 4,000,000 | 4,908,400 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) | 6.50 | 10/1/38 | 3,440,000 | 4,240,557 | |
California Health Facilities | |||||
Financing Authority, Revenue | |||||
(Providence Health and | |||||
Services) (Prerefunded) | 6.50 | 10/1/18 | 60,000 | c | 79,361 |
California Infrastructure and | |||||
Economic Development Bank, | |||||
Clean Water State Revolving | |||||
Fund Revenue | 5.00 | 10/1/17 | 2,500,000 | 2,509,975 | |
California Infrastructure and | |||||
Economic Development Bank, | |||||
Revenue (California | |||||
Independent System Operator | |||||
Corporation Project) | 6.00 | 2/1/30 | 8,000,000 | 8,735,680 | |
California State Public Works | |||||
Board, LR (Department of | |||||
General Services) (Capitol | |||||
East End Complex - Blocks |
171-174 and 225) (Insured; | |||||
AMBAC) | 5.25 | 12/1/19 | 5,000,000 | 5,019,350 | |
California State Public Works | |||||
Board, LR (Department of | |||||
General Services) (Capitol | |||||
East End Complex - Blocks | |||||
171-174 and 225) (Insured; | |||||
AMBAC) | 5.00 | 12/1/23 | 4,000,000 | 4,013,040 | |
California State Public Works | |||||
Board, LR (Department of | |||||
Mental Health-Coalinga State | |||||
Hospital) | 5.00 | 6/1/24 | 1,500,000 | 1,579,470 | |
California State Public Works | |||||
Board, LR (Various Capital | |||||
Projects) | 5.00 | 4/1/19 | 8,760,000 | 10,543,536 | |
California State Public Works | |||||
Board, LR (Various Capital | |||||
Projects) | 5.00 | 11/1/19 | 5,000,000 | 6,095,750 | |
California State Public Works | |||||
Board, LR (Various Capital | |||||
Projects) | 5.00 | 10/1/20 | 2,000,000 | 2,464,100 | |
California State Public Works | |||||
Board, LR (Various Capital | |||||
Projects) | 5.00 | 11/1/20 | 1,350,000 | 1,665,373 | |
California Statewide Communities | |||||
Development Authority, | |||||
Mortgage Revenue (Methodist | |||||
Hospital of Southern | |||||
California Project) | |||||
(Collateralized; FHA) | 6.25 | 8/1/24 | 5,000,000 | 6,237,300 | |
California Statewide Communities | |||||
Development Authority, Revenue | |||||
(Saint Joseph Health System) | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 4.50 | 7/1/18 | 3,125,000 | 3,369,187 | |
California Statewide Communities | |||||
Development Authority, Revenue | |||||
(The California Endowment) | 5.25 | 7/1/15 | 1,740,000 | 1,791,278 | |
East Bay Municipal Utility | |||||
District, Water System Revenue | 5.00 | 6/1/22 | 10,000,000 | 13,176,100 | |
Golden State Tobacco | |||||
Securitization Corporation, | |||||
Enhanced Tobacco Settlement | |||||
Asset-Backed Bonds | 5.00 | 6/1/18 | 590,000 | 591,510 | |
Los Angeles County Metropolitan | |||||
Transportation Authority, | |||||
Proposition A First Tier | |||||
Senior Sales Tax Revenue | 5.00 | 7/1/20 | 7,165,000 | d | 8,990,857 |
Los Angeles Department of | |||||
Airports, Senior Revenue (Los | |||||
Angeles International Airport) | 5.25 | 5/15/26 | 15,520,000 | 19,185,203 | |
Los Angeles Unified School | |||||
District, GO (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.00 | 7/1/24 | 2,395,000 | 2,820,065 | |
Los Angeles Unified School | |||||
District, GO (Insured; |
National Public Finance | |||||
Guarantee Corp.) | 5.75 | 7/1/16 | 2,000,000 | 2,368,780 | |
New Haven Unified School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 0.00 | 8/1/33 | 4,000,000 | e | 1,586,640 |
Oakland Joint Powers Financing | |||||
Authority, LR (Oakland | |||||
Convention Centers) (Insured; | |||||
AMBAC) | 5.50 | 10/1/13 | 1,500,000 | 1,539,915 | |
Port of Oakland, | |||||
Revenue | 5.00 | 5/1/18 | 1,835,000 | 2,167,539 | |
Port of Oakland, | |||||
Revenue | 5.00 | 5/1/19 | 2,250,000 | 2,696,985 | |
Port of Oakland, | |||||
Revenue | 5.00 | 5/1/20 | 3,000,000 | 3,648,810 | |
Port of Oakland, | |||||
Revenue | 5.00 | 5/1/21 | 2,785,000 | 3,411,514 | |
Port of Oakland, | |||||
Revenue | 5.00 | 5/1/23 | 1,875,000 | 2,249,194 | |
Sacramento County Water Financing | |||||
Authority, Revenue (Sacramento | |||||
County Water Agency Zones 40 | |||||
and 41 Water System Project) | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 0.83 | 6/1/34 | 8,000,000 | b | 6,802,400 |
Sacramento Municipal Utility | |||||
District, Electric Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 8/15/23 | 6,350,000 | 7,494,715 | |
San Francisco City and County | |||||
Airport Commission, Second | |||||
Series Revenue (San Francisco | |||||
International Airport) | 5.00 | 5/1/25 | 5,000,000 | 6,080,000 | |
San Francisco City and County | |||||
Airport Commission, Second | |||||
Series Revenue (San Francisco | |||||
International Airport) | 5.00 | 5/1/26 | 5,000,000 | 6,047,050 | |
Westside Unified School District, | |||||
GO (Insured; AMBAC) | 6.00 | 8/1/14 | 385,000 | 411,615 | |
Colorado--3.9% | |||||
Colorado Health Facilities | |||||
Authority, Revenue (Catholic | |||||
Health Initiatives) | 6.00 | 10/1/23 | 2,000,000 | 2,472,580 | |
Colorado Health Facilities | |||||
Authority, Revenue (Catholic | |||||
Health Initiatives) | 6.25 | 10/1/33 | 1,600,000 | 1,945,696 | |
Colorado Health Facilities | |||||
Authority, Revenue (Vail | |||||
Valley Medical Center Project) | 5.00 | 1/15/20 | 280,000 | 293,742 | |
Colorado Health Facilities | |||||
Authority, Revenue (Vail | |||||
Valley Medical Center Project) | |||||
(Prerefunded) | 5.00 | 1/15/15 | 970,000 | c | 1,062,858 |
Colorado Housing and Finance | |||||
Authority, Single Family |
Program Senior and Subordinate | |||||
Bonds | 6.75 | 4/1/15 | 15,000 | 15,242 | |
Colorado Housing and Finance | |||||
Authority, Single Family | |||||
Program Senior and Subordinate | |||||
Bonds | 6.05 | 10/1/16 | 20,000 | 20,551 | |
Denver City and County, | |||||
Airport System Revenue | |||||
(Insured: Assured Guaranty | |||||
Municipal Corp. and National | |||||
Public Finance Guarantee Corp.) | 5.25 | 11/15/19 | 4,445,000 | 5,207,495 | |
E-470 Public Highway Authority, | |||||
Senior Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.00 | 9/1/16 | 3,565,000 | 3,911,732 | |
E-470 Public Highway Authority, | |||||
Senior Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.25 | 9/1/16 | 5,000,000 | 5,531,050 | |
E-470 Public Highway Authority, | |||||
Senior Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.00 | 9/1/17 | 3,500,000 | 3,896,340 | |
Northwest Parkway Public Highway | |||||
Authority, Revenue (Insured; | |||||
AMBAC) | 5.70 | 6/15/21 | 7,345,000 | 8,652,337 | |
Northwest Parkway Public Highway | |||||
Authority, Revenue (Insured; | |||||
AMBAC) (Prerefunded) | 5.45 | 6/15/16 | 7,690,000 | c | 8,991,456 |
Northwest Parkway Public Highway | |||||
Authority, Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) (Prerefunded) | 5.55 | 6/15/16 | 10,960,000 | c | 12,853,230 |
Public Authority for Colorado | |||||
Energy, Natural Gas Purchase | |||||
Revenue | 5.75 | 11/15/18 | 2,515,000 | 2,896,450 | |
Public Authority for Colorado | |||||
Energy, Natural Gas Purchase | |||||
Revenue | 6.13 | 11/15/23 | 4,645,000 | 5,788,320 | |
Regional Transportation District, | |||||
COP | 5.00 | 6/1/19 | 1,750,000 | 2,104,340 | |
Regional Transportation District, | |||||
COP | 5.00 | 6/1/20 | 2,700,000 | 3,291,759 | |
Regional Transportation District, | |||||
COP | 5.50 | 6/1/22 | 2,200,000 | 2,690,908 | |
Connecticut--1.4% | |||||
Connecticut, | |||||
GO | 5.00 | 4/15/22 | 5,000,000 | 6,461,850 | |
Connecticut, | |||||
GO | 5.00 | 5/15/23 | 12,500,000 | 15,658,625 | |
Connecticut, | |||||
GO (Insured; AMBAC) | 5.25 | 6/1/18 | 1,500,000 | 1,853,085 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Connecticut State University |
System Issue) (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 5.00 | 11/1/14 | 1,260,000 | 1,372,316 | |
District of Columbia--.7% | |||||
District of Columbia, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 3.41 | 6/1/16 | 5,000,000 | b | 5,298,850 |
Metropolitan Washington Airports | |||||
Authority, Airport System | |||||
Revenue | 5.00 | 10/1/23 | 4,250,000 | 5,103,230 | |
Metropolitan Washington Airports | |||||
Authority, Airport System | |||||
Revenue | 5.00 | 10/1/24 | 2,500,000 | 2,989,825 | |
Florida--7.1% | |||||
Florida Department of | |||||
Transportation, State | |||||
Infrastructure Bank Revenue | 5.00 | 7/1/19 | 4,220,000 | 4,922,841 | |
Florida Department of | |||||
Transportation, State | |||||
Infrastructure Bank Revenue | 5.00 | 7/1/20 | 2,500,000 | 2,899,075 | |
Florida Hurricane Catastrophe Fund | |||||
Finance Corporation, Revenue | 5.00 | 7/1/15 | 10,000,000 | 11,078,300 | |
Florida Municipal Loan Council, | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.75 | 11/1/15 | 55,000 | 55,224 | |
Hillsborough County Aviation | |||||
Authority, Revenue (Tampa | |||||
International Airport) | |||||
(Insured; AMBAC) | 5.13 | 10/1/20 | 3,540,000 | 3,966,004 | |
Hillsborough County Aviation | |||||
Authority, Revenue (Tampa | |||||
International Airport) | |||||
(Insured; AMBAC) | 5.13 | 10/1/21 | 3,675,000 | 4,104,056 | |
Jacksonville, | |||||
Better Jacksonville Sales Tax | |||||
Revenue | 5.00 | 10/1/17 | 2,000,000 | 2,368,420 | |
Jacksonville, | |||||
Better Jacksonville Sales Tax | |||||
Revenue | 5.00 | 10/1/21 | 2,500,000 | 3,177,675 | |
Jacksonville Electric Authority, | |||||
Revenue (Saint Johns River | |||||
Power Park System) | 5.00 | 10/1/18 | 8,500,000 | 10,390,315 | |
Jacksonville Electric Authority, | |||||
Revenue (Saint Johns River | |||||
Power Park System) | 5.00 | 10/1/21 | 2,000,000 | 2,477,340 | |
Jacksonville Electric Authority, | |||||
Revenue (Saint Johns River | |||||
Power Park System) | 5.00 | 10/1/22 | 1,625,000 | 1,997,336 | |
Jacksonville Electric Authority, | |||||
Revenue (Saint Johns River | |||||
Power Park System) | 5.00 | 10/1/24 | 1,000,000 | 1,212,460 | |
Lee County, | |||||
Airport Revenue | 5.50 | 10/1/23 | 2,500,000 | 2,969,850 | |
Lee County, | |||||
Airport Revenue | 5.50 | 10/1/24 | 5,000,000 | 5,882,300 |
Miami-Dade County, | |||||
Subordinate Special Obligation | |||||
Bonds (Insured; National | |||||
Public Finance Guarantee Corp.) | 0/5.00 | 10/1/22 | 2,000,000 | f | 2,090,920 |
Orlando Utilities Commission, | |||||
Utility System Revenue | 3.04 | 10/1/16 | 13,400,000 | b | 14,198,506 |
Orlando Utilities Commission, | |||||
Utility System Revenue | 5.00 | 10/1/21 | 3,000,000 | 3,871,590 | |
Orlando Utilities Commission, | |||||
Utility System Revenue | 5.00 | 10/1/23 | 10,000,000 | 13,128,100 | |
Orlando-Orange County Expressway | |||||
Authority, Revenue | 5.00 | 7/1/35 | 7,500,000 | d | 8,649,150 |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) | 5.25 | 10/1/24 | 1,790,000 | 2,010,707 | |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) | 5.25 | 10/1/25 | 6,170,000 | 6,901,639 | |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) | 5.25 | 10/1/28 | 2,105,000 | 2,324,131 | |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) | 5.25 | 10/1/29 | 1,085,000 | 1,193,706 | |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) (Prerefunded) | 5.25 | 10/1/18 | 245,000 | c | 307,916 |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) (Prerefunded) | 5.25 | 10/1/18 | 240,000 | c | 301,632 |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) (Prerefunded) | 5.25 | 10/1/18 | 210,000 | c | 263,928 |
Sarasota County, | |||||
Revenue (Environmentally | |||||
Sensitive Lands and Parkland | |||||
Program) (Prerefunded) | 5.25 | 10/1/18 | 725,000 | c | 911,180 |
Tallahassee, | |||||
Capital Bonds Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) (Prerefunded) | 5.00 | 10/1/14 | 5,725,000 | c | 6,216,720 |
Tallahassee, | |||||
Capital Bonds Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) (Prerefunded) | 5.00 | 10/1/14 | 3,000,000 | c | 3,257,670 |
Tampa Bay Water, A Regional Water | |||||
Supply Authority, Utility | |||||
System Revenue | 5.00 | 10/1/20 | 5,000,000 | 6,361,150 | |
Georgia--2.2% |
Burke County Development | |||||
Authority, PCR (Georgia Power | |||||
Company Plant Vogtle Project) | 1.40 | 4/1/15 | 5,000,000 | 5,068,600 | |
Burke County Development | |||||
Authority, PCR (Oglethorpe | |||||
Power Corporation Vogtle | |||||
Project) | 7.00 | 1/1/23 | 6,000,000 | 7,232,520 | |
Chatham County Hospital Authority, | |||||
HR Improvement (Memorial | |||||
Health University Medical | |||||
Center, Inc.) (Prerefunded) | 5.75 | 1/1/14 | 5,000,000 | c | 5,291,000 |
Crisp County Development | |||||
Authority, EIR (International | |||||
Paper Company Project) | 5.55 | 2/1/15 | 1,000,000 | 1,090,940 | |
DeKalb County, | |||||
Water and Sewerage Revenue | 5.25 | 10/1/36 | 3,500,000 | 4,144,420 | |
Fulton County Development | |||||
Authority, Revenue (Spelman | |||||
College) | 5.00 | 6/1/24 | 2,010,000 | 2,335,097 | |
Main Street Natural Gas Inc., | |||||
Gas Project Revenue | 6.38 | 7/15/38 | 1,335,000 | g | 499,090 |
Municipal Electric Authority of | |||||
Georgia, GO (Project One | |||||
Subordinated Bonds) | 5.75 | 1/1/20 | 5,000,000 | 6,196,550 | |
Private Colleges and Universities | |||||
Authority, Revenue (Emory | |||||
University) | 5.00 | 9/1/18 | 2,000,000 | 2,238,240 | |
Putnam County Development | |||||
Authority, PCR (Georgia Power | |||||
Company) | 5.10 | 6/1/23 | 6,120,000 | 6,263,269 | |
Hawaii--1.0% | |||||
Hawaii, | |||||
GO | 5.00 | 12/1/16 | 9,830,000 | 11,540,223 | |
Hawaii, | |||||
GO | 5.00 | 12/1/17 | 5,000,000 | 6,042,550 | |
Idaho--.7% | |||||
University of Idaho Regents, | |||||
General Revenue | 5.25 | 4/1/21 | 10,360,000 | 12,448,265 | |
Illinois--5.2% | |||||
Chicago, | |||||
GO | 5.00 | 1/1/20 | 5,000,000 | 6,087,750 | |
Chicago, | |||||
GO (Modern Schools Across | |||||
Chicago Program) (Insured; | |||||
AMBAC) | 5.00 | 12/1/17 | 1,110,000 | 1,276,056 | |
Chicago Metropolitan Water | |||||
Reclamation District, GO | |||||
Capital Improvement | 7.25 | 12/1/12 | 8,500,000 | 8,501,700 | |
Cook County, | |||||
GO | 5.00 | 11/15/25 | 5,000,000 | 6,134,950 | |
Cook County, | |||||
GO Capital Improvement | |||||
(Insured; AMBAC) | 5.00 | 11/15/25 | 5,000,000 | 5,019,500 | |
Illinois, |
GO | 5.00 | 8/1/18 | 16,000,000 | 18,690,080 |
Illinois, | ||||
GO | 5.00 | 8/1/19 | 10,000,000 | 11,791,000 |
Illinois, | ||||
GO | 5.00 | 9/1/19 | 7,500,000 | 8,034,525 |
Illinois, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 1/1/20 | 5,000,000 | 5,944,550 |
Illinois Finance Authority, | ||||
Gas Supply Revenue (The | ||||
Peoples Gas Light and Coke | ||||
Company Project) (Insured; | ||||
AMBAC) | 4.30 | 6/1/16 | 2,500,000 | 2,773,875 |
Railsplitter Tobacco Settlement | ||||
Authority, Tobacco Settlement | ||||
Revenue | 5.00 | 6/1/15 | 3,500,000 | 3,812,095 |
Railsplitter Tobacco Settlement | ||||
Authority, Tobacco Settlement | ||||
Revenue | 6.25 | 6/1/24 | 10,000,000 | 11,346,600 |
Will County Forest Preserve | ||||
District, GO Unlimited Tax | ||||
Bonds | 5.00 | 12/15/20 | 4,000,000 | 5,095,760 |
Indiana--.4% | ||||
Indiana Finance Authority, | ||||
Acquisition Revenue (National | ||||
Collegiate Athletic | ||||
Association Project) | 5.00 | 5/1/15 | 1,000,000 | 1,107,950 |
Indiana Finance Authority, | ||||
State Revolving Fund Program | ||||
Bonds | 5.00 | 2/1/24 | 5,000,000 | 6,390,950 |
Kansas--2.1% | ||||
Kansas Development Finance | ||||
Authority, Revenue (University | ||||
of Kansas Projects) | 4.00 | 5/1/20 | 3,025,000 | 3,607,706 |
Kansas Development Finance | ||||
Authority, Revenue (University | ||||
of Kansas Projects) | 4.00 | 5/1/21 | 3,370,000 | 3,966,962 |
Kansas Development Finance | ||||
Authority, Revenue (University | ||||
of Kansas Projects) | 4.00 | 5/1/24 | 3,850,000 | 4,394,967 |
Wichita, | ||||
Water and Sewer Utility Revenue | 5.00 | 10/1/21 | 7,990,000 | 10,280,733 |
Wichita, | ||||
Water and Sewer Utility Revenue | 5.00 | 10/1/22 | 8,390,000 | 10,636,758 |
Wyandotte County/Kansas City | ||||
Unified Government, Utility | ||||
System Revenue (Insured; AMBAC) | 5.65 | 9/1/22 | 4,700,000 | 5,302,258 |
Kentucky--.2% | ||||
Kentucky Housing Corporation, | ||||
Housing Revenue | 4.80 | 7/1/20 | 2,025,000 | 2,106,668 |
Kentucky Property and Buildings | ||||
Commission, Revenue (Project | ||||
Number 100) | 5.00 | 8/1/21 | 1,785,000 | 2,268,128 |
Louisiana--2.6% | ||||
Jefferson Sales Tax District, |
Special Sales Tax Revenue | |||||
(Insured; AMBAC) | 5.25 | 12/1/21 | 4,000,000 | 4,761,800 | |
Louisiana, | |||||
Gasoline and Fuels Tax Second | |||||
Lien Revenue | 0.91 | 6/1/13 | 5,000,000 | b | 5,006,650 |
Louisiana Citizens Property | |||||
Insurance Corporation, | |||||
Assessment Revenue (Insured; | |||||
AMBAC) | 5.25 | 6/1/13 | 4,000,000 | 4,086,880 | |
Louisiana Citizens Property | |||||
Insurance Corporation, | |||||
Assessment Revenue (Insured; | |||||
AMBAC) | 5.00 | 6/1/21 | 5,500,000 | 6,097,410 | |
Louisiana Citizens Property | |||||
Insurance Corporation, | |||||
Assessment Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 6.13 | 6/1/25 | 14,500,000 | 17,953,320 | |
Louisiana Local Government | |||||
Environmental Facilities and | |||||
Community Development | |||||
Authority, Revenue (Louisiana | |||||
Community and Technical | |||||
College System Facilities | |||||
Corporation Project) | 5.00 | 10/1/22 | 5,000,000 | 6,105,100 | |
Louisiana Public Facilities | |||||
Authority, Revenue (CHRISTUS | |||||
Health Obligated Group) | 6.00 | 7/1/29 | 2,000,000 | 2,385,760 | |
Maine--.1% | |||||
Maine Housing Authority, | |||||
Mortgage Purchase Bonds | 4.75 | 11/15/21 | 2,450,000 | 2,581,491 | |
Maryland--.3% | |||||
Howard County, | |||||
Consolidated Public | |||||
Improvement GO | 5.00 | 8/15/17 | 5,030,000 | 6,057,227 | |
Massachusetts--2.0% | |||||
Massachusetts, | |||||
Consolidated Loan (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.50 | 10/1/20 | 3,285,000 | 4,335,477 | |
Massachusetts, | |||||
GO | 0.67 | 11/1/18 | 2,000,000 | b | 2,003,080 |
Massachusetts Development Finance | |||||
Agency, Revenue (Combined | |||||
Jewish Philanthropies of | |||||
Greater Boston, Inc. Project) | 4.75 | 2/1/15 | 1,935,000 | 2,013,019 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Olin College | |||||
Issue) (Insured; XLCA) | 5.25 | 7/1/33 | 8,050,000 | 8,236,197 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 7.50 | 10/1/22 | 2,000,000 | 2,546,920 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons |
College Issue) | 8.00 | 10/1/29 | 5,000,000 | 5,853,950 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 8.00 | 10/1/39 | 1,500,000 | 1,756,185 | |
Massachusetts Housing Finance | |||||
Agency, Housing Revenue | 5.13 | 12/1/34 | 350,000 | 356,156 | |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; AMBAC) | 5.00 | 8/15/20 | 6,000,000 | 7,140,960 | |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.00 | 8/15/30 | 60,000 | 66,353 | |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | |||||
(Prerefunded) | 5.00 | 8/15/15 | 190,000 | c | 213,562 |
Massachusetts School Building | |||||
Authority, Dedicated Sales Tax | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | |||||
(Prerefunded) | 5.00 | 8/15/15 | 1,250,000 | c | 1,404,300 |
Massachusetts Water Pollution | |||||
Abatement Trust (Pool Program) | 5.25 | 8/1/17 | 275,000 | 297,187 | |
Massachusetts Water Pollution | |||||
Abatement Trust, Water | |||||
Pollution Abatement Revenue | |||||
(MWRA Program) | 5.75 | 8/1/29 | 380,000 | 381,585 | |
Michigan--.5% | |||||
Detroit, | |||||
Water Supply System Second | |||||
Lien Revenue (Insured; FGIC) | 5.75 | 7/1/22 | 7,000,000 | 8,218,910 | |
Michigan Municipal Bond Authority, | |||||
Drinking Water Revolving Fund | |||||
Revenue | 5.50 | 10/1/15 | 1,000,000 | 1,141,230 | |
Minnesota--1.3% | |||||
Minneapolis, | |||||
Health Care System Revenue | |||||
(Fairview Health Services) | 6.63 | 11/15/28 | 12,000,000 | 14,675,880 | |
Minnesota Higher Education | |||||
Facilities Authority, Revenue | |||||
(Macalester College) | 5.00 | 3/1/14 | 1,410,000 | 1,490,553 | |
University of Minnesota Regents, | |||||
Special Purpose Revenue (State | |||||
Supported Stadium Debt) | 5.00 | 8/1/19 | 6,300,000 | 7,304,535 | |
Mississippi--.1% | |||||
Mississippi Home Corporation, | |||||
SFMR (Collateralized: FHLMC, | |||||
FNMA and GNMA) | 4.38 | 12/1/18 | 1,510,000 | 1,646,670 | |
Mississippi State University | |||||
Educational Building | |||||
Corporation, Revenue (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.25 | 8/1/16 | 400,000 | 465,736 |
Missouri--.1% | |||||
Missouri Environmental Improvement | |||||
and Energy Resource Authority, | |||||
Water PCR (State Revolving | |||||
Fund Program - Master Trust) | 5.50 | 7/1/14 | 1,250,000 | 1,332,038 | |
Missouri Housing Development | |||||
Commission, SFMR | |||||
(Homeownership Loan Program) | |||||
(Collateralized: FNMA and GNMA) | 5.05 | 9/1/24 | 565,000 | 565,859 | |
Nebraska--.1% | |||||
Nebraska Investment Finance | |||||
Authority, SFHR | |||||
(Collateralized: FHLMC, FNMA | |||||
and GNMA) | 4.70 | 9/1/21 | 555,000 | 577,289 | |
Omaha City, | |||||
GO (City of Omaha Convention | |||||
Center/Arena Project) | 6.50 | 12/1/16 | 1,000,000 | 1,233,090 | |
Nevada--1.5% | |||||
Clark County, | |||||
Highway Revenue (Motor Vehicle | |||||
Fuel Tax) | 5.00 | 7/1/28 | 10,000,000 | 11,651,200 | |
Clark County School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 6/15/20 | 12,930,000 | 15,281,579 | |
New Hampshire--.1% | |||||
New Hampshire Business Finance | |||||
Authority, PCR (Central Maine | |||||
Power Company) | 5.38 | 5/1/14 | 1,000,000 | 1,055,220 | |
New Jersey--3.8% | |||||
Garden State Preservation Trust, | |||||
Open Space and Farmland | |||||
Preservation Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 5.13 | 11/1/16 | 1,000,000 | 1,175,230 | |
Garden State Preservation Trust, | |||||
Open Space and Farmland | |||||
Preservation Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) (Prerefunded) | 5.80 | 11/1/15 | 5,000,000 | c | 5,772,600 |
Garden State Preservation Trust, | |||||
Open Space and Farmland | |||||
Preservation Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) (Prerefunded) | 5.80 | 11/1/15 | 5,000,000 | c | 5,772,600 |
Garden State Preservation Trust, | |||||
Open Space and Farmland | |||||
Preservation Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) (Prerefunded) | 5.80 | 11/1/15 | 5,000,000 | c | 5,772,600 |
Garden State Preservation Trust, | |||||
Open Space and Farmland | |||||
Preservation Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) (Prerefunded) | 5.80 | 11/1/15 | 2,500,000 | c | 2,886,300 |
New Jersey Economic Development | |||||
Authority, Cigarette Tax |
Revenue | 5.38 | 6/15/15 | 4,400,000 | 4,952,640 | |
New Jersey Economic Development | |||||
Authority, School Facilities | |||||
Construction Revenue | 2.05 | 2/1/18 | 10,000,000 | b | 10,355,000 |
New Jersey Economic Development | |||||
Authority, School Facilities | |||||
Construction Revenue | |||||
(Prerefunded) | 5.00 | 3/1/15 | 2,000,000 | c | 2,202,680 |
New Jersey Economic Development | |||||
Authority, School Facilities | |||||
Construction Revenue | |||||
(Prerefunded) | 5.00 | 3/1/15 | 1,000,000 | c | 1,102,290 |
New Jersey Educational Facilities | |||||
Authority, Revenue (University | |||||
of Medicine and Dentistry of | |||||
New Jersey Issue) | 7.50 | 12/1/32 | 3,750,000 | 4,805,325 | |
New Jersey Health Care Facilities | |||||
Financing Authority, Revenue | |||||
(Barnabas Health Issue) | 5.00 | 7/1/22 | 1,830,000 | 2,216,057 | |
New Jersey Health Care Facilities | |||||
Financing Authority, Revenue | |||||
(Barnabas Health Issue) | 5.00 | 7/1/24 | 1,000,000 | 1,201,520 | |
New Jersey Health Care Facilities | |||||
Financing Authority, Revenue | |||||
(Meridian Health System | |||||
Obligated Group Issue) | 5.00 | 7/1/19 | 2,000,000 | 2,383,460 | |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) | 0.00 | 12/15/29 | 10,000,000 | e | 5,182,000 |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) | 5.50 | 6/15/31 | 5,000,000 | 6,171,000 | |
New Jersey Turnpike Authority, | |||||
Turnpike Revenue | 5.00 | 1/1/20 | 5,000,000 | 6,215,900 | |
New Mexico--.4% | |||||
New Mexico Finance Authority, | |||||
Revenue (Public Project | |||||
Revolving Fund) (Insured; | |||||
AMBAC) | 5.25 | 6/1/17 | 1,000,000 | 1,072,220 | |
New Mexico Finance Authority, | |||||
State Transportation Senior | |||||
Lien Revenue | 5.00 | 6/15/18 | 5,000,000 | 6,139,450 | |
New York--7.0% | |||||
Albany Industrial Development | |||||
Agency, Civic Facility Revenue | |||||
(Saint Peter's Hospital of the | |||||
City of Albany Project) | 5.75 | 11/15/22 | 1,000,000 | 1,164,810 | |
Greece Central School District, | |||||
GO (Insured; FGIC) | 6.00 | 6/15/13 | 950,000 | 979,858 | |
Greece Central School District, | |||||
GO (Insured; FGIC) | 6.00 | 6/15/14 | 950,000 | 1,033,628 | |
Greece Central School District, | |||||
GO (Insured; FGIC) | 6.00 | 6/15/15 | 950,000 | 1,085,100 | |
Metropolitan Transportation | |||||
Authority, Dedicated Tax Fund |
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 11/15/28 | 2,880,000 | 3,322,339 |
Metropolitan Transportation | ||||
Authority, State Service | ||||
Contract Revenue | 5.75 | 1/1/18 | 1,500,000 | 1,843,665 |
Metropolitan Transportation | ||||
Authority, Transportation | ||||
Revenue | 5.00 | 11/15/24 | 5,000,000 | 5,819,900 |
Metropolitan Transportation | ||||
Authority, Transportation | ||||
Revenue | 6.50 | 11/15/28 | 12,000,000 | 15,530,520 |
New York City, | ||||
GO | 5.13 | 12/1/24 | 5,000,000 | 5,991,800 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Subordinate Revenue | 5.00 | 2/1/23 | 13,000,000 | 16,404,830 |
New York Liberty Development | ||||
Corporation, Revenue (Goldman | ||||
Sachs Headquarters Issue) | 5.00 | 10/1/15 | 1,000,000 | 1,113,200 |
New York State Dormitory | ||||
Authority, Revenue | ||||
(Consolidated City University | ||||
System) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.75 | 7/1/18 | 200,000 | 233,404 |
New York State Dormitory | ||||
Authority, State Personal | ||||
Income Tax Revenue (General | ||||
Purpose) | 5.00 | 12/15/24 | 7,000,000 | 9,010,680 |
New York State Dormitory | ||||
Authority, State Personal | ||||
Income Tax Revenue (General | ||||
Purpose) | 5.00 | 12/15/25 | 8,000,000 | 10,254,880 |
New York State Dormitory | ||||
Authority, Third General | ||||
Resolution Revenue (State | ||||
University Educational | ||||
Facilities Issue) | 5.00 | 5/15/24 | 5,000,000 | 6,410,800 |
New York State Dormitory | ||||
Authority, Third General | ||||
Resolution Revenue (State | ||||
University Educational | ||||
Facilities Issue) | 5.00 | 5/15/25 | 3,000,000 | 3,811,740 |
New York State Thruway Authority, | ||||
Second General Highway and | ||||
Bridge Trust Fund Bonds | 5.00 | 4/1/16 | 5,000,000 | 5,733,200 |
New York State Thruway Authority, | ||||
Second General Highway and | ||||
Bridge Trust Fund Bonds | 5.00 | 4/1/21 | 5,000,000 | 5,934,050 |
New York State Thruway Authority, | ||||
Second General Highway and | ||||
Bridge Trust Fund Bonds | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 4/1/24 | 4,500,000 | 5,264,595 |
Port Authority of New York and New | ||||
Jersey (Consolidated Bonds, | ||||
139th Series) (Insured; |
National Public Finance | |||||
Guarantee Corp. ) | 5.00 | 10/1/16 | 5,440,000 | 6,034,973 | |
Tobacco Settlement Financing | |||||
Corporation of New York, | |||||
Asset-Backed Revenue Bonds | |||||
(State Contingency Contract | |||||
Secured) | 5.50 | 6/1/19 | 5,000,000 | 5,129,100 | |
Tobacco Settlement Financing | |||||
Corporation of New York, | |||||
Asset-Backed Revenue Bonds | |||||
(State Contingency Contract | |||||
Secured) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.50 | 6/1/18 | 175,000 | 175,765 | |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 4.00 | 11/15/18 | 12,150,000 | 14,269,325 | |
North Carolina--3.4% | |||||
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue | 5.00 | 1/1/17 | 8,000,000 | 9,290,240 | |
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue | 5.00 | 1/1/17 | 8,050,000 | 9,195,193 | |
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue | 5.25 | 1/1/20 | 5,000,000 | 5,983,900 | |
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue | 5.00 | 1/1/26 | 18,000,000 | 20,894,760 | |
North Carolina Eastern Municipal | |||||
Power Agency, Power System | |||||
Revenue (Prerefunded) | 5.38 | 1/1/13 | 1,500,000 | c | 1,506,585 |
North Carolina Municipal Power | |||||
Agency Number 1, Catawba | |||||
Electric Revenue | 5.50 | 1/1/13 | 1,415,000 | 1,421,438 | |
North Carolina Municipal Power | |||||
Agency Number 1, Catawba | |||||
Electric Revenue | 5.00 | 1/1/24 | 5,500,000 | 6,487,580 | |
Wake County, | |||||
LOR | 5.00 | 1/1/24 | 5,955,000 | 7,471,679 | |
Ohio--.7% | |||||
Columbus, | |||||
GO (Various Purpose Limited | |||||
Tax) | 5.00 | 7/1/21 | 3,005,000 | 3,911,158 | |
Cuyahoga County, | |||||
Revenue (Cleveland Clinic | |||||
Health System Obligated Group) | 6.00 | 1/1/15 | 1,110,000 | 1,147,618 | |
Cuyahoga County, | |||||
Revenue (Cleveland Clinic | |||||
Health System Obligated Group) | |||||
(Prerefunded) | 5.75 | 7/1/13 | 2,040,000 | c | 2,105,606 |
Montgomery County, | |||||
Revenue (Catholic Health | |||||
Initiatives) | 6.00 | 10/1/23 | 3,055,000 | 3,773,047 | |
Ohio Housing Finance Agency, | |||||
MFHR (Uptown Towers Apartments |
Project) (Collateralized; GNMA) | 4.75 | 10/20/15 | 540,000 | 566,465 | |
Toledo-Lucas County Port | |||||
Authority, Port Facilities | |||||
Revenue (Cargill, Inc. Project) | 4.50 | 12/1/15 | 900,000 | 964,035 | |
Oregon--1.4% | |||||
Oregon, | |||||
GO | 5.00 | 11/1/18 | 5,000,000 | 6,223,150 | |
Oregon, | |||||
GO | 5.00 | 11/1/19 | 5,000,000 | 6,371,400 | |
Oregon, | |||||
GO | 5.00 | 11/1/20 | 3,100,000 | 4,017,228 | |
Oregon, | |||||
GO (Oregon Department of | |||||
Transportation Project) | 5.00 | 5/1/17 | 7,565,000 | 9,017,858 | |
Pennsylvania--2.1% | |||||
Allegheny County Hospital | |||||
Development Authority, Revenue | |||||
(University of Pittsburgh | |||||
Medical Center) | 5.25 | 6/15/15 | 1,620,000 | 1,801,019 | |
Pennsylvania Turnpike Commission, | |||||
Turnpike Subordinate Revenue | 5.00 | 6/1/18 | 5,000,000 | 5,936,700 | |
Pennsylvania Turnpike Commission, | |||||
Turnpike Subordinate Revenue | 5.00 | 12/1/20 | 3,675,000 | 4,506,983 | |
Pennsylvania Turnpike Commission, | |||||
Turnpike Subordinate Revenue | 5.00 | 12/1/21 | 3,740,000 | 4,590,364 | |
Philadelphia School District | |||||
GO (Insured; AMBAC) | 5.00 | 4/1/17 | 2,165,000 | 2,332,571 | |
Pittsburgh, | |||||
GO | 5.00 | 9/1/25 | 10,000,000 | 12,079,300 | |
State Public School Building | |||||
Authority, School Lease | |||||
Revenue (The School District | |||||
of Philadelphia Project) | 5.00 | 4/1/22 | 1,000,000 | 1,217,020 | |
State Public School Building | |||||
Authority, School Lease | |||||
Revenue (The School District | |||||
of Philadelphia Project) | 5.00 | 4/1/24 | 1,750,000 | 2,092,108 | |
State Public School Building | |||||
Authority, School Lease | |||||
Revenue (The School District | |||||
of Philadelphia Project) | 5.00 | 4/1/25 | 2,750,000 | 3,273,298 | |
Rhode Island--.1% | |||||
Rhode Island Health and | |||||
Educational Building | |||||
Corporation, Higher | |||||
Educational Facility Revenue | |||||
(Providence College Issue) | |||||
(Insured; XLCA) (Prerefunded) | 4.50 | 11/1/13 | 795,000 | c | 825,464 |
Rhode Island Health and | |||||
Educational Building | |||||
Corporation, Higher | |||||
Educational Facility Revenue | |||||
(Providence College Issue) | |||||
(Insured; XLCA) (Prerefunded) | 5.00 | 11/1/13 | 250,000 | c | 260,728 |
South Carolina--.3% |
Greenville County School District, | |||||
Installment Purchase Revenue | |||||
(Building Equity Sooner for | |||||
Tomorrow) | 5.50 | 12/1/18 | 3,000,000 | 3,759,180 | |
Greenville County School District, | |||||
Installment Purchase Revenue | |||||
(Building Equity Sooner for | |||||
Tomorrow) (Prerefunded) | 5.00 | 12/1/13 | 350,000 | c | 366,537 |
Newberry Investing in Children's | |||||
Education, Installment | |||||
Purchase Revenue (School | |||||
District of Newberry County, | |||||
South Carolina Project) | 5.25 | 12/1/20 | 1,000,000 | 1,077,540 | |
Tennessee--.7% | |||||
Metropolitan Government of | |||||
Nashville and Davidson County, | |||||
GO Improvement Bonds | 5.00 | 7/1/25 | 10,000,000 | 12,275,400 | |
Texas--9.5% | |||||
Austin, | |||||
Water and Wastewater System | |||||
Revenue | 5.00 | 11/15/25 | 3,000,000 | 3,827,310 | |
Dallas and Fort Worth, | |||||
Joint Revenue (Dallas/Fort | |||||
Worth International Airport) | 5.00 | 11/1/26 | 3,000,000 | 3,588,120 | |
Dallas and Fort Worth, | |||||
Joint Revenue (Dallas/Fort | |||||
Worth International Airport) | 5.00 | 11/1/27 | 3,400,000 | 4,043,484 | |
Forney Independent School | |||||
District, Unlimited Tax School | |||||
Building Bonds (Permanent | |||||
School Fund Guarantee Program) | 5.75 | 8/15/33 | 1,000,000 | 1,235,040 | |
Harris County, | |||||
Toll Road Senior Lien Revenue | 5.00 | 8/15/23 | 12,500,000 | 15,322,125 | |
Harris County, | |||||
Toll Road Senior Lien Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.00 | 8/15/14 | 4,000,000 | c | 4,317,080 |
Harris County, | |||||
Unlimited Tax Road Bonds | 5.00 | 10/1/21 | 13,705,000 | 17,062,177 | |
Harris County Health Facilities | |||||
Development Corporation, HR | |||||
(Memorial Hermann Healthcare | |||||
System) | 7.00 | 12/1/27 | 5,000,000 | 6,299,400 | |
Houston, | |||||
Public Improvement GO | 5.00 | 3/1/18 | 5,000,000 | 6,065,400 | |
Houston, | |||||
Public Improvement GO | |||||
(Insured; AMBAC) | 5.00 | 3/1/18 | 3,895,000 | 4,363,530 | |
Houston, | |||||
Public Improvement GO | |||||
(Insured; AMBAC) (Prerefunded) | 5.00 | 9/1/15 | 1,295,000 | c | 1,454,686 |
Houston Community College System, | |||||
Limited Tax Bonds | 5.00 | 2/15/21 | 2,250,000 | 2,883,622 | |
Katy Independent School District, |
Unlimited Tax Refunding Bonds | |||||
(Permanent School Fund | |||||
Guarantee Program) | 0.00 | 2/15/16 | 1,505,000 | e | 1,470,460 |
Lower Colorado River Authority, | |||||
Junior Lien Revenue (Seventh | |||||
Supplemental Series) (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 5.00 | 1/1/15 | 1,135,000 | 1,242,973 | |
Lower Colorado River Authority, | |||||
Revenue | 5.00 | 5/15/16 | 15,000 | 17,274 | |
Lower Colorado River Authority, | |||||
Revenue | 5.00 | 5/15/16 | 35,000 | 40,423 | |
Lower Colorado River Authority, | |||||
Revenue | 5.00 | 5/15/16 | 13,950,000 | 15,931,598 | |
North Texas Tollway Authority, | |||||
First Tier System Revenue | 5.00 | 1/1/21 | 7,615,000 | 9,405,515 | |
Royse City Independent School | |||||
District, Unlimited Tax School | |||||
Building Bonds (Permanent | |||||
School Fund Guarantee Program) | 0.00 | 8/15/14 | 3,260,000 | e | 3,234,800 |
San Antonio, | |||||
Electric and Gas Systems | |||||
Revenue | 5.00 | 2/1/17 | 5,000,000 | 5,899,100 | |
San Antonio, | |||||
Electric and Gas Systems | |||||
Revenue (Prerefunded) | 5.00 | 2/1/16 | 10,000,000 | c | 11,403,000 |
Texas Department of Housing and | |||||
Community Affairs, SFMR | |||||
(Collateralized: FNMA and GNMA | |||||
and Insured; National Public | |||||
Finance Guarantee Corp.) | 5.45 | 9/1/23 | 930,000 | 931,721 | |
Texas Public Finance Authority, | |||||
GO | 5.00 | 10/1/23 | 9,385,000 | 11,970,568 | |
Texas Public Finance Authority, | |||||
Unemployment Compensation | |||||
Obligation Assessment Revenue | 5.00 | 7/1/17 | 7,500,000 | 8,523,600 | |
Texas Public Finance Authority, | |||||
Unemployment Compensation | |||||
Obligation Assessment Revenue | 5.00 | 1/1/20 | 10,000,000 | 10,287,000 | |
Texas Transportation Commission, | |||||
State Highway Fund First Tier | |||||
Revenue | 5.00 | 4/1/20 | 15,000,000 | 17,639,550 | |
Texas Water Development Board, | |||||
State Revolving Fund | |||||
Subordinate Lien Revenue | 5.00 | 7/15/24 | 3,650,000 | 4,300,613 | |
Utah--1.8% | |||||
Metropolitan Water District of | |||||
Salt Lake and Sandy, Water | |||||
Revenue Project Bonds | 4.00 | 7/1/21 | 6,005,000 | 7,277,399 | |
Utah, | |||||
GO | 5.00 | 7/1/20 | 20,000,000 | 25,796,400 | |
Virginia--3.2% | |||||
Virginia, | |||||
GO | 5.00 | 6/1/23 | 5,490,000 | 7,048,831 | |
Virginia College Building |
Authority, Educational | |||||
Facilities Revenue (21st | |||||
Century College and Equipment | |||||
Programs) | 5.00 | 2/1/19 | 7,000,000 | 8,700,930 | |
Virginia College Building | |||||
Authority, Educational | |||||
Facilities Revenue (21st | |||||
Century College and Equipment | |||||
Programs) | 5.00 | 2/1/20 | 5,000,000 | 6,334,000 | |
Virginia College Building | |||||
Authority, Educational | |||||
Facilities Revenue (21st | |||||
Century College and Equipment | |||||
Programs) | 5.00 | 2/1/21 | 2,235,000 | 2,870,545 | |
Virginia College Building | |||||
Authority, Educational | |||||
Facilities Revenue (21st | |||||
Century College and Equipment | |||||
Programs) | 5.00 | 2/1/23 | 11,285,000 | 14,132,657 | |
Virginia Public Building | |||||
Authority, Public Facilities | |||||
Revenue | 5.00 | 8/1/18 | 8,370,000 | 10,270,325 | |
Virginia Public Building | |||||
Authority, Public Facilities | |||||
Revenue | 5.00 | 8/1/19 | 6,950,000 | 8,710,157 | |
Washington--1.7% | |||||
Energy Northwest, | |||||
Electric Revenue (Columbia | |||||
Generating Station) | 5.00 | 7/1/20 | 10,955,000 | 13,951,192 | |
FYI Properties, | |||||
LR (State of Washington | |||||
Department of Information | |||||
Services Project) | 5.25 | 6/1/29 | 5,625,000 | 6,509,700 | |
Washington, | |||||
Motor Vehicle Fuel Tax GO | 5.00 | 8/1/23 | 3,570,000 | 4,540,255 | |
Washington Health Care Facilities | |||||
Authority, Revenue (Providence | |||||
Health and Services) | 5.00 | 10/1/21 | 5,000,000 | 6,069,300 | |
West Virginia--.4% | |||||
Monongalia County Building | |||||
Commission, HR (Monongalia | |||||
General Hospital) | 5.25 | 7/1/20 | 3,140,000 | 3,347,962 | |
West Virginia Economic Development | |||||
Authority, PCR (Appalachian | |||||
Power Company--Amos Project) | 4.85 | 9/4/13 | 1,000,000 | 1,025,210 | |
West Virginia Economic Development | |||||
Authority, PCR (Appalachian | |||||
Power Company--Amos Project) | 4.85 | 9/4/13 | 2,600,000 | 2,665,546 | |
Wisconsin--1.1% | |||||
Wisconsin, | |||||
GO | 5.00 | 5/1/20 | 5,800,000 | 6,989,232 | |
Wisconsin, | |||||
Transportation Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.00 | 7/1/15 | 11,825,000 | c | 13,227,918 |
U.S. Related--3.5% | |||||
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.50 | 7/1/19 | 5,715,000 | 6,401,600 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 6.25 | 7/1/13 | 1,380,000 | 1,420,172 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/18 | 5,000,000 | 5,658,300 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.25 | 7/1/23 | 5,000,000 | 5,463,450 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/1/17 | 3,940,000 | 4,254,530 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/12 | 10,000,000 | 10,001,200 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/13 | 4,000,000 | 4,139,000 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.50 | 7/1/14 | 1,000,000 | 1,053,170 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.50 | 7/1/15 | 995,000 | 1,064,660 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.50 | 7/1/15 | 5,000 | 5,648 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.50 | 7/1/16 | 5,000 | 5,886 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.50 | 7/1/16 | 1,995,000 | 2,161,902 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.75 | 7/1/17 | 1,940,000 | 2,151,576 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.75 | 7/1/17 | 5,000 | 6,152 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.75 | 7/1/22 | 2,500,000 | 2,692,750 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.75 | 8/1/32 | 11,000,000 | f | 11,628,650 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.25 | 8/1/33 | 2,500,000 | f | 2,241,300 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 6.50 | 8/1/44 | 2,500,000 | 2,948,225 | |
Total Long-Term Municipal Investments | |||||
(cost $1,616,225,523) | 1,775,683,370 |
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--2.7% | Rate (%) | Date | Amount ($) | Value ($) | |
Colorado--.4% | |||||
Colorado Educational and Cultural | |||||
Facilities Authority, Revenue | |||||
(National Jewish Federation | |||||
Bond Program) (LOC; JPMorgan | |||||
Chase Bank) | 0.18 | 12/3/12 | 2,100,000 | h | 2,100,000 |
Colorado Educational and Cultural | |||||
Facilities Authority, Revenue | |||||
(National Jewish Federation | |||||
Bond Program) (LOC; TD Bank) | 0.18 | 12/3/12 | 1,300,000 | h | 1,300,000 |
Colorado Educational and Cultural | |||||
Facilities Authority, Revenue | |||||
(National Jewish Federation | |||||
Bond Program) (LOC; U.S. Bank | |||||
NA) | 0.19 | 12/3/12 | 2,300,000 | h | 2,300,000 |
Colorado Health Facilities | |||||
Authority, HR, Refunding | |||||
(North Colorado Medical | |||||
Center, Inc. Project) (LOC; | |||||
Wells Fargo Bank) | 0.18 | 12/3/12 | 1,100,000 | h | 1,100,000 |
Florida--.4% | |||||
Pinellas County Health Facilities | |||||
Authority, Health System | |||||
Revenue (Baycare Health System | |||||
Issue) (LOC; U.S. Bancorp) | 0.19 | 12/3/12 | 1,700,000 | h | 1,700,000 |
Sarasota County Public Hospital | |||||
District, HR, Refunding | |||||
(Sarasota Memorial Hospital | |||||
Project) (LOC: Northern Trust | |||||
Company) | 0.16 | 12/3/12 | 4,770,000 | h | 4,770,000 |
Illinois--.1% | |||||
Chicago, | |||||
GO Notes, Refunding (LOC; | |||||
Barclays Bank PLC) | 0.18 | 12/3/12 | 1,500,000 | h | 1,500,000 |
Chicago Board of Education, | |||||
Unlimited Tax GO Notes, | |||||
Refunding (Dedicated Revenues) | |||||
(LOC; JPMorgan Chase Bank) | 0.18 | 12/3/12 | 900,000 | h | 900,000 |
Chicago Board of Education, | |||||
Unlimited Tax GO Notes, | |||||
Refunding (Dedicated Revenues) | |||||
(LOC; JPMorgan Chase Bank) | 0.18 | 12/3/12 | 300,000 | h | 300,000 |
Massachusetts--.5% | |||||
Massachusetts, | |||||
GO Notes (Consolidated Loan) | 0.61 | 12/7/12 | 5,000,000 | h | 5,000,300 |
Massachusetts, | |||||
GO Notes (Consolidated Loan) | |||||
(LOC; JPMorgan Chase Bank) | 0.19 | 12/3/12 | 3,605,000 | h | 3,605,000 |
Missouri--.7% | |||||
Missouri Development Finance | |||||
Board, Cultural Facilities | |||||
Revenue (The Nelson Gallery | |||||
Foundation) (SBPA; JPMorgan | |||||
Chase Bank) | 0.18 | 12/3/12 | 1,700,000 | h | 1,700,000 |
Missouri Health and Educational |
Facilities Authority, | ||||||
Educational Facilities Revenue | ||||||
(Ranken Technology College) | ||||||
(LOC; Northern Trust Company) | 0.19 | 12/3/12 | 3,175,000 | h | 3,175,000 | |
Missouri Health and Educational | ||||||
Facilities Authority, | ||||||
Educational Facilities Revenue | ||||||
(Saint Louis University) (LOC; | ||||||
Wells Fargo Bank) | 0.18 | 12/3/12 | 3,200,000 | h | 3,200,000 | |
Missouri Health and Educational | ||||||
Facilities Authority, | ||||||
Educational Facilities Revenue | ||||||
(The Washington University) | ||||||
(Liquidity Facility; JPMorgan | ||||||
Chase Bank) | 0.18 | 12/3/12 | 2,600,000 | h | 2,600,000 | |
Missouri Health and Educational | ||||||
Facilities Authority, | ||||||
Educational Facilities Revenue | ||||||
(The Washington University) | ||||||
(SBPA; Wells Fargo Bank) | 0.18 | 12/3/12 | 2,000,000 | h | 2,000,000 | |
New Hampshire--.1% | ||||||
New Hampshire Business Finance | ||||||
Authority, Revenue (Littleton | ||||||
Regional Hospital Issue) (LOC; | ||||||
TD Bank) | 0.23 | 12/3/12 | 2,400,000 | h | 2,400,000 | |
New York--.1% | ||||||
New York City, | ||||||
GO Notes (LOC; Fortis Bank) | 0.17 | 12/3/12 | 2,000,000 | h | 2,000,000 | |
Ohio--.1% | ||||||
Ohio University, | ||||||
General Receipts Bonds | ||||||
(Insured; Assured Guaranty | ||||||
Municipal Corp.) | 1.50 | 12/7/12 | 2,660,000 | h | 2,660,000 | |
Pennsylvania--.1% | ||||||
Pennsylvania Economic Development | ||||||
Financing Authority, Revenue | ||||||
(Northwestern Human Services - | ||||||
Allegheny Valley School, LLC | ||||||
Issue) (LOC; TD Bank) | 0.18 | 12/3/12 | 1,560,000 | h | 1,560,000 | |
Texas--.1% | ||||||
Dallas Performing Arts Cultural | ||||||
Facilities Corporation, | ||||||
Cultural Facility Revenue | ||||||
(Dallas Center for the | ||||||
Performing Arts Foundation, | ||||||
Inc. Project) (LOC; JPMorgan | ||||||
Chase Bank) | 0.18 | 12/3/12 | 2,100,000 | h | 2,100,000 | |
Washington--.1% | ||||||
Washington Health Care Facilities | ||||||
Authority, Revenue (MultiCare | ||||||
Health System) (LOC; Barclays | ||||||
Bank PLC) | 0.18 | 12/3/12 | 1,700,000 | h | 1,700,000 | |
Total Short-Term Municipal Investments | ||||||
(cost $49,670,000) | 49,670,300 | |||||
Total Investments (cost $1,665,895,523) | 100.5 | % | 1,825,353,670 | |||
Liabilities, Less Cash and Receivables | (.5 | %) | (8,903,842 | ) |
Net Assets | 100.0 | % | 1,816,449,828 |
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in |
transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, this security |
was valued at $473,827 or 0.03% of net assets. |
b Variable rate security--interest rate subject to periodic change. |
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 Purchased on a delayed delivery basis. |
e Security issued with a zero coupon. Income is recognized through the accretion of discount. |
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
g Non-income producing--security in default. |
h Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At November 30, 2012, net unrealized appreciation on investments was $159,458,147 of which $159,960,380 related to appreciated investment securities and $502,233 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
PCR | Pollution Control Revenue | P-FLOATS | Puttable Floating Option Tax-Exempts Receipts |
PILOT | Payment in Lieu of Taxes | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | ROCS | Reset Option Certificates |
RRR | Resources Recovery Revenue | SAAN | State Aid Anticipation Notes |
SBPA | Standby Bond Purchase Agreement | SFHR | Single Family Housing Revenue |
SFMR | Single Family Mortgage Revenue | SONYMA | State of New York Mortgage Agency |
SPEARS | Short Puttable Exempt Adjustable Receipts | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
STATEMENT OF FINANCIAL FUTURES |
November 30, 2012 (Unaudited) |
Market Value | Unrealized | |||||
Covered by | (Depreciation) | |||||
Contracts | Contracts ($) | Expiration | at 11/30/2012 | ($) | ||
Financial Futures Short | ||||||
U.S. Treasury 10 Year Notes | 340 | (45,602,500 | ) | December 2012 | (334,688 | ) |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||||
Level 2 - Other | Significant | |||||
Level 1 - Unadjusted | Significant | Unobservable | ||||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total | ||
Investments in Securities: | ||||||
Municipal Bonds | - | 1,825,353,670 | - | 1,825,353,670 | ||
Liabilities ($) | ||||||
Other Financial Instruments: | ||||||
Financial Futures+ | (334,688 | ) | - | - | (334,688 | ) |
+ Amount shown represents unrealized (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of
Directors. 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 preceding securities are categorized as Level 2 in the 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. 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 recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon National Municipal Money Market Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Short-Term Investments--99.9% | Rate (%) | Date | Amount ($) | Value ($) | |
Alabama--2.3% | |||||
Columbia Industrial Development | |||||
Board, PCR, Refunding (Alabama | |||||
Power Company Project) | 0.20 | 12/3/12 | 18,000,000 | a | 18,000,000 |
Columbia Industrial Development | |||||
Board, PCR, Refunding (Alabama | |||||
Power Company Project) | 0.21 | 12/3/12 | 13,000,000 | a | 13,000,000 |
Colorado--2.2% | |||||
Colorado Educational and Cultural | |||||
Facilities Authority, Revenue | |||||
(National Jewish Federation | |||||
Bond Program) (LOC; U.S. | |||||
Bancorp) | 0.18 | 12/3/12 | 13,400,000 | a | 13,400,000 |
Commerce City Northern | |||||
Infrastructure General | |||||
Improvement District, GO Notes | |||||
(LOC; U.S. Bankcorp) | 0.18 | 12/7/12 | 6,150,000 | a | 6,150,000 |
Commerce City Northern | |||||
Infrastructure General | |||||
Improvement District, GO | |||||
Notes, Refunding (LOC; U.S. | |||||
Bancorp) | 0.18 | 12/7/12 | 9,390,000 | a | 9,390,000 |
Parker Automotive Metropolitan | |||||
District, GO Notes (LOC; U.S. | |||||
Bankcorp) | 0.18 | 12/7/12 | 850,000 | a | 850,000 |
Connecticut--.3% | |||||
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Community Renewal Team Issue) | |||||
(LOC; Bank of America) | 0.22 | 12/7/12 | 1,345,000 | a | 1,345,000 |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Westminster School Issue) | |||||
(LOC; Bank of America) | 0.25 | 12/7/12 | 2,200,000 | a | 2,200,000 |
District of Columbia--1.1% | |||||
District of Columbia, | |||||
Revenue (American Geophysical | |||||
Union Issue) (LOC; Bank of | |||||
America) | 0.20 | 12/7/12 | 2,625,000 | a | 2,625,000 |
District of Columbia, | |||||
Revenue, CP (National Academy | |||||
of Sciences) (LOC; Bank of | |||||
America) | 0.30 | 12/3/12 | 11,920,000 | 11,920,000 | |
Florida--5.1% | |||||
Deutsche Bank Spears/Lifers Trust | |||||
(Series DBE-594) (University |
of North Florida Financing | |||||
Corporation, Capital | |||||
Improvement Revenue (Housing | |||||
Project)) (Liquidity Facility; | |||||
Deutsche Bank AG and LOC; | |||||
Deutsche Bank AG) | 0.26 | 12/7/12 | 5,185,000 a,b,c | 5,185,000 | |
Florida Department of | |||||
Environmental Protection, | |||||
Everglades Restoration Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp. and Liquidity | |||||
Facility; Florida Department | |||||
of Financial Services) | 0.22 | 12/7/12 | 2,835,000 | a | 2,835,000 |
Jacksonville, | |||||
IDR (University of Florida | |||||
Health Sciences Center Clinic) | |||||
(LOC; Branch Banking and Trust | |||||
Co.) | 0.19 | 12/7/12 | 2,300,000 | a,d | 2,300,000 |
Miami-Dade County Health | |||||
Facilities Authority, HR, | |||||
Refunding (Miami Children's | |||||
Hospital Project) (LOC; Wells | |||||
Fargo Bank) | 0.18 | 12/7/12 | 35,575,000 | a,d | 35,575,000 |
Palm Beach County, | |||||
IDR (Gulfstream Goodwill | |||||
Industies, Inc. Project) (LOC; | |||||
Wells Fargo Bank) | 0.28 | 12/7/12 | 1,055,000 | a | 1,055,000 |
Palm Beach County, | |||||
Revenue (The Benjamin Private | |||||
School, Inc. Project) (LOC; | |||||
Northern Trust Company) | 0.18 | 12/7/12 | 6,020,000 | a | 6,020,000 |
Sunshine State Governmental | |||||
Financing Commission, Revenue, | |||||
CP (Liquidity Facility; | |||||
JPMorgan Chase Bank) | 0.26 | 1/8/13 | 15,000,000 | 15,000,000 | |
Georgia--.6% | |||||
Fulton County Development | |||||
Authority, Revenue (King's | |||||
Ridge Christian School | |||||
Project) (LOC; Branch Banking | |||||
and Trust Co.) | 0.18 | 12/7/12 | 7,370,000 | a | 7,370,000 |
Illinois--10.7% | |||||
Chicago, | |||||
GO Notes (Project and | |||||
Refunding Series) (Liquidity | |||||
Facility; JPMorgan Chase Bank) | 0.18 | 12/3/12 | 10,890,000 | a | 10,890,000 |
Chicago, | |||||
Second Lien Water Revenue, | |||||
Refunding (LOC; California | |||||
Public Employees Retirement | |||||
System) | 0.17 | 12/7/12 | 14,155,000 | a | 14,155,000 |
Deutsche Bank Spears/Lifers Trust | |||||
(Series DBE-555) (DeWitt, | |||||
Ford, Livingston, Logan, | |||||
McLean and Tazewell Counties | |||||
and Illinois Community College | |||||
District Number 540, Community |
College GO) (Liquidity | |||||
Facility; Deutsche Bank AG and | |||||
LOC; Deutsche Bank AG) | 0.26 | 12/7/12 | 3,150,000 a,b,c | 3,150,000 | |
Illinois Finance Authority, | |||||
Revenue (Franciscan | |||||
Communities, Inc. - The | |||||
Village at Victory Lakes) | |||||
(LOC; Bank of America) | 0.41 | 12/7/12 | 7,555,000 | a,d | 7,555,000 |
Illinois Finance Authority, | |||||
Revenue (Gift of Hope Organ | |||||
and Tissue Donor Network | |||||
Project) (LOC; JPMorgan Chase | |||||
Bank) | 0.18 | 12/7/12 | 13,780,000 | a,d | 13,780,000 |
Illinois Finance Authority, | |||||
Revenue (Joan W. and Irving B. | |||||
Harris Theater for Music and | |||||
Dance Project) (LOC; PNC Bank | |||||
NA) | 0.19 | 12/7/12 | 13,750,000 | a | 13,750,000 |
Illinois Finance Authority, | |||||
Revenue (Merit School of Music | |||||
Project) (LOC; Bank of America) | 0.37 | 12/7/12 | 1,100,000 | a | 1,100,000 |
Illinois Finance Authority, | |||||
Revenue (Northwestern Memorial | |||||
Hospital) (Liquidity Facility; | |||||
UBS AG) | 0.17 | 12/7/12 | 12,900,000 | a,d | 12,900,000 |
Illinois Finance Authority, | |||||
Revenue (Northwestern Memorial | |||||
Hospital) (Liquidity Facility; | |||||
UBS AG) | 0.17 | 12/7/12 | 28,560,000 | a,d | 28,560,000 |
Illinois Finance Authority, | |||||
Revenue (Resurrection Health | |||||
Care) (LOC; JPMorgan Chase | |||||
Bank) | 0.18 | 12/3/12 | 32,085,000 | a,d | 32,085,000 |
Illinois Health Facilities | |||||
Authority, Revenue, Refunding | |||||
(Franciscan Eldercare and | |||||
Community Services - | |||||
Franciscan Village) (LOC; Bank | |||||
of America) | 0.42 | 12/7/12 | 4,050,000 | a,d | 4,050,000 |
Indiana--1.9% | |||||
Deutsche Bank Spears/Lifers Trust | |||||
(Series DBE-565) (Indiana Bond | |||||
Bank, Special Program Revenue) | |||||
(Liquidity Facility; Deutsche | |||||
Bank AG and LOC; Deutsche Bank | |||||
AG) | 0.29 | 12/7/12 | 5,820,000 a,b,c | 5,820,000 | |
Indiana Bond Bank, | |||||
Advance Funding Program Notes | 1.25 | 1/3/13 | 4,500,000 | 4,503,632 | |
Indiana Health Facility Financing | |||||
Authority, Revenue (Franciscan | |||||
Eldercare Services, Inc., - | |||||
University Place Project) | |||||
(LOC; Bank of America) | 0.41 | 12/7/12 | 14,290,000 | a,d | 14,290,000 |
Iowa--2.7% | |||||
Hills, | |||||
Health Facilities Revenue |
(Mercy Hospital Project) (LOC; | |||||
U.S. Bank NA) | 0.19 | 12/3/12 | 23,245,000 | a,d | 23,245,000 |
Iowa Higher Education Loan | |||||
Authority, Private College | |||||
Facility Revenue (Des Moines | |||||
University Project) (LOC; U.S. | |||||
Bank NA) | 0.19 | 12/3/12 | 13,070,000 | a | 13,070,000 |
Kentucky--.2% | |||||
Mason County, | |||||
PCR (East Kentucky Power | |||||
Cooperative, Inc. Project) | |||||
(Liquidity Facility; National | |||||
Rural Utilities Cooperative | |||||
Finance Corporation) | 0.38 | 12/7/12 | 2,325,000 | a | 2,325,000 |
Louisiana--5.3% | |||||
Deutsche Bank Spears/Lifers Trust | |||||
(Series DBE-577) (Jefferson | |||||
Sales Tax District, Special | |||||
Sales Tax Revenue) (Liquidity | |||||
Facility; Deutsche Bank AG and | |||||
LOC; Deutsche Bank AG) | 0.26 | 12/7/12 | 4,225,000 a,b,c | 4,225,000 | |
Louisiana Public Facilities | |||||
Authority, Revenue (Air | |||||
Products and Chemicals Project) | 0.17 | 12/3/12 | 30,000,000 | a | 30,000,000 |
Louisiana Public Facilities | |||||
Authority, Revenue (Air | |||||
Products and Chemicals Project) | 0.17 | 12/3/12 | 26,400,000 | a | 26,400,000 |
Louisiana Public Facilities | |||||
Authority, Revenue (Tiger | |||||
Athletic Foundation Project) | |||||
(LOC; FHLB) | 0.16 | 12/7/12 | 9,590,000 | a | 9,590,000 |
Maryland--3.9% | |||||
Baltimore Mayor and City Council | |||||
Industrial Development | |||||
Authority, Revenue (City of | |||||
Baltimore Capital Acquisition | |||||
Program) (LOC; Bayerische | |||||
Landesbank) | 0.27 | 12/7/12 | 10,000,000 | a | 10,000,000 |
Maryland Economic Development | |||||
Corporation, EDR (Catholic | |||||
Relief Services Facility) | |||||
(LOC; Bank of America) | 0.24 | 12/7/12 | 14,575,000 | a | 14,575,000 |
Maryland Industrial Development | |||||
Financing Authority, Recovery | |||||
Zone Facility Revenue (Wexford | |||||
Maryland BioPark 3, LLC | |||||
Facility) (LOC; M&T Trust) | 0.21 | 12/7/12 | 10,000,000 | a | 10,000,000 |
Montgomery County, | |||||
EDR (George Meany Center for | |||||
Labor Studies - The National | |||||
Labor College Facility) (LOC; | |||||
Bank of America) | 0.23 | 12/7/12 | 16,880,000 | a | 16,880,000 |
Massachusetts--1.1% | |||||
Leominster, |
GO Notes, BAN | 1.00 | 12/19/12 | 6,000,000 | 6,001,706 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Hebrew | |||||
Rehabilitation Center Issue) | |||||
(LOC; Bank of America) | 0.24 | 12/7/12 | 3,000,000 | a,d | 3,000,000 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Hillcrest | |||||
Extended Care Services Issue) | |||||
(LOC; Bank of America) | 0.21 | 12/7/12 | 5,460,000 | a,d | 5,460,000 |
Michigan--1.9% | |||||
Lenawee County Economic | |||||
Development Corporation, | |||||
Revenue, Refunding (Siena | |||||
Heights University Project) | |||||
(LOC; FHLB) | 0.17 | 12/7/12 | 8,045,000 | a | 8,045,000 |
Michigan Finance Authority, | |||||
State Aid Revenue Notes | 2.00 | 8/20/13 | 5,000,000 | 5,057,173 | |
Michigan Higher Education | |||||
Facilities Authority, LOR | |||||
(Adrian College Project) (LOC; | |||||
Comerica Bank) | 0.26 | 12/7/12 | 12,230,000 | a | 12,230,000 |
Missouri--2.6% | |||||
Deutsche Bank Spears/Lifers Trust | |||||
(Series DBE-712) (Kansas City | |||||
Industrial Development | |||||
Authority, MFHR, Refunding | |||||
(The Orchards Apartments | |||||
Project)) (Liquidity Facility; | |||||
Deutsche Bank AG and LOC; | |||||
Deutsche Bank AG) | 0.29 | 12/7/12 | 9,125,000 a,b,c | 9,125,000 | |
Missouri Health and Educational | |||||
Facilities Authority, | |||||
Educational Facilities Revenue | |||||
(Drury College) (LOC; PNC Bank | |||||
NA) | 0.17 | 12/3/12 | 20,770,000 | a | 20,770,000 |
RBC Municipal Products Inc. Trust | |||||
(Series E-40) (Missouri Health | |||||
and Educational Facilities | |||||
Authority, Health Facilities | |||||
Revenue (Saint Luke's Health | |||||
System, Inc.)) (Liquidity | |||||
Facility; Royal Bank of Canada | |||||
and LOC; Royal Bank of Canada) | 0.18 | 12/7/12 | 5,000,000 a,b,c,d | 5,000,000 | |
Nevada--1.4% | |||||
Deutsche Bank Spears/Lifers Trust | |||||
(Series DBE-668) (Clark County | |||||
School District, Limited Tax | |||||
Building Bonds GO) (Liquidity | |||||
Facility; Deutsche Bank AG and | |||||
LOC; Deutsche Bank AG) | 0.31 | 12/7/12 | 17,975,000 a,b,c | 17,975,000 | |
New Hampshire--2.7% | |||||
New Hampshire Business Finance |
Authority, Revenue (Monadnock | |||||
Community Hospital Issue) | |||||
(LOC; TD Bank) | 0.23 | 12/3/12 | 7,510,000 | a,d | 7,510,000 |
New Hampshire Health and Education | |||||
Facilities Authority, Revenue | |||||
(University System of New | |||||
Hampshire Issue) (Liquidity | |||||
Facility; U.S. Bank NA) | 0.18 | 12/3/12 | 28,325,000 | a | 28,325,000 |
New Jersey--8.3% | |||||
East Brunswick Township, | |||||
GO Notes, BAN | 2.00 | 1/4/13 | 12,777,000 | 12,790,761 | |
East Brunswick Township, | |||||
GO Notes, BAN | 1.25 | 8/6/13 | 15,000,000 | 15,062,389 | |
Kearny Board of Education, | |||||
GO Notes, GAN | 1.25 | 10/11/13 | 3,000,000 | 3,008,930 | |
Monroe Township, | |||||
GO Notes, BAN | 1.00 | 2/6/13 | 13,000,000 | 13,017,706 | |
New Jersey Economic Development | |||||
Authority, EDR (Volunteers of | |||||
America Delaware Valley | |||||
Property, Inc. Project) (LOC; | |||||
TD Bank) | 0.18 | 12/7/12 | 1,600,000 | a | 1,600,000 |
New Jersey Economic Development | |||||
Authority, EDR, Refunding | |||||
(Stolthaven Perth Amboy Inc. | |||||
Project) (LOC; Citibank NA) | 0.18 | 12/7/12 | 21,500,000 | a | 21,500,000 |
New Jersey Economic Development | |||||
Authority, School Revenue (The | |||||
Peddie School Project) | |||||
(Liquidity Facility; U.S. Bank | |||||
NA) | 0.17 | 12/7/12 | 4,805,000 | a | 4,805,000 |
New Jersey Turnpike Authority, | |||||
Turnpike Revenue (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp. and Liquidity Facility; | |||||
Westdeutsche Landesbank) | 0.35 | 12/7/12 | 2,500,000 | a | 2,500,000 |
Paterson, | |||||
GO Notes, BAN (General | |||||
Improvement and Tax Appeal) | 1.50 | 6/6/13 | 7,000,000 | 7,008,822 | |
Rahway, | |||||
GO Notes, BAN | 1.25 | 8/9/13 | 10,000,000 | 10,044,408 | |
Rahway, | |||||
GO Notes, BAN | 1.25 | 10/2/13 | 8,000,000 | 8,037,807 | |
Woodbridge Township Board of | |||||
Education, Temporary Notes | 1.00 | 2/6/13 | 10,500,000 | 10,509,560 | |
New York--19.5% | |||||
Albany Industrial Development | |||||
Agency, Civic Facility Revenue | |||||
(Renaissance Corporation of | |||||
Albany Project) (LOC; M&T | |||||
Trust) | 0.21 | 12/7/12 | 900,000 | a | 900,000 |
Amherst Industrial Development | |||||
Agency, Civic Facility Revenue | |||||
(Daemen College Project) (LOC; | |||||
M&T Trust) | 0.21 | 12/7/12 | 12,000,000 | a | 12,000,000 |
Amsterdam Enlarged City School |
District, GO Notes, BAN | 1.25 | 6/28/13 | 13,595,000 | 13,641,396 | |
Deposit Central School District, | |||||
GO Notes, BAN | 1.25 | 6/28/13 | 7,000,000 | 7,021,885 | |
Dutchess County Industrial | |||||
Development Agency, Civic | |||||
Facility Revenue (Brookview, | |||||
Inc. Project) (LOC; M&T Trust) | 0.21 | 12/7/12 | 8,250,000 | a | 8,250,000 |
Erie County Industrial Development | |||||
Agency, Civic Facility Revenue | |||||
(The Canisius High School of | |||||
Buffalo, N.Y. Project) (LOC; | |||||
M&T Trust) | 0.21 | 12/7/12 | 21,015,000 | a | 21,015,000 |
Hannibal Central School District, | |||||
GO Notes, BAN | 1.00 | 6/28/13 | 6,910,000 | 6,921,751 | |
Jamestown City School District, | |||||
GO Notes, BAN | 1.00 | 6/27/13 | 6,000,000 | 6,010,155 | |
JPMorgan Chase Putters/Drivers | |||||
Trust (Series 4073) | |||||
(Metropolitan Transportation | |||||
Authority, Transportation | |||||
Revenue) (Liquidity Facility; | |||||
JPMorgan Chase Bank and LOC; | |||||
JPMorgan Chase Bank) | 0.18 | 12/3/12 | 9,600,000 a,b,c | 9,600,000 | |
Monroe County Industrial | |||||
Development Agency, Civic | |||||
Facility Revenue (Margaret | |||||
Woodbury Strong Museum | |||||
Project) (LOC; M&T Trust) | 0.19 | 12/7/12 | 22,000,000 | a | 22,000,000 |
New York City Capital Resource | |||||
Corporation, Recovery Zone | |||||
Facility Revenue (WytheHotel | |||||
Project) (LOC; M&T Trust) | 0.22 | 12/7/12 | 3,700,000 | a | 3,700,000 |
New York City Municipal Water | |||||
Finance Authority, Water and | |||||
Sewer System Second General | |||||
Resolution Revenue (Liquidity | |||||
Facility; Bank of Nova Scotia) | 0.17 | 12/3/12 | 25,000,000 | a | 25,000,000 |
New York Liberty Development | |||||
Corporation, Liberty Revenue, | |||||
Refunding (3 World Trade | |||||
Center Project) (LOC; JPMorgan | |||||
Chase Bank) | 0.19 | 12/7/12 | 5,000,000 | a | 5,000,000 |
New York State Housing Finance | |||||
Agency, Housing Revenue (25 | |||||
Washington Street) (LOC; M&T | |||||
Trust) | 0.23 | 12/7/12 | 7,800,000 | a | 7,800,000 |
Oneida County Industrial | |||||
Development Agency, Civic | |||||
Facility Revenue (Saint | |||||
Elizabeth Medical Center | |||||
Facility) (LOC; HSBC Bank USA) | 0.18 | 12/7/12 | 6,150,000 | a,d | 6,150,000 |
Onondaga County Industrial | |||||
Development Agency, Civic | |||||
Facility Revenue (Syracuse | |||||
Research Corporation Facility) | |||||
(LOC; M&T Trust) | 0.21 | 12/7/12 | 3,920,000 | a | 3,920,000 |
Salina, | |||||
GO Notes BAN | 1.25 | 6/21/13 | 7,230,000 | 7,253,847 | |
Seaford Union Free School |
District, GO Notes, TAN | 1.25 | 6/20/13 | 2,500,000 | 2,510,256 | |
South Jefferson Central School | |||||
District, GO Notes, BAN | 1.50 | 6/21/13 | 18,930,000 | 19,021,563 | |
Tompkins County Industrial | |||||
Development Agency, Civic | |||||
Facility Revenue (Community | |||||
Development Properties Ithaca, | |||||
Inc. Project) (LOC; M&T Trust) | 0.26 | 12/7/12 | 6,300,000 | a | 6,300,000 |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue, | |||||
Refunding (MTA Bridges and | |||||
Tunnels) (Liquidity Facility; | |||||
Landesbank Hessen-Thuringen | |||||
Girozentrale) | 0.25 | 12/3/12 | 58,540,000 | a | 58,540,000 |
Wappingers Central School | |||||
District, GO Notes, BAN | 1.25 | 7/12/13 | 5,825,554 | 5,846,767 | |
North Carolina--.4% | |||||
North Carolina Capital Facilities | |||||
Finance Agency, Educational | |||||
Facilities Revenue (High Point | |||||
University Project) (LOC; | |||||
Branch Banking and Trust Co.) | 0.18 | 12/7/12 | 5,025,000 | a | 5,025,000 |
Ohio--1.4% | |||||
Cuyahoga County, | |||||
Health Care Facilities Revenue | |||||
(Franciscan Communities, Inc. | |||||
- Mount Alverna Project) (LOC; | |||||
Bank of America) | 0.41 | 12/7/12 | 10,205,000 | a,d | 10,205,000 |
Union Township, | |||||
GO Notes, Refunding, BAN | |||||
(Various Purpose) | 1.00 | 9/11/13 | 8,200,000 | 8,234,932 | |
Pennsylvania--4.9% | |||||
Erie County Hospital Authority, | |||||
Health Facilities Revenue | |||||
(Saint Mary's Home of Erie | |||||
Project) (LOC; Bank of America) | 0.28 | 12/7/12 | 6,000,000 | a,d | 6,000,000 |
Montgomery County Industrial | |||||
Development Authority, Revenue | |||||
(Fountain of Life Christian | |||||
Academy Project) (LOC; | |||||
JPMorgan Chase Bank) | 0.24 | 12/7/12 | 3,220,000 | a | 3,220,000 |
Philadelphia Authority for | |||||
Industrial Development, | |||||
Educational Facilities Revenue | |||||
(Chestnut Hill College | |||||
Project) (LOC; Wells Fargo | |||||
Bank) | 0.28 | 12/7/12 | 5,425,000 | a | 5,425,000 |
Pittsburgh Water and Sewer | |||||
Authority, Water and Sewer | |||||
First Lien Revenue, Refunding | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp. and Liquidity | |||||
Facility; JPMorgan Chase Bank) | 0.30 | 12/7/12 | 3,950,000 | a | 3,950,000 |
Pittsburgh Water and Sewer | |||||
Authority, Water and Sewer |
System First Lien Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp. and Liquidity | |||||
Facility; PNC Bank NA) | 0.29 | 12/7/12 | 32,225,000 | a | 32,225,000 |
Pittsburgh Water and Sewer | |||||
Authority, Water and Sewer | |||||
System First Lien Revenue, | |||||
Refunding (Insured; Assured | |||||
Guaranty Municipal Corp. and | |||||
Liquidity Facility; JPMorgan | |||||
Chase Bank) | 0.29 | 12/7/12 | 14,100,000 | a | 14,100,000 |
South Dakota--1.2% | |||||
South Dakota Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Regional | |||||
Health) (LOC; U.S. Bank NA) | 0.19 | 12/3/12 | 16,000,000 | a,d | 16,000,000 |
Tennessee--.8% | |||||
Blount County Public Building | |||||
Authority, Local Government | |||||
Public Improvement Revenue | |||||
(Liquidity Facility; Branch | |||||
Banking and Trust Co.) | 0.18 | 12/7/12 | 5,275,000 | a | 5,275,000 |
Chattanooga Health Educational and | |||||
Housing Facility Board, | |||||
Revenue (Southern Adventist | |||||
University Project) (LOC; Bank | |||||
of America) | 0.21 | 12/7/12 | 1,885,000 | a | 1,885,000 |
Sevier County Public Building | |||||
Authority, Local Government | |||||
Public Improvement Revenue | |||||
(LOC; Bank of America) | 0.24 | 12/7/12 | 4,000,000 | a | 4,000,000 |
Texas--13.1% | |||||
Atascosa County Industrial | |||||
Development Corporation, PCR, | |||||
Refunding (San Miguel Electric | |||||
Cooperative, Inc. Project) | |||||
(LOC; National Rural Utilities | |||||
Cooperative Finance | |||||
Corporation) | 0.26 | 12/7/12 | 34,200,000 | a | 34,200,000 |
Harris County Cultural Education | |||||
Facilities Finance | |||||
Corporation, Revenue (Young | |||||
Men's Christian Association of | |||||
the Greater Houston Area) | |||||
(LOC; JPMorgan Chase Bank) | 0.18 | 12/3/12 | 14,200,000 | a | 14,200,000 |
Harris County Health Facilities | |||||
Development Corporation, HR, | |||||
Refunding (Texas Children's | |||||
Hospital Project) (Liquidity | |||||
Facility; Wells Fargo Bank) | 0.18 | 12/3/12 | 64,995,000 | a,d | 64,995,000 |
Jefferson County Industrial | |||||
Development Corporation, | |||||
Hurricane Ike Disaster Area | |||||
Revenue (Jefferson Refinery, | |||||
L.L.C. Project) (LOC; Branch | |||||
Banking and Trust Co.) | 0.45 | 12/27/12 | 28,900,000 | 28,900,000 |
Jefferson County Industrial | |||||
Development Corporation, | |||||
Hurricane Ike Disaster Area | |||||
Revenue (Jefferson Refinery, | |||||
L.L.C. Project) (LOC; Branch | |||||
Banking and Trust Co.) | 0.45 | 12/27/12 | 3,000,000 | 3,000,000 | |
Texas, | |||||
TRAN | 2.50 | 8/30/13 | 14,500,000 | 14,744,682 | |
Texas Public Finance Authority, | |||||
Revenue, CP (Liquidity | |||||
Facility; Barclays Bank PLC) | 0.20 | 12/4/12 | 14,000,000 | 14,000,000 | |
Utah--1.7% | |||||
Murray City, | |||||
HR (Intermountain Health Care | |||||
Health Services, Inc.) | |||||
(Liquidity Facility; Northern | |||||
Trust Company) | 0.18 | 12/3/12 | 19,020,000 | a,d | 19,020,000 |
Utah Housing Corporation, | |||||
MFHR (Timbergate Apartments | |||||
Project) (LOC; FHLMC) | 0.21 | 12/7/12 | 3,125,000 | a | 3,125,000 |
Virginia--.7% | |||||
Alexandria Industrial Development | |||||
Authority, Revenue (Institute | |||||
for Defense Analyses Project) | |||||
(LOC; Branch Banking and Trust | |||||
Co.) | 0.16 | 12/7/12 | 9,875,000 | a | 9,875,000 |
Wisconsin--1.9% | |||||
Wisconsin Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Bay Area Medical Center, | |||||
Inc.) (LOC; BMO Harris Bank NA) | 0.17 | 12/3/12 | 12,200,000 | a,d | 12,200,000 |
Wisconsin Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Cedar Crest, Inc.) (LOC; Bank | |||||
of Montreal) | 0.16 | 12/7/12 | 7,120,000 | a,d | 7,120,000 |
Wisconsin Rural Water Construction | |||||
Loan Program Commission, | |||||
Revenue, BAN | 1.00 | 10/1/13 | 5,500,000 | 5,530,602 | |
Total Investments (cost $1,324,360,730) | 99.9 | % | 1,324,360,730 | ||
Cash and Receivables (Net) | .1 | % | 1,055,920 | ||
Net Assets | 100.0 | % | 1,325,416,650 |
a | Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. | |
b | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be |
resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, these | |
securities amounted to $60,080,000 or 4.5% of net assets. | |
c | The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity |
that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in | |
underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., | |
enhanced liquidity, yields linked to short-term rates). |
d At November 30, 2012, the fund had $337,000,000 or 25.4% of net assets invested in securities whose payment of principal |
and interest is dependent upon revenues generated from health care. |
At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Valuation Inputs | Short-Term Investments ($)+ |
Level 1 - Unadjusted Quoted Prices | - |
Level 2 - Other Significant Observable Inputs | 1,324,360,730 |
Level 3 - Significant Unobservable Inputs | - |
Total | 1,324,360,730 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 of Trustees.
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 the 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 fund’s 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 as Level 2.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon National Short-Term Municipal Bond Fund |
November 30, 2012 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments--96.7% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama--.4% | ||||
Alabama 21st Century Authority, | ||||
Tobacco Settlement Revenue | 4.00 | 6/1/16 | 1,000,000 | 1,101,990 |
Jefferson County, | ||||
Limited Obligation School | ||||
Warrants (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.50 | 2/15/16 | 1,370,000 | 1,370,205 |
Jefferson County, | ||||
Sewer Revenue Warrants | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 2/1/13 | 3,000,000 | 3,012,420 |
Alaska--.8% | ||||
Alaska Industrial Development and | ||||
Export Authority, Revolving | ||||
Fund Revenue | 5.00 | 4/1/14 | 2,370,000 | 2,513,906 |
North Slope Borough, | ||||
GO | 2.50 | 6/30/14 | 3,400,000 | 3,513,390 |
Valdez, | ||||
Marine Terminal Revenue (BP | ||||
Pipelines (Alaska) Inc. | ||||
Project) | 5.00 | 1/1/14 | 2,000,000 | 2,093,220 |
Valdez, | ||||
Marine Terminal Revenue (BP | ||||
Pipelines (Alaska) Inc. | ||||
Project) | 5.00 | 1/1/16 | 2,500,000 | 2,793,800 |
Arizona--3.3% | ||||
Arizona School Facilities Board, | ||||
COP (Lease-to-Own-Agreement) | 5.50 | 9/1/13 | 3,300,000 | 3,430,911 |
Arizona School Facilities Board, | ||||
COP (Lease-to-Own-Agreement) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.00 | 9/1/13 | 10,950,000 | 11,343,215 |
Arizona Transportation Board, | ||||
Subordinated Highway Revenue | 5.00 | 7/1/14 | 2,165,000 | 2,321,768 |
Arizona Transportation Board, | ||||
Subordinated Highway Revenue | 5.00 | 7/1/15 | 9,380,000 | 10,454,198 |
Arizona Transportation Board, | ||||
Subordinated Highway Revenue | 5.00 | 7/1/16 | 5,000,000 | 5,770,650 |
Arizona Transportation Board, | ||||
Transportation Excise Tax | ||||
Revenue (Maricopa County | ||||
Regional Area Road Fund) | 5.00 | 7/1/16 | 2,300,000 | 2,657,167 |
Scottsdale, | ||||
GO (Projects of 2000 and 2004) | 5.00 | 7/1/13 | 3,000,000 | 3,084,570 |
University of Arizona Board of | ||||
Regents, System Revenue | 6.20 | 6/1/16 | 3,995,000 | 4,345,761 |
California--7.6% |
California, | ||||
GO | 5.00 | 8/1/18 | 2,000,000 | 2,341,780 |
California, | ||||
GO (Economic Recovery) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.25 | 7/1/14 | 6,820,000 | 7,350,937 |
California, | ||||
GO (Various Purpose) | 4.00 | 10/1/15 | 17,050,000 | 18,677,593 |
California, | ||||
GO (Various Purpose) | 5.00 | 9/1/16 | 10,000,000 | 11,572,900 |
California Health Facilities | ||||
Financing Authority, Revenue | ||||
(Cedars-Sinai Medical Center) | 5.00 | 8/15/15 | 1,000,000 | 1,112,810 |
California Health Facilities | ||||
Financing Authority, Revenue | ||||
(Lucile Salter Packard | ||||
Children's Hospital at | ||||
Stanford) | 1.45 | 3/15/17 | 3,000,000 | 3,055,800 |
California Municipal Finance | ||||
Authority, SWDR (Waste | ||||
Management, Inc. Project) | 2.00 | 9/2/14 | 4,000,000 | 4,035,040 |
California Statewide Communities | ||||
Development Authority, MFHR | ||||
(Clara Park / Cypress Sunrise | ||||
/ Wysong Plaza Apartments) | ||||
(Collateralized; GNMA) | 4.55 | 1/20/16 | 770,000 | 800,900 |
California Statewide Communities | ||||
Development Authority, PCR | ||||
(Southern California Edison | ||||
Company) (Insured; XLCA) | 4.10 | 4/1/13 | 1,000,000 | 1,012,150 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Kaiser Permanente) | 5.00 | 4/1/14 | 1,000,000 | 1,060,050 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Kaiser Permanente) | 5.00 | 5/1/17 | 3,500,000 | 4,067,805 |
California Statewide Communities | ||||
Development Authority, Revenue | ||||
(Proposition 1A Receivables | ||||
Program) | 5.00 | 6/15/13 | 5,000,000 | 5,130,850 |
California Statewide Communities | ||||
Development Authority, Student | ||||
Housing Revenue (University of | ||||
California, Irvine East Campus | ||||
Apartments, Phase 1 Refunding | ||||
- CHF - Irvine, L.L.C.) | 4.00 | 5/15/13 | 600,000 | 608,910 |
California Statewide Communities | ||||
Development Authority, Student | ||||
Housing Revenue (University of | ||||
California, Irvine East Campus | ||||
Apartments, Phase 1 Refunding | ||||
- CHF - Irvine, L.L.C.) | 4.00 | 5/15/14 | 900,000 | 936,585 |
California Statewide Communities | ||||
Development Authority, Student | ||||
Housing Revenue (University of | ||||
California, Irvine East Campus |
Apartments, Phase 1 Refunding | |||||
- CHF - Irvine, L.L.C.) | 4.00 | 5/15/15 | 1,150,000 | 1,221,427 | |
California Statewide Communities | |||||
Development Authority, Student | |||||
Housing Revenue (University of | |||||
California, Irvine East Campus | |||||
Apartments, Phase 1 Refunding | |||||
- CHF - Irvine, L.L.C.) | 4.00 | 5/15/16 | 1,450,000 | 1,562,709 | |
Chula Vista, | |||||
IDR (San Diego Gas and | |||||
Electric Company) | 1.65 | 7/1/18 | 2,500,000 | 2,546,175 | |
Irvine Reassessment District | |||||
Number 12-1, Limited | |||||
Obligation Improvement Bonds | 3.00 | 9/2/16 | 2,000,000 | 2,135,440 | |
Los Angeles County Metropolitan | |||||
Transportation Authority, | |||||
Proposition A First Tier | |||||
Senior Sales Tax Revenue | 5.00 | 7/1/17 | 1,500,000 | a | 1,761,585 |
Los Angeles Department of Water | |||||
and Power, Power System Revenue | 5.00 | 1/1/16 | 10,000,000 | 11,298,300 | |
Los Angeles Unified School | |||||
District, GO | 4.00 | 7/1/16 | 4,000,000 | 4,489,360 | |
Metropolitan Water District of | |||||
Southern California, Water | |||||
Revenue | 3.50 | 10/1/16 | 5,900,000 | 6,512,774 | |
Sacramento County Sanitation | |||||
Districts Financing Authority, | |||||
Revenue (Sacramento Regional | |||||
County Sanitation District) | |||||
(Insured; AMBAC) (Prerefunded) | 5.00 | 12/1/14 | 1,000,000 | b | 1,093,360 |
Southern California Public Power | |||||
Authority, Revenue | |||||
(Mead-Phoenix Project) | 5.00 | 7/1/17 | 5,260,000 | 6,275,075 | |
Tuolumne Wind Project Authority, | |||||
Revenue (Tuolumne Company | |||||
Project) | 4.00 | 1/1/13 | 1,000,000 | 1,003,080 | |
Colorado--1.3% | |||||
City and County of Denver, | |||||
Airport System Revenue | 4.00 | 11/15/14 | 1,310,000 | 1,397,456 | |
City and County of Denver, | |||||
Airport System Revenue | 4.00 | 11/15/15 | 1,000,000 | 1,092,720 | |
City and County of Denver, | |||||
Airport System Revenue | 5.00 | 11/15/16 | 1,000,000 | 1,146,880 | |
City and County of Denver, | |||||
GO Medical Facilities Bonds | 5.00 | 8/1/15 | 7,620,000 | 7,867,498 | |
Colorado Health Facilities | |||||
Authority, Revenue (Catholic | |||||
Health Initiatives) | 5.00 | 11/12/13 | 5,000,000 | 5,218,750 | |
Connecticut--2.6% | |||||
Connecticut, | |||||
GO (Economic Recovery) | 5.00 | 1/1/14 | 10,010,000 | 10,525,915 | |
Connecticut, | |||||
GO (Economic Recovery) | 5.00 | 1/1/16 | 8,425,000 | 9,560,943 | |
Connecticut, |
Special Tax Obligation Revenue | |||||
(Transportation Infrastructure | |||||
Purposes) | 5.00 | 12/1/16 | 2,900,000 | 3,398,278 | |
Connecticut Development Authority, | |||||
PCR (The Connecticut Light and | |||||
Power Company Project) | 1.25 | 9/3/13 | 2,600,000 | 2,612,870 | |
Connecticut Health and Educational | |||||
Facilities Authority, Revenue | |||||
(Yale University Issue) | 2.50 | 2/12/15 | 5,000,000 | 5,230,650 | |
New Haven, | |||||
GO | 4.00 | 11/1/15 | 3,000,000 | 3,249,990 | |
Delaware--.3% | |||||
Delaware, | |||||
GO | 5.00 | 10/1/13 | 3,275,000 | 3,407,375 | |
Florida--6.8% | |||||
Citizens Property Insurance | |||||
Corporation, High-Risk Account | |||||
Senior Secured Revenue | 5.00 | 6/1/13 | 10,000,000 | 10,233,100 | |
Citizens Property Insurance | |||||
Corporation, Personal Lines | |||||
Account/Commercial Lines | |||||
Account Senior Secured Revenue | 5.00 | 6/1/16 | 10,000,000 | 11,278,700 | |
Florida Department of | |||||
Environmental Protection, | |||||
Florida Forever Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 7/1/13 | 6,100,000 | 6,270,312 | |
Florida Department of Management | |||||
Services, Florida Facilities | |||||
Pool Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.25 | 9/1/13 | 1,825,000 | 1,887,707 | |
Florida Hurricane Catastrophe Fund | |||||
Finance Corporation, Revenue | 5.00 | 7/1/13 | 4,060,000 | 4,173,842 | |
Florida Hurricane Catastrophe Fund | |||||
Finance Corporation, Revenue | 5.00 | 7/1/15 | 10,000,000 | 11,078,300 | |
Florida State Board of Education, | |||||
Lottery Revenue (Insured; | |||||
AMBAC) | 5.25 | 7/1/14 | 5,000,000 | 5,381,350 | |
Florida State Board of Education, | |||||
Public Education Capital | |||||
Outlay Bonds | 5.00 | 6/1/16 | 10,000,000 | 11,541,700 | |
Florida State Board of Education, | |||||
Public Education Capital | |||||
Outlay Bonds (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.25 | 6/1/13 | 3,000,000 | 3,076,560 | |
Fort Pierce Utilities Authority, | |||||
Utilities Revenue (Insured; | |||||
AMBAC) (Prerefunded) | 5.00 | 10/1/13 | 4,640,000 | b | 4,819,058 |
Jacksonville, | |||||
Special Revenue | 5.00 | 10/1/16 | 3,000,000 | 3,486,780 | |
Jacksonville Electric Authority, | |||||
Revenue (Saint Johns River | |||||
Power Park System) | 5.00 | 10/1/16 | 5,000,000 | 5,815,450 | |
Kissimmee Utility Authority, |
Electric System Revenue | 4.00 | 10/1/14 | 1,250,000 | 1,323,862 |
Miami-Dade County, | ||||
Double-Barreled Aviation GO | 5.00 | 7/1/14 | 1,000,000 | 1,069,840 |
Orange County School Board, | ||||
COP (Master Lease Purchase | ||||
Agreement) | 5.00 | 8/1/15 | 1,500,000 | 1,665,120 |
Orlando, | ||||
Waste Water System Revenue | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 4.00 | 10/1/14 | 3,025,000 | 3,215,091 |
Palm Beach County School Board, | ||||
COP (Master Lease Purchase | ||||
Agreement) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.00 | 8/1/17 | 5,000,000 | 5,539,050 |
Georgia--2.2% | ||||
Atlanta, | ||||
Water and Wastewater Revenue | 5.00 | 11/1/15 | 5,000,000 | 5,602,900 |
Burke County Development | ||||
Authority, PCR (Georgia Power | ||||
Company Plant Vogtle Project) | 1.40 | 4/1/15 | 5,000,000 | 5,068,600 |
Floyd County Development | ||||
Authority, PCR (Georgia Power | ||||
Company Plant Hammond Project) | 0.85 | 11/19/15 | 5,000,000 | 4,999,400 |
Fulton County, | ||||
Water and Sewerage Revenue | 5.00 | 1/1/16 | 1,550,000 | 1,757,963 |
Georgia, | ||||
GO | 4.00 | 7/1/13 | 5,000,000 | 5,112,600 |
Georgia, | ||||
GO | 5.00 | 7/1/15 | 5,000,000 | 5,597,350 |
Municipal Electric Authority of | ||||
Georgia, Revenue (Project One | ||||
Subordinated Bonds) | 5.00 | 1/1/17 | 1,000,000 | 1,158,660 |
Illinois--5.1% | ||||
Chicago, | ||||
General Airport Senior Lien | ||||
Revenue (Chicago O'Hare | ||||
International Airport) | 5.00 | 1/1/17 | 4,000,000 | 4,627,680 |
Chicago, | ||||
Second Lien Revenue (Chicago | ||||
Midway Airport) (Insured; | ||||
AMBAC) | 5.00 | 1/1/17 | 4,110,000 | 4,423,264 |
Chicago Board of Education, | ||||
Unlimited Tax GO (Dedicated | ||||
Revenues) (Insured; AMBAC) | 5.25 | 12/1/15 | 1,425,000 | 1,607,642 |
Chicago Board of Education, | ||||
Unlimited Tax GO (Dedicated | ||||
Revenues) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 12/1/14 | 2,000,000 | 2,171,920 |
Chicago Board of Education, | ||||
Unlimited Tax GO (Dedicated | ||||
Revenues) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 12/1/16 | 17,000,000 | 18,473,050 |
Chicago Park District, | ||||
GO Limited Tax Bonds (Insured; | ||||
AMBAC) | 5.00 | 1/1/16 | 2,100,000 | 2,251,179 |
Chicago Transit Authority, | |||||
Capital Grant Receipts Revenue | |||||
(Federal Transit | |||||
Administration Section 5307 | |||||
Formula Funds) (Insured; AMBAC) | 5.00 | 6/1/14 | 3,815,000 | 4,043,213 | |
Illinois, | |||||
GO | 5.00 | 1/1/14 | 1,415,000 | 1,487,448 | |
Illinois, | |||||
GO | 5.00 | 1/1/14 | 4,585,000 | 4,801,779 | |
Illinois, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 1/1/16 | 7,500,000 | 8,366,925 | |
Illinois Department of Employment | |||||
Security, Unemployment | |||||
Insurance Fund Building | |||||
Receipts Revenue | 5.00 | 6/15/17 | 2,000,000 | 2,347,800 | |
Kane, McHenry, Cook and DeKalb | |||||
Counties Community Unit School | |||||
District Number 300, GO | |||||
(Insured; XLCA) | 5.00 | 12/1/17 | 3,145,000 | 3,484,943 | |
Railsplitter Tobacco Settlement | |||||
Authority, Tobacco Settlement | |||||
Revenue | 5.00 | 6/1/15 | 8,330,000 | 9,072,786 | |
Indiana--1.3% | |||||
Indiana Finance Authority, | |||||
Second Lien Water Utility | |||||
Revenue (Citizens Energy Group | |||||
Project) | 3.00 | 10/1/14 | 2,000,000 | 2,078,420 | |
Indiana Health Facility Financing | |||||
Authority, Revenue (Ascension | |||||
Health Credit Group) | 1.50 | 8/1/14 | 2,000,000 | 2,034,120 | |
Indiana Health Facility Financing | |||||
Authority, Revenue (Ascension | |||||
Health Credit Group) | 1.60 | 2/1/17 | 2,500,000 | 2,572,700 | |
Indiana Health Facility Financing | |||||
Authority, Revenue (Ascension | |||||
Health Subordinate Credit | |||||
Group) | 1.70 | 9/1/14 | 1,500,000 | 1,531,845 | |
Indiana Health Facility Financing | |||||
Authority, Revenue (Ascension | |||||
Health Subordinate Credit | |||||
Group) | 5.00 | 7/28/16 | 2,000,000 | 2,296,520 | |
Indiana Transportation Finance | |||||
Authority, Highway Revenue | |||||
(Insured; FGIC) (Prerefunded) | 5.25 | 6/1/14 | 1,000,000 | b | 1,074,120 |
Whiting, | |||||
Environmental Facilities | |||||
Revenue (BP Products North | |||||
America, Inc.) | 2.80 | 6/2/14 | 6,000,000 | 6,210,660 | |
Iowa--.1% | |||||
Iowa Higher Education Loan | |||||
Authority, Private College | |||||
Facility Revenue (Grinnell | |||||
College Project) | 4.00 | 12/1/13 | 1,000,000 | 1,037,820 | |
Kentucky--1.4% |
Kentucky Property and Buildings | |||||
Commission, Revenue (Project | |||||
Number 82) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.25 | 10/1/13 | 8,480,000 | 8,823,270 | |
Kentucky Property and Buildings | |||||
Commission, Revenue (Project | |||||
Number 99) | 5.00 | 11/1/17 | 4,200,000 | 5,022,528 | |
Louisville/Jefferson County Metro | |||||
Government, PCR (Louisville | |||||
Gas and Electric Company | |||||
Project) | 1.65 | 4/3/17 | 4,940,000 | 5,062,067 | |
Louisiana--.9% | |||||
Louisiana, | |||||
GO | 0.95 | 7/15/14 | 4,765,000 | c | 4,775,864 |
Louisiana Offshore Terminal | |||||
Authority, Deepwater Port | |||||
Revenue (LOOP LLC Project) | 1.88 | 10/1/13 | 2,000,000 | 2,019,540 | |
Louisiana Public Facilities | |||||
Authority, Revenue (Loyola | |||||
University Project) (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) | 5.25 | 10/1/16 | 5,000,000 | 5,776,250 | |
Maryland--.9% | |||||
Anne Arundel County, | |||||
Consolidated General | |||||
Improvements GO | 4.00 | 4/1/14 | 4,000,000 | 4,199,120 | |
Maryland, | |||||
GO (State and Local Facilities | |||||
Loan - Capital Improvement | |||||
Bonds) | 5.00 | 7/15/13 | 5,000,000 | 5,151,500 | |
Maryland Health and Higher | |||||
Educational Facilities | |||||
Authority, Revenue (The Johns | |||||
Hopkins Health System | |||||
Obligated Group Issue) | 1.29 | 11/15/16 | 2,245,000 | c | 2,286,241 |
Massachusetts--3.3% | |||||
Massachusetts, | |||||
GO (Consolidated Loan) | 5.25 | 8/1/13 | 1,500,000 | 1,550,850 | |
Massachusetts, | |||||
GO (Consolidated Loan) | 5.00 | 8/1/14 | 5,000,000 | 5,387,350 | |
Massachusetts, | |||||
GO (Consolidated Loan) | |||||
(Insured; FGIC) | 5.50 | 11/1/13 | 1,700,000 | 1,782,807 | |
Massachusetts Bay Transportation | |||||
Authority, Assessment Revenue | 4.00 | 7/1/13 | 1,250,000 | 1,277,625 | |
Massachusetts Bay Transportation | |||||
Authority, Assessment Revenue | |||||
(Prerefunded) | 5.00 | 7/1/14 | 12,705,000 | b | 13,652,285 |
Massachusetts Development Finance | |||||
Agency, Recovery Zone Facility | |||||
Revenue (Dominion Energy | |||||
Brayton Point Issue) | 2.25 | 9/1/16 | 5,000,000 | 5,147,750 | |
Massachusetts Development Finance | |||||
Agency, Revenue (Brandeis | |||||
University Issue) | 3.00 | 10/1/13 | 1,140,000 | 1,164,909 |
Massachusetts Development Finance | |||||
Agency, Revenue (UMass | |||||
Memorial Issue) | 4.00 | 7/1/14 | 4,525,000 | 4,704,145 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Amherst | |||||
College Issue) | 1.00 | 11/1/14 | 1,850,000 | 1,872,903 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Amherst | |||||
College Issue) | 1.70 | 11/1/16 | 2,915,000 | 3,019,911 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/13 | 1,350,000 | 1,387,003 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Partners | |||||
HealthCare System Issue) | 5.00 | 7/1/14 | 1,600,000 | 1,715,584 | |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Simmons | |||||
College Issue) | 6.13 | 10/1/14 | 1,000,000 | 1,087,830 | |
Michigan--3.0% | |||||
Detroit School District, | |||||
School Building and Site | |||||
Improvement Bonds (GO - | |||||
Unlimited Tax) | 5.00 | 5/1/16 | 1,490,000 | 1,672,823 | |
Michigan Finance Authority, | |||||
Unemployment Obligation | |||||
Assessment Revenue | 5.00 | 7/1/17 | 10,000,000 | 11,947,300 | |
Michigan Hospital Finance | |||||
Authority, HR (Oakwood | |||||
Obligated Group) (Prerefunded) | 5.50 | 11/1/13 | 10,000,000 | b | 10,470,200 |
Michigan Hospital Finance | |||||
Authority, Project Revenue | |||||
(Ascension Health Senior | |||||
Credit Group) | 1.50 | 3/1/17 | 10,000,000 | 10,264,100 | |
Michigan Strategic Fund, | |||||
Solid Waste Disposal Limited | |||||
Obligation Revenue (Waste | |||||
Management, Inc. Project) | 4.63 | 12/1/12 | 5,750,000 | 5,750,690 | |
Minnesota--1.8% | |||||
Minnesota, | |||||
GO | 5.00 | 8/1/16 | 5,200,000 | 6,059,040 | |
Minnesota, | |||||
GO (State Trunk Highway Bonds) | 4.00 | 8/1/13 | 1,310,000 | 1,343,641 | |
Minnesota, | |||||
GO (Various Purpose) | 4.00 | 8/1/13 | 11,500,000 | 11,795,320 | |
Minnesota, | |||||
GO (Various Purpose) | 5.00 | 8/1/15 | 4,000,000 | 4,492,400 | |
Mississippi--.1% | |||||
Mississippi Business Finance | |||||
Corporation, Revenue | |||||
(Mississippi Power Company |
Project) | 2.25 | 1/15/13 | 1,150,000 | 1,152,426 |
Missouri--.1% | ||||
Saint Louis, | ||||
Airport Revenue (Lambert-Saint | ||||
Louis International Airport) | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 7/1/13 | 1,800,000 | 1,841,094 |
Nebraska--.7% | ||||
Lincoln, | ||||
GO | 4.00 | 12/1/15 | 2,035,000 | 2,252,297 |
Nebraska Public Power District, | ||||
General Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.00 | 1/1/13 | 1,300,000 | 1,305,265 |
University of Nebraska Facilities | ||||
Corporation, Deferred | ||||
Maintenance Bonds (Insured; | ||||
AMBAC) | 5.00 | 7/15/13 | 5,125,000 | 5,278,340 |
Nevada--3.6% | ||||
Clark County, | ||||
Limited Tax GO Public Safety | ||||
Bonds (Insured; Assured | ||||
Guaranty Municipal Corp.) | 5.00 | 1/1/14 | 1,000,000 | 1,048,730 |
Clark County, | ||||
Passenger Facility Charge | ||||
Revenue (Las Vegas-McCarran | ||||
International Airport) | 5.00 | 7/1/14 | 2,500,000 | 2,659,825 |
Clark County School District, | ||||
Limited Tax GO | 5.00 | 6/15/16 | 10,000,000 | 11,501,200 |
Clark County School District, | ||||
Limited Tax GO (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.00 | 6/15/15 | 6,800,000 | 7,566,156 |
Clark County School District, | ||||
Limited Tax GO (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.25 | 6/15/15 | 4,075,000 | 4,559,844 |
Las Vegas Convention and Visitors | ||||
Authority, Revenue (Insured; | ||||
AMBAC) | 5.00 | 7/1/16 | 3,500,000 | 3,863,615 |
Las Vegas Valley Water District, | ||||
GO (Additionally Secured by | ||||
Pledged Revenues) | 5.00 | 2/1/13 | 1,000,000 | 1,007,950 |
Las Vegas Valley Water District, | ||||
GO (Additionally Secured by | ||||
Pledged Revenues) | 5.00 | 6/1/17 | 13,640,000 | 15,158,950 |
Las Vegas Valley Water District, | ||||
GO (Additionally Secured by | ||||
Southern Nevada Water | ||||
Authority Pledged Revenues) | 5.00 | 6/1/14 | 450,000 | 480,658 |
New Hampshire--1.8% | ||||
Manchester, | ||||
School Facilities Revenue | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) |
(Prerefunded) | 5.50 | 6/1/13 | 4,465,000 | b | 4,581,670 |
New Hampshire, | |||||
Turnpike System Revenue | 4.00 | 10/1/14 | 5,315,000 | 5,657,286 | |
New Hampshire, | |||||
Turnpike System Revenue | 5.00 | 10/1/15 | 5,565,000 | 6,249,996 | |
New Hampshire, | |||||
Turnpike System Revenue | 5.00 | 2/1/17 | 6,000,000 | 7,000,620 | |
New Jersey--3.6% | |||||
Monmouth County Improvement | |||||
Authority, Governmental Pooled | |||||
Loan Revenue | 4.00 | 12/1/17 | 2,300,000 | 2,678,902 | |
New Jersey, | |||||
GO | 5.00 | 8/15/15 | 10,000,000 | 11,216,200 | |
New Jersey Economic Development | |||||
Authority, Cigarette Tax | |||||
Revenue | 5.38 | 6/15/14 | 2,935,000 | 3,163,725 | |
New Jersey Economic Development | |||||
Authority, Cigarette Tax | |||||
Revenue (Insured; FGIC) | 5.00 | 6/15/13 | 5,000,000 | 5,127,100 | |
New Jersey Economic Development | |||||
Authority, Exempt Facilities | |||||
Revenue (Waste Management of | |||||
New Jersey, Inc. Project) | 2.20 | 11/1/13 | 2,000,000 | 2,032,080 | |
New Jersey Economic Development | |||||
Authority, School Facilities | |||||
Construction Revenue (Insured; | |||||
AMBAC) | 5.00 | 9/1/17 | 5,000,000 | 5,598,550 | |
New Jersey Educational Facilities | |||||
Authority, Revenue (Princeton | |||||
University) | 5.00 | 7/1/14 | 2,185,000 | 2,350,820 | |
New Jersey Sports and Exposition | |||||
Authority, State Contract Bonds | 5.00 | 9/1/16 | 1,665,000 | 1,913,135 | |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) | 5.00 | 6/15/15 | 1,800,000 | 1,995,552 | |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) | 5.00 | 6/15/16 | 2,000,000 | 2,286,620 | |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.75 | 12/15/14 | 2,820,000 | 3,117,736 | |
New Jersey Transportation Trust | |||||
Fund Authority (Transportation | |||||
System) (Insured; National | |||||
Public Finance Guarantee | |||||
Corp.) (Prerefunded) | 5.25 | 6/15/15 | 5,000,000 | b | 5,612,200 |
New Mexico--1.3% | |||||
New Mexico Educational Assistance | |||||
Foundation, Education Loan | |||||
Revenue | 1.17 | 12/1/20 | 3,155,000 | c | 3,135,881 |
New Mexico Finance Authority, | |||||
State Transportation Senior | |||||
Lien Revenue | 5.00 | 6/15/13 | 4,940,000 | 5,069,082 |
New Mexico Finance Authority, | ||||
State Transportation Senior | ||||
Lien Revenue (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.25 | 6/15/16 | 4,790,000 | 5,151,549 |
New Mexico Finance Authority, | ||||
State Transportation | ||||
Subordinate Lien Revenue | ||||
(Insured; AMBAC) | 5.00 | 6/15/13 | 1,000,000 | 1,025,460 |
New Mexico Finance Authority, | ||||
Subordinate Lien Public | ||||
Project Revolving Fund Revenue | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.25 | 6/15/18 | 2,605,000 | 3,099,325 |
New York--10.4% | ||||
Long Island Power Authority, | ||||
Electric System General Revenue | 5.00 | 5/1/15 | 5,400,000 | 5,951,826 |
Metropolitan Transportation | ||||
Authority, Transportation | ||||
Revenue | 5.00 | 11/15/13 | 11,125,000 | 11,581,904 |
Nassau County, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 7/1/16 | 4,595,000 | 5,246,939 |
Nassau County Interim Finance | ||||
Authority, Sales Tax Secured | ||||
Revenue | 4.00 | 11/15/15 | 7,820,000 | 8,662,996 |
New York City, | ||||
GO | 5.00 | 8/15/13 | 5,000,000 | 5,168,050 |
New York City, | ||||
GO | 5.00 | 8/1/14 | 4,000,000 | 4,307,920 |
New York City, | ||||
GO | 5.00 | 8/1/15 | 1,000,000 | 1,117,700 |
New York City, | ||||
GO | 5.25 | 8/1/16 | 4,670,000 | 5,050,885 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Revenue | 5.00 | 11/1/14 | 10,000,000 | 10,925,400 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.50 | 11/1/14 | 240,000 | 241,078 |
New York State, | ||||
GO | 3.00 | 2/1/14 | 10,000,000 | 10,341,200 |
New York State, | ||||
GO | 5.00 | 2/15/15 | 4,320,000 | 4,775,674 |
New York State Dormitory | ||||
Authority, LR (State | ||||
University Dormitory | ||||
Facilities Issue) (Insured; | ||||
XLCA) | 5.25 | 7/1/13 | 1,000,000 | 1,027,970 |
New York State Dormitory | ||||
Authority, Revenue (Mental | ||||
Health Services Facilities | ||||
Improvement) | 5.00 | 8/15/15 | 5,000 | 5,613 |
New York State Dormitory |
Authority, Revenue (Mental | |||||
Health Services Facilities | |||||
Improvement) | 5.00 | 8/15/15 | 995,000 | 1,115,435 | |
New York State Dormitory | |||||
Authority, Revenue (School | |||||
Districts Revenue Financing | |||||
Program) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.75 | 10/1/17 | 25,000 | 25,115 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (Education) | 5.00 | 3/15/14 | 4,075,000 | 4,326,794 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (General | |||||
Purpose) | 5.00 | 8/15/15 | 11,380,000 | 12,793,624 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (General | |||||
Purpose) | 5.00 | 3/15/17 | 3,600,000 | 4,257,504 | |
New York State Dormitory | |||||
Authority, Third General | |||||
Resolution Revenue (State | |||||
University Educational | |||||
Facilities Issue) | 4.00 | 5/15/17 | 4,825,000 | 5,506,290 | |
New York State Municipal Bond Bank | |||||
Agency, Special School Purpose | |||||
Revenue (Prior Year Claims) | 5.50 | 6/1/13 | 5,000,000 | 5,132,950 | |
New York State Thruway Authority, | |||||
Second General Highway and | |||||
Bridge Trust Fund Bonds | |||||
(Insured; AMBAC) (Prerefunded) | 5.00 | 4/1/14 | 1,475,000 | b | 1,566,951 |
New York State Urban Development | |||||
Corporation, Correctional | |||||
Capital Facilities Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.25 | 1/1/14 | 735,000 | 752,838 | |
New York State Urban Development | |||||
Corporation, Service Contract | |||||
Revenue | 5.00 | 1/1/14 | 1,000,000 | 1,049,970 | |
New York State Urban Development | |||||
Corporation, Service Contract | |||||
Revenue | 5.00 | 1/1/15 | 5,610,000 | 6,132,628 | |
Port Authority of New York and New | |||||
Jersey (Consolidated Bonds, | |||||
139th Series) (Insured; | |||||
National Public Finance | |||||
Guarantee Corp. ) | 5.00 | 10/1/16 | 5,000,000 | 5,546,850 | |
Tobacco Settlement Financing | |||||
Corporation of New York, | |||||
Asset-Backed Revenue Bonds | |||||
(State Contingency Contract | |||||
Secured) | 5.00 | 6/1/14 | 3,000,000 | 3,202,470 | |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 4.00 | 11/15/16 | 2,500,000 | 2,831,050 | |
Triborough Bridge and Tunnel |
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 5.00 | 11/15/16 | 1,900,000 | 2,225,793 | |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 4.00 | 11/15/17 | 3,500,000 | 4,044,880 | |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 5.00 | 11/15/17 | 3,325,000 | 4,005,760 | |
North Carolina--2.3% | |||||
Brunswick County, | |||||
GO | 5.00 | 5/1/13 | 2,445,000 | 2,494,438 | |
Charlotte, | |||||
Water and Sewer System Revenue | 3.00 | 12/1/14 | 1,250,000 | 1,316,263 | |
Forsyth County, | |||||
GO | 3.00 | 7/1/13 | 1,495,000 | 1,519,907 | |
North Carolina, | |||||
Public Improvement GO | 5.00 | 3/1/16 | 10,000,000 | 11,021,500 | |
North Carolina Medical Care | |||||
Commission, Health Care | |||||
Facilities Revenue (Wake | |||||
Forest Baptist Obligated Group) | 0.90 | 12/1/17 | 2,500,000 | c | 2,500,475 |
Wake County, | |||||
GO | 4.00 | 2/1/15 | 10,560,000 | 11,395,085 | |
Ohio--3.4% | |||||
Cleveland, | |||||
GO (Various Purpose) (Insured; | |||||
AMBAC) | 5.25 | 10/1/14 | 5,050,000 | 5,472,786 | |
Cleveland, | |||||
Water Revenue | 5.00 | 1/1/16 | 3,000,000 | 3,408,450 | |
Ohio, | |||||
Common Schools GO Bonds | 5.00 | 9/15/16 | 5,780,000 | 6,734,336 | |
Ohio, | |||||
GO Highway Capital | |||||
Improvements Bonds (Full Faith | |||||
and Credit/Highway User | |||||
Receipts) (Buckeye Savers Bond | |||||
Program) | 5.00 | 5/1/16 | 4,650,000 | 5,345,686 | |
Ohio, | |||||
Mental Health Capital | |||||
Facilities Bonds (Insured; | |||||
Assured Guaranty Municipal | |||||
Corp.) | 5.00 | 6/1/13 | 2,230,000 | 2,282,004 | |
Ohio Building Authority, | |||||
State Facilities Revenue | |||||
(Administrative Building Fund | |||||
Projects) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.00 | 10/1/16 | 3,585,000 | 4,162,257 | |
Ohio Water Development Authority, | |||||
Drinking Water Assistance Fund | |||||
Revenue | 5.00 | 12/1/17 | 1,925,000 | 2,333,774 | |
Ohio Water Development Authority, | |||||
Solid Waste Revenue (Waste | |||||
Management, Inc. Project) | 1.75 | 6/1/13 | 2,500,000 | 2,521,100 | |
Ohio Water Development Authority, | |||||
Solid Waste Revenue (Waste |
Management, Inc. Project) | 2.25 | 11/2/15 | 6,000,000 | 6,057,660 | |
Ohio Water Development Authority, | |||||
Water Development Revenue | |||||
(Fresh Water Improvement | |||||
Series) | 5.00 | 6/1/13 | 2,060,000 | 2,110,614 | |
Ohio Water Development Authority, | |||||
Water Pollution Control Loan | |||||
Fund Notes | 0.56 | 7/15/15 | 5,000,000 | c | 5,000,450 |
Oklahoma--.7% | |||||
Oklahoma Building Bonds | |||||
Commission, GO (Insured; | |||||
National Public Finance | |||||
Guarantee Corp.) (Prerefunded) | 5.00 | 7/15/13 | 5,460,000 | b | 5,677,199 |
Oklahoma Capitol Improvement | |||||
Authority, State Highway | |||||
Capital Improvement Revenue | 4.00 | 10/1/16 | 2,960,000 | 3,345,274 | |
Oregon--.4% | |||||
Oregon Department of | |||||
Transportation, Highway User | |||||
Tax Revenue (Prerefunded) | 5.25 | 11/15/14 | 4,375,000 | b | 4,794,387 |
Pennsylvania--6.8% | |||||
Allegheny County Airport | |||||
Authority, Airport Revenue | |||||
(Pittsburgh International | |||||
Airport) | 5.00 | 1/1/13 | 1,400,000 | 1,404,522 | |
Allegheny County Hospital | |||||
Development Authority, Revenue | |||||
(University of Pittsburgh | |||||
Medical Center) | 5.00 | 6/15/13 | 1,000,000 | 1,024,430 | |
Allegheny County Hospital | |||||
Development Authority, Revenue | |||||
(University of Pittsburgh | |||||
Medical Center) | 5.00 | 5/15/14 | 2,875,000 | 3,067,884 | |
Berks County Municipal Authority, | |||||
Revenue (The Reading Hospital | |||||
and Medical Center Project) | 5.00 | 11/1/13 | 3,035,000 | 3,158,039 | |
Delaware County Industrial | |||||
Development Authority, PCR | |||||
(PECO Energy Company Project) | 4.00 | 12/1/12 | 8,490,000 | 8,490,764 | |
Jim Thorpe Area School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.30 | 3/15/16 | 1,000,000 | 1,064,000 | |
Monroeville Finance Authority, | |||||
Revenue (University of | |||||
Pittsburgh Medical Center) | 4.00 | 2/15/16 | 1,000,000 | 1,099,750 | |
Pennsylvania, | |||||
GO | 5.00 | 7/15/14 | 6,740,000 | 7,249,881 | |
Pennsylvania, | |||||
GO | 5.00 | 9/1/16 | 5,000,000 | 5,405,700 | |
Pennsylvania, | |||||
GO | 5.00 | 5/1/17 | 14,000,000 | 16,621,220 | |
Pennsylvania, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 4.00 | 2/1/14 | 5,000,000 | b | 5,217,150 |
Pennsylvania Economic Development | ||||
Financing Authority, SWDR | ||||
(Waste Management, Inc. | ||||
Project) | 1.75 | 12/1/15 | 2,000,000 | 2,000,000 |
Pennsylvania Economic Development | ||||
Financing Authority, | ||||
Unemployment Compensation | ||||
Revenue | 5.00 | 7/1/16 | 10,000,000 | 11,591,500 |
Pennsylvania Economic Development | ||||
Financing Authority, | ||||
Unemployment Compensation | ||||
Revenue | 5.00 | 7/1/17 | 5,000,000 | 5,976,150 |
Philadelphia, | ||||
Airport Revenue | 5.00 | 6/15/15 | 1,000,000 | 1,086,230 |
Philadelphia, | ||||
Water and Wastewater Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 8/1/17 | 3,690,000 | 4,343,388 |
Pittsburgh, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 9/1/13 | 5,000,000 | 5,170,550 |
State Public School Building | ||||
Authority, College Revenue | ||||
(Northampton County Area | ||||
Community College Project) | 4.00 | 3/1/14 | 2,165,000 | 2,244,455 |
State Public School Building | ||||
Authority, School Revenue | ||||
(Chester Upland School | ||||
District Project) (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 4.00 | 9/15/14 | 1,810,000 | 1,906,165 |
Swarthmore Borough Authority, | ||||
Revenue (Swarthmore College) | 5.00 | 9/15/13 | 1,500,000 | 1,553,550 |
South Carolina--.4% | ||||
Piedmont Municipal Power Agency, | ||||
Electric Revenue | 5.00 | 1/1/15 | 2,000,000 | 2,167,560 |
Piedmont Municipal Power Agency, | ||||
Electric Revenue | 5.00 | 1/1/17 | 1,060,000 | 1,219,912 |
South Carolina Jobs-Economic | ||||
Development Authority, EDR | ||||
(Waste Management of South | ||||
Carolina, Inc. Project) | 2.88 | 2/1/15 | 2,100,000 | 2,158,695 |
Tennessee--.9% | ||||
Metropolitan Government of | ||||
Nashville and Davidson County, | ||||
GO Improvement Bonds | 5.00 | 7/1/16 | 5,750,000 | 6,660,685 |
Metropolitan Government of | ||||
Nashville and Davidson County, | ||||
Subordinate Lien Water and | ||||
Sewer Revenue | 5.00 | 7/1/16 | 1,250,000 | 1,439,775 |
Tennessee, | ||||
GO | 5.00 | 8/1/16 | 3,100,000 | 3,610,880 |
Texas--6.2% | ||||
Austin, | ||||
Water and Wastewater System |
Revenue | 4.00 | 11/15/13 | 1,500,000 | 1,554,435 | |
Cypress-Fairbanks Independent | |||||
School District, Unlimited Tax | |||||
Schoolhouse Bonds (Permanent | |||||
School Fund Guarantee Program) | 5.00 | 2/15/13 | 1,550,000 | 1,565,640 | |
Frisco Independent School | |||||
District, Unlimited Tax School | |||||
Building Bonds (Permanent | |||||
School Fund Guarantee Program) | 5.00 | 8/15/15 | 1,000,000 | 1,123,150 | |
Gulf Coast Waste Disposal | |||||
Authority, Environmental | |||||
Facilities Revenue (BP | |||||
Products North America, Inc. | |||||
Project) | 2.30 | 9/3/13 | 4,000,000 | 4,054,960 | |
Harris County, | |||||
Toll Road Senior Lien Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 5.00 | 8/15/14 | 1,500,000 | b | 1,618,905 |
Harris County Cultural Education | |||||
Facilities Finance | |||||
Corporation, Revenue (The | |||||
Methodist Hospital System) | 5.25 | 12/1/12 | 1,800,000 | 1,800,252 | |
Houston, | |||||
Combined Utility System First | |||||
Lien Revenue | 5.00 | 11/15/16 | 3,750,000 | 4,384,837 | |
Houston Convention and | |||||
Entertainment Facilities | |||||
Department, Hotel Occupancy | |||||
Tax and Special Revenue | 4.88 | 9/1/17 | 5,000,000 | 5,642,350 | |
Katy Independent School District, | |||||
Unlimited Tax Bonds (Permament | |||||
School Fund Guarantee Program) | 1.60 | 8/15/17 | 2,000,000 | 2,010,300 | |
Katy Independent School District, | |||||
Unlimited Tax Bonds (Permament | |||||
School Fund Guarantee Program) | 5.00 | 8/15/17 | 4,000,000 | 4,779,440 | |
Lower Colorado River Authority, | |||||
Revenue (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.88 | 5/15/15 | 1,070,000 | 1,074,836 | |
North Central Texas Health | |||||
Facilities Development | |||||
Corporation, HR (Children's | |||||
Medical Center of Dallas | |||||
Project) | 5.00 | 8/15/17 | 1,000,000 | 1,177,150 | |
North Texas Tollway Authority, | |||||
First Tier System Revenue | |||||
(Prerefunded) | 5.00 | 1/1/13 | 2,050,000 | b | 2,058,466 |
Plano, | |||||
GO | 5.25 | 9/1/14 | 1,225,000 | 1,331,097 | |
Richardson Independent School | |||||
District, Unlimited Tax Bonds | |||||
(Permanent School Fund | |||||
Guarantee Program) | 4.00 | 2/15/15 | 1,000,000 | 1,079,250 | |
Sam Rayburn Municipal Power | |||||
Agency, Power Supply System | |||||
Revenue | 5.00 | 10/1/16 | 2,320,000 | 2,636,425 |
San Antonio, | |||||
Electric and Gas Systems | |||||
Junior Lien Revenue | 2.00 | 12/1/16 | 3,000,000 | 3,141,060 | |
San Antonio, | |||||
Water System Revenue | 5.00 | 5/15/17 | 2,160,000 | 2,567,506 | |
Tarrant Regional Water District, A | |||||
Water Control and Improvement | |||||
District, Water Revenue | 5.00 | 3/1/15 | 1,650,000 | 1,817,871 | |
Tarrant Regional Water District, A | |||||
Water Control and Improvement | |||||
District, Water Revenue | 5.00 | 3/1/16 | 1,500,000 | 1,714,095 | |
Texas A&M University System Board | |||||
of Regents, Financing System | |||||
Revenue | 5.00 | 5/15/13 | 1,375,000 | 1,405,305 | |
Texas Municipal Gas Acquisition | |||||
and Supply Corporation I, Gas | |||||
Supply Revenue | 5.00 | 12/15/13 | 720,000 | 752,429 | |
Texas Municipal Power Agency, | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 0.00 | 9/1/14 | 5,000,000 | d | 4,933,800 |
Texas Public Finance Authority, | |||||
GO | 5.00 | 10/1/14 | 2,000,000 | 2,172,760 | |
Texas Public Finance Authority, | |||||
Unemployment Compensation | |||||
Obligation Assessment Revenue | 5.00 | 7/1/15 | 6,000,000 | 6,701,940 | |
Trinity River Authority, | |||||
Regional Wastewater System | |||||
Revenue | 5.00 | 8/1/15 | 3,280,000 | 3,669,008 | |
Trinity River Authority, | |||||
Regional Wastewater System | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.38 | 8/1/15 | 8,865,000 | 9,165,346 | |
University of Texas System Board | |||||
of Regents, Financing System | |||||
Revenue | 5.00 | 8/15/13 | 6,485,000 | 6,706,982 | |
Utah--.8% | |||||
Timpanogos Special Service | |||||
District, Sewer Revenue | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.00 | 6/1/14 | 1,775,000 | 1,894,386 | |
Utah, | |||||
GO | 4.00 | 7/1/13 | 8,000,000 | 8,180,160 | |
Virginia--3.3% | |||||
Portsmouth, | |||||
GO | 4.00 | 1/15/15 | 2,750,000 | 2,813,717 | |
Richmond, | |||||
GO Public Improvement | |||||
(Insured; Assured Guaranty | |||||
Municipal Corp.) (Prerefunded) | 5.25 | 7/15/13 | 6,040,000 | b | 6,230,502 |
Roanoke Economic Development | |||||
Authority, HR (Carilion Clinic | |||||
Obligated Group) | 5.00 | 7/1/15 | 2,000,000 | 2,220,280 | |
Tobacco Settlement Financing | |||||
Corporation of Virginia, | |||||
Tobacco Settlement |
Asset-Backed Bonds | |||||
(Prerefunded) | 5.63 | 6/1/15 | 12,500,000 | b | 14,097,375 |
Virginia College Building | |||||
Authority, Educational | |||||
Facilities Revenue (21st | |||||
Century College and Equipment | |||||
Programs) | 5.00 | 2/1/14 | 2,610,000 | 2,753,341 | |
Virginia College Building | |||||
Authority, Educational | |||||
Facilities Revenue (Public | |||||
Higher Education Financing | |||||
Program) | 5.00 | 9/1/16 | 5,000,000 | 5,818,150 | |
Virginia Commonwealth | |||||
Transportation Board, Federal | |||||
Transportation Grant | |||||
Anticipation Revenue Notes | 5.00 | 9/15/16 | 1,000,000 | 1,163,880 | |
Virginia Commonwealth | |||||
Transportation Board, Federal | |||||
Transportation Grant | |||||
Anticipation Revenue Notes | 5.00 | 3/15/17 | 2,500,000 | 2,951,700 | |
Virginia Public Building | |||||
Authority, Public Facilities | |||||
Revenue | 5.00 | 8/1/15 | 5,000,000 | 5,600,100 | |
Washington--2.4% | |||||
Energy Northwest, | |||||
Electric Revenue (Project 3) | 5.00 | 7/1/16 | 2,255,000 | 2,610,411 | |
Energy Northwest, | |||||
Electric Revenue (Project 3) | 5.00 | 7/1/17 | 5,000,000 | 5,966,150 | |
Energy Northwest, | |||||
Electric Revenue (Project 3) | 5.00 | 7/1/18 | 12,445,000 | 14,388,162 | |
Energy Northwest, | |||||
Electric Revenue (Project One) | 5.25 | 7/1/16 | 2,500,000 | 2,916,175 | |
King County, | |||||
Limited Tax GO (Baseball | |||||
Stadium) | 5.50 | 12/1/12 | 310,000 | 310,046 | |
King County, | |||||
Limited Tax GO (Payable From | |||||
Sewer Revenues) | 5.00 | 1/1/14 | 1,000,000 | 1,051,540 | |
Washington, | |||||
GO (Various Purpose) (Insured; | |||||
AMBAC) | 5.00 | 1/1/14 | 3,810,000 | 4,004,653 | |
Wisconsin--.3% | |||||
Wisconsin, | |||||
Petroleum Inspection Fee | |||||
Revenue | 5.00 | 7/1/13 | 3,500,000 | 3,598,665 | |
U.S. Related--4.1% | |||||
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.00 | 7/1/13 | 2,140,000 | 2,186,716 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.50 | 7/1/13 | 1,335,000 | 1,368,028 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.50 | 7/1/13 | 5,000,000 | 5,123,700 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | 5.50 | 7/1/17 | 1,905,000 | 2,097,291 |
Puerto Rico Government Development | |||||
Bank, GO (Insured; National | |||||
Public Finance Guarantee Corp.) | 4.75 | 12/1/15 | 6,145,000 | 6,324,741 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/13 | 3,530,000 | 3,652,667 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/14 | 5,520,000 | 5,833,702 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Transportation Revenue | 5.00 | 7/1/17 | 5,385,000 | 5,694,314 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Transportation Revenue | |||||
(Insured; FGIC) | 5.25 | 7/1/14 | 465,000 | 477,797 | |
Puerto Rico Highways and | |||||
Transportation Authority, | |||||
Transportation Revenue | |||||
(Insured; FGIC) (Prerefunded) | 5.25 | 7/1/13 | 1,785,000 | b | 1,837,176 |
Puerto Rico Infrastructure | |||||
Financing Authority, Revenue | |||||
(Ports Authority Project) | |||||
(LOC; Government Development | |||||
Bank for Puerto Rico) | 2.75 | 6/17/13 | 10,000,000 | 10,028,300 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue (Insured; | |||||
XLCA) | 5.25 | 7/1/13 | 4,530,000 | 4,635,504 | |
University of Puerto Rico, | |||||
University System Revenue | 5.00 | 6/1/13 | 2,315,000 | 2,357,318 | |
University of Puerto Rico, | |||||
University System Revenue | 5.00 | 6/1/14 | 2,930,000 | 3,057,367 | |
Total Long-Term Municipal Investments | |||||
(cost $1,265,199,808) | 1,282,963,851 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--3.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Colorado--.1% | |||||
Colorado Educational and Cultural | |||||
Facilities Authority, Revenue | |||||
(National Jewish Federation | |||||
Bond Program) (LOC; TD Bank) | 0.18 | 12/3/12 | 1,200,000 | e | 1,200,000 |
Florida--.2% | |||||
Orange County School Board, | |||||
COP (Master Lease Purchase | |||||
Agreement) (LOC; Wells Fargo | |||||
Bank) | 0.19 | 12/3/12 | 2,680,000 | e | 2,680,000 |
Iowa--.3% | |||||
Iowa Finance Authority, | |||||
Health Facilities Revenue | |||||
(Great River Medical Center | |||||
Project) (LOC; JPMorgan Chase | |||||
Bank) | 0.19 | 12/3/12 | 2,200,000 | e | 2,200,000 |
Iowa Finance Authority, | |||||
Health Facilities Revenue | |||||
(Iowa Health System) (LOC; | |||||
JPMorgan Chase Bank) | 0.18 | 12/3/12 | 1,600,000 | e | 1,600,000 |
Kentucky--.5% | |||||
Christian County, | |||||
Lease Program Revenue | |||||
(Kentucky Association of | |||||
Counties Leasing Trust) (LOC; | |||||
U.S. Bank) | 0.18 | 12/3/12 | 6,100,000 | e | 6,100,000 |
Massachusetts--.8% | |||||
Massachusetts, | |||||
GO Notes (Consolidated Loan) | |||||
(LOC; JPMorgan Chase Bank) | 0.19 | 12/3/12 | 1,300,000 | e | 1,300,000 |
Massachusetts, | |||||
GO Notes, Refunding | 0.69 | 12/7/12 | 3,700,000 | e | 3,701,221 |
Massachusetts Health and | |||||
Educational Facilities | |||||
Authority, Revenue (Baystate | |||||
Medical Center Issue) (LOC; | |||||
Wells Fargo Bank) | 0.17 | 12/3/12 | 6,600,000 | e | 6,600,000 |
Missouri--.1% | |||||
Missouri Development Finance | |||||
Board, Cultural Facilities | |||||
Revenue (The Nelson Gallery | |||||
Foundation) (SBPA; JPMorgan | |||||
Chase Bank) | 0.18 | 12/3/12 | 900,000 | e | 900,000 |
New Hampshire--.2% | |||||
New Hampshire Business Finance | |||||
Authority, Revenue (Huggins | |||||
Hospital Issue) (LOC; TD Bank) | 0.17 | 12/3/12 | 2,200,000 | e | 2,200,000 |
Pennsylvania--.8% | |||||
Lancaster County Hospital | |||||
Authority, Health Center | |||||
Revenue (Masonic Homes | |||||
Project) (LOC; JPMorgan Chase | |||||
Bank) | 0.19 | 12/3/12 | 900,000 | e | 900,000 |
Pennsylvania Turnpike Commission, | |||||
Turnpike Revenue | 0.80 | 12/7/12 | 10,000,000 | e | 10,000,000 |
Total Short-Term Municipal Investments | |||||
(cost $39,380,000) | 39,381,221 | ||||
Total Investments (cost $1,304,579,808) | 99.7 | % | 1,322,345,072 | ||
Cash and Receivables (Net) | .3 | % | 3,528,198 | ||
Net Assets | 100.0 | % | 1,325,873,270 |
a | Purchased on a delayed delivery basis. |
b | These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are |
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the | |
municipal issue and to retire the bonds in full at the earliest refunding date. | |
c | Variable rate security--interest rate subject to periodic change. |
d | Security issued with a zero coupon. Income is recognized through the accretion of discount. |
e | Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At November 30, 2012, net unrealized appreciation on investments was $17,765,264 of which $17,917,496 related to appreciated investment securities and $152,232 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 1,322,345,072 | - | 1,322,345,072 |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. 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 preceding securities are categorized as Level 2 in the 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
November 30, 2012 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments--98.0% | Rate (%) | Date | Amount ($) | Value ($) |
New York--91.5% | ||||
Albany County Airport Authority, | ||||
Airport Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.00 | 12/15/23 | 1,500,000 | 1,779,960 |
Albany Industrial Development | ||||
Agency, Civic Facility Revenue | ||||
(Saint Peter's Hospital of the | ||||
City of Albany Project) | 5.75 | 11/15/22 | 2,500,000 | 2,912,025 |
Buffalo, | ||||
General Improvement GO | 4.00 | 4/1/21 | 2,175,000 | 2,508,340 |
Erie County Fiscal Stability | ||||
Authority, Sales Tax and State | ||||
Aid Secured Revenue | 5.00 | 12/1/24 | 2,000,000 | 2,479,060 |
Erie County Industrial Development | ||||
Agency, Revenue (City School | ||||
District of the City of | ||||
Buffalo Project) | 5.00 | 5/1/17 | 2,500,000 | 2,930,300 |
Hempstead, | ||||
Public Improvement GO | 5.00 | 8/15/20 | 1,255,000 | 1,608,395 |
Katonah-Lewisboro Union Free | ||||
School District, GO (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.00 | 9/15/15 | 1,000,000 | 1,128,700 |
Long Island Power Authority, | ||||
Electric System General Revenue | 5.00 | 5/1/21 | 1,000,000 | 1,241,180 |
Long Island Power Authority, | ||||
Electric System General Revenue | 5.00 | 9/1/22 | 2,000,000 | 2,506,020 |
Long Island Power Authority, | ||||
Electric System General | ||||
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 12/1/17 | 2,780,000 | 3,218,211 |
Long Island Power Authority, | ||||
Electric System General | ||||
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 12/1/18 | 1,000,000 | 1,155,500 |
Metropolitan Transportation | ||||
Authority, Dedicated Tax Fund | ||||
Revenue (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 11/15/28 | 5,000,000 | 5,767,950 |
Metropolitan Transportation | ||||
Authority, Transportation | ||||
Revenue | 5.00 | 11/15/17 | 1,000,000 | 1,152,250 |
Metropolitan Transportation | ||||
Authority, Transportation | ||||
Revenue | 6.25 | 11/15/23 | 300,000 | 386,406 |
Monroe County Industrial | ||||
Development Corporation, | ||||
Revenue (Saint John Fisher | ||||
College Project) | 5.00 | 6/1/17 | 1,740,000 | 1,974,221 |
Nassau County, | ||||
General Improvement GO | 4.00 | 10/1/16 | 1,545,000 | 1,713,760 |
Nassau County, | ||||
General Improvement GO | 5.00 | 10/1/18 | 1,310,000 | 1,572,563 |
Nassau County, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 7/1/22 | 1,000,000 | 1,193,250 |
Nassau County Interim Finance | ||||
Authority, Sales Tax Secured | ||||
Revenue | 4.00 | 11/15/18 | 2,000,000 | 2,366,540 |
Nassau County Interim Finance | ||||
Authority, Sales Tax Secured | ||||
Revenue | 4.00 | 11/15/20 | 2,750,000 | 3,343,010 |
Nassau County Sewer and Storm | ||||
Water Finance Authority, | ||||
System Revenue (Insured; | ||||
Berkshire Hathaway Assurance | ||||
Corporation) | 5.38 | 11/1/28 | 1,000,000 | 1,203,290 |
New York City, | ||||
GO | 5.00 | 8/1/17 | 1,535,000 | 1,828,338 |
New York City, | ||||
GO | 5.00 | 8/1/18 | 1,000,000 | 1,157,470 |
New York City, | ||||
GO | 5.13 | 12/1/22 | 1,000,000 | 1,201,070 |
New York City, | ||||
GO | 5.25 | 9/1/23 | 1,000,000 | 1,230,020 |
New York City, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 4/1/18 | 1,000,000 | 1,104,200 |
New York City Industrial | ||||
Development Agency, Civic | ||||
Facility Revenue (United | ||||
Jewish Appeal - Federation of | ||||
Jewish Philanthropies of New | ||||
York, Inc. Project) | 5.00 | 7/1/27 | 1,250,000 | 1,335,862 |
New York City Industrial | ||||
Development Agency, PILOT | ||||
Revenue (Queens Baseball | ||||
Stadium Project) (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 6.50 | 1/1/46 | 325,000 | 390,741 |
New York City Industrial | ||||
Development Agency, PILOT | ||||
Revenue (Yankee Stadium | ||||
Project) (Insured; Assured | ||||
Guaranty Municipal Corp.) | 7.00 | 3/1/49 | 1,000,000 | 1,247,580 |
New York City Industrial | ||||
Development Agency, Special | ||||
Revenue (New York City - New | ||||
York Stock Exchange Project) | 5.00 | 5/1/21 | 1,000,000 | 1,202,030 |
New York City Municipal Water | ||||
Finance Authority, Water and | ||||
Sewer System Revenue | 5.75 | 6/15/40 | 1,275,000 | 1,579,330 |
New York City Municipal Water | ||||
Finance Authority, Water and | ||||
Sewer System Second General | ||||
Resolution Revenue | 5.00 | 6/15/20 | 2,500,000 | 3,037,775 |
New York City Transitional Finance | ||||
Authority, Building Aid Revenue | 5.25 | 1/15/25 | 1,545,000 | 1,906,329 |
New York City Transitional Finance | ||||
Authority, Building Aid Revenue | 5.00 | 7/15/25 | 3,095,000 | 3,818,301 |
New York City Transitional Finance | ||||
Authority, Building Aid Revenue | 5.25 | 1/15/27 | 1,650,000 | 1,970,777 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Revenue | 5.50 | 11/15/17 | 5,000 | 5,022 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Revenue | 5.00 | 8/1/22 | 2,000,000 | 2,311,000 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Subordinate Revenue | 5.00 | 11/1/18 | 1,750,000 | 2,158,817 |
New York City Transitional | ||||
Authority, Future Tax Secured | ||||
Subordinate Revenue | 5.00 | 11/1/20 | 1,000,000 | 1,282,340 |
New York City Transitional Finance | ||||
Authority, Future Tax Secured | ||||
Subordinate Revenue | 5.00 | 11/1/21 | 1,145,000 | 1,487,813 |
New York City Trust for Cultural | ||||
Resources, Revenue (Lincoln | ||||
Center for the Performing | ||||
Arts, Inc.) | 5.75 | 12/1/16 | 1,000,000 | 1,176,190 |
New York City Trust for Cultural | ||||
Resources, Revenue (The | ||||
Juilliard School) | 5.00 | 1/1/34 | 2,000,000 | 2,398,600 |
New York City Trust for Cultural | ||||
Resources, Revenue (The | ||||
Juilliard School) | 5.00 | 1/1/39 | 2,500,000 | 2,988,300 |
New York City Trust for Cultural | ||||
Resources, Revenue (The Museum | ||||
of Modern Art) | 5.00 | 4/1/25 | 1,150,000 | 1,380,782 |
New York City Trust for Cultural | ||||
Resources, Revenue (The Museum | ||||
of Modern Art) | 5.00 | 4/1/31 | 1,000,000 | 1,193,930 |
New York City Trust for Cultural | ||||
Resources, Revenue (Whitney | ||||
Museum of American Art) | 5.00 | 7/1/21 | 2,000,000 | 2,480,420 |
New York Liberty Development | ||||
Corporation, Liberty Revenue | ||||
(7 World Trade Center Project) | 5.00 | 9/15/29 | 3,000,000 | 3,669,840 |
New York Liberty Development | ||||
Corporation, Revenue (Goldman | ||||
Sachs Headquarters Issue) | 5.00 | 10/1/15 | 3,175,000 | 3,534,410 |
New York Local Government | ||||
Assistance Corporation, Senior | ||||
Lien Revenue | 5.00 | 4/1/18 | 2,500,000 | 2,958,675 |
New York Local Government | ||||
Assistance Corporation, | ||||
Subordinate Lien Revenue | 5.00 | 4/1/17 | 1,150,000 | 1,366,787 |
New York Local Government | ||||
Assistance Corporation, | ||||
Subordinate Lien Revenue | 5.00 | 4/1/19 | 2,500,000 | 3,129,875 |
New York Local Government | ||||
Assistance Corporation, | ||||
Subordinate Lien Revenue | 5.00 | 4/1/20 | 1,000,000 | 1,273,970 |
New York Local Government | ||||
Assistance Corporation, | ||||
Subordinate Lien Revenue | 5.00 | 4/1/20 | 1,000,000 | 1,273,970 |
New York State, | ||||
GO | 5.00 | 3/1/19 | 1,000,000 | 1,177,050 |
New York State, | ||||
GO | 5.00 | 2/15/26 | 2,600,000 | 3,138,330 |
New York State Bridge Authority, | ||||
General Revenue | 4.00 | 1/1/22 | 2,010,000 | 2,394,875 |
New York State Dormitory | ||||
Authority, Consolidated Fifth | ||||
General Resolution Revenue | ||||
(City University System) | 5.00 | 7/1/19 | 1,000,000 | 1,149,210 |
New York State Dormitory | ||||
Authority, Consolidated | ||||
Revenue (City University | ||||
System) (Insured; FGIC) | 5.75 | 7/1/18 | 2,370,000 | 2,665,610 |
New York State Dormitory | ||||
Authority, LR (State | ||||
University Dormitory | ||||
Facilities Issue) | 5.00 | 7/1/18 | 1,000,000 | 1,101,320 |
New York State Dormitory | ||||
Authority, Mental Health | ||||
Services Facilities | ||||
Improvement Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.00 | 2/15/17 | 1,460,000 | 1,706,171 |
New York State Dormitory | ||||
Authority, Mental Health | ||||
Services Facilities | ||||
Improvement Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.00 | 2/15/27 | 2,005,000 | 2,399,023 |
New York State Dormitory | ||||
Authority, Revenue (Columbia | ||||
University) | 5.00 | 7/1/18 | 1,500,000 | 1,738,260 |
New York State Dormitory | ||||
Authority, Revenue (Columbia | ||||
University) | 5.00 | 10/1/20 | 1,000,000 | 1,296,550 |
New York State Dormitory | ||||
Authority, Revenue (Convent of | ||||
the Sacred Heart) (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.63 | 11/1/35 | 1,000,000 | 1,212,650 |
New York State Dormitory | ||||
Authority, Revenue (Memorial | ||||
Sloan-Kettering Cancer Center) | ||||
(Insured; National Public | ||||
Finance Guarantee Corp.) | 5.50 | 7/1/23 | 2,000,000 | 2,667,080 |
New York State Dormitory | ||||
Authority, Revenue (Mount | ||||
Sinai Hospital Obligated Group) | 5.00 | 7/1/26 | 3,000,000 | 3,459,270 |
New York State Dormitory | ||||
Authority, Revenue (New York | ||||
University) | 5.25 | 7/1/34 | 2,650,000 | 3,243,945 |
New York State Dormitory | ||||
Authority, Revenue (New York | ||||
University) (Insured; National | ||||
Public Finance Guarantee Corp.) | 5.00 | 7/1/21 | 1,500,000 | 1,601,055 |
New York State Dormitory | ||||
Authority, Revenue (Rochester | ||||
Institute of Technology) | 5.00 | 7/1/23 | 1,000,000 | 1,206,260 |
New York State Dormitory | ||||
Authority, Revenue (School | ||||
Districts Revenue Financing |
Program) | 5.00 | 10/1/18 | 3,040,000 | 3,664,446 | |
New York State Dormitory | |||||
Authority, Revenue (State | |||||
University Educational | |||||
Facilities) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.25 | 5/15/15 | 500,000 | 538,650 | |
New York State Dormitory | |||||
Authority, Revenue (The | |||||
Rockefeller University) | 5.00 | 7/1/25 | 1,000,000 | 1,233,880 | |
New York State Dormitory | |||||
Authority, Revenue (The | |||||
Rockefeller University) | 5.00 | 7/1/40 | 3,000,000 | 3,481,410 | |
New York State Dormitory | |||||
Authority, Revenue (Vassar | |||||
College) | 5.00 | 7/1/15 | 675,000 | 751,748 | |
New York State Dormitory | |||||
Authority, Revenue (Yeshiva | |||||
University) | 5.00 | 11/1/20 | 3,190,000 | 3,963,671 | |
New York State Dormitory | |||||
Authority, Secured HR (The | |||||
Bronx-Lebanon Hospital Center) | 4.00 | 8/15/14 | 1,000,000 | 1,057,800 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (Education) | 5.00 | 3/15/16 | 485,000 | 514,828 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (Education) | 5.75 | 3/15/36 | 1,000,000 | 1,260,740 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (Education) | |||||
(Prerefunded) | 5.00 | 3/15/14 | 515,000 | a | 546,255 |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (General | |||||
Purpose) | 5.00 | 2/15/20 | 1,110,000 | 1,403,562 | |
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (General | |||||
Purpose) | 5.00 | 3/15/21 | 1,000,000 | 1,285,480 | |
New York State Dormitory | |||||
Authority, Third General | |||||
Resolution Revenue (State | |||||
University Educational | |||||
Facilities Issue) | 4.00 | 5/15/20 | 1,000,000 | 1,185,080 | |
New York State Environmental | |||||
Facilities Corporation, State | |||||
Clean Water and Drinking Water | |||||
Revolving Funds Revenue (New | |||||
York City Municipal Water | |||||
Finance Authority Projects - | |||||
Second Resolution Bonds) | 5.00 | 6/15/23 | 3,000,000 | 3,627,330 | |
New York State Environmental | |||||
Facilities Corporation, State | |||||
Clean Water and Drinking Water | |||||
Revolving Funds Revenue (New | |||||
York City Municipal Water | |||||
Finance Authority Projects) | 5.00 | 6/15/30 | 1,000,000 | 1,066,730 | |
New York State Medical Care | |||||
Facilities Finance Agency, | |||||
Secured Mortgage Revenue | |||||
(Collateralized; SONYMA) | 6.38 | 11/15/20 | 210,000 | 210,947 |
New York State Mortgage Agency, | ||||
Homeowner Mortgage Revenue | 5.38 | 10/1/17 | 225,000 | 225,601 |
New York State Municipal Bond Bank | ||||
Agency, Recovery Act Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 5/15/16 | 2,000,000 | 2,294,440 |
New York State Power Authority, | ||||
Revenue (Insured; FGIC) | 5.00 | 11/15/20 | 1,000,000 | 1,130,750 |
New York State Thruway Authority, | ||||
General Revenue | 5.00 | 1/1/20 | 1,500,000 | 1,855,635 |
New York State Thruway Authority, | ||||
General Revenue (Insured; | ||||
AMBAC) | 5.00 | 1/1/19 | 1,000,000 | 1,090,530 |
New York State Thruway Authority, | ||||
General Revenue (Insured; | ||||
National Public Finance | ||||
Guarantee Corp.) | 5.00 | 1/1/24 | 1,000,000 | 1,171,570 |
New York State Thruway Authority, | ||||
Second General Highway and | ||||
Bridge Trust Fund Bonds | ||||
(Insured; AMBAC) | 5.00 | 4/1/25 | 2,000,000 | 2,275,680 |
New York State Thruway Authority, | ||||
State Personal Income Tax | ||||
Revenue (Transportation) | 5.00 | 3/15/26 | 2,200,000 | 2,711,940 |
New York State Urban Development | ||||
Corporation, Revenue | 5.50 | 1/1/19 | 1,140,000 | 1,412,882 |
New York State Urban Development | ||||
Corporation, Service Contract | ||||
Revenue | 5.00 | 1/1/21 | 5,000,000 | 6,170,300 |
New York State Urban Development | ||||
Corporation, Service Contract | ||||
Revenue | 5.25 | 1/1/24 | 2,375,000 | 2,840,358 |
Onondaga County Trust for Cultural | ||||
Resources, Revenue (Syracuse | ||||
University Project) | 5.00 | 12/1/19 | 2,500,000 | 3,097,400 |
Orange County, | ||||
GO | 5.00 | 7/15/19 | 1,000,000 | 1,117,700 |
Orange County, | ||||
GO | 5.00 | 7/15/20 | 1,000,000 | 1,116,590 |
Oyster Bay, | ||||
Public Improvement GO | 5.00 | 2/15/16 | 1,000,000 | 1,121,750 |
Oyster Bay, | ||||
Public Improvement GO | 3.00 | 8/15/16 | 2,000,000 | 2,131,300 |
Patchogue-Medford Union Free | ||||
School District, GO (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 4.00 | 10/1/21 | 1,555,000 | 1,782,528 |
Port Authority of New York and New | ||||
Jersey (Consolidated Bonds, | ||||
140th Series) (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.00 | 12/1/19 | 1,000,000 | 1,121,230 |
Port Authority of New York and New | ||||
Jersey (Consolidated Bonds, | ||||
142nd Series) | 5.00 | 7/15/21 | 1,000,000 | 1,125,790 |
Port Authority of New York and New | ||||
Jersey (Consolidated Bonds, | ||||
173rd Series) | 5.00 | 12/1/18 | 1,000,000 | 1,223,800 |
Port Authority of New York and New |
Jersey (Consolidated Bonds, | |||||
173rd Series) | 4.00 | 12/1/23 | 1,000,000 | 1,177,230 | |
Sales Tax Asset Receivable | |||||
Corporation, Sales Tax Asset | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.00 | 10/15/25 | 1,450,000 | 1,569,045 | |
Suffolk County, | |||||
GO | 5.00 | 4/1/19 | 1,400,000 | 1,669,416 | |
Suffolk County Industrial | |||||
Development Agency, Civic | |||||
Facility Revenue (New York | |||||
Institute of Technology | |||||
Project) | 5.00 | 3/1/26 | 750,000 | 780,390 | |
Triborough Bridge and Tunnel | |||||
Authority, General Purpose | |||||
Revenue (Prerefunded) | 5.25 | 1/1/22 | 1,000,000 | a | 1,326,890 |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | 5.25 | 11/15/15 | 1,000,000 | 1,141,060 | |
Triborough Bridge and Tunnel | |||||
Authority, General Revenue | |||||
(MTA Bridges and Tunnels) | 5.00 | 11/15/31 | 1,000,000 | 1,228,580 | |
Westchester County Health Care | |||||
Corporation, Senior Lien | |||||
Revenue | 5.00 | 11/1/20 | 1,400,000 | 1,675,688 | |
Westchester County Health Care | |||||
Corporation, Senior Lien | |||||
Revenue | 5.00 | 11/1/24 | 1,500,000 | 1,734,735 | |
U.S. Related--6.5% | |||||
Guam, | |||||
Business Privilege Tax Revenue | 5.00 | 1/1/24 | 1,000,000 | 1,198,010 | |
Guam, | |||||
Hotel Occupancy Tax Revenue | 5.00 | 11/1/16 | 1,000,000 | 1,105,810 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 7/1/19 | 2,500,000 | 2,800,350 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.38 | 7/1/24 | 1,000,000 | 1,088,270 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; XLCA) | 5.50 | 7/1/17 | 1,000,000 | 1,130,590 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/15 | 3,500,000 | 3,738,105 | |
Puerto Rico Housing Finance | |||||
Authority, Capital Fund | |||||
Program Revenue (Puerto Rico | |||||
Housing Administration | |||||
Projects) | 5.00 | 12/1/18 | 260,000 | 270,668 | |
Puerto Rico Housing Finance | |||||
Authority, Capital Fund | |||||
Program Revenue (Puerto Rico | |||||
Housing Administration | |||||
Projects) | 5.00 | 12/1/19 | 270,000 | 280,803 | |
Puerto Rico Public Buildings | |||||
Authority, Government | |||||
Facilities Revenue | 5.75 | 7/1/22 | 1,000,000 | 1,077,100 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.75 | 8/1/32 | 1,700,000 | b | 1,797,155 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.25 | 8/1/33 | 500,000 | b | 448,260 |
Total Long-Term Municipal Investments | |||||
(cost $205,709,241) | 225,426,640 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--.7% | Rate (%) | Date | Amount ($) | Value ($) | |
New York; | |||||
New York City, | |||||
GO Notes (LOC; JPMorgan Chase | |||||
Bank) | 0.16 | 12/3/12 | 100,000 | c | 100,000 |
New York City, | |||||
GO Notes (LOC; JPMorgan Chase | |||||
Bank) | 0.16 | 12/3/12 | 600,000 | c | 600,000 |
New York City, | |||||
GO Notes (LOC; JPMorgan Chase | |||||
Bank) | 0.17 | 12/3/12 | 900,000 | c | 900,000 |
Total Short-Term Municipal Investments | |||||
(cost $1,600,000) | 1,600,000 | ||||
Total Investments (cost $207,309,241) | 98.7 | % | 227,026,640 | ||
Cash and Receivables (Net) | 1.3 | % | 3,092,248 | ||
Net Assets | 100.0 | % | 230,118,888 |
a | These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are |
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the | |
municipal issue and to retire the bonds in full at the earliest refunding date. | |
b | Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
c | Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At November 30, 2012, net unrealized appreciation on investments was $19,717,399 of which $19,719,066 related to appreciated investment securities and $1,667 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development Revenue | LIFERS | Long Inverse Floating Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipt Liquidity Option |
Tender | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | P-FLOATS | Puttable Floating Option Tax-Exempts Receipts |
PILOT | Payment in Lieu of Taxes | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | ROCS | Reset Option Certificates |
RRR | Resources Recovery Revenue | SAAN | State Aid Anticipation Notes |
SBPA | Standby Bond Purchase Agreement | SFHR | Single Family Housing Revenue |
SFMR | Single Family Mortgage Revenue | SONYMA | State of New York Mortgage Agency |
SPEARS | Short Puttable Exempt Adjustable Receipts | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
STATEMENT OF FINANCIAL FUTURES |
November 30, 2012 (Unaudited) |
Market Value | Unrealized | |||
Covered by | (Depreciation) | |||
Contracts | Contracts ($) | Expiration | at 11/30/2012 ($) | |
Financial Futures Short | ||||
U.S. Treasury 10 Year Notes | 40 | (5,365,000 ) | December 2012 | (39,375 ) |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 227,026,640 | - | 227,026,640 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Financial Futures+ | (39,375 ) | - | - | (39,375 ) |
+ Amount shown represents unrealized (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. 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 preceding securities are categorized as Level 2 in the 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. 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 recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
November 30, 2012 (Unaudited) |
Long-Term Municipal | Coupon | Maturity | Principal | ||
Investments--99.0% | Rate (%) | Date | Amount ($) | Value ($) | |
Alabama--1.5% | |||||
Jefferson County, | |||||
Limited Obligation School | |||||
Warrants | 5.25 | 1/1/15 | 2,500,000 | 2,502,875 | |
Jefferson County, | |||||
Limited Obligation School | |||||
Warrants (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.50 | 1/1/21 | 3,500,000 | 3,564,645 | |
Arizona--.3% | |||||
University Medical Center | |||||
Corporation, HR | 5.25 | 7/1/15 | 1,160,000 | 1,231,966 | |
California--4.8% | |||||
Agua Caliente Band, | |||||
Cahuilla Indians Revenue | 6.00 | 7/1/18 | 1,500,000 | a | 1,483,965 |
Alameda Corridor Transportation | |||||
Authority, Subordinate Lien | |||||
Revenue (Insured; AMBAC) | 5.25 | 10/1/21 | 2,000,000 | 2,312,640 | |
California, | |||||
GO | 5.50 | 6/1/20 | 45,000 | 45,187 | |
California, | |||||
GO | 5.50 | 11/1/33 | 6,200,000 | 6,452,216 | |
California, | |||||
GO (Various Purpose) | 6.50 | 4/1/33 | 1,000,000 | 1,286,100 | |
Foothill/Eastern Transportation | |||||
Corridor Agency, Toll Road | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.88 | 1/15/27 | 6,000,000 | 6,214,320 | |
Golden State Tobacco | |||||
Securitization Corporation, | |||||
Enhanced Tobacco Settlement | |||||
Asset-Backed Bonds (Insured; | |||||
AMBAC) | 5.00 | 6/1/21 | 2,000,000 | 2,005,120 | |
Colorado--1.4% | |||||
Northwest Parkway Public Highway | |||||
Authority, Revenue (Insured; | |||||
AMBAC) (Prerefunded) | 5.70 | 6/15/16 | 5,000,000 | b | 5,889,950 |
Florida--1.6% | |||||
Lake County School Board, | |||||
COP (Master Lease Purchase | |||||
Agreement) | 5.00 | 6/1/27 | 1,620,000 | 1,895,951 | |
Miami-Dade County School Board, | |||||
COP (Master Lease Purchase | |||||
Agreement) (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.00 | 5/1/25 | 3,000,000 | 3,423,300 | |
Tampa, | |||||
Sales Tax Revenue | 5.00 | 10/1/25 | 1,000,000 | 1,240,300 | |
Illinois--.3% |
Illinois, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 8/1/17 | 1,000,000 | 1,177,690 | |
Massachusetts--.1% | |||||
Massachusetts Housing Finance | |||||
Agency, Housing Revenue | 5.13 | 12/1/34 | 350,000 | 356,156 | |
Michigan--.6% | |||||
Detroit City School District, | |||||
School Buildings and Site | |||||
Improvement Bonds (Insured; | |||||
FGIC) | 5.25 | 5/1/17 | 2,000,000 | 2,317,860 | |
New York--1.5% | |||||
New York State Dormitory | |||||
Authority, State Personal | |||||
Income Tax Revenue (General | |||||
Purpose) | 5.00 | 12/15/30 | 5,000,000 | 6,278,250 | |
Ohio--.9% | |||||
Ohio, | |||||
HR (Cleveland Clinic Health | |||||
System Obligated Group) | 5.00 | 1/1/25 | 3,000,000 | 3,564,060 | |
Pennsylvania--77.9% | |||||
Allegheny County Airport | |||||
Authority, Airport Revenue | |||||
(Pittsburgh International | |||||
Airport) (Insured; Assured | |||||
Guaranty Municipal Corp.) | 5.00 | 1/1/17 | 1,000,000 | 1,144,400 | |
Allegheny County Hospital | |||||
Development Authority, Revenue | |||||
(University of Pittsburgh | |||||
Medical Center) | 5.00 | 10/15/22 | 1,250,000 | 1,573,775 | |
Allegheny County Port Authority, | |||||
Special Transportation Revenue | 5.25 | 3/1/24 | 5,000,000 | 6,072,600 | |
Allegheny County Sanitary | |||||
Authority, Sewer Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 12/1/18 | 2,560,000 | 2,866,125 | |
Allegheny County Sanitary | |||||
Authority, Sewer Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 12/1/21 | 4,815,000 | 5,355,917 | |
Allentown School District, | |||||
GO | 5.00 | 2/15/22 | 5,875,000 | 6,942,722 | |
Beaver County Hospital Authority, | |||||
Revenue (Heritage Valley | |||||
Health System, Inc.) | 5.00 | 5/15/23 | 1,370,000 | 1,648,754 | |
Beaver County Hospital Authority, | |||||
Revenue (Heritage Valley | |||||
Health System, Inc.) | 5.00 | 5/15/25 | 1,250,000 | 1,481,150 | |
Berks County Municipal Authority, | |||||
Revenue (The Reading Hospital | |||||
and Medical Center Project) | 5.00 | 11/1/19 | 2,000,000 | 2,442,380 | |
Bucks County, | |||||
GO | 5.00 | 6/1/23 | 1,955,000 | 2,518,959 | |
Central Bucks School District, | |||||
GO (Prerefunded) | 5.00 | 5/15/18 | 5,000,000 | b | 6,169,350 |
Central Dauphin School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 6.75 | 2/1/16 | 5,000,000 | b | 5,990,500 |
Central Dauphin School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | |||||
(Prerefunded) | 7.00 | 2/1/16 | 1,630,000 | b | 1,965,128 |
Chester County, | |||||
GO | 5.00 | 8/15/18 | 4,545,000 | 5,075,401 | |
Chester County, | |||||
GO | 5.00 | 7/15/25 | 3,060,000 | 3,700,550 | |
Chester County, | |||||
GO (Prerefunded) | 5.00 | 7/15/19 | 1,940,000 | b | 2,458,407 |
Commonwealth Financing Authority | |||||
of Pennsylvania, Revenue | 5.00 | 6/1/24 | 5,000,000 | 6,054,950 | |
Delaware County Authority, | |||||
University Revenue (Villanova | |||||
University) (Insured; AMBAC) | 5.00 | 8/1/20 | 2,095,000 | 2,390,458 | |
Downingtown Area School District, | |||||
GO | 5.00 | 11/1/18 | 2,010,000 | 2,493,827 | |
East Stroudsburg Area School | |||||
District, GO (Insured; Assured | |||||
Guaranty Municipal Corp.) | |||||
(Prerefunded) | 7.50 | 9/1/16 | 2,500,000 | b | 3,149,250 |
Easton Area School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 7.50 | 4/1/18 | 1,000,000 | 1,218,110 | |
Easton Area School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 7.50 | 4/1/21 | 3,000,000 | 3,601,530 | |
Easton Area School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 7.50 | 4/1/22 | 3,000,000 | 3,601,530 | |
Easton Area School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.50 | 4/1/23 | 2,260,000 | 2,754,533 | |
Erie County, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.50 | 9/1/22 | 1,640,000 | 2,173,935 | |
Greater Johnstown School District, | |||||
GO | 5.00 | 8/1/23 | 3,545,000 | 4,306,679 | |
Lehigh County General Purpose | |||||
Authority, Revenue (Good | |||||
Shepherd Group) | 5.25 | 11/1/14 | 1,405,000 | 1,472,173 | |
Lower Merion School District, | |||||
GO | 5.00 | 5/15/18 | 4,735,000 | 5,823,766 | |
Lower Merion School District, | |||||
GO | 5.00 | 9/1/22 | 2,980,000 | 3,536,008 | |
Monroeville Finance Authority, | |||||
Revenue (University of | |||||
Pittsburgh Medical Center) | 5.00 | 2/15/22 | 1,500,000 | 1,869,405 | |
Montgomery County, | |||||
GO | 5.00 | 12/15/17 | 2,025,000 | 2,450,898 |
Montgomery County, | ||||
GO | 5.00 | 12/15/24 | 2,890,000 | 3,539,065 |
Montgomery County Industrial | ||||
Development Authority, FHA | ||||
Insured Mortgage Revenue (New | ||||
Regional Medical Center | ||||
Project) | 5.50 | 8/1/25 | 1,000,000 | 1,213,990 |
Parkland School District, | ||||
GO (Insured; National Public | ||||
Finance Guarantee Corp.) | 5.38 | 9/1/16 | 1,490,000 | 1,744,224 |
Pennsylvania, | ||||
GO | 5.00 | 7/1/20 | 10,000,000 | 12,768,300 |
Pennsylvania, | ||||
GO | 5.00 | 11/15/23 | 5,000,000 | 6,362,800 |
Pennsylvania Economic Development | ||||
Financing Authority, Exempt | ||||
Facilities Revenue (Amtrak | ||||
Project) | 5.00 | 11/1/26 | 1,000,000 | 1,164,130 |
Pennsylvania Economic Development | ||||
Financing Authority, Exempt | ||||
Facilities Revenue (Amtrak | ||||
Project) | 5.00 | 11/1/27 | 1,535,000 | 1,777,822 |
Pennsylvania Economic Development | ||||
Financing Authority, Exempt | ||||
Facilities Revenue (Amtrak | ||||
Project) | 5.00 | 11/1/32 | 2,425,000 | 2,759,165 |
Pennsylvania Economic Development | ||||
Financing Authority, | ||||
Governmental LR (Forum Place | ||||
Project) | 5.00 | 3/1/25 | 1,000,000 | 1,213,620 |
Pennsylvania Economic Development | ||||
Financing Authority, SWDR | ||||
(Waste Management, Inc. | ||||
Project) | 4.70 | 11/1/14 | 5,000,000 | 5,382,650 |
Pennsylvania Economic Development | ||||
Financing Authority, | ||||
Unemployment Compensation | ||||
Revenue | 5.00 | 7/1/19 | 10,000,000 | 12,583,300 |
Pennsylvania Economic Development | ||||
Financing Authority, | ||||
Unemployment Compensation | ||||
Revenue | 5.00 | 1/1/22 | 5,000,000 | 5,892,300 |
Pennsylvania Higher Educational | ||||
Facilities Authority, Revenue | ||||
(Saint Joseph's University) | 5.00 | 11/1/25 | 2,010,000 | 2,365,810 |
Pennsylvania Higher Educational | ||||
Facilities Authority, Revenue | ||||
(State System of Higher | ||||
Education) | 5.25 | 6/15/24 | 5,000,000 | 6,347,350 |
Pennsylvania Higher Educational | ||||
Facilities Authority, Revenue | ||||
(The Trustees of the | ||||
University of Pennsylvania) | 5.00 | 9/1/19 | 6,090,000 | 7,668,589 |
Pennsylvania Higher Educational | ||||
Facilities Authority, Revenue | ||||
(Thomas Jefferson University) |
(Insured; AMBAC) | 5.25 | 9/1/17 | 1,700,000 | 1,986,926 |
Pennsylvania Higher Educational | ||||
Facilities Authority, Revenue | ||||
(Thomas Jefferson University) | ||||
(Insured; AMBAC) | 5.25 | 9/1/18 | 1,485,000 | 1,774,323 |
Pennsylvania Housing Finance | ||||
Agency, SFMR | 5.00 | 10/1/23 | 1,000,000 | 1,002,780 |
Pennsylvania Industrial | ||||
Development Authority, EDR | 5.00 | 7/1/19 | 3,000,000 | 3,659,250 |
Pennsylvania Industrial | ||||
Development Authority, EDR | 5.00 | 7/1/21 | 3,450,000 | 4,323,057 |
Pennsylvania Intergovernmental | ||||
Cooperation Authority, Special | ||||
Tax Revenue (City of | ||||
Philadelphia Funding Program) | 5.00 | 6/15/22 | 3,395,000 | 4,194,319 |
Pennsylvania State University, | ||||
GO | 5.00 | 3/1/21 | 2,805,000 | 3,385,467 |
Pennsylvania State University, | ||||
GO | 5.00 | 3/1/27 | 2,195,000 | 2,623,223 |
Pennsylvania Turnpike Commission, | ||||
Registration Fee Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 7/15/24 | 5,000,000 | 6,397,000 |
Pennsylvania Turnpike Commission, | ||||
Registration Fee Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 7/15/25 | 5,000,000 | 6,445,500 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Revenue (Insured; | ||||
AMBAC) | 5.00 | 12/1/29 | 5,000,000 | 5,428,850 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Subordinate Revenue | 5.00 | 12/1/19 | 2,195,000 | 2,659,221 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Subordinate Revenue | 5.00 | 6/1/26 | 5,000,000 | 5,901,300 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Subordinate Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 6.00 | 6/1/28 | 1,500,000 | 1,847,670 |
Philadelphia, | ||||
Airport Revenue | 5.00 | 6/15/20 | 1,750,000 | 2,064,405 |
Philadelphia, | ||||
Airport Revenue (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.00 | 6/15/18 | 1,370,000 | 1,617,655 |
Philadelphia, | ||||
Water and Wastewater Revenue | 5.00 | 11/1/18 | 1,100,000 | 1,329,130 |
Philadelphia, | ||||
Water and Wastewater Revenue | ||||
(Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.25 | 7/1/18 | 5,000,000 | 5,508,700 |
Philadelphia School District, | ||||
GO | 5.00 | 9/1/20 | 1,805,000 | 2,192,768 |
Philadelphia School District, | ||||
GO (Insured; AMBAC) | 5.00 | 4/1/17 | 5,000,000 | 5,387,000 |
Pittsburgh, | ||||
GO | 5.00 | 9/1/25 | 2,000,000 | 2,415,860 |
Pittsburgh, | ||||
GO | 5.00 | 9/1/26 | 5,000,000 | 6,007,650 |
Pittsburgh School District | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.50 | 9/1/16 | 4,000,000 | 4,640,760 |
Pittsburgh School District | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.50 | 9/1/18 | 1,000,000 | 1,226,330 |
Pocono Mountain School District, | ||||
GO (Insured; Assured Guaranty | ||||
Municipal Corp.) | 5.00 | 9/1/22 | 5,270,000 | 5,907,196 |
Saint Mary Hospital Authority, | ||||
Health System Revenue | ||||
(Catholic Health East Issue) | 5.00 | 11/15/17 | 2,085,000 | 2,413,513 |
Saint Mary Hospital Authority, | ||||
Health System Revenue | ||||
(Catholic Health East Issue) | 5.00 | 11/15/21 | 1,000,000 | 1,048,280 |
Saint Mary Hospital Authority, | ||||
Health System Revenue | ||||
(Catholic Health East Issue) | 5.00 | 11/15/22 | 2,000,000 | 2,292,700 |
Southeastern Pennsylvania | ||||
Transportation Authority, | ||||
Capital Grant Receipts Bonds | ||||
(Federal Transit | ||||
Administration Section 5309 | ||||
Fixed Guideway Modernization | ||||
Formula Funds) | 5.00 | 6/1/23 | 2,000,000 | 2,459,640 |
Southeastern Pennsylvania | ||||
Transportation Authority, | ||||
Revenue | 5.00 | 3/1/26 | 3,000,000 | 3,544,740 |
State Public School Building | ||||
Authority, College Revenue | ||||
(Harrisburg Area Community | ||||
College Poject) | 5.00 | 10/1/20 | 2,265,000 | 2,683,685 |
State Public School Building | ||||
Authority, School Lease | ||||
Revenue (The School District | ||||
of Philadelphia Project) | 5.00 | 4/1/21 | 1,000,000 | 1,216,840 |
State Public School Building | ||||
Authority, School Revenue | ||||
(Chester Upland School | ||||
District Project) (Insured; | ||||
Assured Guaranty Municipal | ||||
Corp.) | 5.25 | 9/15/24 | 5,780,000 | 7,056,397 |
Susquehanna Area Regional Airport | ||||
Authority, Airport System | ||||
Revenue | 5.38 | 1/1/18 | 5,975,000 | 5,982,528 |
Susquehanna Area Regional Airport | ||||
Authority, Airport System | ||||
Revenue (Insured; AMBAC) | 5.50 | 1/1/20 | 4,370,000 | 4,374,457 |
Susquehanna Area Regional Airport | ||||
Authority, Airport System | ||||
Revenue (Insured; AMBAC) | 5.00 | 1/1/33 | 1,000,000 | 1,000,130 |
University of Pittsburgh - of the | |||||
Commonwealth System of Higher | |||||
Education, University Capital | |||||
Project Bonds | 5.50 | 9/15/21 | 2,500,000 | 3,167,550 | |
University of Pittsburgh - of the | |||||
Commonwealth System of Higher | |||||
Education, University Capital | |||||
Project Bonds | 5.00 | 9/15/28 | 1,580,000 | 1,927,237 | |
Upper Darby School District, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 5.00 | 5/1/18 | 2,870,000 | 3,153,814 | |
West Chester Area School District, | |||||
GO | 4.00 | 5/15/21 | 5,000,000 | 6,085,600 | |
West Mifflin Area School District, | |||||
GO (Insured; Assured Guaranty | |||||
Municipal Corp.) | 5.50 | 4/1/24 | 1,060,000 | 1,281,158 | |
Westmoreland County, | |||||
GO (Insured; National Public | |||||
Finance Guarantee Corp.) | 0.00 | 12/1/15 | 1,500,000 | c | 1,403,790 |
York County Solid Waste and Refuse | |||||
Authority, Solid Waste System | |||||
Revenue (Insured; National | |||||
Public Finance Guarantee Corp.) | 5.50 | 12/1/14 | 1,000,000 | 1,095,070 | |
South Carolina--.6% | |||||
Greenville County School District, | |||||
Installment Purchase Revenue | |||||
(Building Equity Sooner for | |||||
Tomorrow) | 5.50 | 12/1/18 | 2,000,000 | 2,506,120 | |
U.S. Related--7.5% | |||||
Guam, | |||||
Business Privilege Tax Revenue | 5.00 | 1/1/24 | 1,500,000 | 1,797,015 | |
Guam, | |||||
LOR (Section 30) | 5.63 | 12/1/29 | 1,000,000 | 1,145,320 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; AMBAC) | 5.50 | 7/1/19 | 3,000,000 | 3,360,420 | |
Puerto Rico Commonwealth, | |||||
Public Improvement GO | |||||
(Insured; FGIC) | 5.50 | 7/1/18 | 5,000,000 | 5,578,450 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | 5.38 | 7/1/24 | 2,000,000 | 2,176,540 | |
Puerto Rico Electric Power | |||||
Authority, Power Revenue | |||||
(Insured; National Public | |||||
Finance Guarantee Corp.) | 5.25 | 7/1/14 | 5,000,000 | 5,292,800 | |
Puerto Rico Government Development | |||||
Bank, Senior Notes | 5.00 | 12/1/15 | 1,870,000 | 1,997,216 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Revenue | |||||
(Ports Authority Project) | 6.00 | 12/15/26 | 2,500,000 | 2,845,075 | |
Puerto Rico Infrastructure | |||||
Financing Authority, Special | |||||
Tax Revenue | 5.00 | 7/1/21 | 5,000,000 | 5,247,950 | |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue |
(First Subordinate Series) | 0/6.75 | 8/1/32 | 1,000,000 | d | 1,057,150 |
Puerto Rico Sales Tax Financing | |||||
Corporation, Sales Tax Revenue | |||||
(First Subordinate Series) | 0/6.25 | 8/1/33 | 500,000 | d | 448,260 |
Total Long-Term Municipal Investments | |||||
(cost $371,359,979) | 405,894,621 | ||||
Short-Term Municipal | Coupon | Maturity | Principal | ||
Investments--.2% | Rate (%) | Date | Amount ($) | Value ($) | |
Missouri--.0% | |||||
Missouri Health and Educational | |||||
Facilities Authority, | |||||
Educational Facilities Revenue | |||||
(The Washington University) | |||||
(Liquidity Facility; JPMorgan | |||||
Chase Bank) | 0.18 | 12/3/12 | 100,000 | e | 100,000 |
Vermont--.2% | |||||
Vermont Educational and Health | |||||
Buildings Financing Agency, | |||||
Revenue (Brattleboro Memorial | |||||
Hospital Project) (LOC; TD | |||||
Bank) | 0.19 | 12/3/12 | 695,000 | e | 695,000 |
Virginia--.0% | |||||
Virginia Commonwealth University | |||||
Health System Authority, | |||||
General Revenue (LOC; Branch | |||||
Banking and Trust Co.) | 0.16 | 12/3/12 | 200,000 | e | 200,000 |
Total Short-Term Municipal Investments | |||||
(cost $995,000) | 995,000 | ||||
Total Investments (cost $372,354,979) | 99.2 | % | 406,889,621 | ||
Cash and Receivables (Net) | .8 | % | 3,391,751 | ||
Net Assets | 100.0 | % | 410,281,372 |
a | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be |
resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2012, these | |
securities were valued at $1,483,965 or 0.4% 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 | Security issued with a zero coupon. Income is recognized through the accretion of discount. |
d | Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
e | Variable rate demand note - rate shown is the interest rate in effect at November 30, 2012. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
At November 30, 2012, net unrealized appreciation on investments was $34,534,642 of which $34,606,637 related to appreciated investment securities and $71,995 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EDR | Economic Development Revenue | EIR | Environmental Improvement Revenue |
FGIC | Financial Guaranty Insurance Company | FHA | Federal Housing Administration |
FHLB | Federal Home Loan Bank | FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment Contract | GNMA | Government National Mortgage Association |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development Revenue | LIFERS | Long Inverse Floating Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipt Liquidity Option |
Tender | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | P-FLOATS | Puttable Floating Option Tax-Exempts Receipts |
PILOT | Payment in Lieu of Taxes | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | ROCS | Reset Option 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 Mortgage Agency |
SPEARS | Short Puttable Exempt Adjustable Receipts | SWDR | Solid Waste Disposal Revenue |
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
STATEMENT OF FINANCIAL FUTURES |
November 30, 2012 (Unaudited) |
Market Value | Unrealized | |||
Covered by | (Depreciation) | |||
Contracts | Contracts ($) | Expiration | at 11/30/2012 ($) | |
Financial Futures Short | ||||
U.S. Treasury 10 Year Notes | 90 | (12,071,250 ) | December 2012 | (88,594 ) |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Municipal Bonds | - | 406,889,621 | - | 406,889,621 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Financial Futures+ | (88,594 ) | - | - | (88,594) |
+ Amount shown represents unrealized (depreciation) at period end. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. 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 preceding securities are categorized as Level 2 in the 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. 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 as Level 2 or 3 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
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 the fund during the period ended November 30, 2012 is discussed below.
Futures Contracts: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in financial futures contracts in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. 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 recognizes a realized gain or loss. There is minimal counterparty credit risk to the fund with futures since futures are exchange traded, and the exchange’s clearinghouse guarantees the futures against default.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Short-Term U.S. Government Securities Fund |
November 30, 2012 (Unaudited) |
Coupon | Maturity | Principal | |||
Bonds and Notes--99.9% | Rate (%) | Date | Amount ($) | Value ($) | |
Commercial Mortgage Pass-Through Ctfs.--4.9% | |||||
Bear Stearns Commercial Mortgage | |||||
Security, Ser. 2006-T24, Cl. A3 | 5.53 | 10/12/41 | 3,109,717 | 3,184,829 | |
CS First Boston Mortgage | |||||
Securities, Ser. 2003-CPN1, | |||||
Cl. A2 | 4.60 | 3/15/35 | 2,552,521 | 2,562,373 | |
JP Morgan Chase Commercial | |||||
Mortgage Securities, | |||||
Ser. 2005-LDP1, Cl. A2 | 4.63 | 3/15/46 | 1,021,648 | 1,024,262 | |
Morgan Stanley Capital I Trust, | |||||
Ser. 2006-HQ8, Cl. AAB | 5.42 | 3/12/44 | 2,831,872 | a | 2,840,653 |
Prudential Commercial Mortgage | |||||
Trust, Ser. 2003-PWR1, Cl. A2 | 4.49 | 2/11/36 | 4,603,702 | 4,615,430 | |
14,227,547 | |||||
Municipal Bonds--5.7% | |||||
California, | |||||
GO (Various Purpose) | 5.25 | 4/1/14 | 1,000,000 | 1,059,560 | |
Illinois, | |||||
GO | 4.42 | 1/1/15 | 1,700,000 | 1,805,927 | |
Nassau County Interim Finance | |||||
Authority, Revenue | 0.86 | 11/15/15 | 2,500,000 | 2,518,725 | |
New York City, | |||||
GO | 5.13 | 12/1/15 | 1,100,000 | 1,241,394 | |
North Texas Tollway Authority, | |||||
Special Projects System | |||||
Revenue, BAN | 2.44 | 9/1/13 | 2,960,000 | 3,004,311 | |
Regional Transportation Authority | |||||
of Illinois, GO Working Cash | |||||
Notes | 1.06 | 6/1/14 | 3,000,000 | 3,008,040 | |
University of California Regents, | |||||
General Revenue | 0.79 | 7/1/14 | 3,000,000 | a | 3,005,760 |
University of California Regents, | |||||
General Revenue (Build America | |||||
Bonds) | 1.99 | 5/1/13 | 840,000 | a | 845,141 |
16,488,858 | |||||
U.S. Government Agencies--9.0% | |||||
Federal Farm Credit Bank, |
Bonds | 0.50 | 6/23/15 | 3,500,000 | 3,515,361 | |
Federal Home Loan Bank, | |||||
Bonds | 0.50 | 10/16/15 | 4,000,000 | 4,001,600 | |
Federal Home Loan Mortgage Corp., | |||||
Notes | 0.63 | 8/21/15 | 2,750,000 | b | 2,761,784 |
Federal National Mortgage | |||||
Association, Notes, Ser. 0001 | 0.60 | 2/22/16 | 4,500,000 | b | 4,503,078 |
Federal National Mortgage | |||||
Association, Notes, Ser. 0001 | 0.70 | 4/30/15 | 4,250,000 | b | 4,255,886 |
Federal National Mortgage | |||||
Association, Notes | 0.75 | 12/19/14 | 7,000,000 | b | 7,065,576 |
26,103,285 |
Ser. 2010-100, Cl. A, | |||
2.35%, 6/16/50 | 1,213,841 | 1,230,067 | |
Ser. 2011-49, Cl. A, 2.45%, | |||
7/16/38 | 1,159,704 | 1,197,761 | |
Ser. 2004-23, Cl. AB, | |||
3.63%, 9/16/27 | 206,636 | 211,580 | |
Ser. 2005-76, Cl. A, 3.96%, | |||
5/16/30 | 201,032 | 204,126 | |
Ser. 2009-37, Cl. AB, | |||
4.02%, 3/16/37 | 4,127,261 | 4,254,651 | |
Ser. 2009-19, Cl. AE, 4.07%, | |||
11/16/40 | 1,252,652 | 1,274,675 | |
Ser. 2009-4, Cl. AB, 4.80%, | |||
11/16/37 | 2,595,201 | 2,690,162 | |
Ser. 2004-12, Cl. BA, | |||
4.81%, 8/16/32 | 2,789,300 | 2,828,442 | |
Ser. 2003-48, Cl. C, 4.89%, | |||
7/16/34 | 1,500,000 | 1,576,306 | |
Ser. 2004-108, Cl. C, 5.04%, | |||
12/16/32 | 2,260,966 | a | 2,344,292 |
Ser. 2007-75, Cl. B, 5.05%, | |||
3/16/36 | 1,108,514 | 1,136,381 | |
Ser. 2006-3, Cl. B, 5.09%, | |||
1/16/37 | 2,444,878 | a | 2,570,948 |
Ser. 2003-64, Cl. E, 5.15%, | |||
4/16/39 | 1,174,653 | a | 1,184,422 |
Ser. 2006-68, Cl. B, 5.16%, | |||
6/16/31 | 792,841 | a | 804,054 |
Ser. 2006-18, Cl. C, 5.19%, | |||
10/16/32 | 2,000,000 | a | 2,094,137 |
Ser. 2007-13, Cl. B, 5.19%, | |||
5/16/39 | 901,804 | 916,869 | |
Ser. 2004-50, Cl. C, 5.32%, | |||
8/16/30 | 11,303 | a | 11,312 |
Ser. 2006-32, Cl. B, 5.35%, | |||
7/16/36 | 1,610,059 | a | 1,690,912 |
Ser. 2006-39, Cl. C, 5.48%, | |||
5/16/34 | 894,244 | a | 903,635 |
Ser. 2006-46, Cl. B, 5.56%, | |||
6/16/34 | 1,590,243 | a | 1,678,121 |
Ser. 2007-56, Cl. NC, 5.75%, | |||
9/20/36 | 3,447,539 | 3,571,239 | |
64,454,716 |
U.S. Government Securities--58.2% | ||||
U.S. Treasury Notes: | ||||
0.25%, 12/15/14 | 13,500,000 | c | 13,497,894 | |
0.25%, 1/15/15 | 12,000,000 | c | 11,994,372 | |
0.25%, 2/15/15 | 12,500,000 | c | 12,494,138 | |
0.25%, 5/15/15 | 10,250,000 | c | 10,241,995 | |
0.25%, 7/15/15 | 14,000,000 | c | 13,983,592 | |
0.25%, 8/15/15 | 12,000,000 | c | 11,983,128 | |
0.25%, 9/15/15 | 12,000,000 | c | 11,980,320 | |
0.25%, 10/15/15 | 12,000,000 | c | 11,978,436 | |
0.38%, 11/15/14 | 7,500,000 | c | 7,517,872 | |
0.38%, 4/15/15 | 12,000,000 | c | 12,026,256 | |
0.38%, 6/15/15 | 12,000,000 | c | 12,025,320 | |
0.38%, 11/15/15 | 2,250,000 | 2,253,868 | ||
1.25%, 8/31/15 | 12,000,000 | c | 12,308,436 | |
1.75%, 7/31/15 | 12,000,000 | c | 12,458,436 | |
2.50%, 3/31/15 | 12,000,000 | c | 12,619,692 | |
169,363,755 | ||||
Total Bonds and Notes | ||||
(cost $290,731,854) | 290,638,161 | |||
Other Investment--1.1% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $3,164,925) | 3,164,925 | d | 3,164,925 | |
Total Investments (cost $293,896,779) | 101.0 | % | 293,803,086 | |
Liabilities, Less Cash and Receivables | (1.0 | %) | (2,852,077 | ) |
Net Assets | 100.0 | % | 290,951,009 |
BAN--Bond Anticipation Notes
GO--General Obligation
REMIC--Real Mortagage Investment Conduit
a | Variable rate security--interest rate subject to periodic change. |
b | The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National |
Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing | |
affairs of these companies. | |
c | Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was |
$125,165,520 and the value of the collateral held by the fund was $127,889,340, consisting of U.S. Government & | |
Agency securities. | |
d | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized depreciation on investments was $93,693 of which $683,452 related to appreciated investment securities and $777,145 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Government & Agencies | 89.3 |
Municipal Bonds | 5.7 |
Asset/Mortgage-Backed | 4.9 |
Money Market Investment | 1.1 |
101.0 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Commercial Mortgage-Backed | - | 14,227,547 | - | 14,227,547 |
Municipal Bonds | - | 16,488,858 | - | 16,488,858 |
Mutual Funds | 3,164,925 | - | - | 3,164,925 |
U.S. Government Agencies/Mortgage-Backed | - | 90,558,001 | - | 90,558,001 |
U.S. Treasury | - | 169,363,755 | - | 169,363,755 |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued 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.
U.S. Treasury Bills are valued at the mean price between quoted bid 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 of Trustees.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Small Cap Multi-Strategy Fund |
November 30, 2012 (Unaudited) |
Common Stocks--99.1% | Shares | Value ($) | |
Automobiles & Components--3.1% | |||
American Axle & Manufacturing | |||
Holdings | 110,930 | a | 1,160,328 |
Dana Holding | 238,750 | 3,385,475 | |
Drew Industries | 24,860 | a | 806,956 |
Tenneco | 16,800 | a | 538,776 |
Thor Industries | 28,170 | 1,063,136 | |
Tower International | 55,320 | a | 434,262 |
7,388,933 | |||
Banks--6.1% | |||
Associated Banc-Corp | 38,780 | 498,323 | |
Bancorp | 19,860 | a | 231,568 |
BancorpSouth | 28,070 | 371,366 | |
Brookline Bancorp | 53,380 | 451,595 | |
Cardinal Financial | 23,410 | 351,150 | |
City National | 10,990 | 535,103 | |
CoBiz Financial | 20,430 | 143,419 | |
CVB Financial | 64,650 | 656,844 | |
First Commonwealth Financial | 159,400 | 1,021,754 | |
First Horizon National | 94,210 | 891,227 | |
First Midwest Bancorp | 49,090 | 613,625 | |
Hancock Holding | 49,420 | 1,552,776 | |
Lakeland Financial | 7,350 | 181,839 | |
MB Financial | 37,600 | 730,944 | |
National Penn Bancshares | 49,510 | 468,860 | |
Oritani Financial | 24,560 | 358,576 | |
PacWest Bancorp | 20,880 | 520,121 | |
PrivateBancorp | 32,690 | 535,789 | |
Prosperity Bancshares | 11,900 | 489,447 | |
Provident Financial Services | 33,130 | 480,054 | |
SCBT Financial | 19,140 | 741,675 | |
Susquehanna Bancshares | 52,960 | 544,429 | |
Washington Trust Bancorp | 5,810 | 146,528 | |
Webster Financial | 31,230 | 650,209 | |
Western Alliance Bancorp | 51,910 | a | 527,406 |
Wintrust Financial | 22,880 | 841,755 | |
14,536,382 | |||
Capital Goods--7.6% | |||
Aerovironment | 23,930 | a | 488,411 |
Apogee Enterprises | 18,505 | 424,135 | |
Applied Industrial Technologies | 13,030 | 521,591 | |
Armstrong World Industries | 13,660 | 689,967 | |
Astec Industries | 15,190 | 439,750 | |
Beacon Roofing Supply | 12,880 | a | 397,219 |
Columbus McKinnon | 3,120 | a | 46,675 |
Comfort Systems USA | 25,010 | 270,358 | |
Commercial Vehicle Group | 35,130 | a | 281,391 |
Crane | 14,650 | 621,746 | |
DXP Enterprises | 11,160 | a | 538,916 |
EMCOR Group | 12,510 | 410,953 | |
Foster Wheeler | 35,300 | a | 792,838 |
FreightCar America | 11,780 | 247,733 | |
GrafTech International | 14,020 | a,b | 135,994 |
Granite Construction | 91,020 | 2,785,212 | |
Hexcel | 34,310 | a | 886,913 |
II-VI | 24,110 | a | 412,522 |
Middleby | 4,520 | a | 575,803 |
MRC Global | 49,420 | 1,385,243 | |
Orion Marine Group | 47,160 | a | 334,836 |
Teledyne Technologies | 14,070 | a | 886,410 |
Titan International | 18,220 | b | 370,413 |
Trinity Industries | 44,480 | 1,413,130 | |
Triumph Group | 11,550 | 757,796 | |
Watts Water Technologies, Cl. A | 28,700 | 1,173,543 | |
WESCO International | 11,880 | a | 768,042 |
18,057,540 | |||
Commercial & Professional Services--6.2% | |||
Brink's | 23,010 | 631,855 | |
Corporate Executive Board | 13,310 | 569,668 | |
Encore Capital Group | 11,240 | a | 298,759 |
Equifax | 19,090 | 978,172 | |
Exponent | 6,820 | a | 364,461 |
Herman Miller | 90,790 | 1,917,485 | |
InnerWorkings | 43,040 | a,b | 559,950 |
Interface | 76,100 | 1,117,909 | |
Korn/Ferry International | 40,430 | a | 583,001 |
McGrath RentCorp | 15,340 | 429,827 | |
Portfolio Recovery Associates | 14,742 | a | 1,456,804 |
Steelcase, Cl. A | 243,120 | 2,829,917 | |
Tetra Tech | 13,880 | a | 357,549 |
TrueBlue | 182,700 | a | 2,603,475 |
14,698,832 | |||
Consumer Durables & Apparel--7.4% | |||
Brunswick | 28,110 | 724,395 | |
Cavco Industries | 5,160 | a,b | 265,740 |
Deckers Outdoor | 3,830 | a | 146,651 |
Ethan Allen Interiors | 17,480 | b | 507,095 |
Fifth & Pacific | 186,780 | a,b | 2,250,699 |
Jarden | 7,900 | 417,989 | |
Jones Group | 258,550 | 3,040,548 | |
KB Home | 50,580 | b | 726,329 |
La-Z-Boy | 32,060 | 478,335 | |
M/I Homes | 24,720 | a | 544,087 |
Meritage Homes | 55,780 | a | 1,953,416 |
Mohawk Industries | 17,410 | a | 1,497,086 |
Newell Rubbermaid | 27,030 | 589,524 | |
Oxford Industries | 18,320 | 1,001,005 | |
Skechers USA, Cl. A | 28,990 | a | 564,145 |
Standard Pacific | 313,460 | a,b | 2,100,182 |
Steven Madden | 9,880 | a | 439,759 |
True Religion Apparel | 5,520 | 144,017 | |
17,391,002 | |||
Consumer Services--2.6% | |||
Bloomin' Brands | 23,519 | 372,306 | |
Brinker International | 16,840 | 504,358 | |
Buffalo Wild Wings | 8,290 | a | 600,528 |
Cheesecake Factory | 16,900 | b | 577,811 |
Grand Canyon Education | 16,340 | a,b | 386,931 |
Papa John's International | 7,340 | a | 388,506 |
Scientific Games, Cl. A | 93,390 | a | 777,939 |
SHFL Entertainment | 62,700 | a | 862,752 |
Six Flags Entertainment | 16,350 | 1,005,198 |
WMS Industries | 37,230 | a | 629,187 |
6,105,516 | |||
Diversified Financials--1.7% | |||
Duff & Phelps, Cl. A | 23,490 | 285,169 | |
E*TRADE Financial | 111,510 | a | 938,914 |
Nelnet, Cl. A | 37,650 | 1,076,413 | |
Netspend Holdings | 95,400 | a,b | 1,111,410 |
Piper Jaffray | 18,280 | a | 518,604 |
3,930,510 | |||
Energy--4.3% | |||
Approach Resources | 47,740 | a,b | 1,121,413 |
Bonanza Creek Energy | 790 | 18,723 | |
Cloud Peak Energy | 30,658 | a | 581,582 |
Diamondback Energy | 20,790 | 374,220 | |
Dril-Quip | 12,750 | a | 897,217 |
Exterran Holdings | 28,410 | a | 592,917 |
Geospace Technologies | 13,500 | a | 1,028,295 |
Gulfport Energy | 17,770 | a | 675,971 |
Helix Energy Solutions Group | 14,660 | a | 256,697 |
Lufkin Industries | 6,450 | b | 353,202 |
Matrix Service | 15,090 | a | 165,537 |
McDermott International | 55,790 | a | 587,469 |
Oasis Petroleum | 30,870 | a | 932,891 |
Oil States International | 4,920 | a | 347,942 |
PDC Energy | 28,960 | a | 1,039,085 |
Tesco | 47,100 | a | 508,680 |
Unit | 16,850 | a | 756,902 |
10,238,743 | |||
Exchange-Traded Funds--1.4% | |||
iShares Russell 2000 Growth Index | |||
Fund | 29,890 | b | 2,795,014 |
iShares Russell 2000 Index Fund | 6,080 | b | 499,046 |
iShares Russell 2000 Value Index | |||
Fund | 1,490 | b | 109,068 |
3,403,128 | |||
Food & Staples Retailing--1.6% | |||
Casey's General Stores | 27,660 | 1,366,404 | |
Chefs' Warehouse | 18,020 | a | 284,896 |
Harris Teeter Supermarkets | 35,480 | 1,347,885 | |
United Natural Foods | 15,220 | a | 787,939 |
3,787,124 | |||
Food, Beverage & Tobacco--1.0% | |||
Dole Food | 77,506 | a | 889,769 |
Flowers Foods | 25,720 | 605,449 | |
Lancaster Colony | 5,310 | 402,179 | |
Smart Balance | 38,560 | a,b | 479,301 |
2,376,698 | |||
Health Care Equipment & Services--6.5% | |||
Acadia Healthcare | 25,177 | a | 577,812 |
Accuray | 50,510 | a | 317,203 |
Air Methods | 4,860 | a | 530,566 |
Align Technology | 29,000 | a | 794,310 |
Analogic | 9,600 | 707,232 | |
Catamaran | 21,800 | a | 1,061,442 |
Centene | 17,680 | a | 776,329 |
Computer Programs & Systems | 4,010 | 200,781 | |
Haemonetics | 8,810 | a | 713,874 |
Hanger | 128,260 | a | 3,348,869 |
HealthSouth | 36,000 | a | 791,640 |
HMS Holdings | 30,450 | a | 705,526 |
ICU Medical | 8,360 | a | 492,320 |
LifePoint Hospitals | 13,990 | a | 503,360 |
Merit Medical Systems | 169,130 | a | 2,347,524 |
Natus Medical | 48,160 | a | 545,171 |
Omnicell | 33,070 | a | 504,979 |
WellCare Health Plans | 11,790 | a | 569,103 |
15,488,041 | |||
Household & Personal Products--.9% | |||
Elizabeth Arden | 18,600 | a | 863,226 |
Inter Parfums | 57,580 | 1,152,752 | |
2,015,978 | |||
Insurance--2.8% | |||
Arthur J. Gallagher & Co. | 21,720 | 793,214 | |
Brown & Brown | 93,310 | 2,504,440 | |
Employers Holdings | 35,497 | 677,638 | |
First American Financial | 42,890 | 1,020,782 | |
ProAssurance | 6,450 | 584,886 | |
Protective Life | 25,790 | 700,198 | |
RLI | 6,290 | 405,328 | |
6,686,486 | |||
Materials--4.6% | |||
Allied Nevada Gold | 10,360 | a | 337,218 |
AMCOL International | 17,210 | 519,570 | |
Buckeye Technologies | 18,540 | 513,929 | |
Carpenter Technology | 17,120 | 829,635 | |
Coeur d'Alene Mines | 29,820 | a | 693,613 |
Cytec Industries | 14,980 | 1,028,227 | |
Georgia Gulf | 34,690 | b | 1,590,883 |
Innophos Holdings | 9,580 | 458,978 | |
Innospec | 29,230 | a | 930,391 |
KapStone Paper and Packaging | 42,670 | a | 935,326 |
Louisiana-Pacific | 41,230 | a | 718,227 |
OMNOVA Solutions | 129,930 | a | 964,081 |
Zoltek | 174,810 | a,b | 1,232,411 |
10,752,489 | |||
Media--1.0% | |||
DreamWorks Animation SKG, Cl. A | 57,760 | a,b | 989,429 |
John Wiley & Sons, Cl. A | 4,950 | 211,365 | |
Lions Gate Entertainment | 51,120 | a,b | 837,346 |
Meredith | 981 | b | 30,588 |
Sinclair Broadcast Group, Cl. A | 33,250 | 366,747 | |
2,435,475 | |||
Pharmaceuticals, Biotech & Life Sciences--5.4% | |||
Affymax | 20,490 | a | 500,776 |
Alexion Pharmaceuticals | 7,790 | a | 747,996 |
Alkermes | 52,350 | a | 1,010,878 |
Alnylam Pharmaceuticals | 24,330 | a,b | 412,880 |
ARIAD Pharmaceuticals | 29,770 | a,b | 665,657 |
Auxilium Pharmaceuticals | 41,410 | a | 792,587 |
Bruker | 24,480 | a | 357,408 |
Charles River Laboratories | |||
International | 9,830 | a | 377,177 |
Cubist Pharmaceuticals | 20,040 | a | 813,824 |
Emergent BioSolutions | 127,820 | a | 1,919,856 |
Jazz Pharmaceuticals | 11,500 | a | 619,620 |
Nektar Therapeutics | 52,600 | a,b | 343,478 |
NPS Pharmaceuticals | 57,630 | a | 589,555 |
Onyx Pharmaceuticals | 10,620 | a | 801,491 |
Pharmacyclics | 10,040 | a,b | 532,622 |
Puma Biotechnology | 14,580 | 300,348 | |
Salix Pharmaceuticals | 46,500 | a | 1,992,525 |
12,778,678 | |||
Real Estate--4.7% | |||
Corporate Office Properties Trust | 17,020 | 420,054 | |
CubeSmart | 10,470 | c | 144,486 |
DCT Industrial Trust | 102,200 | c | 638,750 |
EastGroup Properties | 2,760 | c | 144,293 |
Education Realty Trust | 14,210 | 146,505 | |
First Potomac Realty Trust | 38,530 | c | 451,957 |
Getty Realty | 19,139 | b,c | 322,301 |
Hudson Pacific Properties | 30,400 | c | 588,848 |
Jones Lang LaSalle | 21,830 | 1,790,278 | |
LaSalle Hotel Properties | 44,160 | c | 1,064,698 |
Lexington Realty Trust | 13,900 | 133,301 | |
Mid-America Apartment Communities | 9,860 | c | 614,475 |
National Health Investors | 12,730 | c | 706,515 |
Pebblebrook Hotel Trust | 26,130 | c | 544,810 |
Potlatch | 18,500 | 720,575 | |
St. Joe | 71,630 | a,b | 1,531,449 |
Starwood Property Trust | 36,640 | c | 837,590 |
Urstadt Biddle Properties, Cl. A | 19,090 | c | 358,701 |
11,159,586 | |||
Retailing--4.7% | |||
Aeropostale | 26,730 | a | 369,141 |
Asbury Automotive Group | 22,340 | a | 674,445 |
Children's Place Retail Stores | 10,104 | a | 491,155 |
Express | 27,700 | a | 413,561 |
Finish Line, Cl. A | 64,560 | 1,331,873 | |
GameStop, Cl. A | 12,540 | b | 329,175 |
Gordmans Stores | 23,530 | a | 340,244 |
Guess? | 18,180 | 470,317 | |
Lumber Liquidators Holdings | 6,050 | a,b | 324,764 |
OfficeMax | 61,960 | 619,600 | |
PEP Boys-Manny Moe & Jack | 47,884 | b | 506,134 |
Rent-A-Center | 21,660 | 752,902 | |
Saks | 65,510 | a,b | 687,855 |
Select Comfort | 35,780 | a | 958,188 |
Tilly's, Cl. A | 21,780 | 288,149 | |
Tractor Supply | 3,570 | 319,943 | |
Williams-Sonoma | 50,560 | 2,288,346 | |
11,165,792 | |||
Semiconductors & Semiconductor Equipment--3.7% | |||
Applied Micro Circuits | 377,990 | a | 2,581,672 |
ATMI | 55,240 | a | 1,100,381 |
Entegris | 42,605 | a | 381,741 |
Kulicke & Soffa Industries | 35,810 | a | 409,308 |
Lattice Semiconductor | 131,350 | a | 520,146 |
Microsemi | 61,860 | a | 1,184,000 |
MKS Instruments | 15,940 | 386,545 | |
Power Integrations | 11,160 | 347,188 | |
Semtech | 20,070 | a | 548,914 |
Silicon Image | 150,470 | a | 701,190 |
Teradyne | 33,240 | a | 519,874 |
8,680,959 | |||
Software & Services--9.4% | |||
Brightcove | 56,140 | 545,681 | |
Cardtronics | 33,750 | a | 774,225 |
CoreLogic | 77,040 | a | 1,990,714 |
CSG Systems International | 75,460 | a | 1,402,047 |
DealerTrack Technologies | 108,120 | a | 2,907,347 |
ExlService Holdings | 12,900 | a | 346,365 |
Imperva | 5,200 | 159,952 | |
Infoblox | 27,750 | 526,140 | |
Jive Software | 59,610 | b | 861,961 |
LogMeIn | 68,190 | a | 1,459,266 |
MAXIMUS | 22,220 | 1,399,638 | |
Mentor Graphics | 67,910 | a | 1,013,896 |
MICROS Systems | 25,950 | a | 1,127,787 |
Millennial Media | 50,250 | b | 690,937 |
Monotype Imaging Holdings | 37,190 | 569,379 | |
Parametric Technology | 21,560 | a | 436,374 |
Qualys | 30,930 | 413,843 | |
Responsys | 38,060 | a | 248,151 |
SolarWinds | 6,630 | a | 371,479 |
Take-Two Interactive Software | 98,199 | a | 1,214,722 |
Velti | 220,447 | a,b | 751,724 |
WEX | 35,050 | a | 2,522,198 |
Yelp | 9,700 | b | 183,427 |
Zynga | 157,210 | 386,737 | |
22,303,990 | |||
Technology Hardware & Equipment--6.7% | |||
Acme Packet | 18,530 | a,b | 369,673 |
Arris Group | 58,370 | a | 815,429 |
Arrow Electronics | 27,960 | a | 1,041,790 |
Aruba Networks | 49,740 | a,b | 968,935 |
Brocade Communications Systems | 156,360 | a | 888,125 |
Ciena | 32,930 | a | 489,998 |
Cognex | 13,330 | 477,481 | |
Extreme Networks | 90,780 | a | 326,808 |
FARO Technologies | 9,770 | a | 344,686 |
FEI | 7,580 | 417,127 | |
IPG Photonics | 5,170 | a,b | 305,547 |
Ixia | 30,970 | a | 465,169 |
JDS Uniphase | 173,290 | a | 2,102,008 |
NETGEAR | 38,670 | a | 1,348,036 |
RADWARE | 15,680 | a | 501,133 |
ScanSource | 74,310 | a | 2,195,860 |
Vishay Intertechnology | 285,340 | a | 2,767,798 |
15,825,603 | |||
Transportation--4.5% | |||
Allegiant Travel | 10,044 | b | 743,457 |
Arkansas Best | 57,680 | 477,590 | |
Atlas Air Worldwide Holdings | 11,950 | a | 517,196 |
Avis Budget Group | 28,710 | a | 543,767 |
Con-way | 75,520 | 2,121,357 | |
Forward Air | 18,960 | 630,420 | |
Landstar System | 45,050 | 2,278,178 | |
UTi Worldwide | 173,840 | 2,454,621 | |
Werner Enterprises | 40,089 | 869,530 | |
10,636,116 | |||
Utilities--1.2% | |||
El Paso Electric | 15,120 | 481,572 | |
Hawaiian Electric Industries | 25,410 | 632,963 | |
NorthWestern | 15,110 | 524,166 | |
Portland General Electric | 24,870 | 672,236 | |
WGL Holdings | 15,180 | 592,931 |
2,903,868 | ||||
Total Common Stocks | ||||
(cost $234,224,205) | 234,747,469 | |||
Other Investment--1.0% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $2,385,862) | 2,385,862 | d | 2,385,862 | |
Investment of Cash Collateral for | ||||
Securities Loaned--10.8% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $25,662,696) | 25,662,696 | d | 25,662,696 | |
Total Investments (cost $262,272,763) | 110.9 | % | 262,796,027 | |
Liabilities, Less Cash and Receivables | (10.9 | %) | (25,744,118 | ) |
Net Assets | 100.0 | % | 237,051,909 |
a Non-income producing security. |
b Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was $24,245,484 and |
the value of the collateral held by the fund was $25,662,696. |
c Investment in real estate investment trust. |
d Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $523,264 of which $11,366,811 related to appreciated investment securities and $10,843,547 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Money Market Investments | 11.8 |
Software & Services | 9.4 |
Capital Goods | 7.6 |
Consumer Durables & Apparel | 7.4 |
Technology Hardware & Equipment | 6.7 |
Health Care Equipment & Services | 6.5 |
Commercial & Professional Services | 6.2 |
Banks | 6.1 |
Pharmaceuticals, Biotech & Life Sciences | 5.4 |
Real Estate | 4.7 |
Retailing | 4.7 |
Materials | 4.6 |
Transportation | 4.5 |
Energy | 4.3 |
Semiconductors & Semiconductor Equipment | 3.7 |
Automobiles & Components | 3.1 |
Insurance | 2.8 |
Consumer Services | 2.6 |
Diversified Financials | 1.7 |
Food & Staples Retailing | 1.6 |
Exchange-Traded Funds | 1.4 |
Utilities | 1.2 |
Food, Beverage & Tobacco | 1.0 |
Media | 1.0 |
Household & Personal Products | .9 |
110.9 |
† | Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 227,636,863 | - | - | 227,636,863 |
Equity Securities - Foreign Common Stocks+ | 3,707,478 | - | - | 3,707,478 |
Exchange-Traded Funds | 3,403,128 | - | - | 3,403,128 |
Mutual Funds | 28,048,558 | - | - | 28,048,558 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Small/Mid Cap Fund |
November 30, 2012 (Unaudited) |
Common Stocks--99.8% | Shares | Value ($) | |
Automobiles & Components--.9% | |||
Dana Holding | 185,250 | 2,626,845 | |
Thor Industries | 47,710 | 1,800,575 | |
4,427,420 | |||
Banks--6.7% | |||
Boston Private Financial Holdings | 292,200 | 2,697,006 | |
City National | 90,360 | 4,399,628 | |
First Horizon National | 628,260 | 5,943,340 | |
First Republic Bank | 45,860 | 1,550,985 | |
Hancock Holding | 49,600 | 1,558,432 | |
Home Loan Servicing Solutions | 86,910 | a | 1,699,091 |
Huntington Bancshares | 1,177,000 | 7,238,550 | |
Susquehanna Bancshares | 283,420 | 2,913,558 | |
Webster Financial | 189,970 | 3,955,175 | |
31,955,765 | |||
Capital Goods--10.9% | |||
Armstrong World Industries | 32,740 | 1,653,697 | |
Briggs & Stratton | 202,240 | 4,103,450 | |
Carlisle | 65,390 | 3,705,651 | |
Granite Construction | 52,560 | 1,608,336 | |
Hexcel | 130,380 | b | 3,370,323 |
Regal-Beloit | 52,500 | 3,661,875 | |
Snap-on | 68,640 | 5,452,762 | |
Spirit Aerosystems Holdings, Cl. A | 404,240 | b | 6,366,780 |
Taser International | 258,900 | b | 2,138,514 |
Teledyne Technologies | 51,740 | b | 3,259,620 |
Trinity Industries | 325,150 | 10,330,016 | |
Triumph Group | 98,710 | 6,476,363 | |
52,127,387 | |||
Commercial & Professional Services--2.9% | |||
Brink's | 67,180 | 1,844,763 | |
Corporate Executive Board | 47,390 | 2,028,292 | |
Herman Miller | 76,900 | 1,624,128 | |
Portfolio Recovery Associates | 21,920 | b | 2,166,134 |
Robert Half International | 212,270 | 5,998,750 |
13,662,067 | |||
Consumer Durables & Apparel--6.7% | |||
Fifth & Pacific | 225,990 | b | 2,723,179 |
Jones Group | 154,320 | 1,814,803 | |
Lennar, Cl. A | 49,940 | a | 1,899,718 |
Mohawk Industries | 92,640 | b | 7,966,114 |
PVH | 86,430 | 9,904,014 | |
Under Armour, Cl. A | 152,240 | a,b | 7,890,599 |
32,198,427 | |||
Diversified Financials--1.3% | |||
Raymond James Financial | 165,070 | 6,231,393 | |
Energy--5.4% | |||
Dril-Quip | 38,830 | b | 2,732,467 |
EPL Oil & Gas | 87,370 | b | 1,833,896 |
Gulfport Energy | 84,240 | b | 3,204,490 |
Helmerich & Payne | 33,430 | 1,745,046 | |
McDermott International | 134,370 | b | 1,414,916 |
Oceaneering International | 28,400 | 1,496,112 | |
Oil States International | 136,470 | b | 9,651,158 |
Penn Virginia | 373,380 | 1,654,073 | |
Plains Exploration & Production | 53,280 | b | 1,902,096 |
25,634,254 | |||
Exchange-Traded Funds--3.6% | |||
iShares Russell 2000 Index Fund | 210,380 | a | 17,267,990 |
Food & Staples Retailing--.4% | |||
Casey's General Stores | 43,390 | 2,143,466 | |
Health Care Equipment & Services--2.4% | |||
Haemonetics | 27,160 | b | 2,200,775 |
HealthSouth | 88,450 | b | 1,945,015 |
HMS Holdings | 89,180 | b | 2,066,301 |
Orthofix International | 37,330 | b | 1,390,543 |
Universal Health Services, Cl. B | 54,770 | 2,468,484 | |
WellCare Health Plans | 27,720 | b | 1,338,044 |
11,409,162 | |||
Household & Personal Products--.6% | |||
USANA Health Sciences | 67,920 | a,b | 2,803,738 |
Insurance--5.9% | |||
Arthur J. Gallagher & Co. | 234,700 | 8,571,244 | |
Brown & Brown | 412,050 | 11,059,422 | |
Fidelity National Financial, Cl. A | 347,400 | 8,410,554 | |
28,041,220 |
Materials--7.5% | |||
Boise | 175,680 | 1,440,576 | |
Coeur d'Alene Mines | 117,970 | b | 2,743,982 |
Cytec Industries | 137,980 | 9,470,947 | |
Georgia Gulf | 39,560 | 1,814,222 | |
Glatfelter | 92,640 | 1,573,954 | |
Kraton Performance Polymers | 244,560 | b | 5,744,714 |
Louisiana-Pacific | 161,620 | b | 2,815,420 |
OM Group | 222,020 | b | 4,433,739 |
Packaging Corp. of America | 93,920 | 3,422,445 | |
Schnitzer Steel Industries, Cl. A | 85,510 | 2,410,527 | |
35,870,526 | |||
Media--1.3% | |||
Lions Gate Entertainment | 109,000 | a,b | 1,785,420 |
Scholastic | 102,770 | 2,883,726 | |
Valassis Communications | 61,680 | a,b | 1,602,446 |
6,271,592 | |||
Pharmaceuticals, Biotech & Life Sciences--5.5% | |||
Alkermes | 193,730 | b | 3,740,926 |
ARIAD Pharmaceuticals | 63,090 | b | 1,410,692 |
Auxilium Pharmaceuticals | 98,170 | b | 1,878,974 |
Cubist Pharmaceuticals | 169,550 | b | 6,885,425 |
Jazz Pharmaceuticals | 27,200 | b | 1,465,536 |
Onyx Pharmaceuticals | 70,650 | b | 5,331,956 |
Salix Pharmaceuticals | 94,130 | b | 4,033,471 |
Spectrum Pharmaceuticals | 150,520 | a,b | 1,782,157 |
26,529,137 | |||
Real Estate--10.2% | |||
American Capital Mortgage | |||
Investment Corporation | 60,110 | 1,535,209 | |
Anworth Mortgage Asset | 236,140 | 1,393,226 | |
Apollo Commercial Real Estate | |||
Finance | 96,520 | c | 1,610,919 |
BioMed Realty Trust | 197,990 | 3,815,267 | |
Colony Financial | 79,180 | 1,585,184 | |
DCT Industrial Trust | 1,025,640 | c | 6,410,250 |
Douglas Emmett | 61,805 | c | 1,403,592 |
Jones Lang LaSalle | 148,790 | 12,202,268 | |
LaSalle Hotel Properties | 60,100 | 1,449,011 | |
NorthStar Realty Finance | 238,760 | 1,606,855 | |
Pennsylvania Real Estate |
Investment Trust | 93,970 | 1,565,540 | |
Resource Capital | 786,380 | 4,655,370 | |
Starwood Property Trust | 313,890 | c | 7,175,525 |
Western Asset Mortgage Capital | 117,800 | 2,430,214 | |
48,838,430 | |||
Retailing--8.1% | |||
American Eagle Outfitters | 514,030 | 10,897,436 | |
Dick's Sporting Goods | 136,710 | 7,178,642 | |
Finish Line, Cl. A | 68,900 | 1,421,407 | |
Hot Topic | 268,240 | 2,677,035 | |
Rent-A-Center | 70,510 | 2,450,928 | |
Urban Outfitters | 277,970 | b | 10,479,469 |
Williams-Sonoma | 80,800 | 3,657,008 | |
38,761,925 | |||
Semiconductors & Semiconductor Equipment--1.9% | |||
Microsemi | 76,990 | b | 1,473,589 |
Skyworks Solutions | 326,140 | b | 7,387,071 |
8,860,660 | |||
Software & Services--7.1% | |||
AVG Technologies | 277,140 | 3,816,218 | |
CoreLogic | 269,480 | b | 6,963,363 |
CSG Systems International | 76,140 | b | 1,414,681 |
Demand Media | 151,080 | a,b | 1,344,612 |
MAXIMUS | 29,400 | 1,851,906 | |
Mentor Graphics | 156,420 | b | 2,335,351 |
Nuance Communications | 64,040 | b | 1,424,250 |
Synopsys | 110,190 | b | 3,614,232 |
Vantiv, Cl. A | 263,670 | 5,713,729 | |
WEX | 76,660 | b | 5,516,454 |
33,994,796 | |||
Technology Hardware & Equipment--4.0% | |||
Aruba Networks | 89,800 | b | 1,749,304 |
Ciena | 184,750 | a,b | 2,749,080 |
JDS Uniphase | 216,840 | b | 2,630,269 |
NETGEAR | 90,130 | b | 3,141,932 |
Power-One | 299,420 | a,b | 1,242,593 |
Vishay Intertechnology | 760,880 | b | 7,380,536 |
18,893,714 | |||
Transportation--.6% | |||
Atlas Air Worldwide Holdings | 29,680 | b | 1,284,550 |
Landstar System | 32,030 | 1,619,757 |
2,904,307 | ||||
Utilities--5.9% | ||||
Great Plains Energy | 319,410 | 6,468,052 | ||
Hawaiian Electric Industries | 152,540 | 3,799,771 | ||
MDU Resources Group | 81,910 | 1,697,175 | ||
Portland General Electric | 239,140 | 6,463,954 | ||
UGI | 240,240 | 7,980,773 | ||
WGL Holdings | 52,360 | 2,045,182 | ||
28,454,907 | ||||
Total Common Stocks | ||||
(cost $474,087,468) | 477,282,283 | |||
Other Investment--.0% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $228,119) | 228,119 | d | 228,119 | |
Investment of Cash Collateral for | ||||
Securities Loaned--6.2% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Cash | ||||
Advantage Fund | ||||
(cost $29,447,128) | 29,447,128 | d | 29,447,128 | |
Total Investments (cost $503,762,715) | 106.0 | % | 506,957,530 | |
Liabilities, Less Cash and Receivables | (6.0 | %) | (28,680,146 | ) |
Net Assets | 100.0 | % | 478,277,384 |
a Security, or portion thereof, on loan. At November 30, 2012, the value of the fund's securities on loan was $28,453,857 and |
the value of the collateral held by the fund was $29,447,128. |
b Non-income producing security. |
c Investment in real estate investment trust. |
d Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $3,194,815 of which $22,953,039 related to appreciated investment securities and $19,758,224 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Capital Goods | 10.9 |
Real Estate | 10.2 |
Retailing | 8.1 |
Materials | 7.5 |
Software & Services | 7.1 |
Banks | 6.7 |
Consumer Durables & Apparel | 6.7 |
Money Market Investments | 6.2 |
Insurance | 5.9 |
Utilities | 5.9 |
Pharmaceuticals, Biotech & Life Sciences | 5.5 |
Energy | 5.4 |
Technology Hardware & Equipment | 4.0 |
Exchange-Traded Funds | 3.6 |
Commercial & Professional Services | 2.9 |
Health Care Equipment & Services | 2.4 |
Semiconductors & Semiconductor Equipment | 1.9 |
Diversified Financials | 1.3 |
Media | 1.3 |
Automobiles & Components | .9 |
Household & Personal Products | .6 |
Transportation | .6 |
Food & Staples Retailing | .4 |
106.0 |
† | Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | |||||
Level 2 - Other | Significant | ||||
Level 1 - Unadjusted | Significant | Unobservable | |||
Assets ($) | Quoted Prices | Observable Inputs | Inputs | Total | |
Investments in Securities: | |||||
Equity Securities - Domestic Common Stocks+ | 456,198,075 | - | - | 456,198,075 | |
Equity Securities - Foreign Common Stocks+ | 3,816,218 | - | - | 3,816,218 | |
Exchange-Traded Funds | 17,267,990 | - | - | 17,267,990 | |
Mutual Funds | 29,675,247 | - | - | 29,675,247 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Manager, U.S. Government and Agency securities or letters of credit. The fund is entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the fund bears the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
November 30, 2012 (Unaudited) |
Common Stocks--85.4% | Shares | Value ($) | |
Automobiles & Components--.9% | |||
BorgWarner | 920 | a | 60,996 |
Ford Motor | 7,213 | 82,589 | |
Harley-Davidson | 424 | 19,911 | |
Johnson Controls | 33,316 | 917,523 | |
1,081,019 | |||
Banks--3.5% | |||
Bank of America | 23,814 | 234,806 | |
BB&T | 10,887 | 306,687 | |
Fifth Third Bancorp | 3,234 | 47,346 | |
First Horizon National | 2,240 | 21,190 | |
Hudson City Bancorp | 2,790 | 22,487 | |
M&T Bank | 630 | 61,570 | |
PNC Financial Services Group | 22,050 | 1,237,887 | |
SunTrust Banks | 1,700 | 46,155 | |
U.S. Bancorp | 15,040 | 485,190 | |
Wells Fargo & Co. | 57,463 | 1,896,854 | |
4,360,172 | |||
Capital Goods--9.0% | |||
3M | 1,114 | 101,318 | |
Boeing | 8,621 | 640,368 | |
Caterpillar | 16,127 | 1,374,665 | |
Cooper Industries | 410 | 30,545 | |
Cummins | 136 | 13,350 | |
Danaher | 1,152 | 62,173 | |
Deere & Co. | 861 | 72,367 | |
Donaldson | 18,970 | 637,013 | |
Dover | 17,299 | 1,100,043 | |
Eaton | 28,222 | 1,472,060 | |
Emerson Electric | 12,390 | 622,350 | |
Fastenal | 910 | 38,047 | |
Flowserve | 4,870 | 674,738 | |
Fluor | 377 | 20,011 | |
General Dynamics | 741 | 49,276 | |
General Electric | 40,472 | 855,173 | |
Honeywell International | 7,810 | 478,987 | |
Illinois Tool Works | 280 | 17,240 | |
Ingersoll-Rand | 8,490 | 414,142 | |
Joy Global | 660 | 37,613 | |
Lockheed Martin | 730 | 68,109 | |
MSC Industrial Direct, Cl. A | 7,227 | 525,114 | |
Northrop Grumman | 436 | 29,081 | |
PACCAR | 587 | 25,793 | |
Parker Hannifin | 612 | 50,276 | |
Pentair | 306 | 14,838 | |
Precision Castparts | 3,927 | 720,173 |
Rockwell Collins | 8,710 | 498,038 | |
Stanley Black & Decker | 653 | 46,957 | |
United Technologies | 7,097 | 568,541 | |
W.W. Grainger | 220 | 42,684 | |
Xylem | 2,698 | 70,391 | |
11,371,474 | |||
Commercial & Professional Services--.1% | |||
ADT | 697 | 31,992 | |
R.R. Donnelley & Sons | 1,590 | 14,946 | |
Tyco International | 1,194 | 33,874 | |
Waste Management | 2,644 | 86,115 | |
166,927 | |||
Consumer Durables & Apparel--1.1% | |||
Coach | 9,541 | 551,851 | |
Lennar, Cl. A | 1,930 | 73,417 | |
Mattel | 618 | 23,181 | |
NIKE, Cl. B | 7,022 | 684,505 | |
Ralph Lauren | 300 | 47,127 | |
VF | 250 | 40,128 | |
1,420,209 | |||
Consumer Services--3.2% | |||
Carnival | 9,552 | 369,280 | |
Chipotle Mexican Grill | 80 | a | 21,102 |
Las Vegas Sands | 20,970 | 978,250 | |
McDonald's | 8,936 | 777,789 | |
Panera Bread, Cl. A | 3,088 | a | 495,624 |
Starbucks | 19,804 | 1,027,233 | |
Starwood Hotels & Resorts | |||
Worldwide | 760 | b | 41,010 |
Wyndham Worldwide | 590 | 28,963 | |
Yum! Brands | 4,926 | 330,436 | |
4,069,687 | |||
Diversified Financials--2.7% | |||
American Express | 1,989 | 111,185 | |
Ameriprise Financial | 722 | 43,804 | |
BlackRock | 270 | 53,201 | |
Capital One Financial | 1,543 | 88,877 | |
Charles Schwab | 2,631 | 34,466 | |
Citigroup | 6,550 | 226,433 | |
CME Group | 575 | 31,780 | |
Discover Financial Services | 1,197 | 49,807 | |
Goldman Sachs Group | 1,474 | 173,622 | |
H&R Block | 1,480 | 26,684 | |
IntercontinentalExchange | 279 | a | 36,870 |
Invesco | 51,774 | 1,293,832 | |
JPMorgan Chase & Co. | 14,964 | 614,721 | |
Legg Mason | 1,780 | 45,443 | |
Moody's | 720 | 34,978 | |
Morgan Stanley | 2,850 | 48,079 | |
Principal Financial Group | 1,809 | 49,114 | |
State Street | 10,356 | 460,221 | |
T. Rowe Price Group | 571 | 36,927 |
3,460,044 | |||
Energy--9.8% | |||
Anadarko Petroleum | 931 | 68,140 | |
Apache | 6,704 | 516,811 | |
Baker Hughes | 1,160 | 50,054 | |
Cabot Oil & Gas | 580 | 27,318 | |
Cameron International | 366 | a | 19,746 |
CARBO Ceramics | 5,485 | 419,986 | |
Chevron | 8,554 | 904,072 | |
ConocoPhillips | 2,236 | 127,318 | |
CONSOL Energy | 796 | 24,955 | |
Devon Energy | 860 | 44,436 | |
EOG Resources | 6,041 | 710,542 | |
EQT | 630 | 37,838 | |
Exxon Mobil | 15,824 | 1,394,727 | |
FMC Technologies | 1,240 | a | 50,666 |
Halliburton | 31,286 | 1,043,388 | |
Hess | 680 | 33,735 | |
Kinder Morgan | 1,122 | 37,935 | |
Marathon Oil | 42,107 | 1,299,001 | |
Marathon Petroleum | 628 | 37,391 | |
National Oilwell Varco | 940 | 64,202 | |
Noble | 980 | 33,800 | |
Noble Energy | 423 | 41,348 | |
Occidental Petroleum | 8,024 | 603,485 | |
Peabody Energy | 990 | 24,859 | |
Phillips 66 | 1,323 | 69,286 | |
Pioneer Natural Resources | 510 | 54,570 | |
Plains Exploration & Production | 9,301 | a | 332,046 |
Range Resources | 480 | 30,730 | |
Schlumberger | 24,770 | 1,774,027 | |
Southwestern Energy | 33,880 | a | 1,175,975 |
Spectra Energy | 1,317 | 36,810 | |
Tesoro | 460 | 19,449 | |
Valero Energy | 35,613 | 1,148,875 | |
Williams | 949 | 31,165 | |
12,288,686 | |||
Food & Staples Retailing--1.3% | |||
Costco Wholesale | 4,435 | 461,196 | |
CVS Caremark | 2,800 | 130,228 | |
Kroger | 1,636 | 42,929 | |
Sysco | 1,650 | 52,223 | |
Wal-Mart Stores | 12,649 | 910,981 | |
Walgreen | 2,047 | 69,414 | |
Whole Foods Market | 390 | 36,410 | |
1,703,381 | |||
Food, Beverage & Tobacco--4.8% | |||
Altria Group | 4,149 | 140,278 | |
Archer-Daniels-Midland | 1,410 | 37,647 | |
Beam | 389 | 21,827 | |
Coca-Cola | 32,804 | 1,243,928 | |
ConAgra Foods | 960 | 28,666 |
Constellation Brands, Cl. A | 530 | a | 19,016 |
Dean Foods | 1,080 | a | 18,511 |
Dr. Pepper Snapple Group | 770 | 34,534 | |
General Mills | 1,720 | 70,503 | |
H.J. Heinz | 853 | 49,866 | |
Hershey | 281 | 20,589 | |
Kraft Foods Group | 1,401 | a | 63,353 |
Lorillard | 330 | 39,983 | |
McCormick & Co. | 842 | 54,360 | |
Mead Johnson Nutrition | 3,687 | 251,417 | |
Molson Coors Brewing, Cl. B | 850 | 35,241 | |
Mondelez International, Cl. A | 58,475 | 1,513,918 | |
Monster Beverage | 400 | a | 20,820 |
PepsiCo | 23,221 | 1,630,346 | |
Philip Morris International | 7,824 | 703,221 | |
Reynolds American | 790 | 34,539 | |
Tyson Foods, Cl. A | 1,390 | 26,646 | |
6,059,209 | |||
Health Care Equipment & Services--4.5% | |||
Aetna | 778 | 33,602 | |
AmerisourceBergen | 846 | 35,718 | |
Baxter International | 1,585 | 105,038 | |
Boston Scientific | 239 | a | 1,324 |
C.R. Bard | 6,309 | 624,654 | |
Cardinal Health | 1,070 | 43,281 | |
Cerner | 360 | a | 27,799 |
Cigna | 598 | 31,257 | |
Coventry Health Care | 400 | 17,472 | |
Covidien | 6,991 | 406,247 | |
DaVita HealthCare Partners | 450 | a | 48,600 |
Edwards Lifesciences | 310 | a | 26,899 |
Express Scripts Holding | 24,968 | a | 1,344,527 |
Humana | 411 | 26,884 | |
Intuitive Surgical | 110 | a | 58,190 |
Laboratory Corp. of America | |||
Holdings | 301 | a | 25,462 |
McKesson | 469 | 44,306 | |
Medtronic | 2,236 | 94,158 | |
Meridian Bioscience | 22,967 | 460,029 | |
Quest Diagnostics | 650 | 37,557 | |
ResMed | 20,537 | 843,865 | |
St. Jude Medical | 116 | 3,976 | |
Stryker | 10,661 | 577,400 | |
UnitedHealth Group | 2,252 | 122,486 | |
Varian Medical Systems | 8,139 | a | 562,893 |
WellPoint | 244 | 13,640 | |
5,617,264 | |||
Household & Personal Products--2.1% | |||
Clorox | 900 | 68,715 | |
Colgate-Palmolive | 6,764 | 733,894 | |
Estee Lauder, Cl. A | 820 | 47,765 | |
Kimberly-Clark | 920 | 78,862 |
Procter & Gamble | 24,396 | 1,703,573 | |
2,632,809 | |||
Insurance--2.4% | |||
ACE | 739 | 58,551 | |
Aflac | 1,080 | 57,229 | |
Allstate | 1,260 | 51,005 | |
American International Group | 2,260 | a | 74,874 |
Aon | 8,476 | 481,437 | |
Berkshire Hathaway, Cl. B | 4,062 | a | 357,781 |
Chubb | 711 | 54,740 | |
Cincinnati Financial | 1,410 | 57,133 | |
Lincoln National | 2,076 | 51,277 | |
Loews | 957 | 39,122 | |
Marsh & McLennan | 896 | 31,557 | |
MetLife | 36,662 | 1,216,812 | |
Prudential Financial | 1,076 | 56,081 | |
Travelers | 5,371 | 380,374 | |
2,967,973 | |||
Materials--3.4% | |||
Air Products & Chemicals | 3,569 | 296,013 | |
Celanese, Ser. A | 22,784 | 935,055 | |
CF Industries Holdings | 200 | 42,806 | |
Cliffs Natural Resources | 570 | 16,387 | |
Dow Chemical | 2,926 | 88,336 | |
E.I. du Pont de Nemours & Co. | 1,691 | 72,950 | |
Freeport-McMoRan Copper & Gold | 9,454 | 368,801 | |
International Paper | 1,354 | 50,288 | |
LyondellBasell Industries, Cl. A | 490 | 24,368 | |
Monsanto | 9,001 | 824,402 | |
Newmont Mining | 1,280 | 60,275 | |
Nucor | 1,070 | 44,063 | |
PPG Industries | 578 | 71,828 | |
Praxair | 5,797 | 621,496 | |
Sigma-Aldrich | 9,096 | 659,642 | |
United States Steel | 830 | 17,895 | |
Vulcan Materials | 679 | 35,878 | |
4,230,483 | |||
Media--2.8% | |||
CBS, Cl. B | 959 | 34,505 | |
Comcast, Cl. A | 33,786 | 1,256,163 | |
DIRECTV | 1,492 | a | 74,152 |
Discovery Communications, Cl. A | 1,070 | a | 64,639 |
McGraw-Hill | 898 | 47,693 | |
News, Cl. A | 4,796 | 118,173 | |
Omnicom Group | 820 | 40,787 | |
Time Warner | 2,392 | 113,142 | |
Time Warner Cable | 913 | 86,635 | |
Viacom, Cl. B | 1,308 | 67,506 | |
Walt Disney | 32,348 | 1,606,402 | |
3,509,797 | |||
Pharmaceuticals, Biotech & Life Sciences--7.3% | |||
Abbott Laboratories | 3,523 | 228,995 |
Agilent Technologies | 416 | 15,929 | |
Alexion Pharmaceuticals | 390 | a | 37,448 |
Allergan | 659 | 61,122 | |
Amgen | 1,860 | 165,168 | |
Biogen Idec | 522 | a | 77,825 |
Bristol-Myers Squibb | 3,832 | 125,038 | |
Celgene | 9,383 | a | 737,410 |
Eli Lilly & Co. | 9,656 | 473,530 | |
Forest Laboratories | 1,120 | a | 39,715 |
Gilead Sciences | 19,450 | a | 1,458,750 |
Johnson & Johnson | 14,301 | 997,209 | |
Life Technologies | 650 | a | 32,077 |
Merck & Co. | 7,811 | 346,027 | |
Perrigo | 320 | 33,120 | |
Pfizer | 41,737 | 1,044,260 | |
Shire, ADR | 3,050 | 264,222 | |
Teva Pharmaceutical Industries, | |||
ADR | 32,860 | 1,325,901 | |
Thermo Fisher Scientific | 810 | 51,476 | |
Waters | 440 | a | 37,202 |
Watson Pharmaceuticals | 17,837 | a | 1,569,834 |
9,122,258 | |||
Real Estate--.5% | |||
American Tower | 975 | b | 73,057 |
AvalonBay Communities | 199 | b | 26,226 |
CBRE Group, Cl. A | 1,520 | a | 28,774 |
Equity Residential | 717 | b | 39,801 |
HCP | 1,330 | b | 59,916 |
Health Care REIT | 940 | b | 55,357 |
Host Hotels & Resorts | 2,163 | b | 31,774 |
Plum Creek Timber | 661 | b | 28,324 |
ProLogis | 1,560 | b | 52,946 |
Public Storage | 240 | 33,754 | |
Simon Property Group | 782 | b | 118,966 |
Ventas | 890 | b | 56,649 |
Weyerhaeuser | 990 | b | 27,284 |
632,828 | |||
Retailing--4.9% | |||
Amazon.com | 2,447 | a | 616,766 |
Bed Bath & Beyond | 568 | a | 33,353 |
Dollar Tree | 660 | a | 27,548 |
eBay | 2,742 | a | 144,832 |
Expedia | 230 | 14,228 | |
Family Dollar Stores | 13,363 | 951,446 | |
Genuine Parts | 604 | 39,314 | |
Home Depot | 11,503 | 748,500 | |
Limited Brands | 529 | 27,587 | |
Lowe's | 26,642 | 961,510 | |
Macy's | 1,199 | 46,401 | |
Netflix | 150 | a | 12,256 |
Nordstrom | 740 | 40,027 | |
O'Reilly Automotive | 264 | a | 24,837 |
priceline.com | 108 | a | 71,621 |
Ross Stores | 1,154 | 65,686 | |
Staples | 2,200 | 25,740 | |
Target | 1,870 | 118,053 | |
TJX | 23,872 | 1,058,484 | |
Tractor Supply | 6,018 | 539,333 | |
Urban Outfitters | 16,690 | a | 629,213 |
6,196,735 | |||
Semiconductors & Semiconductor Equipment--1.8% | |||
Altera | 968 | 31,354 | |
Analog Devices | 1,503 | 61,022 | |
Broadcom, Cl. A | 32,550 | a | 1,053,969 |
Intel | 33,047 | 646,730 | |
Lam Research | 960 | a | 33,715 |
NVIDIA | 1,980 | 23,720 | |
NXP Semiconductors | 9,870 | a | 241,618 |
Texas Instruments | 2,339 | 68,930 | |
Xilinx | 1,834 | 63,548 | |
2,224,606 | |||
Software & Services--8.2% | |||
Accenture, Cl. A | 5,923 | 402,290 | |
Adobe Systems | 17,292 | a | 598,476 |
Akamai Technologies | 440 | a | 16,113 |
Automatic Data Processing | 11,437 | 649,164 | |
Citrix Systems | 394 | a | 24,097 |
Cognizant Technology Solutions, | |||
Cl. A | 621 | a | 41,750 |
Fiserv | 616 | a | 47,426 |
Google, Cl. A | 1,538 | a | 1,074,093 |
International Business Machines | 10,197 | 1,938,144 | |
Intuit | 737 | 44,154 | |
MasterCard, Cl. A | 2,151 | 1,051,151 | |
Microsoft | 34,993 | 931,514 | |
Oracle | 27,965 | 897,677 | |
Paychex | 18,584 | 604,723 | |
Salesforce.com | 8,744 | a | 1,378,666 |
Symantec | 1,404 | a | 26,339 |
Visa, Cl. A | 1,110 | 166,178 | |
Western Union | 72 | 908 | |
Yahoo! | 19,852 | a | 372,622 |
10,265,485 | |||
Technology Hardware & Equipment--7.6% | |||
Amphenol, Cl. A | 10,777 | 667,312 | |
Apple | 8,088 | 4,733,745 | |
Cisco Systems | 42,852 | 810,331 | |
Corning | 3,900 | 47,697 | |
Dell | 3,570 | 34,415 | |
EMC | 11,407 | a | 283,122 |
F5 Networks | 130 | a | 12,178 |
Hewlett-Packard | 4,728 | 61,417 | |
Juniper Networks | 1,720 | a | 30,926 |
Motorola Solutions | 768 | 41,818 |
NetApp | 680 | a | 21,563 |
QUALCOMM | 22,946 | 1,459,825 | |
SanDisk | 1,040 | a | 40,664 |
Seagate Technology | 950 | 23,845 | |
Teradata | 20,298 | a | 1,207,325 |
Western Digital | 450 | 15,048 | |
9,491,231 | |||
Telecommunication Services--1.0% | |||
AT&T | 18,780 | 640,961 | |
CenturyLink | 1,070 | 41,559 | |
Crown Castle International | 800 | a | 54,016 |
Sprint Nextel | 8,940 | a | 51,226 |
Verizon Communications | 10,930 | 482,232 | |
1,269,994 | |||
Transportation--1.1% | |||
C.H. Robinson Worldwide | 7,555 | 466,446 | |
CSX | 888 | 17,547 | |
Expeditors International of | |||
Washington | 7,376 | 276,010 | |
FedEx | 908 | 81,293 | |
Norfolk Southern | 102 | 6,159 | |
Southwest Airlines | 3,960 | 37,739 | |
Union Pacific | 3,744 | 459,688 | |
United Parcel Service, Cl. B | 1,123 | 82,103 | |
1,426,985 | |||
Utilities--1.4% | |||
American Electric Power | 1,420 | 60,563 | |
CenterPoint Energy | 18,800 | 370,924 | |
CMS Energy | 2,796 | 68,306 | |
Dominion Resources | 883 | 45,130 | |
DTE Energy | 660 | 39,983 | |
Duke Energy | 1,781 | 113,664 | |
Exelon | 650 | 19,643 | |
FirstEnergy | 920 | 39,063 | |
NextEra Energy | 1,050 | 72,146 | |
NiSource | 1,200 | 29,004 | |
NRG Energy | 2,000 | 42,200 | |
Pepco Holdings | 3,550 | 70,077 | |
Pinnacle West Capital | 1,425 | 73,331 | |
SCANA | 1,330 | 61,632 | |
Sempra Energy | 6,513 | 445,619 | |
Southern | 2,253 | 98,118 | |
TECO Energy | 3,290 | 55,305 | |
1,704,708 | |||
Total Common Stocks | |||
(cost $92,178,910) | 107,273,964 | ||
Other Investment--14.5% | |||
Registered Investment Companies; | |||
BNY Mellon U.S. Core Equity 130/30 | |||
Fund, Cl. M | 757,070 | c | 9,327,108 |
Dreyfus Institutional Preferred |
Plus Money Market Fund | 2,545,173 | d | 2,545,173 |
Dreyfus Research Growth Fund, Cl. | |||
I | 610,755 | c | 6,327,424 |
Total Other Investment | |||
(cost $16,912,105) | 18,199,705 | ||
Total Investments (cost $109,091,015) | 99.9 | % | 125,473,669 |
Cash and Receivables (Net) | .1 | % | 76,708 |
Net Assets | 100.0 | % | 125,550,377 |
ADR - American Depository Receipts
REIT - Real Estate Investment Trust
a | Non-income producing security. |
b | Investment in real estate investment trust. |
c | Investment in affiliated mutual fund. |
d | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $16,382,654 of which $17,668,607 related to appreciated investment securities and $1,285,953 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 12.5 |
Energy | 9.8 |
Capital Goods | 9.0 |
Software & Services | 8.2 |
Technology Hardware & Equipment | 7.6 |
Pharmaceuticals, Biotech & Life Sciences | 7.3 |
Retailing | 4.9 |
Food, Beverage & Tobacco | 4.8 |
Health Care Equipment & Services | 4.5 |
Banks | 3.5 |
Materials | 3.4 |
Consumer Services | 3.2 |
Media | 2.8 |
Diversified Financials | 2.7 |
Insurance | 2.4 |
Household & Personal Products | 2.1 |
Money Market Investment | 2.0 |
Semiconductors & Semiconductor Equipment | 1.8 |
Utilities | 1.4 |
Food & Staples Retailing | 1.3 |
Consumer Durables & Apparel | 1.1 |
Transportation | 1.1 |
Telecommunication Services | 1.0 |
Automobiles & Components | .9 |
Real Estate | .5 |
Commercial & Professional Services | .1 |
99.9 |
† | Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 105,442,223 | - | - | 105,442,223 |
Equity Securities - Foreign Common Stocks+ | 1,831,741 | - | - | 1,831,741 |
Mutual Funds | 18,199,705 | - | - | 18,199,705 |
+ See Statement of Investments for additional detailed categorizations. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
STATEMENT OF INVESTMENTS |
BNY Mellon U.S. Core Equity 130/30 Fund |
November 30, 2012 (Unaudited) |
Common Stocks--126.2% | Shares | Value ($) | |
Automobiles & Components--1.4% | |||
Delphi Automotive | 112,940 | a | 3,838,831 |
Banks--3.6% | |||
U.S. Bancorp | 74,130 | a | 2,391,434 |
Wells Fargo & Co. | 225,350 | a | 7,438,803 |
9,830,237 | |||
Capital Goods--6.9% | |||
Eaton | 73,810 | 3,849,930 | |
Fluor | 63,450 | 3,367,926 | |
General Electric | 454,080 | a | 9,594,710 |
Oshkosh | 55,800 | b | 1,637,730 |
Pentair | 11,236 | a | 544,834 |
18,995,130 | |||
Commercial & Professional Services--2.2% | |||
ADT | 23,415 | a | 1,074,748 |
Robert Half International | 127,920 | a | 3,615,019 |
Tyco International | 46,830 | a | 1,328,567 |
6,018,334 | |||
Consumer Durables & Apparel--2.0% | |||
PVH | 49,270 | a | 5,645,849 |
Diversified Financials--13.2% | |||
Affiliated Managers Group | 31,375 | a,b | 4,043,296 |
American Express | 75,480 | a | 4,219,332 |
Ameriprise Financial | 68,100 | 4,131,627 | |
Bank of America | 247,750 | a | 2,442,815 |
Capital One Financial | 52,910 | a | 3,047,616 |
Discover Financial Services | 63,960 | 2,661,376 | |
IntercontinentalExchange | 20,850 | a,b | 2,755,327 |
JPMorgan Chase & Co. | 39,900 | 1,639,092 | |
Legg Mason | 53,690 | a | 1,370,706 |
Moody's | 117,300 | a | 5,698,434 |
SLM | 88,390 | a | 1,462,854 |
T. Rowe Price Group | 25,040 | a | 1,619,337 |
Waddell & Reed Financial, Cl. A | 33,880 | 1,100,761 | |
36,192,573 | |||
Energy--13.1% | |||
Anadarko Petroleum | 49,520 | a | 3,624,369 |
Apache | 27,580 | a | 2,126,142 |
Chevron | 69,000 | a | 7,292,610 |
Ensco, Cl. A | 64,790 | a | 3,772,722 |
EOG Resources | 33,670 | a | 3,960,265 |
National Oilwell Varco | 98,140 | a | 6,702,962 |
Occidental Petroleum | 32,940 | a | 2,477,417 |
Schlumberger | 38,310 | 2,743,762 | |
TransCanada | 67,820 | a | 3,119,042 |
35,819,291 | |||
Exchange-Traded Funds--4.0% | |||
Standard & Poor's Depository | |||
Receipts S&P 500 ETF Trust | 76,610 | 10,890,112 | |
Food & Staples Retailing--.6% | |||
Costco Wholesale | 14,770 | a | 1,535,932 |
Food, Beverage & Tobacco--8.9% | |||
Beam | 48,680 | 2,731,435 | |
ConAgra Foods | 46,000 | 1,373,560 | |
Dean Foods | 124,890 | b | 2,140,615 |
Dr. Pepper Snapple Group | 32,510 | 1,458,073 | |
Philip Morris International | 99,820 | a | 8,971,822 |
Unilever, ADR | 204,300 | a | 7,834,905 |
24,510,410 | |||
Health Care Equipment & Services--5.1% | |||
Cerner | 16,620 | a,b | 1,283,396 |
Cigna | 40,210 | a | 2,101,777 |
Covidien | 121,800 | a | 7,077,798 |
McKesson | 24,370 | a | 2,302,234 |
MEDNAX | 17,490 | b | 1,381,710 |
14,146,915 | |||
Household & Personal Products--.3% | |||
Church & Dwight | 14,860 | 804,669 | |
Insurance--2.8% | |||
Allstate | 34,170 | 1,383,202 | |
American International Group | 59,320 | a,b | 1,965,272 |
Chubb | 54,850 | a | 4,222,901 |
7,571,375 | |||
Materials--5.4% | |||
LyondellBasell Industries, Cl. A | 66,940 | a | 3,328,926 |
Monsanto | 83,010 | a | 7,602,886 |
PPG Industries | 17,670 | a | 2,195,851 |
Vulcan Materials | 30,440 | 1,608,450 | |
14,736,113 | |||
Media--3.4% | |||
CBS, Cl. B | 58,820 | a | 2,116,344 |
Walt Disney | 144,340 | a | 7,167,924 |
9,284,268 | |||
Pharmaceuticals, Biotech & Life Sciences--16.8% | |||
ARIAD Pharmaceuticals | 61,850 | b | 1,382,966 |
Cubist Pharmaceuticals | 28,890 | a,b | 1,173,223 |
Gilead Sciences | 23,230 | b | 1,742,250 |
Illumina | 30,050 | b | 1,613,985 |
Johnson & Johnson | 131,930 | a | 9,199,479 |
Merck & Co. | 176,550 | a | 7,821,165 |
Pfizer | 460,780 | a | 11,528,716 |
Sanofi, ADR | 231,430 | a | 10,326,407 |
Vertex Pharmaceuticals | 29,700 | a,b | 1,181,763 |
45,969,954 | |||
Real Estate--2.5% | |||
American Tower | 29,820 | a | 2,234,413 |
CBRE Group, Cl. A | 170,890 | b | 3,234,948 |
ProLogis | 40,140 | 1,362,352 | |
6,831,713 | |||
Retailing--6.2% | |||
Amazon.com | 6,230 | a,b | 1,570,271 |
American Eagle Outfitters | 82,220 | a | 1,743,064 |
Cabela's | 91,630 | a,b | 4,377,165 |
Dollar General | 74,510 | b | 3,725,500 |
Foot Locker | 41,400 | 1,483,776 | |
Target | 22,440 | a | 1,416,637 |
Tractor Supply | 15,010 | 1,345,196 | |
Urban Outfitters | 38,110 | b | 1,436,747 |
17,098,356 | |||
Semiconductors & Semiconductor Equipment--3.4% | |||
Broadcom, Cl. A | 61,210 | a,b | 1,981,980 |
Skyworks Solutions | 252,980 | a,b | 5,729,997 | |
Xilinx | 44,630 | a | 1,546,429 | |
9,258,406 | ||||
Software & Services--7.8% | ||||
Alliance Data Systems | 24,600 | a,b | 3,505,254 | |
Cognizant Technology Solutions, | ||||
Cl. A | 47,020 | b | 3,161,155 | |
International Business Machines | 24,620 | 4,679,523 | ||
Oracle | 197,600 | a | 6,342,960 | |
Teradata | 18,810 | b | 1,118,819 | |
VMware, Cl. A | 28,750 | a,b | 2,614,812 | |
21,422,523 | ||||
Technology Hardware & Equipment--11.6% | ||||
Apple | 24,070 | a | 14,087,690 | |
Ciena | 204,400 | a,b | 3,041,472 | |
EMC | 165,600 | a,b | 4,110,192 | |
QUALCOMM | 148,110 | a | 9,422,758 | |
Vishay Intertechnology | 107,750 | a,b | 1,045,175 | |
31,707,287 | ||||
Transportation--5.0% | ||||
FedEx | 48,970 | 4,384,284 | ||
JB Hunt Transport Services | 47,780 | a | 2,840,521 | |
Union Pacific | 53,900 | a | 6,617,842 | |
13,842,647 | ||||
Total Common Stocks | ||||
(cost $299,129,708) | 345,950,925 | |||
Other Investment--.1% | ||||
Registered Investment Company; | ||||
Dreyfus Institutional Preferred | ||||
Plus Money Market Fund | ||||
(cost $329,219) | 329,219 | c | 329,219 | |
Total Investments (cost $299,458,927) | 126.3 | % | 346,280,144 | |
Liabilities, Less Cash and Receivables | (26.3 | %) | (72,006,752 | ) |
Net Assets | 100.0 | % | 274,273,392 |
ADR - American Depository Receipts
a | Held by a broker as collateral for open short positions. |
b | Non-income producing security. |
c | Investment in affiliated money market mutual fund. |
At November 30, 2012, net unrealized appreciation on investments was $48,915,669 of which $55,970,351 related to appreciated investment securities and $7,054,682 related to depreciated investment securities. At November 30, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
Portfolio Summary (Unaudited) † | Value (%) |
Pharmaceuticals, Biotech & Life Sciences | 16.8 |
Energy | 13.1 |
Diversified Financials | 13.2 |
Technology Hardware & Equipment | 11.6 |
Food, Beverage & Tobacco | 8.9 |
Software & Services | 7.8 |
Capital Goods | 6.9 |
Retailing | 6.2 |
Materials | 5.4 |
Health Care Equipment & Services | 5.1 |
Transportation | 5.0 |
Exchange-Traded Funds | 4.0 |
Banks | 3.6 |
Media | 3.4 |
Semiconductors & Semiconductor Equipment | 3.4 |
Insurance | 2.8 |
Real Estate | 2.5 |
Commercial & Professional Services | 2.2 |
Consumer Durables & Apparel | 2.0 |
Automobiles & Components | 1.4 |
Food & Staples Retailing | .6 |
Household & Personal Products | .3 |
Money Market Investment | .1 |
126.3 |
† Based on net assets. |
STATEMENT OF SECURITIES SOLD SHORT |
November 30, 2012 (Unaudited) |
Common Stocks--26.2% | Shares | Value ($) | |
Automobiles & Components--.4% | |||
Gentex | 65,940 | 1,170,435 | |
Banks--1.3% | |||
Comerica | 36,730 | 1,086,841 | |
KeyCorp | 129,570 | 1,046,926 | |
New York Community Bancorp | 100,790 | 1,311,278 | |
3,445,045 | |||
Commercial & Professional Services--.9% | |||
Waste Management | 74,580 | 2,429,071 | |
Consumer Durables & Apparel--1.2% | |||
Leggett & Platt | 64,440 | 1,794,654 | |
Ralph Lauren | 8,730 | 1,371,396 | |
3,166,050 | |||
Consumer Services--1.7% | |||
Chipotle Mexican Grill | 4,670 | a | 1,231,853 |
Dunkin' Brands Group | 67,670 | 2,153,259 | |
Marriott International, Cl. A | 37,160 | 1,348,536 | |
4,733,648 | |||
Diversified Financials--2.1% | |||
Jefferies Group | 80,660 | 1,367,994 | |
State Street | 45,180 | 2,007,799 | |
TD Ameritrade Holding | 139,560 | 2,260,872 | |
5,636,665 | |||
Food, Beverage & Tobacco--1.6% | |||
Altria Group | 85,060 | 2,875,878 | |
Hershey | 19,740 | 1,446,350 | |
4,322,228 | |||
Health Care Equipment & Services--5.3% | |||
Haemonetics | 38,160 | a | 3,092,105 |
Henry Schein | 18,450 | a | 1,490,206 |
Masimo | 147,910 | 3,064,695 | |
Omnicare | 38,150 | 1,382,556 | |
Owens & Minor | 117,180 | 3,208,388 | |
Varian Medical Systems | 33,720 | a | 2,332,075 |
14,570,025 | |||
Household & Personal Products--.6% | |||
Estee Lauder, Cl. A | 26,430 | 1,539,547 | |
Materials--2.9% | |||
Air Products & Chemicals | 26,650 | 2,210,351 | |
Albemarle | 32,210 | 1,925,836 | |
Alcoa | 156,390 | 1,315,240 | |
E.I. du Pont de Nemours & Co. | 30,540 | 1,317,496 | |
Greif, Cl. A | 31,900 | 1,308,857 | |
8,077,780 | |||
Pharmaceuticals, Biotech & Life Sciences--.5% | |||
United Therapeutics | 26,300 | a | 1,382,065 |
Real Estate--.5% | |||
AvalonBay Communities | 10,080 | 1,328,443 | |
Retailing--1.8% | |||
Monro Muffler Brake | 61,510 | 1,973,241 | |
PetSmart | 20,230 | 1,429,452 | |
TJX | 31,970 | 1,417,550 | |
4,820,243 | |||
Semiconductors & Semiconductor Equipment--1.7% | |||
Intel | 104,610 | 2,047,218 | |
KLA-Tencor | 59,300 | 2,696,371 | |
4,743,589 | |||
Software & Services--1.4% | |||
Heartland Payment Systems | 51,840 | 1,536,019 | |
Infosys, ADR | 23,470 | 1,043,241 | |
Microsoft | 51,340 | 1,366,671 | |
3,945,931 | |||
Technology Hardware & Equipment--1.3% | |||
Hewlett-Packard | 170,320 | 2,212,457 | |
Research In Motion | 126,540 | a | 1,467,864 |
3,680,321 | |||
Transportation--1.0% | |||
CSX | 65,690 | 1,298,034 | |
Expeditors International of Washington | 38,380 | 1,436,180 | |
2,734,214 |
Total Securities Sold Short (proceeds $73,819,752) | 71,725,300 |
ADR - American Depository Receipts | |
a | Non-income producing security. |
Portfolio Summary (Unaudited) † | Value (%) |
Health Care Equipment & Services | 5.3 |
Materials | 2.9 |
Diversified Financials | 2.1 |
Retailing | 1.8 |
Consumer Services | 1.7 |
Semiconductors & Semiconductor Equipment | 1.7 |
Food, Beverage & Tobacco | 1.6 |
Software & Services | 1.4 |
Banks | 1.3 |
Technology Hardware & Equipment | 1.3 |
Consumer Durables & Apparel | 1.2 |
Transportation | 1.0 |
Commercial & Professional Services | .9 |
Household & Personal Products | .6 |
Pharmaceuticals, Biotech & Life Sciences | .5 |
Real Estate | .5 |
Automobiles & Components | .4 |
26.2 |
† Based on net assets. |
The following is a summary of the inputs used as of November 30, 2012 in valuing the fund's investments:
Level 3 - | ||||
Level 1 - | Level 2 - Other | Significant | ||
Unadjusted Quoted | Significant | Unobservable | ||
Assets ($) | Prices | Observable Inputs | Inputs | Total |
Investments in Securities: | ||||
Equity Securities - Domestic Common Stocks+ | 310,007,737 | - | - | 310,007,737 |
Equity Securities - Foreign Common Stocks+ | 25,053,076 | - | - | 25,053,076 |
Exchange-Traded Funds | 10,890,112 | - | - | 10,890,112 |
Mutual Funds | 329,219 | - | - | 329,219 |
Liabilities ($) | ||||
Other Financial Instruments: | ||||
Securities Sold Short: | ||||
Equity Securities - Domestic++ | (69,214,195 ) | - | - | (69,214,195 ) |
Equity Securities - Foreign++ | (2,511,105 ) | - | - | (2,511,105 ) |
+ See Statement of Investments for additional detailed categorizations. |
++ See Statement of Securities Sold Short for additional detailed classifications. |
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.
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 the 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 fund’s 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 the fund’s investments are as follows:
Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All preceding securities are categorized as Level 1 of the fair value hierarchy.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. 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 fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Trustees. 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 depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 of the fair value hierarchy.
Short Sales: The fund is engaged in short-selling which obligates the fund to replace the security borrowed by purchasing the security at current market value. The fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security. The fund realizes a gain if the price of the security declines between those dates. Until the fund replaces the borrowed security, the fund will maintain daily a segregated account with a broker or custodian of permissible liquid assets sufficient to cover its short positions.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. 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-Q 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-Q 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 Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
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/ David K. Mossman |
|
David K. Mossman President
|
|
Date: |
1/24/2013 |
|
|
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/ David K. Mossman |
|
David K. Mossman President
|
|
Date: |
1/24/2013 |
|
|
By: /s/ James Windels |
|
James Windels Treasurer
|
|
Date: |
1/24/2013 |
|
EXHIBIT INDEX
(a) 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)
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