Dreyfus Municipal Bond Fund

  • TICKER DRTAX
  • Fund Code 0054
  • CUSIP 26201Q104
  • SHARE CLASS Single Share Class

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.

To pursue this goal, 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 at least 75% of its assets in municipal bonds rated A or higher or the unrated equivalent as determined by Dreyfus.

Min. class investment
$2,500
Class Inception Date
10/04/76
Fund Assets
$1,243,663,630  As of  12/18/18
Class Assets
$1,243,663,630  As of  12/18/18
Portfolio Turnover Rate
31.21%  As of fiscal year end  08/31/18
Morningstar Category
Municipal National Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
221  As of  11/30/18
Average Effective Maturity
17.62  yr(s).  As of  11/30/18
Average Effective Duration
5.06  yr(s).  As of  11/30/18

Morningstar Rating™ as of November 30, 2018 for the Single Share Class 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 4 Stars (260 funds rated); 3 Yrs. 4 Stars (260 funds rated); 5 Yrs. 4 Stars (227 funds rated); 10 Yrs. 4 Stars (151 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

  • Marques, Daniel

    Daniel Marques

    Senior Portfolio Manager, BNY Mellon AMNA

    9 yr(s). on fund

  • Rabasco, Daniel

    Daniel Rabasco

    Portfolio Manager, BNY Mellon AMNA

    6 yr(s). on fund


As of  11/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Municipal Bond Fund
DRTAX
0.30 1.84 3.58 4.85 5.36 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
1.13 2.13 3.52 4.88 - -
As of  09/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Municipal Bond Fund
DRTAX
0.06 2.20 3.68 4.48 5.38 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
0.35 2.24 3.54 4.75 - -
As of  11/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Municipal Bond Fund
DRTAX
0.30 5.61 19.24 60.57 802.94 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
1.13 6.54 18.88 61.01 - -
As of  09/30/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Municipal Bond Fund
DRTAX
0.06 6.75 19.81 55.05 803.17 10/04/76
Bloomberg Barclays U.S. Municipal Bond Index
0.35 6.87 18.99 59.11 - -

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 Bloomberg Barclays U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.

Growth of $10,000 Investment

Historical Performance

    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
    DRTAX
    2.88% 2.92% 2.84% 3.11% 3.12% 3.09% 2.86% 2.85% 2.86% 2.96% 2.97% 2.93%

    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
    DRTAX
    5.67% -0.27% 3.60% 10.51% -3.56% 7.31% 10.36% 1.05% 16.65% -8.45%

    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: 2.69%

    Combined Effective Federal Income Tax Rate

     

    As of  12/18/18
    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 Municipal Bond Fund
    DRTAX
    3.73% 3.96% 4.19% 4.40% 4.54%

    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.


    Monthly Expense Ratios (Annualized)

    As of  11/30/18 Fee Description Expense Ratio (%)
    Management Fee 0.60%
    Shareholder Service Fees 0.05%
    Other Expenses 0.07%
    Total Expenses 0.72%

    Prospectus Fee Table Expense Ratios

    As of  12/29/17 Fee Description Expense Ratio (%)
    Management Fee 0.60%
    Shareholder Service Fees 0.05%
    Other Expenses 0.08%
    Total Expenses 0.73%

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is The Dreyfus Corporation (Dreyfus). The fund's primary portfolio managers are Daniel Marques and Daniel Rabasco, positions they have held since December 2009 and February 2012, respectively. Mr. Marques is a senior portfolio manager for institutional accounts and Director of Individual Portfolio Management at BNY Mellon Asset Management North America Corporation (the "firm"), an affiliate of Dreyfus. Mr. Rabasco is the Chief Investment Officer for Tax-Sensitive Fixed Income at the firm. Messrs. Marques and Rabasco also are employees of Dreyfus. BNY Mellon Asset Management North America Corporation investment professionals manage Dreyfus-managed funds pursuant to a dual-employee arrangement, under Dreyfus' supervision, and apply their firm's proprietary investment process in managing the funds.

    Asset Allocation


        Daily Statistics

        As of  12/18/18 Name 1-DAY YIELD 30-DAY YIELD 
        (UNSUBSIDIZED)
        30-DAY YIELD 
        (SUBSIDIZED)
        NAV Change 01/03/18  12 Month 
        High Nav
        11/02/18  12 Month 
        Low Nav
        YTD Return
        DRTAX
        2.92% - 2.69% $11.45
        $0.01
        0.09%
        $11.79 $11.30 0.02%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal National Intermediate


        Morningstar Rating™ as of 11/30/18 for the Single Share Class shares; other classes may have different performance characteristics. Overall rating for the Municipal National Intermediate. Fund ratings are out of 5 Stars: Overall 4 Stars (638 funds rated); 3 Yrs. 4 Stars (260 funds rated); 5 Yrs. 4 Stars (227 funds rated); 10 Yrs. 4 Stars (151 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
          179 out of 259
        • 3 Year
          133 out of 231
        • 5 Year
          103 out of 196
        • 10 Year
          90 out of 153

        LIPPER CLASSIFICATION General & Insured 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.

        Risk Metrics

        As of  11/30/18, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DRTAX
        3.58 -0.35 1.06 97.89 0.23

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Aug 31
        Annualized Distribution Rate
        2.88%
        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 0.026997188
        10/2018 0.029933401
        09/2018 0.024947316
        08/2018 0.030497487
        07/2018 0.031658724
        06/2018 0.028434290
        05/2018 0.028181725
        04/2018 0.028638164
        03/2018 0.026240185
        02/2018 0.026241227
        01/2018 0.031231649
        12/2017 0.027470702
        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
        DRTAX
        0.0000 0.0000 0.0042 0.0000 0.0000 0.0042 11.78
        Record Date Ex-Dividend Date Payable Date
        DRTAX
        12/27/17 12/28/17 12/28/17
        (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
        DRTAX
        Estimated 0.0000 0.0000 0.0000 0.0000 0.0190 0.0190 -
        Record Date Ex-Dividend Date Payable Date
        DRTAX
        12/27/18 12/28/18 12/28/18