BNY Mellon Strategic Funds Inc.
BNY Mellon Strategic Funds Inc.
26/07/2024 | Press release | Distributed by Public on 26/07/2024 16:11
Semi Annual Report by Investment Company Form N CSRS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-03940
BNY Mellon Strategic Funds, Inc.
(Exact Name of Registrant as Specified in Charter)
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, New York 10286
(Address of Principal Executive Offices) (Zip Code)
Deirdre Cunnane, Esq.
240 Greenwich Street
New York, New York 10286
(Name and Address of Agent for Service)
Registrant's Telephone Number, including Area Code: (212) 922-6400
Date of fiscal year end: 11/30
Date of reporting period: 05/31/24
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.
BNY Mellon Global Stock Fund
BNY Mellon International Stock Fund
BNY Mellon Select Manager Small Cap Value Fund
FORM N-CSR
Item 1. Reports to Stockholders.
|
BNY Mellon Global Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class A - DGLAX
This semi-annual shareholder report contains important information about BNY Mellon Global Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class A |
$61 |
1.23%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$993 |
49 |
7.51% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Global Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class C - DGLCX
This semi-annual shareholder report contains important information about BNY Mellon Global Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class C |
$102 |
2.05%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$993 |
49 |
7.51% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Global Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class I - DGLRX
This semi-annual shareholder report contains important information about BNY Mellon Global Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class I |
$46 |
0.92%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$993 |
49 |
7.51% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Global Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class Y - DGLYX
This semi-annual shareholder report contains important information about BNY Mellon Global Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class Y |
$45 |
0.89%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$993 |
49 |
7.51% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon International Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class A - DISAX
This semi-annual shareholder report contains important information about BNY Mellon International Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class A |
$62 |
1.25%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$6,213 |
51 |
4.74% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon International Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class C - DISCX
This semi-annual shareholder report contains important information about BNY Mellon International Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class C |
$99 |
1.97%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$6,213 |
51 |
4.74% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon International Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class I - DISRX
This semi-annual shareholder report contains important information about BNY Mellon International Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class I |
$46 |
0.92%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$6,213 |
51 |
4.74% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon International Stock Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class Y - DISYX
This semi-annual shareholder report contains important information about BNY Mellon International Stock Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class Y |
$44 |
0.88%* |
|
* |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$6,213 |
51 |
4.74% |
Portfolio Holdings (as of 5/31/24)
Country Allocation (Based on Net Assets)
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Top Ten Holdings (Based on Net Assets)*
* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Select Managers Small Cap Value Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class A - DMVAX
This semi-annual shareholder report contains important information about BNY Mellon Select Managers Small Cap Value Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class A* |
$65 |
1.30%** |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
|
** |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$92 |
149 |
37.00% |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
How has the Fund changed?
• The Board of Directors has approved the liquidation of the Fund, effective on or about July 26, 2024 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax. Accordingly, effective on or about June 21, 2024 (the "Closing Date"), the Fund was closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the Fund is established as an investment option under the plans before the Closing Date.
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's current prospectus, dated March 29, 2024, as supplemented on May 16, 2024, which is available at im.bnymellon.com/literaturecenteror upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Select Managers Small Cap Value Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class C - DMECX
This semi-annual shareholder report contains important information about BNY Mellon Select Managers Small Cap Value Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class C* |
$103 |
2.05%** |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
|
** |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$92 |
149 |
37.00% |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
How has the Fund changed?
• The Board of Directors has approved the liquidation of the Fund, effective on or about July 26, 2024 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax. Accordingly, effective on or about June 21, 2024 (the "Closing Date"), the Fund was closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the Fund is established as an investment option under the plans before the Closing Date.
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's current prospectus, dated March 29, 2024, as supplemented on May 16, 2024, which is available at im.bnymellon.com/literaturecenteror upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Select Managers Small Cap Value Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class I - DMVIX
This semi-annual shareholder report contains important information about BNY Mellon Select Managers Small Cap Value Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class I* |
$53 |
1.05%** |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
|
** |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$92 |
149 |
37.00% |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
How has the Fund changed?
• The Board of Directors has approved the liquidation of the Fund, effective on or about July 26, 2024 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax. Accordingly, effective on or about June 21, 2024 (the "Closing Date"), the Fund was closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the Fund is established as an investment option under the plans before the Closing Date.
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's current prospectus, dated March 29, 2024, as supplemented on May 16, 2024, which is available at im.bnymellon.com/literaturecenteror upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
BNY Mellon Select Managers Small Cap Value Fund |
SEMI-ANNUAL MAY 31, 2024 |
Class Y - DMVYX
This semi-annual shareholder report contains important information about BNY Mellon Select Managers Small Cap Value Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at im.bnymellon.com/literaturecenter. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Class Y* |
$53 |
1.05%** |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
|
** |
Annualized |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
|
$92 |
149 |
37.00% |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
How has the Fund changed?
• The Board of Directors has approved the liquidation of the Fund, effective on or about July 26, 2024 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax. Accordingly, effective on or about June 21, 2024 (the "Closing Date"), the Fund was closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the Fund is established as an investment option under the plans before the Closing Date.
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund's current prospectus, dated March 29, 2024, as supplemented on May 16, 2024, which is available at im.bnymellon.com/literaturecenteror upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit im.bnymellon.com/literaturecenter.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Not applicable.
BNY Mellon Global Stock Fund
|
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION May 31, 2024 |
|
Class |
Ticker |
|
A |
DGLAX |
|
C |
DGLCX |
|
I |
DGLRX |
|
Y |
DGLYX |
|
IMPORTANT NOTICE - CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS The Securities and Exchange Commission (the "SEC") has adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual fund reports ("Reports"). Reports are now streamlined to highlight key information. Certain information previously included in Reports, including financial statements, no longer appear in the Reports but will be available online within the Semi-Annual and Annual Financials and Other Information, delivered free of charge to shareholders upon request, and filed with the SEC. |
|
Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.im.bnymellon.com and sign up for eCommunications. It's simple and only takes a few minutes. |
|
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
|
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
Contents
T H E F U N D
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in
Form N-CSR. All other required items will be filed with the SEC.
|
Item 7. Financial Statements and Financial Highlights for Open-End Management |
3 |
|
Statement of Investments |
3 |
|
Statement of Assets and Liabilities |
5 |
|
Statement of Operations |
6 |
|
Statement of Changes in Net Assets |
7 |
|
Financial Highlights |
8 |
|
Notes to Financial Statements |
12 |
|
Item 8. Changes in and Disagreements with Accountants for |
17 |
|
Item 9. Proxy Disclosures for Open-End Management Investment Companies |
18 |
|
Item 10. Remuneration Paid to Directors, Officers, and Others of |
19 |
|
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract |
20 |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
BNY Mellon Global Stock Fund
Statement of Investments
May 31, 2024 (Unaudited)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 97.9% |
|||||||
|
Australia - 2.0% |
|||||||
|
CSL Ltd. |
103,600 |
19,438,057 |
|||||
|
Canada - 4.3% |
|||||||
|
Alimentation Couche-Tard, Inc. |
362,100 |
21,134,345 |
|||||
|
Canadian National Railway Co. |
167,300 |
21,296,856 |
|||||
|
42,431,201 |
|||||||
|
Denmark - 4.2% |
|||||||
|
Novo Nordisk A/S, Cl. B |
310,400 |
41,971,966 |
|||||
|
France - 4.2% |
|||||||
|
L'Oreal SA |
38,800 |
19,144,690 |
|||||
|
LVMH Moet Hennessy Louis Vuitton SE |
28,600 |
22,982,774 |
|||||
|
42,127,464 |
|||||||
|
Hong Kong - 2.6% |
|||||||
|
AIA Group Ltd. |
2,341,400 |
18,198,474 |
|||||
|
Prudential PLC |
759,900 |
7,314,637 |
|||||
|
25,513,111 |
|||||||
|
Ireland - 2.2% |
|||||||
|
Experian PLC |
474,200 |
22,013,990 |
|||||
|
Japan - 5.7% |
|||||||
|
Keyence Corp. |
53,628 |
24,196,285 |
|||||
|
Shin-Etsu Chemical Co. Ltd. |
473,400 |
17,628,526 |
|||||
|
SMC Corp. |
29,600 |
14,889,034 |
|||||
|
56,713,845 |
|||||||
|
Netherlands - 1.3% |
|||||||
|
ASML Holding NV |
13,600 |
13,038,063 |
|||||
|
Spain - 2.2% |
|||||||
|
Industria de Diseno Textil SA |
470,500 |
22,413,826 |
|||||
|
Switzerland - 4.2% |
|||||||
|
Lonza Group AG |
16,600 |
9,054,414 |
|||||
|
Nestle SA |
156,800 |
16,602,029 |
|||||
|
Roche Holding AG |
64,300 |
16,469,130 |
|||||
|
42,125,573 |
|||||||
|
Taiwan - 3.5% |
|||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |
228,000 |
34,437,120 |
|||||
|
United Kingdom - 3.9% |
|||||||
|
Compass Group PLC |
705,600 |
19,820,138 |
|||||
|
Ferguson PLC |
90,100 |
18,537,174 |
|||||
|
38,357,312 |
|||||||
|
United States - 57.6% |
|||||||
|
Adobe, Inc. |
48,100 |
a |
21,392,956 |
||||
|
Alphabet, Inc., Cl. C |
189,540 |
32,972,378 |
|||||
|
Amphenol Corp., Cl. A |
211,500 |
27,996,256 |
|||||
|
Automatic Data Processing, Inc. |
88,500 |
21,675,420 |
|||||
|
Booking Holdings, Inc. |
5,460 |
20,618,871 |
|||||
|
Cisco Systems, Inc. |
364,500 |
16,949,250 |
|||||
|
Cognizant Technology Solutions Corp., Cl. A |
150,708 |
9,969,334 |
|||||
|
Copart, Inc. |
174,700 |
a |
9,269,582 |
||||
|
Costco Wholesale Corp. |
27,710 |
22,442,052 |
|||||
|
Edwards Lifesciences Corp. |
284,100 |
a |
24,685,449 |
||||
|
Fastenal Co. |
272,400 |
17,972,952 |
|||||
|
Fortinet, Inc. |
255,600 |
a |
15,162,192 |
||||
|
Intuitive Surgical, Inc. |
50,600 |
a |
20,347,272 |
||||
|
Linde PLC |
63,300 |
27,568,416 |
3
Statement of Investments (Unaudited) (continued)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 97.9% (continued) |
|||||||
|
United States - 57.6% (continued) |
|||||||
|
Mastercard, Inc., Cl. A |
65,800 |
29,417,206 |
|||||
|
Mettler-Toledo International, Inc. |
8,200 |
a |
11,513,538 |
||||
|
Microsoft Corp. |
96,900 |
40,226,097 |
|||||
|
Moody's Corp. |
53,480 |
21,231,025 |
|||||
|
NIKE, Inc., Cl. B |
177,300 |
16,852,365 |
|||||
|
Old Dominion Freight Line, Inc. |
91,580 |
16,049,395 |
|||||
|
O'Reilly Automotive, Inc. |
18,900 |
a |
18,205,614 |
||||
|
Paychex, Inc. |
148,100 |
17,795,696 |
|||||
|
ResMed, Inc. |
78,900 |
16,279,437 |
|||||
|
Stryker Corp. |
61,600 |
21,011,144 |
|||||
|
Texas Instruments, Inc. |
125,100 |
24,395,751 |
|||||
|
The TJX Companies, Inc. |
206,400 |
21,279,840 |
|||||
|
Waters Corp. |
46,832 |
a |
14,466,405 |
||||
|
West Pharmaceutical Services, Inc. |
43,700 |
14,482,617 |
|||||
|
572,228,510 |
|||||||
|
Total Common Stocks (cost $395,094,906) |
972,810,038 |
||||||
|
1-Day |
|||||||
|
Investment Companies - 1.8% |
|||||||
|
Registered Investment Companies - 1.8% |
|||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares |
5.43 |
17,606,486 |
b |
17,606,486 |
|||
|
Total Investments (cost $412,701,392) |
99.7% |
990,416,524 |
|||||
|
Cash and Receivables (Net) |
.3% |
2,553,164 |
|||||
|
Net Assets |
100.0% |
992,969,688 |
ADR-American Depositary Receipt
aNon-income producing security.
bInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus.
|
Affiliated Issuers |
||||||
|
Description |
Value ($) |
Purchases ($)† |
Sales ($) |
Value ($) |
Dividends/ |
|
|
Registered Investment Companies - 1.8% |
||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.8% |
18,144,985 |
131,329,302 |
(131,867,801) |
17,606,486 |
478,966 |
† Includes reinvested dividends/distributions.
See notes to financial statements.
4
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2024 (Unaudited)
|
Cost |
Value |
|||||
|
Assets ($): |
||||||
|
Investments in securities-See Statement of Investments |
||||||
|
Unaffiliated issuers |
395,094,906 |
972,810,038 |
||||
|
Affiliated issuers |
17,606,486 |
17,606,486 |
||||
|
Cash denominated in foreign currency |
48 |
48 |
||||
|
Tax reclaim receivable-Note 1(b) |
1,273,678 |
|||||
|
Receivable for investment securities sold |
932,871 |
|||||
|
Dividends receivable |
923,440 |
|||||
|
Receivable for shares of Common Stock subscribed |
597,928 |
|||||
|
Prepaid expenses |
48,800 |
|||||
|
994,193,289 |
||||||
|
Liabilities ($): |
||||||
|
Due to BNY Mellon Investment Adviser, Inc. and affiliates-Note 3(c) |
768,535 |
|||||
|
Payable for shares of Common Stock redeemed |
350,126 |
|||||
|
Directors' fees and expenses payable |
14,761 |
|||||
|
Other accrued expenses |
90,179 |
|||||
|
1,223,601 |
||||||
|
Net Assets ($) |
992,969,688 |
|||||
|
Composition of Net Assets ($): |
||||||
|
Paid-in capital |
363,498,156 |
|||||
|
Total distributable earnings (loss) |
629,471,532 |
|||||
|
Net Assets ($) |
992,969,688 |
|
Net Asset Value Per Share |
Class A |
Class C |
Class I |
Class Y |
|
|
Net Assets ($) |
34,468,948 |
2,460,252 |
600,738,173 |
355,302,315 |
|
|
Shares Outstanding |
1,608,308 |
125,566 |
27,351,081 |
16,222,273 |
|
|
Net Asset Value Per Share ($) |
21.43 |
19.59 |
21.96 |
21.90 |
|
|
See notes to financial statements. |
5
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2024 (Unaudited)
|
Investment Income ($): |
||||||
|
Income: |
||||||
|
Cash dividends (net of $533,643 foreign taxes withheld at source): |
||||||
|
Unaffiliated issuers |
7,362,117 |
|||||
|
Affiliated issuers |
478,966 |
|||||
|
Interest |
1,797 |
|||||
|
Total Income |
7,842,880 |
|||||
|
Expenses: |
||||||
|
Management fee-Note 3(a) |
4,152,013 |
|||||
|
Shareholder servicing costs-Note 3(c) |
130,341 |
|||||
|
Professional fees |
54,350 |
|||||
|
Directors' fees and expenses-Note 3(d) |
39,358 |
|||||
|
Registration fees |
38,222 |
|||||
|
Custodian fees-Note 3(c) |
27,277 |
|||||
|
Chief Compliance Officer fees-Note 3(c) |
12,280 |
|||||
|
Loan commitment fees-Note 2 |
11,330 |
|||||
|
Prospectus and shareholders' reports |
10,690 |
|||||
|
Distribution fees-Note 3(b) |
9,524 |
|||||
|
Miscellaneous |
18,291 |
|||||
|
Total Expenses |
4,503,676 |
|||||
|
Less-reduction in fees due to earnings credits-Note 3(c) |
(2,183) |
|||||
|
Net Expenses |
4,501,493 |
|||||
|
Net Investment Income |
3,341,387 |
|||||
|
Realized and Unrealized Gain (Loss) on Investments-Note 4 ($): |
||||||
|
Net realized gain (loss) on investments and foreign currency transactions |
49,445,110 |
|||||
|
Net change in unrealized appreciation (depreciation) on investments |
47,407,026 |
|||||
|
Net Realized and Unrealized Gain (Loss) on Investments |
96,852,136 |
|||||
|
Net Increase in Net Assets Resulting from Operations |
100,193,523 |
|||||
|
See notes to financial statements. |
6
STATEMENT OF CHANGES IN NET ASSETS
|
Six Months Ended |
Year Ended |
||||||||
|
Operations ($): |
|||||||||
|
Net investment income |
3,341,387 |
3,734,336 |
|||||||
|
Net realized gain (loss) on investments |
49,445,110 |
167,981,733 |
|||||||
|
Net change in unrealized appreciation |
47,407,026 |
(65,469,422) |
|||||||
|
Net Increase (Decrease) in Net Assets |
100,193,523 |
106,246,647 |
|||||||
|
Distributions ($): |
|||||||||
|
Distributions to shareholders: |
|||||||||
|
Class A |
(5,373,356) |
(3,370,083) |
|||||||
|
Class C |
(373,516) |
(233,003) |
|||||||
|
Class I |
(84,361,925) |
(60,469,007) |
|||||||
|
Class Y |
(56,920,722) |
(40,210,788) |
|||||||
|
Total Distributions |
(147,029,519) |
(104,282,881) |
|||||||
|
Capital Stock Transactions ($): |
|||||||||
|
Net proceeds from shares sold: |
|||||||||
|
Class A |
1,751,645 |
2,258,643 |
|||||||
|
Class C |
511,416 |
570,666 |
|||||||
|
Class I |
73,589,157 |
78,814,312 |
|||||||
|
Class Y |
13,177,268 |
7,582,009 |
|||||||
|
Distributions reinvested: |
|||||||||
|
Class A |
4,955,937 |
3,112,810 |
|||||||
|
Class C |
370,041 |
214,817 |
|||||||
|
Class I |
80,929,189 |
58,523,929 |
|||||||
|
Class Y |
44,102,042 |
29,788,453 |
|||||||
|
Cost of shares redeemed: |
|||||||||
|
Class A |
(5,154,732) |
(5,483,997) |
|||||||
|
Class C |
(488,724) |
(819,660) |
|||||||
|
Class I |
(60,985,153) |
(222,902,718) |
|||||||
|
Class Y |
(45,067,665) |
(81,300,560) |
|||||||
|
Increase (Decrease) in Net Assets |
107,690,421 |
(129,641,296) |
|||||||
|
Total Increase (Decrease) in Net Assets |
60,854,425 |
(127,677,530) |
|||||||
|
Net Assets ($): |
|||||||||
|
Beginning of Period |
932,115,263 |
1,059,792,793 |
|||||||
|
End of Period |
992,969,688 |
932,115,263 |
|||||||
|
Capital Share Transactions (Shares): |
|||||||||
|
Class A |
|||||||||
|
Shares sold |
81,883 |
103,168 |
|||||||
|
Shares issued for distributions reinvested |
248,101 |
149,472 |
|||||||
|
Shares redeemed |
(242,709) |
(249,883) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
87,275 |
2,757 |
|||||||
|
Class C |
|||||||||
|
Shares sold |
27,005 |
27,753 |
|||||||
|
Shares issued for distributions reinvested |
20,181 |
11,009 |
|||||||
|
Shares redeemed |
(25,534) |
(40,752) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
21,652 |
(1,990) |
|||||||
|
Class Ia |
|||||||||
|
Shares sold |
3,443,226 |
3,585,715 |
|||||||
|
Shares issued for distributions reinvested |
3,958,220 |
2,757,269 |
|||||||
|
Shares redeemed |
(2,864,284) |
(9,962,989) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
4,537,162 |
(3,620,005) |
|||||||
|
Class Ya |
|||||||||
|
Shares sold |
612,012 |
339,594 |
|||||||
|
Shares issued for distributions reinvested |
2,163,380 |
1,406,740 |
|||||||
|
Shares redeemed |
(2,070,606) |
(3,653,664) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
704,786 |
(1,907,330) |
|||||||
|
a |
During the period ended May 31, 2024, 76,686 Class Y shares representing $1,669,018 were exchanged for 76,473 Class I shares and during the period ended November 30, 2023, 319,683 Class Y shares representing $7,067,807 were exchanged for 318,933 Class I shares. |
||||||||
|
See notes to financial statements. |
7
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class A Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
22.86 |
22.86 |
28.41 |
25.74 |
23.07 |
21.08 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.04 |
.01 |
.02 |
.01 |
.06 |
.10 |
|
Net realized and unrealized |
2.15 |
2.24 |
(3.04) |
4.09 |
3.71 |
3.17 |
|
Total from Investment Operations |
2.19 |
2.25 |
(3.02) |
4.10 |
3.77 |
3.27 |
|
Distributions: |
||||||
|
Dividends from |
(.03) |
(.03) |
(.00)b |
(.08) |
(.10) |
(.12) |
|
Dividends from net realized |
(3.59) |
(2.22) |
(2.53) |
(1.35) |
(1.00) |
(1.16) |
|
Total Distributions |
(3.62) |
(2.25) |
(2.53) |
(1.43) |
(1.10) |
(1.28) |
|
Net asset value, end of period |
21.43 |
22.86 |
22.86 |
28.41 |
25.74 |
23.07 |
|
Total Return (%)c |
10.71d |
10.82 |
(11.84) |
16.72 |
17.00 |
17.04 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
1.23e |
1.22 |
1.22 |
1.20 |
1.23 |
1.21 |
|
Ratio of net expenses |
1.23e |
1.22 |
1.22 |
1.20 |
1.23 |
1.21 |
|
Ratio of net investment income |
.38e |
.07 |
.09 |
.03 |
.27 |
.46 |
|
Portfolio Turnover Rate |
7.51d |
10.12 |
1.10 |
9.79 |
4.13 |
6.62 |
|
Net Assets, end of period ($ x 1,000) |
34,469 |
34,765 |
34,704 |
45,402 |
38,828 |
35,891 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Exclusive of sales charge.
d Not annualized.
e Annualized.
See notes to financial statements.
8
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class C Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
21.24 |
21.53 |
27.11 |
24.73 |
22.26 |
20.41 |
|
Investment Operations: |
||||||
|
Net investment (loss)a |
(.04) |
(.16) |
(.15) |
(.19) |
(.10) |
(.05) |
|
Net realized and unrealized |
1.98 |
2.09 |
(2.90) |
3.92 |
3.57 |
3.06 |
|
Total from Investment Operations |
1.94 |
1.93 |
(3.05) |
3.73 |
3.47 |
3.01 |
|
Distributions: |
||||||
|
Dividends from net realized |
(3.59) |
(2.22) |
(2.53) |
(1.35) |
(1.00) |
(1.16) |
|
Net asset value, end of period |
19.59 |
21.24 |
21.53 |
27.11 |
24.73 |
22.26 |
|
Total Return (%)b |
10.25c |
9.94 |
(12.59) |
15.83 |
16.15 |
16.12 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
2.05d |
2.06 |
2.01 |
1.97 |
1.98 |
1.96 |
|
Ratio of net expenses |
2.05d |
2.06 |
2.01 |
1.97 |
1.98 |
1.96 |
|
Ratio of net investment |
(.45)d |
(.77) |
(.69) |
(.77) |
(.45) |
(.25) |
|
Portfolio Turnover Rate |
7.51c |
10.12 |
1.10 |
9.79 |
4.13 |
6.62 |
|
Net Assets, end of period ($ x 1,000) |
2,460 |
2,208 |
2,281 |
4,401 |
8,114 |
11,260 |
a Based on average shares outstanding.
b Exclusive of sales charge.
c Not annualized.
d Annualized.
See notes to financial statements.
9
FINANCIAL HIGHLIGHTS (continued)
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class I Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
23.37 |
23.34 |
28.95 |
26.19 |
23.44 |
21.41 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.08 |
.09 |
.10 |
.09 |
.12 |
.15 |
|
Net realized and unrealized |
2.20 |
2.27 |
(3.10) |
4.16 |
3.78 |
3.21 |
|
Total from Investment Operations |
2.28 |
2.36 |
(3.00) |
4.25 |
3.90 |
3.36 |
|
Distributions: |
||||||
|
Dividends from |
(.10) |
(.11) |
(.08) |
(.14) |
(.15) |
(.17) |
|
Dividends from net realized |
(3.59) |
(2.22) |
(2.53) |
(1.35) |
(1.00) |
(1.16) |
|
Total Distributions |
(3.69) |
(2.33) |
(2.61) |
(1.49) |
(1.15) |
(1.33) |
|
Net asset value, end of period |
21.96 |
23.37 |
23.34 |
28.95 |
26.19 |
23.44 |
|
Total Return (%) |
10.87b |
11.19 |
(11.59) |
17.07 |
17.32 |
17.32 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
.92c |
.91 |
.89 |
.93 |
.96 |
.97 |
|
Ratio of net expenses |
.92c |
.91 |
.89 |
.93 |
.96 |
.97 |
|
Ratio of net investment income |
.69c |
.39 |
.42 |
.31 |
.53 |
.71 |
|
Portfolio Turnover Rate |
7.51b |
10.12 |
1.10 |
9.79 |
4.13 |
6.62 |
|
Net Assets, end of period ($ x 1,000) |
600,738 |
533,266 |
616,996 |
862,835 |
1,026,985 |
965,481 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
10
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class Y Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
23.32 |
23.29 |
28.91 |
26.16 |
23.41 |
21.38 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.08 |
.09 |
.10 |
.08 |
.14 |
.17 |
|
Net realized and unrealized |
2.19 |
2.27 |
(3.10) |
4.17 |
3.78 |
3.20 |
|
Total from Investment Operations |
2.27 |
2.36 |
(3.00) |
4.25 |
3.92 |
3.37 |
|
Distributions: |
||||||
|
Dividends from |
(.10) |
(.11) |
(.09) |
(.15) |
(.17) |
(.18) |
|
Dividends from net realized |
(3.59) |
(2.22) |
(2.53) |
(1.35) |
(1.00) |
(1.16) |
|
Total Distributions |
(3.69) |
(2.33) |
(2.62) |
(1.50) |
(1.17) |
(1.34) |
|
Net asset value, end of period |
21.90 |
23.32 |
23.29 |
28.91 |
26.16 |
23.41 |
|
Total Return (%) |
10.92b |
11.17 |
(11.58) |
17.11 |
17.43 |
17.36 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
.89c |
.90 |
.89 |
.89 |
.89 |
.89 |
|
Ratio of net expenses |
.89c |
.90 |
.89 |
.89 |
.89 |
.89 |
|
Ratio of net investment income |
.71c |
.40 |
.43 |
.29 |
.62 |
.80 |
|
Portfolio Turnover Rate |
7.51b |
10.12 |
1.10 |
9.79 |
4.13 |
6.62 |
|
Net Assets, end of period ($ x 1,000) |
355,302 |
361,877 |
405,812 |
562,727 |
338,021 |
398,977 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
11
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
BNY Mellon Global Stock Fund (the "fund") is a separate diversified series of BNY Mellon Strategic Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering five series, including the fund. The fund's investment objective is to seek long-term total return. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Walter Scott & Partners Limited (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser.
BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue 600 million shares of $.001 par value Common Stock. The fund currently has authorized four classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (250 million shares authorized) and Class Y (150 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
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 Company enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: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.).
12
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. 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 ADRs 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.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
The following is a summary of the inputs used as of May 31, 2024 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 |
667,634,005 |
305,176,033 |
†† |
- |
972,810,038 |
|
|
Investment Companies |
17,606,486 |
- |
- |
17,606,486 |
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures.
(b) Foreign currency transactions:The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign
13
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of May 31, 2024, if any, are disclosed in the fund's Statement of Assets and Liabilities.
(c) Securities transactions and investment income:Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
(d) Affiliated issuers:Investments in other investment companies advised by the Adviser are considered "affiliated" under the Act.
(e) Market Risk:The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.
Foreign Investment Risk: To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. To the extent the fund's investments are focused in a limited number of foreign countries, the fund's performance could be more volatile than that of more geographically diversified funds.
(f) Dividends and distributions to shareholders:Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes:It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended May 31, 2024, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended May 31, 2024, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended November 30, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2023 was as follows: ordinary income $4,935,123 and long-term capital gains $99,347,758. The tax character of current year distributions will be determined at the end of the current fiscal year.
14
NOTE 2-Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended May 31, 2024, the fund did not borrow under the Facilities.
NOTE 3-Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .85% of the value of the fund's average daily net assets and is payable monthly.
Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .41% of the value of the fund's average daily net assets.
During the period ended May 31, 2024, the Distributor retained $870 from commissions earned on sales of the fund's Class A shares and $146 from CDSC fees on redemptions of the fund's Class C shares.
(b)Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended May 31, 2024, Class C shares were charged $9,524 pursuant to the Distribution Plan.
(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended May 31, 2024,Class A and Class C shares were charged $43,527 and $3,175, respectively, pursuant to the Shareholder Services Plan.
The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended May 31, 2024, the fund was charged $8,505 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $2,183.
The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended May 31, 2024, the fund was charged $27,277 pursuant to the custody agreement.
15
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
During the period ended May 31, 2024, the fund was charged $12,280 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $719,840, Distribution Plan fees of $1,588, Shareholder Services Plan fees of $7,895, Custodian fees of $30,000, Chief Compliance Officer fees of $5,281 and Transfer Agent fees of $3,931.
(d)Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and meeting attendance fees are allocated to each fund based on net assets.
NOTE 4-Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2024, amounted to $71,774,244 and $117,429,409, respectively.
At May 31, 2024, accumulated net unrealized appreciation on investments was $577,715,132, consisting of $588,222,349 gross unrealized appreciation and $10,507,217 gross unrealized depreciation.
At May 31, 2024, 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).
16
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies. (Unaudited)
N/A
17
Item 9. Proxy Disclosures for Open-End Management Investment Companies. (Unaudited)
N/A
18
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Directors fees paid by the fund are within Item 7. Statement of Operations as Directors' fees and expenses.
19
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)
N/A
20
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|
© 2024 BNY Mellon Securities Corporation Code-6159NCSRSA0524 |
BNY Mellon International Stock Fund
|
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION May 31, 2024 |
Class Ticker
A DISAX
C DISCX
I DISRX
Y DISYX
|
IMPORTANT NOTICE - CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS The Securities and Exchange Commission (the "SEC") has adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual fund reports ("Reports"). Reports are now streamlined to highlight key information. Certain information previously included in Reports, including financial statements, no longer appear in the Reports but will be available online within the Semi-Annual and Annual Financials and Other Information, delivered free of charge to shareholders upon request, and filed with the SEC. |
|
Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.im.bnymellon.com and sign up for eCommunications. It's simple and only takes a few minutes. |
|
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
|
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
Contents
T H E F U N D
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in
Form N-CSR. All other required items will be filed with the SEC.
|
Item 7. Financial Statements and Financial Highlights for Open-End Management |
3 |
|
Statement of Investments |
3 |
|
Statement of Assets and Liabilities |
6 |
|
Statement of Operations |
7 |
|
Statement of Changes in Net Assets |
8 |
|
Financial Highlights |
9 |
|
Notes to Financial Statements |
13 |
|
Item 8. Changes in and Disagreements with Accountants for |
18 |
|
Item 9. Proxy Disclosures for Open-End Management Investment Companies |
19 |
|
Item 10. Remuneration Paid to Directors, Officers, and Others of |
20 |
|
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract |
21 |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
BNY Mellon International Stock Fund
Statement of Investments
May 31, 2024 (Unaudited)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 97.1% |
|||||||
|
Australia - 3.3% |
|||||||
|
Cochlear Ltd. |
352,400 |
76,138,062 |
|||||
|
CSL Ltd. |
686,800 |
128,861,562 |
|||||
|
204,999,624 |
|||||||
|
Canada - 5.1% |
|||||||
|
Alimentation Couche-Tard, Inc. |
2,909,800 |
169,833,516 |
|||||
|
Canadian National Railway Co. |
1,132,300 |
144,138,853 |
|||||
|
313,972,369 |
|||||||
|
Denmark - 6.3% |
|||||||
|
Coloplast A/S, Cl. B |
923,000 |
110,942,768 |
|||||
|
Novo Nordisk A/S, Cl. B |
2,098,800 |
283,797,560 |
|||||
|
394,740,328 |
|||||||
|
Finland - 1.9% |
|||||||
|
Kone OYJ, Cl. B |
2,364,000 |
120,794,636 |
|||||
|
France - 13.7% |
|||||||
|
Air Liquide SA |
844,100 |
166,026,230 |
|||||
|
Dassault Systemes SE |
2,371,400 |
96,576,756 |
|||||
|
Hermes International SCA |
42,000 |
99,537,849 |
|||||
|
L'Oreal SA |
342,000 |
168,749,588 |
|||||
|
LVMH Moet Hennessy Louis Vuitton SE |
203,500 |
163,531,274 |
|||||
|
TotalEnergies SE |
2,126,000 |
155,224,203 |
|||||
|
849,645,900 |
|||||||
|
Germany - 7.8% |
|||||||
|
adidas AG |
663,300 |
166,803,320 |
|||||
|
Infineon Technologies AG |
1,780,100 |
71,070,992 |
|||||
|
Merck KGaA |
747,400 |
135,069,379 |
|||||
|
SAP SE |
623,100 |
112,271,767 |
|||||
|
485,215,458 |
|||||||
|
Hong Kong - 5.2% |
|||||||
|
AIA Group Ltd. |
14,767,200 |
114,777,696 |
|||||
|
CLP Holdings Ltd. |
9,862,500 |
78,263,272 |
|||||
|
Hang Lung Properties Ltd. |
12,847,000 |
a |
11,783,330 |
||||
|
Jardine Matheson Holdings Ltd. |
983,100 |
36,168,818 |
|||||
|
Prudential PLC |
8,634,900 |
83,117,729 |
|||||
|
324,110,845 |
|||||||
|
Ireland - 2.5% |
|||||||
|
Experian PLC |
3,308,000 |
153,568,700 |
|||||
|
Italy - 1.4% |
|||||||
|
Ferrari NV |
211,400 |
86,926,587 |
|||||
|
Japan - 16.8% |
|||||||
|
Daikin Industries Ltd. |
647,400 |
94,218,065 |
|||||
|
FANUC Corp. |
2,576,000 |
a |
72,034,200 |
||||
|
Hoya Corp. |
934,700 |
113,767,751 |
|||||
|
Keyence Corp. |
427,280 |
192,783,407 |
|||||
|
Murata Manufacturing Co. Ltd. |
5,700,000 |
107,840,849 |
|||||
|
Shin-Etsu Chemical Co. Ltd. |
3,669,500 |
136,645,282 |
|||||
|
SMC Corp. |
251,700 |
126,607,089 |
|||||
|
Sysmex Corp. |
5,525,900 |
a |
95,067,791 |
||||
|
Terumo Corp. |
6,029,800 |
102,798,183 |
|||||
|
1,041,762,617 |
|||||||
|
Netherlands - 8.1% |
|||||||
|
ASM International NV |
229,300 |
161,729,287 |
|||||
|
ASML Holding NV |
189,200 |
181,382,461 |
3
Statement of Investments (Unaudited) (continued)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 97.1% (continued) |
|||||||
|
Netherlands - 8.1% (continued) |
|||||||
|
Universal Music Group NV |
2,053,200 |
64,226,060 |
|||||
|
Wolters Kluwer NV |
588,400 |
93,865,578 |
|||||
|
501,203,386 |
|||||||
|
Spain - 4.2% |
|||||||
|
Amadeus IT Group SA |
1,441,200 |
102,603,790 |
|||||
|
Industria de Diseno Textil SA |
3,279,000 |
156,206,024 |
|||||
|
258,809,814 |
|||||||
|
Sweden - 2.0% |
|||||||
|
Atlas Copco AB, Cl. B |
7,560,000 |
125,396,139 |
|||||
|
Switzerland - 11.1% |
|||||||
|
Kuehne + Nagel International AG |
374,300 |
106,006,300 |
|||||
|
Lonza Group AG |
198,600 |
108,325,704 |
|||||
|
Nestle SA |
1,000,000 |
105,880,289 |
|||||
|
Novartis AG |
1,339,800 |
138,549,238 |
|||||
|
Roche Holding AG |
409,500 |
104,885,052 |
|||||
|
SGS SA |
1,323,763 |
123,930,993 |
|||||
|
687,577,576 |
|||||||
|
Taiwan - 3.8% |
|||||||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |
1,574,600 |
237,827,584 |
|||||
|
United Kingdom - 3.9% |
|||||||
|
Compass Group PLC |
4,979,000 |
139,858,937 |
|||||
|
Diageo PLC |
3,088,600 |
104,169,415 |
|||||
|
244,028,352 |
|||||||
|
Total Common Stocks (cost $3,680,916,359) |
6,030,579,915 |
||||||
|
1-Day |
|||||||
|
Investment Companies - 2.5% |
|||||||
|
Registered Investment Companies - 2.5% |
|||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares |
5.43 |
152,024,726 |
b |
152,024,726 |
|||
|
Investment of Cash Collateral for Securities Loaned - .2% |
|||||||
|
Registered Investment Companies - .2% |
|||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares |
5.43 |
15,287,250 |
b |
15,287,250 |
|||
|
Total Investments (cost $3,848,228,335) |
99.8% |
6,197,891,891 |
|||||
|
Cash and Receivables (Net) |
.2% |
15,387,145 |
|||||
|
Net Assets |
100.0% |
6,213,279,036 |
ADR-American Depositary Receipt
aSecurity, or portion thereof, on loan. At May 31, 2024, the value of the fund's securities on loan was $12,127,891 and the value of the collateral was $15,287,250, consisting of cash collateral. In addition, the value of collateral may include pending sales that are also on loan.
bInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus.
4
|
Affiliated Issuers |
||||||
|
Description |
Value ($) |
Purchases ($)† |
Sales ($) |
Value ($) |
Dividends/ |
|
|
Registered Investment Companies - 2.5% |
||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 2.5% |
89,283,243 |
506,673,096 |
(443,931,613) |
152,024,726 |
3,108,975 |
|
|
Investment of Cash Collateral for Securities Loaned - .2% |
||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - .2% |
- |
103,349,790 |
(88,062,540) |
15,287,250 |
11,908 |
†† |
|
Total - 2.7% |
89,283,243 |
610,022,886 |
(531,994,153) |
167,311,976 |
3,120,883 |
† Includes reinvested dividends/distributions.
†† Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
See notes to financial statements.
5
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2024 (Unaudited)
|
Cost |
Value |
|||||
|
Assets ($): |
||||||
|
Investments in securities-See Statement of Investments |
||||||
|
Unaffiliated issuers |
3,680,916,359 |
6,030,579,915 |
||||
|
Affiliated issuers |
167,311,976 |
167,311,976 |
||||
|
Cash denominated in foreign currency |
503,752 |
502,969 |
||||
|
Tax reclaim receivable-Note 1(b) |
20,403,582 |
|||||
|
Dividends and securities lending income receivable |
11,569,540 |
|||||
|
Receivable for shares of Common Stock subscribed |
4,166,491 |
|||||
|
Receivable for investment securities sold |
2,608,176 |
|||||
|
Prepaid expenses |
99,480 |
|||||
|
6,237,242,129 |
||||||
|
Liabilities ($): |
||||||
|
Due to BNY Mellon Investment Adviser, Inc. and affiliates-Note 3(c) |
4,772,309 |
|||||
|
Liability for securities on loan-Note 1(c) |
15,287,250 |
|||||
|
Payable for shares of Common Stock redeemed |
3,430,147 |
|||||
|
Directors' fees and expenses payable |
91,864 |
|||||
|
Other accrued expenses |
381,523 |
|||||
|
23,963,093 |
||||||
|
Net Assets ($) |
6,213,279,036 |
|||||
|
Composition of Net Assets ($): |
||||||
|
Paid-in capital |
3,638,024,230 |
|||||
|
Total distributable earnings (loss) |
2,575,254,806 |
|||||
|
Net Assets ($) |
6,213,279,036 |
|
Net Asset Value Per Share |
Class A |
Class C |
Class I |
Class Y |
|
|
Net Assets ($) |
54,787,093 |
8,216,911 |
3,557,930,005 |
2,592,345,027 |
|
|
Shares Outstanding |
2,189,810 |
338,268 |
141,259,814 |
104,248,862 |
|
|
Net Asset Value Per Share ($) |
25.02 |
24.29 |
25.19 |
24.87 |
|
|
See notes to financial statements. |
6
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2024 (Unaudited)
|
Investment Income ($): |
||||||
|
Income: |
||||||
|
Cash dividends (net of $8,779,554 foreign taxes withheld at source): |
||||||
|
Unaffiliated issuers |
71,509,709 |
|||||
|
Affiliated issuers |
3,108,975 |
|||||
|
Income from securities lending-Note 1(c) |
11,908 |
|||||
|
Interest |
1,749 |
|||||
|
Total Income |
74,632,341 |
|||||
|
Expenses: |
||||||
|
Management fee-Note 3(a) |
25,512,168 |
|||||
|
Shareholder servicing costs-Note 3(c) |
808,209 |
|||||
|
Custodian fees-Note 3(c) |
354,556 |
|||||
|
Directors' fees and expenses-Note 3(d) |
285,201 |
|||||
|
Prospectus and shareholders' reports |
67,444 |
|||||
|
Loan commitment fees-Note 2 |
65,805 |
|||||
|
Professional fees |
58,341 |
|||||
|
Registration fees |
50,081 |
|||||
|
Distribution fees-Note 3(b) |
31,642 |
|||||
|
Chief Compliance Officer fees-Note 3(c) |
12,315 |
|||||
|
Miscellaneous |
100,301 |
|||||
|
Total Expenses |
27,346,063 |
|||||
|
Less-reduction in fees due to earnings credits-Note 3(c) |
(5,002) |
|||||
|
Net Expenses |
27,341,061 |
|||||
|
Net Investment Income |
47,291,280 |
|||||
|
Realized and Unrealized Gain (Loss) on Investments-Note 4 ($): |
||||||
|
Net realized gain (loss) on investments and foreign currency transactions |
179,016,899 |
|||||
|
Net change in unrealized appreciation (depreciation) on investments |
426,353,632 |
|||||
|
Net Realized and Unrealized Gain (Loss) on Investments |
605,370,531 |
|||||
|
Net Increase in Net Assets Resulting from Operations |
652,661,811 |
|||||
|
See notes to financial statements. |
7
STATEMENT OF CHANGES IN NET ASSETS
|
Six Months Ended |
Year Ended |
||||||||
|
Operations ($): |
|||||||||
|
Net investment income |
47,291,280 |
51,050,426 |
|||||||
|
Net realized gain (loss) on investments |
179,016,899 |
84,194,085 |
|||||||
|
Net change in unrealized appreciation |
426,353,632 |
376,839,238 |
|||||||
|
Net Increase (Decrease) in Net Assets |
652,661,811 |
512,083,749 |
|||||||
|
Distributions ($): |
|||||||||
|
Distributions to shareholders: |
|||||||||
|
Class A |
(1,005,350) |
(1,125,756) |
|||||||
|
Class C |
(112,896) |
(122,014) |
|||||||
|
Class I |
(73,419,560) |
(69,770,512) |
|||||||
|
Class Y |
(51,262,675) |
(57,671,055) |
|||||||
|
Total Distributions |
(125,800,481) |
(128,689,337) |
|||||||
|
Capital Stock Transactions ($): |
|||||||||
|
Net proceeds from shares sold: |
|||||||||
|
Class A |
8,711,291 |
18,167,024 |
|||||||
|
Class C |
480,269 |
1,770,409 |
|||||||
|
Class I |
348,122,863 |
827,278,810 |
|||||||
|
Class Y |
402,417,333 |
232,930,379 |
|||||||
|
Distributions reinvested: |
|||||||||
|
Class A |
933,628 |
1,063,135 |
|||||||
|
Class C |
112,896 |
122,014 |
|||||||
|
Class I |
70,165,760 |
65,996,191 |
|||||||
|
Class Y |
27,182,246 |
30,875,099 |
|||||||
|
Cost of shares redeemed: |
|||||||||
|
Class A |
(13,181,109) |
(25,114,006) |
|||||||
|
Class C |
(1,390,226) |
(83,433) |
|||||||
|
Class I |
(513,462,908) |
(692,551,639) |
|||||||
|
Class Y |
(327,552,527) |
(471,867,779) |
|||||||
|
Increase (Decrease) in Net Assets |
2,539,516 |
(11,413,796) |
|||||||
|
Total Increase (Decrease) in Net Assets |
529,400,846 |
371,980,616 |
|||||||
|
Net Assets ($): |
|||||||||
|
Beginning of Period |
5,683,878,190 |
5,311,897,574 |
|||||||
|
End of Period |
6,213,279,036 |
5,683,878,190 |
|||||||
|
Capital Share Transactions (Shares): |
|||||||||
|
Class A |
|||||||||
|
Shares sold |
362,641 |
819,259 |
|||||||
|
Shares issued for distributions reinvested |
40,663 |
50,077 |
|||||||
|
Shares redeemed |
(547,183) |
(1,121,924) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
(143,879) |
(252,588) |
|||||||
|
Class C |
|||||||||
|
Shares sold |
20,353 |
81,500 |
|||||||
|
Shares issued for distributions reinvested |
5,049 |
5,886 |
|||||||
|
Shares redeemed |
(59,236) |
(262) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
(33,834) |
87,124 |
|||||||
|
Class Ia |
|||||||||
|
Shares sold |
14,351,093 |
36,903,799 |
|||||||
|
Shares issued for distributions reinvested |
3,040,111 |
3,092,605 |
|||||||
|
Shares redeemed |
(21,145,876) |
(31,071,754) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
(3,754,672) |
8,924,650 |
|||||||
|
Class Ya |
|||||||||
|
Shares sold |
16,716,075 |
10,514,691 |
|||||||
|
Shares issued for distributions reinvested |
1,193,250 |
1,465,359 |
|||||||
|
Shares redeemed |
(13,596,100) |
(21,512,833) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
4,313,225 |
(9,532,783) |
|||||||
|
a |
During the period ended May 31, 2024, 1,098,429 Class I shares representing $26,759,776 were exchanged for 1,112,561 Class Y shares and 20,777 Class Y shares representing $501,764 were exchanged for 20,632 Class A shares and 15,202 Class A shares representing $366,365 were exchanged for 15,120 Class I shares. During the period ended November 30, 2023, 1,542,792 Class Y shares representing $34,142,061 were exchanged for 1,523,613 Class I shares. |
||||||||
|
See notes to financial statements. |
8
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class A Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
22.88 |
21.31 |
25.66 |
24.09 |
20.76 |
17.86 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.15 |
.14 |
.10 |
.05 |
.08 |
.15 |
|
Net realized and unrealized gain (loss) on investments |
2.42 |
1.88 |
(4.31) |
2.21 |
3.72 |
2.98 |
|
Total from Investment Operations |
2.57 |
2.02 |
(4.21) |
2.26 |
3.80 |
3.13 |
|
Distributions: |
||||||
|
Dividends from net investment income |
(.12) |
(.12) |
(.05) |
(.08) |
(.15) |
(.15) |
|
Dividends from net realized gain on investments |
(.31) |
(.33) |
(.09) |
(.61) |
(.32) |
(.08) |
|
Total Distributions |
(.43) |
(.45) |
(.14) |
(.69) |
(.47) |
(.23) |
|
Net asset value, end of period |
25.02 |
22.88 |
21.31 |
25.66 |
24.09 |
20.76 |
|
Total Return (%)b |
11.41c |
9.59 |
(16.50) |
9.58 |
18.67 |
17.81 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses to average net assets |
1.25d |
1.23 |
1.29 |
1.27 |
1.30 |
1.24 |
|
Ratio of net expenses to average net assets |
1.25d |
1.23 |
1.29 |
1.27 |
1.30 |
1.24 |
|
Ratio of net investment income to average net assets |
1.22d |
.62 |
.45 |
.20 |
.35 |
.77 |
|
Portfolio Turnover Rate |
4.74c |
7.37 |
6.98 |
8.72 |
7.20 |
7.38 |
|
Net Assets, end of period ($ x 1,000) |
54,787 |
53,400 |
55,110 |
74,707 |
59,740 |
37,036 |
a Based on average shares outstanding.
b Exclusive of sales charge.
c Not annualized.
d Annualized.
See notes to financial statements.
9
FINANCIAL HIGHLIGHTS (continued)
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class C Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
22.19 |
20.71 |
25.07 |
23.63 |
20.38 |
17.53 |
|
Investment Operations: |
||||||
|
Net investment income (loss)a |
.06 |
(.04) |
(.05) |
(.12) |
(.06) |
.02 |
|
Net realized and unrealized gain (loss) on investments |
2.35 |
1.85 |
(4.22) |
2.17 |
3.65 |
2.92 |
|
Total from Investment Operations |
2.41 |
1.81 |
(4.27) |
2.05 |
3.59 |
2.94 |
|
Distributions: |
||||||
|
Dividends from net investment income |
- |
- |
- |
- |
(.02) |
(.01) |
|
Dividends from net realized gain on investments |
(.31) |
(.33) |
(.09) |
(.61) |
(.32) |
(.08) |
|
Total Distributions |
(.31) |
(.33) |
(.09) |
(.61) |
(.34) |
(.09) |
|
Net asset value, end of period |
24.29 |
22.19 |
20.71 |
25.07 |
23.63 |
20.38 |
|
Total Return (%)b |
10.97c |
8.83 |
(17.10) |
8.85 |
17.84 |
16.96 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses to average net assets |
1.97d |
1.98 |
1.98 |
1.97 |
1.98 |
1.98 |
|
Ratio of net expenses to average net assets |
1.97d |
1.98 |
1.98 |
1.97 |
1.98 |
1.98 |
|
Ratio of net investment income (loss) to average net assets |
.49d |
(.18) |
(.24) |
(.47) |
(.30) |
.12 |
|
Portfolio Turnover Rate |
4.74c |
7.37 |
6.98 |
8.72 |
7.20 |
7.38 |
|
Net Assets, end of period ($ x 1,000) |
8,217 |
8,255 |
5,903 |
11,190 |
14,510 |
12,001 |
a Based on average shares outstanding.
b Exclusive of sales charge.
c Not annualized.
d Annualized.
See notes to financial statements.
10
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class I Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
23.07 |
21.50 |
25.88 |
24.27 |
20.90 |
17.98 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.19 |
.20 |
.18 |
.14 |
.15 |
.22 |
|
Net realized and unrealized gain (loss) on investments |
2.44 |
1.90 |
(4.33) |
2.23 |
3.75 |
2.99 |
|
Total from Investment Operations |
2.63 |
2.10 |
(4.15) |
2.37 |
3.90 |
3.21 |
|
Distributions: |
||||||
|
Dividends from net investment income |
(.20) |
(.20) |
(.14) |
(.15) |
(.21) |
(.21) |
|
Dividends from net realized gain on investments |
(.31) |
(.33) |
(.09) |
(.61) |
(.32) |
(.08) |
|
Total Distributions |
(.51) |
(.53) |
(.23) |
(.76) |
(.53) |
(.29) |
|
Net asset value, end of period |
25.19 |
23.07 |
21.50 |
25.88 |
24.27 |
20.90 |
|
Total Return (%) |
11.58b |
9.95 |
(16.20) |
10.01 |
19.07 |
18.23 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses to average net assets |
.92c |
.93 |
.92 |
.91 |
.91 |
.91 |
|
Ratio of net expenses to average net assets |
.92c |
.93 |
.92 |
.91 |
.91 |
.91 |
|
Ratio of net investment income to average net assets |
1.55c |
.90 |
.81 |
.56 |
.72 |
1.13 |
|
Portfolio Turnover Rate |
4.74b |
7.37 |
6.98 |
8.72 |
7.20 |
7.38 |
|
Net Assets, end of period ($ x 1,000) |
3,557,930 |
3,345,179 |
2,925,622 |
3,847,708 |
3,142,203 |
2,191,801 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
11
FINANCIAL HIGHLIGHTS (continued)
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class Y Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
22.79 |
21.24 |
25.57 |
23.99 |
20.66 |
17.78 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.19 |
.21 |
.19 |
.15 |
.16 |
.21 |
|
Net realized and unrealized gain (loss) on investments |
2.41 |
1.88 |
(4.28) |
2.19 |
3.71 |
2.97 |
|
Total from Investment Operations |
2.60 |
2.09 |
(4.09) |
2.34 |
3.87 |
3.18 |
|
Distributions: |
||||||
|
Dividends from net investment income |
(.21) |
(.21) |
(.15) |
(.15) |
(.22) |
(.22) |
|
Dividends from net realized gain on investments |
(.31) |
(.33) |
(.09) |
(.61) |
(.32) |
(.08) |
|
Total Distributions |
(.52) |
(.54) |
(.24) |
(.76) |
(.54) |
(.30) |
|
Net asset value, end of period |
24.87 |
22.79 |
21.24 |
25.57 |
23.99 |
20.66 |
|
Total Return (%) |
11.59b |
10.02 |
(16.17) |
10.02 |
19.12 |
18.24 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses to average net assets |
.88c |
.89 |
.89 |
.88 |
.89 |
.89 |
|
Ratio of net expenses to average net assets |
.88c |
.89 |
.89 |
.88 |
.89 |
.89 |
|
Ratio of net investment income to average net assets |
1.63c |
.95 |
.85 |
.59 |
.77 |
1.12 |
|
Portfolio Turnover Rate |
4.74b |
7.37 |
6.98 |
8.72 |
7.20 |
7.38 |
|
Net Assets, end of period ($ x 1,000) |
2,592,345 |
2,277,044 |
2,325,263 |
3,069,335 |
2,818,746 |
2,284,939 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
BNY Mellon International Stock Fund (the "fund") is a separate diversified series of BNY Mellon Strategic Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering five series, including the fund. The fund's investment objective is to seek long-term total return. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Walter Scott & Partners Limited (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser.
BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue 700 million shares of $.001 par value Common Stock. The fund currently has authorized four classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (250 million shares authorized) and Class Y (250 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
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 Company enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: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.).
13
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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. 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 ADRs 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.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
The following is a summary of the inputs used as of May 31, 2024 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 |
551,799,953 |
5,478,779,962 |
†† |
- |
6,030,579,915 |
|
|
Investment Companies |
167,311,976 |
- |
- |
167,311,976 |
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund's fair valuation procedures.
(b) Foreign currency transactions:The fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign
14
withholding taxes recorded on the fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of May 31, 2024, if any, are disclosed in the fund's Statement of Assets and Liabilities.
(c) Securities transactions and investment income:Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with BNY, 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 the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. 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, BNY 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. During the period ended May 31, 2024, BNY earned $1,623 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.
For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of May 31, 2024, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:
|
Assets ($) |
Liabilities ($) |
|||||
|
Securities Lending |
12,127,891 |
- |
||||
|
Total gross amount of assets and |
12,127,891 |
- |
||||
|
Collateral (received)/posted not offset |
(12,127,891) |
1 |
- |
|||
|
Net amount |
- |
- |
||||
|
1 |
The value of the related collateral received by the fund normally exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, the value of collateral may include pending sales that are also on loan. See Statement of Investments for detailed information regarding collateral received for open securities lending. |
(d) Affiliated issuers:Investments in other investment companies advised by the Adviser are considered "affiliated" under the Act.
(e) Market Risk:The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.
15
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Foreign Investment Risk: To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. To the extent the fund's investments are focused in a limited number of foreign countries, the fund's performance could be more volatile than that of more geographically diversified funds.
(f) Dividends and distributions to shareholders:Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes:It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended May 31, 2024, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended May 31, 2024, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended November 30, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2023 was as follows: ordinary income $49,508,337 and long-term capital gains $79,181,000. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2-Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended May 31, 2024, the fund did not borrow under the Facilities.
NOTE 3-Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .85% of the value of the fund's average daily net assets and is payable monthly.
Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .41% of the value of the fund's average daily net assets.
During the period ended May 31, 2024, the Distributor retained $868 from commissions earned on sales of the fund's Class A shares and $844 from CDSC fees on redemptions of the fund's Class C shares.
(b)Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents
16
and the basis on which such payments are made. During the period ended May 31, 2024, Class C shares were charged $31,642 pursuant to the Distribution Plan.
(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended May 31, 2024,Class A and Class C shares were charged $68,367 and $10,547, respectively, pursuant to the Shareholder Services Plan.
The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended May 31, 2024, the fund was charged $15,006 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $5,002.
The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended May 31, 2024, the fund was charged $354,556 pursuant to the custody agreement.
During the period ended May 31, 2024, the fund was charged $12,315 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $4,448,726, Distribution Plan fees of $5,254, Shareholder Services Plan fees of $13,385, Custodian fees of $294,349, Chief Compliance Officer fees of $5,328 and Transfer Agent fees of $5,267.
(d)Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and meeting attendance fees are allocated to each fund based on net assets.
NOTE 4-Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2024, amounted to $278,022,744 and $432,608,596, respectively.
At May 31, 2024, accumulated net unrealized appreciation on investments was $2,349,663,556, consisting of $2,534,204,192 gross unrealized appreciation and $184,540,636 gross unrealized depreciation.
At May 31, 2024, 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).
17
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies. (Unaudited)
N/A
18
Item 9. Proxy Disclosures for Open-End Management Investment Companies. (Unaudited)
N/A
19
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Directors fees paid by the fund are within Item 7. Statement of Operations as Directors' fees and expenses.
20
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)
N/A
21
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|
© 2024 BNY Mellon Securities Corporation Code-6155NCSRSA0524 |
BNY Mellon Select Managers Small Cap Value Fund
|
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION May 31, 2024 |
|
Class |
Ticker |
|
A |
DMVAX |
|
C |
DMECX |
|
I |
DMVIX |
|
Y |
DMVYX |
|
IMPORTANT NOTICE - CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS The Securities and Exchange Commission (the "SEC") has adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual fund reports ("Reports"). Reports are now streamlined to highlight key information. Certain information previously included in Reports, including financial statements, no longer appear in the Reports but will be available online within the Semi-Annual and Annual Financials and Other Information, delivered free of charge to shareholders upon request, and filed with the SEC. |
|
Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.im.bnymellon.com and sign up for eCommunications. It's simple and only takes a few minutes. |
|
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
|
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
Contents
T H E F U N D
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in
Form N-CSR. All other required items will be filed with the SEC.
|
Item 7. Financial Statements and Financial Highlights for Open-End Management |
3 |
|
Statement of Investments |
3 |
|
Statement of Assets and Liabilities |
8 |
|
Statement of Operations |
9 |
|
Statement of Changes in Net Assets |
10 |
|
Financial Highlights |
11 |
|
Notes to Financial Statements |
15 |
|
Item 8. Changes in and Disagreements with Accountants for |
21 |
|
Item 9. Proxy Disclosures for Open-End Management Investment Companies |
22 |
|
Item 10. Remuneration Paid to Directors, Officers, and Others of |
23 |
|
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract |
24 |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
BNY Mellon Select Managers Small Cap Value Fund
Statement of Investments
May 31, 2024 (Unaudited)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 58.6% |
|||||||
|
Automobiles & Components - .3% |
|||||||
|
Modine Manufacturing Co. |
2,145 |
a |
216,473 |
||||
|
Visteon Corp. |
855 |
a |
95,221 |
||||
|
311,694 |
|||||||
|
Banks - 5.2% |
|||||||
|
Cadence Bank |
9,650 |
275,508 |
|||||
|
Columbia Banking System, Inc. |
11,795 |
227,408 |
|||||
|
Independent Bank Corp. |
3,680 |
186,907 |
|||||
|
Pathward Financial, Inc. |
3,960 |
211,108 |
|||||
|
Pinnacle Financial Partners, Inc. |
10,408 |
827,540 |
|||||
|
SouthState Corp. |
10,794 |
834,484 |
|||||
|
Synovus Financial Corp. |
22,396 |
888,897 |
|||||
|
Wintrust Financial Corp. |
13,280 |
1,309,541 |
|||||
|
4,761,393 |
|||||||
|
Capital Goods - 6.5% |
|||||||
|
Albany International Corp., Cl. A |
1,705 |
149,563 |
|||||
|
American Woodmark Corp. |
1,495 |
a |
128,734 |
||||
|
Atkore, Inc. |
1,230 |
187,145 |
|||||
|
Atmus Filtration Technologies, Inc. |
4,550 |
a |
140,322 |
||||
|
BWX Technologies, Inc. |
1,935 |
178,272 |
|||||
|
Chart Industries, Inc. |
1,525 |
a,b |
239,471 |
||||
|
Construction Partners, Inc., Cl. A |
4,845 |
a |
282,027 |
||||
|
Enerpac Tool Group Corp. |
2,525 |
a |
99,283 |
||||
|
Franklin Electric Co., Inc. |
1,235 |
122,858 |
|||||
|
FTAI Aviation Ltd. |
3,170 |
267,294 |
|||||
|
Herc Holdings, Inc. |
6,320 |
916,842 |
|||||
|
Hexcel Corp. |
11,922 |
821,068 |
|||||
|
Hillenbrand, Inc. |
16,297 |
757,648 |
|||||
|
Leonardo DRS, Inc. |
11,485 |
a |
270,472 |
||||
|
Loar Holdings, Inc. |
3,970 |
a |
226,171 |
||||
|
Simpson Manufacturing Co., Inc. |
880 |
146,010 |
|||||
|
SPX Technologies, Inc. |
6,725 |
a |
937,599 |
||||
|
The AZEK Company, Inc. |
3,060 |
a |
146,758 |
||||
|
6,017,537 |
|||||||
|
Commercial & Professional Services - 3.5% |
|||||||
|
CACI International, Inc., Cl. A |
332 |
a |
140,927 |
||||
|
Clean Harbors, Inc. |
765 |
a |
165,691 |
||||
|
ICF International, Inc. |
1,935 |
276,221 |
|||||
|
MSA Safety, Inc. |
4,605 |
828,900 |
|||||
|
Parsons Corp. |
11,170 |
a |
850,595 |
||||
|
The Brink's Company |
9,840 |
1,015,882 |
|||||
|
3,278,216 |
|||||||
|
Consumer Discretionary Distribution & Retail - 1.3% |
|||||||
|
Academy Sports & Outdoors, Inc. |
2,525 |
145,667 |
|||||
|
Asbury Automotive Group, Inc. |
3,594 |
a |
844,841 |
||||
|
Boot Barn Holdings, Inc. |
1,785 |
a,b |
212,290 |
||||
|
1,202,798 |
|||||||
|
Consumer Durables & Apparel - 2.0% |
|||||||
|
Installed Building Products, Inc. |
2,900 |
614,336 |
|||||
|
Meritage Homes Corp. |
1,200 |
211,620 |
|||||
|
Oxford Industries, Inc. |
1,405 |
155,519 |
|||||
|
PVH Corp. |
6,401 |
768,184 |
3
Statement of Investments (Unaudited) (continued)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 58.6% (continued) |
|||||||
|
Consumer Durables & Apparel - 2.0% (continued) |
|||||||
|
SharkNinja, Inc. |
1,255 |
a |
96,158 |
||||
|
1,845,817 |
|||||||
|
Consumer Services - 1.5% |
|||||||
|
Boyd Gaming Corp. |
5,574 |
297,206 |
|||||
|
Hilton Grand Vacations, Inc. |
4,625 |
a |
191,151 |
||||
|
Light & Wonder, Inc. |
3,145 |
a,b |
300,285 |
||||
|
OneSpaWorld Holdings Ltd. |
36,069 |
a |
560,873 |
||||
|
1,349,515 |
|||||||
|
Energy - 3.2% |
|||||||
|
Cactus, Inc., Cl. A |
5,060 |
b |
259,831 |
||||
|
Chord Energy Corp. |
1,175 |
217,857 |
|||||
|
Diamond Offshore Drilling, Inc. |
15,760 |
a |
239,237 |
||||
|
ION Geophysical Corp. |
12,608 |
a,c |
0 |
||||
|
Patterson-UTI Energy, Inc. |
69,674 |
767,807 |
|||||
|
Permian Resources Corp. |
9,080 |
148,821 |
|||||
|
Scorpio Tankers, Inc. |
3,225 |
264,676 |
|||||
|
SM Energy Co. |
16,334 |
823,724 |
|||||
|
Tidewater, Inc. |
2,270 |
a |
234,560 |
||||
|
2,956,513 |
|||||||
|
Equity Real Estate Investment Trusts - 2.2% |
|||||||
|
COPT Defense Properties |
38,848 |
d |
958,380 |
||||
|
SL Green Realty Corp. |
3,320 |
d |
175,860 |
||||
|
STAG Industrial, Inc. |
20,761 |
d |
727,881 |
||||
|
Terreno Realty Corp. |
3,110 |
d |
175,964 |
||||
|
2,038,085 |
|||||||
|
Financial Services - 5.1% |
|||||||
|
Affiliated Managers Group, Inc. |
5,268 |
856,577 |
|||||
|
Artisan Partners Asset Management, Inc., Cl. A |
16,654 |
733,276 |
|||||
|
Evercore, Inc., Cl. A |
6,239 |
1,266,143 |
|||||
|
Mr Cooper Group, Inc. |
3,430 |
a |
286,062 |
||||
|
Piper Sandler Cos. |
880 |
186,366 |
|||||
|
Stifel Financial Corp. |
12,642 |
1,023,370 |
|||||
|
Virtu Financial, Inc., Cl. A |
8,435 |
185,570 |
|||||
|
Walker & Dunlop, Inc. |
1,475 |
141,585 |
|||||
|
4,678,949 |
|||||||
|
Food, Beverage & Tobacco - 1.6% |
|||||||
|
Darling Ingredients, Inc. |
18,690 |
a |
755,076 |
||||
|
Lancaster Colony Corp. |
1,220 |
226,310 |
|||||
|
The Simply Good Foods Company |
8,450 |
a |
325,240 |
||||
|
The Vita Coco Co., Inc. |
6,820 |
a |
198,530 |
||||
|
1,505,156 |
|||||||
|
Health Care Equipment & Services - 3.1% |
|||||||
|
Enovis Corp. |
17,730 |
a |
891,287 |
||||
|
HealthEquity, Inc. |
2,450 |
a |
200,116 |
||||
|
Integer Holdings Corp. |
8,188 |
a,b |
992,713 |
||||
|
Merit Medical Systems, Inc. |
10,095 |
a |
819,209 |
||||
|
2,903,325 |
|||||||
|
Household & Personal Products - .2% |
|||||||
|
BellRing Brands, Inc. |
2,695 |
a |
156,768 |
||||
|
Insurance - 1.0% |
|||||||
|
Oscar Health, Inc., Cl. A |
6,380 |
a |
127,345 |
||||
|
Selective Insurance Group, Inc. |
7,356 |
718,019 |
|||||
|
Skyward Specialty Insurance Group, Inc. |
2,625 |
a |
97,965 |
||||
|
943,329 |
|||||||
|
Materials - 4.5% |
|||||||
|
ATI, Inc. |
21,085 |
a |
1,293,353 |
4
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 58.6% (continued) |
|||||||
|
Materials - 4.5% (continued) |
|||||||
|
Avient Corp. |
21,074 |
941,586 |
|||||
|
Balchem Corp. |
1,260 |
193,536 |
|||||
|
Element Solutions, Inc. |
11,560 |
277,787 |
|||||
|
Knife River Corp. |
2,685 |
a |
189,856 |
||||
|
Louisiana-Pacific Corp. |
10,648 |
976,209 |
|||||
|
MP Materials Corp. |
5,530 |
a,b |
89,697 |
||||
|
Summit Materials Inc., Cl. A |
4,903 |
a |
189,452 |
||||
|
4,151,476 |
|||||||
|
Media & Entertainment - 1.8% |
|||||||
|
Madison Square Garden Entertainment Corp. |
22,391 |
a |
795,776 |
||||
|
Nexstar Media Group, Inc. |
4,435 |
b |
734,835 |
||||
|
TripAdvisor, Inc. |
6,290 |
a |
115,422 |
||||
|
1,646,033 |
|||||||
|
Pharmaceuticals, Biotechnology & Life Sciences - 3.8% |
|||||||
|
Alkermes PLC |
2,610 |
a |
61,074 |
||||
|
Altimmune, Inc. |
12,055 |
a |
90,533 |
||||
|
Amphastar Pharmaceuticals, Inc. |
2,405 |
a |
101,804 |
||||
|
Arcellx, Inc. |
1,145 |
a |
59,540 |
||||
|
Arrowhead Pharmaceuticals, Inc. |
1,970 |
a |
45,212 |
||||
|
Axsome Therapeutics, Inc. |
2,460 |
a,b |
180,638 |
||||
|
Biohaven Ltd. |
1,140 |
a |
40,014 |
||||
|
Bridgebio Pharma, Inc. |
4,965 |
a |
139,070 |
||||
|
Catalyst Pharmaceuticals, Inc. |
11,850 |
a,b |
191,615 |
||||
|
Crinetics Pharmaceuticals, Inc. |
5,955 |
a |
264,462 |
||||
|
Cytokinetics, Inc. |
2,805 |
a,b |
136,071 |
||||
|
Halozyme Therapeutics, Inc. |
4,665 |
a |
206,613 |
||||
|
Intellia Therapeutics, Inc. |
1,640 |
a |
35,063 |
||||
|
Intra-Cellular Therapies, Inc. |
3,025 |
a |
203,401 |
||||
|
Iovance Biotherapeutics, Inc. |
8,485 |
a |
75,347 |
||||
|
Kura Oncology, Inc. |
4,310 |
a |
88,829 |
||||
|
Madrigal Pharmaceuticals, Inc. |
185 |
a,b |
43,690 |
||||
|
Medpace Holdings, Inc. |
1,345 |
a |
519,627 |
||||
|
Newamsterdam Pharma Co. NV |
9,300 |
a |
174,375 |
||||
|
Praxis Precision Medicines, Inc. |
1,025 |
a |
48,647 |
||||
|
Protagonist Therapeutics, Inc. |
4,675 |
a |
131,601 |
||||
|
Savara, Inc. |
9,660 |
a |
39,509 |
||||
|
Structure Therapeutics, Inc. |
1,170 |
a |
40,014 |
||||
|
Vaxcyte, Inc. |
3,970 |
a |
278,972 |
||||
|
Vera Therapeutics, Inc. |
1,780 |
a |
67,622 |
||||
|
Verona Pharma PLC, ADR |
11,860 |
a |
143,150 |
||||
|
Viking Therapeutics, Inc. |
970 |
a |
60,392 |
||||
|
Wave Life Sciences Ltd. |
7,535 |
a |
46,566 |
||||
|
3,513,451 |
|||||||
|
Real Estate Management & Development - .3% |
|||||||
|
Forestar Group, Inc. |
7,170 |
a |
243,852 |
||||
|
Semiconductors & Semiconductor Equipment - 1.6% |
|||||||
|
Amkor Technology, Inc. |
2,410 |
78,542 |
|||||
|
Axcelis Technologies, Inc. |
405 |
a |
45,558 |
||||
|
Credo Technology Group Holding Ltd. |
5,495 |
a |
143,255 |
||||
|
Diodes, Inc. |
11,325 |
a |
839,522 |
||||
|
MACOM Technology Solutions Holdings, Inc. |
1,350 |
a |
136,539 |
||||
|
Onto Innovation, Inc. |
745 |
a |
161,442 |
||||
|
Rambus, Inc. |
2,025 |
a |
111,902 |
||||
|
1,516,760 |
|||||||
|
Software & Services - 1.2% |
|||||||
|
Altair Engineering, Inc., Cl. A |
2,670 |
a,b |
233,171 |
5
Statement of Investments (Unaudited) (continued)
|
Description |
Shares |
Value ($) |
|||||
|
Common Stocks - 58.6% (continued) |
|||||||
|
Software & Services - 1.2% (continued) |
|||||||
|
AppFolio, Inc., Cl. A |
1,060 |
a |
242,019 |
||||
|
Qualys, Inc. |
855 |
a |
120,230 |
||||
|
SPS Commerce, Inc. |
1,580 |
a |
297,182 |
||||
|
Varonis Systems, Inc. |
4,110 |
a |
176,566 |
||||
|
1,069,168 |
|||||||
|
Technology Hardware & Equipment - 5.0% |
|||||||
|
Advanced Energy Industries, Inc. |
10,273 |
1,103,628 |
|||||
|
Belden, Inc. |
10,977 |
1,050,389 |
|||||
|
Fabrinet |
825 |
a |
197,612 |
||||
|
IPG Photonics Corp. |
9,195 |
a |
797,482 |
||||
|
Itron, Inc. |
1,735 |
a |
186,599 |
||||
|
Littelfuse, Inc. |
3,427 |
879,368 |
|||||
|
Napco Security Technologies, Inc. |
2,745 |
b |
136,289 |
||||
|
Novanta, Inc. |
930 |
a |
150,809 |
||||
|
OSI Systems, Inc. |
990 |
a |
142,303 |
||||
|
4,644,479 |
|||||||
|
Transportation - 1.0% |
|||||||
|
ArcBest Corp. |
1,345 |
141,924 |
|||||
|
XPO, Inc. |
7,725 |
a |
826,420 |
||||
|
968,344 |
|||||||
|
Utilities - 2.7% |
|||||||
|
ALLETE, Inc. |
1,435 |
90,620 |
|||||
|
Portland General Electric Co. |
22,134 |
986,291 |
|||||
|
Southwest Gas Holdings, Inc. |
17,880 |
1,387,309 |
|||||
|
2,464,220 |
|||||||
|
Total Common Stocks (cost $40,951,441) |
54,166,878 |
||||||
|
Exchange-Traded Funds - 1.0% |
|||||||
|
Registered Investment Companies - 1.0% |
|||||||
|
iShares Russell 2000 ETF |
4,504 |
b |
926,788 |
||||
|
Coupon Rate |
Maturity |
Principal |
|||||
|
Escrow Bonds - .0% |
|||||||
|
Energy - .0% |
|||||||
|
Ion Geophysical Escrow Bond |
8.00 |
12/15/2025 |
48,000 |
c |
0 |
||
|
1-Day |
|||||||
|
Investment Companies - 37.3% |
|||||||
|
Registered Investment Companies - 37.3% |
|||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares |
5.43 |
34,489,809 |
e |
34,489,809 |
6
|
Description |
1-Day |
Shares |
Value ($) |
||||
|
Investment of Cash Collateral for Securities Loaned - 1.8% |
|||||||
|
Registered Investment Companies - 1.8% |
|||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares |
5.43 |
1,691,646 |
e |
1,691,646 |
|||
|
Total Investments (cost $77,960,319) |
98.7% |
91,275,121 |
|||||
|
Cash and Receivables (Net) |
1.3% |
1,207,217 |
|||||
|
Net Assets |
100.0% |
92,482,338 |
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At May 31, 2024, the value of the fund's securities on loan was $4,545,158 and the value of the collateral was $5,197,475, consisting of cash collateral of $1,691,646 and U.S. Government & Agency securities valued at $3,505,829. In addition, the value of collateral may include pending sales that are also on loan.
cThe fund held Level 3 securities at May 31, 2024. These securities were valued at $0 or .0% of net assets.
dInvestment in real estate investment trust within the United States.
eInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company's prospectus.
|
Affiliated Issuers |
||||||
|
Description |
Value ($) |
Purchases ($)† |
Sales ($) |
Value ($) |
Dividends/ |
|
|
Registered Investment Companies - 37.3% |
||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 37.3% |
4,569,287 |
157,310,683 |
(127,390,161) |
34,489,809 |
163,003 |
|
|
Investment of Cash Collateral for Securities Loaned - 1.8% |
||||||
|
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.8% |
- |
19,632,523 |
(17,940,877) |
1,691,646 |
10,429 |
†† |
|
Total - 39.1% |
4,569,287 |
176,943,206 |
(145,331,038) |
36,181,455 |
173,432 |
† Includes reinvested dividends/distributions.
†† Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
See notes to financial statements.
7
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2024 (Unaudited)
|
Cost |
Value |
|||||
|
Assets ($): |
||||||
|
Investments in securities-See Statement of Investments |
||||||
|
Unaffiliated issuers |
41,778,864 |
55,093,666 |
||||
|
Affiliated issuers |
36,181,455 |
36,181,455 |
||||
|
Cash |
10,566 |
|||||
|
Receivable for investment securities sold |
5,665,387 |
|||||
|
Dividends, interest and securities lending income receivable |
128,282 |
|||||
|
Receivable for shares of Common Stock subscribed |
174 |
|||||
|
Prepaid expenses |
36,569 |
|||||
|
97,116,099 |
||||||
|
Liabilities ($): |
||||||
|
Due to BNY Mellon Investment Adviser, Inc. and affiliates-Note 3(c) |
114,954 |
|||||
|
Payable for shares of Common Stock redeemed |
2,738,962 |
|||||
|
Liability for securities on loan-Note 1(c) |
1,691,646 |
|||||
|
Payable for investment securities purchased |
28,158 |
|||||
|
Directors' fees and expenses payable |
4,166 |
|||||
|
Interest payable-Note 2 |
2,665 |
|||||
|
Other accrued expenses |
53,210 |
|||||
|
4,633,761 |
||||||
|
Net Assets ($) |
92,482,338 |
|||||
|
Composition of Net Assets ($): |
||||||
|
Paid-in capital |
52,001,455 |
|||||
|
Total distributable earnings (loss) |
40,480,883 |
|||||
|
Net Assets ($) |
92,482,338 |
|
Net Asset Value Per Share |
Class A |
Class C |
Class I |
Class Y |
|
|
Net Assets ($) |
911,490 |
14,829 |
10,369,194 |
81,186,825 |
|
|
Shares Outstanding |
45,405 |
913.69 |
501,216 |
3,937,593 |
|
|
Net Asset Value Per Share ($) |
20.07 |
16.23 |
20.69 |
20.62 |
|
|
See notes to financial statements. |
8
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2024 (Unaudited)
|
Investment Income ($): |
||||||
|
Income: |
||||||
|
Cash dividends (net of $282 foreign taxes withheld at source): |
||||||
|
Unaffiliated issuers |
1,246,842 |
|||||
|
Affiliated issuers |
163,003 |
|||||
|
Income from securities lending-Note 1(c) |
10,429 |
|||||
|
Interest |
3,925 |
|||||
|
Total Income |
1,424,199 |
|||||
|
Expenses: |
||||||
|
Management fee-Note 3(a) |
714,049 |
|||||
|
Professional fees |
47,941 |
|||||
|
Registration fees |
31,373 |
|||||
|
Chief Compliance Officer fees-Note 3(c) |
26,769 |
|||||
|
Custodian fees-Note 3(c) |
23,358 |
|||||
|
Directors' fees and expenses-Note 3(d) |
7,689 |
|||||
|
Prospectus and shareholders' reports |
7,506 |
|||||
|
Shareholder servicing costs-Note 3(c) |
6,291 |
|||||
|
Interest expense-Note 2 |
4,289 |
|||||
|
Loan commitment fees-Note 2 |
1,425 |
|||||
|
Distribution fees-Note 3(b) |
135 |
|||||
|
Miscellaneous |
8,315 |
|||||
|
Total Expenses |
879,140 |
|||||
|
Less-reduction in expenses due to undertaking-Note 3(a) |
(40,824) |
|||||
|
Less-reduction in fees due to earnings credits-Note 3(c) |
(416) |
|||||
|
Net Expenses |
837,900 |
|||||
|
Net Investment Income |
586,299 |
|||||
|
Realized and Unrealized Gain (Loss) on Investments-Note 4 ($): |
||||||
|
Net realized gain (loss) on investments |
32,926,308 |
|||||
|
Net change in unrealized appreciation (depreciation) on investments |
(10,468,740) |
|||||
|
Net Realized and Unrealized Gain (Loss) on Investments |
22,457,568 |
|||||
|
Net Increase in Net Assets Resulting from Operations |
23,043,867 |
|||||
|
See notes to financial statements. |
9
STATEMENT OF CHANGES IN NET ASSETS
|
Six Months Ended |
Year Ended |
||||||||
|
Operations ($): |
|||||||||
|
Net investment income |
586,299 |
1,792,471 |
|||||||
|
Net realized gain (loss) on investments |
32,926,308 |
18,908,944 |
|||||||
|
Net change in unrealized appreciation |
(10,468,740) |
(27,461,525) |
|||||||
|
Net Increase (Decrease) in Net Assets |
23,043,867 |
(6,760,110) |
|||||||
|
Distributions ($): |
|||||||||
|
Distributions to shareholders: |
|||||||||
|
Class A |
(87,666) |
(153,929) |
|||||||
|
Class C |
(6,438) |
(11,385) |
|||||||
|
Class I |
(1,028,108) |
(1,992,839) |
|||||||
|
Class Y |
(16,126,291) |
(38,005,883) |
|||||||
|
Total Distributions |
(17,248,503) |
(40,164,036) |
|||||||
|
Capital Stock Transactions ($): |
|||||||||
|
Net proceeds from shares sold: |
|||||||||
|
Class A |
221,559 |
25,704 |
|||||||
|
Class I |
2,023,881 |
4,748,298 |
|||||||
|
Class Y |
1,282,690 |
24,533,704 |
|||||||
|
Distributions reinvested: |
|||||||||
|
Class A |
87,666 |
153,928 |
|||||||
|
Class C |
5,691 |
10,270 |
|||||||
|
Class I |
923,335 |
1,620,684 |
|||||||
|
Class Y |
7,716,320 |
19,143,726 |
|||||||
|
Cost of shares redeemed: |
|||||||||
|
Class A |
(275,970) |
(391,368) |
|||||||
|
Class C |
(61,154) |
(22,045) |
|||||||
|
Class I |
(3,354,352) |
(10,421,965) |
|||||||
|
Class Y |
(119,850,960) |
(146,701,494) |
|||||||
|
Increase (Decrease) in Net Assets |
(111,281,294) |
(107,300,558) |
|||||||
|
Total Increase (Decrease) in Net Assets |
(105,485,930) |
(154,224,704) |
|||||||
|
Net Assets ($): |
|||||||||
|
Beginning of Period |
197,968,268 |
352,192,972 |
|||||||
|
End of Period |
92,482,338 |
197,968,268 |
|||||||
|
Capital Share Transactions (Shares): |
|||||||||
|
Class Aa |
|||||||||
|
Shares sold |
11,162 |
1,185 |
|||||||
|
Shares issued for distributions reinvested |
4,428 |
7,931 |
|||||||
|
Shares redeemed |
(13,806) |
(19,894) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
1,784 |
(10,778) |
|||||||
|
Class C |
|||||||||
|
Shares issued for distributions reinvested |
355 |
636 |
|||||||
|
Shares redeemed |
(3,760) |
(1,246) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
(3,405) |
(610) |
|||||||
|
Class Ia |
|||||||||
|
Shares sold |
98,009 |
233,184 |
|||||||
|
Shares issued for distributions reinvested |
45,374 |
81,285 |
|||||||
|
Shares redeemed |
(163,400) |
(515,829) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
(20,017) |
(201,360) |
|||||||
|
Class Ya |
|||||||||
|
Shares sold |
62,719 |
1,197,670 |
|||||||
|
Shares issued for distributions reinvested |
380,798 |
961,437 |
|||||||
|
Shares redeemed |
(5,842,211) |
(7,195,241) |
|||||||
|
Net Increase (Decrease) in Shares Outstanding |
(5,398,694) |
(5,036,134) |
|||||||
|
a |
During the period ended May 31, 2024, 92,223 Class Y shares representing $1,897,221 were exchanged for 91,919 Class I shares and 4,027 Class Y shares representing $82,062 were exchanged for 4,130 Class A shares. During the period ended November 30, 2023, 201,079 Class Y shares representing $4,054,416 were exchanged for 200,485 Class I shares. |
||||||||
|
See notes to financial statements. |
10
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class A Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
19.47 |
22.69 |
28.97 |
24.13 |
22.15 |
23.94 |
|
Investment Operations: |
||||||
|
Net investment income (loss)a |
.05 |
.08 |
.02 |
(.07) |
.03 |
.02 |
|
Net realized and unrealized |
2.47 |
(.53) |
(1.81) |
6.28 |
2.39 |
.86 |
|
Total from Investment Operations |
2.52 |
(.45) |
(1.79) |
6.21 |
2.42 |
.88 |
|
Distributions: |
||||||
|
Dividends from net investment income |
(.13) |
(.06) |
- |
(.04) |
(.01) |
- |
|
Dividends from net realized |
(1.79) |
(2.71) |
(4.49) |
(1.33) |
(.43) |
(2.67) |
|
Total Distributions |
(1.92) |
(2.77) |
(4.49) |
(1.37) |
(.44) |
(2.67) |
|
Net asset value, end of period |
20.07 |
19.47 |
22.69 |
28.97 |
24.13 |
22.15 |
|
Total Return (%)b |
13.32c |
(1.52) |
(7.76) |
26.55 |
11.21 |
6.07 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
1.55d |
1.49 |
1.38 |
1.33 |
1.44 |
1.38 |
|
Ratio of net expenses |
1.30d |
1.30 |
1.30 |
1.30 |
1.30 |
1.30 |
|
Ratio of net investment income (loss) |
.49d |
.42 |
.09 |
(.23) |
.14 |
.12 |
|
Portfolio Turnover Rate |
37.00c |
74.64 |
70.59 |
70.67 |
86.50 |
57.74 |
|
Net Assets, end of period ($ x 1,000) |
911 |
849 |
1,234 |
1,765 |
1,025 |
1,125 |
a Based on average shares outstanding.
b Exclusive of sales charge.
c Not annualized.
d Annualized.
See notes to financial statements.
11
FINANCIAL HIGHLIGHTS (continued)
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class C Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
16.03 |
19.26 |
25.41 |
21.44 |
19.86 |
21.92 |
|
Investment Operations: |
||||||
|
Net investment (loss)a |
(.03) |
(.06) |
(.13) |
(.24) |
(.10) |
(.12) |
|
Net realized and unrealized |
2.05 |
(.46) |
(1.53) |
5.54 |
2.11 |
.73 |
|
Total from Investment Operations |
2.02 |
(.52) |
(1.66) |
5.30 |
2.01 |
.61 |
|
Distributions: |
||||||
|
Dividends from net investment income |
(.03) |
- |
- |
- |
- |
- |
|
Dividends from net realized |
(1.79) |
(2.71) |
(4.49) |
(1.33) |
(.43) |
(2.67) |
|
Total Distributions |
(1.82) |
(2.71) |
(4.49) |
(1.33) |
(.43) |
(2.67) |
|
Net asset value, end of period |
16.23 |
16.03 |
19.26 |
25.41 |
21.44 |
19.86 |
|
Total Return (%)b |
12.91c |
(2.22) |
(8.44) |
25.58 |
10.42 |
5.28 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
3.52d |
2.87 |
2.62 |
2.43 |
2.39 |
2.12 |
|
Ratio of net expenses |
2.05d |
2.05 |
2.05 |
2.05 |
2.05 |
2.05 |
|
Ratio of net investment (loss) |
(.36)d |
(.36) |
(.66) |
(.95) |
(.55) |
(.61) |
|
Portfolio Turnover Rate |
37.00c |
74.64 |
70.59 |
70.67 |
86.50 |
57.74 |
|
Net Assets, end of period ($ x 1,000) |
15 |
69 |
95 |
131 |
117 |
430 |
a Based on average shares outstanding.
b Exclusive of sales charge.
c Not annualized.
d Annualized.
See notes to financial statements.
12
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class I Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
20.05 |
23.29 |
29.59 |
24.60 |
22.61 |
24.41 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.08 |
.14 |
.09 |
.03 |
.08 |
.10 |
|
Net realized and unrealized |
2.54 |
(.54) |
(1.87) |
6.39 |
2.44 |
.86 |
|
Total from Investment Operations |
2.62 |
(.40) |
(1.78) |
6.42 |
2.52 |
.96 |
|
Distributions: |
||||||
|
Dividends from |
(.19) |
(.13) |
(.03) |
(.10) |
(.10) |
(.09) |
|
Dividends from net realized |
(1.79) |
(2.71) |
(4.49) |
(1.33) |
(.43) |
(2.67) |
|
Total Distributions |
(1.98) |
(2.84) |
(4.52) |
(1.43) |
(.53) |
(2.76) |
|
Net asset value, end of period |
20.69 |
20.05 |
23.29 |
29.59 |
24.60 |
22.61 |
|
Total Return (%) |
13.40b |
(1.22) |
(7.55) |
26.95 |
11.53 |
6.40 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
1.17c |
1.10 |
1.03 |
1.00 |
1.03 |
.99 |
|
Ratio of net expenses |
1.05c |
1.05 |
1.03 |
1.00 |
1.03 |
.99 |
|
Ratio of net investment income |
.75c |
.66 |
.37 |
.09 |
.41 |
.45 |
|
Portfolio Turnover Rate |
37.00b |
74.64 |
70.59 |
70.67 |
86.50 |
57.74 |
|
Net Assets, end of period ($ x 1,000) |
10,369 |
10,449 |
16,832 |
23,019 |
13,851 |
15,955 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
13
FINANCIAL HIGHLIGHTS (continued)
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Class Y Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
19.99 |
23.24 |
29.53 |
24.56 |
22.59 |
24.40 |
|
Investment Operations: |
||||||
|
Net investment incomea |
.08 |
.14 |
.10 |
.04 |
.10 |
.10 |
|
Net realized and unrealized |
2.54 |
(.54) |
(1.86) |
6.37 |
2.42 |
.86 |
|
Total from Investment Operations |
2.62 |
(.40) |
(1.76) |
6.41 |
2.52 |
.96 |
|
Distributions: |
||||||
|
Dividends |
(.20) |
(.14) |
(.04) |
(.11) |
(.12) |
(.10) |
|
Dividends from net realized |
(1.79) |
(2.71) |
(4.49) |
(1.33) |
(.43) |
(2.67) |
|
Total Distributions |
(1.99) |
(2.85) |
(4.53) |
(1.44) |
(.55) |
(2.77) |
|
Net asset value, end of period |
20.62 |
19.99 |
23.24 |
29.53 |
24.56 |
22.59 |
|
Total Return (%) |
13.40b |
(1.22) |
(7.48) |
26.97 |
11.58 |
6.41 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
1.10c |
1.05 |
.98 |
.96 |
.98 |
.95 |
|
Ratio of net expenses |
1.05c |
1.04 |
.98 |
.96 |
.98 |
.95 |
|
Ratio of net investment income |
.74c |
.68 |
.42 |
.14 |
.46 |
.48 |
|
Portfolio Turnover Rate |
37.00b |
74.64 |
70.59 |
70.67 |
86.50 |
57.74 |
|
Net Assets, end of period ($ x 1,000) |
81,187 |
186,601 |
334,032 |
597,663 |
467,798 |
578,267 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
14
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
BNY Mellon Select Managers Small Cap Value Fund (the "fund") is a separate diversified series of BNY Mellon Strategic Funds, Inc. (the "Company"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and operates as a series company currently offering five series, including the fund. The fund's investment objective is to seek capital appreciation. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser and the fund's portfolio allocation manager. Channing Capital Management, LLC ("Channing"), Denali Advisors, LLC ("Denali"), Eastern Shore Capital Management ("Eastern Shore"), Heartland Advisors, Inc. ("Heartland") and Neuberger Berman Investment Advisers LLC ("Neuberger Berman"), serve as the fund's sub-advisers (collectively, the "Sub-Advisers"), each managing an allocated portion of the fund's portfolio.
BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares. The fund is authorized to issue 500 million shares of $.001 par value Common Stock. The fund currently has authorized four classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (100 million shares authorized) and Class Y (200 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge ("CDSC") of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of May 31, 2024, MBC Investments Corporation, an indirect subsidiary of BNY, held 411 Class C shares of the fund.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
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 Company enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: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.
15
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 debt securities excluding short-term investments (other than U.S. Treasury Bills) are valued each business day by one or more independent pricing services (each, a "Service") approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of a Service are valued at the mean between the quoted bid prices (as obtained by a Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Services are engaged under the general supervision of the Board. These securities are generally categorized within Level 2 of the fair value hierarchy.
Investments in equity securities and exchange-traded funds 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 Service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs 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, 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.
The following is a summary of the inputs used as of May 31, 2024 in valuing the fund's investments:
16
|
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 |
54,166,878 |
- |
- |
54,166,878 |
||
|
Exchange-Traded Funds |
926,788 |
- |
- |
926,788 |
||
|
Escrow Bonds |
- |
- |
0 |
0 |
||
|
Investment Companies |
36,181,455 |
- |
- |
36,181,455 |
† See Statement of Investments for additional detailed categorizations, if any.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
|
Equity Securities - |
|
|
Balance as of 11/30/2023† |
0 |
|
Net realized gain (loss) |
- |
|
Change in unrealized appreciation (depreciation) |
- |
|
Purchases/Issuances |
- |
|
Sales/Dispositions |
0 |
|
Transfers into Level 3 |
- |
|
Transfers out of Level 3†† |
0 |
|
Balances as of 5/31/2024† |
0 |
|
The amount of net realized gains (loss) for the period included in earnings attributable to the change in unrealized appreciation (depreciation) relating to investments still held at 5/31/2024 |
- |
† Securities deemed as Level 3 due to the lack of observable inputs by management assessment.
†† Transfers out of Level 3 represent the value at the date of transfer. The transfer out of Level 3 for the current period was due to additional observable inputs.
(b) Foreign taxes: The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the fund invests. These foreign taxes, if any, are paid by the fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred or those subject to reclaims as of May 31, 2024, if any, are disclosed in the fund's Statement of Assets and Liabilities.
(c) Securities transactions and investment income:Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with BNY, 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 the Adviser, or U.S. Government and Agency securities. Any non-cash collateral received cannot be sold or re-pledged by the fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the fund's Statement of Investments. 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, BNY 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. During the period ended May 31, 2024, BNY earned $1,419 from the lending of the fund's portfolio securities, pursuant to the securities lending agreement.
For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a securities lending agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of
17
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Assets and Liabilities. As of May 31, 2024, the fund had securities lending and the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the securities lending agreement are detailed in the following table:
|
Assets ($) |
Liabilities ($) |
|||||
|
Securities Lending |
4,545,158 |
- |
||||
|
Total gross amount of assets and |
4,545,158 |
- |
||||
|
Collateral (received)/posted not offset |
(4,545,158) |
1 |
- |
|||
|
Net amount |
- |
- |
||||
|
1 |
The value of the related collateral received by the fund normally exceeded the value of the securities loaned by the fund pursuant to the securities lending agreement. In addition, the value of collateral may include pending sales that are also on loan. See Statement of Investments for detailed information regarding collateral received for open securities lending. |
(d) Affiliated issuers:Investments in other investment companies advised by the Adviser are considered "affiliated" under the Act.
(e) Market Risk:The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.
Foreign Investment Risk: To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers. Special risks associated with investments in foreign issuers include less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.
Multi-Manager Risk:Each sub-adviser makes investment decisions independently, and it is possible that the investment styles of the sub-advisers may not complement one another. As a result, the fund's exposure to a given stock, industry or investment style could unintentionally be greater or smaller than it would have been if the fund had a single adviser. In addition, if one sub-adviser buys a security during a time frame when another sub-adviser sells it, the fund will incur transaction costs and the fund's net position in the security may be approximately the same as it would have been with a single adviser and no such sale and purchase.
Allocation Risk:The ability of the fund to achieve its investment goal depends, in part, on the ability of the Adviser to allocate effectively the fund's assets among the sub-advisers. There can be no assurance that the actual allocations will be effective in achieving the fund's investment goal.
(f) Dividends and distributions to shareholders:Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income and dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes:It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended May 31, 2024, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended May 31, 2024, the fund did not incur any interest or penalties.
18
Each tax year in the three-year period ended November 30, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2023 was as follows: ordinary income $1,999,841 and long-term capital gains $38,164,195. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2-Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility"). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing.
During the period ended May 31, 2024, the fund was charged $4,289 for interest expense. These fees are included in Interest expense in the Statement of Operations. The average amount of borrowings outstanding under the Facilities during the period ended May 31, 2024 was approximately $134,426 with a related weighted average annualized interest rate of 6.38%.
NOTE 3-Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .90% of the value of the fund's average daily net assets and is payable monthly. The Adviser has contractually agreed, from December 1, 2023 through March 29, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.05% of the value of the fund's average daily net assets. On or after March 29, 2025, the Adviser may terminate this expense limitation at any time. The reduction in expenses, pursuant to the undertakings, amounted to $40,824 during the period ended May 31, 2024.
Pursuant to separate sub-investment advisory agreements between the Adviser and the Sub-Advisers, each serves as the fund's sub-adviser responsible for the day-to-day management of a portion of the fund's portfolio. The Adviser pays each sub-adviser a monthly fee at an annual percentage of the value of the fund's average daily net assets. The Adviser has obtained an exemptive order from the SEC (the "Order"), upon which the fund may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser's ultimate parent company, BNY, without obtaining shareholder approval. The Order also allows the fund to disclose the sub-advisory fee paid by the Adviser to any unaffiliated sub-adviser in the aggregate with other unaffiliated sub-advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-advisory fee payable by the Adviser separately to a sub-adviser that is a wholly-owned subsidiary of BNY in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-adviser and recommend the hiring, termination, and replacement of any sub-adviser to the Board.
During the period ended May 31, 2024, the Distributor retained $111 from commissions earned on sales of the fund's Class A shares.
(b)Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended May 31, 2024, Class C shares were charged $135 pursuant to the Distribution Plan.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended May 31, 2024,Class A and Class C shares were charged $1,256 and $45, respectively, pursuant to the Shareholder Services Plan.
The fund has an arrangement with BNY Mellon Transfer, Inc., (the "Transfer Agent"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended May 31, 2024, the fund was charged $2,615 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $416.
The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended May 31, 2024, the fund was charged $23,358 pursuant to the custody agreement.
During the period ended May 31, 2024, the fund was charged $26,769 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: management fee of $94,783, Distribution Plan fees of $9, Shareholder Services Plan fees of $206, Custodian fees of $15,000, Chief Compliance Officer fees of $13,506 and Transfer Agent fees of $955, which are offset against an expense reimbursement currently in effect in the amount of $9,505.
(d)Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and meeting attendance fees are allocated to each fund based on net assets.
NOTE 4-Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2024, amounted to $53,838,178 and $215,540,984, respectively.
At May 31, 2024, accumulated net unrealized appreciation on investments was $13,314,802, consisting of $14,169,425 gross unrealized appreciation and $854,623 gross unrealized depreciation.
At May 31, 2024, 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).
NOTE 5-Plan of Liquidation:
The Board has approved the liquidation of the fund, a series of the Company, effective on or about July 26, 2024 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of fund management, the fund's portfolio securities will be sold and the fund may cease to pursue its investment objective and policies. The liquidation of the fund may result in one or more taxable events for shareholders subject to federal income tax. Accordingly, effective on or about June 21, 2024 (the "Closing Date"), the fund will be closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the fund is established as an investment option under the plans before the Closing Date.
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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies. (Unaudited)
N/A
21
Item 9. Proxy Disclosures for Open-End Management Investment Companies. (Unaudited)
N/A
22
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Directors fees paid by the fund are within Item 7. Statement of Operations as Directors' fees and expenses.
23
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)
N/A
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© 2024 BNY Mellon Securities Corporation Code-6246NCSRSA0524 |
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers for Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no materials changes to the procedures applicable to Item 15.
Item 16. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Strategic Funds, Inc.
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: July 24, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: July 24, 2024
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: July 24, 2024
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)