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Individual Investors

    BNY Mellon Alternative Diversifier Strategies Fund

    Why invest in this Fund?

    The fund seeks long-term capital appreciation. The fund is designed to complement and diversify traditional stock and bond portfolios. The fund normally allocates its assets among other investment companies (the underlying funds) that employ alternative investment strategies. Underlying funds may include other funds in the BNY Mellon Family of Funds and unaffiliated open-end funds, closed-end funds and ETFs.

    Min. class investment
    $1,000
    Class Inception Date
    03/31/14
    Fund Assets
    $84,610,349  As of  02/03/23
    Class Assets
    $48,522  As of  02/03/23
    Portfolio Turnover Rate
    14.10% As of fiscal year end  10/31/22
    Morningstar Category
    Multistrategy
    Benchmark
    S&P 500® Index
    Morningstar Overall Rating
    Fund Holdings
    7 As of 12/31/22

    Morningstar Rating™ as of December 31, 2022 for the Class A class shares; other classes may have different performance characteristics. Overall rating for the Multistrategy category. Fund ratings are out of 5 Stars: Overall 3 Stars (128 funds rated); 3 Yrs. 3 Stars (128 funds rated); 5 Yrs. 3 Stars (107 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

     

    Portfolio Managers

    • Anthony  Mastrocola

      Anthony Mastrocola

      Portfolio Manager,

      Since June 2022


    Total Returns

    Click here to see SALES CHARGE  Max Sales Charge:  5.75%  Front End Load
    Average Annual
    As of 01/31/23
    Name 3 MO
    01/31/23
    YTD
    01/31/23
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Alternative Diversifier Strategies Fund
    DRNAX
    3.85 1.82 -4.66 2.69 1.91 - 1.70
    Average Annual
    As of 12/31/22
    Name 3 MO
    12/31/22
    YTD
    12/31/22
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Alternative Diversifier Strategies Fund
    DRNAX
    4.92 -7.81 -7.81 1.89 1.86 - 1.51
    S&P 500® Index
    7.56 -18.11 -18.11 7.66 9.42 12.56 -

    The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.

    Growth of $10,000 Investment

    Historical Performance

      These figures do not reflect the maximum sales charge which, if included, would reduce return.

      Yearly Total Return

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


      Prospectus Fee Table Expense Ratios

      As of  03/01/22 Fee Description Expense Ratio (%)
      Management Fee 0.25%
      Service Fee 0.25%
      Other Expenses 0.39%
      Acquired Fund Fees & Expenses 1.20%
      Total Expenses 2.09%
      Expenses Reimbursed 0.09%
      Net Expenses 2.00%
      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, until March 1, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .55%. On or after March 1, 2023, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time. Because "acquired fund fees and expenses" are incurred indirectly by the fund, as a result of its investments in underlying funds, such fees and expenses are not included in the expense limitation.

      Sales Charge

      There is a 1% CDSC for purchases of $1,000,000 and over if redeemed within one year of purchase.


      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNYM Investment Adviser. Anthony Mastrocola is the fund's primary portfolio manager responsible for investment allocation decisions, a position he has held since June 2022. Mr. Mastrocola is the Head of Liquid Alternative Investments for BNY Mellon Investor Solutions at BNY Mellon Wealth Management. Mr. Mastrocola also is an employee of BNYM Investment Adviser.

      Asset Allocation


          Daily Statistics

          As of 02/03/23 Name NAV Change 04/20/22  12 Month 
          High Nav
          01/05/23  12 Month 
          Low Nav
          YTD Return
          DRNAX
          $10.58
          -$0.05
          -0.47%
          $14.19 $10.41 1.15%

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Multistrategy


          Morningstar Rating™ as of 12/31/22 for the Class A shares; other classes may have different performance characteristics. Overall rating for the Multistrategy. Fund ratings are out of 5 Stars: Overall 3 Stars (128 funds rated); 3 Yrs. 3 Stars (128 funds rated); 5 Yrs. 3 Stars (107 funds rated); 10 Yrs. Stars (44 funds rated).
          The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-,and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

          Lipper Rankings

          • 1 Year
            97 out of 123
          • 3 Year
            57 out of 111
          • 5 Year
            45 out of 93
          • 10 Year
            out of

          LIPPER CLASSIFICATION Alternative Multi-Strategy Funds


          Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

          Main Risks

          Equities are subject to market, market sector, market liquidity, issuer, and investment style risks to varying degrees.
          Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currencyexchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
          Risks ofinvesting in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technologicaldevelopments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions.
          Currencies are subject to the risk that those currencies will decline in value relativeto a local currency, or, in the case of hedged positions, that the local currency will decline relative to the currency being hedged. Each of these risks could increase the fund's volatility.
          Commodities contain heightened risk includingmarket, political, regulatory, and natural conditions, and may not be suitable for all investors.
          Derivatives and commodity-linked derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value and there is the risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or theportfolio's other investments. Commodity-linked derivative instruments may involve additional costs and risks such as commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestockdisease, embargoes, tariffs and international economic, political and regulatory developments. Short sales involve selling a security the portfolio does not own in anticipation that the security's price will decline.
          Short sales may involverisk and leverage, and expose the portfolio to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss.
          Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

          Risk Metrics

          As of  12/31/22  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DRNAX
          9.65 -0.85 0.46 91.59 0.15

          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 MSCI ACWI Index.


          Dividend Schedule

          Declared
          Annually
          Distributed
          Annually
          Paid
          Annually
          Fiscal Year End
          Oct 31
          Year Dividend ($) Capital Gains ($)
          2022 0.5885 2.0985
          2021 0.2486 0.1048
          2020 0.0000 0.0752
          2019 0.1346 0.1245
          2018 0.0165 0.0589
          2017 0.0458 0.0000
          2016 0.0100 0.0000
          2015 0.0748 0.0000
          2014 0.1624 0.0049

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

          Distributions History

          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
          Reinvest 
          NAV
          12/29/22 12/30/22 12/30/22 0.3952 0.1933 0.0000 0.0000 2.0985 2.6870 10.46
          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
          Reinvest 
          NAV
          12/30/21 12/31/21 12/31/21 0.2293 0.0193 0.0000 0.0000 0.1048 0.3534 -
          12/30/20 12/31/20 12/31/20 0.0000 0.0000 0.0000 0.0000 0.0752 0.0752 -
          12/30/19 12/31/19 12/31/19 0.0000 0.1346 0.0000 0.0003 0.1242 0.2591 -
          12/28/18 12/31/18 12/31/18 0.0000 0.0165 0.0000 0.0000 0.0589 0.0754 -
          12/28/17 12/29/17 12/29/17 0.0000 0.0458 0.0000 0.0000 0.0000 0.0458 -
          12/28/16 12/29/16 12/29/16 0.0000 0.0100 0.0000 0.0000 0.0000 0.0100 -
          12/29/15 12/30/15 12/30/15 0.0000 0.0748 0.0000 0.0000 0.0000 0.0748 -
          12/29/14 12/30/14 12/30/14 0.0000 0.1624 0.0000 0.0000 0.0049 0.1673 -

          Literature

          Factsheet, Prospectus and Reports

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