NPORT-EX 2 c10625bnymellonla-march20201.htm Untitled Document

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

March 31, 2020 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 100.0%

     

Banks - 3.9%

     

JPMorgan Chase & Co.

   

310,798

 

27,981,144

 

U.S. Bancorp

   

396,118

 

13,646,265

 
    

41,627,409

 

Capital Goods - 9.2%

     

AMETEK

   

196,651

 

14,162,805

 

Cummins

   

140,096

 

18,957,791

 

Ingersoll Rand

   

132,848

a

3,294,630

 

Raytheon

   

116,924

 

15,334,583

 

Rockwell Automation

   

78,051

 

11,778,676

 

Roper Technologies

   

69,537

 

21,682,332

 

Trane Technologies

   

150,554

 

12,434,255

 
    

97,645,072

 

Consumer Services - 2.5%

     

McDonald's

   

159,360

 

26,350,176

 

Diversified Financials - 4.2%

     

Cboe Global Markets

   

191,308

 

17,074,239

 

S&P Global

   

54,922

 

13,458,636

 

The Goldman Sachs Group

   

88,561

 

13,690,645

 
    

44,223,520

 

Energy - 1.4%

     

Valero Energy

   

318,404

 

14,442,805

 

Food & Staples Retailing - 4.1%

     

Costco Wholesale

   

74,132

 

21,137,257

 

Walmart

   

198,951

 

22,604,813

 
    

43,742,070

 

Food, Beverage & Tobacco - 3.0%

     

PepsiCo

   

261,886

 

31,452,509

 

Health Care Equipment & Services - 8.1%

     

Anthem

   

71,304

 

16,188,860

 

Becton Dickinson & Co.

   

72,689

 

16,701,752

 

Boston Scientific

   

584,877

a

19,084,537

 

Danaher

   

137,647

 

19,051,721

 

Medtronic

   

172,962

 

15,597,713

 
    

86,624,583

 

Insurance - 3.0%

     

American International Group

   

657,503

 

15,944,448

 

The Progressive

   

214,176

 

15,814,756

 
    

31,759,204

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 100.0% (continued)

     

Materials - 2.0%

     

FMC

   

264,680

 

21,621,709

 

Media & Entertainment - 7.0%

     

Alphabet, Cl. C

   

40,105

a

46,634,495

 

Facebook, Cl. A

   

163,813

a

27,324,008

 
    

73,958,503

 

Pharmaceuticals Biotechnology & Life Sciences - 9.9%

     

AbbVie

   

280,528

 

21,373,428

 

Biogen

   

45,421

a

14,370,296

 

Merck & Co.

   

360,622

 

27,746,257

 

Vertex Pharmaceuticals

   

87,080

a

20,720,686

 

Zoetis

   

182,076

 

21,428,524

 
    

105,639,191

 

Retailing - 7.3%

     

Amazon.com

   

31,836

a

62,071,286

 

Lowe's

   

176,382

 

15,177,671

 
    

77,248,957

 

Semiconductors & Semiconductor Equipment - 4.5%

     

Applied Materials

   

413,807

 

18,960,637

 

NVIDIA

   

111,767

 

29,461,781

 
    

48,422,418

 

Software & Services - 18.3%

     

Adobe

   

53,286

a

16,957,737

 

Microsoft

   

486,190

 

76,677,025

 

PayPal Holdings

   

208,281

a

19,940,823

 

salesforce.com

   

152,387

a

21,940,680

 

ServiceNow

   

60,750

a

17,409,735

 

Visa, Cl. A

   

257,334

b

41,461,654

 
    

194,387,654

 

Technology Hardware & Equipment - 6.0%

     

Apple

   

251,781

 

64,025,390

 

Transportation - 2.0%

     

Union Pacific

   

147,665

 

20,826,672

 

Utilities - 3.6%

     

NextEra Energy

   

104,218

 

25,076,935

 

PPL

   

525,105

 

12,959,591

 
    

38,036,526

 

Total Common Stocks (cost $878,478,155)

   

1,062,034,368

 
  

1-Day
Yield (%)

     

Investment Companies - .8%

     

Registered Investment Companies - .8%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund
(cost $8,302,496)

 

0.40

 

8,302,496

c

8,302,496

 


      

Total Investments (cost $886,780,651)

 

100.8%

 

1,070,336,864

 

Liabilities, Less Cash and Receivables

 

(.8%)

 

(8,169,412)

 

Net Assets

 

100.0%

 

1,062,167,452

 

a Non-income producing security.

b Security, or portion thereof, on loan. At March 31, 2020, the value of the fund’s securities on loan was $40,645,904 and the value of the collateral was $42,610,156, 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.

March 31, 2020 (Unaudited)

The following is a summary of the inputs used as of March 31, 2020 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

1,062,034,368

-

-

1,062,034,368

Investment Companies

8,302,496

-

-

8,302,496

     

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


NOTES

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 Securities and Exchange Commission (“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


NOTES

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


NOTES

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 March 31, 2020, accumulated net unrealized appreciation on investments was $183,556,213, consisting of $261,930,372 gross unrealized appreciation and $78,374,159 gross unrealized depreciation.

At March 31, 2020, 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.