Dreyfus 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
$287,980,272  As of  05/24/19
Class Assets
$189,905  As of  05/24/19
Portfolio Turnover Rate
31.75%  As of fiscal year end  09/30/18
Morningstar Category
Municipal National Intermediate
Fund Holdings
180  As of  04/30/19
Average Effective Maturity
7.14  yr(s).  As of  04/30/19
Average Effective Duration
4.23  yr(s).  As of  04/30/19

Morningstar Rating™ as of April 30, 2019 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 (250 funds rated); 3 Yrs. 1 Stars (250 funds rated); 5 Yrs. 1 Stars (223 funds rated); 10 Yrs. 1 Stars (152 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

    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:  1.00% CDSC Load
As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Sensitive Total Return Bond Fund
DSDCX
3.23 1.11 1.82 2.68 4.12 03/31/09
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Sensitive Total Return Bond Fund
DSDCX
3.66 1.22 1.95 2.85 4.12 03/31/09
Click here to see SALES CHARGE  Max Sales Charge:  1.00% CDSC Load
As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Sensitive Total Return Bond Fund
DSDCX
3.23 3.37 9.43 30.23 191.25 03/31/09
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Tax Sensitive Total Return Bond Fund
DSDCX
2.66 3.72 10.13 32.44 190.72 03/31/09

The total return performance figures presented for Class C shares of the fund represent the performance of the fund's Class I for periods prior to March 31, 2009, the inception date for Class C shares, and the performance of Class C, 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.

Average Annual Returns After Taxes

As of  03/31/19 1 YR 5 YRS 10 YRS
Return after taxes on distributions 2.63% 1.81% 2.75%
Return after taxes on distributions and sale of fund shares 2.16% 1.76% 2.57%

Growth of $10,000 Investment

Historical Performance

    These figures do not reflect the maximum sales charge which, if included, would reduce return.

    Fund 04/19 03/19 02/19 01/19 12/18 11/18 10/18 09/18 08/18 07/18 06/18 05/18
    DSDCX
    1.61% 1.53% 1.57% 1.50% 1.51% 1.49% 1.53% 1.50% 1.36% 1.33% 1.43% 1.41%

    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
    DSDCX
    -0.09% 3.81% -1.05% 1.52% 4.78% -1.51% 2.48% 7.49% 2.43% 9.27%

    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: 0.95%

    Combined Effective Federal Income Tax Rate

     

    As of  05/24/19
    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
    Dreyfus Tax Sensitive Total Return Bond Fund
    DSDCX
    1.32% 1.40% 1.48% 1.55% 1.60%

    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: 0.40%

    Combined Effective Federal Income Tax Rate

     

    As of  05/24/19
    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
    Dreyfus Tax Sensitive Total Return Bond Fund
    DSDCX
    0.55% 0.59% 0.62% 0.65% 0.68%

    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  04/30/19 Fee Description Expense Ratio (%)
    Management Fee 0.40%
    12B-1 Fee 0.75%
    Service Fee 0.25%
    Other Expenses 0.58%
    Total Expenses 1.98%
    Expenses Reimbursed 0.53%
    Net Expenses 1.45%

    Redemption Charge

    As of  05/26/19  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  02/01/19 Fee Description Expense Ratio (%)
    Management Fee 0.40%
    12B-1 Fee 0.75%
    Service Fee 0.25%
    Other Expenses 0.44%
    Total Expenses 1.84%
    Expenses Reimbursed 0.39%
    Net Expenses 1.45%
    The fund's investment adviser, The Dreyfus Corporation, 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, 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), and the fund's sub-adviser is Mellon Investments Corporation (Mellon), an affiliate of Dreyfus. 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 strategies at Mellon. Mr. Rabasco is the chief investment officer for tax sensitive fixed-income at Mellon. Mr. Burger is a portfolio manager for tax sensitive strategies at Mellon.

    Asset Allocation


        Daily Statistics

        As of  05/24/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 05/24/19  12 Month 
        High Nav
        11/02/18  12 Month 
        Low Nav
        YTD Return
        DSDCX
        0.40% 0.95% $23.25
        $0.01
        0.04%
        $23.25 $22.28 3.41%

        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  04/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DSDCX
        3.11 -1.32 0.89 97.88 -0.06

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Sep 30
        Annualized Distribution Rate
        1.61%
        As of  04/2019
        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 ($)
        04/2019 0.032489250
        03/2019 0.028104439
        02/2019 0.027434831
        01/2019 0.028961639
        12/2018 0.029028285
        11/2018 0.027463876
        10/2018 0.030794288
        09/2018 0.025832010
        08/2018 0.026171314
        07/2018 0.026483998
        06/2018 0.025725437
        05/2018 0.027054731
        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 0.0029 0.0000 0.0046 0.0075 22.61
        Record Date Ex-Dividend Date Payable Date
        DSDCX
        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
        DSDCX
        Final 0.0000 0.0000 0.0029 0.0000 0.0046 0.0075 22.61
        Record Date Ex-Dividend Date Payable Date
        DSDCX
        12/27/18 12/28/18 12/28/18