A BNY MELLON COMPANY

Dreyfus State Municipal Bond Funds, Dreyfus Massachusetts Fund

  • Ticker: PMAZX
  • Product Code: 6122
  • CUSIP: 26202D540
Share Class:

Portfolio Manager/Sub-Investment Adviser

The Fund's investment adviser is The Dreyfus Corporation. James Welch and Thomas Casey have been primary portfolio managers of the fund since July 2007 and May 2011, respectively. Messrs. Welch and Casey manage a number of other state-specific municipal bond funds for Dreyfus. Mr. Welch has been employed by Standish Asset Management Company LLC (Standish), an affiliate of Dreyfus, since April 2009, and by Dreyfus since 2001. Mr. Casey is a senior portfolio manager for tax sensitive strategies employed by Standish since July 1993, and by Dreyfus since April 2009.

Portfolio Statistics

Benchmark 3 Barclays Municipal Bond Index
Number of Holdings 88
as of 03/31/14
Portfolio Turnover Rate 14.28%
as of fiscal year end 04/30/13
Average Effective Duration 4 5.3 Years
as of 03/31/14
Average Effective Maturity 13.9 Years
as of 03/31/14

Risk Measures

as of 03/31/14
R Squared 5 97.42
Beta 6 1.23
Standard Deviation 7 4.99

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
  1. Portfolio composition and allocation is as of 03/31/14 and is subject to change at any time. Totals may not be exact due to rounding. Negative exposures may represent short positions through derivatives.
  2. 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.
  3. Source: Morningstar, Inc. All rights reserved. Reflects investments of dividends and, where applicable, capital gain distributions. The Barclays Municipal Bond Index is a widely accepted, unmanaged total return performance benchmark for the long-term, investment-grade tax-exempt bond market.
  4. Duration is a measure of volatility expressed in years. The higher the number, the greater the potential for volatility as interest rates change.
  5. 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
  6. 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.
  7. A statistical measurement of dispersion around an average which depicts how widely fund returns varied over a certain period of time. Source: Morningstar
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