Please ensure Javascript is enabled for purposes of website accessibility

    BNY Mellon Short Term Municipal Bond Fund

    Overview

    Why invest in this Fund?

    The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Effective June 30, 2022, the fund invests principally in municipal bonds with remaining maturities of five years or less and generally maintains a dollar-weighted average portfolio maturity of one to three years. The fund invests at least 80% of its net assets in municipal bonds rated investment grade (Baa/BBB or higher) at the time of purchase or the unrated equivalent as determined by the fund's sub-adviser. For additional yield, the fund may invest up to 20% of its assets in municipal bonds rated, at the time of purchase, below investment grade ("high yield" or "junk" bonds) to as low as Caa/CCC or the unrated equivalent as determined by the fund's sub-adviser.

    Prior to June 30, 2022, the fund sought to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Accordingly, the fund normally invested substantially all of its net assets in municipal bonds that provided income exempt from federal personal income tax. The fund invested only in municipal bonds rated investment grade. The fund invested primarily in municipal bonds with remaining maturities of five years or less and generally maintained a dollar-weighted average portfolio maturity of two to three years.
    Min. class investment
    $1,000,000
    Class Inception Date
    07/01/13
    Class Status
    Not available for purchase by individual investors.
    Fund Assets
    $157,179,565  As of  09/22/23
    Class Assets
    $947  As of  09/22/23
    Portfolio Turnover Rate
    14.82% As of fiscal year end  03/31/23
    Morningstar Category
    Municipal National Short
    Benchmark
    Bloomberg Municipal Bond 1-3 year Blend Index
    Fund Holdings
    108 As of 08/31/23
    AVERAGE EFFECTIVE MATURITY
    2.12 yr(s).  As of  08/31/23
    Modified Duration To Worst
    1.87 yr(s).  As of 08/31/23

    Morningstar Rating™ as of August 31, 2023 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Short category. Fund ratings are out of 5 Stars: Overall 2 Stars (206 funds rated); 3 Yrs. 2 Stars (206 funds rated); 5 Yrs. 2 Stars (189 funds rated); 10 Yrs. 2 Stars (139 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

    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America LLC

      12 yr(s). on fund
    • Jeffrey Burger

      Jeffrey Burger, CFA

      Senior Portfolio Manager, Insight North America, LLC

      11 yr(s). on fund
    Performance

    Total Returns

    Month End

    Average Annual
    As of 08/31/23
    Name 3 MO
    08/31/23     		YTD
    08/31/23     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Short Term Municipal Bond Fund
    DMYBX
    		0.70 0.88 1.02 -0.77 0.58 0.78 3.16
    Bloomberg Municipal Bond 1-3 year Blend Index
    		0.66 1.08 1.36 -0.29 1.03 1.04 -

    Quarter End

    Average Annual
    As of 06/30/23
    Name 3 MO
    06/30/23     		YTD
    06/30/23     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Short Term Municipal Bond Fund
    DMYBX
    		-0.18 0.75 0.70 -0.59 0.62 0.78 3.17
    Bloomberg Municipal Bond 1-3 year Blend Index
    		-0.26 0.98 1.04 -0.17 1.06 1.06 -

    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 Municipal Bond: 3-Year Index (1-3) is an unmanaged total return performance benchmark for the investment grade, geographically unrestricted 3-year tax-exempt bond market, consisting of municipal bonds with maturities of 1-3 years. Investor cannot invest directly in any index.

    The total return performance figures presented for Class Y shares of the fund represent the performance of the fund's Class D for periods prior to July 01, 2013, the inception date for Class Y shares, and the performance of Class Y, 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

      Past performance is no guarantee of future results.

      Not available for purchase by individual investors.

      Monthly

      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

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

      Fees & Expenses

      Prospectus Fee Table Expense Ratios

      As of  08/01/23 Fee Description Expense Ratio (%)
      Management Fee 0.25%
      Other Expenses 0.21%
      Total Expenses 0.46%
      Expenses Reimbursed 0.07%
      Net Expenses 0.39%
      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 August 1, 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, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .39%. On or after August 1, 2024, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.
      Portfolio

      Portfolio Manager/Sub-Investment Adviser

      The fund'ss 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'ss sub-investment adviser. Thomas Casey and Jeffrey Burger, CFA, are the fund'ss primary portfolio managers, positions they have held since April 2011 and February 2012, respectively. Messrs. Casey and Burger are directors and senior portfolio managers for tax sensitive strategies at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser.
      Download Total Holdings

      Asset Allocation

          Stats & Risks

          Daily Statistics

          As of 09/22/23 Name 30-Day Sec Yield
          (WITHOUT WAIVER)           		30-Day Sec Yield
          (WITH WAIVER)           		NAV Change 04/14/23  12 Month 
          High Nav           		10/25/22  12 Month 
          Low Nav           		YTD Return
          DMYBX
          		3.05% 3.06% $12.38
          -$0.01
          -0.08%
          		$12.55 $12.22 0.56%

          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.

          Main Risks

          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.

          The fund is non-diversified, which means the fund may invest in a relatively high percentage of its assets in a limited number of issuers. Performance may be more vulnerable to changes in the market of a single issuer.

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

          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.

          Risk Metrics

          As of  08/31/23  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DMYBX
          		2.64 -1.41 0.40 87.88 -1.00

          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.

          Distributions

          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Mar 31
          Annualized Distribution Rate
          1.23%
          As of  08/2023

          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 ($)
          08/2023 0.012949132
          07/2023 0.013079931
          06/2023 0.021189491
          05/2023 0.014257127
          04/2023 0.011510345
          03/2023 0.009417559
          02/2023 0.008763559
          01/2023 0.008501960
          12/2022 0.009075633
          11/2022 0.008728021
          10/2022 0.009780148
          09/2022 0.008829041

          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
          12/28/16 12/29/16 12/29/16 0.0000 0.0000 0.0025 0.0000 0.0097 0.0122 12.80
          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
          12/22/15 12/23/15 12/23/15 0.0000 0.0000 0.0052 0.0000 0.0293 0.0345 -
          12/17/14 12/18/14 12/18/14 0.0000 0.0000 0.0015 0.0000 0.0651 0.0666 -
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0007 0.0000 0.1177 0.1184 -
          Literature

          Literature

          PRODUCT MATERIALS

          • Download
          • Share
          • Subscribe
          • Order
          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          Breakpoint Pricing - BNY Mellon Short Term Municipal Bond Fund Download
          BNY Mellon Municipal Finds - Investment Report Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon Short Term Municipal Bond Fund - Commentary Download

          Factsheet, Prospectus and Reports

          • Download
          • Share
          • Subscribe
          • Order
          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.