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Individual Investors

    BNY Mellon High Yield Fund

    Why invest in this Fund?

    The fund seeks to maximize total return, consisting of capital appreciation and current income. To pursue this goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities that, at the time of purchase, are rated below investment grade ('high yield' or 'junk' bonds) or are the unrated equivalent as determined by the manager.
    Min. class investment
    $1,000
    Class Inception Date
    06/02/97
    Class Status
    Not available for purchase by individual investors.
    Fund Assets
    $631,535,476  As of  02/03/23
    Class Assets
    $526,720,345  As of  02/03/23
    Portfolio Turnover Rate
    101.26% As of fiscal year end  12/31/21
    Morningstar Category
    High Yield Bond
    Benchmark
    ICE BofA Merrill Lynch U.S. High Yield Master II Constrained Index
    Morningstar Overall Rating
    Fund Holdings
    303 As of 12/31/22
    AVERAGE EFFECTIVE MATURITY
    5.47 yr(s).  As of  12/31/22
    AVERAGE EFFECTIVE DURATION
    4.07 yr(s).   As of  12/31/22

    Morningstar Rating™ as of December 31, 2022 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the High Yield Bond category. Fund ratings are out of 5 Stars: Overall 3 Stars (625 funds rated); 3 Yrs. 3 Stars (625 funds rated); 5 Yrs. 3 Stars (579 funds rated); 10 Yrs. 3 Stars (414 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

    • Chris Barris

      Chris Barris

      Global Head of High Yield, Deputy CIO, Alcentra NY, LLC

      12 yr(s). on fund

    • Kevin  Cronk

      Kevin Cronk, CFA

      Head of U.S. Credit Research, Alcentra NY, LLC

      10 yr(s). on fund


    Total Returns

    Average Annual
    As of 01/31/23
    Name 3 MO
    01/31/23
    YTD
    01/31/23
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon High Yield Fund
    DLHRX
    5.34 3.97 -5.60 0.48 2.14 3.49 4.55
    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 High Yield Fund
    DLHRX
    4.31 -11.51 -11.51 -0.94 1.44 3.22 4.41
    ICE BofA Merrill Lynch U.S. High Yield Master II Constrained Index
    3.98 -11.21 -11.21 -0.26 2.10 3.94 -

    The ICE BofA Merrill Lynch U.S. High Yield Master II Constrained Index contains all securities in the ICE BofA Merrill Lynch U.S. High Yield Index but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis. Investors cannot invest directly in any index.

    Growth of $10,000 Investment

    Historical Performance

      Not available for purchase by individual investors.

      Yield fluctuates and past performance is no guarantee of future results.

      Monthly yield history is the annualized distribution rate that is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.

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


      Prospectus Fee Table Expense Ratios

      As of  04/29/22 Fee Description Expense Ratio (%)
      Management Fee 0.70%
      Other Expenses 0.01%
      Total Expenses 0.71%
      Expenses Reimbursed 0.01%
      Net Expenses 0.70%
      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 agreed in its investment management agreement with the fund to: (1) pay all of the fund's expenses, except management fees, Rule 12b-1 fees and certain other expenses, including the fees and expenses of the non-interested board members and their counsel, and (2) reduce its fees pursuant to the investment management agreement in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and their counsel (in the amount of .01% for the past fiscal year). These provisions in the investment management agreement may not be amended without the approval of the fund's shareholders.

      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNY Mellon Investment Adviser, Inc., and the fund's sub-adviser is Alcentra NY, LLC ("Alcentra NY"). Chris Barris and Kevin Cronk, CFA are the fund's primary portfolio managers, positions they have held since October 2010 and September 2012, respectively. Mr. Barris is Global Head of High Yield and Deputy Chief Investment Officer at Alcentra NY. Mr. Cronk is a Managing Director and Head of U.S. Credit at Alcentra NY. Effective November 1, 2022, BNY Mellon sold its interest in Alcentra NY, LLC (the Sub-Adviser) to Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton ("Franklin Templeton"). Alcentra NY, LLC will continue as a Sub-Adviser on the Fund through a new sub-advisory agreement between BNY Mellon Investment Adviser, Inc. and Alcentra NY, LLC. As of the effective date, Alcentra NY, LLC is no longer an affiliate of BNY Mellon.

      Asset Allocation


          Daily Statistics

          As of 02/03/23 Name 30-Day Sec Yield
          (WITHOUT WAIVER)
          30-Day Sec Yield
          (WITH WAIVER)
          NAV Change 03/03/22  12 Month 
          High Nav
          09/29/22  12 Month 
          Low Nav
          YTD Return
          DLHRX
          6.64% 6.64% $5.35
          -$0.03
          -0.56%
          $5.85 $4.97 4.81%

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY High Yield Bond


          Morningstar Rating™ as of 12/31/22 for the Class I shares; other classes may have different performance characteristics. Overall rating for the High Yield Bond. Fund ratings are out of 5 Stars: Overall 3 Stars (625 funds rated); 3 Yrs. 3 Stars (625 funds rated); 5 Yrs. 3 Stars (579 funds rated); 10 Yrs. 3 Stars (414 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
            338 out of 520
          • 3 Year
            328 out of 485
          • 5 Year
            281 out of 439
          • 10 Year
            153 out of 310

          LIPPER CLASSIFICATION


          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.
          High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer's perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.
          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 lessmarket liquidity. These risks generally are greater with emerging market countries.
          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  12/31/22  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DLHRX
          10.83 2.14 0.98 27.79 -0.11

          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 Bloomberg U.S. Aggregate Bond Index.


          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Dec 31
          Annualized Distribution Rate
          5.07%
          As of  01/2023

          Annualized distribution rate is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.

          Month/Year Dividend ($)
          01/2023 0.023580904
          12/2022 0.011511459
          11/2022 0.025760408
          10/2022 0.026927875
          09/2022 0.025817995
          08/2022 0.028179005
          07/2022 0.024702402
          06/2022 0.024936677
          05/2022 0.026815168
          04/2022 0.023528010
          03/2022 0.025795692
          02/2022 0.023428657

          All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid

          Distributions History

          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
          12/01/21 12/02/21 12/02/21 0.0000 0.0000 0.0140 0.0000 0.0000 0.0140 6.03
          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
          12/03/18 12/04/18 12/04/18 0.0000 0.0000 0.0094 0.0000 0.0000 0.0094 -
          12/04/17 12/05/17 12/05/17 0.0000 0.0000 0.0026 0.0000 0.0000 0.0026 -
          12/05/14 12/08/14 12/08/14 0.0000 0.0000 0.0075 0.0000 0.0000 0.0075 -

          Literature

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