STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Growth Fund
February 29, 2024 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% | |||||||
Automobiles & Components - 1.7% | |||||||
Dorman Products, Inc. | 5,243 | a | 493,995 | ||||
Fox Factory Holding Corp. | 7,783 | a | 393,742 | ||||
LCI Industries | 3,384 | 426,316 | |||||
Modine Manufacturing Co. | 3,607 | a | 323,584 | ||||
Patrick Industries, Inc. | 1,016 | 121,859 | |||||
Visteon Corp. | 5,580 | a | 631,210 | ||||
2,390,706 | |||||||
Banks - 2.1% | |||||||
Axos Financial, Inc. | 26,833 | a | 1,398,536 | ||||
Bank OZK | 8,595 | 376,461 | |||||
Customers Bancorp, Inc. | 1,374 | a | 74,622 | ||||
The Bancorp, Inc. | 5,300 | a | 236,592 | ||||
Western Alliance Bancorp | 2,993 | 172,786 | |||||
Wintrust Financial Corp. | 7,403 | 713,279 | |||||
2,972,276 | |||||||
Capital Goods - 14.8% | |||||||
AAON, Inc. | 16,397 | 1,377,020 | |||||
Acuity Brands, Inc. | 428 | 107,531 | |||||
AeroVironment, Inc. | 2,866 | a | 363,380 | ||||
Alamo Group, Inc. | 1,274 | 257,717 | |||||
Albany International Corp., Cl. A | 4,113 | 386,087 | |||||
Allison Transmission Holdings, Inc. | 1,510 | 113,748 | |||||
APi Group Corp. | 2,955 | a | 103,573 | ||||
Applied Industrial Technologies, Inc. | 3,560 | 676,008 | |||||
Armstrong World Industries, Inc. | 7,081 | 854,040 | |||||
Atkore, Inc. | 3,341 | 565,965 | |||||
Barnes Group, Inc. | 2,435 | 85,079 | |||||
BWX Technologies, Inc. | 7,839 | 790,406 | |||||
Comfort Systems USA, Inc. | 3,087 | 943,789 | |||||
Construction Partners, Inc., Cl. A | 32,339 | a | 1,554,860 | ||||
Core & Main, Inc., CI. A | 2,557 | a | 122,046 | ||||
Crane Co. | 5,013 | 609,381 | |||||
Curtiss-Wright Corp. | 429 | 101,360 | |||||
Donaldson Co., Inc. | 6,438 | 461,090 | |||||
EnPro, Inc. | 1,705 | 265,673 | |||||
Esab Corp. | 4,790 | 474,785 | |||||
ESCO Technologies, Inc. | 7,753 | 789,953 | |||||
Federal Signal Corp. | 2,031 | 166,359 | |||||
Fluor Corp. | 6,924 | a | 254,803 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Capital Goods - 14.8% (continued) | |||||||
FTAI Aviation Ltd. | 3,751 | 211,143 | |||||
GMS, Inc. | 1,267 | a | 113,156 | ||||
Griffon Corp. | 1,232 | 87,965 | |||||
H&E Equipment Services, Inc. | 5,138 | 290,246 | |||||
Hayward Holdings, Inc. | 10,251 | a | 151,612 | ||||
IES Holdings, Inc. | 914 | a | 100,467 | ||||
Janus International Group, Inc. | 12,100 | a | 173,635 | ||||
Kratos Defense & Security Solutions, Inc. | 20,167 | a | 367,846 | ||||
Leonardo DRS, Inc. | 4,900 | a | 111,279 | ||||
Masonite International Corp. | 9,206 | a | 1,198,989 | ||||
Moog, Inc., Cl. A | 668 | 100,167 | |||||
NEXTracker, Inc., Cl. A | 2,890 | a | 162,534 | ||||
nVent Electric PLC | 1,282 | 86,304 | |||||
PGT Innovations, Inc. | 11,912 | a | 497,564 | ||||
RBC Bearings, Inc. | 5,104 | a | 1,392,524 | ||||
Regal Rexnord Corp. | 715 | 122,615 | |||||
REV Group, Inc. | 22,472 | 463,822 | |||||
Simpson Manufacturing Co., Inc. | 650 | 135,642 | |||||
SiteOne Landscape Supply, Inc. | 4,978 | a | 838,693 | ||||
SPX Technologies, Inc. | 5,022 | a | 588,529 | ||||
Standex International Corp. | 1,466 | 253,618 | |||||
Sterling Infrastructure, Inc. | 1,212 | a | 129,248 | ||||
Tennant Co. | 1,036 | 117,265 | |||||
The AZEK Company, Inc. | 18,724 | a | 900,811 | ||||
Trex Co., Inc. | 14,179 | a | 1,301,065 | ||||
Vertiv Holdings Co., Cl. A | 1,660 | 112,249 | |||||
21,433,641 | |||||||
Commercial & Professional Services - 8.0% | |||||||
CACI International, Inc., Cl. A | 560 | a | 209,916 | ||||
Casella Waste Systems, Inc., Cl. A | 15,821 | a | 1,425,472 | ||||
CBIZ, Inc. | 10,365 | a | 782,868 | ||||
CECO Environmental Corp. | 13,805 | a | 312,684 | ||||
Clean Harbors, Inc. | 1,047 | a | 190,659 | ||||
ExlService Holdings, Inc. | 40,039 | a | 1,246,014 | ||||
Exponent, Inc. | 13,530 | 1,094,442 | |||||
Franklin Covey Co. | 8,910 | a | 340,184 | ||||
Huron Consulting Group, Inc. | 4,128 | a | 405,081 | ||||
ICF International, Inc. | 2,065 | 319,765 | |||||
MAXIMUS, Inc. | 5,877 | 491,670 | |||||
Montrose Environmental Group, Inc. | 8,375 | a | 346,557 | ||||
MSA Safety, Inc. | 2,759 | 508,070 | |||||
NV5 Global, Inc. | 4,002 | a | 407,043 | ||||
Parsons Corp. | 9,118 | a | 735,003 | ||||
Paycor HCM, Inc. | 17,030 | a | 359,674 |
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Commercial & Professional Services - 8.0% (continued) | |||||||
RB Global, Inc. | 5,178 | 393,062 | |||||
Science Applications International Corp. | 728 | 101,891 | |||||
The Brink's Company | 5,751 | 476,355 | |||||
Willdan Group, Inc. | 7,324 | a | 152,925 | ||||
WNS Holdings Ltd., ADR | 21,786 | a | 1,257,052 | ||||
11,556,387 | |||||||
Consumer Discretionary Distribution & Retail - 2.2% | |||||||
Abercrombie & Fitch Co., Cl. A | 1,940 | a | 247,855 | ||||
American Eagle Outfitters, Inc. | 2,735 | 64,956 | |||||
Arhaus, Inc. | 17,451 | a | 230,702 | ||||
Caleres, Inc. | 2,638 | 101,853 | |||||
Global-e Online Ltd. | 2,707 | a | 91,686 | ||||
Leslie's, Inc. | 43,544 | a | 343,998 | ||||
Ollie's Bargain Outlet Holdings, Inc. | 15,242 | a | 1,221,951 | ||||
Pool Corp. | 1,000 | 398,120 | |||||
Signet Jewelers Ltd. | 3,699 | 376,410 | |||||
Sleep Number Corp. | 3,920 | a | 64,758 | ||||
Wayfair, Inc., Cl. A | 1,580 | a,b | 94,168 | ||||
3,236,457 | |||||||
Consumer Durables & Apparel - 1.5% | |||||||
Cavco Industries, Inc. | 746 | a | 277,938 | ||||
Dream Finders Homes, Inc., Cl. A | 8,294 | a | 324,544 | ||||
Figs, Inc., Cl. A | 29,932 | a,b | 156,544 | ||||
Green Brick Partners, Inc. | 2,197 | a | 128,524 | ||||
Installed Building Products, Inc. | 641 | 153,154 | |||||
KB Home | 1,615 | 107,284 | |||||
Kontoor Brands, Inc. | 3,954 | 233,721 | |||||
PVH Corp. | 810 | 110,703 | |||||
Ralph Lauren Corp. | 607 | 112,853 | |||||
Skyline Champion Corp. | 5,773 | a | 483,720 | ||||
Toll Brothers, Inc. | 1,059 | 121,404 | |||||
2,210,389 | |||||||
Consumer Services - 3.3% | |||||||
Bright Horizons Family Solutions, Inc. | 5,247 | a | 602,670 | ||||
Century Casinos, Inc. | 23,846 | a | 69,392 | ||||
Kura Sushi USA, Inc., Cl. A | 3,438 | a,b | 326,713 | ||||
Shake Shack, Inc., Cl. A | 2,481 | a | 263,780 | ||||
Stride, Inc. | 20,964 | a | 1,252,599 | ||||
Texas Roadhouse, Inc. | 11,498 | 1,717,457 | |||||
Vail Resorts, Inc. | 1,776 | 409,031 | |||||
Wingstop, Inc. | 384 | 134,803 | |||||
4,776,445 | |||||||
Consumer Staples Distribution - .4% | |||||||
Grocery Outlet Holding Corp. | 12,441 | a | 320,853 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Consumer Staples Distribution - .4% (continued) | |||||||
PriceSmart, Inc. | 2,401 | 202,020 | |||||
Sprouts Farmers Market, Inc. | 1,392 | a | 86,916 | ||||
609,789 | |||||||
Energy - 1.3% | |||||||
Archrock, Inc. | 5,680 | 103,774 | |||||
Cactus, Inc., Cl. A | 10,982 | 504,074 | |||||
Helmerich & Payne, Inc. | 9,257 | 355,376 | |||||
Kodiak Gas Services, Inc. | 3,681 | 93,866 | |||||
Noble Corp. PLC | 10,280 | 429,807 | |||||
Scorpio Tankers, Inc. | 1,492 | 100,158 | |||||
Weatherford International PLC | 3,510 | a | 360,161 | ||||
1,947,216 | |||||||
Equity Real Estate Investment Trusts - .9% | |||||||
Outfront Media, Inc. | 21,973 | c | 315,752 | ||||
Ryman Hospitality Properties, Inc. | 1,236 | c | 146,441 | ||||
SL Green Realty Corp. | 1,816 | c | 88,040 | ||||
Tanger, Inc. | 13,411 | c | 386,371 | ||||
Terreno Realty Corp. | 5,066 | c | 325,744 | ||||
1,262,348 | |||||||
Financial Services - 3.8% | |||||||
AvidXchange Holdings, Inc. | 16,325 | a | 216,959 | ||||
Donnelley Financial Solutions, Inc. | 22,672 | a | 1,463,704 | ||||
Euronet Worldwide, Inc. | 10,153 | a | 1,111,144 | ||||
Evercore, Inc., Cl. A | 2,726 | 509,980 | |||||
EVERTEC, Inc. | 13,078 | 472,508 | |||||
Federal Agricultural Mortgage Corp., Cl. C | 2,163 | 386,896 | |||||
FirstCash Holdings, Inc. | 2,669 | 305,600 | |||||
Houlihan Lokey, Inc. | 698 | 89,805 | |||||
I3 Verticals, Inc., Cl. A | 16,538 | a | 352,425 | ||||
MGIC Investment Corp. | 19,236 | 382,604 | |||||
Mr. Cooper Group, Inc. | 1,669 | a | 118,966 | ||||
StoneCo Ltd., Cl. A | 4,474 | a | 76,998 | ||||
5,487,589 | |||||||
Food, Beverage & Tobacco - 1.7% | |||||||
Celsius Holdings, Inc. | 4,112 | a,b | 335,621 | ||||
Freshpet, Inc. | 11,666 | a | 1,318,608 | ||||
J&J Snack Foods Corp. | 4,557 | 661,130 | |||||
Post Holdings, Inc. | 1,074 | a | 111,868 | ||||
2,427,227 | |||||||
Health Care Equipment & Services - 6.9% | |||||||
Addus HomeCare Corp. | 4,265 | a | 393,574 | ||||
Alphatec Holdings, Inc. | 6,225 | a | 83,602 | ||||
Certara, Inc. | 53,220 | a | 898,353 |
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Health Care Equipment & Services - 6.9% (continued) | |||||||
Doximity, Inc., Cl. A | 20,688 | a | 584,022 | ||||
Enovis Corp. | 3,249 | a | 194,323 | ||||
Establishment Labs Holdings, Inc. | 14,676 | a,b | 670,400 | ||||
Evolent Health, Inc., Cl. A | 5,770 | a | 195,661 | ||||
Glaukos Corp. | 2,548 | a | 225,727 | ||||
Globus Medical, Inc., Cl. A | 13,893 | a | 750,083 | ||||
HealthEquity, Inc. | 10,188 | a | 841,631 | ||||
Hims & Hers Health, Inc. | 8,453 | a | 110,227 | ||||
Lantheus Holdings, Inc. | 3,503 | a | 229,026 | ||||
LeMaitre Vascular, Inc. | 8,004 | 560,280 | |||||
Merit Medical Systems, Inc. | 3,775 | a | 287,655 | ||||
Neogen Corp. | 41,468 | a | 712,835 | ||||
NeoGenomics, Inc. | 16,727 | a | 260,941 | ||||
Omnicell, Inc. | 5,668 | a | 148,728 | ||||
Premier, Inc., Cl. A | 5,876 | 122,573 | |||||
PROCEPT BioRobotics Corp. | 1,947 | a,b | 94,118 | ||||
Progyny, Inc. | 8,107 | a | 296,068 | ||||
RadNet, Inc. | 2,016 | a | 76,326 | ||||
RxSight, Inc. | 8,452 | a | 461,226 | ||||
Shockwave Medical, Inc. | 665 | 173,479 | |||||
STAAR Surgical Co. | 6,341 | a | 198,093 | ||||
Surgery Partners, Inc. | 13,460 | a | 417,664 | ||||
The Ensign Group, Inc. | 5,150 | 643,338 | |||||
TransMedics Group, Inc. | 1,844 | a,b | 150,470 | ||||
UFP Technologies, Inc. | 1,226 | a | 255,388 | ||||
10,035,811 | |||||||
Household & Personal Products - 1.4% | |||||||
BellRing Brands, Inc. | 4,542 | a | 258,667 | ||||
e.l.f. Beauty, Inc. | 1,926 | a | 401,629 | ||||
Inter Parfums, Inc. | 6,249 | 916,853 | |||||
WD-40 Co. | 1,938 | 520,140 | |||||
2,097,289 | |||||||
Insurance - 3.1% | |||||||
Assured Guaranty Ltd. | 1,249 | 114,408 | |||||
BRP Group, Inc., Cl. A | 5,997 | a | 166,837 | ||||
HCI Group, Inc. | 1,020 | b | 99,572 | ||||
Kinsale Capital Group, Inc. | 4,601 | 2,374,944 | |||||
Mercury General Corp. | 2,199 | 107,069 | |||||
Palomar Holdings, Inc. | 10,293 | a | 783,709 | ||||
Skyward Specialty Insurance Group, Inc. | 11,739 | a | 429,530 | ||||
Stewart Information Services Corp. | 5,614 | 353,570 | |||||
4,429,639 | |||||||
Materials - 2.4% | |||||||
Alpha Metallurgical Resources, Inc. | 200 | 75,450 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Materials - 2.4% (continued) | |||||||
Aspen Aerogels, Inc. | 24,946 | a | 428,572 | ||||
Balchem Corp. | 6,647 | 1,044,842 | |||||
Carpenter Technology Corp. | 6,359 | 411,109 | |||||
Eagle Materials, Inc. | 475 | 120,436 | |||||
Ingevity Corp. | 8,442 | a | 385,631 | ||||
Louisiana-Pacific Corp. | 5,666 | 419,114 | |||||
Methanex Corp. | 7,123 | 319,395 | |||||
MP Materials Corp. | 6,963 | a | 105,907 | ||||
NewMarket Corp. | 166 | 106,517 | |||||
Ramaco Resources, Inc., Cl. A | 2,445 | 42,983 | |||||
3,459,956 | |||||||
Media & Entertainment - 2.0% | |||||||
Bumble, Inc., CI. A | 13,900 | a | 159,155 | ||||
Eventbrite, Inc., Cl. A | 47,527 | 266,151 | |||||
Shutterstock, Inc. | 7,497 | b | 365,554 | ||||
TechTarget, Inc. | 3,338 | a | 105,848 | ||||
TKO Group Holdings, Inc. | 11,383 | 953,099 | |||||
Ziff Davis, Inc. | 11,016 | a | 757,460 | ||||
ZipRecruiter, Inc., Cl. A | 21,231 | a | 270,058 | ||||
2,877,325 | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 12.6% | |||||||
10X Genomics, Inc., CI. A | 4,615 | a | 215,244 | ||||
4D Molecular Therapeutics, Inc. | 2,704 | a | 75,766 | ||||
ACADIA Pharmaceuticals, Inc. | 17,725 | a | 411,929 | ||||
ADMA Biologics, Inc. | 17,424 | a | 93,393 | ||||
Alkermes PLC | 31,320 | a | 929,891 | ||||
Alpine Immune Sciences, Inc. | 2,520 | a | 88,754 | ||||
Amicus Therapeutics, Inc. | 35,311 | a | 452,687 | ||||
Amphastar Pharmaceuticals, Inc. | 10,812 | a | 503,515 | ||||
Arcellx, Inc. | 1,852 | a | 121,899 | ||||
Ardelyx, Inc. | 11,530 | a | 107,460 | ||||
Ascendis Pharma A/S, ADR | 4,331 | a | 639,949 | ||||
Axsome Therapeutics, Inc. | 2,118 | a | 172,363 | ||||
Azenta, Inc. | 4,536 | a | 295,520 | ||||
BioCryst Pharmaceuticals, Inc. | 42,576 | a | 239,703 | ||||
Biohaven Ltd. | 5,763 | a | 277,431 | ||||
BioLife Solutions, Inc. | 7,824 | a,b | 132,226 | ||||
Bio-Techne Corp. | 9,031 | 664,411 | |||||
Bridgebio Pharma, Inc. | 2,034 | a | 69,461 | ||||
Celldex Therapeutics, Inc. | 1,978 | a | 95,063 | ||||
Collegium Pharmaceutical, Inc. | 2,237 | a | 82,120 | ||||
Crinetics Pharmaceuticals, Inc. | 2,979 | a | 121,960 | ||||
Cytokinetics, Inc. | 4,051 | a | 292,644 | ||||
Day One Biopharmaceuticals, Inc. | 10,425 | a | 174,410 |
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 12.6% (continued) | |||||||
Disc Medicine, Inc. | 2,815 | a | 193,306 | ||||
Dyne Therapeutics, Inc. | 4,155 | a | 111,769 | ||||
Elanco Animal Health, Inc. | 6,486 | a | 103,063 | ||||
Evolus, Inc. | 17,301 | a | 256,574 | ||||
EyePoint Pharmaceuticals, Inc. | 5,656 | a | 153,899 | ||||
Halozyme Therapeutics, Inc. | 18,489 | a | 736,047 | ||||
Ideaya Biosciences, Inc. | 6,615 | a | 295,690 | ||||
Immunocore Holdings PLC, ADR | 2,836 | a | 190,636 | ||||
Immunome, Inc. | 3,597 | a | 87,047 | ||||
Immunovant, Inc. | 4,878 | a | 172,535 | ||||
Insmed, Inc. | 4,859 | a | 134,691 | ||||
Intra-Cellular Therapies, Inc. | 3,617 | a | 251,454 | ||||
Iovance Biotherapeutics, Inc. | 43,488 | a | 691,894 | ||||
Janux Therapeutics, Inc. | 1,578 | a,b | 76,344 | ||||
KalVista Pharmaceuticals, Inc. | 4,321 | a | 58,982 | ||||
Karuna Therapeutics, Inc. | 829 | a | 260,281 | ||||
Kiniksa Pharmaceuticals Ltd., CI. A | 12,325 | a | 260,550 | ||||
Krystal Biotech, Inc. | 748 | a | 119,284 | ||||
Ligand Pharmaceuticals, Inc. | 5,426 | a | 430,553 | ||||
Liquidia Corp. | 6,414 | a | 90,822 | ||||
Longboard Pharmaceuticals, Inc. | 3,299 | a | 73,172 | ||||
Maravai LifeSciences Holdings, Inc., Cl. A | 18,546 | a | 143,361 | ||||
Medpace Holdings, Inc. | 3,488 | a | 1,386,550 | ||||
Mesa Laboratories, Inc. | 1,744 | 190,427 | |||||
Mirum Pharmaceuticals, Inc. | 4,256 | a | 122,190 | ||||
Neurocrine Biosciences, Inc. | 3,372 | a | 439,709 | ||||
Nuvalent, Inc., CI. A | 4,370 | a | 367,604 | ||||
OmniAb, Inc. | 50,658 | a,b | 295,843 | ||||
Optinose, Inc. | 12,373 | a | 22,024 | ||||
Pacira Biosciences, Inc. | 23,050 | a | 685,046 | ||||
Prestige Consumer Healthcare, Inc. | 15,603 | a | 1,085,657 | ||||
Revance Therapeutics, Inc. | 16,191 | a | 115,604 | ||||
Rocket Pharmaceuticals, Inc. | 2,809 | a | 82,304 | ||||
Roivant Sciences Ltd. | 4,542 | a | 51,960 | ||||
Scholar Rock Holding Corp. | 4,063 | a | 62,977 | ||||
Soleno Therapeutics, Inc. | 1,471 | a | 71,079 | ||||
Supernus Pharmaceuticals, Inc. | 9,280 | a | 275,616 | ||||
Tarsus Pharmaceuticals, Inc. | 2,829 | a | 108,124 | ||||
Vaxcyte, Inc. | 3,366 | a | 248,478 | ||||
Vera Therapeutics, Inc. | 2,221 | a | 104,565 | ||||
Veracyte, Inc. | 10,969 | a | 258,320 | ||||
Vericel Corp. | 8,469 | a | 386,864 | ||||
Verona Pharma PLC, ADR | 13,797 | a,b | 237,584 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 12.6% (continued) | |||||||
Viking Therapeutics, Inc. | 4,114 | a,b | 316,984 | ||||
Xenon Pharmaceuticals, Inc. | 4,024 | a | 189,933 | ||||
18,255,195 | |||||||
Real Estate Management & Development - .2% | |||||||
DigitalBridge Group, Inc. | 12,719 | 233,648 | |||||
Semiconductors & Semiconductor Equipment - 4.0% | |||||||
Aehr Test Systems | 1,563 | a,b | 25,430 | ||||
Allegro MicroSystems, Inc. | 11,880 | a | 374,101 | ||||
Axcelis Technologies, Inc. | 2,914 | a | 328,320 | ||||
CEVA, Inc. | 10,214 | a | 231,245 | ||||
Credo Technology Group Holding Ltd. | 4,850 | a | 104,469 | ||||
Ichor Holdings Ltd. | 2,415 | a | 103,362 | ||||
Lattice Semiconductor Corp. | 5,248 | a | 402,049 | ||||
MKS Instruments, Inc. | 899 | 110,361 | |||||
Monolithic Power Systems, Inc. | 716 | 515,549 | |||||
Onto Innovation, Inc. | 15,366 | a | 2,829,802 | ||||
SiTime Corp. | 3,235 | a | 299,238 | ||||
Tower Semiconductor Ltd. | 10,375 | a | 341,130 | ||||
Veeco Instruments, Inc. | 3,154 | a | 114,206 | ||||
5,779,262 | |||||||
Software & Services - 12.6% | |||||||
ACI Worldwide, Inc. | 38,163 | a | 1,255,944 | ||||
Agilysys, Inc. | 14,383 | a | 1,118,997 | ||||
Alarm.com Holdings, Inc. | 11,442 | a | 866,045 | ||||
Alkami Technology, Inc. | 4,047 | a | 100,973 | ||||
Altair Engineering, Inc., Cl. A | 986 | a | 83,889 | ||||
AppFolio, Inc., Cl. A | 1,840 | a | 445,446 | ||||
Bill Holdings, Inc. | 1,328 | a | 84,102 | ||||
Blackbaud, Inc. | 10,781 | a | 745,830 | ||||
BlackLine, Inc. | 13,830 | a | 784,576 | ||||
Braze, Inc., Cl. A | 1,964 | a | 111,752 | ||||
Commvault Systems, Inc. | 1,347 | a | 128,921 | ||||
Confluent, Inc., Cl. A | 5,061 | a | 171,416 | ||||
Consensus Cloud Solutions, Inc. | 3,985 | a | 63,441 | ||||
Couchbase, Inc. | 3,906 | a | 109,680 | ||||
Digital Turbine, Inc. | 45,592 | a | 144,527 | ||||
DoubleVerify Holdings, Inc. | 40,912 | a | 1,263,771 | ||||
Elastic NV | 2,619 | a | 350,448 | ||||
Envestnet, Inc. | 9,629 | a | 496,182 | ||||
Fair Isaac Corp. | 850 | a | 1,079,423 | ||||
Freshworks, Inc., Cl. A | 20,836 | a | 425,887 | ||||
Gitlab, Inc., Cl. A | 1,480 | a | 106,738 | ||||
Informatica, Inc., Cl. A | 3,878 | a | 126,345 |
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Software & Services - 12.6% (continued) | |||||||
InterDigital, Inc. | 687 | 73,523 | |||||
JFrog Ltd. | 2,858 | a | 128,010 | ||||
Klaviyo, Inc., Cl. A | 3,021 | a | 80,057 | ||||
Kyndryl Holdings, Inc. | 4,973 | a | 109,257 | ||||
nCino, Inc. | 9,081 | a | 270,977 | ||||
Nutanix, Inc., Cl. A | 8,501 | a | 536,923 | ||||
Pegasystems, Inc. | 1,581 | 102,828 | |||||
Perficient, Inc. | 8,543 | a | 554,184 | ||||
Q2 Holdings, Inc. | 2,600 | a | 120,198 | ||||
Qualys, Inc. | 855 | a | 146,940 | ||||
Radware Ltd. | 17,282 | a | 306,928 | ||||
SEMrush Holdings, Cl. A | 6,261 | a | 78,137 | ||||
SentinelOne, Inc., Cl. A | 10,796 | a | 304,123 | ||||
SolarWinds Corp. | 3,303 | a | 39,438 | ||||
Sprout Social, Inc., Cl. A | 12,579 | a,b | 777,634 | ||||
SPS Commerce, Inc. | 6,744 | a | 1,248,719 | ||||
Squarespace, Inc., Cl. A | 3,405 | a | 113,318 | ||||
The Descartes Systems Group, Inc. | 20,400 | a | 1,768,068 | ||||
Tyler Technologies, Inc. | 1,248 | a | 545,551 | ||||
Varonis Systems, Inc. | 1,962 | a | 99,670 | ||||
Verint Systems, Inc. | 2,762 | a | 87,307 | ||||
Wix.com Ltd. | 4,363 | a | 611,605 | ||||
18,167,728 | |||||||
Technology Hardware & Equipment - 5.0% | |||||||
Arlo Technologies, Inc. | 110,877 | a | 1,154,230 | ||||
Belden, Inc. | 4,657 | 396,683 | |||||
Cambium Networks Corp. | 2,367 | a | 10,060 | ||||
Coherent Corp. | 1,675 | a | 99,629 | ||||
Crane NXT Co. | 4,408 | 257,515 | |||||
Digi International, Inc. | 15,164 | a | 448,248 | ||||
ePlus, Inc. | 10,961 | a | 903,077 | ||||
Fabrinet | 3,379 | a | 728,411 | ||||
Itron, Inc. | 927 | a | 85,914 | ||||
Ituran Location & Control Ltd. | 3,319 | 86,692 | |||||
Napco Security Technologies, Inc. | 13,008 | 585,751 | |||||
Novanta, Inc. | 6,851 | a | 1,184,812 | ||||
OSI Systems, Inc. | 895 | a | 117,406 | ||||
Super Micro Computer, Inc. | 953 | a | 825,413 | ||||
Viavi Solutions, Inc. | 31,617 | a | 301,942 | ||||
Vontier Corp. | 2,665 | 114,595 | |||||
7,300,378 | |||||||
Transportation - 2.7% | |||||||
Allegiant Travel Co. | 2,227 | 162,081 | |||||
ArcBest Corp. | 5,068 | 724,014 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 94.7% (continued) | |||||||
Transportation - 2.7% (continued) | |||||||
GXO Logistics, Inc. | 2,816 | a | 145,756 | ||||
Lyft, Inc., Cl. A | 6,453 | a | 102,474 | ||||
Marten Transport Ltd. | 43,174 | 813,830 | |||||
Matson, Inc. | 1,445 | 160,467 | |||||
RXO, Inc. | 7,746 | a | 166,694 | ||||
SkyWest, Inc. | 3,340 | a | 214,495 | ||||
TFI International, Inc. | 2,401 | 354,916 | |||||
XPO, Inc. | 8,372 | a | 1,007,319 | ||||
3,852,046 | |||||||
Utilities - .1% | |||||||
California Water Service Group | 4,749 | 217,932 | |||||
Total Common Stocks (cost $89,524,146) | 137,016,679 | ||||||
Exchange-Traded Funds - .4% | |||||||
Registered Investment Companies - .4% | |||||||
iShares Russell 2000 Growth ETF | 2,015 | 531,940 | |||||
Number of Rights | |||||||
Rights - .0% | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - .0% | |||||||
Omniab Operations, Inc.-Earnout 12.5 expiring | 4,894 | d | 0 | ||||
Omniab Operations, Inc.-Earnout 15.0 expiring | 4,894 | d | 0 | ||||
1-Day | |||||||
Investment Companies - 4.7% | |||||||
Registered Investment Companies - 4.7% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.41 | 6,835,770 | e | 6,835,770 | |||
Investment of Cash Collateral for Securities Loaned - .9% | |||||||
Registered Investment Companies - .9% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.41 | 1,342,105 | e | 1,342,105 | |||
Total Investments (cost $98,197,760) | 100.7% | 145,726,494 | |||||
Liabilities, Less Cash and Receivables | (.7%) | (1,079,136) | |||||
Net Assets | 100.0% | 144,647,358 |
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At February 29, 2024, the value of the fund’s securities on loan was $2,644,367 and the value of the collateral was $2,720,759, consisting of cash collateral of $1,342,105 and U.S. Government & Agency securities valued at $1,378,654. 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 29, 2024. These securities were valued at $0 or .0% of net assets.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of February 29, 2024 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 137,016,679 | - | - | 137,016,679 | ||
Exchange-Traded Funds | 531,940 | - | - | 531,940 | ||
Investment Companies | 8,177,875 | - | - | 8,177,875 | ||
Rights | - | - | 0 | 0 |
† 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. 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 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 fund's Board Members (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 29, 2024, accumulated net unrealized appreciation on investments was $47,528,734, consisting of $50,941,351 gross unrealized appreciation and $3,412,617 gross unrealized depreciation.
At February 29, 2024, 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.