STATEMENT OF INVESTMENTS
BNY Mellon Active Midcap Fund
September 30, 2023 (Unaudited)
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% | |||||||
Automobiles & Components - .8% | |||||||
Adient PLC | 38,890 | a | 1,427,263 | ||||
Aptiv PLC | 13,044 | a | 1,286,008 | ||||
Thor Industries, Inc. | 6,549 | 623,006 | |||||
3,336,277 | |||||||
Banks - 1.4% | |||||||
Bank OZK | 52,099 | 1,931,310 | |||||
Fifth Third Bancorp | 86,731 | 2,196,896 | |||||
First Citizens Bancshares, Inc., Cl. A | 1,041 | 1,436,684 | |||||
5,564,890 | |||||||
Capital Goods - 12.2% | |||||||
Acuity Brands, Inc. | 8,146 | 1,387,345 | |||||
AECOM | 14,907 | 1,237,877 | |||||
AGCO Corp. | 8,802 | 1,041,100 | |||||
Armstrong World Industries, Inc. | 14,064 | 1,012,608 | |||||
Axon Enterprise, Inc. | 7,592 | a | 1,510,732 | ||||
Donaldson Co., Inc. | 21,000 | 1,252,440 | |||||
EMCOR Group, Inc. | 11,402 | 2,398,867 | |||||
Ferguson PLC | 14,192 | 2,334,158 | |||||
Fortune Brands Innovations, Inc. | 27,250 | 1,693,860 | |||||
Howmet Aerospace, Inc. | 70,499 | 3,260,579 | |||||
Hubbell, Inc. | 1,335 | 418,402 | |||||
Ingersoll Rand, Inc. | 45,080 | 2,872,498 | |||||
ITT, Inc. | 24,345 | 2,383,619 | |||||
Kennametal, Inc. | 58,098 | 1,445,478 | |||||
Lincoln Electric Holdings, Inc. | 15,800 | 2,872,282 | |||||
Masco Corp. | 25,962 | 1,387,669 | |||||
Nordson Corp. | 2,490 | 555,693 | |||||
nVent Electric PLC | 55,013 | 2,915,139 | |||||
Simpson Manufacturing Co., Inc. | 9,566 | 1,433,082 | |||||
Textron, Inc. | 51,100 | 3,992,954 | |||||
The AZEK Company, Inc. | 28,200 | a | 838,668 | ||||
The Timken Company | 22,001 | 1,616,853 | |||||
Trane Technologies PLC | 12,144 | 2,464,139 | |||||
United Rentals, Inc. | 3,692 | 1,641,352 | |||||
W.W. Grainger, Inc. | 4,513 | 3,122,274 | |||||
Watts Water Technologies, Inc., Cl. A | 6,933 | 1,198,161 | |||||
48,287,829 | |||||||
Commercial & Professional Services - 3.3% | |||||||
Ceridian HCM Holding, Inc. | 25,133 | a,b | 1,705,274 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% (continued) | |||||||
Commercial & Professional Services - 3.3% (continued) | |||||||
Cintas Corp. | 1,109 | 533,440 | |||||
Concentrix Corp. | 15,931 | 1,276,233 | |||||
Copart, Inc. | 23,958 | a | 1,032,350 | ||||
Paychex, Inc. | 24,213 | 2,792,485 | |||||
Paycom Software, Inc. | 5,095 | 1,320,981 | |||||
Paylocity Holding Corp. | 5,558 | a | 1,009,889 | ||||
Robert Half, Inc. | 10,450 | 765,776 | |||||
Verisk Analytics, Inc. | 11,302 | 2,669,984 | |||||
13,106,412 | |||||||
Consumer Discretionary Distribution - 3.8% | |||||||
AutoZone, Inc. | 730 | a | 1,854,193 | ||||
Bath & Body Works, Inc. | 25,388 | 858,114 | |||||
Best Buy Co., Inc. | 13,141 | 912,905 | |||||
eBay, Inc. | 45,057 | 1,986,563 | |||||
Etsy, Inc. | 8,323 | a | 537,499 | ||||
LKQ Corp. | 29,893 | 1,480,002 | |||||
O'Reilly Automotive, Inc. | 2,136 | a | 1,941,325 | ||||
Ross Stores, Inc. | 6,900 | 779,355 | |||||
The Gap, Inc. | 98,972 | 1,052,072 | |||||
Ulta Beauty, Inc. | 6,681 | a | 2,668,725 | ||||
Williams-Sonoma, Inc. | 4,802 | b | 746,231 | ||||
14,816,984 | |||||||
Consumer Durables & Apparel - 2.8% | |||||||
Brunswick Corp. | 8,404 | 663,916 | |||||
Carter's, Inc. | 13,201 | b | 912,849 | ||||
Crocs, Inc. | 6,907 | a | 609,405 | ||||
Deckers Outdoor Corp. | 1,832 | a | 941,813 | ||||
NVR, Inc. | 432 | a | 2,576,146 | ||||
Polaris, Inc. | 5,799 | 603,908 | |||||
PulteGroup, Inc. | 14,671 | 1,086,388 | |||||
Ralph Lauren Corp. | 10,147 | 1,177,965 | |||||
Tapestry, Inc. | 56,575 | 1,626,531 | |||||
TopBuild Corp. | 3,181 | a | 800,340 | ||||
10,999,261 | |||||||
Consumer Services - 2.7% | |||||||
Boyd Gaming Corp. | 10,059 | 611,889 | |||||
Caesars Entertainment, Inc. | 11,550 | a | 535,343 | ||||
Chipotle Mexican Grill, Inc. | 1,277 | a | 2,339,247 | ||||
Darden Restaurants, Inc. | 8,781 | 1,257,615 | |||||
Expedia Group, Inc. | 12,846 | a | 1,324,037 | ||||
Grand Canyon Education, Inc. | 18,495 | a | 2,161,696 | ||||
H&R Block, Inc. | 10,803 | 465,177 | |||||
MGM Resorts International | 31,687 | 1,164,814 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% (continued) | |||||||
Consumer Services - 2.7% (continued) | |||||||
Royal Caribbean Cruises Ltd. | 7,269 | a | 669,766 | ||||
10,529,584 | |||||||
Consumer Staples Distribution - 1.0% | |||||||
Performance Food Group Co. | 18,730 | a | 1,102,448 | ||||
Sprouts Farmers Market, Inc. | 24,107 | a | 1,031,780 | ||||
US Foods Holding Corp. | 47,612 | a | 1,890,196 | ||||
4,024,424 | |||||||
Energy - 4.8% | |||||||
ChampionX Corp. | 54,636 | 1,946,134 | |||||
Cheniere Energy, Inc. | 4,304 | 714,292 | |||||
Halliburton Co. | 44,148 | 1,787,994 | |||||
HF Sinclair Corp. | 12,435 | 707,925 | |||||
Marathon Oil Corp. | 137,547 | 3,679,382 | |||||
Matador Resources Co. | 21,223 | 1,262,344 | |||||
Murphy Oil Corp. | 86,584 | 3,926,584 | |||||
Phillips 66 | 13,956 | 1,676,813 | |||||
Range Resources Corp. | 45,342 | 1,469,534 | |||||
Texas Pacific Land Corp. | 299 | 545,244 | |||||
Valaris Ltd. | 16,554 | a | 1,241,219 | ||||
18,957,465 | |||||||
Equity Real Estate Investment - 8.6% | |||||||
Apartment Income REIT Corp. | 51,278 | c | 1,574,235 | ||||
Boston Properties, Inc. | 64,216 | c | 3,819,568 | ||||
Brixmor Property Group, Inc. | 98,079 | c | 2,038,082 | ||||
Douglas Emmett, Inc. | 65,068 | b,c | 830,268 | ||||
EastGroup Properties, Inc. | 12,450 | c | 2,073,298 | ||||
Essex Property Trust, Inc. | 10,088 | c | 2,139,564 | ||||
Federal Realty Investment Trust | 30,520 | c | 2,766,028 | ||||
First Industrial Realty Trust, Inc. | 49,220 | c | 2,342,380 | ||||
Host Hotels & Resorts, Inc. | 40,710 | c | 654,210 | ||||
Kilroy Realty Corp. | 59,657 | c | 1,885,758 | ||||
Lamar Advertising Co., Cl. A | 13,510 | c | 1,127,680 | ||||
Mid-America Apartment Communities, Inc. | 30,103 | c | 3,872,751 | ||||
NNN REIT, Inc. | 73,922 | c | 2,612,403 | ||||
Regency Centers Corp. | 32,463 | c | 1,929,601 | ||||
Rexford Industrial Realty, Inc. | 22,823 | c | 1,126,315 | ||||
Simon Property Group, Inc. | 29,508 | c | 3,187,749 | ||||
33,979,890 | |||||||
Financial Services - 7.8% | |||||||
Ally Financial, Inc. | 60,729 | 1,620,250 | |||||
Ameriprise Financial, Inc. | 12,641 | 4,167,485 | |||||
Discover Financial Services | 22,078 | 1,912,617 | |||||
Euronet Worldwide, Inc. | 18,183 | a | 1,443,367 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% (continued) | |||||||
Financial Services - 7.8% (continued) | |||||||
FactSet Research Systems, Inc. | 1,546 | 676,004 | |||||
Global Payments, Inc. | 8,513 | 982,315 | |||||
Janus Henderson Group PLC | 60,512 | 1,562,420 | |||||
LPL Financial Holdings, Inc. | 8,997 | 2,138,137 | |||||
MarketAxess Holdings, Inc. | 3,087 | 659,507 | |||||
MSCI, Inc. | 5,811 | 2,981,508 | |||||
Nasdaq, Inc. | 86,453 | 4,200,751 | |||||
OneMain Holdings, Inc. | 22,133 | 887,312 | |||||
Rithm Capital Corp. | 155,745 | c | 1,446,871 | ||||
State Street Corp. | 11,200 | 749,952 | |||||
Stifel Financial Corp. | 18,814 | 1,155,932 | |||||
Synchrony Financial | 35,395 | 1,082,025 | |||||
T. Rowe Price Group, Inc. | 31,049 | 3,256,109 | |||||
30,922,562 | |||||||
Food, Beverage & Tobacco - 2.4% | |||||||
Celsius Holdings, Inc. | 7,970 | a | 1,367,652 | ||||
Conagra Brands, Inc. | 48,885 | 1,340,427 | |||||
Ingredion, Inc. | 5,281 | 519,650 | |||||
The Hershey Company | 18,599 | 3,721,288 | |||||
The J.M. Smucker Company | 19,100 | 2,347,581 | |||||
9,296,598 | |||||||
Health Care Equipment & Services - 5.6% | |||||||
Align Technology, Inc. | 4,891 | a | 1,493,320 | ||||
Cardinal Health, Inc. | 11,871 | 1,030,640 | |||||
Cencora, Inc. | 3,900 | 701,883 | |||||
Chemed Corp. | 3,013 | 1,565,856 | |||||
DexCom, Inc. | 24,514 | a | 2,287,156 | ||||
Doximity, Inc., Cl. A | 25,689 | a,b | 545,121 | ||||
Henry Schein, Inc. | 13,812 | a | 1,025,541 | ||||
IDEXX Laboratories, Inc. | 7,901 | a | 3,454,870 | ||||
Inspire Medical Systems, Inc. | 4,162 | a | 825,907 | ||||
Integra LifeSciences Holdings Corp. | 20,835 | a | 795,689 | ||||
Molina Healthcare, Inc. | 6,485 | a | 2,126,367 | ||||
Option Care Health, Inc. | 20,805 | a | 673,042 | ||||
R1 RCM, Inc. | 54,376 | a | 819,446 | ||||
ResMed, Inc. | 4,700 | 694,989 | |||||
Teladoc Health, Inc. | 53,661 | a | 997,558 | ||||
Teleflex, Inc. | 4,427 | 869,507 | |||||
The Cooper Companies, Inc. | 2,506 | 796,933 | |||||
Veeva Systems, Inc., Cl. A | 6,256 | a | 1,272,783 | ||||
21,976,608 | |||||||
Household & Personal Products - .4% | |||||||
The Clorox Company | 10,753 | 1,409,288 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% (continued) | |||||||
Insurance - 6.3% | |||||||
Aflac, Inc. | 42,689 | 3,276,381 | |||||
Cincinnati Financial Corp. | 26,810 | 2,742,395 | |||||
Erie Indemnity Co., Cl. A | 1,698 | 498,855 | |||||
Everest Group Ltd. | 4,024 | 1,495,600 | |||||
Globe Life, Inc. | 15,028 | 1,633,994 | |||||
Kinsale Capital Group, Inc. | 3,131 | 1,296,641 | |||||
Loews Corp. | 55,624 | 3,521,555 | |||||
Primerica, Inc. | 5,349 | 1,037,759 | |||||
The Hartford Financial Services Group, Inc. | 63,259 | 4,485,696 | |||||
Unum Group | 33,251 | 1,635,617 | |||||
W.R. Berkley Corp. | 47,464 | 3,013,489 | |||||
24,637,982 | |||||||
Materials - 5.4% | |||||||
Amcor PLC | 194,160 | 1,778,506 | |||||
Avient Corp. | 25,282 | 892,960 | |||||
Berry Global Group, Inc. | 11,978 | 741,558 | |||||
CF Industries Holdings, Inc. | 27,679 | 2,373,197 | |||||
Cleveland-Cliffs, Inc. | 41,601 | a | 650,224 | ||||
DuPont de Nemours, Inc. | 12,875 | 960,346 | |||||
Eagle Materials, Inc. | 18,505 | 3,081,453 | |||||
Eastman Chemical Co. | 10,460 | 802,491 | |||||
Element Solutions, Inc. | 51,535 | 1,010,601 | |||||
Greif, Inc., Cl. A | 24,920 | 1,664,905 | |||||
Ingevity Corp. | 12,310 | a | 586,079 | ||||
LyondellBasell Industries NV, Cl. A | 24,411 | 2,311,722 | |||||
NewMarket Corp. | 1,700 | 773,568 | |||||
Nucor Corp. | 16,444 | 2,571,019 | |||||
The Mosaic Company | 33,996 | 1,210,258 | |||||
21,408,887 | |||||||
Media & Entertainment - 3.9% | |||||||
Cable One, Inc. | 3,897 | 2,399,149 | |||||
Electronic Arts, Inc. | 15,380 | 1,851,752 | |||||
Fox Corp., Cl. A | 53,553 | 1,670,854 | |||||
Match Group, Inc. | 15,743 | a | 616,732 | ||||
Omnicom Group, Inc. | 14,585 | 1,086,291 | |||||
Playtika Holding Corp. | 43,794 | a | 421,736 | ||||
Sirius XM Holdings, Inc. | 124,191 | b | 561,343 | ||||
Spotify Technology SA | 10,734 | a | 1,659,906 | ||||
The Interpublic Group of Companies, Inc. | 40,666 | 1,165,488 | |||||
The New York Times Company, Cl. A | 13,788 | 568,066 | |||||
The Trade Desk, Inc., Cl. A | 43,724 | a | 3,417,031 | ||||
15,418,348 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% (continued) | |||||||
Pharmaceuticals, Biotechnology & Life Sciences - 5.0% | |||||||
Agilent Technologies, Inc. | 46,027 | 5,146,739 | |||||
Bruker Corp. | 9,300 | 579,390 | |||||
Charles River Laboratories International, Inc. | 3,400 | a | 666,332 | ||||
Exact Sciences Corp. | 5,907 | a | 402,976 | ||||
Exelixis, Inc. | 34,375 | a | 751,094 | ||||
IQVIA Holdings, Inc. | 11,412 | a | 2,245,311 | ||||
Medpace Holdings, Inc. | 4,779 | a | 1,157,139 | ||||
Mettler-Toledo International, Inc. | 1,355 | a | 1,501,435 | ||||
QIAGEN NV | 34,809 | a | 1,409,765 | ||||
Repligen Corp. | 6,229 | a | 990,473 | ||||
Waters Corp. | 3,658 | a | 1,003,060 | ||||
West Pharmaceutical Services, Inc. | 10,015 | 3,757,728 | |||||
19,611,442 | |||||||
Real Estate Management & Development - .2% | |||||||
Howard Hughes Holdings, Inc. | 11,803 | a | 874,956 | ||||
Semiconductors & Semiconductor Equipment - 3.3% | |||||||
Enphase Energy, Inc. | 11,683 | a | 1,403,712 | ||||
Lattice Semiconductor Corp. | 23,627 | a | 2,030,268 | ||||
Microchip Technology, Inc. | 30,543 | 2,383,881 | |||||
Monolithic Power Systems, Inc. | 3,931 | 1,816,122 | |||||
ON Semiconductor Corp. | 32,448 | a | 3,016,042 | ||||
Teradyne, Inc. | 23,400 | b | 2,350,764 | ||||
13,000,789 | |||||||
Software & Services - 8.2% | |||||||
Akamai Technologies, Inc. | 16,611 | a | 1,769,736 | ||||
Ansys, Inc. | 5,902 | a | 1,756,140 | ||||
Cadence Design Systems, Inc. | 5,736 | a | 1,343,945 | ||||
CrowdStrike Holdings, Inc., CI. A | 11,560 | a | 1,934,913 | ||||
Datadog, Inc., Cl. A | 21,850 | a | 1,990,317 | ||||
DocuSign, Inc. | 29,391 | a | 1,234,422 | ||||
EPAM Systems, Inc. | 3,394 | a | 867,812 | ||||
Fair Isaac Corp. | 702 | a | 609,708 | ||||
Fortinet, Inc. | 10,110 | a | 593,255 | ||||
Gartner, Inc. | 11,727 | a | 4,029,514 | ||||
GoDaddy, Inc., Cl. A | 9,140 | a | 680,747 | ||||
HubSpot, Inc. | 4,560 | a | 2,245,800 | ||||
MongoDB, Inc. | 5,207 | a | 1,800,893 | ||||
New Relic, Inc. | 7,401 | a | 633,674 | ||||
Okta, Inc. | 10,638 | a | 867,103 | ||||
Palantir Technologies, Inc., Cl. A | 75,331 | a | 1,205,296 | ||||
RingCentral, Inc., Cl. A | 29,273 | a | 867,359 | ||||
Smartsheet, Inc., Cl. A | 26,024 | a | 1,052,931 | ||||
Synopsys, Inc. | 1,871 | a | 858,733 |
Description | Shares | Value ($) | |||||
Common Stocks - 99.5% (continued) | |||||||
Software & Services - 8.2% (continued) | |||||||
Teradata Corp. | 28,487 | a | 1,282,485 | ||||
UiPath, Inc., Cl. A | 46,354 | a,b | 793,117 | ||||
Verisign, Inc. | 5,644 | a | 1,143,079 | ||||
Zoom Video Communications, Inc., CI. A | 18,055 | a | 1,262,767 | ||||
Zscaler, Inc. | 9,213 | a | 1,433,451 | ||||
32,257,197 | |||||||
Technology Hardware & Equipment - 2.5% | |||||||
Amphenol Corp., Cl. A | 28,103 | 2,360,371 | |||||
Arista Networks, Inc. | 4,509 | a | 829,340 | ||||
CDW Corp. | 4,977 | 1,004,160 | |||||
HP, Inc. | 52,599 | 1,351,794 | |||||
Keysight Technologies, Inc. | 24,320 | a | 3,217,779 | ||||
NetApp, Inc. | 12,072 | 916,023 | |||||
9,679,467 | |||||||
Transportation - 1.8% | |||||||
Expeditors International of Washington, Inc. | 5,675 | 650,525 | |||||
GXO Logistics, Inc. | 15,867 | a | 930,600 | ||||
Old Dominion Freight Line, Inc. | 10,351 | 4,235,008 | |||||
United Airlines Holdings, Inc. | 30,820 | a | 1,303,686 | ||||
7,119,819 | |||||||
Utilities - 5.3% | |||||||
Brookfield Renewable Corp., Cl. A | 48,486 | b | 1,160,755 | ||||
Consolidated Edison, Inc. | 29,607 | 2,532,287 | |||||
Edison International | 10,225 | 647,140 | |||||
Eversource Energy | 41,413 | 2,408,166 | |||||
New Jersey Resources Corp. | 39,098 | 1,588,552 | |||||
NiSource, Inc. | 98,499 | 2,430,955 | |||||
OGE Energy Corp. | 51,676 | 1,722,361 | |||||
ONE Gas, Inc. | 16,900 | 1,153,932 | |||||
Portland General Electric Co. | 33,672 | 1,363,043 | |||||
PPL Corp. | 166,991 | 3,934,308 | |||||
Xcel Energy, Inc. | 35,289 | 2,019,237 | |||||
20,960,736 | |||||||
Total Common Stocks (cost $367,362,158) | 392,177,695 | ||||||
1-Day | |||||||
Investment Companies - .4% | |||||||
Registered Investment Companies - .4% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.40 | 1,509,783 | d | 1,509,783 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Investment of Cash Collateral for Securities Loaned - .5% | |||||||
Registered Investment Companies - .5% | |||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 5.40 | 2,200,754 | d | 2,200,754 | |||
Total Investments (cost $371,072,695) | 100.4% | 395,888,232 | |||||
Liabilities, Less Cash and Receivables | (.4%) | (1,708,337) | |||||
Net Assets | 100.0% | 394,179,895 |
a Non-income producing security.
b Security, or portion thereof, on loan. At September 30, 2023, the value of the fund’s securities on loan was $8,679,649 and the value of the collateral was $8,901,468, consisting of cash collateral of $2,200,754 and U.S. Government & Agency securities valued at $6,700,714. In addition, the value of collateral may include pending sales that are also on loan.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
The following is a summary of the inputs used as of September 30, 2023 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments in Securities:† | ||||||
Equity Securities - Common Stocks | 392,177,695 | - | - | 392,177,695 | ||
Investment Companies | 3,710,537 | - | - | 3,710,537 |
† 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 September 30, 2023, accumulated net unrealized appreciation on investments was $24,815,537, consisting of $54,525,896 gross unrealized appreciation and $29,710,359 gross unrealized depreciation.
At September 30, 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.