Please ensure Javascript is enabled for purposes of website accessibility

    BNY Mellon AMT-Free Municipal Bond Fund

    Overview

    Why invest in this Fund?

    The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital. The fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from the federal alternative minimum tax. Although the fund seeks to provide income exempt from federal income tax and the federal alternative minimum tax, income from some of the fund's holdings may be subject to these taxes. The fund invests at least 65% of its assets in municipal bonds with an A or higher credit rating. The remaining 35% of its assets may be invested in municipal bonds with a credit quality lower than A, including high yield ("junk") bonds.
    Min. class investment
    $1,000
    Class Inception Date
    12/15/08
    Class Status
    Not available for purchase by individual investors.
    Fund Assets
    $1,099,309,648  As of  09/29/23
    Class Assets
    $432,199,203  As of  09/29/23
    Portfolio Turnover Rate
    14.94% As of fiscal year end  08/31/22
    Morningstar Category
    Municipal National Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    469 As of 08/31/23
    AVERAGE EFFECTIVE MATURITY
    16.22 yr(s).  As of  08/31/23
    Modified Duration To Worst
    6.07 yr(s).  As of 08/31/23

    Morningstar Rating™ as of August 31, 2023 for the Class I 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 (269 funds rated); 3 Yrs. 3 Stars (269 funds rated); 5 Yrs. 3 Stars (238 funds rated); 10 Yrs. 5 Stars (182 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.

     

    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.

    Modified Duration to Worst is a measure of the sensitivity of the price of a bond to a change in interest rates, which in this case assumes that the bond is called at its earliest possible call date (Worst). Modified duration measures the expected change in a bond's price to a 1% change in interest rates. In general, the higher the duration, the more a bond's price will drop as interest rates rise.

    Learn more about
    our Featured Funds

    Portfolio Managers

    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America LLC

      9 yr(s). on fund
    • Daniel Rabasco

      Daniel Rabasco, CFA

      Head of Municipal Bonds, Insight North America LLC

      11 yr(s). on fund
    Performance

    Total Returns

    Month End

    Average Annual
    As of 08/31/23
    Name 3 MO
    08/31/23     		YTD
    08/31/23     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon AMT-Free Municipal Bond Fund
    DMBIX
    		0.04 2.07 1.66 -1.41 1.34 2.88 4.52
    Bloomberg U.S. Municipal Bond Index
    		-0.06 1.59 1.70 -1.32 1.52 2.81 -

    Quarter End

    Average Annual
    As of 06/30/23
    Name 3 MO
    06/30/23     		YTD
    06/30/23     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon AMT-Free Municipal Bond Fund
    DMBIX
    		0.26 2.89 2.84 -0.63 1.59 2.66 4.57
    Bloomberg U.S. Municipal Bond Index
    		-0.10 2.67 3.19 -0.58 1.84 2.68 -

    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 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.

    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.

    When applicable, returns reflect a contractual expense reduction, without which returns would have been lower. Please see contractual expense reduction information, if any, in the Prospectus Fee Table below.

    Growth of $10,000 Investment

    Past performance is no guarantee of future results.

    Historical Performance

      Not available for purchase by individual investors.

       

      Past performance is no guarantee of future results.

      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  01/03/23 Fee Description Expense Ratio (%)
      Management Fee 0.35%
      Other Expenses 0.08%
      Total Expenses 0.43%
      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.
      The fund's investment adviser, BNYM Investment Adviser, Inc. has contractually agreed, until December 30, 2023 to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's share classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, brokerage commissions, interest expenses, commitment fees on borrowings and extraordinary expenses) exceed .45%. On or after December 30, 2023, BNYM 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, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Insight North America LLC (INA), to serve as the fund's sub-investment adviser. Thomas Casey and Daniel Rabasco, CFA are the fund's primary portfolio managers, positions they have held since July 2014 and February 2012, respectively. Mr. Casey is a director and senior portfolio manager for tax-sensitive strategies at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser. Mr. Rabasco is a managing director and the head of municipal bond strategies at INA.
      Download Total Holdings

      Asset Allocation

          Stats & Risks

          Daily Statistics

          As of 09/29/23 Name 30-Day Sec Yield
          (WITHOUT WAIVER)           		30-Day Sec Yield
          (WITH WAIVER)           		NAV Change 04/13/23  12 Month 
          High Nav           		11/03/22  12 Month 
          Low Nav           		YTD Return
          DMBIX
          		4.01% 4.01% $12.61
          $0.03
          0.24%
          		$13.37 $12.52 -0.75%

          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.

          Performance Metrics

          Overall Morningstar Rating

          MORNINGSTAR CATEGORY Municipal National Intermediate

          Morningstar Rating™ as of 08/31/23 for the Class I 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 (269 funds rated); 3 Yrs. 3 Stars (269 funds rated); 5 Yrs. 3 Stars (238 funds rated); 10 Yrs. 5 Stars (182 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 293
          • 3 Year
            116 out of 278
          • 5 Year
            78 out of 249
          • 10 Year
            69 out of 181

          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. Capital gains, if any, are taxable.

          Risk Metrics

          As of  08/31/23  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DMBIX
          		5.86 -0.28 0.94 99.01 -0.54

          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.


          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.

          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.

          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 ($)
          09/2023 0.030513771
          08/2023 0.032648974
          07/2023 0.032269979
          06/2023 0.030939990
          05/2023 0.034073036
          04/2023 0.028506432
          03/2023 0.031415665
          02/2023 0.028068316
          01/2023 0.031434537
          12/2022 0.029091308
          11/2022 0.028744165
          10/2022 0.029548596

          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           		Reinvest 
          NAV
          12/22/21 12/23/21 12/23/21 0.0000 0.0000 0.0000 0.0000 0.0273 0.0273 14.69
          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           		Reinvest 
          NAV
          12/26/19 12/27/19 12/27/19 0.0000 0.0000 0.0000 0.0000 0.0287 0.0287 -
          Literature

          Literature

          PRODUCT MATERIALS

          • Download
          • Share
          • Subscribe
          • Order
          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          WINDOW OF OPPORTUNITY IN MUNICIPAL BONDS Download
          BNY Mellon Muni Funds Breakpoint Pricing Download
          BNY Mellon Municipal Finds - Investment Report Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon AMT-Free Municipal Bond Fund - Commentary Download

          Factsheet, Prospectus and Reports

          • Download
          • Share
          • Subscribe
          • Order
          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Annual Report Download
          Semi Annual Report Download
          1Q Fiscal Holdings Download
          3Q Fiscal Holdings Download

          Investors should consider the investment objectives, risks, charges, and expenses of a mutual fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

          This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

          Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.