Form NPORT-P BNY MELLON APPRECIATION For: Sep 30
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NPORT-P false 0000318478 XXXXXXXX S000000008 C000000012 C000130309 C000173298 BNY Mellon Appreciation Fund, Inc. 811-03081 0000318478 549300TUIL1OUKJCE043 240 Greenwich Street New York 10286 212 495 1784 BNY Mellon Appreciation Fund, Inc. 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INC PP55B5R38BFB8O8HH686 GARTNER INC 366651107 35000.00 NS USD 10635800.00 0.4368464737991 Long EC CORP US N 1 N N N MARRIOTT INTERNATIONAL INC/MD 225YDZ14ZO8E1TXUSU86 MARRIOTT INTERNATIONAL INC/MD 571903202 210000.00 NS USD 31098900.00 1.277331729069 Long EC CORP US N 1 N N N SHERWIN-WILLIAMS CO/THE Z15BMIOX8DDH0X2OBP21 SHERWIN-WILLIAMS CO/THE 824348106 98225.00 NS USD 27476479.25 1.1285472717405 Long EC CORP US N 1 N N N UNION PACIFIC CORP 549300LMMRSZZCZ8CL11 UNION PACIFIC CORP 907818108 72525.00 NS USD 14215625.25 0.5838813971034 Long EC CORP US N 1 N N N SERVICENOW INC 549300HJTQM36M0E1G39 SERVICENOW INC 81762P102 20000.00 NS USD 12445400.00 0.5111725591887 Long EC CORP US N 1 N N N INTERCONTINENTALEXCHANGE 5493000F4ZO33MV32P92 INTERCONTINENTAL EXCHANGE INC 45866F104 350295.00 NS USD 40220871.90 1.6520004195869 Long EC CORP US N 1 N N N RAYTHEON TECHNOLOGIES CORP I07WOS4YJ0N7YRFE7309 RAYTHEON TECHNOLOGIES CORP 75513E101 193590.00 NS USD 16640996.40 0.6834991818052 Long EC CORP US N 1 N N N ROCHE HOLDING AG 549300U41AUUVOAAOB37 ROCHE HOLDING AG 771195104 421000.00 NS USD 19142870.00 0.7862591678948 Long EC CORP CH N 1 N N N PEPSICO INC FJSUNZKFNQ5YPJ5OT455 PEPSICO INC 713448108 226825.00 NS USD 34116748.25 1.4012844516168 Long EC CORP US N 1 N N N JOHNSON & JOHNSON 549300G0CFPGEF6X2043 JOHNSON & JOHNSON 478160104 106815.00 NS USD 17250622.50 0.7085384841728 Long EC CORP US N 1 N N N COCA-COLA CO/THE UWJKFUJFZ02DKWI3RY53 COCA-COLA CO/THE 191216100 728450.00 NS USD 38221771.50 1.5698909439941 Long EC CORP US N 1 N N N APPLE INC HWUPKR0MPOU8FGXBT394 APPLE INC 037833100 1167250.00 NS USD 165165875.00 6.7838930861528 Long EC CORP US N 1 N N N ADOBE INC FU4LY2G4933NH2E1CP29 ADOBE INC 00724F101 84500.00 NS USD 48648340.00 1.9981436079263 Long EC CORP US N 1 N N N S&P GLOBAL INC Y6X4K52KMJMZE7I7MY94 S&P GLOBAL INC 78409V104 137195.00 NS USD 58292783.55 2.3942718875642 Long EC CORP US N 1 N N N CLARIVATE PLC 549300WDHIIODXFO0R55 CLARIVATE PLC N/A 400000.00 NS USD 8760000.00 0.3598013417402 Long EC CORP JE N 1 N N N ALTRIA GROUP INC XSGZFLO9YTNO9VCQV219 ALTRIA GROUP INC 02209S103 482945.00 NS USD 21983656.40 0.902939391447 Long EC CORP US N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 MASTERCARD INC 57636Q104 70000.00 NS USD 24337600.00 0.9996234172074 Long EC CORP US N 1 N N N ASML HOLDING NV 724500Y6DUVHQD6OXN27 ASML HOLDING NV N/A 98460.00 NS USD 73363530.60 3.0132758840959 Long EC CORP NL N 1 N N MICROSOFT CORP INR2EJN1ERAN0W5ZP974 MICROSOFT CORP 594918104 715490.00 NS USD 201710940.80 8.2849163405848 Long EC CORP US N 1 N N N PHILIP MORRIS INTERNATIONAL INC HL3H1H2BGXWVG3BSWR90 PHILIP MORRIS INTERNATIONAL INC 718172109 476100.00 NS USD 45129519.00 1.8536143251473 Long EC CORP US N 1 N N N COMCAST CORP 51M0QTTNCGUN7KFCFZ59 COMCAST CORP 20030N101 869065.00 NS USD 48606805.45 1.9964376505269 Long EC CORP US N 1 N N N WALT DISNEY CO/THE 549300GZKULIZ0WOW665 WALT DISNEY CO/THE 254687106 149020.00 NS USD 25209713.40 1.0354439162336 Long EC CORP US N 1 N N N TEXAS INSTRUMENTS INC WDJNR2L6D8RWOEB8T652 TEXAS INSTRUMENTS INC 882508104 398480.00 NS USD 76591840.80 3.1458729550449 Long EC CORP US N 1 N N N VERISK ANALYTICS INC 549300I1YSWNIRKBWP67 VERISK ANALYTICS INC 92345Y106 99975.00 NS USD 20021993.25 0.8223675839798 Long EC CORP US N 1 N N N NESTLE SA KY37LUS27QQX7BB93L28 NESTLE SA 641069406 287465.00 NS USD 34556167.65 1.4193328180217 Long EC CORP CH N 1 N N N BLACKROCK INC 549300LRIF3NWCU26A80 BLACKROCK INC 09247X101 74580.00 NS USD 62547262.80 2.5690170179929 Long EC CORP US N 1 N N N ESTEE LAUDER COS INC/THE 549300VFZ8XJ9NUPU221 ESTEE LAUDER COS INC/THE 518439104 253495.00 NS USD 76030755.35 3.122827373111 Long EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC 02079K107 52402.00 NS USD 139667574.62 5.736595975557 Long EC CORP US N 1 N N N JPMORGAN CHASE & CO 8I5DZWZKVSZI1NUHU748 JPMORGAN CHASE & CO 46625H100 358815.00 NS USD 58734427.35 2.412411617223 Long EC CORP US N 1 N N N FACEBOOK INC BQ4BKCS1HXDV9HN80Z93 FACEBOOK INC 30303M102 382480.00 NS USD 129809887.20 5.3317090851264 Long EC CORP US N 1 N N N CANADIAN PACIFIC RAILWAY LTD 54930036474DURYNB481 CANADIAN PACIFIC RAILWAY LTD 13645T100 573175.00 NS USD 37296497.25 1.5318869580777 Long EC CORP CA N 1 N N DREYFUS INSTITUTIONAL PREFERRE 549300RBWL04JG8SIX57 Dreyfus Institutional Preferred Government Plus Money Market Fund N/A 10850037.41 OU Other Units USD 10850037.41 0.4456458924714 Long STIV RF US N 1 2099-12-01 Variable 0.061343 N N N N N N 99VVB9HH4 N/A DREYFUS INST PREF GOVT PLUS MMF - SL #4134 99VVB9HH4 12520675.46 OU Other Units USD 12520675.46 0.5142643641554 Long RF US N 1 N N 2021-11-23 BNY Mellon Advantage Funds, Inc. James Windels James Windels Fund Treasurer XXXX
BNY Mellon Appreciation Fund, Inc.
September 30, 2021 (Unaudited)
Common Stocks - 99.2%
Banks - 2.4%
JPMorgan Chase & Co.
Capital Goods - 1.0%
Commercial & Professional Services - 2.0%
Consumer Durables & Apparel - 4.0%
NIKE, Cl. B
Consumer Services - 2.7%
Marriott International, Cl. A
Diversified Financials - 8.5%
Berkshire Hathaway, Cl. A
Energy - 1.2%
Food, Beverage & Tobacco - 7.1%
Philip Morris International
The Coca-Cola Company
Health Care Equipment & Services - 6.5%
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Common Stocks - 99.2% (continued)
Health Care Equipment & Services - 6.5% (continued)
Household & Personal Products - 3.1%
The Estee Lauder Companies, Cl. A
Insurance - 1.6%
Materials - 3.2%
Air Products & Chemicals
The Sherwin-Williams Company
Media & Entertainment - 14.1%
Alphabet, Cl. C
Comcast, Cl. A
Facebook, Cl. A
The Walt Disney Company
Pharmaceuticals Biotechnology & Life Sciences - 3.3%
Johnson & Johnson
Novo Nordisk, ADR
Roche Holding, ADR
Retailing - 4.9%
Semiconductors & Semiconductor Equipment - 6.2%
Software & Services - 18.5%
Automatic Data Processing
Broadridge Financial Solutions
Mastercard, Cl. A
Visa, Cl. A
Technology Hardware & Equipment - 6.8%
Transportation - 2.1%
Canadian Pacific Railway
Common Stocks - 99.2% (continued)
Transportation - 2.1% (continued)
Total Common Stocks (cost $738,467,564)
Investment Companies - .5%
Registered Investment Companies - .5%
Institutional Preferred Government Plus Money Market Fund, Institutional Shares
Investment of Cash Collateral for Securities Loaned - .5%
Registered Investment Companies - .5%
Dreyfus Institutional Preferred Government
Plus Money Market Fund, SL Shares
Total Investments (cost $761,836,759)
Liabilities, Less Cash and Receivables
ADR—American Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At September 30, 2021, the value of the fund’s securities on loan was $121,787,481 and the value of the collateral was $126,391,682, consisting of cash collateral of $12,519,158 and U.S. Government & Agency securities valued at $113,872,524.
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.
BNY Mellon Appreciation Fund, Inc.
September 30, 2021 (Unaudited)
The following is a summary of the inputs used as of September 30, 2021 in valuing the fund’s investments:
Level 1 - Unadjusted Quoted Prices
Level 2 - Other Significant Observable Inputs
Level 3 -Significant Unobservable Inputs
Investments in Securities: †
Equity Securities - Common Stocks
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at peiod end as the values were determined pursuant to the fund’s fair valuation procedures.
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 September 30, 2021, accumulated net unrealized appreciation on investments was $1,677,381,951, consisting of $1,678,990,677 gross unrealized appreciation and $1,608,726 gross unrealized depreciation.
At September 30, 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.
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