Fund Evaluator:
BNY Mellon High Yield Municipal Bond - A (DHYAX)
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Fund Details
BNY Mellon High Yield Municipal Bond - A Overview
BNY Mellon High Yield Municipal Bond - A (DHYAX) is an actively managed Municipal Bond High Yield Muni fund. BNY Mellon launched the fund in 2007.
The investment seeks high current income exempt from federal income tax; capital appreciation to the extent consistent with its primary goal is the secondary goal. To pursue its goals, 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 personal income tax. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund may invest without regard to maturity.
About BNY Mellon High Yield Municipal Bond - A (DHYAX)
There are 2 members of the management team with an average tenure of 14.62 years: Jeffrey Burger (2011), Daniel Barton (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal Bond HY TR USD index with a weighting of 100%. BNY Mellon High Yield Municipal Bond - A has 144 securities in its portfolio. The top 10 holdings constitute 18.3% 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 High Yield Municipal Bond - A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. BNY Mellon High Yield Municipal Bond - A has 7.4% 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 99.4% (92.0% domestic bond, 7.4% foreign bond and 0.0% convertible bond). BNY Mellon High Yield Municipal Bond - A has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $46 million in total assets, which is below the $803 million average for the High Yield Muni 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.
DHYAX 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 High Yield Municipal Bond - A expense ratio is high compared to funds in the High Yield Muni category. BNY Mellon High Yield Municipal Bond - A has an expense ratio of 1.09%, which is 12% higher than its category average, making the fund expense ratio grade a D. 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 High Yield Municipal Bond - A has a portfolio turnover rate of 16%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, BNY Mellon High Yield Municipal Bond - A returned -2.0%, which earned it a grade of D, as the High Yield Muni category had an average return of -1.8%. 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 High Yield Municipal Bond - A has a trailing yield of 4.00%, which is below the 4.46% 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 High Yield Municipal Bond - A Grades
Year to date, the fund has returned 2.1%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 8.6% over the past year (grade of A), 3.6% over the past three years (grade of D) and -1.0% per year over the past five years (grade of F) and 2.0% per year over the past 10 years (grade of D).
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DHYAX 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 |
|
| DHYAX Return (NAV) | -2.0% | -0.1% | 8.6% | 3.6% | -1.0% | 2.0% |
| DHYAX Grade | D | D | A | D | F | D |
| +/- Category | -0.2% | -0.1% | 1.7% | -0.6% | -1.2% | -0.4% |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| DHYAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
DHYAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DHYAX Return (NAV) | 2.1% | 1.1% | 4.2% | 7.1% | -16.9% | 5.9% | 2.7% | 9.9% | 1.5% | 12.9% | 0.4% |
| DHYAX Grade | B | F | F | C | F | B | D | B | C | A | D |
| +/- Category | 0.5% | -1.3% | -1.0% | 0.3% | -3.7% | 0.4% | -1.1% | 0.7% | -0.5% | 5.0% | -1.1% |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 8.2% |
| Total Risk Index: | 0.67 - Below Average |
| Category Risk Index: | 1.25 - High |
| Category Risk Grade: | F (90% Rank) |
| Beta: | 1.39 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $175 Mil |
| Fund Total Assets: | $ 47 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.7 years | |||
| Average Tenure: 14.6 years | |||
| Managers (Year): Burger Jeffrey (2011), Barton Daniel (2012) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 144 |
| % in Top 10 Holdings: | 18.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.0% |
| Foreign Bond: | 7.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | BNY Mellon |
| Phone Number: | 800-373-9387 |
| Website: | www.dreyfus.com |
| Status: | Open |
| Inception Date: | March 15, 2007 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | BNY Mellon High Yield Municipal Bond - Z |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
