BNY Mellon California AMT-Free Municipal Bond Fund, Inc.

Overview

Why invest in this Fund?

The fund seeks as high a level of current income, exempt from federal and California state income taxes, as is 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 and California state income taxes. The fund also seeks to provide income exempt from the federal alternative minimum 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, and certain other specified securities.

Min. class investment
$1,000
Class Inception Date
12/15/08
Class Status
Not available for purchase by individual investors.
Fund Assets
$890,908,701  As of  10/11/19
Class Assets
$56,003,199  As of  10/11/19
Portfolio Turnover Rate
22.63%  As of fiscal year end  05/31/19
Morningstar Category
Municipal California Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
209  As of  09/30/19
Average Effective Maturity
18.58  yr(s).  As of  09/30/19
Average Effective Duration
5.35  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 California Intermediate category. Fund ratings are out of 5 Stars: Overall 5 Stars (56 funds rated); 3 Yrs. 5 Stars (56 funds rated); 5 Yrs. 5 Stars (52 funds rated); 10 Yrs. 5 Stars (44 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

  • Casey, Thomas

    Thomas Casey

    Portfolio Manager, Mellon Investments Corporation

    7 yr(s). on fund

  • Burger, Jeffrey

    Jeffrey Burger

    Senior Portfolio Manager, Mellon Investments Corporation

    10 yr(s). on fund

Performance

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 California AMT-Free Municipal Bond Fund, Inc.
DCMIX
 7.19 2.55 3.45 4.17 5.81 12/15/08
Bloomberg Barclays U.S. Municipal Bond Index
 8.55 3.19 3.66 4.16 - -

Quarter End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
DCMIX
 7.19 2.55 3.45 4.17 5.81 12/15/08
Bloomberg Barclays U.S. Municipal Bond Index
 8.55 3.19 3.66 4.16 - -

Cumulative Returns

Month End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
DCMIX
 7.19 7.85 18.48 50.42 672.51 12/15/08
Bloomberg Barclays U.S. Municipal Bond Index
 8.55 9.88 19.68 50.38 - -

Quarter End

As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
DCMIX
 7.19 7.85 18.48 50.42 672.51 12/15/08
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.

The total return performance figures presented for Class I shares of the fund represent the performance of the fund's Class Z 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
    DCMIX
    		 2.78% 2.86% 2.91% 2.92% 3.10% 3.12% 3.30% 3.31% 3.36% 3.34% 3.34% 3.28%

    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
    DCMIX
    		 0.21% 5.89% -0.70% 3.84% 11.54% -4.02% 8.40% 11.77% 0.92% 13.70%

    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: 1.33%

    Combined Effective Federal and State Income Tax Rate

     

    As of  10/11/19
    Name 45.10% 45.72% 46.90% 47.49% 48.08%
    Joint Return $572,985 to $612,350 - $612,351 to $687,576 $687,577 to $1,145,960 Over $1,145,961
    Single Return $286,493 to $343,788 $343,789 to $510,300 - $510,301 to $572,980 Over $572,981
    BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
    DCMIX
    		 2.42% 2.45% 2.50% 2.53% 2.56%

    Composite effective Federal and State tax bracket for California residents after Federal benefits. Income is subject to State and local taxes for non-California residents. Some income may be subject to the Federal Alternative Minimum Tax. Capital gains, if any, are taxable.

    30-Day Yield Restated: 1.33%

    Combined Effective Federal and State Income Tax Rate

     

    As of  10/11/19
    Name 45.10% 45.72% 46.90% 47.49% 48.08%
    Joint Return $572,985 to $612,350 - $612,351 to $687,576 $687,577 to $1,145,960 Over $1,145,961
    Single Return $286,493 to $343,788 $343,789 to $510,300 - $510,301 to $572,980 Over $572,981
    BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
    DCMIX
    		 2.42% 2.45% 2.50% 2.53% 2.56%

    Composite effective Federal and State tax bracket for California residents after Federal benefits. Income is subject to State and local taxes for non-California residents. Some income may be subject to the Federal Alternative Minimum Tax. Capital gains, if any, are taxable.

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

    Fees & Expenses

    Prospectus Fee Table Expense Ratios

    As of  09/30/19 Fee Description Expense Ratio (%)
    Management Fee 0.60%
    Other Expenses 0.13%
    Total Expenses 0.73%
    Portfolio

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc. The fund's primary portfolio managers are Jeffrey Burger and Thomas Casey, positions they have held since December 2009 and February 2012, respectively. Messrs. Burger and Casey 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

        Stats & Risks

        Daily Statistics

        As of  10/11/19 Name 30-Day Sec Yield 
        (Unsubsidized)        		 30-Day Sec Yield 
        (Subsidized)        		 NAV Change 08/28/19  12 Month 
        High Nav        		 11/06/18  12 Month 
        Low Nav        		 YTD Return
        DCMIX
        		 1.33% 1.33% $15.14
        -$0.04
        -0.26%
        		 $15.28 $14.39 6.85%

        Performance Metrics

        Overall Morningstar Rating

        MORNINGSTAR CATEGORY Municipal California Intermediate

        Morningstar Rating™ as of 09/30/19 for the Class I shares; other classes may have different performance characteristics. Overall rating for the Municipal California Intermediate. Fund ratings are out of 5 Stars: Overall 5 Stars (152 funds rated); 3 Yrs. 5 Stars (56 funds rated); 5 Yrs. 5 Stars (52 funds rated); 10 Yrs. 5 Stars (44 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
          114 out of 131
        • 3 Year
          82 out of 111
        • 5 Year
          69 out of 107
        • 10 Year
          58 out of 88

        LIPPER CLASSIFICATION California 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 for out-of-state residents. 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
        DCMIX
        		 3.86 -0.72 1.07 96.46 0.26
        Distributions

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        May 31
        Annualized Distribution Rate
        2.78%
        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 0.035734679
        08/2019 0.035874394
        07/2019 0.039560296
        06/2019 0.033535686
        05/2019 0.039283142
        04/2019 0.040298692
        03/2019 0.038603387
        02/2019 0.037000471
        01/2019 0.041487586
        12/2018 0.041328421
        11/2018 0.039694055
        10/2018 0.042840264
        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
        DCMIX
        		 0.0000 0.0000 0.0020 0.0000 0.0607 0.0627 14.51
        Record Date Ex-Dividend Date Payable Date
        DCMIX
        		 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
        DCMIX
        		 Final 0.0000 0.0000 0.0020 0.0000 0.0607 0.0627 14.51
        Record Date Ex-Dividend Date Payable Date
        DCMIX
        		 12/27/18 12/28/18 12/28/18
        Literature