BNY Mellon Short Term Income Fund

TICKER DSTIX
Fund Code 0083
CUSIP 05600G107
SHARE CLASS
- Class D
- Class P

Why invest in this Fund?

The fund seeks to maximize total return, consisting of capital appreciation and current income.

Accordingly, the fund invests at least 80% of its net assets in investment grade fixed-income securities of U.S. and foreign issuers. The fund may invest up to 20% of its assets in fixed-income securities rated below investment grade ("high yield" or "junk" bonds) to as low as Caa/CCC. The fund may invest up to 30% of total assets in fixed-income securities of foreign issuers, including emerging markets.

Min. class investment

$1,000

Class Inception Date

08/18/92

Fund Assets

$135,827,160 As of 10/16/19

Class Assets

$135,679,469 As of 10/16/19

Portfolio Turnover Rate

143.61% As of fiscal year end 07/31/19

Morningstar Category

Short-Term Bond

Benchmark

ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index

Morningstar Overall Rating

Fund Holdings

271 As of 09/30/19

Average Effective Maturity

2.7 yr(s). As of 09/30/19

Average Effective Duration

2.61 yr(s). 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 Short-Term Bond category. Fund ratings are out of 5 Stars: Overall 3 Stars (488 funds rated); 3 Yrs. 2 Stars (488 funds rated); 5 Yrs. 2 Stars (436 funds rated); 10 Yrs. 3 Stars (277 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

David R. Bowser

Portfolio Manager, Mellon Investments Corporation

11 yr(s). on fund
Scott Zaleski

Portfolio Manager, Mellon Investments Corporation

0 yr(s). on fund
Nathaniel Hyde

Portfolio Manager, Mellon Investments Corporation

1 yr(s). on fund

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 Short Term Income Fund DSTIX	4.35 4.35	1.37 1.37	1.12 1.12	1.89 1.89	3.71 3.71	08/18/92
ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index	6.02	2.04	2.05	2.18	-	-

Quarter End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Short Term Income Fund DSTIX	4.35 4.35	1.37 1.37	1.12 1.12	1.89 1.89	3.71 3.71	08/18/92
ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index	6.02	2.04	2.05	2.18	-	-

Cumulative Returns

Month End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Short Term Income Fund DSTIX	4.35 4.35	4.16 4.16	5.74 5.74	20.58 20.58	168.72 168.72	08/18/92
ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index	6.02	6.25	10.66	24.05	-	-

Quarter End

As of 09/30/19 Name	1 YR	3 YRS	5 YRS	10 YRS	Since Inception	Inception Date
BNY Mellon Short Term Income Fund DSTIX	4.35 4.35	4.16 4.16	5.74 5.74	20.58 20.58	168.72 168.72	08/18/92
ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index	6.02	6.25	10.66	24.05	-	-

The ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index tracks the performance of U.S. dollar-denominated investment-grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, including all securities with a remaining term to final maturity less than five years. 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.

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
DSTIX	2.39%	2.19%	1.35%	1.31%	1.77%	1.79%	2.25%	2.33%	2.64%	2.32%	2.04%	2.39%

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
DSTIX	-0.48%	1.47%	1.32%	-0.33%	0.30%	0.87%	3.91%	1.61%	4.73%	13.92%

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

Fees & Expenses

Prospectus Fee Table Expense Ratios

As of 11/30/18 Fee Description	Expense Ratio (%)
Management Fee	0.50%
Service Fee	0.20%
Other Expenses	0.35%
Total Expenses	1.05%
Expenses Reimbursed	0.40%
Net Expenses	0.65%

The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until November 30, 2019, to waive receipt of its fees and/or assume the expenses of the fund so that the direct expenses of the fund (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.45%. On or after November 30, 2019, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation 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 a team of portfolio managers from Mellon Investments Corporation (Mellon). The team members are Nathaniel Hyde, CFA, and David Bowser, CFA, each of whom also is an employee of BNY Mellon Investment Adviser, Inc. The team has served as primary portfolio managers of the fund since March 2018. Mr. Hyde is a portfolio manager of the Mellon Global Multi-Sector Investment team. Mr. Bowser has served as a portfolio manager of the fund since July 2008. Mr. Bowser is a managing director and senior portfolio manager on the Global Multi-Sector Investment team at Mellon.

Top Holdings

As of 09/30/19 Holdings	% Portfolio Weight
U.S. Treasury Inflation Protected Securities, 0.375%, 07/15/2023	2.76
U.S. Treasury Inflation Protected Securities, 0.125%, 07/15/2022	2.08
United States Treasury Note/Bond, 1.75%, 06/30/2024	1.64
Italy Buoni Poliennali Del Tesoro, 0.9%, 08/01/2022	1.52
Japanese Government CPI Linked Bond, 0.1%, 03/10/2025	1.18
Citigroup, 3.875%, 10/25/2023	1.12
JPMorgan Chase & Co, 3.375%, 05/01/2023	1.09
Goldman Sachs Group, 3.2%, 02/23/2023	1.06
Fannie Mae, 4.5%, 10/01/2049	1.03
Fannie Mae, 2.5%, 10/01/2034	1.03

Asset Allocation

Stats & Risks

Daily Statistics

As of 10/16/19 Name	30-Day Sec Yield (Unsubsidized)	30-Day Sec Yield (Subsidized)	NAV	Change	09/04/19 12 Month High Nav	12/04/18 12 Month Low Nav	YTD Return
DSTIX	1.31%	1.74%	$10.18	$0.01 0.10%	$10.23	$9.89	4.16%

Performance Metrics

Overall Morningstar Rating

MORNINGSTAR CATEGORY Short-Term Bond

Morningstar Rating™ as of 09/30/19 for the Class D shares; other classes may have different performance characteristics. Overall rating for the Short-Term Bond. Fund ratings are out of 5 Stars: Overall 3 Stars (1201 funds rated); 3 Yrs. 2 Stars (488 funds rated); 5 Yrs. 2 Stars (436 funds rated); 10 Yrs. 3 Stars (277 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
189 out of 364
3 Year
284 out of 318
5 Year
235 out of 274
10 Year
112 out of 176

LIPPER CLASSIFICATION Short Investment Grade Debt 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.

Risk Metrics

As of 09/30/19, 3-Year Trailing	Standard Deviation	Alpha	Beta	R-Squared	Sharpe Ratio
DSTIX	1.24	-0.61	0.28	60.58	-0.20

Distributions

Dividend Schedule

Declared

Daily

Distributed

Monthly

Paid

Monthly

Fiscal Year End

Jul 31

Annualized Distribution Rate

2.39%
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	0.020646221
08/2019	0.018367571
07/2019	0.012427194
06/2019	0.010239404
05/2019	0.015161530
04/2019	0.015780210
03/2019	0.017940297
02/2019	0.017909054
01/2019	0.022465601
12/2018	0.019741983
11/2018	0.016755800
10/2018	0.021629648

All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.

(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
DSTIX	0.0000	0.0000	0.0790	0.0000	0.0000	0.0790	9.89

	Record Date	Ex-Dividend Date	Payable Date
DSTIX	12/03/18	12/04/18	12/04/18

(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
DSTIX	Final	0.0000	0.0000	0.0790	0.0000	0.0000	0.0790	9.89

	Record Date	Ex-Dividend Date	Payable Date
DSTIX	12/03/18	12/04/18	12/04/18

Literature

Solutions for

BNY Mellon Short Term Income Fund