BNY Mellon Short Term Municipal Bond Fund
- TICKER DMYBX
- Fund Code 0986
- CUSIP 05589J403
- SHARE CLASS
-
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Why invest in this Fund?
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.
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
Senior Portfolio Manager, Insight North America LLC
12 yr(s). on fund
-
Jeffrey Burger, CFA
Senior Portfolio Manager, Insight North America, LLC
11 yr(s). on fund
Total Returns
Month End
|
Average Annual As of 09/30/23 |
|||||||
|---|---|---|---|---|---|---|---|
| Name |
3 MO 09/30/23 |
YTD 09/30/23 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
|
BNY Mellon Short Term Municipal Bond Fund
DMYBX |
-0.65 | 0.10 | 1.80 | -1.06 | 0.51 | 0.66 | 3.13 |
Quarter End
|
Average Annual As of 09/30/23 |
|||||||
|---|---|---|---|---|---|---|---|
| Name |
3 MO 09/30/23 |
YTD 09/30/23 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
|
BNY Mellon Short Term Municipal Bond Fund
DMYBX |
-0.65 | 0.10 | 1.80 | -1.06 | 0.51 | 0.66 | 3.13 |
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.
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% |
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 Manager/Sub-Investment Adviser
Asset Allocation
Daily Statistics
| As of 10/03/23 Name |
30-Day Sec Yield (WITHOUT WAIVER) |
30-Day Sec Yield (WITH WAIVER) |
NAV | Change |
04/14/23 12 Month High Nav |
11/01/22 12 Month Low Nav |
YTD Return |
|---|---|---|---|---|---|---|---|
|
DMYBX
|
3.18% | 3.20% | $12.31 |
-$0.01
-0.08%
|
$12.55 | $12.24 | 0.03% |
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
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.
Dividend Schedule
As of 09/2023
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 ($) |
|---|---|
| 09/2023 | 0.013341527 |
| 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 |
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
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