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Financial Professionals

    BNY Mellon Dynamic Total Return Fund

    Why invest in this Fund?

    The fund seeks total return. The fund pursues its goal by normally investing in instruments that provide investment exposure to global equity, bond, currency and commodity markets, and in fixed-income securities. The fund may invest in instruments that provide economic exposure to developed and, to a limited extent, emerging market issuers. The fund may invest up to 30% of its net assets in emerging market issuers and considers emerging market countries to be those included in the Morgan Stanley Capital International Emerging Markets Index.

    Min. class investment
    $1,000
    Class Inception Date
    05/02/06
    Fund Assets
    $150,431,133  As of  02/03/23
    Class Assets
    $31,257,629  As of  02/03/23
    Portfolio Turnover Rate
    0.00% As of fiscal year end  10/31/22
    Morningstar Category
    Macro Trading
    Benchmark
    Customized Blended Index (Dynamic Total Return)
    Morningstar Overall Rating
    Fund Holdings
    9 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 Macro Trading category. Fund ratings are out of 5 Stars: Overall 3 Stars (75 funds rated); 3 Yrs. 2 Stars (75 funds rated); 5 Yrs. 3 Stars (68 funds rated); 10 Yrs. 4 Stars (35 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

    • James  Stavena

      James Stavena, CFA

      Portfolio Manager, Newton Investment Management North America, LLC

      12 yr(s). on fund

    • Dimitri  Curtil

      Dimitri Curtil

      Leader, Systematic Multi-asset Products and Solutions, Newton Investment Management North America, LLC

      2 yr(s). on fund

    • Torrey Zaches

      Torrey Zaches, CFA

      Portfolio Manager, Newton Investment Management North America, LLC

      12 yr(s). on fund

    • Roberto  Croce

      Roberto Croce

      Portfolio Manager, Newton Investment Management North America, LLC

      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 Dynamic Total Return Fund
    AVGAX
    -1.20 -3.38 -11.43 -0.48 0.91 3.00 2.57
    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 Dynamic Total Return Fund
    AVGAX
    -2.03 -15.84 -15.84 -1.37 0.40 3.01 2.43
    Customized Blended Index (Dynamic Total Return)
    7.45 -17.97 -17.97 0.91 2.92 4.95 -

    The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets. Investors cannot invest directly in any index. The FTSE World Government Bond Index (the "WGB Index") measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. The WGB Index is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGB Index provides a broad benchmark for the global sovereign fixed income market. 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

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

    Historical Performance

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

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

      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 1.10%
      Service Fee 0.25%
      Other Expenses 0.25%
      Total Expenses 1.60%
      Expenses Reimbursed 0.20%
      Net Expenses 1.40%
      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, for so long as the fund invests in the subsidiary, to waive the management fee it receives from the fund in the amount equal to the management fee paid to BNY Mellon Investment Adviser, Inc. by the subsidiary. In addition, BNY Mellon Investment Adviser, Inc. has also 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 1.15%. On or after March 1, 2023, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.

      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 BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser), and the fund's sub-adviser is Newton Investment Management North America LLC (NIMNA), an affiliate of BNYM Investment Adviser. Investment decisions for the fund are made by the Global Asset Allocation Team at NIMNA. The team members are James Stavena, Torrey Zaches, CFA, Dimitri Curtil and Roberto Croce. Messrs. Stavena and Zaches have been primary portfolio managers of the fund since June 2010. Mr. Curtil has been a primary portfolio manager of the fund since May 2020. Mr. Croce has been a primary portfolio manager of the fund since June 2022. Mr. Stavena is Head of Portfolio Management, Multi-Asset Solutions at NIMNA. Mr. Zaches is a portfolio manager at NIMNA. Mr. Curtil is a managing director and the Chief Investment Officer and Global Head of Multi-Asset Solutions at NIMNA. Mr. Croce is Head of Risk Parity & Liquid Alts at NIMNA.

      Top Holdings

      As of 12/31/22

      Asset Allocation


          Daily Statistics

          As of 02/03/23 Name NAV Change 03/30/22  12 Month 
          High Nav
          06/17/22  12 Month 
          Low Nav
          YTD Return
          AVGAX
          $14.12
          $0.02
          0.14%
          $14.91 $12.70 3.37%

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Macro Trading


          Morningstar Rating™ as of 12/31/22 for the Class A shares; other classes may have different performance characteristics. Overall rating for the Macro Trading. Fund ratings are out of 5 Stars: Overall 3 Stars (75 funds rated); 3 Yrs. 2 Stars (75 funds rated); 5 Yrs. 3 Stars (68 funds rated); 10 Yrs. 4 Stars (35 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
            80 out of 176
          • 3 Year
            89 out of 171
          • 5 Year
            89 out of 164
          • 10 Year
            42 out of 128

          LIPPER CLASSIFICATION Alternative Global Macro 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

          Bonds are subject to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
          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 incurrency exchange 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. Short sales involve selling a security the portfolio does not own in anticipation that the security's price will decline. Short sales may involve risk and leverage, and expose the portfolio to the risk that it will be required to buy the security sold short ata time when the security has appreciated in value, thus resulting in a loss.
          Commodities contain heightened risk including market, 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 isthe risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or the portfolio'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, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.
          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
          AVGAX
          11.73 -2.20 0.52 78.59 0.04

          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 0.1840 0.0000
          2021 0.0748 2.7426
          2019 0.1734 0.3310
          2018 0.1338 0.0000
          2017 0.0000 0.8172
          2016 0.0000 0.0294
          2014 0.0130 0.0000
          2008 0.3600 0.0000
          2007 0.2650 0.1692
          2006 0.0660 0.1619

          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
          12/19/22 12/20/22 12/20/22 0.1840 0.0000 0.0000 0.0000 0.0000 0.1840 13.68
          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
          12/17/21 12/20/21 12/20/21 0.0748 0.0000 1.1668 0.0000 1.5758 2.8174 -
          12/20/19 12/23/19 12/23/19 0.1734 0.0000 0.2282 0.0000 0.1028 0.5044 -
          12/19/18 12/20/18 12/20/18 0.1190 0.0148 0.0000 0.0000 0.0000 0.1338 -
          12/21/17 12/22/17 12/22/17 0.0000 0.0000 0.4630 0.0275 0.3267 0.8172 -
          12/22/16 12/23/16 12/23/16 0.0000 0.0000 0.0000 0.0000 0.0294 0.0294 -
          03/28/14 03/31/14 03/31/14 0.0000 0.0130 0.0000 0.0000 0.0000 0.0130 -
          12/29/08 12/30/08 12/30/08 0.1354 0.2246 0.0000 0.0000 0.0000 0.3600 -
          12/27/07 12/28/07 12/28/07 0.2227 0.0423 0.1229 0.0234 0.0229 0.4342 -
          12/27/06 12/28/06 12/28/06 0.0660 0.0000 0.1207 0.0000 0.0412 0.2279 -

          Literature

          PRODUCT MATERIALS

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          Factsheet, Prospectus and Reports

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