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
    $1,000,000
    Class Inception Date
    08/31/16
    Fund Assets
    $465,100,611  As of  07/18/24
    Class Assets
    $38,431  As of  07/18/24
    Portfolio Turnover Rate
    20.10% As of fiscal year end  04/30/24
    Morningstar Category
    Municipal National Long
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    230 As of 06/30/24
    AVERAGE EFFECTIVE MATURITY
    17.85 yr(s).  As of  06/30/24
    AVERAGE EFFECTIVE DURATION
    6.36 yr(s).  As of 06/30/24
    Yield To Worst
    4.25% As of 06/30/24

    Morningstar Rating™ as of June 30, 2024 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Long category. Fund ratings are out of 5 Stars: Overall 4 Stars (163 funds rated); 3 Yrs. 4 Stars (163 funds rated); 5 Yrs. 4 Stars (155 funds rated); 10 Yrs. 3 Stars (114 funds rated).

    Yields and Expense Ratio

    SUBSIDIZED
    as of 07/18/24
    UNSUBSIDIZED
    as of 07/18/24
    ANNUALIZED DISTRIBUTION RATE
    as of 06/30/24
    TAXABLE EQUIVALENT DISTRIBUTION *
    as of
    06/30/24
    PROSPECTUS FEE TABLE EXPENSE RATIO (%)
    as of 09/01/23
    CONTRACTUAL
    FEE WAIVER END DATE
    30-DAY SEC YIELD TAXABLE EQUIVALENT YIELD * 30-DAY SEC YIELD TAXABLE EQUIVALENT YIELD * Net Gross
    3.70 6.25 3.70 6.25 3.41 5.76 0.48 0.48 -

    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 Turnover Rate - It is a measure of how quickly securities in a fund are either bought or sold by the fund's managers, over a given period of time.

    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.

    Average Effective Duration - It is used to measure the market price sensitivity of the fund’s portfolio holdings to changes in interest-rates. Duration is not a complete measure of bond risk and may not be successful.

    Yield To Worst - The holding-weighted average rate of return for a portfolio equal to the discount rate of interest and principal cash flows where the principal is returned at the earliest allowable date. If the earliest return of principal is at the stated maturity the Yield to Maturity % will be the same as the Yield to Worst %.

    Portfolio Managers

    • Jeffrey  Burger

      Jeffrey Burger, CFA

      Senior Portfolio Manager, Insight North America, LLC

      Managing Fund Since 2014

      Joined Firm in 2009

      Joined Industry in 2000

    • Daniel Rabasco

      Daniel Rabasco, CFA

      Head of Municipal Bonds, Insight North America LLC

      Managing Fund Since 2012

      Joined Firm in 1998

      Joined Industry in 1987


    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 Opportunistic Municipal Securities Fund
    DMBYX
    0.61 1.10 4.85 -0.67 1.50 2.58 4.66
    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 Opportunistic Municipal Securities Fund
    DMBYX
    0.61 1.10 4.85 -0.67 1.50 2.58 4.66
    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.

    The total return performance figures presented for Class Y 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 Y shares, and the performance of Class Y, 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.

     

    When applicable, returns reflect a contractual expense reduction, without which returns would have been lower. Please see contractual expense reduction information, if any, in the Prospectus Fee Table below.

    Growth of $10,000 Investment

    Past performance is no guarantee of future results.

    Historical Performance

      Not available for purchase by individual investors.

       

      Past performance is no guarantee of future results.

      Past performance is no guarantee of future results.

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


      Prospectus Fee Table Expense Ratios

      As of  09/01/23 Fee Description Expense Ratio (%)
      Management Fee 0.35%
      Other Expenses 0.13%
      Total Expenses 0.48%
      Net Expenses 0.48%
      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.

      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.

      Asset Allocation


          Daily Statistics

          As of 07/18/24 Name NAV Change 02/01/24  12 Month 
          High Nav
          10/30/23  12 Month 
          Low Nav
          YTD Return
          DMBYX
          $12.21
          $0.00
          0.00%
          $12.26 $11.22 1.76%

          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.

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Municipal National Long


          Morningstar Rating™ as of 06/30/24 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Municipal National Long. Fund ratings are out of 5 Stars: Overall 4 Stars (163 funds rated); 3 Yrs. 4 Stars (163 funds rated); 5 Yrs. 4 Stars (155 funds rated); 10 Yrs. 3 Stars (114 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
            96 out of 296
          • 3 Year
            39 out of 273
          • 5 Year
            36 out of 258
          • 10 Year
            out of

          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

          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  06/30/24  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DMBYX
          7.48 0.16 0.99 98.21 -0.52

          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.


          Alpha - Alpha is a measure of a security's or portfolio's excess return.

          Beta - Beta is a measure of a security’s or portfolio’s volatility, or systematic risk.

          R-Squared - R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.

          Sharpe Ratio - Sharpe ratio is a risk-adjusted measure that measures reward per unit of risk. The higher the Sharpe ratio, the better.

          Standard Deviation - Standard deviation is a statistical measure of the degree to which an individual portfolio return tends to vary from the mean, based on the entire population. The greater the degree of dispersion, the greater the degree of risk. In mutual funds, the standard deviation tells us how much the return on the fund is deviating from the expected normal returns.


          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Apr 30

          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 0.031774874
          05/2024 0.037030962
          04/2024 0.033681556
          03/2024 0.034628543
          02/2024 0.031911519
          01/2024 0.033138154
          12/2023 0.034682569
          11/2023 0.032022744
          10/2023 0.034215429
          09/2023 0.030529179
          08/2023 0.032639237
          07/2023 0.031603272

          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 0.0009 0.0000 0.0293 0.0302
          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 0.0000 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

          Literature

          PRODUCT MATERIALS

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          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS - BROCHURE Download
          BNY Mellon Municipal Funds Breakpoint Pricing Download
          BNY Mellon Muni Funds Breakpoint Pricing Download
          BNY Mellon Opportunistic Municipal Securities Fund - Investment Report Download
          BNY Mellon Municipal Funds - Investment Report Download
          MUNICIPAL BOND FRANCHISE PITCHBOOK Download
          BNY Mellon Opportunistic Municipal Securities Fund - Commentary Download

          Factsheet, Prospectus and Reports

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          Factsheet Download
          Prospectus Download
          Summary Prospectus Download
          SAI Download
          Annual Report Download
          Semi Annual Report Download
          1Q Fiscal Holdings Download
          3Q Fiscal Holdings Download

          Investors should consider the investment objectives, risks, charges, and expenses of a mutual fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

          This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement and should not serve as a primary basis for investment decisions.

          Please consult a legal, tax or investment professional in order to determine whether an investment product or service is appropriate for a particular situation.