485BPOS
2012-08-31
0000737520
2013-01-01
Strategic Funds, Inc.
false
2012-12-26
2013-01-01
<tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />During the most recent fiscal year, the fund's portfolio turnover rate was<br />30.83% of the average value of its portfolio.</tt>
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<tt>The fund seeks long-term capital appreciation with some consideration for<br />current income.</tt>
<tt>The Example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. The one-year example and the first year of the three-, five-,<br />and ten-years examples are based on net operating expenses, which reflect the<br />expense waiver/reimbursement by The Dreyfus Corporation. Although your actual<br />costs may be higher or lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>To pursue its goal, the fund normally allocates its net assets among other<br />mutual funds advised by The Dreyfus Corporation or its affiliates, referred to<br />as underlying funds, that invest in a wide range of equity and fixed-income<br />securities. The fund normally allocates 80% of its assets to the equity asset<br />class and 20% of its assets to the fixed-income asset class by investing in<br />underlying funds that invest primarily in equity and fixed-income securities,<br />respectively. The fund may invest in underlying funds that invest in U.S.<br />large-, mid- and small-cap equity securities, international equity securities,<br />emerging markets equity securities and global equity securities, which comprise<br />the equity asset category. The fund also may invest in underlying funds that<br />invest in U.S. and international fixed-income securities, which comprise the<br />fixed-income asset category.<br />  <br />Although an investor may achieve the same level of diversification by investing<br />directly in a variety of Dreyfus-managed funds, the fund provides investors with<br />a means to simplify their investment decisions by investing in a single<br />diversified portfolio. The fund is designed for investors with high risk<br />tolerances.<br /> <br />The underlying funds are selected by the Dreyfus Investment Committee based on<br />their investment objectives and management policies, portfolio holdings,<br />risk/reward profiles, historical performance, and other factors, including the<br />correlation and covariance among the underlying funds. The underlying funds in<br />which the fund may invest, as of the date of this Prospectus, are as follows:<br /><br />Equity Investments                                                               <br />U.S. Large-Cap                              International                        <br />Dreyfus Appreciation Fund, Inc.             Dreyfus/Newton International Equity  <br />                                            Fund                                 <br />Dreyfus Research Growth Fund                Dreyfus International Equity Fund    <br />Dreyfus Strategic Value Fund                Dreyfus International Value Fund     <br />Dreyfus Disciplined Stock Fund              International Stock Fund             <br />Dreyfus U.S. Equity Fund                    Dreyfus International Stock Index    <br />                                            Fund                                 <br />Dreyfus BASIC S&P 500 Stock Index Fund      Emerging Markets                     <br />U.S. Mid-/Small-Cap                         Dreyfus Emerging Markets Fund        <br />Dreyfus Select Managers Small Cap Value     Global                               <br />Fund                                        <br />Dreyfus Opportunistic Midcap Value Fund     Dreyfus Global Absolute Return Fund  <br />Dreyfus MidCap Core Fund                    Dreyfus Global Real Estate Securities<br />                                            Fund                                 <br />Dreyfus/The Boston Company Small/Mid Cap                                         <br />Growth Fund                                 <br />Dreyfus Smallcap Stock Index Fund                                                <br />Dreyfus Midcap Index Fund, Inc.                                                  <br />                                                                                 <br />Fixed-Income Investments                                                         <br />U.S. Fixed-Income                           International Fixed-Income           <br />Dreyfus Total Return Advantage Fund         Dreyfus Emerging Markets Debt Local  <br />                                            Currency Fund                        <br />Dreyfus Short-Intermediate Government Fund  Dreyfus International Bond Fund      <br />Dreyfus GNMA Fund                                                                <br />Dreyfus Opportunistic Fixed Income Fund                                          <br />Dreyfus High Yield Fund                                                          <br />Dreyfus Bond Market Index Fund                                                   <br />Dreyfus Inflation Adjusted Securities Fund                                       <br />Dreyfus U.S. Treasury Intermediate Term                                          <br />Fund                                        <br />Dreyfus U.S. Treasury Long Term Fund</tt>
Fund Summary
Example
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.
Investment Objective
The fund's past performance (before and after taxes) is not necessarily
an indication of how the fund will perform in the future.
The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
Principal Risks
0.3083
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.
Year-by-Year Total Returns as of 12/31 each year (%)
Performance
The following bar chart and table provide some indication of the risks of investing in the fund.
<tt>Best Quarter<br />Q3, 2010: 10.60%<br />Worst Quarter<br />Q3, 2011: -13.68% <br />The fund's year-to-date total return as of 9/30/12 was 10.97%.</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of 12/31/11)
<tt>The bar chart shows changes in the performance of the fund's shares from year <br />to year.</tt>
Portfolio Turnover
<tt>An investment in the fund is not a bank deposit. It is not insured or <br />guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any <br />other government agency. It is not a complete investment program. The <br />fund's share price fluctuates, sometimes dramatically, which means you <br />could lose money.<br /> <br />An investment in the fund is subject to the following principal risks:<br /> <br />o Allocation risk. The ability of the fund to achieve its investment goal<br />depends, in part, on the ability of the Dreyfus Investment Committee to <br />allocate effectively the fund's assets among the underlying funds. There <br />can be no assurance that the actual allocations will be effective in <br />achieving the fund's investment goal. The underlying funds may not achieve <br />their investment objectives, and their performance may be lower than that <br />of the overall performance of the asset class the underlying funds were <br />selected to represent. The fund typically invests in a number of different <br />underlying funds; however, to the extent the fund invests a significant <br />portion of its assets in a single underlying fund, the fund will be more <br />sensitive to the risks associated with that underlying fund and any <br />investments in which that underlying fund concentrates.<br /> <br />o Conflicts of interest risk. The fund's investment adviser, The Dreyfus<br />Corporation, or its affiliates may serve as investment adviser to the underlying<br />funds. The interests of the fund on the one hand, and those of an underlying<br />fund on the other, will not always be the same. Therefore, conflicts may arise<br />as the investment adviser fulfills its fiduciary duty to the fund and the <br />underlying  funds. In addition, the Dreyfus Investment Committee recommends <br />asset allocations among the underlying funds, each of which pays advisory fees <br />at different rates to The Dreyfus Corporation or its affiliates. These situations <br />are considered by the fund's board when it reviews the asset allocations for <br />the fund.<br /> <br />o Correlation risk. Although the prices of equity securities and fixed-income<br />securities often rise and fall at different times so that a fall in the price <br />of one may be offset by a rise in the price of the other, in down markets the<br />prices of these securities can also fall in tandem. Because the fund invests <br />in equity securities and fixed-income securities, it is subject to correlation<br />risk.<br /> <br />The fund is subject to the same principal risks as the underlying funds in which<br />it invests, which are summarized below. For more information regarding these<br />risks and other risks of the underlying funds, see the prospectus for the<br />specific underlying fund.<br /> <br />o Risks of stock investing. Stocks generally fluctuate more in value than bonds<br />and may decline significantly over short time periods. There is the chance that<br />stock prices overall will decline because stock markets tend to move in cycles,<br />with periods of rising prices and falling prices. The market value of a stock<br />may decline due to general weakness in the stock market or because of factors<br />that affect the company or its particular industry.<br /> <br />o Large cap stock risk. To the extent the fund invests in large capitalization<br />stocks, the fund may underperform funds that invest primarily in the stocks of<br />lower quality, smaller capitalization companies during periods when the stocks<br />of such companies are in favor.<br /> <br />o Small and midsize company risk. Small and midsize companies carry additional<br />risks because the operating histories of these companies tend to be more<br />limited, their earnings and revenues less predictable (and some companies may <br />be experiencing significant losses), and their share prices more volatile than<br />those of larger, more established companies. The shares of smaller companies<br />tend to trade less frequently than those of larger, more established companies,<br />which can adversely affect the pricing of these securities and the fund's<br />ability to sell these securities.<br /> <br />o Foreign investment risk. Special risks associated with investments in foreign<br />issuers include exposure to currency fluctuations, less liquidity, less developed <br />or less efficient trading markets, lack of comprehensive company information, <br />political and economic instability and differing auditing and legal standards. <br />Investments denominated in foreign currencies are subject to the risk that such <br />currencies will decline in value relative to the U.S. dollar and affect the value <br />of these investments held by the fund. These risks are heightened for investments <br />in emerging markets.<br /> <br />o Interest rate risk. Prices of bonds tend to move inversely with changes in<br />interest rates. Typically, a rise in rates will adversely affect bond prices<br />and, accordingly, the fund's share price. The longer the effective maturity and<br />duration of the fund's portfolio, the more the fund's share price is likely to<br />react to interest rates.<br /> <br />o Credit risk. Failure of an issuer to make timely interest or principal<br />payments, or a decline or perception of a decline in the credit quality of <br />a bond, can cause a bond's price to fall, potentially lowering the fund's <br />share price. The lower a bond's credit rating, the greater the chance - in <br />the rating agency's opinion - that the bond issuer will default or fail to <br />meet its payment obligations. High yield ("junk") bonds involve greater <br />credit risk, including the risk of default, than investment grade bonds, and <br />are considered predominantly speculative with respect to the issuer's ability <br />to make principal and interest payments. The prices of high yield bonds can <br />fall dramatically in response to bad news about the issuer or its industry, <br />or the economy in general.<br /> <br />o Market sector risk. The fund may significantly overweight or underweight<br />certain companies, industries or market sectors, which may cause the fund's<br />performance to be more or less sensitive to developments affecting those<br />companies, industries or sectors.<br /> <br />o Liquidity risk. When there is little or no active trading market for a<br />security, the fund may not be able to sell the security in a timely manner <br />at its perceived value, which could cause the fund's share price to fall.<br />Investments in foreign securities, particularly those of issuers located in<br />emerging markets, tend to have greater exposure to liquidity risk than domestic<br />securities.</tt>
Fees and Expenses
Principal Investment Strategy
www.dreyfus.com
<tt>The following bar chart and table provide some indication of the risks of<br />investing in the fund. The table compares the average annual total returns <br />of the fund's shares to those of a broad measure of market performance.<br />The fund's past performance (before and after taxes) is not necessarily <br />an indication of how the fund will perform in the future. More recent <br />performance information may be available at www.dreyfus.com.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy <br />and hold shares of the fund.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal tax rates, and do not reflect the impact of state and local taxes.<br />Actual after-tax returns depend on the investor's tax situation and may differ<br />from those shown, and the after-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements such as 401(k) plans or<br />individual retirement accounts.</tt>
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.
Customized Blended Index reflects no deduction for fees, expenses or taxes
0.0324
0.0953
2009-10-01
Standard & Poor's 500 Composite Stock Price Index reflects no deduction for fees, expenses or taxes
0.0209
0.1026
2009-10-01
Fund returns after taxes on distributions and sale of fund shares
-0.0171
0.0568
2009-10-01
Fund returns after taxes on distributions
-0.0351
0.0635
2009-10-01
SGALX
Worst Quarter
Best Quarter
2012-09-30
Fund returns before taxes
119
2010-09-30
524
-0.1368
-0.0072
0.1395
2153
954
0.1060
-0.0320
0.0101
0.00
2014-01-01
2011-09-30
year-to-date total return
-0.0320
0.0117
0.0189
0.0669
2009-10-01
0.1097
0.0088
<tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />During the most recent fiscal year, the fund's portfolio turnover rate was<br />28.82% of the average value of its portfolio.</tt>
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<tt>The fund seeks a balance of current income and capital appreciation.</tt>
<tt>The Example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. The one-year example and the first year of the three-, five-,<br />and ten-years examples are based on net operating expenses, which reflect the<br />expense waiver/reimbursement by The Dreyfus Corporation. Although your actual<br />costs may be higher or lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>To pursue its goal, the fund normally allocates its net assets among other<br />mutual funds advised by The Dreyfus Corporation or its affiliates, referred <br />to as underlying funds, that invest in a wide range of equity and fixed-income<br />securities. The fund normally allocates 60% of its assets to the equity asset<br />class and 40% of its assets to the fixed-income asset class by investing in<br />underlying funds that invest primarily in equity and fixed-income securities,<br />respectively. The fund may invest in underlying funds that invest in U.S.<br />large-, mid- and small-cap equity securities, international equity securities,<br />emerging markets equity securities and global equity securities, which comprise<br />the equity asset category. The fund also may invest in underlying funds that<br />invest in U.S. and international fixed-income securities, which comprise the<br />fixed-income asset category.<br />  <br />Although an investor may achieve the same level of diversification by investing<br />directly in a variety of Dreyfus-managed funds, the fund provides investors with<br />a means to simplify their investment decisions by investing in a single<br />diversified portfolio. The fund is designed for investors with moderate-to-high<br />risk tolerances.<br /><br />The underlying funds are selected by the Dreyfus Investment Committee based on<br />their investment objectives and management policies, portfolio holdings,<br />risk/reward profiles, historical performance, and other factors, including the<br />correlation and covariance among the underlying funds. The underlying funds in<br />which the fund may invest, as of the date of this Prospectus, are as follows:<br /><br />Equity Investments                                                               <br />U.S. Large-Cap                              International                        <br />Dreyfus Appreciation Fund, Inc.             Dreyfus/Newton International Equity  <br />                                            Fund                                 <br />Dreyfus Research Growth Fund                Dreyfus International Equity Fund    <br />Dreyfus Strategic Value Fund                Dreyfus International Value Fund     <br />Dreyfus Disciplined Stock Fund              International Stock Fund             <br />Dreyfus U.S. Equity Fund                    Dreyfus International Stock Index    <br />                                            Fund                                 <br />Dreyfus BASIC S&P 500 Stock Index Fund      Emerging Markets                     <br />U.S. Mid-/Small-Cap                         Dreyfus Emerging Markets Fund        <br />Dreyfus Select Managers Small Cap Value     Global                               <br />Fund                                        <br />Dreyfus Opportunistic Midcap Value Fund     Dreyfus Global Absolute Return Fund  <br />Dreyfus MidCap Core Fund                    Dreyfus Global Real Estate Securities<br />                                            Fund                                 <br />Dreyfus/The Boston Company Small/Mid Cap                                         <br />Growth Fund                                 <br />Dreyfus Smallcap Stock Index Fund                                                <br />Dreyfus Midcap Index Fund, Inc.                                                  <br />                                                                                 <br />Fixed-Income Investments                                                         <br />U.S. Fixed-Income                           International Fixed-Income           <br />Dreyfus Total Return Advantage Fund         Dreyfus Emerging Markets Debt Local  <br />                                            Currency Fund                        <br />Dreyfus Short-Intermediate Government Fund  Dreyfus International Bond Fund      <br />Dreyfus GNMA Fund                                                                <br />Dreyfus Opportunistic Fixed Income Fund                                          <br />Dreyfus High Yield Fund                                                          <br />Dreyfus Bond Market Index Fund                                                   <br />Dreyfus Inflation Adjusted Securities Fund                                       <br />Dreyfus U.S. Treasury Intermediate Term                                          <br />Fund                                        <br />Dreyfus U.S. Treasury Long Term Fund</tt>
Fund Summary
Example
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.
Investment Objective
The fund's past performance (before and after taxes) is not necessarily
an indication of how the fund will perform in the future.
The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
Principal Risks
0.2882
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.
Year-by-Year Total Returns as of 12/31 each year (%)
Performance
The following bar chart and table provide some indication of the risks of investing in the fund.
<tt>Best Quarter<br />Q3, 2010: 8.89%<br />Worst Quarter<br />Q3, 2011: -10.44% <br />The fund's year-to-date total return as of 9/30/12 was 9.82%.</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of 12/31/11)
<tt>The bar chart shows changes in the performance of the fund's shares from year <br />to year.</tt>
Portfolio Turnover
<tt>An investment in the fund is not a bank deposit. It is not insured or <br />guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any <br />other government agency. It is not a complete investment program. The <br />fund's share price fluctuates, sometimes dramatically, which means you <br />could lose money.<br /> <br />An investment in the fund is subject to the following principal risks:<br /> <br />o Allocation risk. The ability of the fund to achieve its investment goal<br />depends, in part, on the ability of the Dreyfus Investment Committee to <br />allocate effectively the fund's assets among the underlying funds. There <br />can be no assurance that the actual allocations will be effective in <br />achieving the fund's investment goal. The underlying funds may not achieve <br />their investment objectives, and their performance may be lower than that <br />of the overall performance of the asset class the underlying funds were <br />selected to represent. The fund typically invests in a number of different <br />underlying funds; however, to the extent the fund invests a significant <br />portion of its assets in a single underlying fund, the fund will be more <br />sensitive to the risks associated with that underlying fund and any <br />investments in which that underlying fund concentrates.<br /> <br />o Conflicts of interest risk. The fund's investment adviser, The Dreyfus<br />Corporation, or its affiliates may serve as investment adviser to the underlying<br />funds. The interests of the fund on the one hand, and those of an underlying<br />fund on the other, will not always be the same. Therefore, conflicts may arise<br />as the investment adviser fulfills its fiduciary duty to the fund and the<br />underlying funds. In addition, the Dreyfus Investment Committee recommends asset<br />allocations among the underlying funds, each of which pays advisory fees at<br />different rates to The Dreyfus Corporation or its affiliates. These situations<br />are considered by the fund's board when it reviews the asset allocations for the<br />fund.<br />  <br />o Correlation risk. Although the prices of equity securities and fixed-income<br />securities often rise and fall at different times so that a fall in the price <br />of one may be offset by a rise in the price of the other, in down markets the<br />prices of these securities can also fall in tandem. Because the fund invests <br />in equity securities and fixed-income securities, it is subject to correlation<br />risk.<br /> <br />The fund is subject to the same principal risks as the underlying funds in which<br />it invests, which are summarized below. For more information regarding these and<br />other risks of the underlying funds, see the prospectus for the specific<br />underlying fund.<br /> <br />o Risks of stock investing. Stocks generally fluctuate more in value than bonds<br />and may decline significantly over short time periods. There is the chance that<br />stock prices overall will decline because stock markets tend to move in cycles,<br />with periods of rising prices and falling prices. The market value of a stock<br />may decline due to general weakness in the stock market or because of factors<br />that affect the company or its particular industry.<br /> <br />o Large cap stock risk. To the extent the fund invests in large capitalization<br />stocks, the fund may underperform funds that invest primarily in the stocks of<br />lower quality, smaller capitalization companies during periods when the stocks<br />of such companies are in favor.<br /> <br />o Small and midsize company risk. Small and midsize companies carry additional<br />risks because the operating histories of these companies tend to be more<br />limited, their earnings and revenues less predictable (and some companies may <br />be experiencing significant losses), and their share prices more volatile than<br />those of larger, more established companies. The shares of smaller companies<br />tend to trade less frequently than those of larger, more established companies,<br />which can adversely affect the pricing of these securities and the fund's<br />ability to sell these securities.<br /> <br />o Foreign investment risk. Special risks associated with investments in foreign<br />issuers include exposure to currency fluctuations, less liquidity, less<br />developed or less efficient trading markets, lack of comprehensive company<br />information, political and economic instability and differing auditing and legal<br />standards. Investments denominated in foreign currencies are subject to the risk<br />that such currencies will decline in value relative to the U.S. dollar and<br />affect the value of these investments held by the fund. These risks are<br />heightened for investments in emerging markets.<br /> <br />o Interest rate risk. Prices of bonds tend to move inversely with changes in<br />interest rates. Typically, a rise in rates will adversely affect bond prices<br />and, accordingly, the fund's share price. The longer the effective maturity and<br />duration of the fund's portfolio, the more the fund's share price is likely to<br />react to interest rates.<br /> <br />o Credit risk. Failure of an issuer to make timely interest or principal<br />payments, or a decline or perception of a decline in the credit quality of a<br />bond, can cause a bond's price to fall, potentially lowering the fund's share<br />price. The lower a bond's credit rating, the greater the chance - in the rating<br />agency's opinion - that the bond issuer will default or fail to meet its payment<br />obligations. High yield ("junk") bonds involve greater credit risk, including<br />the risk of default, than investment grade bonds, and are considered<br />predominantly speculative with respect to the issuer's ability to make principal<br />and interest payments. The prices of high yield bonds can fall dramatically in<br />response to bad news about the issuer or its industry, or the economy in<br />general.<br /> <br />o Market sector risk. The fund may significantly overweight or underweight<br />certain companies, industries or market sectors, which may cause the fund's<br />performance to be more or less sensitive to developments affecting those<br />companies, industries or sectors.<br /> <br />o Liquidity risk. When there is little or no active trading market for a<br />security, the fund may not be able to sell the security in a timely manner <br />at its perceived value, which could cause the fund's share price to fall.<br />Investments in foreign securities, particularly those of issuers located in<br />emerging markets, tend to have greater exposure to liquidity risk than domestic<br />securities.</tt>
Fees and Expenses
Principal Investment Strategy
www.dreyfus.com
<tt>The following bar chart and table provide some indication of the risks of<br />investing in the fund. The table compares the average annual total returns <br />of the fund's shares to those of a broad measure of market performance. <br />The fund's past performance (before and after taxes) is not necessarily an<br />indication of how the fund will perform in the future. More recent <br />performance information may be available at www.dreyfus.com.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal tax rates, and do not reflect the impact of state and local taxes.<br />Actual after-tax returns depend on the investor's tax situation and may differ<br />from those shown, and the after-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements such as 401(k) plans or<br />individual retirement accounts.</tt>
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.
Customized Blended Index reflects no deduction for fees, expenses or taxes
0.0439
0.0879
2009-10-01
Standard & Poor's 500 Composite Stock Price Index reflects no deduction for fees, expenses or taxes
0.0209
0.1026
2009-10-01
Fund returns after taxes on distributions and sale of fund shares
-0.0041
0.0560
2009-10-01
Fund returns after taxes on distributions
-0.0164
0.0622
2009-10-01
SMDAX
Worst Quarter
Best Quarter
2012-09-30
Fund returns before taxes
107
2010-09-30
407
-0.1044
-0.0034
0.1222
1639
728
0.0889
-0.0131
0.0063
0.00
2014-01-01
2011-09-30
year-to-date total return
-0.0131
0.0105
0.0139
0.0661
2009-10-01
0.0982
0.0076
<tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />During the most recent fiscal year, the fund's portfolio turnover rate was<br />25.89% of the average value of its portfolio.</tt>
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<tt>The fund seeks current income with some consideration for capital appreciation.</tt>
<tt>The Example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. The one-year example and the first year of the three-, five-,<br />and ten- years examples are based on net operating expenses, which reflect the<br />expense waiver/reimbursement by The Dreyfus Corporation. Although your actual<br />costs may be higher or lower, based on these assumptions your costs would be:</tt>
reflects no deduction for fees, expenses or taxes
<tt>To pursue its goal, the fund normally allocates its net assets among other<br />mutual funds advised by The Dreyfus Corporation or its affiliates, referred to<br />as underlying funds, that invest in a wide range of equity and fixed-income<br />securities. The fund normally allocates 60% of its assets to the fixed-income<br />asset class and 40% of its assets to the equity asset class by investing in<br />underlying funds that invest primarily in fixed-income and equity securities,<br />respectively. The fund may invest in underlying funds that invest in U.S. and<br />international fixed-income securities, which comprise the fixed-income asset<br />category. The fund also may invest in underlying funds that invest in U.S.<br />large-, mid- and small-cap equity securities, international equity securities,<br />emerging markets equity securities and global equity securities, which comprise<br />the equity asset category.<br /><br />Although an investor may achieve the same level of diversification by investing<br />directly in a variety of Dreyfus-managed funds, the fund provides investors with<br />a means to simplify their investment decisions by investing in a single diversified <br />portfolio. The fund is designed for investors with lower risk tolerances.<br /> <br />The underlying funds are selected by the Dreyfus Investment Committee based on<br />their investment objectives and management policies, portfolio holdings,<br />risk/reward profiles, historical performance, and other factors, including the<br />correlation and covariance among the underlying funds. The underlying funds in<br />which the fund may invest, as of the date of this Prospectus, are as follows:<br /><br />Equity Investments                                                               <br />U.S. Large-Cap                              International                        <br />Dreyfus Appreciation Fund, Inc.             Dreyfus/Newton International Equity  <br />                                            Fund                                 <br />Dreyfus Research Growth Fund                Dreyfus International Equity Fund    <br />Dreyfus Strategic Value Fund                Dreyfus International Value Fund     <br />Dreyfus Disciplined Stock Fund              International Stock Fund             <br />Dreyfus U.S. Equity Fund                    Dreyfus International Stock Index    <br />                                            Fund                                 <br />Dreyfus BASIC S&P 500 Stock Index Fund      Emerging Markets                     <br />U.S. Mid-/Small-Cap                         Dreyfus Emerging Markets Fund        <br />Dreyfus Select Managers Small Cap Value     Global                               <br />Fund                                        <br />Dreyfus Opportunistic Midcap Value Fund     Dreyfus Global Absolute Return Fund  <br />Dreyfus MidCap Core Fund                    Dreyfus Global Real Estate Securities<br />                                            Fund                                 <br />Dreyfus/The Boston Company Small/Mid Cap                                         <br />Growth Fund                                 <br />Dreyfus Smallcap Stock Index Fund                                                <br />Dreyfus Midcap Index Fund, Inc.                                                  <br />                                                                                 <br />Fixed-Income Investments                                                         <br />U.S. Fixed-Income                           International Fixed-Income           <br />Dreyfus Total Return Advantage Fund         Dreyfus Emerging Markets Debt Local  <br />                                            Currency Fund                        <br />Dreyfus Short-Intermediate Government Fund  Dreyfus International Bond Fund      <br />Dreyfus GNMA Fund                                                                <br />Dreyfus Opportunistic Fixed Income Fund                                          <br />Dreyfus High Yield Fund                                                          <br />Dreyfus Bond Market Index Fund                                                   <br />Dreyfus Inflation Adjusted Securities Fund                                       <br />Dreyfus U.S. Treasury Intermediate Term                                          <br />Fund                                        <br />Dreyfus U.S. Treasury Long Term Fund</tt>
Fund Summary
Example
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.
Investment Objective
The fund's past performance (before and after taxes) is not necessarily
an indication of how the fund will perform in the future.
The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
Principal Risks
0.2589
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.
Year-by-Year Total Returns as of 12/31 each year (%)
Performance
The following bar chart and table provide some indication of the risks of investing in the fund.
<tt>Best Quarter <br />Q3, 2010: 7.51% <br />Worst Quarter <br />Q3, 2011: -7.46% <br />The fund's year-to-date total return as of 9/30/12 was 8.72%.</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of 12/31/11)
<tt>The bar chart shows changes in the performance of the fund's shares from year <br />to year.</tt>
Portfolio Turnover
<tt>An investment in the fund is not a bank deposit. It is not insured or <br />guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any <br />other government agency. It is not a complete investment program. The <br />fund's share price fluctuates, sometimes dramatically, which means you <br />could lose money.<br /> <br />An investment in the fund is subject to the following principal risks:<br /> <br />o Allocation risk. The ability of the fund to achieve its investment goal<br />depends, in part, on the ability of the Dreyfus Investment Committee to <br />allocate effectively the fund's assets among the underlying funds. There <br />can be no assurance that the actual allocations will be effective in <br />achieving the fund's investment goal. The underlying funds may not achieve <br />their investment objectives, and their performance may be lower than that <br />of the overall performance of the asset class the underlying funds were <br />selected to represent. The fund typically invests in a number of different <br />underlying funds; however, to the extent the fund invests a significant <br />portion of its assets in a single underlying fund, the fund will be more <br />sensitive to the risks associated with that underlying fund and any <br />investments in which that underlying fund concentrates.<br /> <br />o Conflicts of interest risk. The fund's investment adviser, The Dreyfus<br />Corporation, or its affiliates may serve as investment adviser to the underlying<br />funds. The interests of the fund on the one hand, and those of an underlying<br />fund on the other, will not always be the same. Therefore, conflicts may arise<br />as the investment adviser fulfills its fiduciary duty to the fund and the<br />underlying funds. In addition, the Dreyfus Investment Committee recommends asset<br />allocations among the underlying funds, each of which pays advisory fees at<br />different rates to The Dreyfus Corporation or its affiliates. These situations<br />are considered by the fund's board when it reviews the asset allocations for the<br />fund.<br /><br />o Correlation risk. Although the prices of equity securities and fixed-income<br />securities often rise and fall at different times so that a fall in the price <br />of one may be offset by a rise in the price of the other, in down markets the<br />prices of these securities can also fall in tandem. Because the fund invests <br />in equity securities and fixed-income securities, it is subject to correlation<br />risk.<br /> <br />The fund is subject to the same principal risks as the underlying funds in which<br />it invests, which are summarized below. For more information regarding these and<br />other risks of the underlying funds, see the prospectus for the specific<br />underlying fund.<br /> <br />o Risks of stock investing. Stocks generally fluctuate more in value than bonds<br />and may decline significantly over short time periods. There is the chance that<br />stock prices overall will decline because stock markets tend to move in cycles,<br />with periods of rising prices and falling prices. The market value of a stock<br />may decline due to general weakness in the stock market or because of factors<br />that affect the company or its particular industry.<br /> <br />o Large cap stock risk. To the extent the fund invests in large capitalization<br />stocks, the fund may underperform funds that invest primarily in the stocks of<br />lower quality, smaller capitalization companies during periods when the stocks<br />of such companies are in favor.<br /> <br />o Small and midsize company risk. Small and midsize companies carry additional<br />risks because the operating histories of these companies tend to be more<br />limited, their earnings and revenues less predictable (and some companies may <br />be experiencing significant losses), and their share prices more volatile than<br />those of larger, more established companies. The shares of smaller companies<br />tend to trade less frequently than those of larger, more established companies,<br />which can adversely affect the pricing of these securities and the fund's<br />ability to sell these securities.<br /> <br />o Foreign investment risk. Special risks associated with investments in foreign<br />issuers include exposure to currency fluctuations, less liquidity, less developed <br />or less efficient trading markets, lack of comprehensive company information, <br />political and economic instability and differing auditing and legal standards. <br />Investments denominated in foreign currencies are subject to the risk that such <br />currencies will decline in value relative to the U.S. dollar and affect the value <br />of these investments held by the fund. These risks are heightened for investments <br />in emerging markets.<br /> <br />o Interest rate risk. Prices of bonds tend to move inversely with changes in<br />interest rates. Typically, a rise in rates will adversely affect bond prices<br />and, accordingly, the fund's share price. The longer the effective maturity and<br />duration of the fund's portfolio, the more the fund's share price is likely to<br />react to interest rates.<br /> <br />o Credit risk. Failure of an issuer to make timely interest or principal<br />payments, or a decline or perception of a decline in the credit quality of a<br />bond, can cause a bond's price to fall, potentially lowering the fund's share<br />price. The lower a bond's credit rating, the greater the chance - in the rating<br />agency's opinion - that the bond issuer will default or fail to meet its payment<br />obligations. High yield ("junk") bonds involve greater credit risk, including<br />the risk of default, than investment grade bonds, and are considered predominantly <br />speculative with respect to the issuer's ability to make principal and interest <br />payments. The prices of high yield bonds can fall dramatically in response to bad <br />news about the issuer or its industry, or the economy in general.<br /> <br />o Market sector risk. The fund may significantly overweight or underweight<br />certain companies, industries or market sectors, which may cause the fund's<br />performance to be more or less sensitive to developments affecting those<br />companies, industries or sectors.<br /> <br />o Liquidity risk. When there is little or no active trading market for a<br />security, the fund may not be able to sell the security in a timely manner <br />at its perceived value, which could cause the fund's share price to fall.<br />Investments in foreign securities, particularly those of issuers located in<br />emerging markets, tend to have greater exposure to liquidity risk than domestic<br />securities.</tt>
Fees and Expenses
Principal Investment Strategy
www.dreyfus.com
<tt>The following bar chart and table provide some indication of the risks of<br />investing in the fund. The table compares the average annual total returns <br />of the fund's shares to those of a broad measure of market performance. The <br />fund's past performance (before and after taxes) is not necessarily an<br />indication of how the fund will perform in the future. More recent performance<br />information may be available at www.dreyfus.com.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt>
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<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal tax rates, and do not reflect the impact of state and local taxes.<br />Actual after-tax returns depend on the investor's tax situation and may differ<br />from those shown, and the after-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements such as 401(k) plans or<br />individual retirement accounts.</tt>
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.
Customized Blended Index reflects no deduction for fees, expenses or taxes
0.0554
0.0803
2009-10-01
Standard & Poor's 500 Composite Stock Price Index reflects no deduction for fees, expenses or taxes
0.0209
0.1026
2009-10-01
Fund returns after taxes on distributions and sale of fund shares
0.0077
0.0523
2009-10-01
Fund returns after taxes on distributions
0.0011
0.0574
2009-10-01
SCALX
Worst Quarter
Best Quarter
2012-09-30
Fund returns before taxes
95
2010-09-30
414
-0.0746
-0.0055
0.1097
1721
756
0.0751
0.0047
0.0084
0.00
2014-01-01
2011-09-30
year-to-date total return
0.0047
0.0093
0.0148
0.0621
2009-10-01
0.0872
0.0064
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pure
iso4217:USD
The Dreyfus Corporation has contractually agreed, until January 1, 2014, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses (excluding taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .93%. On or after January 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.
The Dreyfus Corporation has contractually agreed, until January 1, 2014, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses (excluding taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 1.05%. On or after January 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.
The Dreyfus Corporation has contractually agreed, until January 1, 2014, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses (excluding taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 1.17%. On or after January 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.