BNY Mellon Yield Enhancement Strategy Fund

Why invest in this Fund?

The fund seeks high current income. Accordingly, the fund normally allocates its assets across fixed-income investment strategies. The fund is designed to complement and diversify traditional bond portfolios. The fund normally allocates its assets using a fund-of-funds approach among other investment companies (the underlying funds) that employ various fixed-income investment strategies, high yield securities, senior loans, emerging markets debt, municipal securities and Treasury and other inflation-protected securities. Underlying funds may include other funds in the BNY Mellon Family of Funds and unaffiliated open-end funds, closed-end funds and exchange-traded funds.
Min. class investment
$1,000,000
Class Inception Date
03/07/14
Class Status
Not available for purchase by individual investors.
Fund Assets
$420,548,464  As of  10/23/19
Class Assets
$409,979,851  As of  10/23/19
Portfolio Turnover Rate
22.78%  As of fiscal year end  10/31/18
Morningstar Category
Multisector Bond
Benchmark
Bloomberg Barclays U.S. Aggregate Bond Index
Morningstar Overall Rating
Fund Holdings
As of  09/30/19

Morningstar Rating™ as of September 30, 2019 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Multisector Bond category. Fund ratings are out of 5 Stars: Overall 4 Stars (290 funds rated); 3 Yrs. 3 Stars (290 funds rated); 5 Yrs. 4 Stars (235 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

  • Mortimer, Jeffrey M.

    Jeffrey M. Mortimer

    Portfolio Manager

    5 yr(s). on fund

  • Lee-Tsao, Caroline

    Caroline Lee-Tsao

    Portfolio Manager

    4 yr(s). on fund


As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Yield Enhancement Strategy Fund
DABJX
6.25 4.22 3.85 - 3.87 03/07/14
Bloomberg Barclays U.S. Aggregate Bond Index
10.30 2.92 3.38 3.75 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Yield Enhancement Strategy Fund
DABJX
6.25 4.22 3.85 - 3.87 03/07/14
Bloomberg Barclays U.S. Aggregate Bond Index
10.30 2.92 3.38 3.75 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Yield Enhancement Strategy Fund
DABJX
6.25 13.19 20.76 - 23.58 03/07/14
Bloomberg Barclays U.S. Aggregate Bond Index
10.30 9.03 18.07 44.48 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Yield Enhancement Strategy Fund
DABJX
6.25 13.19 20.76 - 23.58 03/07/14
Bloomberg Barclays U.S. Aggregate Bond Index
10.30 9.03 18.07 44.48 - -
The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related andcorporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency).

Growth of $10,000 Investment

Historical Performance

    Not available for purchase by individual investors.
    Fund 09/19 08/19 07/19 06/19 05/19 04/19 03/19 02/19 01/19 12/18 11/18 10/18
    DABJX
    4.05% 4.36% 3.32% 3.75% 4.25% 3.75% 3.45% 4.08% 12.78% 3.72% 2.13% 3.03%

    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.

    Fund 2018 2017 2016 2015
    DABJX
    -0.14% 5.74% 6.19% -0.63%

    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 (%)
    Other Expenses 0.05%
    Acquired Fund Fees & Expenses 0.60%
    Total Expenses 0.65%

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. Caroline Lee-Tsao and Jeffrey M. Mortimer, CFA, are the fund's primary portfolio managers responsible for investment allocation decisions, positions they have held since November 2015 and the fund's inception in March 2014, respectively. Ms. Lee-Tsao is the Senior Investment Strategist for BNY Mellon Wealth Management and Mr. Mortimer is Director of Investment Strategy for BNY Mellon Wealth Management. BNY Mellon Wealth Management investment professionals manage the fund in their capacity as employees of BNY Mellon Investment Adviser, Inc.

    Asset Allocation


        Daily Statistics

        As of  10/23/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 08/30/19  12 Month 
        High Nav
        01/02/19  12 Month 
        Low Nav
        YTD Return
        DABJX
        - - $12.29
        $0.01
        0.08%
        $12.40 $11.74 7.64%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Multisector Bond


        Morningstar Rating™ as of 09/30/19 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Multisector Bond. Fund ratings are out of 5 Stars: Overall 4 Stars (647 funds rated); 3 Yrs. 3 Stars (290 funds rated); 5 Yrs. 4 Stars (235 funds rated); 10 Yrs. Stars (122 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
          31 out of 130
        • 3 Year
          46 out of 122
        • 5 Year
          15 out of 85
        • 10 Year
          out of

        LIPPER CLASSIFICATION Alternative Credit Focus 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.

        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.

        Municipal income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.

        Mortgage securities: Ginnie Maes and other securities backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Privately issued mortgage related securities also are subject to credit risks associated with the underlying mortgage properties. These securities may be more volatile and less liquid than more traditional, government backed debt securities.

        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  09/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DABJX
        2.21 2.02 0.34 25.91 1.13

        Dividend Schedule

        Declared
        Monthly
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Oct 31
        Annualized Distribution Rate
        4.05%
        As of  09/2019
        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.

        Dreyfus Yield Enhancement Strategy Fund  has historically invested about 25% in Tax Exempt funds. The income received from those investments would be tax exempt to the fund and will be reported as tax exempt when distributed to its shareholders.  At year end, the amount of taxable and tax exempt income will be reported to the fund shareholders on Form 1099-DIV.

        Month/Year Dividend ($)
        10/2019 0.035100000
        09/2019 0.041100000
        08/2019 0.045900000
        07/2019 0.034800000
        06/2019 0.037800000
        05/2019 0.044099998
        04/2019 0.037699997
        03/2019 0.035500000
        02/2019 0.037699997
        12/2018 0.166800000
        11/2018 0.021000000
        10/2018 0.033000000
        All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.

        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
        DABJX
        0.0104 0.0247 0.0000 0.0000 0.0000 0.0351 12.32
        Record Date Ex-Dividend Date Payable Date
        DABJX
        10/01/19 10/02/19 10/02/19
        (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
        DABJX
        Final 0.0347 0.0950 0.0000 0.0000 0.0000 0.1297 11.74
        Record Date Ex-Dividend Date Payable Date
        DABJX
        12/28/18 12/31/18 12/31/18