STATEMENT OF INVESTMENTS
BNY Mellon Select Managers Small Cap Value Fund
February 29, 2024 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% | |||||||
Automobiles & Components - .3% | |||||||
Modine Manufacturing Co. | 2,075 | a | 186,148 | ||||
Standard Motor Products, Inc. | 1,900 | 60,344 | |||||
Visteon Corp. | 1,525 | a | 172,508 | ||||
419,000 | |||||||
Banks - 9.6% | |||||||
1st Source Corp. | 14,200 | 706,876 | |||||
Banc of California, Inc. | 15,124 | 221,264 | |||||
Columbia Banking System, Inc. | 16,360 | 296,116 | |||||
ConnectOne Bancorp, Inc. | 4,000 | 79,160 | |||||
Customers Bancorp, Inc. | 3,900 | a | 211,809 | ||||
FB Financial Corp. | 17,198 | 612,937 | |||||
First Busey Corp. | 11,600 | 267,496 | |||||
First Financial Bancorp | 35,900 | 779,030 | |||||
First Merchants Corp. | 19,000 | 630,800 | |||||
Glacier Bancorp, Inc. | 15,571 | 582,667 | |||||
Heartland Financial USA, Inc. | 21,860 | 743,240 | |||||
Hope Bancorp, Inc. | 43,000 | 471,710 | |||||
Independent Bank Corp. | 6,375 | 332,584 | |||||
Old National Bancorp | 49,687 | 816,357 | |||||
Pathward Financial, Inc. | 6,190 | 314,700 | |||||
Pinnacle Financial Partners, Inc. | 9,846 | 814,461 | |||||
Premier Financial Corp. | 9,700 | 187,986 | |||||
QCR Holdings, Inc. | 1,100 | 62,700 | |||||
Republic Bancorp, Inc., Cl. A | 400 | 19,704 | |||||
Sandy Spring Bancorp, Inc. | 15,700 | 345,086 | |||||
Seacoast Banking Corp. of Florida | 36,435 | 879,541 | |||||
Simmons First National Corp., Cl. A | 23,500 | 451,200 | |||||
Southside Bancshares, Inc. | 2,400 | 68,784 | |||||
SouthState Corp. | 10,010 | 841,240 | |||||
Synovus Financial Corp. | 22,513 | 854,143 | |||||
Texas Capital Bancshares, Inc. | 23,476 | a | 1,376,868 | ||||
The Bancorp, Inc. | 9,050 | a | 403,992 | ||||
The Bank of NT Butterfield & Son Ltd. | 8,600 | 257,054 | |||||
WesBanco, Inc. | 1,600 | 46,368 | |||||
Wintrust Financial Corp. | 13,460 | 1,296,871 | |||||
14,972,744 | |||||||
Capital Goods - 10.0% | |||||||
AerCap Holdings NV | 7,112 | a | 548,904 | ||||
Albany International Corp., Cl. A | 3,045 | 285,834 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Capital Goods - 10.0% (continued) | |||||||
American Woodmark Corp. | 1,225 | a | 122,794 | ||||
Arcosa, Inc. | 3,559 | 295,397 | |||||
Astec Industries, Inc. | 9,660 | 392,196 | |||||
Atkore, Inc. | 1,560 | 264,264 | |||||
Babcock & Wilcox Enterprises, Inc. | 43,377 | a | 55,523 | ||||
Bloom Energy Corp., Cl. A | 9,489 | a,b | 83,219 | ||||
BlueLinx Holdings, Inc. | 7,000 | a | 887,950 | ||||
BWX Technologies, Inc. | 4,450 | 448,693 | |||||
Chart Industries, Inc. | 1,925 | a,b | 275,005 | ||||
Comfort Systems USA, Inc. | 1,080 | 330,188 | |||||
Construction Partners, Inc., Cl. A | 4,780 | a | 229,822 | ||||
Enerpac Tool Group Corp. | 19,887 | 670,391 | |||||
ESCO Technologies, Inc. | 1,855 | 189,006 | |||||
Franklin Electric Co., Inc. | 1,555 | 161,658 | |||||
Global Industrial Co. | 13,800 | 605,130 | |||||
Granite Construction, Inc. | 12,116 | 624,337 | |||||
Herc Holdings, Inc. | 7,514 | 1,192,322 | |||||
Hexcel Corp. | 14,174 | 1,055,396 | |||||
Hillenbrand, Inc. | 18,385 | 874,207 | |||||
Kennametal, Inc. | 15,460 | 390,210 | |||||
Leonardo DRS, Inc. | 22,475 | a | 510,407 | ||||
Lindsay Corp. | 3,220 | 384,178 | |||||
Markforged Holding Corp. | 20,695 | a | 13,866 | ||||
Mercury Systems, Inc. | 3,990 | a | 119,181 | ||||
NEXTracker, Inc., Cl. A | 4,060 | a | 228,334 | ||||
Park Aerospace Corp. | 55,329 | 842,107 | |||||
Resideo Technologies, Inc. | 23,110 | a | 516,046 | ||||
Rush Enterprises, Inc., Cl. A | 17,950 | 874,165 | |||||
Shoals Technologies Group, Inc., Cl. A | 9,310 | a | 119,447 | ||||
Simpson Manufacturing Co., Inc. | 1,110 | 231,635 | |||||
SPX Technologies, Inc. | 10,817 | a | 1,267,644 | ||||
Stratasys Ltd. | 22,753 | a | 281,000 | ||||
Textainer Group Holdings Ltd. | 1,000 | 49,900 | |||||
The AZEK Company, Inc. | 3,860 | a | 185,705 | ||||
Twin Disc, Inc. | 3,676 | 57,309 | |||||
15,663,370 | |||||||
Commercial & Professional Services - 5.7% | |||||||
Brady Corp., Cl. A | 4,938 | 287,787 | |||||
CACI International, Inc., Cl. A | 719 | a | 269,517 | ||||
Clean Harbors, Inc. | 1,945 | a | 354,185 | ||||
Conduent, Inc. | 78,349 | a | 269,521 | ||||
Enviri Corp. | 28,306 | a | 222,485 | ||||
Healthcare Services Group, Inc. | 32,946 | a | 420,391 | ||||
Heidrick & Struggles International, Inc. | 2,300 | 78,200 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Commercial & Professional Services - 5.7% (continued) | |||||||
ICF International, Inc. | 2,445 | 378,608 | |||||
KBR, Inc. | 10,931 | 656,188 | |||||
MSA Safety, Inc. | 5,474 | 1,008,037 | |||||
Openlane, Inc. | 19,478 | a | 297,429 | ||||
Parsons Corp. | 15,209 | a | 1,225,997 | ||||
Stericycle, Inc. | 17,107 | a | 930,450 | ||||
The Brink's Company | 14,071 | 1,165,501 | |||||
The GEO Group, Inc. | 17,000 | a,b | 208,590 | ||||
TTEC Holdings, Inc. | 14,300 | 249,535 | |||||
Vestis Corp. | 51,653 | 969,010 | |||||
8,991,431 | |||||||
Consumer Discretionary Distribution & Retail - 2.7% | |||||||
Asbury Automotive Group, Inc. | 4,245 | a | 886,483 | ||||
Boot Barn Holdings, Inc. | 2,000 | a,b | 185,000 | ||||
Caleres, Inc. | 5,155 | 199,035 | |||||
Dillard's, Inc., Cl. A | 1,500 | 622,095 | |||||
Haverty Furniture Cos., Inc. | 10,300 | 353,290 | |||||
Monro, Inc. | 11,469 | 385,014 | |||||
Shoe Carnival, Inc. | 8,400 | 275,268 | |||||
Sonic Automotive, Inc., Cl. A | 6,400 | 336,000 | |||||
The Buckle, Inc. | 18,600 | 761,484 | |||||
The ODP Corp. | 5,029 | a | 284,038 | ||||
4,287,707 | |||||||
Consumer Durables & Apparel - 5.9% | |||||||
Carter's, Inc. | 10,116 | b | 818,890 | ||||
Century Communities, Inc. | 9,100 | 785,239 | |||||
Dream Finders Homes, Inc., Cl. A | 22,900 | a | 896,077 | ||||
Ethan Allen Interiors, Inc. | 10,023 | 335,069 | |||||
Helen of Troy Ltd. | 2,555 | a | 319,375 | ||||
Hovnanian Enterprises, Inc., Cl. A | 1,500 | a | 234,990 | ||||
Installed Building Products, Inc. | 3,817 | 911,996 | |||||
Johnson Outdoors, Inc., Cl. A | 3,200 | 147,072 | |||||
Meritage Homes Corp. | 1,635 | 257,774 | |||||
Mohawk Industries, Inc. | 5,014 | a | 594,761 | ||||
Movado Group, Inc. | 11,600 | 333,036 | |||||
Oxford Industries, Inc. | 1,765 | 178,953 | |||||
PVH Corp. | 7,464 | 1,020,105 | |||||
SharkNinja, Inc. | 6,680 | 360,720 | |||||
Smith & Wesson Brands, Inc. | 54,400 | 746,912 | |||||
Tempur Sealy International, Inc. | 5,258 | 286,403 | |||||
Under Armour, Inc., Cl. C | 21,284 | a | 181,765 | ||||
Worthington Enterprises, Inc. | 12,600 | b | 782,712 | ||||
9,191,849 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Consumer Services - 2.5% | |||||||
Bloomin' Brands, Inc. | 15,061 | 409,358 | |||||
Boyd Gaming Corp. | 12,687 | 838,991 | |||||
Graham Holdings Co., Cl. B | 600 | 421,398 | |||||
Hilton Grand Vacations, Inc. | 4,875 | a | 218,790 | ||||
International Game Technology PLC | 21,443 | 582,606 | |||||
Light & Wonder, Inc. | 4,210 | a | 423,147 | ||||
OneSpaWorld Holdings Ltd. | 42,884 | a | 559,207 | ||||
Perdoceo Education Corp. | 15,600 | 277,836 | |||||
United Parks & Resorts, Inc. | 3,216 | a | 165,142 | ||||
3,896,475 | |||||||
Consumer Staples Distribution - .7% | |||||||
Ingles Markets, Inc., Cl. A | 10,000 | 770,100 | |||||
Weis Markets, Inc. | 5,000 | 324,700 | |||||
1,094,800 | |||||||
Energy - 6.2% | |||||||
Cactus, Inc., Cl. A | 3,600 | 165,240 | |||||
Callon Petroleum Co. | 8,200 | a | 255,512 | ||||
ChampionX Corp. | 23,010 | 714,691 | |||||
Chord Energy Corp. | 1,000 | 162,450 | |||||
CNX Resources Corp. | 10,138 | a | 212,391 | ||||
CVR Energy, Inc. | 4,000 | 132,720 | |||||
Devon Energy Corp. | 8,832 | 389,138 | |||||
Diamond Offshore Drilling, Inc. | 17,510 | a | 194,186 | ||||
Dril-Quip, Inc. | 4,438 | a | 100,299 | ||||
Gulfport Energy Corp. | 6,300 | a | 894,537 | ||||
HighPeak Energy, Inc. | 35,100 | b | 581,607 | ||||
ION Geophysical Corp. | 12,608 | a,c | 0 | ||||
Murphy Oil Corp. | 25,926 | 1,028,484 | |||||
Oil States International, Inc. | 15,344 | a | 82,704 | ||||
Patterson-UTI Energy, Inc. | 79,974 | 925,299 | |||||
PBF Energy, Inc., Cl. A | 14,000 | 653,800 | |||||
Peabody Energy Corp. | 30,000 | 743,100 | |||||
Permian Resources Corp. | 14,610 | 227,332 | |||||
SandRidge Energy, Inc. | 28,400 | 370,336 | |||||
Scorpio Tankers, Inc. | 6,560 | 440,373 | |||||
SilverBow Resources, Inc. | 3,200 | a | 90,848 | ||||
SM Energy Co. | 18,308 | 801,341 | |||||
TechnipFMC PLC | 19,054 | 413,281 | |||||
TETRA Technologies, Inc. | 32,677 | a | 127,440 | ||||
Vital Energy, Inc. | 1,100 | a,b | 55,363 | ||||
9,762,472 | |||||||
Equity Real Estate Investment Trusts - 3.5% | |||||||
Alexander's, Inc. | 2,300 | d | 508,415 | ||||
Armada Hoffler Properties, Inc. | 11,400 | d | 116,052 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Equity Real Estate Investment Trusts - 3.5% (continued) | |||||||
Camden Property Trust | 3,108 | d | 293,644 | ||||
Chatham Lodging Trust | 6,671 | d | 68,044 | ||||
COPT Defense Properties | 35,273 | d | 854,665 | ||||
Farmland Partners, Inc. | 29,180 | d | 344,324 | ||||
Lamar Advertising Co., Cl. A | 3,965 | d | 438,331 | ||||
Potlatchdeltic Corp. | 22,673 | d | 1,025,046 | ||||
RLJ Lodging Trust | 6,614 | d | 78,508 | ||||
SL Green Realty Corp. | 4,190 | d | 203,131 | ||||
STAG Industrial, Inc. | 29,233 | d | 1,085,714 | ||||
Terreno Realty Corp. | 7,490 | d | 481,607 | ||||
5,497,481 | |||||||
Financial Services - 8.6% | |||||||
Affiliated Managers Group, Inc. | 6,263 | 978,970 | |||||
Artisan Partners Asset Management, Inc., Cl. A | 44,435 | b | 1,913,815 | ||||
Atlanticus Holdings Corp. | 2,500 | a | 82,875 | ||||
Bread Financial Holdings, Inc. | 22,219 | 850,543 | |||||
Brightsphere Investment Group, Inc. | 26,700 | 605,022 | |||||
Cannae Holdings, Inc. | 3,559 | a | 77,657 | ||||
Cohen & Steers, Inc. | 5,560 | 408,938 | |||||
Enact Holdings, Inc. | 28,300 | 784,476 | |||||
Encore Capital Group, Inc. | 3,600 | a | 172,800 | ||||
Enova International, Inc. | 3,100 | a | 196,075 | ||||
Essent Group Ltd. | 15,400 | 824,978 | |||||
Evercore, Inc., Cl. A | 8,870 | 1,659,400 | |||||
Jackson Financial, Inc., Cl. A | 9,300 | 511,965 | |||||
Merchants Bancorp | 13,200 | 565,752 | |||||
Navient Corp. | 46,800 | 760,968 | |||||
Nelnet, Inc., Cl. A | 8,800 | 755,656 | |||||
Pennymac Financial Services, Inc. | 1,600 | 135,888 | |||||
Stifel Financial Corp. | 15,031 | 1,140,252 | |||||
Victory Capital Holdings Inc., Cl. A | 21,400 | 822,402 | |||||
Walker & Dunlop, Inc. | 2,450 | 233,681 | |||||
13,482,113 | |||||||
Food, Beverage & Tobacco - 1.9% | |||||||
Darling Ingredients, Inc. | 18,108 | a | 766,149 | ||||
Lancaster Colony Corp. | 1,540 | 318,657 | |||||
National Beverage Corp. | 15,600 | a | 821,184 | ||||
The Hain Celestial Group, Inc. | 15,268 | a | 152,680 | ||||
The Simply Good Foods Company | 10,680 | a | 378,926 | ||||
TreeHouse Foods, Inc. | 6,070 | a | 217,245 | ||||
Vector Group Ltd. | 25,000 | 279,000 | |||||
2,933,841 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Health Care Equipment & Services - 5.5% | |||||||
Acadia Healthcare Co., Inc. | 7,594 | a | 633,719 | ||||
Accuray, Inc. | 36,480 | a | 94,848 | ||||
Alphatec Holdings, Inc. | 3,525 | a | 47,341 | ||||
AtriCure, Inc. | 4,397 | a | 153,763 | ||||
Avanos Medical, Inc. | 18,095 | a | 336,024 | ||||
Cytosorbents Corp. | 10,572 | a | 10,139 | ||||
Embecta Corp. | 5,700 | b | 81,396 | ||||
Enovis Corp. | 18,346 | a | 1,097,274 | ||||
Haemonetics Corp. | 12,953 | a | 945,310 | ||||
HealthStream, Inc. | 33,814 | 922,446 | |||||
Integer Holdings Corp. | 10,530 | a | 1,161,354 | ||||
Integra LifeSciences Holdings Corp. | 3,522 | a | 129,997 | ||||
Merit Medical Systems, Inc. | 10,949 | a | 834,314 | ||||
Molina Healthcare, Inc. | 893 | a | 351,762 | ||||
Option Care Health, Inc. | 5,345 | a | 172,483 | ||||
OraSure Technologies, Inc. | 21,552 | a | 155,067 | ||||
Paragon 28, Inc. | 4,745 | a | 59,218 | ||||
Patterson Cos., Inc. | 7,358 | 199,328 | |||||
Schrodinger, Inc. | 1,855 | a | 47,228 | ||||
Select Medical Holdings Corp. | 23,600 | 642,628 | |||||
SI-BONE, Inc. | 6,790 | a | 117,807 | ||||
TransMedics Group, Inc. | 2,000 | a,b | 163,200 | ||||
Varex Imaging Corp. | 6,124 | a | 105,333 | ||||
Zimvie, Inc. | 7,705 | a | 130,600 | ||||
8,592,579 | |||||||
Household & Personal Products - 1.0% | |||||||
BellRing Brands, Inc. | 3,415 | a | 194,484 | ||||
e.l.f. Beauty, Inc. | 1,335 | a | 278,388 | ||||
Medifast, Inc. | 5,100 | 204,459 | |||||
Oil-Dri Corp. of America | 8,419 | 600,191 | |||||
Spectrum Brands Holdings, Inc. | 1,941 | 156,095 | |||||
USANA Health Sciences, Inc. | 2,300 | a | 110,998 | ||||
1,544,615 | |||||||
Insurance - 2.0% | |||||||
CNO Financial Group, Inc. | 11,300 | 301,597 | |||||
Enstar Group Ltd. | 600 | a | 184,764 | ||||
Genworth Financial, Inc., Cl. A | 96,100 | a | 591,015 | ||||
Goosehead Insurance, Inc., Cl. A | 2,970 | a | 224,681 | ||||
Selective Insurance Group, Inc. | 3,735 | 390,233 | |||||
Skyward Specialty Insurance Group, Inc. | 10,310 | a | 377,243 | ||||
The Hanover Insurance Group, Inc. | 7,444 | 978,663 | |||||
3,048,196 | |||||||
Materials - 6.5% | |||||||
AdvanSix, Inc. | 4,100 | 114,718 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Materials - 6.5% (continued) | |||||||
American Vanguard Corp. | 30,528 | 327,260 | |||||
ATI, Inc. | 28,504 | a | 1,401,826 | ||||
Avery Dennison Corp. | 2,697 | 583,981 | |||||
Avient Corp. | 27,782 | 1,124,615 | |||||
Balchem Corp. | 1,590 | 249,932 | |||||
Cleveland-Cliffs, Inc. | 22,954 | a | 477,443 | ||||
Crown Holdings, Inc. | 5,839 | 447,384 | |||||
Element Solutions, Inc. | 12,830 | 301,505 | |||||
Greif, Inc., Cl. A | 12,400 | 799,304 | |||||
Knife River Corp. | 5,605 | a | 415,274 | ||||
Koppers Holdings, Inc. | 3,100 | 175,522 | |||||
Louisiana-Pacific Corp. | 15,645 | 1,157,261 | |||||
Orion SA | 2,300 | 51,842 | |||||
Ryerson Holding Corp. | 23,600 | 745,288 | |||||
Sensient Technologies Corp. | 8,273 | 553,298 | |||||
Summit Materials Inc., Cl. A | 9,273 | a | 396,050 | ||||
Sylvamo Corp. | 14,300 | 863,863 | |||||
10,186,366 | |||||||
Media & Entertainment - 2.4% | |||||||
AMC Networks, Inc., Cl. A | 20,000 | a,b | 258,800 | ||||
Criteo SA, ADR | 21,576 | a | 697,984 | ||||
Gray Television, Inc. | 48,900 | 285,576 | |||||
Lions Gate Entertainment Corp., Cl. B | 47,921 | a | 435,123 | ||||
Madison Square Garden Entertainment Corp. | 25,921 | a | 997,699 | ||||
Nexstar Media Group, Inc. | 5,273 | 876,214 | |||||
TripAdvisor, Inc. | 7,940 | a | 212,951 | ||||
3,764,347 | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 3.4% | |||||||
Alkermes PLC | 3,300 | a | 97,977 | ||||
Alpine Immune Sciences, Inc. | 2,525 | a | 88,931 | ||||
Altimmune, Inc. | 15,245 | a | 184,465 | ||||
Amneal Pharmaceuticals, Inc. | 24,047 | a | 132,739 | ||||
Amphastar Pharmaceuticals, Inc. | 3,340 | a | 155,544 | ||||
Arcellx, Inc. | 1,035 | a | 68,124 | ||||
Arrowhead Pharmaceuticals, Inc. | 2,480 | a | 79,608 | ||||
Axsome Therapeutics, Inc. | 2,860 | a | 232,747 | ||||
Biohaven Ltd. | 1,450 | a | 69,803 | ||||
Bridgebio Pharma, Inc. | 6,265 | a | 213,950 | ||||
Catalyst Pharmaceuticals, Inc. | 14,980 | a | 240,129 | ||||
Charles River Laboratories International, Inc. | 1,742 | a | 442,799 | ||||
Crinetics Pharmaceuticals, Inc. | 1,480 | a | 60,591 | ||||
Cytokinetics, Inc. | 3,155 | a | 227,917 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 3.4% (continued) | |||||||
Halozyme Therapeutics, Inc. | 4,360 | a | 173,572 | ||||
Innoviva, Inc. | 50,500 | a,b | 771,640 | ||||
Keros Therapeutics, Inc. | 1,590 | a | 107,325 | ||||
Kura Oncology, Inc. | 3,265 | a | 68,826 | ||||
Madrigal Pharmaceuticals, Inc. | 225 | a | 53,145 | ||||
Medpace Holdings, Inc. | 1,599 | a | 635,634 | ||||
Newamsterdam Pharma Co. NV | 4,490 | a | 102,552 | ||||
Protagonist Therapeutics, Inc. | 5,010 | a | 152,204 | ||||
SpringWorks Therapeutics, Inc. | 890 | a | 43,841 | ||||
Standard Biotools, Inc. | 32,699 | a | 73,573 | ||||
Syndax Pharmaceuticals, Inc. | 1,710 | a | 40,082 | ||||
Vaxcyte, Inc. | 4,625 | a | 341,417 | ||||
Vera Therapeutics, Inc. | 960 | a | 45,197 | ||||
Verona Pharma PLC, ADR | 14,980 | a,b | 257,956 | ||||
Viking Therapeutics, Inc. | 2,680 | a,b | 206,494 | ||||
5,368,782 | |||||||
Real Estate Management & Development - 1.1% | |||||||
Forestar Group, Inc. | 28,560 | a | 963,043 | ||||
Newmark Group, Inc., Cl. A | 73,700 | 795,223 | |||||
1,758,266 | |||||||
Semiconductors & Semiconductor Equipment - 2.5% | |||||||
Amkor Technology, Inc. | 9,300 | 288,486 | |||||
CEVA, Inc. | 4,449 | a | 100,725 | ||||
Credo Technology Group Holding Ltd. | 8,755 | a | 188,583 | ||||
Diodes, Inc. | 13,465 | a | 915,351 | ||||
indie Semiconductor, Inc., Cl. A | 14,947 | a,b | 92,522 | ||||
Kulicke & Soffa Industries, Inc. | 1,619 | 77,097 | |||||
MACOM Technology Solutions Holdings, Inc. | 6,238 | a | 551,003 | ||||
Onto Innovation, Inc. | 960 | a | 176,794 | ||||
Power Integrations, Inc. | 1,080 | 77,177 | |||||
Rambus, Inc. | 9,482 | a | 561,713 | ||||
Semtech Corp. | 6,765 | a | 143,418 | ||||
Silicon Laboratories, Inc. | 410 | a | 56,391 | ||||
Veeco Instruments, Inc. | 19,303 | a | 698,962 | ||||
Wolfspeed, Inc. | 2,167 | a,b | 56,385 | ||||
3,984,607 | |||||||
Software & Services - 2.5% | |||||||
Adeia, Inc. | 18,425 | 208,940 | |||||
AppFolio, Inc., Cl. A | 930 | a | 225,144 | ||||
Box, Inc., Cl. A | 5,345 | a | 137,848 | ||||
Braze, Inc., Cl. A | 2,005 | a | 114,085 | ||||
Cognyte Software Ltd. | 29,564 | a | 219,365 |
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Software & Services - 2.5% (continued) | |||||||
Fastly, Inc., CI. A | 3,005 | a,b | 42,731 | ||||
Freshworks, Inc., Cl. A | 11,645 | a | 238,024 | ||||
Kyndryl Holdings, Inc. | 26,852 | a | 589,938 | ||||
OneSpan, Inc. | 9,385 | a | 90,190 | ||||
Qualys, Inc. | 1,225 | a | 210,529 | ||||
Radware Ltd. | 6,162 | a | 109,437 | ||||
SPS Commerce, Inc. | 1,740 | a | 322,178 | ||||
Unisys Corp. | 32,492 | a | 168,633 | ||||
Varonis Systems, Inc. | 8,248 | a | 418,998 | ||||
Verint Systems, Inc. | 7,667 | a | 242,354 | ||||
Wix.com Ltd. | 2,015 | a | 282,463 | ||||
Workiva, Inc. | 2,075 | a | 178,699 | ||||
Xperi, Inc. | 14,838 | a | 162,624 | ||||
3,962,180 | |||||||
Technology Hardware & Equipment - 5.4% | |||||||
Advanced Energy Industries, Inc. | 11,306 | 1,144,167 | |||||
Belden, Inc. | 13,844 | 1,179,232 | |||||
Ciena Corp. | 11,619 | a | 662,051 | ||||
Coherent Corp. | 4,026 | a | 239,466 | ||||
CTS Corp. | 12,414 | 553,168 | |||||
EMCORE Corp. | 13,765 | a | 5,812 | ||||
Fabrinet | 1,035 | a | 223,115 | ||||
Infinera Corp. | 15,875 | a,b | 79,693 | ||||
Innoviz Technologies Ltd. | 26,615 | a,b | 42,318 | ||||
IPG Photonics Corp. | 9,801 | a | 846,316 | ||||
Itron, Inc. | 2,515 | a | 233,090 | ||||
Knowles Corp. | 30,844 | a | 503,991 | ||||
Methode Electronics, Inc. | 9,399 | 200,199 | |||||
nLight, Inc. | 5,987 | a | 79,208 | ||||
Novanta, Inc. | 1,005 | a | 173,805 | ||||
OSI Systems, Inc. | 2,101 | a | 275,609 | ||||
PC Connection, Inc. | 11,900 | 789,922 | |||||
Quantum Corp. | 194,305 | a | 93,810 | ||||
Ribbon Communications, Inc. | 83,500 | a | 249,665 | ||||
Super Micro Computer, Inc. | 310 | a | 268,497 | ||||
Teledyne Technologies, Inc. | 462 | a | 197,399 | ||||
Viasat, Inc. | 13,982 | a,b | 273,628 | ||||
Viavi Solutions, Inc. | 18,107 | a | 172,922 | ||||
8,487,083 | |||||||
Telecommunication Services - .3% | |||||||
ATN International, Inc. | 15,132 | 507,527 | |||||
Transportation - 2.7% | |||||||
ArcBest Corp. | 1,705 | 243,576 | |||||
Costamare, Inc. | 73,000 | 830,010 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 96.0% (continued) | |||||||
Transportation - 2.7% (continued) | |||||||
Golden Ocean Group Ltd. | 72,000 | 926,640 | |||||
Heartland Express, Inc. | 21,322 | 272,495 | |||||
Matson, Inc. | 2,000 | 222,100 | |||||
Universal Logistics Holdings, Inc. | 14,900 | 504,067 | |||||
XPO, Inc. | 10,447 | a | 1,256,983 | ||||
4,255,871 | |||||||
Utilities - 3.1% | |||||||
ALLETE, Inc. | 2,721 | 154,117 | |||||
Atmos Energy Corp. | 1,449 | 163,607 | |||||
New Jersey Resources Corp. | 3,745 | 155,829 | |||||
NorthWestern Energy Group, Inc. | 3,313 | 158,759 | |||||
Ormat Technologies, Inc. | 5,984 | b | 389,858 | ||||
Portland General Electric Co. | 42,913 | 1,723,815 | |||||
Southwest Gas Holdings, Inc. | 22,267 | 1,517,496 | |||||
Vistra Corp. | 11,611 | 633,264 | |||||
4,896,745 | |||||||
Total Common Stocks (cost $118,057,580) | 150,550,447 | ||||||
Exchange-Traded Funds - 1.0% | |||||||
Registered Investment Companies - 1.0% | |||||||
iShares Russell 2000 ETF | 7,292 | b | 1,485,599 | ||||
Escrow Bonds - .0% | |||||||
Energy - .0% | |||||||
Ion Geophysical Escrow Bond | 8.00 | 12/15/2025 | 48,000 | c | 0 | ||
1-Day | |||||||
Investment Companies - 3.2% | |||||||
Registered Investment Companies - 3.2% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.41 | 4,975,939 | e | 4,975,939 | |||
Investment of Cash Collateral for Securities Loaned - 2.6% | |||||||
Registered Investment Companies - 2.6% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.41 | 4,127,732 | e | 4,127,732 | |||
Total Investments (cost $128,540,622) | 102.8% | 161,139,717 | |||||
Liabilities, Less Cash and Receivables | (2.8%) | (4,394,048) | |||||
Net Assets | 100.0% | 156,745,669 |
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 $6,252,304 and the value of the collateral was $6,374,862, consisting of cash collateral of $4,127,732 and U.S. Government & Agency securities valued at $2,247,130. In addition, the value of collateral may include pending sales that are also on loan.
c The fund held Level 3 securities at February 29, 2024. These securities were valued at $0 or .0% of net assets.
d Investment in real estate investment trust within the United States.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS (Unaudited) (continued)
The following is a summary of the inputs used as of February 29, 2024 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 150,550,447 | - | 0 | 150,550,447 | ||
Escrow Bonds | - | - | 0 | 0 | ||
Exchange-Traded Funds | 1,485,599 | - | - | 1,485,599 | ||
Investment Companies | 9,103,671 | - | - | 9,103,671 |
† 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 29, 2024, accumulated net unrealized appreciation on investments was $32,599,095, consisting of $38,168,448 gross unrealized appreciation and $5,569,353 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.