0001775697-22-001162.txt : 20221125 0001775697-22-001162.hdr.sgml : 20221125 20221125095844 ACCESSION NUMBER: 0001775697-22-001162 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221125 DATE AS OF CHANGE: 20221125 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNY Mellon Large Cap Securities Fund, Inc. CENTRAL INDEX KEY: 0000030146 IRS NUMBER: 136021175 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00523 FILM NUMBER: 221418210 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2129226400 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NESBETT FUND INC DATE OF NAME CHANGE: 19680607 0000030146 S000000068 BNY Mellon Large Cap Securities Fund, Inc. C000000105 BNY Mellon Large Cap Securities Fund, Inc. DREVX NPORT-P 1 primary_doc.xml NPORT-P false 0000030146 XXXXXXXX S000000068 C000000105 BNY Mellon Large Cap Securities Fund, Inc. 811-00523 0000030146 549300BH6NJF63HZ1E81 240 Greenwich Street New York 10286 212 495 1784 BNY Mellon Large Cap Securities Fund, Inc. S000000068 549300BH6NJF63HZ1E81 2022-12-31 2022-09-30 N 1382232666.89 2625850.49 1379606816.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 UST 0 0 INGERSOLL RAND INC 5299004C02FMZCUOIR50 INGERSOLL RAND INC 45687V106 765655.00 NS USD 33122235.30 2.4008460168695 Long EC CORP US N 1 N N N ROPER TECHNOLOGIES INC 54930003T4SXCIWVXY35 ROPER TECHNOLOGIES INC 776696106 70575.00 NS USD 25381593.00 1.8397700488485 Long EC CORP US N 1 N N N NVIDIA CORP 549300S4KLFTLO7GSQ80 NVIDIA CORP 67066G104 267753.00 NS USD 32502536.67 2.3559275210609 Long EC CORP US N 1 N N N GOLDMAN SACHS GROUP INC 784F5XWPLTWKTBV3E584 GOLDMAN SACHS GROUP INC/THE 38141G104 62742.00 NS USD 18386543.10 1.3327379135439 Long EC CORP US N 1 N N N APPLIED MATERIALS INC 41BNNE1AFPNAZELZ6K07 APPLIED MATERIALS INC 038222105 194432.00 NS USD 15929813.76 1.1546633120853 Long EC CORP US N 1 N N N BLACKROCK INC 549300LRIF3NWCU26A80 BLACKROCK INC 09247X101 37356.00 NS USD 20556259.68 1.4900085615436 Long EC CORP US N 1 N N N MEDTRONIC PLC 549300GX3ZBSQWUXY261 MEDTRONIC PLC N/A 211878.00 NS USD 17109148.50 1.2401467067729 Long EC CORP IE N 1 N N N QUALCOMM INC H1J8DDZKZP6H7RWC0H53 QUALCOMM INC 747525103 156350.00 NS USD 17664423.00 1.2803954568805 Long EC CORP US N 1 N N N TJX COS INC V167QI9I69W364E2DY52 TJX COS INC/THE 872540109 331603.00 NS USD 20599178.36 1.4931194971732 Long EC CORP US N 1 N N N ZOETIS INC 549300HD9Q1LOC9KLJ48 ZOETIS INC 98978V103 135337.00 NS USD 20069123.73 1.4546987947166 Long EC CORP US N 1 N N N INTUITIVE SURGICAL INC 54930052SRG011710797 INTUITIVE SURGICAL INC 46120E602 89374.00 NS USD 16752262.56 1.2142780363838 Long EC CORP US N 1 N N N VISA INC 549300JZ4OKEHW3DPJ59 VISA INC 92826C839 86654.00 NS USD 15394083.10 1.1158311858859 Long EC CORP US N 1 N N VALERO ENERGY CORP 549300XTO5VR8SKV1V74 VALERO ENERGY CORP 91913Y100 242133.00 NS USD 25871911.05 1.8753104683485 Long EC CORP US N 1 N N N NEXTERA ENERGY INC 5493008F4ZOQFNG3WN54 NEXTERA ENERGY INC 65339F101 405469.00 NS USD 31792824.29 2.3044844307859 Long EC CORP US N 1 N N N ZEBRA TECHNOLOGIES CORP PO0I32GKZ3HZMMDPZZ08 ZEBRA TECHNOLOGIES CORP 989207105 41058.00 NS USD 10757606.58 0.7797588742038 Long EC CORP US N 1 N N N AMAZON.COM INC ZXTILKJKG63JELOEG630 AMAZON.COM INC 023135106 498940.00 NS USD 56380220.00 4.0866875496542 Long EC CORP US N 1 N N N ABBVIE INC FR5LCKFTG8054YNNRU85 ABBVIE INC 00287Y109 272858.00 NS USD 36620272.18 2.6543991914709 Long EC CORP US N 1 N N N WALMART INC Y87794H0US1R65VBXU25 WALMART INC 931142103 166102.00 NS USD 21543429.40 1.5615629862003 Long EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC 02079K107 780160.00 NS USD 75012384.00 5.4372291516897 Long EC CORP US N 1 N N N MICROSOFT CORP INR2EJN1ERAN0W5ZP974 MICROSOFT CORP 594918104 406334.00 NS USD 94635188.60 6.8595767631059 Long EC CORP US N 1 N N N ELI LILLY & CO FRDRIPF3EKNDJ2CQJL29 ELI LILLY & CO 532457108 154210.00 NS USD 49863803.50 3.6143488787708 Long EC CORP US N 1 N N N JPMORGAN CHASE & CO 8I5DZWZKVSZI1NUHU748 JPMORGAN CHASE & CO 46625H100 229755.00 NS USD 24009397.50 1.7403072538196 Long EC CORP US N 1 N N N APPLE INC HWUPKR0MPOU8FGXBT394 APPLE INC 037833100 815693.00 NS USD 112728772.60 8.1710797061846 Long EC CORP US N 1 N N N SEAGEN INC N/A SEAGEN INC 81181C104 115499.00 NS USD 15803728.17 1.145524071216 Long EC CORP US N 1 N N N BOOKING HOLDINGS INC FXM8FAOHMYDIPD38UZ17 BOOKING HOLDINGS INC 09857L108 9692.00 NS USD 15925991.32 1.1543862447387 Long EC CORP US N 1 N N N TESLA INC 54930043XZGB27CTOV49 TESLA INC 88160R101 62094.00 NS USD 16470433.50 1.1938498204132 Long EC CORP US N 1 N N N SALESFORCE INC RCGZFPDMRW58VJ54VR07 SALESFORCE INC 79466L302 132931.00 NS USD 19120795.04 1.3859597395941 Long EC CORP US N 1 N N N EQT CORP 4NT01YGM4X7ZX86ISY52 EQT CORP 26884L109 707707.00 NS USD 28839060.25 2.0903825573473 Long EC CORP US N 1 N N N ANSYS INC 549300VJV8H15Z5FJ571 ANSYS INC 03662Q105 44871.00 NS USD 9947900.70 0.7210678130714 Long EC CORP US N 1 N N N PROGRESSIVE CORP 529900TACNVLY9DCR586 PROGRESSIVE CORP/THE 743315103 208319.00 NS USD 24208750.99 1.7547572759296 Long EC CORP US N 1 N N N NATIONAL VISION HOLDINGS INC 549300JHURCBLI5ROA42 NATIONAL VISION HOLDINGS INC 63845R107 454025.00 NS USD 14823916.25 1.0745029724252 Long EC CORP US N 1 N N N DEXCOM INC 549300YSK3QDSFR5EU59 DEXCOM INC 252131107 251638.00 NS USD 20266924.52 1.4690362702675 Long EC CORP US N 1 N N N HOWMET AEROSPACE INC 549300HO5WFZUT5N2T22 HOWMET AEROSPACE INC 443201108 494381.00 NS USD 15291204.33 1.1083740779058 Long EC CORP US N 1 N N N ALCOA CORP 549300T12EZ1F6PWWU29 ALCOA CORP 013872106 651710.00 NS USD 21936558.60 1.5900587282717 Long EC CORP US N 1 N N N SCHLUMBERGER NV 213800ZUA17OK3QLGM62 SCHLUMBERGER NV 806857108 679943.00 NS USD 24409953.70 1.7693413376788 Long EC CORP CW N 1 N N N CONSTELLATION ENERGY CORP 549300F8Y20RYGNGV346 CONSTELLATION ENERGY CORP 21037T109 209116.00 NS USD 17396360.04 1.2609650686849 Long EC CORP US N 1 N N N ASSURANT INC H3F39CAXWQRVWURFXL38 ASSURANT INC 04621X108 139289.00 NS USD 20234513.03 1.4666869422116 Long EC CORP US N 1 N N N ESTEE LAUDER CO INC 549300VFZ8XJ9NUPU221 ESTEE LAUDER COS INC/THE 518439104 61011.00 NS USD 13172274.90 0.9547847070205 Long EC CORP US N 1 N N N WALT DISNEY COMPANY/THE 549300GZKULIZ0WOW665 WALT DISNEY CO/THE 254687106 175115.00 NS USD 16518597.95 1.197340992639 Long EC CORP US N 1 N N N DANAHER CORP S4BKK9OTCEWQ3YHPFM11 DANAHER CORP 235851102 152278.00 NS USD 39331884.62 2.8509488466166 Long EC CORP US N 1 N N N CF INDUSTRIES HOLDINGS INC 529900CG8YAQFZ2JMV97 CF INDUSTRIES HOLDINGS INC 125269100 207351.00 NS USD 19957533.75 1.4466102597316 Long EC CORP US N 1 N N N EDWARDS LIFESCIENCES COR YA13X31F3V31L8TMPR58 EDWARDS LIFESCIENCES CORP 28176E108 252559.00 NS USD 20868950.17 1.5126737503701 Long EC CORP US N 1 N N N CHUBB LTD E0JAN6VLUDI1HITHT809 CHUBB LTD N/A 144975.00 NS USD 26368053.00 1.9112730298626 Long EC CORP CH N 1 N N N PEPSICO INC FJSUNZKFNQ5YPJ5OT455 PEPSICO INC 713448108 226734.00 NS USD 37016592.84 2.6831262646695 Long EC CORP US N 1 N N N AMETEK INC 549300WZDEF9KKE40E98 AMETEK INC 031100100 223565.00 NS USD 25354506.65 1.8378067104771 Long EC CORP US N 1 N N N BANK OF AMERICA CORP 9DJT3UXIJIZJI4WXO774 BANK OF AMERICA CORP 060505104 992010.00 NS USD 29958702.00 2.1715391402729 Long EC CORP US N 1 N N N TRANE TECHNOLOGIES PLC 549300BURLR9SLYY2705 TRANE TECHNOLOGIES PLC N/A 227488.00 NS USD 32942537.28 2.3878207101035 Long EC CORP IE N 1 N N N HESS CORP UASVRYNXNK17ULIGK870 HESS CORP 42809H107 249765.00 NS USD 27221887.35 1.9731627175512 Long EC CORP US N 1 N N N UNION PACIFIC CORP 549300LMMRSZZCZ8CL11 UNION PACIFIC CORP 907818108 103833.00 NS USD 20228745.06 1.4662688542512 Long EC CORP US N 1 N N N DREYFUS INSTITUTIONAL PREFERRE 549300RBWL04JG8SIX57 Dreyfus Institutional Preferred Government Plus Money Market Fund N/A 15543560.74 OU Other Units USD 15543560.74 1.1266659859335 Long STIV RF US N 1 2099-12-01 Variable 3.022477 N N N N N N 2022-11-23 BNY Mellon Advantage Funds, Inc. James Windels James Windels Fund Treasurer XXXX NPORT-EX 2 c10625bnymell-september20221.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Large Cap Securities Fund, Inc.

September 30, 2022 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.1%

     

Automobiles & Components - 1.2%

     

Tesla Inc.

   

62,094

a 

 16,470,433

 

Banks - 3.9%

     

Bank of America Corp.

   

992,010

 

29,958,702

 

JPMorgan Chase & Co.

   

229,755

 

24,009,397

 
    

53,968,099

 

Capital Goods - 7.7%

     

AMETEK Inc.

   

223,565

 

25,354,507

 

Howmet Aerospace Inc.

   

494,381

 

15,291,204

 

Ingersoll Rand Inc.

   

765,655

 

33,122,235

 

Trane Technologies PLC

   

227,488

 

32,942,537

 
    

106,710,483

 

Consumer Services - 1.2%

     

Booking Holdings Inc.

   

9,692

a 

 15,925,992

 

Diversified Financials - 2.8%

     

BlackRock Inc.

   

37,356

 

20,556,260

 

The Goldman Sachs Group Inc.

   

62,742

 

18,386,543

 
    

38,942,803

 

Energy - 7.7%

     

EQT Corp.

   

707,707

 

28,839,060

 

Hess Corp.

   

249,765

 

27,221,887

 

Schlumberger NV

   

679,943

 

24,409,954

 

Valero Energy Corp.

   

242,133

 

25,871,911

 
    

106,342,812

 

Food & Staples Retailing - 1.6%

     

Walmart Inc.

   

166,102

 

 21,543,429

 

Food, Beverage & Tobacco - 2.7%

     

PepsiCo Inc.

   

226,734

 

 37,016,593

 

Health Care Equipment & Services - 5.4%

     

DexCom Inc.

   

251,638

a 

20,266,925

 

Edwards Lifesciences Corp.

   

252,559

a 

20,868,950

 

Intuitive Surgical Inc.

   

89,374

a 

16,752,263

 

Medtronic PLC

   

211,878

 

17,109,148

 
    

74,997,286

 

Household & Personal Products - 1.0%

     

The Estee Lauder Companies Inc., Cl. A

   

61,011

 

 13,172,275

 

Insurance - 5.1%

     

Assurant Inc.

   

139,289

 

20,234,513

 

Chubb Ltd.

   

144,975

 

26,368,053

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.1% (continued)

     

Insurance - 5.1% (continued)

     

The Progressive Corp.

   

208,319

 

24,208,751

 
    

70,811,317

 

Materials - 3.0%

     

Alcoa Corp.

   

651,710

 

21,936,559

 

CF Industries Holdings Inc.

   

207,351

 

19,957,534

 
    

41,894,093

 

Media & Entertainment - 6.6%

     

Alphabet Inc., Cl. C

   

780,160

a 

75,012,384

 

The Walt Disney Company

   

175,115

a 

16,518,598

 
    

91,530,982

 

Pharmaceuticals Biotechnology & Life Sciences - 11.7%

     

AbbVie Inc.

   

272,858

 

36,620,272

 

Danaher Corp.

   

152,278

 

39,331,885

 

Eli Lilly & Co.

   

154,210

 

49,863,803

 

Seagen Inc.

   

115,499

a 

15,803,728

 

Zoetis Inc.

   

135,337

 

20,069,124

 
    

161,688,812

 

Retailing - 6.7%

     

Amazon.com Inc.

   

498,940

a 

56,380,220

 

National Vision Holdings Inc.

   

454,025

a 

14,823,916

 

The TJX Companies

   

331,603

 

20,599,178

 
    

91,803,314

 

Semiconductors & Semiconductor Equipment - 4.8%

     

Applied Materials Inc.

   

194,432

 

15,929,814

 

NVIDIA Corp.

   

267,753

 

32,502,537

 

Qualcomm Inc.

   

156,350

 

17,664,423

 
    

66,096,774

 

Software & Services - 11.9%

     

Ansys Inc.

   

44,871

a 

9,947,901

 

Microsoft Corp.

   

406,334

 

94,635,189

 

Roper Technologies Inc.

   

70,575

 

25,381,593

 

Salesforce Inc.

   

132,931

a 

19,120,795

 

Visa Inc., Cl. A

   

86,654

b 

15,394,083

 
    

164,479,561

 

Technology Hardware & Equipment - 9.0%

     

Apple Inc.

   

815,693

 

112,728,773

 

Zebra Technologies Corp., Cl. A

   

41,058

a 

10,757,607

 
    

123,486,380

 

Transportation - 1.5%

     

Union Pacific Corp.

   

103,833

 

 20,228,745

 

Utilities - 3.6%

     

Constellation Energy Corp.

   

209,116

 

17,396,360

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.1% (continued)

     

Utilities - 3.6% (continued)

     

NextEra Energy Inc.

   

405,469

 

31,792,824

 
    

49,189,184

 

Total Common Stocks (cost $975,210,400)

   

1,366,299,367

 
  

1-Day
Yield (%)

     

Investment Companies - 1.1%

     

Registered Investment Companies - 1.1%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $15,543,561)

 

3.03

 

15,543,561

c 

 15,543,561

 

Total Investments (cost $990,753,961)

 

100.2%

 

1,381,842,928

 

Liabilities, Less Cash and Receivables

 

(.2%)

 

(2,236,112)

 

Net Assets

 

100.0%

 

1,379,606,816

 

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 $14,597,678 and the value of the collateral was $15,102,900, consisting of U.S. Government & Agency securities. 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.


STATEMENT OF INVESTMENTS
BNY Mellon Large Cap Securities Fund, Inc.

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

1,366,299,367

-

 

-

1,366,299,367

 

Investment Companies

15,543,561

-

 

-

15,543,561

 

 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 appreciation on investments was $391,088,967, consisting of $475,862,050 gross unrealized appreciation and $84,773,083 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.