BNY Mellon Dynamic Value Fund
STATEMENT OF INVESTMENTS
May 31, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.3%
Automobiles & Components — .5%
General Motors Co.
858,586
42,594,452
Banks — 9.2%
Bank of America Corp.
6,413,724
283,037,640
First Horizon Corp.
6,195,484
123,166,222
JPMorgan Chase & Co.
1,311,964
346,358,495
 
752,562,357
Capital Goods — 11.9%
3M Co. (a)
421,602
62,544,657
AMETEK, Inc.
547,332
97,830,122
Ferguson Enterprises, Inc.
399,070
72,766,424
GE Vernova, Inc.
173,800
82,203,924
Honeywell International, Inc.
544,876
123,507,043
Howmet Aerospace, Inc. (a)
606,116
102,973,047
Hubbell, Inc. (a)
429,546
167,342,531
Johnson Controls International PLC
826,305
83,762,538
L3Harris Technologies, Inc.
736,684
180,001,368
 
972,931,654
Commercial & Professional Services — .8%
Veralto Corp.
639,047
64,562,918
Consumer Services — 3.7%
Las Vegas Sands Corp. (a)
3,002,416
123,579,443
Royal Caribbean Cruises Ltd.
682,583
175,403,353
 
298,982,796
Energy — 7.6%
EQT Corp.
1,610,292
88,775,398
Exxon Mobil Corp.
1,777,257
181,813,391
Marathon Petroleum Corp. (a)
1,088,380
174,946,201
Phillips 66
1,517,493
172,205,106
 
617,740,096
Equity Real Estate Investment Trusts — .8%
Weyerhaeuser Co. (b)
2,483,466
64,346,604
Financial Services — 13.1%
Berkshire Hathaway, Inc., Cl. B (c)
671,906
338,613,748
Capital One Financial Corp. (a)
911,305
172,373,341
CME Group, Inc.
328,514
94,940,546
Intercontinental Exchange, Inc.
527,689
94,878,482
The Charles Schwab Corp.
1,222,704
108,013,671
The Goldman Sachs Group, Inc.
301,650
181,125,742
Voya Financial, Inc.
1,205,805
80,210,149
 
1,070,155,679
Food, Beverage & Tobacco — 1.9%
Philip Morris International, Inc.
875,629
158,129,841
Health Care Equipment & Services — 9.0%
Alcon AG (a)
1,797,405
154,468,986
Baxter International, Inc.
2,697,083
82,261,032
Edwards Lifesciences Corp. (c)
944,091
73,846,798
Labcorp Holdings, Inc.
352,924
87,867,488
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STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.3% (continued)
Health Care Equipment & Services — 9.0% (continued)
Medtronic PLC
2,312,889
191,923,529
UnitedHealth Group, Inc.
486,597
146,908,500
 
737,276,333
Household & Personal Products — 1.2%
Kenvue, Inc.
3,946,868
94,211,739
Insurance — 8.6%
American International Group, Inc.
1,681,570
142,328,085
Aon PLC, Cl. A
526,605
195,939,189
Assurant, Inc.
872,741
177,148,968
Globe Life, Inc.
359,351
43,794,106
MetLife, Inc.
949,507
74,612,260
RenaissanceRe Holdings Ltd.
262,292
65,420,871
 
699,243,479
Materials — 6.9%
CRH PLC
1,667,126
151,975,206
Crown Holdings, Inc.
637,603
62,803,896
Freeport-McMoRan, Inc.
2,619,955
100,815,868
International Paper Co.
2,691,233
128,667,850
Newmont Corp.
2,266,671
119,498,895
 
563,761,715
Media & Entertainment — 1.8%
The Walt Disney Company
1,295,932
146,492,153
Pharmaceuticals, Biotechnology & Life Sciences — 7.0%
BioNTech SE, ADR (c)
244,743
23,448,827
Bristol-Myers Squibb Co.
875,846
42,285,845
Danaher Corp.
1,002,659
190,404,944
Gilead Sciences, Inc.
441,606
48,611,988
Johnson & Johnson
1,708,489
265,174,578
 
569,926,182
Semiconductors & Semiconductor Equipment — 1.0%
Intel Corp.
1,429,027
27,937,478
Micron Technology, Inc.
571,163
53,952,057
 
81,889,535
Software & Services — 3.9%
Akamai Technologies, Inc. (a),(c)
536,716
40,752,846
Check Point Software Technologies Ltd. (c)
268,936
61,554,072
Dolby Laboratories, Inc., Cl. A
1,317,236
97,817,945
International Business Machines Corp.
458,649
118,817,610
 
318,942,473
Technology Hardware & Equipment — 3.9%
Cisco Systems, Inc.
3,825,977
241,189,590
TE Connectivity PLC
492,547
78,841,998
 
320,031,588
Telecommunication Services — 2.7%
AT&T, Inc.
8,027,265
223,157,967
Transportation — 2.9%
CSX Corp.
3,204,840
101,240,895
Delta Air Lines, Inc.
1,379,920
66,774,329
FedEx Corp.
325,987
71,097,765
 
239,112,989
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.3% (continued)
Utilities — .9%
Constellation Energy Corp.
233,622
71,523,375
Total Common Stocks
(cost $7,245,616,636)
8,107,575,925
 
 
 
1-Day
Yield (%)
 
 
 
Investment Companies — .5%
Registered Investment Companies — .5%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(d)
(cost $40,547,766)
4.42
40,547,766
40,547,766
Total Investments (cost $7,286,164,402)
 
     99.8%
8,148,123,691
Cash and Receivables (Net)
 
       .2%
   13,390,479
Net Assets
    100.0%
8,161,514,170
 
ADR—American Depositary Receipt
 
(a)
Security, or portion thereof, on loan. At May 31, 2025, the value of the fund’s securities on loan was $152,440,447 and the value of the collateral was
$156,143,306, consisting of U.S. Government & Agency securities. In addition, the value of collateral may include pending sales that are also on loan.
(b)
Investment in real estate investment trust within the United States.
(c)
Non-income producing security.
(d)
Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s
prospectus.
See notes to statement of investments.
5
Statement of Investments
BNY Mellon Dynamic Value Fund

May 31, 2025 (Unaudited)
The following is a summary of the inputs used as of May 31, 2025 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
8,107,575,925
—
—
8,107,575,925
Investment Companies
40,547,766
—
—
40,547,766
 
8,148,123,691
—
—
8,148,123,691
 
†
See Statement of Investments for additional detailed categorizations, if any.
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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 Securities and Exchange Commission (“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:
The Company’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
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 ADRs 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.
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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 BNY, 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 the Adviser, or U.S. Government and Agency securities. The securities on loan, if any, are also disclosed in the fund’s Statement of Investments. 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, BNY 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 May 31, 2025, accumulated net unrealized appreciation on investments was $861,959,289, consisting of $1,109,994,529 gross unrealized appreciation and $248,035,240 gross unrealized depreciation.
At May 31, 2025, 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.
8