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    BNY Mellon Municipal Opportunities Fund

    Overview

    Why invest in this Fund?

    The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation.

    To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in U.S. dollar-denominated fixed income securities that provide income exempt from federal income tax (municipal bonds). While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its assets in taxable fixedincome securities and other investments. The fund may not achieve its investment objective when investing in taxable bonds.

    The fund invests at least 80% of its assets in fixed income securities that are rated investment grade (i.e. Baa/BBB or higher) or are the unrated equivalent as determined by the investment adviser. For additional yield, the fund may invest up to 20% of its assets in fixed-income securities that are rated below investment grade ("high yield" or "junk" bonds) or are the unrated equivalent as determined by the investment adviser. The fund may invest in bonds of any maturity or duration and does not expect to target any specific range of maturity or duration. The dollar-weighted average maturity of the fund's portfolio will vary from time to time depending on the portfolio manager's views on the direction of interest rates.

    Although the fund normally invests at least 80% of its assets in municipal bonds, the income from which is exempt from federal income tax, the fund may invest up to 50% of its assets in municipal bonds, the income from which is subject to the federal alternative minimum tax.

    The fund's portfolio manager seeks to deliver value added excess returns ("alpha") by applying an investment approach designed to identify and exploit relative value opportunities within the municipal bond market and other fixed-income markets. Although the fund seeks to be diversified by geography and sector, the fund may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions.
    Class Inception Date
    10/15/08
    Fund Assets
    $1,706,170,156  As of  03/24/23
    Class Assets
    $1,644,978,858  As of  03/24/23
    Portfolio Turnover Rate
    57.75% As of fiscal year end  08/31/22
    Morningstar Category
    Municipal National Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    668 As of 02/28/23
    AVERAGE EFFECTIVE MATURITY
    16.36 yr(s).  As of  02/28/23

    Morningstar Rating™ as of February 28, 2023 for the Class M 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 (283 funds rated); 3 Yrs. 3 Stars (283 funds rated); 5 Yrs. 5 Stars (246 funds rated); 10 Yrs. 5 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.

     

    Portfolio Managers

    • John F. Flahive

      John F. Flahive, CFA

      Portfolio Manager, The Bank of New York Mellon

      14 yr(s). on fund
    Performance

    Total Returns

    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 Municipal Opportunities Fund
    MOTMX
    		1.02 1.24 -5.85 -1.58 1.84 2.45 5.55
    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 Municipal Opportunities Fund
    MOTMX
    		3.93 -10.32 -10.32 -0.87 1.51 2.46 5.52
    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

      Yearly

      Fees & Expenses

      Prospectus Fee Table Expense Ratios

      As of  12/30/22 Fee Description Expense Ratio (%)
      Management Fee 0.50%
      Administration Fee 0.13%
      Other Expenses 0.02%
      Total Expenses 0.65%
      Portfolio

      Portfolio Manager/Sub-Investment Adviser

      The investment adviser for the fund is BNY Mellon Investment Adviser. John F. Flahive is the fund's primary portfolio manager, a position he has held since the fund's inception in October 2008. Mr. Flahive is senior vice president of The Bank of New York Mellon. Mr. Flahive manages the fund in his capacity as an employee of BNY Mellon Investment Adviser, Inc.
      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
          MOTMX
          		3.76% 3.76% $12.16
          $0.04
          0.33%
          		$12.94 $11.58 2.22%

          Performance Metrics

          Overall Morningstar Rating

          MORNINGSTAR CATEGORY Municipal National Intermediate

          Morningstar Rating™ as of 02/28/23 for the Class M 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 (283 funds rated); 3 Yrs. 3 Stars (283 funds rated); 5 Yrs. 5 Stars (246 funds rated); 10 Yrs. 5 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
            83 out of 291
          • 3 Year
            43 out of 280
          • 5 Year
            25 out of 243
          • 10 Year
            15 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

          The fund is generally subject to interest rate, call, credit, liquidity, foreign investment and market risks, to varying degrees, all of which are more fully described in the fund's prospectus.
          High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuers' perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.
          The fund is subject to risks associated with investing in municipal bonds. Other factors include the general conditions of the municipal bond market, the size of the particular offering, the maturity of the obligation and the rating of the issue.
          Please refer to the prospectus for a more complete discussion of the fund'smain risks.
          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
          MOTMX
          		8.37 0.64 1.20 92.39 -0.27

          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
          Aug 31
          Annualized Distribution Rate
          3.49%
          As of  02/2023
          Month/Year Dividend ($)
          02/2023 0.032275729
          01/2023 0.037094091
          12/2022 0.034159829
          11/2022 0.033626585
          10/2022 0.034282867
          09/2022 0.032154114
          08/2022 0.034675930
          07/2022 0.030247837
          06/2022 0.031010970
          05/2022 0.032904130
          04/2022 0.028962782
          03/2022 0.029044374

          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 0.0570 0.0000 0.0926 0.1496 12.04
          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 0.0103 0.0000 0.0091 0.0194 -
          12/27/18 12/28/18 12/28/18 0.0000 0.0000 0.0000 0.0000 0.0031 0.0031 -
          12/27/17 12/28/17 12/28/17 0.0000 0.0000 0.0048 0.0000 0.0000 0.0048 -
          12/28/16 12/29/16 12/29/16 0.0000 0.0000 0.0026 0.0000 0.0000 0.0026 -
          12/18/13 12/19/13 12/19/13 0.0000 0.0000 0.0022 0.0000 0.2651 0.2673 -
          12/12/12 12/13/12 12/13/12 0.0000 0.0000 0.0914 0.0000 0.0306 0.1220 -
          12/08/10 12/09/10 12/09/10 0.0000 0.0000 0.1808 0.0000 0.0000 0.1808 -
          12/09/09 12/10/09 12/10/09 0.0000 0.0000 0.3649 0.0000 0.0070 0.3719 -
          12/10/08 12/11/08 12/11/08 0.0000 0.0000 0.0071 0.0000 0.0000 0.0071 -
          Literature

          Literature

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