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%

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

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		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] 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.

[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.