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
11/26/86
Fund Assets
$366,557,146  As of  10/16/19
Class Assets
$150,384,928  As of  10/16/19
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
153  As of  09/30/19
Average Effective Maturity
17.21  yr(s).  As of  09/30/19
Average Effective Duration
5.05  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 National Intermediate category. Fund ratings are out of 5 Stars: Overall 4 Stars (244 funds rated); 3 Yrs. 4 Stars (244 funds rated); 5 Yrs. 4 Stars (217 funds rated); 10 Yrs. 4 Stars (149 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


Click here to see SALES CHARGE  Max Sales Charge:  4.50% Front End Load
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
PTEBX
8.49 2.95 3.62 4.09 5.16 11/26/86
Bloomberg Barclays U.S. Municipal Bond Index
8.55 3.19 3.66 4.16 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
PTEBX
8.49 2.95 3.62 4.09 5.16 11/26/86
Bloomberg Barclays U.S. Municipal Bond Index
8.55 3.19 3.66 4.16 - -
Click here to see SALES CHARGE  Max Sales Charge:  4.50% Front End Load
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
PTEBX
8.49 9.11 19.44 49.26 422.53 11/26/86
Bloomberg Barclays U.S. Municipal Bond Index
8.55 9.88 19.68 50.38 - -
As of  09/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Opportunistic Municipal Securities Fund
PTEBX
8.49 9.11 19.44 49.26 422.53 11/26/86
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.

    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
    PTEBX
    2.60% 2.60% 2.70% 2.76% 2.78% 2.81% 2.82% 2.91% 2.96% 2.80% 2.77% 2.82%

    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
    PTEBX
    0.53% 5.74% -0.59% 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: 1.46%

    Combined Effective Federal Income Tax Rate

     

    As of  10/16/19
    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
    PTEBX
    2.02% 2.15% 2.27% 2.39% 2.47%

    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: 1.46%

    Combined Effective Federal Income Tax Rate

     

    As of  10/16/19
    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
    PTEBX
    2.02% 2.15% 2.27% 2.39% 2.47%

    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%
    Service Fee 0.25%
    Other Expenses 0.13%
    Total Expenses 0.73%

    Sales Charge

    Investment Amount Sales Charge
    Less than $50,000 4.50%
    Less than $100,000 4.00%
    Less than $250,000 3.00%
    Over $250,000 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. 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  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
        PTEBX
        1.46% 1.46% $13.26
        $0.00
        0.00%
        $13.40 $12.41 7.50%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal National Intermediate


        Morningstar Rating™ as of 09/30/19 for the Class A 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 (610 funds rated); 3 Yrs. 4 Stars (244 funds rated); 5 Yrs. 4 Stars (217 funds rated); 10 Yrs. 4 Stars (149 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
          123 out of 276
        • 3 Year
          127 out of 238
        • 5 Year
          92 out of 209
        • 10 Year
          86 out of 167

        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  09/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        PTEBX
        3.85 -0.34 1.07 97.66 0.36

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Apr 30
        Annualized Distribution Rate
        2.60%
        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 0.030655028
        08/2019 0.029957059
        07/2019 0.033758405
        06/2019 0.029094514
        05/2019 0.032381222
        04/2019 0.033412978
        03/2019 0.030288177
        02/2019 0.029735393
        01/2019 0.033269168
        12/2018 0.031389574
        11/2018 0.029798804
        10/2018 0.033263310
        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
        PTEBX
        0.0000 0.0000 0.0051 0.0000 0.0000 0.0051 12.61
        Record Date Ex-Dividend Date Payable Date
        PTEBX
        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
        PTEBX
        Final 0.0000 0.0000 0.0051 0.0000 0.0000 0.0051 12.61
        Record Date Ex-Dividend Date Payable Date
        PTEBX
        12/27/18 12/28/18 12/28/18