STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
February 28, 2023 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% | |||||||
Automobiles & Components - 1.1% | |||||||
Fox Factory Holding Corp. | 2,920 | a | 343,100 | ||||
Harley-Davidson, Inc. | 28,491 | 1,354,747 | |||||
LCI Industries | 10,700 | b | 1,207,067 | ||||
Visteon Corp. | 2,995 | a | 500,285 | ||||
3,405,199 | |||||||
Banks - 11.6% | |||||||
1st Source Corp. | 15,400 | 767,228 | |||||
Atlantic Union Bankshares Corp. | 32,900 | 1,232,434 | |||||
Banc of California, Inc. | 11,330 | 198,842 | |||||
BankUnited, Inc. | 25,100 | 889,042 | |||||
Banner Corp. | 25,780 | 1,623,624 | |||||
Brookline Bancorp, Inc. | 47,565 | 616,442 | |||||
Columbia Banking System, Inc. | 30,645 | b | 911,076 | ||||
Columbia Financial, Inc. | 4,900 | a | 103,390 | ||||
Enact Holdings, Inc. | 4,000 | 97,000 | |||||
Enterprise Financial Services Corp. | 4,300 | 234,178 | |||||
Essent Group Ltd. | 11,300 | 485,335 | |||||
Federal Agricultural Mortgage Corp., Cl. C | 3,150 | 446,859 | |||||
First Busey Corp. | 4,600 | 111,044 | |||||
Glacier Bancorp, Inc. | 28,279 | 1,339,859 | |||||
Hancock Whitney Corp. | 5,277 | 259,206 | |||||
Heartland Financial USA, Inc. | 25,760 | 1,273,574 | |||||
Hilltop Holdings, Inc. | 38,500 | 1,277,045 | |||||
Hope Bancorp, Inc. | 28,200 | 361,242 | |||||
Huntington Bancshares, Inc. | 60,156 | 921,590 | |||||
Independent Bank Corp. | 50,371 | 4,013,561 | |||||
International Bancshares Corp. | 18,800 | 912,364 | |||||
Merchants Bancorp | 20,900 | 632,225 | |||||
NBT Bancorp, Inc. | �� | 13,470 | 546,747 | ||||
NMI Holdings, Inc., Cl. A | 41,890 | a | 977,713 | ||||
OceanFirst Financial Corp. | 6,300 | 149,436 | |||||
Old National Bancorp | 69,967 | 1,236,317 | |||||
Pacific Premier Bancorp, Inc. | 24,978 | 809,787 | |||||
Park National Corp. | 2,500 | 319,425 | |||||
Pennymac Financial Services, Inc. | 9,400 | b | 568,418 | ||||
Preferred Bank | 2,400 | 168,960 | |||||
Premier Financial Corp. | 5,800 | 143,956 | |||||
Provident Financial Services, Inc. | 30,900 | b | 721,515 | ||||
Republic Bancorp, Inc., Cl. A | 4,200 | 186,900 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Banks - 11.6% (continued) | |||||||
Sandy Spring Bancorp, Inc. | 26,200 | 863,290 | |||||
Seacoast Banking Corp. of Florida | 60,243 | 1,838,014 | |||||
SouthState Corp. | 22,211 | 1,791,983 | |||||
Texas Capital Bancshares, Inc. | 49,529 | a | 3,280,305 | ||||
The Bank of NT Butterfield & Son Ltd. | 39,900 | 1,442,385 | |||||
Towne Bank | 42,000 | 1,273,860 | |||||
Walker & Dunlop, Inc. | 4,540 | 396,024 | |||||
Wintrust Financial Corp. | 9,570 | 881,684 | |||||
36,303,879 | |||||||
Capital Goods - 12.6% | |||||||
AAON, Inc. | 4,225 | a | 384,306 | ||||
AerCap Holdings NV | 18,282 | a | 1,141,528 | ||||
Albany International Corp., Cl. A | 6,300 | 635,796 | |||||
Arcosa, Inc. | 4,510 | 273,306 | |||||
Astec Industries, Inc. | 23,741 | 1,069,057 | |||||
Atkore, Inc. | 2,370 | a | 346,067 | ||||
Babcock & Wilcox Enterprises, Inc. | 104,321 | a,b | 677,043 | ||||
Bloom Energy Corp., Cl. A | 21,043 | a | 456,423 | ||||
BlueLinx Holdings, Inc. | 14,300 | a | 1,206,777 | ||||
Boise Cascade Co. | 4,800 | 331,728 | |||||
BWX Technologies, Inc. | 19,585 | 1,196,839 | |||||
Chart Industries, Inc. | 3,535 | a,b | 471,923 | ||||
Comfort Systems USA, Inc. | 5,145 | 748,289 | |||||
Douglas Dynamics, Inc. | 31,021 | 1,156,773 | |||||
Enerpac Tool Group Corp. | 69,655 | a | 1,875,809 | ||||
Franklin Electric Co., Inc. | 4,530 | 432,932 | |||||
Global Industrial Co. | 9,600 | 270,048 | |||||
GrafTech International Ltd. | 168,900 | 954,285 | |||||
Granite Construction, Inc. | 44,854 | b | 1,937,693 | ||||
Griffon Corp. | 10,675 | 389,317 | |||||
H&E Equipment Services, Inc. | 10,370 | 575,535 | |||||
Herc Holdings, Inc. | 10,904 | 1,565,705 | |||||
Hexcel Corp. | 34,309 | 2,502,842 | |||||
Hillenbrand, Inc. | 49,827 | 2,348,845 | |||||
Markforged Holding Corp. | 44,967 | a | 59,806 | ||||
McGrath RentCorp | 6,300 | 647,892 | |||||
Mercury Systems, Inc. | 6,171 | a | 322,990 | ||||
Mueller Industries, Inc. | 18,800 | 1,390,636 | |||||
Park Aerospace Corp. | 116,301 | b | 1,909,662 | ||||
Parsons Corp. | 39,987 | a | 1,800,615 | ||||
Powell Industries, Inc. | 66,399 | 2,944,796 | |||||
RBC Bearings, Inc. | 1,920 | a,b | 441,235 | ||||
Resideo Technologies, Inc. | 59,399 | a | 1,089,378 | ||||
Rush Enterprises Inc., Cl. A | 23,800 | 1,348,984 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Capital Goods - 12.6% (continued) | |||||||
SPX Technologies, Inc. | 29,060 | a | 2,046,986 | ||||
Terex Corp. | 9,525 | 563,975 | |||||
The AZEK Company, Inc. | 9,295 | a | 223,917 | ||||
Twin Disc, Inc. | 9,446 | a | 103,528 | ||||
Valmont Industries, Inc. | 2,129 | 675,596 | |||||
WillScot Mobile Mini Holdings Corp. | 17,435 | a | 896,159 | ||||
39,415,021 | |||||||
Commercial & Professional Services - 4.2% | |||||||
ASGN, Inc. | 3,485 | a | 309,468 | ||||
Brady Corp., Cl. A | 11,554 | 637,319 | |||||
CACI International, Inc., Cl. A | 2,610 | a | 764,730 | ||||
Clean Harbors, Inc. | 10,558 | a | 1,394,395 | ||||
CoreCivic, Inc. | 86,003 | a | 835,089 | ||||
Harsco Corp. | 46,408 | a | 392,612 | ||||
Healthcare Services Group, Inc. | 68,622 | 910,614 | |||||
ICF International, Inc. | 5,620 | 559,134 | |||||
KAR Auction Services, Inc. | 45,288 | a | 647,166 | ||||
KBR, Inc. | 30,890 | 1,702,348 | |||||
MSA Safety, Inc. | 15,421 | 2,071,811 | |||||
Stericycle, Inc. | 14,590 | a | 695,651 | ||||
The Brink's Company | 33,382 | 2,178,175 | |||||
The GEO Group, Inc. | 21,700 | a | 190,092 | ||||
13,288,604 | |||||||
Consumer Durables & Apparel - 3.3% | |||||||
Beazer Homes USA, Inc. | 11,000 | a | 164,010 | ||||
Carter's, Inc. | 28,112 | b | 2,119,364 | ||||
Century Communities, Inc. | 20,100 | 1,202,181 | |||||
Helen of Troy Ltd. | 3,765 | a | 424,278 | ||||
Johnson Outdoors, Inc., Cl. A | 1,200 | 77,832 | |||||
M.D.C. Holdings, Inc. | 71,218 | 2,635,066 | |||||
M/I Homes, Inc. | 21,400 | a | 1,237,776 | ||||
Meritage Homes Corp. | 3,070 | 335,336 | |||||
Smith & Wesson Brands, Inc. | 11,200 | 122,528 | |||||
Sturm Ruger & Co., Inc. | 4,500 | b | 262,215 | ||||
Tempur Sealy International, Inc. | 13,515 | 577,631 | |||||
TopBuild Corp. | 5,837 | a | 1,211,703 | ||||
10,369,920 | |||||||
Consumer Services - 3.7% | |||||||
Boyd Gaming Corp. | 31,997 | 2,083,965 | |||||
Graham Holdings Co., Cl. B | 2,000 | 1,253,320 | |||||
Hilton Grand Vacations, Inc. | 16,460 | a | 785,800 | ||||
International Game Technology PLC | 55,116 | 1,463,881 | |||||
Marriott Vacations Worldwide Corp. | 12,605 | 1,928,439 | |||||
OneSpaWorld Holdings Ltd. | 169,133 | a | 1,960,251 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Consumer Services - 3.7% (continued) | |||||||
Perdoceo Education Corp. | 79,500 | a | 1,095,907 | ||||
SeaWorld Entertainment, Inc. | 8,265 | a | 533,919 | ||||
Stride, Inc. | 8,835 | a | 375,222 | ||||
The Cheesecake Factory, Inc. | 3,335 | b | 124,862 | ||||
11,605,566 | |||||||
Diversified Financials - 4.2% | |||||||
Artisan Partners Asset Management Inc., Cl. A | 53,111 | 1,751,070 | |||||
Atlanticus Holdings Corp. | 2,500 | a | 80,125 | ||||
B. Riley Financial, Inc. | 21,645 | b | 861,038 | ||||
Bread Financial Holdings, Inc. | 40,015 | 1,643,416 | |||||
Cohen & Steers, Inc. | 2,995 | 216,718 | |||||
Enova International, Inc. | 21,300 | a | 1,038,375 | ||||
Evercore, Inc., Cl. A | 13,067 | 1,714,129 | |||||
Focus Financial Partners Inc., Cl. A | 14,595 | a | 756,897 | ||||
KKR Real Estate Finance Trust, Inc. | 10,200 | c | 147,900 | ||||
Nelnet Inc., Cl. A | 12,300 | 1,154,601 | |||||
Oppenheimer Holdings, Inc., Cl. A | 4,000 | 176,360 | |||||
Stifel Financial Corp. | 34,362 | 2,296,412 | |||||
StoneX Group, Inc. | 7,300 | a | 736,059 | ||||
Victory Capital Holdings Inc., Cl. A | 14,200 | 482,232 | |||||
13,055,332 | |||||||
Energy - 6.0% | |||||||
Cactus Inc., Cl. A | 49,385 | 2,269,240 | |||||
Callon Petroleum Co. | 44,307 | a,b | 1,717,339 | ||||
ChampionX Corp. | 54,982 | 1,680,800 | |||||
Chord Energy Corp. | 5,070 | 682,523 | |||||
CNX Resources Corp. | 26,060 | a,b | 400,021 | ||||
Comstock Resources, Inc. | 66,821 | b | 811,207 | ||||
Devon Energy Corp. | 22,702 | 1,224,092 | |||||
Dril-Quip, Inc. | 67,142 | a,b | 2,299,614 | ||||
FLEX LNG Ltd. | 10,600 | b | 367,714 | ||||
Green Plains, Inc. | 17,590 | a,b | 609,845 | ||||
Helmerich & Payne, Inc. | 12,675 | 533,364 | |||||
HighPeak Energy, Inc. | 16,300 | b | 436,025 | ||||
ION Geophysical Corp. | 12,608 | a,d | 0 | ||||
National Energy Services Reunited Corp. | 49,000 | a | 316,540 | ||||
Oil States International, Inc. | 39,440 | a | 360,087 | ||||
Patterson-UTI Energy, Inc. | 19,126 | 262,026 | |||||
PBF Energy, Inc., Cl. A | 23,200 | 1,014,072 | |||||
PDC Energy, Inc. | 25,517 | 1,712,446 | |||||
Ranger Oil Corp., Cl. A | 5,095 | a | 211,443 | ||||
Scorpio Tankers, Inc. | 8,850 | 534,186 | |||||
Sitio Royalties Corp., Cl. A | 15,200 | a | 357,352 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Energy - 6.0% (continued) | |||||||
TechnipFMC PLC | 48,977 | a | 748,858 | ||||
TETRA Technologies, Inc. | 81,728 | a | 290,952 | ||||
World Fuel Services Corp. | 2,900 | 79,605 | |||||
18,919,351 | |||||||
Food & Staples Retailing - .7% | |||||||
BJ's Wholesale Club Holdings, Inc. | 9,305 | a | 668,099 | ||||
Ingles Markets, Inc., Cl. A | 13,500 | 1,206,900 | |||||
Weis Markets, Inc. | 5,700 | 435,708 | |||||
2,310,707 | |||||||
Food, Beverage & Tobacco - 2.6% | |||||||
Darling Ingredients, Inc. | 24,912 | a | 1,576,182 | ||||
National Beverage Corp. | 21,100 | a | 984,315 | ||||
Seneca Foods Corp., Cl. A | 5,200 | a | 289,120 | ||||
Sovos Brands, Inc. | 23,989 | a | 313,536 | ||||
The Hain Celestial Group, Inc. | 18,098 | a | 322,687 | ||||
The Simply Good Foods Company | 12,595 | a | 482,263 | ||||
Tootsie Roll Industries, Inc. | 14,784 | b | 650,940 | ||||
TreeHouse Foods, Inc. | 69,400 | a | 3,386,026 | ||||
8,005,069 | |||||||
Health Care Equipment & Services - 6.8% | |||||||
Acadia Healthcare Co., Inc. | 20,354 | a | 1,475,869 | ||||
Accuray, Inc. | 93,779 | a,b | 271,959 | ||||
AngioDynamics, Inc. | 84,094 | a | 1,041,084 | ||||
AtriCure, Inc. | 11,301 | a | 435,089 | ||||
Avanos Medical, Inc. | 78,117 | a | 2,192,745 | ||||
Axonics, Inc. | 6,605 | a | 396,894 | ||||
Cardiovascular Systems, Inc. | 11,386 | a | 224,418 | ||||
CONMED Corp. | 3,685 | b | 354,460 | ||||
Cytosorbents Corp. | 23,416 | a | 72,121 | ||||
Enovis Corp. | 34,292 | a | 1,975,905 | ||||
Haemonetics Corp. | 35,220 | a | 2,739,060 | ||||
HealthEquity, Inc. | 6,220 | a | 405,357 | ||||
HealthStream, Inc. | 48,595 | 1,246,462 | |||||
Integer Holdings Corp. | 28,023 | a | 2,101,165 | ||||
Lantheus Holdings, Inc. | 3,765 | a | 278,459 | ||||
Merit Medical Systems, Inc. | 25,907 | a | 1,828,516 | ||||
Molina Healthcare, Inc. | 3,293 | a | 906,662 | ||||
National HealthCare Corp. | 11,700 | 651,924 | |||||
Omnicell, Inc. | 3,910 | a | 212,860 | ||||
Option Care Health, Inc. | 14,440 | a | 442,875 | ||||
OraSure Technologies, Inc. | 45,406 | a | 286,512 | ||||
Patterson Cos., Inc. | 12,062 | 319,884 | |||||
Select Medical Holdings Corp. | 25,100 | b | 682,469 | ||||
Shockwave Medical, Inc. | 1,765 | a | 335,774 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Health Care Equipment & Services - 6.8% (continued) | |||||||
TransMedics Group, Inc. | 2,650 | a | 212,186 | ||||
Varex Imaging Corp. | 15,742 | a | 278,476 | ||||
21,369,185 | |||||||
Household & Personal Products - 1.4% | |||||||
BellRing Brands, Inc. | 22,350 | a | 690,168 | ||||
Oil-Dri Corp. of America | 29,794 | 1,115,189 | |||||
Spectrum Brands Holdings, Inc. | 26,545 | 1,699,411 | |||||
USANA Health Sciences, Inc. | 15,100 | a | 917,778 | ||||
4,422,546 | |||||||
Insurance - 3.1% | |||||||
American Equity Investment Life Holding Co. | 21,100 | a | 878,815 | ||||
Horace Mann Educators Corp. | 44,183 | 1,633,004 | |||||
Kinsale Capital Group, Inc. | 2,690 | 857,303 | |||||
Selective Insurance Group, Inc. | 17,446 | 1,771,292 | |||||
Stewart Information Services Corp. | 27,590 | 1,172,299 | |||||
The Hanover Insurance Group, Inc. | 23,696 | 3,305,118 | |||||
9,617,831 | |||||||
Materials - 7.3% | |||||||
American Vanguard Corp. | 98,026 | 2,045,803 | |||||
ATI, Inc. | 53,514 | a | 2,175,344 | ||||
Avery Dennison Corp. | 7,259 | 1,322,517 | |||||
Avient, Corp. | 52,257 | 2,279,973 | |||||
Balchem Corp. | 5,300 | 689,000 | |||||
Cleveland-Cliffs, Inc. | 61,575 | a,b | 1,313,395 | ||||
Crown Holdings, Inc. | 15,007 | 1,298,256 | |||||
Element Solutions, Inc. | 22,505 | 462,253 | |||||
Greif, Inc., Cl. A | 18,200 | 1,293,110 | |||||
Kronos Worldwide, Inc. | 79,600 | 898,684 | |||||
Livent Corp. | 15,705 | a,b | 368,282 | ||||
Materion Corp. | 3,692 | 412,323 | |||||
MP Materials Corp. | 9,360 | a,b | 327,600 | ||||
Piedmont Lithium, Inc. | 5,395 | a | 350,136 | ||||
Royal Gold, Inc. | 13,761 | 1,634,669 | |||||
Ryerson Holding Corp. | 32,900 | 1,182,097 | |||||
Schnitzer Steel Industries, Inc., Cl. A | 45,167 | 1,476,509 | |||||
Sensient Technologies Corp. | 11,959 | 901,589 | |||||
Summit Materials Inc., Cl. A | 19,203 | a | 567,257 | ||||
Sylvamo Corp. | 8,800 | 434,104 | |||||
Worthington Industries, Inc. | 22,000 | 1,329,680 | |||||
22,762,581 | |||||||
Media & Entertainment - 2.9% | |||||||
AMC Networks, Inc., Cl. A | 21,700 | a | 485,212 | ||||
Criteo SA, ADR | 51,941 | a | 1,721,844 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Media & Entertainment - 2.9% (continued) | |||||||
Gray Television, Inc. | 223,344 | 2,613,125 | |||||
Lions Gate Entertainment Corp., Cl. B | 99,685 | a | 991,866 | ||||
Madison Square Garden Entertainment Corp. | 29,108 | a,b | 1,761,907 | ||||
TEGNA, Inc. | 31,645 | 550,623 | |||||
The E.W. Scripps Company, Cl. A | 14,000 | a | 176,680 | ||||
Thryv Holdings, Inc. | 35,600 | a | 848,704 | ||||
9,149,961 | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 2.8% | |||||||
Akero Therapeutics, Inc. | 1,845 | a | 83,966 | ||||
Amneal Pharmaceuticals, Inc. | 61,810 | a | 127,329 | ||||
Amylyx Pharmaceuticals, Inc. | 3,455 | a,b | 120,303 | ||||
Axsome Therapeutics, Inc. | 4,455 | a,b | 303,786 | ||||
Charles River Laboratories International, Inc. | 3,187 | a | 699,037 | ||||
CryoPort, Inc. | 24,302 | a | 526,381 | ||||
Cytokinetics, Inc. | 7,910 | a | 342,978 | ||||
Day One Biopharmaceuticals, Inc. | 11,080 | a | 204,094 | ||||
Innoviva, Inc. | 101,000 | a | 1,219,070 | ||||
Karuna Therapeutics, Inc. | 1,535 | a | 306,110 | ||||
Medpace Holdings, Inc. | 8,062 | a | 1,563,061 | ||||
Phibro Animal Health Corp., Cl. A | 98,128 | 1,541,591 | |||||
Prometheus Biosciences, Inc. | 1,150 | a | 140,749 | ||||
Prothena Corp. | 3,535 | a | 197,112 | ||||
Replimune Group, Inc. | 8,295 | a | 181,661 | ||||
Standard Biotools, Inc. | 84,060 | a,b | 152,989 | ||||
Ventyx Biosciences, Inc. | 5,300 | a | 229,225 | ||||
Verona Pharma PLC, ADR | 22,350 | a,b | 479,184 | ||||
Viking Therapeutics, Inc. | 13,825 | a | 152,213 | ||||
Viridian Therapeutics, Inc. | 9,370 | a | 306,961 | ||||
8,877,800 | |||||||
Real Estate - 4.2% | |||||||
Alexander's, Inc. | 600 | b,c | 131,346 | ||||
Chatham Lodging Trust | 17,149 | c | 209,389 | ||||
Corporate Office Properties Trust | 78,816 | c | 2,004,291 | ||||
DiamondRock Hospitality Co. | 22,610 | c | 197,159 | ||||
Farmland Partners, Inc. | 69,525 | c | 745,308 | ||||
Forestar Group, Inc. | 16,000 | a | 228,320 | ||||
Independence Realty Trust, Inc. | 29,430 | b,c | 532,389 | ||||
Kennedy-Wilson Holdings, Inc. | 73,200 | 1,223,172 | |||||
Lamar Advertising Co., Cl. A | 10,462 | c | 1,093,907 | ||||
Newmark Group, Inc., Cl. A | 131,700 | 1,056,234 | |||||
Physicians Realty Trust | 133,991 | c | 1,987,087 | ||||
Potlatchdeltic Corp. | 38,307 | b,c | 1,768,251 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Real Estate - 4.2% (continued) | |||||||
RLJ Lodging Trust | 17,003 | c | 192,814 | ||||
STAG Industrial, Inc. | 15,055 | b,c | 506,450 | ||||
Terreno Realty Corp. | 15,715 | c | 977,630 | ||||
The Howard Hughes Corp. | 2,225 | a | 184,942 | ||||
13,038,689 | |||||||
Retailing - 1.7% | |||||||
Asbury Automotive Group, Inc. | 11,301 | a | 2,566,457 | ||||
Caleres, Inc. | 13,248 | b | 345,905 | ||||
Chico's FAS, Inc. | 40,624 | a | 233,588 | ||||
Dillard's Inc., Cl. A | 500 | b | 178,205 | ||||
Haverty Furniture Cos., Inc. | 2,300 | 86,802 | |||||
Leslie's, Inc. | 25,960 | a | 327,356 | ||||
The Buckle, Inc. | 17,900 | 730,141 | |||||
The Children's Place, Inc. | 6,189 | a,b | 259,133 | ||||
The ODP Corp. | 9,935 | a | 449,857 | ||||
5,177,444 | |||||||
Semiconductors & Semiconductor Equipment - 3.4% | |||||||
Ambarella, Inc. | 1,950 | a | 183,905 | ||||
Amkor Technology, Inc. | 38,100 | 981,456 | |||||
CEVA, Inc. | 11,438 | a | 360,983 | ||||
Diodes, Inc. | 19,045 | a | 1,746,236 | ||||
MACOM Technology Solutions Holdings, Inc. | 24,076 | a | 1,650,169 | ||||
MaxLinear, Inc. | 39,353 | a | 1,346,266 | ||||
MKS Instruments, Inc. | 8,915 | b | 864,131 | ||||
Power Integrations, Inc. | 2,225 | 183,006 | |||||
Rambus, Inc. | 34,784 | a | 1,538,496 | ||||
Silicon Laboratories, Inc. | 1,210 | a | 216,021 | ||||
SiTime Corp. | 1,000 | a,b | 124,150 | ||||
Synaptics, Inc. | 2,390 | a | 281,088 | ||||
Veeco Instruments, Inc. | 49,487 | a | 1,052,588 | ||||
10,528,495 | |||||||
Software & Services - 2.6% | |||||||
Adeia, Inc. | 47,364 | 467,009 | |||||
BlackLine, Inc. | 2,995 | a | 204,738 | ||||
Box Inc., Cl. A | 13,738 | a | 458,162 | ||||
Cognyte Software Ltd. | 70,215 | a | 259,796 | ||||
Conduent, Inc. | 201,518 | a | 802,042 | ||||
Ebix, Inc. | 10,200 | 177,276 | |||||
Kyndryl Holdings, Inc. | 59,522 | a | 933,900 | ||||
New Relic, Inc. | 11,273 | a | 822,591 | ||||
OneSpan, Inc. | 24,123 | a | 326,143 | ||||
Qualys, Inc. | 1,535 | a | 181,360 | ||||
SPS Commerce, Inc. | 2,260 | a | 340,446 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Software & Services - 2.6% (continued) | |||||||
TTEC Holdings, Inc. | 8,500 | 342,210 | |||||
Unisys Corp. | 83,526 | a | 415,959 | ||||
Varonis Systems, Inc. | 17,816 | a | 482,457 | ||||
Verint Systems, Inc. | 19,705 | a | 736,573 | ||||
Wix.com Ltd. | 4,327 | a | 391,723 | ||||
Workiva, Inc. | 2,470 | a | 220,324 | ||||
Xperi, Inc. | 38,138 | a | 445,833 | ||||
8,008,542 | |||||||
Technology Hardware & Equipment - 5.2% | |||||||
Belden, Inc. | 20,448 | 1,725,402 | |||||
Calix, Inc. | 4,180 | a | 213,807 | ||||
Ciena Corp. | 26,675 | a | 1,286,268 | ||||
Coherent Corp. | 45,201 | a,b | 1,949,519 | ||||
EMCORE Corp. | 35,385 | a | 50,777 | ||||
Extreme Networks, Inc. | 10,755 | a | 201,334 | ||||
Infinera Corp. | 40,808 | a,b | 288,513 | ||||
Innoviz Technologies Ltd. | 44,889 | a,b | 213,223 | ||||
Itron, Inc. | 12,068 | a | 673,032 | ||||
Knowles Corp. | 68,057 | a,b | 1,155,608 | ||||
Methode Electronics, Inc. | 42,870 | 2,089,055 | |||||
nLight, Inc. | 15,389 | a | 173,896 | ||||
Novanta, Inc. | 1,685 | a | 264,393 | ||||
OSI Systems, Inc. | 5,399 | a | 499,677 | ||||
PC Connection, Inc. | 16,800 | 735,840 | |||||
Quantum Corp. | 443,734 | a | 501,419 | ||||
Radware Ltd. | 15,837 | a | 329,885 | ||||
Ribbon Communications, Inc. | 255,751 | a | 1,140,649 | ||||
Rogers Corp. | 1,590 | a | 234,048 | ||||
Stratasys Ltd. | 44,491 | a | 576,158 | ||||
Teledyne Technologies, Inc. | 1,187 | a | 510,493 | ||||
Viasat, Inc. | 28,854 | a,b | 916,403 | ||||
Viavi Solutions, Inc. | 46,540 | a | 509,148 | ||||
Vishay Intertechnology, Inc. | 5,300 | 112,519 | |||||
16,351,066 | |||||||
Telecommunication Services - .6% | |||||||
ATN International, Inc. | 32,719 | 1,375,834 | |||||
U.S. Cellular Corp. | 27,700 | a,b | 668,401 | ||||
2,044,235 | |||||||
Transportation - 1.9% | |||||||
Costamare, Inc. | 121,500 | 1,275,750 | |||||
Heartland Express, Inc. | 99,992 | 1,612,871 | |||||
Matson, Inc. | 4,700 | b | 312,597 | ||||
Universal Logistics Holdings, Inc. | 13,500 | 400,950 | |||||
Werner Enterprises, Inc. | 11,880 | 551,826 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.5% (continued) | |||||||
Transportation - 1.9% (continued) | |||||||
XPO, Inc. | 54,407 | a | 1,815,018 | ||||
5,969,012 | |||||||
Utilities - 2.6% | |||||||
American States Water Co. | 3,225 | 287,993 | |||||
Chesapeake Utilities Corp. | 5,530 | 708,338 | |||||
New Jersey Resources Corp. | 8,450 | 431,204 | |||||
Ormat Technologies, Inc. | 16,124 | b | 1,362,800 | ||||
Portland General Electric Co. | 48,335 | b | 2,310,413 | ||||
Southwest Gas Holdings, Inc. | 37,769 | 2,379,825 | |||||
Vistra Corp. | 36,068 | 793,135 | |||||
8,273,708 | |||||||
Total Common Stocks (cost $251,850,278) | 302,269,743 | ||||||
Exchange-Traded Funds - .9% | |||||||
Registered Investment Companies - .9% | |||||||
iShares Russell 2000 ETF | 14,700 | b | 2,766,246 | ||||
Coupon Rate (%) | Maturity Date | Principal Amount ($) | |||||
Escrow Bonds - .0% | |||||||
Energy - .0% | |||||||
Ion Geophysical Escrow Bond | 8.00 | 12/15/2025 | 48,000 | d | 0 | ||
1-Day | |||||||
Investment Companies - 2.6% | |||||||
Registered Investment Companies - 2.6% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 4.65 | 8,313,272 | e | 8,313,273 | |||
Investment of Cash Collateral for Securities Loaned - 1.3% | |||||||
Registered Investment Companies - 1.3% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 4.65 | 4,093,445 | e | 4,093,445 | |||
Total Investments (cost $266,977,695) | 101.3% | 317,442,707 | |||||
Liabilities, Less Cash and Receivables | (1.3%) | (4,134,048) | |||||
Net Assets | 100.0% | 313,308,659 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At February 28, 2023, the value of the fund’s securities on loan was $30,135,542 and the value of the collateral was $31,067,155, consisting of cash collateral of $4,093,445 and U.S. Government & Agency securities valued at $26,973,710. In addition, the value of collateral may include pending sales that are also on loan.
c Investment in real estate investment trust within the United States.
d The fund held Level 3 securities at February 28, 2023. These securities were valued at $0 or .0% of net assets.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
February 28, 2023 (Unaudited)
The following is a summary of the inputs used as of February 28, 2023 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 302,269,743 | - | - | 302,269,743 | ||
Escrow Bonds | - | - | 0 | 0 | ||
Exchange-Traded Funds | 2,766,246 | - | - | 2,766,246 | ||
Investment Companies | 12,406,718 | - | - | 12,406,718 |
† 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 Company’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members ( “Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.The Service’s procedures are reviewed by BNY Mellon under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of BNY Mellon Investment Adviser, Inc., the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value
of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by BNY Mellon Investment Adviser Inc., or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.
At February 28, 2023, accumulated net unrealized appreciation on investments was $50,465,012, consisting of $64,139,479 gross unrealized appreciation and $13,674,467 gross unrealized depreciation.
At February 28, 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.