BNY Mellon Opportunistic Municipal Securities Fund
- TICKER DMBVX
- Fund Code 4042
- CUSIP 05589A402
- SHARE CLASS
-
Literature Download
Why invest in this Fund?
To pursue its goal, 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 income tax. Typically, the fund invests substantially all of its assets in such municipal bonds. The fund invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade or the unrated equivalent as determined by the manager. For additional yield, the fund may invest up to 30% of its assets in municipal bonds rated below investment grade or the unrated equivalent as determined by the manager.
Morningstar Rating™ as of December 31, 2022 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Intermediate category. Fund ratings are out of 5 Stars: Overall 4 Stars (281 funds rated); 3 Yrs. 3 Stars (281 funds rated); 5 Yrs. 4 Stars (248 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.
Average Effective Maturity (AEM) is a measure of maturity that takes into account the possibility that a bond might be called back by the issuer. For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds.
Modified Duration to Worst is a measure of the sensitivity of the price of a bond to a change in interest rates, which in this case assumes that the bond is called at its earliest possible call date (Worst). Modified duration measures the expected change in a bond's price to a 1% change in interest rates. In general, the higher the duration, the more a bond's price will drop as interest rates rise.
Portfolio Managers
-
Jeffrey Burger, CFA
Senior Portfolio Manager, Insight North America, LLC
8 yr(s). on fund
-
Daniel Rabasco, CFA
Head of Municipal Bonds, Insight North America LLC
10 yr(s). on fund
Total Returns
Month End
|
Average Annual As of 01/31/23 |
|||||||
|---|---|---|---|---|---|---|---|
| Name |
3 MO 01/31/23 |
YTD 01/31/23 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
|
BNY Mellon Opportunistic Municipal Securities Fund
DMBVX |
7.65 | 2.97 | -4.52 | -0.62 | 1.98 | 2.40 | 4.72 |
Quarter End
|
Average Annual As of 12/31/22 |
|||||||
|---|---|---|---|---|---|---|---|
| Name |
3 MO 12/31/22 |
YTD 12/31/22 |
1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception |
|
BNY Mellon Opportunistic Municipal Securities Fund
DMBVX |
3.44 | -9.72 | -9.72 | -0.99 | 1.17 | 2.16 | 4.64 |
|
Bloomberg U.S. Municipal Bond Index
|
4.10 | -8.53 | -8.53 | -0.77 | 1.25 | 2.13 | - |
The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.
The total return performance figures presented for Class I shares of the fund represent the performance of the fund's Class A for periods prior to August 31, 2016, the inception date for Class I shares, and the performance of Class I, respectively, from that inception date. Performance reflects the applicable class' distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been different.
Growth of $10,000 Investment
Historical Performance
Not available for purchase by individual investors.
Monthly
Yield fluctuates and past performance is no guarantee of future results.
Monthly yield history is the annualized distribution rate that is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.
Yearly
Investment return fluctuates and past performance is no guarantee of future results.
Prospectus Fee Table Expense Ratios
| As of 09/01/22 Fee Description | Expense Ratio (%) |
|---|---|
| Management Fee | 0.35% |
| Other Expenses | 0.13% |
| Total Expenses | 0.48% |
Portfolio Manager/Sub-Investment Adviser
Asset Allocation
Daily Statistics
| As of 02/03/23 Name |
30-Day Sec Yield (WITHOUT WAIVER) |
30-Day Sec Yield (WITH WAIVER) |
NAV | Change |
03/01/22 12 Month High Nav |
10/25/22 12 Month Low Nav |
YTD Return |
|---|---|---|---|---|---|---|---|
|
DMBVX
|
3.15% | 3.15% | $12.13 |
-$0.02
-0.16%
|
$12.98 | $11.32 | 3.17% |
Performance Metrics
Overall Morningstar Rating
MORNINGSTAR CATEGORY Municipal National Intermediate
Morningstar Rating™ as of 12/31/22 for the Class I shares; other classes may have different performance
characteristics. Overall rating for the Municipal National Intermediate. Fund ratings are out of 5 Stars: Overall
4 Stars (281 funds rated); 3 Yrs.
3 Stars (281 funds rated); 5 Yrs.
4 Stars (248 funds rated); 10 Yrs.
Stars (184 funds rated).
The
Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for
variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding
consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in
each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a
managed product is derived from a weighted average of the performance figures associated with its 3-, 5-,and 10-year (if applicable) Morningstar Rating metrics. ©
Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be
accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future
results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.
Lipper Rankings
-
1 Year
94 out of 295 -
3 Year
65 out of 284 -
5 Year
49 out of 246 -
10 Year
out of
LIPPER CLASSIFICATION General & Insured Municipal Debt Funds
Main Risks
Municipal income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
High yield bonds involve increased credit and liquidity risk than higher rated bonds and are considered speculative in terms of the issuer's ability to pay interest and repay principal on a timely basis.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Risk Metrics
| As of 12/31/22 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
|---|---|---|---|---|---|
|
DMBVX
|
6.85 | -0.13 | 1.04 | 96.84 | -0.24 |
All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is Bloomberg U.S. Municipal Bond Index.
Dividend Schedule
As of 01/2023
Annualized distribution rate is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.
| Month/Year | Dividend ($) |
|---|---|
| 01/2023 | 0.030244535 |
| 12/2022 | 0.028259174 |
| 11/2022 | 0.027334125 |
| 10/2022 | 0.028970863 |
| 09/2022 | 0.026883146 |
| 08/2022 | 0.028719023 |
| 07/2022 | 0.023797107 |
| 06/2022 | 0.025556683 |
| 05/2022 | 0.026653498 |
| 04/2022 | 0.024463543 |
| 03/2022 | 0.026585141 |
| 02/2022 | 0.023935940 |
All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid
Distributions History
| Record Date | Ex-Dividend Date | Payable Date |
Ordinary Non-Qualified Dividends |
Qualified Dividends |
Non-Qualified Short-Term Capital Gain |
Qualified Short-Term Capital Gain |
Long-Term Capital Gain |
Total Distribution |
Reinvest NAV |
|---|---|---|---|---|---|---|---|---|---|
| 12/22/22 | 12/23/22 | 12/23/22 | 0.0000 | 0.0000 | 0.0009 | 0.0000 | 0.0293 | 0.0302 | 11.83 |
| Record Date | Ex-Dividend Date | Payable Date |
Ordinary Non-Qualified Dividends |
Qualified Dividends |
Non-Qualified Short-Term Capital Gain |
Qualified Short-Term Capital Gain |
Long-Term Capital Gain |
Total Distribution |
Reinvest NAV |
|---|---|---|---|---|---|---|---|---|---|
| 12/22/21 | 12/23/21 | 12/23/21 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0573 | 0.0573 | - |
| 12/22/20 | 12/23/20 | 12/23/20 | 0.0000 | 0.0000 | 0.0007 | 0.0000 | 0.0266 | 0.0273 | - |
| 12/27/18 | 12/28/18 | 12/28/18 | 0.0000 | 0.0000 | 0.0051 | 0.0000 | 0.0000 | 0.0051 | - |
Literature
PRODUCT MATERIALS
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