STATEMENT OF INVESTMENTS
BNY Mellon Mid Cap Multi-Strategy Fund
November 30, 2023 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% | |||||||
Automobiles & Components - .7% | |||||||
Aptiv PLC | 4,059 | a | 336,248 | ||||
BorgWarner, Inc. | 9,390 | 316,349 | |||||
Gentex Corp. | 89,814 | 2,731,244 | |||||
Harley-Davidson, Inc. | 62,653 | b | 1,878,963 | ||||
Lear Corp. | 8,508 | 1,137,945 | |||||
Mobileye Global, Inc., Cl. A | 63,636 | a,b | 2,612,258 | ||||
Phinia, Inc. | 1,878 | 47,889 | |||||
Rivian Automotive, Inc., Cl. A | 25,340 | a,b | 424,698 | ||||
Thor Industries, Inc. | 7,630 | 755,904 | |||||
10,241,498 | |||||||
Banks - 1.6% | |||||||
Columbia Banking System, Inc. | 3,160 | 70,879 | |||||
Comerica, Inc. | 1,175 | 53,134 | |||||
Cullen/Frost Bankers, Inc. | 4,574 | 449,578 | |||||
East West Bancorp, Inc. | 40,998 | 2,579,594 | |||||
F.N.B. Corp. | 43,090 | 516,649 | |||||
Fifth Third Bancorp | 139,080 | 4,026,366 | |||||
First Citizens Bancshares, Inc., Cl. A | 37 | 54,312 | |||||
First Horizon Corp. | 4,920 | 62,927 | |||||
Huntington Bancshares, Inc. | 295,654 | 3,329,064 | |||||
KeyCorp | 10,532 | 130,491 | |||||
M&T Bank Corp. | 3,655 | 468,461 | |||||
NU Holdings Ltd., Cl. A | 72,990 | a | 594,139 | ||||
Popular, Inc. | 70,321 | 5,188,987 | |||||
Regions Financial Corp. | 103,060 | 1,719,041 | |||||
Synovus Financial Corp. | 29,000 | 892,910 | |||||
U.S. Bancorp | 31,121 | 1,186,333 | |||||
Webster Financial Corp. | 23,827 | 1,068,641 | |||||
Wintrust Financial Corp. | 8,355 | 715,773 | |||||
Zions Bancorp NA | 16,875 | b | 601,256 | ||||
23,708,535 | |||||||
Capital Goods - 10.5% | |||||||
Advanced Drainage Systems, Inc. | 52,961 | 6,414,107 | |||||
AECOM | 17,410 | 1,547,053 | |||||
Air Lease Corp. | 5,575 | 216,254 | |||||
Allegion PLC | 29,999 | 3,182,594 | |||||
AMETEK, Inc. | 66,582 | 10,335,524 | |||||
Atkore, Inc. | 6,157 | a | 799,794 | ||||
Axon Enterprise, Inc. | 57,518 | a | 13,221,663 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Capital Goods - 10.5% (continued) | |||||||
Builders FirstSource, Inc. | 7,477 | a | 1,002,740 | ||||
BWX Technologies, Inc. | 28,099 | 2,192,565 | |||||
Carrier Global Corp. | 26,000 | 1,350,960 | |||||
CNH Industrial NV | 235,596 | a | 2,530,301 | ||||
Cummins, Inc. | 4,163 | 933,178 | |||||
Curtiss-Wright Corp. | 16,840 | 3,602,076 | |||||
Donaldson Co., Inc. | 14,855 | 903,778 | |||||
Dover Corp. | 25,981 | 3,667,478 | |||||
Eaton Corp. PLC | 5,736 | 1,306,030 | |||||
Fastenal Co. | 19,190 | 1,150,824 | |||||
Ferguson PLC | 15,726 | 2,694,493 | |||||
Flowserve Corp. | 3,645 | 139,458 | |||||
Fortive Corp. | 18,718 | 1,291,168 | |||||
Fortune Brands Innovations, Inc. | 25,492 | 1,744,418 | |||||
Generac Holdings, Inc. | 7,370 | a | 862,806 | ||||
HEICO Corp., Cl. A | 47,595 | a | 6,540,029 | ||||
Hexcel Corp. | 26,127 | 1,810,862 | |||||
Howmet Aerospace, Inc. | 83,423 | 4,388,050 | |||||
Huntington Ingalls Industries, Inc. | 18,025 | 4,272,285 | |||||
IDEX Corp. | 42,689 | 8,609,518 | |||||
Ingersoll Rand, Inc. | 24,925 | 1,780,393 | |||||
ITT, Inc. | 11,628 | 1,258,964 | |||||
L3Harris Technologies, Inc. | 8,898 | 1,697,827 | |||||
Lincoln Electric Holdings, Inc. | 5,858 | 1,160,235 | |||||
Masco Corp. | 75,309 | 4,559,960 | |||||
MasTec, Inc. | 2,525 | a | 153,116 | ||||
MDU Resources Group, Inc. | 8,735 | 167,188 | |||||
Nordson Corp. | 3,647 | a | 858,285 | ||||
nVent Electric PLC | 46,497 | 2,475,965 | |||||
Otis Worldwide Corp. | 28,124 | 2,412,758 | |||||
Owens Corning | 8,556 | 1,160,022 | |||||
PACCAR, Inc. | 26,962 | 2,475,651 | |||||
Parker-Hannifin Corp. | 20,982 | 9,088,983 | |||||
Quanta Services, Inc. | 21,865 | 4,117,398 | |||||
Regal Rexnord Corp. | 1,638 | 196,232 | |||||
Resideo Technologies, Inc. | 60,079 | a | 987,098 | ||||
Rockwell Automation, Inc. | 8,130 | 2,239,327 | |||||
Snap-on, Inc. | 3,450 | 947,680 | |||||
Spirit AeroSystems Holdings, Inc., Cl. A | 7,775 | a | 213,735 | ||||
Stanley Black & Decker, Inc. | 3,671 | 333,694 | |||||
Sunrun, Inc. | 6,815 | a,b | 87,913 | ||||
Textron, Inc. | 63,258 | 4,849,358 | |||||
The Timken Company | 12,925 | 935,770 | |||||
Trane Technologies PLC | 18,580 | 4,188,118 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Capital Goods - 10.5% (continued) | |||||||
TransDigm Group, Inc. | 4,030 | 3,880,366 | |||||
United Rentals, Inc. | 6,091 | 2,899,438 | |||||
Vertiv Holdings Co., Cl. A | 14,395 | 628,486 | |||||
W.W. Grainger, Inc. | 3,197 | 2,513,449 | |||||
Watsco, Inc. | 15,173 | b | 5,799,576 | ||||
Westinghouse Air Brake Technologies Corp. | 15,160 | 1,767,050 | |||||
Xylem, Inc. | 16,498 | 1,734,435 | |||||
154,278,476 | |||||||
Commercial & Professional Services - 6.3% | |||||||
ASGN, Inc. | 10,582 | a | 944,338 | ||||
Broadridge Financial Solutions, Inc. | 38,683 | 7,497,539 | |||||
CACI International, Inc., Cl. A | 12,392 | a | 3,977,212 | ||||
Cintas Corp. | 8,377 | 4,634,575 | |||||
Clarivate PLC | 490,792 | a,b | 3,808,546 | ||||
Copart, Inc. | 216,928 | a | 10,894,124 | ||||
Dun & Bradstreet Holdings, Inc. | 15,875 | 168,116 | |||||
Equifax, Inc. | 40,101 | 8,730,389 | |||||
FTI Consulting, Inc. | 16,989 | a | 3,745,395 | ||||
Jacobs Solutions, Inc. | 11,481 | 1,460,154 | |||||
Leidos Holdings, Inc. | 11,726 | 1,258,434 | |||||
Paychex, Inc. | 23,210 | 2,830,924 | |||||
Paycom Software, Inc. | 6,917 | 1,256,542 | |||||
RB Global, Inc. | 31,701 | 2,018,720 | |||||
Rentokil Initial PLC, ADR | 144,334 | 3,947,535 | |||||
Republic Services, Inc. | 22,682 | 3,670,855 | |||||
Robert Half, Inc. | 22,617 | 1,854,142 | |||||
Rollins, Inc. | 74,416 | 3,031,708 | |||||
Science Applications International Corp. | 14,499 | 1,702,328 | |||||
SS&C Technologies Holdings, Inc. | 39,283 | 2,210,062 | |||||
TransUnion | 20,524 | b | 1,205,169 | ||||
Veralto Corp. | 18,468 | a | 1,426,653 | ||||
Verisk Analytics, Inc. | 46,283 | 11,174,105 | |||||
Waste Connections, Inc. | 74,062 | 10,034,660 | |||||
93,482,225 | |||||||
Consumer Discretionary Distribution - 4.9% | |||||||
Advance Auto Parts, Inc. | 1,891 | 96,044 | |||||
AutoZone, Inc. | 1,600 | a | 4,175,888 | ||||
Bath & Body Works, Inc. | 21,525 | 702,145 | |||||
Best Buy Co., Inc. | 18,641 | 1,322,393 | |||||
Burlington Stores, Inc. | 33,827 | a | 5,736,721 | ||||
CarMax, Inc. | 6,890 | a | 440,547 | ||||
Chewy, Inc., Cl. A | 66,116 | a | 1,151,741 | ||||
Coupang, Inc. | 45,530 | a | 695,698 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Consumer Discretionary Distribution - 4.9% (continued) | |||||||
eBay, Inc. | 36,801 | 1,509,209 | |||||
Etsy, Inc. | 21,430 | a | 1,624,608 | ||||
Farfetch Ltd., Cl. A | 338,435 | a,b | 395,969 | ||||
Five Below, Inc. | 3,867 | a | 728,775 | ||||
Floor & Decor Holdings, Inc., Cl. A | 1,850 | a,b | 169,663 | ||||
Genuine Parts Co. | 7,796 | 1,035,153 | |||||
Kohl's Corp. | 15,520 | 363,944 | |||||
Lithia Motors, Inc. | 1,297 | 346,286 | |||||
LKQ Corp. | 28,758 | 1,280,594 | |||||
Macy's, Inc. | 7,725 | 122,518 | |||||
Ollie's Bargain Outlet Holdings, Inc. | 84,395 | a | 6,183,622 | ||||
O'Reilly Automotive, Inc. | 11,124 | a | 10,927,995 | ||||
Pool Corp. | 19,248 | 6,685,215 | |||||
RH | 5,728 | a | 1,546,388 | ||||
Ross Stores, Inc. | 109,482 | 14,274,263 | |||||
The Gap, Inc. | 14,250 | 285,997 | |||||
Tractor Supply Co. | 9,328 | 1,893,677 | |||||
Ulta Beauty, Inc. | 12,994 | a | 5,535,314 | ||||
Valvoline, Inc. | 22,196 | a | 759,991 | ||||
Victoria's Secret & Co. | 12,270 | a,b | 330,676 | ||||
Wayfair, Inc., Cl. A | 5,085 | a | 283,743 | ||||
Williams-Sonoma, Inc. | 7,369 | b | 1,381,982 | ||||
71,986,759 | |||||||
Consumer Durables & Apparel - 3.0% | |||||||
Capri Holdings Ltd. | 7,530 | a | 364,753 | ||||
Crocs, Inc. | 2,277 | a | 240,474 | ||||
D.R. Horton, Inc. | 12,075 | 1,541,615 | |||||
Deckers Outdoor Corp. | 145 | a | 96,276 | ||||
Garmin Ltd. | 18,159 | 2,219,756 | |||||
Hasbro, Inc. | 73,814 | 3,425,708 | |||||
Lululemon Athletica, Inc. | 30,962 | a | 13,833,822 | ||||
NVR, Inc. | 618 | a | 3,804,031 | ||||
Peloton Interactive, Inc., Cl. A | 335,416 | a | 1,898,455 | ||||
Polaris, Inc. | 18,969 | 1,564,373 | |||||
PulteGroup, Inc. | 25,935 | 2,293,173 | |||||
PVH Corp. | 4,395 | 429,743 | |||||
Ralph Lauren Corp. | 12,520 | 1,619,838 | |||||
Skechers USA, Inc., Cl. A | 71,623 | a | 4,219,311 | ||||
Tapestry, Inc. | 30,675 | 971,477 | |||||
Tempur Sealy International, Inc. | 57,112 | b | 2,302,756 | ||||
Toll Brothers, Inc. | 20,085 | 1,725,101 | |||||
Whirlpool Corp. | 17,257 | 1,879,287 | |||||
44,429,949 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Consumer Services - 3.8% | |||||||
ADT, Inc. | 400,324 | 2,349,902 | |||||
Aramark | 192,014 | 5,378,312 | |||||
Boyd Gaming Corp. | 24,843 | 1,466,979 | |||||
Bright Horizons Family Solutions, Inc. | 205 | a | 17,925 | ||||
Caesars Entertainment, Inc. | 9,905 | a | 442,952 | ||||
Carnival Corp. | 57,165 | a | 860,905 | ||||
Churchill Downs, Inc. | 6,558 | 759,220 | |||||
Darden Restaurants, Inc. | 19,541 | 3,057,580 | |||||
Domino's Pizza, Inc. | 382 | 150,084 | |||||
Doordash, Inc., Cl. A | 9,185 | a | 863,206 | ||||
DraftKings, Inc., Cl. A | 17,180 | a | 656,963 | ||||
Expedia Group, Inc. | 102,411 | a | 13,946,330 | ||||
Frontdoor, Inc. | 49,693 | a | 1,705,961 | ||||
H&R Block, Inc. | 31,328 | 1,422,918 | |||||
Hilton Worldwide Holdings, Inc. | 19,703 | 3,300,647 | |||||
Hyatt Hotels Corp., Cl. A | 3,080 | 353,461 | |||||
Marriott International, Inc., Cl. A | 10,334 | 2,094,702 | |||||
Marriott Vacations Worldwide Corp. | 81 | 5,905 | |||||
MGM Resorts International | 25,510 | a | 1,006,114 | ||||
Norwegian Cruise Line Holdings Ltd. | 28,425 | a | 434,050 | ||||
Planet Fitness, Inc., Cl. A | 104,754 | a,b | 7,116,987 | ||||
Restaurant Brands International, Inc. | 36,670 | b | 2,606,504 | ||||
Royal Caribbean Cruises Ltd. | 15,572 | a | 1,673,367 | ||||
Service Corp. International | 20,820 | 1,275,641 | |||||
The Wendy's Company | 14,790 | 277,312 | |||||
Travel + Leisure Co. | 1,960 | 69,854 | |||||
Wingstop, Inc. | 508 | 122,103 | |||||
Wyndham Hotels & Resorts, Inc. | 33,110 | 2,560,727 | |||||
Wynn Resorts Ltd. | 4,135 | 349,077 | |||||
56,325,688 | |||||||
Consumer Staples Distribution - 1.0% | |||||||
BJ's Wholesale Club Holdings, Inc. | 2,450 | a | 158,221 | ||||
Casey's General Stores, Inc. | 3,018 | 831,157 | |||||
Dollar Tree, Inc. | 46,206 | a | 5,710,600 | ||||
Grocery Outlet Holding Corp. | 66,956 | a | 1,888,829 | ||||
Performance Food Group Co. | 7,445 | a | 484,297 | ||||
The Kroger Company | 25,875 | 1,145,486 | |||||
US Foods Holding Corp. | 80,093 | a | 3,510,476 | ||||
Walgreens Boots Alliance, Inc. | 16,335 | 325,720 | |||||
14,054,786 | |||||||
Energy - 4.9% | |||||||
Antero Midstream Corp. | 3,020 | 40,226 | |||||
Antero Resources Corp. | 207,779 | a | 4,909,818 | ||||
Baker Hughes Co. | 54,100 | 1,825,875 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Energy - 4.9% (continued) | |||||||
Cheniere Energy, Inc. | 13,569 | 2,471,593 | |||||
Chesapeake Energy Corp. | 21,200 | b | 1,702,572 | ||||
Coterra Energy, Inc. | 20,415 | 535,894 | |||||
Devon Energy Corp. | 76,835 | 3,455,270 | |||||
Diamondback Energy, Inc. | 25,412 | 3,923,867 | |||||
DT Midstream, Inc. | 6,740 | 386,135 | |||||
EQT Corp. | 281,221 | 11,237,591 | |||||
Halliburton Co. | 227,143 | 8,411,105 | |||||
Hess Corp. | 27,296 | 3,836,726 | |||||
HF Sinclair Corp. | 4,910 | 257,677 | |||||
Marathon Oil Corp. | 79,820 | 2,029,823 | |||||
Marathon Petroleum Corp. | 10,602 | 1,581,712 | |||||
New Fortress Energy, Inc. | 4,410 | 169,697 | |||||
NOV, Inc. | 253,055 | 4,762,495 | |||||
ONEOK, Inc. | 22,535 | 1,551,535 | |||||
Phillips 66 | 14,881 | 1,918,012 | |||||
Pioneer Natural Resources Co. | 24,111 | 5,585,072 | |||||
Range Resources Corp. | 50,026 | 1,625,845 | |||||
Targa Resources Corp. | 22,185 | 2,006,633 | |||||
TechnipFMC PLC | 10,825 | 224,294 | |||||
The Williams Companies, Inc. | 24,340 | 895,469 | |||||
Tidewater, Inc. | 14,312 | a | 859,865 | ||||
Valero Energy Corp. | 32,982 | 4,134,624 | |||||
Weatherford International PLC | 18,646 | a | 1,691,006 | ||||
72,030,431 | |||||||
Equity Real Estate Investment - 4.5% | |||||||
Alexandria Real Estate Equities, Inc. | 20,175 | c | 2,207,145 | ||||
American Homes 4 Rent, Cl. A | 39,030 | c | 1,415,618 | ||||
Americold Realty Trust, Inc. | 1,850 | c | 52,226 | ||||
AvalonBay Communities, Inc. | 5,361 | c | 927,131 | ||||
Boston Properties, Inc. | 6,370 | c | 362,644 | ||||
Brixmor Property Group, Inc. | 74,580 | c | 1,604,962 | ||||
Camden Property Trust | 15,995 | c | 1,443,709 | ||||
Cousins Properties, Inc. | 8,220 | c | 168,674 | ||||
CubeSmart | 13,560 | c | 539,146 | ||||
Digital Realty Trust, Inc. | 48,620 | c | 6,747,484 | ||||
EastGroup Properties, Inc. | 8,260 | c | 1,435,175 | ||||
EPR Properties | 1,775 | c | 79,200 | ||||
Equinix, Inc. | 3,932 | c | 3,204,619 | ||||
Equity Lifestyle Properties, Inc. | 68,320 | c | 4,857,552 | ||||
Equity Residential | 79,091 | c | 4,495,532 | ||||
Essex Property Trust, Inc. | 10,201 | c | 2,177,505 | ||||
Extra Space Storage, Inc. | 17,749 | c | 2,310,387 | ||||
Federal Realty Investment Trust | 5,455 | c | 521,443 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Equity Real Estate Investment - 4.5% (continued) | |||||||
Healthcare Realty Trust, Inc. | 700 | c | 10,689 | ||||
Host Hotels & Resorts, Inc. | 61,889 | c | 1,081,201 | ||||
Invitation Homes, Inc. | 33,723 | c | 1,124,999 | ||||
Iron Mountain, Inc. | 6,610 | c | 424,031 | ||||
Kilroy Realty Corp. | 11,150 | c | 367,727 | ||||
Kimco Realty Corp. | 81,004 | c | 1,564,997 | ||||
Lamar Advertising Co., Cl. A | 37,543 | c | 3,802,730 | ||||
Medical Properties Trust, Inc. | 32,835 | b,c | 159,250 | ||||
Mid-America Apartment Communities, Inc. | 3,609 | c | 449,248 | ||||
NNN REIT, Inc. | 11,835 | c | 480,738 | ||||
Omega Healthcare Investors, Inc. | 6,270 | c | 199,072 | ||||
Park Hotels & Resorts, Inc. | 31,625 | c | 468,999 | ||||
Rayonier, Inc. | 24,799 | c | 760,833 | ||||
Realty Income Corp. | 31,106 | c | 1,678,480 | ||||
Regency Centers Corp. | 50,747 | c | 3,185,897 | ||||
Rexford Industrial Realty, Inc. | 24,501 | c | 1,205,939 | ||||
Simon Property Group, Inc. | 31,857 | c | 3,978,621 | ||||
Spirit Realty Capital, Inc. | 23,674 | c | 977,736 | ||||
UDR, Inc. | 18,120 | c | 605,208 | ||||
Ventas, Inc. | 6,545 | c | 300,023 | ||||
VICI Properties, Inc. | 112,661 | c | 3,367,437 | ||||
Vornado Realty Trust | 9,040 | a,b,c | 212,802 | ||||
Welltower, Inc. | 42,982 | c | 3,829,696 | ||||
Weyerhaeuser Co. | 27,897 | c | 874,571 | ||||
65,661,076 | |||||||
Financial Services - 7.4% | |||||||
Affirm Holdings, Inc. | 10,005 | a | 344,272 | ||||
Ally Financial, Inc. | 24,360 | 711,799 | |||||
Ameriprise Financial, Inc. | 24,372 | 8,615,746 | |||||
Apollo Global Management, Inc. | 17,090 | 1,572,280 | |||||
Ares Management Corp., Cl. A | 96,999 | 10,888,138 | |||||
Block, Inc. | 114,025 | a | 7,232,606 | ||||
Blue Owl Capital, Inc. | 22,135 | 298,380 | |||||
Coinbase Global, Inc., Cl. A | 8,685 | a,b | 1,083,193 | ||||
Credit Acceptance Corp. | 201 | a | 91,857 | ||||
Discover Financial Services | 41,962 | 3,902,466 | |||||
Equitable Holdings, Inc. | 34,810 | 1,068,319 | |||||
Euronet Worldwide, Inc. | 39,353 | a | 3,432,369 | ||||
Evercore, Inc., Cl. A | 22,689 | 3,347,762 | |||||
Fidelity National Information Services, Inc. | 47,309 | 2,774,200 | |||||
Fiserv, Inc. | 54,237 | a | 7,083,895 | ||||
FLEETCOR Technologies, Inc. | 1,295 | a | 311,447 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Financial Services - 7.4% (continued) | |||||||
Franklin Resources, Inc. | 13,315 | 330,212 | |||||
Global Payments, Inc. | 91,064 | 10,603,492 | |||||
Interactive Brokers Group, Inc., Cl. A | 745 | 57,991 | |||||
Intercontinental Exchange, Inc. | 43,553 | 4,958,074 | |||||
Invesco Ltd. | 43,145 | 615,679 | |||||
Jack Henry & Associates, Inc. | 8,174 | 1,297,132 | |||||
Janus Henderson Group PLC | 7,975 | 208,865 | |||||
Jefferies Financial Group, Inc. | 5,100 | 180,744 | |||||
KKR & Co., Inc. | 19,560 | 1,483,430 | |||||
LPL Financial Holdings, Inc. | 33,843 | 7,523,299 | |||||
MGIC Investment Corp. | 41,290 | 726,291 | |||||
MSCI, Inc. | 3,319 | 1,728,701 | |||||
Nasdaq, Inc. | 49,192 | 2,746,881 | |||||
Northern Trust Corp. | 12,025 | 952,981 | |||||
OneMain Holdings, Inc. | 2,250 | 95,175 | |||||
Raymond James Financial, Inc. | 46,117 | 4,849,203 | |||||
Robinhood Markets, Inc., Cl. A | 33,875 | a | 298,100 | ||||
Rocket Cos, Inc., CI. A | 98,221 | a | 917,384 | ||||
Shift4 Payments, Inc., Cl. A | 5,310 | a,b | 349,504 | ||||
SLM Corp. | 121,648 | 1,828,369 | |||||
SoFi Technologies, Inc. | 45,520 | a,b | 331,841 | ||||
Starwood Property Trust, Inc. | 43,790 | b,c | 870,107 | ||||
State Street Corp. | 14,635 | 1,065,721 | |||||
Synchrony Financial | 27,787 | 899,187 | |||||
T. Rowe Price Group, Inc. | 13,812 | 1,382,996 | |||||
Toast, Inc., Cl. A | 18,225 | a | 271,006 | ||||
Tradeweb Markets, Inc., Cl. A | 29,296 | 2,838,782 | |||||
Voya Financial, Inc. | 82,587 | 5,905,796 | |||||
WEX, Inc. | 1,437 | a | 253,745 | ||||
XP, Inc., Cl. A | 9,800 | 228,242 | |||||
108,557,659 | |||||||
Food, Beverage & Tobacco - 1.5% | |||||||
Brown-Forman Corp., Cl. B | 15,817 | 929,091 | |||||
Bunge Global SA | 12,935 | 1,421,168 | |||||
Celsius Holdings, Inc. | 38,529 | a,b | 1,907,571 | ||||
Coca-Cola Europacific Partners PLC | 18,553 | 1,125,054 | |||||
Conagra Brands, Inc. | 139,357 | 3,942,410 | |||||
Constellation Brands, Inc., Cl. A | 6,988 | 1,680,544 | |||||
Freshpet, Inc. | 8,280 | a,b | 587,466 | ||||
Ingredion, Inc. | 4,980 | 510,400 | |||||
Lamb Weston Holdings, Inc. | 12,021 | 1,202,461 | |||||
McCormick & Co., Inc. | 19,380 | 1,256,405 | |||||
Molson Coors Beverage Co., Cl. B | 55,718 | 3,428,886 | |||||
The J.M. Smucker Company | 1,779 | 195,210 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Food, Beverage & Tobacco - 1.5% (continued) | |||||||
Tyson Foods, Inc., Cl. A | 93,930 | 4,399,681 | |||||
22,586,347 | |||||||
Health Care Equipment & Services - 6.2% | |||||||
Acadia Healthcare Co., Inc. | 430 | a | 31,386 | ||||
agilon health, Inc. | 18,125 | a,b | 192,487 | ||||
Align Technology, Inc. | 28,517 | a | 6,096,935 | ||||
AMN Healthcare Services, Inc. | 15,505 | a | 1,051,238 | ||||
Baxter International, Inc. | 84,309 | 3,041,869 | |||||
Cencora, Inc. | 33,308 | 6,773,848 | |||||
Centene Corp. | 97,742 | a | 7,201,631 | ||||
Certara, Inc. | 7,930 | a | 114,271 | ||||
DaVita, Inc. | 4,865 | a | 493,603 | ||||
Dentsply Sirona, Inc. | 10,956 | 347,853 | |||||
DexCom, Inc. | 99,978 | a | 11,549,459 | ||||
Encompass Health Corp. | 66,770 | 4,351,401 | |||||
Envista Holdings Corp. | 10,990 | a | 249,363 | ||||
HealthEquity, Inc. | 13,382 | a | 896,862 | ||||
Henry Schein, Inc. | 14,299 | a | 954,172 | ||||
Humana, Inc. | 1,724 | 835,899 | |||||
IDEXX Laboratories, Inc. | 17,972 | a | 8,371,717 | ||||
Inspire Medical Systems, Inc. | 22,084 | a | 3,209,026 | ||||
Insulet Corp. | 4,489 | a | 848,825 | ||||
Laboratory Corp. of America Holdings | 18,753 | 4,067,713 | |||||
Masimo Corp. | 1,792 | a | 168,018 | ||||
Molina Healthcare, Inc. | 11,213 | a | 4,099,024 | ||||
Penumbra, Inc. | 1,981 | a | 439,960 | ||||
Quest Diagnostics, Inc. | 10,071 | 1,382,043 | |||||
QuidelOrtho Corp. | 2,335 | a | 160,485 | ||||
R1 RCM, Inc. | 131,550 | a | 1,391,799 | ||||
ResMed, Inc. | 12,592 | 1,986,136 | |||||
Shockwave Medical, Inc. | 11,159 | a | 1,947,803 | ||||
Steris PLC | 32,873 | 6,605,501 | |||||
Tenet Healthcare Corp. | 1,680 | a | 115,937 | ||||
The Cooper Companies, Inc. | 11,158 | a | 3,759,353 | ||||
Veeva Systems, Inc., Cl. A | 10,500 | a | 1,830,255 | ||||
Zimmer Biomet Holdings, Inc. | 53,940 | 6,273,761 | |||||
90,839,633 | |||||||
Household & Personal Products - .6% | |||||||
Church & Dwight Co., Inc. | 66,739 | 6,448,990 | |||||
Coty, Inc., Cl. A | 73,520 | a | 838,128 | ||||
Kenvue, Inc. | 60,101 | 1,228,464 | |||||
The Clorox Company | 4,322 | 619,559 | |||||
9,135,141 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Insurance - 4.1% | |||||||
Aflac, Inc. | 20,370 | 1,684,803 | |||||
American Financial Group, Inc. | 9,016 | 1,031,340 | |||||
Arch Capital Group Ltd. | 51,233 | a | 4,287,690 | ||||
Arthur J. Gallagher & Co. | 8,654 | 2,154,846 | |||||
Assurant, Inc. | 33,610 | 5,647,152 | |||||
Assured Guaranty Ltd. | 22,525 | 1,529,673 | |||||
Cincinnati Financial Corp. | 14,518 | 1,492,305 | |||||
Everest Group Ltd. | 10,760 | 4,417,518 | |||||
Fidelity National Financial, Inc. | 27,130 | 1,216,509 | |||||
First American Financial Corp. | 45,213 | 2,694,695 | |||||
Globe Life, Inc. | 19,427 | 2,392,047 | |||||
Kinsale Capital Group, Inc. | 247 | 86,475 | |||||
Markel Group, Inc. | 3,863 | a | 5,559,205 | ||||
Old Republic International Corp. | 41,500 | 1,216,365 | |||||
Principal Financial Group, Inc. | 20,960 | 1,547,477 | |||||
Prudential Financial, Inc. | 590 | 57,690 | |||||
Reinsurance Group of America, Inc. | 34,926 | 5,695,034 | |||||
RenaissanceRe Holdings Ltd. | 22,716 | 4,869,402 | |||||
Ryan Specialty Holdings, Inc. | 76,211 | a | 3,495,799 | ||||
The Allstate Corp. | 624 | 86,031 | |||||
The Hanover Insurance Group, Inc. | 1,750 | 217,525 | |||||
The Hartford Financial Services Group, Inc. | 44,150 | 3,450,764 | |||||
The Travelers Companies, Inc. | 8,282 | 1,495,895 | |||||
Unum Group | 23,000 | 989,000 | |||||
W.R. Berkley Corp. | 32,492 | 2,357,295 | |||||
White Mountains Insurance Group Ltd. | 28 | a | 42,894 | ||||
59,715,429 | |||||||
Materials - 4.2% | |||||||
Albemarle Corp. | 7,470 | 905,887 | |||||
Alcoa Corp. | 55,033 | 1,478,186 | |||||
Ashland, Inc. | 9,860 | 788,011 | |||||
Avery Dennison Corp. | 20,940 | 4,072,830 | |||||
Axalta Coating Systems Ltd. | 48,344 | a | 1,521,386 | ||||
Ball Corp. | 13,165 | 727,893 | |||||
Celanese Corp. | 9,922 | 1,375,785 | |||||
CF Industries Holdings, Inc. | 64,713 | 4,863,182 | |||||
Cleveland-Cliffs, Inc. | 13,085 | a | 224,539 | ||||
Corteva, Inc. | 94,492 | 4,271,038 | |||||
CRH PLC | 57,508 | 3,608,627 | |||||
DuPont de Nemours, Inc. | 43,504 | 3,112,276 | |||||
Eastman Chemical Co. | 5,938 | 497,783 | |||||
FMC Corp. | 20,247 | 1,086,454 | |||||
Freeport-McMoRan, Inc. | 130,155 | 4,857,385 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Materials - 4.2% (continued) | |||||||
Huntsman Corp. | 32,120 | 790,152 | |||||
International Flavors & Fragrances, Inc. | 12,210 | 920,390 | |||||
LyondellBasell Industries NV, Cl. A | 6,330 | 601,983 | |||||
Martin Marietta Materials, Inc. | 5,070 | 2,355,471 | |||||
Newmont Corp. | 148,479 | 5,967,371 | |||||
Nucor Corp. | 4,259 | 723,902 | |||||
Olin Corp. | 17,040 | 803,266 | |||||
Packaging Corp. of America | 15,261 | 2,564,001 | |||||
PPG Industries, Inc. | 19,879 | 2,822,619 | |||||
Reliance Steel & Aluminum Co. | 5,019 | 1,381,530 | |||||
Royal Gold, Inc. | 8,690 | 1,058,442 | |||||
Sealed Air Corp. | 23,140 | 772,413 | |||||
Sonoco Products Co. | 11,905 | 656,680 | |||||
SSR Mining, Inc. | 14,615 | 172,457 | |||||
Steel Dynamics, Inc. | 14,217 | 1,693,671 | |||||
Teck Resources Ltd., Cl. B | 33,539 | 1,262,743 | |||||
The Chemours Company | 485 | 13,304 | |||||
The Mosaic Company | 27,740 | 995,589 | |||||
The Scotts Miracle-Gro Company | 2,440 | b | 135,810 | ||||
United States Steel Corp. | 10,865 | 390,053 | |||||
Vulcan Materials Co. | 6,769 | 1,445,588 | |||||
WestRock Co. | 12,296 | 506,226 | |||||
61,424,923 | |||||||
Media & Entertainment - 2.5% | |||||||
Atlanta Braves Holdings, Inc., CI. C | 2,190 | a | 78,731 | ||||
Electronic Arts, Inc. | 5,635 | 777,686 | |||||
Fox Corp., Cl. A | 15,060 | a | 444,872 | ||||
IAC, Inc. | 13,255 | a | 633,987 | ||||
Liberty Broadband Corp., Cl. A | 1,217 | a | 100,938 | ||||
Liberty Broadband Corp., Cl. C | 5,601 | a | 465,555 | ||||
Liberty Media Corp-Liberty Formula One, Cl. C | 89,913 | a | 5,723,862 | ||||
Liberty Media Corp-Liberty Live, Cl. C | 3,937 | a | 134,842 | ||||
Liberty Media Corp-Liberty SiriusXM | 20,420 | a | 551,136 | ||||
Live Nation Entertainment, Inc. | 45,182 | a | 3,805,228 | ||||
Match Group, Inc. | 24,767 | a | 801,955 | ||||
News Corporation, Cl. A | 38,225 | 842,479 | |||||
Nexstar Media Group, Inc. | 2,490 | b | 353,406 | ||||
Omnicom Group, Inc. | 23,400 | 1,886,742 | |||||
Paramount Global, Cl. B | 27,661 | b | 397,489 | ||||
Pinterest, Inc., Cl. A | 18,392 | 626,615 | |||||
Roblox Corp., CI. A | 15,860 | a | 623,457 | ||||
Roku, Inc. | 3,690 | a | 384,498 | ||||
Spotify Technology SA | 20,505 | a | 3,795,681 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Media & Entertainment - 2.5% (continued) | |||||||
Take-Two Interactive Software, Inc. | 20,467 | a | 3,237,879 | ||||
TEGNA, Inc. | 1,351 | 20,711 | |||||
The Interpublic Group of Companies, Inc. | 88,269 | 2,713,389 | |||||
The Trade Desk, Inc., Cl. A | 50,104 | a | 3,530,328 | ||||
Warner Bros Discovery, Inc. | 86,224 | a | 901,041 | ||||
Warner Music Group Corp., Cl. A | 133,686 | 4,426,343 | |||||
ZoomInfo Technologies, Inc. | 1,080 | a | 15,520 | ||||
37,274,370 | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.7% | |||||||
10X Genomics, Inc., CI. A | 43,956 | a | 1,912,965 | ||||
Agilent Technologies, Inc. | 22,884 | 2,924,575 | |||||
Alnylam Pharmaceuticals, Inc. | 21,453 | a | 3,609,467 | ||||
Apellis Pharmaceuticals, Inc. | 6,030 | a | 324,836 | ||||
Avantor, Inc. | 125,183 | a | 2,651,376 | ||||
Biogen, Inc. | 2,478 | a | 580,050 | ||||
BioMarin Pharmaceutical, Inc. | 51,269 | a | 4,669,581 | ||||
Bio-Techne Corp. | 63,570 | 3,998,553 | |||||
Catalent, Inc. | 5,325 | a | 206,876 | ||||
Charles River Laboratories International, Inc. | 8,259 | a | 1,627,684 | ||||
Elanco Animal Health, Inc. | 47,987 | a | 565,287 | ||||
Exact Sciences Corp. | 8,410 | a | 538,240 | ||||
Exelixis, Inc. | 1,630 | a | 35,550 | ||||
Fortrea Holdings, Inc. | 36,815 | a | 1,083,834 | ||||
ICON PLC | 13,641 | a | 3,641,329 | ||||
Illumina, Inc. | 36,363 | a | 3,707,208 | ||||
Incyte Corp. | 14,730 | a | 800,428 | ||||
Ionis Pharmaceuticals, Inc. | 11,845 | a | 585,972 | ||||
IQVIA Holdings, Inc. | 10,343 | a | 2,214,436 | ||||
Karuna Therapeutics, Inc. | 1,235 | a | 236,144 | ||||
Mettler-Toledo International, Inc. | 1,752 | a | 1,913,061 | ||||
Moderna, Inc. | 5,686 | a | 441,802 | ||||
Natera, Inc. | 7,575 | a | 423,821 | ||||
Neurocrine Biosciences, Inc. | 61,995 | a | 7,227,997 | ||||
QIAGEN NV | 10,641 | a | 437,984 | ||||
Repligen Corp. | 40,228 | a,b | 6,325,853 | ||||
Roivant Sciences Ltd. | 19,470 | a,b | 186,133 | ||||
Sarepta Therapeutics, Inc. | 99,996 | a | 8,127,675 | ||||
Seagen, Inc. | 6,474 | a | 1,380,322 | ||||
Sotera Health Co. | 1,730 | a | 23,615 | ||||
Ultragenyx Pharmaceutical, Inc. | 5,430 | a | 210,955 | ||||
United Therapeutics Corp. | 17,195 | a | 4,126,800 | ||||
Viatris, Inc. | 45,179 | 414,743 | |||||
Waters Corp. | 4,032 | a | 1,131,420 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 4.7% (continued) | |||||||
West Pharmaceutical Services, Inc. | 4,337 | 1,521,246 | |||||
69,807,818 | |||||||
Real Estate Management & Development - 1.7% | |||||||
CBRE Group, Inc., Cl. A | 17,108 | a | 1,350,848 | ||||
CoStar Group, Inc. | 245,986 | a | 20,426,677 | ||||
Zillow Group, Inc., Cl. C | 67,043 | a | 2,744,740 | ||||
24,522,265 | |||||||
Semiconductors & Semiconductor Equipment - 2.6% | |||||||
Enphase Energy, Inc. | 5,630 | a,b | 568,743 | ||||
First Solar, Inc. | 6,921 | a | 1,091,995 | ||||
Lattice Semiconductor Corp. | 8,295 | a | 485,672 | ||||
Marvell Technology, Inc. | 28,125 | 1,567,406 | |||||
Microchip Technology, Inc. | 42,696 | 3,562,554 | |||||
MKS Instruments, Inc. | 56,117 | b | 4,632,458 | ||||
Monolithic Power Systems, Inc. | 5,221 | 2,864,867 | |||||
NVIDIA Corp. | 13,020 | 6,089,454 | |||||
NXP Semiconductors NV | 6,692 | 1,365,703 | |||||
ON Semiconductor Corp. | 10,785 | a | 769,294 | ||||
Qorvo, Inc. | 29,148 | a | 2,812,782 | ||||
Rambus, Inc. | 64,226 | a | 4,346,173 | ||||
Skyworks Solutions, Inc. | 46,078 | 4,466,341 | |||||
Teradyne, Inc. | 31,484 | 2,903,769 | |||||
Universal Display Corp. | 1,947 | 329,432 | |||||
Wolfspeed, Inc. | 7,760 | a,b | 286,034 | ||||
38,142,677 | |||||||
Software & Services - 10.9% | |||||||
Akamai Technologies, Inc. | 67,262 | a | 7,770,779 | ||||
Alteryx, Inc., Cl. A | 65 | a | 2,603 | ||||
Ansys, Inc. | 42,612 | a | 12,500,656 | ||||
AppLovin Corp., Cl. A | 29,935 | a | 1,121,964 | ||||
Bill Holdings, Inc. | 31,738 | a | 2,077,887 | ||||
BlackLine, Inc. | 17,924 | a | 1,036,903 | ||||
Cadence Design Systems, Inc. | 18,737 | a | 5,120,260 | ||||
CCC Intelligent Solutions Holdings, Inc. | 2,685 | a | 31,361 | ||||
Check Point Software Technologies Ltd. | 20,563 | a | 3,002,198 | ||||
Cloudflare, Inc., Cl. A | 10,200 | a | 786,930 | ||||
Cognizant Technology Solutions Corp., Cl. A | 64,877 | 4,566,043 | |||||
Confluent, Inc., Cl. A | 92,198 | a | 1,956,442 | ||||
CrowdStrike Holdings, Inc., CI. A | 8,610 | a | 2,040,484 | ||||
Datadog, Inc., Cl. A | 10,558 | a | 1,230,746 | ||||
Dolby Laboratories, Inc., Cl. A | 34,389 | 2,961,925 | |||||
DoubleVerify Holdings, Inc. | 103,369 | a | 3,431,851 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Software & Services - 10.9% (continued) | |||||||
DXC Technology Co. | 14,045 | a | 324,861 | ||||
Dynatrace, Inc. | 80,255 | a | 4,297,655 | ||||
Elastic NV | 3,075 | a | 247,107 | ||||
EPAM Systems, Inc. | 16,968 | a | 4,380,968 | ||||
Fair Isaac Corp. | 686 | a | 746,094 | ||||
Five9, Inc. | 4,235 | a | 322,792 | ||||
Gartner, Inc. | 26,179 | a | 11,383,676 | ||||
Gen Digital, Inc. | 122,006 | 2,693,892 | |||||
Gitlab, Inc., Cl. A | 2,195 | a | 106,106 | ||||
Globant SA | 1,159 | a | 255,907 | ||||
Guidewire Software, Inc. | 8,140 | a | 813,512 | ||||
HubSpot, Inc. | 27,012 | a | 13,342,037 | ||||
Informatica, Inc., Cl. A | 1,640 | a | 41,148 | ||||
Intuit, Inc. | 15,664 | 8,951,349 | |||||
Kyndryl Holdings, Inc. | 33,080 | a | 596,432 | ||||
Manhattan Associates, Inc. | 1,622 | a | 361,787 | ||||
MongoDB, Inc. | 14,299 | a | 5,944,666 | ||||
nCino, Inc. | 855 | a | 23,624 | ||||
Nutanix, Inc., Cl. A | 7,170 | a | 308,955 | ||||
Okta, Inc. | 6,807 | a | 456,409 | ||||
Palantir Technologies, Inc., Cl. A | 84,685 | a | 1,697,934 | ||||
Pegasystems, Inc. | 135 | 7,017 | |||||
Procore Technologies, Inc. | 4,345 | a | 256,746 | ||||
PTC, Inc. | 744 | a | 117,076 | ||||
RingCentral, Inc., Cl. A | 3,375 | a | 96,052 | ||||
Roper Technologies, Inc. | 23,824 | 12,823,268 | |||||
SentinelOne, Inc., Cl. A | 2,075 | a | 39,612 | ||||
ServiceNow, Inc. | 14,352 | a | 9,841,740 | ||||
Shopify, Inc., Cl. A | 143,646 | a | 10,460,302 | ||||
Smartsheet, Inc., Cl. A | 6,545 | a | 277,377 | ||||
Splunk, Inc. | 10,004 | a | 1,516,006 | ||||
Teradata Corp. | 1,775 | a | 83,869 | ||||
Twilio, Inc., Cl. A | 103,835 | a | 6,716,048 | ||||
Tyler Technologies, Inc. | 17,828 | a | 7,288,800 | ||||
UiPath, Inc., Cl. A | 43,165 | a,b | 852,940 | ||||
Unity Software, Inc. | 7,262 | a,b | 214,302 | ||||
Verisign, Inc. | 7,681 | a | 1,629,908 | ||||
Zoom Video Communications, Inc., CI. A | 8,840 | a | 599,617 | ||||
Zscaler, Inc. | 6,681 | a | 1,319,698 | ||||
161,076,321 | |||||||
Technology Hardware & Equipment - 3.4% | |||||||
Amphenol Corp., Cl. A | 189,267 | 17,221,404 | |||||
CDW Corp. | 9,649 | 2,034,781 | |||||
Cognex Corp. | 20,671 | 779,297 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Technology Hardware & Equipment - 3.4% (continued) | |||||||
Coherent Corp. | 1,975 | a | 72,660 | ||||
Corning, Inc. | 6,635 | 189,031 | |||||
Dell Technologies, Inc., Cl. C | 47,469 | 3,601,473 | |||||
F5, Inc. | 4,082 | a | 698,798 | ||||
Flex Ltd. | 49,261 | a | 1,253,692 | ||||
Hewlett Packard Enterprise Co. | 20,315 | 343,527 | |||||
HP, Inc. | 10,460 | 306,896 | |||||
Jabil, Inc. | 14,091 | 1,624,974 | |||||
Keysight Technologies, Inc. | 61,838 | a | 8,403,166 | ||||
NetApp, Inc. | 28,190 | 2,576,284 | |||||
Pure Storage, Inc., Cl. A | 27,470 | a | 915,026 | ||||
TE Connectivity Ltd. | 19,418 | 2,543,758 | |||||
Trimble, Inc. | 74,996 | a | 3,479,814 | ||||
Viasat, Inc. | 3,650 | a,b | 74,643 | ||||
Zebra Technologies Corp., Cl. A | 14,430 | a | 3,419,621 | ||||
49,538,845 | |||||||
Telecommunication Services - .0% | |||||||
Frontier Communications Parent, Inc. | 15,720 | a | 344,111 | ||||
Iridium Communications, Inc. | 1,420 | 54,102 | |||||
398,213 | |||||||
Transportation - 1.9% | |||||||
Alaska Air Group, Inc. | 54,305 | a | 2,053,272 | ||||
American Airlines Group, Inc. | 12,965 | a | 161,155 | ||||
Expeditors International of Washington, Inc. | 30,762 | 3,701,899 | |||||
GXO Logistics, Inc. | 4,345 | a | 244,450 | ||||
J.B. Hunt Transport Services, Inc. | 18,641 | 3,453,618 | |||||
Knight-Swift Transportation Holdings, Inc. | 53,415 | 2,872,659 | |||||
Landstar System, Inc. | 18,739 | 3,235,288 | |||||
Lyft, Inc., Cl. A | 253,072 | a | 2,968,535 | ||||
Norfolk Southern Corp. | 26,800 | 5,846,688 | |||||
Old Dominion Freight Line, Inc. | 1,096 | 426,410 | |||||
Ryder System, Inc. | 8,455 | 905,869 | |||||
Southwest Airlines Co. | 6,290 | 160,835 | |||||
United Airlines Holdings, Inc. | 31,825 | a | 1,253,905 | ||||
XPO, Inc. | 735 | a | 63,416 | ||||
27,347,999 | |||||||
Utilities - 3.9% | |||||||
Ameren Corp. | 38,855 | 3,014,759 | |||||
American Electric Power Co., Inc. | 29,504 | 2,347,043 | |||||
American Water Works Co., Inc. | 26,461 | 3,488,618 | |||||
Brookfield Renewable Corp., Cl. A | 385 | 10,218 | |||||
CenterPoint Energy, Inc. | 154,996 | 4,381,737 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.8% (continued) | |||||||
Utilities - 3.9% (continued) | |||||||
Clearway Energy, Inc., Cl. C | 3,465 | 86,521 | |||||
CMS Energy Corp. | 30,975 | 1,758,141 | |||||
Constellation Energy Corp. | 72,746 | 8,805,176 | |||||
Dominion Energy, Inc. | 68,130 | 3,089,014 | |||||
DTE Energy Co. | 36,111 | 3,759,516 | |||||
Edison International | 11,110 | 744,259 | |||||
Entergy Corp. | 32,907 | 3,337,099 | |||||
Essential Utilities, Inc. | 1,475 | 52,525 | |||||
Eversource Energy | 37,690 | 2,239,163 | |||||
Exelon Corp. | 89,489 | 3,446,221 | |||||
FirstEnergy Corp. | 48,437 | 1,789,263 | |||||
IDACORP, Inc. | 1,090 | 105,185 | |||||
NiSource, Inc. | 39,240 | 1,006,114 | |||||
NRG Energy, Inc. | 26,065 | 1,246,950 | |||||
OGE Energy Corp. | 40,068 | 1,404,383 | |||||
Pinnacle West Capital Corp. | 19,345 | 1,449,714 | |||||
Public Service Enterprise Group, Inc. | 5,000 | 312,150 | |||||
The AES Corp. | 51,305 | 882,959 | |||||
UGI Corp. | 7,740 | 170,203 | |||||
Vistra Corp. | 149,789 | 5,304,028 | |||||
WEC Energy Group, Inc. | 11,365 | 950,341 | |||||
Xcel Energy, Inc. | 42,585 | 2,590,871 | |||||
57,772,171 | |||||||
Total Common Stocks (cost $741,615,063) | 1,424,339,234 | ||||||
Exchange-Traded Funds - .7% | |||||||
Registered Investment Companies - .7% | |||||||
iShares Russell Mid-Cap Growth ETF | 42,859 | b | 4,167,609 | ||||
SPDR S&P MidCap 400 ETF Trust | 12,237 | b | 5,737,073 | ||||
Total Exchange-Traded Funds (cost $9,157,461) | 9,904,682 | ||||||
Escrow Shares - .0% | |||||||
Telecommunication Services - .0% | |||||||
GCI Liberty, Inc. | 9,830 | 8,847 | |||||
Number of Rights | |||||||
Rights - .0% | |||||||
Health Care Equipment & Services - .0% | |||||||
Abiomed, Inc. expiring 12/31/2049 | 40,585 | d | 41,397 |
1-Day | |||||||
Investment Companies - 2.4% | |||||||
Registered Investment Companies - 2.4% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.41 | 34,935,423 | e | 34,935,423 | |||
Investment of Cash Collateral for Securities Loaned - 1.0% | |||||||
Registered Investment Companies - 1.0% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.41 | 15,177,028 | e | 15,177,028 | |||
Total Investments (cost $800,884,975) | 100.9% | 1,484,406,611 | |||||
Liabilities, Less Cash and Receivables | (.9%) | (12,830,894) | |||||
Net Assets | 100.0% | 1,471,575,717 |
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
SPDR—Standard & Poor's Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At November 30, 2023, the value of the fund’s securities on loan was $44,440,632 and the value of the collateral was $45,641,522, consisting of cash collateral of $15,177,028 and U.S. Government & Agency securities valued at $30,464,494. In addition, the value of collateral may include pending sales that are also on loan.
c Investment in real estate investment trust within the United States.
d The fund held Level 3 securities at November 30, 2023. These securities were valued at $41,397 or .0% of net assets.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of November 30, 2023 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 1,424,339,234 | - | - | 1,424,339,234 | ||
Escrow Shares | - | 8,847 | †† | - | 8,847 | |
Exchange-Traded Funds | 9,904,682 | - | - | 9,904,682 | ||
Investment Companies | 50,112,451 | - | - | 50,112,451 | ||
Rights | - | - | 41,397 | 41,397 |
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.
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:
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 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.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of BNY Mellon Investment Adviser, Inc., 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 BNY Mellon Investment Adviser Inc., or U.S. Government and Agency securities. 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, The Bank of New York Mellon 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 November 30, 2023, accumulated net unrealized appreciation on investments was $683,521,636, consisting of $717,262,239 gross unrealized appreciation and $33,740,603 gross unrealized depreciation.
At November 30, 2023, 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.