Dreyfus Ultra Short Income Fund

Why invest in this Fund?

The fund seeks high current income consistent with the maintenance of liquidity and low volatility of principal. The fund is designed to provide a high degree of share price stability while generating higher returns than money market funds over time and, thus, may be an investment alternative to money market funds and other fixed-income funds.

Min. class investment
$10,000,000
Class Inception Date
11/15/13
Class Status
Not available for purchase by individual investors.
Fund Assets
$97,271,767  As of  12/13/18
Class Assets
$3,244,202  As of  12/13/18
Portfolio Turnover Rate
0.00%  As of fiscal year end  11/30/17
Morningstar Category
Ultrashort Bond
Benchmark
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
WAM
46  Days  As of 12/13/18
Fund Holdings
30  As of  11/30/18

Morningstar Rating™ as of November 30, 2018 for the Institutional Shares class shares; other classes may have different performance characteristics. Overall rating for the Ultrashort Bond category. Fund ratings are out of 5 Stars: Overall 2 Stars (144 funds rated); 3 Yrs. 2 Stars (144 funds rated); 5 Yrs. 2 Stars (116 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.


WAM: A measure of the average maturity of all of the underlying money market instruments in the fund, weighted to reflect the relative percentage ownership of each instrument, and taking into account applicable "maturity shortening" provisions provided by the Rule. Generally, for money market funds, WAM can be used primarily as a measure of relative sensitivity to interest rate changes.


As of  11/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Ultra Short Income Fund
DSYDX
1.97 1.07 0.79 0.92 4.20 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
1.80 0.97 0.59 0.36 - -
As of  09/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Ultra Short Income Fund
DSYDX
1.78 0.97 0.72 1.04 4.21 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
1.59 0.84 0.52 0.34 - -
As of  11/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Ultra Short Income Fund
DSYDX
1.97 3.25 4.00 9.54 267.26 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
1.80 2.93 3.00 3.63 - -
As of  09/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Ultra Short Income Fund
DSYDX
1.78 2.92 3.67 10.84 265.81 11/15/13
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index
1.59 2.54 2.61 3.46 - -

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 ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Investors cannot invest directly in any index.

The total return performance figures presented for Institutional Shares shares of the fund represent the performance of the fund's Class Z for periods prior to November 15, 2013, the inception date for Institutional Shares shares, and the performance of Institutional Shares, 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 11/18 10/18 09/18 08/18 07/18 06/18 05/18 04/18 03/18 02/18 01/18 12/17
    DSYDX
    2.32% 2.27% 2.19% 2.20% 2.17% 2.08% 2.04% 1.95% 1.72% 1.59% 1.52% 1.34%

    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 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
    DSYDX
    1.24% 0.43% -0.29% 0.34% -0.03% -0.10% 0.88% 1.55% 1.81% 6.57%

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


    Monthly Expense Ratios (Annualized)

    As of  11/30/18 Fee Description Expense Ratio (%)
    Management Fee 0.25%
    Other Expenses 0.26%
    Total Expenses 0.51%
    Expenses Reimbursed 0.31%
    Net Expenses 0.20%

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

    Prospectus Fee Table Expense Ratios

    As of  03/29/18 Fee Description Expense Ratio (%)
    Management Fee 0.25%
    Other Expenses 0.28%
    Total Expenses 0.53%
    Expenses Reimbursed 0.33%
    Net Expenses 0.20%
    The fund's investment adviser, The Dreyfus Corporation has contractually agreed to waive receipt of a portion of its management fees in the amount of .05% of the value of the fund's average daily net assets until March 29, 2019. On or after March 29, 2019, The Dreyfus Corporation may terminate this waiver agreement at any time. The Dreyfus Corporation has contractually agreed, until March 29, 2019, to waive receipt of its fees and/or assume the direct expenses attributable to Institutional shares so that the direct expenses of Institutional shares (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .20%. On or after March 29, 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). Investment decisions for the fund are made by members of the Taxable Fixed Income team of BNY Mellon Cash Investment Strategies (CIS), a division of Dreyfus. The team members are Patricia Larkin, Bernard W. Kiernan, Jr., Edward J. Von Sauers, James G. O'Connor and Thomas S. Riordan. Ms. Larkin has served as a primary portfolio manager of the fund since April 2016, and Messrs. Kiernan, Von Sauers, O'Connor and Riordan have each served as a primary portfolio manager of the fund since May 2017. Ms. Larkin is the Chief Investment Officer of Money Market Strategies for CIS. Mr. Kiernan is a Senior Vice President and Senior Portfolio Manager for CIS. Mr. Von Sauers is an Executive Vice President and Senior Portfolio Manager for CIS. Mr. O'Connor is a Senior Portfolio Manager for CIS. Mr. Riordan is a Senior Vice President and Senior Portfolio Manager of CIS.

    Asset Allocation

        Final Maturity

        As of  11/30/18

        Portfolio composition is subject to change at any time. Data reflects days until final maturity for individual portfolio securities.


        Daily Statistics

        As of  12/13/18 Name 1-DAY YIELD 30-DAY YIELD 
        (UNSUBSIDIZED)
        30-DAY YIELD 
        (SUBSIDIZED)
        NAV Change 07/31/18  12 Month 
        High Nav
        11/01/18  12 Month 
        Low Nav
        YTD Return
        DSYDX
        2.41% 1.26% 1.60% $10.08
        $0.00
        0.00%
        $10.09 $10.08 1.95%

        Main Risks

        Bond Risk: Bonds are subject generally 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.

        Credit Risk: High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer's perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.

        Derivatives Risk: A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value.

        Foreign Investment Risk: To the extent the fund invests in foreign securities, its performance will be influenced by political, social and economic factors affecting investments in foreign companies. These special risks include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards.

        Risk Metrics

        As of  11/30/18, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DSYDX
        0.44 0.03 -0.01 0.35 0.07

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Nov 30
        Annualized Distribution Rate
        2.32%
        As of  11/2018
        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 ($)
        11/2018 0.019220646
        10/2018 0.020719703
        09/2018 0.016964844
        08/2018 0.018803194
        07/2018 0.019228174
        06/2018 0.016675908
        05/2018 0.017482863
        04/2018 0.017263414
        03/2018 0.013772292
        02/2018 0.012271147
        01/2018 0.013838936
        12/2017 0.010759430
        All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.

        Distributions History

        (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
        DSYDX
        Estimated 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -
        Record Date Ex-Dividend Date Payable Date
        DSYDX
        12/26/18 12/27/18 12/27/18

        Related Commentary