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BNY Mellon Tax Sensitive Total Return Bond Fund
- TICKER DSDCX
- Fund Code 6937
- CUSIP 05586X207
- SHARE CLASS
Why invest in this Fund?
The fund seeks high after-tax total return. Accordingly, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. The fund normally invests at least 65% of its net assets in municipal bonds that provide income exempt from federal personal income tax. The fund may invest up to 35% of its net assets in taxable bonds and may invest, without limitation, in municipal bonds, the income from which is subject to the federal alternative minimum tax.
Min. class investment
$1,000
Class Inception Date
03/31/09
Fund Assets
$114,552,556
As of
09/25/20
Class Assets
$95,928
As of
09/25/20
Portfolio Turnover Rate
29.19%
As of fiscal year end
09/30/19
Morningstar Category
Municipal National Intermediate
Fund Holdings
99 As of
08/31/20
Average Effective Maturity
7.35
yr(s). As of
08/31/20
Average Effective Duration
4.46
yr(s). As of
08/31/20
Morningstar Rating™ as of August 31, 2020 for the Class C class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Intermediate category. Fund ratings are out of 5 Stars: Overall 1 Stars (240 funds rated); 3 Yrs. 1 Stars (240 funds rated); 5 Yrs. 1 Stars (217 funds rated); 10 Yrs. 1 Stars (160 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. ©2018 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.
Portfolio Managers
-
Thomas Casey
Portfolio Manager, Mellon Investments Corporation
10 yr(s). on fund
-
Jeffrey Burger
Senior Portfolio Manager, Mellon Investments Corporation
6 yr(s). on fund
-
Daniel Rabasco
Portfolio Manager, Mellon Investments Corporation
6 yr(s). on fund
Average Annual Returns
Click here to see SALES CHARGE
Max Sales Charge:
1.00% CDSC Load
Month End
| As of 08/31/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDCX | 1.46 | 2.25 | 2.27 | 2.11 | 4.10 | 03/31/09 |
Quarter End
| As of 06/30/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDCX | 1.73 | 2.19 | 2.09 | 2.27 | 4.06 | 03/31/09 |
Cumulative Returns
Click here to see SALES CHARGE
Max Sales Charge:
1.00% CDSC Load
Month End
| As of 08/31/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Tax Sensitive Total Return Bond Fund DSDCX |
1.46 | 6.91 | 11.88 | 23.16 | 205.66 | 03/31/09 |
Quarter End
| As of 06/30/20 Name | 1 YR | 3 YRS | 5 YRS | 10 YRS | Since Inception | Inception Date |
|---|---|---|---|---|---|---|
|
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDCX | 1.73 | 6.71 | 10.89 | 25.19 | 200.98 | 03/31/09 |
Prior to February 21, 2014, the fund was named Dreyfus/Standish Intermediate Tax Exempt Bond Fund, with an investment objective to seek a high level of federally tax free income, while seeking preservation of capital. To purse this objective, the fund generally invested exclusively in tax exempt bonds. On February 21, 2014, pursuant to shareholder approval, the Fund was renamed Dreyfus Tax Sensitive Total Return Bond Fund and began to pursue an investment objective of seeking high after-tax total return. Performance results for time periods prior to February 21, 2014 reflect implementation of the fund’s prior investment strategy in pursuit of the Fund’s prior investment objective, while performance results for time periods subsequent to February 21, 2014 reflect implementation of the current investment strategy in pursuit of the current investment objective.
Average Annual Returns After Taxes
| As of 06/30/20 | 1 YR | 5 YRS | 10 YRS |
|---|---|---|---|
| Return after taxes on distributions | -0.23% | 1.81% | 2.07% |
| Return after taxes on distributions and sale of fund shares | 1.42% | 1.85% | 2.05% |
After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown here and are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Return after taxes on distributions (pre-liquidation) assume an investor held shares throughout the measurement period and reflect the effect of taxable distributions (assuming reinvestment in the fund) by a fund to its shareholders.
Return after taxes on distributions and sale of fund shares (post-liquidation) assume an investor sold shares at the end of the measurement period and, therefore, reflect the effect of both taxable distributions and any taxable gain or loss realized by the shareholder upon sale of fund shares.
Growth of $10,000 Investment
Prior to February 21, 2014, the fund was named Dreyfus/Standish Intermediate Tax Exempt Bond Fund, with an investment objective to seek a high level of federally tax free income, while seeking preservation of capital. To purse this objective, the fund generally invested exclusively in tax exempt bonds. On February 21, 2014, pursuant to shareholder approval, the Fund was renamed Dreyfus Tax Sensitive Total Return Bond Fund and began to pursue an investment objective of seeking high after-tax total return. Performance results for time periods prior to February 21, 2014 reflect implementation of the fund’s prior investment strategy in pursuit of the Fund’s prior investment objective, while performance results for time periods subsequent to February 21, 2014 reflect implementation of the current investment strategy in pursuit of the current investment objective.
Historical Performance
These figures do not reflect the maximum sales charge which, if included, would reduce return.
Prior to February 21, 2014, the fund was named Dreyfus/Standish Intermediate Tax Exempt Bond Fund, with an investment objective to seek a high level of federally tax free income, while seeking preservation of capital. To purse this objective, the fund generally invested exclusively in tax exempt bonds. On February 21, 2014, pursuant to shareholder approval, the Fund was renamed Dreyfus Tax Sensitive Total Return Bond Fund and began to pursue an investment objective of seeking high after-tax total return. Performance results for time periods prior to February 21, 2014 reflect implementation of the fund’s prior investment strategy in pursuit of the Fund’s prior investment objective, while performance results for time periods subsequent to February 21, 2014 reflect implementation of the current investment strategy in pursuit of the current investment objective.
Monthly
| Fund | 08/20 | 07/20 | 06/20 | 05/20 | 04/20 | 03/20 | 02/20 | 01/20 | 12/19 | 11/19 | 10/19 | 09/19 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
DSDCX
|
1.36% | 1.34% | 1.38% | 1.40% | 1.49% | 1.49% | 1.39% | 1.38% | 1.45% | 1.44% | 1.43% | 1.29% |
Yield fluctuates and past performance is no guarantee of future results.
Monthly yield history is the annualized distribution rate that is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.
Yearly
| Fund | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|
|
DSDCX
|
5.56% | -0.09% | 3.81% | -1.05% | 1.52% | 4.78% | -1.51% | 2.48% | 7.49% | 2.43% |
Investment return fluctuates and past performance is no guarantee of future results.
Taxable Equivalent Yield Based on the Fund's 30-day SEC Yield
30-Day SEC Yield With Waiver: 0.36%
Combined Effective Federal Income Tax Rate
| As of 09/25/20 | |||||
|---|---|---|---|---|---|
| Name | 28.00% | 33.00% | 36.80% | 38.80% | 43.40% |
| Joint Return | $151,901 to $231,450 | $231,451 to $250,000 | $250,001 to $413,350 | $413,351 to $466,950 | Over $466,951 |
| Single Return | $91,151 to $190,150 | $190,151 to $200,000 | $200,001 to $413,350 | $413,351 to $415,050 | Over $415,051 |
|
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDCX |
0.50% | 0.54% | 0.57% | 0.59% | 0.64% |
Income is subject to state and local taxes, and some portion may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are fully taxable.
30-Day SEC Yield Without Waiver: -0.82%
Combined Effective Federal Income Tax Rate
| As of 09/25/20 | |||||
|---|---|---|---|---|---|
| Name | 28.00% | 33.00% | 36.80% | 38.80% | 43.40% |
| Joint Return | $151,901 to $231,450 | $231,451 to $250,000 | $250,001 to $413,350 | $413,351 to $466,950 | Over $466,951 |
| Single Return | $91,151 to $190,150 | $190,151 to $200,000 | $200,001 to $413,350 | $413,351 to $415,050 | Over $415,051 |
|
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDCX |
-1.14% | -1.22% | -1.30% | -1.34% | -1.45% |
Income is subject to state and local taxes, and some portion may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are fully taxable.
Restated yields do not reflect current undertaking in effect, which may be modified, extended, or terminated at any time.
Redemption Charge
| As of 09/28/20 Redemption Year | CDSC |
|---|---|
| Year 1 | 1.00 |
Class C shares are subject to a contingent deferred sales charge (CDSC) imposed on Class C shares redeemed within one year of purchase.
Prospectus Fee Table Expense Ratios
| As of 01/31/20 Fee Description | Expense Ratio (%) |
|---|---|
| Management Fee | 0.40% |
| 12B-1 Fee | 0.75% |
| Service Fee | 0.25% |
| Administration Fee | 0.06% |
| Other Expenses | 0.56% |
| Total Expenses | 2.02% |
| Expenses Reimbursed | 0.57% |
| Net Expenses | 1.45% |
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.
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until January 31, 2021, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .45%. On or after January 31, 2021, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.
The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until January 31, 2021, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .45%. On or after January 31, 2021, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.
Portfolio Manager/Sub-Investment Advisor
The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Mellon Investments Corporation (Mellon), to serve as the fund's sub-adviser. Thomas Casey, DanieL Rabasco, CFA and Jeffrey Burger, CFA are the fund's primary portfolio managers, positions they have held since April 2010, February 2014 and March 2014, respectively. Mr. Casey is a director and senior portfolio manager for tax sensitive fixed-income strategies at Mellon. Mr. Rabasco is a managing director and the head of tax sensitive fixed-income strategies at Mellon. Mr. Burger is a director and senior portfolio manager for tax sensitive fixed-income strategies at Mellon.
Asset Allocation
Daily Statistics
| As of 09/25/20 Name | 30-Day Sec Yield (WITHOUT WAIVER) |
30-Day Sec Yield (WITH WAIVER) |
NAV | Change | 10/08/19
12 Month High Nav |
03/20/20
12 Month Low Nav |
YTD Return |
|---|---|---|---|---|---|---|---|
|
DSDCX
|
-0.82% | 0.36% | $22.97 |
$0.00
0.00%
|
$23.68 | $20.93 | 2.02% |
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.
Mortgage securities: Ginnie Maes and other securities backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Privately issued mortgage related securities also are subject to credit risks associated with the underlying mortgage properties. These securities may be more volatile and less liquid than more traditional, government backed debt securities.
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.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greaterwith emerging market countries.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
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.
Mortgage securities: Ginnie Maes and other securities backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. Privately issued mortgage related securities also are subject to credit risks associated with the underlying mortgage properties. These securities may be more volatile and less liquid than more traditional, government backed debt securities.
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.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greaterwith emerging market countries.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Risk Metrics
| As of 08/31/20, 3-Year Trailing | Standard Deviation | Alpha | Beta | R-Squared | Sharpe Ratio |
|---|---|---|---|---|---|
|
DSDCX
|
4.05 | -1.73 | 0.98 | 94.13 | 0.17 |
Dividend Schedule
Declared
Daily
Distributed
Monthly
Paid
Monthly
Fiscal Year End
Sep 30
Annualized Distribution Rate
1.36%
As of 08/2020
As of 08/2020
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.
Dreyfus Tax Sensitive Total Return Bond Fund invests in a small percentage of bonds that will generate taxable income for the fund. At year end, the fund will report a small percentage of its dividends paid as taxable income to its shareholders on Form 1099-DIV.
| Month/Year | Dividend ($) |
|---|---|
| 08/2020 | 0.026516301 |
| 07/2020 | 0.026124019 |
| 06/2020 | 0.027498906 |
| 05/2020 | 0.024932065 |
| 04/2020 | 0.026698413 |
| 03/2020 | 0.028861183 |
| 02/2020 | 0.024819424 |
| 01/2020 | 0.026986865 |
| 12/2019 | 0.029943264 |
| 11/2019 | 0.026846404 |
| 10/2019 | 0.028505684 |
| 09/2019 | 0.025706374 |
All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.
Distributions History
| (Values Listed In $) | Ordinary Non-Qualified Dividends |
Qualified Dividends |
Non-Qualified Short-Term Capital Gain |
Qualified Short-Term Capital Gain |
Long-Term Capital Gain |
Total Distribution |
Reinvest NAV |
|---|---|---|---|---|---|---|---|
|
DSDCX
|
0.0000 | 0.0000 | 0.2251 | 0.0000 | 0.5563 | 0.7814 | 22.75 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
DSDCX
|
12/26/19 | 12/27/19 | 12/27/19 |
| (Values Listed In $) | Distribution Status | Ordinary Non-Qualified Dividends |
Qualified Dividends |
Non-Qualified Short-Term Capital Gain |
Qualified Short-Term Capital Gain |
Long-Term Capital Gain |
Total Distribution |
Reinvest NAV |
|---|---|---|---|---|---|---|---|---|
|
DSDCX
| Final | 0.0000 | 0.0000 | 0.2251 | 0.0000 | 0.5563 | 0.7814 | 22.75 |
| Record Date | Ex-Dividend Date | Payable Date | |
|---|---|---|---|
|
DSDCX
|
12/26/19 | 12/27/19 | 12/27/19 |
