BNY Mellon Balanced Opportunity Fund

TICKER DBORX
Fund Code 6003
CUSIP 09662F304
SHARE CLASS
- Class A
- Class C
- Class I
- Class J
- Class Y
- Class Z

Why invest in this Fund?

The fund seeks high total return through a combination of capital appreciation and current income. To pursue this goal, the fund invests in a diversified mix of stocks and fixed-income securities. The fund selects securities that, in the portfolio managers' judgment, will result in the highest total return consistent with preservation of principal. The fund normally will allocate between 25% and 50% of its assets to fixed-income securities.

Min. class investment

$1,000

Class Inception Date

01/30/04

Class Status

Not available for purchase by individual investors.

Fund Assets

$306,791,534 As of 08/23/19

Class Assets

$10,347,236 As of 08/23/19

Portfolio Turnover Rate

98.95% As of fiscal year end 11/30/18

Morningstar Category

Allocation--50% to 70% Equity

Morningstar Overall Rating

Fund Holdings

345 As of 07/31/19

Morningstar Rating™ as of July 31, 2019 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Allocation--50% to 70% Equity category. Fund ratings are out of 5 Stars: Overall 4 Stars (666 funds rated); 3 Yrs. 4 Stars (666 funds rated); 5 Yrs. 4 Stars (585 funds rated); 10 Yrs. 4 Stars (431 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

David R. Bowser

Portfolio Manager, Mellon Investments Corporation

11 yr(s). on fund
Brian C. Ferguson

Portfolio Manager, Mellon Investments Corporation

12 yr(s). on fund
John Bailer

Senior Portfolio Manager, Mellon Investments Corporation

27 yr(s). in industry

4 yr(s). on fund
Vassilis Dagioglu

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

1 yr(s). on fund
Mark A. Bogar

Portfolio Manager, Mellon Investments Corporation

3 yr(s). on fund
James A. Lydotes

Mellon Investments Corporation

3 yr(s). on fund
Andrew Leger

Portfolio Manager, Mellon Investments Corporation

3 yr(s). on fund
George E. DeFina

Portfolio Manager, Mellon Investments Corporation

4 yr(s). on fund
Torrey Zaches

Portfolio Manager, Mellon Investments Corporation

1 yr(s). on fund

Performance

Average Annual Returns

Month End

As of 07/31/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Balanced Opportunity Fund DBORX	5.13 5.13	8.54 8.54	7.04 7.04	9.42 9.42	8.25 8.25	01/30/04

Quarter End

As of 06/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Balanced Opportunity Fund DBORX	6.53 6.53	9.03 9.03	6.51 6.51	9.95 9.95	8.24 8.24	01/30/04

Cumulative Returns

Month End

As of 07/31/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Balanced Opportunity Fund DBORX	5.13 5.13	27.85 27.85	40.55 40.55	145.91 145.91	1,203.96 1,203.96	01/30/04

Quarter End

As of 06/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Balanced Opportunity Fund DBORX	6.53 6.53	29.62 29.62	37.04 37.04	158.12 158.12	1,188.92 1,188.92	01/30/04

The total return performance figures presented for Class I shares of the fund represent the performance of the fund's Class J for periods prior to January 30, 2004, the inception date for Class I shares, and the performance of Class I, respectively, from that inception date. Performance reflects the applicable class' distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been different. 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

Historical Performance

Not available for purchase by individual investors.

Yearly Total Return

Yearly

Fund	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
DBORX	-3.96%	11.80%	10.24%	-0.29%	7.68%	21.26%	13.84%	-1.53%	13.57%	22.54%

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

Fees & Expenses

Monthly Expense Ratios (Annualized)

As of 07/31/19 Fee Description	Expense Ratio (%)
Management Fee	0.80%
Other Expenses	0.20%
Total Expenses	1.00%
Expenses Reimbursed	0.05%
Net Expenses	0.95%

Prospectus Fee Table Expense Ratios

As of 04/01/19 Fee Description	Expense Ratio (%)
Management Fee	0.80%
Other Expenses	0.20%
Total Expenses	1.00%
Expenses Reimbursed	0.05%
Net Expenses	0.95%

The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until April 1, 2020, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .95%. On or after April 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. Vassilis Dagioglu and Torrey Zaches are the fund's co-primary portfolio managers responsible for overall asset allocation for the fund, positions they have held since November 2018. Mr. Dagioglu is a managing director and Head of Asset Allocation Portfolio Management at Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. Mr. Zaches is a director and global asset allocation portfolio manager at Mellon. Messrs. Dagioglu and Zaches allocate the fund's assets among equity portfolio managers and fixed-income portfolio managers employed by both BNY Mellon Investment Adviser, Inc. and Mellon. The fund's primary portfolio managers responsible for the portion of the fund's assets allocated to equity investments (and when they first held such position) are: Brian Ferguson (March 2007), John C. Bailer (December 2015), George E. DeFina (December 2015), Mark A. Bogar, CFA, James A. Lydotes, CFA (September 2016) and Andrew Leger (September 2016). David Bowser, CFA, is the fund's primary portfolio manager responsible for the portion of the fund's assets allocated to fixed-income investments, a position he has held since March 2008. Mellon investment professionals manage the fund in their capacity as employees of BNY Mellon Investment Adviser, Inc.

Top Holdings

As of 07/31/19 Holdings	% Portfolio Weight
JPMorgan Chase & Co.	2.39
AT&T	2.34
Berkshire Hathaway, Cl. B	2.25
Microsoft	1.82
Cisco Systems	1.79
Alphabet, Cl. C	1.76
Citigroup	1.63
Medtronic	1.59
Merck & Co.	1.55
Vulcan Materials	1.52

Asset Allocation

Stats & Risks

Daily Statistics

As of 08/23/19 Name	NAV	Change	09/21/18 12 Month High Nav	01/03/19 12 Month Low Nav	YTD Return
DBORX	$21.80	-$0.36 -1.62%	$24.34	$19.64	9.91%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Allocation--50% to 70% Equity

Morningstar Rating™ as of 07/31/19 for the Class I shares; other classes may have different performance characteristics. Overall rating for the Allocation--50% to 70% Equity. Fund ratings are out of 5 Stars: Overall 4 Stars (1682 funds rated); 3 Yrs. 4 Stars (666 funds rated); 5 Yrs. 4 Stars (585 funds rated); 10 Yrs. 4 Stars (431 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
128 out of 470
3 Year
133 out of 439
5 Year
79 out of 392
10 Year
85 out of 295

LIPPER CLASSIFICATION Mixed-Asset Target Alloc Growth 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.

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.

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.

Risk Metrics

As of 07/31/19, 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
DBORX	8.65	0.04	1.19	86.32	0.82

Distributions

Dividend Schedule

Declared

Annually

Distributed

Annually

Paid

Annually

Fiscal Year End

Nov 30

Year	Dividend ($)	Capital Gains ($)
2019	0.0000	0.0606
2018	0.4152	1.6300
2017	0.2550	0.9310
2016	0.2830	0.0000
2015	0.2420	0.9769
2014	0.2420	1.7169
2013	0.2350	0.2787
2012	0.2750	0.0000
2011	0.2750	0.0000
2010	0.2670	0.0000

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
DBORX	0.0000	0.0000	0.0013	0.0000	0.0593	0.0606	21.48

	Record Date	Ex-Dividend Date	Payable Date
DBORX	03/19/19	03/20/19	03/20/19

(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
DBORX	Final	0.1710	0.2442	0.0991	0.1414	1.3895	2.0452	19.89

	Record Date	Ex-Dividend Date	Payable Date
DBORX	12/28/18	12/31/18	12/31/18

Literature

Solutions for

BNY Mellon Balanced Opportunity Fund