Form NPORT-P BNY MELLON APPRECIATION For: Sep 30

November 29, 2021 7:26 AM EST

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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.
			S000000008
			549300TUIL1OUKJCE043
			2021-12-31
			2021-09-30
			N
		
		
			2455595155.94
			20918298.53
			2434676857.41
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			
				
				
				
				
				
				
				
			
			
				
					
						UST
					
				
			
			
				
					
					
					
				
				
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
				
				
				
				
			
			
			
			
		
		
			
				INTUITIVE SURGICAL INC
				54930052SRG011710797
				INTUITIVE SURGICAL INC
				46120E602
				
					
					
				
				33000.00
				NS
				USD
				32806950.00
				1.3474868297265
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTUIT INC
				VI90HBPH7XSFMB9E4M29
				INTUIT INC
				461202103
				
					
					
				
				99200.00
				NS
				USD
				53519392.00
				2.1982133619544
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MASIMO CORP
				549300Q4A8JK0PIYCU29
				MASIMO CORP
				574795100
				
					
					
				
				80375.00
				NS
				USD
				21758316.25
				0.8936839475751
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PROGRESSIVE CORP/THE
				529900TACNVLY9DCR586
				PROGRESSIVE CORP/THE
				743315103
				
					
					
				
				429400.00
				NS
				USD
				38813466.00
				1.5941937379439
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				IHS MARKIT LTD
				549300HLPTRASHS0E726
				IHS MARKIT LTD
				N/A
				
					
					
				
				179750.00
				NS
				USD
				20962445.00
				0.8609949585794
				Long
				EC
				CORP
				BM
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MCDONALD'S CORP
				UE2136O97NLB5BYP9H04
				MCDONALD'S CORP
				580135101
				
					
					
				
				143430.00
				NS
				USD
				34582407.30
				1.4204105647428
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ABBOTT LABORATORIES
				HQD377W2YR662HK5JX27
				ABBOTT LABORATORIES
				002824100
				
					
					
				
				387125.00
				NS
				USD
				45731076.25
				1.878322213924
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AIR PRODUCTS AND CHEMICALS INC
				7QEON6Y1RL5XR3R1W237
				AIR PRODUCTS AND CHEMICALS INC
				009158106
				
					
					
				
				198990.00
				NS
				USD
				50963328.90
				2.0932276390146
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NOVO NORDISK A/S
				549300DAQ1CVT6CXN342
				NOVO NORDISK A/S
				670100205
				
					
					
				
				453355.00
				NS
				USD
				43526613.55
				1.7877778489381
				Long
				EC
				CORP
				DK
				
				N
				
				1
				
					N
					N
					N
				
			
			
				OTIS WORLDWIDE CORP
				549300ZLBKR8VSU25153
				OTIS WORLDWIDE CORP
				68902V107
				
					
					
				
				98870.00
				NS
				USD
				8135023.60
				0.3341315532384
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CHEVRON CORP
				VA8TZDWPEZYU430RZ444
				CHEVRON CORP
				166764100
				
					
					
				
				282895.00
				NS
				USD
				28699697.75
				1.1787887851585
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AUTOMATIC DATA PROCESSING INC
				HGBOLILQXWER4SAL2I23
				AUTOMATIC DATA PROCESSING INC
				053015103
				
					
					
				
				60665.00
				NS
				USD
				12128146.80
				0.4981419510801
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VISA INC
				549300JZ4OKEHW3DPJ59
				VISA INC
				92826C839
				
					
					
				
				367370.00
				NS
				USD
				81831667.50
				3.3610894707009
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					
				
			
			
				HERMES INTERNATIONAL
				969500Y4IJGHJE2MTJ13
				HERMES INTERNATIONAL
				N/A
				
					
					
				
				10850.00
				NS
				
				14995532.79
				0.6159147052456
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BROADRIDGE FINANCIAL SOLUTIONS INC
				549300KZDJZQ2YIHRC28
				BROADRIDGE FINANCIAL SOLUTIONS INC
				11133T103
				
					
					
				
				34900.00
				NS
				USD
				5815736.00
				0.2388709607313
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BERKSHIRE HATHAWAY INC
				5493000C01ZX7D35SD85
				BERKSHIRE HATHAWAY INC
				084670108
				
					
					
				
				109.00
				NS
				USD
				44840309.91
				1.8417355787289
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMAZON.COM INC
				ZXTILKJKG63JELOEG630
				AMAZON.COM INC
				023135106
				
					
					
				
				36385.00
				NS
				USD
				119526180.40
				4.9093242101603
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NIKE INC
				787RXPR0UX0O0XUXPZ81
				NIKE INC
				654106103
				
					
					
				
				215625.00
				NS
				USD
				31315218.75
				1.2862166350615
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNITEDHEALTH GROUP INC
				549300GHBMY8T5GXDE41
				UNITEDHEALTH GROUP INC
				91324P102
				
					
					
				
				147800.00
				NS
				USD
				57751372.00
				2.3720343759062
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				LVMH MOET HENNESSY LOUIS VUITTON SE
				IOG4E947OATN0KJYSD45
				LVMH MOET HENNESSY LOUIS VUITTON SE
				N/A
				
					
					
				
				70225.00
				NS
				
				50215377.03
				2.0625068528978
				Long
				EC
				CORP
				FR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				GARTNER 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
				
					
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			2021-11-23
			BNY Mellon Advantage Funds, Inc.
			James Windels
			James Windels
			Fund Treasurer
		
	
	XXXX



STATEMENT OF INVESTMENTS
BNY Mellon Appreciation Fund, Inc.

September 30, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.2%

     

Banks - 2.4%

     

JPMorgan Chase & Co.

   

358,815

 

 58,734,427

 

Capital Goods - 1.0%

     

Otis Worldwide

   

98,870

 

8,135,024

 

Raytheon Technologies

   

193,590

 

16,640,996

 
    

24,776,020

 

Commercial & Professional Services - 2.0%

     

Clarivate

   

400,000

a 

8,760,000

 

IHS Markit

   

179,750

 

20,962,445

 

Verisk Analytics

   

99,975

 

20,021,993

 
    

49,744,438

 

Consumer Durables & Apparel - 4.0%

     

Hermes International

   

10,850

 

14,995,533

 

LVMH

   

70,225

 

50,215,377

 

NIKE, Cl. B

   

215,625

 

31,315,219

 
    

96,526,129

 

Consumer Services - 2.7%

     

Marriott International, Cl. A

   

210,000

a 

31,098,900

 

McDonald's

   

143,430

 

34,582,407

 
    

65,681,307

 

Diversified Financials - 8.5%

     

Berkshire Hathaway, Cl. A

   

109

a 

44,840,310

 

BlackRock

   

74,580

 

62,547,263

 

Intercontinental Exchange

   

350,295

 

40,220,872

 

S&P Global

   

137,195

 

58,292,784

 
    

205,901,229

 

Energy - 1.2%

     

Chevron

   

282,895

 

 28,699,698

 

Food, Beverage & Tobacco - 7.1%

     

Altria Group

   

482,945

 

21,983,657

 

Nestle, ADR

   

287,465

 

34,556,168

 

PepsiCo

   

226,825

 

34,116,748

 

Philip Morris International

   

476,100

 

45,129,519

 

The Coca-Cola Company

   

728,450

 

38,221,771

 
    

174,007,863

 

Health Care Equipment & Services - 6.5%

     

Abbott Laboratories

   

387,125

 

45,731,076

 

Intuitive Surgical

   

33,000

a 

32,806,950

 

Masimo

   

80,375

a 

21,758,316

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.2% (continued)

     

Health Care Equipment & Services - 6.5% (continued)

     

UnitedHealth Group

   

147,800

 

57,751,372

 
    

158,047,714

 

Household & Personal Products - 3.1%

     

The Estee Lauder Companies, Cl. A

   

253,495

 

 76,030,755

 

Insurance - 1.6%

     

The Progressive

   

429,400

 

 38,813,466

 

Materials - 3.2%

     

Air Products & Chemicals

   

198,990

 

50,963,329

 

The Sherwin-Williams Company

   

98,225

 

27,476,479

 
    

78,439,808

 

Media & Entertainment - 14.1%

     

Alphabet, Cl. C

   

52,402

a 

139,667,575

 

Comcast, Cl. A

   

869,065

 

48,606,806

 

Facebook, Cl. A

   

382,480

a 

129,809,887

 

The Walt Disney Company

   

149,020

a 

25,209,713

 
    

343,293,981

 

Pharmaceuticals Biotechnology & Life Sciences - 3.3%

     

Johnson & Johnson

   

106,815

 

17,250,623

 

Novo Nordisk, ADR

   

453,355

 

43,526,614

 

Roche Holding, ADR

   

421,000

 

19,142,870

 
    

79,920,107

 

Retailing - 4.9%

     

Amazon.com

   

36,385

a 

 119,526,181

 

Semiconductors & Semiconductor Equipment - 6.2%

     

ASML Holding

   

98,460

b 

73,363,531

 

Texas Instruments

   

398,480

 

76,591,841

 
    

149,955,372

 

Software & Services - 18.5%

     

Adobe

   

84,500

a 

48,648,340

 

Automatic Data Processing

   

60,665

 

12,128,147

 

Broadridge Financial Solutions

   

34,900

 

5,815,736

 

Gartner

   

35,000

a 

10,635,800

 

Intuit

   

99,200

 

53,519,392

 

Mastercard, Cl. A

   

70,000

 

24,337,600

 

Microsoft

   

715,490

 

201,710,941

 

ServiceNow

   

20,000

a 

12,445,400

 

Visa, Cl. A

   

367,370

b 

81,831,667

 
    

451,073,023

 

Technology Hardware & Equipment - 6.8%

     

Apple

   

1,167,250

 

 165,165,875

 

Transportation - 2.1%

     

Canadian Pacific Railway

   

573,175

b 

37,296,497

 


        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 99.2% (continued)

     

Transportation - 2.1% (continued)

     

Union Pacific

   

72,525

 

14,215,625

 
    

51,512,122

 

Total Common Stocks (cost $738,467,564)

   

2,415,849,515

 
  

1-Day
Yield (%)

     

Investment Companies - .5%

     

Registered Investment Companies - .5%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $10,850,037)

 

0.06

 

10,850,037

c 

 10,850,037

 
        

Investment of Cash Collateral for Securities Loaned - .5%

     

Registered Investment Companies - .5%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $12,519,158)

 

0.02

 

12,519,158

c 

 12,519,158

 

Total Investments (cost $761,836,759)

 

100.2%

 

2,439,218,710

 

Liabilities, Less Cash and Receivables

 

(.2%)

 

(4,541,853)

 

Net Assets

 

100.0%

 

2,434,676,857

 

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.


STATEMENT OF INVESTMENTS
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

Total

Assets ($)

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

Equity Securities - Common Stocks

2,350,638,605

65,210,910††

 

-

2,415,849,515

Investment Companies

23,369,195

-

 

-

23,369,195

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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