The formulation of phase conjugation via nondegenerate four-wave mixing in a homogeneously broadened resonant medium is generalized to include saturating pump waves. An ultrahigh-

optical filter is predicted, showing both gain and a bandwidth less than the homogeneous linewidth of the atom. The dependence of the filter function on the ac Stark effect and on the use of asymmetric pump wave intensities is discussed. In addition, several new phenomena are shown which manifest themselves as a dip in the degenerate reflectivity at line center.