BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM)
- CUSIP 09662E109
- NAV $ 6.79 As of 08/29/24
- CHG $ 0.01 (0.15 %)
- MKT PRICE $6.07 As of 08/29/24
- CHG $-0.01 (-0.16 %)
- Ann. Dist. Rate 3.61% As of 07/31/24
- Premium/Discount -10.47% As of 08/30/24
Why invest in this Fund?
- Seeks to provide investors a monthly federal tax-exempt dividend by investing primarily in high quality municipal bonds.
- With yield scarce across many bond securities, investors may be drawn to municipal bonds because of their local government appeal and tax-exempt status.
- The management team is very experienced investing in municipal bonds and the fund has a history of over 30 years.
- May be appropriate as a conservative municipal bond holding within diversified portfolios.
Yields and Expense Ratio
SUBSIDIZED as of 08/30/24 |
UNSUBSIDIZED as of 08/30/24 |
ANNUALIZED DISTRIBUTION RATE as of 07/31/24 |
TAXABLE EQUIVALENT DISTRIBUTION * as of 07/31/24 |
PROSPECTUS FEE TABLE EXPENSE RATIO (%) as of 11/30/21 |
CONTRACTUAL FEE WAIVER END DATE |
|||
---|---|---|---|---|---|---|---|---|
30-DAY SEC YIELD | TAXABLE EQUIVALENT YIELD * | 30-DAY SEC YIELD | TAXABLE EQUIVALENT YIELD * | Net | Gross | |||
4.10 | 6.93 | 4.00 | 6.76 | 3.61 | 6.10 | 0.97 | 1.07 | 11/29/24 |
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.
NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Market Price - The market price is the most recent price at which the fund was traded.
Annualized Distribution Rate - It represents the latest declared regular distribution, annualized, relative to the market price as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions are sourced entirely from net investment income, unless otherwise noted.
Net Assets - It is the total assets minus liabilities, including the assets attributable to the Auction Preferred Stock.
Managed Assets - It is the total assets of the fund, including any assets attributable to leverage, minus the fund's accrued liabilities, other than any liabilities or obligations attributable to leverage.
Total Leverage - It is the amount of borrowed funds used to purchase assets in order to potentially enhance returns.
Leveraged Effective Duration - It takes into account the impact of the fund’s use of leverage on the potential effect of interest-rate changes on the fund’s portfolio and optional call provisions of the fund’s portfolio holdings.
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.
Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.
Weighted Average Coupon - It is calculated from a fund’s portfolio by weighing the coupon of each bond by its relative size in the portfolio. Coupons are percentages paid out on a fixed-income security on a periodic basis.
Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.
NAV - A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Market Price - The market price is the most recent price at which the fund was traded.
Annualized Distribution Rate - It represents the latest declared regular distribution, annualized, relative to the market price as of quarter end. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions are sourced entirely from net investment income, unless otherwise noted.
Net Assets - It is the total assets minus liabilities, including the assets attributable to the Auction Preferred Stock.
Managed Assets - It is the total assets of the fund, including any assets attributable to leverage, minus the fund's accrued liabilities, other than any liabilities or obligations attributable to leverage.
Total Leverage - It is the amount of borrowed funds used to purchase assets in order to potentially enhance returns.
Leveraged Effective Duration - It takes into account the impact of the fund’s use of leverage on the potential effect of interest-rate changes on the fund’s portfolio and optional call provisions of the fund’s portfolio holdings.
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.
Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.
Weighted Average Coupon - It is calculated from a fund’s portfolio by weighing the coupon of each bond by its relative size in the portfolio. Coupons are percentages paid out on a fixed-income security on a periodic basis.
Portfolio Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.
Portfolio Managers
-
Jeffrey Burger, CFA
Senior Portfolio Manager, Insight North America, LLC
Managing Fund Since 2014
Joined Firm in 2009
Joined Industry in 2000
-
Daniel Rabasco, CFA
Head of Municipal Bonds, Insight North America LLC
Managing Fund Since 2016
Joined Firm in 1998
Joined Industry in 1987
Daily Statistics
As of 08/29/24NAME | NAV |
NAV CHANGE |
MARKET PRICE |
MARKET PRICE CHANGE |
PREMIUM/ DISCOUNT |
---|---|---|---|---|---|
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
$6.79 |
$0.01
0.15%
|
$6.07 |
$-0.01
-0.16%
|
-10.47% |
Premium / Discount - The amount the fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the fund's market price is greater than the fund's NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the fund's market price is less than the fund's NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number.
Market Price performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the NAV is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times.
Monthly Statistics
As of 07/31/24 NAME |
52 WEEK AVERAGE PREMIUM/DISCOUNT |
52 WEEK LOW/HIGH MARKET PRICE |
---|---|---|
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
-11.78% | $4.72-$5.99 |
Total Returns
Month End
Average Annual As of 07/31/24 |
|||||||
---|---|---|---|---|---|---|---|
Name |
3 MO 07/31/24 |
YTD 07/31/24 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
BNY Mellon Strategic Municipal Bond Fund, Inc.
(DSM) |
7.57 | 7.21 | 8.87 | -6.66 | -2.04 | 2.41 | 4.98 |
Bloomberg U.S. Municipal Bond Index
|
2.16 | 0.50 | 3.74 | -0.86 | 1.18 | 2.47 | - |
Quarter End
Average Annual As of 06/30/24 |
|||||||
---|---|---|---|---|---|---|---|
Name |
3 MO 06/30/24 |
YTD 06/30/24 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
BNY Mellon Strategic Municipal Bond Fund, Inc.
DSM |
2.32 | 6.00 | 8.42 | -6.09 | -1.11 | 2.00 | 4.96 |
Bloomberg U.S. Municipal Bond Index
|
-0.02 | -0.40 | 3.21 | -0.88 | 1.16 | 2.39 | - |
The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield and investment return fluctuate and an investor's shares may be worth more or less that the original cost.
Total return based on market price represents changes to the fund's closing market price on its primary exchange. Total return based on net asset value (NAV) reflects changes in the fund's NAV during each period.
Returns are shown net of fund expenses and assumes the reinvestment of all distributions. Investors who purchase shares of the fund through an investment advisor or other financial professional may separately pay a fee to that service provider.
The return figures provided reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect until May 31, 2021, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, the fund's return would have been lower.
The Bloomberg 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 at Market Price
Historical NAV and Market Price Trailing Twelve Months
Historical Premium/Discount Trailing Twelve Months
Historical Performance
Past performance is no guarantee of future results.
Returns are shown net of fund expenses and assumes the reinvestment of all distributions.
Expense Ratio
As of 11/30/21Fee Description | Total Expense Ratio (%) |
---|---|
Management Fee | 0.50% |
Other Expenses | 0.34% |
Interest Expense | 0.23% |
Total Expenses | 1.07% |
Expenses Reimbursed | 0.10% |
Net Expenses | 0.97% |
Total Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Total Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.
Please see the fund's Annual Report for full information on expenses.
Portfolio Manager
Holdings, Coupon Rate, Maturity
As of 07/31/24Holdings data is unaudited and provided for informational purposes only and is not intended for trading purposes. Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a security.
Asset Allocation
Composition | Allocation |
---|
Main Risks
High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer's perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.
The use of leverage magnifies the fund's investment, market and certain other risks. For derivatives with a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.
CEFs are exposed to much of the same risk as other exchange traded products, including liquidity risk on the secondary market, credit risk, concentration risk and discount risk. If the CEF includes foreign market investments, it will be exposed to the typical foreign market risks, including currency, political and economic risk.
Shares of closed-end funds frequently trade at a market price that is below their net asset value. This is commonly referred to as
trading at a discount.This characteristic of shares of closed-end funds is a risk separate and distinct from the risk that the fund's net asset value may decrease.
The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid, and difficult to value and there is the risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or the portfolios other investments.
Risk Metrics
As of 07/31/24 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
---|---|---|---|---|---|
DSM
|
14.48 | 1.42 | 1.91 | 95.62 | -0.45 |
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. Aggregate Bond Index.
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.
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.
Dividend Schedule
Distributions History
RECORD DATE | EX-DIVIDEND DATE | PAYABLE DATE | DIVIDEND INCOME | SHORT-TERM CAPITAL GAIN |
LONG-TERM CAPITAL GAIN |
TOTAL DISTRIBUTION |
---|---|---|---|---|---|---|
08/14/24 | 08/14/24 | 08/30/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
RECORD DATE | EX-DIVIDEND DATE | PAYABLE DATE | DIVIDEND INCOME | SHORT-TERM CAPITAL GAIN |
LONG-TERM CAPITAL GAIN |
TOTAL DISTRIBUTION |
---|---|---|---|---|---|---|
07/15/24 | 07/15/24 | 07/31/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
06/14/24 | 06/14/24 | 06/28/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
05/14/24 | 05/13/24 | 05/31/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
04/12/24 | 04/11/24 | 04/30/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
03/14/24 | 03/13/24 | 03/29/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
02/14/24 | 02/13/24 | 02/29/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
01/16/24 | 01/12/24 | 01/31/24 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
12/14/23 | 12/13/23 | 12/29/23 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
11/15/23 | 11/14/23 | 12/01/23 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
10/16/23 | 10/13/23 | 10/31/23 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
09/15/23 | 09/14/23 | 10/02/23 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
08/10/23 | 08/09/23 | 08/31/23 | 0.0180 | 0.0000 | 0.0000 | 0.0180 |
See all rows... |
Distributions are sourced entirely from net investment income, unless noted otherwise. If the fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and accounting practices, the fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice.
Tax consequences of dividend or capital gain distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. You should not draw any conclusions about the Fund's investment performance from the amount of the fund's distributions. Trading CEFs will also generate tax consequences and transaction expenses. This information is general in nature and is not intended to constitute tax advice. Please consult your own legal or tax advisor for more detailed information on tax issues and advice as they relate to your specific situation.
Literature
ANNOUNCEMENTS
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DMF DSM LEO Dividend Declaration Press Release July 2024 | ||||
BNY MELLON MUNICIPAL BOND CLOSED-END FUNDS ANNOUNCE SALE OF $158.4 MILLION OF VARIABLE RATE MUNIFUND TERM PREFERRED SHARES - July 2023 |
PRODUCT INFORMATION
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BNY Mellon Strategic Municipal Bond Fund, Inc. - Commentary |
Reports
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Factsheet | Download | Share | ||
Annual Report - Common Stock | Download | Share | ||
Semi Annual Report - Common Stock | Download | Share | ||
1Q Fiscal Holdings | Download | Share | ||
3Q Fiscal Holdings | Download | Share |