0000797923-16-000028.txt : 20160915 0000797923-16-000028.hdr.sgml : 20160915 20160915162546 ACCESSION NUMBER: 0000797923-16-000028 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20160915 DATE AS OF CHANGE: 20160915 EFFECTIVENESS DATE: 20160915 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-07496 FILM NUMBER: 161887407 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04764 FILM NUMBER: 161887408 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 C000173299 Class Y DMBYX C000173300 Class I DMBVX 485BPOS 1 lp1-022.htm POST-EFFECTIVE AMENDMENT NO. 53 lp1-022.htm - Generated by SEC Publisher for SEC Filing

File No. 33-07496

811-04764

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. 53  [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

 Amendment No. 53  [X]

(Check appropriate box or boxes.)

Dreyfus Municipal Bond Opportunity Fund

(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) 922-6400

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York 10166

(Name and Address of Agent for Service)

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) days after filing pursuant to paragraph (a)(1)

 _____ on (date) pursuant to paragraph (a)(1)

 _____ (days) 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, the Registrant, Dreyfus Municipal Bond Opportunity Fund, 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, thereunto duly authorized, in the City of New York, and State of New York on the 15th day of September 2016.

Dreyfus Municipal Bond Opportunity Fund

   

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)

 

9/15/16

Bradley J. Skapyak

       

/s/ James Windels*

 

Treasurer (Principal Financial
and Accounting Officer)

 

9/15/16

James Windels

       

/s/ Joseph S. DiMartino*

 

Chairman of the Board

 

9/15/16

Joseph S. DiMartino

       

/s/ Francine J. Bovich*

 

Board Member

 

9/15/16

Francine J. Bovich

       

/s/ Peggy C. Davis*

 

Board Member

 

9/15/16

Peggy C. Davis

       

/s/ Diane Dunst*

 

Board Member

 

9/15/16

Diane Dunst

       

/s/ Robin A. Melvin*

 

Board Member

 

9/15/16

Robin A. Melvin

       

/s/ Nathan Leventhal*

 

Board Member

 

9/15/16

Nathan Leventhal

       
   

*BY:

/s/ Joni L. Charatan

 

   
 

Joni L. Charatan
Attorney-in-Fact

 


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.

 

EX-101.SCH 3 ck0000797923-20160825.xsd TAXONOMY 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - DREYFUS MUNICIPAL BOND OPPORTUNITY FUND link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Expense Example No Redemption {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020006 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Disclosure - Risk/Return Detail Data {Elements} - DREYFUS MUNICIPAL BOND OPPORTUNITY FUND link:presentationLink link:definitionLink link:calculationLink EX-101.INS 4 ck0000797923-20160825.xml INSTANCE DOCUMENT 0000797923 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member ck0000797923:C000000131Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member ck0000797923:C000000133Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member ck0000797923:C000001400Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member ck0000797923:C000173299Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member ck0000797923:C000173300Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member rr:AfterTaxesOnDistributionsMember ck0000797923:C000000131Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000797923:C000000131Member 2016-04-30 2016-04-30 0000797923 ck0000797923:S000000090Member ck0000797923:index_Barclays_Municipal_Bond_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2016-04-30 2016-04-30 xbrli:pure iso4217:USD 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. Other expenses for Class I and Class Y are estimated amounts for the current fiscal year based on the Other expenses for Class A. DREYFUS MUNICIPAL BOND OPPORTUNITY FUND 485BPOS false 0000797923 2016-04-30 2016-08-25 2016-08-31 2016-08-31 Fund Summary PTEBX DMBCX DMBZX DMBYX DMBVX Principal Risks <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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.</font></p> <br/><p style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt"><font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#160;</font></font></font><font><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">Municipal securities risk</font></i></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">. 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 currently 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 </font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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. </font></p> <br/><p style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt"><font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#160;</font></font></font><font><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">Interest rate risk. </font></i></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">Prices of bonds and other fixed rate 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 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 currently 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. </font></p> <br/><p style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt"><font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#160;</font></font></font><font><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">Credit risk</font></i></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">. Failure of an issuer of a security to make timely interest or principal payments when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. 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.</font></p> <br/><p style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt"><font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#160;</font></font></font><font><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">High yield securities risk</font></i></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">. 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 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.</font></p> <br/><p style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt"><font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#160;</font></font></font><font><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">Liquidity risk.</font></i></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; "> 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. Liquidity risk also may refer to the risk that the fund will not be able to pay redemption proceeds within the allowable time period stated in this prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the fund's share price.</font></p> <br/><p style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt"><font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; font-family: symbol;">&#160;</font></font></font><font><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">Inverse floating rate securities risk</font></i></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">. The interest payment received on inverse floating rate securities generally will decrease when short-term interest rates increase. Inverse floaters involve leverage and could magnify the fund's gains or losses.</font></p> 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. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. Performance <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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 Class A 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 </font><font><font style="text-decoration:underline"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">www.dreyfus.com</font></font></font><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">.</font></p> Year-by-Year Total Returns as of 12/31 each year (%) Class A 0.0552 0.0103 -0.0871 0.1578 0.0105 0.1068 0.0747 -0.0387 0.1125 0.0359 ~ http://dreyfus.com/20160825/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000797923_S000000090Member column rr_ProspectusShareClassAxis compact ck0000797923_C000000131Member row primary compact * ~ Best Quarter 0.0805 2009-09-30 Worst Quarter -0.0546 2010-12-31 year-to-date total return 0.0450 2016-06-30 <p style="text-align: left; margin-left: 4pt;"><strong><font style="font-style: normal; font-size: 10pt; vertical-align: top;">Best Quarter</font></strong><font style="font-style: normal; font-size: 10pt; vertical-align: top; font-weight: normal;"><br/>Q3, 2009: 8.05%</font></p> <br/><p style="text-align: left; margin-left: 4pt;"><strong><font style="font-style: normal; font-size: 10pt; vertical-align: top;">Worst Quarter</font></strong><font style="font-style: normal; font-size: 10pt; vertical-align: top; font-weight: normal;"><br/>Q4, 2010: -5.46%</font></p> <br/><p style="TEXT-ALIGN: left"><i><font style="font-size: 10pt; font-weight: normal; color: #000000; ">The year-to-date total return of the fund's Class A shares as of June 30, 2016 was 4.50%.</font></i></p> <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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 U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font></p> <br/><p style="TEXT-ALIGN: justify"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">For the fund's Class I and Class Y shares, periods prior to the class' inception date reflect the performance of the fund's Class A shares, not reflecting any applicable sales charges for Class A shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same expenses. </font></p> -0.0104 0.0470 0.0367 -0.0104 0.0469 0.0366 0.0080 0.0454 0.0369 0.0184 0.0487 0.0337 0.0359 0.0567 0.0414 0.0359 0.0567 0.0414 0.0365 0.0573 0.0420 0.0330 0.0535 0.0472 2016-08-31 2016-08-31 ~ http://dreyfus.com/20160825/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000797923_S000000090Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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 U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (as of 12/31/15) The following bar chart and table provide some indication of the risks of investing in the fund. www.dreyfus.com 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. reflects no deduction for fees, expenses or taxes 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. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Principal Investment Strategy <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">To pursue its goal, 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. Typically, the fund invests substantially all of its assets in such municipal bonds. 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 invests at least 70% of its assets in municipal bonds rated, at the time of purchase, 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 normally exceeds ten years, but the fund may invest without regard to maturity or duration. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates. </font></p> <br/><p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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. </font></p> <br/><p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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. </font></p> <br/><p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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.</font></p> Investment Objective <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.</font></p> Fees and Expenses <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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 the fund or certain other 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 10 of the 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.</font></p> 0.0450 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0055 0.0055 0.0055 0.0055 0.0055 0.0000 0.0075 0.0000 0.0000 0.0000 0.0037 0.0039 0.0011 0.0008 0.0032 0.0092 0.0169 0.0066 0.0063 0.0087 ~ http://dreyfus.com/20160825/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ ~ http://dreyfus.com/20160825/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ Other expenses for Class I and Class Y are estimated amounts for the current fiscal year based on the Other expenses for Class A. 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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 the fund or certain other funds in the Dreyfus Family of Funds. Shareholder Fees (fees paid directly from your investment) 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. Example <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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:</font></p> 540 730 936 1530 272 533 918 1998 67 211 368 822 64 202 351 786 89 278 482 1073 540 730 936 1530 172 533 918 1998 67 211 368 822 64 202 351 786 89 278 482 1073 ~ http://dreyfus.com/20160825/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ ~ http://dreyfus.com/20160825/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0000797923_S000000090Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Portfolio Turnover <p style="TEXT-ALIGN: left"><font style="font-style: normal; font-size: 10pt; font-weight: normal; color: #000000; ">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 18.85% of the average value of its portfolio.</font></p> 0.1885 EX-101.CAL 5 ck0000797923-20160825_cal.xml CALCULATION LINKBASE EX-101.PRE 6 ck0000797923-20160825_pre.xml PRESENTATION LINKBASE EX-101.DEF 7 ck0000797923-20160825_def.xml DEFINITION LINKBASE EX-101.LAB 8 ck0000797923-20160825_lab.xml LABEL LINKBASE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.5.0.2
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Apr. 30, 2016
Registrant Name DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Central Index Key 0000797923
Amendment Flag false
Document Creation Date Aug. 25, 2016
Document Effective Date Aug. 31, 2016
Prospectus Date Aug. 31, 2016
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A  
Prospectus:  
Trading Symbol PTEBX
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class C  
Prospectus:  
Trading Symbol DMBCX
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class Z  
Prospectus:  
Trading Symbol DMBZX
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class Y  
Prospectus:  
Trading Symbol DMBYX
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class I  
Prospectus:  
Trading Symbol DMBVX
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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 the fund or certain other 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 10 of the 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.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Class A
Class C
Class I
Class Y
Class Z
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.50% none none none none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) none [1] 1.00% none none none
[1] 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.
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 I
Class Y
Class Z
Management fees 0.55% 0.55% 0.55% 0.55% 0.55%
Distribution (12b-1) fees none 0.75% none none none
Other expenses (including shareholder services fees) 0.37% 0.39% 0.11% [1] 0.08% [1] 0.32%
Total annual fund operating expenses 0.92% 1.69% 0.66% 0.63% 0.87%
[1] Other expenses for Class I and Class Y are estimated amounts for the current fiscal year based on the Other expenses for Class A.
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 ($)
1 Year
3 Years
5 Years
10 Years
Class A 540 730 936 1,530
Class C 272 533 918 1,998
Class I 67 211 368 822
Class Y 64 202 351 786
Class Z 89 278 482 1,073
You would pay the following expenses if you did not redeem your shares:
Expense Example No Redemption - DREYFUS MUNICIPAL BOND OPPORTUNITY FUND - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A 540 730 936 1,530
Class C 172 533 918 1,998
Class I 67 211 368 822
Class Y 64 202 351 786
Class Z 89 278 482 1,073
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 18.85% 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 municipal bonds that provide income exempt from federal income tax. Typically, the fund invests substantially all of its assets in such municipal bonds. 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 invests at least 70% of its assets in municipal bonds rated, at the time of purchase, 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 normally exceeds ten years, but the fund may invest without regard to maturity or duration. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.


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.


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.

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.


· 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 currently 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 rate 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 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 currently 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 when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. 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 securities risk. 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 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. Liquidity risk also may refer to the risk that the fund will not be able to pay redemption proceeds within the allowable time period stated in this prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the fund's share price.


· 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 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 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 Class A 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.

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 June 30, 2016 was 4.50%.

Average Annual Total Returns (as of 12/31/15)

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 U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts.


For the fund's Class I and Class Y shares, periods prior to the class' inception date reflect the performance of the fund's Class A shares, not reflecting any applicable sales charges for Class A shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same expenses.

Average Annual Returns - DREYFUS MUNICIPAL BOND OPPORTUNITY FUND
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Inception Date
Class A (1.04%) 4.70% 3.67%  
Class C 1.84% 4.87% 3.37%  
Class I 3.59% 5.67% 4.14% Aug. 31, 2016
Class Y 3.59% 5.67% 4.14% Aug. 31, 2016
Class Z 3.65% 5.73% 4.20%  
After Taxes on Distributions | Class A (1.04%) 4.69% 3.66%  
After Taxes on Distributions and Sale of Fund Shares | Class A 0.80% 4.54% 3.69%  
Barclays Municipal Bond Index reflects no deduction for fees, expenses or taxes 3.30% 5.35% 4.72%  

XML 12 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
Label Element Value
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND  
Risk/Return: 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 the fund or certain other 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 10 of the 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.

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 18.85% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 18.85%
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 the fund or certain other funds in the Dreyfus Family of Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses for Class I and Class Y are estimated amounts for the current fiscal year based on the Other expenses for Class A.
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 at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal income tax. Typically, the fund invests substantially all of its assets in such municipal bonds. 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 invests at least 70% of its assets in municipal bonds rated, at the time of purchase, 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 normally exceeds ten years, but the fund may invest without regard to maturity or duration. Dollar-weighted average maturity is an average of the stated maturities of the bonds held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment's "interest rate risk," or how sensitive a bond or the fund's portfolio may be to changes in interest rates.


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.


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.

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.


· 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 currently 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 rate 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 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 currently 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 when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. 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 securities risk. 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 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. Liquidity risk also may refer to the risk that the fund will not be able to pay redemption proceeds within the allowable time period stated in this prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the fund's share price.


· 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 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 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 Class A 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.

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 not necessarily an indication of how the fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Year-by-Year Total Returns as of 12/31 each year (%) Class A
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 June 30, 2016 was 4.50%.

Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.50%
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%)
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 income 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 U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary.
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 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 U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts.


For the fund's Class I and Class Y shares, periods prior to the class' inception date reflect the performance of the fund's Class A shares, not reflecting any applicable sales charges for Class A shares. Such performance figures have not been adjusted to reflect applicable class fees and expenses. Each share class is invested in the same portfolio of securities, and the annual returns would have differed only to the extent that the classes do not have the same expenses.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (as of 12/31/15)
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Barclays Municipal Bond Index reflects no deduction for fees, expenses or taxes  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.30%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.35%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.72%
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A  
Risk/Return: 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_MaximumDeferredSalesChargeOverOther none [1]
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.37%
Total annual fund operating expenses rr_ExpensesOverAssets 0.92%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock 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.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 540
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 730
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 936
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,530
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 540
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 730
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 936
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,530
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%
Annual Return 2012 rr_AnnualReturn2012 7.47%
Annual Return 2013 rr_AnnualReturn2013 (3.87%)
Annual Return 2014 rr_AnnualReturn2014 11.25%
Annual Return 2015 rr_AnnualReturn2015 3.59%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.04%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.70%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.67%
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.04%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.69%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.66%
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class A | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.80%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.54%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.69%
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class C  
Risk/Return: 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_MaximumDeferredSalesChargeOverOther 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%
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
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.84%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.87%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.37%
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class I  
Risk/Return: 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_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.11% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.66%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 67
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 211
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 368
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 822
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 67
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 211
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 368
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 822
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.59%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.67%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.14%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 31, 2016
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class Y  
Risk/Return: 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_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.08% [2]
Total annual fund operating expenses rr_ExpensesOverAssets 0.63%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 64
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 202
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 351
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 786
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 64
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 202
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 351
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 786
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.59%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.67%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.14%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Aug. 31, 2016
DREYFUS MUNICIPAL BOND OPPORTUNITY FUND | Class Z  
Risk/Return: 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_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.55%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses (including shareholder services fees) rr_OtherExpensesOverAssets 0.32%
Total annual fund operating expenses rr_ExpensesOverAssets 0.87%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 89
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 278
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 482
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,073
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 89
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 278
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 482
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,073
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 3.65%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.73%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.20%
[1] 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.
[2] Other expenses for Class I and Class Y are estimated amounts for the current fiscal year based on the Other expenses for Class A.
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Risk/Return: rr_RiskReturnAbstract  
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