BNY Mellon Inflation Adjusted Securities Fund

Why invest in this Fund?

The fund seeks returns that exceed the rate of inflation.

Accordingly, the fund normally invests at least 80% of its assets in inflation-indexed securities. These are fixed-income securities designed to protect investors from a loss of value due to inflation by periodically adjusting their principal and/or coupon according to the rate of inflation. The fund primarily invests in high-quality U.S. dollar-denominated inflation-indexed securities. However, the fund may invest in foreign currency-denominated inflation-protected securities and other fixed-income securities not adjusted for inflation. The fund seeks to keep the average effective duration of its portfolio at two to ten years.

Min. class investment
$1,000,000
Class Inception Date
07/01/13
Class Status
Not available for purchase by individual investors.
Fund Assets
$86,656,790  As of  10/21/19
Class Assets
$61,398,627  As of  10/21/19
Portfolio Turnover Rate
91.84%  As of fiscal year end  07/31/19
Morningstar Category
Inflation-Protected Bond
Morningstar Overall Rating
Fund Holdings
18  As of  09/30/19
Average Effective Maturity
5.3  yr(s).  As of  09/30/19
Average Effective Duration
5.09  yr(s).  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 Inflation-Protected Bond category. Fund ratings are out of 5 Stars: Overall 3 Stars (194 funds rated); 3 Yrs. 2 Stars (194 funds rated); 5 Yrs. 3 Stars (165 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

  • Bayston, Robert M.

    Robert M. Bayston

    Portfolio Manager, Mellon Investments Corporation

    14 yr(s). on fund

  • Pearson, Nate

    Nate Pearson

    Portfolio Manager, Mellon Investments Corporation

    7 yr(s). on fund


As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Inflation Adjusted Securities Fund
DAIYX
5.23 1.54 1.56 2.83 3.94 07/01/13
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Inflation Adjusted Securities Fund
DAIYX
5.23 1.54 1.56 2.83 3.94 07/01/13
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Inflation Adjusted Securities Fund
DAIYX
5.23 4.70 8.03 32.16 92.32 07/01/13
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Inflation Adjusted Securities Fund
DAIYX
5.23 4.70 8.03 32.16 92.32 07/01/13

The total return performance figures presented for Class Y shares of the fund represent the performance of the fund’s Class I shares for periods prior to July 1, 2013, the inception date for Class Y shares, and the performance of Class Y, respectively, from that inception date. Performance reflects the applicable class’ sales load and distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been lower. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Growth of $10,000 Investment

The total return performance figures presented for Class Y shares of the fund represent the performance of the fund’s Class I shares for periods prior to July 1, 2013, the inception date for Class Y shares, and the performance of Class Y, respectively, from that inception date. Performance reflects the applicable class’ sales load and distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been lower. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Historical Performance

    Not available for purchase by individual investors.

    The total return performance figures presented for Class Y shares of the fund represent the performance of the fund’s Class I shares for periods prior to July 1, 2013, the inception date for Class Y shares, and the performance of Class Y, respectively, from that inception date. Performance reflects the applicable class’ sales load and distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been lower. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

    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
    DAIYX
    1.15% 0.89% 5.62% 6.85% 1.95% 0.34% 0.37% 0.37% 0.50% 0.49% 0.90% 0.53%

    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 2014 2013 2012 2011 2010 2009
    DAIYX
    -0.79% 1.79% 3.61% -0.96% 1.91% -8.70% 6.42% 13.20% 5.88% 10.40%

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


    Prospectus Fee Table Expense Ratios

    As of  11/30/18 Fee Description Expense Ratio (%)
    Management Fee 0.30%
    Other Expenses 0.19%
    Total Expenses 0.49%

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. Investment decisions for the fund are made by a team of portfolio managers from Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. The team members are Robert Bayston and Nate Pearson, CFA, each of whom also is an employee of BNY Mellon Investment Adviser, Inc. Mr. Bayston has been a primary portfolio manager of the fund since January 2005 and is responsible for treasury inflation protected securities and derivative strategies with Mellon. Mr. Pearson has been a primary portfolio manager of the fund since July 2012 and is an interest rate and derivatives strategist responsible for researching U.S. government securities at Mellon. Mellon investment professionals manage the fund in their capacity as employees of BNY Mellon Investment Adviser, Inc.

    Asset Allocation


        Daily Statistics

        As of  10/21/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 08/29/19  12 Month 
        High Nav
        11/08/18  12 Month 
        Low Nav
        YTD Return
        DAIYX
        0.21% 0.21% $12.61
        -$0.03
        -0.24%
        $12.77 $12.08 5.39%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Inflation-Protected Bond


        Morningstar Rating™ as of 09/30/19 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Inflation-Protected Bond. Fund ratings are out of 5 Stars: Overall 3 Stars (467 funds rated); 3 Yrs. 2 Stars (194 funds rated); 5 Yrs. 3 Stars (165 funds rated); 10 Yrs. Stars (108 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
          144 out of 226
        • 3 Year
          137 out of 195
        • 5 Year
          99 out of 165
        • 10 Year
          out of

        LIPPER CLASSIFICATION Inflation Protected Bond 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.

        Interest payments on inflation-linked bonds (ILB) will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If inflation falls, the interest payable on ILBs will be reduced. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. Government. While the U.S. Government guarantees the timely payment of principal and interest on its securities, portfolios that invest in such securities are not guaranteed and will fluctuate in value.

        Risk Metrics

        As of  09/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DAIYX
        2.30 -0.83 0.59 73.29 -0.02

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Jul 31
        Annualized Distribution Rate
        1.15%
        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.
        Month/Year Dividend ($)
        09/2019 0.012308918
        08/2019 0.009296797
        07/2019 0.064064147
        06/2019 0.066469533
        05/2019 0.020846867
        04/2019 0.003765942
        03/2019 0.003621826
        02/2019 0.003459689
        01/2019 0.005215408
        12/2018 0.005036760
        11/2018 0.009036002
        10/2018 0.005856974
        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
        DAIYX
        0.0000 0.0000 0.0366 0.0000 0.0000 0.0366 12.12
        Record Date Ex-Dividend Date Payable Date
        DAIYX
        12/17/18 12/18/18 12/18/18
        (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
        DAIYX
        Final 0.0000 0.0000 0.0366 0.0000 0.0000 0.0366 12.12
        Record Date Ex-Dividend Date Payable Date
        DAIYX
        12/17/18 12/18/18 12/18/18