BNY Mellon Dynamic Total Return Fund

TICKER AVGCX
Fund Code 6141
CUSIP 05587N208
SHARE CLASS
- Class A
- Class C
- Class I
- Class Y

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

$959,451,954 As of 10/16/19

Class Assets

$31,931,888 As of 10/16/19

Portfolio Turnover Rate

17.55% As of fiscal year end 10/31/18

Morningstar Category

Multialternative

Benchmark

FTSE Three-Month U.S. Treasury Bill Index

Morningstar Overall Rating

Fund Holdings

775 As of 09/30/19

Morningstar Rating™ as of September 30, 2019 for the Class C class shares; other classes may have different performance characteristics. Overall rating for the Multialternative category. Fund ratings are out of 5 Stars: Overall 4 Stars (248 funds rated); 3 Yrs. 3 Stars (248 funds rated); 5 Yrs. 3 Stars (178 funds rated); 10 Yrs. 5 Stars (59 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. ©2018 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

Vassilis Dagioglu

Managing Director, Head of Asset Allocation Portfolio Management, Mellon Investments Corporation

9 yr(s). on fund
James Stavena

Portfolio Manager, Mellon Investments Corporation

9 yr(s). on fund
Sinead Colton

Head of Investment Strategy, Mellon Investments Corporation

5 yr(s). on fund
Torrey Zaches

Portfolio Manager, Mellon Investments Corporation

9 yr(s). on fund
Joseph Miletich

Portfolio Manager, Mellon Investments Corporation

9 yr(s). on fund

Performance

Average Annual Returns

Click here to see SALES CHARGE Max Sales Charge: 1.00% CDSC Load

Month End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Dynamic Total Return Fund AVGCX	1.76 0.76	2.37 2.37	1.78 1.78	4.58 4.58	2.33 2.33	05/02/06
FTSE Three-Month U.S. Treasury Bill Index	2.36	1.52	0.96	0.52	-	-

Quarter End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Dynamic Total Return Fund AVGCX	1.76 0.76	2.37 2.37	1.78 1.78	4.58 4.58	2.33 2.33	05/02/06
FTSE Three-Month U.S. Treasury Bill Index	2.36	1.52	0.96	0.52	-	-

Cumulative Returns

Click here to see SALES CHARGE Max Sales Charge: 1.00% CDSC Load

Month End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Dynamic Total Return Fund AVGCX	1.76 0.76	7.27 7.27	9.20 9.20	56.55 56.55	36.10 36.10	05/02/06
FTSE Three-Month U.S. Treasury Bill Index	2.36	4.64	4.87	5.27	-	-

Quarter End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Dynamic Total Return Fund AVGCX	1.76 0.76	7.27 7.27	9.20 9.20	56.55 56.55	36.10 36.10	05/02/06
FTSE Three-Month U.S. Treasury Bill Index	2.36	4.64	4.87	5.27	-	-

The FTSE Three-Month U.S. Treasury Bill Index consists of the last three-month Treasury bill month-end rates. The FTSE Three-Month U.S. Treasury Bill Index measures return equivalents of yield averages. The instruments are not marked to market. 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

Yearly

Fund	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
AVGCX	-8.11%	6.65%	-0.95%	-1.01%	7.43%	13.14%	7.55%	-0.70%	12.34%	23.76%

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

Fees & Expenses

Redemption Charge

As of 10/17/19 Redemption Year	CDSC
Year 1	1.00

Class C shares are subject to a contingent deferred sales charge (CDSC) imposed on Class C shares redeemed within one year of purchase.

Prospectus Fee Table Expense Ratios

As of 03/01/19 Fee Description	Expense Ratio (%)
Management Fee	1.10%
12B-1 Fee	0.75%
Service Fee	0.25%
Other Expenses	0.21%
Acquired Fund Fees & Expenses	0.01%
Total Expenses	2.32%
Expenses Reimbursed	0.12%
Net Expenses	2.20%

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, 2020 , to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses for Class A, C, I and Y shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 1.19%. On or after March 1, 2020, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation at any time.

Portfolio

Portfolio Manager/Sub-Investment Advisor

The fund's investment adviser is BNY Mellon Investment Adviser, Inc., and the fund's sub-adviser is Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. Investment decisions for the fund are made by the Global Asset Allocation Team of Mellon. The team members are Sinead Colton, Vassilis Dagioglu, Joseph Miletich, James Stavena and Torrey Zaches. Mr. Dagioglu has served as a primary portfolio manager since May 2010. Messrs. Stavena, Zaches and Miletich have each served as a primary portfolio manager of the fund since June 2010. Ms. Colton has served as a primary portfolio manager of the fund since December 2014. Messrs. Dagioglu and Stavena are both managing directors and global asset allocation portfolio managers at Mellon. Mr. Zaches is a director and global asset allocation portfolio manager at Mellon. Mr. Miletich and Ms. Colton are managing directors and global investment strategists at Mellon.

Top Holdings

As of 09/30/19 Holdings	% Portfolio Weight
Japanese 10 Yr Bond (Tokyo)	28.76
US Treasury Notes	23.81
S&P 500 E-Mini	16.52
FT-SE 100	9.84
Hang Seng Index	6.64
Canadian 10 Yr Bond	5.58
FI-DTR HY	5.41
FTSE/MIB IDX FUTURE	2.76
MSCI Emerging Markets Index Future	2.17
IBEX	1.95

Asset Allocation

Stats & Risks

Daily Statistics

As of 10/16/19 Name	NAV	Change	09/16/19 12 Month High Nav	12/24/18 12 Month Low Nav	YTD Return
AVGCX	$14.94	-$0.01 -0.07%	$14.96	$13.28	10.58%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Multialternative

Morningstar Rating™ as of 09/30/19 for the Class C shares; other classes may have different performance characteristics. Overall rating for the Multialternative. Fund ratings are out of 5 Stars: Overall 4 Stars (485 funds rated); 3 Yrs. 3 Stars (248 funds rated); 5 Yrs. 3 Stars (178 funds rated); 10 Yrs. 5 Stars (59 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
120 out of 215
3 Year
147 out of 198
5 Year
119 out of 178
10 Year
45 out of 79

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 in currency 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 at a 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 is the 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.

Risk Metrics

As of 09/30/19, 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
AVGCX	6.52	-3.79	0.82	72.67	0.15

Distributions

Dividend Schedule

Declared

Annually

Distributed

Annually

Paid

Annually

Fiscal Year End

Oct 31

Year	Dividend ($)	Capital Gains ($)
2018	0.0166	0.0000
2017	0.0000	0.8172
2016	0.0000	0.0294
2008	0.2460	0.0000
2007	0.1960	0.1692
2006	0.0567	0.1619

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

(Values Listed In $)	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
AVGCX	0.0148	0.0018	0.0000	0.0000	0.0000	0.0166	13.47

	Record Date	Ex-Dividend Date	Payable Date
AVGCX	12/19/18	12/20/18	12/20/18

(Values Listed In $)	Distribution Status	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
AVGCX	Final	0.0148	0.0018	0.0000	0.0000	0.0000	0.0166	13.47

	Record Date	Ex-Dividend Date	Payable Date
AVGCX	12/19/18	12/20/18	12/20/18

Literature

Solutions for

BNY Mellon Dynamic Total Return Fund