Fund Evaluator:
BNY Mellon Bond Market Index I (DBIRX)
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Fund Details
BNY Mellon Bond Market Index I Overview
BNY Mellon Bond Market Index I (DBIRX) is a passively managed Taxable Bond Intermediate Core Bond fund. BNY Mellon launched the fund in 1993.
The investment seeks to match the total return of the Bloomberg U.S. Aggregate Bond Index. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds that are included in the Bloomberg U.S. Aggregate Bond Index (or other instruments with similar economic characteristics). The Bloomberg U.S. Aggregate Bond Index is a broad-based, unmanaged index that covers the U.S. dollar-denominated, investment grade (Baa/BBB or higher), fixed-rate, taxable bond market.
About BNY Mellon Bond Market Index I (DBIRX)
There are 2 members of the management team with an average tenure of 0.58 years: Marlene Walker-Smith (2025), Bryan Steele (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. BNY Mellon Bond Market Index I has 2396 securities in its portfolio. The top 10 holdings constitute 13.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BNY Mellon Bond Market Index I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BNY Mellon Bond Market Index I has 6.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.7% (88.4% domestic bond, 6.3% foreign bond and 0.0% convertible bond). BNY Mellon Bond Market Index I has 5.3% of the portfolio in cash.
Assets Under Management
The fund has $255 million in total assets, which is below the $3 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DBIRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BNY Mellon Bond Market Index I expense ratio is low compared to funds in the Intermediate Core Bond category. BNY Mellon Bond Market Index I has an expense ratio of 0.15%, which is 74% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BNY Mellon Bond Market Index I has a portfolio turnover rate of 181%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of July 2026, BNY Mellon Bond Market Index I returned -1.3%, which earned it a grade of B, as the Intermediate Core Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BNY Mellon Bond Market Index I has a trailing yield of 3.95%, which is below the 4.04% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BNY Mellon Bond Market Index I Grades
Year to date, the fund has returned -0.7%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 2.6% over the past year (grade of C), 3.6% over the past three years (grade of D) and -0.6% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of D).
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DBIRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DBIRX Return (NAV) | -1.3% | -0.8% | 2.6% | 3.6% | -0.6% | 1.2% |
| DBIRX Grade | B | B | C | D | D | D |
| +/- Category | 0.0% | 0.0% | 0.0% | -0.1% | -0.1% | -0.2% |
| Intermediate Core Bond Avg | -1.3% | -0.8% | 2.5% | 3.7% | -0.5% | 1.4% |
| DBIRX Tax Cost Ratio | na | na | 1.6% | 1.5% | 1.4% | 1.2% |
DBIRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DBIRX Return (NAV) | -0.7% | 7.0% | 1.2% | 5.4% | -13.3% | -1.8% | 7.5% | 8.5% | -0.1% | 3.3% | 2.3% |
| DBIRX Grade | C | C | D | D | C | D | D | C | B | C | D |
| +/- Category | 0.0% | 0.0% | -0.4% | -0.2% | -0.1% | -0.3% | -0.6% | 0.0% | 0.3% | -0.2% | -0.4% |
| Intermediate Core Bond Avg | -0.7% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 0.99 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 0.99 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $383 Mil |
| Fund Total Assets: | $ 256 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 181% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Walker-Smith Marlene (2025), Steele Bryan (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 2396 |
| % in Top 10 Holdings: | 13.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.4% |
| Foreign Bond: | 6.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.3% |
Purchase Information
| Fund Family: | BNY Mellon |
| Phone Number: | 800-373-9387 |
| Website: | www.dreyfus.com |
| Status: | Open |
| Inception Date: | November 30, 1993 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 750 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.15% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | BNY Mellon Bond Market Index I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
