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Individual Investors

    BNY Mellon Short Term Municipal Bond Fund

    Why invest in this Fund?

    The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Effective June 30, 2022, the fund invests principally in municipal bonds with remaining maturities of five years or less and generally maintains a dollar-weighted average portfolio maturity of one to three years. The fund invests at least 80% of its net assets in municipal bonds rated investment grade (Baa/BBB or higher) at the time of purchase or the unrated equivalent as determined by the fund's sub-adviser. For additional yield, the fund may invest up to 20% of its assets in municipal bonds rated, at the time of purchase, below investment grade ("high yield" or "junk" bonds) to as low as Caa/CCC or the unrated equivalent as determined by the fund's sub-adviser.

    Prior to June 30, 2022, the fund sought to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Accordingly, the fund normally invested substantially all of its net assets in municipal bonds that provided income exempt from federal personal income tax. The fund invested only in municipal bonds rated investment grade. The fund invested primarily in municipal bonds with remaining maturities of five years or less and generally maintained a dollar-weighted average portfolio maturity of two to three years.
    Min. class investment
    $2,500
    Class Inception Date
    04/30/87
    Fund Assets
    $196,557,988  As of  02/03/23
    Class Assets
    $138,997,302  As of  02/03/23
    Portfolio Turnover Rate
    31.30% As of fiscal year end  03/31/22
    Morningstar Category
    Municipal National Short
    Benchmark
    Bloomberg Municipal Bond 1-3 year Blend Index
    Fund Holdings
    115 As of 12/31/22
    AVERAGE EFFECTIVE MATURITY
    2.17 yr(s).  As of  12/31/22
    Modified Duration To Worst
    1.94 yr(s).  As of 12/31/22

    Morningstar Rating™ as of December 31, 2022 for the Class D class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Short category. Fund ratings are out of 5 Stars: Overall 2 Stars (206 funds rated); 3 Yrs. 2 Stars (206 funds rated); 5 Yrs. 2 Stars (185 funds rated); 10 Yrs. 2 Stars (134 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.

     

    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.

    Modified Duration to Worst is a measure of the sensitivity of the price of a bond to a change in interest rates, which in this case assumes that the bond is called at its earliest possible call date (Worst). Modified duration measures the expected change in a bond's price to a 1% change in interest rates. In general, the higher the duration, the more a bond's price will drop as interest rates rise.

    Portfolio Managers

    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America LLC

      11 yr(s). on fund

    • Jeffrey  Burger

      Jeffrey Burger, CFA

      Senior Portfolio Manager, Insight North America, LLC

      11 yr(s). on fund


    Total Returns

    Average Annual
    As of 01/31/23
    Name 3 MO
    01/31/23
    YTD
    01/31/23
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Short Term Municipal Bond Fund
    DSIBX
    2.65 1.04 -1.16 -0.40 0.71 0.67 3.19
    Average Annual
    As of 12/31/22
    Name 3 MO
    12/31/22
    YTD
    12/31/22
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Short Term Municipal Bond Fund
    DSIBX
    1.67 -3.69 -3.69 -0.53 0.52 0.59 3.17
    Bloomberg Municipal Bond 1-3 year Blend Index
    1.77 -2.63 -2.63 0.07 1.03 0.97 -

    The Bloomberg Municipal Bond: 3-Year Index (1-3) is an unmanaged total return performance benchmark for the investment grade, geographically unrestricted 3-year tax-exempt bond market, consisting of municipal bonds with maturities of 1-3 years. Investor cannot invest directly in any index.

    Growth of $10,000 Investment

    Historical Performance

      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.

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


      Prospectus Fee Table Expense Ratios

      As of  08/01/22 Fee Description Expense Ratio (%)
      Management Fee 0.25%
      12B-1 Fee 0.10%
      Other Expenses 0.13%
      Total Expenses 0.48%
      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 August 1, 2023, 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, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .39%. On or after August 1, 2023, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.

      Portfolio Manager/Sub-Investment Adviser

      The fund'ss investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Insight North America LLC (INA), to serve as the fund'ss sub-investment adviser. Thomas Casey and Jeffrey Burger, CFA, are the fund'ss primary portfolio managers, positions they have held since April 2011 and February 2012, respectively. Messrs. Casey and Burger are directors and senior portfolio managers for tax sensitive strategies at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser.

      Asset Allocation


          Daily Statistics

          As of 02/03/23 Name 30-Day Sec Yield
          (WITHOUT WAIVER)
          30-Day Sec Yield
          (WITH WAIVER)
          NAV Change 03/01/22  12 Month 
          High Nav
          10/24/22  12 Month 
          Low Nav
          YTD Return
          DSIBX
          2.02% 2.04% $12.57
          -$0.01
          -0.08%
          $12.77 $12.26 1.04%

          Main Risks

          Bonds are subject generally 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.

          The fund is non-diversified, which means the fund may invest in a relatively high percentage of its assets in a limited number of issuers. Performance may be more vulnerable to changes in the market of a single issuer.

          Municipal income may be subject to state and local taxes. Capital gains, if any, are taxable.

          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.

          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  12/31/22  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DSIBX
          2.65 -0.79 0.39 90.60 -0.51

          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. Municipal Bond Index.


          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Mar 31
          Annualized Distribution Rate
          0.83%
          As of  01/2023

          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 ($)
          01/2023 0.009157563
          12/2022 0.008222165
          11/2022 0.007642746
          10/2022 0.008715105
          09/2022 0.007750424
          08/2022 0.008214600
          07/2022 0.006237411
          06/2022 0.006727997
          05/2022 0.007426028
          04/2022 0.007019983
          03/2022 0.007516191
          02/2022 0.006591834

          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
          Reinvest 
          NAV
          12/28/16 12/29/16 12/29/16 0.0000 0.0000 0.0025 0.0000 0.0097 0.0122 12.79
          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
          Reinvest 
          NAV
          12/22/15 12/23/15 12/23/15 0.0000 0.0000 0.0052 0.0000 0.0293 0.0345 -
          12/17/14 12/18/14 12/18/14 0.0000 0.0000 0.0015 0.0000 0.0651 0.0666 -
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0007 0.0000 0.1177 0.1184 -
          12/12/12 12/13/12 12/13/12 0.0000 0.0000 0.0021 0.0000 0.0664 0.0685 -
          07/08/08 07/09/08 07/09/08 0.0000 0.0000 0.0063 0.0000 0.0000 0.0063 -
          12/08/04 12/09/04 12/09/04 0.0000 0.0000 0.0032 0.0000 0.0000 0.0032 -
          12/05/02 12/06/02 12/06/02 0.0000 0.0000 0.0036 0.0000 0.0000 0.0036 -
          12/07/99 12/08/99 12/08/99 0.0000 0.0000 0.0013 0.0000 0.0000 0.0013 -
          08/05/97 08/06/97 08/06/97 0.0000 0.0000 0.0006 0.0000 0.0000 0.0006 -
          08/07/96 08/08/96 08/08/96 0.0000 0.0000 0.0004 0.0000 0.0000 0.0004 -
          11/26/93 11/29/93 11/30/93 0.0000 0.0000 0.0126 0.0000 0.0000 0.0137 -
          11/24/92 11/25/92 11/30/92 0.0000 0.0000 0.0000 0.0000 0.0000 0.0017 -
          06/25/92 06/26/92 06/30/92 0.0000 0.0000 0.0000 0.0000 0.0000 0.0180 -
          See all rows...

          Literature

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