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    BNY Mellon National 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. To pursue its goal, 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 personal income tax. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities.

    The fund's investments in municipal and taxable bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by BNY Mellon Investment Adviser, Inc. (BNYIA). Generally, the fund's average effective portfolio maturity will not exceed four years, and the average effective duration of the fund's portfolio will not exceed three years. The fund may invest in individual municipal and taxable bonds of any maturity or duration. A bond's maturity is the length of time until the principal must be fully repaid with interest. Average effective portfolio maturity is an average of the maturities of bonds held by the fund directly and the bonds underlying derivative instruments entered into by the fund, if any, adjusted to reflect provisions or market conditions that may cause a bond's principal to be repaid earlier than at its stated maturity. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.
    Class Inception Date
    10/02/00
    Fund Assets
    $507,263,442  As of  09/15/25
    Class Assets
    $496,484,647  As of  09/15/25
    Portfolio Turnover Rate
    90.99% As of fiscal year end  08/31/24
    Morningstar Category
    Municipal National Short
    Benchmark
    S&P Municipal Bond Investment Grade Short Index
    Morningstar Overall Rating
    Fund Holdings
    274 As of 08/31/25
    AVERAGE EFFECTIVE MATURITY
    2.84 yr(s).  As of  08/31/25

    Morningstar Rating™ as of August 31, 2025 for the Class M 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 3 Stars (215 funds rated); 3 Yrs. 3 Stars (215 funds rated); 5 Yrs. 3 Stars (198 funds rated); 10 Yrs. 3 Stars (158 funds rated).

    Yields and Expense Ratio

    SUBSIDIZED
    as of 09/15/25     		UNSUBSIDIZED
    as of 09/15/25     		ANNUALIZED DISTRIBUTION RATE
    as of 08/31/25     		TAXABLE EQUIVALENT DISTRIBUTION *
    as of
    08/31/25     		PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 12/31/24     		CONTRACTUAL
    FEE WAIVER END DATE
    30-DAY SEC YIELD TAXABLE EQUIVALENT YIELD * 30-DAY SEC YIELD TAXABLE EQUIVALENT YIELD * Net Gross
    2.41 4.07 2.31 3.90 2.82 4.76 0.44 0.55 12/31/25

    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.

    The taxable-equivalent yield is the return that a taxable bond fund needs to possess for its yield to equal the yield on a comparable tax-exempt bond fund, such as a municipal bond fund.

    Tax rates are subject to change; please consult with your financial or tax professional for information concerning your specific situation.

    * Based on maximum combined federal and Medicare tax of 40.80%. Other taxes not included.

    Portfolio Managers

    • John F. Flahive

      John F. Flahive, CFA

      Portfolio Manager, BNY Mellon Investment Adviser, Inc.

      Managing Fund Since 2015
    Performance

    Total Returns

    Month End

    Average Annual
    As of 08/31/25
    Name 3 MO
    08/31/25     		YTD
    08/31/25     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon National Short-Term Municipal Bond Fund
    MPSTX
    		1.73 3.09 3.46 3.22 1.48 1.42 2.06
    S&P Municipal Bond Investment Grade Short Index
    		1.66 3.07 3.43 3.10 1.47 1.59 -

    Quarter End

    Average Annual
    As of 06/30/25
    Name 3 MO
    06/30/25     		YTD
    06/30/25     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon National Short-Term Municipal Bond Fund
    MPSTX
    		0.91 1.88 3.83 2.81 1.35 1.32 2.02
    S&P Municipal Bond Investment Grade Short Index
    		1.01 1.98 3.95 2.66 1.34 1.52 -

    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 S&P Municipal Bond Investment Grade Short Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor's, Baa3 by Moody's or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index.

    Growth of $10,000 Investment

    Historical Performance

      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  12/31/24 Fee Description Expense Ratio (%)
      Management Fee 0.35%
      Administration Fee 0.14%
      Other Expenses 0.06%
      Total Expenses 0.55%
      Expenses Reimbursed 0.11%
      Net Expenses 0.44%
      The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until December 31, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of neither class of fund shares (excluding shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .44%. On or after December 31, 2025, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.
      Portfolio

      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNY Mellon Investment Adviser. John F. Flahive is the fund's primary portfolio manager, a position he has held since September 2015. Mr. Flahive is a managing director at BNY Wealth. He also is an employee of BNYIA and manages the fund in his capacity as an employee of BNYIA.
      Download Total Holdings

      Asset Allocation

          Stats & Risks

          Daily Statistics

          As of 09/15/25 Name NAV Change 09/15/25  12 Month 
          High Nav           		04/09/25  12 Month 
          Low Nav           		YTD Return
          MPSTX
          		$12.86
          $0.00
          0.00%
          		$12.86 $12.55 3.68%

          Performance Metrics

          Overall Morningstar Rating

          MORNINGSTAR CATEGORY Municipal National Short

          Morningstar Rating™ as of 08/31/25 for the Class M shares; other classes may have different performance characteristics. Overall rating for the Municipal National Short. Fund ratings are out of 5 Stars: Overall 3 Stars (215 funds rated); 3 Yrs. 3 Stars (215 funds rated); 5 Yrs. 3 Stars (198 funds rated); 10 Yrs. 3 Stars (158 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
            31 out of 139
          • 3 Year
            64 out of 129
          • 5 Year
            62 out of 116
          • 10 Year
            45 out of 86

          LIPPER CLASSIFICATION Short Municipal Debt Funds

          Lipper Category returns and rankings as of 08/31/25, 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

          The fund is subject generally to interest rate, credit, liquidity, call, and market risks, to varying degrees, all of which are more fully described in the fund's prospectus.
          Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
          Please refer to the prospectus for a more complete discussion of the fund's main risks.

          Risk Metrics

          As of  08/31/25  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          MPSTX
          		1.99 -1.12 0.27 85.68 -0.86

          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.


          Distributions

          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 ($)
          08/2025 0.030702011
          07/2025 0.030211884
          06/2025 0.027530280
          05/2025 0.029261428
          04/2025 0.028288799
          03/2025 0.026840775
          02/2025 0.025534052
          01/2025 0.028541022
          12/2024 0.027687335
          11/2024 0.027393875
          10/2024 0.026837376
          09/2024 0.023947740

          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
          12/28/16 12/29/16 12/29/16 0.0000 0.0000 0.0056 0.0000 0.0108 0.0164
          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
          12/22/15 12/23/15 12/23/15 0.0000 0.0000 0.0037 0.0000 0.0034 0.0071
          12/17/14 12/18/14 12/18/14 0.0000 0.0000 0.0003 0.0000 0.0148 0.0151
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0003 0.0000 0.0067 0.0070
          12/14/06 12/15/06 12/15/06 0.0000 0.0000 0.0027 0.0000 0.0000 0.0027
          12/08/04 12/09/04 12/09/04 0.0000 0.0000 0.0000 0.0000 0.0020 0.0020
          12/05/02 12/06/02 12/06/02 0.0000 0.0000 0.0078 0.0000 0.0000 0.0144
          12/06/01 12/07/01 12/07/01 0.0000 0.0000 0.0587 0.0000 0.0000 0.0897
          Literature

          Literature

          Factsheet, Prospectus and Reports

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          Factsheet Download
          Prospectus Download
          SAI Download
          Annual Report - Class M Download
          Semi Annual Report - Class M Download
          Annual Financials and Other Information Download
          Semi Annual Financials and Other Information Download
          1Q Fiscal Holdings Download
          3Q Fiscal Holdings Download
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