Please ensure Javascript is enabled for purposes of website accessibility

    BNY Mellon Municipal Bond Fund

    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.
    Class Inception Date
    10/04/76
    Fund Assets
    $910,413,858  As of  03/08/24
    Class Assets
    $910,413,858  As of  03/08/24
    Portfolio Turnover Rate
    15.03% As of fiscal year end  08/31/23
    Morningstar Category
    Municipal National Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    249 As of 02/29/24
    AVERAGE EFFECTIVE MATURITY
    17.19 yr(s).  As of  02/29/24
    AVERAGE EFFECTIVE DURATION
    5.59 yr(s).  As of 02/29/24

    Morningstar Rating™ as of February 29, 2024 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 (260 funds rated); 3 Yrs. 3 Stars (260 funds rated); 5 Yrs. 3 Stars (236 funds rated); 10 Yrs. 4 Stars (177 funds rated).

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 03/08/24
    ANNUALIZED
    DISTRIBUTION RATE
    as of 02/29/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 12/29/23
    Subsidized Unsubsidized Net Gross Contractual
    Fee Waiver End Date
    3.25 3.25 2.79 0.74 0.74 -

    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.

    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.

     

     

    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.

    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.


    Total Returns

    Average Annual
    As of 02/29/24
    Name 3 MO
    02/29/24
    YTD
    02/29/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Bond Fund
    DRTAX
    2.59 0.09 5.90 -0.53 1.72 2.56 4.99
    Bloomberg U.S. Municipal Bond Index
    1.93 -0.38 5.42 -0.21 1.91 2.68 -
    Average Annual
    As of 12/31/23
    Name 3 MO
    12/31/23
    YTD
    12/31/23
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Bond Fund
    DRTAX
    7.25 6.38 6.38 -0.79 1.95 2.93 5.01
    Bloomberg U.S. Municipal Bond Index
    7.89 6.40 6.40 -0.40 2.25 3.03 -

    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.

     

    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

      Past performance is no guarantee of future results.

      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.

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


      Prospectus Fee Table Expense Ratios

      As of  12/29/23 Fee Description Expense Ratio (%)
      Management Fee 0.60%
      Shareholder Service Fees 0.06%
      Other Expenses 0.08%
      Total Expenses 0.74%
      Net Expenses 0.74%

      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-adviser. Daniel Marques, CFA and Daniel Rabasco, CFA are the fund's primary portfolio managers, positions they have held since December 2009 and February 2012, respectively. Mr. Marques is a senior portfolio manager for U.S. municipal bond strategies at INA. Mr. Rabasco is the head of municipal bond strategies at INA.

      Asset Allocation


          Daily Statistics

          As of 03/08/24 Name NAV Change 02/01/24  12 Month 
          High Nav
          10/30/23  12 Month 
          Low Nav
          YTD Return
          DRTAX
          $10.86
          $0.00
          0.00%
          $10.91 $10.02 0.49%

          Past performance is no guarantee of future results.

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Municipal National Intermediate


          Morningstar Rating™ as of 02/29/24 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 (260 funds rated); 3 Yrs. 3 Stars (260 funds rated); 5 Yrs. 3 Stars (236 funds rated); 10 Yrs. 4 Stars (177 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
            146 out of 294
          • 3 Year
            124 out of 272
          • 5 Year
            125 out of 255
          • 10 Year
            94 out of 184

          LIPPER CLASSIFICATION General & Insured Municipal Debt Funds


          Lipper Category returns and rankings as of 02/29/24, 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  02/29/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DRTAX
          7.42 -0.35 0.99 98.19 -0.42

          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.


          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 ($)
          02/2024 0.024049728
          01/2024 0.025167310
          12/2023 0.026017239
          11/2023 0.025003960
          10/2023 0.026982509
          09/2023 0.023837059
          08/2023 0.025495050
          07/2023 0.025211280
          06/2023 0.024389863
          05/2023 0.026716984
          04/2023 0.022728476
          03/2023 0.025179543

          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
          03/05/24 03/06/24 03/06/24 0.0255 0.0000 0.0000 0.0000 0.0000 0.0255
          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
          12/22/21 12/23/21 12/23/21 0.0000 0.0000 0.0000 0.0000 0.0782 0.0782
          12/22/20 12/23/20 12/23/20 0.0000 0.0000 0.0016 0.0000 0.0618 0.0634
          12/26/19 12/27/19 12/27/19 0.0000 0.0000 0.0029 0.0000 0.0878 0.0907
          12/27/18 12/28/18 12/28/18 0.0000 0.0000 0.0000 0.0000 0.0192 0.0192
          12/27/17 12/28/17 12/28/17 0.0000 0.0000 0.0042 0.0000 0.0000 0.0042
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0033 0.0000 0.0000 0.0033
          12/05/02 12/06/02 12/06/02 0.0000 0.0000 0.0015 0.0000 0.0000 0.0015
          12/06/01 12/07/01 12/07/01 0.0000 0.0000 0.0011 0.0000 0.0000 0.0011
          12/06/00 12/07/00 12/07/00 0.0000 0.0000 0.0003 0.0000 0.0000 0.0003
          12/08/99 12/09/99 12/09/99 0.0000 0.0000 0.0002 0.0000 0.0000 0.0002
          12/08/98 12/09/98 12/09/98 0.0000 0.0000 0.0960 0.0000 0.0000 0.2237
          12/03/97 12/04/97 12/04/97 0.0000 0.0000 0.0559 0.0000 0.0000 0.0679
          12/04/96 12/05/96 12/05/96 0.0000 0.0000 0.0004 0.0000 0.0000 0.0081
          12/13/94 12/14/94 12/14/94 0.0000 0.0000 0.0000 0.0000 0.0000 0.0706
          12/13/93 12/14/93 12/14/93 0.0000 0.0000 0.0225 0.0000 0.0000 0.3291
          04/27/93 04/28/93 04/30/93 0.0000 0.0000 0.0000 0.0000 0.0000 0.0015
          11/24/92 11/25/92 11/30/92 0.0000 0.0000 0.0399 0.0000 0.0000 0.2763
          See all rows...

          Literature

          PRODUCT MATERIALS

          • Download
          • Share
          • Subscribe
          • Order
          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon Municipal Bond Fund - Commentary Download

          Factsheet, Prospectus and Reports

          • Download
          • Share
          • Subscribe
          • Order
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Annual Report Download
          Semi Annual Report 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.