Dreyfus California AMT-Free Municipal Bond Fund

Why invest in this Fund?

The fund seeks as high a level of current income, exempt from federal and California state income taxes, as is 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 and California state income taxes. The fund also seeks to provide income exempt from the federal alternative minimum tax. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities.

Min. class investment
$1,000,000
Class Inception Date
07/01/13
Class Status
Not available for purchase by individual investors.
Fund Assets
$865,673,350  As of  03/21/19
Class Assets
$3,761,199  As of  03/21/19
Portfolio Turnover Rate
14.26%  As of fiscal year end  05/31/18
Morningstar Category
Municipal California Intermediate
Benchmark
Bloomberg Barclays U.S. Municipal Bond Index
Morningstar Overall Rating
Fund Holdings
192  As of  02/28/19
Average Effective Maturity
18.46  yr(s).  As of  02/28/19
Average Effective Duration
4.96  yr(s).  As of  02/28/19

Morningstar Rating™ as of February 28, 2019 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Municipal California Intermediate category. Fund ratings are out of 5 Stars: Overall 5 Stars (56 funds rated); 3 Yrs. 5 Stars (56 funds rated); 5 Yrs. 5 Stars (52 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

    7 yr(s). on fund

  • Burger, Jeffrey

    Jeffrey Burger

    Portfolio Manager, Mellon Investments Corporation

    10 yr(s). on fund


As of  02/28/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus California AMT-Free Municipal Bond Fund
DCAYX
2.55 1.65 3.43 4.59 5.75 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
4.13 2.28 3.44 4.55 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus California AMT-Free Municipal Bond Fund
DCAYX
0.24 1.78 4.08 4.98 5.75 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
1.28 2.30 3.82 4.85 - -
As of  02/28/19 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus California AMT-Free Municipal Bond Fund
DCAYX
2.55 5.02 18.37 56.58 630.06 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
4.13 7.01 18.45 56.12 - -
As of  12/31/18 Name 1 YR 3 YRS 5 YRS 10 YRS Since Inception Inception Date
Dreyfus California AMT-Free Municipal Bond Fund
DCAYX
0.24 5.44 22.14 62.62 623.64 07/01/13
Bloomberg Barclays U.S. Municipal Bond Index
1.28 7.07 20.61 60.60 - -
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 Z 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 02/19 01/19 12/18 11/18 10/18 09/18 08/18 07/18 06/18 05/18 04/18 03/18
    DCAYX
    3.31% 3.37% 3.37% 3.37% 3.31% 3.25% 3.27% 3.24% 3.24% 3.30% 3.35% 3.36%

    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
    DCAYX
    0.24% 5.84% -0.61% 3.87% 11.51% -4.10% 8.35% 11.79% 0.83% 13.70%

    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: 1.92%

    Combined Effective Federal and State Income Tax Rate

     

    As of  03/21/19
    Name 45.10% 45.72% 46.90% 47.49% 48.08%
    Joint Return $551,477 to $600,000 - $600,001 to $661,768 $661,769 to $1,102,946 Over $1,102,947
    Single Return $275,739 to $330,884 $330,885 to $500,000 - $500,001 to $551,473 Over $551,474
    Dreyfus California AMT-Free Municipal Bond Fund
    DCAYX
    3.50% 3.54% 3.62% 3.66% 3.70%

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


    Monthly Expense Ratios (Annualized)

    As of  02/28/19 Fee Description Expense Ratio (%)
    Management Fee 0.60%
    Other Expenses 0.04%
    Total Expenses 0.64%

    Prospectus Fee Table Expense Ratios

    As of  09/28/18 Fee Description Expense Ratio (%)
    Management Fee 0.60%
    Other Expenses 0.07%
    Total Expenses 0.67%

    Portfolio Manager/Sub-Investment Advisor

    The fund's investment adviser is The Dreyfus Corporation (Dreyfus). The fund's primary portfolio managers are Jeffrey Burger and Thomas Casey, positions they have held since December 2009 and February 2012, respectively. Mr. Burger is a senior portfolio manager for tax sensitive strategies at Mellon Investments Corporation (Mellon), an affiliate of Dreyfus. Mr. Casey is a senior portfolio manager for tax sensitive strategies at Mellon. Messrs. Burger and Casey 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.

    Asset Allocation


        Daily Statistics

        As of  03/21/19 Name 1-DAY YIELD 30-DAY YIELD 
        (UNSUBSIDIZED)
        30-DAY YIELD 
        (SUBSIDIZED)
        NAV Change 07/16/18  12 Month 
        High Nav
        11/06/18  12 Month 
        Low Nav
        YTD Return
        DCAYX
        3.27% - 1.92% $14.67
        $0.04
        0.27%
        $14.83 $14.39 1.56%

        Performance Metrics

        Overall Morningstar Rating


        MORNINGSTAR CATEGORY Municipal California Intermediate


        Morningstar Rating™ as of 02/28/19 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Municipal California Intermediate. Fund ratings are out of 5 Stars: Overall 5 Stars (151 funds rated); 3 Yrs. 5 Stars (56 funds rated); 5 Yrs. 5 Stars (52 funds rated); 10 Yrs. Stars (43 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
          101 out of 124
        • 3 Year
          77 out of 106
        • 5 Year
          65 out of 104
        • 10 Year
          out of

        LIPPER CLASSIFICATION California 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  02/28/19, 3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
        DCAYX
        3.68 -0.69 1.07 95.71 0.13

        Dividend Schedule

        Declared
        Daily
        Distributed
        Monthly
        Paid
        Monthly
        Fiscal Year End
        May 31
        Annualized Distribution Rate
        3.31%
        As of  02/2019
        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 ($)
        02/2019 0.036969935
        01/2019 0.041689469
        12/2018 0.041743825
        11/2018 0.040126192
        10/2018 0.043188204
        09/2018 0.036448691
        08/2018 0.040984239
        07/2018 0.042010652
        06/2018 0.038103627
        05/2018 0.041516442
        04/2018 0.043042930
        03/2018 0.039327732
        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
        DCAYX
        0.0000 0.0000 0.0020 0.0000 0.0607 0.0627 14.51
        Record Date Ex-Dividend Date Payable Date
        DCAYX
        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
        DCAYX
        Final 0.0000 0.0000 0.0020 0.0000 0.0607 0.0627 14.51
        Record Date Ex-Dividend Date Payable Date
        DCAYX
        12/27/18 12/28/18 12/28/18