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As Of Filer Filing For·On·As Docs:Size 12/22/14 Dreyfus Municipal Funds Inc 497K 12/22/14 1:102K → BNY Mellon High Yield Municipal Bond Fund ⇒ Class A (DHYAX) — Class C (DHYCX) — Class I Shares (DYBIX) — Class Y (DHYYX) — Class Z (DHMBX) |
Document/Exhibit Description Pages Size 1: 497K Summary Prospectus HTML 49K
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| dreyfushighyieldmunib-120152.htm - Generated by SEC Publisher for SEC Filing |
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Dreyfus High Yield Municipal Bond Fund | |||||
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Summary Prospectus |
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Class Ticker A DHYAX | ||||||
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, 2015 (each as amended or supplemented), are incorporated by reference into this summary prospectus.
As its primary goal, the fund seeks high current income exempt from federal income tax. As a secondary goal, the fund may seek capital appreciation to the extent consistent with its primary goal.
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 |
Class C |
Class I |
Class Y |
Class Z | |
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Maximum sales charge (load) imposed on purchases |
4.50 |
none |
none |
none |
none |
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Maximum deferred sales charge (load) |
None* |
1.00 |
none |
none |
none |
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Maximum redemption fee |
2.00 |
2.00 |
2.00 |
2.00 |
2.00 |
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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 |
Class C |
Class I |
Class Y |
Class Z | |
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Management fees |
.60 |
.60 |
.60 |
.60 |
.60 |
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Distribution (12b-1) fees |
none |
.75 |
none |
none |
.14 |
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Other expenses (including shareholder services fees) |
.44 |
.46 |
.19 |
.34 |
.19 |
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Total annual fund operating expenses |
1.04 |
1.81 |
.79 |
.94 |
.93 |
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Fee waiver and/or expense reimbursement** |
- |
- |
- |
(.19) |
- |
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Total annual fund operating expenses |
1.04 |
1.81 |
.79 |
.75 |
.93 |
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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 deferred sales charge of 1.00% if redeemed within one year. **The fund’s investment adviser, The Dreyfus Corporation, has contractually agreed to waive receipt of its fees and/or assume the direct expenses of Class Y shares until January 1, 2016, so that the expenses of Class Y shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.75%. On or after January 1, 2016, The Dreyfus Corporation may terminate this expense limitation at any time. | |||||
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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 for Class Y shares are based on net operating expenses, which reflect the expense limitation 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 |
3 Years |
5 Years |
10 Years | |
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Class A |
$551 |
$766 |
$998 |
$1,664 |
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Class C |
$284 |
$569 |
$980 |
$2,127 |
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Class I |
$81 |
$252 |
$439 |
$978 |
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Class Y |
$77 |
$281 |
$502 |
$1,137 |
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Class Z |
$95 |
$296 |
$515 |
$1,143 |
You would pay the following expenses if you did not redeem your shares:
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1 Year |
3 Years |
5 Years |
10 Years | |
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Class A |
$551 |
$766 |
$998 |
$1,664 |
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Class C |
$184 |
$569 |
$980 |
$2,127 |
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Class I |
$81 |
$252 |
$439 |
$978 |
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Class Y |
$77 |
$281 |
$502 |
$1,137 |
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Class Z |
$95 |
$296 |
$515 |
$1,143 |
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 21.00% of the average value of its portfolio.
To pursue its goals, 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 income tax. Municipal bonds are debt securities or other obligations issued by states, territories and possessions of the United States (such as Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands) and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities, the interest from which is, in the opinion of bond counsel to the issuer, exempt from federal income tax. The fund normally invests at least 50% of its assets in municipal bonds rated BBB/Baa or lower by independent rating agencies or the unrated equivalent as determined by The Dreyfus Corporation. Municipal bonds rated below investment grade (BB/Ba or lower) are commonly known as "high yield" or "junk" bonds. These bonds typically offer higher yields than investment grade bonds, but involve greater risks, including the possibility of default, and increased market price volatility. The fund may invest up to 10% of its assets in defaulted municipal bonds. The fund may invest up to 50% of its assets in higher quality municipal bonds (those rated AAA/Aaa to A or the unrated equivalent as determined by The Dreyfus Corporation).
The dollar-weighted average maturity of the fund's portfolio is not restricted, but normally exceeds ten years.
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 income tax, the fund may invest without limitation in municipal bonds the income from which is subject to the federal alternative minimum tax. In addition, the fund may invest temporarily in taxable obligations. During such periods, the fund may not achieve its investment objectives.
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Dreyfus High Yield Municipal Bond Fund Summary |
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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. The municipal securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates), which are at or near historic lows in the United States. An unexpected increase in fund redemption requests, including requests from shareholders who may own a significant percentage of the fund's shares, which may be triggered by market turmoil or an increase in interest rates, could cause the fund to sell its holdings at a loss or at undesirable prices and adversely affect the fund's share price and increase the fund's liquidity risk and fund expenses. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund's share price.
· Interest rate risk. Prices of bonds and other fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the values of already-issued fixed-income securities generally rise. However, when interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. The change in the value of a fixed-income security or portfolio can be approximated by multiplying its duration by a change in interest rates. For example, the market price of a fixed-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%. Risks associated with rising interest rates are heightened given that interest rates in the United States and other countries are at or near historic lows. Unlike investment grade bonds, however, the prices of high yield bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.
· Credit risk. Failure of an issuer of a security to make timely interest or principal payments, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall, lowering the value of the fund's investment in such security. The lower a security's credit rating, the greater the chance that the issuer of the security will default or fail to meet its payment obligations.
· High yield ("junk") securities involve greater credit risk, including the risk of default, than investment grade securities, and are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The prices of high yield securities can fall in response to bad news about the issuer or its industry, or the economy in general to a greater extent than those of higher rated securities.
· 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 in a timely manner 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. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for below investment grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.
· 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.
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Dreyfus High Yield Municipal Bond Fund Summary |
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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 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.
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Year-by-Year Total Returns as of 12/31 each year (%) | |
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Best Quarter Worst Quarter |
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The year-to-date total return of the fund's Class Z shares as of September 30, 2014 was 10.17%. | |
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 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.
For the fund's Class A, C, I and Y shares, periods prior to the inception date reflect the performance of the fund's Class Z shares adjusted to reflect any applicable sales charges. Such performance figures have not been adjusted to reflect applicable class fees and expenses; if such fees and expenses had been reflected, the performance shown for Class A and C shares for such periods would have been lower.
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Average Annual Total Returns (as of 12/31/13) | |||
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Class (Inception Date) |
1 Year |
5 Years |
Since Inception |
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Class Z (9/30/05) returns before taxes |
(6.48)% |
9.01% |
3.59% |
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Class Z returns after taxes on distributions |
(6.52)% |
8.98% |
3.56% |
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Class Z returns after taxes on distributions and sale of fund shares |
(1.74)% |
8.60% |
3.79% |
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Class A (3/15/07) returns before taxes |
(10.80)% |
7.90% |
2.91% |
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Class C (3/15/07) returns before taxes |
(8.16)% |
8.04% |
2.85% |
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Class I (12/15/08) returns before taxes |
(6.26)% |
9.12% |
3.65% |
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Class Y (7/1/13) returns before taxes |
(6.58)% |
8.99% |
3.58% |
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Barclays Municipal Bond Index |
(2.55)% |
5.89% |
4.32% |
The fund's investment adviser is The Dreyfus Corporation (Dreyfus). Jeffrey Burger and Daniel Barton are the fund's primary portfolio managers, positions they have held since November 2011 and February 2012, respectively. Mr. Burger is a portfolio manager for tax-sensitive strategies and Mr. Barton is a portfolio manager and senior analyst for tax-sensitive strategies at Standish Mellon Asset Management Company LLC (Standish). Messrs. Burger and Barton are dual employees of Standish and Dreyfus and manage the fund as employees of Dreyfus.
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Dreyfus High Yield Municipal Bond Fund Summary |
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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. Class Z shares generally are not available for new accounts. 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, please contact your BNY Mellon relationship manager for instructions.
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.
If you purchase shares (other than Class Y 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 High Yield Municipal Bond Fund Summary |
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Dreyfus High Yield Municipal Bond Fund Summary |
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| Referenced-On Page | |||||||||
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| This ‘497K’ Filing | Date | First | Last | Other Filings | |||||
 | |||||||||
| 1/1/16 | 1 | ||||||||
| 1/1/15 | 1 | 485BPOS | |||||||
| Filed on / Effective on: | 12/22/14 | 485BPOS, 497K | |||||||
| 9/30/14 | 4 | 497, N-MFP | |||||||
| List all Filings | |||||||||
