Dreyfus Municipal Bond Opportunity Fund

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 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 income tax. Typically, the fund invests substantially all of its assets in such municipal bonds. The fund invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade or the unrated equivalent as determined by The Dreyfus Corporation. For additional yield, the fund may invest up to 30% of its assets in municipal bonds rated below investment grade or the unrated equivalent as determined by The Dreyfus Corporation.

Min. class investment
$1,000,000
Class Inception Date
08/31/16
Class Status
Not available for purchase by individual investors.
Fund Assets
$357,514,852  As of  05/31/19
Class Assets
$41,220  As of  05/31/19
Portfolio Turnover Rate
26.94%  As of fiscal year end  04/30/18
Morningstar Category
Municipal National Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Fund Holdings
146  As of  04/30/19
Average Effective Maturity
17.33  yr(s).  As of  04/30/19
Average Effective Duration
5.07  yr(s).  As of  04/30/19

Portfolio Managers

  • Burger, Jeffrey

    Jeffrey Burger

    Portfolio Manager, Mellon Investments Corporation

    5 yr(s). on fund

  • Rabasco, Daniel

    Daniel Rabasco

    Portfolio Manager, Mellon Investments Corporation

    7 yr(s). on fund


As of  04/30/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus Municipal Bond Opportunity Fund
DMBYX
5.85 2.29 3.65 4.68 5.12 08/31/16
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 Municipal Bond Opportunity Fund
DMBYX
5.00 2.38 3.85 4.83 5.12 08/31/16
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 Municipal Bond Opportunity Fund
DMBYX
5.85 7.03 19.64 58.01 404.81 08/31/16
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 Municipal Bond Opportunity Fund
DMBYX
5.00 7.31 20.81 60.32 402.23 08/31/16
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 August 31, 2016, 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
    DMBYX
    0.00% 3.21% 3.22% 3.29% 3.36% 3.17% 3.12% 3.12% 3.00% 2.97% 3.02% 3.07%

    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
    DMBYX
    0.72% 5.83% -0.68% 3.59% 11.25% -3.87% 7.47% 10.68% 1.05% 15.78%

    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: 2.25%

    Combined Effective Federal Income Tax Rate

     

    As of  05/31/19
    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 Municipal Bond Opportunity Fund
    DMBYX
    3.12% 3.31% 3.50% 3.68% 3.80%

    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: 2.25%

    Combined Effective Federal Income Tax Rate

     

    As of  05/31/19
    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 Municipal Bond Opportunity Fund
    DMBYX
    3.12% 3.31% 3.50% 3.68% 3.80%

    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 0.35%
    Other Expenses 0.11%
    Total Expenses 0.46%

    Prospectus Fee Table Expense Ratios

    As of  12/31/18 Fee Description Expense Ratio (%)
    Management Fee 0.35%
    Other Expenses 0.15%
    Total Expenses 0.50%

    Portfolio Manager/Sub-Investment Advisor

    The investment adviser to the fund is The Dreyfus Corporation (Dreyfus). Jeffrey Burger and Daniel Rabasco are the fund's primary portfolio managers, positions they have held since May 2014 and February 2012, respectively. Mr. Burger is a portfolio manager for tax-sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of Dreyfus. Mr. Rabasco is the Chief Investment Officer for tax sensitive fixed-income at the firm. Messrs. Burger 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
        DMBYX
        2.25% 2.25% $13.10
        $0.02
        0.15%
        $13.10 $12.41 5.04%

        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.

        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.

        Risk Metrics

        As of  04/30/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DMBYX
        3.74 -0.37 1.07 97.43 0.27

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        Apr 30
        Month/Year Dividend ($)
        05/2019 0.035105215
        04/2019 0.036344555
        03/2019 0.033004681
        02/2019 0.032057699
        01/2019 0.036147534
        12/2018 0.034018406
        11/2018 0.032095834
        10/2018 0.035153296
        09/2018 0.028962570
        08/2018 0.031988710
        07/2018 0.033662460
        06/2018 0.031051410
        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
        DMBYX
        0.0000 0.0000 0.0051 0.0000 0.0000 0.0051 12.61
        Record Date Ex-Dividend Date Payable Date
        DMBYX
        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
        DMBYX
        Final 0.0000 0.0000 0.0051 0.0000 0.0000 0.0051 12.61
        Record Date Ex-Dividend Date Payable Date
        DMBYX
        12/27/18 12/28/18 12/28/18