File No. 33-43845
811-3700
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [__]
Post-Effective Amendment No. 68 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 68 [X]
(Check appropriate box or boxes.)
The Dreyfus/Laurel Tax-Free Municipal Funds
(Exact Name of Registrant as Specified in Charter)
c/o The Dreyfus Corporation
200 Park Avenue, New York, New York 10166
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (212) 922-6000
Janette Farragher, Esq.
200 Park Avenue
New York, New York 10166
(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering (date)
It is proposed that this filing will become effective (check appropriate box)
X immediately upon filing pursuant to paragraph (b)
_ on (date) pursuant to paragraph (b)
____ days after filing pursuant to paragraph (a)(1)
__ on (date) pursuant to paragraph (a)(1)
____ days after filing pursuant to paragraph (a)(2)
__ on (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
__ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 16th day of November, 2012.
The Dreyfus/Laurel Tax-Free Municipal Funds
BY: |
/s/ Bradley J. Skapyak* |
Bradley J. Skapyak, PRESIDENT |
Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
Signatures |
Title |
Date | |||
/s/ Bradley J. Skapyak* |
President (Principal Executive Officer) |
11/16/12 | |||
Bradley J. Skapyak |
|||||
/s/ James Windels* |
Treasurer (Principal Financial |
11/16/12 | |||
James Windels |
|||||
/s/ Joseph S. DiMartino* |
Chairman of the Board |
11/16/12 | |||
Joseph S. DiMartino |
|||||
/s/James M. Fitzgibbons* |
Board Member |
11/16/12 | |||
James M. Fitzgibbons |
|||||
/s/Kenneth A. Himmel* |
Board Member |
11/16/12 | |||
Kenneth A. Himmel |
|||||
/s/Stephen J. Lockwood* |
Board Member |
11/16/12 | |||
Stephen J. Lockwood |
|||||
/s/Roslyn M. Watson* |
Board Member |
11/16/12 | |||
Roslyn M. Watson |
|||||
/s/Benaree Pratt Wiley* |
Board Member |
11/16/12 | |||
Benaree Pratt Wiley |
|||||
/s/Francine J. Bovich* |
Board Member |
11/16/12 | |||
Francine J. Bovich |
|||||
*BY: |
/s/James Bitetto |
||||
James Bitetto |
INDEX OF EXHIBITS
Exhibits
EX-101.INS – Instance Document.
EX-101.SCH – Taxonomy.
EX-101.CAL – Calculation Linkbase.
EX-101.DEF – Definition Linkbase.
EX-101.LAB – Labels Linkbase.
EX-101.PRE – Presentation Linkbase.
PJ7`K
M<`N5.I>6\$(*!C%,4*DATLL<.HZB6<[`J<9F$B8=)WGRS74>G+=.`EOVT#]K
M^3;/T3"W2\JLP]LB!ZY`W1!-'D=^>;7"8`#9&*2#+--]W&L82B4L)W-5+B([
M[^V8S%N)3UX7KUV[#1-0:.`II+4-F_Z?<)?4AIR)I$'(;,>$;):MXBO;HB!Q
MI^+9D]*S!33_92&Q'U0M.9+RL>8>FKW>50JTJA,R,@;6<=[&>/M5]07@!Z&&
M;BACH-EX+A5DP/4VE3O$[%GU@'`R+3F-EJT5W8C C>#>*=Z-X-XIW:UN\
MVZH+H_2D5=*R,(J32#[#86B3POGLAD+5A-?CGN1VI'2=>#T.=K`@9]^.E_/L
M>MJK=@4\^_,\3[PQVDK11&2V);-M6\VV _E>#S)JU0SEOX>).$H;!XQM:C'4B6=%7/ZQE]D^E'I&J6?>
M,++0?2GUK`TT*?7,B[:-L'JX2?40:HS"V#HXFX->[G@VE!0JNEZ3YNPTIV
M]PE2_M:IL")HPC69=["!CBCV+/-AD=%L3]/<6V&A27W-3#*1)!#
MO&G#85N"G*?5EJS>'!1],RLDA9:;CA;B[]$F;%?01'R:!&(1!3/$
J,KR#7EAU@3L"@F/:6)>#LTU/>>4D2L)Y@+W$S#V!%O_KHV'%-^B+=^
#C*ZW>V]]Z'H/
M1V%L\RA->/#7OY`X\?&;;^#
M3S)L6'":*_A*7'"`N8,"#)*I@D5A>^>1G[K[]2Z(
JH.1M'2-FHQ/CG;)P@94-=
M\S0GY10Y*97"IL6BQ`$MO^Q7*S5;J=_4]1"VF^`]BZ)),/XPB8920?9T$7C#
MO\RO_%&/B_FM?-6`D](9'G[J%C7@Y,!WV:\&G"P26ST_
MQ8L:<')4CB@2)R(J(#CQ,^;<@).3!2=^AIX;<'*ZX,3/"H+ZG)22Y'T_JP<:
M<%(JP/&T
Dreyfus BASIC Massachusetts Municipal Money Market Fund (Prospectus Summary) | Dreyfus BASIC Massachusetts Municipal Money Market Fund | |||||||||||||||||||||
Fund Summary | |||||||||||||||||||||
Investment Objective | |||||||||||||||||||||
The fund seeks to provide a high level of current income exempt from federal and Massachusetts state income taxes to the extent consistent with the preservation of capital and the maintenance of liquidity. |
|||||||||||||||||||||
Fees and Expenses | |||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. |
|||||||||||||||||||||
Shareholder Fees (charged if your account balance is less than $50,000) | [1] | ||||||||||||||||||||
|
|||||||||||||||||||||
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||
|
|||||||||||||||||||||
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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
|||||||||||||||||||||
|
|||||||||||||||||||||
Principal Investment Strategy | |||||||||||||||||||||
As a money market fund, the fund is subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, which are designed to help money market funds maintain a stable share price of $1.00. To pursue its goal, the fund normally invests substantially all of its net assets in short-term, high quality municipal obligations that provide income exempt from federal and Massachusetts state income taxes. The fund also may invest in high quality short-term structured notes, which are derivative instruments whose value is tied to underlying municipal obligations. Although the fund seeks to provide income exempt from federal and Massachusetts state income taxes, income from some of the fund's holdings may be subject to the federal alternative minimum tax. In addition, the fund may invest temporarily in high quality, taxable money market instruments and/or municipal obligations that pay income exempt only from federal income tax, including when the portfolio manager believes acceptable Massachusetts municipal obligations are not available for investment. |
|||||||||||||||||||||
Principal Risks | |||||||||||||||||||||
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. The fund's yield will fluctuate as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Additionally, while the fund has maintained a constant share price since inception, and will continue to try to do so, neither The Dreyfus Corporation nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the fund's share price from falling below $1.00. The following are the principal risks that could reduce the fund's income level and/or share price: o Interest rate risk. This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could cause a money market fund's share price to drop below a dollar. o 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 security, can cause the security's price to fall, potentially lowering the fund's share price. Although the fund invests only in high quality debt securities, any of the fund's holdings could have its credit rating downgraded or could default. The credit quality of the securities held by the fund can change rapidly in certain market environments, and the default of a single holding could have the potential to cause significant deterioration of the fund's net asset value. o 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 may fall dramatically, potentially lowering the fund's share price, even during periods of declining interest rates. Also, during such periods, redemptions by a few large investors in the fund may have a significant adverse effect on the fund's net asset value and remaining fund shareholders. o Tax risk. To be tax-exempt, municipal obligations generally must meet certain regulatory requirements. If any such municipal obligation fails to meet these regulatory requirements, the interest received by the fund from its investment in such obligations and distributed to fund shareholders will be taxable. o Structured notes risk. Structured notes, a type of derivative instrument, can be volatile, and the possibility of default by the financial institution or counterparty may be greater for these instruments than for other types of money market instruments. Structured notes typically are purchased in privately negotiated transactions from financial institutions and, thus, an active trading market for such instruments may not exist. o State-specific risk. The fund is subject to the risk that Massachusetts' 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. o 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. |
|||||||||||||||||||||
Performance | |||||||||||||||||||||
The following bar chart and table provide some indication of the risks of investing in the fund. The table shows the average annual total returns of the fund's shares over time. The fund's past performance (before and after taxes) is no guarantee of future results. More recent performance information may be available at www.dreyfus.com. |
|||||||||||||||||||||
The bar chart shows changes in the performance of the fund's shares from year to year. |
|||||||||||||||||||||
Year-by-Year Total Returns as of 12/31 each year (%) | |||||||||||||||||||||
Best Quarter Q2, 2007: 0.83% Worst Quarter Q4, 2011: 0.00% The fund's year-to-date total return as of 9/30/12 was 0.00%. |
|||||||||||||||||||||
Average Annual Total Returns as of 12/31/11 | |||||||||||||||||||||
|
|||||||||||||||||||||
For the fund's current yield, call toll free 1-800-DREYFUS (inside the U.S. only). | |||||||||||||||||||||
|