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    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
    Fund Assets
    $243,629,012  As of  06/12/24
    Class Assets
    $35,404,836  As of  06/12/24
    Portfolio Turnover Rate
    17.06% As of fiscal year end  08/31/23
    Morningstar Category
    High Yield Municipal
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Fund Holdings
    176 As of 05/31/24
    AVERAGE EFFECTIVE MATURITY
    19.31 yr(s).  As of  05/31/24
    AVERAGE EFFECTIVE DURATION
    10.66 yr(s).  As of 05/31/24
    Yield To Worst
    5.40% As of 05/31/24

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 06/12/24
    ANNUALIZED
    DISTRIBUTION RATE
    as of 05/31/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 12/29/23
    Subsidized Unsubsidized Net Gross Contractual
    Fee Waiver End Date
    4.19 4.19 3.84 0.90 0.90 12/29/24

    Yield fluctuates and past performance is no guarantee of future results.

    The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.

    Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.

     

     

    Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.

    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.

    Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.

    Yield To Worst - The holding-weighted average rate of return for a portfolio equal to the discount rate of interest and principal cash flows where the principal is returned at the earliest allowable date. If the earliest return of principal is at the stated maturity the Yield to Maturity % will be the same as the Yield to Worst %.

    Portfolio Managers

    • Jeffrey  Burger

      Jeffrey Burger, CFA

      Senior Portfolio Manager, Insight North America, LLC

      Managing Fund Since 2011

      Joined Firm in 2009

      Joined Industry in 2000

    • Daniel Barton

      Daniel Barton, CFA

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

      Managing Fund Since 2012

      Joined Firm in 2005

      Joined Industry in 2000


    Total Returns

    Average Annual
    As of 05/31/24
    Name 3 MO
    05/31/24
    YTD
    05/31/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon High Yield Municipal Bond Fund
    DHMBX
    -0.85 0.43 5.62 -3.00 0.30 3.11 3.73
    Bloomberg U.S. Municipal Bond Index
    -1.53 -1.91 2.67 -1.29 0.93 2.25 -
    Average Annual
    As of 03/31/24
    Name 3 MO
    03/31/24
    YTD
    03/31/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon High Yield Municipal Bond Fund
    DHMBX
    1.81 1.81 6.54 -1.77 1.05 3.62 3.84
    Bloomberg U.S. Municipal Bond Index
    -0.39 -0.39 3.13 -0.41 1.59 2.66 -

    The performance data quotes represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

    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.

    When applicable, returns reflect a contractual expense reduction, without which returns would have been lower. Please see contractual expense reduction information, if any, in the Prospectus Fee Table below.

    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.

    Past performance is no guarantee of future results.

    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.

       

      Past performance is no guarantee of future results.

      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  12/29/23 Fee Description Expense Ratio (%)
      Management Fee 0.45%
      12B-1 Fee 0.13%
      Other Expenses 0.32%
      Total Expenses 0.90%
      Net Expenses 0.90%
      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 29, 2024, 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 expense, 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 29, 2024, 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 06/12/24 Name NAV Change 03/13/24  12 Month 
          High Nav
          10/30/23  12 Month 
          Low Nav
          YTD Return
          DHMBX
          $10.95
          $0.09
          0.83%
          $11.00 $9.67 2.69%

          Past performance is no guarantee of future results.

          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.

          Risk Metrics

          As of  05/31/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DHMBX
          10.91 0.41 1.43 94.54 -0.53

          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.


          Alpha - Alpha is a measure of a security's or portfolio's excess return.

          Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

          R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

          Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

          Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.


          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Aug 31

          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 ($)
          05/2024 0.037265527
          04/2024 0.034258755
          03/2024 0.036279898
          02/2024 0.033851267
          01/2024 0.035624537
          12/2023 0.036504285
          11/2023 0.034105393
          10/2023 0.036879988
          09/2023 0.032813596
          08/2023 0.034945032
          07/2023 0.033828615
          06/2023 0.033619955

          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
          12/27/18 12/28/18 12/28/18 0.0000 0.0000 0.0078 0.0000 0.0000 0.0078
          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
          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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          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          BNY Mellon Municipal Funds Breakpoint Pricing Download
          BNY Mellon Muni Funds Breakpoint Pricing Download
          BNY Mellon Municipal Funds - Investment Report Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon High Yield Municipal Bond Fund - Commentary Download

          Factsheet, Prospectus and Reports

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          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Annual Report Download
          Semi Annual Report Download
          1Q Fiscal Holdings Download
          3Q Fiscal Holdings Download

          Investors should consider the investment objectives, risks, charges, and expenses of a mutual fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

          This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

          Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.