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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 Pennsylvania 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
$120,559,548
As of
01/22/21
Class Assets
$86,580,163
As of
01/22/21
Portfolio Turnover Rate
14.71%
As of fiscal year end
04/30/20
Morningstar Category
Municipal Pennsylvania
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
84 As of
12/31/20
Average Effective Maturity
16.96
yr(s). As of
12/31/20
Average Effective Duration
4.77
yr(s). As of
12/31/20
Morningstar Rating™ as of December 31, 2020 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 (49 funds rated); 3 Yrs. 2 Stars (49 funds rated); 5 Yrs. 3 Stars (46 funds rated); 10 Yrs. 3 Stars (43 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
7 yr(s). on fund
-
Daniel Rabasco
Portfolio Manager, Mellon Investments Corporation
9 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 12/31/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX | 4.46 | 3.92 | 3.63 | 4.27 | 5.45 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index
| 5.21 | 4.64 | 3.91 | 4.63 | - | - |
Quarter End
| As of 12/31/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX | 4.46 | 3.92 | 3.63 | 4.27 | 5.45 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index
| 5.21 | 4.64 | 3.91 | 4.63 | - | - |
Cumulative Returns
Click here to see SALES CHARGE
Max Sales Charge:
4.50% Front End Load
Month End
| As of 12/31/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund PTPAX |
4.46 | 12.22 | 19.51 | 51.90 | 489.43 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index
|
5.21 | 14.59 | 21.13 | 57.18 | - | - |
Quarter End
| As of 12/31/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX | 4.46 | 12.22 | 19.51 | 51.90 | 489.43 | 07/30/87 |
|
Bloomberg Barclays U.S. Municipal Bond Index |
5.21 | 14.59 | 21.13 | 57.18 | - | - |
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 | 12/20 | 11/20 | 10/20 | 09/20 | 08/20 | 07/20 | 06/20 | 05/20 | 04/20 | 03/20 | 02/20 | 01/20 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
PTPAX
|
2.01% | 2.09% | 2.14% | 2.19% | 2.22% | 2.19% | 2.26% | 2.34% | 2.47% | 2.39% | 2.30% | 2.33% |
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 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|
|
PTPAX
|
4.46% | 7.16% | 0.25% | 5.81% | 0.63% | 3.72% | 9.10% | -4.25% | 7.39% | 9.23% |
Investment return fluctuates and past performance is no guarantee of future results.
Taxable Equivalent Yield Based on the Fund's 30-day SEC Yield
30-Day SEC Yield With Waiver: 0.81%
Combined Effective Federal and State Income Tax Rate
| As of 01/22/21 | |||||
|---|---|---|---|---|---|
| Name | 30.21% | 35.06% | 38.74% | 40.68% | 45.14% |
| Joint Return | $151,901 to $231,450 | $231,451 to $250,000 | $250,001 to $413,350 | $413,351 to $466,950 | Over $466,951 |
| Single Return | $91,151 to $190,150 | $190,151 to $200,000 | $200,001 to $413,350 | $413,351 to $415,050 | Over $415,051 |
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX |
1.16% | 1.25% | 1.32% | 1.37% | 1.48% |
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 SEC Yield Without Waiver: 0.71%
Combined Effective Federal and State Income Tax Rate
| As of 01/22/21 | |||||
|---|---|---|---|---|---|
| Name | 30.21% | 35.06% | 38.74% | 40.68% | 45.14% |
| Joint Return | $151,901 to $231,450 | $231,451 to $250,000 | $250,001 to $413,350 | $413,351 to $466,950 | Over $466,951 |
| Single Return | $91,151 to $190,150 | $190,151 to $200,000 | $200,001 to $413,350 | $413,351 to $415,050 | Over $415,051 |
|
BNY Mellon State Municipal Bond Funds, BNY Mellon Pennsylvania Fund
PTPAX |
1.02% | 1.09% | 1.16% | 1.20% | 1.29% |
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 09/01/20 Fee Description | Expense Ratio (%) |
|---|---|
| Management Fee | 0.55% |
| Service Fee | 0.25% |
| Other Expenses | 0.21% |
| Total Expenses | 1.01% |
| Expenses Reimbursed | 0.10% |
| Net Expenses | 0.91% |
Total Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Total Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed to waive receipt of a portion of its management fees, in the amount of .10% of the value of the fund's average daily net assets until September 1, 2021. On or after September 1, 2021, BNY Mellon Investment Adviser, Inc. may terminate this waiver agreement at any time.
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed to waive receipt of a portion of its management fees, in the amount of .10% of the value of the fund's average daily net assets until September 1, 2021. On or after September 1, 2021, 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 Adviser
The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). Thomas Casey and Daniel Rabasco, CFA are the fund's primary portfolio managers, positions they have held since October 2014 and February 2012, respectively. Mr. Casey is a director and senior portfolio manager for tax-sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of BNYM Investment Adviser. Mr. Rabasco is a managing director and Head of Municipal Bonds at Mellon. Messrs. Casey and Rabasco also are employees of BNYM Investment Adviser.
Asset Allocation
Daily Statistics
| As of 01/22/21 Name | 30-Day Sec Yield (WITHOUT WAIVER) |
30-Day Sec Yield (WITH WAIVER) |
NAV | Change | 03/09/20
12 Month High Nav |
03/20/20
12 Month Low Nav |
YTD Return |
|---|---|---|---|---|---|---|---|
|
PTPAX
|
0.71% | 0.81% | $16.53 |
$0.00
0.00%
|
$16.83 | $15.03 | 0.25% |
Performance Metrics
Overall Morningstar Rating
MORNINGSTAR CATEGORY Municipal Pennsylvania
Morningstar Rating™ as of 12/31/20 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 (138 funds rated); 3 Yrs. 2 Stars (49
funds rated); 5 Yrs. 3 Stars (46 funds rated); 10 Yrs. 3 Stars (43 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
22 out of 51 - 3 Year
24 out of 47 - 5 Year
14 out of 44 - 10 Year
20 out of 41
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.
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.
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.
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 12/31/20, 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
|---|---|---|---|---|---|
|
PTPAX
|
4.31 | -0.85 | 1.05 | 95.60 | 0.57 |
Dividend Schedule
Declared
Daily
Distributed
Monthly
Paid
Monthly
Fiscal Year End
Apr 30
Annualized Distribution Rate
2.01%
As of 12/2020
As of 12/2020
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 ($) |
|---|---|
| 12/2020 | 0.029711268 |
| 11/2020 | 0.030696744 |
| 10/2020 | 0.030056013 |
| 09/2020 | 0.030883314 |
| 08/2020 | 0.032452694 |
| 07/2020 | 0.032159814 |
| 06/2020 | 0.033561434 |
| 05/2020 | 0.031221327 |
| 04/2020 | 0.033235120 |
| 03/2020 | 0.035114651 |
| 02/2020 | 0.030965162 |
| 01/2020 | 0.034356658 |
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 | 0.0000 | 0.0000 | 0.1312 | 0.1312 | 16.51 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
PTPAX
|
12/22/20 | 12/23/20 | 12/23/20 |
| (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 | 0.0000 | 0.0000 | 0.1312 | 0.1312 | 16.51 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
PTPAX
|
12/22/20 | 12/23/20 | 12/23/20 |
