NPORT-EX 2 c10322bnymelloni-august20201.htm Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon International Stock Fund

August 31, 2020 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.5%

     

Australia - 3.2%

     

Cochlear

   

431,100

 

61,095,592

 

CSL

   

551,000

 

116,231,618

 
    

177,327,210

 

Canada - 3.1%

     

Alimentation Couche-Tard, Cl. B

   

3,619,700

 

118,135,952

 

Canadian National Railway

   

527,600

 

55,439,764

 
    

173,575,716

 

China - 1.3%

     

CNOOC

   

64,174,000

 

73,032,268

 

Denmark - 8.6%

     

Chr. Hansen Holding

   

977,800

a

112,269,903

 

Coloplast, Cl. B

   

684,800

 

116,207,354

 

Novo Nordisk, Cl. B

   

1,920,600

 

127,210,711

 

Novozymes, Cl. B

   

2,005,512

b

118,672,013

 
    

474,359,981

 

Finland - 2.4%

     

Kone, Cl. B

   

1,564,500

 

134,124,998

 

France - 9.5%

     

Air Liquide

   

642,700

 

106,646,629

 

Dassault Systemes

   

605,200

 

114,001,704

 

L'Oreal

   

307,500

 

101,609,874

 

LVMH Moet Hennessy Louis Vuitton

   

256,400

 

120,186,956

 

Total

   

2,042,104

 

80,662,873

 
    

523,108,036

 

Germany - 4.9%

     

adidas

   

408,200

 

124,022,145

 

SAP

   

902,200

 

148,619,437

 
    

272,641,582

 

Hong Kong - 6.9%

     

AIA Group

   

13,613,400

 

140,170,488

 

CLP Holdings

   

8,764,500

 

86,116,058

 

Hang Lung Properties

   

37,330,000

 

105,243,800

 

Hong Kong & China Gas

   

33,747,160

 

49,117,179

 
    

380,647,525

 

Ireland - 2.0%

     

Experian

   

3,003,900

 

112,031,427

 

Japan - 25.2%

     

Daikin Industries

   

795,100

 

149,876,519

 

Daito Trust Construction

   

771,200

 

68,451,600

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 97.5% (continued)

     

Japan - 25.2% (continued)

     

FANUC

   

598,000

 

105,044,517

 

Kao

   

1,444,100

 

110,016,928

 

Keyence

   

427,280

 

176,212,910

 

Makita

   

2,050,900

 

94,881,839

 

MISUMI Group

   

1,837,800

 

48,272,290

 

Murata Manufacturing

   

1,900,000

 

112,656,375

 

Shimano

   

530,700

 

112,488,458

 

Shin-Etsu Chemical

   

1,011,600

 

123,065,345

 

SMC

   

314,100

 

172,745,362

 

Sysmex

   

1,382,900

 

120,865,839

 
    

1,394,577,982

 

Netherlands - 2.2%

     

ASML Holding

   

331,990

 

124,519,458

 

Portugal - 1.2%

     

Galp Energia

   

6,398,300

 

68,504,910

 

Spain - 2.1%

     

Industria de Diseno Textil

   

4,075,900

 

114,546,617

 

Switzerland - 13.0%

     

Givaudan

   

30,300

 

127,039,106

 

Kuehne + Nagel International

   

667,600

 

129,280,801

 

Nestle

   

972,500

 

116,792,522

 

Novartis

   

1,310,000

 

113,095,193

 

Roche Holding

   

353,450

 

123,440,638

 

SGS

   

42,000

 

108,629,902

 
    

718,278,162

 

Taiwan - 3.4%

     

Taiwan Semiconductor Manufacturing, ADR

   

2,400,400

b

190,231,700

 

United Kingdom - 8.5%

     

Compass Group

   

3,574,000

 

58,309,931

 

Diageo

   

3,160,000

 

106,004,542

 

Intertek Group

   

978,600

 

76,866,515

 

Reckitt Benckiser Group

   

1,184,100

 

118,871,710

 

Smith & Nephew

   

5,368,000

 

109,177,880

 
    

469,230,578

 

Total Common Stocks (cost $3,454,720,233)

   

5,400,738,150

 
  

1-Day
Yield (%)

     

Investment Companies - 2.3%

     

Registered Investment Companies - 2.3%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund
(cost $126,025,632)

 

0.20

 

126,025,632

c

126,025,632

 


        
 
        

Investment of Cash Collateral for Securities Loaned - .0%

     

Registered Investment Companies - .0%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund
(cost $650,356)

 

0.20

 

650,356

c

650,356

 

Total Investments (cost $3,581,396,221)

 

99.8%

 

5,527,414,138

 

Cash and Receivables (Net)

 

.2%

 

8,326,857

 

Net Assets

 

100.0%

 

5,535,740,995

 

ADR—American Depository Receipt

a Non-income producing security.

b Security, or portion thereof, on loan. At August 31, 2020, the value of the fund’s securities on loan was $79,355,836 and the value of the collateral was $82,521,480, consisting of cash collateral of $650,356 and U.S. Government & Agency securities valued at $81,871,124.

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 International Stock Fund

August 31, 2020 (Unaudited)

The following is a summary of the inputs used as of August 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

5,400,738,150

-

-

5,400,738,150

Investment Companies

126,675,988

-

-

126,675,988

Other Financial Instruments:

   

Forward Foreign Currency Exchange Contracts††

-

37,039

-

37,039

Liabilities ($)

    

Other Financial Instruments:

   

Forward Foreign Currency Exchange Contracts††

-

(25,392)

-

(25,392)

     
     

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

†† Amount shown represents unrealized appreciation (depreciation) at period end.


STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
BNY Mellon International Stock Fund

August 31, 2020 (Unaudited)

      

Counterparty/ Purchased
Currency

Purchased Currency
Amounts

Currency
Sold

Sold
Currency
Amounts

Settlement Date

Unrealized Appreciation (Depreciation)($)

National Australia Bank

   

Japanese Yen

966,289,220

United States Dollar

9,148,733

9/1/2020

(25,392)

British Pound

3,669,398

United States Dollar

4,885,436

9/2/2020

19,684

British Pound

1,979,223

United States Dollar

2,628,386

9/1/2020

17,355

Gross Unrealized Appreciation

  

37,039

Gross Unrealized Depreciation

  

(25,392)

See notes to financial statements.


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


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.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at August 31, 2020 is discussed below.

Forward Foreign Currency Exchange Contracts: The fund enters into forward contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of its investment strategy. When executing forward contracts, the fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, the fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, the fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. The fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statement of Operations. The fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between the fund and the counterparty and the posting of collateral, if any, by the counterparty to the fund to cover the fund’s exposure to the counterparty.

At August 31, 2020, accumulated net unrealized appreciation on investments was $1,946,017,917, consisting of $2,030,239,522 gross unrealized appreciation and $84,221,605 gross unrealized depreciation.

At August 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.