Dreyfus Equity Income Fund

Why invest in this Fund?

The fund seeks total return (consisting of capital appreciation and income). This objective may be changed by the fund's board, upon 60 days' prior notice to shareholders.

To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities. The fund seeks to focus on dividend-paying stocks and other investments and investment techniques that provide income.

Min. class investment
$1,000
Class Inception Date
07/05/06
Fund Assets
$1,130,493,597  As of  04/25/19
Class Assets
$256,747,128  As of  04/25/19
Portfolio Turnover Rate
55.90%  As of fiscal year end  05/31/18
Morningstar Category
Large Value
Benchmark
S&P 500(r) Index
Morningstar Overall Rating
Fund Holdings
102.00  As of  03/31/19

Morningstar Rating™ as of March 31, 2019 for the Class A class shares; other classes may have different performance characteristics. Overall rating for the Large Value category. Fund ratings are out of 5 Stars: Overall 4 Stars (1096 funds rated); 3 Yrs. 4 Stars (1096 funds rated); 5 Yrs. 4 Stars (939 funds rated); 10 Yrs. 4 Stars (691 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

  • Goslin, Peter

    Peter Goslin

    Portfolio Manager, Mellon Investments Corporation

    4 yr(s). on fund

  • Boggs, Wesley

    Wesley Boggs

    Portfolio Manager, Mellon Investments Corporation

    8 yr(s). on fund

  • Zamil, Syed A.

    Syed A. Zamil

    CFA, Portfolio Manager, Mellon Investments Corporation

    2 yr(s). on fund

  • Cazalet, William

    William Cazalet

    CAIA, Managing Director, Head of Active Equity Strategies, Mellon Investments Corporation

    5 yr(s). on fund


Click here to see SALES CHARGE  Max Sales Charge:  5.75% Front End Load
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Equity Income Fund
DQIAX
-0.81 8.64 7.50 13.31 7.22 07/05/06
S&P 500(r) Index
9.50 13.51 10.91 15.92 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Equity Income Fund
DQIAX
5.24 10.81 8.78 13.98 7.72 07/05/06
S&P 500(r) Index
9.50 13.51 10.91 15.92 - -
Click here to see SALES CHARGE  Max Sales Charge:  5.75% Front End Load
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Equity Income Fund
DQIAX
-0.81 28.22 43.53 248.82 143.14 07/05/06
S&P 500(r) Index
9.50 46.25 67.81 338.09 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Equity Income Fund
DQIAX
-0.81 28.22 43.53 248.82 143.14 07/05/06
S&P 500(r) Index
9.50 46.25 67.81 338.09 - -

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.

The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

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

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

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.

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

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

    Yearly Total Return

    Fund 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
    DQIAX
    -3.79% 16.98% 16.95% -3.79% 12.18% 29.82% 9.56% 10.19% 12.53% 20.92%

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


    Monthly Expense Ratios (Annualized)

    As of  03/31/19 Fee Description Expense Ratio (%)
    Management Fee 0.70%
    Service Fee 0.25%
    Other Expenses 0.17%
    Total Expenses 1.12%
    Expenses Reimbursed 0.09%
    Net Expenses 1.03%

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

    Prospectus Fee Table Expense Ratios

    As of  09/28/18 Fee Description Expense Ratio (%)
    Management Fee 0.70%
    Service Fee 0.25%
    Other Expenses 0.23%
    Total Expenses 1.18%
    Expenses Reimbursed 0.15%
    Net Expenses 1.03%
    The fund's investment adviser, The Dreyfus Corporation, has contractually agreed, until September 30, 2019, 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 .78%. On or after September 30, 2019, The Dreyfus Corporation may terminate this expense limitation at any time.

    Sales Charge

    Investment Amount Sales Charge
    Less than $50,000 5.75%
    Less than $100,000 4.50%
    Less than $250,000 3.50%
    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 The Dreyfus Corporation (Dreyfus). Investment decisions for the fund are made by members of the Active Equity Team of Mellon Investments Corporation (Mellon), an affiliate of Dreyfus. The team members are C. Wesley Boggs, William S. Cazalet, CAIA, Peter D. Goslin, CFA and Syed A. Zamil, CFA. Mr. Boggs has served as a primary portfolio manager of the fund since May 2011, Mr. Cazalet has served as a primary portfolio manager of the fund since December 2014, Mr. Goslin has served as a primary portfolio manager of the fund since February 2015 and Mr. Zamil has served as a primary portfolio manager of the fund since March 2017. Mr. Boggs is a vice president and senior portfolio manager at Mellon. Mr. Cazalet is a managing director and head of active equity strategies at Mellon. Mr. Goslin is a director and senior portfolio manager at Mellon. Mr. Zamil is a managing director and global investment strategist at Mellon. Each member of the team also is an employee 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  03/31/19   Holdings % Portfolio  Weight
    Microsoft Corp 3.40
    Apple Inc 3.24
    Pfizer Inc 3.13
    Intel Corp 3.09
    Bristol-Myers Squibb Co 3.06
    Amazon.com Inc 3.00
    Kimberly-Clark Corporate 2.94
    Merck & Co Inc 2.72
    LyondellBasell Industries NV 2.69
    Altria Group Inc 2.60

    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  04/25/19 Name NAV Change 10/03/18  12 Month 
        High Nav
        12/24/18  12 Month 
        Low Nav
        YTD Return
        DQIAX
        $19.44
        -$0.04
        -0.21%
        $20.77 $16.42 12.21%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Large Value


        Morningstar Rating™ as of 03/31/19 for the Class A shares; other classes may have different performance characteristics. Overall rating for the Large Value. Fund ratings are out of 5 Stars: Overall 4 Stars (2726 funds rated); 3 Yrs. 4 Stars (1096 funds rated); 5 Yrs. 4 Stars (939 funds rated); 10 Yrs. 4 Stars (691 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
          287 out of 542
        • 3 Year
          157 out of 467
        • 5 Year
          101 out of 411
        • 10 Year
          64 out of 248

        LIPPER CLASSIFICATION Equity Income 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

        Past performance is no guarantee of future results. Source: Lipper Inc., Rankings are based on total return and do not reflect sales loads.

        Main Risks

        Equities are subject to market, market sector, market liquidity, issuer, and investment style risks to varying degrees.

        Risk Metrics

        As of  03/31/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DQIAX
        10.37 -1.68 0.93 93.27 0.92

        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
        May 31
        Year Dividend ($) Capital Gains ($)
        2019 0.1096 0.0000
        2018 0.4505 0.4247
        2017 0.4464 1.1157
        2016 0.5042 0.1256
        2015 0.4742 1.0716
        2014 0.4571 0.4847
        2013 0.4301 0.1759
        2012 0.4660 0.1505
        2011 0.3145 0.1054
        2010 0.1658 0.0000
        There is no guarantee that the fund will distribute any level annually. Capital gains may be short-term, long-term, or both.

        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
        DQIAX
        0.0000 0.0554 0.0000 0.0000 0.0000 0.0554 19.36
        Record Date Ex-Dividend Date Payable Date
        DQIAX
        03/29/19 04/01/19 04/01/19
        (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
        DQIAX
        Final 0.0436 0.0248 0.1301 0.0738 0.2208 0.4931 18.72
        Record Date Ex-Dividend Date Payable Date
        DQIAX
        12/04/18 12/06/18 12/06/18

        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.