Dreyfus New York AMT-Free Municipal Bond Fund

Why invest in this Fund?

The fund seeks to maximize current income exempt from federal, New York state and New York city income taxes to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal, New York state and New York city income taxes and the federal alternative minimum tax.

Min. class investment
$1,000,000
Class Inception Date
07/01/13
Class Status
Not available for purchase by individual investors.
Fund Assets
$317,337,818  As of  05/31/19
Class Assets
$1,030  As of  05/31/19
Portfolio Turnover Rate
15.32%  As of fiscal year end  11/30/18
Morningstar Category
Municipal New York Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
111  As of  04/30/19
Average Effective Maturity
19.16  yr(s).  As of  04/30/19
Average Effective Duration
5.08  yr(s).  As of  04/30/19

Morningstar Rating™ as of April 30, 2019 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Municipal New York Intermediate category. Fund ratings are out of 5 Stars: Overall 4 Stars (48 funds rated); 3 Yrs. 4 Stars (48 funds rated); 5 Yrs. 4 Stars (46 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

    10 yr(s). on fund

  • Rabasco, Daniel

    Daniel Rabasco

    Portfolio Manager, Mellon Investments Corporation

    5 yr(s). on fund


As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus New York AMT-Free Municipal Bond Fund
DNYYX
5.40 1.98 3.36 4.22 5.32 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
6.16 2.59 3.56 4.55 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus New York AMT-Free Municipal Bond Fund
DNYYX
4.42 2.12 3.48 4.44 5.31 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
5.38 2.71 3.73 4.72 - -
As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus New York AMT-Free Municipal Bond Fund
DNYYX
5.40 6.06 17.95 51.19 433.47 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
6.16 7.97 19.14 56.03 - -
As of  03/31/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus New York AMT-Free Municipal Bond Fund
DNYYX
4.42 6.49 18.65 54.34 430.79 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
5.38 8.35 20.12 58.55 - -
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.

The total return performance figures presented for Class Y shares of the fund represent the performance of the fund's Class A for periods prior to July 01, 2013, the inception date for Class Y shares, and the performance of Class Y, 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 05/19 04/19 03/19 02/19 01/19 12/18 11/18 10/18 09/18 08/18 07/18 06/18
    DNYYX
    0.00% 2.66% 2.85% 2.75% 2.82% 2.97% 3.07% 3.02% 2.83% 2.78% 2.92% 2.92%

    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
    DNYYX
    -0.06% 5.30% 0.04% 3.61% 9.31% -4.04% 6.33% 9.99% 1.71% 15.61%

    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: 1.76%

    Combined Effective Federal and State Income Tax Rate

     

    As of  05/31/19
    Name 40.20% 42.77% 42.99% 44.86% 46.02%
    Joint Return $323,201 to $408,200 - $408,201 to $612,350 $612,351 to $2,155,350 Over $2,155,351
    Single Return - $204,101 to $215,400 $215,401 to $510,300 $510,301 to $1,077,550 Over $1,077,551
    Dreyfus New York AMT-Free Municipal Bond Fund
    DNYYX
    2.94% 3.08% 3.09% 3.19% 3.26%

    Composite effective Federal and State tax bracket for New York residents after Federal benefits. Income is subject to State and local taxes for non-New York residents. Some income may be subject to the Federal Alternative Minimum Tax. Capital gains, if any, are taxable.

    30-Day Yield Restated: 1.76%

    Combined Effective Federal and State Income Tax Rate

     

    As of  05/31/19
    Name 40.20% 42.77% 42.99% 44.86% 46.02%
    Joint Return $323,201 to $408,200 - $408,201 to $612,350 $612,351 to $2,155,350 Over $2,155,351
    Single Return - $204,101 to $215,400 $215,401 to $510,300 $510,301 to $1,077,550 Over $1,077,551
    Dreyfus New York AMT-Free Municipal Bond Fund
    DNYYX
    2.94% 3.08% 3.09% 3.19% 3.26%

    Composite effective Federal and State tax bracket for New York residents after Federal benefits. Income is subject to State and local taxes for non-New York residents. Some income may be subject to the Federal Alternative Minimum Tax. Capital gains, if any, are 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 0.55%
    Other Expenses 0.11%
    Total Expenses 0.66%

    Prospectus Fee Table Expense Ratios

    As of  03/29/19 Fee Description Expense Ratio (%)
    Management Fee 0.55%
    Other Expenses 0.16%
    Total Expenses 0.71%

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is The Dreyfus Corporation (Dreyfus). Thomas Casey and Daniel Rabasco are the fund's primary portfolio managers, positions they have held since December 2009 and October 2014, respectively. Mr. Casey is a senior portfolio manager for tax-sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of Dreyfus, and Mr. Rabasco is the Chief Investment Officer for tax-sensitive fixed income at Mellon. Messrs. Casey and Rabasco also are 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.

    Asset Allocation


        Daily Statistics

        As of  05/31/19 Name 30-Day Sec Yield 
        (Unsubsidized)
        30-Day Sec Yield 
        (Subsidized)
        NAV Change 05/31/19  12 Month 
        High Nav
        11/06/18  12 Month 
        Low Nav
        YTD Return
        DNYYX
        1.76% 1.76% $15.04
        $0.02
        0.13%
        $15.04 $14.24 4.83%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal New York Intermediate


        Morningstar Rating™ as of 04/30/19 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Municipal New York Intermediate. Fund ratings are out of 5 Stars: Overall 4 Stars (132 funds rated); 3 Yrs. 4 Stars (48 funds rated); 5 Yrs. 4 Stars (46 funds rated); 10 Yrs. Stars (38 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
          46 out of 91
        • 3 Year
          48 out of 84
        • 5 Year
          40 out of 83
        • 10 Year
          out of

        LIPPER CLASSIFICATION New York 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 for out-of-state residents. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.

        Risk Metrics

        As of  04/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DNYYX
        3.67 -0.65 1.05 97.62 0.19

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Nov 30
        Month/Year Dividend ($)
        05/2019 0.033142067
        04/2019 0.034602071
        03/2019 0.033580081
        02/2019 0.030806067
        01/2019 0.034894077
        12/2018 0.036500086
        11/2018 0.036208085
        10/2018 0.038982094
        09/2018 0.031390071
        08/2018 0.034456076
        07/2018 0.037376090
        06/2018 0.033872083
        All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid.