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BNY Mellon Floating Rate Income Fund

TICKER DFLIX
Fund Code 6242
CUSIP 05589K509
SHARE CLASS
- Class A
- Class C
- Class I

Overview

Why invest in this Fund?

The fund’s seeks high current income.

These investments effectively should enable the fund to achieve a floating rate of income. The fund's subadviser normally will focus on senior secured floating rate loans, which are loans secured by specific collateral of the borrower and being senior to most other securities of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy.

The fund currently intends to invest principally in floating rate loans and other floating rate securities of U.S. issuers, but may invest up to 30% of its net assets in securities of foreign issuers, typically those located in foreign countries that are members of the Organization for Economic Co-operation and Development.

Min. class investment

$1,000

Class Inception Date

09/27/13

Class Status

Not available for purchase by individual investors.

Fund Assets

$653,112,314 As of 12/04/20

Class Assets

$71,308,234 As of 12/04/20

Portfolio Turnover Rate

93.27% As of fiscal year end 08/31/20

Morningstar Category

Bank Loan

Benchmark

Credit Suisse Leveraged Loan Index

Morningstar Overall Rating

Fund Holdings

288 As of 10/31/20

Average Effective Maturity

5.23 yr(s). As of 10/31/20

Average Effective Duration

0.62 yr(s). As of 10/31/20

Morningstar Rating™ as of October 31, 2020 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Bank Loan category. Fund ratings are out of 5 Stars: Overall 3 Stars (228 funds rated); 3 Yrs. 3 Stars (228 funds rated); 5 Yrs. 3 Stars (202 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.

Portfolio Managers

Chris Barris

Global Head of High Yield, Deputy CIO, Alcentra

7 yr(s). on fund
Kevin Cronk

Head of U.S. Credit Research, Alcentra

3 yr(s). on fund
Leland Hart

Alcentra

2 yr(s). on fund

Performance

Average Annual Returns

Month End

As of 11/30/20 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Floating Rate Income Fund DFLIX	2.99 2.99	2.63 2.63	3.54 3.54	- -	2.92 2.92	09/27/13

Quarter End

As of 09/30/20 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Floating Rate Income Fund DFLIX	0.69 0.69	2.14 2.14	2.91 2.91	- -	2.71 2.71	09/27/13
Credit Suisse Leveraged Loan Index	0.84	3.16	4.03	4.44	-	-

Cumulative Returns

Month End

As of 11/30/20 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Floating Rate Income Fund DFLIX	2.99 2.99	8.10 8.10	18.97 18.97	- -	22.95 22.95	09/27/13

Quarter End

As of 09/30/20 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Floating Rate Income Fund DFLIX	0.69 0.69	6.56 6.56	15.40 15.40	- -	20.58 20.58	09/27/13
Credit Suisse Leveraged Loan Index	0.84	9.77	21.85	54.39	-	-

The Credit Suisse Leveraged Loan Index is a monthly rebalanced index. It is designed to mirror the investable universe of the USD-denominated leveraged loan market. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Historical Performance

Not available for purchase by individual investors.

Monthly

Fund	11/20	10/20	09/20	08/20	07/20	06/20	05/20	04/20	03/20	02/20	01/20	12/19
DFLIX	4.10%	4.25%	4.59%	4.12%	4.26%	4.14%	3.71%	6.10%	5.31%	5.53%	7.19%	5.08%

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.

Yearly

Fund	2019	2018	2017	2016	2015	2014
DFLIX	7.12%	-0.59%	3.47%	7.54%	-0.28%	1.40%

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

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 12/31/19 Fee Description	Expense Ratio (%)
Management Fee	0.65%
Other Expenses	0.17%
Acquired Fund Fees & Expenses	0.01%
Total Expenses	0.83%
Expenses Reimbursed	0.05%
Net Expenses	0.78%

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, until December 31, 2020, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .75%. On or after December 31, 2020, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time. Because "acquired fund fees and expenses" are incurred indirectly by the fund, such fees and expenses are not included in the expense limitation.

Portfolio

Portfolio Manager/Sub-Investment Adviser

The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has engaged its affiliate, Alcentra NY, LLC (Alcentra), to serve as the fund's subadviser. Chris Barris, Kevin Cronk, CFA, and Leland Hart are the fund's primary portfolio managers, positions they have held since September 2013, May 2017 and February 2018, respectively. Mr. Barris is Global Head of High Yield and Deputy Chief Investment Officer at Alcentra. Mr. Cronk is a Managing Director and U.S. Loan Portfolio Manager at Alcentra. Mr. Hart is a Managing Director and Head of U.S. Loans and High Yield at Alcentra.

Asset Allocation

Stats & Risks

Daily Statistics

As of 12/04/20 Name	30-Day Sec Yield (WITHOUT WAIVER)	30-Day Sec Yield (WITH WAIVER)	NAV	Change	01/22/20 12 Month High Nav	03/24/20 12 Month Low Nav	YTD Return
DFLIX	3.73%	3.84%	$11.30	$0.02 0.18%	$11.66	$9.38	1.75%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Bank Loan

Morningstar Rating™ as of 10/31/20 for the Class I shares; other classes may have different performance characteristics. Overall rating for the Bank Loan. Fund ratings are out of 5 Stars: Overall 3 Stars (525 funds rated); 3 Yrs. 3 Stars (228 funds rated); 5 Yrs. 3 Stars (202 funds rated); 10 Yrs. Stars (95 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
39 out of 249
3 Year
106 out of 227
5 Year
107 out of 200
10 Year
out of

LIPPER CLASSIFICATION Loan Participation 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.
Floating rate bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral couldbe liquidated.
High yield bonds involve increased credit and liquidity risk than higher rated bonds and are considered speculative in terms of the issuer's ability to pay interest and repay principal on a timely basis.
Investing in foreigndenominated 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 marketliquidity. These risks generally are greater with emerging market countries.
The use of 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.
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 10/31/20, 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
DFLIX	8.55	-0.06	0.23	0.85	0.09

Distributions

Dividend Schedule

Declared

Monthly

Distributed

Monthly

Paid

Monthly

Fiscal Year End

Aug 31

Annualized Distribution Rate

4.10%
As of 11/2020

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 ($)
11/2020	0.041000000
10/2020	0.038000000
09/2020	0.040000000
08/2020	0.042000000
07/2020	0.039000000
06/2020	0.040000000
05/2020	0.037000000
04/2020	0.034000000
03/2020	0.052000000
02/2020	0.045000000
01/2020	0.050000000
12/2019	0.071000000

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

(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
DFLIX	0.0410	0.0000	-	0.0000	0.0000	0.0410	11.25

	Record Date	Ex-Dividend Date	Payable Date
DFLIX	11/30/20	12/01/20	12/01/20

(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
DFLIX	Estimated	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	-

	Record Date	Ex-Dividend Date	Payable Date
DFLIX	12/21/20	12/22/20	12/22/20

Literature

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BNY Mellon Floating Rate Income Fund