STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund
September 30, 2022 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% | |||||||
Automobiles & Components - .4% | |||||||
Adient PLC | 40,655 | a | 1,128,176 | ||||
Thor Industries Inc. | 6,845 | 479,013 | |||||
1,607,189 | |||||||
Banks - 2.8% | |||||||
Associated Banc-Corp | 80,355 | 1,613,528 | |||||
Fifth Third Bancorp | 18,800 | 600,848 | |||||
Hancock Whitney Corp. | 48,100 | 2,203,461 | |||||
KeyCorp | 163,115 | 2,613,102 | |||||
PacWest Bancorp | 47,050 | 1,063,330 | |||||
Regions Financial Corp. | 74,475 | 1,494,713 | |||||
Synovus Financial Corp. | 19,330 | 725,068 | |||||
10,314,050 | |||||||
Capital Goods - 7.7% | |||||||
A.O. Smith Corp. | 35,865 | 1,742,322 | |||||
Acuity Brands Inc. | 7,700 | 1,212,519 | |||||
AECOM | 25,310 | 1,730,444 | |||||
EMCOR Group Inc. | 11,920 | 1,376,522 | |||||
Kennametal Inc. | 66,815 | 1,375,053 | |||||
Masco Corp. | 27,140 | 1,267,167 | |||||
Nordson Corp. | 13,205 | 2,803,025 | |||||
nVent Electric PLC | 73,505 | 2,323,493 | |||||
Parker-Hannifin Corp. | 19,630 | 4,756,545 | |||||
Pentair PLC | 10,635 | 432,100 | |||||
Terex Corp. | 12,595 | 374,575 | |||||
Textron Inc. | 53,420 | 3,112,249 | |||||
The Timken Company | 23,000 | 1,357,920 | |||||
Trex Co. | 13,705 | a | 602,198 | ||||
United Rentals Inc. | 3,860 | a | 1,042,663 | ||||
W.W. Grainger Inc. | 2,410 | 1,178,948 | |||||
Westinghouse Air Brake Technologies Corp. | 22,090 | 1,797,021 | |||||
28,484,764 | |||||||
Commercial & Professional Services - 2.9% | |||||||
CACI International Inc., Cl. A | 2,960 | a | 772,738 | ||||
Cintas Corp. | 5,965 | 2,315,553 | |||||
Copart Inc. | 26,325 | a | 2,800,980 | ||||
ManpowerGroup Inc. | 10,780 | 697,358 | |||||
Robert Half International Inc. | 10,925 | 835,763 | |||||
Tetra Tech Inc. | 8,500 | 1,092,505 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% (continued) | |||||||
Commercial & Professional Services - 2.9% (continued) | |||||||
Verisk Analytics Inc. | 11,815 | 2,014,812 | |||||
10,529,709 | |||||||
Consumer Durables & Apparel - 2.6% | |||||||
Brunswick Corp. | 8,785 | 574,978 | |||||
Lululemon Athletica Inc. | 4,005 | a | 1,119,638 | ||||
Mattel Inc. | 35,130 | a | 665,362 | ||||
NVR Inc. | 280 | a | 1,116,382 | ||||
PulteGroup Inc. | 42,900 | 1,608,750 | |||||
PVH Corp. | 18,290 | 819,392 | |||||
Ralph Lauren Corp. | 14,680 | 1,246,772 | |||||
Tapestry Inc. | 53,390 | 1,517,878 | |||||
Tempur Sealy International Inc. | 21,470 | 518,286 | |||||
Under Armour Inc., Cl. A | 49,485 | a | 329,075 | ||||
9,516,513 | |||||||
Consumer Services - 3.9% | |||||||
Boyd Gaming Corp. | 10,515 | 501,040 | |||||
Chipotle Mexican Grill Inc. | 2,145 | a | 3,223,420 | ||||
Darden Restaurants Inc. | 9,180 | 1,159,618 | |||||
Expedia Group Inc. | 7,530 | a | 705,486 | ||||
Grand Canyon Education Inc. | 19,335 | a | 1,590,304 | ||||
Marriott Vacations Worldwide Corp. | 16,025 | 1,952,806 | |||||
MGM Resorts International | 80,410 | 2,389,785 | |||||
Service Corp. International | 23,700 | 1,368,438 | |||||
Wyndham Hotels & Resorts Inc. | 21,085 | 1,293,565 | |||||
14,184,462 | |||||||
Diversified Financials - 5.5% | |||||||
Ally Financial Inc. | 33,760 | 939,541 | |||||
Ameriprise Financial Inc. | 13,215 | 3,329,519 | |||||
Bread Financial Holdings Inc. | 16,585 | 521,598 | |||||
Credit Acceptance Corp. | 880 | a | 385,440 | ||||
Discover Financial Services | 23,080 | 2,098,434 | |||||
FactSet Research Systems Inc. | 2,280 | 912,251 | |||||
Franklin Resources Inc. | 30,110 | 647,967 | |||||
Janus Henderson Group PLC | 63,260 | 1,284,811 | |||||
MSCI Inc. | 6,075 | 2,562,374 | |||||
OneMain Holdings Inc. | 23,140 | 683,093 | |||||
Rithm Capital Corp. | 116,035 | b | 849,376 | ||||
SEI Investments Co. | 19,045 | 934,157 | |||||
Stifel Financial Corp. | 31,535 | 1,636,982 | |||||
Synchrony Financial | 37,000 | 1,043,030 | |||||
T. Rowe Price Group Inc. | 24,545 | 2,577,470 | |||||
20,406,043 | |||||||
Energy - 4.7% | |||||||
Antero Resources Corp. | 8,380 | a | 255,841 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% (continued) | |||||||
Energy - 4.7% (continued) | |||||||
Coterra Energy Inc. | 18,005 | 470,291 | |||||
Devon Energy Corp. | 61,610 | 3,704,609 | |||||
Diamondback Energy Inc. | 15,405 | 1,855,686 | |||||
Halliburton Co. | 36,190 | 890,998 | |||||
Marathon Oil Corp. | 93,965 | 2,121,730 | |||||
Murphy Oil Corp. | 76,465 | 2,689,274 | |||||
New Fortress Energy Inc. | 8,170 | 357,111 | |||||
Phillips 66 | 49,555 | 4,000,080 | |||||
Targa Resources Corp. | 18,640 | 1,124,738 | |||||
17,470,358 | |||||||
Food & Staples Retailing - 1.1% | |||||||
BJ's Wholesale Club Holdings Inc. | 15,200 | a | 1,106,712 | ||||
Performance Food Group Co. | 19,580 | a | 840,961 | ||||
The Kroger Company | 45,385 | 1,985,594 | |||||
3,933,267 | |||||||
Food, Beverage & Tobacco - 2.6% | |||||||
Brown-Forman Corp., Cl. B | 13,745 | 915,005 | |||||
Darling Ingredients Inc. | 21,055 | a | 1,392,788 | ||||
Freshpet Inc. | 18,635 | a | 933,427 | ||||
The Hershey Company | 24,530 | 5,408,129 | |||||
Tyson Foods Inc., Cl. A | 12,720 | 838,630 | |||||
9,487,979 | |||||||
Health Care Equipment & Services - 5.2% | |||||||
ABIOMED Inc. | 5,225 | a | 1,283,574 | ||||
Amedisys Inc. | 6,265 | a | 606,389 | ||||
Cardinal Health Inc. | 6,110 | 407,415 | |||||
Chemed Corp. | 3,150 | 1,375,164 | |||||
Envista Holdings Corp. | 10,690 | a | 350,739 | ||||
Henry Schein Inc. | 14,440 | a | 949,719 | ||||
Hologic Inc. | 10,090 | a | 651,007 | ||||
IDEXX Laboratories Inc. | 8,260 | a | 2,691,108 | ||||
Integra LifeSciences Holdings Corp. | 21,780 | a | 922,601 | ||||
LivaNova PLC | 8,015 | a | 406,922 | ||||
Molina Healthcare Inc. | 6,780 | a | 2,236,315 | ||||
Option Care Health Inc. | 16,050 | a | 505,094 | ||||
STAAR Surgical Co. | 12,600 | a | 888,930 | ||||
Tandem Diabetes Care Inc. | 15,435 | a | 738,565 | ||||
Teladoc Health Inc. | 33,210 | a | 841,874 | ||||
Teleflex Inc. | 11,855 | 2,388,308 | |||||
The Cooper Companies | 4,825 | 1,273,318 | |||||
Veeva Systems Inc., Cl. A | 3,545 | a | 584,500 | ||||
19,101,542 | |||||||
Household & Personal Products - .2% | |||||||
Coty Inc., Cl. A | 88,600 | a | 559,952 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% (continued) | |||||||
Household & Personal Products - .2% (continued) | |||||||
Nu Skin Enterprises Inc., Cl. A | 9,955 | 332,198 | |||||
892,150 | |||||||
Insurance - 4.7% | |||||||
Aflac Inc. | 30,145 | 1,694,149 | |||||
Arch Capital Group Ltd. | 54,390 | a | 2,476,921 | ||||
Brown & Brown Inc. | 18,455 | 1,116,158 | |||||
Fidelity National Financial Inc. | 20,580 | 744,996 | |||||
First American Financial Corp. | 13,030 | 600,683 | |||||
Loews Corp. | 32,375 | 1,613,570 | |||||
Primerica Inc. | 13,490 | 1,665,340 | |||||
The Hartford Financial Services Group Inc. | 71,545 | 4,431,497 | |||||
W.R. Berkley Corp. | 13,670 | 882,809 | |||||
Willis Towers Watson PLC | 10,420 | 2,093,795 | |||||
17,319,918 | |||||||
Materials - 6.8% | |||||||
Alcoa Corp. | 24,565 | 826,858 | |||||
Avery Dennison Corp. | 19,275 | 3,136,042 | |||||
Avient Corp. | 22,990 | 696,597 | |||||
Celanese Corp. | 30,100 | 2,719,234 | |||||
CF Industries Holdings Inc. | 43,465 | 4,183,506 | |||||
Cleveland-Cliffs Inc. | 24,735 | a | 333,180 | ||||
DuPont de Nemours Inc. | 54,590 | 2,751,336 | |||||
Eagle Materials Inc. | 19,345 | 2,073,397 | |||||
Eastman Chemical Co. | 10,935 | 776,932 | |||||
Greif Inc., Cl. A | 16,075 | 957,588 | |||||
Ingevity Corp. | 12,870 | a | 780,308 | ||||
LyondellBasell Industries NV, Cl. A | 25,520 | 1,921,146 | |||||
Nucor Corp. | 17,190 | 1,839,158 | |||||
The Mosaic Company | 30,000 | 1,449,900 | |||||
WestRock Co. | 22,460 | 693,789 | |||||
25,138,971 | |||||||
Media & Entertainment - 4.4% | |||||||
Altice USA Inc., Cl. A | 100,115 | a | 583,670 | ||||
Cable One Inc. | 495 | 422,260 | |||||
Electronic Arts Inc. | 13,255 | 1,533,736 | |||||
Fox Corp., Cl. A | 35,255 | 1,081,623 | |||||
Live Nation Entertainment Inc. | 14,065 | a | 1,069,503 | ||||
News Corp., Cl. A | 162,615 | 2,457,113 | |||||
Pinterest Inc., Cl. A | 44,995 | a | 1,048,384 | ||||
Playtika Holding Corp. | 45,780 | a | 429,874 | ||||
Roku Inc. | 8,415 | a | 474,606 | ||||
Sirius XM Holdings Inc. | 129,830 | 741,329 | |||||
The Interpublic Group of Companies | 91,520 | 2,342,912 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% (continued) | |||||||
Media & Entertainment - 4.4% (continued) | |||||||
The New York Times Company, Cl. A | 23,895 | 686,981 | |||||
TripAdvisor Inc. | 20,130 | a | 444,470 | ||||
Twitter Inc. | 57,565 | a | 2,523,650 | ||||
Warner Bros Discovery Inc. | 26,820 | a | 308,430 | ||||
16,148,541 | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.1% | |||||||
Agilent Technologies Inc. | 31,800 | 3,865,290 | |||||
Avantor Inc. | 38,690 | a | 758,324 | ||||
Bio-Techne Corp. | 6,985 | 1,983,740 | |||||
Bruker Corp. | 10,830 | 574,640 | |||||
Exelixis Inc. | 38,545 | a | 604,386 | ||||
Incyte Corp. | 11,350 | a | 756,364 | ||||
IQVIA Holdings Inc. | 11,930 | a | 2,161,000 | ||||
Mettler-Toledo International Inc. | 1,715 | a | 1,859,266 | ||||
QIAGEN NV | 36,390 | a | 1,502,179 | ||||
Sarepta Therapeutics Inc. | 12,860 | a | 1,421,544 | ||||
Syneos Health Inc. | 18,420 | a | 868,503 | ||||
Waters Corp. | 2,400 | a | 646,872 | ||||
West Pharmaceutical Services Inc. | 6,970 | 1,715,178 | |||||
18,717,286 | |||||||
Real Estate - 8.9% | |||||||
Boston Properties Inc. | 20,120 | b | 1,508,396 | ||||
Camden Property Trust | 29,240 | b | 3,492,718 | ||||
Douglas Emmett Inc. | 68,020 | b | 1,219,599 | ||||
EastGroup Properties Inc. | 6,415 | b | 925,941 | ||||
Equity Residential | 18,495 | b | 1,243,234 | ||||
Extra Space Storage Inc. | 17,140 | b | 2,960,249 | ||||
Federal Realty Investment Trust | 25,835 | b | 2,328,250 | ||||
First Industrial Realty Trust Inc. | 45,355 | b | 2,032,358 | ||||
Highwoods Properties Inc. | 12,070 | b | 325,407 | ||||
Kilroy Realty Corp. | 42,375 | b | 1,784,411 | ||||
Mid-America Apartment Communities Inc. | 31,470 | b | 4,880,053 | ||||
National Retail Properties Inc. | 59,220 | b | 2,360,509 | ||||
Regency Centers Corp. | 30,550 | b | 1,645,118 | ||||
Simon Property Group Inc. | 21,990 | b | 1,973,602 | ||||
STORE Capital Corp. | 131,755 | b | 4,127,884 | ||||
32,807,729 | |||||||
Retailing - 4.4% | |||||||
AutoZone Inc. | 2,360 | a | 5,054,955 | ||||
Bath & Body Works Inc. | 20,590 | 671,234 | |||||
Dick's Sporting Goods Inc. | 6,005 | 628,363 | |||||
LKQ Corp. | 36,450 | 1,718,617 | |||||
O'Reilly Automotive Inc. | 6,050 | a | 4,255,267 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% (continued) | |||||||
Retailing - 4.4% (continued) | |||||||
Ulta Beauty Inc. | 6,985 | a | 2,802,312 | ||||
Williams-Sonoma Inc. | 10,520 | 1,239,782 | |||||
16,370,530 | |||||||
Semiconductors & Semiconductor Equipment - 2.5% | |||||||
Enphase Energy Inc. | 12,215 | a | 3,389,296 | ||||
Lattice Semiconductor Corp. | 22,130 | a | 1,089,017 | ||||
Microchip Technology Inc. | 31,930 | 1,948,688 | |||||
Monolithic Power Systems Inc. | 1,110 | 403,374 | |||||
ON Semiconductor Corp. | 7,955 | a | 495,835 | ||||
Semtech Corp. | 12,390 | a | 364,390 | ||||
Teradyne Inc. | 20,290 | 1,524,794 | |||||
9,215,394 | |||||||
Software & Services - 11.3% | |||||||
Akamai Technologies Inc. | 17,365 | a | 1,394,757 | ||||
Ansys Inc. | 3,670 | a | 813,639 | ||||
Cadence Design Systems Inc. | 16,185 | a | 2,645,115 | ||||
CrowdStrike Holdings Inc., CI. A | 4,060 | a | 669,129 | ||||
Datadog Inc., Cl. A | 38,075 | a | 3,380,298 | ||||
DocuSign Inc. | 15,800 | a | 844,826 | ||||
Elastic NV | 14,035 | a | 1,006,871 | ||||
EPAM Systems Inc. | 2,410 | a | 872,878 | ||||
Euronet Worldwide Inc. | 7,075 | a | 536,002 | ||||
Fair Isaac Corp. | 1,190 | a | 490,292 | ||||
Five9 Inc. | 11,360 | a | 851,773 | ||||
Fortinet Inc. | 39,610 | a | 1,946,039 | ||||
Gartner Inc. | 12,260 | a | 3,392,219 | ||||
GoDaddy Inc., Cl. A | 9,555 | a | 677,258 | ||||
HubSpot Inc. | 4,765 | a | 1,287,122 | ||||
Manhattan Associates Inc. | 8,025 | a | 1,067,566 | ||||
MongoDB Inc. | 5,445 | a | 1,081,159 | ||||
NortonLifeLock Inc. | 31,855 | 641,560 | |||||
Okta Inc. | 13,515 | a | 768,598 | ||||
Paychex Inc. | 11,060 | 1,241,043 | |||||
Paycom Software Inc. | 5,325 | a | 1,757,197 | ||||
Pegasystems Inc. | 18,730 | 601,982 | |||||
RingCentral Inc., Cl. A | 23,110 | a | 923,476 | ||||
Synopsys Inc. | 13,975 | a | 4,269,502 | ||||
Teradata Corp. | 29,780 | a | 924,967 | ||||
The Trade Desk Inc., Cl. A | 45,710 | a | 2,731,172 | ||||
The Western Union Company | 61,130 | 825,255 | |||||
Twilio Inc., Cl. A | 16,450 | a | 1,137,353 | ||||
Verisign Inc. | 5,900 | a | 1,024,830 | ||||
Zoom Video Communications Inc., CI. A | 6,675 | a | 491,213 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.4% (continued) | |||||||
Software & Services - 11.3% (continued) | |||||||
Zscaler Inc. | 8,720 | a | 1,433,306 | ||||
41,728,397 | |||||||
Technology Hardware & Equipment - 3.3% | |||||||
Amphenol Corp., Cl. A | 34,185 | 2,289,028 | |||||
Arista Networks Inc. | 11,800 | a | 1,332,102 | ||||
Calix Inc. | 10,060 | a | 615,068 | ||||
CDW Corp. | 6,045 | 943,504 | |||||
HP Inc. | 20,910 | 521,077 | |||||
IPG Photonics Corp. | 16,540 | a | 1,395,149 | ||||
Keysight Technologies Inc. | 16,040 | a | 2,524,054 | ||||
Littelfuse Inc. | 2,895 | 575,208 | |||||
NetApp Inc. | 12,620 | 780,547 | |||||
Pure Storage Inc., Cl. A | 20,155 | a | 551,642 | ||||
Western Digital Corp. | 24,350 | a | 792,593 | ||||
12,319,972 | |||||||
Telecommunication Services - .5% | |||||||
Iridium Communications Inc. | 15,140 | a | 671,762 | ||||
Lumen Technologies Inc. | 141,320 | 1,028,810 | |||||
1,700,572 | |||||||
Transportation - 2.1% | |||||||
Delta Air Lines Inc. | 13,050 | a | 366,183 | ||||
GXO Logistics Inc. | 23,465 | a | 822,683 | ||||
JetBlue Airways Corp. | 141,310 | a | 936,885 | ||||
Old Dominion Freight Line Inc. | 17,960 | 4,467,909 | |||||
Saia Inc. | 1,860 | a | 353,400 | ||||
United Airlines Holdings Inc. | 19,940 | a | 648,648 | ||||
7,595,708 | |||||||
Utilities - 5.8% | |||||||
Alliant Energy Corp. | 16,635 | 881,489 | |||||
Black Hills Corp. | 18,195 | 1,232,347 | |||||
CMS Energy Corp. | 35,925 | 2,092,272 | |||||
Hawaiian Electric Industries Inc. | 51,495 | 1,784,817 | |||||
IDACORP Inc. | 32,660 | 3,233,667 | |||||
NiSource Inc. | 102,970 | 2,593,814 | |||||
PPL Corp. | 174,570 | 4,425,349 | |||||
WEC Energy Group Inc. | 59,245 | 5,298,280 | |||||
21,542,035 | |||||||
Total Common Stocks (cost $392,440,374) | 366,533,079 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
1-Day | |||||||
Investment Companies - .6% | |||||||
Registered Investment Companies - .6% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 3.03 | 2,070,816 | c | 2,070,816 | |||
Total Investments (cost $394,511,190) | 100.0% | 368,603,895 | |||||
Cash and Receivables (Net) | .0% | 68,166 | |||||
Net Assets | 100.0% | 368,672,061 |
a Non-income producing security.
b Investment in real estate investment trust within the United States.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund
September 30, 2022 (Unaudited)
The following is a summary of the inputs used as of September 30, 2022 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 366,533,079 | - | - | 366,533,079 | ||
Investment Companies | 2,070,816 | - | - | 2,070,816 |
† 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.
At September 30, 2022, accumulated net unrealized depreciation on investments was $25,907,295, consisting of $36,055,302 gross unrealized appreciation and $61,962,597 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.