0000797923-20-000012.txt : 20200914 0000797923-20-000012.hdr.sgml : 20200914 20200914141113 ACCESSION NUMBER: 0000797923-20-000012 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20200914 DATE AS OF CHANGE: 20200914 EFFECTIVENESS DATE: 20200914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNY Mellon Opportunistic Municipal Securities Fund CENTRAL INDEX KEY: 0000797923 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-07496 FILM NUMBER: 201172944 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2129226400 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS MUNICIPAL BOND OPPORTUNITY FUND DATE OF NAME CHANGE: 20081201 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19970605 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BNY Mellon Opportunistic Municipal Securities Fund CENTRAL INDEX KEY: 0000797923 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04764 FILM NUMBER: 201172943 BUSINESS ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2129226400 MAIL ADDRESS: STREET 1: C/O BNY MELLON INVESTMENT ADVISER, INC. STREET 2: 240 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10286 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS MUNICIPAL BOND OPPORTUNITY FUND DATE OF NAME CHANGE: 20081201 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19970605 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 0000797923 S000000090 BNY Mellon Opportunistic Municipal Securities Fund C000000131 Class A PTEBX C000000133 Class C DMBCX C000001400 Class Z DMBZX C000173299 Class Y DMBYX C000173300 Class I DMBVX 485BPOS 1 lp1-022.htm POST-EFFECTIVE AMENDMENT NO.64 lp1-022.htm - Generated by SEC Publisher for SEC Filing

File No. 33-07496

811-04764

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

 Pre-Effective Amendment No.  [__]

 Post-Effective Amendment No. 64  [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

 Amendment No. 64  [X]

(Check appropriate box or boxes.)

BNY Mellon Opportunistic Municipal Securities Fund

(Exact Name of Registrant as Specified in Charter)

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street, New York, New York 10286

(Address of Principal Executive Offices) (Zip Code)

 Registrant's Telephone Number, including Area Code: (212) 922-6400

Bennett A. MacDougall, Esq.

240 Greenwich Street

New York, New York 10286

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)

 

  X__ immediately upon filing pursuant to paragraph (b)

 _____ on (date) pursuant to paragraph (b)

 _____ (days) days after filing pursuant to paragraph (a)(1)

 _____ on (date) pursuant to paragraph (a)(1)

 _____ (days) days after filing pursuant to paragraph (a)(2)

 _____ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

 _____ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 


SIGNATURES

 Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant BNY Mellon Opportunistic Municipal Securities Fund certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 14th day of September 2020.

BNY Mellon Opportunistic Municipal Securities Fund

   

BY:

/s/ Renee LaRoche-Morris*

 

Renee LaRoche-Morris, PRESIDENT

 Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

         

Signatures

 

Title

 

Date

         

/s/ Renee LaRoche-Morris*

 

President (Principal Executive Officer)

 

09/14/2020

Renee LaRoche-Morris

       

/s/ James Windels*

 

Treasurer (Principal Financial
and Accounting Officer)

 

09/14/2020

James Windels

       

/s/ Joseph S. DiMartino*

 

Chairman of the Board

 

09/14/2020

Joseph S. DiMartino

       

/s/ Francine J. Bovich*

 

Board Member

 

09/14/2020

Francine J. Bovich

       

/s/ Peggy C. Davis*

 

Board Member

 

09/14/2020

Peggy C. Davis

       

/s/ Nathan Leventhal*

 

Board Member

 

09/14/2020

Nathan Leventhal

       

/s/ Robin A. Melvin*

 

Board Member

 

09/14/2020

Robin A. Melvin

       
   

*BY:

/s/ Natalya Zelensky

 

Natalya Zelensky

Attorney-in-Fact

 

 


INDEX OF EXHIBITS

Exhibits

EX-101.INS – Instance Document.

EX-101.SCH – Taxonomy.

EX-101.CAL – Calculation Linkbase.

EX-101.DEF – Definition Linkbase.

EX-101.LAB – Labels Linkbase.

EX-101.PRE – Presentation Linkbase.

 

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N-1A BNY Mellon Opportunistic Municipal Securities Fund 2020-09-01 2020-09-01 false 2020-08-28 2019-04-30 485BPOS 0000797923 Fund Summary DMBVX DMBYX DMBZX DMBCX PTEBX Investment Objective <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.</font></p> Fees and Expenses <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or shares of other funds in the BNY Mellon Family of Funds that are subject to a sales charge. More information about sales charges, including these and other discounts and waivers, is available from your financial professional and in the Shareholder Guide section beginning on page 10 of the prospectus, in the Appendix on page A-1 of the prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.</font></p> 0.0450 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0035 0.0035 0.0035 0.0035 0.0035 0.0000 0.0075 0.0000 0.0000 0.0000 0.0025 0.0025 0.0000 0.0000 0.0020 0.0013 0.0016 0.0013 0.0012 0.0012 0.0038 0.0041 0.0013 0.0012 0.0032 0.0073 0.0151 0.0048 0.0047 0.0067 ~ http://www.bny.com/20200828/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ ~ http://www.bny.com/20200828/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ Class A shares bought without an initial sales charge as part of an investment of $250,000 or more may be charged a deferred sales charge of 1.00% if redeemed within one year. 50000 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or shares of other funds in the BNY Mellon Family of Funds that are subject to a sales charge. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></p> 521 521 254 154 49 49 48 48 68 68 673 673 477 477 154 154 151 151 214 214 838 838 824 824 269 269 263 263 373 373 1316 1316 1802 1802 604 604 591 591 835 835 ~ http://www.bny.com/20200828/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ ~ http://www.bny.com/20200828/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ Portfolio Turnover <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 21.90% of the average value of its portfolio.</font></p> 0.2190 Principal Investment Strategy <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">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. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities.</font></p> <br/><p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The fund invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. For additional yield, the fund may invest up to 30% of its assets in municipal bonds rated below investment grade ("high yield" or "junk" bonds) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund may invest without regard to maturity or duration. A bond's maturity is the length of time until the principal must be fully repaid with interest. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.</font></p> <br/><p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The fund's portfolio managers focus on identifying undervalued sectors and securities. To select municipal bonds for the fund, the fund's portfolio managers use fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and actively trade among various sectors based on their apparent relative values.</font></p> <br/><p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">Although the fund seeks to provide income exempt from federal income tax, the fund may invest without limitation in municipal bonds the income from which is subject to the federal alternative minimum tax.</font></p> Principal Risks <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.</font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; color: #000000;">Municipal securities risk</font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">. The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price. </font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; color: #000000;">Interest rate risk. </font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates. </font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; color: #000000;">Credit risk</font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">. Failure of an issuer of a security to make timely interest or principal payments when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. The lower a security's credit rating, the greater the chance that the issuer of the security will default or fail to meet its payment obligations.</font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 9.35pt; TEXT-INDENT: -9.35pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal">High yield securities risk</font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">. High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's ability to make principal and interest payments. The prices of high yield securities can fall in response to bad news about the issuer or its industry, or the economy in general, to a greater extent than those of higher rated securities. </font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 9.35pt; TEXT-INDENT: -9.35pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal">Liquidity risk</font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal">. </font><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. The secondary market for certain municipal bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds at attractive prices. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for below investment grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.</font></font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; color: #000000;">Management risk. </font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The investment process used by the fund's portfolio managers could fail to achieve the fund's investment goal and cause your fund investment to lose value. </font></p> <br/><p style="TEXT-ALIGN: left; MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#9679;</font></font><font><font style="WORD-SPACING: 10pt"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000; ">&#160;</font></font></font><font><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; color: #000000;">Market risk. </font></i></font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.&#160; In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund.&#160; Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.&#160; These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.&#160; Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.&#160; </font></p> An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. Performance <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class A shares from year to year. Sales charges, if any, are not reflected in the bar chart, and, if those charges were included, returns would have been less than those shown. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. More recent performance information may be available at www.bnymellonim.com/us.</font></p> Year-by-Year Total Returns as of 12/31 each year (%) Class A 0.0105 0.1068 0.0747 -0.0387 0.1125 0.0359 -0.0059 0.0574 0.0053 0.0802 ~ http://www.bny.com/20200828/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ Best Quarter 0.0411 2011-06-30 Worst Quarter -0.0546 2010-12-31 year-to-date total return 0.0081 <table><tr><td> <p style="TEXT-ALIGN: left; MARGIN-LEFT: 4pt"><font><b><font style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal">Best Quarter</font></b></font><font style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal"><br/>Q2, 2011: 4.11%</font></p> <p style="TEXT-ALIGN: left; MARGIN-LEFT: 4pt"><font><b><font style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-STYLE: normal">Worst Quarter</font></b></font><font style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; FONT-STYLE: normal"><br/>Q4, 2010: -5.46%</font></p></td></tr></table> <br/><p style="TEXT-ALIGN: left"><i><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; color: #000000;">The year-to-date total return of the fund's Class A shares as of June 30, 2020 was 0.81%.</font></i></p> <p style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of fund shares may be higher than returns before taxes or returns after taxes on distributions due to an assumed tax benefit from losses on a sale of the fund's shares at the end of the period.</font></p> <br/><p style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal; FONT-STYLE: normal; color: #000000;">For the fund's Class I and Class Y shares, periods prior to the inception date reflect the performance of the fund's Class A shares, without reflecting any applicable sales charges for Class A shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes have different expenses. </font></p> 0.0320 0.0247 0.0379 0.0320 0.0246 0.0379 0.0306 0.0257 0.0370 0.0617 0.0262 0.0349 0.0837 0.0359 0.0437 0.0829 0.0350 0.0432 0.0808 0.0347 0.0433 0.0754 0.0353 0.0434 2016-08-31 2016-08-31 ~ http://www.bny.com/20200828/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000797923_S000000090Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ reflects no deductions for fees, expenses or taxes Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Sales charges, if any, are not reflected in the bar chart, and, if those charges were included, returns would have been less than those shown. The following bar chart and table provide some indication of the risks of investing in the fund. Returns after taxes on distributions and sale of fund shares may be higher than returns before taxes or returns after taxes on distributions due to an assumed tax benefit from losses on a sale of the fund's shares at the end of the period. www.bnymellonim.com/us Average Annual Total Returns (as of 12/31/19) After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. EX-101.CAL 5 ck0000797923-20200828_cal.xml CALCULATION LINKBASE EX-101.PRE 6 ck0000797923-20200828_pre.xml PRESENTATION LINKBASE EX-101.DEF 7 ck0000797923-20200828_def.xml DEFINITION LINKBASE EX-101.LAB 8 ck0000797923-20200828_lab.xml LABELS LINKBASE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Apr. 30, 2019
Entity Registrant Name BNY Mellon Opportunistic Municipal Securities Fund
Entity Central Index Key 0000797923
Entity Inv Company Type N-1A
Amendment Flag false
Document Creation Date Aug. 28, 2020
Document Effective Date Sep. 01, 2020
Prospectus Date Sep. 01, 2020
BNY Mellon Opportunistic Municipal Securities Fund | Class I  
Prospectus:  
Trading Symbol DMBVX
BNY Mellon Opportunistic Municipal Securities Fund | Class Y  
Prospectus:  
Trading Symbol DMBYX
BNY Mellon Opportunistic Municipal Securities Fund | Class Z  
Prospectus:  
Trading Symbol DMBZX
BNY Mellon Opportunistic Municipal Securities Fund | Class C  
Prospectus:  
Trading Symbol DMBCX
BNY Mellon Opportunistic Municipal Securities Fund | Class A  
Prospectus:  
Trading Symbol PTEBX
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Total
BNY Mellon Opportunistic Municipal Securities Fund
Fund Summary
Investment Objective

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or shares of other funds in the BNY Mellon Family of Funds that are subject to a sales charge. More information about sales charges, including these and other discounts and waivers, is available from your financial professional and in the Shareholder Guide section beginning on page 10 of the prospectus, in the Appendix on page A-1 of the prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - BNY Mellon Opportunistic Municipal Securities Fund
Class A
Class C
Class I
Class Y
Class Z
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.50% none none none none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) none [1] 1.00% none none none
[1] Class A shares bought without an initial sales charge as part of an investment of $250,000 or more may be charged a deferred sales charge of 1.00% if redeemed within one year.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - BNY Mellon Opportunistic Municipal Securities Fund
Class A
Class C
Class I
Class Y
Class Z
Management fees 0.35% 0.35% 0.35% 0.35% 0.35%
Distribution (12b-1) fees none 0.75% none none none
Shareholder services fees 0.25% 0.25% none none 0.20%
Miscellaneous other expenses 0.13% 0.16% 0.13% 0.12% 0.12%
Total other expenses 0.38% 0.41% 0.13% 0.12% 0.32%
Total annual fund operating expenses 0.73% 1.51% 0.48% 0.47% 0.67%
Example

The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - BNY Mellon Opportunistic Municipal Securities Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 521 673 838 1,316
Class C 254 477 824 1,802
Class I 49 154 269 604
Class Y 48 151 263 591
Class Z 68 214 373 835
Expense Example No Redemption - BNY Mellon Opportunistic Municipal Securities Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 521 673 838 1,316
Class C 154 477 824 1,802
Class I 49 154 269 604
Class Y 48 151 263 591
Class Z 68 214 373 835
Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 21.90% of the average value of its portfolio.

Principal Investment Strategy

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. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities.


The fund invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. For additional yield, the fund may invest up to 30% of its assets in municipal bonds rated below investment grade ("high yield" or "junk" bonds) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund may invest without regard to maturity or duration. A bond's maturity is the length of time until the principal must be fully repaid with interest. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.


The fund's portfolio managers focus on identifying undervalued sectors and securities. To select municipal bonds for the fund, the fund's portfolio managers use fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and actively trade among various sectors based on their apparent relative values.


Although the fund seeks to provide income exempt from federal income tax, the fund may invest without limitation in municipal bonds the income from which is subject to the federal alternative minimum tax.

Principal Risks

An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.


 Municipal securities risk. The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price.


 Interest rate risk. Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.


 Credit risk. Failure of an issuer of a security to make timely interest or principal payments when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. The lower a security's credit rating, the greater the chance that the issuer of the security will default or fail to meet its payment obligations.


 High yield securities risk. High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's ability to make principal and interest payments. The prices of high yield securities can fall in response to bad news about the issuer or its industry, or the economy in general, to a greater extent than those of higher rated securities.


 Liquidity risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. The secondary market for certain municipal bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds at attractive prices. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for below investment grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


 Management risk. The investment process used by the fund's portfolio managers could fail to achieve the fund's investment goal and cause your fund investment to lose value.


 Market risk. The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.  In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund.  Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.  These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.  Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. 

Performance

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class A shares from year to year. Sales charges, if any, are not reflected in the bar chart, and, if those charges were included, returns would have been less than those shown. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. More recent performance information may be available at www.bnymellonim.com/us.

Year-by-Year Total Returns as of 12/31 each year (%) Class A
Bar Chart

Best Quarter
Q2, 2011: 4.11%

Worst Quarter
Q4, 2010: -5.46%


The year-to-date total return of the fund's Class A shares as of June 30, 2020 was 0.81%.

Average Annual Total Returns (as of 12/31/19)

After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of fund shares may be higher than returns before taxes or returns after taxes on distributions due to an assumed tax benefit from losses on a sale of the fund's shares at the end of the period.


For the fund's Class I and Class Y shares, periods prior to the inception date reflect the performance of the fund's Class A shares, without reflecting any applicable sales charges for Class A shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes have different expenses.

Average Annual Returns - BNY Mellon Opportunistic Municipal Securities Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Inception Date
Class A 3.20% 2.47% 3.79%  
Class C 6.17% 2.62% 3.49%  
Class I 8.37% 3.59% 4.37% Aug. 31, 2016
Class Y 8.29% 3.50% 4.32% Aug. 31, 2016
Class Z 8.08% 3.47% 4.33%  
After Taxes on Distributions | Class A 3.20% 2.46% 3.79%  
After Taxes on Distributions and Sale of Fund Shares | Class A 3.06% 2.57% 3.70%  
Bloomberg Barclays U.S. Municipal Bond Index reflects no deductions for fees, expenses or taxes 7.54% 3.53% 4.34%  
XML 12 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Label Element Value
BNY Mellon Opportunistic Municipal Securities Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.

Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or shares of other funds in the BNY Mellon Family of Funds that are subject to a sales charge. More information about sales charges, including these and other discounts and waivers, is available from your financial professional and in the Shareholder Guide section beginning on page 10 of the prospectus, in the Appendix on page A-1 of the prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 21.90% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.90%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or shares of other funds in the BNY Mellon Family of Funds that are subject to a sales charge.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

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. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities.


The fund invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. For additional yield, the fund may invest up to 30% of its assets in municipal bonds rated below investment grade ("high yield" or "junk" bonds) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund may invest without regard to maturity or duration. A bond's maturity is the length of time until the principal must be fully repaid with interest. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.


The fund's portfolio managers focus on identifying undervalued sectors and securities. To select municipal bonds for the fund, the fund's portfolio managers use fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and actively trade among various sectors based on their apparent relative values.


Although the fund seeks to provide income exempt from federal income tax, the fund may invest without limitation in municipal bonds the income from which is subject to the federal alternative minimum tax.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.


 Municipal securities risk. The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price.


 Interest rate risk. Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.


 Credit risk. Failure of an issuer of a security to make timely interest or principal payments when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. The lower a security's credit rating, the greater the chance that the issuer of the security will default or fail to meet its payment obligations.


 High yield securities risk. High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's ability to make principal and interest payments. The prices of high yield securities can fall in response to bad news about the issuer or its industry, or the economy in general, to a greater extent than those of higher rated securities.


 Liquidity risk. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. The secondary market for certain municipal bonds tends to be less well developed or liquid than many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds at attractive prices. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for below investment grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.


 Management risk. The investment process used by the fund's portfolio managers could fail to achieve the fund's investment goal and cause your fund investment to lose value.


 Market risk. The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.  In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund.  Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.  These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.  Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. 

Risk Lose Money [Text] rr_RiskLoseMoney The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
RIsk Not Insured [Text] rr_RiskNotInsured An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class A shares from year to year. Sales charges, if any, are not reflected in the bar chart, and, if those charges were included, returns would have been less than those shown. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. More recent performance information may be available at www.bnymellonim.com/us.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bnymellonim.com/us
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Total Returns as of 12/31 each year (%) Class A
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales charges, if any, are not reflected in the bar chart, and, if those charges were included, returns would have been less than those shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter
Q2, 2011: 4.11%

Worst Quarter
Q4, 2010: -5.46%


The year-to-date total return of the fund's Class A shares as of June 30, 2020 was 0.81%.

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 0.81%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.11%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.46%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes reflects no deductions for fees, expenses or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Returns after taxes on distributions and sale of fund shares may be higher than returns before taxes or returns after taxes on distributions due to an assumed tax benefit from losses on a sale of the fund's shares at the end of the period.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns after taxes on distributions and sale of fund shares may be higher than returns before taxes or returns after taxes on distributions due to an assumed tax benefit from losses on a sale of the fund's shares at the end of the period.


For the fund's Class I and Class Y shares, periods prior to the inception date reflect the performance of the fund's Class A shares, without reflecting any applicable sales charges for Class A shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes have different expenses.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (as of 12/31/19)
BNY Mellon Opportunistic Municipal Securities Fund | Bloomberg Barclays U.S. Municipal Bond Index reflects no deductions for fees, expenses or taxes  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.54%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.53%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.34%
BNY Mellon Opportunistic Municipal Securities Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1]
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder services fees rr_Component1OtherExpensesOverAssets 0.25%
Miscellaneous other expenses rr_Component3OtherExpensesOverAssets 0.13%
Total other expenses rr_OtherExpensesOverAssets 0.38%
Total annual fund operating expenses rr_ExpensesOverAssets 0.73%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock Class A shares bought without an initial sales charge as part of an investment of $250,000 or more may be charged a deferred sales charge of 1.00% if redeemed within one year.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 521
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 673
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 838
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,316
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 521
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 673
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 838
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,316
Annual Return 2010 rr_AnnualReturn2010 1.05%
Annual Return 2011 rr_AnnualReturn2011 10.68%
Annual Return 2012 rr_AnnualReturn2012 7.47%
Annual Return 2013 rr_AnnualReturn2013 (3.87%)
Annual Return 2014 rr_AnnualReturn2014 11.25%
Annual Return 2015 rr_AnnualReturn2015 3.59%
Annual Return 2016 rr_AnnualReturn2016 (0.59%)
Annual Return 2017 rr_AnnualReturn2017 5.74%
Annual Return 2018 rr_AnnualReturn2018 0.53%
Annual Return 2019 rr_AnnualReturn2019 8.02%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.20%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.47%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.79%
BNY Mellon Opportunistic Municipal Securities Fund | Class A | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.20%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.46%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.79%
BNY Mellon Opportunistic Municipal Securities Fund | Class A | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.06%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.57%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.70%
BNY Mellon Opportunistic Municipal Securities Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Shareholder services fees rr_Component1OtherExpensesOverAssets 0.25%
Miscellaneous other expenses rr_Component3OtherExpensesOverAssets 0.16%
Total other expenses rr_OtherExpensesOverAssets 0.41%
Total annual fund operating expenses rr_ExpensesOverAssets 1.51%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 254
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 477
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 824
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,802
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 154
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 477
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 824
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,802
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 6.17%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.62%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.49%
BNY Mellon Opportunistic Municipal Securities Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder services fees rr_Component1OtherExpensesOverAssets none
Miscellaneous other expenses rr_Component3OtherExpensesOverAssets 0.13%
Total other expenses rr_OtherExpensesOverAssets 0.13%
Total annual fund operating expenses rr_ExpensesOverAssets 0.48%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 49
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 154
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 269
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 604
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 49
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 154
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 269
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 604
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 8.37%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.59%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.37%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 31, 2016
BNY Mellon Opportunistic Municipal Securities Fund | Class Y  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder services fees rr_Component1OtherExpensesOverAssets none
Miscellaneous other expenses rr_Component3OtherExpensesOverAssets 0.12%
Total other expenses rr_OtherExpensesOverAssets 0.12%
Total annual fund operating expenses rr_ExpensesOverAssets 0.47%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 48
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 151
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 263
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 591
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 48
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 151
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 263
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 591
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 8.29%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.50%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.32%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 31, 2016
BNY Mellon Opportunistic Municipal Securities Fund | Class Z  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder services fees rr_Component1OtherExpensesOverAssets 0.20%
Miscellaneous other expenses rr_Component3OtherExpensesOverAssets 0.12%
Total other expenses rr_OtherExpensesOverAssets 0.32%
Total annual fund operating expenses rr_ExpensesOverAssets 0.67%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 68
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 214
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 373
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 835
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 68
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 214
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 373
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 835
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 8.08%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.47%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.33%
[1] Class A shares bought without an initial sales charge as part of an investment of $250,000 or more may be charged a deferred sales charge of 1.00% if redeemed within one year.
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