Fund Evaluator:
BNY Mellon CA AMT-Free Municipal Bond Y (DCAYX)
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Best Performing in Muni California Long Over the Last Year
| 8.2% | Invesco California Municipal Y (OCAYX) |
| 7.4% | American Century CA High Yield Muni Y (ACYHX) |
| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
BNY Mellon CA AMT-Free Municipal Bond Y Overview
BNY Mellon CA AMT-Free Municipal Bond Y (DCAYX) is an actively managed Municipal Bond Muni California Long fund. BNY Mellon launched the fund in 2013.
The investment seeks as high a level of current income, exempt from federal and California state income taxes, as is consistent with the preservation of capital. 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 and California state personal income taxes and the federal alternative minimum tax. It invests at least 80% of its net assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by the adviser.
About BNY Mellon CA AMT-Free Municipal Bond Y (DCAYX)
There are 2 members of the management team with an average tenure of 15.57 years: Jeffrey Burger (2009), Thomas Casey (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. BNY Mellon CA AMT-Free Municipal Bond Y has 196 securities in its portfolio. The top 10 holdings constitute 18.9% 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 CA AMT-Free Municipal Bond Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. BNY Mellon CA AMT-Free Municipal Bond Y has 0.9% 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 100.0% (99.1% domestic bond, 0.9% foreign bond and 0.0% convertible bond). BNY Mellon CA AMT-Free Municipal Bond Y has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $455 million average for the Muni California Long 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.
DCAYX 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 CA AMT-Free Municipal Bond Y expense ratio is average compared to funds in the Muni California Long category. BNY Mellon CA AMT-Free Municipal Bond Y has an expense ratio of 0.58%, which is 29% lower than its category average, making the fund expense ratio grade a C. 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 CA AMT-Free Municipal Bond Y has a portfolio turnover rate of 20%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, BNY Mellon CA AMT-Free Municipal Bond Y returned -1.6%, which earned it a grade of A, as the Muni California Long category had an average return of -2.0%. 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 CA AMT-Free Municipal Bond Y has a trailing yield of 3.12%, which is below the 3.52% 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 CA AMT-Free Municipal Bond Y Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 6.0% over the past year (grade of D), 3.0% over the past three years (grade of D) and -0.0% per year over the past five years (grade of C) and 1.4% per year over the past 10 years (grade of D).
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DCAYX 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 |
|
| DCAYX Return (NAV) | -1.6% | -0.2% | 6.0% | 3.0% | -0.0% | 1.4% |
| DCAYX Grade | A | B | D | D | C | D |
| +/- Category | 0.4% | 0.1% | -0.4% | -0.2% | 0.0% | -0.3% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| DCAYX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
DCAYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DCAYX Return (NAV) | 0.8% | 3.0% | 2.0% | 6.0% | -10.6% | 1.9% | 4.1% | 7.1% | 0.2% | 5.8% | -0.6% |
| DCAYX Grade | B | B | D | D | C | D | D | F | D | D | F |
| +/- Category | 0.1% | 0.2% | -0.5% | -0.4% | 0.6% | -0.6% | -0.3% | -1.0% | -0.5% | -0.3% | -0.8% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 1.01 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $496 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 16.7 years | |||
| Average Tenure: 15.6 years | |||
| Managers (Year): Burger Jeffrey (2009), Casey Thomas (2012) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 196 |
| % in Top 10 Holdings: | 18.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.1% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | BNY Mellon |
| Phone Number: | 800-373-9387 |
| Website: | www.dreyfus.com |
| Status: | Open |
| Inception Date: | July 1, 2013 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.58% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | BNY Mellon CA AMT-Free Municipal Bond Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
