STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
August 31, 2020 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% | |||||||
Automobiles & Components - 2.0% | |||||||
Fox Factory Holding | 13,490 | a,b | 1,359,927 | ||||
LCI Industries | 28,292 | a | 3,214,820 | ||||
Thor Industries | 25,577 | a | 2,415,236 | ||||
Visteon | 7,985 | b | 602,309 | ||||
Winnebago Industries | 13,845 | 747,353 | |||||
Workhorse Group | 27,865 | a,b | 504,635 | ||||
8,844,280 | |||||||
Banks - 11.2% | |||||||
Bank of Hawaii | 24,409 | a | 1,343,471 | ||||
BankUnited | 57,870 | 1,353,001 | |||||
Banner | 70,827 | 2,558,271 | |||||
Brookline Bancorp | 82,175 | 788,880 | |||||
Bryn Mawr Bank | 40,110 | 1,088,585 | |||||
Camden National | 28,330 | 925,116 | |||||
City Holding | 17,180 | 1,099,176 | |||||
Columbia Banking System | 83,660 | 2,334,951 | |||||
Community Bank System | 19,415 | 1,168,201 | |||||
CVB Financial | 33,260 | 605,665 | |||||
Essent Group | 67,905 | 2,424,208 | |||||
First Bancorp | 25,250 | 516,362 | |||||
First Financial | 27,580 | 948,476 | |||||
First Financial Bankshares | 29,516 | 893,597 | |||||
Great Southern Bancorp | 25,370 | 977,760 | |||||
Heartland Financial USA | 24,670 | 849,388 | |||||
Independent Bank | 51,665 | 3,247,145 | |||||
Lakeland Financial | 23,300 | 1,064,577 | |||||
NBT Bancorp | 30,850 | 939,999 | |||||
OceanFirst Financial | 53,750 | 839,037 | |||||
PacWest Bancorp | 45,790 | 873,673 | |||||
Pinnacle Financial Partners | 18,452 | 737,157 | |||||
Renasant | 104,462 | 2,650,201 | |||||
Seacoast Banking Corp. of Florida | 26,180 | b | 529,883 | ||||
Sterling Bancorp | 78,710 | 918,546 | |||||
Stock Yards Bancorp | 46,632 | 2,001,912 | |||||
Synovus Financial | 121,810 | 2,663,985 | |||||
TCF Financial | 39,194 | 1,053,535 | |||||
Texas Capital Bancshares | 33,170 | b | 1,074,376 | ||||
TriCo Bancshares | 28,390 | 786,119 | |||||
Triumph Bancorp | 41,529 | b | 1,186,068 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Banks - 11.2% (continued) | |||||||
Walker & Dunlop | 33,365 | 1,827,735 | |||||
Wintrust Financial | 95,027 | 4,135,575 | |||||
WSFS Financial | 77,880 | 2,281,884 | |||||
48,686,515 | |||||||
Capital Goods - 15.2% | |||||||
AerCap Holdings | 14,700 | b | 434,679 | ||||
Albany International, Cl. A | 56,868 | 2,951,449 | |||||
Allied Motion Technologies | 21,118 | 899,416 | |||||
Altra Industrial Motion | 29,460 | 1,150,413 | |||||
Ameresco, Cl. A | 40,090 | b | 1,368,673 | ||||
Armstrong World Industries | 19,239 | 1,418,684 | |||||
Atkore International Group | 17,485 | b | 467,374 | ||||
AZZ | 33,930 | 1,178,389 | |||||
Babcock & Wilcox Enterprises | 58,392 | a,b | 140,725 | ||||
Bloom Energy, Cl. A | 48,000 | a,b | 751,680 | ||||
Chart Industries | 6,210 | b | 408,121 | ||||
Comfort Systems USA | 10,470 | 530,515 | |||||
Construction Partners, Cl. A | 47,400 | b | 885,906 | ||||
Crane | 21,300 | 1,204,302 | |||||
DXP Enterprises | 16,290 | b | 313,420 | ||||
EMCOR Group | 14,710 | 1,103,397 | |||||
Enerpac Tool Group | 39,185 | 815,048 | |||||
EnerSys | 17,750 | 1,277,645 | |||||
ESCO Technologies | 9,405 | 845,698 | |||||
FreightCar America | 90,710 | b | 135,158 | ||||
GATX | 7,700 | a | 514,976 | ||||
Graco | 36,715 | 2,130,204 | |||||
Great Lakes Dredge & Dock | 137,194 | b | 1,285,508 | ||||
Hillenbrand | 90,555 | 2,871,499 | |||||
ITT | 15,340 | 963,505 | |||||
John Bean Technologies | 36,022 | a | 3,692,616 | ||||
Kennametal | 100,794 | a | 2,925,042 | ||||
Lincoln Electric Holdings | 3,839 | 371,270 | |||||
Lydall | 38,800 | b | 728,664 | ||||
Mercury Systems | 10,890 | b | 824,809 | ||||
Miller Industries | 32,850 | 1,030,504 | |||||
Moog, Cl. A | 13,420 | 809,092 | |||||
MSC Industrial Direct, Cl. A | 9,050 | 596,395 | |||||
Mueller Industries | 27,710 | 822,987 | |||||
Oshkosh | 10,300 | 793,203 | |||||
Parsons | 26,090 | a,b | 867,753 | ||||
Plug Power | 49,875 | b | 647,377 | ||||
RBC Bearings | 15,453 | b | 2,040,414 | ||||
Regal Beloit | 5,410 | 534,833 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Capital Goods - 15.2% (continued) | |||||||
Resideo Technologies | 106,000 | b | 1,416,160 | ||||
Rexnord | 90,464 | 2,619,837 | |||||
SiteOne Landscape Supply | 38,187 | b | 4,775,284 | ||||
Spirit AeroSystems Holdings, Cl. A | 18,710 | 384,678 | |||||
SPX | 62,244 | b | 2,603,667 | ||||
SPX FLOW | 83,623 | b | 3,635,928 | ||||
Systemax | 22,050 | 489,289 | |||||
Teledyne Technologies | 2,640 | b | 827,930 | ||||
The Shyft Group | 40,740 | 813,578 | |||||
TPI Composites | 23,075 | b | 708,633 | ||||
Triton International | 17,900 | 645,474 | |||||
Twin Disc | 21,820 | b | 132,011 | ||||
Valmont Industries | 5,200 | 660,660 | |||||
Watsco | 12,334 | 3,021,707 | |||||
Welbilt | 62,400 | b | 460,512 | ||||
65,926,691 | |||||||
Commercial & Professional Services - 6.0% | |||||||
ABM Industries | 17,320 | 660,585 | |||||
ASGN | 9,940 | b | 713,394 | ||||
Clean Harbors | 12,400 | b | 757,640 | ||||
CoreLogic | 44,547 | 2,957,921 | |||||
Covanta Holding | 63,240 | 596,986 | |||||
Deluxe | 36,660 | 1,041,144 | |||||
Harsco | 187,328 | b | 2,650,691 | ||||
Heritage-Crystal Clean | 47,210 | b | 693,043 | ||||
HNI | 28,830 | 918,235 | |||||
ICF International | 15,265 | 1,042,752 | |||||
KAR Auction Services | 67,090 | 1,163,341 | |||||
Kelly Services, Cl. A | 71,550 | 1,358,734 | |||||
Kimball International, Cl. B | 45,220 | 506,916 | |||||
McGrath RentCorp | 32,500 | 2,156,700 | |||||
MSA Safety | 21,639 | 2,725,432 | |||||
Stericycle | 33,100 | a,b | 2,122,041 | ||||
U.S. Ecology | 35,852 | 1,331,185 | |||||
UniFirst | 14,429 | 2,779,314 | |||||
26,176,054 | |||||||
Consumer Durables & Apparel - 3.4% | |||||||
Brunswick | 41,391 | 2,561,689 | |||||
Cavco Industries | 4,800 | b | 916,368 | ||||
Deckers Outdoor | 5,310 | b | 1,082,550 | ||||
Helen of Troy | 4,435 | b | 917,247 | ||||
KB Home | 38,335 | 1,370,860 | |||||
M.D.C. Holdings | 19,070 | 827,257 | |||||
M/I Homes | 15,320 | b | 652,019 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Consumer Durables & Apparel - 3.4% (continued) | |||||||
Malibu Boats, Cl. A | 12,070 | b | 625,829 | ||||
PVH | 36,116 | 2,013,828 | |||||
Tapestry | 54,860 | 808,088 | |||||
Tempur Sealy International | 13,600 | b | 1,163,344 | ||||
Universal Electronics | 21,010 | b | 863,091 | ||||
Vista Outdoor | 39,890 | b | 774,265 | ||||
14,576,435 | |||||||
Consumer Services - 3.6% | |||||||
Boyd Gaming | 91,958 | 2,462,635 | |||||
Brinker International | 54,988 | 2,476,660 | |||||
Frontdoor | 38,335 | b | 1,670,256 | ||||
International Game Technology | 45,500 | a | 506,415 | ||||
Marriott Vacations Worldwide | 34,744 | 3,289,215 | |||||
SeaWorld Entertainment | 19,000 | b | 387,600 | ||||
ServiceMaster Global Holdings | 64,454 | b | 2,571,715 | ||||
The Cheesecake Factory | 72,365 | a | 2,136,938 | ||||
15,501,434 | |||||||
Diversified Financials - 2.9% | |||||||
Artisan Partners Asset Management, Cl. A | 88,349 | 3,419,990 | |||||
Focus Financial Partners, Cl. A | 51,650 | b | 1,827,893 | ||||
Houlihan Lokey | 45,047 | 2,639,754 | |||||
Stifel Financial | 92,985 | 4,715,270 | |||||
12,602,907 | |||||||
Energy - 1.2% | |||||||
Devon Energy | 36,900 | 401,103 | |||||
Dril-Quip | 41,896 | b | 1,388,014 | ||||
Forum Energy Technologies | 78,600 | b | 43,002 | ||||
ION Geophysical | 18,824 | a,b | 38,213 | ||||
Oil States International | 27,800 | b | 122,042 | ||||
Parsley Energy, Cl. A | 111,624 | 1,199,958 | |||||
Patterson-UTI Energy | 37,400 | a | 143,990 | ||||
SEACOR Holdings | 17,770 | b | 561,710 | ||||
Southwestern Energy | 243,500 | b | 676,930 | ||||
TETRA Technologies | 112,790 | b | 76,697 | ||||
World Fuel Services | 26,190 | 691,416 | |||||
5,343,075 | |||||||
Food & Staples Retailing - .5% | |||||||
BJ's Wholesale Club Holdings | 22,010 | a,b | 977,464 | ||||
Casey's General Stores | 4,920 | 875,022 | |||||
The Andersons | 26,770 | 474,632 | |||||
2,327,118 | |||||||
Food, Beverage & Tobacco - 4.4% | |||||||
Darling Ingredients | 193,258 | b | 6,178,458 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Food, Beverage & Tobacco - 4.4% (continued) | |||||||
Lancaster Colony | 7,985 | 1,419,094 | |||||
Landec | 128,170 | b | 1,312,461 | ||||
National Beverage | 40,197 | a,b | 3,268,820 | ||||
Nomad Foods | 57,860 | b | 1,426,828 | ||||
Sanderson Farms | 7,580 | 886,557 | |||||
The Hain Celestial Group | 41,000 | a,b | 1,344,390 | ||||
TreeHouse Foods | 71,680 | b | 3,068,621 | ||||
18,905,229 | |||||||
Health Care Equipment & Services - 4.2% | |||||||
Acadia Healthcare | 47,000 | b | 1,452,770 | ||||
Accuray | 216,390 | b | 504,189 | ||||
AMN Healthcare Services | 40,564 | b | 2,183,965 | ||||
AtriCure | 26,100 | b | 1,167,453 | ||||
Avanos Medical | 17,700 | b | 573,480 | ||||
BioTelemetry | 19,580 | a,b | 774,976 | ||||
CONMED | 7,810 | 674,081 | |||||
Cytosorbents | 20,200 | b | 170,488 | ||||
Encompass Health | 15,180 | 990,343 | |||||
HealthEquity | 17,750 | b | 1,020,270 | ||||
LHC Group | 4,615 | b | 961,951 | ||||
MEDNAX | 30,700 | b | 570,406 | ||||
Meridian Bioscience | 26,625 | b | 376,477 | ||||
Merit Medical Systems | 18,120 | b | 889,692 | ||||
Mesa Laboratories | 8,875 | 2,182,540 | |||||
Molina Healthcare | 8,500 | b | 1,572,245 | ||||
Ontrak | 2,840 | a,b | 207,178 | ||||
OraSure Technologies | 48,200 | b | 564,904 | ||||
Patterson Companies | 41,500 | a | 1,203,915 | ||||
Schrodinger | 1,775 | b | 107,317 | ||||
18,148,640 | |||||||
Household & Personal Products - .4% | |||||||
WD-40 | 9,230 | 1,886,427 | |||||
Insurance - 3.1% | |||||||
AMERISAFE | 16,000 | 1,067,680 | |||||
Axis Capital Holdings | 22,230 | 1,061,705 | |||||
eHealth | 3,370 | b | 212,714 | ||||
First American Financial | 16,210 | 852,160 | |||||
Horace Mann Educators | 59,588 | 2,327,507 | |||||
Kemper | 25,810 | 2,004,405 | |||||
Primerica | 22,770 | 2,842,834 | |||||
RLI | 21,347 | 2,002,135 | |||||
Stewart Information Services | 30,310 | 1,293,328 | |||||
13,664,468 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Materials - 6.0% | |||||||
Allegheny Technologies | 192,462 | b | 1,603,208 | ||||
Avery Dennison | 18,820 | 2,171,640 | |||||
Avient | 108,752 | 2,775,351 | |||||
Balchem | 9,760 | 953,552 | |||||
Cleveland-Cliffs | 76,530 | a | 503,567 | ||||
Crown Holdings | 38,400 | b | 2,951,040 | ||||
Eagle Materials | 16,685 | 1,364,332 | |||||
Ingevity | 14,910 | b | 837,495 | ||||
Louisiana-Pacific | 115,483 | 3,804,010 | |||||
Materion | 26,580 | 1,451,002 | |||||
Mercer International | 117,517 | 984,792 | |||||
Silgan Holdings | 26,800 | 1,020,008 | |||||
Stepan | 11,167 | 1,287,443 | |||||
The Scotts Miracle-Gro Company | 24,925 | 4,200,610 | |||||
25,908,050 | |||||||
Media & Entertainment - 1.4% | |||||||
Criteo, ADR | 128,166 | b | 1,668,721 | ||||
Gray Television | 143,531 | b | 2,227,601 | ||||
Nexstar Media Group, Cl. A | 24,715 | 2,372,887 | |||||
6,269,209 | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 4.0% | |||||||
Amneal Pharmaceuticals | 142,500 | a,b | 585,675 | ||||
Anika Therapeutics | 28,582 | b | 1,095,548 | ||||
Axsome Therapeutics | 5,680 | a,b | 416,401 | ||||
Bioxcel Therapeutics | 3,905 | a,b | 159,129 | ||||
Charles River Laboratories International | 15,040 | b | 3,293,008 | ||||
Deciphera Pharmaceuticals | 11,715 | b | 527,292 | ||||
Dicerna Pharmaceuticals | 18,635 | b | 345,120 | ||||
Emergent BioSolutions | 4,615 | b | 526,341 | ||||
Esperion Therapeutics | 19,700 | a,b | 711,170 | ||||
FibroGen | 10,825 | b | 485,285 | ||||
Fluidigm | 164,325 | a,b | 1,289,951 | ||||
IGM Biosciences | 3,725 | a,b | 160,175 | ||||
Intersect ENT | 33,800 | b | 678,704 | ||||
Invitae | �� | 29,995 | a,b | 1,048,625 | |||
Iovance Biotherapeutics | 12,425 | a,b | 414,125 | ||||
Karuna Therapeutics | 6,035 | b | 461,074 | ||||
Luminex | 35,200 | 939,488 | |||||
MyoKardia | 4,260 | b | 466,214 | ||||
NanoString Technologies | 14,600 | b | 591,008 | ||||
Natera | 11,715 | b | 746,363 | ||||
NeoGenomics | 17,750 | b | 691,362 | ||||
Novavax | 1,950 | a,b | 215,163 | ||||
Quanterix | 15,975 | b | 568,710 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 4.0% (continued) | |||||||
Reata Pharmaceuticals, Cl. A | 1,595 | a,b | 167,395 | ||||
Ultragenyx Pharmaceutical | 5,145 | b | 437,634 | ||||
Zymeworks | 6,390 | a,b | 207,164 | ||||
17,228,124 | |||||||
Real Estate - 4.0% | |||||||
Corporate Office Properties Trust | 93,767 | c | 2,310,419 | ||||
Hudson Pacific Properties | 26,800 | c | 629,264 | ||||
Industrial Logistics Properties Trust | 48,510 | c | 1,046,361 | ||||
MGM Growth Properties, Cl. A | 95,274 | c | 2,674,341 | ||||
Physicians Realty Trust | 116,220 | c | 2,109,393 | ||||
QTS Realty Trust, Cl. A | 59,681 | c | 4,047,565 | ||||
Rexford Industrial Realty | 30,705 | a,c | 1,473,226 | ||||
Terreno Realty | 22,540 | c | 1,344,286 | ||||
UMH Properties | 121,140 | c | 1,761,376 | ||||
17,396,231 | |||||||
Retailing - 1.1% | |||||||
1-800-Flowers.com, Cl. A | 30,130 | b | 901,791 | ||||
Chico's FAS | 85,900 | 109,952 | |||||
Express | 43,670 | b | 48,474 | ||||
Lithia Motors, Cl. A | 12,299 | a | 3,061,959 | ||||
The Children's Place | 10,500 | a | 209,633 | ||||
The ODP | 24,308 | 568,321 | |||||
4,900,130 | |||||||
Semiconductors & Semiconductor Equipment - 5.6% | |||||||
Brooks Automation | 79,351 | 4,096,893 | |||||
Cabot Microelectronics | 22,680 | 3,453,937 | |||||
CEVA | 20,030 | b | 846,267 | ||||
Entegris | 18,000 | 1,204,020 | |||||
Impinj | 13,400 | a,b | 327,630 | ||||
Kulicke & Soffa Industries | 47,360 | 1,135,693 | |||||
MACOM Technology Solutions Holdings | 63,255 | b | 2,253,776 | ||||
MaxLinear | 96,429 | b | 2,348,046 | ||||
Onto Innovation | 28,190 | b | 880,656 | ||||
Power Integrations | 14,200 | 794,774 | |||||
Rambus | 108,780 | b | 1,460,915 | ||||
Semtech | 51,007 | b | 2,991,561 | ||||
Silicon Laboratories | 12,600 | b | 1,290,366 | ||||
Synaptics | 5,145 | b | 439,023 | ||||
Veeco Instruments | 76,900 | b | 914,341 | ||||
24,437,898 | |||||||
Software & Services - 7.1% | |||||||
American Software, Cl. A | 60,438 | 855,802 | |||||
BlackLine | 11,360 | b | 992,523 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Software & Services - 7.1% (continued) | |||||||
Box, Cl. A | 41,300 | b | 810,719 | ||||
Cerence | 19,700 | a,b | 1,048,040 | ||||
Cloudera | 179,400 | a,b | 2,369,874 | ||||
Conduent | 222,900 | b | 753,402 | ||||
FireEye | 121,000 | b | 1,776,280 | ||||
Jack Henry & Associates | 7,909 | 1,308,307 | |||||
KBR | 68,840 | 1,720,312 | |||||
LivePerson | 23,605 | a,b | 1,408,274 | ||||
ManTech International, Cl. A | 37,204 | 2,784,719 | |||||
MAXIMUS | 12,420 | 963,171 | |||||
MobileIron | 71,600 | b | 467,548 | ||||
New Relic | 4,000 | b | 245,720 | ||||
Nuance Communications | 119,750 | b | 3,587,710 | ||||
OneSpan | 39,100 | b | 842,605 | ||||
Qualys | 6,035 | b | 640,555 | ||||
Sprout Social, Cl. A | 19,880 | b | 770,350 | ||||
Switch, Cl. A | 70,285 | 1,208,902 | |||||
Talend, ADR | 16,500 | a,b | 679,470 | ||||
The Hackett Group | 40,490 | 510,579 | |||||
Unisys | 115,500 | b | 1,346,730 | ||||
Varonis Systems | 5,680 | b | 701,650 | ||||
Verint Systems | 45,369 | b | 2,157,750 | ||||
Xperi Holding | 73,775 | 924,401 | |||||
30,875,393 | |||||||
Technology Hardware & Equipment - 5.1% | |||||||
Badger Meter | 22,651 | 1,397,340 | |||||
Ciena | 62,830 | b | 3,566,859 | ||||
Coherent | 899 | a,b | 101,281 | ||||
Diebold Nixdorf | 95,500 | b | 796,470 | ||||
II-VI | 61,623 | a,b | 2,742,223 | ||||
Infinera | 170,420 | a,b | 1,242,362 | ||||
Itron | 28,030 | b | 1,669,747 | ||||
Kimball Electronics | 66,800 | b | 900,798 | ||||
Knowles | 35,810 | b | 539,299 | ||||
Methode Electronics | 21,030 | 595,359 | |||||
National Instruments | 13,260 | 475,901 | |||||
OSI Systems | 12,610 | b | 993,037 | ||||
PC Connection | 25,270 | a,b | 1,119,208 | ||||
Plexus | 24,381 | b | 1,854,663 | ||||
Quantum | 71,903 | b | 392,590 | ||||
Radware | 14,400 | b | 373,248 | ||||
Ribbon Communications | 113,200 | b | 484,496 | ||||
Stratasys | 46,900 | a,b | 696,934 | ||||
Viavi Solutions | 107,300 | b | 1,430,845 |
Description | Shares | Value ($) | |||||
Common Stocks - 97.1% (continued) | |||||||
Technology Hardware & Equipment - 5.1% (continued) | |||||||
Vishay Intertechnology | 42,820 | 684,692 | |||||
22,057,352 | |||||||
Telecommunication Services - .4% | |||||||
Bandwidth, Cl. A | 7,455 | b | 1,174,013 | ||||
Vonage Holdings | 43,000 | b | 492,350 | ||||
1,666,363 | |||||||
Transportation - 2.0% | |||||||
Allegiant Travel | 16,484 | 2,119,842 | |||||
Avis Budget Group | 33,800 | a,b | 1,152,918 | ||||
Forward Air | 14,200 | 837,658 | |||||
Kirby | 13,720 | b | 582,277 | ||||
Landstar System | 17,051 | 2,269,318 | |||||
Marten Transport | 65,492 | 1,189,335 | |||||
Ryder System | 8,670 | 354,603 | |||||
8,505,951 | |||||||
Utilities - 2.3% | |||||||
ALLETE | 14,910 | 804,544 | |||||
American States Water | 7,550 | 574,404 | |||||
Atlantic Power | 754,910 | a,b | 1,562,664 | ||||
Chesapeake Utilities | 15,620 | 1,277,716 | |||||
NorthWestern | 14,590 | 753,428 | |||||
Ormat Technologies | 17,826 | 1,085,069 | |||||
South Jersey Industries | 72,802 | 1,612,564 | |||||
Southwest Gas Holdings | 15,265 | 959,711 | |||||
Vistra Energy | 71,652 | 1,377,868 | |||||
10,007,968 | |||||||
Total Common Stocks (cost $345,427,060) | 421,841,942 | ||||||
Exchange-Traded Funds - .7% | |||||||
Registered Investment Companies - .7% | |||||||
iShares Russell 2000 ETF | 20,000 | a | 3,108,600 | ||||
1-Day | |||||||
Investment Companies - 1.8% | |||||||
Registered Investment Companies - 1.8% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 0.20 | 7,735,794 | d | 7,735,794 | |||
Investment of Cash Collateral for Securities Loaned - 3.1% | |||||||
Registered Investment Companies - 3.1% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 0.20 | 13,660,649 | d | 13,660,649 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Total Investments (cost $369,712,222) | 102.7% | 446,346,985 | |||
Liabilities, Less Cash and Receivables | (2.7%) | (11,716,512) | |||
Net Assets | 100.0% | 434,630,473 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security, or portion thereof, on loan. At August 31, 2020, the value of the fund’s securities on loan was $40,042,276 and the value of the collateral was $41,806,250, consisting of cash collateral of $13,660,649 and U.S. Government & Agency securities valued at $28,145,601.
b Non-income producing security.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
August 31, 2020 (Unaudited)
The following is a summary of the inputs used as of August 31, 2020 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 -Significant Unobservable Inputs | Total | |
Assets ($) | ||||
Investments in Securities: † | ||||
Equity Securities—Common Stocks | 421,841,942 | - | - | 421,841,942 |
Exchange-Traded Funds | 3,108,600 | - | - | 3,108,600 |
Investment Companies | 21,396,443 | - | - | 21,396,443 |
† 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 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
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 August 31, 2020, accumulated net unrealized appreciation on investments was $76,634,763, consisting of $105,877,445 gross unrealized appreciation and $29,242,682 gross unrealized depreciation.
At August 31, 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.