NPORT-P
		false
		
			
			
				
					0000819940
					XXXXXXXX
				
			
			
			
			
				S000000305
				C000000759
				C000000761
				C000023266
			
			
			
		
	
	
		
			BNY Mellon Investment Funds IV, Inc.
			811-05202
			0000819940
			549300D4NK7TLHD8CY27
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			BNY Mellon Tax Managed Growth Fund
			S000000305
			549300QYV32WIBQ3JX02
			2021-10-31
			2021-07-31
			N
		
		
			154710305.99
			148954.15
			154561351.84
			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
					
				
			
			
				
					
					
					
				
				
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
				
				
				
				
			
			
			
			
		
		
			
				PROGRESSIVE CORP/THE
				529900TACNVLY9DCR586
				PROGRESSIVE CORP/THE
				743315103
				
					
					
				
				25550.00
				NS
				USD
				2431338.00
				1.5730568936255
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				S&P GLOBAL INC
				Y6X4K52KMJMZE7I7MY94
				S&P GLOBAL INC
				78409V104
				
					
					
				
				4000.00
				NS
				USD
				1714880.00
				1.1095141052953
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				RAYTHEON TECHNOLOGIES CORP
				I07WOS4YJ0N7YRFE7309
				RAYTHEON TECHNOLOGIES CORP
				75513E101
				
					
					
				
				12130.00
				NS
				USD
				1054703.50
				0.6823850124524
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MASTERCARD INC
				AR5L2ODV9HN37376R084
				MASTERCARD INC
				57636Q104
				
					
					
				
				4050.00
				NS
				USD
				1563057.00
				1.0112857977704
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTUIT INC
				VI90HBPH7XSFMB9E4M29
				INTUIT INC
				461202103
				
					
					
				
				4550.00
				NS
				USD
				2411363.50
				1.5601335465131
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				OTIS WORLDWIDE CORP
				549300ZLBKR8VSU25153
				OTIS WORLDWIDE CORP
				68902V107
				
					
					
				
				6315.00
				NS
				USD
				565508.25
				0.3658794668057
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTUITIVE SURGICAL INC
				54930052SRG011710797
				INTUITIVE SURGICAL INC
				46120E602
				
					
					
				
				1850.00
				NS
				USD
				1834201.00
				1.1867138700357
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ADOBE INC
				FU4LY2G4933NH2E1CP29
				ADOBE INC
				00724F101
				
					
					
				
				3700.00
				NS
				USD
				2300031.00
				1.4881022795277
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MASIMO CORP
				549300Q4A8JK0PIYCU29
				MASIMO CORP
				574795100
				
					
					
				
				4400.00
				NS
				USD
				1198516.00
				0.7754305883922
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				IHS MARKIT LTD
				549300HLPTRASHS0E726
				IHS MARKIT LTD
				N/A
				
					
					
				
				8000.00
				NS
				USD
				934720.00
				0.6047566153326
				Long
				EC
				CORP
				BM
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALPHABET INC
				5493006MHB84DD0ZWV18
				ALPHABET INC
				02079K107
				
					
					
				
				3403.00
				NS
				USD
				9203141.26
				5.95436126201
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ABBOTT LABORATORIES
				HQD377W2YR662HK5JX27
				ABBOTT LABORATORIES
				002824100
				
					
					
				
				29980.00
				NS
				USD
				3626980.40
				2.3466282850285
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VERISK ANALYTICS INC
				549300I1YSWNIRKBWP67
				VERISK ANALYTICS INC
				92345Y106
				
					
					
				
				6690.00
				NS
				USD
				1270698.60
				0.8221321726762
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ASML HOLDING NV
				724500Y6DUVHQD6OXN27
				ASML HOLDING NV
				N/A
				
					
					
				
				8045.00
				NS
				USD
				6168423.30
				3.9909221979278
				Long
				EC
				CORP
				NL
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PEPSICO INC
				FJSUNZKFNQ5YPJ5OT455
				PEPSICO INC
				713448108
				
					
					
				
				15770.00
				NS
				USD
				2475101.50
				1.6013715398673
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				JPMORGAN CHASE & CO
				8I5DZWZKVSZI1NUHU748
				JPMORGAN CHASE & CO
				46625H100
				
					
					
				
				22515.00
				NS
				USD
				3417326.70
				2.2109839615905
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AUTOMATIC DATA PROCESSING INC
				HGBOLILQXWER4SAL2I23
				AUTOMATIC DATA PROCESSING INC
				053015103
				
					
					
				
				4815.00
				NS
				USD
				1009368.45
				0.6530535855075
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CHEVRON CORP
				VA8TZDWPEZYU430RZ444
				CHEVRON CORP
				166764100
				
					
					
				
				17315.00
				NS
				USD
				1762840.15
				1.1405439516502
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NOVO NORDISK A/S
				549300DAQ1CVT6CXN342
				NOVO NORDISK A/S
				670100205
				
					
					
				
				35980.00
				NS
				USD
				3331748.00
				2.1556152041481
				Long
				EC
				CORP
				DK
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MCDONALD'S CORP
				UE2136O97NLB5BYP9H04
				MCDONALD'S CORP
				580135101
				
					
					
				
				12865.00
				NS
				USD
				3122464.15
				2.0202101708015
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ALTRIA GROUP INC
				XSGZFLO9YTNO9VCQV219
				ALTRIA GROUP INC
				02209S103
				
					
					
				
				26515.00
				NS
				USD
				1273780.60
				0.8241262028547
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PHILIP MORRIS INTERNATIONAL INC
				HL3H1H2BGXWVG3BSWR90
				PHILIP MORRIS INTERNATIONAL INC
				718172109
				
					
					
				
				29380.00
				NS
				USD
				2940644.20
				1.90257406848
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNION PACIFIC CORP
				549300LMMRSZZCZ8CL11
				UNION PACIFIC CORP
				907818108
				
					
					
				
				4275.00
				NS
				USD
				935199.00
				0.6050665246303
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				VISA INC
				549300JZ4OKEHW3DPJ59
				VISA INC
				92826C839
				
					
					
				
				23500.00
				NS
				USD
				5790165.00
				3.7461920014738
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					
				
			
			
				ESTEE LAUDER COS INC/THE
				549300VFZ8XJ9NUPU221
				ESTEE LAUDER COS INC/THE
				518439104
				
					
					
				
				22325.00
				NS
				USD
				7452754.75
				4.8218747191827
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				BLACKROCK INC
				549300LRIF3NWCU26A80
				BLACKROCK INC
				09247X101
				
					
					
				
				5560.00
				NS
				USD
				4821465.20
				3.1194507181789
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NESTLE SA
				KY37LUS27QQX7BB93L28
				NESTLE SA
				641069406
				
					
					
				
				23485.00
				NS
				USD
				2974621.84
				1.9245573389389
				Long
				EC
				CORP
				CH
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CANADIAN PACIFIC RAILWAY LTD
				54930036474DURYNB481
				CANADIAN PACIFIC RAILWAY LTD
				13645T100
				
					
					
				
				41675.00
				NS
				USD
				3097286.00
				2.0039201023592
				Long
				EC
				CORP
				CA
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MICROSOFT CORP
				INR2EJN1ERAN0W5ZP974
				MICROSOFT CORP
				594918104
				
					
					
				
				43905.00
				NS
				USD
				12508973.55
				8.0932092020967
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FACEBOOK INC
				BQ4BKCS1HXDV9HN80Z93
				FACEBOOK INC
				30303M102
				
					
					
				
				24040.00
				NS
				USD
				8565452.00
				5.5417812396379
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AIR PRODUCTS AND CHEMICALS INC
				7QEON6Y1RL5XR3R1W237
				AIR PRODUCTS AND CHEMICALS INC
				009158106
				
					
					
				
				11685.00
				NS
				USD
				3400685.55
				2.2002172661638
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				AMAZON.COM INC
				ZXTILKJKG63JELOEG630
				AMAZON.COM INC
				023135106
				
					
					
				
				2200.00
				NS
				USD
				7320698.00
				4.7364350226299
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				TEXAS INSTRUMENTS INC
				WDJNR2L6D8RWOEB8T652
				TEXAS INSTRUMENTS INC
				882508104
				
					
					
				
				34330.00
				NS
				USD
				6543984.60
				4.2339074562276
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				UNITEDHEALTH GROUP INC
				549300GHBMY8T5GXDE41
				UNITEDHEALTH GROUP INC
				91324P102
				
					
					
				
				9525.00
				NS
				USD
				3926395.50
				2.5403475404799
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ROCHE HOLDING AG
				549300U41AUUVOAAOB37
				ROCHE HOLDING AG
				771195104
				
					
					
				
				15750.00
				NS
				USD
				760095.00
				0.4917755900497
				Long
				EC
				CORP
				CH
				
				N
				
				1
				
					N
					N
					N
				
			
			
				APPLE INC
				HWUPKR0MPOU8FGXBT394
				APPLE INC
				037833100
				
					
					
				
				77740.00
				NS
				USD
				11339156.40
				7.3363465478343
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SERVICENOW INC
				549300HJTQM36M0E1G39
				SERVICENOW INC
				81762P102
				
					
					
				
				950.00
				NS
				USD
				558495.50
				0.3613422717589
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ZOETIS INC
				549300HD9Q1LOC9KLJ48
				ZOETIS INC
				98978V103
				
					
					
				
				4500.00
				NS
				USD
				912150.00
				0.5901539997814
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				WALT DISNEY CO/THE
				549300GZKULIZ0WOW665
				WALT DISNEY CO/THE
				254687106
				
					
					
				
				5472.00
				NS
				USD
				963181.44
				0.6231709470276
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				MARRIOTT INTERNATIONAL INC/MD
				225YDZ14ZO8E1TXUSU86
				MARRIOTT INTERNATIONAL INC/MD
				571903202
				
					
					
				
				13200.00
				NS
				USD
				1926936.00
				1.2467126982654
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NIKE INC
				787RXPR0UX0O0XUXPZ81
				NIKE INC
				654106103
				
					
					
				
				14545.00
				NS
				USD
				2436432.95
				1.5763532868955
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COMCAST CORP
				51M0QTTNCGUN7KFCFZ59
				COMCAST CORP
				20030N101
				
					
					
				
				54095.00
				NS
				USD
				3182408.85
				2.058993928375
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				GARTNER INC
				PP55B5R38BFB8O8HH686
				GARTNER INC
				366651107
				
					
					
				
				2150.00
				NS
				USD
				569169.50
				0.3682482672571
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				CLARIVATE PLC
				549300WDHIIODXFO0R55
				CLARIVATE PLC
				N/A
				
					
					
				
				19200.00
				NS
				USD
				437760.00
				0.2832273364515
				Long
				EC
				CORP
				JE
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INTERCONTINENTALEXCHANGE
				5493000F4ZO33MV32P92
				INTERCONTINENTAL EXCHANGE INC
				45866F104
				
					
					
				
				21765.00
				NS
				USD
				2608099.95
				1.6874205090415
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				SHERWIN-WILLIAMS CO/THE
				Z15BMIOX8DDH0X2OBP21
				SHERWIN-WILLIAMS CO/THE
				824348106
				
					
					
				
				4850.00
				NS
				USD
				1411495.50
				0.9132266787244
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				COCA-COLA CO/THE
				UWJKFUJFZ02DKWI3RY53
				COCA-COLA CO/THE
				191216100
				
					
					
				
				48205.00
				NS
				USD
				2749131.15
				1.7786666053787
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DREYFUS INSTITUTIONAL PREFERRE
				549300RBWL04JG8SIX57
				Dreyfus Institutional Preferred Government Plus Money Market Fund
				N/A
				
					
					
				
				1733904.20
				OU
				Other Units
				USD
				1733904.20
				1.1218226156529
				Long
				STIV
				RF
				US
				
				N
				
				1
				
					2099-12-01
					Variable
					0.05358
					N
					N
					N
				
				
					N
					N
					N
				
			
			
				99VVB9HH4
				N/A
				DREYFUS INST PREF GOVT PLUS MMF - SL #4134
				99VVB9HH4
				
					
					
				
				0.04
				OU
				Other Units
				USD
				0.04
				0.0000000258796
				Long
				
				RF
				US
				
				N
				1
				
					
					N
					N
				
			
		
		
			2021-09-27
			BNY Mellon Advantage Funds, Inc.
			James Windels
			James Windels
			Fund Treasurer
		
	
	XXXX




Untitled Document

STATEMENT OF INVESTMENTS
BNY Mellon Tax Managed Growth Fund

July 31, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 98.9%

     

Banks - 2.2%

     

JPMorgan Chase & Co.

   

22,515

 

 3,417,327

 

Capital Goods - 1.1%

     

Otis Worldwide

   

6,315

 

565,508

 

Raytheon Technologies

   

12,130

 

1,054,704

 
    

1,620,212

 

Commercial & Professional Services - 1.7%

     

Clarivate

   

19,200

a 

437,760

 

IHS Markit

   

8,000

 

934,720

 

Verisk Analytics

   

6,690

 

1,270,699

 
    

2,643,179

 

Consumer Durables & Apparel - 1.6%

     

NIKE, Cl. B

   

14,545

 

 2,436,433

 

Consumer Services - 3.3%

     

Marriott International, Cl. A

   

13,200

a 

1,926,936

 

McDonald's

   

12,865

 

3,122,464

 
    

5,049,400

 

Diversified Financials - 5.9%

     

BlackRock

   

5,560

 

4,821,465

 

Intercontinental Exchange

   

21,765

 

2,608,100

 

S&P Global

   

4,000

 

1,714,880

 
    

9,144,445

 

Energy - 1.2%

     

Chevron

   

17,315

 

 1,762,840

 

Food, Beverage & Tobacco - 8.0%

     

Altria Group

   

26,515

 

1,273,781

 

Nestle, ADR

   

23,485

 

2,974,622

 

PepsiCo

   

15,770

 

2,475,101

 

Philip Morris International

   

29,380

 

2,940,644

 

The Coca-Cola Company

   

48,205

 

2,749,131

 
    

12,413,279

 

Health Care Equipment & Services - 6.9%

     

Abbott Laboratories

   

29,980

 

3,626,980

 

Intuitive Surgical

   

1,850

a 

1,834,201

 

Masimo

   

4,400

a 

1,198,516

 

UnitedHealth Group

   

9,525

 

3,926,395

 
    

10,586,092

 

Household & Personal Products - 4.8%

     

The Estee Lauder Companies, Cl. A

   

22,325

 

 7,452,755

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 98.9% (continued)

     

Insurance - 1.6%

     

The Progressive

   

25,550

 

 2,431,338

 

Materials - 3.1%

     

Air Products & Chemicals

   

11,685

 

3,400,686

 

The Sherwin-Williams Company

   

4,850

 

1,411,496

 
    

4,812,182

 

Media & Entertainment - 14.2%

     

Alphabet, Cl. C

   

3,403

a 

9,203,141

 

Comcast, Cl. A

   

54,095

 

3,182,409

 

Facebook, Cl. A

   

24,040

a 

8,565,452

 

The Walt Disney Company

   

5,472

a 

963,181

 
    

21,914,183

 

Pharmaceuticals Biotechnology & Life Sciences - 3.2%

     

Novo Nordisk, ADR

   

35,980

 

3,331,748

 

Roche Holding, ADR

   

15,750

 

760,095

 

Zoetis

   

4,500

 

912,150

 
    

5,003,993

 

Retailing - 4.7%

     

Amazon.com

   

2,200

a 

 7,320,698

 

Semiconductors & Semiconductor Equipment - 8.2%

     

ASML Holding

   

8,045

 

6,168,423

 

Texas Instruments

   

34,330

 

6,543,985

 
    

12,712,408

 

Software & Services - 17.3%

     

Adobe

   

3,700

a 

2,300,031

 

Automatic Data Processing

   

4,815

 

1,009,368

 

Gartner

   

2,150

a 

569,170

 

Intuit

   

4,550

 

2,411,363

 

Mastercard, Cl. A

   

4,050

 

1,563,057

 

Microsoft

   

43,905

 

12,508,974

 

ServiceNow

   

950

a 

558,496

 

Visa, Cl. A

   

23,500

b 

5,790,165

 
    

26,710,624

 

Technology Hardware & Equipment - 7.3%

     

Apple

   

77,740

 

 11,339,156

 

Transportation - 2.6%

     

Canadian Pacific Railway

   

41,675

 

3,097,286

 

Union Pacific

   

4,275

 

935,199

 
    

4,032,485

 

Total Common Stocks (cost $47,231,556)

   

152,803,029

 


        
 
  

1-Day
Yield (%)

     

Investment Companies - 1.1%

     

Registered Investment Companies - 1.1%

     

Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $1,733,904)

 

0.05

 

1,733,904

c 

 1,733,904

 

Total Investments (cost $48,965,460)

 

100.0%

 

154,536,933

 

Cash and Receivables (Net)

 

.0%

 

24,419

 

Net Assets

 

100.0%

 

154,561,352

 

ADR—American Depository Receipt

a Non-income producing security.

b Security, or portion thereof, on loan. At July 31, 2021, the value of the fund’s securities on loan was $5,732,263 and the value of the collateral was $5,883,259, consisting of U.S. Government & Agency securities.

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 Tax Managed Growth Fund

July 31, 2021 (Unaudited)

The following is a summary of the inputs used as of July 31, 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

152,803,029

-

-

152,803,029

Investment Companies

1,733,904

-

-

1,733,904

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


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 July 31, 2021, accumulated net unrealized appreciation on investments was $105,571,473, consisting of $105,656,446 gross unrealized appreciation and $84,973 gross unrealized depreciation.

At July 31, 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.