Please ensure Javascript is enabled for purposes of website accessibility

    BNY Mellon Opportunistic Municipal Securities Fund

    Overview

    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
    $495,728,521  As of  03/24/23
    Class Assets
    $159,919,355  As of  03/24/23
    Portfolio Turnover Rate
    9.69% As of fiscal year end  04/30/22
    Morningstar Category
    Municipal National Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    249 As of 02/28/23
    AVERAGE EFFECTIVE MATURITY
    15.18 yr(s).  As of  02/28/23
    Modified Duration To Worst
    5.87 yr(s).  As of 02/28/23

    Morningstar Rating™ as of February 28, 2023 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 3 Stars (283 funds rated); 3 Yrs. 2 Stars (283 funds rated); 5 Yrs. 3 Stars (246 funds rated); 10 Yrs. 4 Stars (183 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

      Jeffrey Burger, CFA

      Senior Portfolio Manager, Insight North America, LLC

      8 yr(s). on fund
    • Daniel Rabasco

      Daniel Rabasco, CFA

      Head of Municipal Bonds, Insight North America LLC

      11 yr(s). on fund
    Performance

    Total Returns

    Click here to see SALES CHARGE  Max Sales Charge:  4.50%  Front End Load

    Month End

    Average Annual
    As of 02/28/23
    Name 3 MO
    02/28/23     		YTD
    02/28/23     		1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Opportunistic Municipal Securities Fund
    PTEBX
    		0.75 0.69 -6.20 -2.04 1.39 1.97 4.60
    Bloomberg U.S. Municipal Bond Index
    		0.83 0.55 -5.10 -1.60 1.66 2.11 -

    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
    PTEBX
    		3.48 -9.87 -9.87 -1.20 0.93 2.00 4.60
    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.

    Growth of $10,000 Investment

    Historical Performance

      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.

      Fees & Expenses

      Prospectus Fee Table Expense Ratios

      As of  09/01/22 Fee Description Expense Ratio (%)
      Management Fee 0.35%
      Service Fee 0.25%
      Other Expenses 0.12%
      Total Expenses 0.72%
      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.

      Sales Charge

      There is a 1% CDSC for purchases of $1,000,000 and over if redeemed within one year of purchase.

      Portfolio

      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Insight North America LLC (INA), to serve as the fund's sub-investment adviser. Jeffrey Burger, CFA and Daniel Rabasco, CFA are the fund's primary portfolio managers, positions they have held since May 2014 and February 2012, respectively. Mr. Burger is a director and senior portfolio manager for tax-sensitive strategies at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser. Mr. Rabasco is a managing director and Head of Municipal Bonds at INA.
      Download Total Holdings

      Asset Allocation

          Stats & Risks

          Daily Statistics

          As of 03/24/23 Name 30-Day Sec Yield
          (WITHOUT WAIVER)           		30-Day Sec Yield
          (WITH WAIVER)           		NAV Change 04/04/22  12 Month 
          High Nav           		10/26/22  12 Month 
          Low Nav           		YTD Return
          PTEBX
          		2.74% 2.74% $11.99
          $0.04
          0.33%
          		$12.55 $11.31 2.32%

          Performance Metrics

          Overall Morningstar Rating

          MORNINGSTAR CATEGORY Municipal National Intermediate

          Morningstar Rating™ as of 02/28/23 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 3 Stars (283 funds rated); 3 Yrs. 2 Stars (283 funds rated); 5 Yrs. 3 Stars (246 funds rated); 10 Yrs. 4 Stars (183 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
            105 out of 291
          • 3 Year
            112 out of 280
          • 5 Year
            86 out of 243
          • 10 Year
            63 out of 174

          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.
          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  02/28/23  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          PTEBX
          		7.07 -0.32 1.04 97.10 -0.40

          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.


          Distributions

          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Apr 30
          Annualized Distribution Rate
          2.57%
          As of  02/2023

          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 ($)
          02/2023 0.024443210
          01/2023 0.027814095
          12/2022 0.026323828
          11/2022 0.025256972
          10/2022 0.026698510
          09/2022 0.024623396
          08/2022 0.025944051
          07/2022 0.021446911
          06/2022 0.023063734
          05/2022 0.024024358
          04/2022 0.022121416
          03/2022 0.023925334

          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 11.82
          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 -
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0038 0.0000 0.0000 0.0038 -
          12/12/12 12/13/12 12/13/12 0.0000 0.0000 0.0068 0.0000 0.0000 0.0068 -
          12/07/99 12/08/99 12/08/99 0.0000 0.0000 0.0000 0.0000 0.0000 0.1603 -
          12/07/98 12/08/98 12/08/98 0.0000 0.0000 0.0198 0.0000 0.0000 0.2067 -
          12/03/97 12/04/97 12/04/97 0.0000 0.0000 0.0000 0.0000 0.0000 0.0841 -
          12/04/96 12/05/96 12/05/96 0.0000 0.0000 0.0075 0.0000 0.0000 0.0075 -
          12/02/93 12/03/93 12/06/93 0.0000 0.0000 0.0000 0.0000 0.0000 0.0496 -
          11/24/92 11/25/92 11/30/92 0.0000 0.0000 0.0849 0.0000 0.0000 0.2119 -
          Literature

          Literature

          PRODUCT MATERIALS

          • Download
          • Share
          • Subscribe
          • Order
          BNY Mellon Municipal Bond Franchise Presentation Download
          Why municipals are more than just tax benefits Download
          BNY Mellon Muni Funds Breakpoint Pricing Download
          Investment Report Download
          Quarterly Commentary Download

          Factsheet, Prospectus and Reports

          • Download
          • Share
          • Subscribe
          • Order
          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Annual Report Download
          Semi Annual Report Download
          1Q Fiscal Holdings Download
          3Q Fiscal Holdings Download