NPORT-EX 2 c10929midcaps-september20221.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Investment Portfolios, MidCap Stock Portfolio

September 30, 2022 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4%

     

Automobiles & Components - 1.7%

     

Adient PLC

   

17,440

a 

483,960

 

Dana Inc.

   

5,380

 

61,493

 

Fox Factory Holding Corp.

   

865

a 

68,404

 

Harley-Davidson Inc.

   

10,640

 

371,123

 

The Goodyear Tire & Rubber Company

   

36,270

a,b 

365,964

 

Thor Industries Inc.

   

6,660

b 

466,067

 

Visteon Corp.

   

2,865

a 

303,862

 
    

2,120,873

 

Banks - 7.9%

     

Associated Banc-Corp

   

72,350

 

1,452,788

 

Bank OZK

   

14,615

 

578,169

 

Cathay General Bancorp

   

40,220

 

1,546,861

 

East West Bancorp Inc.

   

14,955

 

1,004,079

 

Essent Group Ltd.

   

4,710

 

164,238

 

Hancock Whitney Corp.

   

24,075

 

1,102,876

 

MGIC Investment Corp.

   

24,520

 

314,346

 

PacWest Bancorp

   

31,070

 

702,182

 

Popular Inc.

   

2,130

 

153,488

 

Synovus Financial Corp.

   

29,585

 

1,109,733

 

UMB Financial Corp.

   

15,220

 

1,282,894

 

Washington Federal Inc.

   

24,600

 

737,508

 
    

10,149,162

 

Capital Goods - 11.9%

     

A.O. Smith Corp.

   

9,745

 

473,412

 

Acuity Brands Inc.

   

4,155

 

654,288

 

AECOM

   

18,410

 

1,258,692

 

Allison Transmission Holdings Inc.

   

3,205

 

108,201

 

Armstrong World Industries Inc.

   

5,115

 

405,261

 

Builders FirstSource Inc.

   

8,660

a 

510,247

 

Crane Holdings Co.

   

6,705

 

586,956

 

Curtiss-Wright Corp.

   

4,780

 

665,185

 

Dycom Industries Inc.

   

5,750

a 

549,297

 

EMCOR Group Inc.

   

12,125

 

1,400,195

 

Esab Corp.

   

3,260

 

108,754

 

GATX Corp.

   

1,595

 

135,814

 

Hubbell Inc.

   

2,120

 

472,760

 

ITT Inc.

   

5,250

 

343,035

 

Kennametal Inc.

   

34,570

 

711,451

 

Lincoln Electric Holdings Inc.

   

5,115

 

643,058

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Capital Goods - 11.9% (continued)

     

Nordson Corp.

   

4,045

 

858,632

 

nVent Electric PLC

   

37,565

 

1,187,430

 

Owens Corning

   

3,810

 

299,504

 

Parker-Hannifin Corp.

   

1,185

 

287,137

 

Simpson Manufacturing Co.

   

7,975

 

625,240

 

Sunrun Inc.

   

4,555

a 

125,672

 

Terex Corp.

   

12,295

 

365,653

 

Textron Inc.

   

10,080

 

587,261

 

The Timken Company

   

8,080

 

477,043

 

Trex Co.

   

8,740

a 

384,036

 

Univar Solutions Inc.

   

6,230

a 

141,670

 

Watts Water Technologies Inc., Cl. A

   

3,960

 

497,891

 

Westinghouse Air Brake Technologies Corp.

   

5,005

 

407,157

 
    

15,270,932

 

Commercial & Professional Services - 2.7%

     

ASGN Inc.

   

6,300

a 

569,331

 

CACI International Inc., Cl. A

   

3,405

a 

888,909

 

FTI Consulting Inc.

   

1,725

a 

285,850

 

Insperity Inc.

   

5,185

 

529,337

 

Science Applications International Corp.

   

1,740

 

153,868

 

Tetra Tech Inc.

   

6,460

 

830,304

 

The Brink's Company

   

4,460

 

216,042

 
    

3,473,641

 

Consumer Durables & Apparel - 4.1%

     

Brunswick Corp.

   

7,325

 

479,421

 

Capri Holdings Ltd.

   

10,900

a 

418,996

 

Columbia Sportswear Co.

   

3,325

 

223,773

 

Crocs Inc.

   

5,045

a 

346,390

 

Mattel Inc.

   

34,530

a 

653,998

 

NVR Inc.

   

65

a 

259,160

 

PVH Corp.

   

4,270

 

191,296

 

Ralph Lauren Corp.

   

4,185

 

355,432

 

Skechers USA Inc., CI. A

   

3,560

a 

112,923

 

Tapestry Inc.

   

13,030

 

370,443

 

Taylor Morrison Home Corp.

   

7,260

a 

169,303

 

Tempur Sealy International Inc.

   

22,240

 

536,874

 

Toll Brothers Inc.

   

6,360

 

267,120

 

TopBuild Corp.

   

2,785

a 

458,912

 

Under Armour Inc., Cl. A

   

47,975

a 

319,034

 

Whirlpool Corp.

   

790

 

106,500

 
    

5,269,575

 

Consumer Services - 4.4%

     

Boyd Gaming Corp.

   

11,025

 

525,341

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Consumer Services - 4.4% (continued)

     

Choice Hotels International Inc.

   

1,410

 

154,423

 

Churchill Downs Inc.

   

855

a 

157,448

 

Graham Holdings Co., Cl. B

   

290

 

156,014

 

Grand Canyon Education Inc.

   

8,420

a 

692,545

 

H&R Block Inc.

   

10,775

 

458,368

 

Light & Wonder Inc.

   

5,460

a 

234,125

 

Marriott Vacations Worldwide Corp.

   

6,960

 

848,146

 

MGM Resorts International

   

8,065

 

239,692

 

Service Corp. International

   

16,290

 

940,585

 

Texas Roadhouse Inc.

   

6,640

 

579,406

 

The Wendy's Company

   

6,540

 

122,233

 

Wyndham Hotels & Resorts Inc.

   

8,170

 

501,229

 
    

5,609,555

 

Diversified Financials - 2.4%

     

Affiliated Managers Group Inc.

   

635

 

71,025

 

Bread Financial Holdings Inc.

   

9,010

 

283,364

 

Federated Hermes Inc.

   

9,530

 

315,634

 

Janus Henderson Group PLC

   

21,920

 

445,195

 

Jefferies Financial Group Inc.

   

470

 

13,865

 

Navient Corp.

   

16,525

 

242,752

 

Rithm Capital Corp.

   

28,275

c 

206,973

 

SEI Investments Co.

   

10,875

 

533,419

 

Stifel Financial Corp.

   

16,370

 

849,767

 

Voya Financial Inc.

   

2,495

 

150,948

 
    

3,112,942

 

Energy - 4.9%

     

Antero Resources Corp.

   

2,005

a 

61,213

 

ChampionX Corp.

   

7,075

 

138,458

 

Devon Energy Corp.

   

15,045

 

904,656

 

Diamondback Energy Inc.

   

2,455

 

295,729

 

EQT Corp.

   

18,665

 

760,599

 

Equitrans Midstream Corp.

   

16,325

 

122,111

 

Halliburton Co.

   

5,395

 

132,825

 

Marathon Oil Corp.

   

22,925

 

517,646

 

Murphy Oil Corp.

   

28,570

 

1,004,807

 

Phillips 66

   

3,220

 

259,918

 

Range Resources Corp.

   

23,535

 

594,494

 

Targa Resources Corp.

   

25,280

 

1,525,395

 
    

6,317,851

 

Food & Staples Retailing - 2.3%

     

BJ's Wholesale Club Holdings Inc.

   

13,925

a 

1,013,879

 

Casey's General Stores Inc.

   

3,105

 

628,825

 

Performance Food Group Co.

   

18,185

a 

781,046

 

Sprouts Farmers Market Inc.

   

16,850

a 

467,587

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Food & Staples Retailing - 2.3% (continued)

     

The Kroger Company

   

2,895

 

126,656

 
    

3,017,993

 

Food, Beverage & Tobacco - 1.2%

     

Coca-Cola Consolidated Inc.

   

645

 

265,566

 

Darling Ingredients Inc.

   

12,855

a 

850,358

 

Freshpet Inc.

   

5,890

a 

295,030

 

The Hershey Company

   

795

 

175,274

 
    

1,586,228

 

Health Care Equipment & Services - 7.2%

     

ABIOMED Inc.

   

405

a 

99,492

 

Acadia Healthcare Co.

   

9,180

a 

717,692

 

Amedisys Inc.

   

3,710

a 

359,091

 

Chemed Corp.

   

2,675

 

1,167,798

 

Enovis Corp.

   

8,320

a 

383,302

 

Envista Holdings Corp.

   

10,290

a 

337,615

 

Globus Medical Inc., Cl. A

   

6,850

a 

408,054

 

Haemonetics Corp.

   

3,580

a 

265,027

 

Henry Schein Inc.

   

1,845

a 

121,346

 

Integra LifeSciences Holdings Corp.

   

15,700

a 

665,052

 

LivaNova PLC

   

8,410

a 

426,976

 

Masimo Corp.

   

1,220

a 

172,215

 

Molina Healthcare Inc.

   

2,315

a 

763,580

 

Option Care Health Inc.

   

19,705

a 

620,116

 

Patterson Companies Inc.

   

6,090

 

146,282

 

Progyny Inc.

   

2,155

a 

79,864

 

QuidelOrtho Corp.

   

1,590

a 

113,653

 

Shockwave Medical Inc.

   

2,650

a 

736,885

 

STAAR Surgical Co.

   

7,700

a 

543,235

 

Tandem Diabetes Care Inc.

   

9,530

a 

456,010

 

Teleflex Inc.

   

1,690

 

340,467

 

Tenet Healthcare Corp.

   

7,500

a 

386,850

 
    

9,310,602

 

Household & Personal Products - .5%

     

BellRing Brands Inc.

   

4,505

a 

92,848

 

Church & Dwight Co.

   

1,515

 

108,232

 

Coty Inc., Cl. A

   

11,310

a 

71,479

 

Nu Skin Enterprises Inc., Cl. A

   

11,430

 

381,419

 
    

653,978

 

Insurance - 4.0%

     

Axis Capital Holdings Ltd.

   

6,960

 

342,084

 

Brighthouse Financial Inc.

   

2,780

a 

120,708

 

Brown & Brown Inc.

   

1,815

 

109,771

 

CNO Financial Group Inc.

   

32,315

 

580,701

 

Everest Re Group Ltd.

   

1,890

 

496,012

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Insurance - 4.0% (continued)

     

First American Financial Corp.

   

8,805

 

405,910

 

Kinsale Capital Group Inc.

   

1,030

 

263,083

 

Loews Corp.

   

9,025

 

449,806

 

Old Republic International Corp.

   

16,800

 

351,624

 

Primerica Inc.

   

5,540

 

683,913

 

The Hanover Insurance Group Inc.

   

2,970

 

380,576

 

The Hartford Financial Services Group Inc.

   

8,295

 

513,792

 

W.R. Berkley Corp.

   

2,360

 

152,409

 

Willis Towers Watson PLC

   

1,480

 

297,391

 
    

5,147,780

 

Materials - 7.4%

     

Alcoa Corp.

   

20,170

 

678,922

 

Ashland Inc.

   

9,470

 

899,366

 

Avient Corp.

   

8,290

 

251,187

 

Cabot Corp.

   

4,835

 

308,908

 

Celanese Corp.

   

4,840

 

437,246

 

CF Industries Holdings Inc.

   

7,760

 

746,900

 

Cleveland-Cliffs Inc.

   

29,475

a,b 

397,028

 

Commercial Metals Co.

   

17,965

 

637,398

 

Eagle Materials Inc.

   

9,330

 

999,989

 

Greif Inc., Cl. A

   

7,970

 

474,773

 

Huntsman Corp.

   

11,485

 

281,842

 

Ingevity Corp.

   

8,035

a 

487,162

 

Louisiana-Pacific Corp.

   

1,495

 

76,529

 

LyondellBasell Industries NV, Cl. A

   

1,725

 

129,858

 

MP Materials Corp.

   

3,480

a 

95,004

 

Olin Corp.

   

10,770

 

461,818

 

Reliance Steel & Aluminum Co.

   

3,165

 

552,008

 

Steel Dynamics Inc.

   

6,270

 

444,856

 

The Chemours Company

   

14,970

 

369,010

 

The Mosaic Company

   

3,510

 

169,638

 

United States Steel Corp.

   

19,915

b 

360,860

 

Westlake Corp.

   

3,120

 

271,066

 
    

9,531,368

 

Media & Entertainment - 2.5%

     

Cable One Inc.

   

115

b 

98,101

 

John Wiley & Sons Inc., Cl. A

   

10,225

 

384,051

 

Live Nation Entertainment Inc.

   

990

a 

75,280

 

News Corp., Cl. A

   

24,150

 

364,906

 

Playtika Holding Corp.

   

8,415

a,b 

79,017

 

TEGNA Inc.

   

13,810

 

285,591

 

The Interpublic Group of Companies

   

16,855

 

431,488

 

The New York Times Company, Cl. A

   

10,530

 

302,737

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Media & Entertainment - 2.5% (continued)

     

TripAdvisor Inc.

   

9,075

a 

200,376

 

Twitter Inc.

   

8,520

a 

373,517

 

World Wrestling Entertainment Inc., Cl. A

   

6,820

b 

478,559

 

Ziff Davis Inc.

   

1,495

a 

102,378

 
    

3,176,001

 

Pharmaceuticals Biotechnology & Life Sciences - 3.2%

     

Bio-Techne Corp.

   

1,340

 

380,560

 

Bruker Corp.

   

8,795

 

466,663

 

Exelixis Inc.

   

41,440

a 

649,779

 

Halozyme Therapeutics Inc.

   

8,970

a,b 

354,674

 

Incyte Corp.

   

1,165

a 

77,636

 

Medpace Holdings Inc.

   

4,155

a 

653,041

 

QIAGEN NV

   

7,195

a 

297,010

 

Sarepta Therapeutics Inc.

   

3,285

a 

363,124

 

Sotera Health Co.

   

7,675

a 

52,344

 

Syneos Health Inc.

   

14,935

a 

704,185

 

United Therapeutics Corp.

   

500

a 

104,690

 
    

4,103,706

 

Real Estate - 9.7%

     

Brixmor Property Group Inc.

   

41,690

c 

770,014

 

Camden Property Trust

   

2,815

c 

336,252

 

Corporate Office Properties Trust

   

2,850

c 

66,206

 

Douglas Emmett Inc.

   

37,315

c 

669,058

 

EastGroup Properties Inc.

   

7,105

c 

1,025,536

 

EPR Properties

   

10,085

c 

361,648

 

Extra Space Storage Inc.

   

3,210

c 

554,399

 

Federal Realty Investment Trust

   

5,695

c 

513,233

 

First Industrial Realty Trust Inc.

   

25,965

c 

1,163,492

 

Highwoods Properties Inc.

   

15,885

c 

428,260

 

Jones Lang LaSalle Inc.

   

1,275

a 

192,614

 

Kilroy Realty Corp.

   

10,225

c 

430,575

 

Lamar Advertising Co., Cl. A

   

2,730

c 

225,198

 

Mid-America Apartment Communities Inc.

   

6,570

c 

1,018,810

 

National Retail Properties Inc.

   

37,200

c 

1,482,792

 

National Storage Affiliates Trust

   

11,460

c 

476,507

 

Omega Healthcare Investors Inc.

   

12,910

c 

380,716

 

Pebblebrook Hotel Trust

   

5,180

c 

75,162

 

Rayonier Inc.

   

14,455

c 

433,216

 

Regency Centers Corp.

   

9,365

c 

504,305

 

STORE Capital Corp.

   

44,015

c 

1,378,990

 
    

12,486,983

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Retailing - 3.4%

     

AutoNation Inc.

   

2,970

a 

302,554

 

Bath & Body Works Inc.

   

2,985

 

97,311

 

Dick's Sporting Goods Inc.

   

4,600

b 

481,344

 

GameStop Corp., Cl. A

   

13,520

a,b 

339,758

 

Macy's Inc.

   

24,685

 

386,814

 

Murphy USA Inc.

   

2,755

 

757,377

 

Nordstrom Inc.

   

15,275

 

255,551

 

RH

   

555

a,b 

136,569

 

Ulta Beauty Inc.

   

1,275

a 

511,517

 

Victoria's Secret & Co.

   

7,345

a 

213,886

 

Williams-Sonoma Inc.

   

7,135

 

840,860

 
    

4,323,541

 

Semiconductors & Semiconductor Equipment - 3.8%

     

Allegro MicroSystems Inc.

   

10,355

a 

226,257

 

Enphase Energy Inc.

   

2,300

a 

638,181

 

Lattice Semiconductor Corp.

   

18,780

a 

924,164

 

MACOM Technology Solutions Holdings Inc.

   

8,475

a 

438,920

 

MKS Instruments Inc.

   

6,455

 

533,441

 

Power Integrations Inc.

   

7,605

 

489,154

 

Semtech Corp.

   

16,980

a 

499,382

 

Silicon Laboratories Inc.

   

2,710

a 

334,522

 

SiTime Corp.

   

2,265

a 

178,323

 

Synaptics Inc.

   

2,655

a 

262,872

 

Teradyne Inc.

   

3,230

 

242,735

 

Universal Display Corp.

   

620

 

58,497

 

Wolfspeed Inc.

   

580

a 

59,949

 
    

4,886,397

 

Software & Services - 4.3%

     

ACI Worldwide Inc.

   

4,395

a 

91,856

 

Commvault Systems Inc.

   

3,925

a 

208,182

 

Concentrix Corp.

   

2,580

 

288,005

 

Datadog Inc., Cl. A

   

1,160

a 

102,985

 

Elastic NV

   

3,860

a,b 

276,916

 

Euronet Worldwide Inc.

   

4,975

a 

376,906

 

Fair Isaac Corp.

   

1,400

a 

576,814

 

Five9 Inc.

   

2,995

a 

224,565

 

Gartner Inc.

   

455

a 

125,894

 

Genpact Ltd.

   

5,090

 

222,789

 

HubSpot Inc.

   

1,105

a 

298,483

 

Manhattan Associates Inc.

   

5,570

a 

740,977

 

MongoDB Inc.

   

970

a 

192,603

 

Okta Inc.

   

2,910

a 

165,492

 

Pegasystems Inc.

   

6,035

b 

193,965

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Software & Services - 4.3% (continued)

     

Qualys Inc.

   

1,845

a 

257,175

 

Teradata Corp.

   

12,055

a 

374,428

 

The Trade Desk Inc., Cl. A

   

1,375

a 

82,156

 

The Western Union Company

   

10,845

b 

146,408

 

Twilio Inc., Cl. A

   

3,330

a 

230,236

 

Zscaler Inc.

   

1,850

a,b 

304,084

 
    

5,480,919

 

Technology Hardware & Equipment - 2.8%

     

Belden Inc.

   

5,430

 

325,909

 

Calix Inc.

   

8,160

a 

498,902

 

IPG Photonics Corp.

   

5,005

a 

422,172

 

Jabil Inc.

   

2,585

 

149,180

 

Littelfuse Inc.

   

3,290

 

653,690

 

Lumentum Holdings Inc.

   

7,705

a 

528,332

 

Pure Storage Inc., Cl. A

   

8,020

a 

219,507

 

Vishay Intertechnology Inc.

   

29,595

 

526,495

 

Vontier Corp.

   

14,225

 

237,700

 
    

3,561,887

 

Telecommunication Services - .6%

     

Iridium Communications Inc.

   

13,800

a 

612,306

 

Lumen Technologies Inc.

   

29,640

 

215,779

 
    

828,085

 

Transportation - 2.6%

     

Avis Budget Group Inc.

   

2,680

a 

397,873

 

GXO Logistics Inc.

   

10,090

a 

353,755

 

Kirby Corp.

   

5,740

a 

348,820

 

Knight-Swift Transportation Holdings Inc.

   

8,590

 

420,309

 

Landstar System Inc.

   

3,030

 

437,441

 

Old Dominion Freight Line Inc.

   

1,635

 

406,739

 

Ryder System Inc.

   

2,910

 

219,676

 

Saia Inc.

   

3,075

a 

584,250

 

XPO Logistics Inc.

   

2,725

a 

121,317

 
    

3,290,180

 

Utilities - 3.9%

     

Black Hills Corp.

   

16,060

 

1,087,744

 

Hawaiian Electric Industries Inc.

   

25,430

 

881,404

 

IDACORP Inc.

   

11,105

 

1,099,506

 

New Jersey Resources Corp.

   

20,315

b 

786,190

 

NiSource Inc.

   

2,400

 

60,456

 

Portland General Electric Co.

   

12,960

 

563,242

 

PPL Corp.

   

3,685

 

93,415

 

Spire Inc.

   

3,180

 

198,209

 

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Utilities - 3.9% (continued)

     

UGI Corp.

   

8,570

 

277,068

 
    

5,047,234

 

Total Common Stocks (cost $138,835,249)

   

127,757,413

 
  

1-Day
Yield (%)

     

Investment Companies - .6%

     

Registered Investment Companies - .6%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $777,318)

 

3.03

 

777,318

d 

 777,318

 
        

Investment of Cash Collateral for Securities Loaned - .8%

     

Registered Investment Companies - .8%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $956,133)

 

3.03

 

956,133

d 

 956,133

 

Total Investments (cost $140,568,700)

 

100.8%

 

129,490,864

 

Liabilities, Less Cash and Receivables

 

(.8%)

 

(970,365)

 

Net Assets

 

100.0%

 

128,520,499

 

a Non-income producing security.

b Security, or portion thereof, on loan. At September 30, 2022, the value of the fund’s securities on loan was $4,980,561 and the value of the collateral was $5,198,332, consisting of cash collateral of $956,133 and U.S. Government & Agency securities valued at $4,242,199. In addition, the value of collateral may include pending sales that are also on loan.

c Investment in real estate investment trust within the United States.

d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.

STATEMENT OF INVESTMENTS
BNY Mellon Investment Portfolios, MidCap Stock Portfolio

September 30, 2022 (Unaudited)

The following is a summary of the inputs used as of September 30, 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:†

  

Equity Securities - Common Stocks

127,757,413

-

 

-

127,757,413

 

Investment Companies

1,733,451

-

 

-

1,733,451

 

† See Statement of Investments for additional detailed categorizations, if any.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

The Board has designated the Adviser, as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2A-5.

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded.

Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members (“Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.The Service’s procedures are reviewed by BNY Mellon under the general supervision of the Board.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of BNY Mellon Investment Adviser, Inc., the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by BNY Mellon Investment

Adviser Inc., or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.

At September 30, 2022, accumulated net unrealized depreciation on investments was $11,077,836, consisting of $10,074,307 gross unrealized appreciation and $21,152,143 gross unrealized depreciation.

At September 30, 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.