Dreyfus High Yield Fund (Prospectus Summary) | Dreyfus High Yield Fund

Fund Summary

Investment Objective

The fund seeks to maximize total return, consisting of capital appreciation and
current income.

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 9 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 High Yield Fund	Class A	Class C	Class I
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 High Yield Fund		Class A	Class C	Class I
Management fees		0.70%	0.70%	0.70%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses	[1]	0.01%	0.01%	0.01%
Total annual fund operating expenses		0.96%	1.71%	0.71%
Fee waiver and/or expense reimbursement	[1]	(0.01%)	(0.01%)	(0.01%)
Total annual fund operating expenses		0.95%	1.70%	0.70%

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 examples are based on net operating expenses, which reflect
the expense waiver/reimbursement by The Dreyfus Corporation. Although your
actual costs may be higher or lower, based on these assumptions your costs would
be:

Expense Example Dreyfus High Yield 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	543	739	952	1,564
Class C	273	536	923	2,009
Class I	72	224	390	871

You would pay the following expenses if you did not redeem your shares:

Expense Example, No Redemption Dreyfus High Yield 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	543	739	952	1,564
Class C	173	536	923	2,009
Class I	72	224	390	871

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
75.87% 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 fixed-income securities that, at
the time of purchase, are rated below investment grade ("high yield" or "junk"
bonds) or are the unrated equivalent as determined by The Dreyfus Corporation.

In choosing securities, the fund seeks to capture the higher yields offered by
junk bonds, while managing credit risk and the volatility caused by interest
rate movements. The fund's investment process involves a "top down" approach to
security selection. The fund looks at a variety of factors when assessing a
potential investment, including the state of the industry or sector, the
company's financial strength, and the company's management. The fund also looks
for companies that are underleveraged, have positive free cash flow, and are
self-financing. There are no restrictions on the dollar-weighted average
maturity or average effective duration of the fund's portfolio or on the
maturities or durations of the individual fixed-income securities the fund may
purchase.

The fund may, but is not required to, use certain derivatives, such as options,
futures and options on futures (including those relating to securities, foreign
currencies, indexes and interest rates), forward contracts, and swaps (including
interest rate and credit default swaps), typically as part of a hedging
strategy. The fund may enter into swap agreements, such as interest rate swaps
and credit default swaps, which can be used to transfer the credit risk of a
security without actually transferring ownership of the security or to customize
exposure to particular corporate credit.

The fund also may invest in collateralized debt obligations (CDOs), which
include collateralized loan obligations and other similarly structured
securities. To enhance current income, the fund may engage in a series of
purchase and sale contracts or forward roll transactions in which the fund sells
a mortgage-related security, for example, to a financial institution and
simultaneously agrees to purchase a similar security from the institution at a
later date at an agreed upon price. The fund may also make forward commitments
in which the fund agrees to buy or sell a security in the future at a price
agreed upon today.

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 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. High yield ("junk") bonds involve greater credit risk, including
the risk of default, than investment grade bonds, and are considered
predominantly speculative with respect to the issuer's ability to make principal
and interest payments. The prices of high yield bonds can fall dramatically in
response to bad news about the issuer or its industry, or the economy in
general.

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. Unlike investment grade bonds, however, the prices of
high yield ("junk") bonds may fluctuate unpredictably and not necessarily
inversely with changes in interest rates.

o Market risk. The market value of a security may decline due to general market
conditions that are not specifically related to a 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 a particular industry or industries, such as labor shortages
or increased production costs and competitive conditions within an industry, or
factors that affect a particular company, such as management performance,
financial leverage, and reduced demand for the company's products or services.

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. Liquidity risk also exists when a particular derivative
instrument is difficult to purchase or sell. If a derivative transaction is
particularly large or if the relevant market is illiquid (as is the case with
many privately negotiated derivatives, including swap agreements), it may not be
possible to initiate a transaction or liquidate a position at an advantageous
time or price.

o 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).

o Market sector risk. The fund may significantly overweight or underweight
certain companies, industries or market sectors, which may cause the fund's
performance to be more or less sensitive to developments affecting those
companies, industries or sectors.

o 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. There is the risk that changes in the value of a
derivative held by the fund will not correlate with the underlying instruments
or the fund's other investments. Derivative instruments also involve the risk
that a loss may be sustained as a result of the failure of the counterparty to
the derivative instruments to make required payments or otherwise comply with
the derivative instruments' terms. Certain types of derivatives involve greater
risks than the underlying obligations because, in addition to general market
risks, they are subject to illiquidity risk, counterparty risk and credit risk.
Additionally, some derivatives involve economic leverage, which could increase
the volatility of these investments as they may fluctuate in value more than the
underlying instrument.

o Leverage risk. The use of leverage, such as borrowing money to purchase
securities, engaging in reverse repurchase agreements, lending portfolio
securities, entering into futures contracts and engaging in forward commitment
transactions, may magnify the fund's gains or losses. Because many derivatives
have a leverage component, adverse changes in the value or level of the
underlying asset, reference rate or index can result in a loss substantially
greater than the amount invested in the derivative itself. Certain derivatives
have the potential for unlimited loss, regardless of the size of the initial
investment.

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              
Q2, 2009: 11.32%          
Worst Quarter             
Q4, 2008: -14.16%

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 High Yield Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Class A	Class A returns before taxes	(3.21%)	4.49%	5.71%
Class A After Taxes on Distributions	Class A returns after taxes on distributions	(5.78%)	1.43%	2.61%
Class A After Taxes on Distributions and Sales	Class A returns after taxes on distributions and sale of fund shares	(2.07%)	1.99%	2.97%
Class C	Class C returns before taxes	(0.36%)	4.64%	5.39%
Class I	Class I returns before taxes	1.74%	5.72%	6.46%
BofA Merrill Lynch U.S. High Yield Master II Constrained Index	BofA Merrill Lynch U.S. High Yield Master II Constrained Index reflects no deduction for fees, expenses or taxes	4.37%	7.54%	8.74%

[1] The Dreyfus Corporation has agreed to pay all of the fund expenses, except management fees, Rule 12b-1 fees, and certain other expenses, including the fees and expenses of the non-interested board members and their counsel. The Dreyfus Corporation has agreed to reduce its fee in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and their counsel (in the amount of 0.01% for the past fiscal year).