BNY Mellon Municipal Opportunities Fund

    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. The fund's investment objective may be changed by the Trust's board upon 60 days' prior notice to shareholders. 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 personal income tax (municipal bonds).

    While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its net assets in taxable fixed-income securities, including taxable municipal bonds and non-U.S. dollar-denominated foreign debt securities such as Brady bonds and sovereign debt obligations. The fund may not achieve its investment objective when investing in taxable bonds.

    The fund invests at least 50% of its net assets in fixed-income securities that are rated investment grade (i.e., Baa/BBB or higher) or are the unrated equivalent as determined by BNYM Investment Adviser. For additional yield, the fund may invest up to 50% of its net assets in fixed-income securities that are rated below investment grade ("high yield" or "junk" bonds) or are the unrated equivalent as determined by BNYM 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 net assets in municipal bonds, the income from which is exempt from federal income tax, the fund may invest up to 50% of its net 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
    $2,030,935,576  As of  07/22/24
    Class Assets
    $68,396,343  As of  07/22/24
    Portfolio Turnover Rate
    72.98% As of fiscal year end  08/31/23
    Morningstar Category
    Municipal National Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    708 As of 06/30/24
    AVERAGE EFFECTIVE MATURITY
    18.29 yr(s).  As of  06/30/24

    Morningstar Rating™ as of June 30, 2024 for the Investor Shares 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 (266 funds rated); 3 Yrs. 3 Stars (266 funds rated); 5 Yrs. 4 Stars (243 funds rated); 10 Yrs. 5 Stars (180 funds rated).

    Yields and Expense Ratio

    SUBSIDIZED
    as of 07/22/24
    UNSUBSIDIZED
    as of 07/22/24
    ANNUALIZED DISTRIBUTION RATE
    as of 06/30/24
    TAXABLE EQUIVALENT DISTRIBUTION *
    as of
    06/30/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 12/29/23
    CONTRACTUAL
    FEE WAIVER END DATE
    30-DAY SEC YIELD TAXABLE EQUIVALENT YIELD * 30-DAY SEC YIELD TAXABLE EQUIVALENT YIELD * Net Gross
    3.24 5.47 3.24 5.47 3.10 5.24 1.00 1.00 -

    Yield fluctuates and past performance is no guarantee of future results.

    The SEC 30-day Yield is calculated by dividing the net investment income per share earned during the period (calculated in accordance with regulatory guidelines) by the maximum offering price per share on the last day of the period.

    Unsubsidized yield displays what the fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place during the period.

    The taxable-equivalent yield is the return that a taxable bond fund needs to possess for its yield to equal the yield on a comparable tax-exempt bond fund, such as a municipal bond fund.

    Tax rates are subject to change; please consult with your financial or tax professional for information concerning your specific situation.

    * Based on maximum combined federal and Medicare tax of 41%. Other taxes not included.

    Portfolio Managers

    • John F. Flahive

      John F. Flahive, CFA

      Portfolio Manager, The Bank of New York Mellon

      Managing Fund Since Inception


    Total Returns

    Average Annual
    As of 06/30/24
    Name 3 MO
    06/30/24
    YTD
    06/30/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Opportunities Fund
    MOTIX
    0.87 1.58 5.69 -0.80 1.57 2.77 5.34
    Bloomberg U.S. Municipal Bond Index
    -0.02 -0.40 3.21 -0.88 1.16 2.39 -
    Average Annual
    As of 06/30/24
    Name 3 MO
    06/30/24
    YTD
    06/30/24
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon Municipal Opportunities Fund
    MOTIX
    0.87 1.58 5.69 -0.80 1.57 2.77 5.34
    Bloomberg U.S. Municipal Bond Index
    -0.02 -0.40 3.21 -0.88 1.16 2.39 -

    The performance data quotes represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

    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

      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.

      Investment return fluctuates and past performance is no guarantee of future results.


      Prospectus Fee Table Expense Ratios

      As of  12/29/23 Fee Description Expense Ratio (%)
      Management Fee 0.50%
      Service Fee 0.25%
      Administration Fee 0.14%
      Other Expenses 0.11%
      Total Expenses 1.00%
      Net Expenses 1.00%

      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 BNY Mellon Wealth Management. Mr. Flahive manages the fund in his capacity as an employee of BNY Mellon Investment Adviser, Inc.

      Asset Allocation


          Daily Statistics

          As of 07/22/24 Name NAV Change 07/19/24  12 Month 
          High Nav
          10/30/23  12 Month 
          Low Nav
          YTD Return
          MOTIX
          $12.55
          -$0.01
          -0.08%
          $12.56 $11.43 2.26%

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Municipal National Intermediate


          Morningstar Rating™ as of 06/30/24 for the Investor Shares 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 (266 funds rated); 3 Yrs. 3 Stars (266 funds rated); 5 Yrs. 4 Stars (243 funds rated); 10 Yrs. 5 Stars (180 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
            37 out of 296
          • 3 Year
            68 out of 273
          • 5 Year
            32 out of 258
          • 10 Year
            37 out of 185

          LIPPER CLASSIFICATION General & Insured Municipal Debt Funds


          Lipper Category returns and rankings as of 06/30/24, 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's main risks.

          Risk Metrics

          As of  06/30/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          MOTIX
          7.96 0.29 1.04 96.68 -0.50

          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.



          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Aug 31

          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 ($)
          06/2024 0.029734557
          05/2024 0.035362308
          04/2024 0.032468681
          03/2024 0.033007875
          02/2024 0.031091760
          01/2024 0.032551682
          12/2023 0.034165688
          11/2023 0.031947669
          10/2023 0.034451836
          09/2023 0.030206880
          08/2023 0.031970122
          07/2023 0.031990898

          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
          12/22/22 12/23/22 12/23/22 0.0000 0.0000 0.0570 0.0000 0.0926 0.1496
          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
          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

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