STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
February 29, 2020 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% | |||||||
Automobiles & Components - 2.0% | |||||||
Fox Factory Holding | 16,215 | a,b | 1,028,031 | ||||
LCI Industries | 41,534 | a | 4,010,108 | ||||
Thor Industries | 62,840 | a | 4,738,764 | ||||
Visteon | 9,600 | a,b | 624,384 | ||||
10,401,287 | |||||||
Banks - 12.2% | |||||||
Atlantic Union Bankshares | 44,160 | 1,313,318 | |||||
Bank of Hawaii | 55,190 | a | 4,107,240 | ||||
BankUnited | 31,670 | 940,599 | |||||
Banner | 68,832 | 3,141,492 | |||||
Brookline Bancorp | 98,780 | 1,370,079 | |||||
Bryn Mawr Bank | 27,100 | 900,804 | |||||
Camden National | 26,170 | 1,073,232 | |||||
Centerstate Bank | 247,391 | 5,004,720 | |||||
City Holding | 14,700 | a | 1,027,824 | ||||
Columbia Banking System | 94,620 | a | 3,141,384 | ||||
Community Bank System | 17,165 | a | 1,043,804 | ||||
CVB Financial | 50,840 | 942,574 | |||||
Essent Group | 72,345 | 3,157,136 | |||||
First Bancorp | 29,950 | 961,395 | |||||
First Financial | 30,930 | 1,235,653 | |||||
First Financial Bancorp | 22,540 | a | 464,324 | ||||
First Financial Bankshares | 97,160 | a | 2,792,378 | ||||
Great Southern Bancorp | 24,830 | 1,274,027 | |||||
Hancock Whitney | 34,983 | 1,171,930 | |||||
Heartland Financial USA | 25,810 | 1,105,958 | |||||
Independent Bank | 77,969 | 5,265,247 | |||||
Independent Bank Group | 12,582 | 582,421 | |||||
Lakeland Financial | 24,670 | a | 1,008,263 | ||||
NBT Bancorp | 33,730 | a | 1,136,364 | ||||
NMI Holdings, Cl. A | 34,640 | b | 808,498 | ||||
OceanFirst Financial | 50,460 | 1,031,402 | |||||
PacWest Bancorp | 42,590 | 1,347,548 | |||||
Pinnacle Financial Partners | 19,342 | 1,018,163 | |||||
Provident Financial Services | 34,565 | 690,609 | |||||
Renasant | 104,057 | 2,947,935 | |||||
Sterling Bancorp | 67,240 | 1,114,839 | |||||
Stock Yards Bancorp | 27,605 | 964,519 | |||||
TCF Financial | 40,194 | 1,464,669 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Banks - 12.2% (continued) | |||||||
Texas Capital Bancshares | 18,970 | b | 893,108 | ||||
TriCo Bancshares | 30,380 | 1,027,452 | |||||
Triumph Bancorp | 49,929 | b | 1,691,095 | ||||
Veritex Holdings | 102,962 | 2,478,295 | |||||
WSFS Financial | 38,615 | 1,330,673 | |||||
62,970,971 | |||||||
Capital Goods - 16.5% | |||||||
AAR | 28,040 | 968,782 | |||||
Alamo Group | 5,410 | 599,266 | |||||
Albany International, Cl. A | 50,248 | 3,219,389 | |||||
Allied Motion Technologies | 36,068 | b | 1,390,061 | ||||
Ameresco, Cl. A | 88,750 | a,b | 2,000,425 | ||||
Atkore International Group | 28,215 | b | 1,041,416 | ||||
AZZ | 24,720 | 911,921 | |||||
Babcock & Wilcox Enterprises | 68,092 | a,b | 282,582 | ||||
Barnes Group | 52,392 | 2,813,450 | |||||
Bloom Energy, Cl. A | 55,900 | a,b | 507,013 | ||||
Chart Industries | 8,750 | b | 498,050 | ||||
Comfort Systems USA | 12,590 | 531,550 | |||||
Crane | 11,730 | 797,054 | |||||
EMCOR Group | 15,820 | 1,216,874 | |||||
Enerpac Tool Group | 45,385 | b | 969,877 | ||||
EnerSys | 47,542 | 2,927,636 | |||||
ESCO Technologies | 11,265 | 1,024,214 | |||||
FreightCar America | 90,710 | a,b | 141,508 | ||||
GATX | 13,900 | a | 994,267 | ||||
Generac Holdings | 11,095 | a,b | 1,142,674 | ||||
Graco | 62,900 | 3,102,228 | |||||
Great Lakes Dredge & Dock | 155,154 | b | 1,504,994 | ||||
Hexcel | 50,517 | 3,264,914 | |||||
Hillenbrand | 98,053 | 2,294,440 | |||||
ITT | 16,560 | 996,084 | |||||
John Bean Technologies | 9,810 | a | 950,197 | ||||
Kennametal | 104,046 | a | 2,892,479 | ||||
Lincoln Electric Holdings | 22,220 | a | 1,819,596 | ||||
Lydall | 72,280 | b | 860,855 | ||||
Mercury Systems | 34,355 | b | 2,523,718 | ||||
Miller Industries | 38,580 | a | 1,146,212 | ||||
Moog, Cl. A | 17,810 | 1,373,507 | |||||
Mueller Industries | 38,330 | 1,072,473 | |||||
Oshkosh | 13,130 | 947,329 | |||||
Parsons | 31,360 | b | 1,225,862 | ||||
Patrick Industries | 7,590 | a | 400,980 | ||||
RBC Bearings | 35,350 | b | 6,051,567 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Capital Goods - 16.5% (continued) | |||||||
Regal Beloit | 8,330 | 646,741 | |||||
Resideo Technologies | 122,800 | b | 1,320,100 | ||||
Rexnord | 120,754 | 3,521,187 | |||||
Simpson Manufacturing | 7,465 | 592,945 | |||||
SiteOne Landscape Supply | 65,700 | a,b | 6,520,725 | ||||
Spirit AeroSystems Holdings, Cl. A | 25,510 | 1,347,948 | |||||
SPX | 78,078 | b | 3,273,811 | ||||
SPX FLOW | 83,923 | b | 3,086,688 | ||||
Systemax | 17,310 | 361,087 | |||||
Teledyne Technologies | 2,940 | b | 991,721 | ||||
Trex | 11,730 | a,b | 1,121,974 | ||||
Triton International | 22,040 | 757,515 | |||||
Twin Disc | 25,620 | b | 206,497 | ||||
Valmont Industries | 6,000 | 697,320 | |||||
Watsco | 21,790 | 3,420,594 | |||||
Welbilt | 72,400 | a,b | 957,128 | ||||
85,229,425 | |||||||
Commercial & Professional Services - 5.6% | |||||||
ABM Industries | 40,910 | 1,346,757 | |||||
ASGN | 11,950 | b | 605,985 | ||||
Clean Harbors | 13,100 | b | 910,712 | ||||
Covanta Holding | 73,140 | 977,150 | |||||
Exponent | 29,865 | 2,199,557 | |||||
Harsco | 113,260 | b | 1,357,987 | ||||
Heritage-Crystal Clean | 60,030 | b | 1,580,590 | ||||
IAA | 55,895 | b | 2,387,834 | ||||
ICF International | 18,345 | 1,393,853 | |||||
Kelly Services, Cl. A | 70,130 | 1,164,859 | |||||
Kimball International, Cl. B | 51,440 | 832,299 | |||||
McGrath RentCorp | 58,295 | 4,048,587 | |||||
Mobile Mini | 43,720 | 1,704,643 | |||||
MSA Safety | 28,388 | 3,453,968 | |||||
Stericycle | 38,100 | a,b | 2,188,083 | ||||
U.S. Ecology | 17,282 | 726,881 | |||||
UniFirst | 11,895 | 2,210,210 | |||||
29,089,955 | |||||||
Consumer Durables & Apparel - 2.1% | |||||||
Cavco Industries | 6,370 | b | 1,284,956 | ||||
Deckers Outdoor | 4,480 | b | 778,624 | ||||
G-III Apparel Group | 23,860 | b | 533,510 | ||||
KB Home | 44,800 | 1,460,032 | |||||
M.D.C. Holdings | 31,210 | 1,227,801 | |||||
M/I Homes | 32,560 | b | 1,212,209 | ||||
Skyline Champion | 33,220 | b | 846,446 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Consumer Durables & Apparel - 2.1% (continued) | |||||||
Steven Madden | 18,645 | 609,692 | |||||
Tempur Sealy International | 15,600 | b | 1,166,100 | ||||
Universal Electronics | 23,260 | b | 982,037 | ||||
Vista Outdoor | 112,950 | b | 830,183 | ||||
10,931,590 | |||||||
Consumer Services - 3.3% | |||||||
Frontdoor | 41,175 | b | 1,745,820 | ||||
Hilton Grand Vacations | 47,360 | b | 1,262,618 | ||||
International Game Technology | 37,400 | a | 397,936 | ||||
Marriott Vacations Worldwide | 13,445 | 1,301,207 | |||||
OneSpaWorld Holdings | 223,164 | a | 2,727,064 | ||||
Penn National Gaming | 98,612 | b | 2,915,957 | ||||
SeaWorld Entertainment | 71,290 | a,b | 1,939,801 | ||||
The Cheesecake Factory | 91,365 | a | 3,255,335 | ||||
Wyndham Destinations | 38,210 | 1,524,579 | |||||
17,070,317 | |||||||
Diversified Financials - 1.9% | |||||||
Artisan Partners Asset Management, Cl. A | 96,510 | 2,758,256 | |||||
Houlihan Lokey | 74,520 | 3,816,914 | |||||
Stifel Financial | 59,245 | 3,225,298 | |||||
9,800,468 | |||||||
Energy - 1.7% | |||||||
Apergy | 19,205 | b | 357,213 | ||||
Cactus, Cl. A | 31,360 | 856,442 | |||||
DMC Global | 12,090 | a | 435,965 | ||||
Dril-Quip | 53,742 | a,b | 1,914,290 | ||||
Forum Energy Technologies | 93,800 | b | 73,164 | ||||
ION Geophysical | 22,624 | b | 79,636 | ||||
Kosmos Energy | 195,794 | 597,172 | |||||
Oil States International | 33,100 | b | 261,821 | ||||
Patterson-UTI Energy | 43,500 | a | 249,255 | ||||
Penn Virginia | 8,404 | b | 133,624 | ||||
QEP Resources | 83,250 | 187,313 | |||||
SEACOR Holdings | 11,070 | b | 412,911 | ||||
Select Energy Services, Cl. A | 98,550 | b | 640,575 | ||||
Superior Energy Services | 11,420 | a,b | 41,340 | ||||
TETRA Technologies | 133,790 | b | 168,575 | ||||
World Fuel Services | 44,340 | 1,253,935 | |||||
WPX Energy | 93,235 | b | 869,883 | ||||
8,533,114 | |||||||
Food & Staples Retailing - .2% | |||||||
Casey's General Stores | 5,940 | 968,339 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Food & Staples Retailing - .2% (continued) | |||||||
The Andersons | 15,280 | 280,694 | |||||
1,249,033 | |||||||
Food, Beverage & Tobacco - 4.0% | |||||||
Calavo Growers | 24,340 | a,b | 1,763,433 | ||||
Darling Ingredients | 268,421 | b | 6,898,420 | ||||
Landec | 162,400 | b | 1,666,224 | ||||
National Beverage | 64,648 | a,b | 2,733,964 | ||||
Nomad Foods | 102,405 | b | 1,890,396 | ||||
Sanderson Farms | 9,980 | a | 1,233,129 | ||||
The Hain Celestial Group | 47,400 | a,b | 1,124,802 | ||||
TreeHouse Foods | 84,993 | a,b | 3,239,083 | ||||
20,549,451 | |||||||
Health Care Equipment & Services - 5.7% | |||||||
Acadia Healthcare | 54,400 | a,b | 1,610,240 | ||||
Accuray | 250,890 | b | 743,889 | ||||
Amedisys | 4,484 | b | 780,261 | ||||
AMN Healthcare Services | 79,353 | b | 5,840,381 | ||||
AtriCure | 35,900 | b | 1,379,278 | ||||
Avanos Medical | 11,400 | b | 369,474 | ||||
BioTelemetry | 8,600 | a,b | 367,392 | ||||
CONMED | 6,610 | 625,570 | |||||
Encompass Health | 16,500 | 1,234,860 | |||||
Globus Medical, Cl. A | 17,705 | b | 800,797 | ||||
Haemonetics | 6,190 | b | 670,563 | ||||
HealthEquity | 8,965 | b | 636,425 | ||||
Integer Holdings | 38,294 | b | 3,452,970 | ||||
LHC Group | 8,325 | b | 1,011,154 | ||||
MEDNAX | 35,500 | a,b | 606,695 | ||||
Merit Medical Systems | 34,270 | a,b | 1,234,063 | ||||
Mesa Laboratories | 10,665 | a | 2,552,028 | ||||
Molina Healthcare | 9,900 | b | 1,213,245 | ||||
Natus Medical | 24,820 | b | 667,162 | ||||
Novocure | 7,680 | b | 558,720 | ||||
OraSure Technologies | 57,800 | b | 348,534 | ||||
Patterson Companies | 68,800 | a | 1,636,752 | ||||
Teladoc Health | 9,605 | a,b | 1,200,241 | ||||
29,540,694 | |||||||
Household & Personal Products - .8% | |||||||
Inter Parfums | 26,245 | 1,576,275 | |||||
WD-40 | 14,430 | a | 2,489,031 | ||||
4,065,306 | |||||||
Insurance - 3.7% | |||||||
AMERISAFE | 22,720 | 1,480,662 | |||||
eHealth | 9,605 | b | 1,127,147 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Insurance - 3.7% (continued) | |||||||
First American Financial | 16,780 | 958,138 | |||||
Horace Mann Educators | 63,101 | 2,456,522 | |||||
Kemper | 50,952 | 3,507,536 | |||||
Primerica | 50,126 | 5,581,029 | |||||
RLI | 36,200 | 2,909,756 | |||||
Stewart Information Services | 36,890 | 1,334,680 | |||||
19,355,470 | |||||||
Materials - 5.4% | |||||||
Allegheny Technologies | 144,690 | a,b | 2,472,752 | ||||
Avery Dennison | 21,720 | 2,486,723 | |||||
Balchem | 21,335 | 2,015,304 | |||||
Cleveland-Cliffs | 88,630 | a | 514,940 | ||||
Crown Holdings | 44,600 | b | 3,144,300 | ||||
H.B. Fuller | 47,948 | 1,881,000 | |||||
Ingevity | 32,831 | b | 1,478,708 | ||||
Louisiana-Pacific | 43,955 | 1,250,520 | |||||
Materion | 20,370 | 923,576 | |||||
Mercer International | 120,627 | 1,068,755 | |||||
PolyOne | 118,556 | 2,935,447 | |||||
Silgan Holdings | 35,900 | 1,027,817 | |||||
Stepan | 11,547 | a | 1,014,173 | ||||
The Scotts Miracle-Gro Company | 55,770 | a | 5,911,062 | ||||
28,125,077 | |||||||
Media & Entertainment - 1.8% | |||||||
Cinemark Holdings | 90,255 | a | 2,343,020 | ||||
Criteo, ADR | 75,900 | b | 961,653 | ||||
Gray Television | 154,508 | b | 2,923,291 | ||||
TEGNA | 207,731 | a | 2,974,708 | ||||
9,202,672 | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.0% | |||||||
ACADIA Pharmaceuticals | 32,000 | a,b | 1,367,680 | ||||
Amneal Pharmaceuticals | 165,100 | b | 635,635 | ||||
Anika Therapeutics | 48,604 | b | 2,029,703 | ||||
Ascendis Pharma, ADR | 2,770 | a,b | 361,153 | ||||
Axsome Therapeutics | 16,640 | a,b | 1,297,920 | ||||
Bioxcel Therapeutics | 22,425 | b | 840,938 | ||||
Charles River Laboratories International | 48,680 | b | 7,573,148 | ||||
Deciphera Pharmaceuticals | 14,085 | b | 749,885 | ||||
Dicerna Pharmaceuticals | 22,405 | b | 442,275 | ||||
Esperion Therapeutics | 23,645 | a,b | 1,193,836 | ||||
FibroGen | 13,015 | b | 544,027 | ||||
Fluidigm | 249,025 | b | 826,763 | ||||
Intersect ENT | 39,100 | b | 932,926 | ||||
Invitae | 36,055 | a,b | 734,801 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.0% (continued) | |||||||
Iovance Biotherapeutics | 23,040 | a,b | 758,246 | ||||
Karuna Therapeutics | 7,250 | b | 632,635 | ||||
Luminex | 49,400 | 1,223,144 | |||||
Mallinckrodt | 23,700 | a,b | 101,436 | ||||
Momenta Pharmaceuticals | 11,305 | b | 319,818 | ||||
NanoString Technologies | 36,600 | b | 1,305,156 | ||||
Natera | 14,080 | b | 533,702 | ||||
Reata Pharmaceuticals, Cl. A | 1,920 | a,b | 373,920 | ||||
Repligen | 13,230 | b | 1,132,488 | ||||
25,911,235 | |||||||
Real Estate - 3.7% | |||||||
Corporate Office Properties Trust | 101,824 | c | 2,580,220 | ||||
Industrial Logistics Properties Trust | 62,140 | c | 1,283,812 | ||||
MGM Growth Properties, Cl. A | 158,625 | a,c | 4,552,537 | ||||
QTS Realty Trust, Cl. A | 85,108 | a,c | 4,780,516 | ||||
Rexford Industrial Realty | 40,755 | c | 1,906,111 | ||||
Tanger Factory Outlet Centers | 66,300 | a,c | 794,274 | ||||
Terreno Realty | 39,680 | c | 2,177,242 | ||||
UMH Properties | 78,340 | c | 1,136,713 | ||||
19,211,425 | |||||||
Retailing - .8% | |||||||
1-800-Flowers.com, Cl. A | 48,650 | a,b | 877,646 | ||||
Chico's FAS | 99,500 | a | 398,995 | ||||
Express | 50,670 | a,b | 187,479 | ||||
Office Depot | 281,388 | 661,262 | |||||
Ollie's Bargain Outlet Holdings | 20,265 | a,b | 1,030,881 | ||||
RTW RetailWinds | 53,280 | b | 14,924 | ||||
The Children's Place | 12,200 | a | 702,720 | ||||
3,873,907 | |||||||
Semiconductors & Semiconductor Equipment - 4.2% | |||||||
Brooks Automation | 120,250 | 4,149,827 | |||||
Cabot Microelectronics | 13,010 | 1,812,033 | |||||
CEVA | 23,130 | b | 657,123 | ||||
Enphase Energy | 20,695 | a,b | 1,013,434 | ||||
Entegris | 20,900 | 1,114,388 | |||||
Impinj | 10,200 | b | 313,650 | ||||
Inphi | 12,570 | b | 938,476 | ||||
Kulicke & Soffa Industries | 48,500 | 1,107,255 | |||||
MACOM Technology Solutions Holdings | 73,955 | b | 1,868,843 | ||||
Onto Innovation | 26,590 | b | 812,856 | ||||
Rambus | 125,580 | b | 1,755,608 | ||||
Semtech | 77,773 | b | 3,071,256 | ||||
Silicon Laboratories | 17,925 | b | 1,589,589 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Semiconductors & Semiconductor Equipment - 4.2% (continued) | |||||||
Ultra Clean Holdings | 24,590 | b | 514,177 | ||||
Veeco Instruments | 88,700 | b | 1,187,693 | ||||
21,906,208 | |||||||
Software & Services - 6.6% | |||||||
American Software, Cl. A | 96,900 | 1,594,005 | |||||
Box, Cl. A | 47,800 | b | 800,650 | ||||
Cass Information Systems | 51,492 | 2,417,549 | |||||
Cloudera | 207,700 | a,b | 1,848,530 | ||||
Conduent | 112,400 | b | 367,548 | ||||
CoreLogic | 122,640 | 5,564,177 | |||||
FireEye | 140,000 | b | 1,852,900 | ||||
Five9 | 22,405 | b | 1,636,237 | ||||
Jack Henry & Associates | 13,780 | 2,090,977 | |||||
KBR | 79,540 | 2,064,858 | |||||
LivePerson | 28,380 | a,b | 750,935 | ||||
ManTech International, Cl. A | 25,966 | 1,944,853 | |||||
MobileIron | 57,900 | b | 234,495 | ||||
Nuance Communications | 138,450 | b | 2,993,289 | ||||
OneSpan | 54,700 | b | 903,097 | ||||
Talend, ADR | 19,200 | a,b | 708,864 | ||||
TiVo | 135,890 | b | 1,028,687 | ||||
Unisys | 133,600 | b | 2,074,808 | ||||
Verint Systems | 52,569 | a,b | 2,884,987 | ||||
WNS Holdings, ADR | 4,795 | b | 315,703 | ||||
34,077,149 | |||||||
Technology Hardware & Equipment - 5.7% | |||||||
Badger Meter | 34,500 | a | 2,077,245 | ||||
Ciena | 99,930 | b | 3,842,308 | ||||
Coherent | 1,234 | b | 158,828 | ||||
Diebold Nixdorf | 110,500 | a,b | 775,710 | ||||
II-VI | 93,652 | a,b | 2,780,528 | ||||
Infinera | 197,220 | a,b | 1,341,096 | ||||
Itron | 32,430 | b | 2,459,491 | ||||
KEMET | 74,819 | b | 1,951,280 | ||||
Kimball Electronics | 42,820 | b | 580,211 | ||||
Knowles | 24,540 | b | 407,855 | ||||
Littelfuse | 17,087 | 2,728,452 | |||||
Lumentum Holdings | 12,805 | b | 996,485 | ||||
MTS Systems | 26,930 | 1,080,970 | |||||
NCR | 45,100 | a,b | 1,136,520 | ||||
OSI Systems | 14,610 | b | 1,187,355 | ||||
Quantum | 52,403 | a,b | 273,020 | ||||
Radware | 10,600 | b | 240,832 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.2% (continued) | |||||||
Technology Hardware & Equipment - 5.7% (continued) | |||||||
Ribbon Communications | 127,700 | b | 412,471 | ||||
Stratasys | 38,600 | a,b | 617,600 | ||||
Viavi Solutions | 124,100 | b | 1,636,879 | ||||
Vishay Intertechnology | 151,866 | 2,839,894 | |||||
29,525,030 | |||||||
Telecommunication Services - .2% | |||||||
Bandwidth, Cl. A | 7,895 | a,b | 496,517 | ||||
Vonage Holdings | 49,900 | b | 447,104 | ||||
943,621 | |||||||
Transportation - 1.8% | |||||||
Avis Budget Group | 39,100 | b | 1,265,862 | ||||
Danaos | 6,571 | b | 33,118 | ||||
Forward Air | 17,070 | 1,007,301 | |||||
Hertz Global Holdings | 103,081 | b | 1,318,406 | ||||
Hub Group, Cl. A | 24,400 | b | 1,128,012 | ||||
Kirby | 20,360 | b | 1,297,950 | ||||
Landstar System | 28,070 | 2,834,228 | |||||
Ryder System | 9,970 | 379,259 | |||||
9,264,136 | |||||||
Utilities - 2.3% | |||||||
ALLETE | 36,010 | 2,484,330 | |||||
American States Water | 10,460 | a | 801,131 | ||||
Atlantic Power | 713,040 | a,b | 1,618,601 | ||||
Chesapeake Utilities | 18,770 | 1,604,835 | |||||
Ormat Technologies | 20,626 | a | 1,437,220 | ||||
South Jersey Industries | 35,420 | a | 958,111 | ||||
Southwest Gas Holdings | 18,350 | 1,186,878 | |||||
Vistra Energy | 82,852 | 1,593,244 | |||||
11,684,350 | |||||||
Total Common Stocks (cost $444,399,343) | 502,511,891 | ||||||
Exchange-Traded Funds - .2% | |||||||
Registered Investment Companies - .2% | |||||||
iShares Russell 2000 ETF | 8,462 | a | 1,238,244 | ||||
1-Day | |||||||
Investment Companies - 2.4% | |||||||
Registered Investment Companies - 2.4% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.59 | 12,137,438 | d | 12,137,438 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Investment of Cash Collateral for Securities Loaned - 1.8% | |||||||
Registered Investment Companies - 1.8% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1.59 | 9,200,601 | d | 9,200,601 | |||
Total Investments (cost $467,125,806) | 101.6% | 525,088,174 | |||||
Liabilities, Less Cash and Receivables | (1.6%) | (8,199,503) | |||||
Net Assets | 100.0% | 516,888,671 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At February 29, 2020, the value of the fund’s securities on loan was $113,284,271 and the value of the collateral was $118,865,047, consisting of cash collateral of $9,200,601 and U.S. Government & Agency securities valued at $109,664,446.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
February 29, 2020 (Unaudited)
The following is a summary of the inputs used as of February 29, 2020 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 -Significant Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: † | ||||
Equity Securities—Common Stocks | 502,511,891 | - | - | 502,511,891 |
Exchange-Traded Funds | 1,238,244 | - | - | 1,238,244 |
Investment Companies | 21,338,039 | - | - | 21,338,039 |
† See Statement of Investments for additional detailed categorizations, if any.
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The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:
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
NOTES
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
NOTES
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 February 29, 2020, accumulated net unrealized appreciation on investments was $57,962,368, consisting of $103,272,816 gross unrealized appreciation and $45,310,448 gross unrealized depreciation.
At February 29, 2020, 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.