STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund
March 31, 2023 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% | |||||||
Automobiles & Components - .6% | |||||||
Adient PLC | 40,102 | a | 1,642,578 | ||||
Fox Factory Holding Corp. | 3,311 | a | 401,856 | ||||
Thor Industries, Inc. | 6,752 | 537,729 | |||||
2,582,163 | |||||||
Banks - 2.2% | |||||||
Bank OZK | 33,910 | 1,159,722 | |||||
East West Bancorp, Inc. | 26,588 | 1,475,634 | |||||
Fifth Third Bancorp | 18,545 | 494,039 | |||||
Hancock Whitney Corp. | 47,445 | 1,726,998 | |||||
PacWest Bancorp | 46,411 | 451,579 | |||||
Regions Financial Corp. | 38,889 | 721,780 | |||||
Synovus Financial Corp. | 19,067 | 587,836 | |||||
UMB Financial Corp. | 6,176 | 356,479 | |||||
Valley National Bancorp | 116,179 | 1,073,494 | |||||
Zions Bancorp NA | 32,748 | 980,148 | |||||
9,027,709 | |||||||
Capital Goods - 9.0% | |||||||
Acuity Brands, Inc. | 7,596 | 1,388,017 | |||||
AECOM | 15,371 | 1,296,083 | |||||
Armstrong World Industries, Inc. | 14,503 | 1,033,194 | |||||
EMCOR Group, Inc. | 11,757 | 1,911,571 | |||||
Fortive Corp. | 45,447 | 3,098,122 | |||||
Howmet Aerospace, Inc. | 72,698 | 3,080,214 | |||||
Hubbell, Inc. | 3,541 | 861,561 | |||||
Ingersoll Rand, Inc. | 40,384 | 2,349,541 | |||||
Kennametal, Inc. | 65,906 | 1,817,687 | |||||
Masco Corp. | 26,771 | 1,331,054 | |||||
Nordson Corp. | 2,569 | 570,986 | |||||
nVent Electric PLC | 72,506 | 3,113,408 | |||||
Simpson Manufacturing Co., Inc. | 9,864 | 1,081,489 | |||||
SunPower Corp. | 26,159 | a | 362,041 | ||||
Textron, Inc. | 52,693 | 3,721,707 | |||||
The Timken Company | 22,687 | 1,853,982 | |||||
Trane Technologies PLC | 3,850 | 708,323 | |||||
United Rentals, Inc. | 3,807 | 1,506,658 | |||||
W.W. Grainger, Inc. | 4,653 | 3,205,033 | |||||
Wabtec Corp. | 21,789 | 2,201,996 | |||||
Watts Water Technologies, Inc., Cl. A | 3,032 | 510,346 | |||||
37,003,013 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% (continued) | |||||||
Commercial & Professional Services - 3.3% | |||||||
CACI International, Inc., Cl. A | 4,203 | a | 1,245,265 | ||||
Cintas Corp. | 5,885 | 2,722,872 | |||||
Copart, Inc. | 51,934 | a | 3,905,956 | ||||
Paychex, Inc. | 10,910 | 1,250,177 | |||||
Robert Half International, Inc. | 10,776 | 868,222 | |||||
Tetra Tech, Inc. | 8,384 | 1,231,693 | |||||
Verisk Analytics, Inc. | 11,654 | 2,235,936 | |||||
13,460,121 | |||||||
Consumer Discretionary Distribution - 4.9% | |||||||
AutoZone, Inc. | 2,327 | a | 5,720,115 | ||||
Bath & Body Works, Inc. | 26,180 | 957,664 | |||||
Dick's Sporting Goods, Inc. | 5,924 | 840,556 | |||||
Etsy, Inc. | 5,670 | a | 631,241 | ||||
LKQ Corp. | 30,824 | 1,749,570 | |||||
Murphy USA, Inc. | 3,010 | 776,731 | |||||
O'Reilly Automotive, Inc. | 5,968 | a | 5,066,713 | ||||
Ulta Beauty, Inc. | 6,890 | a | 3,759,666 | ||||
Williams-Sonoma, Inc. | 4,952 | 602,460 | |||||
20,104,716 | |||||||
Consumer Durables & Apparel - 2.9% | |||||||
Brunswick Corp. | 8,666 | 710,612 | |||||
Deckers Outdoor Corp. | 1,890 | a | 849,650 | ||||
NVR, Inc. | 446 | a | 2,485,197 | ||||
Polaris, Inc. | 5,980 | 661,567 | |||||
PulteGroup, Inc. | 15,128 | 881,660 | |||||
PVH Corp. | 18,041 | 1,608,536 | |||||
Ralph Lauren Corp. | 14,480 | 1,689,382 | |||||
Tapestry, Inc. | 58,339 | 2,514,994 | |||||
TopBuild Corp. | 3,280 | a | 682,699 | ||||
12,084,297 | |||||||
Consumer Services - 3.9% | |||||||
Boyd Gaming Corp. | 10,372 | 665,053 | |||||
Chipotle Mexican Grill, Inc. | 2,115 | a | 3,613,033 | ||||
Darden Restaurants, Inc. | 9,055 | 1,404,974 | |||||
Expedia Group, Inc. | 13,247 | a | 1,285,356 | ||||
Grand Canyon Education, Inc. | 19,072 | a | 2,172,301 | ||||
H&R Block, Inc. | 11,140 | 392,685 | |||||
Marriott Vacations Worldwide Corp. | 15,807 | 2,131,732 | |||||
MGM Resorts International | 32,675 | 1,451,423 | |||||
Service Corp. International | 23,377 | 1,607,870 | |||||
Wyndham Hotels & Resorts, Inc. | 20,798 | 1,411,144 | |||||
16,135,571 | |||||||
Consumer Staples Distribution - 1.5% | |||||||
BJ's Wholesale Club Holdings, Inc. | 22,687 | a | 1,725,800 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% (continued) | |||||||
Consumer Staples Distribution - 1.5% (continued) | |||||||
Performance Food Group Co. | 19,314 | a | 1,165,407 | ||||
Sprouts Farmers Market, Inc. | 24,858 | a | 870,776 | ||||
The Kroger Company | 44,768 | 2,210,196 | |||||
5,972,179 | |||||||
Energy - 3.9% | |||||||
Antero Resources Corp. | 23,404 | a | 540,398 | ||||
ChampionX Corp. | 30,230 | 820,140 | |||||
Devon Energy Corp. | 24,675 | 1,248,802 | |||||
EQT Corp. | 23,801 | 759,490 | |||||
Equitrans Midstream Corp. | 165,840 | 958,555 | |||||
Halliburton Co. | 25,144 | 795,556 | |||||
HF Sinclair Corp. | 12,823 | 620,377 | |||||
Marathon Oil Corp. | 119,637 | 2,866,503 | |||||
Matador Resources Co. | 21,885 | 1,042,820 | |||||
Murphy Oil Corp. | 75,425 | 2,789,216 | |||||
Phillips 66 | 21,359 | 2,165,375 | |||||
Range Resources Corp. | 46,755 | 1,237,605 | |||||
15,844,837 | |||||||
Equity Real Estate Investment - 8.1% | |||||||
Boston Properties, Inc. | 48,144 | b | 2,605,553 | ||||
Brixmor Property Group, Inc. | 81,674 | b | 1,757,624 | ||||
Douglas Emmett, Inc. | 67,095 | b | 827,281 | ||||
EastGroup Properties, Inc. | 12,838 | b | 2,122,378 | ||||
Equity Residential | 18,243 | b | 1,094,580 | ||||
Extra Space Storage, Inc. | 17,794 | b | 2,899,176 | ||||
Federal Realty Investment Trust | 25,484 | b | 2,518,584 | ||||
First Industrial Realty Trust, Inc. | 50,755 | b | 2,700,166 | ||||
Host Hotels & Resorts, Inc. | 41,980 | b | 692,250 | ||||
Kilroy Realty Corp. | 61,517 | b | 1,993,151 | ||||
Lamar Advertising Co., Cl. A | 13,931 | b | 1,391,568 | ||||
Mid-America Apartment Communities, Inc. | 31,041 | b | 4,688,433 | ||||
National Retail Properties, Inc. | 58,415 | b | 2,579,022 | ||||
Park Hotels & Resorts, Inc. | 55,669 | b | 688,069 | ||||
Regency Centers Corp. | 33,474 | b | 2,047,939 | ||||
Simon Property Group, Inc. | 21,691 | b | 2,428,741 | ||||
33,034,515 | |||||||
Financial Services - 7.2% | |||||||
Ally Financial, Inc. | 82,936 | 2,114,039 | |||||
Ameriprise Financial, Inc. | 13,035 | 3,995,227 | |||||
Discover Financial Services | 22,766 | 2,250,191 | |||||
Euronet Worldwide, Inc. | 11,694 | a | 1,308,559 | ||||
FactSet Research Systems, Inc. | 3,038 | 1,261,043 | |||||
Global Payments, Inc. | 8,779 | 923,902 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% (continued) | |||||||
Financial Services - 7.2% (continued) | |||||||
Jack Henry & Associates, Inc. | 5,111 | 770,330 | |||||
Janus Henderson Group PLC | 62,399 | 1,662,309 | |||||
MSCI, Inc. | 5,992 | 3,353,662 | |||||
Nasdaq, Inc. | 60,432 | 3,303,817 | |||||
OneMain Holdings, Inc. | 22,824 | 846,314 | |||||
Rithm Capital Corp. | 160,601 | b | 1,284,808 | ||||
SEI Investments Co. | 18,786 | a | 1,081,134 | ||||
Starwood Property Trust, Inc. | 47,404 | b | 838,577 | ||||
Stifel Financial Corp. | 27,753 | 1,639,925 | |||||
Synchrony Financial | 36,497 | 1,061,333 | |||||
T. Rowe Price Group, Inc. | 10,011 | 1,130,242 | |||||
The Western Union Company | 60,298 | 672,323 | |||||
29,497,735 | |||||||
Food, Beverage & Tobacco - 2.8% | |||||||
Conagra Brands, Inc. | 36,450 | 1,369,062 | |||||
Darling Ingredients, Inc. | 13,469 | a | 786,590 | ||||
Freshpet, Inc. | 18,381 | a | 1,216,638 | ||||
Kellogg Co. | 31,968 | 2,140,577 | |||||
The Hershey Company | 24,196 | 6,155,704 | |||||
11,668,571 | |||||||
Health Care Equipment & Services - 5.6% | |||||||
Cardinal Health, Inc. | 12,241 | 924,196 | |||||
Chemed Corp. | 3,107 | 1,670,789 | |||||
DexCom, Inc. | 12,634 | a | 1,467,818 | ||||
Doximity, Inc., Cl. A | 26,490 | a | 857,746 | ||||
Henry Schein, Inc. | 14,243 | a | 1,161,374 | ||||
Hologic, Inc. | 5,218 | a | 421,093 | ||||
IDEXX Laboratories, Inc. | 8,147 | a | 4,074,152 | ||||
Integra LifeSciences Holdings Corp. | 21,484 | a | 1,233,396 | ||||
Molina Healthcare, Inc. | 6,688 | a | 1,788,973 | ||||
Option Care Health, Inc. | 21,454 | a | 681,594 | ||||
STAAR Surgical Co. | 12,428 | a | 794,771 | ||||
Tandem Diabetes Care, Inc. | 15,225 | a | 618,287 | ||||
Teladoc Health, Inc. | 32,758 | a | 848,432 | ||||
Teleflex, Inc. | 11,694 | 2,962,207 | |||||
The Cooper Companies, Inc. | 5,648 | 2,108,737 | |||||
Veeva Systems, Inc., Cl. A | 6,451 | a | 1,185,629 | ||||
22,799,194 | |||||||
Household & Personal Products - .2% | |||||||
Coty, Inc., Cl. A | 79,819 | a | 962,617 | ||||
Insurance - 4.4% | |||||||
Aflac, Inc. | 53,300 | 3,438,916 | |||||
Brown & Brown, Inc. | 32,753 | 1,880,677 | |||||
CNO Financial Group, Inc. | 29,820 | 661,706 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% (continued) | |||||||
Insurance - 4.4% (continued) | |||||||
Loews Corp. | 20,853 | 1,209,891 | |||||
Primerica, Inc. | 5,515 | 949,904 | |||||
RLI Corp. | 7,990 | 1,061,951 | |||||
The Hartford Financial Services Group, Inc. | 61,102 | 4,258,198 | |||||
Unum Group | 34,287 | 1,356,394 | |||||
W.R. Berkley Corp. | 48,943 | 3,047,191 | |||||
17,864,828 | |||||||
Materials - 5.9% | |||||||
Albemarle Corp. | 4,683 | 1,035,130 | |||||
Amcor PLC | 192,543 | 2,191,139 | |||||
Avient Corp. | 26,069 | 1,073,000 | |||||
CF Industries Holdings, Inc. | 34,110 | 2,472,634 | |||||
Cleveland-Cliffs, Inc. | 85,794 | a | 1,572,604 | ||||
DuPont de Nemours, Inc. | 13,277 | 952,890 | |||||
Eagle Materials, Inc. | 19,082 | 2,800,283 | |||||
Eastman Chemical Co. | 10,786 | 909,691 | |||||
Greif, Inc., Cl. A | 15,856 | 1,004,795 | |||||
Huntsman Corp. | 36,694 | 1,003,948 | |||||
Ingevity Corp. | 12,695 | a | 907,946 | ||||
LyondellBasell Industries NV, Cl. A | 25,173 | 2,363,493 | |||||
Nucor Corp. | 16,956 | 2,619,193 | |||||
Sealed Air Corp. | 13,643 | 626,350 | |||||
The Chemours Company | 15,644 | 468,381 | |||||
The Mosaic Company | 29,591 | 1,357,635 | |||||
WestRock Co. | 22,154 | 675,032 | |||||
24,034,144 | |||||||
Media & Entertainment - 3.7% | |||||||
Cable One, Inc. | 4,018 | 2,820,636 | |||||
Electronic Arts, Inc. | 13,075 | 1,574,884 | |||||
Fox Corp., Cl. A | 55,224 | 1,880,377 | |||||
Live Nation Entertainment, Inc. | 8,877 | a | 621,390 | ||||
Match Group, Inc. | 16,233 | a | 623,185 | ||||
Omnicom Group, Inc. | 15,040 | 1,418,874 | |||||
Playtika Holding Corp. | 45,158 | a | 508,479 | ||||
Sirius XM Holdings, Inc. | 128,063 | 508,410 | |||||
The Interpublic Group of Companies, Inc. | 41,933 | 1,561,585 | |||||
The Trade Desk, Inc., Cl. A | 45,088 | a | 2,746,310 | ||||
TripAdvisor, Inc. | 19,856 | a | 394,340 | ||||
ZoomInfo Technologies, Inc. | 19,910 | a | 491,976 | ||||
15,150,446 | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.2% | |||||||
Agilent Technologies, Inc. | 31,368 | 4,339,449 | |||||
Avantor, Inc. | 38,164 | a | 806,787 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% (continued) | |||||||
Pharmaceuticals Biotechnology & Life Sciences - 5.2% (continued) | |||||||
Bio-Techne Corp. | 31,505 | 2,337,356 | |||||
IQVIA Holdings, Inc. | 11,767 | a | 2,340,339 | ||||
Mettler-Toledo International, Inc. | 1,396 | a | 2,136,173 | ||||
QIAGEN NV | 35,895 | a | 1,648,657 | ||||
Repligen Corp. | 5,922 | a | 997,028 | ||||
Sarepta Therapeutics, Inc. | 12,685 | a | 1,748,374 | ||||
Syneos Health, Inc. | 18,169 | a | 647,180 | ||||
Waters Corp. | 2,366 | a | 732,585 | ||||
West Pharmaceutical Services, Inc. | 10,327 | 3,577,996 | |||||
21,311,924 | |||||||
Real Estate Management & Development - .2% | |||||||
The Howard Hughes Corp. | 12,170 | a | 973,600 | ||||
Semiconductors & Semiconductor Equipment - 2.9% | |||||||
Enphase Energy, Inc. | 12,049 | a | 2,533,664 | ||||
Lattice Semiconductor Corp. | 21,829 | a | 2,084,669 | ||||
Microchip Technology, Inc. | 31,495 | 2,638,651 | |||||
Monolithic Power Systems, Inc. | 4,055 | 2,029,690 | |||||
ON Semiconductor Corp. | 33,459 | a | 2,754,345 | ||||
12,041,019 | |||||||
Software & Services - 10.5% | |||||||
Akamai Technologies, Inc. | 17,129 | a | 1,341,201 | ||||
Ansys, Inc. | 6,087 | a | 2,025,754 | ||||
Bill Holdings, Inc. | 4,300 | a | 348,902 | ||||
Cadence Design Systems, Inc. | 15,965 | a | 3,354,087 | ||||
CrowdStrike Holdings, Inc., CI. A | 4,006 | a | 549,864 | ||||
Datadog, Inc., Cl. A | 37,557 | a | 2,728,892 | ||||
DocuSign, Inc. | 34,424 | a | 2,006,919 | ||||
Elastic NV | 13,844 | a | 801,568 | ||||
EPAM Systems, Inc. | 2,376 | a | 710,424 | ||||
Fair Isaac Corp. | 725 | a | 509,450 | ||||
Five9, Inc. | 11,206 | a | 810,082 | ||||
Fortinet, Inc. | 39,071 | a | 2,596,659 | ||||
Gartner, Inc. | 12,093 | a | 3,939,537 | ||||
GoDaddy, Inc., Cl. A | 9,425 | a | 732,511 | ||||
HubSpot, Inc. | 4,702 | a | 2,015,982 | ||||
Manhattan Associates, Inc. | 7,916 | a | 1,225,793 | ||||
MongoDB, Inc. | 5,371 | a | 1,252,088 | ||||
Okta, Inc. | 13,331 | a | 1,149,665 | ||||
Paycom Software, Inc. | 5,253 | a | 1,596,965 | ||||
Paylocity Holding Corp. | 2,540 | a | 504,901 | ||||
Pegasystems, Inc. | 18,475 | 895,668 | |||||
RingCentral, Inc., Cl. A | 22,795 | a | 699,123 | ||||
Synopsys, Inc. | 13,784 | a | 5,324,070 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.7% (continued) | |||||||
Software & Services - 10.5% (continued) | |||||||
Teradata Corp. | 29,375 | a | 1,183,225 | ||||
Twilio, Inc., Cl. A | 16,227 | a | 1,081,205 | ||||
Verisign, Inc. | 5,820 | a | 1,229,941 | ||||
Zoom Video Communications, Inc., CI. A | 18,618 | a | 1,374,753 | ||||
Zscaler, Inc. | 8,601 | a | 1,004,855 | ||||
42,994,084 | |||||||
Technology Hardware & Equipment - 2.1% | |||||||
Amphenol Corp., Cl. A | 15,669 | 1,280,471 | |||||
Arista Networks, Inc. | 5,452 | a | 915,173 | ||||
CDW Corp. | 10,953 | 2,134,630 | |||||
HP, Inc. | 54,236 | 1,591,827 | |||||
Keysight Technologies, Inc. | 9,460 | a | 1,527,601 | ||||
NetApp, Inc. | 12,448 | 794,805 | |||||
Pure Storage, Inc., Cl. A | 19,881 | a | 507,164 | ||||
8,751,671 | |||||||
Telecommunication Services - .1% | |||||||
Lumen Technologies, Inc. | 177,274 | a | 469,776 | ||||
Transportation - 2.2% | |||||||
Avis Budget Group, Inc. | 2,169 | a | 422,521 | ||||
GXO Logistics, Inc. | 16,364 | a | 825,727 | ||||
Old Dominion Freight Line, Inc. | 17,717 | 6,038,662 | |||||
United Airlines Holdings, Inc. | 36,319 | a | 1,607,116 | ||||
8,894,026 | |||||||
Utilities - 6.4% | |||||||
Eversource Energy | 42,704 | 3,342,015 | |||||
Hawaiian Electric Industries, Inc. | 61,073 | 2,345,203 | |||||
IDACORP, Inc. | 3,182 | 344,706 | |||||
New Jersey Resources Corp. | 20,911 | 1,112,465 | |||||
NiSource, Inc. | 101,569 | 2,839,869 | |||||
Portland General Electric Co. | 34,722 | 1,697,559 | |||||
PPL Corp. | 172,196 | 4,785,327 | |||||
WEC Energy Group, Inc. | 67,316 | 6,380,884 | |||||
Xcel Energy, Inc. | 52,638 | 3,549,907 | |||||
26,397,935 | |||||||
Total Common Stocks (cost $380,366,551) | 409,060,691 | ||||||
1-Day | |||||||
Investment Companies - .3% | |||||||
Registered Investment Companies - .3% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 4.89 | 1,048,509 | c | 1,048,509 | |||
Total Investments (cost $381,415,060) | 100.0% | 410,109,200 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Cash and Receivables (Net) | .0% | 159,091 | |||
Net Assets | 100.0% | 410,268,291 |
a Non-income producing security.
b Investment in real estate investment trust within the United States.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund
March 31, 2023 (Unaudited)
The following is a summary of the inputs used as of March 31, 2023 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 409,060,691 | - | - | 409,060,691 | ||
Investment Companies | 1,048,509 | - | - | 1,048,509 |
† 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.
At March 31, 2023, accumulated net unrealized appreciation on investments was $28,694,140, consisting of $63,125,126 gross unrealized appreciation and $34,430,986 gross unrealized depreciation.
At March 31, 2023, 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.