BNY Mellon Completes Reorganization of Municipal Income Fund into AMT-Free Municipal Bond Fund

Strategic Insights -

BNY Mellon has completed the reorganization of BNY Mellon Municipal Income, Inc. into BNY Mellon AMT-Free Municipal Bond Fund, a series of BNY Mellon Municipal Funds, Inc., effective June 20, 2025. The reorganization was approved by stockholders at a Special Meeting held on June 2, 2025. As a result, remaining stockholders in the Municipal Income Fund received Class A shares of the Acquiring Fund, valued at the net asset value of their holdings as of June 20, 2025.

Key Takeaways:

  • The reorganization of BNY Mellon Municipal Income, Inc. into BNY Mellon AMT-Free Municipal Bond Fund took effect on June 20, 2025, following stockholder approval at a Special Meeting on June 2, 2025.
  • Stockholders remaining in the Municipal Income Fund as of June 17, 2025, received Class A shares of the Acquiring Fund, valued at the net asset value of their holdings as of June 20, 2025.
  • Fractional shares of Acquiring Fund common stock were not issued, and cash will be distributed for any such fractions.
  • BNY Mellon Investment Adviser, Inc. is part of BNY Investments, one of the world's largest asset managers, managing over $2 trillion across traditional and alternative assets.
  • BNY Mellon Municipal Income, Inc. is a registered closed-end fund, while BNY Mellon AMT-Free Municipal Bond Fund is a series of a registered open-end fund.
  • The reorganization was part of a broader business strategy, as BNY Mellon oversees $53.1 trillion in assets under custody and/or administration as of March 31, 2025.

Statistics:

  • Total assets under management by BNY Investments: over $2 trillion (£1.8 trillion or €2.1 trillion)
  • Assets under custody and/or administration by BNY Mellon: $53.1 trillion
  • Number of asset classes managed by BNY Investments: 7 (ARX Investimentos, Dreyfus, Insight Investment, Mellon Investments Corporation, Newton Investment Management, Siguler Guff & Company, and Walter Scott & Partners)
  • Date of reorganization: June 20, 2025
  • Date of stockholder approval: June 2, 2025
  • Date of market close: June 17, 2025 (share conversion)

Sources:

  • BNY Mellon (2025, June 23). BNY Mellon Completes Reorganization of BNY Mellon Municipal Income, Inc. into BNY Mellon AMT-Free Municipal Bond Fund. Businesswire.
  • BNY Mellon (2025, March 31). BNY Mellon Reports First Quarter 2025 Earnings. Businesswire.