Form NPORT-P BNY Mellon Large Cap For: Sep 30

November 29, 2021 7:27 AM EST

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		NPORT-P
		false
		
			
			
				
					0000030146
					XXXXXXXX
				
			
			
			
			
				S000000068
				C000000105
			
			
			
		
	
	
		
			BNY Mellon Large Cap Securities Fund, Inc.
			811-00523
			0000030146
			549300BH6NJF63HZ1E81
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			BNY Mellon Large Cap Securities Fund, Inc.
			S000000068
			549300BH6NJF63HZ1E81
			2021-12-31
			2021-09-30
			N
		
		
			1688349712.01
			3259597.27
			1685090114.74
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			1217.06
			
				
			
			
				
					
						UST
					
				
			
			
				
					
				
				
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
				
				
				
				
			
			
			
			
		
		
			
				DANAHER CORP
				S4BKK9OTCEWQ3YHPFM11
				DANAHER CORP
				235851102
				
					
					
				
				136358.00
				NS
				USD
				41512829.52
				2.4635376563469
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FMC CORP
				CKDHZ2X64EEBQCSP7013
				FMC CORP
				302491303
				
					
					
				
				179486.00
				NS
				USD
				16433738.16
				0.9752438766478
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ROCKWELL AUTOMATION INC
				VH3R4HHBHH12O0EXZJ88
				ROCKWELL AUTOMATION INC
				773903109
				
					
					
				
				77321.00
				NS
				USD
				22735466.84
				1.3492137091735
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ZOETIS INC
				549300HD9Q1LOC9KLJ48
				ZOETIS INC
				98978V103
				
					
					
				
				137839.00
				NS
				USD
				26760063.46
				1.5880494002024
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				QUALCOMM INC
				H1J8DDZKZP6H7RWC0H53
				QUALCOMM INC
				747525103
				
					
					
				
				190635.00
				NS
				USD
				24588102.30
				1.4591565213587
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MEDTRONIC PLC
				549300GX3ZBSQWUXY261
				MEDTRONIC PLC
				N/A
				
					
					
				
				215794.00
				NS
				USD
				27049777.90
				1.6052422160326
				Long
				EC
				CORP
				IE
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ABBVIE INC
				FR5LCKFTG8054YNNRU85
				ABBVIE INC
				00287Y109
				
					
					
				
				277899.00
				NS
				USD
				29976965.13
				1.7789532362561
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BLACKROCK INC
				549300LRIF3NWCU26A80
				BLACKROCK INC
				09247X101
				
					
					
				
				38046.00
				NS
				USD
				31907658.36
				1.8935283093108
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INGERSOLL RAND INC
				5299004C02FMZCUOIR50
				INGERSOLL RAND INC
				45687V106
				
					
					
				
				779805.00
				NS
				USD
				39309970.05
				2.3328111479702
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ELI LILLY & CO
				FRDRIPF3EKNDJ2CQJL29
				ELI LILLY & CO
				532457108
				
					
					
				
				172942.00
				NS
				USD
				39958249.10
				2.3712826246188
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TJX COS INC/THE
				V167QI9I69W364E2DY52
				TJX COS INC/THE
				872540109
				
					
					
				
				337733.00
				NS
				USD
				22283623.34
				1.3223995052299
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMETEK INC
				549300WZDEF9KKE40E98
				AMETEK INC
				031100100
				
					
					
				
				194808.00
				NS
				USD
				24158140.08
				1.4336408402542
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VF CORP
				CWAJJ9DJ5Z7P057HV541
				VF CORP
				918204108
				
					
					
				
				230214.00
				NS
				USD
				15422035.86
				0.9152054080134
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SEAGEN INC
				N/A
				SEAGEN INC
				81181C104
				
					
					
				
				117634.00
				NS
				USD
				19974253.20
				1.1853522268796
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HESS CORP
				UASVRYNXNK17ULIGK870
				HESS CORP
				42809H107
				
					
					
				
				390929.00
				NS
				USD
				30535464.19
				1.8120968085265
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTUITIVE SURGICAL INC
				54930052SRG011710797
				INTUITIVE SURGICAL INC
				46120E602
				
					
					
				
				30342.00
				NS
				USD
				30164499.30
				1.7900822654018
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMAZON.COM INC
				ZXTILKJKG63JELOEG630
				AMAZON.COM INC
				023135106
				
					
					
				
				26335.00
				NS
				USD
				86511528.40
				5.1339407692951
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VISA INC
				549300JZ4OKEHW3DPJ59
				VISA INC
				92826C839
				
					
					
				
				179713.00
				NS
				USD
				40031070.75
				2.375604153145
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					
				
			
			
				NVIDIA CORP
				549300S4KLFTLO7GSQ80
				NVIDIA CORP
				67066G104
				
					
					
				
				284080.00
				NS
				USD
				58850012.80
				3.4923955867535
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MICROSOFT CORP
				INR2EJN1ERAN0W5ZP974
				MICROSOFT CORP
				594918104
				
					
					
				
				360762.00
				NS
				USD
				101706023.04
				6.0356429694973
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TRANE TECHNOLOGIES PLC
				549300BURLR9SLYY2705
				TRANE TECHNOLOGIES PLC
				N/A
				
					
					
				
				231692.00
				NS
				USD
				40001623.80
				2.3738566531305
				Long
				EC
				CORP
				IE
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BOOKING HOLDINGS INC
				FXM8FAOHMYDIPD38UZ17
				BOOKING HOLDINGS INC
				09857L108
				
					
					
				
				9873.00
				NS
				USD
				23437218.51
				1.3908584653715
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				JPMORGAN CHASE & CO
				8I5DZWZKVSZI1NUHU748
				JPMORGAN CHASE & CO
				46625H100
				
					
					
				
				307885.00
				NS
				USD
				50397695.65
				2.9908012164545
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PNC FINANCIAL SERVICES
				CFGNEKW0P8842LEUIA51
				PNC FINANCIAL SERVICES GROUP INC/THE
				693475105
				
					
					
				
				148132.00
				NS
				USD
				28980544.48
				1.7198216419702
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ROPER TECHNOLOGIES INC
				54930003T4SXCIWVXY35
				ROPER TECHNOLOGIES INC
				776696106
				
					
					
				
				68886.00
				NS
				USD
				30732111.18
				1.8237666289284
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PAYPAL HOLDINGS INC
				5493005X2GO78EFZ3E94
				PAYPAL HOLDINGS INC
				70450Y103
				
					
					
				
				158659.00
				NS
				USD
				41284658.39
				2.4499970671521
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ZEBRA TECHNOLOGIES CORP
				PO0I32GKZ3HZMMDPZZ08
				ZEBRA TECHNOLOGIES CORP
				989207105
				
					
					
				
				41815.00
				NS
				USD
				21552287.30
				1.2789990939639
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				APPLE INC
				HWUPKR0MPOU8FGXBT394
				APPLE INC
				037833100
				
					
					
				
				830771.00
				NS
				USD
				117554096.50
				6.9761311559374
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				US BANCORP
				N1GZ7BBF3NP8GI976H15
				US BANCORP
				902973304
				
					
					
				
				392404.00
				NS
				USD
				23324493.76
				1.3841689269893
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				APPLIED MATERIALS INC
				41BNNE1AFPNAZELZ6K07
				APPLIED MATERIALS INC
				038222105
				
					
					
				
				294642.00
				NS
				USD
				37929264.66
				2.2508745572845
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ANSYS INC
				549300VJV8H15Z5FJ571
				ANSYS INC
				03662Q105
				
					
					
				
				45701.00
				NS
				USD
				15558905.45
				0.9233277979558
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WALT DISNEY CO/THE
				549300GZKULIZ0WOW665
				WALT DISNEY CO/THE
				254687106
				
					
					
				
				178352.00
				NS
				USD
				30171807.84
				1.7905159834526
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NEXTERA ENERGY INC
				5493008F4ZOQFNG3WN54
				NEXTERA ENERGY INC
				65339F101
				
					
					
				
				412965.00
				NS
				USD
				32426011.80
				1.9242894796165
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VALERO ENERGY CORP
				549300XTO5VR8SKV1V74
				VALERO ENERGY CORP
				91913Y100
				
					
					
				
				263527.00
				NS
				USD
				18597100.39
				1.1036264605272
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALPHABET INC
				5493006MHB84DD0ZWV18
				ALPHABET INC
				02079K107
				
					
					
				
				39729.00
				NS
				USD
				105890100.99
				6.2839429217314
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PROGRESSIVE CORP/THE
				529900TACNVLY9DCR586
				PROGRESSIVE CORP/THE
				743315103
				
					
					
				
				212169.00
				NS
				USD
				19177955.91
				1.1380967547221
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNION PACIFIC CORP
				549300LMMRSZZCZ8CL11
				UNION PACIFIC CORP
				907818108
				
					
					
				
				105752.00
				NS
				USD
				20728449.52
				1.2301092587679
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PEPSICO INC
				FJSUNZKFNQ5YPJ5OT455
				PEPSICO INC
				713448108
				
					
					
				
				230923.00
				NS
				USD
				34733128.43
				2.0612030256529
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALCOA CORP
				549300T12EZ1F6PWWU29
				ALCOA CORP
				013872106
				
					
					
				
				663755.00
				NS
				USD
				32484169.70
				1.9277408024562
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GOLDMAN SACHS GROUP INC
				784F5XWPLTWKTBV3E584
				GOLDMAN SACHS GROUP INC/THE
				38141G104
				
					
					
				
				63901.00
				NS
				USD
				24156495.03
				1.4335432163951
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EDWARDS LIFESCIENCES CORP
				YA13X31F3V31L8TMPR58
				EDWARDS LIFESCIENCES CORP
				28176E108
				
					
					
				
				257225.00
				NS
				USD
				29120442.25
				1.7281237362485
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MATCH GROUP INC
				15OMOPB0A8K0EFUVD031
				MATCH GROUP INC
				57667L107
				
					
					
				
				49614.00
				NS
				USD
				7788901.86
				0.4622246485139
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				EQT CORP
				4NT01YGM4X7ZX86ISY52
				EQT CORP
				26884L109
				
					
					
				
				1411057.00
				NS
				USD
				28870226.22
				1.713274914348
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HOWMET AEROSPACE INC
				549300HO5WFZUT5N2T22
				HOWMET AEROSPACE INC
				443201108
				
					
					
				
				503518.00
				NS
				USD
				15709761.60
				0.9322802064163
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CHUBB LTD
				E0JAN6VLUDI1HITHT809
				CHUBB LTD
				N/A
				
					
					
				
				125402.00
				NS
				USD
				21754738.96
				1.2910133867444
				Long
				EC
				CORP
				CH
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TESLA INC
				54930043XZGB27CTOV49
				TESLA INC
				88160R101
				
					
					
				
				41078.00
				NS
				USD
				31855167.44
				1.8904132877733
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SALESFORCE.COM INC
				RCGZFPDMRW58VJ54VR07
				SALESFORCE.COM INC
				79466L302
				
					
					
				
				135388.00
				NS
				USD
				36719933.36
				2.1791079918396
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WALMART INC
				Y87794H0US1R65VBXU25
				WALMART INC
				931142103
				
					
					
				
				169170.00
				NS
				USD
				23578914.60
				1.3992672791649
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DREYFUS INSTITUTIONAL PREFERRE
				549300RBWL04JG8SIX57
				Dreyfus Institutional Preferred Government Plus Money Market Fund
				N/A
				
					
					
				
				13410788.53
				OU
				Other Units
				USD
				13410788.53
				0.7958499318636
				Long
				STIV
				RF
				US
				
				N
				
				1
				
					2099-12-01
					Variable
					0.061343
					N
					N
					N
				
				
					N
					N
					N
				
			
		
		
			2021-11-23
			BNY Mellon Advantage Funds, Inc.
			James Windels
			James Windels
			Fund Treasurer
		
	
	XXXX



STATEMENT OF INVESTMENTS
BNY Mellon Large Cap Securities Fund, Inc.

September 30, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4%

     

Automobiles & Components - 1.9%

     

Tesla

   

41,078

a 

 31,855,167

 

Banks - 6.1%

     

JPMorgan Chase & Co.

   

307,885

 

50,397,696

 

The PNC Financial Services Group

   

148,132

 

28,980,545

 

U.S. Bancorp

   

392,404

 

23,324,494

 
    

102,702,735

 

Capital Goods - 10.3%

     

AMETEK

   

194,808

 

24,158,140

 

Howmet Aerospace

   

503,518

 

15,709,762

 

Ingersoll Rand

   

779,805

a 

39,309,970

 

Rockwell Automation

   

77,321

 

22,735,467

 

Roper Technologies

   

68,886

 

30,732,111

 

Trane Technologies

   

231,692

 

40,001,624

 
    

172,647,074

 

Consumer Durables & Apparel - .9%

     

VF

   

230,214

 

 15,422,036

 

Consumer Services - 1.4%

     

Booking Holdings

   

9,873

a 

 23,437,219

 

Diversified Financials - 3.3%

     

BlackRock

   

38,046

 

31,907,658

 

The Goldman Sachs Group

   

63,901

 

24,156,495

 
    

56,064,153

 

Energy - 4.6%

     

EQT

   

1,411,057

a 

28,870,226

 

Hess

   

390,929

 

30,535,464

 

Valero Energy

   

263,527

 

18,597,100

 
    

78,002,790

 

Food & Staples Retailing - 1.4%

     

Walmart

   

169,170

 

 23,578,915

 

Food, Beverage & Tobacco - 2.1%

     

PepsiCo

   

230,923

 

 34,733,128

 

Health Care Equipment & Services - 7.6%

     

Danaher

   

136,358

 

41,512,830

 

Edwards Lifesciences

   

257,225

a 

29,120,442

 

Intuitive Surgical

   

30,342

a 

30,164,499

 

Medtronic

   

215,794

 

27,049,778

 
    

127,847,549

 

Insurance - 2.4%

     

Chubb

   

125,402

 

21,754,739

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.4% (continued)

     

Insurance - 2.4% (continued)

     

The Progressive

   

212,169

 

19,177,956

 
    

40,932,695

 

Materials - 2.9%

     

Alcoa

   

663,755

a 

32,484,170

 

FMC

   

179,486

 

16,433,738

 
    

48,917,908

 

Media & Entertainment - 8.5%

     

Alphabet, Cl. C

   

39,729

a 

105,890,101

 

Match Group

   

49,614

a 

7,788,902

 

The Walt Disney Company

   

178,352

a 

30,171,808

 
    

143,850,811

 

Pharmaceuticals Biotechnology & Life Sciences - 6.9%

     

AbbVie

   

277,899

 

29,976,965

 

Eli Lilly & Co.

   

172,942

 

39,958,249

 

Seagen

   

117,634

a 

19,974,253

 

Zoetis

   

137,839

 

26,760,063

 
    

116,669,530

 

Retailing - 6.5%

     

Amazon.com

   

26,335

a 

86,511,528

 

The TJX Companies

   

337,733

 

22,283,623

 
    

108,795,151

 

Semiconductors & Semiconductor Equipment - 7.2%

     

Applied Materials

   

294,642

 

37,929,265

 

NVIDIA

   

284,080

 

58,850,013

 

Qualcomm

   

190,635

 

24,588,102

 
    

121,367,380

 

Software & Services - 14.0%

     

Ansys

   

45,701

a 

15,558,905

 

Microsoft

   

360,762

 

101,706,023

 

PayPal Holdings

   

158,659

a 

41,284,658

 

salesforce.com

   

135,388

a 

36,719,933

 

Visa, Cl. A

   

179,713

b 

40,031,071

 
    

235,300,590

 

Technology Hardware & Equipment - 8.3%

     

Apple

   

830,771

 

117,554,097

 

Zebra Technologies, Cl. A

   

41,815

a 

21,552,287

 
    

139,106,384

 

Transportation - 1.2%

     

Union Pacific

   

105,752

 

 20,728,450

 

Utilities - 1.9%

     

NextEra Energy

   

412,965

 

 32,426,012

 

Total Common Stocks (cost $934,455,372)

   

1,674,385,677

 


        
 
  

1-Day
Yield (%)

     

Investment Companies - .8%

     

Registered Investment Companies - .8%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $13,410,789)

 

0.06

 

13,410,789

c 

 13,410,789

 

Total Investments (cost $947,866,161)

 

100.2%

 

1,687,796,466

 

Liabilities, Less Cash and Receivables

 

(.2%)

 

(2,706,351)

 

Net Assets

 

100.0%

 

1,685,090,115

 

a Non-income producing security.

b Security, or portion thereof, on loan. At September 30, 2021, the value of the fund’s securities on loan was $39,630,566 and the value of the collateral was $41,140,562, consisting of U.S. Government & Agency securities.

c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.


STATEMENT OF INVESTMENTS
BNY Mellon Large Cap Securities Fund, Inc.

September 30, 2021 (Unaudited)

The following is a summary of the inputs used as of September 30, 2021 in valuing the fund’s investments:

     
 

Level 1 - Unadjusted Quoted Prices

Level 2 - Other Significant Observable Inputs

Level 3 -Significant Unobservable Inputs

Total

Assets ($)

    

Investments in Securities:

  

Equity Securities—Common Stocks

1,674,385,677

-

-

1,674,385,677

Investment Companies

13,410,789

-

-

13,410,789

     

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


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

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

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

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

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

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

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

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

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

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


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

Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S. Treasury Bills are valued at the mean price between quoted bid prices and asked prices by an independent pricing service (the “Service”) approved by the Board Members (“Board”). These securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by BNY Mellon under the general supervision of the Board.

Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of BNY Mellon Investment Adviser, Inc., the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by BNY Mellon Investment Adviser Inc., or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a


result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis.

At September 30, 2021, accumulated net unrealized appreciation on investments was $739,930,305, consisting of $747,551,494 gross unrealized appreciation and $7,621,189 gross unrealized depreciation.

At September 30, 2021, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC on Form N-CSR.




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