Mutual Fund Summary Prospectus (497k)
July 01 2013 - 1:57PM
Edgar (US Regulatory)
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Dreyfus NY AMT-Free Municipal Bond Fund
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Summary Prospectus
July
1, 2013
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Class
Ticker
A
PSNYX
C
PNYCX
I
DNYIX
Y
DNYYX
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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 July 1, 2013 (each as revised or supplemented), are incorporated by reference into
this summary prospectus.
The
fund seeks to maximize current income exempt from federal, New York state and New York city income taxes
to the extent 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 beginning
on page 9 of this prospectus and in the How to Buy Shares section and the Additional Information About
How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement
of Additional Information.
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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
Y
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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 contingent 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
Y
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Management fees
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.55
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.55
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.55
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.55
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Distribution (Rule 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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.36
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.38
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.13
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.08
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Total annual fund operating expenses
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.91
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1.68
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.68
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.63
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*
Class A shares bought without an initial sales charge as part
of an investment of $1 million or more may be charged a contingent deferred sales charge of 1.00% if
redeemed within one year.
**
Other expenses for Class
Y are based on estimated amounts for the current fiscal year.
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
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0021SP0713A
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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. 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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$539
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$727
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$931
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$1,519
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Class C
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$271
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$530
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$913
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$1,987
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Class I
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$69
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$218
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$379
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$847
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Class Y
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$64
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$202
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$351
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$786
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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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$539
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$727
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$931
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$1,519
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Class C
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$171
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$530
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$913
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$1,987
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Class I
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$69
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$218
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$379
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$847
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Class Y
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$64
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$202
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$351
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$786
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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 9.96% 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, New York state and New York city income taxes. The fund also seeks
to provide income exempt from the federal alternative minimum tax. The fund invests at least 70% of
its assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher)
or the unrated equivalent as determined by The Dreyfus Corporation. For additional yield, the fund may
invest up to 30% of its assets in municipal bonds rated below investment grade. The dollar-weighted
average effective 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 relative values.
Although the fund seeks to
provide income exempt from federal, New York state and New York City income taxes, the fund may invest
temporarily in taxable bonds and/or municipal bonds that pay income exempt only from federal income tax,
including when the portfolio managers believe acceptable New York municipal bonds are not available for
investment. During such periods, the fund may not achieve its investment objective.
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 securities risk.
The amount
of public information available about municipal securities 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 securities.
Other factors include the general conditions of the municipal securities 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.
·
State-specific risk
. The fund is subject
to the risk that New York's economy, and the revenues underlying its municipal obligations, may decline.
Investing primarily in a single state makes the fund more sensitive to risks specific to the state and
may magnify other risks.
·
Interest rate risk.
Prices of 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 fixed-income portfolio, the more the fund's share price is likely to react to interest
rates. For example, the market price of a fixed-
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Dreyfus New York AMT-Free Municipal Bond Fund Summary
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2
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income security with a duration of three years would be expected
to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be
expected to increase 3% if interest rates fell 1%.
·
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 bond, can cause a 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. Although the fund invests primarily
in investment grade bonds, the fund may invest to a limited extent in high yield bonds. High yield ("junk")
bonds involve greater credit risk, including the risk of default, than investment grade bonds, and are
considered predominantly speculative with respect to the issuer's ability to make principal and interest
payments. The prices of high yield bonds can fall dramatically in response to bad news about the issuer
or its industry, or the economy in general.
·
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.
·
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 A 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 indication 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
.
Since the fund's Class Y shares are new, past
performance information is not available for Class Y shares as of the date of this prospectus. Class
Y shares would have had substantially similar annual returns as Class A, C and I shares because each
share class is invested in the same portfolio of securities and annual returns would have differed only
to the extent that the classes do not have the same expenses.
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Year-by-Year Total Returns
as of 12/31
each year (%)
Class A
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Best
Quarter
Q3, 2009: 7.81%
Worst Quarter
Q4, 2010: -4.80%
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The year-to-date
total return of the funds Class A shares as of March 31, 2013 was .32%
After-tax
performance is shown only for Class A 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
income 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.
The performance information for the fund's Class I shares for periods
prior to December 15, 2008 reflects the performance of the fund's Class A shares. Such performance figures
have not been adjusted to reflect applicable class fees and expenses.
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Dreyfus New York AMT-Free Municipal Bond Fund Summary
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3
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Average
Annual Total Returns
(as of 12/31/12)
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Share 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 A
(12/31/86) returns before
taxes
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1.55%
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4.25%
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3.74%
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Class A
returns after taxes on distributions
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1.55%
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4.25%
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3.68%
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Class A
returns after taxes on
distributions and sale of fund shares
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2.18%
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4.18%
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3.71%
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Class C
(9/11/95) returns before taxes
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4.52%
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4.43%
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3.44%
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Class I
(12/15/08) returns before taxes
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6.58%
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5.38%
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4.30%
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Barclays Capital
Municipal Bond Index
reflects no deduction for fees, expenses or taxes
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6.78%
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5.91%
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5.10%
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The fund's investment adviser is The Dreyfus
Corporation. Thomas Casey and David Belton are the fund's primary portfolio managers, positions they
have held since December 2009. Mr. Casey is a senior portfolio manager for tax sensitive strategies
at Standish Mellon Asset Management Company LLC (Standish), an affiliate of The Dreyfus Corporation,
and Mr. Belton is the head of municipal bond research at Standish. Messrs. Casey and Belton are employees
of The Dreyfus Corporation and Standish.
Purchase and
Sale of Fund Shares
In general, for each share class, other than Class Y, the fund's
minimum initial investment is $1,000 and the minimum subsequent investment is $100. For Class Y shares,
the minimum initial investment generally is $1,000,000, with no minimum subsequent investment. 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. If you are
an Institutional Direct accountholder, you may redeem your shares only by written request. Please contact
your BNY Mellon relationship manager for mailing instructions.
The
fund anticipates that virtually all dividends paid by the fund will be exempt from federal, New York
state and New York City 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 New York AMT-Free Municipal Bond Fund Summary
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