BNY Mellon Active MidCap Fund
Statement of Investments
March 31, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.8%
Automobiles & Components — .8%
Aptiv PLC (a)
38,777
2,307,231
Harley-Davidson, Inc.
49,230
1,243,058
 
3,550,289
Banks — 2.7%
Bank OZK
17,730
770,368
Fifth Third Bancorp
133,558
5,235,474
First Horizon Corp.
291,117
5,653,492
 
11,659,334
Capital Goods — 11.1%
Acuity, Inc.
7,471
1,967,488
Armstrong World Industries, Inc.
12,896
1,816,789
Axon Enterprise, Inc. (a)
3,504
1,842,929
Carlisle Cos., Inc.
8,117
2,763,839
Curtiss-Wright Corp.
6,439
2,042,902
EMCOR Group, Inc.
17,273
6,384,619
Generac Holdings, Inc. (a)
20,739
2,626,594
Howmet Aerospace, Inc.
10,017
1,299,505
ITT, Inc.
22,326
2,883,626
Lincoln Electric Holdings, Inc.
14,489
2,740,739
Masco Corp.
23,806
1,655,469
MSC Industrial Direct Co., Inc., Cl. A
10,425
809,710
Pentair PLC
29,000
2,536,920
The AZEK Company, Inc. (a)
25,861
1,264,344
The Middleby Corp. (a)
7,235
1,099,575
Trane Technologies PLC
11,133
3,750,930
Vertiv Holdings Co., Cl. A
20,820
1,503,204
W.W. Grainger, Inc.
4,138
4,087,641
Watts Water Technologies, Inc., Cl. A
6,357
1,296,320
Westinghouse Air Brake Technologies Corp.
21,884
3,968,663
 
48,341,806
Commercial & Professional Services — 3.5%
Booz Allen Hamilton Holding Corp.
15,254
1,595,263
Broadridge Financial Solutions, Inc.
6,768
1,640,969
CACI International, Inc., Cl. A (a)
2,675
981,511
Dayforce, Inc. (a)
16,564
966,178
Jacobs Solutions, Inc.
20,547
2,483,927
Leidos Holdings, Inc.
13,321
1,797,536
Paychex, Inc.
22,202
3,425,324
Paycom Software, Inc.
4,672
1,020,739
Veralto Corp.
12,768
1,244,242
 
15,155,689
Consumer Discretionary Distribution & Retail — 2.6%
Bath & Body Works, Inc.
23,279
705,819
Best Buy Co., Inc.
12,050
887,000
Carvana Co. (a)
1,684
352,091
Chewy, Inc., Cl. A (a)
13,868
450,849
eBay, Inc.
41,317
2,798,400
Etsy, Inc. (a)
21,337
1,006,680
3
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.8% (continued)
Consumer Discretionary Distribution & Retail — 2.6% (continued)
Ross Stores, Inc.
23,302
2,977,763
The Gap, Inc.
34,692
715,002
Williams-Sonoma, Inc.
8,807
1,392,387
 
11,285,991
Consumer Durables & Apparel — 2.7%
Carter’s, Inc.
20,945
856,650
Crocs, Inc. (a)
6,332
672,458
Deckers Outdoor Corp. (a)
10,090
1,128,163
PulteGroup, Inc.
10,737
1,103,764
Ralph Lauren Corp.
9,305
2,053,986
Tapestry, Inc.
30,837
2,171,233
Toll Brothers, Inc.
13,669
1,443,310
TopBuild Corp. (a)
5,832
1,778,468
VF Corp.
28,428
441,203
 
11,649,235
Consumer Services — 3.9%
ADT, Inc.
193,153
1,572,266
Boyd Gaming Corp.
9,223
607,150
Carnival Corp. (a)
24,070
470,087
Darden Restaurants, Inc.
4,401
914,352
DraftKings, Inc., Cl. A (a)
28,626
950,670
Expedia Group, Inc.
11,779
1,980,050
Grand Canyon Education, Inc. (a)
16,960
2,934,419
H&R Block, Inc.
32,589
1,789,462
Hilton Worldwide Holdings, Inc.
4,800
1,092,240
MGM Resorts International (a)
40,580
1,202,791
Royal Caribbean Cruises Ltd.
14,771
3,034,554
Wingstop, Inc.
2,259
509,585
 
17,057,626
Consumer Staples Distribution & Retail — 1.8%
Dollar Tree, Inc. (a)
6,228
467,536
Sprouts Farmers Market, Inc. (a)
22,106
3,374,260
The Kroger Company
20,039
1,356,440
US Foods Holding Corp. (a)
43,659
2,857,918
 
8,056,154
Energy — 5.4%
Baker Hughes Co.
39,423
1,732,641
Cheniere Energy, Inc.
12,900
2,985,060
CNX Resources Corp. (a)
45,491
1,432,057
ConocoPhillips
21,242
2,230,835
Coterra Energy, Inc.
122,529
3,541,088
Halliburton Co.
220,267
5,588,174
Kinder Morgan, Inc.
75,400
2,151,162
Matador Resources Co.
19,463
994,365
Murphy Oil Corp.
40,519
1,150,739
Ovintiv, Inc.
31,003
1,326,928
Range Resources Corp.
14,858
593,280
 
23,726,329
Equity Real Estate Investment Trusts — 6.5%
Brixmor Property Group, Inc. (b)
139,574
3,705,690
EastGroup Properties, Inc. (b)
11,419
2,011,457
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.8% (continued)
Equity Real Estate Investment Trusts — 6.5% (continued)
Essex Property Trust, Inc. (b)
11,391
3,492,139
First Industrial Realty Trust, Inc. (b)
57,018
3,076,691
Host Hotels & Resorts, Inc. (b)
37,329
530,445
Lamar Advertising Co., Cl. A (b)
12,388
1,409,507
Mid-America Apartment Communities, Inc. (b)
27,604
4,625,878
NNN REIT, Inc. (b)
67,785
2,891,030
Park Hotels & Resorts, Inc. (b)
83,699
893,905
Regency Centers Corp. (b)
7,400
545,824
Simon Property Group, Inc. (b)
30,923
5,135,692
 
28,318,258
Financial Services — 8.4%
Affirm Holdings, Inc. (a)
21,999
994,135
Ameriprise Financial, Inc.
9,487
4,592,751
Coinbase Global, Inc., Cl. A (a)
8,790
1,513,902
Discover Financial Services
17,783
3,035,558
Euronet Worldwide, Inc. (a)
16,674
1,781,617
FactSet Research Systems, Inc.
1,420
645,589
Federated Hermes, Inc.
63,887
2,604,673
Global Payments, Inc.
7,805
764,266
Jack Henry & Associates, Inc.
7,946
1,450,940
MGIC Investment Corp.
35,064
868,886
MSCI, Inc.
7,328
4,143,984
Rithm Capital Corp. (b)
142,801
1,635,071
Robinhood Markets, Inc., Cl. A (a)
29,121
1,212,016
SEI Investments Co.
15,555
1,207,535
State Street Corp.
38,234
3,423,090
Synchrony Financial
48,350
2,559,649
T. Rowe Price Group, Inc.
21,139
1,942,040
The Western Union Company
230,001
2,433,410
 
36,809,112
Food, Beverage & Tobacco — 4.3%
Archer-Daniels-Midland Co.
40,216
1,930,770
Celsius Holdings, Inc. (a)
21,926
781,004
Conagra Brands, Inc.
81,719
2,179,446
Freshpet, Inc. (a)
5,946
494,529
General Mills, Inc.
112,340
6,716,809
Hormel Foods Corp.
44,842
1,387,411
Ingredion, Inc.
14,507
1,961,491
Molson Coors Beverage Co., Cl. B
33,949
2,066,476
The Hershey Company
8,414
1,439,046
 
18,956,982
Health Care Equipment & Services — 7.1%
Align Technology, Inc. (a)
5,513
875,795
Cardinal Health, Inc.
10,885
1,499,627
Cencora, Inc.
27,473
7,639,967
Chemed Corp.
2,762
1,699,514
DexCom, Inc. (a)
22,479
1,535,091
Doximity, Inc., Cl. A (a)
23,555
1,366,897
GE HealthCare Technologies, Inc.
16,892
1,363,353
HealthEquity, Inc. (a)
7,627
673,998
IDEXX Laboratories, Inc. (a)
7,245
3,042,538
5
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.8% (continued)
Health Care Equipment & Services — 7.1% (continued)
Inspire Medical Systems, Inc. (a)
3,819
608,290
Insulet Corp. (a)
4,624
1,214,309
Masimo Corp. (a)
1,882
313,541
Option Care Health, Inc. (a)
19,079
666,811
Penumbra, Inc. (a)
3,301
882,720
ResMed, Inc.
11,865
2,655,980
Teleflex, Inc.
4,060
561,051
Tenet Healthcare Corp. (a)
13,570
1,825,165
Universal Health Services, Inc., Cl. B
7,800
1,465,620
Veeva Systems, Inc., Cl. A (a)
5,737
1,328,861
 
31,219,128
Household & Personal Products — .9%
BellRing Brands, Inc. (a)
12,178
906,774
Reynolds Consumer Products, Inc.
75,980
1,812,883
The Clorox Company
9,859
1,451,737
 
4,171,394
Insurance — 5.0%
CNO Financial Group, Inc.
66,860
2,784,719
Globe Life, Inc.
13,900
1,830,908
Loews Corp.
75,421
6,931,944
Primerica, Inc.
10,297
2,929,805
The Allstate Corp.
15,340
3,176,454
W. R. Berkley Corp.
35,555
2,530,094
White Mountains Insurance Group Ltd.
877
1,688,935
 
21,872,859
Materials — 5.6%
Berry Global Group, Inc.
22,772
1,589,713
Cabot Corp.
17,495
1,454,534
CF Industries Holdings, Inc.
11,986
936,706
Crown Holdings, Inc.
27,141
2,422,606
DuPont de Nemours, Inc.
50,757
3,790,533
Eagle Materials, Inc.
16,969
3,765,930
Magnera Corp. (a)
3,034
55,097
NewMarket Corp.
1,558
882,529
Nucor Corp.
16,787
2,020,148
PPG Industries, Inc.
21,554
2,356,930
Royal Gold, Inc.
12,877
2,105,518
RPM International, Inc.
18,623
2,154,309
The Scotts Miracle-Gro Company
15,948
875,386
 
24,409,939
Media & Entertainment — 4.4%
Charter Communications, Inc., Cl. A (a)
3,800
1,400,414
Electronic Arts, Inc.
21,441
3,098,653
Fox Corp., Cl. A
67,225
3,804,935
IAC, Inc. (a)
23,475
1,078,442
Match Group, Inc.
52,736
1,645,363
Nexstar Media Group, Inc.
6,200
1,111,164
Pinterest, Inc., Cl. A (a)
36,552
1,133,112
Playtika Holding Corp.
90,733
469,090
ROBLOX Corp., Cl. A (a)
8,618
502,343
Roku, Inc. (a)
16,312
1,149,017
6
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.8% (continued)
Media & Entertainment — 4.4% (continued)
The New York Times Company, Cl. A
35,957
1,783,467
The Trade Desk, Inc., Cl. A (a)
34,100
1,865,952
Ziff Davis, Inc. (a)
7,912
297,333
 
19,339,285
Pharmaceuticals, Biotechnology & Life Sciences — 4.9%
Agilent Technologies, Inc.
42,206
4,937,258
Alnylam Pharmaceuticals, Inc. (a)
6,383
1,723,538
Azenta, Inc. (a)
8,296
287,373
Charles River Laboratories International, Inc. (a)
5,733
862,931
Elanco Animal Health, Inc. (a)
18,215
191,258
Exact Sciences Corp. (a)
13,455
582,467
Exelixis, Inc. (a)
31,522
1,163,792
Halozyme Therapeutics, Inc. (a)
11,193
714,225
Illumina, Inc. (a)
14,858
1,178,834
Incyte Corp. (a)
13,061
790,844
IQVIA Holdings, Inc. (a)
10,463
1,844,627
Medpace Holdings, Inc. (a)
4,383
1,335,456
Mettler-Toledo International, Inc. (a)
2,134
2,520,062
Natera, Inc. (a)
7,661
1,083,342
Neurocrine Biosciences, Inc. (a)
7,857
868,984
Waters Corp. (a)
3,193
1,176,844
 
21,261,835
Semiconductors & Semiconductor Equipment — 1.3%
Cirrus Logic, Inc. (a)
6,141
611,981
Enphase Energy, Inc. (a)
2,174
134,897
Monolithic Power Systems, Inc.
3,477
2,016,591
Rambus, Inc. (a)
6,120
316,863
Skyworks Solutions, Inc.
39,453
2,549,847
 
5,630,179
Software & Services — 8.2%
Akamai Technologies, Inc. (a)
10,734
864,087
ANSYS, Inc. (a)
5,410
1,712,590
Appfolio, Inc., Cl. A (a)
2,749
604,505
AppLovin Corp., Cl. A (a)
13,347
3,536,554
BILL Holdings, Inc. (a)
10,698
490,931
Cloudflare, Inc., Cl. A (a)
16,598
1,870,429
Docusign, Inc. (a)
11,252
915,913
Elastic NV (a)
8,518
758,954
Fair Isaac Corp. (a)
1,189
2,192,706
Gen Digital, Inc.
43,088
1,143,555
HubSpot, Inc. (a)
4,180
2,387,992
MicroStrategy, Inc., Cl. A (a)
2,278
656,679
Nutanix, Inc., Cl. A (a)
16,107
1,124,430
Okta, Inc. (a)
12,178
1,281,369
Palantir Technologies, Inc., Cl. A (a)
97,755
8,250,522
Pegasystems, Inc.
17,248
1,199,081
Qualys, Inc. (a)
8,618
1,085,265
RingCentral, Inc., Cl. A (a)
26,843
664,633
Twilio, Inc., Cl. A (a)
12,869
1,260,004
Unity Software, Inc. (a)
13,372
261,957
VeriSign, Inc. (a)
5,172
1,313,016
7
Statement of Investments (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 99.8% (continued)
Software & Services — 8.2% (continued)
Zoom Communications, Inc. (a)
15,990
1,179,582
Zscaler, Inc. (a)
5,598
1,110,755
 
35,865,509
Technology Hardware & Equipment — 2.5%
Amphenol Corp., Cl. A
81,663
5,356,276
CDW Corp.
1,745
279,654
Ciena Corp. (a)
16,611
1,003,803
Fabrinet (a)
2,773
547,695
HP, Inc.
26,784
741,649
NetApp, Inc.
21,533
1,891,459
Pure Storage, Inc., Cl. A (a)
13,768
609,509
Zebra Technologies Corp., Cl. A (a)
1,700
480,352
 
10,910,397
Telecommunication Services — .3%
Iridium Communications, Inc.
41,305
1,128,453
Transportation — .4%
Delta Air Lines, Inc.
28,746
1,253,326
Lyft, Inc., Cl. A (a)
59,630
707,808
 
1,961,134
Utilities — 5.5%
Consolidated Edison, Inc.
27,150
3,002,518
Edison International
49,691
2,927,794
Evergy, Inc.
28,300
1,951,285
New Jersey Resources Corp.
49,029
2,405,363
NRG Energy, Inc.
17,037
1,626,352
OGE Energy Corp.
25,101
1,153,642
PG&E Corp.
86,473
1,485,606
Public Service Enterprise Group, Inc.
31,126
2,561,670
Spire, Inc.
38,040
2,976,630
UGI Corp.
65,108
2,153,121
Vistra Corp.
14,425
1,694,072
 
23,938,053
Total Common Stocks
(cost $377,732,497)
436,274,970
 
8
Description
 
1-Day
Yield (%)
 
Shares
Value ($)
Investment Companies — .2%
Registered Investment Companies — .2%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares(c)
(cost $1,125,094)
4.44
1,125,094
1,125,094
Total Investments (cost $378,857,591)
 
   100.0%
437,400,064
Liabilities, Less Cash and Receivables
 
      .0%
    (82,318)
Net Assets
   100.0%
437,317,746
 
REIT—Real Estate Investment Trust
 
(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 statement of investments.
9
Statement of Investments
BNY Mellon Active MidCap Fund

March 31, 2025 (Unaudited)
The following is a summary of the inputs used as of March 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
436,274,970
—
—
436,274,970
Investment Companies
1,125,094
—
—
1,125,094
 
437,400,064
—
—
437,400,064
 
†
See Statement of Investments for additional detailed categorizations, if any.
10
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 American Depositary 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, 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.
11
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 March 31, 2025, accumulated net unrealized appreciation on investments was $58,542,473, consisting of $84,195,825 gross unrealized appreciation and $25,653,352 gross unrealized depreciation.
At March 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.
12