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2012-11-09
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DREYFUS CONSERVATIVE ALLOCATION FUND
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="right" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>November 9, 2012</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:14.0pt;font-family:"Times New Roman","serif"'> </font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:14.0pt;font-family:"Times New Roman","serif"'>DREYFUS ALLOCATION FUNDS</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS CONSERVATIVE ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS GROWTH ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS MODERATE ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>Supplement to Summary Prospectus</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>and Statutory Prospectus</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>dated January 1, 2012</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;text-indent:.5in;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>The following supersedes the information contained in the funds' prospectus under the section entitled “Fund Summary — Principal Investment Strategy — Equity Investments — U.S. Large-Cap”:</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;text-indent:.5in;line-height:normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>For each Fund, Dreyfus Disciplined Stock Fund replaces Dreyfus/The Boston Company Large Cap Core Fund.</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
SCALX
DREYFUS MODERATE ALLOCATION FUND
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="right" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>November 9, 2012</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:14.0pt;font-family:"Times New Roman","serif"'> </font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:14.0pt;font-family:"Times New Roman","serif"'>DREYFUS ALLOCATION FUNDS</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS CONSERVATIVE ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS GROWTH ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS MODERATE ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>Supplement to Summary Prospectus</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>and Statutory Prospectus</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>dated January 1, 2012</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;text-indent:.5in;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>The following supersedes the information contained in the funds' prospectus under the section entitled “Fund Summary — Principal Investment Strategy — Equity Investments — U.S. Large-Cap”:</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;text-indent:.5in;line-height:normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>For each Fund, Dreyfus Disciplined Stock Fund replaces Dreyfus/The Boston Company Large Cap Core Fund.</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
SMDAX
DREYFUS GROWTH ALLOCATION FUND
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="right" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:right;line-height:normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>November 9, 2012</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:14.0pt;font-family:"Times New Roman","serif"'> </font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:14.0pt;font-family:"Times New Roman","serif"'>DREYFUS ALLOCATION FUNDS</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS CONSERVATIVE ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS GROWTH ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:0in; margin-bottom:0in;margin-left:4.5pt;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Times New Roman","serif"'>DREYFUS MODERATE ALLOCATION FUND</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>Supplement to Summary Prospectus</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>and Statutory Prospectus</font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>dated January 1, 2012</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> </font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;text-indent:.5in;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>The following supersedes the information contained in the funds' prospectus under the section entitled “Fund Summary — Principal Investment Strategy — Equity Investments — U.S. Large-Cap”:</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;text-indent:.5in;line-height:normal;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>For each Fund, Dreyfus Disciplined Stock Fund replaces Dreyfus/The Boston Company Large Cap Core Fund.</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
SGALX