Mutual Fund Summary Prospectus (497k)
04 January 2013 - 7:59AM
Edgar (US Regulatory)
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Dreyfus AMT-Free Municipal Bond Fund
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Summary Prospectus
January
1, 2013
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Class
Ticker
A
DMUAX
C
DMUCX
I
DMBIX
Z
DRMBX
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Before you invest, you may
want to review the fund's prospectus, which contains more information about the fund and its risks.
You can find the fund's prospectus and other information about the fund, including the statement of additional
information and most recent reports to shareholders, online at
www.dreyfus.com/funddocuments
.
You can also get this information at no cost by calling 1-800-DREYFUS (inside the U.S. only) or by sending
an e-mail request to
info@dreyfus.com
. The fund's prospectus and statement of additional
information, dated January 1, 2013 (each as amended or supplemented), are incorporated by reference into
this summary prospectus.
The
fund seeks as high a level of current income exempt from federal income tax as is consistent with the
preservation of capital.
This
table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may
qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other
discounts is available from your financial professional and in the Shareholder Guide section on page
8 of the prospectus and in the How to Buy Shares section and the Additional Information About How to
Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.
Class A shares bought without an initial sales charge as part of an investment of $1 million or more
may be charged a deferred sales charge of 1.00% if redeemed within one year.
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Shareholder
Fees
(fees paid directly from your investment)
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Class
A
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Class
C
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Class
I
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Class
Z
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Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
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4.50%
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none
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none
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none
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Maximum deferred
sales charge (load)
(as a percentage of lower of purchase or sale price)
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none
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1.00%
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none
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none
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Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
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Class A
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Class C
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Class
I
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Class
Z
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Management fees
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.60%
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.60%
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.60%
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.60%
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Distribution (12b-1) fees
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none
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.75%
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none
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none
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Other
expenses
(including shareholder services fees)
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.37%
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.38%
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.13%
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.16%
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Total annual fund operating expenses
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.97%
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1.73%
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.73%
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.76%
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Fee waiver and/or expense reimbursement
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(.27)%
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(.28)%
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(.28)%
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(.26)%
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Total annual fund operating expenses
*
(after
fee waiver and/or expense reimbursement)
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.70%
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1.45%
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.45%
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.50%
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*The Dreyfus Corporation has contractually agreed, until May 1,
2014, to waive receipt of its fees and/or assume the expenses of the fund so that total annual fund operating
expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, brokerage
commissions, interest expenses, commitment fees on borrowings and extraordinary expenses) exceed 0.45%.
On or after May 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.
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0319SP0113A
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Example
The
Example is intended to help you compare the cost of investing in the fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the fund's operating expenses remain the same. The
one-year example and the first year of the three-, five- and ten-years examples are based on net operating
expenses, which reflect the expense waiver/reimbursement by The Dreyfus Corporation. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10
Years
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Class A
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$518
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$719
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$937
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$1,563
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Class C
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$248
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$518
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$912
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$2,018
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Class I
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$46
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$205
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$378
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$880
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Class Z
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$51
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$217
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$397
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$918
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You
would pay the following expenses if you did not redeem your shares:
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1 Year
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3 Years
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5
Years
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10 Years
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Class A
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$518
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$719
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$937
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$1,563
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Class C
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$148
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$518
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$912
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$2,018
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Class I
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$46
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$205
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$378
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$880
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Class Z
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$51
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$217
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$397
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$918
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Portfolio
Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities
(or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and
may result in higher taxes when fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the fund's performance. During
the most recent fiscal year, the fund's portfolio turnover rate was 22.11% of the average value of its
portfolio.
Principal Investment Strategy
To
pursue its goal, the fund normally invests substantially all of its net assets in municipal bonds that
provide income exempt from federal income tax. The fund also seeks to provide income exempt from the
federal alternative minimum tax. The fund invests at least 65% of its assets in municipal bonds with
an A or higher credit rating, or the unrated equivalent as determined by The Dreyfus Corporation. The
fund may invest the remaining 35% of its assets in municipal bonds with a credit rating lower than A,
including municipal bonds rated below investment grade ("high yield" or "junk" bonds), or the unrated
equivalent as determined by The Dreyfus Corporation.
The dollar-weighted average maturity of the fund's
portfolio normally exceeds ten years, but the fund may invest without regard to maturity.
The portfolio
managers focus on identifying undervalued sectors and securities. To select municipal bonds for the
fund, the portfolio managers use fundamental credit analysis to estimate the relative value and attractiveness
of various sectors and securities and actively trade among various sectors based on their apparent values.
Although
the fund seeks to provide income exempt from federal income tax, the fund may invest temporarily in taxable
bonds, including when the portfolio managers believe acceptable municipal bonds are not available for
investment.
An
investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit
Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program.
The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
·
Municipal bond market
risk.
The amount of public information available about municipal bonds is generally less than
that for corporate equities or bonds. Special factors, such as legislative changes, and state and local
economic and business developments, may adversely affect the yield and/or value of the fund's investments
in municipal bonds. Other factors include the general conditions of the municipal bond market, the size
of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic,
business or political conditions relating to a particular municipal project, municipality, or state in
which the fund invests may have an impact on the fund's share price.
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Dreyfus AMT-Free Municipal Bond Fund Summary
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2
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·
Interest rate risk.
Prices of municipal bonds tend to move inversely with
changes in interest rates. Typically, a rise in rates will adversely affect bond prices and, accordingly,
the fund's share price. The longer the effective maturity and duration of the fund's portfolio, the
more the fund's share price is likely to react to interest rates.
·
Credit risk.
Failure of an issuer to
make timely interest or principal payments, or a decline or perception of a decline in the credit quality
of a municipal bond, can cause the bond's price to fall, potentially lowering the fund's share price.
The lower a bond's credit rating, the greater the chance in the rating agency's opinion
that the bond issuer will default or fail to meet its payment obligations. To the extent the fund invests
in high yield ("junk") bonds, its portfolio is subject to heightened credit risk.
·
Liquidity risk.
When there is little or no active trading market for specific types of securities, it can become more
difficult to sell the securities at or near their perceived value. In such a market, the value of such
securities and the fund's share price may fall dramatically, even during periods of declining interest
rates. The secondary market for certain municipal bonds tends to be less well developed or liquid than
many other securities markets, which may adversely affect the fund's ability to sell such municipal bonds
at attractive prices.
·
Non-diversification risk
. The fund
is non-diversified, which means that the fund may invest a relatively high percentage of its assets in
a limited number of issuers. Therefore, the fund's performance may be more vulnerable to changes in
the market value of a single issuer or group of issuers and more susceptible to risks associated with
a single economic, political or regulatory occurrence than a diversified fund.
The
following bar chart and table provide some indication of the risks of investing in the fund. The bar
chart shows changes in the performance of the fund's Class Z shares from year to year. The table compares
the average annual total returns of the fund's shares to those of a broad measure of market performance.
The fund's past performance (before and after taxes) is not necessarily an indicator of how the fund
will perform in the future. Sales charges, if any, are not reflected in the bar chart, and if those
charges were included, returns would have been less than those shown. More recent performance information
may be available at
www.dreyfus.com
.
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Year-by-Year Total Returns
as of 12/31 each year (%)
Class Z
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Best
Quarter
Q3, 2009: 8.67%
Worst Quarter
Q4, 2010: -5.08%
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The
year-to-date total return of the fund's Class Z shares as of 9/30/12 was 7.12%.
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After-tax performance is shown only for Class
Z shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated
using the historical highest individual federal marginal tax rates, and do not reflect the impact of
state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ
from those shown, and the after tax returns shown are not relevant to investors who hold their shares
through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance
figures for the fund's Class A, Class C and Class I shares for periods prior to the inception date of
such classes reflect the performance of the fund's Class Z shares adjusted to reflect any applicable
sales charge. Such performance figures have not been adjusted, however, to reflect applicable class
fees and expenses; if such fees and expenses had been reflected, the performance shown for Class A and
Class C shares for such periods may have been lower.
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Dreyfus AMT-Free Municipal Bond Fund Summary
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3
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Average
Annual Total Returns
(as of 12/31/11)
Class
(Inception Date)
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1 Year
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5
Years
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10 Years
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Class Z
(5/06/94) returns before
taxes
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11.21%
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4.52%
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5.03%
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Class Z
returns after taxes on distributions
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11.21%
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4.52%
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5.02%
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Class Z
returns after taxes on
distributions and sale of fund shares
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8.93%
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4.51%
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4.97%
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Class A
(3/31/03) returns before taxes
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6.00%
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3.33%
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4.31%
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Class C
(3/31/03) returns before taxes
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9.18%
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3.50%
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4.11%
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Class I
(12/15/08) returns before taxes
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11.27%
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4.54%
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5.04%
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Barclays Municipal Bond Index
reflects
no deduction for fees, expenses or taxes
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10.70%
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5.22%
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5.30%
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The fund's
investment adviser is The Dreyfus Corporation. Steven Harvey and Daniel Rabasco are the fund's primary
portfolio managers, positions they have held since December 2009 and February 2012, respectively. Mr.
Harvey is a senior portfolio manager for tax-sensitive strategies and Mr. Rabasco is the Chief Investment
Officer for tax-sensitive fixed-income at Standish Mellon Asset Management Company LLC, an affiliate
of The Dreyfus Corporation. Messrs. Harvey and Rabasco also are employees of The Dreyfus Corporation.
Purchase and Sale of Fund Shares
In
general, the fund's minimum initial investment is $1,000 and the minimum subsequent investment is $100.
You may sell (redeem) your shares on any business day by calling 1-800-DREYFUS (inside the U.S. only)
or by visiting
www.dreyfus.com
. If you invested in the fund through a third party,
such as a bank, broker-dealer or financial adviser, you may mail your request to sell shares to Dreyfus
Institutional Department, P.O. Box 9882, Providence, Rhode Island 02940-8082. If you invested directly
through the fund, you may mail your request to sell shares to Dreyfus Shareholder Services, P.O. Box
9879, Providence, Rhode Island 02940-8079.
The
fund anticipates that virtually all dividends paid by the fund will be exempt from federal income taxes.
However, for federal tax purposes, certain distributions, such as distributions of short-term capital
gains, are taxable as ordinary income, while long-term capital gains are taxable as capital gains.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase shares through a broker-dealer or other financial
intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale
of fund shares and related services. These payments may create a conflict of interest by influencing
the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary's website for more information.
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Dreyfus AMT-Free Municipal Bond
Fund Summary
|
4
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