BNY Mellon Dynamic Total Return Fund

TICKER AVGAX
Fund Code 6140
CUSIP 05587N109
SHARE CLASS
- Class A
- Class C
- Class I
- Class Y
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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

$146,520,003 As of 03/29/23

Class Assets

$30,900,844 As of 03/29/23

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

10 As of 02/28/23

Morningstar Rating™ as of February 28, 2023 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 4 Stars (69 funds rated); 3 Yrs. 3 Stars (69 funds rated); 5 Yrs. 3 Stars (62 funds rated); 10 Yrs. 4 Stars (28 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, CFA

Portfolio Manager, Newton Investment Management North America, LLC

12 yr(s). on fund
Dimitri Curtil

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

2 yr(s). on fund
Torrey Zaches, CFA

Portfolio Manager, Newton Investment Management North America, LLC

12 yr(s). on fund
Roberto Croce

Portfolio Manager, Newton Investment Management North America, LLC

Since June 2022

Performance

Total Returns

Click here to see SALES CHARGE Max Sales Charge: 5.75% Front End Load

Month End

			Average Annual As of 02/28/23
Name	3 MO 02/28/23	YTD 02/28/23	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Dynamic Total Return Fund AVGAX	-5.21	-3.18	-9.55	1.02	1.46	3.00	2.57
Customized Blended Index (Dynamic Total Return)	-0.09	2.59	-10.58	3.32	3.25	5.00	-

Quarter End

			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.

Growth of $10,000 Investment

Historical Performance

Yearly Total Return

Yearly

Fund	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
AVGAX	-10.69%	11.21%	2.48%	14.80%	-7.38%	7.42%	-0.20%	-0.32%	8.22%	14.00%

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 03/01/23 Fee Description	Expense Ratio (%)
Management Fee	1.10%
Service Fee	0.25%
Other Expenses	0.37%
Total Expenses	1.72%
Expenses Reimbursed	0.32%
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, 2024, 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 expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.15%. On or after March 1, 2024, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.

Sales Charge

Investment Amount	Sales Charge
Less Than $50,000	5.75%
Less Than $100,000	4.50%
Less Than $250,000	3.50%
Less Than $500,000	2.50%
Less Than $1,000,000	2.00%
Over $1,000,000	0.00%

Portfolio

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.

Download Total Holdings

Asset Allocation

Stats & Risks

Daily Statistics

As of 03/29/23 Name	NAV	Change	04/04/22 12 Month High Nav	06/17/22 12 Month Low Nav	YTD Return
AVGAX	$14.02	$0.08 0.57%	$14.88	$12.70	2.64%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Macro Trading

Morningstar Rating™ as of 02/28/23 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 4 Stars (69 funds rated); 3 Yrs. 3 Stars (69 funds rated); 5 Yrs. 3 Stars (62 funds rated); 10 Yrs. 4 Stars (28 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
69 out of 161
3 Year
61 out of 154
5 Year
68 out of 148
10 Year
36 out of 118

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 02/28/23 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
AVGAX	11.52	-2.14	0.51	76.69	0.23

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.

Distributions

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

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	-

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BNY Mellon Dynamic Total Return Fund