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  811-00523

BNY Mellon Large Cap Securities Fund, 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: 12/31

Date of reporting period: 6/30/2024 


FORM N-CSR

Item 1.  Reports to Stockholders.


 

  

BNY Mellon Large Cap Securities Fund, Inc.

SEMI-ANNUAL
SHAREHOLDER
REPORT

JUNE 30, 2024

  

Ticker – DREVX

This semi-annual shareholder report contains important information about BNY Mellon Large Cap Securities Fund, Inc. (the “Fund”) for the period of January 1, 2024 to June 30, 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 info@bnymellon.com.

What were the Fund’s costs for the last six months?
(based on a hypothetical $10,000 investment)

   

Fund

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

BNY Mellon Large Cap
Securities Fund, Inc.

$38

0.69%*

 

  

*

Annualized

KEY FUND STATISTICS (AS OF 6/30/24)

   

Fund Size (Millions)

Number of Holdings

Portfolio Turnover

$2,421

50

11.40%

Portfolio Holdings (as of 6/30/24)

Top Ten Holdings (Based on Net Assets)*

LargestHoldingsData(NVIDIA Corp.:8.9,Microsoft Corp.:8.8,[Apple, Inc.]:6.6,[Amazon.com, Inc.]:4.9,[Alphabet, Inc., Cl. C]:4.3,[Meta Platforms, Inc., Cl. A]:3.1,JPMorgan Chase & Co.:3.1,Eli Lilly & Co.:3,[Ingersoll Rand, Inc.]:2.2,Boston Scientific Corp.:2.1)

* Excludes money market funds or other short-term securities held for the investment of cash and cash collateral for securities loaned, if any.

   

Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 


Sector Allocation (Based on Net Assets)

HoldingsByIndustrySectorData(Net Other Assets and Liabilities:1.3,Investment Companies:1,Utilities:2.9,Consumer Staples:3,Energy:5.2,Consumer Discretionary:7.3,Communication Services:8.2,Industrials:9.3,Financials:10.3,Health Care:15.9,Information Technology:35.6)

 

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,
240 Greenwich Street, 9th Floor, NewYork, NY 10281
Code-0026SA0624


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 Large Cap Securities Fund, Inc.

 

SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION

June 30, 2024

 

  

Class

Ticker

Single Share

DREVX


 

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
Investment Companies

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

10

Item 8. Changes in and Disagreements with Accountants for
Open-End Management Investment Companies

14

Item 9. Proxy Disclosures for Open-End Management Investment Companies

15

Item 10. Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies

16

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

17


Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

BNY Mellon Large Cap Securities Fund, Inc.

Statement of Investments

June 30, 2024 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.0% 

     

Banks - 4.0% 

     

First Horizon Corp. 

   

1,359,342

 

21,436,823

 

JPMorgan Chase & Co. 

   

372,066

 

75,254,069

 
    

96,690,892

 

Capital Goods - 7.5% 

     

AMETEK, Inc. 

   

266,675

 

44,457,389

 

Hubbell, Inc. 

   

99,779

 

36,467,229

 

Ingersoll Rand, Inc. 

   

573,170

 

52,066,763

 

Trane Technologies PLC 

   

150,742

 

49,583,566

 
    

182,574,947

 

Commercial & Professional Services - .7% 

     

Veralto Corp. 

   

175,787

 

16,782,385

 

Consumer Discretionary Distribution & Retail - 6.4% 

     

Amazon.com, Inc. 

   

608,556

a 

117,603,447

 

The TJX Companies, Inc. 

   

334,284

 

36,804,668

 
    

154,408,115

 

Consumer Durables & Apparel - .9% 

     

Lululemon Athletica, Inc. 

   

71,431

a 

21,336,440

 

Consumer Staples Distribution & Retail - 1.4% 

     

Walmart, Inc. 

   

502,335

 

34,013,103

 

Energy - 5.2% 

     

EQT Corp. 

   

713,427

 

26,382,530

 

Occidental Petroleum Corp. 

   

562,276

 

35,440,256

 

Phillips 66 

   

230,762

 

32,576,672

 

Schlumberger NV 

   

685,439

 

32,339,012

 
    

126,738,470

 

Financial Services - 2.8% 

     

The Goldman Sachs Group, Inc. 

   

77,112

 

34,879,300

 

Visa, Inc., Cl. A 

   

126,203

 

33,124,501

 
    

68,003,801

 

Food, Beverage & Tobacco - 1.6% 

     

PepsiCo, Inc. 

   

228,567

 

37,697,555

 

Health Care Equipment & Services - 8.0% 

     

Boston Scientific Corp. 

   

660,729

a 

50,882,740

 

DexCom, Inc. 

   

229,914

a 

26,067,649

 

Edwards Lifesciences Corp. 

   

426,129

a 

39,361,536

 

Intuitive Surgical, Inc. 

   

90,096

a 

40,079,206

 

UnitedHealth Group, Inc. 

   

70,855

 

36,083,617

 
    

192,474,748

 

Insurance - 3.5% 

     

Assurant, Inc. 

   

140,414

 

23,343,828

 

RenaissanceRe Holdings Ltd. 

   

134,322

 

30,022,310

 

The Progressive Corp. 

   

147,976

 

30,736,095

 
    

84,102,233

 

Materials - .6% 

     

CF Industries Holdings, Inc. 

   

209,026

 

15,493,007

 

Media & Entertainment - 8.2% 

     

Alphabet, Inc., Cl. C 

   

570,200

 

104,586,084

 

3


Statement of Investments (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.0% (continued)

     

Media & Entertainment - 8.2%  (continued)

     

Meta Platforms, Inc., Cl. A 

   

149,807

 

75,535,686

 

The Walt Disney Company 

   

176,531

 

17,527,763

 
    

197,649,533

 

Pharmaceuticals, Biotechnology & Life Sciences - 8.0% 

     

AbbVie, Inc. 

   

281,284

 

48,245,832

 

Danaher Corp. 

   

176,955

 

44,212,207

 

Eli Lilly & Co. 

   

81,017

 

73,351,172

 

Zoetis, Inc. 

   

161,008

 

27,912,347

 
    

193,721,558

 

Real Estate Management & Development - .7% 

     

CoStar Group, Inc. 

   

239,702

a 

17,771,506

 

Semiconductors & Semiconductor Equipment - 12.3% 

     

Applied Materials, Inc. 

   

172,735

 

40,763,733

 

Micron Technology, Inc. 

   

311,644

 

40,990,535

 

NVIDIA Corp. 

   

1,743,230

 

215,358,634

 
    

297,112,902

 

Software & Services - 16.7% 

     

Accenture PLC, Cl. A 

   

88,092

 

26,727,994

 

Akamai Technologies, Inc. 

   

260,926

a 

23,504,214

 

Intuit, Inc. 

   

71,003

 

46,663,882

 

Microsoft Corp. 

   

477,945

 

213,617,518

 

PTC, Inc. 

   

144,326

a 

26,219,704

 

Roper Technologies, Inc. 

   

79,908

 

45,040,943

 

Shopify, Inc., Cl. A 

   

334,044

a 

22,063,606

 
    

403,837,861

 

Technology Hardware & Equipment - 6.6% 

     

Apple, Inc. 

   

758,347

 

159,723,045

 

Transportation - 1.0% 

     

Uber Technologies, Inc. 

   

346,879

a 

25,211,166

 

Utilities - 2.9% 

     

Constellation Energy Corp. 

   

210,806

 

42,218,118

 

Dominion Energy, Inc. 

   

581,469

 

28,491,981

 
    

70,710,099

 

Total Common Stocks (cost $1,270,766,491)

   

2,396,053,366

 
  

1-Day
Yield (%)

     

Investment Companies - 1.0% 

     

Registered Investment Companies - 1.0% 

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares 
(cost $25,484,409)

 

5.42

 

25,484,409

b 

25,484,409

 

Total Investments (cost $1,296,250,900)

 

100.0%

 

2,421,537,775

 

Liabilities, Less Cash and Receivables

 

(.0%)

 

(955,656)

 

Net Assets

 

100.0%

 

2,420,582,119

 

a Non-income producing security.

b Investment 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 ($)
12/31/2023

Purchases ($)

Sales ($)

Value ($)
6/30/2024

Dividends/
Distributions ($)

 

Registered Investment Companies - 1.0%

  

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares - 1.0%

21,863,339

66,987,027

(63,365,957)

25,484,409

652,942

 

 Includes reinvested dividends/distributions.

See notes to financial statements.

5


STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024 (Unaudited)

       

 

 

 

 

 

 

 

 

 

 

Cost

 

Value

 

Assets ($):

 

 

 

 

Investments in securities—See Statement of Investments

 

 

 

Unaffiliated issuers

1,270,766,491

 

2,396,053,366

 

Affiliated issuers

 

25,484,409

 

25,484,409

 

Dividends receivable

 

726,221

 

Receivable for shares of Common Stock subscribed

 

322,550

 

Prepaid expenses

 

 

 

 

44,914

 

 

 

 

 

 

2,422,631,460

 

Liabilities ($):

 

 

 

 

Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)

 

1,314,136

 

Cash overdraft due to Custodian

 

 

 

 

122,185

 

Payable for shares of Common Stock redeemed

 

475,559

 

Directors’ fees and expenses payable

 

8,820

 

Other accrued expenses

 

 

 

 

128,641

 

 

 

 

 

 

2,049,341

 

Net Assets ($)

 

 

2,420,582,119

 

Composition of Net Assets ($):

 

 

 

 

Paid-in capital

 

 

 

 

1,172,275,688

 

Total distributable earnings (loss)

 

 

 

 

1,248,306,431

 

Net Assets ($)

 

 

2,420,582,119

 

     

Shares Outstanding

 

 

(500 million shares of $1 par value Common Stock authorized)

124,525,622

 

Net Asset Value Per Share ($)

 

19.44

 

 

 

 

 

 

See notes to financial statements.

 

 

  

 

6


STATEMENT OF OPERATIONS

Six Months Ended June 30, 2024 (Unaudited)

       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income ($):

 

 

 

 

Income:

 

 

 

 

Cash dividends:

 

Unaffiliated issuers

 

 

10,170,000

 

Affiliated issuers

 

 

652,942

 

Income from securities lending—Note 1(c)

 

 

9,733

 

Interest

 

 

75

 

Total Income

 

 

10,832,750

 

Expenses:

 

 

 

 

Management fee—Note 3(a)

 

 

7,087,582

 

Shareholder servicing costs—Note 3(b)

 

 

359,817

 

Professional fees

 

 

64,715

 

Directors’ fees and expenses—Note 3(c)

 

 

54,443

 

Prospectus and shareholders’ reports

 

 

34,240

 

Registration fees

 

 

27,495

 

Loan commitment fees—Note 2

 

 

24,381

 

Custodian fees—Note 3(b)

 

 

17,294

 

Chief Compliance Officer fees—Note 3(b)

 

 

12,614

 

Miscellaneous

 

 

17,548

 

Total Expenses

 

 

7,700,129

 

Less—reduction in fees due to earnings credits—Note 3(b)

 

 

(78,943)

 

Net Expenses

 

 

7,621,186

 

Net Investment Income

 

 

3,211,564

 

Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):

 

 

Net realized gain (loss) on investments and foreign currency transactions

122,831,332

 

Net change in unrealized appreciation (depreciation) on investments
and foreign currency transactions

283,100,698

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

405,932,030

 

Net Increase in Net Assets Resulting from Operations

 

409,143,594

 

 

 

 

 

 

 

 

See notes to financial statements.

     

7


STATEMENT OF CHANGES IN NET ASSETS

          

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
June 30, 2024 (Unaudited)

 

Year Ended
December 31, 2023

 

Operations ($):

 

 

 

 

 

 

 

 

Net investment income

 

 

3,211,564

 

 

 

6,848,412

 

Net realized gain (loss) on investments

 

122,831,332

 

 

 

119,697,282

 

Net change in unrealized appreciation
(depreciation) on investments

 

283,100,698

 

 

 

334,080,112

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

409,143,594

 

 

 

460,625,806

 

Distributions ($):

 

Distributions to shareholders

 

 

(23,237,274)

 

 

 

(98,177,383)

 

Capital Stock Transactions ($):

 

Net proceeds from shares sold

 

 

112,919,807

 

 

 

234,197,707

 

Distributions reinvested

 

 

21,537,158

 

 

 

90,889,729

 

Cost of shares redeemed

 

 

(103,548,676)

 

 

 

(142,651,959)

 

Increase (Decrease) in Net Assets
from Capital Stock Transactions

30,908,289

 

 

 

182,435,477

 

Total Increase (Decrease) in Net Assets

416,814,609

 

 

 

544,883,900

 

Net Assets ($):

 

Beginning of Period

 

 

2,003,767,510

 

 

 

1,458,883,610

 

End of Period

 

 

2,420,582,119

 

 

 

2,003,767,510

 

Capital Share Transactions (Shares):

 

Shares sold

 

 

6,204,045

 

 

 

15,314,928

 

Shares issued for distributions reinvested

 

 

1,155,257

 

 

 

5,694,598

 

Shares redeemed

 

 

(5,757,632)

 

 

 

(9,519,690)

 

Net Increase (Decrease) in Shares Outstanding

1,601,670

 

 

 

11,489,836

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

        

8


FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. 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

June 30, 2024

Year Ended December 31,

(Unaudited)

2023

2022

2021

2020

2019

Per Share Data ($):

      

Net asset value, beginning of period

16.30

13.09

16.69

14.74

12.43

10.47

Investment Operations:

      

Net investment incomea

.03

.06

.06

.06

.09

.15

Net realized and unrealized gain (loss) on investments

3.30

3.98

(3.03)

3.79

3.15

2.65

Total from Investment Operations

3.33

4.04

(2.97)

3.85

3.24

2.80

Distributions:

      

Dividends from net investment income

(.03)

(.06)

(.06)

(.05)

(.09)

(.15)

Dividends from net realized gain on investments

(.16)

(.77)

(.57)

(1.85)

(.84)

(.69)

Total Distributions

(.19)

(.83)

(.63)

(1.90)

(.93)

(.84)

Net asset value, end of period

19.44

16.30

13.09

16.69

14.74

12.43

Total Return (%)

20.48b

31.06

(17.90)

27.28

26.56

27.06

Ratios/Supplemental Data (%):

Ratio of total expenses to average net assets

.69c

.71

.71

.70

.71

.72

Ratio of net expenses to average net assets

.69c

.69

.71

.70

.71

.72

Ratio of net investment income to average net assets

.29c

.40

.41

.35

.67

1.23

Portfolio Turnover Rate

11.40b

29.08

18.20

17.70

44.24

27.73

Net Assets, end of period ($ x 1,000)

2,420,582

2,003,768

1,458,884

1,835,957

1,546,068

1,315,545

a Based on average shares outstanding.

b Not annualized.

c Annualized.

See notes to financial statements.

9


NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

BNY Mellon Large Cap Securities Fund, Inc. (the “fund”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), is a diversified open-end management investment company. The fund’s investment objective is to seek long-term capital growth consistent with the preservation of capital. Current income is a secondary investment objective. 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. Newton Investment Management North America, LLC (the “Sub-Adviser” or “NIMNA”), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund’s sub-adviser. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited (“NIM”), which enables NIM to provide certain advisory services to the Sub-Adviser for the benefit of the fund, including, but not limited to, portfolio management services. NIM is subject to the supervision of NIMNA and the Adviser. NIM is also an affiliate of the Adviser. NIM, located at 160 Queen Victoria Street, London, EC4V,4LA, England, was formed in 1978. NIM is an indirect subsidiary of BNY.

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 fund 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.).

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 fund’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

10


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 American Depositary 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, 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 June 30, 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

2,396,053,366

-

 

-

2,396,053,366

 

Investment Companies

25,484,409

-

 

-

25,484,409

 

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

(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 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.

(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

11


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 June 30, 2024, BNY earned $1,327 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 June 30, 2024, the fund had no securities on loan.

(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.

(f) Dividends and distributions to shareholders: Dividends and distributions are recorded on the ex-dividend date. Dividends from net investment income are normally declared and paid quarterly. 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 June 30, 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 June 30, 2024, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended December 31, 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 December 31, 2023 was as follows: ordinary income $6,906,103 and long-term capital gains $91,271,280. 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

12


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 June 30, 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 (the “Agreement”) with the Adviser, the management fee is payable monthly, based on the following annual percentages of the value of the fund’s average daily net assets: .65% of the first $1.5 billion; .625% of the next $500 million; .60% of the next $500 million; and .55% over $2.5 billion. The effective management fee rate during the period ended June 30, 2024 was .64%.

The Agreement also provides for an expense reimbursement from the Adviser should the fund’s aggregate expenses (excluding taxes and brokerage commissions) exceed 1% of the value of the fund’s average daily net assets for any full fiscal year. During the period ended June 30, 2024, there was no reduction in expenses pursuant to the Agreement.

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 .312% of the value of the fund’s average daily net assets.

(b) 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 June 30, 2024, the fund was charged $138,160 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 $78,943.

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 June 30, 2024, the fund was charged $17,294 pursuant to the custody agreement.

During the period ended June 30, 2024, the fund was charged $12,614 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 $1,249,637, Custodian fees of $15,158, Chief Compliance Officer fees of $3,582 and Transfer Agent fees of $45,759.

(c) 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 June 30, 2024, amounted to $257,952,844 and $249,883,238, respectively.

At June 30, 2024, accumulated net unrealized appreciation on investments was $1,125,286,875, consisting of $1,157,452,915 gross unrealized appreciation and $32,166,040 gross unrealized depreciation.

At June 30, 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).

13


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment

Companies. (Unaudited)

N/A

14


Item 9. Proxy Disclosures for Open-End Management Investment Companies. (Unaudited)

N/A

15


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.

16


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)

N/A

17


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18


 

  

© 2024 BNY Mellon Securities Corporation

Code-0026NCSRSA0624

 

 


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 material 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 Large Cap Securities Fund, Inc.

By: /s/ David J. DiPetrillo

 David J. DiPetrillo

 President (Principal Executive Officer)

Date: August 13, 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: August 13, 2024

By: /s/ James Windels

 James Windels

 Treasurer (Principal Financial Officer)

Date: August 19, 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)


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