BNY Mellon Intermediate Bond Fund
STATEMENT OF INVESTMENTS
May 31, 2025 (Unaudited)

 
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — 98.7%
Aerospace & Defense — .6%
The Boeing Company, Sr. Unscd. Notes
5.15
5/1/2030
2,375,000
2,396,889
Airlines — 1.3%
American Airlines Pass-Through Trust, Ser. 2015-1, Cl. A
3.38
5/1/2027
2,744,863
2,668,007
Delta Air Lines Pass-Through Trust, Ser. 2020-1, Cl. AA
2.00
6/10/2028
2,923,709
2,731,583
 
5,399,590
Automobiles & Components — 2.4%
American Honda Finance Corp., Sr. Unscd. Notes
4.90
7/9/2027
2,000,000
2,013,639
General Motors Financial Co., Inc., Gtd. Notes
5.60
6/18/2031
3,200,000
3,214,126
Toyota Motor Credit Corp., Sr. Unscd. Notes
5.55
11/20/2030
3,250,000
3,390,046
Volkswagen Group of America Finance LLC, Gtd. Notes(a),(b)
4.35
6/8/2027
1,500,000
1,480,661
 
10,098,472
Banks — 14.4%
Bank of America Corp., Sr. Unscd. Notes
5.47
1/23/2035
4,500,000
4,548,618
Bank of Montreal, Sr. Unscd. Notes
5.27
12/11/2026
3,050,000
3,086,350
Barclays PLC, Sub. Notes
4.84
5/9/2028
3,800,000
3,807,950
Citigroup, Inc., Sr. Unscd. Notes
4.41
3/31/2031
4,625,000
4,523,930
Citizens Financial Group, Inc., Sr. Unscd. Notes
5.25
3/5/2031
2,500,000
2,503,575
Comerica, Inc., Sr. Unscd. Notes
5.98
1/30/2030
2,400,000
2,439,932
Cooperatieve Rabobank UA, Gtd. Notes
3.75
7/21/2026
4,600,000
4,553,655
Credit Agricole SA, Sr. Notes(a)
6.32
10/3/2029
2,245,000
2,348,121
Deutsche Bank AG, Sr. Notes
5.00
9/11/2030
2,750,000
2,738,772
HSBC Holdings PLC, Sr. Unscd. Notes
2.87
11/22/2032
3,460,000
3,014,273
JPMorgan Chase & Co., Jr. Sub. Notes, Ser. OO(c)
6.50
4/1/2030
3,935,000
3,998,113
National Bank of Canada, Gtd. Notes
5.60
12/18/2028
1,670,000
1,725,804
NatWest Group PLC, Sr. Unscd. Notes
4.96
8/15/2030
2,375,000
2,380,555
Royal Bank of Canada, Sub. Notes
4.65
1/27/2026
3,710,000
3,706,600
Santander Holdings USA, Inc., Sr. Unscd. Bonds
7.66
11/9/2031
3,000,000
3,304,185
Societe Generale SA, Sr. Notes(a)
6.69
1/10/2034
2,775,000
2,924,419
Standard Chartered PLC, Sr. Unscd. Notes(a)
7.77
11/16/2028
2,830,000
3,021,397
The Goldman Sachs Group, Inc., Sr. Unscd. Notes
4.69
10/23/2030
3,500,000
3,488,765
Wells Fargo & Co., Sr. Unscd. Notes
5.24
1/24/2031
2,540,000
2,578,688
 
60,693,702
Beverage Products — .8%
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes
4.75
1/23/2029
3,225,000
3,271,247
Diversified Financials — 4.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes
4.63
9/10/2029
3,590,000
3,563,656
Air Lease Corp., Sr. Unscd. Notes
5.10
3/1/2029
2,750,000
2,795,997
American Express Co., Sr. Unscd. Notes
5.10
2/16/2028
1,345,000
1,357,774
American Express Co., Sr. Unscd. Notes
6.34
10/30/2026
2,000,000
2,013,891
Ares Capital Corp., Sr. Unscd. Notes
2.88
6/15/2027
1,250,000
1,201,155
Ares Capital Corp., Sr. Unscd. Notes
2.88
6/15/2028
1,725,000
1,611,081
CDP Financial, Inc., Gtd. Notes(a)
4.88
6/5/2029
1,350,000
1,385,287
Ontario Teachers’ Finance Trust, Gtd. Notes(a)
2.00
4/16/2031
1,670,000
1,467,326
Ontario Teachers’ Finance Trust, Gtd. Notes(a)
4.63
4/10/2029
1,350,000
1,374,093
The Andrew W. Mellon Foundation, Unscd. Bonds, Ser. 2020(b)
0.95
8/1/2027
2,350,000
2,191,086
 
18,961,346
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — 98.7% (continued)
Energy — 1.2%
Coterra Energy Operating Co., Sr. Unscd. Notes
4.38
3/15/2029
3,000,000
2,825,632
ONEOK, Inc., Gtd. Notes
4.00
7/13/2027
2,425,000
2,401,556
 
5,227,188
Food Products — .7%
Kraft Heinz Foods Co., Gtd. Notes(b)
5.20
3/15/2032
2,815,000
2,824,529
Foreign Governmental — .5%
Japan Finance Organization for Municipalities, Sr. Unscd. Notes(a)
1.38
2/10/2031
1,670,000
1,412,022
Province of British Columbia, Sr. Unscd. Notes
4.20
7/6/2033
825,000
801,367
 
2,213,389
Health Care — 5.4%
AbbVie, Inc., Sr. Unscd. Notes
3.20
11/21/2029
3,925,000
3,724,346
Amgen, Inc., Sr. Unscd. Notes
2.20
2/21/2027
3,960,000
3,816,421
Astrazeneca Finance LLC, Gtd. Notes
1.20
5/28/2026
3,300,000
3,204,637
CVS Health Corp., Sr. Unscd. Notes
4.30
3/25/2028
3,300,000
3,263,957
Pfizer Investment Enterprises Pte Ltd., Gtd. Notes
4.75
5/19/2033
2,820,000
2,774,214
Takeda Pharmaceutical Co., Ltd., Sr. Unscd. Notes
5.30
7/5/2034
3,150,000
3,150,342
UnitedHealth Group, Inc., Sr. Unscd. Notes
4.95
1/15/2032
2,735,000
2,720,300
 
22,654,217
Industrial — 1.3%
Caterpillar Financial Services Corp., Sr. Unscd. Notes
0.90
3/2/2026
2,350,000
2,291,537
John Deere Capital Corp., Sr. Unscd. Notes
1.05
6/17/2026
3,500,000
3,384,492
 
5,676,029
Information Technology — 2.9%
Fiserv, Inc., Sr. Unscd. Notes
3.50
7/1/2029
3,400,000
3,242,393
Oracle Corp., Sr. Unscd. Notes
4.70
9/27/2034
3,390,000
3,234,823
Paychex, Inc., Sr. Unscd. Notes
5.35
4/15/2032
2,985,000
3,030,577
Synopsys, Inc., Sr. Unscd. Notes
5.00
4/1/2032
2,550,000
2,555,441
 
12,063,234
Media — 1.1%
Comcast Corp., Gtd. Notes
3.40
4/1/2030
3,045,000
2,892,846
Discovery Communications LLC, Gtd. Notes
4.90
3/11/2026
1,960,000
1,957,282
 
4,850,128
Municipal Securities — 2.7%
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B
1.05
1/1/2026
2,500,000
2,453,320
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C
1.75
3/15/2028
4,155,000
3,894,538
State Board of Administration Finance Corp., Revenue Bonds, Refunding, Ser. A
1.71
7/1/2027
5,315,000
5,030,915
 
11,378,773
Real Estate — .3%
Healthcare Realty Holdings LP, Gtd. Notes
3.63
1/15/2028
1,500,000
1,452,908
Retailing — .8%
The Home Depot, Inc., Sr. Unscd. Notes
4.85
6/25/2031
3,355,000
3,410,736
Semiconductors & Semiconductor Equipment — 1.3%
Broadcom, Inc., Sr. Unscd. Notes(a)
4.00
4/15/2029
3,325,000
3,265,334
Foundry JV Holdco LLC, Sr. Scd. Notes(a)
5.88
1/25/2034
2,000,000
2,006,641
 
5,271,975
Telecommunication Services — 3.3%
AT&T, Inc., Sr. Unscd. Notes
4.30
2/15/2030
4,250,000
4,206,581
Cisco Systems, Inc., Sr. Unscd. Notes
4.95
2/26/2031
3,200,000
3,265,519
4
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — 98.7% (continued)
Telecommunication Services — 3.3% (continued)
Motorola Solutions, Inc., Sr. Unscd. Notes
4.60
5/23/2029
2,420,000
2,415,878
T-Mobile USA, Inc., Gtd. Notes
3.88
4/15/2030
4,000,000
3,858,596
 
13,746,574
U.S. Government Agencies Collateralized Mortgage Obligations — .7%
Federal National Mortgage Association, REMIC, Ser. 2013-39, Cl. UP(d)
2.50
5/25/2028
2,880,089
2,810,660
U.S. Government Agencies Collateralized Municipal-Backed Securities — .5%
Government National Mortgage Association, Ser. 2012-135, Cl. AE
1.83
12/16/2052
2,788,291
2,307,492
U.S. Government Agencies Mortgage-Backed — 1.4%
Federal Home Loan Mortgage Corp.:
3.50%, 6/1/2035(d)
3,765,633
3,678,253
4.50%, 2/1/2034(d)
100,331
100,983
Federal National Mortgage Association:
2.91%, 4/1/26(d)
2,000,000
1,968,627
 
5,747,863
U.S. Government Agencies Obligations — 8.0%
Federal Farm Credit Banks Funding Corp., Bonds
4.70
3/5/2029
4,035,000
4,035,705
Federal Home Loan Banks, Bonds
5.00
6/18/2029
1,650,000
1,655,259
Federal Home Loan Banks, Bonds
5.00
4/21/2032
6,565,000
6,534,885
Federal Home Loan Banks, Bonds, Ser. 1
3.00
3/25/2027
6,800,000
6,667,620
Federal Home Loan Mortgage Corp., Notes(d)
4.05
8/28/2025
4,900,000
4,894,021
Federal Home Loan Mortgage Corp., Notes(d)
4.63
1/7/2027
4,310,000
4,306,748
Federal Home Loan Mortgage Corp., Notes(d)
5.00
1/14/2030
5,750,000
5,747,983
 
33,842,221
U.S. Treasury Securities — 42.0%
U.S. Treasury Notes
0.75
1/31/2028
2,110,000
1,944,827
U.S. Treasury Notes
1.63
8/15/2029
2,500,000
2,283,154
U.S. Treasury Notes
3.38
9/15/2027
11,710,000
11,583,523
U.S. Treasury Notes
3.38
5/15/2033
5,000,000
4,707,520
U.S. Treasury Notes
3.50
4/30/2028
2,500,000
2,475,244
U.S. Treasury Notes
3.50
9/30/2029
2,255,000
2,216,639
U.S. Treasury Notes(b)
3.63
8/31/2029
9,750,000
9,634,790
U.S. Treasury Notes
3.75
4/30/2027
2,500,000
2,492,480
U.S. Treasury Notes
3.75
8/31/2031
11,250,000
11,029,614
U.S. Treasury Notes(b)
3.88
3/15/2028
2,250,000
2,251,494
U.S. Treasury Notes
3.88
12/31/2029
8,740,000
8,712,517
U.S. Treasury Notes(b)
3.88
4/30/2030
4,000,000
3,984,688
U.S. Treasury Notes
3.88
8/15/2034
16,000,000
15,418,437
U.S. Treasury Notes
4.00
2/29/2028
7,000,000
7,024,063
U.S. Treasury Notes
4.00
7/31/2029
1,500,000
1,504,248
U.S. Treasury Notes
4.00
2/15/2034
4,455,000
4,353,892
U.S. Treasury Notes(b)
4.13
11/15/2027
6,250,000
6,285,522
U.S. Treasury Notes
4.13
7/31/2028
10,120,000
10,196,888
U.S. Treasury Notes
4.13
7/31/2031
14,000,000
14,022,969
U.S. Treasury Notes
4.25
1/15/2028
6,250,000
6,307,983
U.S. Treasury Notes
4.38
8/31/2028
17,500,000
17,762,842
U.S. Treasury Notes
4.38
5/15/2034
15,000,000
15,045,703
U.S. Treasury Notes
4.50
4/15/2027
1,250,000
1,262,744
U.S. Treasury Notes
4.50
11/15/2033
8,250,000
8,375,039
U.S. Treasury Notes
4.63
9/30/2030
5,500,000
5,661,670
 
176,538,490
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
Coupon
Rate (%)
Maturity
Date
Principal
Amount ($)
Value ($)
Bonds and Notes — 98.7% (continued)
Utilities — .6%
Black Hills Corp., Sr. Unscd. Notes
3.05
10/15/2029
2,750,000
2,555,676
Total Bonds and Notes
(cost $420,498,760)
415,393,328
 
 
 
1-Day
Yield (%)
 
Shares
 
Investment Companies — .6%
Registered Investment Companies — .6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(e)
(cost $2,394,873)
4.42
2,394,873
2,394,873
Investment of Cash Collateral for Securities Loaned — 1.4%
Registered Investment Companies — 1.4%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(e)
(cost $5,930,800)
4.42
5,930,800
5,930,800
Total Investments (cost $428,824,433)
 
    100.7%
423,719,001
Liabilities, Less Cash and Receivables
 
      (.7%)
 (3,123,456)
Net Assets
    100.0%
420,595,545
 
REMIC—Real Estate Mortgage Investment Conduit
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At May 31, 2025, these securities amounted to $20,685,301 or 4.9% of net assets.
(b)
Security, or portion thereof, on loan. At May 31, 2025, the value of the fund’s securities on loan was $20,704,980 and the value of the collateral was
$21,231,737, consisting of cash collateral of $5,930,800 and U.S. Government & Agency securities valued at $15,300,937.  In addition, the value of
collateral may include pending sales that are also on loan.
(c)
Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
(d)
The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into
conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(e)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
See notes to statement of investments.
6
Statement of Investments
BNY Mellon Intermediate Bond Fund

May 31, 2025 (Unaudited)
The following is a summary of the inputs used as of May 31, 2025 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
 
Assets ($)
Investments in Securities:†
Corporate Bonds and Notes
—
180,554,440
—
180,554,440
Foreign Governmental
—
2,213,389
—
2,213,389
Municipal Securities
—
11,378,773
—
11,378,773
U.S. Government Agencies Collateralized Mortgage Obligations
—
2,810,660
—
2,810,660
U.S. Government Agencies Collateralized Municipal-Backed
Securities
—
2,307,492
—
2,307,492
U.S. Government Agencies Mortgage-Backed
—
5,747,863
—
5,747,863
U.S. Government Agencies Obligations
—
33,842,221
—
33,842,221
U.S. Treasury Securities
—
176,538,490
—
176,538,490
Investment Companies
8,325,673
—
—
8,325,673
 
8,325,673
415,393,328
—
423,719,001
 
†
See Statement of Investments for additional detailed categorizations, if any.
7
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 is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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:
The Trust’s Board of Trustees (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.
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 American Depositary Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the 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. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
8
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with BNY, 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 Adviser, or U.S. Government and Agency securities. The securities on loan, if any, are also disclosed in the fund’s Statement of Investments. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, BNY is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At May 31, 2025, accumulated net unrealized depreciation on investments was $5,105,432, consisting of $1,426,872 gross unrealized appreciation and $6,532,304 gross unrealized depreciation.
At May 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.
9