0001752724-24-167808.txt : 20240729
0001752724-24-167808.hdr.sgml : 20240729
20240729124838
ACCESSION NUMBER: 0001752724-24-167808
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20240531
FILED AS OF DATE: 20240729
DATE AS OF CHANGE: 20240729
PERIOD START: 20250228
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BNY Mellon ETF Trust
CENTRAL INDEX KEY: 0001493580
ORGANIZATION NAME:
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FILING VALUES:
FORM TYPE: NPORT-P
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-23477
FILM NUMBER: 241150474
BUSINESS ADDRESS:
STREET 1: 240 GREENWICH STREET
CITY: NEW YORK
STATE: NY
ZIP: 10286
BUSINESS PHONE: 212-922-6400
MAIL ADDRESS:
STREET 1: 240 GREENWICH STREET
CITY: NEW YORK
STATE: NY
ZIP: 10286
FORMER COMPANY:
FORMER CONFORMED NAME: Dreyfus ETF Trust
DATE OF NAME CHANGE: 20100607
0001493580
S000080183
BNY Mellon Innovators ETF
C000241887
BNY Mellon Innovators ETF
BKIV
NPORT-P
1
primary_doc.xml
NPORT-P
false
0001493580
XXXXXXXX
S000080183
C000241887
BNY Mellon ETF Trust
811-23477
0001493580
549300E2C8EQYJ7B0H81
240 Greenwich Street
New York
10286
212-922-6400
BNY Mellon Innovators ETF
S000080183
5493008VNZDSC0PFVK32
2025-02-28
2024-05-31
N
14602102.77
338399.16
14263703.61
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
UST
Insmed Inc
529900Q55QAG41CCAC11
Insmed Inc
457669307
12284.00000000
NS
USD
676234.20000000
4.740943996662
Long
EC
CORP
US
N
1
N
N
N
PROCEPT BioRobotics Corp
N/A
PROCEPT BioRobotics Corp
74276L105
1103.00000000
NS
USD
73239.20000000
0.513465520614
Long
EC
CORP
US
N
1
N
N
N
Monday.com Ltd
984500MDAFVD86E3B328
Monday.com Ltd
000000000
549.00000000
NS
USD
124024.59000000
0.869511828001
Long
EC
CORP
IL
N
1
N
N
N
Vital Farms Inc
549300S6NYY7ER3XOT61
Vital Farms Inc
92847W103
7677.00000000
NS
USD
317674.26000000
2.227151297348
Long
EC
CORP
US
N
1
N
N
N
Freshpet Inc
549300S4ZK8ZQ6HNPN59
Freshpet Inc
358039105
3212.00000000
NS
USD
421318.04000000
2.953777304406
Long
EC
CORP
US
N
1
N
N
N
Cactus Inc
549300J3T8C9F8QFKV08
Cactus Inc
127203107
6429.00000000
NS
USD
330129.15000000
2.314470063501
Long
EC
CORP
US
N
1
N
N
Inspire Medical Systems Inc
549300XQQCQ7HCJKTW25
Inspire Medical Systems Inc
457730109
1583.00000000
NS
USD
251364.57000000
1.762267198427
Long
EC
CORP
US
N
1
N
N
N
Celsius Holdings Inc
N/A
Celsius Holdings Inc
15118V207
4537.00000000
NS
USD
362869.26000000
2.544004488046
Long
EC
CORP
US
N
1
N
N
Shopify Inc
549300HGQ43STJLLP808
Shopify Inc
82509L107
3752.00000000
NS
USD
221930.80000000
1.555912868551
Long
EC
CORP
CA
N
1
N
N
N
Illumina Inc
SQ95QG8SR5Q56LSNF682
Illumina Inc
452327109
1732.00000000
NS
USD
180612.96000000
1.266241678447
Long
EC
CORP
US
N
1
N
N
N
Ascendis Pharma A/S
549300B66JN3W3J8GH73
Ascendis Pharma A/S
04351P101
2072.00000000
NS
USD
279927.20000000
1.962514138359
Long
EC
CORP
DK
N
1
N
N
N
Reddit Inc
N/A
Reddit Inc
75734B100
5024.00000000
NS
USD
272501.76000000
1.910455849692
Long
EC
CORP
US
N
1
N
N
MongoDB Inc
549300TPTG69WKWE1Z37
MongoDB Inc
60937P106
698.00000000
NS
USD
164769.88000000
1.155168983492
Long
EC
CORP
US
N
1
N
N
N
Crinetics Pharmaceuticals Inc
549300Q1CNFXK5P31D28
Crinetics Pharmaceuticals Inc
22663K107
2414.00000000
NS
USD
107205.74000000
0.751598202901
Long
EC
CORP
US
N
1
N
N
N
DoubleVerify Holdings Inc
N/A
DoubleVerify Holdings Inc
25862V105
7234.00000000
NS
USD
131658.80000000
0.923033761776
Long
EC
CORP
US
N
1
N
N
N
Confluent Inc
254900MRZ83YWUV7SN74
Confluent Inc
20717M103
9613.00000000
NS
USD
249649.61000000
1.750243953645
Long
EC
CORP
US
N
1
N
N
N
Twilio Inc
5493004W8TRGD63APX93
Twilio Inc
90138F102
2771.00000000
NS
USD
159055.40000000
1.115105896399
Long
EC
CORP
US
N
1
N
N
N
Sarepta Therapeutics Inc
549300IKDPIED8J8IG21
Sarepta Therapeutics Inc
803607100
1553.00000000
NS
USD
201672.58000000
1.413886501810
Long
EC
CORP
US
N
1
N
N
N
Netflix Inc
549300Y7VHGU0I7CE873
Netflix Inc
64110L106
838.00000000
NS
USD
537677.56000000
3.769550845287
Long
EC
CORP
US
N
1
N
N
N
DREY INST PREF GOV MM-M
N/A
DREY INST PREF GOV MM-M
000000000
125872.92000000
NS
USD
125872.92000000
0.882470103429
Long
STIV
RF
US
N
1
N
N
CoStar Group Inc
N/A
CoStar Group Inc
22160N109
7258.00000000
NS
USD
567357.86000000
3.977633548149
Long
EC
CORP
US
N
1
N
N
N
Garmin Ltd
2549001E0HIPIJQ0W046
Garmin Ltd
000000000
741.00000000
NS
USD
121412.85000000
0.851201436314
Long
EC
CORP
CH
N
1
N
N
N
Ares Management Corp
529900JUV61FH7B8VW38
Ares Management Corp
03990B101
1733.00000000
NS
USD
242914.61000000
1.703026203024
Long
EC
CORP
US
N
1
N
N
N
Dreyfus Institutional Preferred Government Money Market Fund
549300RBWL04JG8SIX57
Dreyfus Institutional Preferred Government Money Market Fund
000000000
340239.62000000
NS
USD
340239.62000000
2.385352565524
Long
STIV
RF
US
N
1
N
N
N
Accolade Inc
549300PHKG8J7A22NF08
Accolade Inc
00437E102
4625.00000000
NS
USD
32745.00000000
0.229568707366
Long
EC
CORP
US
N
1
N
N
N
Xenon Pharmaceuticals Inc
549300XV44Q9Z1MIPQ03
Xenon Pharmaceuticals Inc
98420N105
1946.00000000
NS
USD
74084.22000000
0.519389788414
Long
EC
CORP
CA
N
1
N
N
N
Pacific Biosciences of Califor
529900F1BWRE1M0KZN89
Pacific Biosciences of California Inc
69404D108
44058.00000000
NS
USD
78863.82000000
0.552898617051
Long
EC
CORP
US
N
1
N
N
N
Privia Health Group Inc
N/A
Privia Health Group Inc
74276R102
6722.00000000
NS
USD
116761.14000000
0.818589219129
Long
EC
CORP
US
N
1
N
N
N
DraftKings Inc
2549006G33IUL6IVOD83
DraftKings Inc
26142V105
4986.00000000
NS
USD
175158.18000000
1.227999296600
Long
EC
CORP
US
N
1
N
N
N
Snowflake Inc
254900CJNSY1K7T53Z16
Snowflake Inc
833445109
2411.00000000
NS
USD
328329.98000000
2.301856439093
Long
EC
CORP
US
N
1
N
N
N
Trade Desk Inc/The
549300GXPD31VT3E0P46
Trade Desk Inc/The
88339J105
3446.00000000
NS
USD
319719.88000000
2.241492733877
Long
EC
CORP
US
N
1
N
N
N
Natera Inc
N/A
Natera Inc
632307104
2075.00000000
NS
USD
221049.75000000
1.549736001560
Long
EC
CORP
US
N
1
N
N
N
Pure Storage Inc
549300NPDB0BZTK3WO90
Pure Storage Inc
74624M102
2001.00000000
NS
USD
120640.29000000
0.845785171218
Long
EC
CORP
US
N
1
N
N
N
TransMedics Group Inc
549300060GVOSMWARH50
TransMedics Group Inc
89377M109
1843.00000000
NS
USD
251385.20000000
1.762411831270
Long
EC
CORP
US
N
1
N
N
N
Guardant Health Inc
254900M8C3E5VC8BR186
Guardant Health Inc
40131M109
6105.00000000
NS
USD
165445.50000000
1.159905621454
Long
EC
CORP
US
N
1
N
N
N
Dexcom Inc
549300YSK3QDSFR5EU59
Dexcom Inc
252131107
3478.00000000
NS
USD
413082.06000000
2.896036480387
Long
EC
CORP
US
N
1
N
N
N
Keros Therapeutics Inc
N/A
Keros Therapeutics Inc
492327101
2467.00000000
NS
USD
115628.29000000
0.810647032226
Long
EC
CORP
US
N
1
N
N
N
Chewy Inc
254900NPQSTG9I422879
Chewy Inc
16679L109
5347.00000000
NS
USD
113409.87000000
0.795094129132
Long
EC
CORP
US
N
1
N
N
N
Block Inc
549300OHIIUWSTIZME52
Block Inc
852234103
4531.00000000
NS
USD
290346.48000000
2.035561646110
Long
EC
CORP
US
N
1
N
N
N
Alphabet Inc
5493006MHB84DD0ZWV18
Alphabet Inc
02079K107
4692.00000000
NS
USD
816220.32000000
5.722358949100
Long
EC
CORP
US
N
1
N
N
N
Repligen Corp
54930006QJ0T5AUO1E71
Repligen Corp
759916109
1489.00000000
NS
USD
221995.01000000
1.556363032139
Long
EC
CORP
US
N
1
N
N
iRhythm Technologies Inc
549300FJI72RJGDQS384
iRhythm Technologies Inc
450056106
1549.00000000
NS
USD
136637.29000000
0.957936968798
Long
EC
CORP
US
N
1
N
N
N
Klaviyo Inc
N/A
Klaviyo Inc
49845K101
6393.00000000
NS
USD
144737.52000000
1.014726076462
Long
EC
CORP
US
N
1
N
N
N
Intuitive Surgical Inc
54930052SRG011710797
Intuitive Surgical Inc
46120E602
740.00000000
NS
USD
297568.80000000
2.086195900701
Long
EC
CORP
US
N
1
N
N
N
NVIDIA Corp
549300S4KLFTLO7GSQ80
NVIDIA Corp
67066G104
1730.00000000
NS
USD
1896650.90000000
13.29704368415
Long
EC
CORP
US
N
1
N
N
N
Align Technology Inc
549300N5YSE0U3LCP840
Align Technology Inc
016255101
1582.00000000
NS
USD
406906.22000000
2.852738889741
Long
EC
CORP
US
N
1
N
N
N
Liberty Media Corp-Liberty For
N/A
Liberty Media Corp-Liberty Formula One
531229755
3079.00000000
NS
USD
228277.06000000
1.600405240052
Long
EC
CORP
US
N
1
N
N
N
Alnylam Pharmaceuticals Inc
529900S3ZI14OWRJII50
Alnylam Pharmaceuticals Inc
02043Q107
1180.00000000
NS
USD
175147.40000000
1.227923720156
Long
EC
CORP
US
N
1
N
N
N
Twist Bioscience Corp
549300T23BL59LCOH584
Twist Bioscience Corp
90184D100
4690.00000000
NS
USD
196511.00000000
1.377699687073
Long
EC
CORP
US
N
1
N
N
Airbnb Inc
549300HMUDNO0RY56D37
Airbnb Inc
009066101
1579.00000000
NS
USD
228844.47000000
1.604383239143
Long
EC
CORP
US
N
1
N
N
N
Lululemon Athletica Inc
549300D9GZ4BMLDW5T40
Lululemon Athletica Inc
550021109
879.00000000
NS
USD
274239.21000000
1.922636767408
Long
EC
CORP
CA
N
1
N
N
N
Outset Medical Inc
N/A
Outset Medical Inc
690145107
8504.00000000
NS
USD
31719.92000000
0.222382074580
Long
EC
CORP
US
N
1
N
N
N
JPMorgan Chase & Co
8I5DZWZKVSZI1NUHU748
JPMorgan Chase & Co
46625H100
717.00000000
NS
USD
145285.71000000
1.018569327941
Long
EC
CORP
US
N
1
N
N
N
Denali Therapeutics Inc
549300ZTQ2HO18L3Q830
Denali Therapeutics Inc
24823R105
5750.00000000
NS
USD
106720.00000000
0.748192775999
Long
EC
CORP
US
N
1
N
N
N
2024-07-26
BNY Mellon ETF Trust
James Windels
James Windels
Treasurer
XXXX
NPORT-EX
2
647973BNYM053124.htm
STATEMENT
OF
INVESTMENTS
May
31,
2024
(Unaudited)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
Banks
–
1.0%
JPMorgan
Chase
&
Co.
717
145,286
Consumer
Discretionary
Distribution
&
Retail
–
0.8%
Chewy,
Inc.,
Class
A
(a)
5,347
113,410
Consumer
Durables
&
Apparel
–
2.8%
Garmin
Ltd.
741
121,413
Lululemon
Athletica,
Inc.
(a)
879
274,239
395,652
Consumer
Services
–
2.8%
Airbnb,
Inc.,
Class
A
(a)
1,579
228,845
DraftKings,
Inc.,
Class
A
(a)
4,986
175,158
404,003
Energy
–
2.3%
Cactus,
Inc.,
Class
A
(b)
6,429
330,129
Financial
Services
–
3.7%
Ares
Management
Corp.,
Class
A
1,733
242,915
Block,
Inc.,
Class
A
(a)
4,531
290,346
533,261
Food,
Beverage
&
Tobacco
–
7.7%
Celsius
Holdings,
Inc.
(a)(b)
4,537
362,869
Freshpet,
Inc.
(a)
3,212
421,318
Vital
Farms,
Inc.
(a)
7,677
317,674
1,101,861
Health
Care
Equipment
&
Services
–
15.3%
Accolade,
Inc.
(a)
4,625
32,745
Align
Technology,
Inc.
(a)
1,582
406,906
DexCom,
Inc.
(a)
3,478
413,082
Guardant
Health,
Inc.
(a)
6,105
165,446
Inspire
Medical
Systems,
Inc.
(a)
1,583
251,365
Intuitive
Surgical,
Inc.
(a)
740
297,569
iRhythm
Technologies,
Inc.
(a)
1,549
136,637
Outset
Medical,
Inc.
(a)
8,504
31,720
Privia
Health
Group,
Inc.
(a)
6,722
116,761
PROCEPT
BioRobotics
Corp.
(a)
1,103
73,239
TransMedics
Group,
Inc.
(a)
1,843
251,385
2,176,855
Media
&
Entertainment
–
15.2%
Alphabet,
Inc.,
Class
C
(a)
4,692
816,220
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C
(a)
3,079
228,277
Netflix,
Inc.
(a)
838
537,677
Reddit,
Inc.,
Class
A
(a)(b)
5,024
272,502
Trade
Desk,
Inc.
(The),
Class
A
(a)
3,446
319,720
2,174,396
STATEMENT
OF
INVESTMENTS
(continued)
Description
Shares
Value
($)
Common
Stocks
–
99.0%
(continued)
Pharmaceuticals,
Biotechnology
&
Life
Sciences
–
18.5%
Alnylam
Pharmaceuticals,
Inc.
(a)
1,180
175,147
Ascendis
Pharma
A/S,
ADR
(a)
2,072
279,927
Crinetics
Pharmaceuticals,
Inc.
(a)
2,414
107,206
Denali
Therapeutics,
Inc.
(a)
5,750
106,720
Illumina,
Inc.
(a)
1,732
180,613
Insmed,
Inc.
(a)
12,284
676,234
Keros
Therapeutics,
Inc.
(a)
2,467
115,628
Natera,
Inc.
(a)
2,075
221,050
Pacific
Biosciences
of
California,
Inc.
(a)
44,058
78,864
Repligen
Corp.
(a)(b)
1,489
221,995
Sarepta
Therapeutics,
Inc.
(a)
1,553
201,673
Twist
Bioscience
Corp.
(a)(b)
4,690
196,511
Xenon
Pharmaceuticals,
Inc.
(a)
1,946
74,084
2,635,652
Real
Estate
Management
&
Development
–
4.0%
CoStar
Group,
Inc.
(a)
7,258
567,358
Semiconductors
&
Semiconductor
Equipment
–
13.3%
NVIDIA
Corp.
1,730
1,896,651
Software
&
Services
–
10.7%
Confluent,
Inc.,
Class
A
(a)
9,613
249,650
DoubleVerify
Holdings,
Inc.
(a)
7,234
131,659
Klaviyo,
Inc.,
Class
A
(a)
6,393
144,737
Monday.com
Ltd.
(a)
549
124,025
MongoDB,
Inc.,
Class
A
(a)
698
164,770
Shopify,
Inc.,
Class
A
(a)
3,752
221,931
Snowflake,
Inc.,
Class
A
(a)
2,411
328,330
Twilio,
Inc.,
Class
A
(a)
2,771
159,055
1,524,157
Technology
Hardware
&
Equipment
–
0.9%
Pure
Storage,
Inc.,
Class
A
(a)
2,001
120,640
Total
Common
Stocks
(cost
$11,266,209)
14,119,311
Investment
Companies
–
1.2%
Registered
Investment
Companies
–
1.2%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.28%
(c)(d)
(cost
$175,766)
175,766
175,766
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.9%
Registered
Investment
Companies
–
0.9%
Dreyfus
Institutional
Preferred
Government
Money
Market
Fund,
Institutional
Shares,
5.28%
(c)(d)
(cost
$125,873)
125,873
125,873
Total
Investments
(cost
$11,567,848)
101.1%
14,420,950
See
Notes
to
Statement
of
Investments
Description
Shares
Value
($)
Investment
of
Cash
Collateral
for
Securities
Loaned
–
0.9%
(continued)
Registered
Investment
Companies
–
0.9%
(continued)
Liabilities,
Less
Cash
and
Receivables
(1.1)%
(157,246)
Net
Assets
100.0%
14,263,704
ADR—American
Depositary
Receipt
(a)
Non-income
producing
security.
(b)
Security,
or
portion
thereof,
on
loan.
At
May
31,
2024,
the
value
of
the
fund’s
securities
on
loan
was
$1,219,122
and
the
value
of
the
collateral
was
$1,231,521,
consisting
of
cash
collateral
of
$125,873
and
U.S.
Government
&
Agency
securities
valued
at
$1,105,648.
In
addition,
the
value
of
collateral
may
include
pending
sales
that
are
also
on
loan.
(c)
Investment
in
affiliated
issuer.
The
investment
objective
of
this
investment
company
is
publicly
available
and
can
be
found
within
the
investment
company’s
prospectus.
(d)
The
rate
shown
is
the
1-day
yield
as
of
May
31,
2024.
NOTES
TO
STATEMENT
OF
INVESTMENTS
(Unaudited)
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
Securities
and
Exchange
Commission
(“SEC”)
under
authority
of
federal
laws
are
also
sources
of
authoritative
GAAP
for
SEC
registrants. BNY
Mellon
Innovators
ETF (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.
(a)
Portfolio
valuation:
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:
BNY
Mellon
ETF
Trust’s
(the
“Trust”) Board
of
Trustees
(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
of
investments,
subject
to
the
Board’s
oversight
and
pursuant
to
Rule
2a-5
under
the
Act.
Investments
in
equity
securities,
including
ETFs
(but
not
including
investments
in
other
open-end
registered
investment
companies),
generally
are
valued
at
the
last
sales
price
on
the
day
of
valuation
on
the
securities
exchange
or
national
securities
market
on
which
such
securities
primarily
are
traded.
Securities
listed
on
the
National
Association
of
Securities
Dealers
Automated
Quotation
System
(“NASDAQ”)
for
which
market
quotations
are
available
will
be
valued
at
the
official
closing
price.
If
there
are
no
transactions
in
a
security,
or
no
official
closing
prices
for
a
NASDAQ
market-listed
security
on
that
day,
the
security
will
be
valued
at
the
average
of
the
most
recent
bid
and
asked
prices.
Bid
price
is
used
when
no
asked
price
is
available.
Open
short
positions
for
which
there
is
no
sale
price
on
a
given
day
are
valued
at
the
lowest
asked
price.
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.
When
market
quotations
or
official
closing
prices
are
not
readily
available,
or
are
determined
not
to
reflect
fair
value
accurately,
they are
valued
at
fair
value
as
determined
in
good
faith
based
on
procedures
approved
by
the
Board.
Fair
value
of
investments
may
be
determined
by
valuation
designee
using
such
information
as
it
deems
appropriate
under
the
circumstances.
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
are
generally
categorized
within
Level
3
of
the
fair
value
hierarchy.
The
table
below
summarizes
the
inputs
used
as
of May
31,
2024
in
valuing
the
fund’s
investments:
NOTES
TO
STATEMENT
OF
INVESTMENTS
(Unaudited)
(continued)
Fair
Value
Measurements
Pursuant
to
a
securities
lending
agreement
with
BNY
Mellon,
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
the
Adviser,
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.
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.
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.
At May
31,
2024,
accumulated
net
unrealized
appreciation on
investments
was
$2,853,102,
consisting
of
gross
appreciation
of
$4,131,790
and
gross
depreciation
of
$1,278,688.
At
May
31,
2024,
the
cost
of
investments
for
federal
income
tax
purposes
was
substantially
the
same
as
the
cost
for
financial
reporting
purposes
(see
the
Statement
of
Investments).
Level
1
-
Unadjusted
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Total
Assets
($)
Investments
In
Securities:
†
Common
Stocks
14,119,311
—
—
14,119,311
Investment
Companies
175,766
—
—
175,766
Investment
of
Cash
Collateral
for
Securities
Loaned
125,873
—
—
125,873
†
See
Statement
of
Investments
for
additional
detailed
categorizations,
if
any.