BNY Mellon Municipal Income Stock Price, News & Analysis
Company Description
BNY Mellon Municipal Income, Inc., historically traded on the New York Stock Exchange under the ticker DMF, was a registered closed-end fund. According to public announcements, the fund’s shares were listed on the NYSE and traded on the secondary market, where the investment returns and principal values of the fund’s common stock could fluctuate and trade at a premium or discount to the net asset value of its portfolio. The fund was advised by BNY Mellon Investment Adviser, Inc., which is part of BNY Investments, a large global asset management organization within BNY.
Based on a Form 25 filed with the U.S. Securities and Exchange Commission, the common stock of BNY Mellon Municipal Income, Inc. was removed from listing and registration on NYSE American LLC under Section 12(b) of the Securities Exchange Act of 1934. This filing confirms that the class of common stock was struck from listing and registration on that exchange.
BNY Mellon Investment Adviser, Inc. publicly reported that stockholders of BNY Mellon Municipal Income, Inc. approved a reorganization of the fund with and into BNY Mellon AMT-Free Municipal Bond Fund, a series of BNY Mellon Municipal Funds, Inc., which is a registered open-end fund. The reorganization was described as a response to stockholders’ approval of a non-binding proposal that the fund’s board consider measures to allow stockholders to monetize their shares of the fund’s common stock at or close to net asset value.
Following stockholder approval, BNY Mellon Investment Adviser, Inc. announced the completion of the reorganization, effective as of the close of business on June 20, 2025. Common stockholders who remained in BNY Mellon Municipal Income, Inc. as of the market close on June 17, 2025 became shareholders of BNY Mellon AMT-Free Municipal Bond Fund, receiving Class A shares of the acquiring fund in an amount equal in value to the aggregate net asset value of their holdings of DMF common stock, as determined at the close of business on June 20, 2025. Fractional shares of the acquiring fund were not issued; instead, cash was to be distributed for any such fractional interests.
In connection with this corporate action, it was announced that the dividend reinvestment plan of BNY Mellon Municipal Income, Inc. would terminate effective June 6, 2025, and that the fund’s common stock was expected to stop trading on, and be delisted from, the NYSE on or about June 18, 2025, with the reorganization expected to occur on or about June 20, 2025, subject to closing conditions. A subsequent distribution announcement stated that the fund would be liquidated after the close of business on June 20, 2025 and that a declared cash distribution would be the final distribution for the fund.
Historically, BNY Mellon Municipal Income, Inc. announced regular monthly cash distributions on its common stock. Public disclosures note that the fund intended to pay most, but likely not all, of its net income to common shareholders in monthly income dividends, and that the distribution rate, composition of distributions, and the policy to declare distributions monthly could change as portfolio and market conditions changed, including by action of the board of directors. Earlier announcements also described reductions in the monthly distribution amounts, citing factors such as lower interest rate environments for reinvestment of proceeds from coupon payments and from called, sold, or matured securities, as well as higher borrowing costs borne by the fund.
BNY Mellon Municipal Income, Inc. was part of the broader BNY fund family. Its adviser, BNY Mellon Investment Adviser, Inc., is described in public materials as part of BNY Investments, which manages assets across traditional and alternative strategies through multiple specialist investment firms. BNY Investments is itself a division of BNY, the corporate brand of The Bank of New York Mellon Corporation, a global financial services company with a long operating history.
Trading status and historical context for DMF
The Form 25 filing and related public announcements indicate that DMF, the ticker for BNY Mellon Municipal Income, Inc., represents a former listing for a closed-end fund whose shares have been removed from exchange listing and registration, and whose assets and shareholders were reorganized into BNY Mellon AMT-Free Municipal Bond Fund – Class A shares. For investors researching DMF, this means the symbol now primarily has historical significance, documenting the prior closed-end structure and its transition into an open-end mutual fund structure within the BNY Mellon fund complex.
Key characteristics of BNY Mellon Municipal Income, Inc. (historical)
- Registered closed-end fund whose common stock was listed on the New York Stock Exchange under the symbol DMF.
- Advised by BNY Mellon Investment Adviser, Inc., part of BNY Investments.
- Subject to typical closed-end fund dynamics, with shares trading on an exchange and potentially at a premium or discount to net asset value.
- Paid regular monthly cash distributions on its common stock, with amounts adjusted over time in response to market and portfolio conditions.
- Underwent a stockholder-approved reorganization with and into BNY Mellon AMT-Free Municipal Bond Fund, a registered open-end fund.
- Had its common stock removed from listing and registration on NYSE American LLC pursuant to a Form 25 filing.
DMF as a defunct listing
Because BNY Mellon Municipal Income, Inc. has been reorganized into another BNY Mellon fund and its common stock has been removed from exchange listing, DMF should be viewed as a defunct ticker associated with a former closed-end fund. Historical announcements about distributions, dividend reinvestment, and board decisions provide context on how the fund operated prior to its reorganization and delisting. For current information on the successor vehicle, investors are directed in the public announcements to BNY Mellon AMT-Free Municipal Bond Fund – Class A shares, which is a series of BNY Mellon Municipal Funds, Inc.