BNY Mellon Ultra Short Income Fund

  • TICKER DSDDX
  • Fund Code 6212
  • CUSIP 05588T204
  • SHARE CLASS
Overview

Why invest in this Fund?

The fund seeks high current income consistent with the maintenance of liquidity and low volatility of principal. The fund is designed to provide a high degree of share price stability while generating higher returns than money market funds over time and, thus, may be an investment alternative to money market funds and other fixed-income funds.

Min. class investment
$100,000
Class Inception Date
11/15/13
Fund Assets
$97,228,009  As of  10/21/19
Class Assets
$41,535,977  As of  10/21/19
Portfolio Turnover Rate
0.00%  As of fiscal year end  11/30/18
Morningstar Category
Ultrashort Bond
Benchmark
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
Fund Holdings
33  As of  09/30/19

Morningstar Rating™ as of September 30, 2019 for the Class D class shares; other classes may have different performance characteristics. Overall rating for the Ultrashort Bond category. Fund ratings are out of 5 Stars: Overall 1 Stars (154 funds rated); 3 Yrs. 1 Stars (154 funds rated); 5 Yrs. 1 Stars (130 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.

Performance

Average Annual Returns

Month End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Ultra Short Income Fund
DSDDX
 2.04 1.33 0.56 0.58 4.08 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
 2.39 1.54 0.98 0.54 - -

Quarter End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Ultra Short Income Fund
DSDDX
 2.04 1.33 0.56 0.58 4.08 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
 2.39 1.54 0.98 0.54 - -

Cumulative Returns

Month End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Ultra Short Income Fund
DSDDX
 2.04 4.05 2.84 5.97 266.97 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
 2.39 4.70 5.01 5.52 - -

Quarter End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Ultra Short Income Fund
DSDDX
 2.04 4.05 2.84 5.97 266.97 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
 2.39 4.70 5.01 5.52 - -
The ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Investors cannot invest directly in any index.

Prior to November 15, 2013, the fund was named Dreyfus Short Intermediate Government Fund and employed a different investment approach. On November 15, 2013, the fund was renamed Dreyfus Short Duration Bond Fund and began implementing a new investment strategy; namely, to invest principally in a broad range of investment-grade fixed-income securities while seeking to maintain an average effective portfolio duration of one year or less. The fund’s investment objective — to seek to maximize total return, consisting of capital appreciation and current income — was not changed. Performance shown for Class D, I, Y and Z shares reflects the fund’s investment approach in effect prior to November 15, 2013. Also, on November 15, 2013, then-current shareholders were classified as Class Z shareholders. Had the current fees and expenses been reflected for periods prior to the fund’s reorganization, performance for such periods may have been higher or lower, depending on the share class.

Growth of $10,000 Investment

Prior to November 15, 2013, the fund was named Dreyfus Short Intermediate Government Fund and employed a different investment approach. On November 15, 2013, the fund was renamed Dreyfus Short Duration Bond Fund and began implementing a new investment strategy; namely, to invest principally in a broad range of investment-grade fixed-income securities while seeking to maintain an average effective portfolio duration of one year or less. The fund’s investment objective — to seek to maximize total return, consisting of capital appreciation and current income — was not changed. Performance shown for Class D, I, Y and Z shares reflects the fund’s investment approach in effect prior to November 15, 2013. Also, on November 15, 2013, then-current shareholders were classified as Class Z shareholders. Had the current fees and expenses been reflected for periods prior to the fund’s reorganization, performance for such periods may have been higher or lower, depending on the share class.

Historical Performance

    Prior to November 15, 2013, the fund was named Dreyfus Short Intermediate Government Fund and employed a different investment approach. On November 15, 2013, the fund was renamed Dreyfus Short Duration Bond Fund and began implementing a new investment strategy; namely, to invest principally in a broad range of investment-grade fixed-income securities while seeking to maintain an average effective portfolio duration of one year or less. The fund’s investment objective — to seek to maximize total return, consisting of capital appreciation and current income — was not changed. Performance shown for Class D, I, Y and Z shares reflects the fund’s investment approach in effect prior to November 15, 2013. Also, on November 15, 2013, then-current shareholders were classified as Class Z shareholders. Had the current fees and expenses been reflected for periods prior to the fund’s reorganization, performance for such periods may have been higher or lower, depending on the share class.

    Monthly

    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
    DSDDX
    		 1.70% 1.84% 1.99% 2.01% 2.08% 2.14% 2.18% 2.19% 2.19% 2.02% 1.92% 1.87%

    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.

    Yearly

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DSDDX
    		 1.64% 0.74% 0.07% -0.53% 0.09% -0.06% -0.10% 0.88% 1.55% 1.81%

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

    Fees & Expenses

    Prospectus Fee Table Expense Ratios

    As of  03/29/19 Fee Description Expense Ratio (%)
    Management Fee 0.25%
    12B-1 Fee 0.25%
    Other Expenses 0.25%
    Total Expenses 0.75%
    Expenses Reimbursed 0.15%
    Net Expenses 0.60%
    The fund's investment adviser, BNY Mellon Investment Adviser, Inc. has contractually agreed to waive receipt of a portion of its management fees in the amount of .05% of the value of the fund's average daily net assets until March 31, 2020. On or after March 31, 2020, BNY Mellon Investment Adviser, Inc. may terminate this waiver agreement at any time. BNY Mellon Investment Adviser, Inc. has contractually agreed, until March 31, 2020, to waive receipt of its fees and/or assume the direct expenses attributable to Class D and Class Z shares of the fund so that the direct expenses of Class D and Class Z (excluding Rule 12b-1 fees, shareholder service fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .35%. On or after March 31, 2020, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.
    Portfolio

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. Investment decisions for the fund are made by members of the Taxable Fixed Income team of Dreyfus Cash Investment Strategies (CIS), a division of BNY Mellon Investment Adviser, Inc. The team members are Patricia Larkin, Bernard W. Kiernan, Jr., Edward J. Von Sauers, James G. O'Connor and Thomas S. Riordan. Ms. Larkin has served as a primary portfolio manager of the fund since April 2016, and Messrs. Kiernan, Von Sauers, O'Connor and Riordan have each served as a primary portfolio manager of the fund since May 2017. Ms. Larkin is the Chief Investment Officer of Money Market Strategies for CIS. Mr. Kiernan is a Senior Vice President and Senior Portfolio Manager for CIS. Mr. Von Sauers is an Executive Vice President and Senior Portfolio Manager for CIS. Mr. O'Connor is a Senior Portfolio Manager for CIS. Mr. Riordan is a Senior Vice President and Senior Portfolio Manager of CIS.

    Asset Allocation

        Stats & Risks

        Daily Statistics

        As of  10/21/19 Name 30-Day Sec Yield 
        (Unsubsidized)        		 30-Day Sec Yield 
        (Subsidized)        		 NAV Change 11/30/18  12 Month 
        High Nav        		 09/03/19  12 Month 
        Low Nav        		 YTD Return
        DSDDX
        		 1.12% 1.30% $10.07
        $0.00
        0.00%
        		 $10.07 $10.07 1.63%

        Main Risks

        Bond Risk: 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.

        Credit Risk: 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.

        Derivatives Risk: A small investment in derivatives could have a potentially large impact on the fund's performance. 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.

        Foreign Investment Risk: To the extent the fund invests in foreign securities, its performance will be influenced by political, social and economic factors affecting investments in foreign companies. These special risks include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards.

        Risk Metrics

        As of  09/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DSDDX
        		 0.21 -0.28 0.00 2.11 -2.74
        Distributions

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Nov 30
        Annualized Distribution Rate
        1.70%
        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 0.014558757
        08/2019 0.015222064
        07/2019 0.018072562
        06/2019 0.015494372
        05/2019 0.017763898
        04/2019 0.018878118
        03/2019 0.017467161
        02/2019 0.016908810
        01/2019 0.018744517
        12/2018 0.017291410
        11/2018 0.015891851
        10/2018 0.017069622
        All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.
        Literature