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Financial Professionals

    BNY Mellon High Yield Municipal Bond Fund

    Why invest in this Fund?

    The primary goal of the fund is to seek high current income exempt from federal income tax. As a secondary goal, the fund may seek capital appreciation to the extent consistent with its primary goal. To pursue these goals, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal income tax. The fund normally invests at least 50% of its assets in municipal bonds rated BBB/Baa or lower by independent rating agencies or the unrated equivalent as determined by the manager. Municipal bonds rated below investment grade (BB/Ba or lower) are commonly known as "high yield" or "junk" bonds.
    Min. class investment
    $0
    Class Inception Date
    09/30/05
    Class Status
    Class Z shares are closed to new accounts.
    Fund Assets
    $264,704,411  As of  02/03/23
    Class Assets
    $38,832,083  As of  02/03/23
    Portfolio Turnover Rate
    21.25% As of fiscal year end  08/31/22
    Morningstar Category
    High Yield Municipal
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    192 As of 12/31/22
    AVERAGE EFFECTIVE MATURITY
    19.86 yr(s).  As of  12/31/22
    Modified Duration To Worst
    11.34 yr(s).  As of 12/31/22

    Morningstar Rating™ as of December 31, 2022 for the Class Z class shares; other classes may have different performance characteristics. Overall rating for the High Yield Municipal category. Fund ratings are out of 5 Stars: Overall 3 Stars (188 funds rated); 3 Yrs. 2 Stars (188 funds rated); 5 Yrs. 2 Stars (166 funds rated); 10 Yrs. 3 Stars (103 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

    • Jeffrey  Burger

      Jeffrey Burger, CFA

      Senior Portfolio Manager, Insight North America, LLC

      11 yr(s). on fund

    • Daniel Barton

      Daniel Barton, CFA

      Head of Research, Municipal Bonds, Insight North America, LLC

      10 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 High Yield Municipal Bond Fund
    DHMBX
    10.47 4.34 -10.17 -2.43 1.34 2.85 3.83
    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 High Yield Municipal Bond Fund
    DHMBX
    3.05 -16.79 -16.79 -3.16 0.33 2.54 3.59
    Bloomberg U.S. Municipal Bond Index
    4.10 -8.53 -8.53 -0.77 1.25 2.13 -

    The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.

    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

    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

      Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

      Class Z shares are closed to new accounts.

      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  12/30/22 Fee Description Expense Ratio (%)
      Management Fee 0.45%
      12B-1 Fee 0.13%
      Other Expenses 0.15%
      Total Expenses 0.73%
      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 December 31, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of Class A, Class C, Class I, Class Y and Class Z shares of the fund (including Rule 12b-1 fees, shareholder services fees, taxes, brokerage commissions, interest expenses, commitment fees on borrowings and extraordinary expenses) do not exceed an annual rate of .95%, 1.68%, .68%, .67% and .76%, respectively. On or after December 31, 2023, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.

      Portfolio Manager/Sub-Investment Adviser

      The fund's 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's sub-investment adviser. Daniel Barton, CFA and Jeffrey Burger, CFA are the fund's primary portfolio managers, positions they have held since February 2012 and November 2011, respectively. Mr. Barton is a director and head of research for tax exempt bonds at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser. Mr. Burger is a director and senior portfolio manager for tax-sensitive strategies at INA. Messrs.

      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
          10/25/22  12 Month 
          Low Nav
          YTD Return
          DHMBX
          4.25% 4.25% $11.00
          -$0.02
          -0.18%
          $12.49 $9.94 4.94%

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY High Yield Municipal


          Morningstar Rating™ as of 12/31/22 for the Class Z shares; other classes may have different performance characteristics. Overall rating for the High Yield Municipal. Fund ratings are out of 5 Stars: Overall 3 Stars (188 funds rated); 3 Yrs. 2 Stars (188 funds rated); 5 Yrs. 2 Stars (166 funds rated); 10 Yrs. 3 Stars (103 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
            171 out of 191
          • 3 Year
            172 out of 185
          • 5 Year
            128 out of 165
          • 10 Year
            45 out of 102

          LIPPER CLASSIFICATION


          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 subjectto state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
          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
          DHMBX
          12.06 -0.89 1.72 84.40 -0.28

          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
          Aug 31
          Annualized Distribution Rate
          3.80%
          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 0.036446098
          12/2022 0.033917047
          11/2022 0.034036612
          10/2022 0.034446162
          09/2022 0.031836999
          08/2022 0.033916803
          07/2022 0.031635971
          06/2022 0.032383102
          05/2022 0.035612204
          04/2022 0.031174711
          03/2022 0.031028461
          02/2022 0.027750018

          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
          12/27/18 12/28/18 12/28/18 0.0000 0.0000 0.0078 0.0000 0.0000 0.0078 12.07
          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
          12/27/17 12/28/17 12/28/17 0.0000 0.0000 0.0218 0.0000 0.0000 0.0218 -
          12/28/16 12/29/16 12/29/16 0.0000 0.0000 0.0087 0.0000 0.0000 0.0087 -
          12/22/15 12/23/15 12/23/15 0.0000 0.0000 0.0040 0.0000 0.0000 0.0040 -
          12/17/14 12/18/14 12/18/14 0.0000 0.0000 0.0101 0.0000 0.0000 0.0101 -
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0111 0.0000 0.0000 0.0111 -
          12/12/12 12/13/12 12/13/12 0.0000 0.0000 0.0033 0.0000 0.0000 0.0033 -
          12/07/11 12/08/11 12/08/11 0.0000 0.0000 0.0169 0.0000 0.0000 0.0169 -
          12/08/10 12/09/10 12/09/10 0.0000 0.0000 0.0097 0.0000 0.0000 0.0097 -
          12/14/06 12/15/06 12/15/06 0.0000 0.0000 0.0375 0.0000 0.0000 0.0375 -

          Literature

          PRODUCT MATERIALS

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