Address And Details

255 Liberty Street , New York, NY 10286
Fund Manager Jeffrey Burger
Manager Tenure 8 Years 2 Months

Strategy And Objective

As its primary goal, the fund seeks high current income exempt from federal income tax. As a secondary goal, the fund may seek capital appreciation to the extent consistent with its primary goal. To pursue its goals, 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. 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 normally invests at least 50% of its assets in municipal bonds rated BBB/Baa or lower by independent rating agencies or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. Municipal bonds rated below investment grade (BB/Ba or lower) are commonly known as "high yield" or "junk" bonds. These bonds typically offer higher yields than investment grade bonds, but involve greater risks, including the possibility of default, and increased market price volatility. The fund may invest up to 10% of its assets in defaulted municipal bonds. The fund may invest up to 50% of its assets in higher quality municipal bonds (those rated AAA/Aaa to A or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc.). The dollar-weighted average maturity of the fund's portfolio is not restricted, but normally exceeds ten years. 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. The fund's portfolio managers focus on identifying undervalued sectors and securities. To select municipal bonds for the fund, the 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, income from some of the fund s holdings may be subjet to the federal alternative minimum tax.

Net Asset Value

as of 5:08 PM ET 09/24/2021


  • 1 Week
  • -0.38%
  • 1 Month
  • -0.76%
  • 3 Months
  • -0.38%
  • 1 Yr Return
  • +6.40%
  • 5 Yr Return
  • +5.80%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 102.50%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Other -2.50%
Total Net Assets 840.00 K

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -3.05 0.13 n/a
Beta 2.02 1.81 n/a
R Squared 0.77 0.77 n/a
Std Deviation 9.25 8.07 n/a
Sharpe Ratio 0.55 0.53 n/a

Purchase Information

as of 5:16 PM ET 09/23/2021
Minimum Initial $1000000
Minimum Additional $0
Minimum Initial IRA $0


Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +10.35%
  • +17.02%
+10.35% +17.02%
3 Year
  • +5.76%
  • +5.70%
+5.76% +5.70%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +6.03%
  • +6.00%
+6.03% +6.00%

Top 10 Holdings

Symbol Company Name % Of Assets

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