STATEMENT OF INVESTMENTS
BNY Mellon Balanced Opportunity Fund
August 31, 2023 (Unaudited)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% | | | | | |
Aerospace & Defense - .3% | | | | | |
HEICO Corp., Gtd. Notes | | 5.35 | | 8/1/2033 | | 71,000 | | 70,418 | |
Lockheed Martin Corp., Sr. Unscd. Notes | | 5.20 | | 2/15/2055 | | 320,000 | | 318,713 | |
RTX Corp., Sr. Unscd. Notes | | 4.13 | | 11/16/2028 | | 200,000 | | 190,993 | |
The Boeing Company, Sr. Unscd. Notes | | 3.20 | | 3/1/2029 | | 280,000 | | 251,890 | |
The Boeing Company, Sr. Unscd. Notes | | 3.63 | | 2/1/2031 | | 100,000 | | 89,351 | |
| | 921,365 | |
Agriculture - .0% | | | | | |
Philip Morris International, Inc., Sr. Unscd. Notes | | 5.63 | | 11/17/2029 | | 50,000 | | 50,580 | |
Asset-Backed Certificates - .3% | | | | | |
CNH Equipment Trust, Ser. 2021-A, Cl. A3 | | 0.40 | | 12/15/2025 | | 243,144 | | 235,742 | |
Dell Equipment Finance Trust, Ser. 2021-1, Cl. A3 | | 0.43 | | 5/22/2026 | | 76,885 | a | 76,627 | |
John Deere Owner Trust, Ser. 2023-B, Cl. A3 | | 5.18 | | 3/15/2028 | | 225,000 | | 225,064 | |
New Economy Assets Phase 1 Sponsor LLC, Ser. 2021-1, Cl. A1 | | 1.91 | | 10/20/2061 | | 495,000 | a | 427,556 | |
| | 964,989 | |
Asset-Backed Certificates/Auto Receivables - 1.3% | | | | | |
Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. A3 | | 1.31 | | 1/11/2027 | | 350,662 | | 336,217 | |
Enterprise Fleet Financing LLC, Ser. 2023-1, Cl. A3 | | 5.42 | | 10/22/2029 | | 245,000 | a | 243,448 | |
Hertz Vehicle Financing LLC, Ser. 2021-1A, CI. A | | 1.21 | | 12/26/2025 | | 575,000 | a | 544,607 | |
Honda Auto Receivables Owner Trust, Ser. 2023-1, Cl. A3 | | 5.04 | | 4/21/2027 | | 178,000 | | 177,055 | |
Hyundai Auto Receivables Trust, Ser. 2022-C, CI. A4 | | 5.52 | | 10/16/2028 | | 376,000 | | 378,926 | |
Mercedes-Benz Auto Receivables Trust, Ser. 2023-1, CI. A3 | | 4.51 | | 11/15/2027 | | 247,000 | | 243,624 | |
Nissan Auto Lease Trust, Ser. 2023-A, CI. A3 | | 4.91 | | 1/15/2026 | | 348,000 | | 344,961 | |
OSCAR US Funding XI LLC, Ser. 2019-2A, Cl. A4 | | 2.68 | | 9/10/2026 | | 130,270 | a | 129,092 | |
OSCAR US Funding XII LLC, Ser. 2021-1A, Cl. A4 | | 1.00 | | 4/10/2028 | | 380,000 | a | 355,115 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Asset-Backed Certificates/Auto Receivables - 1.3% (continued) | | | | | |
Toyota Auto Receivables Owner Trust, Ser. 2022-D, CI. A3 | | 5.30 | | 9/15/2027 | | 579,000 | | 578,805 | |
Toyota Auto Receivables Owner Trust, Ser. 2023-A, CI. A3 | | 4.63 | | 9/15/2027 | | 202,000 | | 199,492 | |
| | 3,531,342 | |
Automobiles & Components - .3% | | | | | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | 2.35 | | 1/8/2031 | | 280,000 | | 217,721 | |
General Motors Financial Co., Inc., Sr. Unscd. Notes | | 2.40 | | 4/10/2028 | | 545,000 | | 471,678 | |
Stellantis Finance US, Inc., Gtd. Notes | | 2.69 | | 9/15/2031 | | 200,000 | a | 156,899 | |
| | 846,298 | |
Banks - 2.7% | | | | | |
Bank of America Corp., Sr. Unscd. Notes | | 1.20 | | 10/24/2026 | | 110,000 | | 99,724 | |
Bank of America Corp., Sr. Unscd. Notes | | 3.42 | | 12/20/2028 | | 105,000 | | 96,335 | |
Bank of America Corp., Sr. Unscd. Notes | | 3.97 | | 2/7/2030 | | 250,000 | | 230,290 | |
Bank of America Corp., Sr. Unscd. Notes | | 4.00 | | 4/1/2024 | | 68,000 | | 67,338 | |
Bank of America Corp., Sr. Unscd. Notes | | 5.29 | | 4/25/2034 | | 600,000 | b | 585,720 | |
Barclays PLC, Sr. Unscd. Notes | | 3.93 | | 5/7/2025 | | 205,000 | | 202,069 | |
BNP Paribas SA, Sr. Unscd. Notes | | 1.68 | | 6/30/2027 | | 250,000 | a | 223,290 | |
Citigroup, Inc., Sr. Unscd. Notes | | 3.88 | | 10/25/2023 | | 325,000 | | 324,047 | |
Citigroup, Inc., Sr. Unscd. Notes | | 4.65 | | 7/30/2045 | | 260,000 | | 224,166 | |
Citizens Bank NA, Sr. Unscd. Notes | | 3.75 | | 2/18/2026 | | 250,000 | | 232,928 | |
Cooperatieve Rabobank UA, Sr. Unscd. Notes | | 1.34 | | 6/24/2026 | | 280,000 | a | 258,189 | |
ING Groep NV, Sr. Unscd. Notes | | 3.55 | | 4/9/2024 | | 200,000 | | 197,203 | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | 0.65 | | 9/16/2024 | | 185,000 | | 184,626 | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | 3.70 | | 5/6/2030 | | 400,000 | | 365,392 | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | 3.96 | | 1/29/2027 | | 255,000 | | 245,347 | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | 4.45 | | 12/5/2029 | | 185,000 | | 176,447 | |
JPMorgan Chase & Co., Sr. Unscd. Notes | | 5.35 | | 6/1/2034 | | 590,000 | b | 583,217 | |
Lloyds Banking Group PLC, Sr. Unscd. Notes | | 1.63 | | 5/11/2027 | | 280,000 | | 249,967 | |
Morgan Stanley, Sr. Unscd. Notes | | 4.00 | | 7/23/2025 | | 75,000 | | 72,796 | |
Morgan Stanley, Sr. Unscd. Notes | | 4.43 | | 1/23/2030 | | 300,000 | | 285,057 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Banks - 2.7% (continued) | | | | | |
NatWest Group PLC, Sr. Unscd. Notes | | 1.64 | | 6/14/2027 | | 200,000 | | 177,678 | |
NatWest Group PLC, Sr. Unscd. Notes | | 4.27 | | 3/22/2025 | | 250,000 | | 247,244 | |
Royal Bank of Canada, Sr. Unscd. Notes | | 2.55 | | 7/16/2024 | | 230,000 | | 223,876 | |
The Goldman Sachs Group, Inc., Sr. Unscd. Notes | | 3.81 | | 4/23/2029 | | 610,000 | | 564,707 | |
The Toronto-Dominion Bank, Sr. Unscd. Notes | | 5.52 | | 7/17/2028 | | 360,000 | | 361,879 | |
Truist Financial Corp., Sr. Unscd. Notes | | 2.50 | | 8/1/2024 | | 265,000 | | 256,565 | |
U.S. Bancorp, Sr. Unscd. Notes | | 2.40 | | 7/30/2024 | | 205,000 | | 199,053 | |
Wells Fargo & Co., Sr. Unscd. Notes | | 4.15 | | 1/24/2029 | | 405,000 | | 382,213 | |
Wells Fargo & Co., Sub. Notes | | 4.30 | | 7/22/2027 | | 320,000 | | 306,577 | |
| | 7,623,940 | |
Beverage Products - .1% | | | | | |
Bacardi Ltd./Bacardi-Martini BV, Sr. Unscd. Notes | | 5.40 | | 6/15/2033 | | 191,000 | a | 186,251 | |
Building Materials - .1% | | | | | |
Carrier Global Corp., Sr. Unscd. Notes | | 2.49 | | 2/15/2027 | | 235,000 | | 213,720 | |
Chemicals - .1% | | | | | |
Nutrien Ltd., Sr. Unscd. Notes | | 3.95 | | 5/13/2050 | | 220,000 | | 165,281 | |
The Sherwin-Williams Company, Sr. Unscd. Notes | | 2.30 | | 5/15/2030 | | 75,000 | | 62,705 | |
| | 227,986 | |
Commercial & Professional Services - .1% | | | | | |
ERAC USA Finance LLC, Gtd. Notes | | 7.00 | | 10/15/2037 | | 292,000 | a | 328,883 | |
Commercial Mortgage Pass-Through Certificates - .7% | | | | | |
CAMB Commercial Mortgage Trust, Ser. 2019-LIFE, Cl. A, (1 Month TSFR +1.18%) | | 6.50 | | 12/15/2037 | | 225,000 | a,c | 224,047 | |
Citigroup Commercial Mortgage Trust, Ser. 2020-GC46, Cl. A2 | | 2.71 | | 2/15/2053 | | 140,000 | | 132,401 | |
Commercial Mortgage Trust, Ser. 2014-UBS3, Cl. A3 | | 3.55 | | 6/10/2047 | | 361,348 | | 355,846 | |
CSAIL Commercial Mortgage Trust, Ser. 2017-CX10, Cl. A4 | | 3.19 | | 11/15/2050 | | 240,000 | | 218,614 | |
DBCG Mortgage Trust, Ser. 2017-BBG, Cl. A, (1 Month PRIME +0.00%) | | 8.50 | | 6/15/2034 | | 335,000 | a,c | 331,197 | |
GS Mortgage Securities Trust, Ser. 2019-GC39, Cl. A3 | | 3.31 | | 5/10/2052 | | 215,000 | | 190,073 | |
Tricon American Homes Trust, Ser. 2017-SFR2, Cl. A | | 2.93 | | 1/17/2036 | | 189,946 | a | 187,429 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Commercial Mortgage Pass-Through Certificates - .7% (continued) | | | | | |
Wells Fargo Commercial Mortgage Trust, Ser. 2014-LC18, Cl. A4 | | 3.15 | | 12/15/2047 | | 141,325 | | 135,927 | |
Wells Fargo Commercial Mortgage Trust, Ser. 2020-C56, CI. A5 | | 2.45 | | 6/15/2053 | | 135,000 | | 111,962 | |
WFRBS Commercial Mortgage Trust, Ser. 2014-C22, Cl. A4 | | 3.49 | | 9/15/2057 | | 160,337 | | 156,395 | |
| | 2,043,891 | |
Consumer Discretionary - .1% | | | | | |
Marriott International, Inc., Sr. Unscd. Notes, Ser. HH | | 2.85 | | 4/15/2031 | | 465,000 | | 386,410 | |
Diversified Financials - .6% | | | | | |
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | | 1.75 | | 1/30/2026 | | 225,000 | | 203,782 | |
Aercap Ireland Capital DAC/AerCap Global Aviation Trust, Gtd. Notes | | 3.30 | | 1/30/2032 | | 180,000 | | 146,346 | |
Air Lease Corp., Sr. Unscd. Notes | | 1.88 | | 8/15/2026 | | 215,000 | | 192,499 | |
Air Lease Corp., Sr. Unscd. Notes | | 2.88 | | 1/15/2026 | | 135,000 | | 126,279 | |
American Express Co., Sr. Unscd. Notes | | 2.50 | | 7/30/2024 | | 130,000 | | 126,302 | |
Capital One Financial Corp., Sr. Unscd. Notes | | 6.31 | | 6/8/2029 | | 198,000 | | 198,018 | |
Discover Financial Services, Sr. Unscd. Notes | | 6.70 | | 11/29/2032 | | 342,000 | | 340,518 | |
Intercontinental Exchange, Inc., Sr. Unscd. Notes | | 4.35 | | 6/15/2029 | | 130,000 | | 124,683 | |
Nasdaq, Inc., Sr. Unscd. Notes | | 5.95 | | 8/15/2053 | | 140,000 | | 139,608 | |
USAA Capital Corp., Sr. Unscd. Notes | | 2.13 | | 5/1/2030 | | 165,000 | a | 136,365 | |
| | 1,734,400 | |
Energy - .9% | | | | | |
Cameron LNG LLC, Sr. Scd. Notes | | 3.30 | | 1/15/2035 | | 260,000 | a | 215,476 | |
Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes | | 3.70 | | 11/15/2029 | | 285,000 | b | 259,349 | |
EIG Pearl Holdings SARL, Sr. Scd. Bonds | | 3.55 | | 8/31/2036 | | 385,000 | a | 320,817 | |
Enbridge, Inc., Gtd. Notes | | 5.70 | | 3/8/2033 | | 188,000 | | 188,175 | |
Energy Transfer LP, Sr. Unscd. Notes | | 4.90 | | 2/1/2024 | | 225,000 | | 223,877 | |
Enterprise Products Operating LLC, Gtd. Notes | | 2.80 | | 1/31/2030 | | 185,000 | | 160,457 | |
Enterprise Products Operating LLC, Gtd. Notes | | 3.30 | | 2/15/2053 | | 190,000 | | 130,102 | |
Equinor ASA, Gtd. Notes | | 3.25 | | 11/18/2049 | | 130,000 | | 92,162 | |
Kinder Morgan Energy Partners LP, Gtd. Notes | | 5.00 | | 3/1/2043 | | 140,000 | | 118,767 | |
Kinder Morgan Energy Partners LP, Gtd. Notes | | 6.55 | | 9/15/2040 | | 210,000 | | 208,903 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Energy - .9% (continued) | | | | | |
MPLX LP, Sr. Unscd. Notes | | 4.13 | | 3/1/2027 | | 110,000 | | 105,369 | |
MPLX LP, Sr. Unscd. Notes | | 5.20 | | 3/1/2047 | | 210,000 | | 181,012 | |
ONEOK, Inc., Gtd. Notes | | 5.65 | | 11/1/2028 | | 76,000 | | 76,151 | |
Spectra Energy Partners LP, Gtd. Notes | | 4.75 | | 3/15/2024 | | 75,000 | | 74,541 | |
Western Midstream Operating LP, Sr. Unscd. Notes | | 6.15 | | 4/1/2033 | | 42,000 | | 41,836 | |
| | 2,396,994 | |
Environmental Control - .3% | | | | | |
Republic Services, Inc., Sr. Unscd. Notes | | 2.38 | | 3/15/2033 | | 525,000 | b | 417,849 | |
Republic Services, Inc., Sr. Unscd. Notes | | 2.50 | | 8/15/2024 | | 100,000 | | 96,991 | |
Waste Management, Inc., Gtd. Notes | | 2.00 | | 6/1/2029 | | 145,000 | | 122,977 | |
Waste Management, Inc., Gtd. Notes | | 3.15 | | 11/15/2027 | | 100,000 | | 93,342 | |
| | 731,159 | |
Food Products - .2% | | | | | |
Conagra Brands, Inc., Sr. Unscd. Notes | | 1.38 | | 11/1/2027 | | 180,000 | | 153,066 | |
Kraft Heinz Foods Co., Gtd. Notes | | 4.38 | | 6/1/2046 | | 270,000 | | 223,574 | |
Mondelez International, Inc., Sr. Unscd. Notes | | 2.13 | | 3/17/2024 | | 151,000 | | 148,078 | |
| | 524,718 | |
Foreign Governmental - .5% | | | | | |
Hungary, Sr. Unscd. Notes | | 2.13 | | 9/22/2031 | | 200,000 | a | 154,254 | |
Hungary, Sr. Unscd. Notes | | 5.25 | | 6/16/2029 | | 250,000 | a | 245,006 | |
Italy, Sr. Unscd. Notes | | 1.25 | | 2/17/2026 | | 400,000 | | 360,827 | |
Italy, Sr. Unscd. Notes | | 2.88 | | 10/17/2029 | | 225,000 | | 196,198 | |
Mexico, Sr. Unscd. Notes | | 2.66 | | 5/24/2031 | | 310,000 | | 257,256 | |
Uruguay, Sr. Unscd. Bonds | | 4.38 | | 1/23/2031 | | 60,000 | b | 59,084 | |
| | 1,272,625 | |
Health Care - 1.4% | | | | | |
AbbVie, Inc., Sr. Unscd. Notes | | 3.20 | | 11/21/2029 | | 220,000 | | 198,430 | |
Amgen, Inc., Sr. Unscd. Notes | | 3.15 | | 2/21/2040 | | 255,000 | | 190,440 | |
Amgen, Inc., Sr. Unscd. Notes | | 5.65 | | 3/2/2053 | | 225,000 | | 223,211 | |
AstraZeneca PLC, Sr. Unscd. Notes | | 1.38 | | 8/6/2030 | | 160,000 | | 127,363 | |
Biogen, Inc., Sr. Unscd. Notes | | 2.25 | | 5/1/2030 | | 235,000 | | 193,603 | |
Bio-Rad Laboratories, Inc., Sr. Unscd. Notes | | 3.70 | | 3/15/2032 | | 430,000 | | 376,791 | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | 3.20 | | 6/15/2026 | | 89,000 | | 84,930 | |
Bristol-Myers Squibb Co., Sr. Unscd. Notes | | 3.40 | | 7/26/2029 | | 25,000 | | 23,170 | |
Cencora, Inc., Sr. Unscd. Notes | | 3.25 | | 3/1/2025 | | 130,000 | | 125,827 | |
CVS Health Corp., Sr. Unscd. Notes | | 4.30 | | 3/25/2028 | | 50,000 | | 48,049 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Health Care - 1.4% (continued) | | | | | |
CVS Health Corp., Sr. Unscd. Notes | | 5.05 | | 3/25/2048 | | 350,000 | | 307,192 | |
DH Europe Finance II SARL, Gtd. Notes | | 2.60 | | 11/15/2029 | | 180,000 | | 158,808 | |
GE HealthCare Technologies, Inc., Sr. Unscd. Notes | | 5.91 | | 11/22/2032 | | 380,000 | | 389,869 | |
Gilead Sciences, Inc., Sr. Unscd. Notes | | 3.65 | | 3/1/2026 | | 75,000 | | 72,177 | |
Gilead Sciences, Inc., Sr. Unscd. Notes | | 4.75 | | 3/1/2046 | | 110,000 | | 100,235 | |
Illumina, Inc., Sr. Unscd. Notes | | 5.75 | | 12/13/2027 | | 86,000 | | 85,822 | |
Medtronic, Inc., Gtd. Notes | | 4.63 | | 3/15/2045 | | 50,000 | | 46,984 | |
Merck & Co., Inc., Sr. Unscd. Notes | | 3.40 | | 3/7/2029 | | 60,000 | | 55,907 | |
Pfizer, Inc., Sr. Unscd. Notes | | 3.45 | | 3/15/2029 | | 55,000 | | 51,607 | |
Regeneron Pharmaceuticals, Inc., Sr. Unscd. Notes | | 1.75 | | 9/15/2030 | | 112,000 | | 89,193 | |
Royalty Pharma PLC, Gtd. Notes | | 2.15 | | 9/2/2031 | | 325,000 | b | 252,400 | |
The Cigna Group, Gtd. Notes | | 4.38 | | 10/15/2028 | | 295,000 | | 284,258 | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | 2.88 | | 8/15/2029 | | 150,000 | | 134,883 | |
UnitedHealth Group, Inc., Sr. Unscd. Notes | | 4.75 | | 7/15/2045 | | 155,000 | | 144,173 | |
Viatris, Inc., Gtd. Notes | | 2.70 | | 6/22/2030 | | 100,000 | | 81,275 | |
| | 3,846,597 | |
Industrial - .1% | | | | | |
GE Capital Funding LLC, Gtd. Notes | | 4.55 | | 5/15/2032 | | 247,000 | | 235,619 | |
Insurance - .9% | | | | | |
American International Group, Inc., Sr. Unscd. Notes | | 3.90 | | 4/1/2026 | | 60,000 | | 57,947 | |
American International Group, Inc., Sr. Unscd. Notes | | 4.38 | | 6/30/2050 | | 200,000 | | 166,042 | |
Five Corners Funding Trust II, Sr. Unscd. Notes | | 2.85 | | 5/15/2030 | | 260,000 | a | 222,863 | |
Jackson Financial, Inc., Sr. Unscd. Notes | | 3.13 | | 11/23/2031 | | 195,000 | | 153,510 | |
Massachusetts Mutual Life Insurance Co., Sub. Notes | | 3.38 | | 4/15/2050 | | 225,000 | a | 155,946 | |
MassMutual Global Funding II, Scd. Notes | | 2.95 | | 1/11/2025 | | 200,000 | a | 193,111 | |
Metropolitan Life Global Funding I, Sr. Scd. Notes | | 3.00 | | 9/19/2027 | | 545,000 | a | 498,522 | |
New York Life Insurance Co., Sub. Notes | | 3.75 | | 5/15/2050 | | 205,000 | a | 153,161 | |
Pacific Life Global Funding II, Scd. Notes | | 1.20 | | 6/24/2025 | | 375,000 | a | 347,464 | |
Pacific Life Global Funding II, Scd. Notes | | 1.38 | | 4/14/2026 | | 270,000 | a | 243,273 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Insurance - .9% (continued) | | | | | |
Pricoa Global Funding I, Scd. Notes | | 2.40 | | 9/23/2024 | | 155,000 | a | 149,377 | |
Principal Financial Group, Inc., Gtd. Notes | | 4.30 | | 11/15/2046 | | 125,000 | | 98,210 | |
| | 2,439,426 | |
Internet Software & Services - .1% | | | | | |
Meta Platforms, Inc., Sr. Unscd. Notes | | 5.60 | | 5/15/2053 | | 225,000 | | 226,087 | |
Media - .4% | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Scd. Notes | | 4.91 | | 7/23/2025 | | 185,000 | | 181,828 | |
Comcast Corp., Gtd. Notes | | 2.65 | | 2/1/2030 | | 335,000 | | 291,508 | |
Comcast Corp., Gtd. Notes | | 2.89 | | 11/1/2051 | | 210,000 | | 134,774 | |
Comcast Corp., Gtd. Notes | | 6.50 | | 11/15/2035 | | 43,000 | | 47,563 | |
The Walt Disney Company, Gtd. Notes | | 4.00 | | 10/1/2023 | | 55,000 | | 54,925 | |
The Walt Disney Company, Gtd. Notes | | 6.65 | | 11/15/2037 | | 245,000 | | 276,297 | |
| | 986,895 | |
Metals & Mining - .2% | | | | | |
Anglo American Capital PLC, Gtd. Notes | | 2.63 | | 9/10/2030 | | 400,000 | a,b | 328,075 | |
Glencore Funding LLC, Gtd. Notes | | 2.63 | | 9/23/2031 | | 415,000 | a | 330,723 | |
| | 658,798 | |
Municipal Securities - .5% | | | | | |
Arizona Department of Transportation Highway Fund, Revenue Bonds, Refunding | | 2.46 | | 7/1/2030 | | 45,000 | | 38,995 | |
California, GO, Ser. A | | 2.38 | | 10/1/2026 | | 230,000 | | 213,193 | |
Central Florida Tourism Oversight District, GO, Refunding, Ser. A | | 2.40 | | 6/1/2032 | | 65,000 | | 53,205 | |
Central Florida Tourism Oversight District, GO, Refunding, Ser. A | | 2.45 | | 6/1/2033 | | 65,000 | | 52,270 | |
Central Florida Tourism Oversight District, GO, Refunding, Ser. A | | 2.50 | | 6/1/2034 | | 50,000 | | 39,545 | |
Connecticut, GO, Ser. A | | 2.10 | | 7/1/2025 | | 40,000 | | 37,943 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | | 2.92 | | 11/1/2050 | | 160,000 | | 115,126 | |
Honolulu City & County Wastewater System, Revenue Bonds, Refunding, Ser. B | | 2.50 | | 7/1/2027 | | 25,000 | | 23,080 | |
Los Angeles Department of Water & Power, Revenue Bonds (Build America Bonds) | | 5.72 | | 7/1/2039 | | 120,000 | | 125,950 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Municipal Securities - .5% (continued) | | | | | |
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | | 2.44 | | 10/15/2027 | | 115,000 | | 104,462 | |
Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) | | 6.55 | | 11/15/2031 | | 225,000 | | 233,293 | |
Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) Ser. A2 | | 6.09 | | 11/15/2040 | | 10,000 | | 10,685 | |
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. C | | 2.55 | | 10/1/2028 | | 250,000 | | 223,878 | |
New York City, GO (Build America Bonds) Ser. D | | 5.99 | | 12/1/2036 | | 135,000 | | 142,086 | |
Wisconsin, Revenue Bonds, Refunding, Ser. A | | 2.20 | | 5/1/2027 | | 135,000 | | 122,971 | |
| | 1,536,682 | |
Real Estate - 1.2% | | | | | |
Alexandria Real Estate Equities, Inc., Gtd. Notes | | 3.80 | | 4/15/2026 | | 225,000 | | 216,011 | |
Alexandria Real Estate Equities, Inc., Gtd. Notes | | 4.50 | | 7/30/2029 | | 165,000 | | 156,446 | |
American Homes 4 Rent LP, Sr. Unscd. Notes | | 2.38 | | 7/15/2031 | | 90,000 | | 71,387 | |
American Tower Corp., Sr. Unscd. Notes | | 5.55 | | 7/15/2033 | | 240,000 | | 237,778 | |
AvalonBay Communities, Inc., Sr. Unscd. Notes | | 3.30 | | 6/1/2029 | | 215,000 | | 194,545 | |
Crown Castle, Inc., Sr. Unscd. Notes | | 2.25 | | 1/15/2031 | | 740,000 | | 594,927 | |
Equinix, Inc., Sr. Unscd. Notes | | 2.50 | | 5/15/2031 | | 310,000 | | 251,442 | |
Extra Space Storage LP, Gtd. Notes | | 5.70 | | 4/1/2028 | | 64,000 | | 64,335 | |
Healthcare Realty Holdings LP, Gtd. Notes | | 3.10 | | 2/15/2030 | | 235,000 | | 200,526 | |
Prologis LP, Sr. Unscd. Notes | | 2.13 | | 4/15/2027 | | 40,000 | | 36,067 | |
Prologis LP, Sr. Unscd. Notes | | 2.25 | | 4/15/2030 | | 120,000 | | 100,856 | |
Realty Income Corp., Sr. Unscd. Notes | | 2.85 | | 12/15/2032 | | 225,000 | | 182,558 | |
SBA Tower Trust, Asset Backed Notes | | 2.84 | | 1/15/2025 | | 210,000 | a | 200,435 | |
Simon Property Group LP, Sr. Unscd. Notes | | 3.50 | | 9/1/2025 | | 230,000 | | 221,707 | |
Spirit Realty LP, Gtd. Notes | | 2.10 | | 3/15/2028 | | 340,000 | | 290,370 | |
WP Carey, Inc., Sr. Unscd. Notes | | 2.25 | | 4/1/2033 | | 295,000 | | 219,597 | |
WP Carey, Inc., Sr. Unscd. Notes | | 2.40 | | 2/1/2031 | | 175,000 | | 140,075 | |
| | 3,379,062 | |
Retailing - .2% | | | | | |
7-Eleven, Inc., Sr. Unscd. Notes | | 2.80 | | 2/10/2051 | | 280,000 | a | 170,824 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Retailing - .2% (continued) | | | | | |
Dollar General Corp., Sr. Unscd. Notes | | 3.50 | | 4/3/2030 | | 200,000 | | 177,898 | |
Dollar Tree, Inc., Sr. Unscd. Notes | | 4.20 | | 5/15/2028 | | 110,000 | | 104,466 | |
Lowe's Cos., Inc., Sr. Unscd. Notes | | 5.63 | | 4/15/2053 | | 230,000 | | 223,600 | |
| | 676,788 | |
Semiconductors & Semiconductor Equipment - .2% | | | | | |
Broadcom, Inc., Sr. Unscd. Notes | | 3.42 | | 4/15/2033 | | 225,000 | a | 186,538 | |
NXP BV/ NXP Funding LLC/ NXP USA, Inc., Gtd. Notes | | 2.65 | | 2/15/2032 | | 410,000 | | 328,683 | |
| | 515,221 | |
Technology Hardware & Equipment - .1% | | | | | |
Dell International LLC/EMC Corp., Sr. Unscd. Notes | | 6.02 | | 6/15/2026 | | 68,000 | | 68,734 | |
Hewlett Packard Enterprise Co., Sr. Unscd. Notes | | 4.90 | | 10/15/2025 | | 105,000 | | 103,659 | |
| | 172,393 | |
Telecommunication Services - .6% | | | | | |
AT&T, Inc., Sr. Unscd. Notes | | 2.55 | | 12/1/2033 | | 438,000 | | 334,374 | |
Sprint Spectrum Co. LLC/ Sprint Spectrum Co. II LLC/ Sprint Spectrum Co. III LLC, Sr. Scd. Notes | | 4.74 | | 3/20/2025 | | 87,500 | a | 86,641 | |
Telefonica Emisiones SA, Gtd. Notes | | 5.21 | | 3/8/2047 | | 150,000 | | 125,799 | |
T-Mobile USA, Inc., Gtd. Notes | | 2.55 | | 2/15/2031 | | 155,000 | | 127,805 | |
T-Mobile USA, Inc., Gtd. Notes | | 3.88 | | 4/15/2030 | | 270,000 | | 246,538 | |
T-Mobile USA, Inc., Gtd. Notes | | 5.20 | | 1/15/2033 | | 180,000 | | 176,478 | |
Verizon Communications, Inc., Sr. Unscd. Notes | | 2.36 | | 3/15/2032 | | 51,000 | | 40,353 | |
Verizon Communications, Inc., Sr. Unscd. Notes | | 3.88 | | 2/8/2029 | | 140,000 | | 130,895 | |
Verizon Communications, Inc., Sr. Unscd. Notes | | 4.02 | | 12/3/2029 | | 495,000 | | 460,410 | |
| | 1,729,293 | |
Transportation - .4% | | | | | |
Canadian Pacific Railway Co., Gtd. Notes | | 2.45 | | 12/2/2031 | | 130,000 | | 115,414 | |
Canadian Pacific Railway Co., Gtd. Notes | | 3.00 | | 12/2/2041 | | 125,000 | | 103,857 | |
CSX Corp., Sr. Unscd. Notes | | 2.60 | | 11/1/2026 | | 380,000 | | 352,010 | |
CSX Corp., Sr. Unscd. Notes | | 3.35 | | 11/1/2025 | | 205,000 | | 197,112 | |
FedEx Corp., Gtd. Notes | | 4.40 | | 1/15/2047 | | 205,000 | | 168,837 | |
Ryder System, Inc., Sr. Unscd. Notes | | 5.25 | | 6/1/2028 | | 158,000 | | 156,128 | |
| | 1,093,358 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
U.S. Government Agencies Collateralized Mortgage Obligations - .4% | | | | | |
Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-2, Cl. A2C | | 2.75 | | 9/25/2029 | | 265,000 | d | 232,282 | |
Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-3, Cl. A2C | | 2.75 | | 11/25/2029 | | 255,000 | d | 217,977 | |
Government National Mortgage Association, Ser. 2022-173, Cl. PQ | | 5.00 | | 6/20/2051 | | 491,536 | | 479,460 | |
Government National Mortgage Association, Ser. 2022-177, CI. PL | | 6.00 | | 6/20/2051 | | 250,984 | | 255,632 | |
| | 1,185,351 | |
U.S. Government Agencies Collateralized Municipal-Backed Securities - .6% | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K089, Cl. A2 | | 3.56 | | 1/25/2029 | | 560,000 | d | 528,574 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K090, Cl. A2 | | 3.42 | | 2/25/2029 | | 545,000 | d | 510,279 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K095, Cl. A2 | | 2.79 | | 6/25/2029 | | 775,000 | d | 698,982 | |
| | 1,737,835 | |
U.S. Government Agencies Mortgage-Backed - 10.1% | | | | | |
Federal Home Loan Mortgage Corp.: | | | |
2.00%, 9/1/2050-12/1/2051 | | | 2,448,251 | d | 1,957,372 | |
2.50%, 11/1/2027-9/1/2050 | | | 1,322,716 | d | 1,114,142 | |
3.00%, 6/1/2031-12/1/2046 | | | 499,509 | d | 444,624 | |
3.50%, 4/1/2035-9/1/2049 | | | 1,305,418 | d | 1,208,058 | |
5.50%, 1/1/2036-8/1/2053 | | | 1,000,716 | d | 994,696 | |
Federal National Mortgage Association: | | | |
1.50%, 3/1/2051 | | | 495,498 | d | 374,515 | |
2.00%, 8/1/2036-12/1/2051 | | | 5,910,036 | d | 4,770,176 | |
2.50%, 9/1/2028-1/1/2052 | | | 3,966,784 | d | 3,342,875 | |
3.00%, 6/1/2028-12/1/2050 | | | 3,309,977 | d | 2,950,464 | |
3.50%, 8/1/2034-10/1/2050 | | | 3,149,853 | d | 2,882,578 | |
4.00%, 7/1/2042-8/1/2052 | | | 3,959,612 | d | 3,690,124 | |
4.50%, 2/1/2039-10/1/2052 | | | 2,262,019 | d | 2,171,816 | |
5.00%, 4/1/2035-12/1/2048 | | | 262,919 | d | 260,095 | |
5.50%, 9/1/2034-5/1/2039 | | | 22,081 | d | 21,984 | |
8.00%, 3/1/2030 | | | 72 | d | 72 | |
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
U.S. Government Agencies Mortgage-Backed - 10.1% (continued) | | | | | |
Government National Mortgage Association I: | | | |
5.50%, 4/15/2033 | | | 7,365 | | 7,383 | |
Government National Mortgage Association II: | | | |
3.00%, 1/20/2045-9/20/2051 | | | 1,287,261 | | 1,141,395 | |
3.50%, 7/20/2047-2/20/2052 | | | 809,340 | | 738,616 | |
4.00%, 10/20/2047-1/20/2048 | | | 197,319 | | 186,823 | |
4.50%, 7/20/2048 | | | 63,590 | | 61,293 | |
| | 28,319,101 | |
U.S. Treasury Securities - 9.0% | | | | | |
U.S. Treasury Bonds | | 1.75 | | 8/15/2041 | | 5,675,000 | b | 3,815,551 | |
U.S. Treasury Bonds | | 2.25 | | 2/15/2052 | | 6,280,000 | | 4,238,509 | |
U.S. Treasury Bonds | | 2.38 | | 5/15/2051 | | 2,353,000 | | 1,635,887 | |
U.S. Treasury Notes | | 0.88 | | 9/30/2026 | | 2,535,000 | | 2,275,262 | |
U.S. Treasury Notes | | 3.63 | | 5/31/2028 | | 2,250,000 | | 2,188,521 | |
U.S. Treasury Notes | | 3.63 | | 3/31/2030 | | 915,000 | b | 883,976 | |
U.S. Treasury Notes | | 4.13 | | 7/31/2028 | | 4,314,000 | b | 4,289,060 | |
U.S. Treasury Notes | | 4.75 | | 7/31/2025 | | 5,800,000 | b | 5,784,820 | |
| | 25,111,586 | |
Utilities - .9% | | | | | |
American Electric Power Co., Inc., Sr. Unscd. Notes | | 3.25 | | 3/1/2050 | | 155,000 | | 102,048 | |
Berkshire Hathaway Energy Co., Sr. Unscd. Notes | | 3.25 | | 4/15/2028 | | 95,000 | | 87,482 | |
Consolidated Edison Company of New York, Inc., Sr. Unscd. Debs., Ser. 20A | | 3.35 | | 4/1/2030 | | 170,000 | | 153,520 | |
Dominion Energy, Inc., Sr. Unscd. Notes | | 3.90 | | 10/1/2025 | | 165,000 | | 159,584 | |
Duke Energy Corp., Sr. Unscd. Notes | | 3.15 | | 8/15/2027 | | 275,000 | | 254,473 | |
Electricite de France SA, Sr. Unscd. Notes | | 6.25 | | 5/23/2033 | | 200,000 | a | 205,980 | |
Eversource Energy, Sr. Unscd. Notes, Ser. O | | 4.25 | | 4/1/2029 | | 215,000 | | 204,520 | |
Kentucky Utilities Co., First Mortgage Bonds | | 4.38 | | 10/1/2045 | | 105,000 | | 86,325 | |
Louisville Gas & Electric Co., First Mortgage Bonds | | 4.38 | | 10/1/2045 | | 125,000 | | 102,406 | |
NiSource, Inc., Sr. Unscd. Notes | | 5.25 | | 3/30/2028 | | 25,000 | | 24,910 | |
NiSource, Inc., Sr. Unscd. Notes | | 5.65 | | 2/1/2045 | | 230,000 | | 221,484 | |
NRG Energy, Inc., Sr. Scd. Notes | | 2.45 | | 12/2/2027 | | 440,000 | a | 373,978 | |
Sempra, Sr. Unscd. Notes | | 3.40 | | 2/1/2028 | | 100,000 | | 92,616 | |
Sierra Pacific Power Co., Mortgage Notes, Ser. P | | 6.75 | | 7/1/2037 | | 25,000 | | 26,428 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 35.9% (continued) | | | | | |
Utilities - .9% (continued) | | | | | |
Southern California Edison Co., First Mortgage Bonds | | 3.65 | | 2/1/2050 | | 40,000 | | 29,055 | |
Southern California Edison Co., First Mortgage Bonds, Ser. A | | 4.20 | | 3/1/2029 | | 235,000 | | 223,127 | |
The AES Corp., Sr. Unscd. Notes | | 5.45 | | 6/1/2028 | | 132,000 | | 129,624 | |
| | 2,477,560 | |
Total Bonds and Notes
(cost $111,901,260) | | 100,313,203 | |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% | | | | | |
Advertising - .6% | | | | | |
Omnicom Group, Inc. | | | | | | 6,590 | | 533,856 | |
Publicis Groupe SA | | | | | | 7,278 | | 568,690 | |
The Interpublic Group of Companies, Inc. | | | | | | 16,271 | | 530,597 | |
| | 1,633,143 | |
Aerospace & Defense - 1.3% | | | | | |
BAE Systems PLC | | | | | | 21,560 | | 275,171 | |
Howmet Aerospace, Inc. | | | | | | 22,393 | | 1,107,782 | |
Melrose Industries PLC | | | | | | 16,118 | | 104,664 | |
Northrop Grumman Corp. | | | | | | 2,373 | | 1,027,723 | |
The Boeing Company | | | | | | 4,527 | e | 1,014,184 | |
| | 3,529,524 | |
Agriculture - .5% | | | | | |
Bunge Ltd. | | | | | | 6,260 | | 715,643 | |
Imperial Brands PLC | | | | | | 11,677 | | 264,710 | |
Philip Morris International, Inc. | | | | | | 5,372 | | 516,034 | |
| | 1,496,387 | |
Automobiles & Components - .5% | | | | | |
Cie Generale des Etablissements Michelin SCA | | | | | | 10,708 | | 335,680 | |
Daimler Truck Holding AG | | | | | | 2,279 | | 80,290 | |
General Motors Co. | | | | | | 14,070 | | 471,486 | |
Mercedes-Benz Group AG | | | | | | 6,728 | | 492,739 | |
| | 1,380,195 | |
Banks - 1.4% | | | | | |
BNP Paribas SA | | | | | | 9,150 | | 592,431 | |
ING Groep NV | | | | | | 22,697 | | 322,411 | |
JPMorgan Chase & Co. | | | | | | 17,471 | | 2,556,531 | |
Mizuho Financial Group, Inc. | | | | | | 6,300 | | 104,354 | |
Sumitomo Mitsui Financial Group, Inc. | | | | | | 9,100 | | 417,864 | |
| | 3,993,591 | |
| | | | | | | | | | |
| |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% (continued) | | | | | |
Beverage Products - .2% | | | | | |
Diageo PLC | | | | | | 14,411 | | 592,129 | |
Building Materials - .5% | | | | | |
Heidelberg Materials AG | | | | | | 1,151 | | 92,708 | |
Trane Technologies PLC | | | | | | 6,140 | | 1,260,296 | |
| | 1,353,004 | |
Chemicals - .3% | | | | | |
CF Industries Holdings, Inc. | | | | | | 6,071 | | 467,892 | |
Evonik Industries AG | | | | | | 11,173 | | 214,504 | |
Yara International ASA | | | | | | 2,525 | | 92,363 | |
| | 774,759 | |
Commercial & Professional Services - 1.3% | | | | | |
Ashtead Group PLC | | | | | | 2,546 | | 178,164 | |
Block, Inc. | | | | | | 18,968 | e | 1,093,505 | |
Brambles Ltd. | | | | | | 10,236 | | 99,287 | |
Cintas Corp. | | | | | | 1,885 | | 950,361 | |
CoStar Group, Inc. | | | | | | 17,171 | e | 1,407,850 | |
| | 3,729,167 | |
Consumer Discretionary - 1.5% | | | | | |
Aristocrat Leisure Ltd. | | | | | | 2,074 | | 54,963 | |
Bunzl PLC | | | | | | 2,364 | | 84,750 | |
Dolby Laboratories, Inc., Cl. A | | | | | | 5,745 | | 485,280 | |
Ferguson PLC | | | | | | 665 | | 108,209 | |
Hasbro, Inc. | | | | | | 4,806 | | 346,032 | |
International Game Technology PLC | | | | | | 20,871 | | 668,289 | |
ITOCHU Corp. | | | | | | 10,800 | | 406,183 | |
Las Vegas Sands Corp. | | | | | | 22,284 | | 1,222,500 | |
Peloton Interactive, Inc., Cl. A | | | | | | 43,385 | e | 276,796 | |
Planet Fitness, Inc., Cl. A | | | | | | 8,190 | e | 497,952 | |
Sony Group Corp. | | | | | | 2,400 | | 200,337 | |
| | 4,351,291 | |
Consumer Durables & Apparel - .1% | | | | | |
Burberry Group PLC | | | | | | 9,047 | | 250,303 | |
LVMH Moet Hennessy Louis Vuitton SE | | | | | | 173 | | 146,735 | |
| | 397,038 | |
Consumer Staples - .7% | | | | | |
Haleon PLC | | | | | | 21,596 | | 88,229 | |
Kenvue, Inc. | | | | | | 47,901 | | 1,104,118 | |
The Estee Lauder Companies, Inc., Cl. A | | | | | | 3,625 | | 581,921 | |
Unilever PLC | | | | | | 1,638 | | 83,872 | |
| | 1,858,140 | |
Diversified Financials - 2.5% | | | | | |
Ameriprise Financial, Inc. | | | | | | 1,955 | | 659,969 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% (continued) | | | | | |
Diversified Financials - 2.5% (continued) | | | | | |
ASX Ltd. | | | | | | 10,246 | | 382,334 | |
CME Group, Inc. | | | | | | 9,276 | | 1,880,060 | |
LPL Financial Holdings, Inc. | | | | | | 3,534 | | 814,905 | |
Morgan Stanley | | | | | | 7,519 | | 640,243 | |
Singapore Exchange Ltd. | | | | | | 28,700 | | 204,507 | |
The Charles Schwab Corp. | | | | | | 16,207 | | 958,644 | |
The Goldman Sachs Group, Inc. | | | | | | 1,595 | | 522,697 | |
Voya Financial, Inc. | | | | | | 15,515 | | 1,081,085 | |
| | 7,144,444 | |
Electronic Components - .7% | | | | | |
AMETEK, Inc. | | | | | | 8,821 | | 1,407,038 | |
Casio Computer Co. Ltd. | | | | | | 15,600 | | 138,475 | |
Hubbell, Inc. | | | | | | 1,119 | | 364,850 | |
| | 1,910,363 | |
Energy - 5.0% | | | | | |
BP PLC | | | | | | 32,854 | | 202,895 | |
ConocoPhillips | | | | | | 9,673 | | 1,151,377 | |
Eni SPA | | | | | | 20,073 | | 310,908 | |
EQT Corp. | | | | | | 76,346 | | 3,299,674 | |
Hess Corp. | | | | | | 9,038 | | 1,396,371 | |
Marathon Petroleum Corp. | | | | | | 10,593 | | 1,512,363 | |
Occidental Petroleum Corp. | | | | | | 25,328 | | 1,590,345 | |
OMV AG | | | | | | 4,276 | | 198,311 | |
Schlumberger NV | | | | | | 41,016 | | 2,418,303 | |
Shell PLC | | | | | | 16,843 | | 514,535 | |
Shell PLC, ADR | | | | | | 20,763 | | 1,289,175 | |
| | 13,884,257 | |
Environmental Control - .2% | | | | | |
Waste Connections, Inc. | | | | | | 3,968 | | 543,576 | |
Financials - .5% | | | | | |
Ares Management Corp., Cl. A | | | | | | 12,617 | | 1,305,103 | |
Food Products - .2% | | | | | |
Koninklijke Ahold Delhaize NV | | | | | | 7,368 | | 241,083 | |
Tate & Lyle PLC | | | | | | 35,667 | | 319,218 | |
| | 560,301 | |
Health Care - 11.1% | | | | | |
AbbVie, Inc. | | | | | | 8,532 | | 1,253,863 | |
Alcon, Inc. | | | | | | 5,831 | | 483,915 | |
Align Technology, Inc. | | | | | | 2,824 | e | 1,045,275 | |
Alnylam Pharmaceuticals, Inc. | | | | | | 3,545 | e | 701,272 | |
Baxter International, Inc. | | | | | | 8,296 | | 336,818 | |
Bayer AG | | | | | | 8,130 | | 445,549 | |
Becton, Dickinson & Co. | | | | | | 6,762 | | 1,889,641 | |
Biogen, Inc. | | | | | | 1,585 | e | 423,766 | |
| | | | | | | | | | |
| |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% (continued) | | | | | |
Health Care - 11.1% (continued) | | | | | |
BioMarin Pharmaceutical, Inc. | | | | | | 11,364 | e | 1,038,442 | |
Bio-Techne Corp. | | | | | | 7,723 | | 605,483 | |
Boston Scientific Corp. | | | | | | 31,789 | e | 1,714,699 | |
Centene Corp. | | | | | | 11,176 | e | 689,000 | |
Danaher Corp. | | | | | | 11,073 | | 2,934,345 | |
DexCom, Inc. | | | | | | 8,648 | e | 873,275 | |
Edwards Lifesciences Corp. | | | | | | 11,700 | e | 894,699 | |
Eli Lilly & Co. | | | | | | 3,757 | | 2,082,129 | |
Euroapi SA | | | | | | 191 | e | 2,600 | |
FUJIFILM Holdings Corp. | | | | | | 1,900 | | 112,489 | |
GE HealthCare Technologies, Inc. | | | | | | 6,796 | | 478,778 | |
Gilead Sciences, Inc. | | | | | | 10,708 | | 818,948 | |
Globus Medical, Inc., Cl. A | | | | | | 6,012 | e | 325,249 | |
GSK PLC | | | | | | 27,162 | | 477,870 | |
Horizon Therapeutics PLC | | | | | | 4,096 | e | 461,783 | |
Illumina, Inc. | | | | | | 5,058 | e | 835,683 | |
Intuitive Surgical, Inc. | | | | | | 4,172 | e | 1,304,501 | |
McKesson Corp. | | | | | | 1,405 | | 579,310 | |
Medtronic PLC | | | | | | 22,011 | | 1,793,897 | |
Novartis AG | | | | | | 979 | | 98,981 | |
Regeneron Pharmaceuticals, Inc. | | | | | | 1,126 | e | 930,628 | |
Repligen Corp. | | | | | | 3,593 | e | 624,859 | |
Roche Holding AG | | | | | | 1,888 | | 556,344 | |
Sanofi | | | | | | 5,369 | | 574,270 | |
Sanofi, ADR | | | | | | 12,121 | | 644,595 | |
Sarepta Therapeutics, Inc. | | | | | | 8,522 | e | 1,031,247 | |
Shionogi & Co. Ltd. | | | | | | 3,800 | | 167,598 | |
Sonova Holding AG | | | | | | 548 | | 144,979 | |
The Cooper Companies, Inc. | | | | | | 1,498 | | 554,245 | |
UnitedHealth Group, Inc. | | | | | | 1,103 | | 525,668 | |
Zoetis, Inc. | | | | | | 3,002 | | 571,911 | |
| | 31,028,604 | |
Industrial - 1.0% | | | | | |
ACS Actividades de Construccion y Servicios SA | | | | | | 3,356 | | 117,870 | |
Eaton Corp. PLC | | | | | | 4,261 | | 981,607 | |
Ingersoll Rand, Inc. | | | | | | 18,179 | | 1,265,440 | |
Mitsubishi Electric Corp. | | | | | | 6,700 | | 87,448 | |
Vinci SA | | | | | | 2,283 | | 254,885 | |
| | 2,707,250 | |
Information Technology - 5.4% | | | | | |
Akamai Technologies, Inc. | | | | | | 6,784 | e | 712,931 | |
Ansys, Inc. | | | | | | 3,625 | e | 1,155,904 | |
Bill Holdings, Inc. | | | | | | 4,915 | e | 566,700 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% (continued) | | | | | |
Information Technology - 5.4% (continued) | | | | | |
CACI International, Inc., Cl. A | | | | | | 1,958 | e | 642,244 | |
Dynatrace, Inc. | | | | | | 12,061 | e | 581,340 | |
HubSpot, Inc. | | | | | | 2,486 | e | 1,358,649 | |
International Business Machines Corp. | | | | | | 3,413 | | 501,131 | |
Microsoft Corp. | | | | | | 20,232 | | 6,631,240 | |
Roper Technologies, Inc. | | | | | | 2,416 | | 1,205,729 | |
Snowflake, Inc., Cl. A | | | | | | 4,325 | e | 678,376 | |
Twilio, Inc., Cl. A | | | | | | 16,840 | e | 1,072,876 | |
| | 15,107,120 | |
Insurance - 4.0% | | | | | |
Allianz SE | | | | | | 850 | | 206,783 | |
American International Group, Inc. | | | | | | 13,132 | | 768,485 | |
Aon PLC, Cl. A | | | | | | 2,671 | | 890,485 | |
Assurant, Inc. | | | | | | 12,470 | | 1,737,445 | |
AXA SA | | | | | | 4,700 | | 141,554 | |
Berkshire Hathaway, Inc., Cl. B | | | | | | 8,859 | e | 3,191,012 | |
Everest Group Ltd. | | | | | | 2,119 | | 764,281 | |
Hiscox Ltd. | | | | | | 25,195 | | 318,372 | |
Muenchener Rueckversicherungs-Gesellschaft AG | | | | | | 708 | | 274,997 | |
RenaissanceRe Holdings Ltd. | | | | | | 5,205 | | 977,967 | |
The Allstate Corp. | | | | | | 6,809 | | 734,078 | |
The Progressive Corp. | | | | | | 8,103 | | 1,081,507 | |
| | 11,086,966 | |
Internet Software & Services - 6.1% | | | | | |
Alphabet, Inc., Cl. A | | | | | | 6,041 | e | 822,603 | |
Alphabet, Inc., Cl. C | | | | | | 46,149 | e | 6,338,565 | |
Amazon.com, Inc. | | | | | | 46,374 | e | 6,400,076 | |
Chewy, Inc., Cl. A | | | | | | 13,195 | e | 316,416 | |
Farfetch Ltd., Cl. A | | | | | | 15,379 | e | 43,830 | |
Meta Platforms, Inc., Cl. A | | | | | | 1,039 | e | 307,430 | |
Shopify, Inc., Cl. A | | | | | | 26,565 | e | 1,766,307 | |
Trend Micro, Inc. | | | | | | 1,100 | | 46,791 | |
Uber Technologies, Inc. | | | | | | 20,148 | e | 951,590 | |
| | 16,993,608 | |
Media - .5% | | | | | |
Netflix, Inc. | | | | | | 1,462 | e | 634,040 | |
The Walt Disney Company | | | | | | 7,696 | e | 644,001 | |
| | 1,278,041 | |
Metals & Mining - .9% | | | | | |
Alcoa Corp. | | | | | | 24,762 | | 744,841 | |
Freeport-McMoRan, Inc. | | | | | | 36,076 | | 1,439,793 | |
| | | | | | | | | | |
| |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% (continued) | | | | | |
Metals & Mining - ..9% (continued) | | | | | |
Rio Tinto PLC | | | | | | 3,983 | | 245,850 | |
| | 2,430,484 | |
Real Estate - .1% | | | | | |
Klepierre SA | | | | | | 4,781 | | 126,496 | |
Sun Hung Kai Properties Ltd. | | | | | | 15,500 | | 174,520 | |
| | 301,016 | |
Retailing - .7% | | | | | |
Lululemon Athletica, Inc. | | | | | | 1,157 | e | 441,118 | |
Restaurant Brands International, Inc. | | | | | | 7,788 | | 540,877 | |
RH | | | | | | 1,555 | e | 567,870 | |
Ross Stores, Inc. | | | | | | 3,035 | | 369,693 | |
| | 1,919,558 | |
Semiconductors & Semiconductor Equipment - 4.0% | | | | | |
Advantest Corp. | | | | | | 700 | | 88,092 | |
Applied Materials, Inc. | | | | | | 16,285 | | 2,487,697 | |
ASML Holding NV | | | | | | 570 | | 375,731 | |
Intel Corp. | | | | | | 18,864 | | 662,881 | |
Lam Research Corp. | | | | | | 483 | | 339,259 | |
Micron Technology, Inc. | | | | | | 13,962 | | 976,502 | |
NVIDIA Corp. | | | | | | 11,926 | | 5,886,077 | |
Renesas Electronics Corp. | | | | | | 10,900 | e | 183,583 | |
STMicroelectronics NV | | | | | | 1,848 | | 87,499 | |
Tokyo Electron Ltd. | | | | | | 1,200 | | 177,944 | |
| | 11,265,265 | |
Technology Hardware & Equipment - 3.0% | | | | | |
Apple, Inc. | | | | | | 40,624 | | 7,632,031 | |
Check Point Software Technologies Ltd. | | | | | | 3,780 | e | 508,750 | |
Fujitsu Ltd. | | | | | | 1,100 | | 137,637 | |
Teleperformance SE | | | | | | 833 | | 115,482 | |
| | 8,393,900 | |
Telecommunication Services - .8% | | | | | |
Cisco Systems, Inc. | | | | | | 28,594 | | 1,639,866 | |
Nippon Telegraph & Telephone Corp. | | | | | | 190,000 | | 219,781 | |
Orange SA | | | | | | 44,060 | | 494,869 | |
| | 2,354,516 | |
Transportation - .6% | | | | | |
AP Moller - Maersk A/S, Cl. B | | | | | | 39 | | 70,957 | |
Deutsche Post AG | | | | | | 5,345 | | 249,714 | |
FedEx Corp. | | | | | | 3,994 | | 1,042,514 | |
Kuehne + Nagel International AG | | | | | | 791 | | 238,101 | |
| | 1,601,286 | |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 56.8% (continued) | | | | | |
Utilities - .6% | | | | | |
Constellation Energy Corp. | | | | | | 13,115 | | 1,366,059 | |
Enel SPA | | | | | | 25,892 | | 174,352 | |
SSE PLC | | | | | | 10,197 | | 210,104 | |
| | 1,750,515 | |
Total Common Stocks
(cost $121,091,946) | | 158,654,541 | |
| | | | | | | | | |
Preferred Stocks - .1% | | | | | |
Automobiles & Components - .1% | | | | | |
Volkswagen AG
(cost $262,276) | | 25.08 | | | | 1,687 | | 206,784 | |
| | | | | | | | | |
Exchange-Traded Funds - 3.2% | | | | | |
Registered Investment Companies - 3.2% | | | | | |
iShares Core U.S. Aggregate Bond ETF | | | | | | 41,789 | | 4,045,175 | |
iShares MSCI EAFE ETF | | | | | | 6,143 | | 439,409 | |
SPDR S&P 500 ETF Trust | | | | | | 9,981 | | 4,494,943 | |
Total Exchange-Traded Funds
(cost $9,019,700) | | 8,979,527 | |
Description | 1-Day
Yield (%) | | | | Shares | | Value ($) | |
Investment Companies - 3.9% | | | | | |
Registered Investment Companies - 3.9% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $10,999,116) | | 5.41 | | | | 10,999,116 | f | 10,999,116 | |
| | | | | | | | | |
Investment of Cash Collateral for Securities Loaned - 4.0% | | | | | |
Registered Investment Companies - 4.0% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $11,255,256) | | 5.41 | | | | 11,255,256 | f | 11,255,256 | |
Total Investments (cost $264,529,554) | | 103.9% | 290,408,427 | |
Liabilities, Less Cash and Receivables | | (3.9%) | (10,808,794) | |
Net Assets | | 100.0% | 279,599,633 | |
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GO—General Obligation
PRIME—Prime Lending Rate
SPDR—Standard & Poor's Depository Receipt
TSFR—Term Secured Overnight Financing Rate Reference Rates
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 August 31, 2023, these securities were valued at $8,591,459 or 3.07% of net assets.
b Security, or portion thereof, on loan. At August 31, 2023, the value of the fund’s securities on loan was $13,440,358 and the value of the collateral was $13,772,584, consisting of cash collateral of $11,255,256 and U.S. Government & Agency securities valued at $2,517,328. In addition, the value of collateral may include pending sales that are also on loan.
c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Non-income producing security.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Balanced Opportunity Fund
August 31, 2023 (Unaudited)
The following is a summary of the inputs used as of August 31, 2023 in valuing the fund’s investments:
| | | | | | | |
| | Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | | Level 3-Significant Unobservable Inputs | Total | |
Assets ($) | | |
Investments in Securities:† | | |
Asset-Backed Securities | - | 4,496,331 | | - | 4,496,331 | |
Commercial Mortgage-Backed | - | 2,043,891 | | - | 2,043,891 | |
Corporate Bonds | - | 34,609,801 | | - | 34,609,801 | |
Equity Securities - Common Stocks | 158,654,541 | - | | - | 158,654,541 | |
Equity Securities - Preferred Stocks | 206,784 | - | | - | 206,784 | |
Exchange-Traded Funds | 8,979,527 | - | | - | 8,979,527 | |
Foreign Governmental | - | 1,272,625 | | - | 1,272,625 | |
Investment Companies | 22,254,372 | - | | - | 22,254,372 | |
Municipal Securities | - | 1,536,682 | | - | 1,536,682 | |
U.S. Government Agencies Collateralized Mortgage Obligations | - | 1,185,351 | | - | 1,185,351 | |
U.S. Government Agencies Collateralized Municipal-Backed Securities | - | 1,737,835 | | - | 1,737,835 | |
U.S. Government Agencies Mortgage-Backed | - | 28,319,101 | | - | 28,319,101 | |
U.S. Treasury Securities | - | 25,111,586 | | - | 25,111,586 | |
† 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:
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.
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.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 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.
Financial futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 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.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at August 31, 2023 is discussed below.
At August 31, 2023, accumulated net unrealized appreciation on investments was $25,878,873, consisting of $43,597,879 gross unrealized appreciation and $17,719,006 gross unrealized depreciation
At August 31, 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.
