Dynamic Total Return Fund

  • Ticker: AVGRX
  • Product Code: 6142
  • CUSIP: 007565302
Share Class:

Portfolio Manager/Sub-Investment Adviser

The investment adviser for the fund is The Dreyfus Corporation (Dreyfus). Dreyfus has engaged its affiliate, Mellon Capital Management Corporation (Mellon Capital) to serve as the fund's sub-investment adviser. Mellon Capital, subject to Dreyfus' supervision and approval, provides investment advisory assistance and research and the day-to-day management of the fund's investments. Investment decisions for the fund are made by the Global Asset Allocation Team of Mellon Capital, consisting of Vassilis Dagioglu, James Stavena, Torrey Zaches and Joseph Miletich, each of whom serves as primary portfolio manager of the fund. Mr. Dagioglu has been a primary portfolio manager of the fund since May 2010. Messrs. Dagioglu, Stavena and Miletich are Managing Directors of Mellon Capital, where they have been employed since 1999, 1998 and 2008, respectively. Mr. Zaches is a Director of Mellon Capital, where he has been employed since 1998.

Top Holdings 2

Powershares Db Commodity Index Trac 4.42%
Us 10yr Fut Jun14c Exp5/23/14@115 2.87%
Spdr Barclays High Yield Bond Eft 1.24%
Swiss Mktindexcall@8085.249 6/20/14 0.11%
Swiss Mktindexput@8088 6/20/14 0.03%
S&p May Option 1650 Put 0.02%
S&p April Option 1725 Put 0.01%
S&p April Option 1600 Put 0.00%
Groupe Brux Lambert-Str 0.00%
Irish Bank Resolution Co 0.00%

Portfolio Statistics

Number of Holdings 14
as of 03/31/14
Portfolio Turnover Rate 1.74%
as of fiscal year end 10/31/13

Risk Measures

as of 03/31/14
R Squared 3 89.35
Beta 4 1.04
Standard Deviation 5 9.18

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. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.
  3. 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
  4. 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.
  5. 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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