0000797923-12-000016.txt : 20120917 0000797923-12-000016.hdr.sgml : 20120917 20120917125953 ACCESSION NUMBER: 0000797923-12-000016 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120917 DATE AS OF CHANGE: 20120917 EFFECTIVENESS DATE: 20120917 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS MUNICIPAL BOND OPPORTUNITY FUND CENTRAL INDEX KEY: 0000797923 IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-07496 FILM NUMBER: 121094552 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: THE DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226840 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19970605 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER TAX EXEMPT BOND FUND DATE OF NAME CHANGE: 19900916 0000797923 S000000090 DREYFUS MUNICIPAL BOND OPPORTUNITY FUND C000000131 Class A PTEBX C000000133 Class C DMBCX C000001400 Class Z dmbzx 497 1 reference-022.htm PROSPECTUS (INCORPORATED BY REFERENCE) reference-022.htm - Generated by SEC Publisher for SEC Filing

 

Dreyfus Municipal Bond Opportunity Fund

 

Incorporated herein by reference is the definitive version of the above-referenced fund's prospectus filed pursuant to Rule 497(c) under the Securities Act of 1933, as amended, on

September 5, 2012 (SEC Accession No. 0000797923-12-000011).

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EX-101.INS 3 ck0000797923-20120430.xml INSTANCE DOCUMENT Other 2012-04-30 0000797923 2012-09-05 DREYFUS MUNICIPAL BOND OPPORTUNITY FUND false 2012-09-05 2012-09-01 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio).&#xA0;&#xA0;A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account.&#xA0;&#xA0;These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.&#xA0;&#xA0;<br />During the most recent fiscal year, the fund's portfolio turnover rate was <br />40.38% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks to maximize current income exempt from federal income tax to the<br />extent consistent with the preservation of capital.</tt> <tt>The Example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds.&#xA0;&#xA0;The Example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all of<br />your shares at the end of those periods.&#xA0;&#xA0;The Example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.&#xA0;&#xA0;Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its goal, the fund normally invests substantially all of its assets <br />in municipal bonds that provide income exempt from federal income tax.&#xA0;&#xA0;The <br />fund invests at least 70% of its assets in municipal bonds rated investment <br />grade (Baa/BBB or higher) or the unrated equivalent as determined by The <br />Dreyfus Corporation.&#xA0;&#xA0;For additional yield, the fund may invest up to 30% of <br />its assets in municipal bonds rated below investment grade ("high yield" or <br />"junk" bonds) or the unrated equivalent as determined by The Dreyfus <br />Corporation.&#xA0;&#xA0;The dollar-weighted average maturity of the fund's portfolio is <br />not restricted, but normally exceeds ten years.&#xA0;&#xA0;Dollar weighted average <br />maturity is an average of the stated maturities held by the fund, based on <br />their dollar-weighted proportions in the fund.<br /> <br />The portfolio managers focus on identifying undervalued sectors and securities<br />and select municipal bonds by (i) using fundamental credit analysis to estimate<br />the relative value and attractiveness of various sectors and securities and to<br />exploit pricing inefficiencies in the municipal bond market, and (ii) actively<br />trading among various sectors based on their apparent relative values.&#xA0;&#xA0;The fund<br />may buy securities that pay interest at rates that float inversely with changes<br />in prevailing interest rates (inverse floaters) in an effort to increase<br />returns, to manage interest rate risk or as part of a hedging strategy.<br /> <br />Although the fund seeks to provide income exempt from federal income tax, the<br />fund may invest without limitation in municipal bonds the income from which is<br />subject to the federal alternative minimum tax.&#xA0;&#xA0;In addition, the fund may<br />invest temporarily in taxable obligations.</tt> Fund Summary 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. Example 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. Investment Objective The fund's past performance (before and after taxes) is no guarantee of future results. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. Principal Risks Shareholder Fees (fees paid directly from your investment) 0.4038 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. Year-by-Year Total Returns as of 12/31 each year (%) -- Class A 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. Performance 50000 The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter <br />Q3, 2009: 8.05% <br />Worst Quarter <br />Q4, 2010: -5.46% <br /><br />The year-to-date total return of the fund's Class A shares as of 6/30/12 <br />was 4.08%.</tt> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns (as of 12/31/11) <tt>The bar chart shows changes in the performance of the fund's Class A shares from <br />year to year. Sales charges, if any, are not reflected in the bar chart, and if <br />those charges were included, returns would have been less than those shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit.&#xA0;&#xA0;It is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any <br />other government agency.&#xA0;&#xA0;It is not a complete investment program.&#xA0;&#xA0;<br />The fund's share price fluctuates, sometimes dramatically, which means <br />you could lose money.<br /> <br />o&#xA0;&#xA0;Municipal bond market risk.&#xA0;&#xA0;The amount of public information available <br />&#xA0;&#xA0;&#xA0;about municipal bonds is generally less than that for corporate equities <br />&#xA0;&#xA0;&#xA0;or bonds. Special factors, such as legislative changes, and state and <br />&#xA0;&#xA0;&#xA0;local economic and business developments, may adversely affect the yield <br />&#xA0;&#xA0;&#xA0;and/or value of the fund's investments in municipal bonds.&#xA0;&#xA0;Other factors <br />&#xA0;&#xA0;&#xA0;include the general conditions of the municipal bond market, the size of <br />&#xA0;&#xA0;&#xA0;the particular offering, the maturity of the obligation and the rating <br />&#xA0;&#xA0;&#xA0;of the issue.&#xA0;&#xA0;Changes in economic, business or political conditions <br />&#xA0;&#xA0;&#xA0;relating to a particular municipal project, municipality, or state in <br />&#xA0;&#xA0;&#xA0;which the fund invests may have an impact on the fund's share price.<br /> <br />o&#xA0;&#xA0;Interest rate risk.&#xA0;&#xA0;Prices of bonds tend to move inversely with changes <br />&#xA0;&#xA0;&#xA0;in interest rates.&#xA0;&#xA0;Typically, a rise in rates will adversely affect bond <br />&#xA0;&#xA0;&#xA0;prices and, accordingly, the fund's share price.&#xA0;&#xA0;The longer the effective <br />&#xA0;&#xA0;&#xA0;maturity and duration of the fund's portfolio, the more the fund's share <br />&#xA0;&#xA0;&#xA0;price is likely to react to interest rates. <br /> <br />o&#xA0;&#xA0;Credit risk.&#xA0;&#xA0;Failure of an issuer to make timely interest or principal<br />&#xA0;&#xA0;&#xA0;payments, or a decline or perception of a decline in the credit quality <br />&#xA0;&#xA0;&#xA0;of a bond, can cause a bond's price to fall, potentially lowering the <br />&#xA0;&#xA0;&#xA0;fund's share price.&#xA0;&#xA0;The lower a bond's credit rating, the greater the <br />&#xA0;&#xA0;&#xA0;chance - in the rating agency's opinion - that the bond issuer will default <br />&#xA0;&#xA0;&#xA0;or fail to meet its payment obligations.&#xA0;&#xA0;To the extent the fund invests <br />&#xA0;&#xA0;&#xA0;in high yield ("junk") bonds, its portfolio is subject to heightened credit <br />&#xA0;&#xA0;&#xA0;risk.<br /> <br />o&#xA0;&#xA0;Liquidity risk.&#xA0;&#xA0;When there is little or no active trading market for specific <br />&#xA0;&#xA0;&#xA0;types of securities, it can become more difficult to sell the securities at or <br />&#xA0;&#xA0;&#xA0;near their perceived value.&#xA0;&#xA0;In such a market, the value of such securities <br />&#xA0;&#xA0;&#xA0;and the fund's share price may fall dramatically, even during periods of <br />&#xA0;&#xA0;&#xA0;declining interest rates.&#xA0;&#xA0;The secondary market for certain municipal bonds <br />&#xA0;&#xA0;&#xA0;tends to be less well developed or liquid than many other securities markets, <br />&#xA0;&#xA0;&#xA0;which may adversely affect the fund's ability to sell such municipal bonds <br />&#xA0;&#xA0;&#xA0;at attractive prices.<br />&#xA0;&#xA0;<br />o&#xA0;&#xA0;Inverse floating rate securities risk.&#xA0;&#xA0;The interest payment received on<br />&#xA0;&#xA0;&#xA0;inverse floating rate securities generally will decrease when short-term<br />&#xA0;&#xA0;&#xA0;interest rates increase.&#xA0;&#xA0;Inverse floaters are derivatives that involve <br />&#xA0;&#xA0;&#xA0;leverage and could magnify the fund's gains or losses.</tt> Fees and Expenses Principal Investment Strategy www.dreyfus.com <tt>The following bar chart and table provide some indication of the risks of <br />investing in the fund. The table compares the average annual total returns <br />of the fund's shares to those of a broad measure of market performance.&#xA0;&#xA0;<br />The fund's past performance (before and after taxes) is no guarantee of <br />future results. More recent performance information may be available at<br />www.dreyfus.com.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund.&#xA0;&#xA0;You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds.&#xA0;&#xA0;More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 8 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information. <br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax performance is shown only for Class A shares.&#xA0;&#xA0;After-tax performance<br />of the fund's other share classes will vary.&#xA0;&#xA0;After-tax returns are calculated<br />using the historical highest individual federal marginal tax rates, and do not<br />reflect the impact of state and local taxes.&#xA0;&#xA0;Actual after-tax returns depend <br />on the investor's tax situation and may differ from those shown, and the <br />after-tax returns shown are not relevant to investors who hold their shares <br />through tax-deferred arrangements such as 401(k) plans or individual retirement<br />accounts.</tt> 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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000000090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000000090Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Municipal Bond Index reflects no deduction for fees, expenses or taxes 0.1070 0.0522 0.0538 0.0493 Class A returns after taxes on distributions and sale of fund shares 0.0517 0.0289 0.0399 1986-11-26 Class A returns after taxes on distributions 0.0569 0.0267 0.0392 1986-11-26 DMBZX 0.0000 Class Z returns before taxes 91 91 284 1096 493 0.1074 0.0034 0.0055 1096 0.0367 284 493 0.0000 0.0089 0.0402 2004-10-14 0.0000 DMBCX 0.0000 Class C returns before taxes 272 172 533 1998 918 0.0885 0.0039 0.0055 1998 0.0286 533 918 0.0075 0.0364 0.0169 1995-07-13 0.0100 PTEBX 0.0718 Worst Quarter Best Quarter 0.0450 2012-06-30 Class A returns before taxes 542 2009-09-30 542 736 -0.0546 0.0475 0.0105 1553 947 0.0103 0.0805 0.0569 0.0039 -0.0871 0.0055 2010-12-31 1553 0.1578 0.0267 0.0370 736 947 The year-to-date total return of the fund's Class A shares 0.1068 0.0483 0.0000 0.0392 0.0094 0.0552 1986-11-26 0.0408 0.0000 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Memberck0000797923:C000000131Member 2012-09-01 2012-09-01 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Memberck0000797923:C000000133Member 2012-09-01 2012-09-01 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Memberck0000797923:C000001400Member 2012-09-01 2012-09-01 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Memberrr:AfterTaxesOnDistributionsMemberck0000797923:C000000131Member 2012-09-01 2012-09-01 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000797923:C000000131Member 2012-09-01 2012-09-01 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Memberck0000797923:RRINDEX00001Member 2012-09-01 2012-09-01 0000797923 ck0000797923:SummaryS000000090Memberck0000797923:S000000090Member 2012-09-01 2012-09-01 0000797923 2012-09-01 2012-09-01 pure iso4217:USD Other expenses include interest expense associated with the fund's investment in inverse floaters. Not shown in the table is additional income generated by the investments which was approximately the same as the interest expense. Based on the life of Class Z. For comparative purposes, the value of the index on 9/30/04 is used as the beginning value on 10/14/04. 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Sep. 01, 2012
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund seeks to maximize current income exempt from federal income tax to the
extent consistent with the preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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
40.38% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 40.38%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption You would pay the following expenses if you did not redeem your shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock To pursue its goal, the fund normally invests substantially all of its assets
in municipal bonds that provide income exempt from federal income tax.  The
fund invests at least 70% of its assets in municipal bonds rated investment
grade (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 ("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 is
not restricted, but normally exceeds ten years.  Dollar weighted average
maturity is an average of the stated maturities held by the fund, based on
their dollar-weighted proportions in the fund.

The portfolio managers focus on identifying undervalued sectors and securities
and select municipal bonds by (i) using fundamental credit analysis to estimate
the relative value and attractiveness of various sectors and securities and to
exploit pricing inefficiencies in the municipal bond market, and (ii) actively
trading among various sectors based on their apparent relative values.  The fund
may buy securities that pay interest at rates that float inversely with changes
in prevailing interest rates (inverse floaters) in an effort to increase
returns, to manage interest rate risk or as part of a hedging strategy.

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.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.

o  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.

o  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 portfolio, the more the fund's share
   price is likely to react to interest rates.

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 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.  To the extent the fund invests
   in high yield ("junk") bonds, its portfolio is subject to heightened credit
   risk.

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
   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.
  
o  Inverse floating rate securities risk.  The interest payment received on
   inverse floating rate securities generally will decrease when short-term
   interest rates increase.  Inverse floaters are derivatives that involve
   leverage and could magnify the fund's gains or losses.
Risk Lose Money [Text] rr_RiskLoseMoney The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table provide some indication of the risks of
investing in the fund. 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 no guarantee of
future results. More recent performance information may be available at
www.dreyfus.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the fund.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.dreyfus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund's past performance (before and after taxes) is no guarantee of future results.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Total Returns as of 12/31 each year (%) -- Class A
Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock The bar chart shows changes in the performance of the fund's Class A shares from
year to year. 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.
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads 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.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter
Q3, 2009: 8.05%
Worst Quarter
Q4, 2010: -5.46%

The year-to-date total return of the fund's Class A shares as of 6/30/12
was 4.08%.
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes reflects no deduction for fees, expenses or taxes
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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 Table Narrative rr_PerformanceTableNarrativeTextBlock 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 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.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (as of 12/31/11)
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Barclays Municipal Bond Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Barclays Municipal Bond Index reflects no deduction for fees, expenses or taxes
1 Year rr_AverageAnnualReturnYear01 10.70%
5 Years rr_AverageAnnualReturnYear05 5.22%
10 Years rr_AverageAnnualReturnYear10 5.38%
Since Inception rr_AverageAnnualReturnSinceInception 4.93% [1]
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.39% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.94%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 542
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 736
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 947
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,553
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 542
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 736
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 947
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,553
Annual Return 2002 rr_AnnualReturn2002 7.18%
Annual Return 2003 rr_AnnualReturn2003 4.83%
Annual Return 2004 rr_AnnualReturn2004 4.75%
Annual Return 2005 rr_AnnualReturn2005 3.70%
Annual Return 2006 rr_AnnualReturn2006 5.52%
Annual Return 2007 rr_AnnualReturn2007 1.03%
Annual Return 2008 rr_AnnualReturn2008 (8.71%)
Annual Return 2009 rr_AnnualReturn2009 15.78%
Annual Return 2010 rr_AnnualReturn2010 1.05%
Annual Return 2011 rr_AnnualReturn2011 10.68%
Year to Date Return, Label rr_YearToDateReturnLabel The year-to-date total return of the fund's Class A shares
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.08%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.05%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.46%)
Label rr_AverageAnnualReturnLabel Class A returns before taxes
1 Year rr_AverageAnnualReturnYear01 5.69%
5 Years rr_AverageAnnualReturnYear05 2.67%
10 Years rr_AverageAnnualReturnYear10 3.92%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 26, 1986
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A returns after taxes on distributions
1 Year rr_AverageAnnualReturnYear01 5.69%
5 Years rr_AverageAnnualReturnYear05 2.67%
10 Years rr_AverageAnnualReturnYear10 3.92%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 26, 1986
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A returns after taxes on distributions and sale of fund shares
1 Year rr_AverageAnnualReturnYear01 5.17%
5 Years rr_AverageAnnualReturnYear05 2.89%
10 Years rr_AverageAnnualReturnYear10 3.99%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 26, 1986
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.39% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 1.69%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 272
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 533
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 918
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,998
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 172
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 533
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 918
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,998
Label rr_AverageAnnualReturnLabel Class C returns before taxes
1 Year rr_AverageAnnualReturnYear01 8.85%
5 Years rr_AverageAnnualReturnYear05 2.86%
10 Years rr_AverageAnnualReturnYear10 3.64%
Since Inception rr_AverageAnnualReturnSinceInception   
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 13, 1995
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class Z
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.34% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.89%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 91
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 284
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 493
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,096
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 91
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 284
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 493
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,096
Label rr_AverageAnnualReturnLabel Class Z returns before taxes
1 Year rr_AverageAnnualReturnYear01 10.74%
5 Years rr_AverageAnnualReturnYear05 3.67%
10 Years rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 4.02%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 14, 2004
[1] Based on the life of Class Z. For comparative purposes, the value of the index on 9/30/04 is used as the beginning value on 10/14/04.
[2] Other expenses include interest expense associated with the fund's investment in inverse floaters. Not shown in the table is additional income generated by the investments which was approximately the same as the interest expense.
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DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Fund Summary
Investment Objective
The fund seeks to maximize current income exempt from federal income tax to the
extent consistent with the preservation of capital.
Fees and Expenses
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.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Class A
Class C
Class Z
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.50% none none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) none 1.00% none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Class A
Class C
Class Z
Management fees 0.55% 0.55% 0.55%
Distribution (12b-1) fees none 0.75% none
Other expenses (including shareholder services fees) [1] 0.39% 0.39% 0.34%
Total annual fund operating expenses 0.94% 1.69% 0.89%
[1] Other expenses include interest expense associated with the fund's investment in inverse floaters. Not shown in the table is additional income generated by the investments which was approximately the same as the interest expense.
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:
Expense Example DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
542 736 947 1,553
Class C
272 533 918 1,998
Class Z
91 284 493 1,096
You would pay the following expenses if you did not redeem your shares:
Expense Example, No Redemption DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class A
542 736 947 1,553
Class C
172 533 918 1,998
Class Z
91 284 493 1,096
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
40.38% of the average value of its portfolio.
Principal Investment Strategy
To pursue its goal, the fund normally invests substantially all of its assets
in municipal bonds that provide income exempt from federal income tax.  The
fund invests at least 70% of its assets in municipal bonds rated investment
grade (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 ("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 is
not restricted, but normally exceeds ten years.  Dollar weighted average
maturity is an average of the stated maturities held by the fund, based on
their dollar-weighted proportions in the fund.

The portfolio managers focus on identifying undervalued sectors and securities
and select municipal bonds by (i) using fundamental credit analysis to estimate
the relative value and attractiveness of various sectors and securities and to
exploit pricing inefficiencies in the municipal bond market, and (ii) actively
trading among various sectors based on their apparent relative values.  The fund
may buy securities that pay interest at rates that float inversely with changes
in prevailing interest rates (inverse floaters) in an effort to increase
returns, to manage interest rate risk or as part of a hedging strategy.

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.
Principal Risks
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.

o  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.

o  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 portfolio, the more the fund's share
   price is likely to react to interest rates.

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 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.  To the extent the fund invests
   in high yield ("junk") bonds, its portfolio is subject to heightened credit
   risk.

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
   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.
  
o  Inverse floating rate securities risk.  The interest payment received on
   inverse floating rate securities generally will decrease when short-term
   interest rates increase.  Inverse floaters are derivatives that involve
   leverage and could magnify the fund's gains or losses.
Performance
The following bar chart and table provide some indication of the risks of
investing in the fund. 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 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 Class A shares from
year to year. 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.
Year-by-Year Total Returns as of 12/31 each year (%) -- Class A
Bar Chart
Best Quarter
Q3, 2009: 8.05%
Worst Quarter
Q4, 2010: -5.46%

The year-to-date total return of the fund's Class A shares as of 6/30/12
was 4.08%.
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 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.
Average Annual Total Returns (as of 12/31/11)
Average Annual Total Returns DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Label
1 Year
5 Years
10 Years
Since Inception
Inception Date
Class A
Class A returns before taxes 5.69% 2.67% 3.92%    Nov. 26, 1986
Class A After Taxes on Distributions
Class A returns after taxes on distributions 5.69% 2.67% 3.92%    Nov. 26, 1986
Class A After Taxes on Distributions and Sales
Class A returns after taxes on distributions and sale of fund shares 5.17% 2.89% 3.99%    Nov. 26, 1986
Class C
Class C returns before taxes 8.85% 2.86% 3.64%    Jul. 13, 1995
Class Z
Class Z returns before taxes 10.74% 3.67%    4.02% Oct. 14, 2004
Barclays Municipal Bond Index
Barclays Municipal Bond Index reflects no deduction for fees, expenses or taxes 10.70% 5.22% 5.38% 4.93% [1]  
[1] Based on the life of Class Z. For comparative purposes, the value of the index on 9/30/04 is used as the beginning value on 10/14/04.

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XML 13 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Apr. 30, 2012
Registrant Name dei_EntityRegistrantName DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Central Index Key dei_EntityCentralIndexKey 0000797923
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 05, 2012
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DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol PTEBX
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DMBCX
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND (Prospectus Summary) | DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class Z
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DMBZX
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