Morningstar Advisor - Summer 2007 - (Page 7)

AHEAD OF THE PACK DREYFUS PREMIER HIGH YIELD MUNICIPAL BOND FUND Are your clients looking for high current income exempt from federal income tax? The lion leads the way. I I # Helps overall portfolio diversification Managed by the muni bond experts at Dreyfus, an industry leader since 1951 For more information, please call Dreyfus Investments at 1-800-334-6899 PERFORMER Source: Morningstar, Inc. In the Morningstar High Yield Municipal Funds category, the fund’s Class Z shares ranked 1 out of 108 funds for total return for the one-year period ended 5/31/07. Class Z shares are closed to new accounts. 1 I YIELDS AS OF 5/31/07 30-day yield Taxable equivalent yield (based on highest 35% federal income tax rate) The performance data quoted is for Class A shares and represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund’s most recent month-end returns. Total expense ratio for Class A shares is 1.43%. Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Call Dreyfus Investments to obtain a prospectus that contains this and other information about the fund, and read it carefully before investing. 4.18% 6.43% AVG. ANNUAL TOTAL RETURNS AS OF 3/31/07 (9/30/05 INCEPTION DATE) ONE YEAR SINCE INCEPTION NAV 4.50% max. load 9.76% 10.96% 4.85% 7.59% Bond funds are subject generally to interest rate, credit, liquidity and market risks, to varying degrees, as described in the fund’s prospectus. Below investment-grade bonds involve increased credit and liquidity risk compared with investment-grade bonds and are considered speculative with respect to the issuer’s ability to pay interest and repay principal on a timely basis. The fund commenced operations (9/30/05) during a period of favorable market conditions for lower-grade municipal bonds, which contributed to the fund’s strong total return results. The fund began offering Class A and Class C shares on March 15, 2007, which are subject to sales and distribution expense charges that the fund’s Class Z shares are not. Total returns reflect the performance of the fund’s Class Z shares through March 15, 2007, and are adjusted to reflect the front-end sales charge. Returns prior to March 15, 2007, have not been adjusted to reflect Class A servicing fees or operating expenses, which, if reflected, would result in lower returns. Class A shares are not ranked by Morningstar. Income may be subject to state and local taxes. Some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable. There is a 2% redemption fee on all shares redeemed within 60 days of their purchase. Dreyfus.com | 1-800-334-6899 © 2007 MBSC Securities Corporation, Distributor. Dreyfus Investments, a Division of MBSC Securities Corporation. http://Dreyfus.com http://Dreyfus.com http://Dreyfus.com

Table of Contents Feed for the Digital Edition of Morningstar Advisor - Summer 2007

Morningstar Advisor - Summer 2007 Contents Letter from the Publisher Get to Know the Bond “All-Stars” Research Briefs Our Stewardship Test Gets Tougher Save It for Later Too Many Oranges Best of Both Worlds No Two Clients Are Alike When It Comes to VAs, It’s Seller Beware Hands On: Finding the Suitable Fund Share Class for Your Client Fund Style Can Drift Off Course Sticking to Their Style, Through Thick and Thin Marathon Man Growth, With a Chaser A Menu of Ideas to Fill Five Market Baskets Funds: Finding Funds with Conviction Stocks: So You Say You Want Income? All Eyes on China Mutual Fund Analyst Picks Undervalued Stocks Most Popular Variable Annuities What’s New at Morningstar and on the Web The Advisor’s Economic Moat

Morningstar Advisor - Summer 2007

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