Mutual Fund Summary Prospectus (497k)
March 27 2014 - 12:36PM
Edgar (US Regulatory)
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Dreyfus Short Duration Bond Fund
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Summary Prospectus
April
1, 2014
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Class
Ticker
D
DSDDX
I
DSIDX
Y
DSYDX
Z
DSIGX
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Before you invest, you may
want to review the fund's prospectus, which contains more information about the fund and its risks.
You can find the fund's prospectus and other information about the fund, including the statement of additional
information and most recent reports to shareholders, online at
www.dreyfus.com/funddocuments
.
You can also get this information at no cost by calling 1-800-DREYFUS (inside the U.S. only) or by sending
an e-mail request to
info@dreyfus.com
. The fund's prospectus and statement of additional
information, dated April 1, 2014 (each as revised or supplemented), are incorporated by reference into
this summary prospectus.
The
fund seeks to maximize total return, consisting of capital appreciation and current income.
This table describes the fees and expenses that
you may pay if you buy and hold shares of the fund.
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Annual Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your investment)
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Class
D
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Class
I
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Class
Y
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Class
Z
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Management fees
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.25
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.25
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.25
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.25*
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Distribution and/or service (12b-1) fees
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.25
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none
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none
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none
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Other expenses (including shareholder services fees)
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.29
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.19
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.15
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.41
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Total annual fund operating expenses
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.79
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.44
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.40
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.66*
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Fee waiver and/or expense reimbursement**
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(.19)
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(.09)
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(.05)
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(.22)
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Total annual fund operating expenses
(after fee waiver and/or expense reimbursement)
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.60
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.35
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.35
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.44
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*Management fees and
Total annual fund operating expenses for Class Z have been restated from the previous fiscal year to
reflect a decrease in the contractual management fee payable by the fund, effective November 15, 2013,
from .50% to .25% of the value of the fund's average daily net assets.
**The
funds investment advisor, the Dreyfus Corporation, has contractually agreed, until April 1, 2015,
to waive receipt of its fees and/or assume the direct expenses of the fund so that the expenses of none
of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions,
commitment fees on borrowings and extraordinary expenses) exceed .35%. On or after April 1, 2015, The
Dreyfus Corporation may terminate this expense limitation at any time.
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Example
The
Example is intended to help you compare the cost of investing in the fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the fund's operating expenses remain the same. The
one-year example and the first year of the three-, five- and ten-years examples are based on net operating
expenses, which reflect the expense limitation by The Dreyfus Corporation. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:
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0542SP0414
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1
Year
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3 Years
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5 Years
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10 Years
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Class
D
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$61
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$233
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$420
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$960
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Class I
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$36
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$132
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$237
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$546
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Class Y
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$36
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$123
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$219
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$500
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Class Z
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$45
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$189
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$346
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$802
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Portfolio Turnover
The fund
pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).
A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when
fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating
expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's
portfolio turnover rate was 186.54% 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 bonds
(or other instruments with similar economic characteristics). The fund's bond investments may include,
but are not limited to, the following: bonds issued or guaranteed by the U.S. government or its agencies
or instrumentalities, government and private mortgage-related securities, corporate bonds, municipal
bonds, bonds of foreign governments and companies (limited to up to 30% of the fund's assets in the aggregate,
up to 5% in non-U.S. dollar-denominated bonds and up to 5% in emerging market bonds), asset-backed securities,
inflation-indexed securities, and zero coupon, pay-in-kind and step-up securities. The fund invests
principally in bonds rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if
unrated, deemed of comparable quality by The Dreyfus Corporation.
The fund's portfolio managers
buy and sell fixed-income securities based on credit quality, financial outlook and yield potential.
Generally, fixed-income securities with deteriorating credit quality are potential sell candidates,
while those offering higher yields are potential buy candidates.
The fund generally maintains
an effective duration of one year or less. The fund may invest in individual bonds of any duration.
Duration is an estimate of the sensitivity of the price (the value of the principal) of a fixed-income
security to a change in interest rates. There are no restrictions on the dollar-weighted average maturity
of the fund's portfolio or on the maturities of the individual bonds the fund may purchase.
The fund
may, but is not required to, use derivative instruments, such as options, futures and options on futures
(including those relating to securities, foreign currencies, indexes and interest rates), forward contracts,
swaps (including interest rate and credit default swaps), options on swaps, and other credit derivatives,
as a substitute for investing directly in an underlying asset, to increase returns, to manage interest
rate risk, to manage the effective duration or maturity of the fund's portfolio, or as part of a hedging
strategy. To the extent that the fund invests in derivative instruments with economic characteristics
similar to bonds, the value of such investments will be included for purposes of the fund's 80% investment
policy.
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.
·
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 fixed-income portfolio, the more the fund's share price is likely
to react to 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%.
·
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 the 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.
·
Government securities
risk.
Not all obligations of the U.S. government, its agencies and instrumentalities are backed
by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of
the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer.
Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the
fund does not apply to the market value of such security or to shares of the fund itself. A security
backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to
the timely payment of interest and principal when held to maturity. In addition, because many types
of U.S. government securities trade
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Dreyfus Short Duration Bond Fund Summary
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2
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actively outside the United States, their prices may rise and fall
as changes in global economic conditions affect the demand for these securities.
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Market risk.
The
market value of a security may decline due to general market conditions that are not related to the particular
company, such as real or perceived adverse economic conditions, changes in the outlook for corporate
earnings, changes in interest or currency rates or adverse investor sentiment generally. A security's
market value also may decline because of factors that affect the particular company, such as management
performance, financial leverage, and reduced demand for the company's products or services, or factors
that affect the company's industry, such as labor shortages or increased production costs and competitive
conditions within an industry.
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Mortgage-related securities risk.
Mortgage-related
securities are complex derivative instruments, subject to credit, prepayment and extension risk, and
may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt
securities. The fund is subject to the credit risk associated with these securities, including the market's
perception of the creditworthiness of the issuing federal agency, as well as the credit quality of the
underlying assets. Although certain mortgage-related securities are guaranteed as to the timely payment
of interest and principal by a third party (such as a U.S. government agency or instrumentality with
respect to government-related mortgage-backed securities) the market prices for such securities are not
guaranteed and will fluctuate. Declining interest rates may result in the prepayment of higher yielding
underlying mortgages and the reinvestment of proceeds at lower interest rates can reduce the fund's potential
price gain in response to falling interest rates, reduce the fund's yield or cause the fund's share price
to fall (prepayment risk). Rising interest rates may result in a drop in prepayments of the underlying
mortgages, which would increase the fund's sensitivity to rising interest rates and its potential for
price declines (extension risk).
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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. 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.
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Foreign investment risk.
To the extent the fund invests in foreign securities, the fund's performance will be influenced by political,
social and economic factors affecting investments in foreign issuers. Special risks associated with
investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed
or less efficient trading markets, lack of comprehensive company information, political and economic
instability and differing auditing and legal standards. Investments denominated in foreign currencies
are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect
the value of these investments held by the fund. Securities of issuers located in emerging markets can
be more volatile and less liquid than those of issuers in more developed economies.
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Asset-backed securities
risk.
General downturns in the economy could cause the value of asset-backed securities to fall.
In addition, asset-backed securities present certain risks that are not presented by mortgage-backed
securities. Primarily, these securities may provide the fund with a less effective security interest
in the related collateral than do mortgage-backed securities. Therefore, there is the possibility that
recoveries on the underlying collateral may not, in some cases, be available to support payments on these
securities.
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Inflation-indexed security risk.
Interest payments on inflation-indexed securities
can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on
the rate of inflation. If the index measuring inflation falls, the interest payable on these securities
will be reduced. The U.S. Treasury has guaranteed that in the event of a drop in prices, it would repay
the par amount of its inflation-indexed securities. Inflation-indexed securities issued by corporations
generally do not guarantee repayment of principal. Any increase in the principal amount of an inflation-indexed
security will be considered taxable ordinary income, even though investors do not receive their principal
until maturity. As a result, the fund may be required to make annual distributions to shareholders that
exceed the cash the fund received, which may cause the fund to liquidate certain investments when it
is not advantageous to do so. Also, if the principal value of an inflation-indexed security is adjusted
downward due to deflation, amounts previously distributed may be characterized in some circumstances
as a return of capital.
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Zero coupon, pay-in-kind and step-up securities
risk
. Zero coupon securities are debt securities issued or sold at a discount from their face
value that do not entitle the holder to any periodic payment of interest prior to maturity or a specified
redemption date (or cash payment date). Pay-in-kind securities are bonds that generally pay interest
through the issuance of additional bonds. Step-up coupon bonds are debt securities that typically do
not pay interest for a specified period of time and then pay interest at a series of different rates.
The market prices of these securities generally are more volatile and are likely to respond to a greater
degree to changes in interest rates than the market prices of securities that pay cash interest periodically
having similar maturities and credit qualities. In addition, unlike bonds which pay cash interest throughout
the period to maturity, the fund will realize no cash until the cash payment or maturity date unless
a portion of such securities are sold and, if the issuer defaults,
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Dreyfus Short Duration Bond Fund Summary
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3
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the fund may obtain no return at all on its investment. The Internal
Revenue Code requires the holder of a zero coupon security or of certain pay-in-kind or step-up bonds
to accrue income with respect to these securities prior to the receipt of cash payments. To maintain
its qualification as a regulated investment company and avoid liability for Federal income tax, the fund
may be required to distribute such income accrued with respect to these securities and may have to dispose
of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy this
distribution requirement.
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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. Investments in foreign securities tend
to have greater exposure to liquidity risk than domestic securities.
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Derivatives risk.
A small investment
in derivatives could have a potentially large impact on the fund's performance. The use of derivatives
involves risks different from, or possibly greater than, the risks associated with investing directly
in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value. Certain
types of derivatives, including swaps, forward contracts and other over-the-counter transactions, involve
greater risks than the underlying obligations because, in addition to general market risks, they are
subject to illiquidity risk, counterparty risk, credit risk and pricing risk.
·
Portfolio turnover risk.
The fund may engage in short-term trading, which could produce higher transaction costs and taxable
distributions, and lower the fund's after-tax 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 Z shares from year to year. The table compares the average
annual total returns of the fund's shares to those of a broad measure of market performance. The fund's
past performance (before and after taxes) is not necessarily an indication of how the fund will perform
in the future. Sales charges, if any, are not reflected in the bar chart, and if those charges were
included, returns would have been less than those shown. More recent performance information may be
available at
www.dreyfus.com
.
The
fund changed its investment strategy on November 15, 2013. Prior to that date, the fund normally invested
at least 80% of its net assets in securities issued or guaranteed by the U.S. government or its agencies
or instrumentalities, and in repurchase agreements collateralized by such securities, including up to
35% of its assets in mortgage-related securities issued by U.S. government agencies or instrumentalities,
and generally maintained an effective duration of approximately three years or less. Different investment
strategies may lead to different performance results. The fund's performance for periods prior to November
15, 2013 reflects the fund's investment strategy in effect prior to that date.
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Year-by-Year Total Returns
as of 12/31 each year (%)
Class
Z
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Best Quarter
Q4,
2008: 3.09%
Worst
Quarter
Q2, 2004: -1.18%
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After-tax
performance is shown only for Class Z shares. After-tax performance of the fund's other share classes
will vary. After-tax returns are calculated using the historical highest individual federal marginal
income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on the investor's tax situation and may differ from those shown, and the after-tax returns shown are
not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans
or individual retirement accounts.As of November 15, 2013, the fund changed its benchmark to the BofA/Merrill
Lynch 1-Year U.S. Treasury Note Index, from the BofA/Merrill Lynch Governments, U.S. Treasury, Short-Term
(1-3 Years) Index, because the BofA/Merrill Lynch 1-Year U.S. Treasury Note Index is more reflective
of the manner in which the fund's assets are invested, based on changes to the fund's investment strategy
which took effect as of the same date.
For the fund's Class D, I and Y Shares periods
prior to 11/15/13, reflect the performance of the fund's Class Z shares. Such performance figures have
not been adjusted, however, to reflect applicable class fees and expenses; if such fees and expenses
had been reflected, the performance shown for Class D for such periods may have been lower.
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Dreyfus Short Duration Bond
Fund Summary
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4
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Average
Annual Total Returns
(as of 12/31/13)
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Class
(Inception Date)
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1 Year
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5 Years
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10
Years
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Class Z
returns before taxes (4/6/87)
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0.05%
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0.83%
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2.17%
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Class Z
returns after taxes on distributions
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-0.26%
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0.33%
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1.30%
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Class Z
returns after taxes on distributions and sale of fund shares
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0.03%
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0.42%
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1.34%
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Class D
returns before taxes (11/15/13)
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-0.06%
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0.81%
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2.16%
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Class I
returns before taxes (11/15/13)
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-0.03%
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0.82%
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2.16%
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Class Y
returns before taxes (11/15/13)
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-0.03%
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0.82%
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2.16%
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BofA/Merrill Lynch 1-Year U.S. Treasury
Note Index
reflects no deduction for fees, expenses or taxes
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0.26%
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0.54%
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2.07%
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BofA/Merrill Lynch Governments, U.S. Treasury, Short-Term
(1-3 Years) Index
reflects no deduction
for fees, expenses or taxes
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0.36%
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1.09%
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2.57%
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The fund's investment adviser is The Dreyfus Corporation (Dreyfus).
David Horsfall, CFA and David Bowser, CFA are the fund's primary portfolio managers, positions they
have held since November 2013. Mr. Horsfall is co-deputy chief investment officer and a senior portfolio
manager at Standish Mellon Asset Management Company LLC (Standish), an affiliate of Dreyfus. Mr. Bowser
is a director of active fixed-income strategies and a senior portfolio manager at Standish. Messrs.
Horsfall and Bowser are dual employees of Standish and Dreyfus and manage the fund as employees of Dreyfus.
Purchase and Sale of Fund Shares
In
general, the fund's minimum initial investment is $2,500 for Class D shares and $1,000 for Class I shares
and the minimum subsequent investment is $100. For Class Y shares, the minimum initial investment generally
is $1,000,000, with no minimum subsequent investment. Class Z shares generally are not available for
new accounts. You may sell (redeem) your shares on any business day by calling 1-800-DREYFUS (inside
the U.S. only) or by visiting
www.dreyfus.com
. If you invested in the fund through a third party,
such as a bank, broker-dealer or financial adviser, or in a 401(k) or other retirement plan, you may
mail your request to sell shares to Dreyfus Institutional Department, P.O. Box 9882, Providence, Rhode
Island 02940-8082. If you invested directly through the fund, you may mail your request to sell shares
to Dreyfus Shareholder Services, P.O. Box 9879, Providence, Rhode Island 02940-8079. If you are an Institutional
Direct accountholder, please contact your BNY Mellon relationship manager for instructions.
The fund's distributions are taxable as ordinary
income or capital gains, except when your investment is through an IRA, 401(k) plan or other tax-advantaged
investment plan (in which case you may be taxed upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer
or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by
influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another
investment. Ask your salesperson or visit your financial intermediary's website for more information.
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Dreyfus Short Duration Bond
Fund Summary
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Dreyfus Short Duration Bond Fund Summary
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