Portfolio Manager/Sub-Investment Adviser
The investment adviser for the fund is The Dreyfus Corporation. Christine L. Todd, Steven W. Harvey and Thomas Casey are the primary portfolio managers of the fund, positions they have held since May 2001, January 2001 and April 2010, respectively. Ms. Todd, an executive vice president at Standish Mellon Asset Management Company LLC ("Standish"), an affiliate of Dreyfus, serves as a portfolio manager of tax exempt bond portfolios for Standish's institutional and individual clients and has been employed by Dreyfus since December 2008. Mr. Harvey, a senior vice president at Standish, is a municipal bond portfolio manager. He joined Standish in 2000 and has been employed by Dreyfus since December 2008. Mr. Casey is a senior portfolio manager for tax sensitive strategies at Standish where he has been employed since July 1993 and by Dreyfus since April 2009. As dual employees of Dreyfus and Standish, Ms. Todd, Mr. Harvey and Mr. Casey manage the fund as employees of Dreyfus, but use Standish's proprietary investment process.
|Number of Holdings||105
as of 01/31/14
|Portfolio Turnover Rate||35.03%
as of fiscal year end 09/30/13
|Average Effective Duration 3||4.4 Years
as of 01/31/14
|Average Effective Maturity||6.0 Years
as of 01/31/14
|as of 01/31/14|
|R Squared 4||89.29|
|Standard Deviation 6||2.91|
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 01/31/14 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.
- 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