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PSMAX Dreyfus Massachusetts A

  • Fund
  • PSMAX
  • Price as of: May 18, 2018
  • $11.28
  • - $0.00
  • - 0.00%
  • Category
  • Single State Municipal Bonds

PSMAX - Profile

Vitals

  • YTD Return -2.7%
  • 3 Yr Annualized Return 1.3%
  • 5 Yr Annualized Return 1.3%
  • Net Assets $143 M
  • Holdings in Top 10 32.4%

52 WEEK LOW AND HIGH

$11.28
$11.25
$11.70

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.96%

SALES FEES

  • Front Load 4.50%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 11.70%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

N/A

Investment Themes

CATEGORY

Single State Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Muni Massachusetts

Distributions

  • YTD Total Return -2.7%
  • 3 Yr Annualized Total Return -0.2%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.48%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Dreyfus Massachusetts Fund
  • Fund Family Name Dreyfus
  • Inception Date May 28, 1987
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Daniel Rabasco

Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal and Massachusetts state income taxes. It invests at least 70% of its assets in municipal bonds rated, at the time of purchase, investment grade (Baa/BBB or higher) or the unrated equivalent as determined by the Dreyfus Corporation. The fund is non-diversified.

PSMAX - Performance

Return Ranking - Trailing

Period PSMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -2.7% -22.9% 6.5% 62.18% 5
1 Yr 0.6% -13.2% 11.9% 54.49% 3
3 Yr 1.3% * -2.8% 8.2% 62.09% 4
5 Yr 1.3% * -2.7% 7.1% 67.31% 4
10 Yr 3.4% * 0.1% 6.5% 51.68% 3

* Annualized


Return Ranking - Calendar

Period PSMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 2.0% -12.8% 6.8% 14.37% 1
2016 -3.6% -4.9% 7.9% 65.12% 5
2015 0.3% -7.9% 7.4% 12.84% 1
2014 6.2% -9.5% 15.6% 28.51% 2
2013 -8.4% -20.2% 7.4% 54.01% 4

Total Return Ranking - Trailing

Period PSMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -2.7% -22.9% 6.5% 62.18% 5
1 Yr -3.9% -17.4% 8.6% 87.70% 5
3 Yr -0.2% * -3.7% 8.2% 91.97% 5
5 Yr 0.4% * -3.0% 7.1% 87.27% 5
10 Yr 2.9% * 0.1% 6.5% 70.00% 4

* Annualized


Total Return Ranking - Calendar

Period PSMAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 2.0% -12.8% 6.8% 14.31% 1
2016 -3.6% -4.9% 7.6% 65.84% 5
2015 0.3% -7.9% 8.0% 18.01% 2
2014 6.2% -9.5% 17.8% 31.05% 2
2013 -8.2% -20.2% 7.4% 54.24% 4

NAV & Total Return History

PSMAX - Holdings

Filings data as of: Mar 31, 2018

Concentration Analysis

PSMAX Category Low Category High PSMAX % Rank Quintile
Net Assets 143 M 2.11 M 18.1 B 23.55% 4
Number of Holdings 74 16 4051 18.22% 4
Net Assets in Top 10 45.9 M 696 K 2.58 B 17.05% 3
Weighting of Top 10 32.4% 3.7% 73.5% 9.21% 2

Top 10 Holdings

  1. MASSACHUSETTS ST PORT AUTH 5% 4.14%
  2. MASSACHUSETTS ST DEV FIN AGY 5% 4.10%
  3. MASSACHUSETTS ST 1.74% 3.54%
  4. MASSACHUSETTS ST DEV FIN AGY 5% 3.21%
  5. MASSACHUSETTS ST SCH BLDG AUTH 5% 3.09%
  6. MASSACHUSETTS ST DEV FIN AGY 5.38% 3.06%
  7. MASSACHUSETTS ST COLLEGE BLDG AUTH 0% 3.05%
  8. MASSACHUSETTS DEPT TRANSN 5% 2.98%
  9. MASSACHUSETTS ST 5% 2.64%
  10. MASSACHUSETTS BAY TRANSN AUTH MASS 5.5% 2.64%

Asset Allocation

Weighting Category Low Category High PSMAX % Rank Quintile
Bonds
100.00% -0.05% 102.47% 1.26% 1
Stocks
0.00% 0.00% 0.52% 0.48% 1
Preferred Stocks
0.00% 0.00% 0.00% 0.10% 1
Other
0.00% -0.36% 33.35% 5.23% 2
Convertible Bonds
0.00% 0.00% 0.00% 0.10% 1
Cash
0.00% -2.59% 99.63% 21.12% 4

Bond Sector Breakdown

Weighting Category Low Category High PSMAX % Rank Quintile
Municipal
100.00% 0.00% 111.35% 1.94% 1
Derivative
0.00% -5.47% 0.00% 0.10% 1
Cash & Equivalents
0.00% -2.59% 99.63% 20.06% 4
Securitized
0.00% 0.00% 0.00% 0.10% 1
Corporate
0.00% 0.00% 5.14% 2.81% 2
Government
0.00% -12.14% 4.44% 1.84% 1

Bond Geographic Breakdown

Weighting Category Low Category High PSMAX % Rank Quintile
US
98.98% -0.05% 102.47% 7.07% 2
Non US
1.02% 0.00% 45.96% 12.50% 2

PSMAX - Expenses

Operational Fees

PSMAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.96% 0.09% 5.19% 11.35% 3
Management Fee 0.55% 0.00% 1.30% 0.58% 5
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.33% N/A N/A

Sales Fees

PSMAX Fees (% of AUM) Category Low Category High PSMAX Rank Quintile
Front Load 4.50% 1.00% 6.10% 1.44% 4
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

PSMAX Fees (% of AUM) Category Low Category High PSMAX Rank Quintile
Max Redemption Fee N/A 0.50% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PSMAX Fees (% of AUM) Category Low Category High PSMAX Rank Quintile
Turnover 11.70% 0.00% 157.00% 9.70% 2

PSMAX - Distributions

Dividend Yield Analysis

PSMAX Category Low Category High PSMAX % Rank Quintile
Dividend Yield 0.3% 0.00% 0.99% 19.98% 4

Dividend Distribution Analysis

PSMAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PSMAX Category Low Category High PSMAX % Rank Quintile
Net Income Ratio 2.48% 0.00% 6.13% 15.91% 4

Capital Gain Distribution Analysis

PSMAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

PSMAX - Managers

Daniel Rabasco

Manager

Start Date

Oct 29, 2014

Tenure

3.5

Tenure Rank

10.6%

Mr. Rabasco is the chief investment officer for tax sensitive fixed-income at Standish, where he has been employed since 1998, before that, he was a vice president and portfolio manager with Keystone Custodian Funds. He joined the company in 1990 as an analyst and assumed his current position in 1994. Previously, Rabasco worked as an analyst for Liberty Mutual Insurance Company. Rabasco earned his Chartered Financial Analyst designation in 1992. He is a member of the Boston Municipal Analysts Forum and the Boston Securities Analysts Society. Rabasco was born September 1, 1957 in North Reading, Massachusetts.


Thomas C. Casey

Manager

Start Date

May 06, 2011

Tenure

6.99

Tenure Rank

8.6%

Mr. Casey is a senior portfolio manager for tax sensitive strategies at Standish Mellon Asset Management Company LLC (Standish), an affiliate of Dreyfus. He manages tax-sensitive portfolios for institutional, insurance and high net worth clients. Prior to assuming his current responsibilities, Tom worked for a number of years as a trader and a portfolio analyst in the municipal group. He joined the company in 1993 from State Street Bank & Trust Company where he was an analyst. Tom has an M.B.A. and a B.A. from Boston College.


Tenure Analysis

Category Low

0.1

Category High

38.6

Category Average

9.74

Category Mode

3.3