BNY Mellon Municipal Bond Fund

  • TICKER DRTAX
  • Fund Code 0054
  • CUSIP 05588B104
  • SHARE CLASS Single Share Class

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 this goal, the fund normally invests substantially all of its net assets in municipal bonds that provide income exempt from federal personal income tax.

The fund invests at least 75% of its assets in municipal bonds rated A or higher or the unrated equivalent as determined by the manager.
Min. class investment
$1,000
Class Inception Date
10/04/76
Fund Assets
$1,253,840,014  As of  10/23/19
Class Assets
$1,253,840,014  As of  10/23/19
Portfolio Turnover Rate
31.21%  As of fiscal year end  08/31/18
Morningstar Category
Municipal National Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
228  As of  09/30/19
Average Effective Maturity
17.64  yr(s).  As of  09/30/19
Average Effective Duration
4.99  yr(s).  As of  09/30/19

Morningstar Rating™ as of September 30, 2019 for the Single Share Class class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Intermediate category. Fund ratings are out of 5 Stars: Overall 4 Stars (244 funds rated); 3 Yrs. 4 Stars (244 funds rated); 5 Yrs. 4 Stars (217 funds rated); 10 Yrs. 4 Stars (149 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

  • Marques, Daniel

    Daniel Marques

    Senior Portfolio Manager, Mellon Investments Corporation

    10 yr(s). on fund

  • Rabasco, Daniel

    Daniel Rabasco

    Portfolio Manager, Mellon Investments Corporation

    7 yr(s). on fund


As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Municipal Bond Fund
DRTAX
8.31 2.89 3.59 4.03 5.45 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
8.55 3.19 3.66 4.16 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Municipal Bond Fund
DRTAX
8.31 2.89 3.59 4.03 5.45 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
8.55 3.19 3.66 4.16 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Municipal Bond Fund
DRTAX
8.31 8.94 19.29 48.51 878.26 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
8.55 9.88 19.68 50.38 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Municipal Bond Fund
DRTAX
8.31 8.94 19.29 48.51 878.26 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
8.55 9.88 19.68 50.38 - -
The Bloomberg Barclays U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Historical Performance

    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
    DRTAX
    2.58% 2.61% 2.68% 2.71% 2.77% 2.78% 2.80% 2.84% 2.92% 2.90% 2.88% 2.92%

    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.

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DRTAX
    0.46% 5.67% -0.27% 3.60% 10.51% -3.56% 7.31% 10.36% 1.05% 16.65%

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

    Taxable Equivalent Yield Based on the Fund's 30-day Yield

    30-Day Yield: 1.47%

    Combined Effective Federal Income Tax Rate

     

    As of  10/23/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    Joint Return $250,001 to $321,450 - $321,451 to $408,200 $408,201 to $612,350 Over $612,351
    Single Return - $160,726 to $200,000 $200,001 to $204,100 $204,101 to $510,300 Over $510,301
    BNY Mellon Municipal Bond Fund
    DRTAX
    2.04% 2.16% 2.29% 2.40% 2.48%

    Income is subject to state and local taxes, and some portion may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are fully taxable.

    30-Day Yield Restated: 1.47%

    Combined Effective Federal Income Tax Rate

     

    As of  10/23/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    Joint Return $250,001 to $321,450 - $321,451 to $408,200 $408,201 to $612,350 Over $612,351
    Single Return - $160,726 to $200,000 $200,001 to $204,100 $204,101 to $510,300 Over $510,301
    BNY Mellon Municipal Bond Fund
    DRTAX
    2.04% 2.16% 2.29% 2.40% 2.48%

    Income is subject to state and local taxes, and some portion may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are fully taxable.

    Restated yields do not reflect current undertaking in effect, which may be modified, extended, or terminated at any time.


    Prospectus Fee Table Expense Ratios

    As of  12/31/18 Fee Description Expense Ratio (%)
    Management Fee 0.60%
    Shareholder Service Fees 0.05%
    Other Expenses 0.07%
    Total Expenses 0.72%

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. The fund's primary portfolio managers are Daniel Marques and Daniel Rabasco, positions they have held since December 2009 and February 2012, respectively. Mr. Marques is a senior portfolio manager for institutional accounts and Director of Individual Portfolio Management at Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. Mr. Rabasco is the Chief Investment Officer for Tax-Sensitive Fixed Income at Mellon. Mellon investment professionals manage the fund in their capacity as employees of BNY Mellon Investment Adviser, Inc.

    Asset Allocation


        Daily Statistics

        As of  10/23/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 08/28/19  12 Month 
        High Nav
        11/02/18  12 Month 
        Low Nav
        YTD Return
        DRTAX
        1.47% 1.47% $11.99
        -$0.01
        -0.08%
        $12.17 $11.30 6.95%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal National Intermediate


        Morningstar Rating™ as of 09/30/19 for the Single Share Class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Intermediate. Fund ratings are out of 5 Stars: Overall 4 Stars (610 funds rated); 3 Yrs. 4 Stars (244 funds rated); 5 Yrs. 4 Stars (217 funds rated); 10 Yrs. 4 Stars (149 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
          143 out of 276
        • 3 Year
          142 out of 238
        • 5 Year
          95 out of 209
        • 10 Year
          92 out of 167

        LIPPER CLASSIFICATION General & Insured Municipal 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.

        Municipal income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.

        Risk Metrics

        As of  09/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DRTAX
        3.76 -0.36 1.05 98.29 0.36

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Aug 31
        Annualized Distribution Rate
        2.58%
        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 0.026402265
        08/2019 0.026066208
        07/2019 0.029032116
        06/2019 0.024788421
        05/2019 0.028001617
        04/2019 0.028615841
        03/2019 0.026100398
        02/2019 0.025163542
        01/2019 0.028566816
        12/2018 0.028284373
        11/2018 0.026997188
        10/2018 0.029933401
        All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.

        Distributions History

        (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
        DRTAX
        0.0000 0.0000 0.0000 0.0000 0.0192 0.0192 11.47
        Record Date Ex-Dividend Date Payable Date
        DRTAX
        12/27/18 12/28/18 12/28/18
        (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
        DRTAX
        Final 0.0000 0.0000 0.0000 0.0000 0.0192 0.0192 11.47
        Record Date Ex-Dividend Date Payable Date
        DRTAX
        12/27/18 12/28/18 12/28/18