STATEMENT OF INVESTMENTS
BNY Mellon Mid Cap Multi-Strategy Fund
May 31, 2021 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% | |||||||
Automobiles & Components - 1.0% | |||||||
Aptiv | 14,470 | a | 2,176,577 | ||||
BorgWarner | 9,390 | 481,613 | |||||
Ford Motor | 312,000 | a | 4,533,360 | ||||
Gentex | 142,239 | 5,049,484 | |||||
Harley-Davidson | 144,103 | 6,984,672 | |||||
Lear | 19,146 | 3,702,071 | |||||
Thor Industries | 54,303 | 6,679,269 | |||||
29,607,046 | |||||||
Banks - 4.0% | |||||||
Associated Banc-Corp | 19,975 | 459,225 | |||||
CIT Group | 12,445 | 659,336 | |||||
Citizens Financial Group | 26,980 | 1,346,302 | |||||
Comerica | 19,000 | 1,491,310 | |||||
Cullen/Frost Bankers | 7,080 | 854,627 | |||||
East West Bancorp | 108,890 | 8,142,794 | |||||
Essent Group | 34,865 | 1,667,942 | |||||
F.N.B. | 47,780 | 640,730 | |||||
Fifth Third Bancorp | 337,612 | 14,226,970 | |||||
First Hawaiian | 44,785 | 1,261,146 | |||||
First Horizon | 9,460 | 180,402 | |||||
First Republic Bank | 29,128 | 5,576,264 | |||||
Huntington Bancshares | 685,275 | 10,868,461 | |||||
KeyCorp | 472,806 | 10,893,450 | |||||
M&T Bank | 3,655 | 587,322 | |||||
MGIC Investment | 71,255 | 1,048,874 | |||||
PacWest Bancorp | 5,825 | 263,115 | |||||
Popular | 159,632 | 13,027,568 | |||||
Regions Financial | 126,240 | 2,955,278 | |||||
Signature Bank | 51,865 | 12,953,284 | |||||
Sterling Bancorp | 43,580 | 1,160,971 | |||||
SVB Financial Group | 6,865 | a | 4,001,540 | ||||
Synovus Financial | 30,815 | 1,513,633 | |||||
TCF Financial | 224,199 | 10,649,452 | |||||
Truist Financial | 128,414 | 7,933,417 | |||||
Umpqua Holdings | 44,785 | 854,498 | |||||
Webster Financial | 18,865 | 1,069,268 | |||||
Wintrust Financial | 8,355 | 671,909 | |||||
Zions Bancorp | 31,720 | 1,835,954 | |||||
118,795,042 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Capital Goods - 10.3% | |||||||
A.O. Smith | 11,385 | 809,132 | |||||
Advanced Drainage Systems | 109,729 | 12,445,463 | |||||
AECOM | 17,410 | a | 1,131,824 | ||||
Air Lease | 8,345 | 392,716 | |||||
Allegion | 15,751 | 2,212,700 | |||||
Allison Transmission Holdings | 88,278 | 3,735,042 | |||||
Altra Industrial Motion | 51,421 | 3,377,845 | |||||
AMETEK | 120,388 | 16,264,419 | |||||
Axon Enterprise | 60,113 | a | 8,451,287 | ||||
BWX Technologies | 63,257 | 3,956,093 | |||||
Carrier Global | 38,710 | 1,777,950 | |||||
CNH Industrial | 650,567 | 11,163,730 | |||||
Colfax | 140,067 | a | 6,190,961 | ||||
Cummins | 20,672 | 5,318,492 | |||||
Curtiss-Wright | 27,234 | 3,412,965 | |||||
Donaldson | 32,690 | 2,013,377 | |||||
Dover | 68,341 | 10,285,320 | |||||
Eaton | 55,261 | 8,026,660 | |||||
Fastenal | 34,955 | 1,854,013 | |||||
Flowserve | 20,415 | 865,392 | |||||
Fortune Brands Home & Security | 52,233 | 5,388,356 | |||||
Generac Holdings | 26,604 | a | 8,745,267 | ||||
General Dynamics | 20,928 | 3,974,436 | |||||
Graco | 41,844 | 3,168,428 | |||||
HEICO, Cl. A | 43,469 | 5,757,904 | |||||
Hexcel | 79,492 | a | 4,726,594 | ||||
Howmet Aerospace | 177,555 | a | 6,299,651 | ||||
Hubbell | 9,429 | 1,797,545 | |||||
Huntington Ingalls Industries | 15,514 | 3,354,282 | |||||
IDEX | 75,805 | 16,878,741 | |||||
Ingersoll Rand | 26,105 | a | 1,295,852 | ||||
ITT | 50,018 | 4,696,690 | |||||
L3Harris Technologies | 21,270 | 4,638,136 | |||||
Lincoln Electric Holdings | 12,945 | 1,664,468 | |||||
Masco | 177,661 | 10,714,735 | |||||
MasTec | 1,232 | a | 143,319 | ||||
Maxar Technologies | 61,070 | 1,899,277 | |||||
Mercury Systems | 140,472 | a | 9,193,892 | ||||
MSC Industrial Direct, Cl. A | 5,525 | 521,560 | |||||
Nordson | 15,926 | 3,530,635 | |||||
nVent Electric | 20,000 | 650,800 | |||||
Oshkosh | 41,504 | 5,455,286 | |||||
Owens Corning | 44,231 | 4,717,236 | |||||
PACCAR | 33,300 | 3,048,948 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Capital Goods - 10.3% (continued) | |||||||
Parker-Hannifin | 32,569 | 10,036,137 | |||||
Quanta Services | 85,666 | 8,168,253 | |||||
Rockwell Automation | 12,719 | 3,354,255 | |||||
Roper Technologies | 35,527 | 15,987,505 | |||||
Sensata Technologies Holding | 28,562 | a | 1,697,440 | ||||
Snap-on | 3,705 | 943,367 | |||||
Spirit AeroSystems Holdings, Cl. A | 9,680 | 476,353 | |||||
Stanley Black & Decker | 16,676 | 3,615,357 | |||||
Teledyne Technologies | 1,842 | a | 772,664 | ||||
Textron | 121,248 | 8,301,851 | |||||
The Timken Company | 22,040 | 1,949,438 | |||||
Trane Technologies | 18,780 | 3,500,592 | |||||
TransDigm Group | 8,180 | a | 5,307,511 | ||||
Trex | 5,817 | a | 566,634 | ||||
United Rentals | 12,836 | a | 4,286,711 | ||||
Vertiv Holdings | 114,447 | 2,840,575 | |||||
W.W. Grainger | 6,335 | 2,927,784 | |||||
Watsco | 27,564 | 8,032,150 | |||||
Westinghouse Air Brake Technologies | 19,895 | 1,646,510 | |||||
Xylem | 38,185 | 4,510,412 | |||||
304,868,918 | |||||||
Commercial & Professional Services - 4.4% | |||||||
ADT | 551,852 | 5,706,149 | |||||
ASGN | 41,379 | a | 4,265,761 | ||||
Booz Allen Hamilton Holding | 3,140 | 266,680 | |||||
Cintas | 16,745 | 5,920,027 | |||||
Clarivate | 604,228 | a | 18,151,009 | ||||
Copart | 123,362 | a | 15,914,932 | ||||
CoreLogic | 8,225 | 653,888 | |||||
CoStar Group | 24,981 | a | 21,333,774 | ||||
Equifax | 17,235 | 4,050,914 | |||||
IAA | 12,220 | a | 696,173 | ||||
IHS Markit | 38,186 | 4,021,368 | |||||
Jacobs Engineering Group | 12,785 | 1,816,493 | |||||
Leidos Holdings | 39,416 | 4,049,994 | |||||
Republic Services | 35,910 | 3,920,654 | |||||
Ritchie Bros Auctioneers | 184,080 | 10,991,417 | |||||
Robert Half International | 50,729 | 4,504,228 | |||||
Science Applications International | 30,430 | 2,734,440 | |||||
Stericycle | 4,210 | a | 330,738 | ||||
Verisk Analytics | 70,486 | 12,182,095 | |||||
Waste Connections | 60,480 | 7,344,691 | |||||
128,855,425 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Consumer Durables & Apparel - 3.8% | |||||||
Capri Holdings | 21,955 | a | 1,245,068 | ||||
D.R. Horton | 12,075 | 1,150,627 | |||||
Garmin | 22,545 | 3,206,801 | |||||
Hanesbrands | 51,240 | 1,001,230 | |||||
Hasbro | 126,601 | 12,149,898 | |||||
Leggett & Platt | 22,780 | 1,253,583 | |||||
Lululemon Athletica | 68,961 | a | 22,283,368 | ||||
Mohawk Industries | 25,007 | a | 5,268,475 | ||||
Newell Brands | 288,924 | 8,289,230 | |||||
NVR | 650 | a | 3,176,699 | ||||
Peloton Interactive, Cl. A | 190,448 | a | 21,008,319 | ||||
Polaris | 27,708 | 3,635,844 | |||||
PulteGroup | 38,310 | 2,213,935 | |||||
Skechers USA, CI. A | 238,743 | a | 11,340,292 | ||||
Tapestry | 56,725 | a | 2,546,385 | ||||
Tempur Sealy International | 51,409 | 1,979,247 | |||||
Toll Brothers | 25,915 | 1,690,695 | |||||
Whirlpool | 30,972 | 7,343,151 | |||||
110,782,847 | |||||||
Consumer Services - 4.3% | |||||||
2U | 6,455 | a | 235,091 | ||||
Aramark | 317,329 | 11,852,238 | |||||
Carnival | 55,365 | a | 1,636,589 | ||||
Chegg | 36,205 | a | 2,784,527 | ||||
Chipotle Mexican Grill | 2,787 | a | 3,823,708 | ||||
Darden Restaurants | 31,463 | 4,506,445 | |||||
Domino's Pizza | 1,213 | 517,793 | |||||
DraftKings, Cl. A | 128,512 | a | 6,419,174 | ||||
Expedia Group | 135,481 | a | 23,973,363 | ||||
Extended Stay America | 17,895 | 352,710 | |||||
Frontdoor | 129,576 | a | 6,958,231 | ||||
H&R Block | 35,775 | 887,936 | |||||
Hilton Worldwide Holdings | 19,703 | a | 2,468,195 | ||||
Hyatt Hotels, Cl. A | 3,080 | a | 240,486 | ||||
International Game Technology | 58,684 | a | 1,423,674 | ||||
Las Vegas Sands | 47,059 | a | 2,717,657 | ||||
Marriott International, Cl. A | 22,324 | a | 3,205,280 | ||||
MGM Resorts International | 51,420 | 2,204,375 | |||||
Norwegian Cruise Line Holdings | 573,543 | a | 18,296,022 | ||||
Planet Fitness, Cl. A | 150,612 | a | 11,863,707 | ||||
Royal Caribbean Cruises | 10,326 | a | 963,106 | ||||
Service Corp. International | 43,550 | 2,309,021 | |||||
Six Flags Entertainment | 27,440 | a | 1,246,599 | ||||
The Wendy's Company | 27,605 | 640,988 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Consumer Services - 4.3% (continued) | |||||||
Travel + Leisure | 48,856 | 3,182,968 | |||||
Wyndham Hotels & Resorts | 62,154 | 4,665,279 | |||||
Wynn Resorts | 54,149 | a | 7,140,629 | ||||
Yum China Holdings | 20,435 | 1,382,223 | |||||
127,898,014 | |||||||
Diversified Financials - 4.7% | |||||||
AGNC Investment | 62,145 | b | 1,152,168 | ||||
Ally Financial | 58,030 | 3,174,821 | |||||
Ameriprise Financial | 67,847 | 17,629,364 | |||||
Annaly Capital Management | 101,340 | b | 939,422 | ||||
Ares Management, Cl. A | 185,317 | 10,225,792 | |||||
Capital One Financial | 95,786 | 15,400,473 | |||||
Cboe Global Markets | 8,370 | 931,581 | |||||
Credit Acceptance | 1,531 | a | 685,061 | ||||
Discover Financial Services | 71,982 | 8,440,609 | |||||
Equitable Holdings | 41,880 | 1,329,690 | |||||
Evercore, Cl. A | 9,198 | 1,341,620 | |||||
FactSet Research Systems | 2 | 669 | |||||
Franklin Resources | 30,910 | 1,057,431 | |||||
Intercontinental Exchange | 83,127 | 9,383,376 | |||||
Invesco | 43,145 | 1,230,927 | |||||
KKR | 20,610 | 1,147,771 | |||||
LendingTree | 1,156 | a | 237,269 | ||||
LPL Financial Holdings | 74,044 | 10,949,627 | |||||
MarketAxess Holdings | 2,287 | 1,066,977 | |||||
MSCI | 3,382 | 1,583,216 | |||||
Nasdaq | 23,680 | 3,965,453 | |||||
Northern Trust | 19,900 | 2,411,681 | |||||
Raymond James Financial | 78,574 | 10,418,127 | |||||
SLM | 245,159 | 4,964,470 | |||||
Starwood Property Trust | 66,080 | b | 1,677,771 | ||||
State Street | 57,672 | 5,016,311 | |||||
Synchrony Financial | 58,557 | 2,776,187 | |||||
T. Rowe Price Group | 17,895 | 3,424,208 | |||||
Tradeweb Markets, Cl. A | 40,724 | 3,411,857 | |||||
Virtu Financial, Cl. A | 20,145 | 613,415 | |||||
Voya Financial | 171,958 | 11,266,688 | |||||
137,854,032 | |||||||
Energy - 3.1% | |||||||
Baker Hughes | 63,210 | 1,542,324 | |||||
ChampionX | 156,987 | a | 4,160,155 | ||||
Cheniere Energy | 25,110 | a | 2,131,839 | ||||
ConocoPhillips | 100,101 | 5,579,630 | |||||
Continental Resources | 29,515 | 961,304 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Energy - 3.1% (continued) | |||||||
Devon Energy | 142,983 | 3,797,628 | |||||
Diamondback Energy | 64,873 | 5,194,381 | |||||
EQT | 336,342 | a | 7,022,821 | ||||
Halliburton | 188,627 | 4,234,676 | |||||
Helmerich & Payne | 84,182 | 2,378,142 | |||||
Hess | 30,550 | 2,560,701 | |||||
HollyFrontier | 86,916 | 2,822,163 | |||||
Marathon Oil | 167,825 | 2,032,361 | |||||
Marathon Petroleum | 98,293 | 6,074,507 | |||||
NOV | 55,710 | a | 898,045 | ||||
Occidental Petroleum | 59,865 | 1,554,095 | |||||
ONEOK | 25,660 | 1,353,308 | |||||
Pioneer Natural Resources | 103,121 | 15,693,985 | |||||
Schlumberger | 234,191 | 7,337,204 | |||||
Targa Resources | 26,145 | 1,015,995 | |||||
The Williams Companies | 72,340 | 1,905,436 | |||||
Valero Energy | 139,025 | 11,177,610 | |||||
91,428,310 | |||||||
Food & Staples Retailing - .2% | |||||||
Casey's General Stores | 4,406 | 973,021 | |||||
Grocery Outlet Holding | 9,605 | a | 327,242 | ||||
The Kroger Company | 42,250 | 1,562,405 | |||||
US Foods Holding | 90,251 | a | 3,514,374 | ||||
6,377,042 | |||||||
Food, Beverage & Tobacco - 1.5% | |||||||
Archer-Daniels-Midland | 18,950 | 1,260,744 | |||||
Beyond Meat | 3,069 | a | 446,294 | ||||
Brown-Forman, Cl. B | 21,662 | 1,740,758 | |||||
Bunge | 15,695 | 1,362,640 | |||||
Coca-Cola European Partners | 85,246 | 5,159,088 | |||||
Conagra Brands | 272,362 | 10,376,992 | |||||
Flowers Foods | 20,245 | 487,702 | |||||
Ingredion | 10,390 | 986,323 | |||||
Lamb Weston Holdings | 17,296 | 1,426,747 | |||||
McCormick & Co. | 38,670 | 3,443,950 | |||||
Molson Coors Beverage, Cl. B | 147,589 | a | 8,607,390 | ||||
Nomad Foods | 80,838 | a | 2,479,301 | ||||
The Boston Beer Company, Cl. A | 868 | a | 918,483 | ||||
The Hain Celestial Group | 19,100 | a | 778,516 | ||||
The Hershey Company | 12,140 | 2,100,827 | |||||
The J.M. Smucker Company | 5,644 | 752,289 | |||||
Tyson Foods, Cl. A | 38,890 | 3,091,755 | |||||
45,419,799 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Health Care Equipment & Services - 8.5% | |||||||
ABIOMED | 56,931 | a | 16,201,424 | ||||
Alcon | 106,368 | 7,411,722 | |||||
Align Technology | 48,466 | a | 28,602,210 | ||||
AmerisourceBergen | 72,597 | 8,329,780 | |||||
Boston Scientific | 50,213 | a | 2,136,563 | ||||
Cardinal Health | 10,170 | 570,232 | |||||
Centene | 210,127 | a | 15,465,347 | ||||
Cerner | 27,900 | 2,183,175 | |||||
Change Healthcare | 47,590 | a | 1,115,510 | ||||
DaVita | 12,890 | a | 1,547,702 | ||||
Dentsply Sirona | 15,876 | 1,062,422 | |||||
DexCom | 32,644 | a | 12,058,367 | ||||
Encompass Health | 66,047 | 5,666,172 | |||||
Envista Holdings | 14,515 | a | 633,435 | ||||
Guardant Health | 5,405 | a | 670,869 | ||||
HCA Healthcare | 17,489 | 3,756,462 | |||||
HealthEquity | 73,367 | a | 6,098,265 | ||||
Henry Schein | 22,740 | a | 1,729,150 | ||||
Hill-Rom Holdings | 12,660 | 1,408,805 | |||||
Hologic | 13,190 | a | 831,761 | ||||
Humana | 12,660 | 5,541,282 | |||||
IDEXX Laboratories | 30,042 | a | 16,766,741 | ||||
Insulet | 22,148 | a | 5,972,651 | ||||
Laboratory Corp. of America Holdings | 41,410 | a | 11,366,217 | ||||
Masimo | 27,643 | a | 5,959,831 | ||||
Molina Healthcare | 19,332 | a | 4,859,292 | ||||
Novocure | 5,075 | a | 1,035,300 | ||||
Penumbra | 2,241 | a | 558,256 | ||||
Quest Diagnostics | 20,900 | 2,751,903 | |||||
Quidel | 764 | a | 90,236 | ||||
ResMed | 22,965 | 4,727,345 | |||||
Steris | 49,622 | 9,470,855 | |||||
Tandem Diabetes Care | 5,472 | a | 467,254 | ||||
Teladoc Health | 56,592 | a | 8,521,623 | ||||
Teleflex | 31,211 | 12,552,752 | |||||
The Cooper Companies | 19,894 | 7,827,294 | |||||
Universal Health Services, Cl. B | 40,487 | 6,462,940 | |||||
Veeva Systems, Cl. A | 17,476 | a | 5,091,458 | ||||
West Pharmaceutical Services | 4,337 | 1,507,151 | |||||
Zimmer Biomet Holdings | 124,528 | 20,961,798 | |||||
249,971,552 | |||||||
Household & Personal Products - .6% | |||||||
Church & Dwight | 149,850 | 12,846,640 | |||||
Coty, Cl. A | 81,095 | a | 722,556 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Household & Personal Products - .6% (continued) | |||||||
Energizer Holdings | 3,959 | 182,272 | |||||
Herbalife Nutrition | 4,435 | a | 233,148 | ||||
Nu Skin Enterprises, Cl. A | 9,785 | 588,666 | |||||
Spectrum Brands Holdings | 2,890 | 256,892 | |||||
The Clorox Company | 9,182 | 1,622,735 | |||||
16,452,909 | |||||||
Insurance - 2.9% | |||||||
Aflac | 43,696 | 2,476,689 | |||||
Alleghany | 7,835 | a | 5,614,326 | ||||
American Financial Group | 10,223 | 1,360,272 | |||||
American International Group | 77,728 | 4,107,148 | |||||
Aon, Cl. A | 15,116 | 3,829,941 | |||||
Arch Capital Group | 156,326 | a | 6,235,844 | ||||
Assurant | 20,175 | 3,251,201 | |||||
Assured Guaranty | 22,525 | 1,072,866 | |||||
Cincinnati Financial | 19,985 | 2,432,374 | |||||
Erie Indemnity, Cl. A | 1,455 | 292,644 | |||||
Everest Re Group | 27,404 | 7,123,944 | |||||
Fidelity National Financial | 38,340 | 1,801,597 | |||||
First American Financial | 6,095 | 391,969 | |||||
Globe Life | 33,477 | 3,529,145 | |||||
Kemper | 4,920 | 368,360 | |||||
Lincoln National | 29,615 | 2,066,831 | |||||
Markel | 4,875 | a | 5,974,264 | ||||
Old Republic International | 87,115 | 2,287,640 | |||||
Principal Financial Group | 37,100 | 2,425,969 | |||||
Prudential Financial | 6,660 | 712,420 | |||||
Reinsurance Group of America | 98,744 | 12,444,706 | |||||
RenaissanceRe Holdings | 12,958 | 1,997,087 | |||||
The Hanover Insurance Group | 4,446 | 620,173 | |||||
The Hartford Financial Services Group | 53,110 | 3,470,738 | |||||
The Travelers Companies | 15,255 | 2,436,224 | |||||
Unum Group | 37,685 | 1,167,104 | |||||
W.R. Berkley | 45,395 | 3,540,356 | |||||
Willis Towers Watson | 9,920 | 2,592,691 | |||||
85,624,523 | |||||||
Materials - 4.9% | |||||||
Albemarle | 14,520 | 2,426,002 | |||||
Amcor | 39,795 | 469,581 | |||||
Ashland Global Holdings | 9,861 | 935,217 | |||||
Avery Dennison | 28,161 | 6,210,345 | |||||
Ball | 27,110 | 2,227,358 | |||||
Cabot | 8,295 | 527,396 | |||||
Celanese | 21,213 | 3,509,691 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Materials - 4.9% (continued) | |||||||
Corteva | 163,426 | 7,435,883 | |||||
Crown Holdings | 33,571 | 3,465,870 | |||||
DuPont de Nemours | 58,423 | 4,942,002 | |||||
Eagle Materials | 63,578 | 9,330,707 | |||||
Eastman Chemical | 14,635 | 1,835,229 | |||||
FMC | 65,138 | 7,600,953 | |||||
Freeport-McMoRan | 429,486 | 18,347,642 | |||||
Huntsman | 38,360 | 1,088,657 | |||||
Ingevity | 30,404 | a | 2,502,553 | ||||
International Flavors & Fragrances | 21,136 | 2,994,337 | |||||
International Paper | 6,850 | 432,235 | |||||
LyondellBasell Industries, Cl. A | 10,725 | 1,207,850 | |||||
Martin Marietta Materials | 8,375 | 3,045,569 | |||||
Newmont | 174,868 | 12,849,301 | |||||
Olin | 18,700 | 914,243 | |||||
Packaging Corp. of America | 16,505 | 2,453,468 | |||||
PPG Industries | 18,509 | 3,326,437 | |||||
Reliance Steel & Aluminum | 9,199 | 1,546,076 | |||||
Royal Gold | 9,890 | 1,224,085 | |||||
RPM International | 7,120 | 665,934 | |||||
Sealed Air | 29,410 | 1,672,253 | |||||
Sonoco Products | 25,750 | 1,738,640 | |||||
Steel Dynamics | 100,561 | 6,278,023 | |||||
The Chemours Company | 3,465 | 124,497 | |||||
The Mosaic Company | 449,673 | 16,251,182 | |||||
Valvoline | 117,585 | 3,880,305 | |||||
Vulcan Materials | 41,797 | 7,662,226 | |||||
WestRock | 30,471 | 1,777,069 | |||||
142,898,816 | |||||||
Media & Entertainment - 3.2% | |||||||
Activision Blizzard | 113,538 | 11,041,570 | |||||
Altice USA, Cl. A | 103,818 | a | 3,743,677 | ||||
Cable One | 331 | 600,950 | |||||
Discovery, Cl. C | 26,165 | a | 786,258 | ||||
DISH Network, Cl. A | 15,915 | a | 692,621 | ||||
Fox, Cl. A | 40,970 | 1,530,230 | |||||
InterActiveCorp | 13,255 | a | 2,113,775 | ||||
John Wiley & Sons, Cl. A | 3,666 | 232,351 | |||||
Liberty Broadband, Cl. A | 2,552 | a | 413,577 | ||||
Liberty Broadband, Cl. C | 13,908 | a | 2,312,761 | ||||
Liberty Media Corp-Liberty Formula One, Cl. C | 124,840 | a | 5,574,106 | ||||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | a | 445,769 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Media & Entertainment - 3.2% (continued) | |||||||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 20,420 | a | 888,474 | ||||
Live Nation Entertainment | 78,164 | a | 7,043,358 | ||||
Match Group | 44,575 | a | 6,391,163 | ||||
News Corporation, Cl. A | 66,975 | 1,807,655 | |||||
Nexstar Media Group, Cl. A | 2,490 | 378,256 | |||||
Omnicom Group | 23,400 | 1,924,416 | |||||
Pinterest, Cl. A | 28,977 | 1,892,198 | |||||
Roku | 8,750 | a | 3,033,712 | ||||
Spotify Technology | 34,568 | a | 8,350,592 | ||||
Take-Two Interactive Software | 11,295 | a | 2,095,900 | ||||
TEGNA | 183,762 | 3,563,145 | |||||
The Interpublic Group of Companies | 66,315 | 2,234,152 | |||||
The New York Times Company, Cl. A | 17,640 | 755,345 | |||||
219,029 | a | 12,703,682 | |||||
ViacomCBS, Cl. B | 31,631 | 1,341,787 | |||||
Vimeo | 21,519 | a | 903,819 | ||||
Yelp | 52,317 | a | 2,098,435 | ||||
Zillow Group, Cl. C | 61,927 | a | 7,265,276 | ||||
Zynga, Cl. A | 102,610 | a | 1,112,292 | ||||
95,271,302 | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.7% | |||||||
10X Genomics, CI. A | 29,793 | a | 5,362,740 | ||||
ACADIA Pharmaceuticals | 10,355 | a | 231,331 | ||||
Acceleron Pharma | 20,715 | a | 2,711,386 | ||||
Agilent Technologies | 38,810 | 5,360,825 | |||||
Agios Phamaceuticals | 4,976 | a | 277,561 | ||||
Alexion Pharmaceuticals | 10,658 | a | 1,881,670 | ||||
Alkermes | 13,145 | a | 297,997 | ||||
Alnylam Pharmaceuticals | 12,857 | a | 1,825,565 | ||||
Avantor | 175,150 | a | 5,631,072 | ||||
Biohaven Pharmaceutical Holding | 54,629 | a | 4,752,723 | ||||
BioMarin Pharmaceutical | 51,939 | a | 4,014,885 | ||||
Bio-Techne | 16,876 | 6,983,795 | |||||
Catalent | 102,880 | a | 10,784,910 | ||||
Charles River Laboratories International | 8,894 | a | 3,006,083 | ||||
Elanco Animal Health | 318,778 | a | 11,469,632 | ||||
Exact Sciences | 13,705 | a | 1,514,814 | ||||
Exelixis | 18,470 | a | 416,499 | ||||
FibroGen | 45,913 | a | 975,651 | ||||
Horizon Therapeutics | 107,735 | a | 9,874,990 | ||||
ICON | 22,810 | a | 5,103,966 | ||||
Illumina | 14,948 | a | 6,063,507 | ||||
Incyte | 15,600 | a | 1,306,968 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.7% (continued) | |||||||
Ionis Pharmaceuticals | 17,320 | a | 645,170 | ||||
Iovance Biotherapeutics | 18,865 | a | 350,323 | ||||
IQVIA Holdings | 18,567 | a | 4,459,051 | ||||
Jazz Pharmaceuticals | 11,079 | a | 1,973,502 | ||||
Mettler-Toledo International | 3,951 | a | 5,140,053 | ||||
Moderna | 47,446 | a | 8,777,984 | ||||
Nektar Therapeutics | 15,270 | a | 275,929 | ||||
Neurocrine Biosciences | 117,773 | a | 11,332,118 | ||||
QIAGEN | 28,976 | a | 1,430,255 | ||||
Reata Pharmaceuticals, Cl. A | 1,253 | a | 171,335 | ||||
Repligen | 36,289 | a | 6,626,734 | ||||
Sage Therapeutics | 12,622 | a | 878,491 | ||||
Sarepta Therapeutics | 156,526 | a | 11,841,192 | ||||
Seagen | 9,579 | a | 1,488,098 | ||||
Syneos Health | 82,581 | a | 7,258,870 | ||||
uniQure | 22,126 | a | 768,436 | ||||
Viatris | 580,721 | 8,850,188 | |||||
Waters | 13,379 | a | 4,311,383 | ||||
166,427,682 | |||||||
Real Estate - 5.0% | |||||||
Alexandria Real Estate Equities | 38,215 | b | 6,812,206 | ||||
American Campus Communities | 25,130 | b | 1,185,131 | ||||
American Homes 4 Rent, Cl. A | 89,292 | b | 3,399,346 | ||||
Americold Realty Trust | 106,537 | b | 4,050,537 | ||||
Apartment Income REIT | 17,839 | b | 830,941 | ||||
Apple Hospitality REIT | 69,400 | b | 1,101,378 | ||||
AvalonBay Communities | 7,330 | b | 1,516,870 | ||||
Brandywine Realty Trust | 71,900 | b | 1,010,914 | ||||
Brixmor Property Group | 79,420 | b | 1,803,628 | ||||
Brookfield Property REIT, Cl. A | 70,504 | b | 1,321,245 | ||||
Camden Property Trust | 19,110 | b | 2,396,012 | ||||
CBRE Group, Cl. A | 149,859 | a | 13,154,623 | ||||
CoreSite Realty | 690 | b | 83,663 | ||||
Corporate Office Properties Trust | 11,180 | b | 308,568 | ||||
Cousins Properties | 109,254 | b | 4,052,231 | ||||
CubeSmart | 13,560 | b | 593,792 | ||||
CyrusOne | 51,401 | b | 3,790,824 | ||||
Digital Realty Trust | 54,733 | b | 8,295,333 | ||||
Duke Realty | 108,721 | b | 5,051,178 | ||||
Equinix | 5,452 | b | 4,016,597 | ||||
Equity Commonwealth | 42,585 | b | 1,168,532 | ||||
Equity Lifestyle Properties | 52,700 | b | 3,734,322 | ||||
Equity Residential | 192,809 | b | 14,933,057 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Real Estate - 5.0% (continued) | |||||||
Essex Property Trust | 21,999 | b | 6,496,085 | ||||
Extra Space Storage | 22,840 | b | 3,421,660 | ||||
Federal Realty Investment Trust | 6,272 | b | 717,140 | ||||
Gaming & Leisure Properties | 8,925 | b | 413,763 | ||||
Healthcare Trust of America, Cl. A | 11,800 | b | 323,438 | ||||
Healthpeak Properties | 122,612 | b | 4,092,789 | ||||
Highwoods Properties | 27,540 | b | 1,258,027 | ||||
Host Hotels & Resorts | 64,354 | a,b | 1,104,958 | ||||
Hudson Pacific Properties | 24,345 | b | 705,762 | ||||
Iron Mountain | 8,705 | b | 379,016 | ||||
Kilroy Realty | 43,598 | b | 3,061,016 | ||||
Kimco Realty | 57,385 | b | 1,222,874 | ||||
Lamar Advertising, Cl. A | 35,455 | b | 3,716,393 | ||||
Life Storage | 11,322 | b | 1,125,860 | ||||
Medical Properties Trust | 63,770 | b | 1,350,011 | ||||
Mid-America Apartment Communities | 6,670 | b | 1,071,869 | ||||
National Retail Properties | 17,080 | b | 791,658 | ||||
Omega Healthcare Investors | 19,805 | b | 725,259 | ||||
Outfront Media | 23,265 | a,b | 556,964 | ||||
Paramount Group | 81,285 | b | 892,509 | ||||
Park Hotels & Resorts | 31,625 | a,b | 657,484 | ||||
Rayonier | 25,524 | b | 974,762 | ||||
Realty Income | 26,900 | b | 1,839,960 | ||||
Regency Centers | 82,317 | b | 5,317,678 | ||||
Simon Property Group | 22,995 | b | 2,954,628 | ||||
SL Green Realty | 14,030 | b | 1,111,457 | ||||
Spirit Realty Capital | 23,674 | b | 1,118,833 | ||||
STORE Capital | 25,790 | b | 887,176 | ||||
UDR | 28,390 | b | 1,352,216 | ||||
Ventas | 34,450 | b | 1,910,253 | ||||
VEREIT | 23,194 | b | 1,103,339 | ||||
VICI Properties | 44,120 | b | 1,373,456 | ||||
Weingarten Realty Investors | 23,970 | b | 785,497 | ||||
Welltower | 93,431 | b | 6,985,836 | ||||
Weyerhaeuser | 27,897 | b | 1,058,970 | ||||
WP Carey | 9,295 | b | 701,308 | ||||
148,170,832 | |||||||
Retailing - 4.8% | |||||||
Advance Auto Parts | 7,533 | 1,429,236 | |||||
AutoZone | 7,769 | a | 10,927,875 | ||||
Best Buy | 40,376 | 4,693,306 | |||||
Burlington Stores | 37,055 | a | 11,982,475 | ||||
CarMax | 16,745 | a | 1,928,857 | ||||
Carvana | 2,965 | a | 785,992 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Retailing - 4.8% (continued) | |||||||
Dollar Tree | 114,099 | a | 11,124,652 | ||||
eBay | 51,717 | 3,148,531 | |||||
Etsy | 33,906 | a | 5,585,335 | ||||
Farfetch, Cl. A | 84,932 | a | 3,934,900 | ||||
Five Below | 3,867 | a | 711,992 | ||||
Foot Locker | 76,655 | 4,851,495 | |||||
Genuine Parts | 7,796 | 1,022,212 | |||||
Kohl's | 30,965 | 1,718,248 | |||||
L Brands | 36,810 | 2,571,915 | |||||
LKQ | 64,375 | a | 3,280,550 | ||||
Ollie's Bargain Outlet Holdings | 41,499 | a | 3,587,174 | ||||
O'Reilly Automotive | 30,831 | a | 16,498,285 | ||||
Pool | 39,066 | 17,054,262 | |||||
Qurate Retail, Ser. A | 105,650 | 1,440,010 | |||||
Ross Stores | 92,669 | 11,712,435 | |||||
The Gap | 54,205 | 1,813,157 | |||||
Tractor Supply | 14,334 | 2,604,488 | |||||
Ulta Beauty | 36,127 | a | 12,476,821 | ||||
Wayfair, Cl. A | 8,160 | a | 2,501,366 | ||||
Williams-Sonoma | 7,545 | 1,279,179 | |||||
140,664,748 | |||||||
Semiconductors & Semiconductor Equipment - 3.0% | |||||||
Advanced Micro Devices | 16,455 | a | 1,317,716 | ||||
Cree | 10,420 | a | 1,042,104 | ||||
Enphase Energy | 8,005 | a | 1,145,115 | ||||
First Solar | 50,652 | a | 3,855,124 | ||||
KLA | 19,431 | 6,157,490 | |||||
Marvell Technology | 83,574 | 4,036,624 | |||||
Maxim Integrated Products | 31,335 | a | 3,196,483 | ||||
Microchip Technology | 35,707 | 5,604,214 | |||||
Monolithic Power Systems | 3,047 | 1,045,487 | |||||
NVIDIA | 6,652 | 4,322,337 | |||||
NXP Semiconductors | 34,577 | 7,310,269 | |||||
ON Semiconductor | 220,311 | a | 8,821,252 | ||||
Qorvo | 58,150 | a | 10,625,168 | ||||
Skyworks Solutions | 135,068 | 22,961,560 | |||||
SolarEdge Technologies | 2,572 | a | 663,602 | ||||
Teradyne | 2,810 | 371,904 | |||||
Universal Display | 6,433 | 1,388,627 | |||||
Xilinx | 30,960 | 3,931,920 | |||||
87,796,996 | |||||||
Software & Services - 12.6% | |||||||
Affirm Holdings | 38,307 | a | 2,329,449 | ||||
Akamai Technologies | 16,890 | a | 1,929,007 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Software & Services - 12.6% (continued) | |||||||
Alliance Data Systems | 5,835 | 706,327 | |||||
Amdocs | 27,799 | 2,171,102 | |||||
Anaplan | 7,275 | a | 374,735 | ||||
Ansys | 52,399 | a | 17,707,718 | ||||
Aspen Technology | 5,404 | a | 737,484 | ||||
Bill.com Holdings | 31,767 | a | 4,730,742 | ||||
Black Knight | 14,860 | a | 1,090,575 | ||||
BlackLine | 93,614 | a | 9,733,048 | ||||
Broadridge Financial Solutions | 74,974 | 11,956,854 | |||||
Cadence Design Systems | 11,381 | a | 1,445,273 | ||||
Citrix Systems | 11,990 | 1,378,370 | |||||
Coupa Software | 5,757 | a | 1,371,317 | ||||
Crowdstrike Holdings, CI. A | 14,591 | a | 3,241,391 | ||||
Datadog, Cl. A | 16,885 | a | 1,537,379 | ||||
DocuSign | 60,123 | a | 12,121,999 | ||||
Dropbox, CI. A | 13,585 | a | 371,550 | ||||
DXC Technology | 15,730 | a | 596,482 | ||||
Dynatrace | 14,725 | a | 761,872 | ||||
EPAM Systems | 38,414 | a | 18,346,526 | ||||
Euronet Worldwide | 122,101 | a | 18,271,194 | ||||
Everbridge | 4,427 | a | 520,173 | ||||
EVERTEC | 81,816 | 3,561,450 | |||||
Fidelity National Information Services | 25,894 | 3,857,688 | |||||
FireEye | 30,045 | a | 672,107 | ||||
Fiserv | 92,905 | a | 10,702,656 | ||||
Five9 | 4,772 | a | 845,121 | ||||
FLEETCOR Technologies | 8,095 | a | 2,221,592 | ||||
Fortinet | 10,360 | a | 2,264,074 | ||||
Gartner | 48,064 | a | 11,143,158 | ||||
Global Payments | 123,046 | 23,835,241 | |||||
Globant | 2,105 | a | 458,616 | ||||
GoDaddy, Cl. A | 7,520 | a | 608,819 | ||||
Guidewire Software | 6,721 | a | 656,911 | ||||
HubSpot | 51,518 | a | 25,984,649 | ||||
Intuit | 37,415 | 16,428,552 | |||||
Jack Henry & Associates | 17,194 | 2,650,455 | |||||
JFrog | 6,251 | a | 260,979 | ||||
MongoDB | 3,612 | a | 1,054,487 | ||||
NortonLifeLock | 125,965 | 3,484,192 | |||||
Nutanix, Cl. A | 11,340 | a | 357,323 | ||||
Okta | 13,797 | a | 3,069,005 | ||||
Pagerduty | 9,095 | a | 369,712 | ||||
Palo Alto Networks | 12,380 | a | 4,497,035 | ||||
Paychex | 23,210 | 2,347,459 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Software & Services - 12.6% (continued) | |||||||
Paycom Software | 5,762 | a | 1,899,155 | ||||
Paylocity Holding | 121 | a | 20,549 | ||||
Proofpoint | 42,522 | a | 7,348,227 | ||||
PTC | 5,660 | a | 759,232 | ||||
RingCentral, Cl. A | 9,418 | a | 2,471,942 | ||||
Sabre | 49,775 | a | 689,384 | ||||
ServiceNow | 25,273 | a | 11,976,369 | ||||
Shopify, Cl. A | 10,581 | a | 13,150,807 | ||||
Slack Technologies, Cl. A | 31,655 | a | 1,394,086 | ||||
Smartsheet, Cl. A | 11,499 | a | 679,361 | ||||
SolarWinds | 14,730 | a | 243,782 | ||||
Splunk | 60,105 | a | 7,284,726 | ||||
Square, Cl. A | 66,082 | a | 14,704,567 | ||||
SS&C Technologies Holdings | 208,885 | 15,430,335 | |||||
StoneCo, CI. A | 15,545 | a | 1,025,504 | ||||
Synopsys | 5,795 | a | 1,473,900 | ||||
Teradata | 7,030 | a | 336,526 | ||||
The Trade Desk, Cl. A | 7,433 | a | 4,371,645 | ||||
The Western Union Company | 29,900 | 731,653 | |||||
Twilio, Cl. A | 63,110 | a | 21,204,960 | ||||
Tyler Technologies | 31,517 | a | 12,706,394 | ||||
Unity Software | 3,723 | a | 351,675 | ||||
Verisign | 20,958 | a | 4,609,083 | ||||
Zendesk | 45,260 | a | 6,185,232 | ||||
Zoom Video Communications, CI. A | 13,787 | a | 4,570,804 | ||||
Zscaler | 11,060 | a | 2,147,852 | ||||
372,529,598 | |||||||
Technology Hardware & Equipment - 4.5% | |||||||
Amphenol, Cl. A | 326,148 | 21,936,714 | |||||
Arista Networks | 2,975 | a | 1,009,656 | ||||
CDW | 7,325 | 1,211,702 | |||||
Ciena | 11,675 | a | 617,257 | ||||
Cognex | 94,796 | 7,525,854 | |||||
CommScope Holding | 32,351 | a | 657,049 | ||||
Corning | 22,055 | 962,260 | |||||
F5 Networks | 6,940 | a | 1,286,884 | ||||
Flex | 146,765 | a | 2,681,397 | ||||
Hewlett Packard Enterprise | 100,445 | 1,603,102 | |||||
HP | 86,640 | 2,532,487 | |||||
IPG Photonics | 3,582 | a | 749,569 | ||||
Jabil | 15,780 | 890,781 | |||||
Keysight Technologies | 126,021 | a | 17,942,870 | ||||
Lumentum Holdings | 60,856 | a | 4,951,853 | ||||
Motorola Solutions | 25,235 | 5,180,998 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Technology Hardware & Equipment - 4.5% (continued) | |||||||
NetApp | 68,163 | 5,273,771 | |||||
Nokia, ADR | 1,231,807 | a | 6,356,124 | ||||
Pure Storage, Cl. A | 27,470 | a | 523,304 | ||||
TE Connectivity | 56,904 | 7,720,735 | |||||
Trimble | 162,040 | a | 12,605,092 | ||||
Western Digital | 234,294 | a | 17,625,938 | ||||
Xerox Holdings | 140,319 | 3,290,481 | |||||
Zebra Technologies, Cl. A | 16,974 | a | 8,436,927 | ||||
133,572,805 | |||||||
Telecommunication Services - .0% | |||||||
Lumen Technologies | 59,595 | 824,795 | |||||
Transportation - 2.3% | |||||||
Alaska Air Group | 102,443 | a | 7,089,056 | ||||
American Airlines Group | 39,040 | a | 946,330 | ||||
C.H. Robinson Worldwide | 10,305 | 999,791 | |||||
Copa Holdings, Cl. A | 12,149 | a | 999,377 | ||||
Delta Air Lines | 18,250 | a | 870,160 | ||||
Expeditors International of Washington | 49,319 | 6,198,905 | |||||
J.B. Hunt Transport Services | 41,071 | 7,045,319 | |||||
JetBlue Airways | 36,505 | a | 733,751 | ||||
Kansas City Southern | 15,910 | 4,736,089 | |||||
Landstar System | 15,410 | 2,627,405 | |||||
Lyft, Cl. A | 506,295 | a | 28,904,382 | ||||
Ryder System | 17,170 | 1,404,334 | |||||
Southwest Airlines | 36,522 | a | 2,244,642 | ||||
United Airlines Holdings | 34,750 | a | 2,027,663 | ||||
66,827,204 | |||||||
Utilities - 3.1% | |||||||
Ameren | 53,545 | 4,508,489 | |||||
American Electric Power | 27,184 | 2,337,824 | |||||
American Water Works | 27,465 | 4,257,624 | |||||
Atmos Energy | 2,939 | 291,461 | |||||
CenterPoint Energy | 324,687 | 8,214,581 | |||||
CMS Energy | 57,200 | 3,588,728 | |||||
DTE Energy | 49,107 | 6,776,275 | |||||
Edison International | 228,561 | 12,769,703 | |||||
Entergy | 52,877 | 5,565,833 | |||||
Essential Utilities | 35,065 | 1,676,107 | |||||
Eversource Energy | 43,050 | 3,495,229 | |||||
Exelon | 186,822 | 8,429,409 | |||||
FirstEnergy | 28,265 | 1,071,526 | |||||
IDACORP | 1,090 | 106,766 | |||||
MDU Resources Group | 28,140 | 947,192 | |||||
NiSource | 57,360 | 1,462,680 |
Description | Shares | Value ($) | |||||
Common Stocks - 98.4% (continued) | |||||||
Utilities - 3.1% (continued) | |||||||
NRG Energy | 65,635 | 2,110,165 | |||||
OGE Energy | 6,140 | 211,830 | |||||
PG&E | 241,636 | 2,450,189 | |||||
Pinnacle West Capital | 23,700 | 2,004,546 | |||||
PPL | 291,162 | 8,475,726 | |||||
Public Service Enterprise Group | 29,385 | 1,825,396 | |||||
The AES | 70,645 | 1,795,089 | |||||
UGI | 17,795 | 819,460 | |||||
Vistra Energy | 34,530 | 558,350 | |||||
WEC Energy Group | 20,550 | 1,929,851 | |||||
Xcel Energy | 42,585 | 3,018,425 | |||||
90,698,454 | |||||||
Total Common Stocks (cost $1,413,252,021) | 2,899,618,691 | ||||||
Exchange-Traded Funds - .8% | |||||||
Registered Investment Companies - .8% | |||||||
iShares Russell Mid-Cap Growth ETF | 154,333 | 16,371,645 | |||||
SPDR S&P MidCap 400 ETF Trust | 12,941 | 6,441,512 | |||||
Total Exchange-Traded Funds (cost $21,331,441) | 22,813,157 | ||||||
1-Day | |||||||
Investment Companies - ..8% | |||||||
Registered Investment Companies - .8% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.04 | 25,394,561 | c | 25,394,561 | |||
Total Investments (cost $1,459,978,023) | 100.0% | 2,947,826,409 | |||||
Liabilities, Less Cash and Receivables | (.0%) | (132,744) | |||||
Net Assets | 100.0% | 2,947,693,665 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
SPDR—Standard & Poor's Depository Receipt
a Non-income producing security.
b Investment in real estate investment trust within the United States.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Mid Cap Multi-Strategy Fund
May 31, 2021 (Unaudited)
The following is a summary of the inputs used as of May 31, 2021 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 -Significant Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: † | ||||
Equity Securities—Common Stocks | 2,899,618,691 | - | - | 2,899,618,691 |
Exchange-Traded Funds | 22,813,157 | - | - | 22,813,157 |
Investment Companies | 25,394,561 | - | - | 25,394,561 |
† See Statement of Investments for additional detailed categorizations, if any.
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 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:
Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation
purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members (“Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by BNY Mellon under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository 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 (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. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For 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.
At May 31, 2021, accumulated net unrealized appreciation on investments was $1,487,848,386, consisting of $1,496,194,892 gross unrealized appreciation and $8,346,506 gross unrealized depreciation.
At May 31, 2021, 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.