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    BNY Mellon New York AMT-Free Municipal Bond Fund

    Why invest in this Fund?

    The fund seeks to maximize current income exempt from federal, New York state and New York city income taxes to the extent 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, New York state and New York city income taxes and the federal alternative minimum tax.

    Min. class investment
    $1,000,000
    Class Inception Date
    07/01/13
    Fund Assets
    $226,435,009  As of  02/21/24
    Class Assets
    $936  As of  02/21/24
    Portfolio Turnover Rate
    10.20% As of fiscal year end  11/30/23
    Morningstar Category
    Municipal New York Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    120 As of 01/31/24
    AVERAGE EFFECTIVE MATURITY
    17.08 yr(s).  As of  01/31/24
    AVERAGE EFFECTIVE DURATION
    5.61 yr(s).  As of 01/31/24

    Morningstar Rating™ as of January 31, 2024 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Municipal New York Intermediate category. Fund ratings are out of 5 Stars: Overall 4 Stars (42 funds rated); 3 Yrs. 3 Stars (42 funds rated); 5 Yrs. 5 Stars (42 funds rated); 10 Yrs. 4 Stars (35 funds rated).

    Yields and Expense Ratio

    30-DAY SEC YIELD
    as of 02/21/24
    ANNUALIZED
    DISTRIBUTION RATE
    as of 01/31/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 03/31/23
    Subsidized Unsubsidized Net Gross Contractual
    Fee Waiver End Date
    3.37 3.35 2.88 0.60 0.65 03/31/24

    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.

    Portfolio Managers

    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America LLC

      14 yr(s). on fund

    • Daniel Rabasco

      Daniel Rabasco, CFA

      Head of Municipal Bonds, Insight North America LLC

      9 yr(s). on fund


    Total Returns

    Average Annual
    As of 01/31/24
    Name 3 MO
    01/31/24
    YTD
    01/31/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon New York AMT-Free Municipal Bond Fund
    DNYYX
    8.37 -0.06 3.61 -1.09 1.68 2.51 4.78
    Bloomberg U.S. Municipal Bond Index
    8.26 -0.51 2.90 -0.78 2.00 2.78 -
    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 New York AMT-Free Municipal Bond Fund
    DNYYX
    6.80 6.69 6.69 -0.74 1.84 2.70 4.79
    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.

    The total return performance figures presented for Class Y shares of the fund represent the performance of the fund's Class A for periods prior to July 01, 2013, the inception date for Class Y shares, and the performance of Class Y, 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.

     

    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

      These figures do not reflect the maximum sales charge which, if included, would reduce return.

      Not available for purchase by individual investors.

       

      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  03/31/23 Fee Description Expense Ratio (%)
      Management Fee 0.45%
      Other Expenses 0.20%
      Total Expenses 0.65%
      Expenses Reimbursed 0.05%
      Net Expenses 0.60%
      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, BNY Mellon Investment Adviser, Inc., has contractually agreed, until March 31, 2024, 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 expense, commitment fees on borrowings and extraordinary expenses) exceed .55%.  On or after March 31, 2024, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.

      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 December 2009 and October 2014, respectively. Mr. Casey is a director and a 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 bonds at INA.

      Asset Allocation


          Daily Statistics

          As of 02/21/24 Name NAV Change 02/01/24  12 Month 
          High Nav
          10/30/23  12 Month 
          Low Nav
          YTD Return
          DNYYX
          $13.66
          $0.00
          0.00%
          $13.74 $12.72 -0.03%

          Past performance is no guarantee of future results.

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Municipal New York Intermediate


          Morningstar Rating™ as of 01/31/24 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Municipal New York Intermediate. Fund ratings are out of 5 Stars: Overall 4 Stars (42 funds rated); 3 Yrs. 3 Stars (42 funds rated); 5 Yrs. 5 Stars (42 funds rated); 10 Yrs. 4 Stars (35 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
            48 out of 98
          • 3 Year
            50 out of 97
          • 5 Year
            50 out of 91
          • 10 Year
            43 out of 78

          LIPPER CLASSIFICATION New York Municipal Debt Funds


          Lipper Category returns and rankings as of 01/31/24, 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 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  01/31/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DNYYX
          7.42 -0.37 0.98 98.27 -0.47

          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
          Nov 30

          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 ($)
          01/2024 0.032412069
          12/2023 0.036646086
          11/2023 0.034602083
          10/2023 0.035040077
          09/2023 0.032412076
          08/2023 0.035332083
          07/2023 0.034602078
          06/2023 0.031682071
          05/2023 0.035186078
          04/2023 0.031390074
          03/2023 0.035332084
          02/2023 0.032120076

          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
          03/28/22 03/29/22 03/29/22 - 0.0000 - 0.0000 0.0021 0.0021
          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 0.0378 0.0378
          03/26/21 03/29/21 03/29/21 - 0.0000 0.0006 0.0000 0.0000 0.0006
          12/22/20 12/23/20 12/23/20 0.0000 0.0000 0.0000 0.0000 0.1133 0.1133
          12/26/19 12/27/19 12/27/19 0.0000 0.0000 0.0000 0.0000 0.0300 0.0300

          Literature

          PRODUCT MATERIALS

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          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon New York AMT-Free Municipal Bond Fund - Commentary Download

          Factsheet, Prospectus and Reports

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          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.