NPORT-EX 2 c10914bnymellondiv-june20211.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Diversified Emerging Markets Fund

June 30, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3%

     

Brazil - 4.3%

     

B3 - Brasil Bolsa Balcao

   

328,800

 

1,107,282

 

Banco do Brasil

   

148,100

 

956,406

 

BB Seguridade Participacoes

   

55,100

 

256,900

 

BRF

   

12,700

a 

69,503

 

Cia de Saneamento de Minas Gerais-COPASA

   

187,500

 

582,050

 

Cia Siderurgica Nacional

   

70,400

 

619,386

 

Cyrela Brazil Realty Empreendimentos e Participacoes

   

202,800

 

964,705

 

IRB Brasil Resseguros

   

10,600

 

12,254

 

JBS

   

57,400

 

336,866

 

Minerva

   

238,200

 

448,738

 

Petroleo Brasileiro, ADR

   

128,623

 

1,573,059

 

TIM

   

137,400

 

318,790

 

Vale

   

73,700

 

1,674,987

 

WEG

   

87,600

 

592,477

 
    

9,513,403

 

Chile - .1%

     

Enel Americas

   

1,715,057

 

251,751

 

Enel Generacion Chile

   

64,627

 

17,738

 
    

269,489

 

China - 20.6%

     

Agile Group Holdings

   

344,000

 

445,712

 

Agricultural Bank of China, Cl. H

   

1,342,000

 

466,674

 

Alibaba Group Holding, ADR

   

28,044

a 

6,359,818

 

Anhui Conch Cement, Cl. H

   

174,200

 

924,364

 

ANTA Sports Products

   

15,200

 

357,864

 

BAIC Motor, Cl. H

   

111,000

b 

41,316

 

Baidu, ADR

   

3,197

a 

651,868

 

CGN Power, Cl. H

   

1,770,000

b 

394,382

 

China Aoyuan Group

   

359,000

 

302,854

 

China CITIC Bank, Cl. H

   

1,386,000

 

656,914

 

China Construction Bank, Cl. H

   

2,723,700

 

2,143,375

 

China Everbright Bank, Cl. A

   

711,600

a 

416,292

 

China Evergrande Group

   

38,000

 

49,529

 

China Galaxy Securities, Cl. H

   

815,500

 

486,298

 

China Hongqiao Group

   

367,000

 

497,255

 

China Life Insurance, Cl. H

   

271,400

 

538,305

 

China Medical System Holdings

   

158,100

 

416,412

 

China Merchants Bank, Cl. H

   

85,500

 

729,541

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3% (continued)

     

China - 20.6% (continued)

     

China Minsheng Banking, Cl. H

   

833,000

 

399,104

 

China National Building Material, Cl. H

   

242,300

 

284,607

 

China Pacific Insurance Group, Cl. H

   

65,500

 

206,261

 

China Shenhua Energy, Cl. H

   

781,700

 

1,532,331

 

China Vanke, Cl. H

   

13,600

 

42,564

 

Chongqing Rural Commercial Bank, Cl. H

   

731,700

 

289,314

 

Cosco Shipping Holdings, Cl. H

   

611,500

a,c 

1,540,505

 

Country Garden Services Holdings

   

27,000

 

291,758

 

ENN Energy Holdings

   

61,400

 

1,168,801

 

Fosun International

   

158,600

 

228,372

 

GSX Techedu, ADR

   

671

a 

9,911

 

Industrial & Commercial Bank of China, Cl. H

   

789,600

 

463,735

 

Industrial Bank, Cl. A

   

132,100

 

420,131

 

JD.com, ADR

   

11,095

a 

885,492

 

Kingdee International Software Group

   

6,000

a 

20,362

 

Lenovo Group

   

360,000

 

414,049

 

Li Ning

   

34,500

 

421,236

 

Longfor Group Holdings

   

9,000

b 

50,423

 

Lonking Holdings

   

1,411,000

 

456,140

 

Meituan, Cl. B

   

23,600

a,b 

973,873

 

Momo, ADR

   

10,435

 

159,760

 

NetDragon Websoft Holdings

   

206,000

 

549,206

 

NetEase, ADR

   

3,677

 

423,774

 

New China Life Insurance, Cl. H

   

266,600

 

909,921

 

NIO, ADR

   

13,166

a 

700,431

 

Pinduoduo, ADR

   

3,221

a 

409,131

 

Ping An Insurance Group Company of China, Cl. H

   

140,500

 

1,376,174

 

Shandong Weigao Group Medical Polymer, Cl. H

   

6,800

 

15,870

 

Shanghai Pharmaceuticals Holding, Cl. H

   

281,800

 

615,552

 

Sinopharm Group, Cl. H

   

42,600

 

126,742

 

Sinotruk Hong Kong

   

533,700

 

1,143,795

 

Tencent Holdings

   

137,800

 

10,364,772

 

Times China Holdings

   

266,000

 

304,223

 

Tingyi Cayman Islands Holding

   

131,200

 

261,917

 

Uni-President China Holdings

   

395,200

 

436,210

 

Vipshop Holdings, ADR

   

7,073

a 

142,026

 

Weichai Power, Cl. H

   

127,000

a 

282,320

 

Yanzhou Coal Mining, Cl. H

   

296,700

 

398,947

 

Yihai International Holding

   

6,000

 

40,300

 

Yum China Holdings

   

1,648

 

109,180

 

Zhongsheng Group Holdings

   

54,200

 

450,951

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3% (continued)

     

China - 20.6% (continued)

     

Zoomlion Heavy Industry Science & Technology, Cl. A

   

318,800

 

455,890

 

Zoomlion Heavy Industry Science & Technology, Cl. H

   

398,300

 

417,060

 
    

46,071,894

 

Colombia - .1%

     

Interconexion Electrica

   

42,745

 

252,279

 

Greece - .1%

     

Hellenic Telecommunications Organization

   

15,364

 

257,783

 

Hong Kong - 1.6%

     

Bosideng International Holdings

   

1,478,500

 

1,056,846

 

China Overseas Land & Investment

   

19,700

 

44,757

 

China Resources Cement Holdings

   

366,000

 

347,885

 

China Resources Land

   

36,000

 

145,821

 

China Taiping Insurance Holdings

   

152,600

 

253,930

 

Kingboard Laminates Holdings

   

9,500

 

21,314

 

Kunlun Energy

   

84,000

 

77,462

 

Nine Dragons Paper Holdings

   

53,000

 

67,988

 

Shanghai Industrial Holdings

   

900

 

1,328

 

Shanghai Industrial Urban Development Group

   

108,200

 

10,173

 

Shimao Group Holdings

   

199,000

 

487,998

 

SITC International Holdings

   

230,000

 

961,259

 
    

3,476,761

 

Hungary - .2%

     

MOL Hungarian Oil & Gas

   

1,692

a 

13,462

 

Richter Gedeon

   

20,978

 

558,480

 
    

571,942

 

India - 4.8%

     

Aurobindo Pharma

   

13,240

 

171,926

 

Bajaj Finance

   

925

 

74,864

 

Cipla

   

10,563

a 

138,116

 

Colgate-Palmolive India

   

16,105

 

365,260

 

Dr. Reddy's Laboratories

   

4,492

 

327,732

 

Glenmark Pharmaceuticals

   

59,185

a 

519,591

 

Hero MotoCorp

   

15,581

 

608,441

 

Hindalco Industries

   

14,784

a 

74,000

 

Hindustan Unilever

   

4,596

 

152,806

 

Housing Development Finance

   

25,841

 

860,526

 

Indus Towers

   

72,842

 

233,872

 

Infosys

   

83,634

 

1,778,671

 

ITC

   

144,408

 

393,805

 

Mindtree

   

23,378

 

817,900

 

Motherson Sumi Systems

   

255,801

a 

833,169

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3% (continued)

     

India - 4.8% (continued)

     

REC

   

220,972

 

441,617

 

Reliance Industries

   

11,956

 

339,499

 

Shriram Transport Finance

   

40,848

 

737,852

 

Tata Consultancy Services

   

14,202

 

639,262

 

Tata Motors

   

117,759

a 

538,019

 

Tech Mahindra

   

15,090

 

222,391

 

The Tata Power Company

   

322

 

529

 

Wipro

   

58,165

 

426,984

 
    

10,696,832

 

Indonesia - .4%

     

Gudang Garam

   

53,700

a 

163,692

 

Indah Kiat Pulp & Paper

   

210,000

a 

107,897

 

Indofood CBP Sukses Makmur

   

295,100

a 

165,867

 

Indofood Sukses Makmur

   

1,070,900

a 

456,056

 

XL Axiata

   

172,000

 

31,672

 
    

925,184

 

Malaysia - .7%

     

Hartalega Holdings

   

140,700

 

249,102

 

RHB Bank

   

441,500

 

574,274

 

Sime Darby

   

880,000

 

462,098

 

Supermax

   

165,900

 

131,873

 

Top Glove

   

196,800

 

197,677

 
    

1,615,024

 

Mexico - .6%

     

America Movil, Ser. L

   

429,500

 

323,192

 

Coca-Cola Femsa

   

6,585

 

34,851

 

Fibra Uno Administracion

   

14,300

 

15,423

 

Grupo Financiero Banorte, Cl. O

   

41,500

 

267,229

 

Grupo Mexico, Ser. B

   

134,600

 

634,444

 
    

1,275,139

 

Philippines - .5%

     

Aboitiz Equity Ventures

   

280,240

 

241,977

 

Ayala Land

   

50,700

 

37,442

 

Globe Telecom

   

2,720

 

102,526

 

International Container Terminal Services

   

201,240

 

674,854

 

Metro Pacific Investments

   

70,000

 

5,578

 

SM Prime Holdings

   

54,300

 

40,601

 
    

1,102,978

 

Poland - .4%

     

CD Projekt

   

560

 

27,173

 

KGHM Polska Miedz

   

6,904

 

339,768

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3% (continued)

     

Poland - .4% (continued)

     

Polskie Gornictwo Naftowe i Gazownictwo

   

275,930

 

482,823

 
    

849,764

 

Qatar - .2%

     

The Commercial Bank

   

343,209

 

496,762

 

Russia - 2.6%

     

Lukoil, ADR

   

23,771

 

2,201,670

 

MMC Norilsk Nickel, ADR

   

12,128

 

413,201

 

Sberbank of Russia, ADR

   

131,850

 

2,189,370

 

Sistema, GDR

   

3,869

 

33,273

 

Tatneft, ADR

   

7,334

 

319,909

 

X5 Retail Group, GDR

   

16,313

 

571,934

 
    

5,729,357

 

Saudi Arabia - .8%

     

Abdullah Al Othaim Markets

   

3,425

 

113,235

 

Al Rajhi Bank

   

25,500

 

754,679

 

Bupa Arabia for Cooperative Insurance

   

10,881

 

360,321

 

Jarir Marketing

   

8,217

 

462,707

 

The Savola Group

   

2,639

 

30,361

 
    

1,721,303

 

South Africa - 2.7%

     

Anglo American Platinum

   

449

 

51,862

 

AngloGold Ashanti

   

14,738

 

274,005

 

Growthpoint Properties

   

19,705

 

20,561

 

Impala Platinum Holdings

   

100,115

 

1,650,986

 

Investec

   

104,690

 

399,699

 

Kumba Iron Ore

   

6,606

 

296,340

 

MTN Group

   

59,041

a 

426,807

 

MultiChoice Group

   

40,401

 

331,979

 

Naspers, Cl. N

   

1,666

 

349,789

 

Ninety One

   

203

 

608

 

Redefine Properties

   

23,528

a 

7,052

 

Resilient REIT

   

2,677

 

9,776

 

Sibanye Stillwater

   

411,037

 

1,717,260

 

The Foschini Group

   

41,739

c 

464,858

 
    

6,001,582

 

South Korea - 8.9%

     

Celltrion

   

836

a 

199,322

 

CJ CheilJedang

   

989

 

404,856

 

DB Insurance

   

12,547

 

610,554

 

DL E&C

   

309

a 

38,963

 

Dl Holdings

   

305

 

21,667

 

Doosan Bobcat

   

3,338

 

142,276

 

Doosan Heavy Industries & Construction

   

12,840

a 

271,930

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3% (continued)

     

South Korea - 8.9% (continued)

     

Hana Financial Group

   

13,812

 

564,794

 

Hyundai Glovis

   

2,182

 

404,953

 

Hyundai Mobis

   

7,986

 

2,070,694

 

Kakao

   

2,290

 

331,457

 

KB Financial Group

   

13,676

 

677,637

 

Kia Motors

   

5,509

 

438,313

 

Korea Investment Holdings

   

7,926

 

724,928

 

Kumho Petrochemical

   

6,924

 

1,346,496

 

LG Electronics

   

8,383

 

1,217,085

 

Mirae Asset Daewoo

   

90,918

 

761,317

 

NAVER

   

96

 

35,590

 

NCSoft

   

121

 

88,105

 

Osstem Implant

   

4,195

 

423,542

 

POSCO

   

3,261

 

1,007,706

 

Posco International

   

1,191

 

24,642

 

Samsung Biologics

   

20

a,b 

14,936

 

Samsung Electronics

   

85,398

 

6,119,627

 

Samsung SDI

   

140

 

86,774

 

Samsung Securities

   

21,223

 

847,111

 

Seegene

   

1,200

 

88,123

 

Shinhan Financial Group

   

26,918

 

970,449

 
    

19,933,847

 

Taiwan - 10.9%

     

Accton Technology

   

6,000

a 

71,171

 

Chailease Holding

   

331,895

a 

2,412,157

 

Evergreen Marine

   

349,000

a 

2,467,582

 

Hotai Motor

   

7,000

 

154,257

 

MediaTek

   

83,000

 

2,865,716

 

Micro-Star International

   

122,000

 

689,637

 

momo.com

   

38,000

 

2,570,839

 

Nanya Technology

   

93,000

 

266,024

 

Powertech Technology

   

77,000

a 

297,084

 

Realtek Semiconductor

   

43,000

a 

779,363

 

Standard Foods

   

3,000

 

5,825

 

Taiwan Semiconductor Manufacturing

   

519,600

 

11,095,989

 

United Microelectronics

   

225,000

a 

428,802

 

Zhen Ding Technology Holding

   

81,000

 

305,249

 
    

24,409,695

 

Thailand - .7%

     

Advanced Info Service, NVDR

   

44,000

 

234,758

 

Krungthai Card

   

9,600

 

20,069

 

PTT Exploration & Production, NVDR

   

29,000

 

105,866

 

Sri Trang Gloves Thailand

   

278,600

 

362,919

 

Thai Union Group, NVDR

   

721,400

 

445,670

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 62.3% (continued)

     

Thailand - .7% (continued)

     

Thanachart Capital

   

311,000

 

334,774

 
    

1,504,056

 

Turkey - .9%

     

BIM Birlesik Magazalar

   

64,209

 

458,333

 

Emlak Konut Gayrimenkul Yatirim Ortakligi

   

16,792

 

3,607

 

Eregli Demir ve Celik Fabrikalari

   

396,128

 

818,940

 

KOC Holding

   

12,702

 

26,741

 

Turkcell Iletisim Hizmetleri

   

99,082

 

183,216

 

Turkiye Vakiflar Bankasi, Cl. D

   

1,075,869

 

432,485

 
    

1,923,322

 

United Arab Emirates - .0%

     

Dubai Islamic Bank

   

13,973

 

18,336

 

Emaar Properties

   

35,277

 

39,953

 
    

58,289

 

Uruguay - .2%

     

Globant

   

2,203

a 

482,854

 

Total Common Stocks (cost $93,526,363)

   

139,139,539

 
        

Exchange-Traded Funds - 1.9%

     

United States - 1.9%

     

iShares MSCI Emerging Markets ETF
(cost $4,036,182)

   

74,786

 

4,124,447

 
  

Preferred Dividend
Yield (%)

     

Preferred Stocks - .9%

     

Brazil - .7%

     

Banco do Estado do Rio Grande do Sul, Cl. B

 

6.04

 

193,000

 

514,144

 

Cia Energetica de Minas Gerais

 

7.21

 

166,852

 

407,251

 

Cia Paranaense de Energia, Cl. B

 

16.11

 

581,000

 

689,191

 
    

1,610,586

 

South Korea - .2%

     

Samsung Electronics

 

3.66

 

4,773

 

312,365

 

Total Preferred Stocks (cost $1,720,721)

   

1,922,951

 
  

1-Day
Yield (%)

     

Investment Companies - 33.7%

     

Registered Investment Companies - 33.7%

     

BNY Mellon Global Emerging Markets Fund, Cl. Y
(cost $36,546,621)

   

2,707,325

d 

75,209,480

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 
        

Investment of Cash Collateral for Securities Loaned - .6%

     

Registered Investment Companies - .6%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $1,374,704)

 

0.01

 

1,374,704

d 

1,374,704

 

Total Investments (cost $137,204,591)

 

99.4%

 

221,771,121

 

Cash and Receivables (Net)

 

.6%

 

1,415,285

 

Net Assets

 

100.0%

 

223,186,406

 

ADR—American Depository Receipt

ETF—Exchange-Traded Fund

GDR—Global Depository Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

a Non-income producing security.

b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities were valued at $1,474,930 or .66% of net assets.

c Security, or portion thereof, on loan. At June 30, 2021, the value of the fund’s securities on loan was $1,306,946 and the value of the collateral was $1,374,704.

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.


STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
BNY Mellon Diversified Emerging Markets Fund

June 30, 2021 (Unaudited)

      

Counterparty/ Purchased
Currency

Purchased Currency
Amounts

Currency
Sold

Sold
Currency
Amounts

Settlement Date

Unrealized (Depreciation) ($)

UBS Securities

United States Dollar

18,443

British Pound

13,334

7/1/2021

(2)

Gross Unrealized Depreciation

  

(2)

See notes to financial statements.


STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
BNY Mellon Diversified Emerging Markets Fund

June 30, 2021 (Unaudited)

The following is a summary of the inputs used as of June 30, 2021 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

139,139,539

-

 

-

139,139,539

Equity Securities - Preferred Stocks

1,922,951

-

 

-

1,922,951

Exchange-Traded Funds

4,124,447

-

 

-

4,124,447

Investment Companies

76,584,184

-

 

-

76,584,184

Liabilities ($)

     

Other Financial Instruments:

     

Forward Foreign Currency Exchange Contracts††

-

(2)

 

-

(2)

See Statement of Investments for additional detailed categorizations, if any.

†† Amount shown represents unrealized (depreciation) at period end.


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation


purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. These securities are generally categorized within Level 2 of the fair value hierarchy.

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 fund's Board Members (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.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at June 30, 2021 is discussed below.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.

At June 30, 2021, accumulated net unrealized appreciation on investments was $84,566,530, consisting of $88,335,374 gross unrealized appreciation and $3,768,844 gross unrealized depreciation.

At June 30, 2021, 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.