Risk Table - BNY Mellon Opportunistic Municipal Securities Fund
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Risk [Text Block] |
| 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.
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| Risk Lose Money [Member] |
The fund's share price fluctuates, sometimes dramatically, which means you could
lose money.
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| Risk Not Insured [Member] |
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.
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| · Municipal securities risk |
· Municipal securities risk: Municipal
securities are subject to interest rate, credit, liquidity, valuation, market and political risks. The
amount of public information available about municipal securities is generally less than that for corporate
equities or bonds. Special factors, such as legislative and regulatory changes, executive orders, voter
initiatives, and state and local economic and business developments, may adversely affect the 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. Any credit impairment could adversely impact
the value of municipal bonds, which could negatively impact the performance of the fund. In addition,
income from municipal securities held by the fund could be declared taxable because of, among other things,
unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax
authorities, or noncompliant conduct of an issuer or other obligated party. Loss of tax-exempt status
for municipal securities held by the fund may cause interest received and distributed to shareholders
by the fund to be taxable and may result in a significant decline in the values of such municipal securities.
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| · Interest rate risk |
· 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation
and changes in general economic conditions. It is difficult to predict the pace at which central banks
or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude
of such changes. 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. Changing interest rates may have unpredictable effects
on markets, may result in heightened market volatility and may detract from fund performance. 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. Unlike investment grade bonds, however, the prices
of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in
interest rates.
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| · Credit risk |
· 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, lowering
the value of the fund's investment in such security. 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.
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| · High yield securities risk |
· 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. These securities are especially
sensitive to adverse changes in general economic conditions, to changes in the financial condition of
their issuers and to price fluctuation in response to changes in interest rates. During periods of economic
downturn or rising interest rates, issuers of below investment grade securities may experience financial
stress that could adversely affect their ability to make payments of principal and interest and increase
the possibility of default.
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| · Liquidity risk |
· 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. 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, buy or sell at an acceptable
price, especially during times of market volatility or decline. Liquidity risk also may refer to the
risk that the fund will not be able to pay redemption proceeds within the allowable time period stated
in this prospectus because of unusual market conditions, including those resulting in a significant amount
of the fund's assets becoming illiquid, an unusually high volume of redemption requests, or other reasons.
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| · Valuation risk |
· Valuation
risk: The price that the fund could receive upon the sale (or other disposition) of
an investment may differ from the fund's valuation of the investment, particularly for investments that
trade in lower volumes, investments that are valued using a fair valuation methodology or a price provided
by an independent pricing service, or during market turmoil or volatility. As a result, the price received
upon the sale of an investment may be less than the value ascribed by the fund, and the fund could realize
a greater than expected loss or lesser than expected gain upon the sale of the investment. The fund's
ability to value its investments also may be impacted by technological issues and/or errors by pricing
services or other third-party service providers.
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| · Market risk |
· 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. Local, regional
or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of
infectious illness or other public health issues, recessions, elevated levels of government debt, changes
in trade regulation or economic sanctions, internal unrest and discord, or other events could have a
significant impact on the fund and its investments.
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| · Prepayment risk |
· Prepayment risk: Some
securities give the issuer the option to prepay or call the securities before their maturity date, which
may reduce the market value of the security and the anticipated yield-to-maturity. Issuers often exercise
this right when interest rates fall. If an issuer "calls" its securities during a time of declining
interest rates, the fund might have to reinvest the proceeds in an investment offering a lower yield,
and therefore might not benefit from any increase in value as a result of declining interest rates.
During periods of market illiquidity or rising interest rates, prices of "callable" issues are subject
to increased price fluctuation.
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| · Management risk |
· Management
risk: The investment process used by the fund's sub-adviser could fail to achieve the
fund's investment goal and cause your fund investment to lose value.
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