BNY Mellon Mid Cap Multi-Strategy Fund
STATEMENT OF INVESTMENTS
May 31, 2025 (Unaudited)

 
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9%
Automobiles & Components — .7%
BorgWarner, Inc.
9,390
310,715
Gentex Corp.
47,018
1,014,178
Harley-Davidson, Inc.
13,623
329,813
Modine Manufacturing Co. (a)
24,058
2,184,466
QuantumScape Corp. (a),(b)
7,395
29,580
Rivian Automotive, Inc., Cl. A (a),(b)
15,105
219,476
Thor Industries, Inc.
4,553
369,658
 
4,457,886
Banks — 2.5%
Cullen/Frost Bankers, Inc.
2,191
278,213
East West Bancorp, Inc.
15,580
1,420,896
Fifth Third Bancorp
40,542
1,548,299
First Horizon Corp.
110,884
2,204,374
FNB Corp.
19,910
276,152
Huntington Bancshares, Inc.
94,747
1,480,896
M&T Bank Corp.
1,023
186,841
NU Holdings Ltd., Cl. A (a)
65,535
787,075
Old National Bancorp
71,020
1,481,477
Popular, Inc.
17,918
1,855,050
Regions Financial Corp.
43,455
931,675
SouthState Corp.
22,420
1,968,476
Synovus Financial Corp.
11,195
535,457
Webster Financial Corp.
7,937
408,597
Wintrust Financial Corp.
7,441
888,530
Zions Bancorp NA
11,000
520,960
 
16,772,968
Capital Goods — 14.8%
3M Co.
3,743
555,274
AAON, Inc. (b)
335
32,257
Advanced Drainage Systems, Inc.
16,716
1,838,091
AECOM
20,671
2,270,709
AGCO Corp.
100
9,798
Allegion PLC
14,459
2,063,299
AMETEK, Inc.
30,202
5,398,305
API Group Corp. (a)
1,580
73,739
Axon Enterprise, Inc. (a)
12,656
9,496,556
Builders FirstSource, Inc. (a)
3,096
333,377
BWX Technologies, Inc.
400
50,240
Comfort Systems USA, Inc.
229
109,515
Cummins, Inc.
3,451
1,109,427
Curtiss-Wright Corp.
10,830
4,766,391
Donaldson Co., Inc.
12,740
886,067
Dover Corp.
2,835
503,921
Everus Construction Group, Inc. (a)
2,183
126,418
Fastenal Co.
29,770
1,230,692
Ferguson Enterprises, Inc.
29,267
5,336,545
Flowserve Corp.
3,385
168,945
Fortune Brands Innovations, Inc.
12,014
605,506
3
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Capital Goods — 14.8% (continued)
FTAI Aviation Ltd.
6,692
783,968
GE Vernova, Inc.
3,242
1,533,401
Generac Holdings, Inc. (a)
8,518
1,040,303
HEICO Corp., Cl. A
20,631
4,865,615
Hexcel Corp.
4,405
232,980
Howmet Aerospace, Inc.
33,691
5,723,764
Hubbell, Inc.
8,277
3,224,554
Huntington Ingalls Industries, Inc.
1,082
241,351
IDEX Corp.
16,487
2,982,663
Ingersoll Rand, Inc.
56,835
4,640,009
ITT, Inc.
2,361
355,425
Johnson Controls International PLC
30,275
3,068,977
Karman Holdings, Inc. (a)
38,405
1,646,038
L3Harris Technologies, Inc.
5,632
1,376,123
Lincoln Electric Holdings, Inc.
3,302
639,234
Loar Holdings, Inc. (a)
465
40,478
Masco Corp.
32,288
2,015,417
MasTec, Inc. (a)
2,231
347,880
Masterbrand, Inc. (a)
23,333
237,997
MSC Industrial Direct Co., Inc., Cl. A
5,984
485,901
Nordson Corp.
3,647
773,128
nVent Electric PLC
10,390
683,662
Owens Corning
4,837
647,916
Parker-Hannifin Corp.
1,397
928,586
Quanta Services, Inc.
7,960
2,726,778
QXO, Inc.
131,232
2,230,944
Regal Rexnord Corp.
465
62,050
Resideo Technologies, Inc. (a)
20,376
421,783
Rockwell Automation, Inc.
3,561
1,123,674
Sensata Technologies Holding PLC
225
5,864
Snap-on, Inc.
2,645
848,384
Spirit AeroSystems Holdings, Inc., Cl. A (a)
1,485
55,509
Textron, Inc.
26,171
1,937,439
The Timken Company
8,650
592,439
UFP Industries, Inc.
6,286
613,262
United Rentals, Inc.
2,475
1,753,240
Valmont Industries, Inc.
518
164,745
Vertiv Holdings Co., Cl. A
35,325
3,812,627
W.W. Grainger, Inc.
1,352
1,470,381
Watsco, Inc.
5,597
2,482,661
Watts Water Technologies, Inc., Cl. A
3,075
744,519
WESCO International, Inc.
12,050
2,023,074
Westinghouse Air Brake Technologies Corp.
7,351
1,487,254
WillScot Holdings Corp.
3,270
88,127
Xylem, Inc.
10,089
1,271,618
 
101,396,814
Commercial & Professional Services — 5.7%
Amentum Holdings, Inc. (a)
5,826
120,365
Booz Allen Hamilton Holding Corp.
1,945
206,656
Broadridge Financial Solutions, Inc.
16,078
3,904,221
CACI International, Inc., Cl. A (a)
5,044
2,158,832
4
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Commercial & Professional Services — 5.7% (continued)
Casella Waste Systems, Inc., Cl. A (a)
18,158
2,128,299
Clarivate PLC (a)
15,815
66,739
Clean Harbors, Inc. (a)
7,124
1,615,652
Copart, Inc. (a)
69,589
3,582,442
Equifax, Inc.
14,747
3,896,010
Jacobs Solutions, Inc.
4,114
519,598
Leidos Holdings, Inc.
5,886
874,189
Paychex, Inc.
11,348
1,791,963
Paycom Software, Inc.
870
225,408
RB Global, Inc.
15,268
1,607,720
Robert Half, Inc.
6,807
311,693
Rollins, Inc.
64,606
3,698,694
Science Applications International Corp.
4,264
492,663
SS&C Technologies Holdings, Inc.
20,287
1,639,392
Tetra Tech, Inc.
9,795
342,237
Veralto Corp.
3,686
372,397
Verisk Analytics, Inc.
17,593
5,526,665
Waste Connections, Inc.
18,737
3,692,875
 
38,774,710
Consumer Discretionary Distribution & Retail — 4.7%
Advance Auto Parts, Inc.
1,400
67,102
AutoZone, Inc. (a)
500
1,866,520
Bath & Body Works, Inc.
11,725
329,707
Best Buy Co., Inc.
8,330
552,112
Burlington Stores, Inc. (a)
15,426
3,521,293
CarMax, Inc. (a)
5,885
379,347
Carvana Co. (a)
2,329
761,956
Chewy, Inc., Cl. A (a)
38,183
1,727,781
Coupang, Inc. (a)
22,385
627,899
eBay, Inc.
24,833
1,817,031
Etsy, Inc. (a)
4,178
231,252
Five Below, Inc. (a)
1,770
206,329
Floor & Decor Holdings, Inc., Cl. A (a)
1,241
88,967
Genuine Parts Co.
5,086
643,481
Lithia Motors, Inc.
152
48,170
LKQ Corp.
11,071
448,043
Macy’s, Inc.
8,145
96,844
Ollie’s Bargain Outlet Holdings, Inc. (a)
20,735
2,310,916
O’Reilly Automotive, Inc. (a)
3,056
4,179,080
Pool Corp.
13,044
3,920,896
Ross Stores, Inc.
8,665
1,213,880
The Gap, Inc.
61,666
1,375,769
Tractor Supply Co.
19,485
943,074
Ulta Beauty, Inc. (a)
6,697
3,157,368
Valvoline, Inc. (a),(b)
21,087
729,399
Wayfair, Inc., Cl. A (a)
1,460
60,210
Williams-Sonoma, Inc.
4,406
712,715
 
32,017,141
Consumer Durables & Apparel — 2.4%
Amer Sports, Inc. (a)
69,723
2,536,523
Capri Holdings Ltd. (a),(b)
7,530
136,444
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Consumer Durables & Apparel — 2.4% (continued)
Crocs, Inc. (a)
6,278
640,356
D.R. Horton, Inc.
11,670
1,377,760
Deckers Outdoor Corp. (a)
1,155
121,876
Garmin Ltd.
3,190
647,474
Hasbro, Inc.
20,030
1,336,201
Lululemon Athletica, Inc. (a)
1,780
563,672
NVR, Inc. (a)
263
1,871,489
Polaris, Inc. (b)
2,760
108,247
PulteGroup, Inc.
10,880
1,066,566
PVH Corp. (b)
3,236
271,080
Ralph Lauren Corp.
2,428
672,095
Skechers USA, Inc., Cl. A (a)
28,892
1,792,460
Somnigroup International, Inc.
18,687
1,215,776
Tapestry, Inc.
9,245
726,195
Toll Brothers, Inc.
6,480
675,540
TopBuild Corp. (a)
1,983
560,971
Under Armour, Inc., Cl. A (a),(b)
9,715
65,188
VF Corp. (b)
7,435
92,640
 
16,478,553
Consumer Services — 3.3%
Aramark
29,552
1,196,856
Boyd Gaming Corp.
11,074
830,218
Caesars Entertainment, Inc. (a)
2,745
73,786
Carnival Corp. (a)
25,440
590,717
Churchill Downs, Inc.
4,261
406,798
Darden Restaurants, Inc.
6,914
1,481,048
Domino’s Pizza, Inc.
382
180,999
DraftKings, Inc., Cl. A (a)
10,880
390,374
Duolingo, Inc. (a)
811
421,404
Dutch Bros, Inc., Cl. A (a)
2,820
203,604
Expedia Group, Inc.
11,898
1,983,991
Frontdoor, Inc. (a)
14,855
817,174
Grand Canyon Education, Inc. (a)
7,412
1,466,427
H&R Block, Inc.
15,099
859,888
Hilton Worldwide Holdings, Inc.
8,559
2,126,398
Hyatt Hotels Corp., Cl. A (b)
3,080
406,652
Las Vegas Sands Corp.
32,229
1,326,546
Marriott International, Inc., Cl. A
2,494
657,992
MGM Resorts International (a),(b)
13,185
417,305
Norwegian Cruise Line Holdings Ltd. (a)
13,425
236,951
Planet Fitness, Inc., Cl. A (a)
22,115
2,274,085
Royal Caribbean Cruises Ltd.
6,147
1,579,595
Service Corp. International
7,915
617,370
Travel + Leisure Co.
1,960
95,197
Wingstop, Inc.
508
173,584
Wyndham Hotels & Resorts, Inc.
11,901
985,165
Wynn Resorts Ltd. (b)
1,235
111,817
Yum! Brands, Inc.
2,664
383,456
 
22,295,397
Consumer Staples Distribution & Retail — 1.8%
BJ’s Wholesale Club Holdings, Inc. (a)
24,248
2,745,116
6
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Consumer Staples Distribution & Retail — 1.8% (continued)
Casey’s General Stores, Inc. (b)
7,064
3,092,337
Dollar General Corp.
4,785
465,342
Dollar Tree, Inc. (a)
5,742
518,273
Maplebear, Inc. (a)
10,339
472,182
Sysco Corp.
15,324
1,118,652
The Kroger Company
22,040
1,503,789
US Foods Holding Corp. (a)
26,027
2,059,256
Walgreens Boots Alliance, Inc.
21,585
242,831
 
12,217,778
Energy — 3.6%
Antero Resources Corp. (a)
45,478
1,703,151
APA Corp.
3,565
60,641
Baker Hughes Co.
30,275
1,121,689
Cheniere Energy, Inc.
7,183
1,702,299
Chord Energy Corp.
6,044
543,960
Devon Energy Corp.
32,778
991,862
Diamondback Energy, Inc.
24,315
3,271,583
DT Midstream, Inc.
5,525
578,688
EQT Corp.
35,133
1,936,882
Expand Energy Corp.
747
86,749
Halliburton Co.
15,735
308,249
Hess Corp.
10,814
1,429,503
Kinder Morgan, Inc.
24,170
677,727
Marathon Petroleum Corp.
6,832
1,098,176
NOV, Inc.
62,061
744,732
ONEOK, Inc.
25,121
2,030,782
Phillips 66
3,895
442,005
Range Resources Corp.
23,713
902,042
Targa Resources Corp.
7,881
1,244,646
TechnipFMC PLC
28,797
897,027
Texas Pacific Land Corp. (b)
260
289,648
The Williams Companies, Inc.
24,340
1,472,813
Valero Energy Corp.
11,068
1,427,440
 
24,962,294
Equity Real Estate Investment Trusts — 4.5%
Agree Realty Corp. (b),(c)
3,500
263,550
AvalonBay Communities, Inc. (c)
700
144,739
Brixmor Property Group, Inc. (c)
37,680
957,449
BXP, Inc. (c)
8,856
596,274
Camden Property Trust (c)
7,773
913,250
Crown Castle, Inc. (c)
5,049
506,667
CubeSmart (c)
13,560
579,826
Digital Realty Trust, Inc. (c)
18,913
3,243,958
EastGroup Properties, Inc. (c)
4,083
692,273
Equity LifeStyle Properties, Inc. (c)
26,639
1,693,441
Equity Residential (c)
8,249
578,585
Essex Property Trust, Inc. (c)
4,748
1,347,957
Extra Space Storage, Inc. (c)
15,269
2,307,909
Federal Realty Investment Trust (c)
10,735
1,024,978
Healthcare Realty Trust, Inc. (c)
6,500
94,250
Healthpeak Properties, Inc. (c)
96,254
1,675,782
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Equity Real Estate Investment Trusts — 4.5% (continued)
Host Hotels & Resorts, Inc. (c)
33,779
523,237
Iron Mountain, Inc. (c)
6,610
652,473
Kimco Realty Corp. (c)
32,454
689,972
Lamar Advertising Co., Cl. A (c)
12,127
1,461,788
Medical Properties Trust, Inc. (b),(c)
23,305
106,504
Mid-America Apartment Communities, Inc. (c)
2,179
341,340
Omega Healthcare Investors, Inc. (c)
6,270
231,990
Rayonier, Inc. (c)
22,301
528,534
Realty Income Corp. (c)
24,530
1,388,889
Regency Centers Corp. (c)
18,467
1,332,394
SBA Communications Corp. (c)
186
43,131
Simon Property Group, Inc. (c)
15,183
2,475,892
UDR, Inc. (c)
5,790
239,880
Ventas, Inc. (c)
5,545
356,433
VICI Properties, Inc. (c)
64,298
2,038,889
Weyerhaeuser Co. (c)
80,147
2,076,609
 
31,108,843
Financial Services — 7.7%
Affiliated Managers Group, Inc.
3,923
690,448
Affirm Holdings, Inc. (a)
5,560
288,564
Ally Financial, Inc.
13,470
471,449
Ameriprise Financial, Inc.
8,120
4,135,029
Ares Management Corp., Cl. A
1,075
177,913
Block, Inc. (a)
42,970
2,653,397
Blue Owl Capital, Inc.
12,475
233,033
Capital One Financial Corp.
9,569
1,809,976
Cboe Global Markets, Inc.
1,079
247,220
Coinbase Global, Inc., Cl. A (a)
4,462
1,100,418
Corpay, Inc. (a)
1,295
421,017
Equitable Holdings, Inc.
22,657
1,197,876
Evercore, Inc., Cl. A
8,285
1,917,895
Fidelity National Information Services, Inc.
30,546
2,431,767
Fiserv, Inc. (a)
18,750
3,052,312
Global Payments, Inc.
11,580
875,564
Intercontinental Exchange, Inc.
15,057
2,707,249
Invesco Ltd.
6,410
92,689
Jack Henry & Associates, Inc.
3,804
689,171
Jefferies Financial Group, Inc.
5,100
247,860
LPL Financial Holdings, Inc.
13,690
5,300,220
MarketAxess Holdings, Inc.
297
64,274
MGIC Investment Corp.
36,910
976,269
MSCI, Inc.
2,005
1,130,860
Nasdaq, Inc.
23,157
1,934,536
Northern Trust Corp.
6,380
681,001
Raymond James Financial, Inc.
18,823
2,766,605
Robinhood Markets, Inc., Cl. A (a)
15,825
1,046,824
Rocket Cos., Inc., Cl. A (b)
171,461
2,186,128
Shift4 Payments, Inc., Cl. A (a),(b)
1,180
111,852
SLM Corp.
92,567
2,996,394
SoFi Technologies, Inc. (a),(b)
20,280
269,724
Starwood Property Trust, Inc. (b),(c)
9,120
180,120
8
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Financial Services — 7.7% (continued)
State Street Corp.
7,370
709,584
Stifel Financial Corp.
4,587
432,187
Synchrony Financial
15,451
890,750
T. Rowe Price Group, Inc.
3,454
323,260
The Carlyle Group, Inc.
23,512
1,062,742
Toast, Inc., Cl. A (a)
10,970
462,715
Tradeweb Markets, Inc., Cl. A
9,935
1,435,111
Voya Financial, Inc.
32,502
2,162,033
XP, Inc., Cl. A
9,715
188,082
 
52,752,118
Food, Beverage & Tobacco — 1.5%
Archer-Daniels-Midland Co.
4,635
223,731
Brown-Forman Corp., Cl. B (b)
6,757
225,278
Bunge Global SA
6,915
540,407
Celsius Holdings, Inc. (a)
6,320
239,402
Coca-Cola Consolidated, Inc.
6,430
737,200
Coca-Cola Europacific Partners PLC
6,370
584,702
Conagra Brands, Inc.
9,926
227,206
Darling Ingredients, Inc. (a)
2,680
83,509
Freshpet, Inc. (a)
7,947
637,032
General Mills, Inc.
2,500
135,650
Ingredion, Inc.
4,980
692,818
Lamb Weston Holdings, Inc.
16,769
935,375
McCormick & Co., Inc.
12,040
875,669
Molson Coors Beverage Co., Cl. B
28,827
1,544,839
Primo Brands Corp., Cl. A
22,351
739,148
The Hershey Company
1,590
255,497
The J.M. Smucker Company
1,779
200,333
Tyson Foods, Inc., Cl. A
26,339
1,479,198
 
10,356,994
Health Care Equipment & Services — 5.6%
Acadia Healthcare Co., Inc. (a)
1,705
38,601
Align Technology, Inc. (a)
14,611
2,643,714
Baxter International, Inc.
62,514
1,906,677
Cardinal Health, Inc.
1,656
255,753
Cencora, Inc.
10,690
3,113,356
Centene Corp. (a)
32,103
1,811,893
DaVita, Inc. (a)
2,093
285,192
DENTSPLY SIRONA, Inc.
4,180
66,796
Dexcom, Inc. (a)
27,755
2,381,379
Encompass Health Corp.
19,788
2,392,369
Envista Holdings Corp. (a)
1,345
24,573
GE HealthCare Technologies, Inc.
2,715
191,516
Globus Medical, Inc., Cl. A (a)
23,323
1,380,255
HealthEquity, Inc. (a)
13,512
1,359,442
Henry Schein, Inc. (a),(b)
5,500
384,945
Humana, Inc.
1,462
340,836
IDEXX Laboratories, Inc. (a)
7,272
3,733,154
Inspire Medical Systems, Inc. (a)
6,743
931,883
Insulet Corp. (a)
2,146
697,514
Labcorp Holdings, Inc.
8,315
2,070,186
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Health Care Equipment & Services — 5.6% (continued)
Masimo Corp. (a),(b)
587
95,388
McKesson Corp.
843
606,547
Molina Healthcare, Inc. (a)
3,546
1,081,672
Penumbra, Inc. (a)
782
208,771
Quest Diagnostics, Inc.
6,352
1,101,056
QuidelOrtho Corp. (a)
1,415
43,398
ResMed, Inc.
4,873
1,192,862
Solventum Corp. (a)
11,949
873,352
STERIS PLC
11,657
2,858,413
Tenet Healthcare Corp. (a)
7,660
1,292,778
The Cooper Companies, Inc. (a)
20,642
1,409,436
Veeva Systems, Inc., Cl. A (a)
4,819
1,347,874
Zimmer Biomet Holdings, Inc.
3,823
352,366
 
38,473,947
Household & Personal Products — 1.0%
Church & Dwight Co., Inc.
32,680
3,212,771
Coty, Inc., Cl. A (a)
53,695
264,716
e.l.f. Beauty, Inc. (a)
1,649
185,496
Kenvue, Inc.
129,842
3,099,329
The Clorox Company
2,406
317,303
 
7,079,615
Insurance — 3.9%
American Financial Group, Inc.
2,832
351,111
Aon PLC, Cl. A
1,930
718,114
Arch Capital Group Ltd.
2,549
242,257
Arthur J. Gallagher & Co.
2,848
989,509
Assurant, Inc.
15,728
3,192,469
Assured Guaranty Ltd.
10,795
912,717
Cincinnati Financial Corp.
5,580
841,576
Everest Group Ltd.
2,694
935,330
Fidelity National Financial, Inc.
12,795
700,782
First American Financial Corp.
9,711
541,971
Markel Group, Inc. (a)
1,400
2,718,380
Old Republic International Corp.
41,500
1,568,700
Principal Financial Group, Inc.
10,450
813,951
Prudential Financial, Inc.
851
88,410
Reinsurance Group of America, Inc.
10,758
2,186,994
RenaissanceRe Holdings Ltd.
10,913
2,721,920
Ryan Specialty Holdings, Inc.
31,358
2,244,292
The Allstate Corp.
1,131
237,363
The Hartford Insurance Group, Inc.
14,970
1,943,705
The Travelers Companies, Inc.
2,387
658,096
Unum Group
8,325
680,236
W. R. Berkley Corp.
18,988
1,418,214
 
26,706,097
Materials — 4.5%
Albemarle Corp. (b)
4,200
234,192
Ashland, Inc.
9,495
470,097
Avery Dennison Corp.
7,652
1,359,990
Ball Corp.
18,732
1,003,661
Celanese Corp.
4,406
232,769
10
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Materials — 4.5% (continued)
CF Industries Holdings, Inc.
26,587
2,411,707
Cleveland-Cliffs, Inc. (a),(b)
10,115
58,970
Commercial Metals Co.
12,180
567,466
Corteva, Inc.
19,690
1,394,052
CRH PLC
18,275
1,665,949
Crown Holdings, Inc.
16,071
1,582,993
Dow, Inc.
9,560
265,194
DuPont de Nemours, Inc.
11,579
773,477
Eastman Chemical Co.
5,938
465,361
FMC Corp.
5,778
234,356
Freeport-McMoRan, Inc.
51,492
1,981,412
Huntsman Corp.
7,475
83,272
International Flavors & Fragrances, Inc.
2,952
226,005
International Paper Co.
40,329
1,928,129
Martin Marietta Materials, Inc.
2,450
1,341,498
Newmont Corp.
40,352
2,127,357
Nucor Corp.
1,511
165,243
Olin Corp.
7,180
139,364
Packaging Corp. of America
9,031
1,744,518
PPG Industries, Inc.
423
46,868
Reliance, Inc.
5,700
1,669,074
Royal Gold, Inc.
2,093
372,805
Sealed Air Corp.
11,820
380,604
Smurfit WestRock PLC
5,837
252,917
Sonoco Products Co.
3,850
175,329
Steel Dynamics, Inc.
6,642
817,431
The Mosaic Company
41,690
1,506,677
The Scotts Miracle-Gro Company
1,780
106,017
United States Steel Corp.
7,875
423,833
Vulcan Materials Co.
8,936
2,368,666
 
30,577,253
Media & Entertainment — 2.0%
Angi, Inc. (a)
5,426
84,917
Charter Communications, Inc., Cl. A (a),(b)
1,470
582,517
Electronic Arts, Inc.
3,887
558,873
Fox Corp., Cl. A
9,080
498,855
IAC, Inc. (a)
10,335
371,647
Liberty Broadband Corp., Cl. C (a)
4,086
383,267
Liberty Media Corp.-Liberty Formula One, Cl. C (a)
24,105
2,326,856
Liberty Media Corp.-Liberty Live, Cl. C (a)
701
51,138
Live Nation Entertainment, Inc. (a)
1,291
177,112
Match Group, Inc. (b)
13,432
402,154
News Corp., Cl. A
15,555
439,273
Nexstar Media Group, Inc.
2,490
424,346
Omnicom Group, Inc. (b)
20,069
1,473,867
Paramount Global, Cl. B (b)
20,081
242,980
Pinterest, Inc., Cl. A (a)
42,936
1,335,739
ROBLOX Corp., Cl. A (a)
11,780
1,024,624
Roku, Inc. (a)
2,170
157,238
Sirius XM Holdings, Inc. (b)
8,121
176,063
Take-Two Interactive Software, Inc. (a)
4,394
994,274
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Media & Entertainment — 2.0% (continued)
The Interpublic Group of Companies, Inc.
23,215
556,231
The Trade Desk, Inc., Cl. A (a)
9,345
702,931
Trump Media & Technology Group Corp. (a),(b)
2,375
50,659
Warner Bros Discovery, Inc. (a)
48,614
484,682
ZoomInfo Technologies, Inc. (a)
1,310
12,511
 
13,512,754
Pharmaceuticals, Biotechnology & Life Sciences — 3.3%
Agilent Technologies, Inc.
10,264
1,148,747
Alnylam Pharmaceuticals, Inc. (a)
3,415
1,040,072
Ascendis Pharma A/S, ADR (a)
3,203
521,577
Avantor, Inc. (a),(b)
3,710
47,896
Biogen, Inc. (a)
1,078
139,914
BioMarin Pharmaceutical, Inc. (a)
3,424
198,832
BioNTech SE, ADR (a)
8,798
842,936
Bio-Techne Corp.
52,433
2,537,757
Charles River Laboratories International, Inc. (a)
4,417
599,078
Elanco Animal Health, Inc. (a),(b)
9,575
128,688
Exact Sciences Corp. (a)
4,320
243,130
Exelixis, Inc. (a)
2,110
90,814
GRAIL, Inc. (a),(b)
2,400
92,184
Illumina, Inc. (a)
27,642
2,273,278
Incyte Corp. (a)
6,160
400,770
Ionis Pharmaceuticals, Inc. (a)
7,550
253,001
IQVIA Holdings, Inc. (a)
2,540
356,438
Mettler-Toledo International, Inc. (a)
3,099
3,580,956
Natera, Inc. (a)
12,240
1,930,615
Neurocrine Biosciences, Inc. (a)
3,208
394,648
Perrigo Co. PLC (b)
3,540
94,766
QIAGEN NV (b)
8,077
364,515
Repligen Corp. (a)
31,475
3,716,253
Roivant Sciences Ltd. (a)
7,445
81,821
Ultragenyx Pharmaceutical, Inc. (a)
1,305
44,409
United Therapeutics Corp. (a)
491
156,555
Viatris, Inc.
24,084
211,698
Viking Therapeutics, Inc. (a),(b)
3,025
81,070
Waters Corp. (a)
2,153
751,914
West Pharmaceutical Services, Inc.
1,795
378,476
 
22,702,808
Real Estate Management & Development — 1.1%
CBRE Group, Inc., Cl. A (a)
9,654
1,206,943
CoStar Group, Inc. (a)
83,184
6,119,015
Zillow Group, Inc., Cl. C (a)
2,510
168,446
 
7,494,404
Semiconductors & Semiconductor Equipment — 1.7%
Astera Labs, Inc. (a)
3,190
289,397
Cirrus Logic, Inc. (a)
412
40,524
Enphase Energy, Inc. (a)
3,689
152,688
Entegris, Inc.
1,714
117,820
First Solar, Inc. (a)
3,091
488,625
Lam Research Corp.
10,769
870,028
MACOM Technology Solutions Holdings, Inc. (a)
1,171
142,405
12
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Semiconductors & Semiconductor Equipment — 1.7% (continued)
Microchip Technology, Inc.
31,085
1,804,174
Monolithic Power Systems, Inc.
3,649
2,415,273
ON Semiconductor Corp. (a)
8,470
355,909
Qorvo, Inc. (a)
2,967
225,551
Rambus, Inc. (a)
71,144
3,804,070
Skyworks Solutions, Inc.
9,276
640,322
Teradyne, Inc.
1,396
109,726
Universal Display Corp.
1,141
163,562
 
11,620,074
Software & Services — 10.5%
Akamai Technologies, Inc. (a)
11,973
909,110
ANSYS, Inc. (a)
3,831
1,267,371
AppLovin Corp., Cl. A (a)
6,020
2,365,860
Bentley Systems, Inc., Cl. B
59,508
2,840,317
BILL Holdings, Inc. (a)
2,075
90,636
BlackLine, Inc. (a)
6,196
346,542
Cadence Design Systems, Inc. (a)
10,458
3,002,178
Check Point Software Technologies Ltd. (a)
6,376
1,459,339
Cloudflare, Inc., Cl. A (a)
7,080
1,174,501
Cognizant Technology Solutions Corp., Cl. A
27,759
2,248,201
Confluent, Inc., Cl. A (a)
69,644
1,603,901
CyberArk Software Ltd. (a)
5,688
2,177,253
Datadog, Inc., Cl. A (a)
22,696
2,675,404
Docusign, Inc. (a),(b)
2,655
235,260
Dolby Laboratories, Inc., Cl. A
26,645
1,978,658
Dynatrace, Inc. (a)
10,100
545,501
Elastic NV (a)
2,375
192,066
EPAM Systems, Inc. (a)
7,713
1,345,841
Fair Isaac Corp. (a)
686
1,184,228
Gartner, Inc. (a)
10,967
4,786,218
Gen Digital, Inc.
28,510
811,965
Gitlab, Inc., Cl. A (a)
1,530
69,630
GoDaddy, Inc., Cl. A (a)
230
41,895
Guidewire Software, Inc. (a)
3,001
645,275
HubSpot, Inc. (a)
10,804
6,373,280
InterDigital, Inc.
2,882
626,143
Intuit, Inc.
3,259
2,455,559
Kyndryl Holdings, Inc. (a)
12,115
472,970
Manhattan Associates, Inc. (a)
1,137
214,643
MicroStrategy, Inc., Cl. A (a),(b)
5,166
1,906,564
Monday.com Ltd. (a)
10,912
3,246,211
MongoDB, Inc. (a)
1,631
307,982
Nutanix, Inc., Cl. A (a)
7,170
549,867
Okta, Inc. (a)
4,402
454,154
Palantir Technologies, Inc., Cl. A (a)
46,225
6,091,530
PTC, Inc. (a)
744
125,230
RingCentral, Inc., Cl. A (a)
160
4,149
Roper Technologies, Inc.
8,273
4,717,844
SentinelOne, Inc., Cl. A (a)
1,935
34,075
ServiceNow, Inc. (a)
3,820
3,862,364
Twilio, Inc., Cl. A (a)
5,240
616,748
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Software & Services — 10.5% (continued)
Tyler Technologies, Inc. (a)
6,446
3,719,278
Unity Software, Inc. (a),(b)
5,630
146,830
VeriSign, Inc.
3,134
853,921
Zoom Communications, Inc. (a)
2,835
230,344
Zscaler, Inc. (a)
3,571
984,525
 
71,991,361
Technology Hardware & Equipment — 4.2%
Amphenol Corp., Cl. A
90,705
8,157,101
Arrow Electronics, Inc. (a)
3,363
398,112
CDW Corp.
8,100
1,460,916
Ciena Corp. (a)
1,650
132,099
Cognex Corp.
7,146
214,166
Coherent Corp. (a)
1,300
98,319
Corning, Inc.
7,660
379,859
Dell Technologies, Inc., Cl. C
6,929
770,990
F5, Inc. (a)
2,286
652,379
Flex Ltd. (a)
17,254
729,844
Hewlett Packard Enterprise Co.
24,345
420,682
HP, Inc.
8,095
201,565
Jabil, Inc.
10,357
1,740,079
Keysight Technologies, Inc. (a)
34,324
5,390,241
NetApp, Inc.
17,261
1,711,601
Pure Storage, Inc., Cl. A (a)
11,715
627,807
Sandisk Corp. (a)
2,566
96,712
Super Micro Computer, Inc. (a)
11,207
448,504
TD SYNNEX Corp.
705
85,545
TE Connectivity PLC
4,298
687,981
Trimble, Inc. (a)
20,198
1,439,511
Ubiquiti, Inc.
168
66,409
Western Digital Corp. (a)
4,980
256,719
Zebra Technologies Corp., Cl. A (a)
8,117
2,352,063
 
28,519,204
Telecommunication Services — .0%
GCI Liberty, Inc. (Escrow Share) (a)
9,830
8,847
Iridium Communications, Inc.
1,260
32,004
 
40,851
Transportation — 1.9%
Alaska Air Group, Inc. (a)
4,695
239,116
American Airlines Group, Inc. (a)
12,650
144,337
Avis Budget Group, Inc. (a),(b)
305
37,146
Delta Air Lines, Inc.
10,960
530,354
Expeditors International of Washington, Inc.
14,914
1,681,255
J.B. Hunt Transport Services, Inc.
3,988
553,734
Knight-Swift Transportation Holdings, Inc.
55,254
2,448,857
Landstar System, Inc.
6,998
960,266
Lyft, Inc., Cl. A (a)
2,155
32,842
Norfolk Southern Corp.
11,860
2,930,843
Old Dominion Freight Line, Inc.
10,374
1,661,604
Ryder System, Inc.
5,132
755,071
Southwest Airlines Co. (b)
5,490
183,256
14
Description
 
 
 
Shares
Value ($)
Common Stocks — 96.9% (continued)
Transportation — 1.9% (continued)
United Airlines Holdings, Inc. (a)
12,040
956,518
XPO, Inc. (a),(b)
735
83,665
 
13,198,864
Utilities — 4.0%
Ameren Corp.
8,940
866,107
American Water Works Co., Inc.
10,376
1,483,457
Brookfield Renewable Corp.
4,750
139,603
CenterPoint Energy, Inc.
25,672
956,025
CMS Energy Corp.
14,135
992,701
Constellation Energy Corp.
6,205
1,899,661
Dominion Energy, Inc.
39,919
2,262,210
DTE Energy Co.
14,930
2,040,184
Edison International
11,110
618,272
Entergy Corp.
23,907
1,990,975
Eversource Energy
14,845
962,104
Exelon Corp.
62,102
2,721,310
FirstEnergy Corp.
14,315
600,371
MDU Resources Group, Inc.
8,735
150,155
NiSource, Inc.
27,275
1,078,454
NRG Energy, Inc.
10,435
1,626,816
OGE Energy Corp.
19,517
867,921
Pinnacle West Capital Corp.
7,635
696,541
Public Service Enterprise Group, Inc.
5,000
405,150
The AES Corp.
20,880
210,679
UGI Corp.
3,710
133,783
Vistra Corp.
9,278
1,489,768
WEC Energy Group, Inc.
10,185
1,094,276
Xcel Energy, Inc.
26,435
1,853,093
 
27,139,616
Total Common Stocks
(cost $294,068,940)
662,648,344
 
 
 
 
 
Number of Rights
 
Rights — .0%
Health Care Equipment & Services — .0%
Abiomed, Inc., expiring 12/31/2049(d)
(cost $0)
40,585
47,079
 
 
 
 
 
Shares
 
Exchange-Traded Funds — .6%
Registered Investment Companies — .6%
iShares Russell Mid-Cap Growth ETF
5,129
681,849
SPDR S&P MidCap 400 ETF Trust
6,401
3,512,357
Total Exchange-Traded Funds
(cost $3,904,510)
4,194,206
 
 
 
1-Day
Yield (%)
 
 
 
Investment Companies — 2.6%
Registered Investment Companies — 2.6%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(e)
(cost $17,654,834)
4.42
17,654,834
17,654,834
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Description
 
1-Day
Yield (%)
 
Shares
Value ($)
Investment of Cash Collateral for Securities Loaned — .3%
Registered Investment Companies — .3%
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional
Shares(e)
(cost $1,631,672)
4.42
1,631,672
1,631,672
Total Investments (cost $317,259,956)
 
    100.4%
686,176,135
Liabilities, Less Cash and Receivables
 
      (.4%)
 (2,430,577)
Net Assets
    100.0%
683,745,558
 
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
SPDR—Standard & Poor’s Depository Receipt
 
(a)
Non-income producing security.
(b)
Security, or portion thereof, on loan. At May 31, 2025, the value of the fund’s securities on loan was $9,504,620 and the value of the collateral was
$9,778,224, consisting of cash collateral of $1,631,672 and U.S. Government & Agency securities valued at $8,146,552.  In addition, the value of collateral
may include pending sales that are also on loan.
(c)
Investment in real estate investment trust within the United States.
(d)
The fund held Level 3 securities at May 31, 2025. These securities were valued at $47,079 or .0% of net assets.
(e)
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.
16
Statement of Investments
BNY Mellon Mid Cap Multi-Strategy 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
662,639,497
8,847††
—
662,648,344
Exchange-Traded Funds
4,194,206
—
—
4,194,206
Rights
—
—
47,079
47,079
Investment Companies
19,286,506
—
—
19,286,506
 
686,120,209
8,847
47,079
686,176,135
 
†
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.
17
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 Trust’s Board of Trustees (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 and exchange-traded funds 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.
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.
18
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 $368,916,179, consisting of $372,752,823 gross unrealized appreciation and $3,836,644 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.
19