STATEMENT
OF INVESTMENTS
BNY Mellon Balanced Opportunity Fund
February 28, 2022 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% | |||||||||
Aerospace & Defense - .2% | |||||||||
Raytheon Technologies, Sr. Unscd. Notes | 4.13 | 11/16/2028 | 200,000 | 216,347 | |||||
The Boeing Company, Sr. Unscd. Notes | 3.20 | 3/1/2029 | 280,000 | 277,110 | |||||
The Boeing Company, Sr. Unscd. Notes | 3.63 | 2/1/2031 | 100,000 | 100,918 | |||||
594,375 | |||||||||
Asset-Backed Certificates - .7% | |||||||||
CNH Equipment Trust, Ser. 2018-B, Cl. A4 | 3.37 | 5/15/2024 | 495,000 | 500,545 | |||||
CNH Equipment Trust, Ser. 2021-A, Cl. A3 | 0.40 | 12/15/2025 | 435,000 | 427,189 | |||||
Dell Equipment Finance Trust, Ser. 2020-1, Cl. A3 | 2.24 | 2/22/2023 | 385,113 | a | 386,611 | ||||
Dell Equipment Finance Trust, Ser. 2021-1, Cl. A3 | 0.43 | 5/22/2026 | 495,000 | a | 488,684 | ||||
New Economy Assets Phase 1 Sponsor, Ser. 2021-1, Cl. A1 | 1.91 | 10/20/2061 | 495,000 | a | 476,423 | ||||
Verizon Owner Trust, Ser. 2019-C, Cl. A1A | 1.94 | 4/22/2024 | 121,780 | 122,238 | |||||
2,401,690 | |||||||||
Asset-Backed Certificates/Auto Receivables - .6% | |||||||||
Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. A3 | 1.31 | 1/11/2027 | 365,000 | 358,782 | |||||
Hertz Vehicle Financing, Ser. 2021-1A, CI. A | 1.21 | 12/26/2025 | 575,000 | a | 559,223 | ||||
Nissan Auto Receivables Owner Trust, Ser. 2019-A, Cl. A3 | 2.90 | 10/16/2023 | 51,731 | 52,047 | |||||
OSCAR US Funding Trust IX, Ser. 2018-2A, Cl. A4 | 3.63 | 9/10/2025 | 196,957 | a | 198,560 | ||||
OSCAR US Funding Trust VII, Ser. 2017-2A, Cl. A4 | 2.76 | 12/10/2024 | 9,146 | a | 9,167 | ||||
OSCAR US Funding Trust VIII, Ser. 2018-1A, Cl. A4 | 3.50 | 5/12/2025 | 169,719 | a | 171,445 | ||||
OSCAR US Funding XI, Ser. 2019-2A, Cl. A4 | 2.68 | 9/10/2026 | 370,000 | a | 375,708 | ||||
OSCAR US Funding XII, Ser. 2021-1A, Cl. A4 | 1.00 | 4/10/2028 | 380,000 | a | 369,281 | ||||
2,094,213 | |||||||||
Automobiles & Components - .3% | |||||||||
General Motors Financial, Sr. Unscd. Notes | 2.35 | 1/8/2031 | 280,000 | 253,167 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Automobiles & Components - .3% (continued) | |||||||||
General Motors Financial, Sr. Unscd. Notes | 2.40 | 4/10/2028 | 545,000 | 521,311 | |||||
Stellantis Finance US, Gtd. Notes | 2.69 | 9/15/2031 | 200,000 | a | 185,389 | ||||
Volkswagen Group of America Finance, Gtd. Notes | 2.70 | 9/26/2022 | 200,000 | a | 201,231 | ||||
1,161,098 | |||||||||
Banks - 2.6% | |||||||||
Banco Santander, Sr. Unscd. Notes | 3.13 | 2/23/2023 | 200,000 | 201,800 | |||||
Bank of America, Sr. Unscd. Notes | 1.20 | 10/24/2026 | 110,000 | 104,076 | |||||
Bank of America, Sr. Unscd. Notes | 2.57 | 10/20/2032 | 465,000 | 440,665 | |||||
Bank of America, Sr. Unscd. Notes | 3.42 | 12/20/2028 | 105,000 | 107,457 | |||||
Bank of America, Sr. Unscd. Notes | 3.97 | 2/7/2030 | 250,000 | 262,151 | |||||
Bank of America, Sr. Unscd. Notes | 4.00 | 4/1/2024 | 68,000 | 70,596 | |||||
Barclays, Sr. Unscd. Notes | 3.93 | 5/7/2025 | 205,000 | 210,899 | |||||
BNP Paribas, Sr. Unscd. Notes | 1.68 | 6/30/2027 | 250,000 | a | 236,805 | ||||
Citigroup, Sr. Unscd. Notes | 3.88 | 10/25/2023 | 325,000 | 335,514 | |||||
Citigroup, Sr. Unscd. Notes | 4.65 | 7/30/2045 | 260,000 | 296,922 | |||||
Citizens Bank, Sr. Unscd. Notes | 3.75 | 2/18/2026 | 250,000 | 262,658 | |||||
Cooperatieve Rabobank, Sr. Unscd. Notes | 1.34 | 6/24/2026 | 280,000 | a | 269,613 | ||||
First Republic Bank, Sr. Unscd. Notes | 1.91 | 2/12/2024 | 250,000 | 249,684 | |||||
HSBC Holdings, Sr. Unscd. Notes | 2.80 | 5/24/2032 | 295,000 | 278,703 | |||||
ING Groep, Sr. Unscd. Notes | 3.55 | 4/9/2024 | 200,000 | 205,376 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 0.65 | 9/16/2024 | 185,000 | 181,525 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 3.70 | 5/6/2030 | 400,000 | 416,064 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 3.96 | 1/29/2027 | 255,000 | 266,949 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 4.45 | 12/5/2029 | 185,000 | 200,248 | |||||
KfW, Govt. Gtd. Notes | 2.38 | 12/29/2022 | 565,000 | 571,390 | |||||
Lloyds Banking Group, Sr. Unscd. Notes | 1.63 | 5/11/2027 | 280,000 | 265,782 | |||||
Morgan Stanley, Sr. Unscd. Notes | 3.75 | 2/25/2023 | 310,000 | 316,013 | |||||
Morgan Stanley, Sr. Unscd. Notes | 4.00 | 7/23/2025 | 75,000 | 78,600 | |||||
Morgan Stanley, Sr. Unscd. Notes | 4.43 | 1/23/2030 | 300,000 | 324,031 | |||||
NatWest Group, Sr. Unscd. Notes | 1.64 | 6/14/2027 | 200,000 | 190,110 | |||||
NatWest Group, Sr. Unscd. Notes | 4.27 | 3/22/2025 | 250,000 | 258,599 | |||||
Royal Bank of Canada, Sr. Unscd. Notes | 2.55 | 7/16/2024 | 230,000 | 232,628 | |||||
The Goldman Sachs Group, Sr. Unscd. Notes | 3.81 | 4/23/2029 | 610,000 | 633,751 | |||||
Truist Financial, Sr. Unscd. Notes | 2.50 | 8/1/2024 | 265,000 | 268,355 | |||||
U.S. Bancorp, Sr. Unscd. Notes | 2.40 | 7/30/2024 | 205,000 | b | 207,461 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Banks - 2.6% (continued) | |||||||||
Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 405,000 | 432,369 | |||||
Wells Fargo & Co., Sub. Notes | 4.30 | 7/22/2027 | 320,000 | 341,826 | |||||
8,718,620 | |||||||||
Beverage Products - .3% | |||||||||
Anheuser-Busch InBev Worldwide, Gtd. Notes | 4.00 | 4/13/2028 | 460,000 | 490,426 | |||||
Anheuser-Busch InBev Worldwide, Gtd. Notes | 4.90 | 2/1/2046 | 180,000 | 203,725 | |||||
Keurig Dr Pepper, Gtd. Notes | 3.20 | 5/1/2030 | 280,000 | 283,096 | |||||
Keurig Dr Pepper, Gtd. Notes | 4.06 | 5/25/2023 | 17,000 | 17,457 | |||||
994,704 | |||||||||
Building Materials - .1% | |||||||||
Carrier Global, Sr. Unscd. Notes | 2.49 | 2/15/2027 | 235,000 | 233,968 | |||||
Chemicals - .1% | |||||||||
Nutrien, Sr. Unscd. Notes | 3.95 | 5/13/2050 | 220,000 | 229,431 | |||||
The Dow Chemical Company, Sr. Unscd. Notes | 4.63 | 10/1/2044 | 145,000 | 160,403 | |||||
The Sherwin-Williams Company, Sr. Unscd. Notes | 2.30 | 5/15/2030 | 75,000 | 71,119 | |||||
460,953 | |||||||||
Commercial & Professional Services - .2% | |||||||||
ERAC USA Finance, Gtd. Notes | 7.00 | 10/15/2037 | 280,000 | a | 394,169 | ||||
PayPal Holdings, Sr. Unscd. Notes | 2.65 | 10/1/2026 | 165,000 | 166,913 | |||||
PayPal Holdings, Sr. Unscd. Notes | 3.25 | 6/1/2050 | 135,000 | b | 126,868 | ||||
687,950 | |||||||||
Commercial Mortgage Pass-Through Certificates - 1.4% | |||||||||
Benchmark Mortgage Trust, Ser. 2020-B22, Cl. A5 | 1.97 | 1/15/2054 | 560,000 | 521,087 | |||||
CAMB Commercial Mortgage Trust, Ser. 2019-LIFE, Cl. A, 1 Month LIBOR +1.07% | 1.26 | 12/15/2037 | 225,000 | a,c | 223,654 | ||||
CD Mortgage Trust, Ser. 2016-CD2, Cl. A4 | 3.53 | 11/10/2049 | 100,000 | 103,807 | |||||
CD Mortgage Trust, Ser. 2017-CD3, Cl. A4 | 3.63 | 2/10/2050 | 465,000 | 482,419 | |||||
Citigroup Commercial Mortgage Trust, Ser. 2020-GC46, Cl. A2 | 2.71 | 2/15/2053 | 140,000 | 140,486 | |||||
Commercial Mortgage Trust, Ser. 2013-300P, Cl. A1 | 4.35 | 8/10/2030 | 250,000 | a | 255,287 | ||||
Commercial Mortgage Trust, Ser. 2013-CR8, Cl. A5 | 3.61 | 6/10/2046 | 465,000 | 472,016 | |||||
Commercial Mortgage Trust, Ser. 2014-UBS3, Cl. A3 | 3.55 | 6/10/2047 | 362,841 | 366,456 | |||||
CSAIL Commercial Mortgage Trust, Ser. 2017-CX10, Cl. A4 | 3.19 | 11/15/2050 | 240,000 | 242,457 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Commercial Mortgage Pass-Through Certificates - 1.4% (continued) | |||||||||
DBCG Mortgage Trust, Ser. 2017-BBG, Cl. A, 1 Month LIBOR +.70% | 0.89 | 6/15/2034 | 335,000 | a,c | 330,987 | ||||
GS Mortgage Securities Trust, Ser. 2013-GC13, CI. A5 | 4.03 | 7/10/2046 | 220,000 | 225,082 | |||||
GS Mortgage Securities Trust, Ser. 2019-GC39, Cl. A3 | 3.31 | 5/10/2052 | 215,000 | 218,754 | |||||
JPMBB Commercial Mortgage Securities Trust, Ser. 2014-C22, Cl. A4 | 3.80 | 9/15/2047 | 295,000 | 303,725 | |||||
Tricon American Homes Trust, Ser. 2017-SFR2, Cl. A | 2.93 | 1/17/2036 | 235,773 | a | 235,506 | ||||
Wells Fargo Commercial Mortgage Trust, Ser. 2014-LC18, Cl. A4 | 3.15 | 12/15/2047 | 200,000 | 201,746 | |||||
Wells Fargo Commercial Mortgage Trust, Ser. 2020-C56, CI. A5 | 2.45 | 6/15/2053 | 135,000 | 130,801 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2014-C22, Cl. A4 | 3.49 | 9/15/2057 | 203,702 | 207,536 | |||||
4,661,806 | |||||||||
Consumer Discretionary - .1% | |||||||||
Marriott International, Sr. Unscd. Notes, Ser. HH | 2.85 | 4/15/2031 | 465,000 | 443,627 | |||||
Consumer Staples - .0% | |||||||||
The Estee Lauder Companies, Sr. Unscd. Notes | 2.38 | 12/1/2029 | 115,000 | 113,199 | |||||
Diversified Financials - .4% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 1.75 | 1/30/2026 | 225,000 | 213,295 | |||||
AerCap Global Aviation Trust, Gtd. Notes | 3.30 | 1/30/2032 | 180,000 | 171,020 | |||||
Air Lease, Sr. Unscd. Notes | 1.88 | 8/15/2026 | 215,000 | 203,933 | |||||
Air Lease, Sr. Unscd. Notes | 2.88 | 1/15/2026 | 135,000 | 134,553 | |||||
American Express, Sr. Unscd. Notes | 2.50 | 7/30/2024 | 130,000 | 131,940 | |||||
American Express, Sr. Unscd. Notes | 3.40 | 2/22/2024 | 180,000 | 185,290 | |||||
USAA Capital, Sr. Unscd. Notes | 2.13 | 5/1/2030 | 165,000 | a | 159,566 | ||||
Visa, Sr. Unscd. Notes | 3.15 | 12/14/2025 | 100,000 | 103,693 | |||||
1,303,290 | |||||||||
Energy - 1.0% | |||||||||
Cameron LNG, Sr. Scd. Notes | 3.30 | 1/15/2035 | 260,000 | a | 256,041 | ||||
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | 3.70 | 11/15/2029 | 285,000 | 290,659 | |||||
ConocoPhillips, Gtd. Notes | 4.95 | 3/15/2026 | 280,000 | 307,072 | |||||
Diamondback Energy, Gtd. Notes | 2.88 | 12/1/2024 | 190,000 | 192,411 | |||||
EIG Pearl Holdings, Sr. Scd. Bonds | 3.55 | 8/31/2036 | 385,000 | a | 376,055 | ||||
Enbridge, Gtd. Notes | 3.13 | 11/15/2029 | 175,000 | b | 175,058 | ||||
Energy Transfer, Sr. Unscd. Notes | 4.90 | 2/1/2024 | 225,000 | 234,324 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Energy - 1.0% (continued) | |||||||||
Enterprise Products Operating, Gtd. Notes | 2.80 | 1/31/2030 | 185,000 | b | 182,129 | ||||
Enterprise Products Operating, Gtd. Notes | 3.30 | 2/15/2053 | 190,000 | 166,840 | |||||
Equinor, Gtd. Notes | 3.25 | 11/18/2049 | 130,000 | 124,522 | |||||
Kinder Morgan Energy Partners, Gtd. Notes | 5.00 | 3/1/2043 | 140,000 | 149,042 | |||||
Kinder Morgan Energy Partners, Gtd. Notes | 6.55 | 9/15/2040 | 210,000 | 259,480 | |||||
MPLX, Sr. Unscd. Notes | 4.13 | 3/1/2027 | 110,000 | 115,776 | |||||
MPLX, Sr. Unscd. Notes | 5.20 | 3/1/2047 | 210,000 | 231,724 | |||||
Spectra Energy Partners, Gtd. Notes | 4.75 | 3/15/2024 | 75,000 | 78,439 | |||||
Totalenergies Capital International, Gtd. Notes | 3.46 | 2/19/2029 | 260,000 | 271,269 | |||||
3,410,841 | |||||||||
Environmental Control - .2% | |||||||||
Republic Services, Sr. Unscd. Notes | 2.38 | 3/15/2033 | 525,000 | 487,941 | |||||
Republic Services, Sr. Unscd. Notes | 2.50 | 8/15/2024 | 100,000 | 100,972 | |||||
Waste Management, Gtd. Notes | 2.00 | 6/1/2029 | 145,000 | b | 138,852 | ||||
Waste Management, Gtd. Notes | 3.15 | 11/15/2027 | 100,000 | 102,999 | |||||
830,764 | |||||||||
Food Products - .1% | |||||||||
Conagra Brands, Sr. Unscd. Notes | 1.38 | 11/1/2027 | 180,000 | 165,384 | |||||
Foreign Governmental - .3% | |||||||||
Hungary, Sr. Unscd. Notes | 2.13 | 9/22/2031 | 200,000 | a | 180,624 | ||||
Italy, Sr. Unscd. Notes | 1.25 | 2/17/2026 | 400,000 | 379,698 | |||||
Italy, Sr. Unscd. Notes | 2.88 | 10/17/2029 | 225,000 | 221,417 | |||||
Mexico, Sr. Unscd. Notes | 2.66 | 5/24/2031 | 310,000 | 285,659 | |||||
Uruguay, Sr. Unscd. Bonds | 4.38 | 1/23/2031 | 60,000 | 66,106 | |||||
1,133,504 | |||||||||
Health Care - 1.5% | |||||||||
Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 170,000 | 210,263 | |||||
AbbVie, Sr. Unscd. Notes | 3.20 | 11/21/2029 | 220,000 | 223,081 | |||||
AmerisourceBergen, Sr. Unscd. Notes | 3.25 | 3/1/2025 | 130,000 | 133,382 | |||||
Amgen, Sr. Unscd. Notes | 3.15 | 2/21/2040 | 255,000 | 238,670 | |||||
AstraZeneca, Sr. Unscd. Notes | 1.38 | 8/6/2030 | 160,000 | b | 144,367 | ||||
Biogen, Sr. Unscd. Notes | 2.25 | 5/1/2030 | 235,000 | 214,922 | |||||
Bio-Rad Laboratories, Sr. Unscd. Notes | 3.70 | 3/15/2032 | 430,000 | d | 432,889 | ||||
Bristol-Myers Squibb, Sr. Unscd. Notes | 3.20 | 6/15/2026 | 135,000 | 140,698 | |||||
Bristol-Myers Squibb, Sr. Unscd. Notes | 3.40 | 7/26/2029 | 80,000 | 84,313 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Health Care - 1.5% (continued) | |||||||||
Cigna, Gtd. Notes | 3.05 | 11/30/2022 | 140,000 | 141,798 | |||||
Cigna, Gtd. Notes | 4.38 | 10/15/2028 | 295,000 | 320,103 | |||||
Cigna, Sr. Unscd. Notes | 2.40 | 3/15/2030 | 220,000 | 209,463 | |||||
CVS Health, Sr. Unscd. Notes | 4.30 | 3/25/2028 | 50,000 | 54,037 | |||||
CVS Health, Sr. Unscd. Notes | 5.05 | 3/25/2048 | 350,000 | 409,301 | |||||
DH Europe Finance II, Gtd. Notes | 2.60 | 11/15/2029 | 180,000 | 175,873 | |||||
Gilead Sciences, Sr. Unscd. Notes | 3.65 | 3/1/2026 | 75,000 | 78,261 | |||||
Gilead Sciences, Sr. Unscd. Notes | 4.75 | 3/1/2046 | 110,000 | 124,865 | |||||
Medtronic, Gtd. Notes | 4.63 | 3/15/2045 | 50,000 | 58,698 | |||||
Merck & Co., Sr. Unscd. Notes | 2.90 | 3/7/2024 | 115,000 | 117,697 | |||||
Merck & Co., Sr. Unscd. Notes | 3.40 | 3/7/2029 | 60,000 | 63,301 | |||||
Pfizer, Sr. Unscd. Notes | 2.95 | 3/15/2024 | 40,000 | 40,978 | |||||
Pfizer, Sr. Unscd. Notes | 3.20 | 9/15/2023 | 45,000 | 46,176 | |||||
Pfizer, Sr. Unscd. Notes | 3.45 | 3/15/2029 | 55,000 | 57,986 | |||||
Regeneron Pharmaceuticals, Sr. Unscd. Notes | 1.75 | 9/15/2030 | 112,000 | 100,141 | |||||
Royalty Pharma, Gtd. Notes | 2.15 | 9/2/2031 | 325,000 | 291,130 | |||||
Takeda Pharmaceutical, Sr. Unscd. Notes | 2.05 | 3/31/2030 | 255,000 | 236,866 | |||||
Takeda Pharmaceutical, Sr. Unscd. Notes | 3.03 | 7/9/2040 | 355,000 | 321,078 | |||||
UnitedHealth Group, Sr. Unscd. Notes | 2.88 | 8/15/2029 | 150,000 | 152,043 | |||||
UnitedHealth Group, Sr. Unscd. Notes | 4.75 | 7/15/2045 | 155,000 | 184,070 | |||||
Viatris, Gtd. Notes | 2.70 | 6/22/2030 | 100,000 | 93,424 | |||||
5,099,874 | |||||||||
Industrial - .2% | |||||||||
GE Capital Funding, Gtd. Notes | 4.55 | 5/15/2032 | 460,000 | 512,612 | |||||
Information Technology - .1% | |||||||||
Fidelity National Information Services, Sr. Unscd. Notes | 3.10 | 3/1/2041 | 225,000 | 203,243 | |||||
Microsoft, Sr. Unscd. Notes | 2.53 | 6/1/2050 | 110,000 | 97,888 | |||||
301,131 | |||||||||
Insurance - .9% | |||||||||
American International Group, Sr. Unscd. Notes | 3.90 | 4/1/2026 | 120,000 | 126,405 | |||||
American International Group, Sr. Unscd. Notes | 4.38 | 6/30/2050 | 200,000 | 221,488 | |||||
Five Corners Funding Trust II, Sr. Unscd. Notes | 2.85 | 5/15/2030 | 260,000 | a | 256,151 | ||||
Jackson Financial, Sr. Unscd. Notes | 3.13 | 11/23/2031 | 195,000 | a | 187,274 | ||||
Massachusetts Mutual Life Insurance, Sub. Notes | 3.38 | 4/15/2050 | 225,000 | a | 212,933 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Insurance - .9% (continued) | |||||||||
MassMutual Global Funding II, Scd. Notes | 2.95 | 1/11/2025 | 200,000 | a | 205,485 | ||||
Metropolitan Life Global Funding I, Sr. Scd. Notes | 3.00 | 9/19/2027 | 545,000 | a | 560,898 | ||||
New York Life Global Funding, Scd. Notes | 2.88 | 4/10/2024 | 250,000 | a | 255,164 | ||||
New York Life Insurance, Sub. Notes | 3.75 | 5/15/2050 | 205,000 | a | 211,105 | ||||
Pacific Life Global Funding II, Scd. Notes | 1.20 | 6/24/2025 | 375,000 | a | 362,314 | ||||
Pacific Life Global Funding II, Scd. Notes | 1.38 | 4/14/2026 | 270,000 | a | 262,023 | ||||
Pricoa Global Funding I, Scd. Notes | 2.40 | 9/23/2024 | 155,000 | a | 155,992 | ||||
Principal Financial Group, Gtd. Notes | 4.30 | 11/15/2046 | 125,000 | 139,848 | |||||
3,157,080 | |||||||||
Internet Software & Services - .1% | |||||||||
Amazon.com, Sr. Unscd. Notes | 4.05 | 8/22/2047 | 175,000 | 195,406 | |||||
Media - .4% | |||||||||
Charter Communications Operating, Sr. Scd. Notes | 4.91 | 7/23/2025 | 185,000 | 196,213 | |||||
Comcast, Gtd. Notes | 2.65 | 2/1/2030 | 335,000 | 328,578 | |||||
Comcast, Gtd. Notes | 2.89 | 11/1/2051 | 210,000 | a | 182,503 | ||||
Comcast, Gtd. Notes | 6.50 | 11/15/2035 | 43,000 | 57,088 | |||||
Sky, Gtd. Notes | 3.75 | 9/16/2024 | 265,000 | a | 275,486 | ||||
The Walt Disney Company, Gtd. Notes | 4.00 | 10/1/2023 | 55,000 | 56,958 | |||||
The Walt Disney Company, Gtd. Notes | 6.65 | 11/15/2037 | 245,000 | 333,761 | |||||
1,430,587 | |||||||||
Metals & Mining - .3% | |||||||||
Anglo American Capital, Gtd. Notes | 2.63 | 9/10/2030 | 400,000 | a | 374,774 | ||||
Glencore Funding, Gtd. Notes | 2.63 | 9/23/2031 | 415,000 | a | 381,607 | ||||
Southern Copper, Sr. Unscd. Notes | 5.88 | 4/23/2045 | 265,000 | b | 330,456 | ||||
1,086,837 | |||||||||
Municipal Securities - .6% | |||||||||
Arizona Department of Transportation Highway Fund, Revenue Bonds, Refunding | 2.46 | 7/1/2030 | 45,000 | 45,454 | |||||
California, GO, Ser. A | 2.38 | 10/1/2026 | 230,000 | 233,533 | |||||
Connecticut, GO, Ser. A | 2.10 | 7/1/2025 | 40,000 | 40,101 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 2.92 | 11/1/2050 | 160,000 | 157,054 | |||||
Honolulu City & County Wastewater System, Revenue Bonds, Refunding, Ser. B | 2.50 | 7/1/2027 | 25,000 | 25,687 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Municipal Securities - .6% (continued) | |||||||||
Los Angeles Department of Water & Power System, Revenue Bonds (Build America Bonds) | 5.72 | 7/1/2039 | 120,000 | 163,421 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | 2.44 | 10/15/2027 | 115,000 | 116,896 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. F | 2.16 | 8/1/2026 | 255,000 | 256,564 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) | 6.55 | 11/15/2031 | 225,000 | 276,626 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) Ser. A2 | 6.09 | 11/15/2040 | 10,000 | 13,327 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. C | 2.55 | 10/1/2028 | 250,000 | 253,689 | |||||
New York City, GO (Build America Bonds) Ser. D | 5.99 | 12/1/2036 | 135,000 | 173,070 | |||||
Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.40 | 6/1/2032 | 65,000 | 64,134 | |||||
Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.45 | 6/1/2033 | 65,000 | 63,777 | |||||
Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.50 | 6/1/2034 | 50,000 | 48,893 | |||||
Wisconsin, Revenue Bonds, Refunding, Ser. A | 2.20 | 5/1/2027 | 135,000 | 136,407 | |||||
2,068,633 | |||||||||
Real Estate - 1.1% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 3.80 | 4/15/2026 | 225,000 | 237,367 | |||||
Alexandria Real Estate Equities, Gtd. Notes | 4.50 | 7/30/2029 | 165,000 | 182,649 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 2.38 | 7/15/2031 | 90,000 | 82,821 | |||||
AvalonBay Communities, Sr. Unscd. Notes | 3.30 | 6/1/2029 | 215,000 | 222,908 | |||||
Crown Castle International, Sr. Unscd. Notes | 2.25 | 1/15/2031 | 740,000 | 667,423 | |||||
CyrusOne, Gtd. Notes | 2.90 | 11/15/2024 | 35,000 | 35,444 | |||||
CyrusOne, Gtd. Notes | 3.45 | 11/15/2029 | 85,000 | 89,522 | |||||
Equinix, Sr. Unscd. Notes | 2.50 | 5/15/2031 | 310,000 | 286,932 | |||||
Healthcare Trust of America Holdings, Gtd. Notes | 3.10 | 2/15/2030 | 235,000 | 233,106 | |||||
Prologis, Sr. Unscd. Notes | 2.13 | 4/15/2027 | 40,000 | 39,383 | |||||
Prologis, Sr. Unscd. Notes | 2.25 | 4/15/2030 | 120,000 | 115,125 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Real Estate - 1.1% (continued) | |||||||||
Realty Income, Sr. Unscd. Notes | 2.85 | 12/15/2032 | 225,000 | 219,111 | |||||
SBA Tower Trust, Asset Backed Notes | 2.84 | 1/15/2025 | 210,000 | a | 212,617 | ||||
Simon Property Group, Sr. Unscd. Notes | 3.50 | 9/1/2025 | 230,000 | 237,613 | |||||
Spirit Realty, Gtd. Notes | 2.10 | 3/15/2028 | 340,000 | 320,562 | |||||
WP Carey, Sr. Unscd. Notes | 2.25 | 4/1/2033 | 295,000 | 264,529 | |||||
WP Carey, Sr. Unscd. Notes | 2.40 | 2/1/2031 | 175,000 | 164,243 | |||||
3,611,355 | |||||||||
Retailing - .4% | |||||||||
7-Eleven, Sr. Unscd. Notes | 2.80 | 2/10/2051 | 280,000 | a | 234,316 | ||||
Dollar General, Sr. Unscd. Notes | 3.50 | 4/3/2030 | 200,000 | 204,343 | |||||
Dollar Tree, Sr. Unscd. Notes | 4.20 | 5/15/2028 | 110,000 | 117,565 | |||||
McDonald's, Sr. Unscd. Notes | 3.50 | 7/1/2027 | 100,000 | 104,866 | |||||
McDonald's, Sr. Unscd. Notes | 3.60 | 7/1/2030 | 80,000 | b | 84,005 | ||||
Starbucks, Sr. Unscd. Notes | 2.55 | 11/15/2030 | 370,000 | 355,650 | |||||
Target, Sr. Unscd. Notes | 3.38 | 4/15/2029 | 250,000 | 265,437 | |||||
1,366,182 | |||||||||
Semiconductors & Semiconductor Equipment - .2% | |||||||||
Broadcom, Sr. Unscd. Notes | 3.42 | 4/15/2033 | 225,000 | a | 219,603 | ||||
NXP, Gtd. Notes | 2.65 | 2/15/2032 | 410,000 | a | 386,219 | ||||
605,822 | |||||||||
Supranational Bank - .2% | |||||||||
European Investment Bank, Sr. Unscd. Notes | 2.50 | 3/15/2023 | 310,000 | 314,167 | |||||
Inter-American Development Bank, Sr. Unscd. Notes | 2.50 | 1/18/2023 | 300,000 | b | 303,890 | ||||
618,057 | |||||||||
Technology Hardware & Equipment - .2% | |||||||||
Apple, Sr. Unscd. Notes | 1.65 | 5/11/2030 | 140,000 | 130,669 | |||||
Apple, Sr. Unscd. Notes | 2.05 | 9/11/2026 | 425,000 | 424,176 | |||||
Dell International, Sr. Unscd. Notes | 6.02 | 6/15/2026 | 130,000 | 145,162 | |||||
Hewlett Packard Enterprise, Sr. Unscd. Notes | 4.90 | 10/15/2025 | 105,000 | 112,703 | |||||
812,710 | |||||||||
Telecommunication Services - .7% | |||||||||
AT&T, Sr. Unscd. Notes | 2.55 | 12/1/2033 | 438,000 | 406,607 | |||||
AT&T, Sr. Unscd. Notes | 5.35 | 9/1/2040 | 85,000 | 99,824 | |||||
AT&T, Sr. Unscd. Notes | 5.35 | 12/15/2043 | 225,000 | 252,642 | |||||
Sprint Spectrum, Sr. Scd. Notes | 4.74 | 3/20/2025 | 162,500 | a | 167,434 | ||||
Telefonica Emisiones, Gtd. Notes | 5.21 | 3/8/2047 | 150,000 | 163,396 | |||||
T-Mobile USA, Sr. Scd. Notes | 2.55 | 2/15/2031 | 155,000 | 145,373 | |||||
T-Mobile USA, Sr. Scd. Notes | 3.88 | 4/15/2030 | 270,000 | 279,493 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Telecommunication Services - .7% (continued) | |||||||||
Verizon Communications, Sr. Unscd. Notes | 2.36 | 3/15/2032 | 51,000 | a | 47,664 | ||||
Verizon Communications, Sr. Unscd. Notes | 3.88 | 2/8/2029 | 140,000 | 148,820 | |||||
Verizon Communications, Sr. Unscd. Notes | 4.02 | 12/3/2029 | 495,000 | 531,910 | |||||
2,243,163 | |||||||||
Transportation - .4% | |||||||||
Canadian Pacific Railway, Gtd. Notes | 2.45 | 12/2/2031 | 130,000 | 124,867 | |||||
Canadian Pacific Railway, Gtd. Notes | 3.00 | 12/2/2041 | 125,000 | 116,160 | |||||
CSX, Sr. Unscd. Notes | 2.60 | 11/1/2026 | 380,000 | 385,939 | |||||
CSX, Sr. Unscd. Notes | 3.35 | 11/1/2025 | 205,000 | 212,102 | |||||
FedEx, Gtd. Notes | 4.40 | 1/15/2047 | 205,000 | 216,993 | |||||
Union Pacific, Sr. Unscd. Notes | 3.15 | 3/1/2024 | 145,000 | 148,802 | |||||
1,204,863 | |||||||||
U.S. Government Agencies Collateralized Mortgage Obligations - .2% | |||||||||
Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-2, Cl. A2C | 2.75 | 9/25/2029 | 265,000 | e | 271,553 | ||||
Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-3, Cl. A2C | 2.75 | 11/25/2029 | 255,000 | e | 254,993 | ||||
526,546 | |||||||||
U.S. Government Agencies Collateralized Municipal-Backed Securities - .6% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K089, Cl. A2 | 3.56 | 1/25/2029 | 560,000 | e | 605,710 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K090, Cl. A2 | 3.42 | 2/25/2029 | 545,000 | e | 585,328 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K095, Cl. A2 | 2.79 | 6/25/2029 | 775,000 | e | 803,384 | ||||
1,994,422 | |||||||||
U.S. Government Agencies Mortgage-Backed - 8.4% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
2.00%, 9/1/2050-12/1/2051 | 2,696,580 | e | 2,592,920 | ||||||
2.50%, 11/1/2027-9/1/2050 | 1,601,261 | e | 1,587,856 | ||||||
3.00%, 6/1/2031-12/1/2046 | 622,151 | e | 638,832 | ||||||
3.50%, 12/1/2041-9/1/2049 | 1,102,785 | e | 1,148,984 | ||||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 8.4% (continued) | |||||||||
5.50%, 1/1/2036 | 31,884 | e | 35,746 | ||||||
Federal National Mortgage Association: | |||||||||
1.50%, 3/1/2051 | 542,816 | e | 504,397 | ||||||
2.00%, 8/1/2036-12/1/2051 | 6,685,459 | e | 6,455,436 | ||||||
2.50%, 9/1/2028-1/1/2052 | 4,783,536 | e | 4,744,809 | ||||||
3.00%, 6/1/2028-12/1/2050 | 4,274,049 | e | 4,361,456 | ||||||
3.50%, 8/1/2034-10/1/2050 | 2,596,563 | e | 2,697,424 | ||||||
4.00%, 7/1/2042-5/1/2050 | 902,346 | e | 960,767 | ||||||
4.50%, 2/1/2039-9/1/2049 | 1,028,569 | e | 1,108,061 | ||||||
5.00%, 4/1/2035-12/1/2048 | 351,737 | e | 386,228 | ||||||
5.50%, 9/1/2034-5/1/2039 | 28,571 | e | 31,437 | ||||||
8.00%, 3/1/2030 | 85 | e | 85 | ||||||
Government National Mortgage Association I: | |||||||||
5.50%, 4/15/2033 | 9,367 |
| 10,627 | ||||||
Government National Mortgage Association II: | |||||||||
3.00%, 1/20/2045-11/20/2047 | 438,306 |
| 450,499 | ||||||
4.00%, 10/20/2047-1/20/2048 | 269,238 |
| 283,517 | ||||||
4.50%, 7/20/2048 | 92,028 |
| 97,329 | ||||||
28,096,410 | |||||||||
U.S. Government Agencies Obligations - .2% | |||||||||
Federal National Mortgage Association, Notes | 2.38 | 1/19/2023 | 575,000 | e | 581,581 | ||||
U.S. Treasury Securities - 5.6% | |||||||||
U.S. Treasury Bonds | 1.75 | 8/15/2041 | 4,750,000 | 4,356,641 | |||||
U.S. Treasury Bonds | 2.38 | 5/15/2051 | 2,210,000 | 2,305,047 | |||||
U.S. Treasury Notes | 0.38 | 7/15/2024 | 1,685,000 | b | 1,639,123 | ||||
U.S. Treasury Notes | 0.88 | 9/30/2026 | 10,735,000 | 10,321,535 | |||||
18,622,346 | |||||||||
Utilities - 1.2% | |||||||||
American Electric Power, Sr. Unscd. Notes | 3.25 | 3/1/2050 | 155,000 | 136,852 | |||||
Berkshire Hathaway Energy, Sr. Unscd. Notes | 3.25 | 4/15/2028 | 95,000 | 98,863 | |||||
Consolidated Edison Company of New York, Sr. Unscd. Debs., Ser. 20A | 3.35 | 4/1/2030 | 170,000 | 174,815 | |||||
Constellation Energy Generation, Sr. Unscd. Notes | 6.25 | 10/1/2039 | 440,000 | 513,629 | |||||
Dominion Energy, Sr. Unscd. Notes | 3.90 | 10/1/2025 | 165,000 | 172,192 | |||||
Duke Energy, Sr. Unscd. Notes | 3.15 | 8/15/2027 | 275,000 | 280,958 | |||||
Duke Energy Indiana, First Mortgage Bonds | 2.75 | 4/1/2050 | 125,000 | 106,422 | |||||
Duke Energy Progress, First Mortgage Bonds | 3.45 | 3/15/2029 | 245,000 | 256,304 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 32.1% (continued) | |||||||||
Utilities - 1.2% (continued) | |||||||||
Eversource Energy, Sr. Unscd. Notes, Ser. O | 4.25 | 4/1/2029 | 215,000 | 230,174 | |||||
Kentucky Utilities, First Mortgage Bonds | 4.38 | 10/1/2045 | 105,000 | 112,772 | |||||
Louisville Gas & Electric, First Mortgage Bonds | 4.38 | 10/1/2045 | 125,000 | 136,432 | |||||
NiSource, Sr. Unscd. Notes | 5.65 | 2/1/2045 | 230,000 | 276,124 | |||||
NRG Energy, Sr. Scd. Notes | 2.45 | 12/2/2027 | 440,000 | a | 418,697 | ||||
Ohio Power, Sr. Unscd. Notes, Cl. R | 2.90 | 10/1/2051 | 355,000 | 303,726 | |||||
Sempra Energy, Sr. Unscd. Notes | 3.40 | 2/1/2028 | 100,000 | 103,075 | |||||
Sierra Pacific Power, Mortgage Notes, Ser. P | 6.75 | 7/1/2037 | 25,000 | 34,464 | |||||
Southern California Edison, First Mortgage Bonds | 3.65 | 2/1/2050 | 40,000 | 37,907 | |||||
Southern California Edison, First Mortgage Bonds, Ser. A | 4.20 | 3/1/2029 | 235,000 | 249,700 | |||||
Xcel Energy, Sr. Unscd. Notes | 2.60 | 12/1/2029 | 260,000 | 253,961 | |||||
3,897,067 | |||||||||
Total Bonds
and Notes | 107,442,670 | ||||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% | |||||||||
Advertising - .1% | |||||||||
WPP | 20,874 | 296,126 | |||||||
Aerospace & Defense - 1.6% | |||||||||
Bae Systems | 25,232 | f | 243,575 | ||||||
Howmet Aerospace | 66,076 | 2,373,450 | |||||||
L3Harris Technologies | 3,176 | 801,337 | |||||||
Northrop Grumman | 3,209 | 1,418,827 | |||||||
The Boeing Company | 2,479 | f | 509,038 | ||||||
5,346,227 | |||||||||
Agriculture - .3% | |||||||||
Imperial Brands | 4,026 | f | 88,520 | ||||||
Philip Morris International | 7,380 | 745,897 | |||||||
Swedish Match | 12,982 | 95,034 | |||||||
929,451 | |||||||||
Automobiles & Components - .9% | |||||||||
Cie Generale des Etablissements Michelin | 2,677 | 372,197 | |||||||
Daimler Truck Holding | 2,279 | f | 69,454 | ||||||
General Motors | 21,311 | f | 995,650 | ||||||
Mercedes-Benz Group | 1,052 | 82,769 | |||||||
Tesla | 1,612 | f | 1,403,133 | ||||||
2,923,203 | |||||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% (continued) | |||||||||
Banks - 1.6% | |||||||||
BNP Paribas | 7,821 | 460,476 | |||||||
Comerica | 15,475 | 1,477,708 | |||||||
ING Groep | 12,887 | 151,691 | |||||||
Macquarie Group | 1,274 | f | 167,277 | ||||||
Mizuho Financial Group | 6,300 | 83,569 | |||||||
Sumitomo Mitsui Financial Group | 13,900 | 498,255 | |||||||
United Overseas Bank | 4,500 | 99,281 | |||||||
Wells Fargo & Co. | 42,959 | 2,292,722 | |||||||
5,230,979 | |||||||||
Beverage Products - .6% | |||||||||
CVS Health | 15,864 | 1,644,304 | |||||||
Diageo | 6,406 | f | 320,113 | ||||||
1,964,417 | |||||||||
Building Materials - .0% | |||||||||
HeidelbergCement | 1,209 | f | 78,814 | ||||||
Chemicals - .7% | |||||||||
CF Industries Holdings | 19,017 | 1,543,990 | |||||||
Evonik Industries | 11,173 | f | 336,871 | ||||||
Martin Marietta Materials | 1,272 | 482,597 | |||||||
Yara International | 3,267 | 166,022 | |||||||
2,529,480 | |||||||||
Commercial & Professional Services - 1.8% | |||||||||
APi Group | 22,374 | f | 482,607 | ||||||
Ashtead Group | 4,185 | f | 273,747 | ||||||
Block | 28,182 | f | 3,593,205 | ||||||
Brambles | 27,375 | 196,836 | |||||||
Cintas | 3,229 | 1,211,908 | |||||||
Recruit Holdings | 6,000 | 251,503 | |||||||
6,009,806 | |||||||||
Consumer Discretionary - 1.4% | |||||||||
Aristocrat Leisure | 3,371 | 91,250 | |||||||
Bunzl | 2,364 | 94,156 | |||||||
Dolby Laboratories, Cl. A | 12,060 | 905,706 | |||||||
Ferguson | 1,367 | f | 209,332 | ||||||
International Game Technology | 16,684 | b | 510,864 | ||||||
ITOCHU | 10,800 | 351,624 | |||||||
Las Vegas Sands | 17,655 | f | 756,693 | ||||||
Nintendo | 300 | 151,403 | |||||||
Peloton Interactive, Cl. A | 47,288 | f | 1,374,189 | ||||||
Sony Group | 2,400 | 246,545 | |||||||
4,691,762 | |||||||||
Consumer Durables & Apparel - .2% | |||||||||
LVMH | 930 | 688,119 | |||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% (continued) | |||||||||
Consumer Staples - .0% | |||||||||
Unilever | 1,638 | 82,325 | |||||||
Diversified Financials - 4.6% | |||||||||
Ameriprise Financial | 13,997 | 4,196,161 | |||||||
ASX | 8,611 | 514,906 | |||||||
Berkshire Hathaway | 11,534 | f | 3,707,604 | ||||||
CME Group | 4,865 | 1,150,718 | |||||||
Melrose Industries | 48,355 | f | 96,167 | ||||||
Morgan Stanley | 22,455 | 2,037,567 | |||||||
Singapore Exchange | 10,700 | 73,717 | |||||||
State Street | 5,791 | 494,146 | |||||||
The Charles Schwab | 8,203 | 692,825 | |||||||
The Goldman Sachs Group | 1,431 | 488,386 | |||||||
Visa, Cl. A | 2,621 | b | 566,450 | ||||||
Voya Financial | 22,146 | b | 1,491,533 | ||||||
15,510,180 | |||||||||
Electronic Components - 1.0% | |||||||||
AMETEK | 11,837 | 1,536,324 | |||||||
Casio Computer | 7,300 | 85,404 | |||||||
Hubbell | 4,609 | 821,554 | |||||||
Quanta Services | 8,274 | f | 901,370 | ||||||
3,344,652 | |||||||||
Energy - 3.8% | |||||||||
BP | 19,153 | f | 93,410 | ||||||
ConocoPhillips | 14,210 | 1,347,961 | |||||||
Devon Energy | 20,096 | 1,196,717 | |||||||
Eni | 17,474 | 271,007 | |||||||
EQT | 111,531 | 2,580,827 | |||||||
Exxon Mobil | 26,757 | 2,098,284 | |||||||
Halliburton | 15,869 | 532,088 | |||||||
Hess | 13,171 | 1,331,061 | |||||||
Marathon Petroleum | 25,937 | 2,019,714 | |||||||
NextEra Energy Partners | 12,760 | 995,408 | |||||||
OMV | 3,258 | f | 154,816 | ||||||
Shell | 3,539 | 93,622 | |||||||
12,714,915 | |||||||||
Food & Staples Retailing - .5% | |||||||||
Sysco | 17,559 | 1,529,389 | |||||||
Food Products - .2% | |||||||||
Koninklijke Ahold Delhaize | 16,486 | f | 507,966 | ||||||
Seven & i Holdings | 1,700 | 82,675 | |||||||
Tate & Lyle | 9,755 | f | 98,566 | ||||||
689,207 | |||||||||
Forest Products & Paper - .1% | |||||||||
West Fraser Timber | 5,192 | 517,798 | |||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% (continued) | |||||||||
Health Care - 11.1% | |||||||||
AbbVie | 15,159 | 2,240,045 | |||||||
Alcon | 9,341 | b,f | 719,164 | ||||||
Alnylam Pharmaceuticals | 2,484 | f | 392,099 | ||||||
Becton Dickinson & Co. | 3,588 | 973,353 | |||||||
Biogen | 1,114 | f | 235,065 | ||||||
Bio-Techne | 522 | 218,932 | |||||||
Boston Scientific | 17,571 | f | 776,111 | ||||||
Centene | 16,762 | f | 1,384,876 | ||||||
Danaher | 11,856 | 3,253,405 | |||||||
Dentsply Sirona | 18,459 | 999,370 | |||||||
DexCom | 4,584 | f | 1,897,363 | ||||||
Edwards Lifesciences | 13,721 | f | 1,541,829 | ||||||
Elanco Animal Health | 16,718 | f | 474,958 | ||||||
Eli Lilly & Co. | 13,710 | 3,426,814 | |||||||
GlaxoSmithKline | 23,956 | f | 496,645 | ||||||
HCA Healthcare | 2,845 | 712,132 | |||||||
Horizon Therapeutics | 18,033 | f | 1,644,069 | ||||||
ICON | 342 | f | 81,399 | ||||||
Intuitive Surgical | 5,577 | f | 1,619,170 | ||||||
Laboratory Corp. of America Holdings | 4,170 | f | 1,131,154 | ||||||
McKesson | 6,072 | 1,669,557 | |||||||
Medtronic | 17,155 | 1,801,103 | |||||||
Merck & Co. | 12,193 | 933,740 | |||||||
Novartis | 979 | 85,763 | |||||||
Organon & Co. | 30,732 | 1,147,226 | |||||||
Repligen | 1,280 | f | 251,776 | ||||||
Roche Holding | 1,919 | 732,049 | |||||||
Sanofi | 2,759 | 289,152 | |||||||
Seagen | 6,000 | f | 773,220 | ||||||
Shionogi & Co. | 3,800 | 252,562 | |||||||
Sonova Holding | 231 | f | 89,921 | ||||||
Teladoc Health | 18,867 | b,f | 1,432,194 | ||||||
The Cooper Companies | 1,218 | 498,186 | |||||||
United Therapeutics | 3,095 | f | 514,389 | ||||||
UnitedHealth Group | 5,014 | 2,386,012 | |||||||
37,074,803 | |||||||||
Industrial - 2.0% | |||||||||
ACS Actividades de Construccion y Servicios | 3,356 | 82,107 | |||||||
Eaton | 7,481 | 1,154,243 | |||||||
FUJIFILM Holdings | 3,000 | 189,501 | |||||||
Ingersoll Rand | 52,854 | 2,670,184 | |||||||
Mitsubishi Electric | 6,700 | 80,512 | |||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% (continued) | |||||||||
Industrial - 2.0% (continued) | |||||||||
Rockwell Automation | 3,508 | 935,163 | |||||||
Trane Technologies | 10,989 | 1,691,537 | |||||||
6,803,247 | |||||||||
Information Technology - 6.2% | |||||||||
Ansys | 3,933 | f | 1,275,039 | ||||||
Bill.Com Holdings | 3,207 | f | 762,881 | ||||||
CACI International, Cl. A | 3,643 | f | 1,019,275 | ||||||
Datadog, Cl. A | 8,011 | f | 1,290,652 | ||||||
HubSpot | 2,814 | f | 1,477,350 | ||||||
Microsoft | 30,461 | 9,101,442 | |||||||
salesforce.com | 8,843 | f | 1,861,717 | ||||||
Snowflake, Cl. A | 3,483 | f | 925,294 | ||||||
Twilio, Cl. A | 13,732 | f | 2,400,354 | ||||||
Zoom Video Communications, CI. A | 3,820 | f | 506,532 | ||||||
20,620,536 | |||||||||
Insurance - 2.9% | |||||||||
Allianz | 1,508 | 343,749 | |||||||
Aon, Cl. A | 4,315 | 1,260,584 | |||||||
Assurant | 14,767 | 2,506,108 | |||||||
Chubb | 8,575 | 1,746,213 | |||||||
Equitable Holdings | 21,181 | f | 691,771 | ||||||
MetLife | 25,804 | 1,743,060 | |||||||
The Hartford Financial Services Group | 9,738 | 676,596 | |||||||
Willis Towers Watson | 3,403 | 756,487 | |||||||
9,724,568 | |||||||||
Internet Software & Services - 5.0% | |||||||||
Alphabet, Cl. A | 674 | f | 1,820,568 | ||||||
Alphabet, Cl. C | 2,901 | f | 7,826,376 | ||||||
Booking Holdings | 1,282 | f | 2,784,824 | ||||||
Farfetch, Cl. A | 20,553 | f | 391,535 | ||||||
Match Group | 6,289 | f | 701,161 | ||||||
Pinterest, Cl. A | 21,798 | f | 583,096 | ||||||
Roku | 3,675 | f | 512,773 | ||||||
Snap, Cl. A | 23,064 | f | 921,176 | ||||||
Trend Micro | 4,900 | 272,779 | |||||||
Uber Technologies | 27,038 | f | 974,179 | ||||||
16,788,467 | |||||||||
Media - .2% | |||||||||
The Walt Disney Company | 3,705 | f | 550,044 | ||||||
Metals & Mining - 1.3% | |||||||||
Alcoa | 32,943 | f | 2,481,926 | ||||||
Fortescue Metals Group | 5,744 | 75,719 | |||||||
Freeport-McMoRan | 32,130 | 1,508,503 | |||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% (continued) | |||||||||
Metals & Mining - 1.3% (continued) | |||||||||
Rio Tinto | 2,673 | f | 207,655 | ||||||
4,273,803 | |||||||||
Real Estate - .3% | |||||||||
Klepierre | 11,315 | f | 325,547 | ||||||
Sun Hung Kai Properties | 6,500 | 75,608 | |||||||
Weyerhaeuser | 18,188 | g | 707,149 | ||||||
1,108,304 | |||||||||
Retailing - 3.0% | |||||||||
Amazon.com | 2,807 | f | 8,621,027 | ||||||
Expedia Group | 4,580 | f | 898,184 | ||||||
Lululemon Athletica | 1,542 | f | 493,347 | ||||||
10,012,558 | |||||||||
Semiconductors & Semiconductor Equipment - 2.8% | |||||||||
Advantest | 1,600 | 126,230 | |||||||
Applied Materials | 18,573 | 2,492,497 | |||||||
ASML Holding | 789 | 529,827 | |||||||
Marvell Technology | 18,521 | 1,265,540 | |||||||
NVIDIA | 18,268 | 4,454,652 | |||||||
Renesas Electronics | 14,200 | f | 165,511 | ||||||
STMicroelectronics | 2,744 | 116,730 | |||||||
Tokyo Electron | 200 | 97,021 | |||||||
9,248,008 | |||||||||
Technology Hardware & Equipment - 5.3% | |||||||||
Apple | 45,438 | 7,502,723 | |||||||
Ciena | 15,779 | f | 1,079,599 | ||||||
Corning | 18,579 | 750,592 | |||||||
CrowdStrike Holdings, CI. A | 4,509 | f | 880,202 | ||||||
F5 | 4,850 | f | 974,122 | ||||||
Fujitsu | 500 | 72,044 | |||||||
Hewlett Packard Enterprise | 57,942 | 922,437 | |||||||
Logitech International | 5,138 | f | 386,008 | ||||||
Qualcomm | 20,778 | 3,573,608 | |||||||
Teleperformance | 248 | 92,291 | |||||||
Zebra Technologies, Cl. A | 4,016 | f | 1,659,973 | ||||||
17,893,599 | |||||||||
Telecommunication Services - 1.1% | |||||||||
Cisco Systems | 39,786 | 2,218,865 | |||||||
Nippon Telegraph & Telephone | 12,000 | 343,722 | |||||||
Nokia, ADR | 123,572 | 661,110 | |||||||
Telstra | 153,659 | 441,946 | |||||||
Vodafone Group | 51,281 | f | 90,422 | ||||||
3,756,065 | |||||||||
Transportation - .6% | |||||||||
AP Moller - Maersk, Cl. B | 52 | 164,788 | |||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares |
| Value ($) | ||||||
Common Stocks - 63.1% (continued) | |||||||||
Transportation - .6% (continued) | |||||||||
Deutsche Post | 6,865 | f | 347,614 | ||||||
Kuehne + Nagel International | 1,058 | f | 290,024 | ||||||
Norfolk Southern | 4,398 | 1,128,175 | |||||||
West Japan Railway | 1,700 | 73,226 | |||||||
2,003,827 | |||||||||
Utilities - 1.9% | |||||||||
AGL Energy | 42,576 | 232,541 | |||||||
Centrica | 64,241 | f | 66,599 | ||||||
Clearway Energy, Cl. C | 24,827 | 829,222 | |||||||
Constellation Energy | 24,277 | 1,116,256 | |||||||
Enel | 33,448 | 247,486 | |||||||
Exelon | 50,248 | 2,138,555 | |||||||
The AES | 54,375 | 1,154,381 | |||||||
Vistra Energy | 33,394 | 762,051 | |||||||
6,547,091 | |||||||||
Total Common
Stocks | 211,481,770 | ||||||||
| |||||||||
Preferred Stocks - .0% | |||||||||
Automobiles & Components - .0% | |||||||||
Volkswagen | 3.11 | 451 | f | 90,032 | |||||
| |||||||||
Exchange-Traded Funds - 2.1% | |||||||||
Registered Investment Companies - 2.1% | |||||||||
iShares Core U.S. Aggregate Bond ETF | 30,451 | 3,360,572 | |||||||
iShares MSCI EAFE ETF | 4,448 | 325,683 | |||||||
SPDR S&P 500 ETF Trust | 7,630 | b | 3,331,487 | ||||||
Total Exchange-Traded
Funds | 7,017,742 | ||||||||
Description |
1-Day | Shares |
| Value ($) | |||||
Investment Companies - 2.1% | |||||||||
Registered Investment Companies - 2.1% | |||||||||
Dreyfus
Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.10 | 7,043,724 | h | 7,043,724 | |||||
| |||||||||
Investment of Cash Collateral for Securities Loaned - 1.1% | |||||||||
Registered Investment Companies - 1.1% | |||||||||
Dreyfus
Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.10 | 3,582,412 | h | 3,582,412 | |||||
Total Investments (cost $290,308,106) | 100.5% | 336,658,350 | ||
Liabilities, Less Cash and Receivables | (0.5%) | (1,647,581) | ||
Net Assets | 100.0% | 335,010,769 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
GO—General Obligation
LIBOR—London Interbank Offered Rate
SPDR—Standard & Poor's Depository Receipt
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2022, these securities were valued at $11,910,288 or 3.56% of net assets.
b Security, or portion thereof, on loan. At February 28, 2022, the value of the fund’s securities on loan was $7,962,647 and the value of the collateral was $13,196,103, consisting of cash collateral of $3,582,412 and U.S. Government & Agency securities valued at $9,613,691. In addition, the value of collateral may include pending sales that are also on loan.
c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
d Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of February 28, 2022.
e The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
f Non-income producing security.
g Investment in real estate investment trust within the United States.
h Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT
OF FINANCIAL FUTURES
BNY Mellon Balanced Opportunity Fund
February 28, 2022 (Unaudited)
Futures | ||||||
Description | Number of | Expiration | Notional | Market | Unrealized Appreciation (Depreciation) ($) | |
Futures Long | ||||||
U.S. Treasury 2 Year Notes | 44 | 6/30/2022 | 9,440,268 | 9,469,969 | 29,701 | |
U.S. Treasury Ultra Long Bond | 26 | 6/21/2022 | 4,785,411 | 4,834,375 | 48,964 | |
Futures Short | ||||||
U.S. Treasury 5 Year Notes | 18 | 6/30/2022 | 2,115,561 | 2,129,063 | (13,502) | |
Ultra 10 Year U.S. Treasury Notes | 31 | 6/21/2022 | 4,336,619 | 4,381,172 | (44,553) | |
Gross Unrealized Appreciation | 78,665 | |||||
Gross Unrealized Depreciation | (58,055) | |||||
See notes to financial statements.
STATEMENT
OF INVESTMENTS
BNY Mellon Balanced Opportunity Fund
February 28, 2022 (Unaudited)
The following is a summary of the inputs used as of February 28, 2022 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Asset-Backed Securities | - | 4,495,903 | - | 4,495,903 | ||
Commercial Mortgage-Backed | - | 4,661,806 | - | 4,661,806 | ||
Corporate Bonds | - | 45,261,519 | - | 45,261,519 | ||
Equity Securities - Common Stocks | 211,481,770 | - | - | 211,481,770 | ||
Equity Securities - Preferred Stocks | 90,032 | - | - | 90,032 | ||
Exchange-Traded Funds | 7,017,742 | - | - | 7,017,742 | ||
Foreign Governmental | - | 1,133,504 | - | 1,133,504 | ||
Investment Companies | 10,626,136 | - | - | 10,626,136 | ||
Municipal Securities | - | 2,068,633 | - | 2,068,633 | ||
U.S. Government Agencies Collateralized Mortgage Obligations | - | 526,546 | - | 526,546 | ||
U.S. Government Agencies Collateralized Municipal-Backed Securities | - | 1,994,422 | - | 1,994,422 | ||
U.S. Government Agencies Mortgage-Backed | - | 28,096,410 | - | 28,096,410 | ||
U.S. Government Agencies Obligations | - | 581,581 | - | 581,581 | ||
U.S. Treasury Securities | - | 18,622,346 | - | 18,622,346 | ||
Other Financial Instruments: | ||||||
Futures†† | 78,665 | - | - | 78,665 | ||
Liabilities ($) | ||||||
Other Financial Instruments: | ||||||
Futures†† | (58,055) | - | - | (58,055) | ||
† See Statement of Investments for additional detailed categorizations, if any.
†† Amount shown represents unrealized appreciation (depreciation) at period end.
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:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by one or more independent pricing services (each, a “Service”) approved by the Board Members (“Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid
prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
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.These securities are generally categorized within Level 2 of the fair value hierarchy.
Each Service and independent valuation firm is engaged under the general oversight of the Board.
Fair valuing of securities may be determined with the assistance of a 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.
Financial futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy. Forward contracts are valued at the forward rate and are generally categorized within Level 2 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.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at February 28, 2022 is discussed below.
Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts
are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.
At February 28, 2022, accumulated net unrealized appreciation on investments was $46,350,244, consisting of $56,194,746 gross unrealized appreciation and $9,844,502 gross unrealized depreciation
At February 28, 2022, 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.