Mutual Fund Summary Prospectus (497k)
28 Februar 2013 - 7:45PM
Edgar (US Regulatory)
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Dreyfus Global Equity Income Fund
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Summary Prospectus
March
1, 2013
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Class
Ticker
A
DEQAX
C
DEQCX
I
DQEIX
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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 March 1, 2013 (each as revised or supplemented), are incorporated by reference into
this summary prospectus.
The fund seeks total return
(consisting of capital appreciation and income).
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
9 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.
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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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Maximum sales charge (load) imposed
on purchases
(as a percentage of offering price)
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5.75
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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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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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Management fees
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.85
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.85
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.85
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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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Other expenses
(including shareholder
services fees)
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.70
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.69
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.43
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Total annual fund operating expenses
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1.55
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2.29
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1.28
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Fee waiver
and/or expense reimbursement
**
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(.20)
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(.19)
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(.18)
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Total annual
fund operating expenses
(after fee waiver and/or expense reimbursement)
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1.35
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2.10
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1.10
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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
Dreyfus Corporation has contractually agreed, until at least March 1, 2014, to waive receipt of its fees
and/or assume the expenses of the fund so that the direct expenses of none of the classes (excluding
Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees and
extraordinary expenses) exceed 1.10%. On or after March 1, 2014, The Dreyfus Corporation may terminate
the expense limitation at any time.
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6175SP0313
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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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$705
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$1,018
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$1,353
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$2,298
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Class C
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$313
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$697
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$1,208
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$2,611
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Class I
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$112
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$388
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$685
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$1,529
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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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$705
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$1,018
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$1,353
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$2,298
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Class C
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$213
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$697
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$1,208
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$2,611
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Class
I
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$112
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$388
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$685
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$1,529
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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 21.89% of the average value of its
portfolio.
Principal Investment Strategy
To
pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment
purposes, in equity securities. The fund seeks to focus on dividend-paying stocks of companies located
in the developed capital markets, such as the United States, Canada, Japan, Australia, Hong Kong and
Western Europe. The fund may, however, invest up to 30% of its assets in emerging markets. The fund
ordinarily invests in at least three countries, and, at times, may invest a substantial portion of its
assets in a single country. The fund's portfolio managers typically will purchase stocks that, at the
time of purchase, have a yield premium to the yield of the FTSE World Index.
The portfolio
managers will combine a top-down approach, emphasizing economic trends and current investment themes
on a global basis, with a bottom-up stock selection, based on fundamental research. In choosing stocks,
the portfolio managers consider key trends in global economic variables; investment themes; relative
values of equity securities, bonds and cash; company fundamentals; and long-term trends in currency movements.
The portfolio managers may seek to manage currency risk by hedging all or a portion
of the fund's currency exposure and, in their discretion, may employ certain techniques designed to alter
the fund's foreign currency exposure. Generally, this involves buying options, futures or forward contracts
relating to foreign currencies.
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.
·
Risks of stock investing
.
Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods.
There is the chance that stock prices overall will decline because stock markets tend to move in cycles,
with periods of rising prices and falling prices. The market value of a stock may decline due to general
weakness in the stock market or because of factors that affect the company or its particular industry.
·
Foreign investment risk.
To the extent the fund invests in foreign securities, the fund's performance will be influenced by political,
social and economic factors affecting investments in foreign companies. Special risks associated with
investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed
or less efficient trading markets, lack of comprehensive company information, political and economic
instability and differing auditing and legal standards. Investments denominated in foreign currencies
are subject to the risk that such currencies will decline in value relative to the U.S. dollar and
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Dreyfus Global Equity Income
Fund Summary
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2
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affect the value of these investments held by the fund. To the
extent the fund's investment are concentrated in one or a limited number of foreign countries, the fund's
performance could be more volatile than that of more geographically diversified funds.
·
Emerging market risk.
The securities of issuers located in emerging markets tend to be more volatile and less liquid than
securities of issuers located in more mature economies, and emerging markets generally have less diverse
and less mature economic structures and less stable political systems than those of developed countries.
The securities of issuers located or doing substantial business in emerging markets are often subject
to rapid and large changes in price.
·
Foreign currency risk.
Investments
in foreign currencies are subject to the risk that those currencies will decline in value relative to
the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the
currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time.
Foreign currencies are also subject to risks caused by inflation, interest rates, budget deficits and
low savings rates, political factors and government intervention and controls.
·
Market sector risk.
The fund may significantly overweight or underweight certain companies, industries or market sectors,
which may cause the fund's performance to be more or less sensitive to developments affecting those companies,
industries or sectors.
·
Derivatives risk.
A small investment
in derivatives could have a potentially large impact on the fund's performance. The use of derivatives
involves risks different from, or possibly greater than, the risks associated with investing directly
in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value.
·
Liquidity risk.
When there is little or no active trading market for a security, the fund may not be able to sell the
security in a timely manner at its perceived value, which could cause the fund's share price to fall.
Investments in foreign securities, particularly those of issuers located in emerging markets, tend to
have greater exposure to liquidity risk than domestic securities.
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
.
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Year-by-Year Total Returns
as of 12/31 each year (%)
Class
A Shares
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Best
Quarter
Q2, 2009: 18.77%
Worst Quarter
Q3, 2008: -20.77%
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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.
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Dreyfus Global Equity Income Fund Summary
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3
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Average
Annual Total Returns
(as of 12/31/12)
Share Class
(Inception
Date)
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1 Year
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5 Years
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Since
Inception
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Class A
(10/18/07) returns before taxes
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8.83%
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-0.17%
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0.07%
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Class A
returns after taxes on distributions
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8.38%
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-0.52%
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-0.27%
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Class A
returns after taxes on distributions and sale of fund shares
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6.46%
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-0.05%
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0.15%
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Class C
(10/18/07) returns before taxes
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13.51%
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0.27%
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0.46%
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Class I
(10/18/07) returns before taxes
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15.71%
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1.32%
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1.52%
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FTSE World
Index
reflects no deduction
for fees, expenses or taxes
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16.96%
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-0.42%
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-1.46%
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*
For comparative purposes, the value of the FTSE World Index on
10/31/07 is used as the beginning value on 10/18/07.
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The fund's investment adviser is The Dreyfus
Corporation. The Dreyfus Corporation has engaged its affiliate, Newton Capital Management Limited (Newton),
to serve as the fund's sub-investment adviser. James Harries and Nick Clay are the fund's primary portfolio
managers, positions they have held since the fund's inception and October 2012, respectively. Mr. Harries,
the fund's lead portfolio manager, is an investment manager and a member of the global funds investment
team at Newton. Mr. Clay is an investment manager and a member of the global funds investment team at
Newton.
Purchase and Sale of Fund Shares
In
general, for each share class 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, or in a 401(k) or other retirement plan, 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's distributions are taxable as ordinary
income or capital gains, except when your investment is through an IRA, 401(k) plan or other tax-advantaged
investment plan (in which case you may be taxed upon withdrawal of your investment from such account).
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 Global Equity Income
Fund Summary
|
4
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