NPORT-EX 2 c10202bnymellonemer-may20211.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Emerging Markets Fund

May 31, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.3%

     

Brazil - 4.6%

     

Banco do Brasil

   

855,900

 

5,499,950

 

Cia Brasileira de Distribuicao

   

110,500

 

829,434

 

Cia de Saneamento de Minas Gerais-COPASA

   

2,343,400

 

7,891,220

 

Cyrela Brazil Realty Empreendimentos e Participacoes

   

2,533,600

 

11,618,673

 

Minerva

   

2,976,700

 

5,660,168

 

Petroleo Brasileiro, ADR

   

1,607,841

 

16,416,057

 

Sendas Distribuidora

   

110,500

 

1,895,485

 

YDUQS Participacoes

   

285,000

 

1,829,748

 
    

51,640,735

 

China - 34.4%

     

Agile Group Holdings

   

4,308,000

 

6,128,196

 

Agricultural Bank of China, Cl. H

   

16,780,000

 

6,810,679

 

Alibaba Group Holding, ADR

   

206,661

a 

44,217,188

 

Anhui Conch Cement, Cl. H

   

1,074,500

 

6,714,846

 

ANTA Sports Products

   

220,000

 

4,436,341

 

China Aoyuan Group

   

4,483,000

 

5,262,293

 

China CITIC Bank, Cl. H

   

8,651,000

 

4,726,287

 

China Construction Bank, Cl. H

   

27,243,939

 

22,396,414

 

China Galaxy Securities, Cl. H

   

10,191,500

 

6,395,213

 

China Hongqiao Group

   

4,591,500

 

7,407,076

 

China Minsheng Banking, Cl. H

   

10,408,500

b 

5,579,167

 

China Shenhua Energy, Cl. H

   

6,038,000

 

13,677,285

 

Cosco Shipping Holdings, Cl. H

   

5,654,500

a 

11,905,131

 

ENN Energy Holdings

   

768,000

 

14,121,249

 

Huazhu Group, ADR

   

34,922

a,b 

1,996,491

 

Industrial Bank, Cl. A

   

1,062,400

a 

3,856,931

 

JD.com, ADR

   

40,771

a 

3,014,608

 

Jointown Pharmaceutical Group, CI. A

   

2,286,730

a 

6,160,739

 

Lonking Holdings

   

17,638,000

 

6,158,948

 

Meituan, Cl. B

   

168,500

a,c 

5,757,863

 

NetDragon Websoft Holdings

   

2,577,000

 

7,620,527

 

New China Life Insurance, Cl. H

   

1,888,400

 

7,068,513

 

OneConnect Financial Technology, ADR

   

71,893

a,b 

1,039,573

 

Ping An Insurance Group Company of China, Cl. H

   

1,967,000

 

21,403,851

 

Shanghai Pharmaceuticals Holding, Cl. H

   

4,701,500

a 

10,625,612

 

Sinotruk Hong Kong

   

4,370,000

 

10,248,038

 

Sunny Optical Technology Group

   

190,500

 

4,847,859

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.3% (continued)

     

China - 34.4% (continued)

     

TAL Education Group, ADR

   

38,701

a 

1,546,879

 

Tencent Holdings

   

1,373,600

 

109,556,675

 

Times China Holdings

   

3,324,000

b 

4,574,253

 

Tingyi Cayman Islands Holding

   

3,440,000

 

6,533,469

 

Wuxi Biologics Cayman

   

436,500

a,c 

6,473,624

 

Zoomlion Heavy Industry Science & Technology, Cl. A

   

2,619,200

a 

4,423,143

 
    

382,684,961

 

Czech Republic - .1%

     

Avast

   

221,654

c 

1,481,579

 

Hong Kong - 2.6%

     

Bosideng International Holdings

   

15,982,000

 

8,854,978

 

Galaxy Entertainment Group

   

405,224

a 

3,391,269

 

Shimao Group Holdings

   

2,342,000

 

6,638,921

 

SITC International Holdings

   

2,876,000

 

10,283,472

 
    

29,168,640

 

India - 5.4%

     

Hero MotoCorp

   

121,735

 

5,053,912

 

ICICI Bank

   

620,037

a 

5,503,880

 

Infosys

   

321,833

 

6,191,873

 

Larsen & Toubro

   

128,777

 

2,627,536

 

Mindtree

   

292,235

a 

9,658,873

 

Motherson Sumi Systems

   

3,197,609

a 

10,602,418

 

REC

   

2,762,264

 

5,563,230

 

Shriram Transport Finance

   

510,614

 

10,078,005

 

UPL

   

433,736

 

4,859,903

 
    

60,139,630

 

Indonesia - 1.0%

     

Astra International

   

4,798,600

 

1,729,982

 

Bank Rakyat Indonesia

   

10,927,500

 

3,113,401

 

Indofood Sukses Makmur

   

13,387,000

a 

5,950,819

 
    

10,794,202

 

Malaysia - .5%

     

Top Glove

   

4,482,100

 

5,616,857

 

Mexico - 1.4%

     

Arca Continental

   

639,600

 

3,552,834

 

Gruma, Cl. B

   

514,795

 

5,609,555

 

Grupo Aeroportuario del Centro Norte

   

508,100

a 

3,250,942

 

Wal-Mart de Mexico

   

959,177

 

3,062,259

 
    

15,475,590

 

Philippines - 1.0%

     

Ayala Land

   

2,402,700

 

1,734,257

 

International Container Terminal Services

   

2,515,550

 

7,531,256

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.3% (continued)

     

Philippines - 1.0% (continued)

     

Puregold Price Club

   

1,746,280

 

1,433,997

 
    

10,699,510

 

Russia - 3.3%

     

Lukoil, ADR

   

182,549

 

14,824,804

 

Sberbank of Russia, ADR

   

914,884

 

15,443,242

 

X5 Retail Group, GDR

   

141,229

 

4,222,747

 

Yandex, Cl. A

   

36,022

a 

2,432,926

 
    

36,923,719

 

Saudi Arabia - .5%

     

Jarir Marketing

   

102,708

 

5,751,265

 

Singapore - 1.5%

     

Sea, ADR

   

64,214

a 

16,261,553

 

South Africa - 4.5%

     

Clicks Group

   

354,465

 

6,673,009

 

Impala Platinum Holdings

   

694,583

 

12,625,345

 

Mediclinic International

   

1,442,561

a 

6,682,095

 

Sibanye Stillwater

   

5,138,107

 

24,275,167

 
    

50,255,616

 

South Korea - 14.9%

     

CJ CheilJedang

   

12,367

 

5,416,730

 

DB Insurance

   

156,835

 

7,129,503

 

Hana Financial Group

   

172,662

 

7,206,506

 

Hyundai Mobis

   

74,693

 

18,751,941

 

KB Financial Group

   

299,475

 

15,788,694

 

Korea Investment Holdings

   

122,116

 

11,387,128

 

Kumho Petrochemical

   

69,780

 

14,484,058

 

LG Electronics

   

104,784

 

14,280,613

 

POSCO

   

59,253

 

18,966,485

 

Samsung Electronics

   

498,422

 

35,975,048

 

Shinhan Financial Group

   

208,024

 

7,917,707

 

SK Hynix

   

78,368

 

8,783,287

 
    

166,087,700

 

Taiwan - 18.3%

     

Chailease Holding

   

3,983,948

a 

29,943,698

 

Evergreen Marine

   

4,359,000

a 

15,493,499

 

MediaTek

   

790,000

a 

28,335,827

 

momo.com

   

479,000

a 

21,411,294

 

Taiwan Semiconductor Manufacturing

   

4,948,000

 

106,485,319

 

TCI

   

158,303

a 

1,392,402

 
    

203,062,039

 

Thailand - .6%

     

Thai Beverage

   

3,812,300

 

2,003,439

 

Thanachart Capital

   

3,888,100

 

4,261,358

 
    

6,264,797

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.3% (continued)

     

Turkey - 1.5%

     

BIM Birlesik Magazalar

   

714,944

 

5,337,614

 

Eregli Demir ve Celik Fabrikalari

   

4,840,650

 

10,867,198

 
    

16,204,812

 

United Arab Emirates - .2%

     

Dubai Islamic Bank

   

1,976,608

 

2,599,136

 

Uruguay - 1.0%

     

Globant

   

49,113

a 

10,700,249

 

Total Common Stocks (cost $661,479,474)

   

1,081,812,590

 
        

Exchange-Traded Funds - .3%

     

United States - .3%

     

iShares MSCI Emerging Markets ETF
(cost $2,830,169)

   

63,678

b 

3,494,012

 
  

Preferred Dividend
Yield (%)

     

Preferred Stocks - 1.2%

     

Brazil - 1.2%

     

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

 

5.30

 

3,086,600

 

8,072,291

 

Cia Energetica de Minas Gerais

 

6.50

 

2,084,572

 

5,431,719

 

Total Preferred Stocks (cost $16,113,196)

   

13,504,010

 
  

1-Day
Yield (%)

     

Investment Companies - 1.1%

     

Registered Investment Companies - 1.1%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $12,456,172)

 

0.04

 

12,456,172

d 

12,456,172

 
        

Investment of Cash Collateral for Securities Loaned - .4%

     

Registered Investment Companies - .4%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $3,580,264)

 

0.01

 

3,580,264

d 

3,580,264

 

Total Investments (cost $696,459,275)

 

100.3%

 

1,114,847,048

 

Liabilities, Less Cash and Receivables

 

(.3%)

 

(3,253,185)

 

Net Assets

 

100.0%

 

1,111,593,863

 

ADR—American Depository Receipt

ETF—Exchange-Traded Fund

GDR—Global Depository Receipt

a Non-income producing security.


b Security, or portion thereof, on loan. At May 31, 2021, the value of the fund’s securities on loan was $10,411,717 and the value of the collateral was $10,748,465, consisting of cash collateral of $3,580,264 and U.S. Government & Agency securities valued at $7,168,201.

c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2021, these securities were valued at $13,713,066 or 1.23% of net assets.

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


STATEMENT OF INVESTMENTS
BNY Mellon Emerging Markets Fund

May 31, 2021 (Unaudited)

The following is a summary of the inputs used as of May 31, 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

1,081,812,590

-

 

-

1,081,812,590

Equity Securities - Preferred Stocks

13,504,010

-

 

-

13,504,010

Exchange-Traded Funds

3,494,012

-

 

-

3,494,012

Investment Companies

16,036,436

-

 

-

16,036,436

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 May 31, 2021, accumulated net unrealized appreciation on investments was $418,387,773, consisting of $441,096,792 gross unrealized appreciation and $22,709,019 gross unrealized depreciation.

At May 31, 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.