NPORT-EX 2 c10850bnymellonac-march20241.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund

March 31, 2024 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8%

     

Automobiles & Components - .5%

     

Adient PLC

   

37,310

a 

1,228,245

 

Aptiv PLC

   

12,513

a 

996,660

 
    

2,224,905

 

Banks - 1.4%

     

Fifth Third Bancorp

   

105,272

 

3,917,171

 

First Citizens Bancshares, Inc., Cl. A

   

999

 

1,633,365

 

Zions Bancorp NA

   

26,754

 

1,161,124

 
    

6,711,660

 

Capital Goods - 16.2%

     

Acuity Brands, Inc.

   

7,815

 

2,100,125

 

Advanced Drainage Systems, Inc.

   

5,232

 

901,160

 

AECOM

   

14,301

 

1,402,642

 

AGCO Corp.

   

8,444

 

1,038,781

 

Armstrong World Industries, Inc.

   

13,491

 

1,675,852

 

Axon Enterprise, Inc.

   

7,282

a 

2,278,392

 

Carlisle Cos., Inc.

   

8,490

 

3,326,806

 

Carrier Global Corp.

   

33,818

a 

1,965,840

 

Donaldson Co., Inc.

   

20,147

 

1,504,578

 

EMCOR Group, Inc.

   

10,939

 

3,830,838

 

Ferguson PLC

   

13,615

 

2,973,924

 

Fortune Brands Innovations, Inc.

   

26,142

 

2,213,443

 

Generac Holdings, Inc.

   

29,675

a 

3,743,204

 

Howmet Aerospace, Inc.

   

67,631

 

4,627,989

 

Ingersoll Rand, Inc.

   

43,246

 

4,106,208

 

ITT, Inc.

   

23,355

 

3,176,981

 

Kennametal, Inc.

   

55,736

 

1,390,056

 

Lincoln Electric Holdings, Inc.

   

15,158

 

3,871,960

 

Masco Corp.

   

24,906

 

1,964,585

 

MSC Industrial Direct Co., Inc., Cl. A

   

10,906

 

1,058,318

 

nVent Electric PLC

   

27,989

 

2,110,371

 

Parker-Hannifin Corp.

   

4,164

 

2,314,310

 

Simpson Manufacturing Co., Inc.

   

9,178

 

1,883,142

 

Textron, Inc.

   

17,793

 

1,706,882

 

The AZEK Company, Inc.

   

27,054

a 

1,358,652

 

The Middleby Corp.

   

7,568

a 

1,216,859

 

The Timken Company

   

21,105

 

1,845,210

 

Trane Technologies PLC

   

11,649

 

3,497,030

 

United Rentals, Inc.

   

3,542

 

2,554,172

 

Vertiv Holdings Co., Cl. A

   

21,781

 

1,778,854

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8% (continued)

     

Capital Goods - 16.2% (continued)

     

W.W. Grainger, Inc.

   

4,330

 

4,404,909

 

Watts Water Technologies, Inc., Cl. A

   

6,651

 

1,413,670

 
    

75,235,743

 

Commercial & Professional Services - 1.8%

     

Broadridge Financial Solutions, Inc.

   

3,966

 

812,475

 

Dayforce, Inc.

   

24,111

a,b 

1,596,389

 

Paychex, Inc.

   

23,228

 

2,852,398

 

Paycom Software, Inc.

   

4,888

 

972,761

 

Verisk Analytics, Inc.

   

8,752

 

2,063,109

 
    

8,297,132

 

Consumer Discretionary Distribution & Retail - 3.0%

     

AutoZone, Inc.

   

701

a 

2,209,307

 

Bath & Body Works, Inc.

   

24,354

 

1,218,187

 

Best Buy Co., Inc.

   

12,606

 

1,034,070

 

eBay, Inc.

   

43,225

 

2,281,416

 

Etsy, Inc.

   

22,322

a 

1,533,968

 

O'Reilly Automotive, Inc.

   

2,049

a 

2,313,075

 

Ross Stores, Inc.

   

6,619

 

971,404

 

The Gap, Inc.

   

36,294

 

999,900

 

Williams-Sonoma, Inc.

   

4,607

 

1,462,861

 
    

14,024,188

 

Consumer Durables & Apparel - 3.2%

     

Brunswick Corp.

   

8,062

 

778,144

 

Carter's, Inc.

   

12,664

 

1,072,388

 

Crocs, Inc.

   

6,625

a 

952,675

 

Deckers Outdoor Corp.

   

1,759

a 

1,655,676

 

Helen of Troy Ltd.

   

8,279

a 

954,072

 

Polaris, Inc.

   

5,563

 

556,968

 

PulteGroup, Inc.

   

11,232

 

1,354,804

 

Ralph Lauren Corp.

   

9,734

 

1,827,656

 

Skechers USA, Inc., Cl. A

   

17,176

a 

1,052,202

 

Tapestry, Inc.

   

46,430

 

2,204,496

 

TopBuild Corp.

   

4,028

a 

1,775,260

 

Whirlpool Corp.

   

7,966

 

952,973

 
    

15,137,314

 

Consumer Services - 3.0%

     

Boyd Gaming Corp.

   

9,649

 

649,571

 

Chipotle Mexican Grill, Inc.

   

1,027

a 

2,985,253

 

Darden Restaurants, Inc.

   

8,423

 

1,407,904

 

Doordash, Inc., Cl. A

   

10,248

a 

1,411,355

 

Expedia Group, Inc.

   

12,323

a 

1,697,493

 

Grand Canyon Education, Inc.

   

17,742

a 

2,416,638

 

MGM Resorts International

   

30,400

a 

1,435,184

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8% (continued)

     

Consumer Services - 3.0% (continued)

     

Royal Caribbean Cruises Ltd.

   

15,454

a 

2,148,261

 
    

14,151,659

 

Consumer Staples Distribution & Retail - 1.3%

     

Dollar Tree, Inc.

   

6,516

a 

867,605

 

Performance Food Group Co.

   

17,968

a 

1,341,132

 

Sprouts Farmers Market, Inc.

   

23,127

a 

1,491,229

 

US Foods Holding Corp.

   

45,676

a 

2,465,134

 
    

6,165,100

 

Energy - 5.6%

     

Baker Hughes Co.

   

42,695

 

1,430,283

 

ChampionX Corp.

   

52,413

 

1,881,103

 

Cheniere Energy, Inc.

   

4,128

 

665,764

 

CNX Resources Corp.

   

60,912

a,b 

1,444,833

 

Halliburton Co.

   

85,913

 

3,386,690

 

HF Sinclair Corp.

   

11,930

 

720,214

 

Marathon Oil Corp.

   

131,944

 

3,739,293

 

Matador Resources Co.

   

20,360

 

1,359,437

 

Murphy Oil Corp.

   

42,392

 

1,937,314

 

Phillips 66

   

49,274

 

8,048,415

 

Range Resources Corp.

   

25,375

 

873,661

 

Valaris Ltd.

   

9,038

a 

680,200

 
    

26,167,207

 

Equity Real Estate Investment Trusts - 7.8%

     

Boston Properties, Inc.

   

11,327

c 

739,766

 

Brixmor Property Group, Inc.

   

94,087

c 

2,206,340

 

Douglas Emmett, Inc.

   

62,424

c 

865,821

 

EastGroup Properties, Inc.

   

11,945

c 

2,147,353

 

Essex Property Trust, Inc.

   

11,917

c 

2,917,401

 

Federal Realty Investment Trust

   

29,279

c 

2,989,971

 

First Industrial Realty Trust, Inc.

   

47,217

c 

2,480,781

 

Healthpeak Properties, Inc.

   

234,573

c 

4,398,244

 

Host Hotels & Resorts, Inc.

   

39,053

c 

807,616

 

Invitation Homes, Inc.

   

48,894

c 

1,741,115

 

Kilroy Realty Corp.

   

57,231

c 

2,084,925

 

Lamar Advertising Co., Cl. A

   

12,960

c 

1,547,554

 

Mid-America Apartment Communities, Inc.

   

28,880

c 

3,800,030

 

NNN REIT, Inc.

   

70,916

c 

3,030,950

 

Simon Property Group, Inc.

   

28,308

c 

4,429,919

 
    

36,187,786

 

Financial Services - 6.6%

     

Ameriprise Financial, Inc.

   

8,954

 

3,925,792

 

Apollo Global Management, Inc.

   

15,634

 

1,758,043

 

Coinbase Global, Inc., Cl. A

   

7,228

a,b 

1,916,287

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8% (continued)

     

Financial Services - 6.6% (continued)

     

Corpay, Inc.

   

12,133

a 

3,743,516

 

Discover Financial Services

   

18,602

 

2,438,536

 

Euronet Worldwide, Inc.

   

17,444

a 

1,917,619

 

FactSet Research Systems, Inc.

   

1,485

 

674,769

 

Federated Hermes, Inc.

   

51,668

 

1,866,248

 

Global Payments, Inc.

   

8,167

 

1,091,601

 

MarketAxess Holdings, Inc.

   

2,961

 

649,199

 

MSCI, Inc.

   

5,574

 

3,123,948

 

OneMain Holdings, Inc.

   

21,233

 

1,084,794

 

Rithm Capital Corp.

   

149,401

c 

1,667,315

 

Synchrony Financial

   

27,683

 

1,193,691

 

T. Rowe Price Group, Inc.

   

29,786

 

3,631,509

 
    

30,682,867

 

Food, Beverage & Tobacco - 2.7%

     

Celsius Holdings, Inc.

   

22,938

a 

1,902,019

 

Freshpet, Inc.

   

6,220

a,b 

720,649

 

Hormel Foods Corp.

   

71,498

 

2,494,565

 

McCormick & Co., Inc.

   

19,079

 

1,465,458

 

Molson Coors Beverage Co., Cl. B

   

35,517

 

2,388,518

 

The Hershey Company

   

17,845

 

3,470,852

 
    

12,442,061

 

Health Care Equipment & Services - 5.7%

     

Align Technology, Inc.

   

5,767

a 

1,891,115

 

Cardinal Health, Inc.

   

11,389

 

1,274,429

 

Cencora, Inc.

   

3,742

 

909,269

 

Chemed Corp.

   

2,890

 

1,855,178

 

DexCom, Inc.

   

23,518

a 

3,261,947

 

Doximity, Inc., Cl. A

   

24,644

a 

663,170

 

Henry Schein, Inc.

   

13,250

a 

1,000,640

 

IDEXX Laboratories, Inc.

   

7,580

a 

4,092,669

 

Inspire Medical Systems, Inc.

   

3,994

a 

857,871

 

Insulet Corp.

   

4,838

a 

829,233

 

Molina Healthcare, Inc.

   

6,222

a 

2,556,184

 

Option Care Health, Inc.

   

19,960

a 

669,458

 

Penumbra, Inc.

   

3,455

a 

771,087

 

ResMed, Inc.

   

12,412

 

2,457,948

 

Teladoc Health, Inc.

   

71,992

a 

1,087,079

 

Teleflex, Inc.

   

4,247

 

960,544

 

Veeva Systems, Inc., Cl. A

   

6,002

a 

1,390,603

 
    

26,528,424

 

Household & Personal Products - .7%

     

Reynolds Consumer Products, Inc.

   

57,594

 

1,644,885

 

The Clorox Company

   

10,315

 

1,579,330

 
    

3,224,215

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8% (continued)

     

Insurance - 6.7%

     

Aflac, Inc.

   

12,908

 

1,108,281

 

Arch Capital Group Ltd.

   

28,978

a 

2,678,726

 

Cincinnati Financial Corp.

   

16,797

 

2,085,683

 

Everest Group Ltd.

   

3,861

 

1,534,748

 

Globe Life, Inc.

   

42,971

 

5,000,535

 

Kinsale Capital Group, Inc.

   

3,004

 

1,576,319

 

Loews Corp.

   

60,049

 

4,701,236

 

Primerica, Inc.

   

10,773

 

2,725,138

 

RenaissanceRe Holdings Ltd.

   

3,096

 

727,653

 

The Hartford Financial Services Group, Inc.

   

49,087

 

5,058,415

 

Unum Group

   

31,898

 

1,711,647

 

W.R. Berkley Corp.

   

24,798

 

2,193,135

 
    

31,101,516

 

Materials - 5.2%

     

Amcor PLC

   

186,246

 

1,771,199

 

Avient Corp.

   

10,015

 

434,651

 

Berry Global Group, Inc.

   

11,491

 

694,976

 

Cabot Corp.

   

12,294

 

1,133,507

 

CF Industries Holdings, Inc.

   

16,341

 

1,359,735

 

Cleveland-Cliffs, Inc.

   

49,864

a 

1,133,907

 

DuPont de Nemours, Inc.

   

7,157

 

548,727

 

Eagle Materials, Inc.

   

17,752

 

4,824,106

 

Element Solutions, Inc.

   

40,714

 

1,017,036

 

Greif, Inc., Cl. A

   

14,559

 

1,005,299

 

Ingevity Corp.

   

11,809

a 

563,289

 

NewMarket Corp.

   

1,630

 

1,034,431

 

Nucor Corp.

   

17,563

 

3,475,718

 

PPG Industries, Inc.

   

20,239

 

2,932,631

 

RPM International, Inc.

   

17,474

 

2,078,532

 
    

24,007,744

 

Media & Entertainment - 3.6%

     

Cable One, Inc.

   

3,739

 

1,582,083

 

Electronic Arts, Inc.

   

18,212

 

2,416,186

 

Fox Corp., Cl. A

   

32,195

 

1,006,738

 

Match Group, Inc.

   

28,376

a 

1,029,481

 

Omnicom Group, Inc.

   

13,992

 

1,353,866

 

Pinterest, Inc., Cl. A

   

21,492

a 

745,128

 

Roku, Inc.

   

17,065

a 

1,112,126

 

Spotify Technology SA

   

10,297

a 

2,717,378

 

The New York Times Company, Cl. A

   

28,072

 

1,213,272

 

The Trade Desk, Inc., Cl. A

   

41,945

a 

3,666,832

 
    

16,843,090

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8% (continued)

     

Pharmaceuticals, Biotechnology & Life Sciences - 4.7%

     

Agilent Technologies, Inc.

   

44,155

 

6,424,994

 

Bruker Corp.

   

8,921

 

838,039

 

Charles River Laboratories International, Inc.

   

3,262

a 

883,839

 

Exact Sciences Corp.

   

5,666

a 

391,294

 

Exelixis, Inc.

   

32,977

a 

782,544

 

IQVIA Holdings, Inc.

   

10,947

a 

2,768,387

 

Medpace Holdings, Inc.

   

4,585

a 

1,853,028

 

Mettler-Toledo International, Inc.

   

1,300

a 

1,730,677

 

Repligen Corp.

   

3,885

a,b 

714,529

 

Sarepta Therapeutics, Inc.

   

7,009

a 

907,385

 

Waters Corp.

   

2,528

a 

870,213

 

West Pharmaceutical Services, Inc.

   

9,608

 

3,801,982

 
    

21,966,911

 

Semiconductors & Semiconductor Equipment - 2.3%

     

Enphase Energy, Inc.

   

8,430

a 

1,019,861

 

First Solar, Inc.

   

5,368

a 

906,118

 

Microchip Technology, Inc.

   

57,936

 

5,197,439

 

Monolithic Power Systems, Inc.

   

3,772

 

2,555,228

 

Rambus, Inc.

   

15,713

a 

971,221

 
    

10,649,867

 

Software & Services - 6.7%

     

Akamai Technologies, Inc.

   

11,229

a 

1,221,266

 

Ansys, Inc.

   

5,661

a 

1,965,273

 

AppLovin Corp., Cl. A

   

16,585

a 

1,148,014

 

Cadence Design Systems, Inc.

   

5,504

a 

1,713,285

 

CrowdStrike Holdings, Inc., CI. A

   

9,611

a 

3,081,190

 

DocuSign, Inc.

   

28,197

a 

1,679,131

 

EPAM Systems, Inc.

   

3,256

a 

899,177

 

Fair Isaac Corp.

   

966

a 

1,207,123

 

Fortinet, Inc.

   

9,700

a 

662,607

 

HubSpot, Inc.

   

4,374

a 

2,740,573

 

MongoDB, Inc.

   

4,995

a 

1,791,407

 

Palantir Technologies, Inc., Cl. A

   

137,858

a 

3,172,113

 

Pegasystems, Inc.

   

18,045

 

1,166,429

 

RingCentral, Inc., Cl. A

   

28,082

a 

975,569

 

Smartsheet, Inc., Cl. A

   

24,968

a 

961,268

 

Synopsys, Inc.

   

1,794

a 

1,025,271

 

Teradata Corp.

   

27,328

a 

1,056,774

 

UiPath, Inc., Cl. A

   

44,468

a 

1,008,090

 

Verisign, Inc.

   

5,413

a 

1,025,818

 

Zoom Video Communications, Inc., CI. A

   

16,729

a 

1,093,575

 

Zscaler, Inc.

   

8,838

a 

1,702,464

 
    

31,296,417

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.8% (continued)

     

Technology Hardware & Equipment - 3.1%

     

Amphenol Corp., Cl. A

   

50,572

 

5,833,480

 

Arista Networks, Inc.

   

2,343

a 

679,423

 

HP, Inc.

   

50,461

 

1,524,931

 

Keysight Technologies, Inc.

   

23,331

a 

3,648,502

 

Littelfuse, Inc.

   

6,373

 

1,544,497

 

NetApp, Inc.

   

11,581

 

1,215,658

 
    

14,446,491

 

Transportation - .8%

     

American Airlines Group, Inc.

   

66,826

a 

1,025,779

 

Delta Air Lines, Inc.

   

30,073

 

1,439,595

 

Hertz Global Holdings, Inc.

   

132,533

a,b 

1,037,733

 
    

3,503,107

 

Utilities - 7.2%

     

ALLETE, Inc.

   

12,144

 

724,268

 

American Water Works Co., Inc.

   

13,186

 

1,611,461

 

Brookfield Renewable Corp., Cl. A

   

46,513

b 

1,142,824

 

Consolidated Edison, Inc.

   

28,404

 

2,579,367

 

Constellation Energy Corp.

   

45,945

 

8,492,933

 

Edison International

   

9,809

 

693,791

 

Entergy Corp.

   

42,887

 

4,532,298

 

Eversource Energy

   

14,189

 

848,077

 

New Jersey Resources Corp.

   

37,510

 

1,609,554

 

NiSource, Inc.

   

94,490

 

2,613,593

 

OGE Energy Corp.

   

49,575

 

1,700,423

 

ONE Gas, Inc.

   

33,396

 

2,155,044

 

Public Service Enterprise Group, Inc.

   

32,563

 

2,174,557

 

Spire, Inc.

   

15,634

 

959,459

 

UGI Corp.

   

68,115

 

1,671,542

 
    

33,509,191

 

Total Common Stocks (cost $366,658,478)

   

464,504,595

 
  

1-Day
Yield (%)

     

Investment Companies - .2%

     

Registered Investment Companies - .2%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $894,207)

 

5.42

 

894,207

d 

 894,207

 
        

Investment of Cash Collateral for Securities Loaned - .5%

     

Registered Investment Companies - .5%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $2,494,648)

 

5.42

 

2,494,648

d 

 2,494,648

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

      

Total Investments (cost $370,047,333)

 

100.5%

 

467,893,450

 

Liabilities, Less Cash and Receivables

 

(.5%)

 

(2,340,018)

 

Net Assets

 

100.0%

 

465,553,432

 

a Non-income producing security.

b Security, or portion thereof, on loan. At March 31, 2024, the value of the fund’s securities on loan was $7,846,870 and the value of the collateral was $8,075,316, consisting of cash collateral of $2,494,648 and U.S. Government & Agency securities valued at $5,580,668. 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.


The following is a summary of the inputs used as of March 31, 2024 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

464,504,595

-

 

-

464,504,595

 

Investment Companies

3,388,855

-

 

-

3,388,855

 

 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 Company’s Board of Directors (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 under the Act.


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 March 31, 2024, accumulated net unrealized appreciation on investments was $97,846,117, consisting of $111,069,335 gross unrealized appreciation and $13,223,218 gross unrealized depreciation.

At March 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).

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.