NPORT-P
		false
		
			
			
				
					0001591556
					XXXXXXXX
				
			
			
			
			
				S000043942
				C000136350
				C000136351
				C000136352
				C000136353
			
			
			
		
	
	
		
			BNY Mellon Investment Funds II, Inc.
			811-22912
			0001591556
			5493009RJ30DK8B0DW28
			240 Greenwich Street
			New York
			
			10286
			212 495 1784
			BNY Mellon Global Emerging Markets Fund
			S000043942
			549300G2YV29CQKGYL30
			2021-10-31
			2021-07-31
			N
		
		
			666581167.45
			34284744.11
			632296423.34
			0.00
			0.00
			67000000.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			0.00
			309475.02
			
				
				
				
				
			
			
				
					
						UST
					
				
			
			
				
					
					
					
					
				
				
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
					
						
						
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
						
							
							
							
						
					
				
				
				
				
			
			
			
			
		
		
			
				LIVENT CORP
				254900OOLQ2VNMZTJL47
				LIVENT CORP
				53814L108
				
					
					
				
				981496.00
				NS
				USD
				19148986.96
				3.0284825681677
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					
				
			
			
				ILJIN MATERIALS CO LTD
				N/A
				ILJIN MATERIALS CO LTD
				N/A
				
					
					
				
				284585.00
				NS
				
				19970054.24
				3.1583373719736
				Long
				EC
				CORP
				KR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				MERCADOLIBRE INC
				549300DKPDN9M5S8GB14
				MERCADOLIBRE INC
				58733R102
				
					
					
				
				11325.00
				NS
				USD
				17765527.50
				2.8096833770079
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				INFO EDGE INDIA LTD
				335800MXUVHTBF9DEC78
				INFO EDGE INDIA LTD
				N/A
				
					
					
				
				390432.00
				NS
				
				27364813.46
				4.3278456827969
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				MEITUAN
				21380033K525E5JLIA77
				MEITUAN
				N/A
				
					
					
				
				552158.00
				NS
				
				15301998.00
				2.4200671449586
				Long
				EC
				CORP
				KY
				
				Y
				
				2
				
					N
					N
					N
				
			
			
				ASML HOLDING NV
				724500Y6DUVHQD6OXN27
				ASML HOLDING NV
				N/A
				
					
					
				
				20136.00
				NS
				
				15311398.68
				2.4215538970029
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
			
				EPAM SYSTEMS INC
				549300XCR4R530HJP604
				EPAM SYSTEMS INC
				29414B104
				
					
					
				
				30454.00
				NS
				USD
				17048149.20
				2.6962273659474
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ASIAN PAINTS LTD
				335800HEHXGYRUNERD75
				ASIAN PAINTS LTD
				N/A
				
					
					
				
				489818.00
				NS
				
				19506901.97
				3.0850881406157
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				AUTOHOME INC
				529900NYB6ZGZN3MVT56
				AUTOHOME INC
				05278C107
				
					
					
				
				162437.00
				NS
				USD
				7358396.10
				1.1637573499357
				Long
				EC
				CORP
				KY
				
				N
				
				1
				
					N
					N
					N
				
			
			
				HEADHUNTER GROUP PLC
				549300IMUCFEWXP6RU11
				HEADHUNTER GROUP PLC
				42207L106
				
					
					
				
				206000.00
				NS
				USD
				8781780.00
				1.3888707378118
				Long
				EC
				CORP
				RU
				
				N
				
				1
				
					N
					N
					N
				
			
			
				ELITE MATERIAL CO LTD
				N/A
				ELITE MATERIAL CO LTD
				N/A
				
					
					
				
				1002000.00
				NS
				
				8089910.26
				1.2794489991365
				Long
				EC
				CORP
				TW
				
				N
				
				2
				
					N
					N
					N
				
			
			
				PING AN INSURANCE GROUP CO OF CHINA LTD
				529900M9MC28JLN35U89
				PING AN INSURANCE GROUP CO OF CHINA LTD
				N/A
				
					
					
				
				1887500.00
				NS
				
				16567861.75
				2.6202681429831
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				LONGI GREEN ENERGY TECHNOLOGY CO LTD
				300300NRGAITUP1EZ248
				LONGI GREEN ENERGY TECHNOLOGY CO LTD
				N/A
				
					
					
				
				1751155.00
				NS
				
				23383042.96
				3.6981140643628
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				XINYI SOLAR HOLDINGS LTD
				529900QF7VIH03SB7Q08
				XINYI SOLAR HOLDINGS LTD
				N/A
				
					
					
				
				3194000.00
				NS
				
				6421595.58
				1.0155989094606
				Long
				EC
				CORP
				KY
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BILIBILI INC
				5493008V60M52L3PIS45
				BILIBILI INC
				090040106
				
					
					
				
				58295.00
				NS
				USD
				4988886.10
				0.7890106468809
				Long
				EC
				CORP
				KY
				
				N
				
				1
				
					N
					N
					
				
			
			
				FLAT GLASS GROUP CO LTD
				300300BEL4RMXBKEA373
				FLAT GLASS GROUP CO LTD
				N/A
				
					
					
				
				2027000.00
				NS
				
				9049790.27
				1.4312575456612
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					
				
			
			
				TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD
				549300KB6NK5SBD14S87
				TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD
				N/A
				
					
					
				
				1853000.00
				NS
				
				38584184.44
				6.1022303805208
				Long
				EC
				CORP
				TW
				
				N
				
				2
				
					N
					N
					N
				
			
			
				GODREJ CONSUMER PRODUCTS LTD
				335800P4GUWLGZFK2D63
				GODREJ CONSUMER PRODUCTS LTD
				N/A
				
					
					
				
				892892.00
				NS
				
				11877890.89
				1.8785320383843
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HINDUSTAN UNILEVER LTD
				5493007IW5N37IKRPM32
				HINDUSTAN UNILEVER LTD
				N/A
				
					
					
				
				398257.00
				NS
				
				12499305.90
				1.9768111029277
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				GT CAPITAL HOLDINGS INC
				254900P0ZPSRAHUO2131
				GT CAPITAL HOLDINGS INC
				N/A
				
					
					
				
				1.00
				NS
				
				10.88
				0.0000017207119
				Long
				EC
				CORP
				PH
				
				N
				
				2
				
					N
					N
					N
				
			
			
				OROCOBRE LTD
				2138006SR6M416DVKM86
				OROCOBRE LTD
				N/A
				
					
					
				
				1278363.00
				NS
				
				7854949.53
				1.2422890973362
				Long
				EC
				CORP
				AU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				AIA GROUP LTD
				ZP5ILWVSYE4LJGMMVD57
				AIA GROUP LTD
				N/A
				
					
					
				
				2376000.00
				NS
				
				28500984.42
				4.5075352900856
				Long
				EC
				CORP
				HK
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TITAN CO LTD
				549300RO9VJWPK37FE54
				TITAN CO LTD
				N/A
				
					
					
				
				335573.00
				NS
				
				7741688.46
				1.2243764434259
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				JUBILANT FOODWORKS LTD
				9845000D3B99893F5B14
				JUBILANT FOODWORKS LTD
				N/A
				
					
					
				
				302821.00
				NS
				
				15382732.00
				2.4328355233678
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				MARUTI SUZUKI INDIA LTD
				335800D27PBEESKKD357
				MARUTI SUZUKI INDIA LTD
				N/A
				
					
					
				
				212892.00
				NS
				
				20013988.76
				3.1652857775597
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TENCENT HOLDINGS LTD
				254900N4SLUMW4XUYY11
				TENCENT HOLDINGS LTD
				N/A
				
					
					
				
				304568.00
				NS
				
				18795299.96
				2.9725456710188
				Long
				EC
				CORP
				KY
				
				N
				
				2
				
					N
					N
					N
				
			
			
				CHINA YONGDA AUTOMOBILES SERVICES HOLDINGS LTD
				529900G4APWIO18G0C95
				CHINA YONGDA AUTOMOBILES SERVICES HOLDINGS LTD
				N/A
				
					
					
				
				4251000.00
				NS
				
				7976256.31
				1.2614742098123
				Long
				EC
				CORP
				KY
				
				N
				
				2
				
					N
					N
					N
				
			
			
				SAMSUNG SDI CO LTD
				9884002AESDO4YW87G32
				SAMSUNG SDI CO LTD
				N/A
				
					
					
				
				37194.00
				NS
				
				24036355.94
				3.8014379099334
				Long
				EC
				CORP
				KR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HOUSING DEVELOPMENT FINANCE CORP LTD
				335800OX2H9AP7NHLT64
				HOUSING DEVELOPMENT FINANCE CORP LTD
				N/A
				
					
					
				
				842805.00
				NS
				
				27771086.14
				4.3920991982374
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				GLOBANT SA
				2221008DCMSPYS42DS88
				GLOBANT SA
				N/A
				
					
					
				
				70209.00
				NS
				USD
				16791184.44
				2.6555874460436
				Long
				EC
				CORP
				LU
				
				N
				
				1
				
					N
					N
					
				
			
			
				HDFC BANK LTD
				335800ZQ6I4E2JXENC50
				HDFC BANK LTD
				N/A
				
					
					
				
				607515.00
				NS
				
				11690128.91
				1.8488367921249
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				TATA CONSULTANCY SERVICES LTD
				335800ZJKU9GPQRE2U66
				TATA CONSULTANCY SERVICES LTD
				N/A
				
					
					
				
				341899.00
				NS
				
				14563631.23
				2.3032917303359
				Long
				EC
				CORP
				IN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				HDFC ASSET MANAGEMENT CO LTD
				3358002FLK8AK8WSEP31
				HDFC ASSET MANAGEMENT CO LTD
				N/A
				
					
					
				
				174664.00
				NS
				
				6704944.88
				1.0604116412018
				Long
				EC
				CORP
				IN
				
				Y
				
				2
				
					N
					N
					N
				
			
			
				TENCENT MUSIC ENTERTAINMENT GROUP
				213800XTZK2GOHQTYK41
				TENCENT MUSIC ENTERTAINMENT GROUP
				88034P109
				
					
					
				
				1304622.00
				NS
				USD
				13789854.54
				2.180916106904
				Long
				EC
				CORP
				KY
				
				N
				
				1
				
					N
					N
					N
				
			
			
				DISCOVERY LTD
				378900245A26169C8132
				DISCOVERY LTD
				N/A
				
					
					
				
				592531.00
				NS
				
				4750460.73
				0.7513027995487
				Long
				EC
				CORP
				ZA
				
				N
				
				2
				
					N
					N
					N
				
			
			
				LG HOUSEHOLD & HEALTH CARE LTD
				N/A
				LG HOUSEHOLD & HEALTH CARE LTD
				N/A
				
					
					
				
				5183.00
				NS
				
				6580636.83
				1.0407518668599
				Long
				EC
				CORP
				KR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				BY-HEALTH CO LTD
				N/A
				BY-HEALTH CO LTD
				N/A
				
					
					
				
				3361800.00
				NS
				
				14302229.81
				2.2619501363697
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				WAL-MART DE MEXICO SAB DE CV
				N/A
				WAL-MART DE MEXICO SAB DE CV
				N/A
				
					
					
				
				2924708.00
				NS
				
				9635282.92
				1.5238553571287
				Long
				EC
				CORP
				MX
				
				N
				
				1
				
					N
					N
					N
				
			
			
				NARI TECHNOLOGY CO LTD
				N/A
				NARI TECHNOLOGY CO LTD
				N/A
				
					
					
				
				2719957.00
				NS
				
				13231663.58
				2.0926361579124
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				LG CHEM LTD
				988400IES4EIG7O06940
				LG CHEM LTD
				N/A
				
					
					
				
				14370.00
				NS
				
				10538723.01
				1.6667377231601
				Long
				EC
				CORP
				KR
				
				N
				
				2
				
					N
					N
					N
				
			
			
				B3 SA - BRASIL BOLSA BALCAO
				4GTK5S46E6H318LMDS44
				B3 SA - BRASIL BOLSA BALCAO
				N/A
				
					
					
				
				3103484.00
				NS
				
				9128858.04
				1.4437624036805
				Long
				EC
				CORP
				BR
				
				N
				
				1
				
					N
					N
					N
				
			
			
				FOSHAN HAITIAN FLAVOURING & FOOD CO LTD
				N/A
				FOSHAN HAITIAN FLAVOURING & FOOD CO LTD
				N/A
				
					
					
				
				386900.00
				NS
				
				6880306.67
				1.0881457519016
				Long
				EC
				CORP
				CN
				
				N
				
				2
				
					N
					N
					N
				
			
			
				ALIBABA GROUP HOLDING LTD
				5493001NTNQJDH60PM02
				ALIBABA GROUP HOLDING LTD
				N/A
				
					
					
				
				1194064.00
				NS
				
				29178676.56
				4.6147147892864
				Long
				EC
				CORP
				KY
				
				N
				
				2
				
					N
					N
					N
				
			
			
				OTP BANK NYRT
				529900W3MOO00A18X956
				OTP BANK NYRT
				N/A
				
					
					
				
				120303.00
				NS
				
				6487608.70
				1.0260391266694
				Long
				EC
				CORP
				HU
				
				N
				
				2
				
					N
					N
					N
				
			
			
				YUM CHINA HOLDINGS INC
				529900DO9BYZ7VA3K502
				YUM CHINA HOLDINGS INC
				98850P109
				
					
					
				
				218782.00
				NS
				USD
				13606052.58
				2.1518471523416
				Long
				EC
				CORP
				US
				
				N
				
				1
				
					N
					N
					N
				
			
			
				PROSUS NV
				635400Z5LQ5F9OLVT688
				PROSUS NV
				N/A
				
					
					
				
				187415.00
				NS
				
				16629996.85
				2.6300950370958
				Long
				EC
				CORP
				NL
				
				N
				
				2
				
					N
					N
					N
				
			
			
				CLICKS GROUP LTD
				378900E967958A677472
				CLICKS GROUP LTD
				N/A
				
					
					
				
				380944.00
				NS
				
				6888207.83
				1.0893953493543
				Long
				EC
				CORP
				ZA
				
				N
				
				2
				
					N
					N
					N
				
			
			
				99VVB9HH4
				N/A
				DREYFUS INST PREF GOVT PLUS MMF - SL #4134
				99VVB9HH4
				
					
					
				
				0.14
				OU
				Other Units
				USD
				0.14
				0.0000000221415
				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 Global Emerging Markets Fund

July 31, 2021 (Unaudited)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 103.9%

     

Argentina - 2.6%

     

MercadoLibre

   

10,615

a 

 16,651,750

 

Australia - 1.2%

     

Orocobre

   

1,278,363

a 

 7,854,949

 

Brazil - 1.3%

     

B3 - Brasil Bolsa Balcao

   

2,908,868

 

 8,556,398

 

China - 31.4%

     

Alibaba Group Holding

   

1,194,064

a 

29,178,677

 

Autohome, ADR

   

152,251

 

6,896,970

 

Bilibili, ADR

   

54,639

a,b 

4,676,006

 

BYHEALTH, Cl. A

   

3,361,800

 

14,302,230

 

China Yongda Automobiles Services Holdings

   

4,251,000

 

7,976,256

 

Flat Glass Group, Cl. H

   

2,027,000

b 

9,049,790

 

Foshan Haitian Flavouring & Food, Cl. A

   

386,900

 

6,880,307

 

LONGi Green Energy Technology, CI. A

   

1,751,155

 

23,383,043

 

Meituan, Cl. B

   

552,158

a,c 

15,301,998

 

NARI Technology, Cl. A

   

2,719,957

 

13,231,664

 

Ping An Insurance Group Company of China, Cl. H

   

1,887,500

 

16,567,862

 

Tencent Holdings

   

304,568

 

18,795,300

 

Tencent Music Entertainment Group, ADR

   

1,222,811

a 

12,925,112

 

Xinyi Solar Holdings

   

3,194,000

 

6,421,596

 

Yum China Holdings

   

205,062

 

12,752,806

 
    

198,339,617

 

Hong Kong - 4.5%

     

AIA Group

   

2,376,000

 

 28,500,984

 

Hungary - 1.0%

     

OTP Bank

   

112,759

a 

 6,080,782

 

India - 27.7%

     

Asian Paints

   

489,818

 

19,506,902

 

Godrej Consumer Products

   

892,892

 

11,877,891

 

HDFC Asset Management

   

174,664

c 

6,704,945

 

HDFC Bank

   

607,515

 

11,690,129

 

Hindustan Unilever

   

398,257

 

12,499,306

 

Housing Development Finance

   

842,805

 

27,771,086

 

Info Edge India

   

390,432

 

27,364,813

 

Jubilant Foodworks

   

302,821

 

15,382,732

 

Maruti Suzuki India

   

212,892

 

20,013,989

 

Tata Consultancy Services

   

341,899

 

14,563,631

 


STATEMENT OF INVESTMENTS (Unaudited) (continued)

        
 

Description

   

Shares

 

Value ($)

 

Common Stocks - 103.9% (continued)

     

India - 27.7% (continued)

     

Titan

   

335,573

 

7,741,688

 
    

175,117,112

 

Mexico - 1.4%

     

Wal-Mart de Mexico

   

2,741,303

 

 9,031,066

 

Netherlands - 4.7%

     

ASML Holding

   

18,874

 

14,351,775

 

Prosus

   

175,663

a 

15,587,200

 
    

29,938,975

 

Philippines - .0%

     

GT Capital Holdings

   

1

 

 11

 

Russia - 1.3%

     

HeadHunter Group, ADR

   

193,082

 

 8,231,086

 

South Africa - 1.8%

     

Clicks Group

   

357,055

 

6,456,248

 

Discovery

   

592,531

a 

4,750,461

 
    

11,206,709

 

South Korea - 9.7%

     

Iljin Materials

   

284,585

 

19,970,054

 

LG Chem

   

14,370

 

10,538,723

 

LG Household & Health Care

   

5,183

 

6,580,637

 

Samsung SDI

   

37,194

 

24,036,356

 
    

61,125,770

 

Taiwan - 7.4%

     

Elite Material

   

1,002,000

a 

8,089,910

 

Taiwan Semiconductor Manufacturing

   

1,853,000

 

38,584,184

 
    

46,674,094

 

United States - 5.4%

     

EPAM Systems

   

28,544

a 

15,978,931

 

Livent

   

919,947

a,b 

17,948,166

 
    

33,927,097

 

Uruguay - 2.5%

     

Globant

   

65,807

a,b 

 15,738,402

 

Total Investments (cost $489,329,649)

 

103.9%

 

656,974,802

 

Liabilities, Less Cash and Receivables

 

(3.9%)

 

(24,678,379)

 

Net Assets

 

100.0%

 

632,296,423

 

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 $34,951,052 and the value of the collateral was $36,216,321, consisting of U.S. Government & Agency securities.

c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2021, these securities were valued at $22,006,943 or 3.48% of net assets.


STATEMENT OF INVESTMENTS
BNY Mellon Global Emerging Markets 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

129,386,693

527,588,109

†† 

-

656,974,802

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

†† Securities classified within Level 2 at period 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. These securities are generally categorized within Level 2 of the fair value hierarchy.

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 fund's Board Members (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 $167,645,153, consisting of $191,163,990 gross unrealized appreciation and $23,518,837 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.