Portfolio Manager/Sub-Investment Adviser
The investment adviser to the fund is The Dreyfus Corporation ('Dreyfus'). Daniel Rabasco and Thomas Casey are the fund's primary portfolio managers, positions they have held since February 2012 and July 2014, respectively. Messrs. Rabasco and Casey are jointly and primarily responsible for managing the fund's portfolio. Mr. Rabasco is the Chief Investment Officer for Tax Sensitive Fixed- Income at Standish, where he has been employed since 1998. Mr. Casey is the Senior Portfolio Manager of Tax Sensitive Strategies at Standish, where he has been employed since 1993. Messrs. Rabasco and Casey also have been employed by Dreyfus since February 2012 and April 2009, respectively. Messrs. Rabasco and Casey manage the fund as employees of Dreyfus. Standish 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.
|Benchmark 3||Bloomberg Barclays Municipal Bond Index|
|Number of Holdings||304
as of 12/31/16
|Portfolio Turnover Rate||8.21%
as of fiscal year end 08/31/16
|Average Effective Duration 4|| Years
as of 12/31/16
|Average Effective Maturity||15.0 Years
as of 12/31/16
|as of 12/31/16|
|R Squared 5||99.03|
|Standard Deviation 7||3.85|
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.
Notes & Disclosures
- Portfolio composition and allocation is as of 12/31/16 and is subject to change at any time. Totals may not be exact due to rounding. Negative exposures may represent short positions through derivatives.
- Bonds rated BBB/Baa or higher are considered investment grade, while bonds rated BB/Ba or lower are considered speculative as to the timely payment of principal and interest. Credit ratings reflect only those assigned by S&P, Moody's, and/or Fitch. Split-rated bonds, if any, are reported in the higher rating category.
- Source: Morningstar, Inc. All rights reserved. Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Bloomberg Barclays Municipal Bond Index is a widely accepted, unmanaged total return performance benchmark for the long-term, investment-grade tax-exempt bond market.
- Duration is a measure of volatility expressed in years. The higher the number, the greater the potential for volatility as interest rates change.
- Reflects the percentage of a fund's movements that can be explained by movements in a particular benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark. In order to compare funds across general asset classes, Morningstar calculates R-squared values relative to a "standard" broad-based market index. For example, the R-squared of both a small cap, domestic equity fund and a domestic technology fund would be determined against the S&P 500 Index. Thus, the "standard" broad-based market index used by Morningstar may differ from the fund's actual benchmark stated in this factsheet. Source: Morningstar
- Beta is a measure of the systematic risk of a stock or a portfolio and is an indicator of expected return. A beta higher than 1.0 has higher risk than the overall market has and thus the stock or portfolio can be expected to perform in relation to the overall market in that way.
- A statistical measurement of dispersion around an average which depicts how widely fund returns varied over a certain period of time. Source: Morningstar