BNY Mellon Mid Cap Multi-Strategy Fund

TICKER MPMCX
Fund Code 0957
CUSIP 05569M509
SHARE CLASS
- Investor Shares
- Class M
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Why invest in this Fund?

The fund seeks capital appreciation.

The fund's investment strategy provides exposure to various mid cap equity portfolio managers, investment strategies and styles. The fund's investment adviser has allocated the fund's assets among multiple investment strategies employed by the fund's investment adviser and unaffiliated sub-investment advisers known as Boston Partners Global Investors Inc. (Boston Partners), a wholly-owned subsidiary of Robeco US Holding, Inc., and Henderson Geneva Capital Management LLC (Geneva). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid cap companies. The fund currently considers mid cap companies to be those companies with market capitalizations that are within the market capitalization range of companies comprising the Russell Midcap® Index, the fund's primary benchmark index. The fund may invest up to 15% of its assets in the equity securities of foreign issuers, including those in emerging market countries. The fund is designed to provide exposure to various mid cap portfolio managers, investment strategies and styles. The fund may purchase securities of companies in initial public offerings (IPOs) or shortly thereafter. The fund may also invest in publicly-traded real estate investment trusts and exchange-traded funds and similarly structured pooled investments. The fund's investment adviser determines the investment strategies and sets the target allocations and ranges. Allocations, which may be changed without shareholder approval or prior notice, include the following underlying strategies:

1. Mid Cap Tax-Sensitive Core Strategy (Target: 30%; Range: 0% to 50%). This strategy's portfolio manager seeks to actively and opportunistically realize capital gains and/or losses as determined to be appropriate to improve the tax-sensitivity of the portfolio's investment performance. Thomas Murphy, the director of tax-managed equity at BNY Mellon Wealth Management and an employee of BNY Mellon Investment Adviser, Inc., is the primary portfolio manager of the strategy.

2. Opportunistic Mid Cap Value Strategy (Target: 20%; Range: 0% to 30%). This strategy's portfolio manager uses an opportunistic value approach to identify stocks whose current market prices trade at a large discount to their intrinsic value. The strategy is managed by a team of portfolio managers employed by BNY Mellon Investment Adviser, Inc. and Mellon Investments Corporation.

3. Mid Cap Growth Strategy (Target: 20%; Range: 0% to 30%). In constructing this portion of the fund's portfolio, the portfolio managers use a "growth style" of investing, searching for companies whose fundamental strengths suggest the potential to provide superior earnings growth over time. Todd W. Wakefield, CFA and Robert C. Zeuthen, CFA, and John R. Porter since March 2017, employees of both Mellon Investments Corporation and BNY Mellon Investment Adviser, Inc., are the strategy’s portfolio managers.

4. Boston Partners Mid Cap Value Strategy (Target: 20%; Range: 0% to 30%). The portion of the fund's assets allocated to this strategy normally is invested in a diversified portfolio of mid cap stocks identified as having value characteristics. Joseph F. Feeney, Jr., CFA and Steven L. Pollack, CFA are the strategy's portfolio managers.

5. Henderson Geneva Mid Cap Growth Strategy (Target: 10%; Range: 0% to 30%). A mid cap growth strategy. William A. Priebe, CFA, Amy S. Croen, CFA, Michelle J. Picard, CFA and William Scott Priebe are the strategy's portfolio managers.

The fund is permitted to use a "multimanager" arrangement whereby the fund's investment adviser may select one or more sub-investment advisers to manage distinct segments of the fund's portfolio without obtaining shareholder approval.

Class Inception Date

01/01/85

Fund Assets

$1,288,545,693 As of 04/18/24

Class Assets

$1,175,151,320 As of 04/18/24

Portfolio Turnover Rate

26.34% As of fiscal year end 08/31/23

Morningstar Category

Mid-Cap Growth

Benchmark

Russell Midcap Index

Morningstar Overall Rating

Fund Holdings

614 As of 03/31/24

Morningstar Rating™ as of March 31, 2024 for the Class M class shares; other classes may have different performance characteristics. Overall rating for the Mid-Cap Growth category. Fund ratings are out of 5 Stars: Overall 3 Stars (520 funds rated); 3 Yrs. 4 Stars (520 funds rated); 5 Yrs. 3 Stars (489 funds rated); 10 Yrs. 3 Stars (393 funds rated).

Portfolio Managers

John Porter

CIO, Head of Equity, Newton Investment Management North America, LLC

Managing Fund Since 2017

Joined Firm in 2016

Joined Industry in 1994
Joseph F. Feeney, Jr

Portfolio Manager,

Managing Fund Since 2012
Patrick Kent, CFA

Deputy Head of Equity Opportunities, Portfolio Manager, Newton Investment Management North America, LLC

Managing Fund Since 2019

Joined Firm in 2019

Joined Industry in 1998
Alicia Levine

Head of Equities, Capital Markets Advisory

Managing Fund Since 2021
Jose Munoz

Portfolio Manager,

Managing Fund Since 2017
Steven L. Pollack

Portfolio Manager,

Managing Fund Since 2012
William A. Priebe

Portfolio Manager,

Managing Fund Since 2013
William Scott Priebe

Portfolio Manager,

Managing Fund Since 2013
Karen Miki Behr

Portfolio Manager, Newton Investment Management North America, LLC

Managing Fund Since 2021

Joined Firm in 2007

Joined Industry in 1999
Michael Mongelluzzo

Portfolio Manager, Mellon Investments Corporation

Managing Fund Since September 2023
Andrew Leger

Portfolio Manager, Newton Investment Management North America, LLC

Managing Fund Since 2022

Joined Firm in 2014

Joined Industry in 1998

Performance

Total Returns

Month End

			Average Annual As of 03/31/24
Name	3 MO 03/31/24	YTD 03/31/24	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Mid Cap Multi-Strategy Fund MPMCX	8.34	8.34	22.50	5.05	11.24	9.64	11.54
Russell Midcap Index	8.60	8.60	22.35	6.07	11.10	9.95	-

Quarter End

			Average Annual As of 03/31/24
Name	3 MO 03/31/24	YTD 03/31/24	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Mid Cap Multi-Strategy Fund MPMCX	8.34	8.34	22.50	5.05	11.24	9.64	11.54
Russell Midcap Index	8.60	8.60	22.35	6.07	11.10	9.95	-

The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Historical Performance

Yearly Total Return

Yearly

Fund	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
MPMCX	17.92%	-18.44%	19.20%	22.87%	30.76%	-9.05%	18.68%	11.62%	-2.69%	10.10%

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

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 12/29/23 Fee Description	Expense Ratio (%)
Management Fee	0.75%
Administration Fee	0.14%
Other Expenses	0.03%
Total Expenses	0.92%
Net Expenses	0.92%

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. Alicia Levine is the fund's primary portfolio manager responsible for investment allocation decisions, a position she has held since September 2021. Ms. Levine is Head of Equities, Capital Markets Advisory and Chair for BNYM WM's Investment Strategy Committee. She also is an employee of BNYM Investment Adviser and manages the fund in her capacity as an employee of BNYM Investment Adviser.

Top Holdings

Download Total Holdings

As of 03/31/24

Holdings	% Portfolio Weight
IShares Russell Mid-Cap ETF	2.63
CoStar Group	1.30
Amphenol, Cl. A	1.27
Hubspot	0.93
Axon Enterprise	0.92
Ross Stores	0.76
Dexcom	0.76
Gartner	0.73
Roper Technologies	0.72
Expedia	0.71

Asset Allocation

Stats & Risks

Daily Statistics

As of 04/18/24 Name	NAV	Change	07/19/23 12 Month High Nav	01/04/24 12 Month Low Nav	YTD Return
MPMCX	$16.28	-$0.04 -0.25%	$17.98	$15.60	1.31%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Mid-Cap Growth

Morningstar Rating™ as of 03/31/24 for the Class M shares; other classes may have different performance characteristics. Overall rating for the Mid-Cap Growth. Fund ratings are out of 5 Stars: Overall 3 Stars (520 funds rated); 3 Yrs. 4 Stars (520 funds rated); 5 Yrs. 3 Stars (489 funds rated); 10 Yrs. 3 Stars (393 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
200 out of 378
3 Year
55 out of 349
5 Year
144 out of 327
10 Year
171 out of 266

LIPPER CLASSIFICATION Mid-Cap Growth Funds

Lipper Category returns and rankings as of 03/31/24, 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

Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.
Midsized companies carry additional risks because their operating histories tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to tradeless frequently than those of larger, more established companies.
Please refer to the prospectus for a more complete discussion of the fund's main risks.

Risk Metrics

As of 03/31/24 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
MPMCX	19.00	-6.01	1.03	90.54	0.20

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.

Distributions

Dividend Schedule

Declared

Annually

Distributed

Annually

Paid

Annually

Fiscal Year End

Aug 31

Year	Dividend ($)	Capital Gains ($)
2023	0.0872	2.4716
2022	0.0799	2.0296
2021	0.0182	2.8555
2020	0.0794	1.5363
2019	0.0360	0.5808
2018	0.0526	1.1856
2017	0.0434	0.7696
2016	0.1046	0.1567
2015	0.0183	0.6469
2014	0.0411	0.8878

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
12/12/23	12/13/23	12/13/23	0.0000	0.0872	0.0000	0.0000	2.4716	2.5588

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
12/12/22	12/13/22	12/13/22	0.0000	0.0799	0.0000	0.0000	2.0296	2.1095
12/13/21	12/14/21	12/14/21	0.0096	0.0086	0.2253	0.2014	2.4288	2.8737
12/15/20	12/16/20	12/16/20	0.0000	0.0794	0.0000	0.0302	1.5061	1.6157
12/17/19	12/18/19	12/18/19	0.0000	0.0360	0.0000	0.0000	0.5808	0.6168
12/18/18	12/19/18	12/19/18	0.0165	0.0361	0.0786	0.1716	0.9354	1.2382
12/19/17	12/20/17	12/20/17	0.0000	0.0434	0.0000	0.0453	0.7243	0.8130
12/19/16	12/20/16	12/20/16	0.0000	0.1046	0.0000	0.0233	0.1334	0.2613
12/11/15	12/14/15	12/14/15	0.0000	0.0183	0.0000	0.0056	0.6413	0.6652
12/12/14	12/15/14	12/15/14	0.0151	0.0260	0.0712	0.1224	0.6942	0.9289
12/13/13	12/16/13	12/16/13	0.0471	0.0069	0.3728	0.0550	0.2616	0.7434
12/06/12	12/07/12	12/07/12	0.0130	0.0142	0.1158	0.1265	0.7210	0.9905
12/07/11	12/08/11	12/08/11	0.0000	0.0447	0.0000	0.0000	0.3302	0.3749
12/08/10	12/09/10	12/09/10	0.0000	0.0030	0.0000	0.0000	0.0000	0.0030
12/08/09	12/09/09	12/09/09	0.0000	0.0620	0.0000	0.0000	0.0000	0.0620
03/26/09	03/27/09	03/27/09	0.0000	0.0000	0.0000	0.0000	0.0077	0.0077
12/03/08	12/04/08	12/04/08	0.0000	0.0580	0.0000	0.0000	0.0100	0.0680
03/27/08	03/28/08	03/28/08	0.0104	0.0000	0.0000	0.0000	0.0000	0.0104
12/05/07	12/06/07	12/06/07	0.0147	0.0139	0.1279	0.1208	2.2866	2.5639
12/06/06	12/07/06	12/07/06	0.0401	0.0349	0.1800	0.1564	1.8817	2.2931
03/27/06	03/28/06	03/28/06	0.0053	0.0000	0.0002	0.0000	0.0000	0.0055
12/07/05	12/08/05	12/08/05	0.0000	0.0000	0.0804	0.1106	1.6310	1.8220
12/09/04	12/10/04	12/10/04	0.0000	0.0419	0.0000	0.0424	0.7760	0.8603
12/02/03	12/03/03	12/03/03	0.0000	0.0340	0.0000	0.0000	0.0000	0.0340
12/03/02	12/04/02	12/04/02	0.0300	0.0000	0.0000	0.0000	0.0000	0.0300
12/04/01	12/05/01	12/05/01	0.0280	0.0000	0.0000	0.0000	0.0000	0.0280
12/11/00	12/12/00	12/12/00	0.0010	0.0000	0.0000	0.0000	0.0000	0.0010
See all rows...

Literature

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BNY Mellon Mid Cap Multi-Strategy Fund