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Dreyfus Yield Enhancement Strategy Fund Jun 30 Pursues high current income while complementing traditional fixed income portfolios Class A DABMX Class C DABLX 2017 Class I DABKX ★★★★ Morningstar Rating™ as of 6/30/17 for the fund's Class I shares; other classes may have different performance characteristics. Overall rating for the Intermediate-Term Bond category. Fund ratings are out of 5 stars: Overall 3 stars Class A and 4 stars Class I (233 funds rated); 3 Yrs. 3 stars Class A and 4 stars Class I (233 funds rated). Past performance is no guarantee of future results.* CUSIP Class A Class C Class I 26188X841 26188X833 26188X825 Assets for the Fund $444,013,129 Holdings2 6 Growth of a $10,000 Investment1 A hypothetical $10,000 investment in the fund's Class A shares on 3/7/14 would have been worth $11,079 on 6/30/17. Dividend Frequency Monthly Morningstar Category Intermediate-Term Bond Lipper Category Alternative Credit Focus This does not reflect the 4.50% maximum front-end sales load applicable to Class A shares which, if reflected, would have lowered performance. Assumes reinvestment of dividends and capital gains. Performance for the fund's other share classes would vary. Past performance is no guarantee of future results. HISTORICAL PERFORMANCE (CL.I @ NAV)3 Investment Professionals Investment Adviser The Dreyfus Corporation AVERAGE ANNUAL TOTAL RETURNS (6/30/17)1 Share Class/Inception Date YTD 3M 1YR 3YR Inception 3.13% 1.51% 4.42% 2.69% 3.13% Class A (4.50% max. load) -1.51% -3.09% -0.31% 1.13% 1.71% Class C (NAV) 03/07/14 2.69% 1.33% 3.59% 1.89% 2.35% Class C (1.00% max. CDSC) 1.69% 0.33% 2.59% 1.89% 2.35% Class I (NAV) 03/07/14 3.25% 1.58% 4.77% 2.94% 3.39% Lipper Alternative Credit Focus Funds Index4 3.32% 1.45% 6.51% 1.14% — Bloomberg Barclays U.S. Aggregate Bond Index5 2.27% 1.45% -0.31% 2.48% — Class A (NAV) 03/07/14 The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Funds with less than 1 year's history, year-to-date and 3 month performance are not annualized. Go to Dreyfus.com for the fund's most recent month-end returns. Total Expense Ratios: Class A 0.99%, Class C 1.80%, Class I 0.87%. 1Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, class restrictions, anticipated holding period and other relevant factors. 2Portfolio composition is as of 6/30/17 and is subject to change at any time. 3Performance figures may reflect reimbursements or fee waivers, without which the performance would have been lower. 4Source: Lipper. The Lipper Alternative Credit Focus Funds Index consists of funds that, by prospectus language, invest in a wide range of credit structured vehicles by using either fundamental credit research analysis or quantitative credit portfolio modeling trying to benefit from any changes in credit quality, credit spreads, and market liquidity. Investors cannot invest directly in any index. 5Source: FactSet. The Bloomberg Barclays U.S. Aggregate Bond Index is a broadbased flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index. Class A DABMX Class C DABLX Class I DABKX Dreyfus Yield Enhancement Strategy Fund A FLEXIBLE DIVERSIFIED STRATEGY DESIGNED TO PURSUE THE CURRENT MARKET'S HIGHESTYIELDING OPPORTUNITIES1,2 STRATEGIES Corporates 0-40% Fixed Income Core YES Fund High Yield 0-40% Floating Rate 0-40% EM Debt 0-40% GOAL/APPROACH The fund seeks high current income. Accordingly, the fund normally allocates its assets across fixed-income investment strategies. The fund is designed to complement and diversify traditional bond portfolios. The fund normally allocates its assets using a fund-offunds approach among other investment companies (the underlying funds) that employ various fixedincome investment strategies, high yield securities, senior loans, emerging markets debt, municipal securities and Treasury and other inflation-protected securities. Underlying funds may include other funds in the Dreyfus Family of Funds and unaffiliated open-end funds, closed-end funds and exchange-traded funds. Municipal Bonds 0-40% PORTFOLIO MANAGEMENT TIPS 0-40% Opportunistic Fixed Income 0-40% Source: Dreyfus, for illustrative purposes only; this graphic is not representative of actual allocations. Actual allocations are subject to change over time. PORTFOLIO COMPOSITION1,2 Holdings Percentage Dreyfus High Yield Fund, Cl. I 30.58% BNY Mellon Muni Opps. Fund, Cl. M 28.71% Dreyfus Floating Rate Income Fund, Cl. Y 21.21% BNY Mellon Corporate Bond Fund, Cl. M 9.75% Dreyfus Global Dynamic Bond Fund, Cl. Y 5.97% Dreyfus Emerging Markets Debt US Dollar Fund, Cl. Y 2.99% Net Cash (Liabilities) 0.79% The fund's investment adviser is The Dreyfus Corporation. Caroline Lee-Tsao and Jeffrey M. Mortimer, CFA, are the fund's primary portfolio managers responsible for investment allocation decisions, positions they have held since November 2015 and the fund's inception in March 2014, respectively. Ms. Lee-Tsao is the Senior Investment Strategist for BNY Mellon Wealth Management and Mr. Mortimer is Director of Investment Strategy for BNY Mellon Wealth Management. Ms. Lee-Tsao and Mr. Mortimer are employees of The Bank of New York Mellon and Dreyfus. BNY Mellon Wealth Management 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. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. To obtain a prospectus, or a summary prospectus, if available, that contains this and other information about a Dreyfus fund, contact your financial advisor or visit dreyfus.com. Read the prospectus carefully before investing. Investors should discuss with their advisor the eligibility requirements for Class I shares, which are available only to certain eligible investors, and the historical results achieved by the fund’s respective share classes. The Dreyfus Corporation and MBSC Securities Corporation are affiliated with The Bank of New York Mellon Corporation. *Source: Morningstar. The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products, including open-end mutual funds, closed-end funds and exchange-traded funds, are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10year (if applicable) Morningstar Rating metrics. ©2017 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results. 1Asset allocation and diversification cannot assure a profit or protect against loss. 2Portfolio composition is as of 6/30/17 and is subject to change at any time. Main Risks Bond Risk: Bonds are subject generally to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines. Credit Risk: High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer’s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity. Derivatives Risk: A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value. Floating Rate Loan Securities Risk: Additional risks associated with floating rate loan securities, which generally trade in the secondary market, may also include irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In addition, the value of collateral, if any, securing a floating rate loan can decline, and may be insufficient to meet the issuer’s obligations in the event of non-payment of scheduled interest or principal or may be difficult to readily liquidate. Although floating rate instruments are generally less sensitive to interest rate changes than fixed-rate instruments, the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Foreign Currency: Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Foreign Investment Risk: Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries. Leverage Risk: Additionally, some derivatives involve economic leverage, which could increase the volatility of these investments as they may fluctuate in value more than the underlying instrument. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The information being provided is general information about our firm and its products and services. It should not be construed as investment advice or a recommendation with respect to any product or service. Please consult a legal, tax or investment advisor in order to determine whether an investment product or service is appropriate for a particular situation. Visit www.Dreyfus.com for more information. ©2017 MBSC Securities Corporation, distributor, 225 Liberty St, 19th Fl., New York, NY 10281. RF6327BFS-0617