Dreyfus Short-Term Income Fund (Second Prospectus Summary) | Dreyfus Short-Term Income 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Dreyfus Short-Term Income Fund Class P
Management fees		0.50%
Other expenses (including shareholder services fees)		0.45%
Total annual fund operating expenses		0.95%
Fee waiver and/or expense reimbursement	[1]	(0.25%)
Total annual fund operating expenses (less fee waiver and/or expense reimbursement)		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 one-year example and the first year of the three-, five-
and ten-year 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 (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
Dreyfus Short-Term Income Fund Class P	72	278	501	1,144

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
173.05% 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 of U.S.
and foreign issuers rated investment grade or the unrated equivalent as determined
by The Dreyfus Corporation. These securities include: U.S. government bonds and
notes, corporate bonds, municipal bonds, convertible securities, preferred stocks,
inflation-indexed securities, asset-backed securities, mortgage-related securities
(including CMOs), and foreign bonds. Typically, the fund's portfolio can be
expected to have an average effective maturity and an average effective duration
of three years or less. For additional yield, the fund may invest up to 20% of
its assets in fixed-income securities rated below investment grade ("high yield"
or "junk" bonds) to as low as Caa/CCC or the unrated equivalent as determined by
The Dreyfus Corporation. The fund will focus on U.S. securities, but may invest
up to 30% of its total assets in fixed-income securities of foreign issuers,
including those of issuers in emerging markets.

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 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. Although the fund invests primarily in
investment grade bonds, the fund may invest to a limited extent in high yield
bonds. 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 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.

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 Foreign investment risk. 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.

o Non-diversification risk. The fund is non-diversified, which means that the
fund may invest a relatively high percentage of its assets in a limited number
of issuers. Therefore, the fund's performance may be more vulnerable to changes
in the market value of a single issuer or group of issuers and more susceptible
to risks associated with a single economic, political or regulatory occurrence
than a diversified fund.

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 performance for Class P shares for periods prior to November 1, 2002
represents the performance of the fund's Class D shares, which are offered
in a separate prospectus. 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 such periods would
have been lower.

The bar chart shows changes in the performance of the fund's Class P 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 P

Best Quarter
Q2, 2009: 5.93%

Worst Quarter
Q4, 2008: -3.29%

The year-to-date total return of the fund's Class P shares
as of 9/30/12 was 2.92%.

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 Short-Term Income Fund	Label	1 Year	5 Years	10 Years
Class P	Class P returns before taxes	1.49%	3.33%	2.95%
Class P After Taxes on Distributions	Class P returns after taxes on distributions	0.60%	1.97%	1.49%
Class P After Taxes on Distributions and Sales	Class P returns after taxes on distributions and sale of fund shares	0.97%	2.03%	1.64%
BofA Merrill Lynch 1-5 Year Corporate/Government Index	BofA Merrill Lynch 1-5 Year Corporate/Government Index reflects no deduction for fees, expenses or taxes	3.10%	4.81%	4.26%

[1] The Dreyfus Corporation has contractually agreed, until December 1, 2013, to waive receipt of its fees and/or assume the expenses of the fund so that the expenses of none of the fund's share classes (excluding shareholder services fees, taxes, interest, brokerage commissions and extraordinary expenses) exceed 0.45%. On or after December 1, 2013, The Dreyfus Corporation may terminate this expense waiver at any time.