BNY Mellon Opportunistic Municipal Securities Fund

Why invest in this Fund?

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.

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.
Min. class investment
$1,000
Class Inception Date
08/31/16
Class Status
Not available for purchase by individual investors.
Fund Assets
$368,361,339  As of  12/05/19
Class Assets
$36,989,297  As of  12/05/19
Portfolio Turnover Rate
27.39%  As of fiscal year end  04/30/19
Morningstar Category
Municipal National Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
154  As of  10/31/19
Average Effective Maturity
17.54  yr(s).  As of  10/31/19
Average Effective Duration
5.10  yr(s).  As of  10/31/19

Morningstar Rating™ as of October 31, 2019 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 5 Stars (247 funds rated); 3 Yrs. 5 Stars (247 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

  • Burger, Jeffrey

    Jeffrey Burger

    Senior Portfolio Manager, Mellon Investments Corporation

    5 yr(s). on fund

  • Rabasco, Daniel

    Daniel Rabasco

    Portfolio Manager, Mellon Investments Corporation

    7 yr(s). on fund


As of  11/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
DMBVX
9.14 5.23 3.65 4.38 5.17 08/31/16
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
DMBVX
8.85 3.19 3.79 4.17 5.19 08/31/16
Bloomberg Barclays U.S. Municipal Bond Index
8.55 3.19 3.66 4.16 - -
As of  11/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
DMBVX
9.14 16.51 19.63 53.55 428.15 08/31/16
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
DMBVX
8.85 9.89 20.41 50.48 426.78 08/31/16
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.

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. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Growth of $10,000 Investment

Historical Performance

    Not available for purchase by individual investors.
    Fund 11/19 10/19 09/19 08/19 07/19 06/19 05/19 04/19 03/19 02/19 01/19 12/18
    DMBVX
    2.93% 2.99% 2.98% 2.98% 3.09% 3.14% 3.16% 3.21% 3.22% 3.30% 3.34% 3.19%

    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.

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DMBVX
    0.77% 5.89% -0.43% 3.59% 11.25% -3.87% 7.47% 10.68% 1.05% 15.78%

    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: 1.80%

    Combined Effective Federal Income Tax Rate

     

    As of  12/05/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    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 Opportunistic Municipal Securities Fund
    DMBVX
    2.49% 2.65% 2.80% 2.94% 3.04%

    Income is subject to state and local taxes, and some portion may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are fully taxable.

    30-Day Yield Restated: 1.80%

    Combined Effective Federal Income Tax Rate

     

    As of  12/05/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    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 Opportunistic Municipal Securities Fund
    DMBVX
    2.49% 2.65% 2.80% 2.94% 3.04%

    Income is subject to state and local taxes, and some portion may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are fully 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 0.35%
    Other Expenses 0.14%
    Total Expenses 0.49%

    Portfolio Manager/Sub-Investment Advisor

    The investment adviser to the fund is BNY Mellon Investment Adviser, Inc. Jeffrey Burger and Daniel Rabasco are the fund's primary portfolio managers, positions they have held since May 2014 and February 2012, respectively. Mr. Burger 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  12/05/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 08/29/19  12 Month 
        High Nav
        01/25/19  12 Month 
        Low Nav
        YTD Return
        DMBVX
        1.80% 1.80% $13.25
        $0.01
        0.08%
        $13.40 $12.61 8.07%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal National Intermediate


        Morningstar Rating™ as of 10/31/19 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 5 Stars (615 funds rated); 3 Yrs. 5 Stars (247 funds rated); 5 Yrs. Stars (217 funds rated); 10 Yrs. Stars (151 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
          70 out of 282
        • 3 Year
          70 out of 238
        • 5 Year
          out of
        • 10 Year
          out of

        LIPPER CLASSIFICATION General & Insured Municipal Debt Funds


        Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

        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. 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.

        Risk Metrics

        As of  10/31/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DMBVX
        3.72 -0.12 1.06 97.59 0.54

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Apr 30
        Annualized Distribution Rate
        2.93%
        As of  11/2019
        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 ($)
        11/2019 0.030836983
        10/2019 0.033647072
        09/2019 0.033554608
        08/2019 0.032783206
        07/2019 0.036837609
        06/2019 0.031676058
        05/2019 0.035129922
        04/2019 0.036349534
        03/2019 0.032983392
        02/2019 0.032184728
        01/2019 0.035900962
        12/2018 0.034165944
        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
        DMBVX
        0.0000 0.0000 0.0051 0.0000 0.0000 0.0051 12.62
        Record Date Ex-Dividend Date Payable Date
        DMBVX
        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
        DMBVX
        Estimated 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -
        Record Date Ex-Dividend Date Payable Date
        DMBVX
        12/26/19 12/27/19 12/27/19