BNY Mellon Opportunistic Small Cap Fund

Why invest in this Fund?

The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the stocks of small cap companies. The fund currently considers small cap companies to be those companies with market capitalizations that fall within the market capitalization range of companies comprising the Russell 2000? Index, the fund's benchmark index. The fund's sub-adviser selects stocks for the fund's portfolio based primarily on bottom-up fundamental analysis. The sub-adviser uses a disciplined investment process that relies, in general, on proprietary fundamental research and valuation. Generally, elements of the process include analysis of a company's business prospects, estimation of the company's value and the identification of events or a catalyst that could cause the estimated value of the company to change.

Min. Class Investment

$1,000

Class Inception Date

12/29/93

Fund Assets

$230,739,462 As of 08/25/25

Class Assets

$203,322,894 As of 08/25/25

Portfolio Turnover Rate

61.03% As of fiscal year end 08/31/24

Morningstar Category

Small Blend

Benchmark

Russell 2000® Index

Fund Holdings

111 As of 07/31/25

Portfolio Managers

Andrew Leger

Portfolio Manager, Newton Investment Management North America, LLC

Managing Fund Since 2021

Joined Firm in 2014

Joined Industry in 1998

Performance

Total Returns

Month End

			Average Annual As of 07/31/25
Name	3 MO 07/31/25	YTD 07/31/25	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Opportunistic Small Cap Fund DSCVX	14.77	3.29	-0.22	3.07	7.55	5.55	10.13
Russell 2000® Index	12.99	-0.08	-0.55	7.03	9.81	7.43	-

Quarter End

			Average Annual As of 06/30/25
Name	3 MO 06/30/25	YTD 06/30/25	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Opportunistic Small Cap Fund DSCVX	9.91	2.64	5.84	6.19	8.55	5.13	10.14
Russell 2000® Index	8.50	-1.79	7.68	10.00	10.04	7.12	-

The performance data quotes represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Investors cannot invest directly in any index.

Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Growth of $10,000 Investment

Past performance is no guarantee of future results.

Historical Performance

Past performance is no guarantee of future results.

Yearly Total Return

Yearly

Fund	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSCVX	3.67%	9.01%	-17.51%	16.02%	18.98%	21.12%	-19.50%	24.18%	16.48%	-2.71%

Investment return fluctuates and past performance is no guarantee of future results.

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 12/31/24 Fee Description	Expense Ratio (%)
Management Fee	0.75%
Service Fee	0.25%
Other Expenses	0.16%
Total Expenses	1.16%
Expenses Reimbursed	0.10%
Net Expenses	1.06%

Total Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Total Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed to waive receipt of a portion of its management fee in the amount of .10% of the value of the fund's average daily net assets until December 31, 2025. On or after December 31, 2025, BNY Mellon Investment Adviser, Inc. may terminate this waiver agreement at any time.

Portfolio

Portfolio Manager/Sub-Investment Adviser

The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Newton Investment Management North America, LLC (NIMNA), to serve as the fund's sub-adviser. NIMNA has entered into a sub-sub-investment advisory agreement with its affiliate, Newton Investment Management Limited (NIM), to enable NIM to provide certain advisory services to NIMNA for the benefit of the fund. Andrew Leger is the fund's primary portfolio manager. Mr. Leger has been a portfolio manager of the fund since September 2021 and is a portfolio manager at NIMNA.

Top Holdings

Download Total Holdings

As of 07/31/25

Holdings	% Portfolio Weight
Insmed	2.84
Genius Sports	2.25
First Horizon	2.13
SkyWest	1.88
Texas Capital Bancshares	1.86
Fluor	1.83
Magnite	1.82
Clearway Energy, Cl. C	1.70
Valmont Industries	1.67
Flowserve	1.49

Asset Allocation

Stats & Risks

Daily Statistics

As of 08/25/25 Name	NAV	Change	12/02/24 12 Month High Nav	04/08/25 12 Month Low Nav	YTD Return
DSCVX	$33.31	-$0.20 -0.60%	$33.75	$24.70	9.15%

Main Risks

Equities are subject to market, market sector, market liquidity, issuer, and investment style risks to varying degrees.
Small and midsized company stocks tend to be more volatile and less liquid than larger company stocks as these companies are less established and have more volatile earnings histories.
A significant overweight or underweight of companies, industries, or market sectors could cause performance to be more or less sensitive to developments affecting those sectors.

Risk Metrics

As of 07/31/25 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
DSCVX	21.57	-14.17	1.20	70.63	0.02

All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is S&P 500® Index.

Alpha - Alpha is a measure of a security's or portfolio's excess return.

Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.

Distributions

Dividend Schedule

Declared

Annually

Distributed

Annually

Paid

Annually

Fiscal Year End

Aug 31

Year	Dividend ($)	Capital Gains ($)
2024	0.1526	0.0000
2023	0.1148	0.2909
2022	0.0000	1.1210
2021	0.0000	3.4046
2020	0.0672	0.0000
2019	0.0457	0.0000
2018	0.0000	6.7872
2017	0.0000	4.5552
2016	0.0000	0.1368
2015	0.1025	1.0722

There is no guarantee that the fund will distribute any level annually. Capital gains may be short-term, long-term, or both.

Record Date	Ex-Dividend Date	Payable Date	Ordinary Non-Qualified Dividends	Qualified Dividends	Non-Qualified Short-Term Capital Gain	Qualified Short-Term Capital Gain	Long-Term Capital Gain	Total Distribution
12/10/24	12/11/24	12/11/24	0.0000	0.1526	0.0000	0.0000	0.0000	0.1526

Record Date	Ex-Dividend Date	Payable Date	Ordinary Non-Qualified Dividends	Qualified Dividends	Non-Qualified Short-Term Capital Gain	Qualified Short-Term Capital Gain	Long-Term Capital Gain	Total Distribution
12/11/23	12/12/23	12/12/23	0.0000	0.1148	0.0000	0.0000	0.2909	0.4057
12/08/22	12/09/22	12/09/22	0.0000	0.0000	0.0000	0.0000	1.1210	1.1210
12/09/21	12/10/21	12/10/21	0.0000	0.0000	0.0000	0.0000	3.4046	3.4046
12/09/20	12/10/20	12/10/20	0.0000	0.0672	0.0000	0.0000	0.0000	0.0672
12/13/19	12/16/19	12/16/19	0.0000	0.0457	0.0000	0.0000	0.0000	0.0457
12/13/18	12/14/18	12/14/18	0.0000	0.0000	1.2654	0.2799	5.2419	6.7872
12/14/17	12/15/17	12/15/17	0.0000	0.0000	0.3462	0.1518	4.0572	4.5552
12/15/16	12/16/16	12/16/16	0.0000	0.0000	0.0000	0.0000	0.1368	0.1368
12/15/15	12/16/15	12/16/15	0.0000	0.1025	0.0000	0.0000	1.0722	1.1747
12/17/14	12/18/14	12/18/14	0.0000	0.0000	1.2336	0.2724	3.9574	5.4634
12/10/13	12/11/13	12/11/13	0.0000	0.0000	0.2146	0.2051	3.9843	4.4040
12/07/11	12/08/11	12/08/11	0.0000	0.0000	1.0252	0.1648	1.8292	3.0192
12/13/10	12/14/10	12/14/10	0.0000	0.0030	0.0000	0.1630	0.3290	0.4950
12/02/08	12/03/08	12/03/08	0.0800	0.0770	0.0601	0.0579	0.0000	0.2750
12/04/07	12/05/07	12/05/07	0.0788	0.0252	2.8846	0.9214	1.5000	5.4100
12/05/06	12/06/06	12/06/06	0.0000	0.0000	0.4832	0.1868	0.3610	1.0310
12/12/05	12/13/05	12/13/05	0.0000	0.0000	0.1055	0.1035	2.1830	2.3920
12/10/01	12/11/01	12/11/01	0.0000	0.0000	6.1200	0.0000	0.0000	7.0580
11/29/00	11/30/00	11/30/00	0.0000	0.0000	1.6100	0.0000	0.0000	1.6100
11/30/99	12/01/99	12/01/99	0.0000	0.0000	1.4090	0.0000	0.0000	1.4090
12/08/97	12/09/97	12/09/97	0.0150	0.0000	0.3400	0.0000	0.0000	0.4000
12/13/96	12/16/96	12/16/96	0.0400	0.0000	1.9100	0.0000	0.0000	2.1350
12/07/95	12/08/95	12/08/95	0.0900	0.0000	1.0100	0.0000	0.0000	1.1000
12/02/94	12/05/94	12/05/94	0.3300	0.0000	0.5300	0.0000	0.0000	0.8600
See all rows...

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