BNY Mellon Floating Rate Income Fund
- TICKER DFLAX
- Fund Code 6240
- CUSIP 05589K707
- SHARE CLASS
-
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Why invest in this Fund?
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.
Morningstar Rating™ as of July 31, 2024 for the Class A class shares; other classes may have different performance characteristics. Overall rating for the Bank Loan category. Fund ratings are out of 5 Stars: Overall 4 Stars (211 funds rated); 3 Yrs. 4 Stars (211 funds rated); 5 Yrs. 4 Stars (207 funds rated); 10 Yrs. 3 Stars (167 funds rated).
Yields and Expense Ratio
30-DAY SEC YIELD as of 08/30/24 |
ANNUALIZED DISTRIBUTION RATE as of 07/31/24 |
PROSPECTUS FEE TABLE EXPENSE RATIO (%) as of 12/29/23 |
|||
---|---|---|---|---|---|
Subsidized | Unsubsidized | Net | Gross | Contractual Fee Waiver End Date |
|
7.82 | 7.81 | 8.21 | 1.02 | 1.04 | 12/29/24 |
Yield fluctuates and past performance is no guarantee of future results.
The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.
Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.
Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.
Average Effective Maturity (AEM) - is a measure of maturity that takes into account the possibility that a bond might be called back by the issuer. For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds.
Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.
Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.
Average Effective Maturity (AEM) - is a measure of maturity that takes into account the possibility that a bond might be called back by the issuer. For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds.
Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.
Portfolio Managers
-
Chris Barris
Global HY Portfolio Manager, Alcentra NY, LLC
Managing Fund Since 2013
Joined Firm in 2013
Joined Industry in 1994
-
Kevin Cronk, CFA
US Loan Portfolio Manager, Alcentra NY, LLC
Managing Fund Since 2017
Joined Firm in 2013
Joined Industry in 1996
Total Returns
Month End
Average Annual As of 07/31/24 |
|||||||
---|---|---|---|---|---|---|---|
Name |
3 MO 07/31/24 |
YTD 07/31/24 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
BNY Mellon Floating Rate Income Fund
DFLAX |
2.33 | 5.32 | 11.11 | 5.98 | 4.93 | 3.81 | 3.80 |
Credit Suisse Leveraged Loan Index
|
1.93 | 5.21 | 10.42 | 6.22 | 5.35 | 4.68 | - |
Quarter End
Average Annual As of 06/30/24 |
|||||||
---|---|---|---|---|---|---|---|
Name |
3 MO 06/30/24 |
YTD 06/30/24 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
BNY Mellon Floating Rate Income Fund
DFLAX |
2.05 | 4.47 | 11.53 | 5.62 | 4.94 | 3.71 | 3.75 |
Credit Suisse Leveraged Loan Index
|
1.87 | 4.44 | 11.04 | 5.96 | 5.36 | 4.60 | - |
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 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.
When applicable, returns reflect a contractual expense reduction, without which returns would have been lower. Please see contractual expense reduction information, if any, in the Prospectus Fee Table below.
Growth of $10,000 Investment
Past performance is no guarantee of future results.
Historical Performance
These figures do not reflect the maximum sales charge which, if included, would reduce return.
Past performance is no guarantee of future results.
Monthly
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
Investment return fluctuates and past performance is no guarantee of future results.
Prospectus Fee Table Expense Ratios
As of 12/29/23 Fee Description | Expense Ratio (%) |
---|---|
Management Fee | 0.65% |
Service Fee | 0.25% |
Other Expenses | 0.14% |
Total Expenses | 1.04% |
Expenses Reimbursed | 0.02% |
Net Expenses | 1.02% |
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until December 29, 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 share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .75%. On or after December 29, 2024, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.
Sales Charge
There is a 1% CDSC for purchases of $1,000,000 and over if redeemed within one year of purchase.
Portfolio Manager/Sub-Investment Adviser
Asset Allocation
Daily Statistics
As of 08/30/24 Name | NAV | Change |
05/31/24 12 Month High Nav |
11/01/23 12 Month Low Nav |
YTD Return |
---|---|---|---|---|---|
DFLAX
|
$11.20 |
$0.01
0.09%
|
$11.21 | $10.90 | 6.27% |
Past performance is no guarantee of future results.
Performance Metrics
Overall Morningstar Rating
MORNINGSTAR CATEGORY Bank Loan
Morningstar Rating™ as of 07/31/24 for the Class A shares; other classes may have different performance
characteristics. Overall rating for the Bank Loan. Fund ratings are out of 5 Stars: Overall
4 Stars (211 funds rated); 3 Yrs.
4 Stars (211 funds rated); 5 Yrs.
4 Stars (207 funds rated); 10 Yrs.
3 Stars (167 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
12 out of 237 -
3 Year
35 out of 213 -
5 Year
35 out of 207 -
10 Year
69 out of 164
LIPPER CLASSIFICATION Loan Participation Funds
Main Risks
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 could be 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 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.
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.
Risk Metrics
As of 07/31/24 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
---|---|---|---|---|---|
DFLAX
|
4.07 | 3.73 | 0.23 | 19.16 | 0.61 |
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.
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.
Dividend Schedule
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 ($) |
---|---|
07/2024 | 0.081000000 |
06/2024 | 0.080000000 |
05/2024 | 0.083000000 |
04/2024 | 0.083000000 |
03/2024 | 0.080000000 |
02/2024 | 0.080000000 |
01/2024 | 0.081000000 |
12/2023 | 0.112000000 |
11/2023 | 0.082000000 |
10/2023 | 0.082000000 |
09/2023 | 0.079000000 |
08/2023 | 0.084000000 |
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 |
---|---|---|---|---|---|---|---|---|
07/31/24 | 08/01/24 | 08/01/24 | 0.0810 | 0.0000 | - | 0.0000 | 0.0000 | 0.0810 |
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 |
---|---|---|---|---|---|---|---|---|
06/28/24 | 07/01/24 | 07/01/24 | 0.0800 | 0.0000 | - | 0.0000 | 0.0000 | 0.0800 |
05/31/24 | 06/03/24 | 06/03/24 | 0.0830 | 0.0000 | - | 0.0000 | 0.0000 | 0.0830 |
04/30/24 | 05/01/24 | 05/01/24 | 0.0830 | 0.0000 | - | 0.0000 | 0.0000 | 0.0830 |
03/28/24 | 04/01/24 | 04/01/24 | 0.0800 | 0.0000 | - | 0.0000 | 0.0000 | 0.0800 |
02/29/24 | 03/01/24 | 03/01/24 | 0.0800 | 0.0000 | - | 0.0000 | 0.0000 | 0.0800 |
01/31/24 | 02/01/24 | 02/01/24 | 0.0810 | 0.0000 | - | 0.0000 | 0.0000 | 0.0810 |
12/19/23 | 12/20/23 | 12/20/23 | 0.1120 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.1120 |
11/30/23 | 12/01/23 | 12/01/23 | 0.0820 | 0.0000 | - | 0.0000 | 0.0000 | 0.0820 |
10/31/23 | 11/01/23 | 11/01/23 | 0.0820 | 0.0000 | - | 0.0000 | 0.0000 | 0.0820 |
09/29/23 | 10/02/23 | 10/02/23 | 0.0790 | 0.0000 | - | 0.0000 | 0.0000 | 0.0790 |
08/31/23 | 09/01/23 | 09/01/23 | 0.0840 | 0.0000 | - | 0.0000 | 0.0000 | 0.0840 |
07/31/23 | 08/01/23 | 08/01/23 | 0.0820 | 0.0000 | - | 0.0000 | 0.0000 | 0.0820 |
See all rows... |
Literature
PRODUCT MATERIALS
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Factsheet, Prospectus and Reports
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