lp1dif.htm - Generated by SEC Publisher for SEC Filing

0000819940-13-000024.txt : 20130220 0000819940-13-000024.hdr.sgml : 20130220 20130220164807 ACCESSION NUMBER: 0000819940-13-000024 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130220 DATE AS OF CHANGE: 20130220 EFFECTIVENESS DATE: 20130220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS INVESTMENT FUNDS CENTRAL INDEX KEY: 0000799295 IRS NUMBER: 043106135 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-08214 FILM NUMBER: 13627376 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 212-922-6000 MAIL ADDRESS: STREET 1: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: MELLON INSTITUTIONAL FUNDS INVESTMENT TRUST DATE OF NAME CHANGE: 20030707 FORMER COMPANY: FORMER CONFORMED NAME: STANDISH AYER & WOOD INVESTMENT TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS INVESTMENT FUNDS CENTRAL INDEX KEY: 0000799295 IRS NUMBER: 043106135 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04813 FILM NUMBER: 13627377 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 212-922-6000 MAIL ADDRESS: STREET 1: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: MELLON INSTITUTIONAL FUNDS INVESTMENT TRUST DATE OF NAME CHANGE: 20030707 FORMER COMPANY: FORMER CONFORMED NAME: STANDISH AYER & WOOD INVESTMENT TRUST DATE OF NAME CHANGE: 19920703

0000799295 S000011353 Dreyfus/The Boston Company Emerging Markets Core Equity Fund

C000031459 Class I SBCEX

C000075525 Class A

C000075526 Class C

0000799295 S000011499 Dreyfus/The Boston Company Small/Mid Cap Growth Fund

C000031760 Class I SDSCX

C000075527 Class A

C000075528 Class C

0000799295 S000011511 Dreyfus/Newton International Equity Fund

C000031772 Dreyfus/Newton International Equity Fund - Class I SNIEX

C000062293 Class A NIEAX

C000062294 Class C NIECX

0000799295 S000011514 Dreyfus/The Boston Company Large Cap Core Fund

C000031775 Class I SDEQX

C000075529 Class A

C000075530 Class C

0000799295 S000011515 Dreyfus/The Boston Company Small Cap Growth Fund

C000031776 Dreyfus/The Boston Company Small Cap Growth Fund - Class I SSETX

0000799295 S000011516 Dreyfus/The Boston Company Small Cap Value Fund

C000031777 Dreyfus/The Boston Company Small Cap Value Fund - Class I STSVX

C000123289 Dreyfus/The Boston Company Small Cap Value Fund - Class A RUDAX

0000799295 S000011667 Dreyfus/Standish Intermediate Tax Exempt Bond Fund

C000032018 Class I SDITX

C000075531 Class A

C000075532 Class C

485BPOS 1 lp1dif.htm POST-EFFECTIVE AMENDMENT NO. 159 lp1dif.htm - Generated by SEC Publisher for SEC Filing

File No. 33-08214

811-04813

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No. [__]

Post-Effective Amendment No. 159 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 159 [X]

(Check appropriate box or boxes.)

Dreyfus Investment Funds

(Exact Name of Registrant as Specified in Charter)

c/o The Dreyfus Corporation

200 Park Avenue, New York, New York 10166

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (212) 922-6000

Janette Farragher, Esq.

200 Park Avenue

New York, New York 10166

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)

X immediately upon filing pursuant to paragraph (b)

___ on (date) pursuant to paragraph (b)

___ days after filing pursuant to paragraph (a)(1)

___ on (date) pursuant to paragraph (a)(1)

___ days after filing pursuant to paragraph (a)(2)

___ on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

___ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

The following post-effective amendment to the Registrant’s Registration Statement on Form N-1A relates to the series listed below and does not affect the Registration Statement of Dreyfus/Standish Global Fixed Income Fund.

Dreyfus/The Boston Company Emerging Markets Core Equity Fund

Dreyfus/The Boston Company Small Cap Growth Fund

Dreyfus/The Boston Company Small Cap Value Fund

Dreyfus/The Boston Company Small/Mid Cap Growth Fund

Dreyfus/Standish Intermediate Tax Exempt Bond Fund

Dreyfus/Newton International Equity Fund

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 20th day of February, 2013

Dreyfus Investment Funds


BY:	/s/ Bradley J. Skapyak*
	Bradley J. Skapyak, PRESIDENT

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


Signatures		Title	Date

/s/ Bradley J. Skapyak*		President (Principal Executive Officer)	2/20/13
Bradley J. Skapyak
/s/ James Windels*		Treasurer (Principal Financial and Accounting Officer)	2/20/13
James Windels
/s/ Joseph S. DiMartino*		Chairman of the Board	2/20/13
Joseph S. DiMartino
/s/ James M. Fitzgibbons*		Board Member	2/20/13
James M. Fitzgibbons
/s/ Kenneth A. Himmel*		Board Member	2/20/13
Kenneth A. Himmel
/s/ Stephen J. Lockwood*		Board Member	2/20/13
Stephen J. Lockwood
/s/ Roslyn M. Watson*		Board Member	2/20/13
Roslyn M. Watson
/s/ Benaree Pratt Wiley*		Board Member	2/20/13
Benaree Pratt Wiley
/s/ Francine J. Bovich*		Board Member	2/20/13
Francine J. Bovich
*BY:	/s/ James Bitetto
	James Bitetto Attorney-in-Fact

INDEX OF EXHIBITS

Exhibits

EX-101.INS – Instance Document.

EX-101.SCH – Taxonomy.

EX-101.CAL – Calculation Linkbase.

EX-101.DEF – Definition Linkbase.

EX-101.LAB – Labels Linkbase.

EX-101.PRE – Presentation Linkbase.

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1.00% if redeemed within one year. The Dreyfus Corporation has contractually agreed to waive receipt of its fees and/or assume the expenses of the fund, until February 1, 2014, so that annual direct fund operating expenses of Class A shares, Class C shares and Class I shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, acquired fund fees and extraordinary expenses) do not exceed 1.35%. On or after February 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Other expenses for Class A are based on estimated amounts for the current fiscal year. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. The Dreyfus Corporation has contractually agreed, until February 1, 2014, to waive receipt of its fees and/or assume the expenses of the fund, so that the expenses of Class A, Class C and Class I (excluding Rule 12b-1 distribution fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowing and extraordinary expenses) do not exceed .45%. On or after February 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time. DREYFUS INVESTMENT FUNDS 485BPOS false 0000799295 2012-09-30 2013-01-28 2013-02-01 2013-02-01 Dreyfus/The Boston Company Emerging Markets Core Equity Fund SBCEX 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 equity securities of companies that are located in foreign countries represented in the Morgan Stanley Capital International Emerging Markets (MSCI® EM) Index. The fund intends to invest in a broad range of countries and will invest generally in a minimum of five different countries. However, the fund is not required to invest in every country represented in, or to match the country weightings of, the MSCI® EM Index. The fund employs a bottom-up investment approach which emphasizes individual stock selection through the use of proprietary computer models and fundamental analysis for the fund. The fund's stock selection process is designed to produce a diversified portfolio that, relative to the MSCI® EM Index, frequently has a below-average price/earnings ratio and an above-average earnings growth trend. Country, sector and industry allocations are generally in line with the MSCI® EM Index, but deviations from the MSCI® EM Index may occur. Investment Objective The fund seeks long-term growth of capital. 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. · Risks of stock investing. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry. · Foreign investment risk. The fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. 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. To the extent the fund's investments are concentrated in a limited number of foreign countries, the fund's performance could be more volatile than that of more geographically diversified funds. · Emerging market risk. The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price. · Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. Foreign currencies are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls. · 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. Investment in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. 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 not necessarily an indication of how the fund will perform in the future. 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. More recent performance information may be available at www.dreyfus.com. Year-by-Year Total Returns as of 12/31 each year (%) Class I 0.4045 -0.5029 0.7624 0.1805 -0.2181 0.1714 ~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~ Best Quarter 0.3306 2009-06-30 Worst Quarter -0.2888 2008-12-31 <table> <tr> <td style="vertical-align: top;"> Best Quarter Q2, 2009: 33.06% Worst Quarter Q4, 2008: -28.88% </td> </tr> <tr> <td>   </td> <td>   </td> </tr> </table> After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. 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. The performance figures for the fund's Class A and Class C shares for periods prior to 3/31/09 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. 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 Class A and Class C shares for such periods may have been lower. For comparative purposes, the value of the MSCI® EM Index on 6/30/06 is used as the beginning value on 7/10/06. 0.1714 -0.0108 0.0777 0.1743 -0.0154 0.0689 0.1143 -0.0067 0.0677 0.0971 -0.0271 0.0640 0.1456 -0.0212 0.0689 0.1822 -0.0092 0.0793 2009-03-31 2006-07-10 2009-03-31 2006-07-10 ~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000799295_S000011353Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following bar chart and table provide some indication of the risks of investing in the fund. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. reflects no deduction for fees, expenses or taxes 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. www.dreyfus.com 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 12/31/12) Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 9 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information. 0.0575 0.0000 0.0000 0.0000 0.0100 0.0000 -0.0200 -0.0200 -0.0200 0.0110 0.0110 0.0110 0.0000 0.0075 0.0000 0.0445 0.0394 0.0356 0.0555 0.0579 0.0466 -0.0395 -0.0344 -0.0331 0.0160 0.0235 0.0135 ~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~ 2014-02-01 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) 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-years 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: 728 1804 2868 5477 338 1417 2578 5401 137 1107 2083 4552 728 1804 2868 5477 238 1417 2578 5401 137 1107 2083 4552 ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: 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 70.79% of the average value of its portfolio. 0.7079 Dreyfus/The Boston Company Small Cap Growth Fund SSETX 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 equity securities of small-cap U.S. companies. The fund currently considers small-cap companies to be those with total market capitalizations, at the time of purchase, that are equal to or less than the total market capitalization of the largest company included in Russell 2000® Growth Index as of the Index's most recent reconstitution date. The fund's portfolio managers employ a growth-oriented investment style in managing the fund's portfolio, which means the portfolio managers seek to identify those small-cap companies which are experiencing or are expected to experience rapid earnings or revenue growth. The portfolio managers focus on high quality companies and individual stock selection, instead of trying to predict which industries or sectors will perform best and select stocks by: · Using fundamental research to identify and follow companies considered to have attractive characteristics, such as strong business and competitive positions, solid cash flows and balance sheets, high quality management and high sustainable growth; and · Investing in a company when the portfolio managers' research indicates that the company will experience accelerating revenues and expanding operating margins, which may lead to rising estimate trends and favorable earnings surprises. The fund's investment strategy may lead it to emphasize certain sectors, such as technology, health care, business services and communications. The fund does not have any limitations regarding portfolio turnover. The fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%. A portfolio turnover of 100% is equivalent to the fund buying and selling all of the securities in its portfolios once during the course of a year. Investment Objective The fund seeks long-term growth of capital. 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. · Risks of stock investing. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry. · Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities. · Growth stock risk. Investors often expect growth companies to increase their earnings at a certain rate. If these expectations are not met, investors can punish the stocks inordinately, even if earnings do increase. In addition, growth stocks may lack the dividend yield that may cushion stock prices in market downturns. · Market sector risk. The fund may significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund's performance to be more or less sensitive to developments affecting those companies, industries or sectors. · Liquidity risk. When there is little or no active trading market for a security, the fund may not be able to sell the security in a timely manner at its perceived value, which could cause the fund's share price to fall. · Portfolio turnover risk. The fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions, and lower the fund's after-tax performance. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. 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 not necessarily an indication of how the fund will perform in the future. More recent performance information may be available at www.dreyfus.com. Year-by-Year Total Returns as of 12/31 each year (%) Class I 0.4524 0.1547 0.0835 0.1569 0.0891 -0.3746 0.2152 0.2322 -0.0183 0.1096 ~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000799295_S000011515Member row primary compact * ~ Best Quarter 0.2001 2003-06-30 Worst Quarter -0.2646 2008-12-31 <table> <tr> <td style="vertical-align: top;"> Best Quarter Q2, 2003: 20.01% Worst Quarter Q4, 2008: (26.46)% </td> </tr> <tr> <td>   </td> <td>   </td> </tr> </table> 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. 0.1096 0.0040 0.0885 0.0927 0.0003 0.0865 0.0933 0.0033 0.0787 0.1459 0.0349 0.0980 ~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0000799295_S000011515Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following bar chart and table provide some indication of the risks of investing in the fund. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. reflects no deduction for fees, expenses or taxes www.dreyfus.com 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 12/31/12) Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. 0.0080 0.0022 0.0102 ~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0000799295_S000011515Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 104 325 563 1248 ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0000799295_S000011515Member row primary compact * ~ 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 154.49% of the average value of its portfolio. 1.5449 Dreyfus/The Boston Company Small Cap Value Fund STSVX RUDAX 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 equity securities of small-cap U.S. companies. The fund currently considers small-cap companies to be those with total market capitalizations, at the time of purchase, that are equal to or less than the total market capitalization of the largest company included in the Russell 2000® Value Index as of the Index's most recent reconstitution date. The fund’s portfolio managers use fundamental research and qualitative analysis to select stocks among the portfolio candidates. The portfolio managers look for companies with strong competitive positions, high quality management, and financial strength. The portfolio managers use a variety of screening methods to identify small-cap companies that might be attractive investments. Once attractive investments have been identified, the portfolio managers then use a consistent three-step fundamental research process to evaluate the stocks, consisting of: · Valuation: to identify small-cap companies that are considered to be attractively priced relative to their earnings potential; · Fundamentals: to verify the strength of the underlying business position; and · Catalyst: to identify a specific event that has the potential to cause the stocks to appreciate in value. The portfolio managers focus primarily on individual stock selection instead of trying to predict which industries or sectors will perform best. The stock selection process is designed to produce a diversified portfolio of companies that the portfolio managers believe are undervalued relative to expected business growth. Investment Objective The fund seeks long-term growth of capital. 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. · Risks of stock investing. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry. · Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities. · Value stock risk. Value stocks involve the risk that they may never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth or the expected value was misgauged. They also may decline in price even though in theory they are already undervalued. · Market sector risk. The fund may significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund's performance to be more or less sensitive to developments affecting those companies, industries or sectors. · Liquidity risk. When there is little or no active trading market for a security, the fund may not be able to sell the security in a timely manner at its perceived value, which could cause the fund's share price to fall. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. 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 not necessarily an indication of how the fund will perform in the future. 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. More recent performance information may be available at www.dreyfus.com. Since the fund's Class A shares are new, past performance information is not available for Class A shares as of the date of this prospectus. Class A shares would have had substantially similar annual returns as Class I shares because each share class is invested in the same portfolio of securities and the annual returns would have differed only to the extent that the classes do not have the same expenses. Year-by-Year Total Returns as of 12/31 each year (%) Class I 0.4612 0.2792 0.0728 0.2202 -0.0517 -0.3204 0.3178 0.1944 -0.0192 0.1847 ~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20019 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~ Best Quarter 0.2252 2003-06-30 Worst Quarter -0.2513 2008-12-31 <table> <tr> <td style="vertical-align: top;"> Best Quarter Q2, 2003: 22.52% Worst Quarter Q4, 2008: -25.13% </td> </tr> </table> After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share class will vary. 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. 0.1847 0.0444 0.1117 0.1816 0.0431 0.1006 0.1239 0.0380 0.0944 0.1805 0.0355 0.0950 2000-02-01 ~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20020 column dei_LegalEntityAxis compact ck0000799295_S000011516Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. Since the fund's Class A shares are new, past performance information is not available for Class A shares as of the date of this prospectus. The following bar chart and table provide some indication of the risks of investing in the fund. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share class will vary. reflects no deduction for fees, expenses or taxes 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. www.dreyfus.com Average Annual Total Returns (as of 12/31/12) 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. Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 9 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information. 0.0575 0.0000 0.0000 0.0000 0.0080 0.0080 0.0055 0.0018 0.0135 0.0098 ~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Other expenses for Class A are based on estimated amounts for the current fiscal year. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 705 978 1272 2105 100 312 542 1201 705 978 1272 2105 100 312 542 1201 ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20018 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: 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 88.54% of the average value of its portfolio. 0.8854 Dreyfus/The Boston Company Small/Mid Cap Growth Fund SDSCX 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 equity securities of small-cap and mid-cap U.S. companies. The fund currently considers small-cap and mid-cap companies to be those with total market capitalizations, at the time of purchase, that are equal to or less than the total market capitalization of the largest company included in Russell 2500® Growth Index as of the Index's most recent reconstitution date. The fund's portfolio managers employ a growth-oriented investment style in managing the fund's portfolio, which means the portfolio managers seek to identify those small-cap and mid-cap companies which are experiencing or are expected to experience rapid earnings or revenue growth. The portfolio managers focus on high quality companies, especially those with products or services that are believed to be leaders in their market niches. The portfolio managers focus on individual stock selection instead of trying to predict which industries or sectors will perform best and select stocks by: · Using fundamental research to identify and follow companies considered to have attractive characteristics, such as strong business and competitive positions, solid cash flows and balance sheets, high quality management and high sustainable growth; and · Investing in a company when the portfolio managers' research indicates that the company will experience accelerating revenues and expanding operating margins, which may lead to rising estimate trends and favorable earnings surprises. The fund's investment strategy may lead it to emphasize certain sectors, such as technology, health care, business services and communications. The fund does not have any limitations regarding portfolio turnover. The fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%. A portfolio turnover of 100% is equivalent to the fund buying and selling all of the securities in its portfolio once during the course of the year. Investment Objective The fund seeks long-term growth of capital. 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. · Risks of stock investing. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry. · Small and midsize company risk. Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities. · Growth stock risk. Investors often expect growth companies to increase their earnings at a certain rate. If these expectations are not met, investors can punish the stocks inordinately, even if earnings do increase. In addition, growth stocks may lack the dividend yield that may cushion stock prices in market downturns. · Market sector risk. The fund may significantly overweight or underweight certain companies, industries or market sectors, which may cause the fund's performance to be more or less sensitive to developments affecting those companies, industries or sectors. · Liquidity risk. When there is little or no active trading market for a security, the fund may not be able to sell the security in a timely manner at its perceived value, which could cause the fund's share price to fall. · Portfolio turnover risk. The fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions, and lower the fund's after-tax performance. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. 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 not necessarily an indication of how the fund will perform in the future. 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. More recent performance information may be available at www.dreyfus.com. Year-by-Year Total Returns as of 12/31 each year (%) Class I 0.4617 0.1800 0.0864 0.1421 0.2108 -0.3599 0.2533 0.2230 0.0575 0.1471 ~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~ Best Quarter 0.1924 2003-06-30 Worst Quarter -0.2348 2008-12-31 <table> <tr> <td style="vertical-align: top;"> Best Quarter Q2, 2003: 19.24% Worst Quarter Q4, 2008: (23.48)% </td> </tr> </table> After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. 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. The performance figures for the fund's Class A and Class C shares for periods prior to 3/31/09 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. 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 Class A and Class C shares for such periods may have been lower. 0.1471 0.0354 0.1192 0.1290 0.0298 0.1087 0.1083 0.0292 0.1028 0.0781 0.0212 0.1115 0.1228 0.0258 0.1140 0.1613 0.0407 0.1055 2009-03-31 2009-03-31 1988-01-01 ~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact ck0000799295_S000011499Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following bar chart and table provide some indication of the risks of investing in the fund. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. reflects no deduction for fees, expenses or taxes 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. www.dreyfus.com 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 12/31/12) Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 9 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information. 0.0575 0.0000 0.0000 0.0000 0.0100 0.0000 0.0060 0.0060 0.0060 0.0000 0.0075 0.0000 0.0048 0.0062 0.0018 0.0108 0.0197 0.0078 ~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20023 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20024 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 679 899 1136 1816 300 618 1062 2296 80 249 433 966 679 899 1136 1816 200 618 1062 2296 80 249 433 966 ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20025 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20026 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: 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 153.75% of the average value of its portfolio. 1.5375 Dreyfus/Standish Intermediate Tax Exempt Bond Fund SDITX 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 municipal bonds that provide income exempt from federal personal income tax. The fund invests exclusively in fixed-income securities rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by The Dreyfus Corporation, with an emphasis on high grade securities. The dollar-weighted average effective maturity of the fund’s portfolio generally will be between 3 and 10 years, but the fund may invest in individual securities of any maturity. The portfolio managers focus on identifying undervalued sectors and securities. To select municipal bonds for the fund, the portfolio managers use fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and actively trade among various sectors based on their apparent relative values. Although the fund seeks to provide income exempt from federal income tax, income from some of the fund's holdings may be subject to the federal alternative minimum tax. Investment Objective The fund seeks to provide a high level of interest income exempt from federal income tax, while seeking preservation of shareholders' capital. 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. Municipal securities risk. The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state in which the fund invests may have an impact on the fund's share price. · 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. · 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. · Liquidity risk. When there is little or no active trading market for a security, the fund may not be able to sell the security in a timely manner at its perceived value, which could cause the fund's share price to fall. · Call risk. Some bonds give the issuer the option to call, or redeem, the bonds before their maturity date. If an issuer "calls" its bond during a time of declining interest rates, the fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. During periods of market illiquidity or rising interest rates, prices of "callable" issues are subject to increased price fluctuation. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. 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 not necessarily an indication of how the fund will perform in the future. 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. More recent performance information may be available at www.dreyfus.com. Year-by-Year Total Returns as of 12/31 each year (%) Class I 0.0433 0.0294 0.0182 0.0388 0.0369 -0.0033 0.1022 0.0358 0.0863 0.0365 ~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20035 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~ Best Quarter 0.0608 2009-09-30 Worst Quarter -0.0255 2010-12-31 <table> <tr> <td style="vertical-align: top;"> Best Quarter Q3, 2009: 6.08% Worst Quarter Q4, 2010: -2.55% </td> </tr> </table> After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. 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. For the fund's Class A and Class C shares, periods prior to 3/31/09 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. 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 Class A and Class C shares for such periods may have been lower. 0.0365 0.0508 0.0420 0.0354 0.0501 0.0410 0.0336 0.0481 0.0405 -0.0135 0.0384 0.0358 0.0148 0.0421 0.0377 0.0368 0.0545 0.0448 1992-11-02 2009-03-31 2009-03-31 ~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20036 column dei_LegalEntityAxis compact ck0000799295_S000011667Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following bar chart and table provide some indication of the risks of investing in the fund. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. reflects no deduction for fees, expenses or taxes 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. www.dreyfus.com Average Annual Total Returns (as of 12/31/12) 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. Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 8 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information. 0.0450 0.0000 0.0000 0.0000 0.0100 0.0000 0.0040 0.0040 0.0040 0.0000 0.0075 0.0000 0.0050 0.0052 0.0021 0.0090 0.0167 0.0061 -0.0020 -0.0022 -0.0016 0.0070 0.0145 0.0045 ~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20031 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20032 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~ 2014-02-01 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) 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-years 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: 518 705 907 1490 248 505 887 1958 46 179 324 747 518 705 907 1490 148 505 887 1958 46 179 324 747 ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20033 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20034 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: 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 21.97% of the average value of its portfolio. 0.2197 Dreyfus/Newton International Equity Fund SNIEX NIEAX NIECX 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 common stocks or securities convertible into common stocks of foreign companies and depositary receipts evidencing ownership in such securities. At least 75% of the fund's net assets will be invested in countries represented in the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE®) Index. The fund may invest up to 25% of its net assets in stock of companies located in countries (other than the United States) not represented in the MSCI EAFE® Index, including up to 20% in emerging market countries. The core of the investment philosophy of Newton Capital Management Limited (Newton), an affiliate of The Dreyfus Corporation and the fund's sub-investment adviser, is the belief that no company, market or economy can be considered in isolation; each must be understood within a global context. Newton believes that a global comparison of companies is the most effective method of stock analysis, and Newton's global analysts research investment opportunities by global sector rather than by region. The process begins by identifying a core list of investment themes that Newton believes will positively or negatively affect certain sectors or industries and cause stocks within these sectors or industries to outperform or underperform others. Newton then identifies specific companies using investment themes to help focus on areas where thematic and strategic research indicates superior returns are likely to be achieved. Sell decisions for individual stocks will typically be a result of one or more of the following: · A change in investment theme or strategy · Profit-taking · A significant change in the prospects of a company · Price movement and market activity have created an extreme valuation · The valuation of a company has become expensive against its peers The fund may, but is not required to, use derivatives, such as futures, options and forward contracts, as a substitute for investing directly in and underlying asset or currency, to increase returns, to manage currency risk, or as part of hedging strategy. Investment Objective The fund seeks long-term growth of capital. 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. · Risks of stock investing. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry. · Foreign investment risk. The fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. 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. Emerging markets tend to be more volatile than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. To the extent the fund's investments are concentrated in one or a limited number of foreign countries, the fund's performance could be more volatile than that of more geographically diversified funds. · Foreign currency risk. Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. Foreign currencies are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls. · Derivatives risk. A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value. · 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. Investment in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities. The fund's share price fluctuates, sometimes dramatically, which means you could lose money. 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. 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 not necessarily an indication of how the fund will perform in the future. 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. More recent performance information may be available at www.dreyfus.com. Year-by-Year Total Returns as of 12/31 each year (%) Class I 0.2062 0.1770 -0.4246 0.2192 0.0933 -0.1457 0.2290 ~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20043 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~ Best Quarter 0.1801 2009-06-30 Worst Quarter -0.2185 2008-09-30 <table> <tr> <td style="vertical-align: top;"> Best Quarter Q2, 2009: 18.01% Worst Quarter Q3, 2008: -21.85% </td> </tr> </table> After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. 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. For the fund's Class A and Class C shares, periods prior to 3/31/08 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. 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 Class A and Class C shares for such periods may have been lower. For comparative purposes, the value of the MSCI EAFE Index on 12/31/05 is used as the beginning value on 12/21/05. 0.2290 -0.0424 0.0188 0.2287 -0.0450 0.0136 0.1548 -0.0348 0.0163 0.1544 -0.0559 0.0085 0.2043 -0.0505 0.0127 0.1732 -0.0369 0.0219 2005-12-21 2008-03-31 2008-03-31 ~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20044 column dei_LegalEntityAxis compact ck0000799295_S000011511Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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. The following bar chart and table provide some indication of the risks of investing in the fund. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. reflects no deduction for fees, expenses or taxes 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. www.dreyfus.com Average Annual Total Returns (as of 12/31/12) 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. Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 10 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information. 0.0575 0.0000 0.0000 0.0000 0.0100 0.0000 0.0080 0.0080 0.0080 0.0000 0.0075 0.0000 0.0052 0.0061 0.0024 0.0132 0.0216 0.0104 ~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20039 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20040 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 702 969 1257 2074 319 676 1159 2493 106 331 574 1271 702 969 1257 2074 219 676 1159 2493 106 331 574 1271 ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20041 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~ ~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20042 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: 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 57.88% of the average value of its portfolio. 0.5788 EX-101.CAL 4 ck0000799295-20130128_cal.xml CALCULATION LINKBASE EX-101.PRE 5 ck0000799295-20130128_pre.xml PRESENTATION LINKBASE