Dreyfus NY Tax-Exempt Bond (DRNYX - Free Report) a Zacks Rank #4 (Sell) was incepted in July 1983 and is managed by Dreyfus Corporation. DRNYX's main objective is to seek high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. To pursue these goals, DRNYX normally invests substantially all of its assets in municipal bonds that provide income exempt from federal, New York state and New York city personal income taxes. The dollar-weighted average maturity of DRNYX's portfolio normally exceeds ten years, but the fund may invest without regard to maturity. DRNYX will invest at least 80% of its assets in investment grade municipal bonds or the unrated equivalent as determined by Dreyfus. DRNYX may invest up to 20% of its assets in high yield municipal bonds.
Dreyfus NY Tax-Exempt Bond, managed by Dreyfus, carries an expense ratio of 0.73%. Moreover, DRNYX requires a minimal initial investment of $2,000.
DRNYX has a history of positive total returns for over 10 years. Specifically, the fund’s returns over the 1, 3, 5 year benchmarks; 1 year 5.69%, 3 year 5.21% and 5 year 3.88%. To see how this fund performed compared in its category and other #1 and #2 Ranked Mutual Funds, please click here.
DRNYX’s performance, as of the last filing, when compared to funds in its category was in the top 41% in 1 year, top 48% over the past 3 years, and in the 43% over the past 5 years.
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