STATEMENT
OF INVESTMENTS
BNY Mellon Balanced Opportunity Fund
August 31, 2022 (Unaudited)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% | |||||||||
Aerospace & Defense - .2% | |||||||||
Raytheon Technologies Corp., Sr. Unscd. Notes | 4.13 | 11/16/2028 | 200,000 | 196,020 | |||||
The Boeing Company, Sr. Unscd. Notes | 3.20 | 3/1/2029 | 280,000 | 247,720 | |||||
The Boeing Company, Sr. Unscd. Notes | 3.63 | 2/1/2031 | 100,000 | 88,588 | |||||
532,328 | |||||||||
Asset-Backed Certificates - .6% | |||||||||
CNH Equipment Trust, Ser. 2018-B, Cl. A4 | 3.37 | 5/15/2024 | 338,924 | 338,923 | |||||
CNH Equipment Trust, Ser. 2021-A, Cl. A3 | 0.40 | 12/15/2025 | 435,000 | 418,943 | |||||
Dell Equipment Finance Trust, Ser. 2020-1, Cl. A3 | 2.24 | 2/22/2023 | 86,016 | a | 85,879 | ||||
Dell Equipment Finance Trust, Ser. 2021-1, Cl. A3 | 0.43 | 5/22/2026 | 495,000 | a | 481,707 | ||||
New Economy Assets Phase 1 Sponsor LLC, Ser. 2021-1, Cl. A1 | 1.91 | 10/20/2061 | 495,000 | a | 430,385 | ||||
Verizon Owner Trust, Ser. 2019-C, Cl. A1A | 1.94 | 4/22/2024 | 44,363 | 44,250 | |||||
1,800,087 | |||||||||
Asset-Backed Certificates/Auto Receivables - .6% | |||||||||
Carvana Auto Receivables Trust, Ser. 2021-P4, Cl. A3 | 1.31 | 1/11/2027 | 365,000 | 346,754 | |||||
Hertz Vehicle Financing LLC, Ser. 2021-1A, CI. A | 1.21 | 12/26/2025 | 575,000 | a | 534,493 | ||||
Nissan Auto Receivables Owner Trust, Ser. 2019-A, Cl. A3 | 2.90 | 10/16/2023 | 1,582 | 1,582 | |||||
OSCAR US Funding Trust IX LLC, Ser. 2018-2A, Cl. A4 | 3.63 | 9/10/2025 | 106,646 | a | 106,704 | ||||
OSCAR US Funding Trust VIII LLC, Ser. 2018-1A, Cl. A4 | 3.50 | 5/12/2025 | 72,899 | a | 72,929 | ||||
OSCAR US Funding XI LLC, Ser. 2019-2A, Cl. A4 | 2.68 | 9/10/2026 | 363,022 | a | 358,866 | ||||
OSCAR US Funding XII LLC, Ser. 2021-1A, Cl. A4 | 1.00 | 4/10/2028 | 380,000 | a | 347,947 | ||||
1,769,275 | |||||||||
Automobiles & Components - .4% | |||||||||
General Motors Financial Co., Sr. Unscd. Notes | 2.35 | 1/8/2031 | 280,000 | 217,188 | |||||
General Motors Financial Co., Sr. Unscd. Notes | 2.40 | 4/10/2028 | 545,000 | 461,693 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Automobiles & Components - .4% (continued) | |||||||||
Stellantis Finance US Inc., Gtd. Notes | 2.69 | 9/15/2031 | 200,000 | a | 158,658 | ||||
Volkswagen Group of America Finance LLC, Gtd. Notes | 2.70 | 9/26/2022 | 200,000 | a | 199,955 | ||||
1,037,494 | |||||||||
Banks - 2.6% | |||||||||
Bank of America Corp., Sr. Unscd. Notes | 1.20 | 10/24/2026 | 110,000 | 98,389 | |||||
Bank of America Corp., Sr. Unscd. Notes | 3.42 | 12/20/2028 | 105,000 | 97,314 | |||||
Bank of America Corp., Sr. Unscd. Notes | 3.97 | 2/7/2030 | 250,000 | 234,782 | |||||
Bank of America Corp., Sr. Unscd. Notes | 4.00 | 4/1/2024 | 68,000 | 68,134 | |||||
Barclays PLC, Sr. Unscd. Notes | 3.93 | 5/7/2025 | 205,000 | 200,525 | |||||
BNP Paribas SA, Sr. Unscd. Notes | 1.68 | 6/30/2027 | 250,000 | a | 219,463 | ||||
Citigroup Inc., Sr. Unscd. Notes | 3.88 | 10/25/2023 | 325,000 | 325,770 | |||||
Citigroup Inc., Sr. Unscd. Notes | 4.65 | 7/30/2045 | 260,000 | 239,010 | |||||
Citizens Bank, Sr. Unscd. Notes | 3.75 | 2/18/2026 | 250,000 | b | 245,049 | ||||
Cooperatieve Rabobank UA, Sr. Unscd. Notes | 1.34 | 6/24/2026 | 280,000 | a | 253,783 | ||||
First Republic Bank, Sr. Unscd. Notes | 1.91 | 2/12/2024 | 250,000 | 247,233 | |||||
ING Groep NV, Sr. Unscd. Notes | 3.55 | 4/9/2024 | 200,000 | 197,790 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 0.65 | 9/16/2024 | 185,000 | 177,980 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 3.70 | 5/6/2030 | 400,000 | 368,348 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 3.96 | 1/29/2027 | 255,000 | 248,216 | |||||
JPMorgan Chase & Co., Sr. Unscd. Notes | 4.45 | 12/5/2029 | 185,000 | 178,381 | |||||
KfW, Govt. Gtd. Notes | 2.38 | 12/29/2022 | 565,000 | 563,479 | |||||
Lloyds Banking Group PLC, Sr. Unscd. Notes | 1.63 | 5/11/2027 | 280,000 | 247,515 | |||||
Morgan Stanley, Sr. Unscd. Notes | 3.75 | 2/25/2023 | 310,000 | 310,353 | |||||
Morgan Stanley, Sr. Unscd. Notes | 4.00 | 7/23/2025 | 75,000 | 74,573 | |||||
Morgan Stanley, Sr. Unscd. Notes | 4.43 | 1/23/2030 | 300,000 | 292,475 | |||||
NatWest Group PLC, Sr. Unscd. Notes | 1.64 | 6/14/2027 | 200,000 | 175,175 | |||||
NatWest Group PLC, Sr. Unscd. Notes | 4.27 | 3/22/2025 | 250,000 | 247,279 | |||||
Royal Bank of Canada, Sr. Unscd. Notes | 2.55 | 7/16/2024 | 230,000 | 223,907 | |||||
The Goldman Sachs Group Inc., Sr. Unscd. Notes | 3.81 | 4/23/2029 | 610,000 | 571,530 | |||||
Truist Financial Corp., Sr. Unscd. Notes | 2.50 | 8/1/2024 | 265,000 | 258,109 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Banks - 2.6% (continued) | |||||||||
U.S. Bancorp, Sr. Unscd. Notes | 2.40 | 7/30/2024 | 205,000 | 200,103 | |||||
Wells Fargo & Co., Sr. Unscd. Notes | 4.15 | 1/24/2029 | 405,000 | 392,999 | |||||
Wells Fargo & Co., Sub. Notes | 4.30 | 7/22/2027 | 320,000 | 315,060 | |||||
7,272,724 | |||||||||
Beverage Products - .3% | |||||||||
Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 4.00 | 4/13/2028 | 460,000 | 454,983 | |||||
Anheuser-Busch InBev Worldwide Inc., Gtd. Notes | 4.90 | 2/1/2046 | 180,000 | 171,214 | |||||
Keurig Dr Pepper Inc., Gtd. Notes | 3.20 | 5/1/2030 | 280,000 | 251,388 | |||||
877,585 | |||||||||
Building Materials - ..1% | |||||||||
Carrier Global Corp., Sr. Unscd. Notes | 2.49 | 2/15/2027 | 235,000 | 216,437 | |||||
Chemicals - .1% | |||||||||
Nutrien Ltd., Sr. Unscd. Notes | 3.95 | 5/13/2050 | 220,000 | 187,129 | |||||
The Dow Chemical Company, Sr. Unscd. Notes | 4.63 | 10/1/2044 | 145,000 | 129,903 | |||||
The Sherwin-Williams Company, Sr. Unscd. Notes | 2.30 | 5/15/2030 | 75,000 | 63,342 | |||||
380,374 | |||||||||
Commercial & Professional Services - .2% | |||||||||
ERAC USA Finance LLC, Gtd. Notes | 7.00 | 10/15/2037 | 280,000 | a | 317,189 | ||||
PayPal Holdings Inc., Sr. Unscd. Notes | 2.65 | 10/1/2026 | 165,000 | 156,688 | |||||
PayPal Holdings Inc., Sr. Unscd. Notes | 3.25 | 6/1/2050 | 135,000 | b | 102,090 | ||||
575,967 | |||||||||
Commercial Mortgage Pass-Through Certificates - 1.0% | |||||||||
CAMB Commercial Mortgage Trust, Ser. 2019-LIFE, Cl. A, 1 Month LIBOR +1.07% | 3.46 | 12/15/2037 | 225,000 | a,c | 222,521 | ||||
Citigroup Commercial Mortgage Trust, Ser. 2020-GC46, Cl. A2 | 2.71 | 2/15/2053 | 140,000 | 133,722 | |||||
Commercial Mortgage Trust, Ser. 2013-CR8, Cl. A5 | 3.61 | 6/10/2046 | 465,000 | 462,450 | |||||
Commercial Mortgage Trust, Ser. 2014-UBS3, Cl. A3 | 3.55 | 6/10/2047 | 362,841 | 357,102 | |||||
CSAIL Commercial Mortgage Trust, Ser. 2017-CX10, Cl. A4 | 3.19 | 11/15/2050 | 240,000 | 227,074 | |||||
DBCG Mortgage Trust, Ser. 2017-BBG, Cl. A, 1 Month LIBOR +0.70% | 3.09 | 6/15/2034 | 335,000 | a,c | 329,742 | ||||
GS Mortgage Securities Trust, Ser. 2013-GC13, CI. A5 | 4.18 | 7/10/2046 | 220,000 | 219,179 | |||||
GS Mortgage Securities Trust, Ser. 2019-GC39, Cl. A3 | 3.31 | 5/10/2052 | 215,000 | 199,718 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Commercial Mortgage Pass-Through Certificates - 1.0% (continued) | |||||||||
Tricon American Homes Trust, Ser. 2017-SFR2, Cl. A | 2.93 | 1/17/2036 | 229,632 | a | 225,785 | ||||
Wells Fargo Commercial Mortgage Trust, Ser. 2014-LC18, Cl. A4 | 3.15 | 12/15/2047 | 192,260 | 187,237 | |||||
Wells Fargo Commercial Mortgage Trust, Ser. 2020-C56, CI. A5 | 2.45 | 6/15/2053 | 135,000 | 117,000 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2014-C22, Cl. A4 | 3.49 | 9/15/2057 | 190,189 | 186,657 | |||||
2,868,187 | |||||||||
Consumer Discretionary - .1% | |||||||||
Marriott International Inc., Sr. Unscd. Notes, Ser. HH | 2.85 | 4/15/2031 | 465,000 | 387,835 | |||||
Consumer Staples - .0% | |||||||||
The Estee Lauder Companies, Sr. Unscd. Notes | 2.38 | 12/1/2029 | 115,000 | 102,175 | |||||
Diversified Financials - .5% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 1.75 | 1/30/2026 | 225,000 | 198,489 | |||||
AerCap Global Aviation Trust, Gtd. Notes | 3.30 | 1/30/2032 | 180,000 | 145,364 | |||||
Air Lease Corp., Sr. Unscd. Notes | 1.88 | 8/15/2026 | 215,000 | 188,241 | |||||
Air Lease Corp., Sr. Unscd. Notes | 2.88 | 1/15/2026 | 135,000 | 124,624 | |||||
American Express Co., Sr. Unscd. Notes | 2.50 | 7/30/2024 | 130,000 | 126,477 | |||||
American Express Co., Sr. Unscd. Notes | 3.40 | 2/22/2024 | 180,000 | 178,499 | |||||
Intercontinental Exchange Inc., Sr. Unscd. Notes | 4.35 | 6/15/2029 | 130,000 | 128,589 | |||||
USAA Capital Corp., Sr. Unscd. Notes | 2.13 | 5/1/2030 | 165,000 | a | 141,515 | ||||
Visa Inc., Sr. Unscd. Notes | 3.15 | 12/14/2025 | 100,000 | 97,793 | |||||
1,329,591 | |||||||||
Energy - .9% | |||||||||
Cameron LNG LLC, Sr. Scd. Notes | 3.30 | 1/15/2035 | 260,000 | a | 220,972 | ||||
Cheniere Corpus Christi Holdings LLC, Sr. Scd. Notes | 3.70 | 11/15/2029 | 285,000 | 262,290 | |||||
EIG Pearl Holdings SARL, Sr. Scd. Bonds | 3.55 | 8/31/2036 | 385,000 | a | 337,955 | ||||
Enbridge Inc., Gtd. Notes | 3.13 | 11/15/2029 | 175,000 | b | 158,404 | ||||
Energy Transfer LP, Sr. Unscd. Notes | 4.90 | 2/1/2024 | 225,000 | 225,958 | |||||
Enterprise Products Operating LLC, Gtd. Notes | 2.80 | 1/31/2030 | 185,000 | 163,075 | |||||
Enterprise Products Operating LLC, Gtd. Notes | 3.30 | 2/15/2053 | 190,000 | 141,183 | |||||
Equinor ASA, Gtd. Notes | 3.25 | 11/18/2049 | 130,000 | 104,075 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Energy - .9% (continued) | |||||||||
Kinder Morgan Energy Partners LP, Gtd. Notes | 5.00 | 3/1/2043 | 140,000 | 126,983 | |||||
Kinder Morgan Energy Partners LP, Gtd. Notes | 6.55 | 9/15/2040 | 210,000 | 218,312 | |||||
MPLX LP, Sr. Unscd. Notes | 4.13 | 3/1/2027 | 110,000 | 106,747 | |||||
MPLX LP, Sr. Unscd. Notes | 5.20 | 3/1/2047 | 210,000 | 191,748 | |||||
Spectra Energy Partners LP, Gtd. Notes | 4.75 | 3/15/2024 | 75,000 | 75,424 | |||||
Totalenergies Capital International SA, Gtd. Notes | 3.46 | 2/19/2029 | 260,000 | 249,046 | |||||
2,582,172 | |||||||||
Environmental Control - .3% | |||||||||
Republic Services Inc., Sr. Unscd. Notes | 2.38 | 3/15/2033 | 525,000 | 429,423 | |||||
Republic Services Inc., Sr. Unscd. Notes | 2.50 | 8/15/2024 | 100,000 | 97,110 | |||||
Waste Management Inc., Gtd. Notes | 2.00 | 6/1/2029 | 145,000 | b | 125,303 | ||||
Waste Management Inc., Gtd. Notes | 3.15 | 11/15/2027 | 100,000 | b | 95,551 | ||||
747,387 | |||||||||
Food Products - .1% | |||||||||
Conagra Brands Inc., Sr. Unscd. Notes | 1.38 | 11/1/2027 | 180,000 | 150,681 | |||||
Mondelez International Inc., Sr. Unscd. Notes | 2.13 | 3/17/2024 | 151,000 | 147,010 | |||||
297,691 | |||||||||
Foreign Governmental - .4% | |||||||||
Hungary, Sr. Unscd. Notes | 2.13 | 9/22/2031 | 200,000 | a | 147,046 | ||||
Hungary, Sr. Unscd. Notes | 5.25 | 6/16/2029 | 250,000 | a | 241,523 | ||||
Italy, Sr. Unscd. Notes | 1.25 | 2/17/2026 | 400,000 | 350,425 | |||||
Italy, Sr. Unscd. Notes | 2.88 | 10/17/2029 | 225,000 | 193,008 | |||||
Mexico, Sr. Unscd. Notes | 2.66 | 5/24/2031 | 310,000 | 257,792 | |||||
Uruguay, Sr. Unscd. Bonds | 4.38 | 1/23/2031 | 60,000 | 61,567 | |||||
1,251,361 | |||||||||
Health Care - 1.3% | |||||||||
Abbott Laboratories, Sr. Unscd. Notes | 4.90 | 11/30/2046 | 170,000 | 178,902 | |||||
AbbVie Inc., Sr. Unscd. Notes | 3.20 | 11/21/2029 | 220,000 | 201,107 | |||||
AmerisourceBergen Corp., Sr. Unscd. Notes | 3.25 | 3/1/2025 | 130,000 | 127,231 | |||||
Amgen Inc., Sr. Unscd. Notes | 3.15 | 2/21/2040 | 255,000 | 201,821 | |||||
AstraZeneca PLC, Sr. Unscd. Notes | 1.38 | 8/6/2030 | 160,000 | 131,407 | |||||
Biogen Inc., Sr. Unscd. Notes | 2.25 | 5/1/2030 | 235,000 | b | 192,278 | ||||
Bio-Rad Laboratories Inc., Sr. Unscd. Notes | 3.70 | 3/15/2032 | 430,000 | 384,774 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Health Care - 1.3% (continued) | |||||||||
Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.20 | 6/15/2026 | 89,000 | 87,267 | |||||
Bristol-Myers Squibb Co., Sr. Unscd. Notes | 3.40 | 7/26/2029 | 25,000 | 23,877 | |||||
Cigna Corp., Gtd. Notes | 3.05 | 11/30/2022 | 140,000 | 140,001 | |||||
Cigna Corp., Gtd. Notes | 4.38 | 10/15/2028 | 295,000 | 290,733 | |||||
CVS Health Corp., Sr. Unscd. Notes | 4.30 | 3/25/2028 | 50,000 | 49,458 | |||||
CVS Health Corp., Sr. Unscd. Notes | 5.05 | 3/25/2048 | 350,000 | 337,629 | |||||
DH Europe Finance II, Gtd. Notes | 2.60 | 11/15/2029 | 180,000 | 162,302 | |||||
Gilead Sciences Inc., Sr. Unscd. Notes | 3.65 | 3/1/2026 | 75,000 | 73,680 | |||||
Gilead Sciences Inc., Sr. Unscd. Notes | 4.75 | 3/1/2046 | 110,000 | 105,487 | |||||
Medtronic Inc., Gtd. Notes | 4.63 | 3/15/2045 | 50,000 | 50,320 | |||||
Merck & Co., Sr. Unscd. Notes | 2.90 | 3/7/2024 | 115,000 | 113,957 | |||||
Merck & Co., Sr. Unscd. Notes | 3.40 | 3/7/2029 | 60,000 | 57,669 | |||||
Pfizer Inc., Sr. Unscd. Notes | 2.95 | 3/15/2024 | 40,000 | 39,628 | |||||
Pfizer Inc., Sr. Unscd. Notes | 3.20 | 9/15/2023 | 45,000 | 44,832 | |||||
Pfizer Inc., Sr. Unscd. Notes | 3.45 | 3/15/2029 | 55,000 | 53,170 | |||||
Regeneron Pharmaceuticals Inc., Sr. Unscd. Notes | 1.75 | 9/15/2030 | 112,000 | 88,723 | |||||
Royalty Pharma PLC, Gtd. Notes | 2.15 | 9/2/2031 | 325,000 | 256,610 | |||||
UnitedHealth Group Inc., Sr. Unscd. Notes | 2.88 | 8/15/2029 | 150,000 | 137,852 | |||||
UnitedHealth Group Inc., Sr. Unscd. Notes | 4.75 | 7/15/2045 | 155,000 | 152,964 | |||||
Viatris Inc., Gtd. Notes | 2.70 | 6/22/2030 | 100,000 | 78,896 | |||||
3,762,575 | |||||||||
Industrial - .2% | |||||||||
GE Capital Funding LLC, Gtd. Notes | 4.55 | 5/15/2032 | 460,000 | 443,926 | |||||
Information Technology - .1% | |||||||||
Fidelity National Information Services Inc., Sr. Unscd. Notes | 3.10 | 3/1/2041 | 225,000 | 163,280 | |||||
Microsoft Corp., Sr. Unscd. Notes | 2.53 | 6/1/2050 | 110,000 | 80,233 | |||||
243,513 | |||||||||
Insurance - 1.0% | |||||||||
American International Group Inc., Sr. Unscd. Notes | 3.90 | 4/1/2026 | 120,000 | 118,130 | |||||
American International Group Inc., Sr. Unscd. Notes | 4.38 | 6/30/2050 | 200,000 | 179,973 | |||||
Five Corners Funding Trust II, Sr. Unscd. Notes | 2.85 | 5/15/2030 | 260,000 | a | 225,805 | ||||
Jackson Financial Inc., Sr. Unscd. Notes | 3.13 | 11/23/2031 | 195,000 | a | 156,373 | ||||
Massachusetts Mutual Life Insurance Co., Sub. Notes | 3.38 | 4/15/2050 | 225,000 | a | 172,121 | ||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Insurance - 1.0% (continued) | |||||||||
MassMutual Global Funding II, Scd. Notes | 2.95 | 1/11/2025 | 200,000 | a | 194,652 | ||||
Metropolitan Life Global Funding I, Sr. Scd. Notes | 3.00 | 9/19/2027 | 545,000 | a | 508,282 | ||||
New York Life Global Funding, Scd. Notes | 2.88 | 4/10/2024 | 250,000 | a | 245,324 | ||||
New York Life Insurance Co., Sub. Notes | 3.75 | 5/15/2050 | 205,000 | a | 170,864 | ||||
Pacific Life Global Funding II, Scd. Notes | 1.20 | 6/24/2025 | 375,000 | a | 344,237 | ||||
Pacific Life Global Funding II, Scd. Notes | 1.38 | 4/14/2026 | 270,000 | a | 243,178 | ||||
Pricoa Global Funding I, Scd. Notes | 2.40 | 9/23/2024 | 155,000 | a | 149,177 | ||||
Principal Financial Group Inc., Gtd. Notes | 4.30 | 11/15/2046 | 125,000 | 111,290 | |||||
2,819,406 | |||||||||
Internet Software & Services - .1% | |||||||||
Amazon.com Inc., Sr. Unscd. Notes | 4.05 | 8/22/2047 | 175,000 | 162,678 | |||||
Media - .5% | |||||||||
Charter Communications Operating LLC, Sr. Scd. Notes | 4.91 | 7/23/2025 | 185,000 | 184,452 | |||||
Comcast Corp., Gtd. Notes | 2.65 | 2/1/2030 | 335,000 | 296,665 | |||||
Comcast Corp., Gtd. Notes | 2.89 | 11/1/2051 | 210,000 | 148,122 | |||||
Comcast Corp., Gtd. Notes | 6.50 | 11/15/2035 | 43,000 | 48,594 | |||||
Sky Ltd., Gtd. Notes | 3.75 | 9/16/2024 | 265,000 | a | 263,425 | ||||
The Walt Disney Company, Gtd. Notes | 4.00 | 10/1/2023 | 55,000 | 55,245 | |||||
The Walt Disney Company, Gtd. Notes | 6.65 | 11/15/2037 | 245,000 | 291,156 | |||||
1,287,659 | |||||||||
Metals & Mining - .2% | |||||||||
Anglo American Capital PLC, Gtd. Notes | 2.63 | 9/10/2030 | 400,000 | a | 326,494 | ||||
Glencore Funding LLC, Gtd. Notes | 2.63 | 9/23/2031 | 415,000 | a,b | 330,346 | ||||
656,840 | |||||||||
Municipal Securities - .7% | |||||||||
Arizona Department of Transportation Highway Fund, Revenue Bonds, Refunding | 2.46 | 7/1/2030 | 45,000 | 39,942 | |||||
California, GO, Ser. A | 2.38 | 10/1/2026 | 230,000 | 218,068 | |||||
Connecticut, GO, Ser. A | 2.10 | 7/1/2025 | 40,000 | 38,068 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 2.92 | 11/1/2050 | 160,000 | 124,708 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Municipal Securities - .7% (continued) | |||||||||
Honolulu City & County Wastewater System, Revenue Bonds, Refunding, Ser. B | 2.50 | 7/1/2027 | 25,000 | 23,411 | |||||
Los Angeles Department of Water & Power System, Revenue Bonds (Build America Bonds) | 5.72 | 7/1/2039 | 120,000 | 137,935 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | 2.44 | 10/15/2027 | 115,000 | 107,701 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. F | 2.16 | 8/1/2026 | 255,000 | 240,524 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) | 6.55 | 11/15/2031 | 225,000 | 244,514 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Build America Bonds) Ser. A2 | 6.09 | 11/15/2040 | 10,000 | 11,502 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. C | 2.55 | 10/1/2028 | 250,000 | 228,758 | |||||
New York City, GO (Build America Bonds) Ser. D | 5.99 | 12/1/2036 | 135,000 | 150,817 | |||||
Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.40 | 6/1/2032 | 65,000 | 52,849 | |||||
Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.45 | 6/1/2033 | 65,000 | 52,219 | |||||
Reedy Creek Improvement District, GO, Refunding, Ser. A | 2.50 | 6/1/2034 | 50,000 | 39,693 | |||||
Wisconsin, Revenue Bonds, Refunding, Ser. A | 2.20 | 5/1/2027 | 135,000 | 124,360 | |||||
1,835,069 | |||||||||
Real Estate - 1.1% | |||||||||
Alexandria Real Estate Equities Inc., Gtd. Notes | 3.80 | 4/15/2026 | 225,000 | 219,702 | |||||
Alexandria Real Estate Equities Inc., Gtd. Notes | 4.50 | 7/30/2029 | 165,000 | 160,624 | |||||
American Homes 4 Rent LP, Sr. Unscd. Notes | 2.38 | 7/15/2031 | 90,000 | 72,372 | |||||
AvalonBay Communities Inc., Sr. Unscd. Notes | 3.30 | 6/1/2029 | 215,000 | 199,943 | |||||
Crown Castle Inc., Sr. Unscd. Notes | 2.25 | 1/15/2031 | 740,000 | 601,656 | |||||
Equinix Inc., Sr. Unscd. Notes | 2.50 | 5/15/2031 | 310,000 | 254,804 | |||||
Healthcare Realty Holdings LP, Gtd. Notes | 3.10 | 2/15/2030 | 235,000 | 202,816 | |||||
Prologis LP, Sr. Unscd. Notes | 2.13 | 4/15/2027 | 40,000 | 36,923 | |||||
Prologis LP, Sr. Unscd. Notes | 2.25 | 4/15/2030 | 120,000 | 104,491 | |||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Real Estate - 1.1% (continued) | |||||||||
Realty Income Corp., Sr. Unscd. Notes | 2.85 | 12/15/2032 | 225,000 | 193,137 | |||||
SBA Tower Trust, Asset Backed Notes | 2.84 | 1/15/2025 | 210,000 | a | 200,806 | ||||
Simon Property Group LP, Sr. Unscd. Notes | 3.50 | 9/1/2025 | 230,000 | 226,926 | |||||
Spirit Realty LP, Gtd. Notes | 2.10 | 3/15/2028 | 340,000 | 283,941 | |||||
WP Carey Inc., Sr. Unscd. Notes | 2.25 | 4/1/2033 | 295,000 | 224,744 | |||||
WP Carey Inc., Sr. Unscd. Notes | 2.40 | 2/1/2031 | 175,000 | 142,504 | |||||
3,125,389 | |||||||||
Retailing - .3% | |||||||||
7-Eleven Inc., Sr. Unscd. Notes | 2.80 | 2/10/2051 | 280,000 | a | 183,353 | ||||
Dollar General Corp., Sr. Unscd. Notes | 3.50 | 4/3/2030 | 200,000 | 184,684 | |||||
Dollar Tree Inc., Sr. Unscd. Notes | 4.20 | 5/15/2028 | 110,000 | 107,290 | |||||
McDonald's Corp., Sr. Unscd. Notes | 3.50 | 7/1/2027 | 100,000 | 97,176 | |||||
McDonald's Corp., Sr. Unscd. Notes | 3.60 | 7/1/2030 | 80,000 | 75,969 | |||||
Target Corp., Sr. Unscd. Notes | 3.38 | 4/15/2029 | 250,000 | 240,121 | |||||
888,593 | |||||||||
Semiconductors & Semiconductor Equipment - .2% | |||||||||
Broadcom Inc., Sr. Unscd. Notes | 3.42 | 4/15/2033 | 225,000 | a | 185,766 | ||||
NXP BV, Gtd. Notes | 2.65 | 2/15/2032 | 410,000 | 330,039 | |||||
515,805 | |||||||||
Supranational Bank - .1% | |||||||||
Inter-American Development Bank, Sr. Unscd. Notes | 2.50 | 1/18/2023 | 300,000 | b | 299,165 | ||||
Technology Hardware & Equipment - .2% | |||||||||
Apple Inc., Sr. Unscd. Notes | 2.05 | 9/11/2026 | 425,000 | 397,539 | |||||
Dell International LLC, Sr. Unscd. Notes | 6.02 | 6/15/2026 | 130,000 | 135,091 | |||||
Hewlett Packard Enterprise Co., Sr. Unscd. Notes | 4.90 | 10/15/2025 | 105,000 | 106,721 | |||||
639,351 | |||||||||
Telecommunication Services - .6% | |||||||||
AT&T, Sr. Unscd. Notes | 2.55 | 12/1/2033 | 438,000 | 349,373 | |||||
Sprint Spectrum Co., Sr. Scd. Notes | 4.74 | 3/20/2025 | 137,500 | a | 138,067 | ||||
Telefonica Emisiones SA, Gtd. Notes | 5.21 | 3/8/2047 | 150,000 | 130,034 | |||||
T-Mobile USA Inc., Sr. Unscd. Notes | 2.55 | 2/15/2031 | 155,000 | 129,139 | |||||
T-Mobile USA Inc., Sr. Unscd. Notes | 3.88 | 4/15/2030 | 270,000 | 249,747 | |||||
Verizon Communications Inc., Sr. Unscd. Notes | 2.36 | 3/15/2032 | 51,000 | 41,878 | |||||
Verizon Communications Inc., Sr. Unscd. Notes | 3.88 | 2/8/2029 | 140,000 | 134,935 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Telecommunication Services - .6% (continued) | |||||||||
Verizon Communications Inc., Sr. Unscd. Notes | 4.02 | 12/3/2029 | 495,000 | 475,421 | |||||
1,648,594 | |||||||||
Transportation - .4% | |||||||||
Canadian Pacific Railway Co., Gtd. Notes | 2.45 | 12/2/2031 | 130,000 | 111,173 | |||||
Canadian Pacific Railway Co., Gtd. Notes | 3.00 | 12/2/2041 | 125,000 | 98,614 | |||||
CSX Corp., Sr. Unscd. Notes | 2.60 | 11/1/2026 | 380,000 | 360,152 | |||||
CSX Corp., Sr. Unscd. Notes | 3.35 | 11/1/2025 | 205,000 | 200,853 | |||||
FedEx Corp., Gtd. Notes | 4.40 | 1/15/2047 | 205,000 | 181,623 | |||||
Union Pacific Corp., Sr. Unscd. Notes | 3.15 | 3/1/2024 | 145,000 | 143,754 | |||||
1,096,169 | |||||||||
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 | d | 241,782 | ||||
Federal Home Loan Mortgage Corp. Seasoned Loans Structured Transaction Trust, Ser. 2019-3, Cl. A2C | 2.75 | 11/25/2029 | 255,000 | d | 229,081 | ||||
470,863 | |||||||||
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 | d | 553,293 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K090, Cl. A2 | 3.42 | 2/25/2029 | 545,000 | d | 534,435 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K095, Cl. A2 | 2.79 | 6/25/2029 | 775,000 | d | 731,205 | ||||
1,818,933 | |||||||||
U.S. Government Agencies Mortgage-Backed - 11.1% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
2.00%, 9/1/2050-12/1/2051 | 2,593,804 | d | 2,237,735 | ||||||
2.50%, 11/1/2027-9/1/2050 | 1,456,644 | d | 1,312,213 | ||||||
3.00%, 6/1/2031-12/1/2046 | 562,811 | d | 533,516 | ||||||
3.50%, 12/1/2041-7/1/2052 | 2,064,754 | d | 1,985,743 | ||||||
5.50%, 1/1/2036 | 26,984 | d | 28,657 | ||||||
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 11.1% (continued) | |||||||||
Federal National Mortgage Association: | |||||||||
1.50%, 3/1/2051 | 522,724 | d | 428,621 | ||||||
2.00%, 8/1/2036-12/1/2051 | 6,370,984 | d | 5,533,999 | ||||||
2.50%, 9/1/2028-1/1/2052 | 4,436,022 | d | 4,001,032 | ||||||
3.00%, 6/1/2028-12/1/2050 | 3,787,084 | d | 3,585,034 | ||||||
3.50%, 8/1/2034-10/1/2050 | 3,299,895 | d | 3,197,959 | ||||||
4.00%, 7/1/2042-8/1/2052 | 3,822,036 | d | 3,762,172 | ||||||
4.50%, 2/1/2039-7/1/2052 | 1,884,193 | d | 1,900,547 | ||||||
5.00%, 4/1/2035-12/1/2048 | 294,313 | d | 302,908 | ||||||
5.50%, 9/1/2034-5/1/2039 | 23,295 | d | 24,074 | ||||||
8.00%, 3/1/2030 | 81 | d | 81 | ||||||
Government National Mortgage Association I: | |||||||||
5.50%, 4/15/2033 | 8,491 |
| 9,118 | ||||||
Government National Mortgage Association II: | |||||||||
3.00%, 1/20/2045-9/20/2051 | 1,437,390 |
| 1,359,707 | ||||||
3.50%, 7/20/2047-2/20/2052 | 892,714 |
| 869,860 | ||||||
4.00%, 10/20/2047-1/20/2048 | 224,934 |
| 224,449 | ||||||
4.50%, 7/20/2048 | 73,896 |
| 74,620 | ||||||
31,372,045 | |||||||||
U.S. Government Agencies Obligations - .2% | |||||||||
Federal National Mortgage Association, Notes | 2.38 | 1/19/2023 | 575,000 | d | 572,973 | ||||
U.S. Treasury Securities - 6.7% | |||||||||
U.S. Treasury Bonds | 1.75 | 8/15/2041 | 4,415,000 | b | 3,281,845 | ||||
U.S. Treasury Bonds | 2.38 | 5/15/2051 | 3,445,000 | 2,837,280 | |||||
U.S. Treasury Floating Rate Notes, 3 Month U.S. T-BILL +0.03% | 2.93 | 7/31/2023 | 500,000 | c | 500,514 | ||||
U.S. Treasury Floating Rate Notes, 3 Month U.S. T-BILL +0.03% | 2.94 | 4/30/2023 | 1,850,000 | c | 1,851,657 | ||||
U.S. Treasury Notes | 0.88 | 9/30/2026 | 8,235,000 | 7,440,451 | |||||
U.S. Treasury Notes | 1.38 | 6/30/2023 | 3,100,000 | 3,048,172 | |||||
18,959,919 | |||||||||
Utilities - .9% | |||||||||
American Electric Power Co., Sr. Unscd. Notes | 3.25 | 3/1/2050 | 155,000 | 110,864 | |||||
Berkshire Hathaway Energy Co., Sr. Unscd. Notes | 3.25 | 4/15/2028 | 95,000 | 89,955 | |||||
Consolidated Edison Company of New York, Sr. Unscd. Debs., Ser. 20A | 3.35 | 4/1/2030 | 170,000 | 159,770 | |||||
Dominion Energy Inc., Sr. Unscd. Notes | 3.90 | 10/1/2025 | 165,000 | 162,890 | |||||
Duke Energy Corp., Sr. Unscd. Notes | 3.15 | 8/15/2027 | 275,000 | 259,448 | |||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Coupon | Maturity Date | Principal Amount ($) |
| Value ($) | ||||
Bonds and Notes - 35.1% (continued) | |||||||||
Utilities - .9% (continued) | |||||||||
Duke Energy Progress LLC, First Mortgage Bonds | 3.45 | 3/15/2029 | 245,000 | 233,943 | |||||
Eversource Energy, Sr. Unscd. Notes, Ser. O | 4.25 | 4/1/2029 | 215,000 | 209,922 | |||||
Kentucky Utilities Co., First Mortgage Bonds | 4.38 | 10/1/2045 | 105,000 | 94,829 | |||||
Louisville Gas & Electric Co., First Mortgage Bonds | 4.38 | 10/1/2045 | 125,000 | 113,273 | |||||
NiSource Inc., Sr. Unscd. Notes | 5.65 | 2/1/2045 | 230,000 | 233,550 | |||||
NRG Energy Inc., Sr. Scd. Notes | 2.45 | 12/2/2027 | 440,000 | a | 377,132 | ||||
Sempra Energy, Sr. Unscd. Notes | 3.40 | 2/1/2028 | 100,000 | 94,566 | |||||
Sierra Pacific Power Co., Mortgage Notes, Ser. P | 6.75 | 7/1/2037 | 25,000 | 27,362 | |||||
Southern California Edison Co., First Mortgage Bonds | 3.65 | 2/1/2050 | 40,000 | 30,671 | |||||
Southern California Edison Co., First Mortgage Bonds, Ser. A | 4.20 | 3/1/2029 | 235,000 | 227,628 | |||||
Xcel Energy Inc., Sr. Unscd. Notes | 2.60 | 12/1/2029 | 260,000 | b | 228,040 | ||||
2,653,843 | |||||||||
Total Bonds
and Notes | 99,301,978 | ||||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% | |||||||||
Advertising - .3% | |||||||||
The Interpublic Group of Companies | 20,413 | 564,215 | |||||||
WPP PLC | 45,432 | 390,629 | |||||||
954,844 | |||||||||
Aerospace & Defense - 2.2% | |||||||||
BAE Systems PLC | 21,560 | e | 194,290 | ||||||
Howmet Aerospace Inc. | 48,856 | 1,730,968 | |||||||
L3Harris Technologies Inc. | 3,256 | 742,987 | |||||||
Northrop Grumman Corp. | 2,371 | 1,133,314 | |||||||
Raytheon Technologies Corp. | 16,982 | 1,524,135 | |||||||
The Boeing Company | 5,411 | e | 867,113 | ||||||
6,192,807 | |||||||||
Agriculture - .6% | |||||||||
Archer-Daniels-Midland Co. | 9,767 | 858,422 | |||||||
Bunge Ltd. | 6,799 | 674,257 | |||||||
Imperial Brands PLC | 5,753 | 126,402 | |||||||
Swedish Match AB | 5,541 | 55,648 | |||||||
1,714,729 | |||||||||
Automobiles & Components - .5% | |||||||||
Cie Generale des Etablissements Michelin SCA | 10,708 | 260,319 | |||||||
Daimler Truck Holding AG | 2,279 | e | 58,449 | ||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% (continued) | |||||||||
Automobiles & Components - .5% (continued) | |||||||||
General Motors Co. | 27,314 | 1,043,668 | |||||||
Mercedes-Benz Group AG | 2,182 | 123,018 | |||||||
1,485,454 | |||||||||
Banks - 1.5% | |||||||||
BNP Paribas SA | 10,132 | 472,201 | |||||||
Comerica Inc. | 15,899 | 1,276,690 | |||||||
ING Groep NV | 18,601 | 163,043 | |||||||
Macquarie Group Ltd. | 1,274 | 153,263 | |||||||
Mizuho Financial Group Inc. | 6,300 | 72,059 | |||||||
Sumitomo Mitsui Financial Group Inc. | 9,100 | 274,033 | |||||||
U.S. Bancorp | 23,441 | 1,069,144 | |||||||
United Overseas Bank Ltd. | 4,500 | 87,823 | |||||||
Wells Fargo & Co. | 16,887 | 738,131 | |||||||
4,306,387 | |||||||||
Beverage Products - .1% | |||||||||
Diageo PLC | 4,852 | 211,798 | |||||||
Building Materials - .0% | |||||||||
HeidelbergCement AG | 1,151 | 52,173 | |||||||
Chemicals - .1% | |||||||||
Evonik Industries AG | 11,173 | 208,230 | |||||||
Yara International ASA | 2,525 | 106,869 | |||||||
315,099 | |||||||||
Commercial & Professional Services - 1.2% | |||||||||
Ashtead Group PLC | 4,826 | 237,044 | |||||||
Block Inc. | 24,097 | e | 1,660,524 | ||||||
Brambles Ltd. | 10,236 | 86,049 | |||||||
Cintas Corp. | 3,229 | 1,313,686 | |||||||
Recruit Holdings Co. | 6,000 | 191,068 | |||||||
3,488,371 | |||||||||
Consumer Discretionary - 1.3% | |||||||||
Aristocrat Leisure Ltd. | 2,074 | 50,343 | |||||||
Bunzl PLC | 2,364 | 78,431 | |||||||
Dolby Laboratories Inc., Cl. A | 8,599 | 629,791 | |||||||
Ferguson PLC | 1,367 | 158,159 | |||||||
International Game Technology PLC | 24,723 | 443,531 | |||||||
ITOCHU Corp. | 10,800 | 296,440 | |||||||
Las Vegas Sands Corp. | 28,018 | e | 1,054,317 | ||||||
Nintendo Co. | 200 | 81,631 | |||||||
Peloton Interactive Inc., Cl. A | 58,298 | b,e | 594,057 | ||||||
Sony Group Corp. | 2,400 | 190,365 | |||||||
3,577,065 | |||||||||
Consumer Durables & Apparel - .2% | |||||||||
Burberry Group PLC | 10,282 | 208,226 | |||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% (continued) | |||||||||
Consumer Durables & Apparel - .2% (continued) | |||||||||
LVMH SE | 586 | 379,022 | |||||||
587,248 | |||||||||
Consumer Staples - .4% | |||||||||
Haleon PLC | 21,596 | e | 64,940 | ||||||
The Estee Lauder Companies, Cl. A | 3,977 | 1,011,669 | |||||||
Unilever PLC | 1,638 | 74,360 | |||||||
1,150,969 | |||||||||
Diversified Financials - 3.3% | |||||||||
Ameriprise Financial Inc. | 5,311 | 1,423,401 | |||||||
ASX Ltd. | 8,611 | 459,234 | |||||||
CME Group Inc. | 8,874 | 1,735,843 | |||||||
Melrose Industries PLC | 48,355 | b | 76,303 | ||||||
Morgan Stanley | 19,400 | 1,653,268 | |||||||
Singapore Exchange Ltd. | 10,700 | 72,544 | |||||||
The Charles Schwab Corp. | 5,815 | 412,574 | |||||||
The Goldman Sachs Group Inc. | 6,280 | 2,089,168 | |||||||
Voya Financial Inc. | 23,397 | 1,439,617 | |||||||
9,361,952 | |||||||||
Electronic Components - 1.2% | |||||||||
AMETEK Inc. | 11,837 | 1,422,334 | |||||||
Casio Computer Co. | 7,300 | 68,900 | |||||||
Hubbell Inc. | 5,043 | 1,040,371 | |||||||
Quanta Services Inc. | 6,304 | 890,755 | |||||||
3,422,360 | |||||||||
Energy - 4.9% | |||||||||
BP PLC | 19,153 | 97,783 | |||||||
Devon Energy Corp. | 18,119 | 1,279,564 | |||||||
Eni SPA | 31,065 | 367,329 | |||||||
EQT Corp. | 75,284 | 3,598,575 | |||||||
Exxon Mobil Corp. | 36,727 | 3,510,734 | |||||||
Hess Corp. | 11,134 | 1,344,765 | |||||||
Marathon Petroleum Corp. | 18,646 | 1,878,584 | |||||||
OMV AG | 2,286 | 92,362 | |||||||
Schlumberger Ltd. | 46,826 | 1,786,412 | |||||||
13,956,108 | |||||||||
Food & Staples Retailing - .4% | |||||||||
Sysco Corp. | 13,096 | 1,076,753 | |||||||
Food Products - .2% | |||||||||
Koninklijke Ahold Delhaize NV | 16,486 | 453,596 | |||||||
Tate & Lyle PLC | 8,361 | 74,032 | |||||||
527,628 | |||||||||
Health Care - 11.8% | |||||||||
AbbVie Inc. | 6,088 | 818,592 | |||||||
Alcon Inc. | 13,758 | 903,625 | |||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% (continued) | |||||||||
Health Care - 11.8% (continued) | |||||||||
Align Technology Inc. | 2,555 | e | 622,654 | ||||||
Bayer AG | 6,744 | 356,493 | |||||||
Becton Dickinson & Co. | 7,696 | 1,942,624 | |||||||
Biogen Inc. | 1,815 | e | 354,615 | ||||||
Bio-Techne Corp. | 1,655 | 549,146 | |||||||
Boston Scientific Corp. | 40,835 | e | 1,646,059 | ||||||
Centene Corp. | 17,866 | e | 1,603,295 | ||||||
Danaher Corp. | 11,215 | 3,027,041 | |||||||
DexCom Inc. | 21,487 | e | 1,766,446 | ||||||
Edwards Lifesciences Corp. | 13,721 | e | 1,236,262 | ||||||
Eli Lilly & Co. | 12,423 | 3,742,180 | |||||||
Euroapi SA | 191 | e | 2,978 | ||||||
GSK PLC | 11,635 | 186,372 | |||||||
Horizon Therapeutics PLC | 13,318 | e | 788,559 | ||||||
Humana Inc. | 4,540 | 2,187,281 | |||||||
Illumina Inc. | 2,057 | e | 414,773 | ||||||
Intuitive Surgical Inc. | 5,577 | e | 1,147,412 | ||||||
Laboratory Corp. of America Holdings | 2,821 | 635,487 | |||||||
McKesson Corp. | 2,982 | 1,094,394 | |||||||
Medtronic PLC | 16,365 | 1,438,811 | |||||||
Merck & Co. | 15,853 | 1,353,212 | |||||||
Novartis AG | 979 | 78,991 | |||||||
Organon & Co. | 28,265 | 806,400 | |||||||
Repligen Corp. | 4,091 | e | 897,443 | ||||||
Roche Holding AG | 1,919 | 618,063 | |||||||
Sanofi | 4,904 | 403,610 | |||||||
Seagen Inc. | 4,279 | e | 660,207 | ||||||
Shionogi & Co. | 3,800 | 184,858 | |||||||
Sonova Holding AG | 231 | 60,892 | |||||||
The Cooper Companies | 2,805 | 806,269 | |||||||
UnitedHealth Group Inc. | 1,882 | 977,379 | |||||||
33,312,423 | |||||||||
Industrial - 2.8% | |||||||||
ACS Actividades de Construccion y Servicios SA | 3,356 | b | 74,741 | ||||||
Caterpillar Inc. | 4,467 | 825,100 | |||||||
Eaton Corp. | 10,180 | 1,390,995 | |||||||
FUJIFILM Holdings Corp. | 1,900 | 96,466 | |||||||
Ingersoll Rand Inc. | 58,758 | 2,783,366 | |||||||
Mitsubishi Electric Corp. | 6,700 | 67,859 | |||||||
Rockwell Automation Inc. | 3,508 | 831,186 | |||||||
Trane Technologies PLC | 10,989 | 1,693,075 | |||||||
7,762,788 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% (continued) | |||||||||
Information Technology - 5.2% | |||||||||
Ansys Inc. | 3,933 | e | 976,564 | ||||||
Bill.com Holdings Inc. | 3,635 | e | 588,434 | ||||||
CACI International Inc., Cl. A | 2,855 | e | 801,884 | ||||||
Datadog Inc., Cl. A | 5,937 | e | 623,088 | ||||||
Fiserv Inc. | 3,959 | e | 400,611 | ||||||
HubSpot Inc. | 2,814 | e | 948,431 | ||||||
Microsoft Corp. | 29,036 | 7,592,043 | |||||||
Salesforce Inc. | 8,843 | e | 1,380,569 | ||||||
Twilio Inc., Cl. A | 15,860 | e | 1,103,539 | ||||||
Zoom Video Communications Inc., CI. A | 3,820 | e | 307,128 | ||||||
14,722,291 | |||||||||
Insurance - 4.4% | |||||||||
Ageas SA | 6,674 | 270,729 | |||||||
Allianz SE | 850 | 143,776 | |||||||
Aon PLC, Cl. A | 2,899 | 809,575 | |||||||
Assurant Inc. | 16,136 | 2,557,395 | |||||||
AXA SA | 7,438 | 175,533 | |||||||
Berkshire Hathaway Inc., Cl. B | 12,168 | e | 3,416,774 | ||||||
Chubb Ltd. | 10,459 | 1,977,274 | |||||||
MetLife Inc. | 21,860 | 1,406,254 | |||||||
The Hartford Financial Services Group Inc. | 7,585 | 487,791 | |||||||
The Progressive Corp. | 8,863 | 1,087,047 | |||||||
12,332,148 | |||||||||
Internet Software & Services - 6.5% | |||||||||
Alphabet Inc., Cl. A | 14,184 | e | 1,534,992 | ||||||
Alphabet Inc., Cl. C | 58,020 | e | 6,332,883 | ||||||
Amazon.com Inc. | 56,140 | e | 7,116,868 | ||||||
Booking Holdings Inc. | 777 | e | 1,457,504 | ||||||
Chewy Inc., Cl. A | 17,721 | b,e | 608,362 | ||||||
Farfetch Ltd., Cl. A | 20,553 | e | 206,147 | ||||||
Match Group Inc. | 6,289 | e | 355,517 | ||||||
Trend Micro Inc. | 1,100 | 67,808 | |||||||
Uber Technologies Inc. | 27,038 | e | 777,613 | ||||||
18,457,694 | |||||||||
Media - .1% | |||||||||
The Walt Disney Company | 3,705 | e | 415,256 | ||||||
Metals & Mining - 1.1% | |||||||||
Alcoa Corp. | 33,291 | 1,647,239 | |||||||
Fortescue Metals Group Ltd. | 11,616 | 145,511 | |||||||
Freeport-McMoRan Inc. | 33,081 | 979,198 | |||||||
Rio Tinto PLC | 3,983 | 219,900 | |||||||
2,991,848 | |||||||||
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% (continued) | |||||||||
Real Estate - .1% | |||||||||
Klepierre SA | 4,781 | 98,034 | |||||||
Sun Hung Kai Properties Ltd. | 15,500 | 181,708 | |||||||
279,742 | |||||||||
Retailing - .5% | |||||||||
Expedia Group Inc. | 8,506 | e | 873,141 | ||||||
Lululemon Athletica Inc. | 1,542 | e | 462,538 | ||||||
1,335,679 | |||||||||
Semiconductors & Semiconductor Equipment - 1.9% | |||||||||
Advantest Corp. | 3,300 | 187,373 | |||||||
Applied Materials Inc. | 10,955 | 1,030,537 | |||||||
ASML Holding NV | 789 | 382,594 | |||||||
Marvell Technology Inc. | 18,521 | 867,153 | |||||||
NVIDIA Corp. | 16,064 | 2,424,700 | |||||||
Renesas Electronics Corp. | 23,400 | e | 220,261 | ||||||
STMicroelectronics NV | 1,848 | 64,313 | |||||||
Tokyo Electron Ltd. | 400 | 125,550 | |||||||
5,302,481 | |||||||||
Technology Hardware & Equipment - 4.7% | |||||||||
Apple Inc. | 42,791 | 6,727,601 | |||||||
Check Point Software Technologies Ltd. | 4,965 | e | 596,992 | ||||||
Ciena Corp. | 13,758 | e | 698,081 | ||||||
Corning Inc. | 17,937 | 615,598 | |||||||
CrowdStrike Holdings Inc., CI. A | 4,509 | e | 823,388 | ||||||
F5 Inc. | 4,107 | e | 645,045 | ||||||
Fujitsu Ltd. | 1,100 | 130,012 | |||||||
Hewlett Packard Enterprise Co. | 60,723 | 825,833 | |||||||
Qualcomm Inc. | 5,985 | 791,636 | |||||||
Teleperformance | 248 | 70,719 | |||||||
Zebra Technologies Corp., Cl. A | 4,016 | e | 1,211,386 | ||||||
13,136,291 | |||||||||
Telecommunication Services - .8% | |||||||||
Cisco Systems Inc. | 36,156 | 1,616,896 | |||||||
Nippon Telegraph & Telephone Corp. | 13,300 | 360,256 | |||||||
Vodafone Group PLC | 168,485 | 226,039 | |||||||
2,203,191 | |||||||||
Transportation - .4% | |||||||||
AP Moller - Maersk A/S, Cl. B | 39 | 93,264 | |||||||
Deutsche Post AG | 7,940 | 290,215 | |||||||
FedEx Corp. | 2,667 | 562,230 | |||||||
Kuehne + Nagel International AG | 1,156 | 266,636 | |||||||
1,212,345 | |||||||||
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares |
| Value ($) | ||||||
Common Stocks - 60.7% (continued) | |||||||||
Utilities - 2.0% | |||||||||
AGL Energy Ltd. | 12,664 | 66,217 | |||||||
Centrica PLC | 99,791 | 87,673 | |||||||
Constellation Energy Corp. | 27,949 | 2,280,359 | |||||||
Enel SPA | 78,782 | 371,152 | |||||||
Exelon Corp. | 51,578 | 2,264,790 | |||||||
The AES Corp. | 24,901 | 633,730 | |||||||
5,703,921 | |||||||||
Total Common
Stocks | 171,549,843 | ||||||||
Preferred Yield (%) |
| ||||||||
Preferred Stocks - .1% | |||||||||
Automobiles & Components - .1% | |||||||||
Volkswagen
AG | 5.03 | 1,185 | 169,175 | ||||||
| |||||||||
Exchange-Traded Funds - 1.1% | |||||||||
Registered Investment Companies - 1.1% | |||||||||
iShares Core U.S. Aggregate Bond ETF | 21,364 | 2,151,568 | |||||||
iShares MSCI EAFE ETF | 1,358 | b | 83,789 | ||||||
SPDR S&P 500 ETF Trust | 2,296 | b | 907,333 | ||||||
Total Exchange-Traded
Funds | 3,142,690 | ||||||||
Description |
1-Day | Shares |
| Value ($) | |||||
Investment Companies - 3.0% | |||||||||
Registered Investment Companies - 3.0% | |||||||||
Dreyfus
Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 2.34 | 8,378,511 | f | 8,378,511 | |||||
| |||||||||
Investment of Cash Collateral for Securities Loaned - 1.1% | |||||||||
Registered Investment Companies - 1.1% | |||||||||
Dreyfus
Institutional Preferred Government Plus Money Market Fund, SL Shares | 2.34 | 3,076,459 | f | 3,076,459 | |||||
Total Investments (cost $276,885,149) | 101.1% | 285,618,656 | |||||||
Liabilities, Less Cash and Receivables | (1.1%) | (3,169,489) | |||||||
Net Assets | 100.0% | 282,449,167 | |||||||
ETF—Exchange-Traded Fund
GO—General Obligation
LIBOR—London Interbank Offered Rate
SPDR—Standard & Poor's Depository Receipt
U.S. T-Bill—U.S. Treasury Bill Money Market Yield
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 August 31, 2022, these securities were valued at $9,850,419 or 3.49% of net assets.
b Security, or portion thereof, on loan. At August 31, 2022, the value of the fund’s securities on loan was $7,379,131 and the value of the collateral was $7,645,088, consisting of cash collateral of $3,076,459 and U.S. Government & Agency securities valued at $4,568,629. In addition, the value of collateral may include pending sales that are also on loan.
c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Non-income producing security.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT
OF FINANCIAL FUTURES
BNY Mellon Balanced Opportunity Fund
August 31, 2022 (Unaudited)
Futures | ||||||
Description | Number of | Expiration | Notional | Market | Unrealized Appreciation (Depreciation) ($) | |
Futures Long | ||||||
U.S. Treasury 2 Year Notes | 27 | 12/30/2022 | 5,637,929 | 5,624,859 | (13,070) | |
U.S. Treasury Ultra Long Bond | 19 | 12/20/2022 | 2,821,035 | 2,840,500 | 19,465 | |
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 25 | 12/20/2022 | 2,935,882 | 2,922,656 | 13,226 | |
U.S. Treasury 5 Year Notes | 5 | 12/30/2022 | 557,106 | 554,102 | 3,004 | |
Ultra 10 Year U.S. Treasury Notes | 10 | 12/20/2022 | 1,251,858 | 1,251,875 | (17) | |
Gross Unrealized Appreciation | 35,695 | |||||
Gross Unrealized Depreciation | (13,087) | |||||
See notes to financial statements.
STATEMENT
OF INVESTMENTS
BNY Mellon Balanced Opportunity Fund
August 31, 2022 (Unaudited)
The following is a summary of the inputs used as of August 31, 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 ($) | ||||||
Investments in Securities:† | ||||||
Asset-Backed Securities | - | 3,569,362 | - | 3,569,362 | ||
Commercial Mortgage-Backed | - | 2,868,187 | - | 2,868,187 | ||
Corporate Bonds | - | 36,583,266 | - | 36,583,266 | ||
Equity Securities - Common Stocks | 158,304,839 | 13,245,004 | †† | - | 171,549,843 | |
Equity Securities - Preferred Stocks | - | 169,175 | †† | - | 169,175 | |
Exchange-Traded Funds | 3,142,690 | - | - | 3,142,690 | ||
Foreign Governmental | - | 1,251,361 | - | 1,251,361 | ||
Investment Companies | 11,454,970 | - | - | 11,454,970 | ||
Municipal Securities | - | 1,835,069 | - | 1,835,069 | ||
U.S. Government Agencies Collateralized Mortgage Obligations | - | 470,863 | - | 470,863 | ||
U.S. Government Agencies Collateralized Municipal-Backed Securities | - | 1,818,933 | - | 1,818,933 | ||
U.S. Government Agencies Mortgage-Backed | - | 31,372,045 | - | 31,372,045 | ||
U.S. Government Agencies Obligations | - | 572,973 | - | 572,973 | ||
U.S. Treasury Securities | - | 18,959,919 | - | 18,959,919 | ||
Other Financial Instruments: | ||||||
Futures††† | 35,695 | - | - | 35,695 | ||
Liabilities ($) | ||||||
Other Financial Instruments: | ||||||
Futures††† | (13,087) | - | - | (13,087) | ||
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.
††† Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities.
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 August 31, 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 August 31, 2022, accumulated net unrealized appreciation on investments was $8,733,507, consisting of $35,146,181 gross unrealized appreciation and $26,412,674 gross unrealized depreciation
At August 31, 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.