0001775697-23-000206.txt : 20230324 0001775697-23-000206.hdr.sgml : 20230324 20230324111414 ACCESSION NUMBER: 0001775697-23-000206 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230131 FILED AS OF DATE: 20230324 DATE AS OF CHANGE: 20230324 PERIOD START: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNY Mellon Investment Funds IV, Inc. CENTRAL INDEX KEY: 0000819940 IRS NUMBER: 134024319 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05202 FILM NUMBER: 23758575 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2129226400 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS/LAUREL FUNDS, INC. 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N N N STRYKER CORP 5493002F0SC4JTBU5137 STRYKER CORP 863667101 20169.00 NS USD 5119093.89 0.2472421197585 Long EC CORP US N 1 N N N EDISON INTERNATIONAL 549300I7ROF15MAEVP56 EDISON INTERNATIONAL 281020107 22695.00 NS USD 1563685.50 0.0755229198688 Long EC CORP US N 1 N N N ZIMMER BIOMET HOLDINGS INC 2P2YLDVPES3BXQ1FRB91 ZIMMER BIOMET HOLDINGS INC 98956P102 12569.00 NS USD 1600536.46 0.0773027484208 Long EC CORP US N 1 N N N JPMORGAN CHASE & CO 8I5DZWZKVSZI1NUHU748 JPMORGAN CHASE & CO 46625H100 176700.00 NS USD 24730932.00 1.1944551482499 Long EC CORP US N 1 N N N ESH3 INDEX N/A S&P500 EMINI FUT MAR23 N/A 88.00 NC USD 17996000.00 0.869171240611 Long DE US N 1 N/A N/A Long ESH3 INDEX_REF S&P500 EMINI FUT MAR23 2023-03-17 17996000.00 USD 255800.66 N N N DREYFUS INSTITUTIONAL PREFERRE 549300RBWL04JG8SIX57 Dreyfus Institutional Preferred Government Plus Money Market Fund N/A 12695399.24 OU Other Units USD 12695399.24 0.6131626976818 Long STIV RF US N 1 2099-12-01 Variable 4.404325 N N N N N N 99VVB9HH4 N/A DREYFUS INST PREF GOVT PLUS-SL #4134 99VVB9HH4 730375.50 OU Other Units USD 730375.50 0.0352756934567 Long RF US N 1 N N 2023-03-23 BNY Mellon Advantage Funds, Inc. James Windels James Windels Fund Treasurer XXXX NPORT-EX 2 c10407bnymellon-january20231.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Institutional S&P 500 Stock Index Fund

January 31, 2023 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3%

     

Automobiles & Components - 1.8%

     

Aptiv PLC

   

16,298

a 

1,843,141

 

BorgWarner, Inc.

   

13,693

 

647,405

 

Ford Motor Co.

   

237,276

 

3,205,599

 

General Motors Co.

   

85,408

 

3,358,243

 

Tesla, Inc.

   

161,693

a 

28,008,461

 
    

37,062,849

 

Banks - 3.9%

     

Bank of America Corp.

   

420,455

 

14,917,743

 

Citigroup, Inc.

   

116,331

 

6,074,805

 

Citizens Financial Group, Inc.

   

30,119

 

1,304,755

 

Comerica, Inc.

   

8,136

 

596,450

 

Fifth Third Bancorp

   

42,075

 

1,526,902

 

First Republic Bank

   

10,862

 

1,530,239

 

Huntington Bancshares, Inc.

   

88,194

 

1,337,903

 

JPMorgan Chase & Co.

   

176,700

 

24,730,932

 

KeyCorp

   

57,809

 

1,109,355

 

M&T Bank Corp.

   

10,366

 

1,617,096

 

Regions Financial Corp.

   

56,942

 

1,340,415

 

Signature Bank

   

3,945

 

508,708

 

SVB Financial Group

   

3,492

a 

1,056,120

 

The PNC Financial Services Group, Inc.

   

24,328

 

4,024,581

 

Truist Financial Corp.

   

80,018

 

3,952,089

 

U.S. Bancorp

   

81,573

 

4,062,335

 

Wells Fargo & Co.

   

229,549

 

10,758,962

 

Zions Bancorp NA

   

9,341

 

496,568

 
    

80,945,958

 

Capital Goods - 5.8%

     

3M Co.

   

33,393

 

3,842,866

 

A.O. Smith Corp.

   

7,837

 

530,565

 

Allegion PLC

   

5,247

 

616,785

 

AMETEK, Inc.

   

13,920

 

2,017,286

 

Carrier Global Corp.

   

49,871

 

2,270,627

 

Caterpillar, Inc.

   

31,350

 

7,909,291

 

Cummins, Inc.

   

8,625

 

2,152,282

 

Deere & Co.

   

16,546

 

6,996,311

 

Dover Corp.

   

8,339

 

1,266,110

 

Eaton Corp.

   

23,997

 

3,892,553

 

Emerson Electric Co.

   

35,567

 

3,208,855

 

Fastenal Co.

   

34,500

 

1,743,975

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Capital Goods - 5.8% (continued)

     

Fortive Corp.

   

21,158

 

1,439,379

 

Generac Holdings, Inc.

   

3,892

a 

469,375

 

General Dynamics Corp.

   

13,533

 

3,154,001

 

General Electric Co.

   

66,222

 

5,329,547

 

Honeywell International, Inc.

   

40,501

 

8,443,648

 

Howmet Aerospace, Inc.

   

22,685

 

923,053

 

Huntington Ingalls Industries, Inc.

   

2,464

 

543,411

 

IDEX Corp.

   

4,620

 

1,107,322

 

Illinois Tool Works, Inc.

   

16,871

 

3,982,231

 

Ingersoll Rand, Inc.

   

24,820

 

1,389,920

 

Johnson Controls International PLC

   

41,323

 

2,874,841

 

L3Harris Technologies, Inc.

   

11,359

 

2,440,140

 

Lockheed Martin Corp.

   

14,026

 

6,497,685

 

Masco Corp.

   

13,149

 

699,527

 

Nordson Corp.

   

3,321

 

807,999

 

Northrop Grumman Corp.

   

8,716

 

3,905,117

 

Otis Worldwide Corp.

   

25,526

 

2,099,003

 

PACCAR, Inc.

   

20,741

 

2,267,199

 

Parker-Hannifin Corp.

   

7,676

 

2,502,376

 

Pentair PLC

   

9,727

 

538,681

 

Quanta Services, Inc.

   

8,427

 

1,282,505

 

Raytheon Technologies Corp.

   

88,558

 

8,842,516

 

Rockwell Automation, Inc.

   

6,968

 

1,965,185

 

Snap-on, Inc.

   

3,294

 

819,317

 

Stanley Black & Decker, Inc.

   

8,847

 

790,126

 

Textron, Inc.

   

12,503

 

910,844

 

The Boeing Company

   

33,749

a 

7,188,537

 

Trane Technologies PLC

   

13,926

 

2,494,425

 

TransDigm Group, Inc.

   

3,147

a 

2,258,759

 

United Rentals, Inc.

   

4,093

 

1,804,808

 

W.W. Grainger, Inc.

   

2,710

 

1,597,491

 

Westinghouse Air Brake Technologies Corp.

   

11,130

 

1,155,405

 

Xylem, Inc.

   

10,725

 

1,115,507

 
    

120,087,386

 

Commercial & Professional Services - .8%

     

Cintas Corp.

   

5,284

 

2,344,722

 

Copart, Inc.

   

25,731

a 

1,713,942

 

CoStar Group, Inc.

   

24,156

a 

1,881,752

 

Equifax, Inc.

   

7,335

 

1,629,837

 

Jacobs Solutions, Inc.

   

7,655

 

945,775

 

Leidos Holdings, Inc.

   

7,929

 

783,702

 

Republic Services, Inc.

   

12,330

 

1,539,031

 

Robert Half International, Inc.

   

6,384

 

536,001

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Commercial & Professional Services - .8% (continued)

     

Rollins, Inc.

   

13,655

 

497,042

 

Verisk Analytics, Inc.

   

9,471

 

1,721,733

 

Waste Management, Inc.

   

22,498

 

3,481,116

 
    

17,074,653

 

Consumer Durables & Apparel - .9%

     

D.R. Horton, Inc.

   

19,116

 

1,886,558

 

Garmin Ltd.

   

9,382

 

927,692

 

Hasbro, Inc.

   

7,601

 

449,751

 

Lennar Corp., Cl. A

   

15,617

 

1,599,181

 

Mohawk Industries, Inc.

   

3,235

a 

388,394

 

Newell Brands, Inc.

   

21,985

b 

350,881

 

NIKE, Inc., Cl. B

   

75,885

 

9,662,437

 

NVR, Inc.

   

183

a 

964,410

 

PulteGroup, Inc.

   

14,300

 

813,527

 

Ralph Lauren Corp.

   

2,665

b 

330,060

 

Tapestry, Inc.

   

14,081

 

641,671

 

VF Corp.

   

20,824

 

644,295

 

Whirlpool Corp.

   

3,228

 

502,245

 
    

19,161,102

 

Consumer Services - 2.1%

     

Booking Holdings, Inc.

   

2,337

a 

5,688,492

 

Caesars Entertainment, Inc.

   

12,357

a 

643,305

 

Carnival Corp.

   

59,268

a 

641,280

 

Chipotle Mexican Grill, Inc.

   

1,660

a 

2,732,991

 

Darden Restaurants, Inc.

   

7,576

 

1,121,021

 

Domino's Pizza, Inc.

   

2,191

 

773,423

 

Expedia Group, Inc.

   

8,838

a 

1,010,183

 

Hilton Worldwide Holdings, Inc.

   

16,346

 

2,371,641

 

Las Vegas Sands Corp.

   

20,003

a 

1,180,177

 

Marriott International, Inc., Cl. A

   

16,109

 

2,805,866

 

McDonald's Corp.

   

44,122

 

11,798,223

 

MGM Resorts International

   

18,482

 

765,340

 

Norwegian Cruise Line Holdings Ltd.

   

25,490

a 

387,703

 

Royal Caribbean Cruises Ltd.

   

13,662

a,b 

887,210

 

Starbucks Corp.

   

69,151

 

7,547,140

 

Wynn Resorts Ltd.

   

6,166

a,b 

639,044

 

Yum! Brands, Inc.

   

16,998

 

2,218,409

 
    

43,211,448

 

Diversified Financials - 5.4%

     

American Express Co.

   

35,852

 

6,271,590

 

Ameriprise Financial, Inc.

   

6,422

 

2,248,471

 

Berkshire Hathaway, Inc., Cl. B

   

108,538

a 

33,811,758

 

BlackRock, Inc.

   

9,045

 

6,867,054

 

Capital One Financial Corp.

   

22,827

 

2,716,413

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Diversified Financials - 5.4% (continued)

     

Cboe Global Markets, Inc.

   

6,157

 

756,572

 

CME Group, Inc.

   

21,709

 

3,835,112

 

Discover Financial Services

   

16,465

 

1,921,959

 

FactSet Research Systems, Inc.

   

2,236

 

945,694

 

Franklin Resources, Inc.

   

17,715

b 

552,708

 

Intercontinental Exchange, Inc.

   

33,681

 

3,622,392

 

Invesco Ltd.

   

26,311

 

487,017

 

MarketAxess Holdings, Inc.

   

2,301

 

837,219

 

Moody's Corp.

   

9,468

 

3,055,797

 

Morgan Stanley

   

79,415

 

7,729,462

 

MSCI, Inc.

   

4,784

 

2,542,983

 

Nasdaq, Inc.

   

20,343

 

1,224,445

 

Northern Trust Corp.

   

12,652

 

1,226,864

 

Raymond James Financial, Inc.

   

11,473

 

1,293,810

 

S&P Global, Inc.

   

20,060

 

7,521,296

 

State Street Corp.

   

22,262

 

2,033,188

 

Synchrony Financial

   

26,697

 

980,581

 

T. Rowe Price Group, Inc.

   

13,521

 

1,574,791

 

The Bank of New York Mellon Corp.

   

44,759

 

2,263,463

 

The Charles Schwab Corp.

   

91,887

 

7,113,892

 

The Goldman Sachs Group, Inc.

   

20,400

 

7,462,524

 
    

110,897,055

 

Energy - 5.0%

     

APA Corp.

   

19,599

 

868,824

 

Baker Hughes Co.

   

59,318

 

1,882,753

 

Chevron Corp.

   

107,166

 

18,649,027

 

ConocoPhillips

   

75,065

 

9,148,172

 

Coterra Energy, Inc.

   

46,582

 

1,165,947

 

Devon Energy Corp.

   

39,113

 

2,473,506

 

Diamondback Energy, Inc.

   

10,618

 

1,551,502

 

EOG Resources, Inc.

   

35,540

 

4,700,165

 

EQT Corp.

   

22,841

 

746,215

 

Exxon Mobil Corp.

   

248,091

 

28,781,037

 

Halliburton Co.

   

55,596

 

2,291,667

 

Hess Corp.

   

16,614

 

2,494,758

 

Kinder Morgan, Inc.

   

117,977

 

2,158,979

 

Marathon Oil Corp.

   

38,465

 

1,056,634

 

Marathon Petroleum Corp.

   

28,233

 

3,628,505

 

Occidental Petroleum Corp.

   

44,284

 

2,869,160

 

ONEOK, Inc.

   

26,824

 

1,836,908

 

Phillips 66

   

28,388

 

2,846,465

 

Pioneer Natural Resources Co.

   

14,308

 

3,295,848

 

Schlumberger Ltd.

   

85,871

 

4,892,930

 

Targa Resources Corp.

   

13,949

 

1,046,454

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Energy - 5.0% (continued)

     

The Williams Companies, Inc.

   

72,769

 

2,346,073

 

Valero Energy Corp.

   

23,213

 

3,250,516

 
    

103,982,045

 

Food & Staples Retailing - 1.5%

     

Costco Wholesale Corp.

   

26,663

 

13,628,526

 

Sysco Corp.

   

30,608

 

2,370,896

 

The Kroger Company

   

39,425

 

1,759,538

 

Walgreens Boots Alliance, Inc.

   

43,146

 

1,590,362

 

Walmart, Inc.

   

85,025

 

12,232,547

 
    

31,581,869

 

Food, Beverage & Tobacco - 3.6%

     

Altria Group, Inc.

   

107,963

 

4,862,654

 

Archer-Daniels-Midland Co.

   

32,967

 

2,731,316

 

Brown-Forman Corp., Cl. B

   

10,913

 

726,588

 

Campbell Soup Co.

   

12,310

 

639,258

 

Conagra Brands, Inc.

   

29,071

 

1,081,150

 

Constellation Brands, Inc., Cl. A

   

9,861

 

2,283,019

 

General Mills, Inc.

   

35,576

 

2,787,735

 

Hormel Foods Corp.

   

16,887

 

765,150

 

Kellogg Co.

   

15,248

 

1,045,708

 

Keurig Dr. Pepper, Inc.

   

51,572

 

1,819,460

 

Lamb Weston Holdings, Inc.

   

8,994

 

898,411

 

McCormick & Co., Inc.

   

15,209

 

1,142,500

 

Molson Coors Beverage Co., Cl. B

   

11,057

 

581,377

 

Mondelez International, Inc., Cl. A

   

82,267

 

5,383,552

 

Monster Beverage Corp.

   

23,079

a 

2,402,062

 

PepsiCo, Inc.

   

82,995

 

14,193,805

 

Philip Morris International, Inc.

   

93,386

 

9,734,557

 

The Coca-Cola Company

   

234,463

 

14,377,271

 

The Hershey Company

   

8,695

 

1,952,897

 

The J.M. Smucker Company

   

6,386

 

975,781

 

The Kraft Heinz Company

   

48,579

 

1,968,907

 

Tyson Foods, Inc., Cl. A

   

17,355

 

1,141,091

 
    

73,494,249

 

Health Care Equipment & Services - 6.1%

     

Abbott Laboratories

   

105,035

 

11,611,619

 

Align Technology, Inc.

   

4,273

a 

1,152,556

 

AmerisourceBergen Corp.

   

9,927

 

1,677,266

 

Baxter International, Inc.

   

30,035

 

1,372,299

 

Becton, Dickinson and Co.

   

17,245

 

4,349,534

 

Boston Scientific Corp.

   

86,284

a 

3,990,635

 

Cardinal Health, Inc.

   

15,979

 

1,234,378

 

Centene Corp.

   

33,877

a 

2,582,782

 

Cigna Corp.

   

18,349

 

5,810,578

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Health Care Equipment & Services - 6.1% (continued)

     

CVS Health Corp.

   

79,152

 

6,982,789

 

DaVita, Inc.

   

3,482

a 

286,882

 

Dentsply Sirona, Inc.

   

12,793

 

471,166

 

DexCom, Inc.

   

23,101

a 

2,473,886

 

Edwards Lifesciences Corp.

   

37,669

a 

2,889,212

 

Elevance Health, Inc.

   

14,385

 

7,192,356

 

GE HealthCare Technologies, Inc.

   

21,933

a,b 

1,524,782

 

HCA Healthcare, Inc.

   

12,757

 

3,253,928

 

Henry Schein, Inc.

   

8,420

a 

725,383

 

Hologic, Inc.

   

15,356

a 

1,249,518

 

Humana, Inc.

   

7,636

 

3,907,341

 

IDEXX Laboratories, Inc.

   

4,952

a 

2,379,436

 

Intuitive Surgical, Inc.

   

21,428

a 

5,264,645

 

Laboratory Corp. of America Holdings

   

5,455

 

1,375,315

 

McKesson Corp.

   

8,530

 

3,230,140

 

Medtronic PLC

   

79,961

 

6,691,936

 

Molina Healthcare, Inc.

   

3,554

a 

1,108,244

 

Quest Diagnostics, Inc.

   

6,888

 

1,022,730

 

ResMed, Inc.

   

8,899

 

2,032,265

 

Steris PLC

   

6,114

 

1,262,602

 

Stryker Corp.

   

20,169

 

5,119,094

 

Teleflex, Inc.

   

2,950

 

718,089

 

The Cooper Companies

   

2,910

 

1,015,386

 

UnitedHealth Group, Inc.

   

56,286

 

28,097,408

 

Universal Health Services, Inc., Cl. B

   

3,906

 

578,908

 

Zimmer Biomet Holdings, Inc.

   

12,569

 

1,600,536

 
    

126,235,624

 

Household & Personal Products - 1.6%

     

Church & Dwight Co.

   

14,639

 

1,183,710

 

Colgate-Palmolive Co.

   

50,411

 

3,757,132

 

Kimberly-Clark Corp.

   

20,236

 

2,630,882

 

The Clorox Company

   

7,329

 

1,060,433

 

The Estee Lauder Companies, Cl. A

   

13,932

 

3,860,279

 

The Procter & Gamble Company

   

142,754

 

20,325,315

 
    

32,817,751

 

Insurance - 2.4%

     

Aflac, Inc.

   

33,774

 

2,482,389

 

American International Group, Inc.

   

44,580

 

2,818,348

 

Aon PLC, Cl. A

   

12,461

 

3,971,071

 

Arch Capital Group Ltd.

   

22,376

a 

1,439,896

 

Arthur J. Gallagher & Co.

   

12,615

 

2,469,008

 

Assurant, Inc.

   

3,361

 

445,635

 

Brown & Brown, Inc.

   

14,333

 

839,340

 

Chubb Ltd.

   

24,903

 

5,665,183

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Insurance - 2.4% (continued)

     

Cincinnati Financial Corp.

   

9,494

 

1,074,246

 

Everest Re Group Ltd.

   

2,286

 

799,391

 

Globe Life, Inc.

   

5,520

 

667,092

 

Lincoln National Corp.

   

9,207

 

326,204

 

Loews Corp.

   

11,943

 

734,256

 

Marsh & McLennan Cos., Inc.

   

29,697

 

5,194,302

 

MetLife, Inc.

   

39,545

 

2,887,576

 

Principal Financial Group, Inc.

   

13,908

 

1,287,185

 

Prudential Financial, Inc.

   

22,219

 

2,331,662

 

The Allstate Corp.

   

16,104

 

2,068,881

 

The Hartford Financial Services Group, Inc.

   

18,703

 

1,451,540

 

The Progressive Corp.

   

35,396

 

4,826,245

 

The Travelers Companies, Inc.

   

14,050

 

2,685,236

 

W.R. Berkley Corp.

   

12,634

 

886,149

 

Willis Towers Watson PLC

   

6,615

 

1,681,467

 
    

49,032,302

 

Materials - 2.8%

     

Air Products & Chemicals, Inc.

   

13,361

 

4,282,334

 

Albemarle Corp.

   

6,951

 

1,956,359

 

Amcor PLC

   

90,888

 

1,096,109

 

Avery Dennison Corp.

   

4,804

 

910,070

 

Ball Corp.

   

19,243

 

1,120,712

 

Celanese Corp.

   

5,907

a 

727,742

 

CF Industries Holdings, Inc.

   

11,853

 

1,003,949

 

Corteva, Inc.

   

43,435

 

2,799,386

 

Dow, Inc.

   

42,844

 

2,542,791

 

DuPont de Nemours, Inc.

   

30,452

 

2,251,925

 

Eastman Chemical Co.

   

7,081

 

624,332

 

Ecolab, Inc.

   

15,190

 

2,351,868

 

FMC Corp.

   

7,549

 

1,004,998

 

Freeport-McMoRan, Inc.

   

86,250

 

3,848,475

 

International Flavors & Fragrances, Inc.

   

15,236

 

1,713,441

 

International Paper Co.

   

21,580

 

902,476

 

Linde PLC

   

29,782

 

9,856,055

 

LyondellBasell Industries NV, Cl. A

   

15,060

 

1,456,151

 

Martin Marietta Materials, Inc.

   

3,678

 

1,322,756

 

Newmont Corp.

   

47,491

 

2,513,699

 

Nucor Corp.

   

15,620

 

2,640,092

 

Packaging Corp. of America

   

5,633

 

803,829

 

PPG Industries, Inc.

   

13,943

 

1,817,331

 

Sealed Air Corp.

   

8,627

 

472,415

 

Steel Dynamics, Inc.

   

9,685

 

1,168,398

 

The Mosaic Company

   

20,964

 

1,038,557

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Materials - 2.8% (continued)

     

The Sherwin-Williams Company

   

14,206

 

3,360,998

 

Vulcan Materials Co.

   

7,915

 

1,451,057

 

WestRock Co.

   

15,100

 

592,524

 
    

57,630,829

 

Media & Entertainment - 6.6%

     

Activision Blizzard, Inc.

   

42,847

a 

3,280,795

 

Alphabet, Inc., Cl. A

   

359,821

a 

35,564,708

 

Alphabet, Inc., Cl. C

   

318,966

a 

31,855,134

 

Charter Communications, Inc., Cl. A

   

6,551

a 

2,517,615

 

Comcast Corp., Cl. A

   

259,878

 

10,226,199

 

DISH Network Corp., Cl. A

   

14,539

a 

209,216

 

Electronic Arts, Inc.

   

15,600

 

2,007,408

 

Fox Corp., Cl. A

   

18,211

a 

618,081

 

Fox Corp., Cl. B

   

8,768

a 

277,946

 

Live Nation Entertainment, Inc.

   

8,248

a 

663,882

 

Match Group, Inc.

   

17,087

a 

924,748

 

Meta Platforms, Inc., Cl. A

   

135,463

a 

20,179,923

 

Netflix, Inc.

   

26,809

a 

9,486,633

 

News Corporation, Cl. A

   

23,620

a 

478,541

 

News Corporation, Cl. B

   

6,576

a 

134,413

 

Omnicom Group, Inc.

   

11,962

 

1,028,612

 

Paramount Global, Cl. B

   

31,732

b 

734,913

 

Take-Two Interactive Software, Inc.

   

9,379

a 

1,061,984

 

The Interpublic Group of Companies

   

24,258

 

884,447

 

The Walt Disney Company

   

109,823

a 

11,914,697

 

Warner Bros Discovery, Inc.

   

131,799

a 

1,953,261

 
    

136,003,156

 

Pharmaceuticals Biotechnology & Life Sciences - 8.5%

     

AbbVie, Inc.

   

106,535

 

15,740,546

 

Agilent Technologies, Inc.

   

17,725

 

2,695,618

 

Amgen, Inc.

   

32,143

 

8,112,893

 

Biogen, Inc.

   

8,738

a 

2,541,885

 

Bio-Rad Laboratories Inc., Cl. A

   

1,237

a 

578,248

 

Bio-Techne Corp.

   

9,362

 

745,777

 

Bristol-Myers Squibb Co.

   

128,082

 

9,305,157

 

Catalent, Inc.

   

10,771

a 

576,787

 

Charles River Laboratories International, Inc.

   

3,008

a 

731,696

 

Danaher Corp.

   

39,468

 

10,434,550

 

Eli Lilly & Co.

   

47,509

 

16,350,222

 

Gilead Sciences, Inc.

   

75,443

 

6,332,685

 

Illumina, Inc.

   

9,537

a 

2,042,825

 

Incyte Corp.

   

10,771

a 

917,043

 

IQVIA Holdings, Inc.

   

11,114

a 

2,549,663

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Pharmaceuticals Biotechnology & Life Sciences - 8.5% (continued)

     

Johnson & Johnson

   

157,500

 

25,738,650

 

Merck & Co., Inc.

   

152,735

 

16,405,266

 

Mettler-Toledo International, Inc.

   

1,327

a 

2,034,185

 

Moderna, Inc.

   

19,948

a 

3,512,045

 

Organon & Co.

   

15,271

 

460,115

 

PerkinElmer, Inc.

   

7,436

 

1,022,673

 

Pfizer, Inc.

   

338,153

 

14,932,836

 

Regeneron Pharmaceuticals, Inc.

   

6,481

a 

4,915,644

 

Thermo Fisher Scientific, Inc.

   

23,626

 

13,474,617

 

Vertex Pharmaceuticals, Inc.

   

15,347

a 

4,958,616

 

Viatris, Inc.

   

73,956

 

899,305

 

Waters Corp.

   

3,553

a 

1,167,445

 

West Pharmaceutical Services, Inc.

   

4,538

 

1,205,293

 

Zoetis, Inc.

   

28,194

 

4,665,825

 
    

175,048,110

 

Real Estate - 2.8%

     

Alexandria Real Estate Equities, Inc.

   

9,148

c 

1,470,450

 

American Tower Corp.

   

27,991

c 

6,252,909

 

AvalonBay Communities, Inc.

   

8,323

c 

1,476,833

 

Boston Properties, Inc.

   

8,779

c 

654,387

 

Camden Property Trust

   

6,371

c 

784,971

 

CBRE Group, Inc., Cl. A

   

19,247

a 

1,645,811

 

Crown Castle, Inc.

   

26,132

c 

3,870,411

 

Digital Realty Trust, Inc.

   

17,416

c 

1,996,222

 

Equinix, Inc.

   

5,575

c 

4,115,075

 

Equity Residential

   

20,435

c 

1,300,688

 

Essex Property Trust, Inc.

   

3,799

c 

858,840

 

Extra Space Storage, Inc.

   

8,256

c 

1,303,044

 

Federal Realty Investment Trust

   

4,474

c 

498,985

 

Healthpeak Properties, Inc.

   

33,160

c 

911,237

 

Host Hotels & Resorts, Inc.

   

41,179

c 

776,224

 

Invitation Homes, Inc.

   

35,547

c 

1,155,277

 

Iron Mountain, Inc.

   

17,453

c 

952,585

 

Kimco Realty Corp.

   

37,602

c 

844,541

 

Mid-America Apartment Communities, Inc.

   

6,961

c 

1,160,538

 

Prologis, Inc.

   

55,607

c 

7,188,873

 

Public Storage

   

9,480

c 

2,885,143

 

Realty Income Corp.

   

38,100

c 

2,584,323

 

Regency Centers Corp.

   

9,343

c 

622,524

 

SBA Communications Corp.

   

6,561

c 

1,952,094

 

Simon Property Group, Inc.

   

19,556

c 

2,512,164

 

UDR, Inc.

   

17,811

c 

758,570

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Real Estate - 2.8% (continued)

     

Ventas, Inc.

   

24,183

c 

1,252,921

 

VICI Properties, Inc.

   

58,074

c 

1,984,969

 

Welltower, Inc.

   

28,153

c 

2,112,601

 

Weyerhaeuser Co.

   

43,888

c 

1,511,064

 
    

57,394,274

 

Retailing - 5.7%

     

Advance Auto Parts, Inc.

   

3,528

 

537,244

 

Amazon.com, Inc.

   

534,667

a 

55,140,208

 

AutoZone, Inc.

   

1,155

a 

2,816,872

 

Bath & Body Works, Inc.

   

14,119

 

649,615

 

Best Buy Co., Inc.

   

11,777

 

1,044,855

 

CarMax, Inc.

   

9,586

a,b 

675,334

 

Dollar General Corp.

   

13,561

 

3,167,850

 

Dollar Tree, Inc.

   

12,748

a 

1,914,495

 

eBay, Inc.

   

32,697

 

1,618,501

 

Etsy, Inc.

   

7,400

a 

1,018,092

 

Genuine Parts Co.

   

8,439

 

1,416,233

 

LKQ Corp.

   

15,206

 

896,546

 

Lowe's Cos.

   

37,392

 

7,786,884

 

O'Reilly Automotive, Inc.

   

3,761

a 

2,980,028

 

Pool Corp.

   

2,295

 

884,975

 

Ross Stores, Inc.

   

21,060

 

2,489,081

 

Target Corp.

   

27,840

 

4,792,378

 

The Home Depot, Inc.

   

61,670

 

19,991,564

 

The TJX Companies, Inc.

   

69,671

 

5,703,268

 

Tractor Supply Co.

   

6,576

 

1,499,262

 

Ulta Beauty, Inc.

   

3,089

a 

1,587,622

 
    

118,610,907

 

Semiconductors & Semiconductor Equipment - 5.5%

     

Advanced Micro Devices, Inc.

   

97,130

a 

7,299,319

 

Analog Devices, Inc.

   

30,985

 

5,312,998

 

Applied Materials, Inc.

   

52,189

 

5,818,552

 

Broadcom, Inc.

   

24,398

 

14,273,074

 

Enphase Energy, Inc.

   

8,310

a 

1,839,668

 

First Solar, Inc.

   

6,031

a 

1,071,106

 

Intel Corp.

   

248,615

 

7,025,860

 

KLA Corp.

   

8,537

 

3,350,602

 

Lam Research Corp.

   

8,231

 

4,116,323

 

Microchip Technology, Inc.

   

32,903

 

2,553,931

 

Micron Technology, Inc.

   

65,581

 

3,954,534

 

Monolithic Power Systems, Inc.

   

2,721

 

1,160,670

 

NVIDIA Corp.

   

150,001

 

29,305,695

 

NXP Semiconductors NV

   

15,869

 

2,924,815

 

ON Semiconductor Corp.

   

26,107

a 

1,917,559

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Semiconductors & Semiconductor Equipment - 5.5% (continued)

     

Qorvo, Inc.

   

6,267

a 

680,972

 

Qualcomm, Inc.

   

67,530

 

8,995,671

 

Skyworks Solutions, Inc.

   

9,696

 

1,063,360

 

SolarEdge Technologies, Inc.

   

3,327

a 

1,061,746

 

Teradyne, Inc.

   

9,367

 

952,624

 

Texas Instruments, Inc.

   

54,673

 

9,688,602

 
    

114,367,681

 

Software & Services - 12.7%

     

Accenture PLC, Cl. A

   

37,957

 

10,591,901

 

Adobe, Inc.

   

28,006

a 

10,371,742

 

Akamai Technologies, Inc.

   

9,186

a 

817,095

 

Ansys, Inc.

   

5,148

a 

1,371,221

 

Autodesk, Inc.

   

13,110

a 

2,820,748

 

Automatic Data Processing, Inc.

   

24,917

 

5,626,508

 

Broadridge Financial Solutions, Inc.

   

7,310

 

1,099,132

 

Cadence Design Systems, Inc.

   

16,467

a 

3,010,662

 

Ceridian HCM Holding, Inc.

   

9,515

a 

687,744

 

Cognizant Technology Solutions Corp., Cl. A

   

31,425

 

2,097,619

 

DXC Technology Co.

   

13,163

a 

378,173

 

EPAM Systems, Inc.

   

3,481

a 

1,157,955

 

Fidelity National Information Services, Inc.

   

36,286

 

2,722,901

 

Fiserv, Inc.

   

38,255

a 

4,081,043

 

FLEETCOR Technologies, Inc.

   

4,350

a 

908,324

 

Fortinet, Inc.

   

38,558

a 

2,018,126

 

Gartner, Inc.

   

4,725

a 

1,597,711

 

Gen Digital, Inc.

   

34,892

 

802,865

 

Global Payments, Inc.

   

16,034

 

1,807,352

 

International Business Machines Corp.

   

54,466

 

7,338,204

 

Intuit, Inc.

   

16,970

 

7,172,710

 

Jack Henry & Associates, Inc.

   

4,376

 

788,074

 

Mastercard, Inc., Cl. A

   

51,138

 

18,951,743

 

Microsoft Corp.

   

449,067

 

111,283,293

 

Oracle Corp.

   

92,580

 

8,189,627

 

Paychex, Inc.

   

19,149

 

2,218,603

 

Paycom Software, Inc.

   

2,942

a 

953,031

 

PayPal Holdings, Inc.

   

68,677

a 

5,596,489

 

PTC, Inc.

   

6,285

a 

847,721

 

Roper Technologies, Inc.

   

6,364

 

2,715,837

 

Salesforce, Inc.

   

60,241

a 

10,118,681

 

ServiceNow, Inc.

   

12,237

a 

5,569,426

 

Synopsys, Inc.

   

9,161

a 

3,240,704

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Software & Services - 12.7% (continued)

     

Tyler Technologies, Inc.

   

2,558

a 

825,646

 

Verisign, Inc.

   

5,542

a 

1,208,433

 

Visa, Inc., Cl. A

   

98,495

b 

22,674,534

 
    

263,661,578

 

Technology Hardware & Equipment - 8.0%

     

Amphenol Corp., Cl. A

   

35,713

 

2,848,826

 

Apple, Inc.

   

900,825

 

129,980,039

 

Arista Networks, Inc.

   

14,927

a 

1,881,101

 

CDW Corp.

   

8,110

 

1,589,803

 

Cisco Systems, Inc.

   

247,349

 

12,038,476

 

Corning, Inc.

   

45,659

 

1,580,258

 

F5, Inc.

   

3,561

a 

525,817

 

Hewlett Packard Enterprise Co.

   

76,465

 

1,233,380

 

HP, Inc.

   

53,072

 

1,546,518

 

Juniper Networks, Inc.

   

19,855

 

641,317

 

Keysight Technologies, Inc.

   

10,607

a 

1,902,365

 

Motorola Solutions, Inc.

   

10,011

 

2,572,927

 

NetApp, Inc.

   

12,929

 

856,288

 

Seagate Technology Holdings PLC

   

11,867

 

804,345

 

TE Connectivity Ltd.

   

19,010

 

2,417,121

 

Teledyne Technologies, Inc.

   

2,811

a 

1,192,595

 

Trimble, Inc.

   

15,281

a 

887,215

 

Western Digital Corp.

   

18,664

a 

820,283

 

Zebra Technologies Corp., Cl. A

   

3,080

a 

973,834

 
    

166,292,508

 

Telecommunication Services - 1.2%

     

AT&T, Inc.

   

429,339

 

8,745,635

 

Lumen Technologies, Inc.

   

51,951

 

272,743

 

T-Mobile US, Inc.

   

36,196

a 

5,404,425

 

Verizon Communications, Inc.

   

253,002

 

10,517,293

 
    

24,940,096

 

Transportation - 1.7%

     

Alaska Air Group, Inc.

   

7,560

a 

388,130

 

American Airlines Group, Inc.

   

39,141

a 

631,736

 

C.H. Robinson Worldwide, Inc.

   

7,173

 

718,519

 

CSX Corp.

   

126,652

 

3,916,080

 

Delta Air Lines, Inc.

   

37,858

a 

1,480,248

 

Expeditors International of Washington, Inc.

   

9,788

 

1,058,572

 

FedEx Corp.

   

14,354

 

2,782,666

 

J.B. Hunt Transport Services, Inc.

   

5,148

 

973,229

 

Norfolk Southern Corp.

   

13,955

 

3,430,279

 

Old Dominion Freight Line, Inc.

   

5,524

 

1,840,818

 

Southwest Airlines Co.

   

36,083

 

1,290,689

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.3% (continued)

     

Transportation - 1.7% (continued)

     

Union Pacific Corp.

   

37,036

 

7,562,381

 

United Airlines Holdings, Inc.

   

19,340

a 

946,886

 

United Parcel Service, Inc., Cl. B

   

43,965

 

8,143,637

 
    

35,163,870

 

Utilities - 2.9%

     

Alliant Energy Corp.

   

15,127

 

817,312

 

Ameren Corp.

   

15,351

 

1,333,541

 

American Electric Power Co., Inc.

   

30,850

 

2,898,666

 

American Water Works Co., Inc.

   

10,981

 

1,718,417

 

Atmos Energy Corp.

   

8,300

 

975,582

 

CenterPoint Energy, Inc.

   

38,213

 

1,150,976

 

CMS Energy Corp.

   

17,612

 

1,112,902

 

Consolidated Edison, Inc.

   

21,664

 

2,064,796

 

Constellation Energy Corp.

   

19,718

 

1,683,128

 

Dominion Energy, Inc.

   

50,105

 

3,188,682

 

DTE Energy Co.

   

11,483

 

1,336,277

 

Duke Energy Corp.

   

46,017

 

4,714,442

 

Edison International

   

22,695

 

1,563,685

 

Entergy Corp.

   

12,071

 

1,307,048

 

Evergy, Inc.

   

13,872

 

869,081

 

Eversource Energy

   

20,594

 

1,695,504

 

Exelon Corp.

   

59,451

 

2,508,238

 

FirstEnergy Corp.

   

32,132

 

1,315,805

 

NextEra Energy, Inc.

   

119,709

 

8,933,883

 

NiSource, Inc.

   

25,242

 

700,466

 

NRG Energy, Inc.

   

13,867

 

474,529

 

PG&E Corp.

   

98,533

a,b 

1,566,675

 

Pinnacle West Capital Corp.

   

6,964

 

519,166

 

PPL Corp.

   

45,289

 

1,340,554

 

Public Service Enterprise Group, Inc.

   

30,282

 

1,875,364

 

Sempra Energy

   

19,169

 

3,073,366

 

The AES Corp.

   

41,111

 

1,126,853

 

The Southern Company

   

65,848

 

4,456,593

 

WEC Energy Group, Inc.

   

19,122

 

1,797,277

 

Xcel Energy, Inc.

   

32,656

 

2,245,753

 
    

60,364,561

 

Total Common Stocks (cost $545,620,352)

   

2,055,061,861

 
  

1-Day
Yield (%)

     

Investment Companies - .6%

     

Registered Investment Companies - .6%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $12,695,399)

 

4.41

 

12,695,399

d 

 12,695,399

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 
        

Investment of Cash Collateral for Securities Loaned - .0%

     

Registered Investment Companies - .0%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $730,376)

 

4.41

 

730,376

d 

 730,376

 

Total Investments (cost $559,046,127)

 

99.9%

 

2,068,487,636

 

Cash and Receivables (Net)

 

.1%

 

1,990,442

 

Net Assets

 

100.0%

 

2,070,478,078

 

a Non-income producing security.

b Security, or portion thereof, on loan. At January 31, 2023, the value of the fund’s securities on loan was $29,636,553 and the value of the collateral was $30,079,833, consisting of cash collateral of $730,376 and U.S. Government & Agency securities valued at $29,349,457. 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.

       

Futures

   

Description

Number of
Contracts

Expiration

Notional
Value ($)

Market
Value ($)

Unrealized Appreciation ($)

 

Futures Long

  

Standard & Poor's 500 E-mini

75

3/17/2023

15,119,488

15,337,500

218,012

 

Gross Unrealized Appreciation

 

218,012

 

See notes to financial statements.


STATEMENT OF INVESTMENTS
BNY Mellon Institutional S&P 500 Stock Index Fund

January 31, 2023 (Unaudited)

The following is a summary of the inputs used as of January 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

2,055,061,861

-

 

-

2,055,061,861

 

Investment Companies

13,425,775

-

 

-

13,425,775

 

Other Financial Instruments:

  

Futures††

218,012

-

 

-

218,012

 

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

†† Amount shown represents unrealized appreciation (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:

The Company’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee, effective September 8, 2022, 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.

Financial futures, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 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 January 31, 2023 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.

At January 31, 2023, accumulated net unrealized appreciation on investments was $1,509,441,509, consisting of $1,541,204,199 gross unrealized appreciation and $31,762,690 gross unrealized depreciation.

At January 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.