BNY Mellon Global Real Estate Securities 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 assets, plus any borrowings for investment purposes, in publicly-traded equity securities of companies principally engaged in the real estate sector. The fund's equity investments may include common stocks, preferred stocks, convertible securities, warrants, equity interests in foreign investment funds or trusts, depositary receipts and other equity investments.
Min. class investment
$1,000
Class Inception Date
12/29/06
Class Status
Not available for purchase by individual investors.
Fund Assets
$722,621,334  As of  12/11/19
Class Assets
$83,079,848  As of  12/11/19
Portfolio Turnover Rate
55.32%  As of fiscal year end  10/31/18
Morningstar Category
Global Real Estate
Benchmark
FTSE EPRA/NAREIT Developed Index (Net)
Morningstar Overall Rating
Fund Holdings
108  As of  11/30/19

Morningstar Rating™ as of November 30, 2019 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Global Real Estate category. Fund ratings are out of 5 Stars: Overall 4 Stars (203 funds rated); 3 Yrs. 3 Stars (203 funds rated); 5 Yrs. 4 Stars (165 funds rated); 10 Yrs. 4 Stars (114 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.


As of  11/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Global Real Estate Securities Fund
DRLIX
15.85 10.17 6.45 8.95 3.85 12/29/06
FTSE EPRA/NAREIT Developed Index (Net)
14.56 9.14 5.53 8.70 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Global Real Estate Securities Fund
DRLIX
14.06 6.64 7.77 8.95 3.82 12/29/06
FTSE EPRA/NAREIT Developed Index (Net)
13.00 5.61 6.81 8.63 - -
As of  11/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Global Real Estate Securities Fund
DRLIX
15.85 33.70 36.70 135.56 62.89 12/29/06
FTSE EPRA/NAREIT Developed Index (Net)
14.56 30.01 30.91 130.20 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Global Real Estate Securities Fund
DRLIX
14.06 21.26 45.37 135.71 61.26 12/29/06
FTSE EPRA/NAREIT Developed Index (Net)
13.00 17.80 38.98 128.92 - -
Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The FTSE EPRA/NAREIT Developed Index (Net) is designed to track the performance of listed real estate companies and REITs worldwide. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Historical Performance

    Not available for purchase by individual investors.

    Yearly Total Return

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DRLIX
    -4.66% 11.23% 4.59% 0.02% 15.10% 2.92% 26.92% -5.41% 17.91% 36.94%

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


    Prospectus Fee Table Expense Ratios

    As of  03/01/19 Fee Description Expense Ratio (%)
    Management Fee 0.95%
    Other Expenses 0.10%
    Total Expenses 1.05%
    The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until March 1, 2020, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of the fund's Class A, C, I and Y shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 1.05%. On or after March 1, 2020, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation at this time.

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. The fund's sub-investment adviser is CenterSquare. E. Todd Briddell and Dean Frankel are the fund's co-primary portfolio managers, positions they have held since June 2013 and December 2006, respectively. Mr. Briddell is the Chief Executive Officer and Chief Investment Officer of CenterSquare. Mr. Frankel is a senior portfolio manager for CenterSquare.

    Top Holdings

    As of  11/30/19   Holdings % Portfolio  Weight
    Prologis 5.97
    HCP 3.13
    Equity Residential 3.10
    Realty Income 2.46
    Ventas 2.35
    Vonovia 2.32
    Mitsui Fudosan 2.15
    UDR 1.99
    Sun Communities 1.94
    JBG SMITH Properties 1.81

    Asset Allocation


        Daily Statistics

        As of  12/11/19 Name NAV Change 11/01/19  12 Month 
        High Nav
        01/02/19  12 Month 
        Low Nav
        YTD Return
        DRLIX
        $9.89
        -$0.09
        -0.90%
        $10.17 $8.08 22.02%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Global Real Estate


        Morningstar Rating™ as of 11/30/19 for the Class I shares; other classes may have different performance characteristics. Overall rating for the Global Real Estate. Fund ratings are out of 5 Stars: Overall 4 Stars (482 funds rated); 3 Yrs. 3 Stars (203 funds rated); 5 Yrs. 4 Stars (165 funds rated); 10 Yrs. 4 Stars (114 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
          103 out of 182
        • 3 Year
          71 out of 158
        • 5 Year
          47 out of 125
        • 10 Year
          33 out of 81

        LIPPER CLASSIFICATION Global Real Estate 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.

        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.

        Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions.

        Real estate investment trusts are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income.

        Risk Metrics

        As of  11/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DRLIX
        10.10 2.99 0.54 36.61 0.85

        Dividend Schedule

        Declared
        Annually
        Distributed
        Annually
        Paid
        Annually
        Fiscal Year End
        Oct 31
        Year Dividend ($) Capital Gains ($)
        2019 0.0000 0.0349
        2018 0.2179 0.1620
        2017 0.2412 0.1837
        2016 0.3966 0.0897
        2015 0.2070 0.2566
        2014 0.2350 0.0411
        2013 0.2669 0.0000
        2012 0.4340 0.0000
        2011 0.1884 0.0000
        2010 0.3142 0.0000
        There is no guarantee that the fund will distribute any level annually. Capital gains may be short-term, long-term, or both.

        Distributions History

        (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
        DRLIX
        0.0000 0.0000 0.0036 0.0000 0.0313 0.0349 9.21
        Record Date Ex-Dividend Date Payable Date
        DRLIX
        03/18/19 03/19/19 03/19/19
        (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
        DRLIX
        Estimated 0.1499 0.0000 0.1294 0.0000 0.5598 0.8391 -
        Record Date Ex-Dividend Date Payable Date
        DRLIX
        12/24/19 12/26/19 12/26/19