• Featured Fund

Dreyfus Unconstrained Bond Fund

Why invest in this Featured Fund?

The fund seeks to maximize total return through capital appreciation and income. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities. The fund's portfolio managers typically allocate the fund's assets among the following sectors of the fixed-income market: (i) below investment grade (high yield) sector, (ii) the U.S. government, investment grade corporate, mortgage and asset-backed sectors, (iii) the foreign debt securities of developed markets sector, and (iv) the foreign debt securities of emerging markets sector. The fund's portfolio managers normally allocate 0% to 70% of the fund's net assets in each of these four categories of market sectors.

Min. class investment
$1,000
Class Inception Date
07/11/06
Class Status
Not available for purchase by individual investors.
Fund Assets
$39,066,342  As of  03/18/19
Class Assets
$13,971,924  As of  03/18/19
Portfolio Turnover Rate
116.40%  As of fiscal year end  10/31/18
Morningstar Category
Nontraditional Bond
Benchmark
FTSE One-Month U.S. Treasury Bill Index
Fund Holdings
183  As of  02/28/19
Average Effective Maturity
7.35  yr(s).  As of  02/28/19
Average Effective Duration
-0.16  yr(s).  As of  02/28/19

Morningstar Rating™ as of February 28, 2019 for the Class I class shares; other classes may have different performance characteristics. Overall rating for the Nontraditional Bond category. Fund ratings are out of 5 Stars: Overall 2 Stars (281 funds rated); 3 Yrs. 2 Stars (281 funds rated); 5 Yrs. 1 Stars (182 funds rated); 10 Yrs. 3 Stars (66 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.

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.  Past performance is no guarantee of future results.  MBSC Securities Corporation, a registered broker-dealer and FINRA member, is the distributor for the Dreyfus Funds.

Portfolio Managers

  • Leduc, David C.

    David C. Leduc

    Portfolio Manager, Mellon Investments Corporation

    9 yr(s). on fund

  • Murphy, Brendan

    Brendan Murphy

    Portfolio Manager, Mellon Investments Corporation

    3 yr(s). on fund

  • Zaleski, Scott

    Scott Zaleski

    Portfolio Manager, Mellon Investments Corporation

    1 yr(s). on fund


As of  02/28/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Unconstrained Bond Fund
DSTRX
-3.33 2.49 -0.17 5.10 3.80 07/11/06
FTSE One-Month U.S. Treasury Bill Index
2.00 1.07 0.65 0.36 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Unconstrained Bond Fund
DSTRX
-5.08 0.20 -0.56 4.52 3.63 07/11/06
FTSE One-Month U.S. Treasury Bill Index
1.82 0.94 0.57 0.32 - -
As of  02/28/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Unconstrained Bond Fund
DSTRX
-3.33 7.65 -0.83 64.45 60.14 07/11/06
FTSE One-Month U.S. Treasury Bill Index
2.00 3.23 3.30 3.65 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Unconstrained Bond Fund
DSTRX
-5.08 0.61 -2.79 55.60 56.00 07/11/06
FTSE One-Month U.S. Treasury Bill Index
1.82 2.85 2.90 3.26 - -

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 FTSE One-Month U.S.Treasury Bill Index consists of the last one-month Treasury bill month-end rates. The FTSE One-Month U.S. Treasury Bill Index measures return equivalents of yield averages. The instruments are not marked to market. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Past performance 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.

Historical Performance

Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

    Not available for purchase by individual investors.
    Fund 02/19 01/19 12/18 11/18 10/18 09/18 08/18 07/18 06/18 05/18 04/18 03/18
    DSTRX
    0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

    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
    DSTRX
    -5.08% 5.73% 0.26% -5.54% 2.29% 2.32% 11.39% 0.30% 11.45% 25.63%

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


    Monthly Expense Ratios (Annualized)

    As of  02/28/19 Fee Description Expense Ratio (%)
    Management Fee 0.50%
    Other Expenses 0.76%
    Total Expenses 1.26%
    Expenses Reimbursed 0.61%
    Net Expenses 0.65%

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

    Prospectus Fee Table Expense Ratios

    As of  03/01/19 Fee Description Expense Ratio (%)
    Management Fee 0.50%
    Other Expenses 0.46%
    Total Expenses 0.96%
    Expenses Reimbursed 0.31%
    Net Expenses 0.65%
    The fund's investment adviser, The Dreyfus Corporation, has contractually agreed, until March 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 0.65%. On or after March 1, 2020, The Dreyfus Corporation may terminate this expense limitation at this time.

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is The Dreyfus Corporation (Dreyfus). David Leduc, CFA, Brendan Murphy, CFA, and Scott Zaleski, CFA, are the fund's primary portfolio managers, positions they have held since October 2010, August 2016 and February 2018, respectively. Mr. Leduc is Active Fixed Income Chief Investment Officer at Mellon Investments Corporation (Mellon), an affiliate of Dreyfus. Mr. Murphy is Head of Global and Multi-Sector Fixed Income at Mellon. Mr. Zaleski is a senior portfolio manager at Mellon. Messrs. Leduc, Murphy and Zaleski 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.

    Top Holdings

    As of  02/28/19   Holdings % Portfolio  Weight
    Japanese Government CPI Linked Bond, 0.1%, 03/10/2026 4.63
    New Zealand Government ILB, 2%, 09/20/2025 3.74
    Italy Buoni Poliennali Del Tesoro, 0.7%, 05/01/2020 3.08
    Deutsche Bundesrepublik ILB, 0.1%, 04/15/2026 2.81
    Japanese Government CPI Linked Bond, 0.1%, 03/10/2028 2.29
    Japanese Government CPI Linked Bond, 0.1%, 03/10/2027 2.20
    Portugal Obrigacoes Do Tesouro OT, 1.95%, 06/15/2029 1.70
    Americredit Automobile Receivable, 2.6%, 09/18/2023 1.39
    Bonos De La Tesoreria De La Republica, 4.5%, 03/01/2021 1.37
    General Electric, 5%, 06/15/2167 1.30

    Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.

    Asset Allocation


        Daily Statistics

        As of  03/18/19 Name 1-DAY YIELD 30-DAY YIELD 
        (UNSUBSIDIZED)
        30-DAY YIELD 
        (SUBSIDIZED)
        NAV Change 04/16/18  12 Month 
        High Nav
        12/27/18  12 Month 
        Low Nav
        YTD Return
        DSTRX
        - 1.30% 2.01% $10.84
        $0.02
        0.18%
        $11.47 $10.51 2.85%

        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.

        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.

        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 and there is the risk that changes in the value of a derivative held by the portfolio will not correlate with the underlying instruments or the portfolio's other investments.

        Risk Metrics

        As of  02/28/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DSTRX
        3.50 1.26 0.06 0.26 0.36

        STANDARD DEVIATION - A statistical measure of dispersion around an average which depicts how widely fund returns varied over a certain period of time. A smaller standard deviation statistic indicates less variability of historic returns around a mean.

        ALPHA - A measure of a fund's actual returns compared to its expected performance, as measured by beta. A positive alpha indicates a fund outperformed what its beta would predict.

        BETA - Measures an investment's market-related risk. A beta higher than 1.0 suggests that the fund's expected return will exceeds the market's return; a beta lower than 1.0 suggests that the fund's expected return will lag the market's return.

        R-SQUARED - Reflects the percentage of a fund's movements that can be explained by movements in it's benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark.

        SHARPE RATIO - The Sharpe ratio is based on a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.

        Source: Morningstar, Inc.


        Dividend Schedule

        Declared
        Monthly
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Oct 31
        Month/Year Dividend ($)
        12/2018 0.042300000
        11/2018 0.024000000
        10/2018 0.016000000
        09/2018 0.013000000
        08/2018 0.042000000
        07/2018 0.030000000
        06/2018 0.050000000
        12/2017 0.267000000
        11/2017 0.034000000
        10/2017 0.033000000
        06/2017 0.018000000
        05/2017 0.018000000
        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
        DSTRX
        0.0423 0.0000 0.0000 0.0000 0.0000 0.0423 10.51
        Record Date Ex-Dividend Date Payable Date
        DSTRX
        12/26/18 12/27/18 12/27/18
        (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
        DSTRX
        Final 0.0423 0.0000 0.0000 0.0000 0.0000 0.0423 10.51
        Record Date Ex-Dividend Date Payable Date
        DSTRX
        12/26/18 12/27/18 12/27/18

        Capital gains, if any, may be short-term, long-term or a combination of both.

        Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

        The performance data quoted represents past performance, which is no guarantee of future results. Share price, yield 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 here to view standardized total returns and for month-end returns reflecting the fund's current performance.