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    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
    Fund Assets
    $565,691,954  As of  06/18/24
    Class Assets
    $93,769,763  As of  06/18/24
    Portfolio Turnover Rate
    128.77% As of fiscal year end  12/31/23
    Morningstar Category
    High Yield Bond
    Benchmark
    ICE BofA U.S. High Yield Master II Constrained Index
    Fund Holdings
    337 As of 05/31/24
    AVERAGE EFFECTIVE MATURITY
    5 yr(s).  As of  05/31/24
    AVERAGE EFFECTIVE DURATION
    3.30 yr(s).   As of  05/31/24
    Yield To Maturity
    7.29% As of 03/31/24

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 06/18/24
    ANNUALIZED
    DISTRIBUTION RATE
    as of 05/31/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 05/01/24
    Subsidized Unsubsidized Net Gross Contractual
    Fee Waiver End Date
    6.47 6.47 6.74 0.96 0.97 -

    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 Managers

    • Chris Barris

      Chris Barris

      Global HY Portfolio Manager, Alcentra NY, LLC

      Managing Fund Since 2010

      Joined Firm in 2013

      Joined Industry in 1994

    • Kevin  Cronk

      Kevin Cronk, CFA

      US Loan Portfolio Manager, Alcentra NY, LLC

      Managing Fund Since 2012

      Joined Firm in 2013

      Joined Industry in 1996


    Total Returns

    Click here to see SALES CHARGE  Max Sales Charge:  4.50%  Front End Load
    Average Annual
    As of 05/31/24
    Name 3 MO
    05/31/24
    YTD
    05/31/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon High Yield Fund
    DPLTX
    1.67 1.90 10.69 1.13 3.22 3.15 4.45
    ICE BofA U.S. High Yield Master II Constrained Index
    1.32 1.64 11.18 1.78 4.02 4.20 -
    Average Annual
    As of 03/31/24
    Name 3 MO
    03/31/24
    YTD
    03/31/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon High Yield Fund
    DPLTX
    1.23 1.23 9.78 1.33 3.11 3.24 4.45
    ICE BofA U.S. High Yield Master II Constrained Index
    1.51 1.51 11.06 2.21 4.01 4.36 -

    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 ICE BofA U.S. High Yield Master II Constrained Index contains all securities in the ICE BofA 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.

     

    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

       


      Prospectus Fee Table Expense Ratios

      As of  05/01/24 Fee Description Expense Ratio (%)
      Management Fee 0.70%
      12B-1 Fee 0.25%
      Other Expenses 0.02%
      Total Expenses 0.97%
      Expenses Reimbursed 0.01%
      Net Expenses 0.96%
      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.

      Sales Charge


      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.

      Top Ten Issuers

      As of 04/30/24

      Asset Allocation


          Daily Statistics

          As of 06/18/24 Name NAV Change 12/29/23  12 Month 
          High Nav
          10/20/23  12 Month 
          Low Nav
          YTD Return
          DPLTX
          $5.33
          $0.01
          0.19%
          $5.36 $5.01 2.81%

          Past performance is no guarantee of future results.

          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 less market liquidity. These risks generally are greater with emerging market countries.

          Risk Metrics

          As of  05/31/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DPLTX
          8.43 3.35 0.84 54.54 -0.21

          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

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Dec 31
          Month/Year Dividend ($)
          05/2024 0.033825899
          04/2024 0.030987271
          03/2024 0.032981379
          02/2024 0.030896552
          01/2024 0.031289252
          12/2023 0.028755611
          11/2023 0.032528703
          10/2023 0.033562905
          09/2023 0.031227770
          08/2023 0.033142201
          07/2023 0.032553425
          06/2023 0.031001062

          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
          12/01/21 12/02/21 12/02/21 0.0000 0.0000 0.0140 0.0000 0.0000 0.0140
          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
          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

          PRODUCT MATERIALS

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          BNY Mellon High Yield Fund - Commentary Download

          Factsheet, Prospectus and Reports

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          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Annual Report Download
          Semi Annual Report Download
          1Q Fiscal Holdings Download
          3Q Fiscal Holdings Download

          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.

          This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

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