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BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
- TICKER PTPAX
- Fund Code 0058
- CUSIP 05587R506
- SHARE CLASS
Why invest in this Fund?
The fund seeks to maximize current income exempt from federal income tax and Massachusetts state income tax, without undue risk.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 and Massachusetts state income taxes. The fund invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade (Baa/BBB or higher) 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.
Min. class investment
$1,000
Class Inception Date
07/30/87
Fund Assets
$124,921,206
As of
10/16/19
Class Assets
$88,637,112
As of
10/16/19
Portfolio Turnover Rate
8.53%
As of fiscal year end
04/30/19
Morningstar Category
Municipal Pennsylvania
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
80 As of
09/30/19
Average Effective Maturity
17.61
yr(s). As of
09/30/19
Average Effective Duration
4.9
yr(s). As of
09/30/19
Morningstar Rating™ as of September 30, 2019 for the Class A class shares; other classes may have different performance characteristics. Overall rating for the Municipal Pennsylvania category. Fund ratings are out of 5 Stars: Overall 3 Stars (53 funds rated); 3 Yrs. 3 Stars (53 funds rated); 5 Yrs. 3 Stars (51 funds rated); 10 Yrs. 3 Stars (47 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. ©2018 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.
Portfolio Managers
-
Thomas Casey
Portfolio Manager, Mellon Investments Corporation
5 yr(s). on fund
-
Daniel Rabasco
Portfolio Manager, Mellon Investments Corporation
7 yr(s). on fund
Average Annual Returns
Click here to see SALES CHARGE
Max Sales Charge:
4.50% Front End Load
Month End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX | 8.13 | 3.08 | 3.76 | 3.88 | 5.52 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index
| 8.55 | 3.19 | 3.66 | 4.16 | - | - |
Quarter End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX | 8.13 | 3.08 | 3.76 | 3.88 | 5.52 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index
| 8.55 | 3.19 | 3.66 | 4.16 | - | - |
Cumulative Returns
Click here to see SALES CHARGE
Max Sales Charge:
4.50% Front End Load
Month End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund PTPAX |
8.13 | 9.53 | 20.24 | 46.35 | 462.91 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index
|
8.55 | 9.88 | 19.68 | 50.38 | - | - |
Quarter End
| As of 09/30/19 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX | 8.13 | 9.53 | 20.24 | 46.35 | 462.91 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index |
8.55 | 9.88 | 19.68 | 50.38 | - | - |
The Bloomberg Barclays U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.
Growth of $10,000 Investment
Historical Performance
These figures do not reflect the maximum sales charge which, if included, would reduce return.
Monthly
| Fund | 09/19 | 08/19 | 07/19 | 06/19 | 05/19 | 04/19 | 03/19 | 02/19 | 01/19 | 12/18 | 11/18 | 10/18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
PTPAX
|
2.37% | 2.28% | 2.34% | 2.38% | 2.42% | 2.50% | 2.51% | 2.50% | 2.53% | 2.53% | 2.53% | 2.60% |
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
| Fund | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|
|
PTPAX
|
0.25% | 5.81% | 0.63% | 3.72% | 9.10% | -4.25% | 7.39% | 9.23% | 1.74% | 14.35% |
Investment return fluctuates and past performance is no guarantee of future results.
Taxable Equivalent Yield Based on the Fund's 30-day Yield
30-Day Yield: 1.28%
Combined Effective Federal and State Income Tax Rate
| As of 10/16/19 | |||||
|---|---|---|---|---|---|
| Name | 30.02% | 34.09% | 37.77% | 40.68% | 42.62% |
| Joint Return | $250,001 to $321,450 | - | $321,451 to $408,200 | $408,201 to $612,350 | Over $612,351 |
| Single Return | - | $160,726 to $200,000 | $200,001 to $204,100 | $204,101 to $510,300 | Over $510,301 |
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX |
1.83% | 1.94% | 2.06% | 2.16% | 2.23% |
Composite effective Federal and State tax bracket for Pennsylvania residents after Federal benefits. Income is subject to State and local taxes for non-Pennsylvania residents. Some income may be subject to the Federal Alternative Minimum Tax. Capital gains, if any, are taxable.
30-Day Yield Restated: 1.18%
Combined Effective Federal and State Income Tax Rate
| As of 10/16/19 | |||||
|---|---|---|---|---|---|
| Name | 30.02% | 34.09% | 37.77% | 40.68% | 42.62% |
| Joint Return | $250,001 to $321,450 | - | $321,451 to $408,200 | $408,201 to $612,350 | Over $612,351 |
| Single Return | - | $160,726 to $200,000 | $200,001 to $204,100 | $204,101 to $510,300 | Over $510,301 |
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX |
1.69% | 1.79% | 1.90% | 1.99% | 2.06% |
Composite effective Federal and State tax bracket for Pennsylvania residents after Federal benefits. Income is subject to State and local taxes for non-Pennsylvania residents. Some income may be subject to the Federal Alternative Minimum Tax. Capital gains, if any, are taxable.
Restated yields do not reflect current undertaking in effect, which may be modified, extended, or terminated at any time.
Prospectus Fee Table Expense Ratios
| As of 08/30/19 Fee Description | Expense Ratio (%) |
|---|---|
| Management Fee | 0.55% |
| Service Fee | 0.25% |
| Other Expenses | 0.20% |
| Total Expenses | 1.00% |
| Expenses Reimbursed | 0.10% |
| Net Expenses | 0.90% |
The fund's investment adviser, BNY Mellon Investment Adviser, Inc.,
has contractually agreed to waive a receipt of a portion of its management
fee, in the amount of .10% of the value of the fund's average daily net
assets, until August 30, 2020. On or after August 30, 2020, BNY Mellon
Investment Adviser, Inc. may terminate this waiver agreement at any time.
Sales Charge
| Investment Amount | Sales Charge |
|---|---|
| Less than $50,000 | 4.50% |
| Less than $100,000 | 4.00% |
| Less than $250,000 | 3.00% |
| Less than $500,000 | 2.50% |
| Less than $1,000,000 | 2.00% |
| Over $1,000,000 | 0.00% |
There is a 1% CDSC for purchases of $1,000,000 and over if redeemed within one year of purchase.
Portfolio Manager/Sub-Investment Advisor
The investment adviser to the fund is BNY Mellon Investment Adviser, Inc. Thomas Casey and Daniel Rabasco are the fund's primary portfolio managers, positions they have held since October 2014 and February 2012, respectively. Mr. Casey is a senior portfolio manager for tax-sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. Mr. Rabasco is the Chief Investment Officer for tax-sensitive fixed income at Mellon. Mellon investment professionals manage the fund in their capacity as employees of BNY Mellon Investment Adviser, Inc.
Asset Allocation
Daily Statistics
| As of 10/16/19 Name | 30-Day Sec Yield (Unsubsidized) |
30-Day Sec Yield (Subsidized) |
NAV | Change | 08/28/19
12 Month High Nav |
11/06/18
12 Month Low Nav |
YTD Return |
|---|---|---|---|---|---|---|---|
|
PTPAX
|
1.18% | 1.28% | $16.48 |
-$0.01
-0.06%
|
$16.64 | $15.59 | 6.96% |
Performance Metrics
Overall Morningstar Rating
MORNINGSTAR CATEGORY Municipal Pennsylvania
Morningstar Rating™ as of 09/30/19 for the Class A shares; other classes may have different performance characteristics. Overall rating for the Municipal Pennsylvania.
Fund ratings are out of 5 Stars: Overall 3 Stars (151 funds rated); 3 Yrs. 3 Stars (53
funds rated); 5 Yrs. 3 Stars (51 funds rated); 10 Yrs. 3 Stars (47 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
17 out of 57 - 3 Year
16 out of 51 - 5 Year
12 out of 49 - 10 Year
20 out of 45
LIPPER CLASSIFICATION Pennsylvania Municipal Debt Funds
Main Risks
Bonds are subject to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
Municipal income may be subject to state and local taxes for out-of-state residents. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
Municipal income may be subject to state and local taxes for out-of-state residents. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
Risk Metrics
| As of 09/30/19, 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
|---|---|---|---|---|---|
|
PTPAX
|
3.49 | -0.06 | 0.97 | 97.07 | 0.43 |
Dividend Schedule
Declared
Daily
Distributed
Monthly
Paid
Monthly
Fiscal Year End
Apr 30
Annualized Distribution Rate
2.37%
As of 09/2019
As of 09/2019
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 ($) |
|---|---|
| 09/2019 | 0.034735176 |
| 08/2019 | 0.032622488 |
| 07/2019 | 0.036239664 |
| 06/2019 | 0.031199145 |
| 05/2019 | 0.035011303 |
| 04/2019 | 0.036837220 |
| 03/2019 | 0.033478698 |
| 02/2019 | 0.031755784 |
| 01/2019 | 0.035453922 |
| 12/2018 | 0.035691582 |
| 11/2018 | 0.034161964 |
| 10/2018 | 0.038498687 |
All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.
Distributions History
| (Values Listed In $) | 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 |
|---|---|---|---|---|---|---|---|
|
PTPAX
|
0.0000 | 0.0000 | 0.0006 | 0.0000 | 0.1302 | 0.1308 | 15.72 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
PTPAX
|
12/27/18 | 12/28/18 | 12/28/18 |
| (Values Listed In $) | Distribution Status | 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 |
|---|---|---|---|---|---|---|---|---|
|
PTPAX
| Final | 0.0000 | 0.0000 | 0.0006 | 0.0000 | 0.1302 | 0.1308 | 15.72 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
PTPAX
|
12/27/18 | 12/28/18 | 12/28/18 |
