BNY Mellon Tax Sensitive Total Return Bond Fund

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
$282,876,588  As of  08/16/19
Class Assets
$5,703,631  As of  08/16/19
Portfolio Turnover Rate
31.75%  As of fiscal year end  09/30/18
Morningstar Category
Municipal National Intermediate
Fund Holdings
170  As of  07/31/19
Average Effective Maturity
7.18  yr(s).  As of  07/31/19
Average Effective Duration
4.36  yr(s).  As of  07/31/19

Morningstar Rating™ as of July 31, 2019 for the Class A 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 2 Stars (241 funds rated); 3 Yrs. 3 Stars (241 funds rated); 5 Yrs. 2 Stars (217 funds rated); 10 Yrs. 2 Stars (150 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

  • Casey, Thomas

    Thomas Casey

    Portfolio Manager, Mellon Investments Corporation

    9 yr(s). on fund

  • Burger, Jeffrey

    Jeffrey Burger

    Senior Portfolio Manager, Mellon Investments Corporation

    5 yr(s). on fund

  • Rabasco, Daniel

    Daniel Rabasco

    Portfolio Manager, Mellon Investments Corporation

    5 yr(s). on fund


Click here to see SALES CHARGE  Max Sales Charge:  4.50% Front End Load
As of  07/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDAX
6.28 2.18 2.88 3.49 4.47 03/31/09
As of  06/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDAX
5.77 1.95 2.74 3.62 4.45 03/31/09
Click here to see SALES CHARGE  Max Sales Charge:  4.50% Front End Load
As of  07/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDAX
6.28 6.68 15.24 40.97 221.75 03/31/09
As of  06/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
BNY Mellon Tax Sensitive Total Return Bond Fund
DSDAX
5.77 5.96 14.49 42.68 219.34 03/31/09

The performance data quotes represents past performance, which is no guarantee of future results. Yield, share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Click above for month-end returns.

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  06/30/19 1 YR 5 YRS 10 YRS
Return after taxes on distributions 1.00% 1.64% 3.02%
Return after taxes on distributions and sale of fund shares 1.48% 1.78% 2.93%

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

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.

    Fund 07/19 06/19 05/19 04/19 03/19 02/19 01/19 12/18 11/18 10/18 09/18 08/18
    DSDAX
    2.08% 2.11% 2.10% 2.25% 2.18% 2.21% 2.14% 2.16% 2.13% 2.18% 2.18% 1.99%

    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.

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DSDAX
    0.68% 4.59% -0.31% 2.24% 5.59% -0.81% 3.31% 8.25% 3.21% 9.88%

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

    Taxable Equivalent Yield Based on the Fund's 30-day Yield

    30-Day Yield: 1.20%

    Combined Effective Federal Income Tax Rate

     

    As of  08/16/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    Joint Return $250,001 to $321,450 - $321,451 to $408,200 $408,201 to $612,350 Over $612,351
    Single Return - $160,726 to $200,000 $200,001 to $204,100 $204,101 to $510,300 Over $510,301
    BNY Mellon Tax Sensitive Total Return Bond Fund
    DSDAX
    1.66% 1.76% 1.87% 1.96% 2.03%

    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 Yield Restated: 1.05%

    Combined Effective Federal Income Tax Rate

     

    As of  08/16/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    Joint Return $250,001 to $321,450 - $321,451 to $408,200 $408,201 to $612,350 Over $612,351
    Single Return - $160,726 to $200,000 $200,001 to $204,100 $204,101 to $510,300 Over $510,301
    BNY Mellon Tax Sensitive Total Return Bond Fund
    DSDAX
    1.45% 1.54% 1.64% 1.72% 1.77%

    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.


    Monthly Expense Ratios (Annualized)

    As of  07/31/19 Fee Description Expense Ratio (%)
    Management Fee 0.40%
    Service Fee 0.25%
    Other Expenses 0.19%
    Total Expenses 0.84%
    Expenses Reimbursed 0.14%
    Net Expenses 0.70%

    Prospectus Fee Table Expense Ratios

    As of  02/01/19 Fee Description Expense Ratio (%)
    Management Fee 0.40%
    Service Fee 0.25%
    Other Expenses 0.20%
    Total Expenses 0.85%
    Expenses Reimbursed 0.15%
    Net Expenses 0.70%
    The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed until February 1, 2020, 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 February 1, 2020, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation at any time.

    Sales Charge

    Investment Amount Sales Charge
    Less than $50,000 4.50%
    Less than $100,000 4.00%
    Less than $250,000 3.00%
    Less than $500,000 2.50%
    Less than $1,000,000 2.00%
    Over $1,000,000 0.00%
    There is a 1% CDSC for purchases of $1,000,000 and over if redeemed within one year of purchase.

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is BNY Mellon Investment Adviser, Inc., and the fund's sub-adviser is Mellon Investments Corporation (Mellon), an affiliate of BNY Mellon Investment Adviser, Inc. Thomas Casey, Daniel Rabasco and Jeffrey Burger are the fund's primary portfolio managers, positions they have held since April 2010, February 2014 and March 2014, respectively. Mr. Casey is a senior portfolio manager for tax-sensitive fixed-income strategies at Mellon. Mr. Rabasco is the head of tax-sensitive fixed-income at Mellon. Mr. Burger is a portfolio manager for tax-sensitive fixed-income strategies at Mellon.

    Asset Allocation


        Daily Statistics

        As of  08/16/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 08/16/19  12 Month 
        High Nav
        11/02/18  12 Month 
        Low Nav
        YTD Return
        DSDAX
        1.05% 1.20% $23.76
        $0.00
        0.00%
        $23.76 $22.27 6.56%

        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 greater with emerging market countries.

        Risk Metrics

        As of  07/31/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DSDAX
        3.09 -0.47 0.88 97.75 0.23

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Sep 30
        Annualized Distribution Rate
        2.08%
        As of  07/2019
        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 ($)
        07/2019 0.046308261
        06/2019 0.039605680
        05/2019 0.043502650
        04/2019 0.047607099
        03/2019 0.041741133
        02/2019 0.040505895
        01/2019 0.043295968
        12/2018 0.043421644
        11/2018 0.041201175
        10/2018 0.046056174
        09/2018 0.039302077
        08/2018 0.040064765
        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
        DSDAX
        0.0000 0.0000 0.0029 0.0000 0.0046 0.0075 22.60
        Record Date Ex-Dividend Date Payable Date
        DSDAX
        12/27/18 12/28/18 12/28/18
        (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
        DSDAX
        Final 0.0000 0.0000 0.0029 0.0000 0.0046 0.0075 22.60
        Record Date Ex-Dividend Date Payable Date
        DSDAX
        12/27/18 12/28/18 12/28/18