BNY Mellon Dynamic Total Return Fund

TICKER AVGYX
Fund Code 0206
CUSIP 05587N505
SHARE CLASS
- Class A
- Class C
- Class I
- Class Y
Literature Download

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

$1,000,000

Class Inception Date

07/01/13

Class Status

Not available for purchase by individual investors.

Fund Assets

$109,485,141 As of 09/22/23

Class Assets

$1,597,557 As of 09/22/23

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

7 As of 08/31/23

Morningstar Rating™ as of August 31, 2023 for the Class Y 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 (67 funds rated); 3 Yrs. 2 Stars (67 funds rated); 5 Yrs. 3 Stars (60 funds rated); 10 Yrs. 4 Stars (37 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

13 yr(s). on fund
Dimitri Curtil

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

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

Portfolio Manager, Newton Investment Management North America, LLC

13 yr(s). on fund
Roberto Croce

Portfolio Manager, Newton Investment Management North America, LLC

1 yr(s). on fund

Performance

Total Returns

Month End

			Average Annual As of 08/31/23
Name	3 MO 08/31/23	YTD 08/31/23	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Dynamic Total Return Fund AVGYX	1.19	2.69	3.21	1.30	2.32	3.54	3.08
Customized Blended Index (Dynamic Total Return)	3.75	9.71	8.91	1.85	4.36	5.43	-

Quarter End

			Average Annual As of 06/30/23
Name	3 MO 06/30/23	YTD 06/30/23	1 YR	3 YRS	5 YRS	10 YRS	Since Inception
BNY Mellon Dynamic Total Return Fund AVGYX	-2.13	1.21	8.81	2.79	2.30	3.71	3.02
Customized Blended Index (Dynamic Total Return)	3.34	9.59	9.86	4.56	4.83	5.64	-

The performance data quotes represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

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.

The total return performance figures presented for Class Y shares of the fund represent the performance of the fund's Class A for periods prior to July 01, 2013, the inception date for Class Y shares, and the performance of Class Y, 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

Past performance is no guarantee of future results.

Historical Performance

Not available for purchase by individual investors.

Past performance is no guarantee of future results.

Yearly Total Return

Yearly

Fund	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
AVGYX	-10.37%	11.47%	2.72%	15.16%	-7.15%	7.77%	0.19%	0.06%	8.29%	15.74%

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

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 03/01/23 Fee Description	Expense Ratio (%)
Management Fee	1.10%
Other Expenses	0.25%
Total Expenses	1.35%
Expenses Reimbursed	0.20%
Net Expenses	1.15%

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.

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. Investment decisions for the fund are made by the Multi-Asset Solutions 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 Head of Multi-Asset Solutions at NIMNA. Mr. Croce is Head of Risk Parity & Liquid Alts at NIMNA.

Top Holdings

Download Total Holdings

As of 06/30/23

Holdings	% Portfolio Weight
Japanese 10 Yr Bond (Simex) Mini	26.81
3EQ3AUG3C4370	15.43
Australian 10 Yr Bond	14.47
FT-SE 100	9.97
IBEX	7.00
SPDR BBG HY ETF	4.84
IShares IBoxx HY	4.84
Russell 2000 Mini Future	4.73
Hang Seng Index	4.20
ESU3SEP3C4550	4.09

Asset Allocation

Stats & Risks

Daily Statistics

As of 09/22/23 Name	NAV	Change	09/21/23 12 Month High Nav	10/12/22 12 Month Low Nav	YTD Return
AVGYX	$14.81	-$0.01 -0.07%	$14.82	$13.84	4.96%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Macro Trading

Morningstar Rating™ as of 08/31/23 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Macro Trading. Fund ratings are out of 5 Stars: Overall 3 Stars (67 funds rated); 3 Yrs. 2 Stars (67 funds rated); 5 Yrs. 3 Stars (60 funds rated); 10 Yrs. 4 Stars (37 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
106 out of 162
3 Year
115 out of 151
5 Year
95 out of 147
10 Year
61 out of 123

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 08/31/23 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
AVGYX	10.29	-3.29	0.49	66.03	-0.01

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.

Alpha - Alpha is a measure of a security's or portfolio's excess return.

Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.

Distributions

Dividend Schedule

Declared

Annually

Distributed

Annually

Paid

Annually

Fiscal Year End

Oct 31

Year	Dividend ($)	Capital Gains ($)
2022	0.2220	0.0000
2021	0.1169	2.7426
2019	0.2271	0.3310
2018	0.2288	0.0000
2017	0.0000	0.8172
2016	0.0000	0.0294
2014	0.0296	0.0000

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	Reinvest NAV
12/19/22	12/20/22	12/20/22	0.2220	0.0000	0.0000	0.0000	0.0000	0.2220	14.12

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	0.1169	0.0000	1.1668	0.0000	1.5758	2.8595	-
12/20/19	12/23/19	12/23/19	0.2271	0.0000	0.2282	0.0000	0.1028	0.5581	-
12/19/18	12/20/18	12/20/18	0.2035	0.0253	0.0000	0.0000	0.0000	0.2288	-
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	0.0296	0.0000	0.0000	0.0000	0.0296	-

Literature

PRODUCT MATERIALS

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BNY Mellon Dynamic Total Return Fund - Investment Report	Download	Share
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Factsheet, Prospectus and Reports

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Semi Annual Report	Download	Share
1Q Fiscal Holdings	Download	Share
3Q Fiscal Holdings	Download	Share

Investors should consider the investment objectives, risks, charges, and expenses of a mutual fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

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BNY Mellon Dynamic Total Return Fund