0001775697-22-000458.txt : 20220526 0001775697-22-000458.hdr.sgml : 20220526 20220526122646 ACCESSION NUMBER: 0001775697-22-000458 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220526 PERIOD START: 20221231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNY Mellon Strategic Funds, Inc. CENTRAL INDEX KEY: 0000737520 IRS NUMBER: 133272460 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03940 FILM NUMBER: 22967462 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10166 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: 10166 FORMER COMPANY: FORMER CONFORMED NAME: Strategic Funds, Inc. DATE OF NAME CHANGE: 20060518 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER NEW LEADERS FUND INC DATE OF NAME CHANGE: 20021213 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS NEW LEADERS FUND INC DATE OF NAME CHANGE: 19920703 0000737520 S000000092 BNY Mellon Active MidCap Fund C000000137 Class A DNLDX C000000139 Class C DNLCX C000000140 Class I DNLRX C000162280 Class Y DNLYX NPORT-P 1 primary_doc.xml NPORT-P false 0000737520 XXXXXXXX S000000092 C000000137 C000000139 C000000140 C000162280 BNY Mellon Strategic Funds, Inc. 811-03940 0000737520 549300KOXIZHC0IVRM71 240 Greenwich Street New York 10286 212 495 1784 BNY Mellon Active MidCap Fund S000000092 549300149G8GUXRWWH51 2022-12-31 2022-03-31 N 474929003.01 503765.55 474425237.46 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 N CHIPOTLE MEXICAN GRILL INC N/A CHIPOTLE MEXICAN GRILL INC 169656105 535.00 NS USD 846386.05 0.1784024084661 Long EC CORP US N 1 N N N TEXAS PACIFIC LAND CORP N/A TEXAS PACIFIC LAND 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James Windels James Windels Fund Treasurer XXXX NPORT-EX 2 c10850bnymellonac-march20221.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund

March 31, 2022 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6%

     

Automobiles & Components - .3%

     

Harley-Davidson

   

18,720

 

737,568

 

Thor Industries

   

6,905

 

543,424

 
    

1,280,992

 

Banks - 2.1%

     

Hancock Whitney

   

48,810

 

2,545,441

 

KeyCorp

   

165,535

 

3,704,673

 

MGIC Investment

   

56,730

 

768,692

 

Popular

   

16,595

 

1,356,475

 

Washington Federal

   

47,945

 

1,573,555

 
    

9,948,836

 

Capital Goods - 9.1%

     

A.O. Smith

   

31,715

 

2,026,271

 

Acuity Brands

   

7,810

 

1,478,433

 

AECOM

   

25,680

 

1,972,481

 

AGCO

   

18,600

 

2,716,158

 

ChargePoint Holdings

   

38,560

a 

766,573

 

Donaldson

   

60,650

 

3,149,554

 

Dover

   

15,265

 

2,395,078

 

EMCOR Group

   

12,090

 

1,361,697

 

Fastenal

   

20,735

 

1,231,659

 

Fortune Brands Home & Security

   

8,525

 

633,237

 

Kennametal

   

30,700

 

878,327

 

Lennox International

   

7,955

 

2,051,276

 

Masco

   

36,590

 

1,866,090

 

Nordson

   

6,325

 

1,436,281

 

nVent Electric

   

74,605

 

2,594,762

 

Parker-Hannifin

   

7,250

 

2,057,260

 

Pentair

   

55,400

 

3,003,234

 

Terex

   

23,275

 

829,987

 

Textron

   

45,615

 

3,392,844

 

The Middleby

   

5,025

a 

823,799

 

The Toro Company

   

8,995

 

768,983

 

Trane Technologies

   

20,930

 

3,196,011

 

United Rentals

   

3,910

a 

1,388,871

 

W.W. Grainger

   

2,440

 

1,258,528

 
    

43,277,394

 

Commercial & Professional Services - 2.1%

     

Clean Harbors

   

12,835

a 

1,432,899

 

Copart

   

26,715

a 

3,351,931

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6% (continued)

     

Commercial & Professional Services - 2.1% (continued)

     

Equifax

   

3,740

 

886,754

 

Jacobs Engineering Group

   

13,715

 

1,890,064

 

ManpowerGroup

   

10,950

a 

1,028,424

 

Robert Half International

   

11,095

 

1,266,827

 
    

9,856,899

 

Consumer Durables & Apparel - 3.3%

     

Brunswick

   

13,690

 

1,107,384

 

Capri Holdings

   

15,690

a 

806,309

 

Crocs

   

7,675

a 

586,370

 

Mattel

   

64,285

a 

1,427,770

 

Mohawk Industries

   

6,800

a 

844,560

 

PulteGroup

   

43,530

 

1,823,907

 

PVH

   

18,550

 

1,421,116

 

Ralph Lauren

   

14,910

 

1,691,390

 

Tapestry

   

54,180

 

2,012,787

 

Tempur Sealy International

   

21,670

 

605,026

 

Under Armour, Cl. A

   

91,390

a 

1,555,458

 

Whirlpool

   

6,960

 

1,202,549

 

YETI Holdings

   

10,490

a 

629,190

 
    

15,713,816

 

Consumer Services - 2.4%

     

Boyd Gaming

   

10,615

 

698,255

 

Chipotle Mexican Grill

   

535

a 

846,386

 

Expedia Group

   

9,565

a 

1,871,584

 

Grand Canyon Education

   

19,625

a 

1,905,784

 

Marriott Vacations Worldwide

   

7,135

 

1,125,190

 

MGM Resorts International

   

42,365

 

1,776,788

 

Service Corp. International

   

24,060

 

1,583,629

 

Wyndham Hotels & Resorts

   

21,405

 

1,812,789

 
    

11,620,405

 

Diversified Financials - 6.5%

     

Affiliated Managers Group

   

9,115

 

1,284,759

 

Ally Financial

   

22,530

 

979,604

 

Ameriprise Financial

   

3,580

 

1,075,289

 

Credit Acceptance

   

1,685

a 

927,373

 

Discover Financial Services

   

23,430

 

2,581,752

 

Evercore, Cl. A

   

11,275

 

1,255,133

 

FactSet Research Systems

   

4,490

 

1,949,333

 

Franklin Resources

   

30,380

 

848,210

 

Janus Henderson Group

   

44,140

 

1,545,783

 

MSCI

   

6,165

 

3,100,255

 

Nasdaq

   

18,290

 

3,259,278

 

New Residential Investment

   

80,055

b 

879,004

 

OneMain Holdings

   

23,490

 

1,113,661

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6% (continued)

     

Diversified Financials - 6.5% (continued)

     

Raymond James Financial

   

6,025

 

662,208

 

SEI Investments

   

19,325

a 

1,163,558

 

Stifel Financial

   

31,995

 

2,172,460

 

Synchrony Financial

   

37,530

 

1,306,419

 

T. Rowe Price Group

   

24,925

 

3,768,411

 

Upstart Holdings

   

7,665

a 

836,175

 
    

30,708,665

 

Energy - 5.3%

     

Devon Energy

   

27,485

 

1,625,188

 

Hess

   

8,230

 

880,939

 

Marathon Oil

   

261,280

 

6,560,741

 

Murphy Oil

   

77,595

 

3,134,062

 

Occidental Petroleum

   

88,680

 

5,031,703

 

Phillips 66

   

54,910

 

4,743,675

 

Texas Pacific Land

   

730

 

987,040

 

Valero Energy

   

20,265

 

2,057,708

 
    

25,021,056

 

Food & Staples Retailing - 1.4%

     

BJ's Wholesale Club Holdings

   

15,430

a 

1,043,222

 

Performance Food Group

   

19,870

a 

1,011,582

 

The Kroger Company

   

82,175

 

4,714,380

 
    

6,769,184

 

Food, Beverage & Tobacco - 2.9%

     

Archer-Daniels-Midland

   

49,460

 

4,464,260

 

Darling Ingredients

   

21,375

a 

1,718,122

 

Freshpet

   

11,805

a 

1,211,665

 

The Hershey Company

   

24,910

 

5,396,253

 

Tyson Foods, Cl. A

   

12,930

 

1,158,916

 
    

13,949,216

 

Health Care Equipment & Services - 7.4%

     

Acadia Healthcare

   

16,570

a 

1,085,832

 

Amedisys

   

6,315

a 

1,088,011

 

Cerner

   

59,100

 

5,529,396

 

Chemed

   

3,210

 

1,626,026

 

Dentsply Sirona

   

25,800

 

1,269,876

 

Henry Schein

   

8,545

a 

745,039

 

Hologic

   

18,810

a 

1,444,984

 

ICU Medical

   

7,635

a 

1,699,856

 

IDEXX Laboratories

   

9,290

a 

5,082,187

 

Integra LifeSciences Holdings

   

22,110

a 

1,420,789

 

McKesson

   

7,250

 

2,219,442

 

Penumbra

   

5,390

a 

1,197,281

 

STAAR Surgical

   

12,800

a 

1,022,848

 

Tandem Diabetes Care

   

10,450

a 

1,215,231

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6% (continued)

     

Health Care Equipment & Services - 7.4% (continued)

     

Teladoc Health

   

31,535

a 

2,274,620

 

Teleflex

   

5,230

 

1,855,761

 

Veeva Systems, Cl. A

   

21,200

a 

4,504,152

 
    

35,281,331

 

Household & Personal Products - .3%

     

Coty, Cl. A

   

137,870

a 

 1,239,451

 

Insurance - 4.8%

     

Alleghany

   

4,105

a 

3,476,935

 

American Financial Group

   

12,855

 

1,871,945

 

Arch Capital Group

   

55,190

a 

2,672,300

 

Cincinnati Financial

   

20,890

 

2,840,204

 

Fidelity National Financial

   

20,770

 

1,014,407

 

First American Financial

   

13,160

 

853,031

 

Markel

   

2,010

a 

2,965,232

 

Primerica

   

18,350

 

2,510,647

 

Prudential Financial

   

13,765

 

1,626,610

 

The Hanover Insurance Group

   

13,030

 

1,948,246

 

The Hartford Financial Services Group

   

11,945

 

857,770

 
    

22,637,327

 

Materials - 5.9%

     

Avery Dennison

   

21,220

 

3,691,643

 

Celanese

   

11,915

 

1,702,296

 

CF Industries Holdings

   

44,105

 

4,545,461

 

Cleveland-Cliffs

   

47,640

a 

1,534,484

 

Eagle Materials

   

14,550

 

1,867,638

 

Greif, Cl. A

   

11,530

 

750,142

 

Ingevity

   

22,160

a 

1,419,791

 

LyondellBasell Industries, Cl. A

   

11,900

 

1,223,558

 

Minerals Technologies

   

18,500

 

1,223,775

 

Nucor

   

23,860

 

3,546,789

 

The Mosaic Company

   

35,720

 

2,375,380

 

Westlake

   

21,390

 

2,639,526

 

WestRock

   

27,925

 

1,313,313

 
    

27,833,796

 

Media & Entertainment - 4.7%

     

Altice USA, Cl. A

   

81,855

a 

1,021,550

 

Discovery, Cl. A

   

27,060

a 

674,335

 

DISH Network, Cl. A

   

51,630

a 

1,634,089

 

Fox, Cl. A

   

35,765

 

1,410,929

 

Match Group

   

14,020

a 

1,524,535

 

News Corporation, Cl. A

   

78,545

 

1,739,772

 

Omnicom Group

   

16,295

 

1,383,120

 

Pinterest, Cl. A

   

81,210

a 

1,998,578

 

Playtika Holding

   

28,785

a 

556,414

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6% (continued)

     

Media & Entertainment - 4.7% (continued)

     

Roku

   

10,795

a 

1,352,290

 

Sirius XM Holdings

   

131,030

 

867,419

 

The Interpublic Group of Companies

   

92,880

 

3,292,596

 

The New York Times Company, Cl. A

   

37,520

 

1,719,917

 

Twitter

   

58,415

a 

2,260,076

 

Yelp

   

28,405

a 

968,895

 
    

22,404,515

 

Pharmaceuticals Biotechnology & Life Sciences - 4.2%

     

Agilent Technologies

   

32,260

 

4,268,966

 

Avantor

   

39,260

a 

1,327,773

 

Bio-Rad Laboratories, Cl. A

   

3,300

a 

1,858,659

 

Bio-Techne

   

3,740

 

1,619,570

 

Bruker

   

22,200

 

1,427,460

 

Charles River Laboratories International

   

2,015

a 

572,200

 

Exelixis

   

67,645

a 

1,533,512

 

IQVIA Holdings

   

12,100

a 

2,797,641

 

Mettler-Toledo International

   

2,150

a 

2,952,358

 

Syneos Health

   

11,000

a 

890,450

 

Waters

   

2,420

a 

751,144

 
    

19,999,733

 

Real Estate - 8.2%

     

Americold Realty Trust

   

43,300

b 

1,207,204

 

Apartment Income REIT

   

15,515

b 

829,432

 

Duke Realty

   

21,225

b 

1,232,324

 

Equity Lifestyle Properties

   

7,965

b 

609,163

 

Equity Residential

   

18,765

b 

1,687,349

 

Essex Property Trust

   

4,160

b 

1,437,197

 

Extra Space Storage

   

17,400

b 

3,577,440

 

Federal Realty Investment Trust

   

21,565

b 

2,632,440

 

Gaming & Leisure Properties

   

26,893

b 

1,262,088

 

Kilroy Realty

   

46,915

b 

3,585,244

 

Mid-America Apartment Communities

   

31,930

b 

6,687,738

 

National Retail Properties

   

60,090

b 

2,700,445

 

PS Business Parks

   

13,045

b 

2,192,604

 

Simon Property Group

   

22,320

b 

2,936,419

 

SL Green Realty

   

13,621

b 

1,105,753

 

Spirit Realty Capital

   

36,760

b 

1,691,695

 

STORE Capital

   

51,335

b 

1,500,522

 

Weyerhaeuser

   

49,550

b 

1,877,945

 
    

38,753,002

 

Retailing - 4.4%

     

Advance Auto Parts

   

3,540

 

732,638

 

AutoZone

   

2,530

a 

5,172,787

 

Dick's Sporting Goods

   

11,355

 

1,135,727

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6% (continued)

     

Retailing - 4.4% (continued)

     

Etsy

   

6,845

a 

850,697

 

Foot Locker

   

20,010

 

593,497

 

Genuine Parts

   

5,195

 

654,674

 

Kohl's

   

22,585

 

1,365,489

 

LKQ

   

36,980

 

1,679,262

 

O'Reilly Automotive

   

6,140

a 

4,205,654

 

Ulta Beauty

   

7,095

a 

2,825,371

 

Williams-Sonoma

   

10,670

 

1,547,150

 
    

20,762,946

 

Semiconductors & Semiconductor Equipment - 3.2%

     

Enphase Energy

   

12,385

a 

2,499,045

 

Entegris

   

5,530

 

725,868

 

Microchip Technology

   

32,400

 

2,434,536

 

ON Semiconductor

   

64,350

a 

4,028,953

 

Qorvo

   

12,500

a 

1,551,250

 

Skyworks Solutions

   

12,290

 

1,638,011

 

Teradyne

   

20,590

 

2,434,356

 
    

15,312,019

 

Software & Services - 10.8%

     

Aspen Technology

   

8,790

a 

1,453,602

 

Cadence Design Systems

   

16,415

a 

2,699,611

 

Concentrix

   

6,945

 

1,156,759

 

CrowdStrike Holdings, CI. A

   

4,870

a 

1,105,880

 

Datadog, Cl. A

   

8,520

a 

1,290,524

 

DocuSign

   

16,030

a 

1,717,134

 

Dolby Laboratories, Cl. A

   

18,805

 

1,470,927

 

Dynatrace

   

28,860

a 

1,359,306

 

EPAM Systems

   

2,450

a 

726,695

 

Everbridge

   

18,880

a 

823,923

 

Fair Isaac

   

4,540

a 

2,117,728

 

FLEETCOR Technologies

   

11,130

a 

2,772,038

 

Fortinet

   

8,040

a 

2,747,590

 

Gartner

   

12,430

a 

3,697,428

 

GoDaddy, Cl. A

   

17,485

a 

1,463,495

 

HubSpot

   

3,980

a 

1,890,261

 

Jack Henry & Associates

   

9,800

 

1,931,090

 

Manhattan Associates

   

8,145

a 

1,129,793

 

NortonLifeLock

   

41,390

 

1,097,663

 

Paychex

   

11,230

 

1,532,558

 

Paycom Software

   

2,880

a 

997,574

 

Pegasystems

   

11,505

 

927,878

 

Qualys

   

8,650

a 

1,231,847

 

Synopsys

   

14,185

a 

4,727,435

 

Teradata

   

30,210

a 

1,489,051

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.6% (continued)

     

Software & Services - 10.8% (continued)

     

The Trade Desk, Cl. A

   

37,740

a 

2,613,495

 

The Western Union Company

   

62,030

 

1,162,442

 

Verisign

   

10,040

a 

2,233,498

 

Zscaler

   

7,245

a 

1,748,074

 
    

51,315,299

 

Technology Hardware & Equipment - 3.1%

     

Arista Networks

   

11,970

a 

1,663,591

 

CDW

   

16,895

 

3,022,347

 

Corning

   

85,400

 

3,152,114

 

Keysight Technologies

   

16,270

a 

2,570,172

 

Motorola Solutions

   

5,940

 

1,438,668

 

NetApp

   

12,820

 

1,064,060

 

Zebra Technologies, Cl. A

   

4,875

a 

2,016,787

 
    

14,927,739

 

Telecommunication Services - .2%

     

Lumen Technologies

   

80,065

 

 902,333

 

Transportation - 2.2%

     

JetBlue Airways

   

177,080

a 

2,647,346

 

Old Dominion Freight Line

   

18,220

 

5,441,950

 

United Airlines Holdings

   

49,480

a 

2,293,893

 
    

10,383,189

 

Utilities - 4.8%

     

ALLETE

   

3,550

 

237,779

 

American Water Works

   

15,070

 

2,494,537

 

Black Hills

   

24,120

 

1,857,722

 

DTE Energy

   

52,235

 

6,905,989

 

Entergy

   

11,960

 

1,396,330

 

Evergy

   

53,715

 

3,670,883

 

Hawaiian Electric Industries

   

52,255

 

2,210,909

 

IDACORP

   

33,140

 

3,823,030

 
    

22,597,179

 

Total Common Stocks (cost $399,062,073)

   

472,496,322

 
  

1-Day
Yield (%)

     

Investment Companies - .4%

     

Registered Investment Companies - .4%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $1,921,094)

 

0.31

 

1,921,094

c 

 1,921,094

 

Total Investments (cost $400,983,167)

 

100.0%

 

474,417,416

 

Cash and Receivables (Net)

 

.0%

 

7,821

 

Net Assets

 

100.0%

 

474,425,237

 

a Non-income producing security.


STATEMENT OF INVESTMENTS (Unaudited) (continued)

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

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 Active Midcap Fund

March 31, 2022 (Unaudited)

The following is a summary of the inputs used as of March 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:

  

Equity Securities - Common Stocks

472,496,322

-

 

-

472,496,322

 

Investment Companies

1,921,094

-

 

-

1,921,094

 

 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:

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.

At March 31, 2022, accumulated net unrealized appreciation on investments was $73,434,249, consisting of $92,923,392 gross unrealized appreciation and $19,489,143 gross unrealized depreciation.

At March 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.