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BNY Mellon Short-Intermediate Municipal Bond Fund
- TICKER DIMIX
- Fund Code 6119
- CUSIP 05589J205
- 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.
Accordingly, 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 only in municipal bonds rated investment grade. The fund invests primarily in municipal bonds with remaining maturities of five years or less and generally maintains a dollar-weighted average portfolio maturity of two to three years.
Min. class investment
$1,000
Class Inception Date
12/15/08
Class Status
Not available for purchase by individual investors.
Fund Assets
$276,895,110
As of
10/16/19
Class Assets
$71,198,987
As of
10/16/19
Portfolio Turnover Rate
17.10%
As of fiscal year end
03/31/19
Morningstar Category
Municipal National Short
Benchmark
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
Morningstar Overall Rating
Fund Holdings
125 As of
09/30/19
Average Effective Maturity
2.41
yr(s). As of
09/30/19
Average Effective Duration
2.14
yr(s). As of
09/30/19
Morningstar Rating™ as of September 30, 2019 for the Class I 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 (179 funds rated); 3 Yrs. 3 Stars (179 funds rated); 5 Yrs. 3 Stars (162 funds rated); 10 Yrs. 3 Stars (117 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
-
Thomas Casey
Portfolio Manager, Mellon Investments Corporation
8 yr(s). on fund
-
Jeffrey Burger
Senior Portfolio Manager, Mellon Investments Corporation
7 yr(s). on fund
Average Annual Returns
Month End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Short-Intermediate Municipal Bond Fund
DIMIX | 3.46 | 1.25 | 1.12 | 1.48 | 3.56 | 12/15/08 |
|
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
| 3.92 | 1.65 | 1.44 | 1.78 | - | - |
Quarter End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Short-Intermediate Municipal Bond Fund
DIMIX | 3.46 | 1.25 | 1.12 | 1.48 | 3.56 | 12/15/08 |
|
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
| 3.92 | 1.65 | 1.44 | 1.78 | - | - |
Cumulative Returns
Month End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Short-Intermediate Municipal Bond Fund DIMIX |
3.46 | 3.79 | 5.74 | 15.85 | 210.85 | 12/15/08 |
|
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
|
3.92 | 5.04 | 7.42 | 19.31 | - | - |
Quarter End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Short-Intermediate Municipal Bond Fund
DIMIX | 3.46 | 3.79 | 5.74 | 15.85 | 210.85 | 12/15/08 |
|
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4) |
3.92 | 5.04 | 7.42 | 19.31 | - | - |
The Bloomberg Barclays Municipal Bond: 3 Year Index (2-4) covers the U.S. dollar-denominated 2-4 year tax-exempt bond market. Investors cannot invest directly in any index.
The total return performance figures presented for Class I shares of the fund represent the performance of the fund's Class D for periods prior to December 15, 2008, the inception date for Class I shares, and the performance of Class I, 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.
Growth of $10,000 Investment
Historical Performance
Not available for purchase by individual investors.
Monthly
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
DIMIX
|
1.53% | 1.51% | 1.56% | 1.60% | 1.63% | 1.54% | 1.55% | 1.50% | 1.50% | 1.51% | 1.51% | 1.49% |
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
| Fund | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|
|
DIMIX
|
1.33% | 1.31% | -0.39% | 0.88% | 1.08% | 0.87% | 1.54% | 3.24% | 1.73% | 6.95% |
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: 1.08%
Combined Effective Federal Income Tax Rate
| As of 10/16/19 | |||||
|---|---|---|---|---|---|
| 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 Short-Intermediate Municipal Bond Fund
DIMIX |
1.50% | 1.59% | 1.68% | 1.76% | 1.82% |
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: 1.00%
Combined Effective Federal Income Tax Rate
| As of 10/16/19 | |||||
|---|---|---|---|---|---|
| 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 Short-Intermediate Municipal Bond Fund
DIMIX |
1.39% | 1.47% | 1.56% | 1.63% | 1.69% |
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 08/01/19 Fee Description | Expense Ratio (%) |
|---|---|
| Management Fee | 0.30% |
| Other Expenses | 0.13% |
| Total Expenses | 0.43% |
| Expenses Reimbursed | 0.04% |
| Net Expenses | 0.39% |
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until August 1, 2020, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of its classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.39%. On or after August 1, 2020, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation at any time.
Portfolio Manager/Sub-Investment Advisor
The fund's investment adviser is BNY Mellon Investment Adviser, Inc. The fund's primary portfolio managers are Thomas Casey and Jeffrey Burger, positions they have held since April 2011 and February 2012, respectively. Messrs. Casey and Burger are senior portfolio managers for tax sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. Mellon investment professionals manage the fund in their capacity as employees of BNY Mellon Investment Adviser, Inc.
Asset Allocation
Daily Statistics
| As of 10/16/19 Name | 30-Day Sec Yield (Unsubsidized) |
30-Day Sec Yield (Subsidized) |
NAV | Change | 08/14/19
12 Month High Nav |
11/01/18
12 Month Low Nav |
YTD Return |
|---|---|---|---|---|---|---|---|
|
DIMIX
|
1.00% | 1.08% | $13.01 |
$0.00
0.00%
|
$13.08 | $12.72 | 2.81% |
Performance Metrics
Overall Morningstar Rating
MORNINGSTAR CATEGORY Municipal National Short
Morningstar Rating™ as of 09/30/19 for the Class I 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 (458 funds rated); 3 Yrs. 3 Stars (179
funds rated); 5 Yrs. 3 Stars (162 funds rated); 10 Yrs. 3 Stars (117 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
33 out of 131 - 3 Year
65 out of 113 - 5 Year
39 out of 99 - 10 Year
18 out of 67
LIPPER CLASSIFICATION Short Municipal Debt Funds
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.
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. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
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.
Risk Metrics
| As of 09/30/19, 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
|---|---|---|---|---|---|
|
DIMIX
|
1.57 | -0.93 | 0.36 | 68.35 | -0.23 |
Dividend Schedule
Declared
Daily
Distributed
Monthly
Paid
Monthly
Fiscal Year End
Mar 31
Annualized Distribution Rate
1.53%
As of 09/2019
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 | 0.016832692 |
| 08/2019 | 0.016149104 |
| 07/2019 | 0.018402720 |
| 06/2019 | 0.015888198 |
| 05/2019 | 0.017963856 |
| 04/2019 | 0.017408106 |
| 03/2019 | 0.015885150 |
| 02/2019 | 0.014840745 |
| 01/2019 | 0.016341132 |
| 12/2018 | 0.016451984 |
| 11/2018 | 0.015837768 |
| 10/2018 | 0.017109988 |
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 |
|---|---|---|---|---|---|---|---|
|
DIMIX
|
0.0000 | 0.0000 | 0.0025 | 0.0000 | 0.0097 | 0.0122 | 12.80 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
DIMIX
|
12/28/16 | 12/29/16 | 12/29/16 |
