Morningstar Advisor - Fall 2008 - (Page 25)

DREYFUS PREMIER HIGH YIELD MUNICIPAL BOND FUND �� Morningstar Overall Rating™ for the fund’s Class Z shares as of 9/30/08. Ratings reflect risk-adjusted performance and are derived from a weighted average of the fund’s 3-, 5- and 10-year (as applicable) Ratings. The fund received 5 stars for the 3-year period among 113 funds in the Morningstar High Yield Municipal Bond Funds category.* Offers high current income exempt from federal income tax. Seeks capital appreciation. Helps overall portfolio diversification. Supported by a team of independent credit research analysts. Managed by the muni bond experts at Dreyfus, a leader since 1951. For more information about Dreyfus Premier High Yield Municipal Bond Fund, please call your financial advisor. Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Call your advisor for a prospectus that contains this and other information about the fund, and read it carefully before investing. Class Z shares are available in certain existing wrap accounts, but are generally not available for new accounts. The fund also offers Class A and C shares, which have not been rated by Morningstar, and carry with them different sales charges and distribution expense structures. Had such fees and expenses been applicable to Class Z shares, ratings would have been lower. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. The fund achieved a negative total return for the recent one-year period. Go to www.dreyfus.com for the fund’s most recent month end returns. Bond funds are subject generally to interest rate, credit, liquidity and market risks, to varying degrees. Generally, absent other market factors, bond prices and interest rate changes are inversely related and rate increases can produce price declines. High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuers’ perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity. These risks are more fully described in the fund’s prospectus. Income may be subject to state and local taxes, and may also be subject to federal alternative minimum tax for certain investors. Capital gains paid, if any, are taxable. *Source: Morningstar, Inc. Ratings are calculated using a formula that measures the amount of variation in a fund's performance, and which gives more emphasis to downward variations. Ratings are subject to change every month. The top 10% of the funds in the category receive five stars; the next 22.5% four stars; the next 35% three stars; the next 22.5% two stars; and the last 10% one star. Dreyfus.com | 1-800-334-6899 © 2008 MBSC Securities Corporation, Distributor http://www.dreyfus.com http://www.Dreyfus.com http://www.dreyfus.com

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Morningstar Advisor - Fall 2008 Contents New on MorningstarAdvisor.com Letter from the Editor Contributors Inbox Are You Preparing for Higher Taxes? State of Financials Oracles of Alabama Investment Briefs Managers’ Investment Secrets Revealed Conformity Becomes a Growing Concern at American Gimme Shelter Location, Location, Location Rooted in Buffett, Going for Growth Keeping Little Company Away from the Numbers Consumer Confidence What about Natural Gas? TIPS to Beat Back Inflation Investing in Hidden Assets Funds That Have an Edge Come Tax Time Mutual Fund Analyst Picks 50 Most Popular Equity ETFs Undervalued Stocks Most Popular Variable Annuities New at Morningstar One for You, 19 for Me

Morningstar Advisor - Fall 2008

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