Portfolio Manager/Sub-Investment Adviser
The investment adviser to the fund is The Dreyfus Corporation. The fund's primary portfolio manager is James Welch, a position he has held since November 2009. Mr. Welch is a portfolio manager for Standish Mellon Asset Management Company LLC (Standish), an affiliate of Dreyfus, where he has been employed since April 2009. Mr. Welch is a portfolio manager for a number of national and state-specific municipal bond funds managed by Dreyfus, where he has been employed since October 2001. Thomas Casey also serves as an additional portfolio manager of the fund, a position he has held since April 2009. Mr. Casey is a senior portfolio manager for tax sensitive strategies at Standish, where he has been employed since 1993. Mr. Casey also has been employed by Dreyfus since April 2009. Each manages the fund under a dual-employee relationship between Dreyfus and Standish.
|Benchmark 3||Barclays 3-Year Municipal Bond Index|
|Number of Holdings||140
as of 03/31/14
|Portfolio Turnover Rate||27.16%
as of fiscal year end 03/31/13
|Average Effective Duration 4||2.6 Years
as of 03/31/14
|Average Effective Maturity||2.8 Years
as of 03/31/14
|as of 03/31/14|
|R Squared 5||57.16|
|Standard Deviation 7||1.11|
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 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.
- 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 investments of dividends and, where applicable, capital gains. The Barclays 3-Year Municipal Bond Index is an unmanaged total return performance benchmark for the investment-grade, geographically unrestricted 3-year tax-exempt bond market, consisting of municipal bonds with maturities of 2-4 years.
- 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