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Dreyfus Sustainable U.S. Equity Fund

Filed: 26 Oct 20, 7:22am

STATEMENT OF INVESTMENTS
BNY Mellon Sustainable U.S. Equity Fund, Inc.

August 31, 2020 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 98.2%

     

Banks - 5.0%

     

Citigroup

   

238,353

 

12,184,605

 

First Republic Bank

   

74,573

 

8,420,037

 
    

20,604,642

 

Capital Goods - 2.0%

     

Acuity Brands

   

21,791

 

2,381,538

 

Ferguson

   

60,141

a

5,929,823

 
    

8,311,361

 

Consumer Durables & Apparel - 4.7%

     

Lennar, Cl. A

   

90,067

 

6,738,813

 

NIKE, Cl. B

   

113,573

 

12,707,683

 
    

19,446,496

 

Diversified Financials - 3.2%

     

Redwood Trust

   

288,899

b

2,002,070

 

The Goldman Sachs Group

   

55,924

 

11,457,150

 
    

13,459,220

 

Food & Staples Retailing - 2.2%

     

Costco Wholesale

   

26,675

 

9,273,831

 

Food, Beverage & Tobacco - 2.9%

     

PepsiCo

   

86,397

 

12,100,764

 

Health Care Equipment & Services - 6.4%

     

Abbott Laboratories

   

121,727

 

13,325,455

 

Medtronic

   

122,635

 

13,179,584

 
    

26,505,039

 

Insurance - 2.8%

     

Intact Financial

   

108,916

 

11,666,082

 

Materials - 4.2%

     

Albemarle

   

85,426

 

7,774,620

 

Ecolab

   

19,464

 

3,835,965

 

International Flavors & Fragrances

   

45,383

 

5,617,962

 
    

17,228,547

 

Media & Entertainment - 4.9%

     

Alphabet, Cl. A

   

12,504

a

20,375,643

 

Pharmaceuticals Biotechnology & Life Sciences - 4.9%

     

Gilead Sciences

   

133,768

 

8,929,014

 

Merck & Co.

   

135,724

 

11,573,186

 
    

20,502,200

 

Retailing - 12.3%

     

Amazon.com

   

8,836

a

30,492,683

 

Dollar General

   

46,339

 

9,354,917

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 98.2% (continued)

     

Retailing - 12.3% (continued)

     

eBay

   

200,886

 

11,004,535

 
    

50,852,135

 

Semiconductors & Semiconductor Equipment - 5.4%

     

Applied Materials

   

153,589

 

9,461,082

 

Qualcomm

   

108,857

 

12,964,869

 
    

22,425,951

 

Software & Services - 21.0%

     

Accenture, Cl. A

   

62,801

 

15,067,844

 

Fidelity National Information Services

   

54,235

 

8,181,350

 

Intuit

   

25,434

 

8,784,649

 

Mastercard, Cl. A

   

37,209

 

13,327,892

 

Microsoft

   

134,734

 

30,386,559

 

salesforce.com

   

41,631

a

11,350,692

 
    

87,098,986

 

Technology Hardware & Equipment - 9.3%

     

Apple

   

242,724

 

31,321,105

 

Cisco Systems

   

172,395

 

7,278,517

 
    

38,599,622

 

Telecommunication Services - 3.0%

     

Verizon Communications

   

211,717

 

12,548,467

 

Utilities - 4.0%

     

CMS Energy

   

86,202

 

5,214,359

 

Eversource Energy

   

132,620

a

11,366,860

 
    

16,581,219

 

Total Common Stocks (cost $265,468,599)

   

407,580,205

 
  

1-Day
Yield (%)

     

Investment Companies - 3.3%

     

Registered Investment Companies - 3.3%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund
(cost $13,798,315)

 

0.20

 

13,798,315

c

13,798,315

 

Total Investments (cost $279,266,914)

 

101.5%

 

421,378,520

 

Liabilities, Less Cash and Receivables

 

(1.5%)

 

(6,225,565)

 

Net Assets

 

100.0%

 

415,152,955

 

a Non-income producing security.

b Investment in real estate investment trust within the United States.

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 Sustainable U.S. Equity Fund, Inc.

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

407,580,205

-

-

407,580,205

Investment Companies

13,798,315

-

-

13,798,315

Other Financial Instruments:

   

Forward Foreign Currency Exchange Contracts††

-

1,041

-

1,041

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

†† Amount shown represents unrealized appreciation at period end.


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.

At August 31, 2020, accumulated net unrealized appreciation on investments was $142,111,606, consisting of $146,161,393 gross unrealized appreciation and $4,049,787 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.