BNY Mellon Equity Income Fund
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
 
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.3%
Automobiles & Components — 1.0%
Tesla, Inc.(a)
62,455
22,980,317
Banks — 6.6%
Bank of America Corp.
357,307
22,131,596
Citigroup, Inc.
93,984
12,370,174
Citizens Financial Group, Inc.
87,938
6,056,290
Fifth Third Bancorp
362,564
19,495,066
JPMorgan Chase & Co.
200,507
71,384,502
Regions Financial Corp.
246,862
7,376,237
The PNC Financial Services Group, Inc.
47,850
11,466,296
U.S. Bancorp
150,037
9,239,278
 
159,519,439
Capital Goods — 4.1%
A.O. Smith Corp.
73,833
4,365,745
Cummins, Inc.
30,733
17,345,705
General Dynamics Corp.
15,758
5,851,733
Honeywell Aerospace, Inc.(a)
29,595
4,679,266
Honeywell International, Inc.
29,595
6,319,421
Johnson Controls International PLC
136,551
18,876,810
Lockheed Martin Corp.
36,014
20,212,137
Masco Corp.
65,101
4,697,688
Rockwell Automation, Inc.
12,400
5,262,932
RTX Corp.
57,600
11,965,248
 
99,576,685
Commercial & Professional Services — .5%
Paychex, Inc.
99,775
12,705,349
Consumer Discretionary Distribution & Retail — 3.6%
Amazon.com, Inc.(a)
302,466
78,571,593
Best Buy Co., Inc.
100,534
8,057,800
 
86,629,393
Consumer Durables & Apparel — .9%
Hasbro, Inc.
238,291
22,423,183
Consumer Services — 1.5%
Darden Restaurants, Inc.
104,752
22,444,163
Las Vegas Sands Corp.
333,791
14,623,384
 
37,067,547
Consumer Staples Distribution & Retail — .3%
Dollar General Corp.
30,100
3,815,175
Target Corp.
20,385
3,279,539
 
7,094,714
Energy — 5.1%
APA Corp.
255,792
11,037,425
Chevron Corp.
48,323
9,961,303
ExxonMobil Holdings Corp.
137,158
22,075,580
Kinder Morgan, Inc.
256,345
8,264,563
Phillips 66
164,451
40,550,328
SLB Ltd.
80,545
4,840,754
Valero Energy Corp.
76,385
27,416,104
 
124,146,057
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SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.3% (continued)
Equity Real Estate Investment Trusts — 1.4%
BXP, Inc.(b)
72,002
4,895,416
Essex Property Trust, Inc.(b)
13,454
3,806,944
Host Hotels & Resorts, Inc.(b)
282,783
6,201,431
Simon Property Group, Inc.(b)
49,403
10,489,245
VICI Properties, Inc.(b)
70,817
1,816,456
Vivmark Residential(b)
91,993
5,992,424
 
33,201,916
Financial Services — 4.6%
BlackRock, Inc.
5,703
6,590,444
Franklin Templeton, Inc.
151,000
5,156,650
Morgan Stanley
92,600
19,753,432
Northern Trust Corp.
14,014
2,600,438
State Street Corp.
152,280
29,143,346
T. Rowe Price Group, Inc.
105,559
11,746,606
The Goldman Sachs Group, Inc.
36,377
37,319,164
 
112,310,080
Food, Beverage & Tobacco — 6.0%
Altria Group, Inc.
733,696
50,243,502
Archer-Daniels-Midland Co.
57,802
4,698,724
Conagra Brands, Inc.
186,193
2,982,812
PepsiCo, Inc.
68,674
9,637,709
Philip Morris International, Inc.
293,446
54,962,436
The Hershey Company
66,205
11,665,983
The J.M. Smucker Company
52,181
6,844,060
Tyson Foods, Inc., Cl. A
83,140
4,584,340
 
145,619,566
Health Care Equipment & Services — 2.5%
Elevance Health, Inc.
28,013
10,996,223
Medtronic PLC
369,198
33,467,799
UnitedHealth Group, Inc.
39,129
15,237,224
 
59,701,246
Insurance — 2.9%
Assurant, Inc.
151,837
42,796,777
The Allstate Corp.
105,555
27,212,079
 
70,008,856
Materials — 2.3%
Avery Dennison Corp.
29,805
5,189,349
International Paper Co.
136,157
5,164,435
LyondellBasell Industries NV, Cl. A
262,928
17,111,354
Packaging Corp. of America
45,338
10,606,372
PPG Industries, Inc.
149,950
16,819,891
 
54,891,401
Media & Entertainment — 7.5%
Alphabet, Inc., Cl. A
194,979
66,166,124
Alphabet, Inc., Cl. C
153,682
51,546,479
Meta Platforms, Inc., Cl. A
72,027
41,223,933
Netflix, Inc.(a)
102,317
8,292,793
Omnicom Group, Inc.
151,440
13,255,543
 
180,484,872
Pharmaceuticals, Biotechnology & Life Sciences — 6.9%
AbbVie, Inc.
46,635
11,958,147
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Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.3% (continued)
Pharmaceuticals, Biotechnology & Life Sciences — 6.9% (continued)
Amgen, Inc.
27,520
11,830,298
Bristol-Myers Squibb Co.
612,771
40,939,230
Eli Lilly & Co.
14,635
16,928,743
Gilead Sciences, Inc.
154,297
22,579,823
Johnson & Johnson
146,642
38,984,776
Merck & Co., Inc.
45,555
6,731,207
Pfizer, Inc.
533,636
15,187,280
Zoetis, Inc.
34,148
2,632,811
 
167,772,315
Semiconductors & Semiconductor Equipment — 17.3%
Advanced Micro Devices, Inc.(a)
51,098
24,052,850
Analog Devices, Inc.
22,009
7,970,339
Broadcom, Inc.
244,362
90,497,023
Intel Corp.(a)
105,682
9,459,596
Lam Research Corp.
53,483
16,124,590
Micron Technology, Inc.
31,126
29,841,430
NVIDIA Corp.
803,291
177,350,587
QUALCOMM, Inc.
191,564
32,657,831
Texas Instruments, Inc.
123,536
32,231,778
 
420,186,024
Software & Services — 6.3%
Dolby Laboratories, Inc., Cl. A
63,060
3,881,974
International Business Machines Corp.
107,673
25,181,484
Microsoft Corp.
245,037
124,304,820
 
153,368,278
Technology Hardware & Equipment — 11.0%
Apple, Inc.
494,776
156,769,775
Cisco Systems, Inc.
362,827
40,088,755
Corning, Inc.
42,304
6,291,874
NetApp, Inc.
124,106
22,995,601
Seagate Technology Holdings PLC
42,547
35,245,084
TE Connectivity PLC
21,800
4,474,450
 
265,865,539
Telecommunication Services — 4.0%
AT&T, Inc.
1,333,879
34,534,127
Comcast Corp., Cl. A
308,670
8,216,795
Verizon Communications, Inc.
1,102,679
55,156,004
 
97,906,926
Transportation — .2%
C.H. Robinson Worldwide, Inc.
28,424
4,253,936
Utilities — 2.8%
American Electric Power Co., Inc.
75,415
9,233,059
CMS Energy Corp.
75,820
5,160,309
Consolidated Edison, Inc.
32,419
3,469,482
Dominion Energy, Inc.
84,936
5,606,625
Edison International
245,657
13,260,565
Evergy, Inc.
68,308
5,534,314
Exelon Corp.
304,582
13,316,325
FirstEnergy Corp.
76,421
3,504,667
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Equity Securities - Common Stocks — 99.3% (continued)
Utilities — 2.8% (continued)
NRG Energy, Inc.
34,078
3,752,669
The AES Corp.
396,316
5,841,698
 
68,679,713
Total Equity Securities - Common Stocks
(cost $1,433,539,307)
2,406,393,352
 
 
 
1-Day
Yield (%)
 
 
 
Investment Companies — .6%
Registered Investment Companies — .6%
BNY Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(c)
(cost $14,305,932)
3.72
14,305,932
14,305,932
Total Investments (cost $1,447,845,239)
 
     99.9%
2,420,699,284
Cash and Receivables (Net)
 
       .1%
    2,387,431
Net Assets
    100.0%
2,423,086,715
 
(a)
Non-income producing security.
(b)
Investment in real estate investment trust within the United States.
(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.
See notes to schedule of investments.
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Schedule of Investments
BNY Mellon Equity Income Fund
August 31, 2026 (Unaudited)
The following is a summary of the inputs used as of August 31, 2026 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
2,406,393,352
—
—
2,406,393,352
Investment Companies
14,305,932
—
—
14,305,932
 
2,420,699,284
—
—
2,420,699,284
 
†
See Schedule 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:
Equity investments generally are valued at the last sale price on the day of valuation on the securities exchange or national securities market on which such securities primarily are traded. Securities listed on Nasdaq markets generally will be valued at the official closing price. If there are no transactions in a security, or no official closing prices for a Nasdaq market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices. Bid price is used when no asked price is available. Open short positions for which there is no sale price on a given day are valued at the lowest asked price. Investments in other open-end investment companies are valued at their reported net asset values (“NAVs”) each day. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Fair value of foreign equity securities may be determined with the assistance of a pricing service using correlations between the movement of prices of foreign securities and indexes of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts and futures contracts. The valuation of a security based on this fair value process may differ from the security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. Foreign securities held by a fund may trade on days when the fund does not calculate its NAV and thus may affect the fund’s NAV on days when investors will not be able to purchase or sell (redeem) fund shares. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, but before the fund calculates its NAV), or which are not valued by one or more independent pricing services, are valued at fair value as determined in good faith based on procedures approved by the Trust’s Board of Trustees (the “Board”). Fair value of investments is determined by the Adviser, as the fund’s valuation designee pursuant to Rule 2a-5 under the Act, using such information as it deems appropriate under the circumstances. The factors that may be considered when fair valuing a security include 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. Using fair value to price investments may result in a value that is different from
8
a security’s most recent closing price and from the prices used by other mutual funds to calculate their NAVs. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
At August 31, 2026, accumulated net unrealized appreciation on investments was $972,854,045, consisting of $1,009,093,695 gross unrealized appreciation and $36,239,650 gross unrealized depreciation.
At August 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule 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.
9