Dreyfus Short-Intermediate Municipal Bond Fund

Why invest in this Fund?

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

Accordingly, the fund normally invests substantially all of its net assets in municipal bonds that provide income exempt from federal personal income tax. The fund invests only in municipal bonds rated investment grade. The fund invests primarily in municipal bonds with remaining maturities of five years or less and generally maintains a dollar-weighted average portfolio maturity of two to three years.

Min. class investment
$1,000
Class Inception Date
12/15/08
Class Status
Not available for purchase by individual investors.
Fund Assets
$285,082,612  As of  02/20/19
Class Assets
$65,523,456  As of  02/20/19
Portfolio Turnover Rate
13.40%  As of fiscal year end  03/31/18
Morningstar Category
Municipal National Short
Benchmark
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
Morningstar Overall Rating
Fund Holdings
121  As of  01/31/19
Average Effective Maturity
2.26  yr(s).  As of  01/31/19
Average Effective Duration
2.01  yr(s).  As of  01/31/19

Morningstar Rating™ as of January 31, 2019 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Short category. Fund ratings are out of 5 Stars: Overall 3 Stars (177 funds rated); 3 Yrs. 3 Stars (177 funds rated); 5 Yrs. 3 Stars (162 funds rated); 10 Yrs. 3 Stars (108 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

    8 yr(s). on fund

  • Burger, Jeffrey

    Jeffrey Burger

    Portfolio Manager, Mellon Investments Corporation

    7 yr(s). on fund


As of  01/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Short-Intermediate Municipal Bond Fund
DIMIX
1.66 0.71 0.86 1.66 3.57 12/15/08
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
2.18 1.11 1.20 1.86 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Short-Intermediate Municipal Bond Fund
DIMIX
1.33 0.74 0.84 1.84 3.56 12/15/08
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
1.76 1.13 1.16 1.99 - -
As of  01/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Short-Intermediate Municipal Bond Fund
DIMIX
1.66 2.15 4.39 17.95 204.59 12/15/08
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
2.18 3.36 6.12 20.25 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Short-Intermediate Municipal Bond Fund
DIMIX
1.33 2.25 4.26 19.95 203.02 12/15/08
Bloomberg Barclays Municipal Bond: 3 Year Index (2-4)
1.76 3.43 5.92 21.82 - -

The performance data quoted 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.

The Bloomberg Barclays Municipal Bond: 3 Year Index (2-4) covers the U.S. dollar-denominated 2-4 year tax-exempt bond market. Investors cannot invest directly in any index.

The total return performance figures presented for Class I shares of the fund represent the performance of the fund's Class D for periods prior to December 15, 2008, the inception date for Class I shares, and the performance of Class I, respectively, from that inception date. Performance reflects the applicable class' distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been different. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

Growth of $10,000 Investment

Historical Performance

    Not available for purchase by individual investors.
    Fund 01/19 12/18 11/18 10/18 09/18 08/18 07/18 06/18 05/18 04/18 03/18 02/18
    DIMIX
    1.50% 1.51% 1.51% 1.49% 1.41% 1.42% 1.39% 1.40% 1.38% 1.34% 1.28% 1.27%

    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
    DIMIX
    1.33% 1.31% -0.39% 0.88% 1.08% 0.87% 1.54% 3.24% 1.73% 6.95%

    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: 1.59%

    Combined Effective Federal Income Tax Rate

     

    As of  02/20/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    Joint Return $250,001 to $315,000 - $315,001 to $400,000 $400,001 to $600,000 Over $600,001
    Single Return - $157,501 to $200,000 - $200,001 to $500,000 Over $500,001
    Dreyfus Short-Intermediate Municipal Bond Fund
    DIMIX
    2.20% 2.34% 2.48% 2.60% 2.69%

    The table above reflects the increased tax rates for incomes over $250,001 (joint)/$200,001 (single) which includes the 3.8% Medicare income tax, as applicable under law. Please consult your tax advisor on any tax-related matters. The hypothetical examples provided above are not intended to predict or project investment performance or outcomes, and actual results will vary.

    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: 1.51%

    Combined Effective Federal Income Tax Rate

     

    As of  02/20/19
    Name 27.80% 32.00% 35.80% 38.80% 40.80%
    Joint Return $250,001 to $315,000 - $315,001 to $400,000 $400,001 to $600,000 Over $600,001
    Single Return - $157,501 to $200,000 - $200,001 to $500,000 Over $500,001
    Dreyfus Short-Intermediate Municipal Bond Fund
    DIMIX
    2.09% 2.22% 2.35% 2.47% 2.55%

    The table above reflects the increased tax rates for incomes over $250,001 (joint)/$200,001 (single) which includes the 3.8% Medicare income tax, as applicable under law. Please consult your tax advisor on any tax-related matters. The hypothetical examples provided above are not intended to predict or project investment performance or outcomes, and actual results will vary.

    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  01/31/19 Fee Description Expense Ratio (%)
    Management Fee 0.30%
    Other Expenses 0.18%
    Total Expenses 0.48%
    Expenses Reimbursed 0.09%
    Net Expenses 0.39%

    This data is annualized.  Monthly operating expenses may vary month to month.

    Prospectus Fee Table Expense Ratios

    As of  08/01/18 Fee Description Expense Ratio (%)
    Management Fee 0.30%
    Other Expenses 0.14%
    Total Expenses 0.44%
    Expenses Reimbursed 0.05%
    Net Expenses 0.39%
    The fund's investment adviser, The Dreyfus Corporation, has contractually agreed, until August 1, 2019, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of its classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.39%. On or after August 1, 2019, The Dreyfus Corporation may terminate this expense limitation at any time.

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is The Dreyfus Corporation (Dreyfus). The fund's primary portfolio managers are Thomas Casey and Jeffrey Burger, positions they have held since April 2011 and February 2012, respectively. Mr. Casey is a senior portfolio manager for tax sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of Dreyfus. Mr. Burger is a senior analyst for tax sensitive strategies at Mellon and is a portfolio manager for certain other municipal bond funds managed by Dreyfus. Messrs. Casey and Burger are also employees of Dreyfus. Mellon investment professionals manage Dreyfus-managed funds pursuant to a dual-employee arrangement, under Dreyfus' supervision, and apply Mellon's proprietary investment process in managing the funds.

    Asset Allocation


        Daily Statistics

        As of  02/20/19 Name 1-DAY YIELD 30-DAY YIELD 
        (UNSUBSIDIZED)
        30-DAY YIELD 
        (SUBSIDIZED)
        NAV Change 02/20/19  12 Month 
        High Nav
        11/01/18  12 Month 
        Low Nav
        YTD Return
        DIMIX
        1.46% 1.51% 1.59% $12.88
        $0.01
        0.08%
        $12.88 $12.72 0.76%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal National Short


        Morningstar Rating™ as of 01/31/19 for the Class I shares; other classes may have different performance characteristics. Overall rating for the Municipal National Short. Fund ratings are out of 5 Stars: Overall 3 Stars (447 funds rated); 3 Yrs. 3 Stars (177 funds rated); 5 Yrs. 3 Stars (162 funds rated); 10 Yrs. 3 Stars (108 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. © 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.

        Lipper Rankings

        • 1 Year
          50 out of 130
        • 3 Year
          72 out of 112
        • 5 Year
          41 out of 98
        • 10 Year
          16 out of 62

        LIPPER CLASSIFICATION Short Municipal Debt Funds


        Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

        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.

        The fund is non-diversified, which means the fund may invest in a relatively high percentage of its assets in a limited number of issuers. Performance may be more vulnerable to changes in the market of a single issuer.

        Risk Metrics

        As of  01/31/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DIMIX
        1.58 -0.84 0.39 68.56 -0.28

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Mar 31
        Annualized Distribution Rate
        1.50%
        As of  01/2019
        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.
        Month/Year Dividend ($)
        01/2019 0.016341132
        12/2018 0.016451984
        11/2018 0.015837768
        10/2018 0.017109988
        09/2018 0.013802628
        08/2018 0.015442013
        07/2018 0.015639760
        06/2018 0.014272230
        05/2018 0.014977720
        04/2018 0.014942583
        03/2018 0.013030337
        02/2018 0.012476474
        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
        DIMIX
        0.0000 0.0000 0.0025 0.0000 0.0097 0.0122 12.80
        Record Date Ex-Dividend Date Payable Date
        DIMIX
        12/28/16 12/29/16 12/29/16

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