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    BNY Mellon AMT-Free Municipal Bond Fund

    Why invest in this Fund?

    The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital. The fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from the federal alternative minimum tax. Although the fund seeks to provide income exempt from federal income tax and the federal alternative minimum tax, income from some of the fund's holdings may be subject to these taxes. The fund invests at least 65% of its assets in municipal bonds with an A or higher credit rating. The remaining 35% of its assets may be invested in municipal bonds with a credit quality lower than A, including high yield ("junk") bonds.
    Min. class investment
    $1,000
    Class Inception Date
    03/31/03
    Fund Assets
    $1,999,645,451  As of  04/15/24
    Class Assets
    $5,325,535  As of  04/15/24
    Portfolio Turnover Rate
    17.22% As of fiscal year end  08/31/23
    Morningstar Category
    Municipal National Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Fund Holdings
    582 As of 03/31/24
    AVERAGE EFFECTIVE MATURITY
    16.95 yr(s).  As of  03/31/24
    AVERAGE EFFECTIVE DURATION
    5.55 yr(s).  As of 03/31/24

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 04/15/24
    ANNUALIZED
    DISTRIBUTION RATE
    as of 03/31/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 12/29/23
    Subsidized Unsubsidized Net Gross Contractual
    Fee Waiver End Date
    2.62 2.59 2.07 1.45 1.48 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.

    Portfolio Managers

    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America LLC

      Managing Fund Since 2014

      Joined Firm in 1993

      Joined Industry in 1988

    • Daniel Rabasco

      Daniel Rabasco, CFA

      Head of Municipal Bonds, Insight North America LLC

      Managing Fund Since 2012

      Joined Firm in 1998

      Joined Industry in 1987


    Total Returns

    Click here to see SALES CHARGE  Max Sales Charge:  1.00%  CDSC Load
    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 AMT-Free Municipal Bond Fund
    DMUCX
    -0.96 -0.96 2.04 -1.45 0.56 1.72 3.86
    Bloomberg U.S. Municipal Bond Index
    -0.39 -0.39 3.13 -0.41 1.59 2.66 -
    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 AMT-Free Municipal Bond Fund
    DMUCX
    -0.96 -0.96 2.04 -1.45 0.56 1.72 3.86
    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.

    The total return performance figures presented for Class C shares of the fund represent the performance of the fund's Class Z for periods prior to March 31, 2003, the inception date for Class C shares, and the performance of Class C, respectively, from that inception date. Performance reflects the applicable class' distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been different.


    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

    Past performance is no guarantee of future results.

    Historical Performance

      These figures do not reflect the maximum sales charge which, if included, would reduce return.

      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.


      Redemption Charge

      As of    REDEMPTION YEAR CDSC
      Year  1 1.00

      Class C shares are subject to a contingent deferred sales charge (CDSC) imposed on Class C shares redeemed within one year of purchase.

      Prospectus Fee Table Expense Ratios

      As of  12/29/23 Fee Description Expense Ratio (%)
      Management Fee 0.35%
      12B-1 Fee 0.75%
      Service Fee 0.25%
      Other Expenses 0.13%
      Total Expenses 1.48%
      Expenses Reimbursed 0.03%
      Net Expenses 1.45%
      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, BNYM 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 none of the fund's share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, brokerage commissions, interest expense, commitment fees on borrowings and extraordinary expenses) exceed .45%. On or after December 29, 2024, BNYM 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. Thomas Casey and Daniel Rabasco, CFA are the fund's primary portfolio managers, positions they have held since July 2014 and February 2012, respectively. Mr. Casey is a director and senior portfolio manager for tax-sensitive strategies at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser. Mr. Rabasco is a managing director and the head of municipal bond strategies at INA.

      Asset Allocation


          Daily Statistics

          As of 04/15/24 Name NAV Change 02/01/24  12 Month 
          High Nav
          10/30/23  12 Month 
          Low Nav
          YTD Return
          DMUCX
          $13.26
          -$0.01
          -0.08%
          $13.45 $12.35 -0.88%

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

          Risk Metrics

          As of  03/31/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DMUCX
          7.34 -1.11 0.98 98.59 -0.57

          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 ($)
          03/2024 0.023561897
          02/2024 0.020618762
          01/2024 0.021184019
          12/2023 0.022442365
          11/2023 0.021438093
          10/2023 0.023417824
          09/2023 0.019952101
          08/2023 0.021514427
          07/2023 0.020967092
          06/2023 0.019971779
          05/2023 0.021424177
          04/2023 0.018215499

          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
          12/22/21 12/23/21 12/23/21 0.0000 0.0000 0.0000 0.0000 0.0273 0.0273
          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
          12/26/19 12/27/19 12/27/19 0.0000 0.0000 0.0000 0.0000 0.0287 0.0287
          12/08/04 12/09/04 12/09/04 0.0000 0.0000 0.0118 0.0000 0.0000 0.0118
          12/04/03 12/05/03 12/05/03 0.0000 0.0000 0.0048 0.0000 0.0000 0.0048

          Literature

          PRODUCT MATERIALS

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          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          BNY Mellon Municipal Funds Breakpoint Pricing Download
          WINDOW OF OPPORTUNITY IN MUNICIPAL BONDS Download
          BNY Mellon Muni Funds Breakpoint Pricing Download
          BNY Mellon Municipal Funds - Investment Report Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon AMT-Free 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.