485BPOS 2013-08-31 0000914775 2013-01-01 Advantage Funds, Inc. false 2012-12-28 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 />46.51% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000035138Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks long-term 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 of<br />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-and<br />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> <tt>To pursue its goal, the fund normally invests at least 80% of its net assets,<br />plus any borrowings for investment purposes, in stocks of publicly traded<br />companies located in the United States. The fund may invest in the stocks of<br />companies of any market capitalization and may hold growth or value stocks or <br />a blend of both. The fund's portfolio construction combines a fundamental,<br />bottom-up research process with macro insights and risk management. The fund's<br />portfolio managers, supported by a team of research analysts, use a disciplined<br />opportunistic investment approach to identify stocks of companies that the<br />portfolio managers believe are trading materially below their intrinsic market<br />value, have strong or improving fundamentals and have a revaluation catalyst.<br /> <br />The fund seeks exposure to stocks and sectors that the fund's portfolio managers<br />perceive to be attractive from a valuation and fundamental standpoint. Portfolio<br />position sizes and sector weightings reflect the collaborative investment process <br />among the fund's portfolio managers and research analysts. The portfolio managers <br />also assess and manage the overall risk profile of the fund's portfolio.</tt> Fund Summary 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. Example Since the fund has less than one full calendar year of performance, past performance information is not included in the summary prospectus. 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 Shareholder Fees (fees paid directly from your investment) 0.4651 Performance 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<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 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 Growth and value stock risk. By investing in a mix of growth and value<br />companies, the fund assumes the risks of both. Investors often expect growth<br />companies to increase their earnings at a certain rate. If these expectations<br />are not met, investors can punish the stocks inordinately, even if earnings <br />do increase. In addition, growth stocks typically lack the dividend yield that <br />can cushion stock prices in market downturns. Value stocks involve the risk <br />that they may never reach their expected full market value, either because the <br />market fails to recognize the stock's intrinsic worth, or the expected value <br />was misgauged. They also may decline in price even though in theory they are <br />already undervalued.<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 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 at<br />its perceived value, which could cause the fund's share price to fall.</tt> Fees and Expenses Principal Investment Strategy www.dreyfus.com <tt>Since the fund has less than one full calendar year of performance, past<br />performance information is not included in the summary prospectus. Annual<br />performance returns provide some indication of the risks of investing in the<br />fund by showing changes in performance from year to year. Comparison of fund<br />performance to an appropriate index indicates how the fund's average annual<br />returns compare with those of a broad measure of market performance. The fund's<br />past performance (before and after taxes) is not necessarily an indication of<br />how the fund will perform in the future. Recent performance is available at<br />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. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 8 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000035138Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: 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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000035138Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000035138Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> DOSIX 0.0000 97 97 1549 -0.0618 6167 2940 0.0638 0.0075 2014-02-01 6167 1549 2940 0.0000 0.0095 0.0713 0.0000 DOSCX 0.0000 298 198 1814 -0.0614 6735 3332 0.0659 0.0075 2014-02-01 6735 1814 3332 0.0075 0.0195 0.0809 0.0100 DOSAX 0.0575 690 690 2123 -0.0631 6601 3485 0.0676 0.0075 2014-02-01 6601 2123 3485 0.0000 0.0120 0.0751 0.0000 <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 />69.20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000500Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000500Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks 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 of<br />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. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its goal, the fund normally invests at least 80% of its net assets,<br />plus any borrowings for investment purposes, in the stocks of growth companies<br />of any size that The Dreyfus Corporation believes to be leading producers or<br />beneficiaries of technological innovation. Up to 25% of the fund's assets may <br />be invested in foreign securities. In choosing stocks, the fund looks for<br />technology companies with the potential for strong earnings or revenue growth<br />rates. The fund's investment process centers on a multi-dimensional approach<br />that looks for opportunities across emerging growth, cyclical or stable growth<br />companies.</tt> Fund Summary 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. 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 Shareholder Fees (fees paid directly from your investment) 0.6920 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 (%) -- Class A 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. Performance 50000 The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter <br />Q2, 2003: 25.35% <br />Worst Quarter <br />Q3, 2002: -26.74% <br /><br />The year-to-date total return of the fund's Class A shares as <br />of 9/30/12 was 16.65%.</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 Class A shares <br />from year to year. Sales charges, if any, are not reflected in the bar chart, <br />and if those charges were included, returns would have been less than those <br />shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<br /> <br />o Technology company risk. The technology sector has been among the most<br />volatile sectors of the stock market. Because the fund's investments are<br />concentrated in the technology sector, its performance will be significantly<br />affected by developments in that sector. Technology companies, especially<br />small-cap technology companies, involve greater risk because their revenue<br />and/or earnings tend to be less predictable (and some companies may be<br />experiencing significant losses) and their share prices tend to be more<br />volatile. Certain technology companies may have limited product lines, markets<br />or financial resources, or may depend on a limited management group. In<br />addition, these companies are strongly affected by worldwide technological<br />developments, and their products and services may not be economically successful<br />or may quickly become outdated. Investor perception may play a greater role in<br />determining the day-to-day value of tech stocks than it does in other sectors.<br />Fund investments made in anticipation of future products and services may<br />decline dramatically in value if the anticipated products or services are<br />delayed or cancelled. The risks associated with technology companies are<br />magnified in the case of small-cap technology companies. The shares of smaller<br />technology companies tend to trade less frequently than those of larger, more<br />established companies, which can have an adverse effect on the pricing of these<br />securities and on the fund's ability to sell these securities.<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 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 be<br />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 Growth stock risk. Investors often expect growth companies to increase their<br />earnings at a certain rate. If these expectations are not met, investors can<br />punish the stocks inordinately, even if earnings do increase. In addition,<br />growth stocks may lack the dividend yield that may cushion stock prices in<br />market downturns.<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.<br /> <br />o Liquidity risk. When there is little or no active trading market for a security, <br />the fund may not be able to sell the security in a timely manner at its perceived <br />value, which could cause the fund's share price to fall.</tt> Fees and Expenses After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. Principal Investment Strategy www.dreyfus.com To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the stocks of growth companies of any size that The Dreyfus Corporation believes to be leading producers or beneficiaries of technological innovation. Up to 25% of the fund's assets may be invested in foreign securities. <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. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 9 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000500Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000500Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax performance is shown only for Class A shares. After-tax performance <br />of the fund's other share classes will vary. After-tax returns are calculated <br />using the historical highest individual federal marginal tax rates, and do not <br />reflect the impact of state and local taxes. Actual after-tax returns depend <br />on the investor's tax situation and may differ from those shown, and the <br />after-tax returns shown are not relevant to investors who hold their shares <br />through tax-deferred arrangements such as 401(k) plans or individual retirement<br />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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000000500Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000000500Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Standard & Poor's 500 Composite Stock Price Index reflects no deduction for fees, expenses or taxes 0.0209 -0.0025 0.0292 Morgan Stanley High Technology 35 Index reflects no deduction for fees, expenses or taxes -0.1028 0.0164 0.0217 Class A returns after taxes on distributions and sale of fund shares -0.0869 0.0222 0.0100 Class A returns after taxes on distributions -0.1337 0.0259 0.0117 DGVRX 0.0000 Class I returns before taxes 110 110 343 1317 595 -0.0773 0.0033 0.0075 1317 0.0422 343 595 0.0000 0.0220 0.0108 0.0000 DTGCX 0.0000 Class C returns before taxes 330 230 709 2605 1215 -0.0974 0.0077 0.0075 2605 0.0287 709 1215 0.0075 0.0084 0.0227 0.0100 DTGRX -0.3978 Worst Quarter Best Quarter 0.0575 2012-09-30 Class A returns before taxes 714 2003-06-30 714 1007 -0.2674 0.0031 0.2954 2210 1322 0.1312 0.2535 -0.1337 0.0070 -0.4236 0.0075 2002-09-30 2210 0.5530 0.0259 0.0382 1007 1322 The year-to-date total return of the fund's Class A shares -0.0809 0.5222 0.0000 0.0117 0.0145 0.0355 0.1665 0.0000 <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 />93.44% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000499Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000499Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks long-term capital growth.</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 invests at least 80% of its net assets,<br />plus any borrowings for investment purposes, in the stocks of companies included<br />in the S&amp;P&#xAE; Midcap 400 Index or the Russell Midcap&#xAE; Index at the time of purchase.<br /> <br />The fund's portfolio managers select stocks through a "bottom-up," structured<br />approach that seeks to identify undervalued securities using a quantitative<br />screening process. This process is driven by a proprietary quantitative model<br />that measures a diverse set of characteristics of stocks to identify and rank<br />stocks based on valuation, momentum/sentiment, and earnings quality.<br /> <br />Next, the fund's portfolio managers construct the portfolio through a risk<br />controlled process, focusing on stock selection as opposed to making proactive<br />decisions as to industry and sector exposure. The fund seeks to maintain a<br />portfolio that has exposure to industries and market capitalizations that are<br />generally similar to those of the S&amp;P Midcap 400 Index. Finally, within each<br />sector and style subset, the fund will seek to overweight the most attractive<br />stocks and underweight or not hold the stocks that have been ranked least<br />attractive.</tt> Fund Summary 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. 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 Shareholder Fees (fees paid directly from your investment) 0.9344 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 (%) -- Class A 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. Performance 50000 The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter<br />Q3, 2009: 17.90%<br />Worst Quarter<br />Q4, 2008: -27.25% <br /><br />The year-to-date total return of the fund's Class A shares as <br />of 9/30/12 was 14.48%.</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 Class A shares <br />from year to year. Sales charges, if any, are not reflected in the bar chart, <br />and if those charges were included, returns would have been less than those <br />shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<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 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 Growth and value stock risk. By investing in a mix of growth and value<br />companies, the fund assumes the risks of both. Investors often expect growth<br />companies to increase their earnings at a certain rate. If these expectations<br />are not met, investors can punish the stocks inordinately, even if earnings <br />do increase. In addition, growth stocks typically lack the dividend yield that <br />can cushion stock prices in market downturns. Value stocks involve the risk <br />that they may never reach their expected full market value, either because the <br />market fails to recognize the stock's intrinsic worth, or the expected value was<br />misgauged. They also may decline in price even though in theory they are already<br />undervalued.<br /> <br />o Liquidity risk. When there is little or no active trading market for a security, <br />the fund may not be able to sell the security in a timely manner at its perceived <br />value, which could cause the fund's share price to fall.</tt> Fees and Expenses After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. 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. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 9 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000499Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000499Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax performance is shown only for Class A shares. After-tax performance <br />of the fund's other share classes will vary. After-tax returns are calculated <br />using the historical highest individual federal marginal tax rates, and do not <br />reflect the impact of state and local taxes. Actual after-tax returns depend <br />on the investor's tax situation and may differ from those shown, and the <br />after-tax returns shown are not relevant to investors who hold their shares <br />through tax-deferred arrangements such as 401(k) plans or individual retirement<br />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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000000499Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000000499Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P Midcap 400 Index reflects no deduction for fees, expenses or taxes -0.0173 0.0332 0.0704 Russell Midcap Index reflects no deduction for fees, expenses or taxes -0.0155 0.0141 0.0699 Class A returns after taxes on distributions and sale of fund shares -0.0378 -0.0042 0.0492 Class A returns after taxes on distributions -0.0581 -0.0068 0.0540 DPSRX 0.0000 Class I returns before taxes 102 102 365 -0.0022 1458 649 0.0008 0.0047 0.0075 2014-01-01 1458 0.0105 365 649 0.0000 0.0656 0.0100 0.0122 0.0000 DPSCX 0.0000 Class C returns before taxes 303 203 657 -0.0014 2461 1136 -0.0172 0.0064 0.0075 2014-01-01 2461 0.0009 657 1136 0.0075 0.0554 0.0200 0.0214 0.0100 DPSAX -0.1074 Worst Quarter Best Quarter 0.0575 2012-09-30 Class A returns before taxes 695 2009-09-30 695 981 -0.2725 0.1931 -0.0016 0.2650 2156 1287 0.0258 0.1790 -0.0581 0.0066 -0.4057 0.0075 2014-01-01 2008-12-31 2156 0.3517 -0.0036 0.1003 981 1287 The year-to-date total return of the fund's Class A shares -0.0005 0.3402 0.0000 0.0572 0.0125 0.0141 0.1300 0.1448 0.0000 <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 />95.38% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks 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 invests at least 80% of its net assets,<br />plus any borrowings for investment purposes, in stocks. The fund's portfolio<br />managers identify potential investments through extensive quantitative and<br />fundamental research. The fund may invest up to 30% of its assets in foreign<br />securities. The fund will focus on individual stock selection (a "bottom-up"<br />approach), emphasizing three key factors: value, sound business fundamentals <br />and positive business momentum.</tt> Fund Summary 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. 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 Shareholder Fees (fees paid directly from your investment) 0.9538 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 (%) -- Class A 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. Performance 50000 The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter<br />Q2, 2003: 19.26%<br />Worst Quarter<br />Q3, 2002: -23.95% <br /><br />The year-to-date total return of the fund's Class A shares as <br />of 9/30/12 was 13.99%.</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 Class A shares <br />from year to year. Sales charges, if any, are not reflected in the bar chart, <br />and if those charges were included, returns would have been less than those <br />shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<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 Value stock risk. Value stocks involve the risk that they may never reach<br />their expected full market value, either because the market fails to recognize<br />the stock's intrinsic worth or the expected value was misgauged. They also may<br />decline in price even though in theory they are already undervalued.<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 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.</tt> Fees and Expenses After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. 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 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. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 7 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax performance is shown only for Class A shares. After-tax performance of<br />the fund's other share classes will vary. After-tax returns are calculated using<br />the historical highest individual federal marginal tax rates, and do not reflect<br />the impact of state and local taxes. Actual after-tax returns depend on the<br />investor's tax situation and may differ from those shown, and the after-tax<br />returns shown are not relevant to investors who hold their shares through<br />tax-deferred arrangements such as 401(k) plans or individual retirement<br />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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000000498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000000498Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Value Index reflects no deduction for fees, expenses or taxes 0.0039 -0.0264 0.0389 Class A returns after taxes on distributions and sale of fund shares -0.0743 -0.0253 0.0273 Class A returns after taxes on distributions -0.1173 -0.0330 0.0280 DRGVX 0.0000 Class I returns before taxes 75 75 285 -0.0024 1168 513 -0.0600 0.0022 0.0075 2013-12-31 1168 -0.0163 285 513 0.0000 0.0411 0.0073 0.0097 0.0000 DCGVX 0.0000 Class C returns before taxes 276 176 595 -0.0024 2276 1040 -0.0785 0.0047 0.0075 2013-12-31 2276 -0.0255 595 1040 0.0075 0.0315 0.0173 0.0197 0.0100 DAGVX -0.2681 Worst Quarter Best Quarter 0.0575 2012-09-30 Class A returns before taxes 669 2003-06-30 669 914 -0.2395 0.1759 -0.0022 0.1502 1928 1177 0.0587 0.1926 -0.1163 0.0045 -0.3601 0.0075 2013-12-31 2002-09-30 1928 0.2483 -0.0298 0.0826 914 1177 The year-to-date total return of the fund's Class A shares -0.0623 0.4354 0.0000 0.0327 0.0098 0.0120 0.1996 0.1399 0.0000 <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 85.92% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000462Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000462Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks 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. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its goal, the fund normally invests at least 80% of its net <br />assets, plus any borrowings for investment purposes, in the stocks of <br />small cap companies. The fund considers small cap companies to be those <br />companies with market capitalizations that fall within the range of <br />companies in the Russell 2000&#xAE; Index at the time of purchase. Stocks <br />are selected for the fund's portfolio based primarily on bottom-up <br />fundamental analysis. The fund's portfolio managers use a disciplined <br />investment process that relies, in general, on proprietary fundamental <br />research and valuation. Generally, elements of the process include <br />analysis of mid-cycle business prospects, estimation of the intrinsic <br />value of the company and the identification of a revaluation catalyst.<br />In general, the fund seeks exposure to securities and sectors that the <br />fund's portfolio managers perceive to be attractive from a valuation <br />and fundamental standpoint.</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 0.8592 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 (%) 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. Performance The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter <br />Q2, 2003: 39.66%<br />Worst Quarter <br />Q3, 2002: -36.65% <br /><br />The fund's year-to-date total return as of 9/30/12 was 16.64%.</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 <br />year to year. Sales charges, if any, are not reflected in the bar chart, <br />and if those charges were included, returns would have been less than <br />those shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<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 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 be<br />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 Growth and value stock risk. By investing in a mix of growth and value<br />companies, the fund assumes the risks of both. Investors often expect growth<br />companies to increase their earnings at a certain rate. If these expectations<br />are not met, investors can punish the stocks inordinately, even if earnings <br />do increase. In addition, growth stocks typically lack the dividend yield that <br />can cushion stock prices in market downturns. Value stocks involve the risk <br />that they may never reach their expected full market value, either because the <br />market fails to recognize the stock's intrinsic worth, or the expected value <br />was misgauged. They also may decline in price even though in theory they are <br />already undervalued.<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 at<br />its perceived value, which could cause the fund's share price to fall.</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> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000462Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000462Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <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. Russell 2000 Index reflects no deduction for fees, expenses or taxes -0.0418 0.0015 0.0562 Fund returns after taxes on distributions and sale of fund shares -0.0805 0.0422 0.0505 Fund returns after taxes on distributions -0.1660 0.0400 0.0516 DSCVX -0.4125 Worst Quarter Best Quarter 2012-09-30 Fund returns before taxes 121 2003-06-30 378 -0.3665 0.1272 0.3235 1443 654 0.0491 0.3966 -0.1435 0.0044 -0.3191 0.0075 2002-09-30 0.6433 0.0588 0.0716 The fund's year-to-date total return -0.1435 0.8658 0.0635 0.0119 0.0504 0.1664 <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 <br />in annual fund operating expenses or in the example, affect the fund's <br />performance. During the most recent fiscal year, the fund's portfolio turnover <br />rate was 71.25% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks to surpass the performance of the Russell Midcap&#xAE; Value Index.</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. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its goal, the fund normally invests at least 80% of its net assets,<br />plus any borrowings for investment purposes, in mid-cap stocks with market<br />capitalizations between $1 billion and $25 billion at the time of purchase.<br />Because the fund may continue to hold a security whose market capitalization<br />grows, a substantial portion of the fund's holdings can have market<br />capitalizations in excess of $25 billion at any given time. The fund's portfolio<br />managers identify potential investments through extensive quantitative and<br />fundamental research. The fund focuses on individual stock selection (a<br />"bottom-up" approach), emphasizing three key factors: relative value, business<br />health, and business momentum.<br /> <br />In constructing the fund's portfolio, the fund's portfolio managers use an<br />opportunistic value approach to identify stocks whose current market prices<br />trade at a large discount to their intrinsic value, as calculated by the<br />portfolio managers. Intrinsic value is based on the combination of the valuation<br />assessment of the company's operating divisions with its economic balance sheet.<br />The opportunistic value style attempts to benefit from valuation inefficiencies<br />and underappreciated fundamental prospects present in the marketplace. To do<br />this, the portfolio managers use mid-cycle estimates, growth prospects, the<br />identification of a revaluation catalyst and competitive advantages as some of<br />the factors in the valuation assessment. Additionally, a company's stated and<br />hidden liabilities and assets are included in the portfolio managers' economic<br />balance sheet calculation for the company.</tt> Fund Summary 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. 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 Shareholder Fees (fees paid directly from your investment) 0.7125 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 (%) -- Class A 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. Performance 50000 The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter <br />Q2, 2003: 26.41% <br />Worst Quarter<br />Q3, 2011: -24.80% <br /><br />The year-to-date total return of the fund's Class A shares as <br />of 9/30/12 was 12.76%.</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 Class A shares <br />from year to year. Sales charges, if any, are not reflected in the bar chart, <br />and if those charges were included, returns would have been less than those <br />shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<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 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 Value stock risk. Value stocks involve the risk that they may never reach<br />their expected full market value, either because the market fails to recognize<br />the stock's intrinsic worth or the expected value was misgauged. They also may<br />decline in price even though in theory they are already undervalued.<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.</tt> Fees and Expenses After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. 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. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 9 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax performance is shown only for Class A shares. After-tax performance <br />of the fund's other share classes will vary. After-tax returns are calculated <br />using the historical highest individual federal marginal tax rates, and do not <br />reflect the impact of state and local taxes. Actual after-tax returns depend <br />on the investor's tax situation and may differ from those shown, and the <br />after-tax returns shown are not relevant to investors who hold their shares <br />through tax-deferred arrangements such as 401(k) plans or individual retirement<br />accounts.<br /> <br />For the fund's Class C and I shares, periods prior to May 30, 2008 reflect the<br />performance of the fund's Class A shares adjusted to reflect each share class'<br />applicable sales charge. Such performance figures have not been adjusted, however, <br />to reflect applicable class fees and expenses; if such fees and expenses had been <br />reflected, the performance shown for Class C shares for such periods may have been <br />lower.</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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000000461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000000461Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell Midcap Value Index reflects no deduction for fees, expenses or taxes -0.0138 0.0004 0.0767 Class A returns after taxes on distributions and sale of fund shares -0.0464 0.0183 0.0433 1995-09-29 Class A returns after taxes on distributions -0.1355 0.0123 0.0426 1995-09-29 DVLIX 0.0000 Class I returns before taxes 102 102 318 1225 552 -0.0561 0.0025 0.0075 1225 0.0405 318 552 0.0000 0.0603 0.0100 2008-05-30 0.0000 DVLCX 0.0000 Class C returns before taxes 306 206 637 2358 1093 -0.0736 0.0053 0.0075 2358 0.0326 637 1093 0.0075 0.0563 0.0203 2008-05-30 0.0100 DMCVX -0.3332 Worst Quarter Best Quarter 0.0575 2012-09-30 Class A returns before taxes 692 2003-06-30 692 940 -0.2480 0.1753 0.2507 1967 1207 0.0547 0.2641 -0.1123 0.0047 -0.3984 0.0075 2011-09-30 1967 0.6176 0.0265 0.0807 940 1207 The year-to-date total return of the fund's Class A shares -0.0581 0.5750 0.0000 0.0532 0.0122 0.1044 1995-09-29 0.1276 0.0000 <tt>The fund pays transaction costs, such as commissions, when it buys and <br />sells securities (or "turns over" its portfolio). A higher portfolio <br />turnover may indicate higher transaction costs and may result in higher <br />taxes when fund shares are held in a taxable account. These costs, which <br />are not reflected in annual fund operating expenses or in the example, <br />affect the fund's performance. During the most recent fiscal year, the <br />fund's portfolio turnover rate was 40.93% of the average value of its <br />portfolio.</tt> <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExample_S000000460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/BarChartData_S000000460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The fund seeks long-term capital growth.</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. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> reflects no deduction for fees, expenses or taxes <tt>To pursue its goal, the fund normally invests at least 80% of its net assets,<br />plus any borrowings for investment purposes, in stocks. The fund ordinarily<br />invests most of its assets in securities of foreign companies that The Dreyfus<br />Corporation considers to be value companies. In selecting stocks, the fund's<br />portfolio managers identify potential investments through extensive quantitative<br />and fundamental research. Emphasizing individual stock selection rather than<br />economic and industry trends, the fund focuses on three key factors: value,<br />business health and business momentum.</tt> Fund Summary 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. 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 Shareholder Fees (fees paid directly from your investment) 0.4093 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 (%) -- Class A 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. Performance 50000 The following bar chart and table provide some indication of the risks of investing in the fund. <tt>Best Quarter <br />Q2, 2009: 24.48% <br />Worst Quarter <br />Q3, 2011: -21.42% <br /><br />The year-to-date total return of the fund's Class A shares as <br />of 9/30/12 was 6.59%.</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 Class A <br />shares from year to year. Sales charges, if any, are not reflected <br />in the bar chart, and if those charges were included, returns would <br />have been less than those shown.</tt> Portfolio Turnover <tt>An investment in the fund is not a bank deposit. It is not insured or guaranteed<br />by the Federal Deposit Insurance Corporation (FDIC) or any other government<br />agency. It is not a complete investment program. The fund's share price fluctuates, <br />sometimes dramatically, which means you could lose money.<br /> <br />o Foreign investment risk. The fund's performance may be influenced by<br />political, social and economic factors affecting investments in foreign issuers.<br />Special risks associated with investments in foreign issuers include exposure to<br />currency fluctuations, less liquidity, less developed or less efficient trading<br />markets, lack of comprehensive company information, political and economic<br />instability and differing auditing and legal standards. Investments denominated<br />in foreign currencies are subject to the risk that such currencies will decline<br />in value relative to the U.S. dollar and affect the value of these investments<br />held by the fund.<br /> <br />o Foreign currency risk. Investments in foreign currencies are subject to the<br />risk that those currencies will decline in value relative to the U.S. dollar or,<br />in the case of hedged positions, that the U.S. dollar will decline relative to<br />the currency being hedged. Currency exchange rates may fluctuate significantly<br />over short periods of time. Foreign currencies are also subject to risks caused<br />by inflation, interest rates, budget deficits and low savings rates, political<br />factors and government intervention and controls.<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 Value stock risk. Value stocks involve the risk that they may never reach<br />their expected full market value, either because the market fails to recognize<br />the stock's intrinsic worth or the expected value was misgauged. They also may<br />decline in price even though in theory they are already undervalued.<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 at<br />its perceived value, which could cause the fund's share price to fall.<br />Investments in foreign securities tend to have greater exposure to liquidity<br />risk than domestic securities.</tt> Fees and Expenses After-tax performance is shown only for Class A shares. After-tax performance of the fund's other share classes will vary. 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. You may qualify for sales charge discounts if you and your<br />family invest, or agree to invest in the future, at least $50,000 in certain<br />funds in the Dreyfus Family of Funds. More information about these and other<br />discounts is available from your financial professional and in the Shareholder<br />Guide section on page 8 of the Prospectus and in the How to Buy Shares section<br />and the Additional Information About How to Buy Shares section on page II-1 and<br />page III-1, respectively, of the fund's Statement of Additional Information.<br />Class A shares bought without an initial sales charge as part of an investment<br />of $1 million or more may be charged a deferred sales charge of 1.00% if<br />redeemed within one year.</tt> <div style="display:none">~ http://www.dreyfus.com/role/OperatingExpensesData_S000000460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.dreyfus.com/role/PerformanceTableData_S000000460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax performance is shown only for Class A shares. After-tax performance <br />of the fund's other share classes will vary. After-tax returns are calculated <br />using the historical highest individual federal marginal tax rates, and do not <br />reflect the impact of state and local taxes. Actual after-tax returns depend <br />on the investor's tax situation and may differ from those shown, and the <br />after-tax returns shown are not relevant to investors who hold their shares <br />through tax-deferred arrangements such as 401(k) plans or individual retirement<br />accounts.<br /><br />For the fund's Class C and I shares, periods prior to November 15, 2002 reflect<br />the performance of the fund's Class A shares adjusted to reflect each share<br />class' applicable sales charge. Such performance figures have not been adjusted,<br />however, to reflect applicable class fees and expenses; if such fees and expenses <br />had been reflected, the performance shown for Class C shares for such periods may <br />have been lower.</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. <div style="display:none">~ http://www.dreyfus.com/role/ExpenseExampleNoRedemption_S000000460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.dreyfus.com/role/ShareholderFeesData_S000000460Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI Europe, Australasia, Far East (EAFE) Index (ND) reflects no deduction for fees, expenses or taxes -0.1214 0.0472 0.0467 Class A returns after taxes on distributions and sale of fund shares -0.1396 -0.0590 0.0300 1995-09-29 Class A returns after taxes on distributions -0.2272 -0.0845 0.0211 1995-09-29 DIRVX 0.0000 Class I returns before taxes 121 121 378 1443 654 -0.1759 0.0019 0.0100 2013-03-31 1443 -0.0608 378 654 0.0000 0.0404 0.0119 2002-11-15 0.0000 DICVX 0.0000 Class C returns before taxes 341 241 742 2716 1270 -0.1933 0.0063 0.0100 2013-03-31 2716 -0.0724 742 1270 0.0075 0.0296 0.0238 2002-11-15 0.0100 DVLAX -0.1123 Worst Quarter Best Quarter 0.0575 2012-09-30 Class A returns before taxes 731 2009-06-30 731 1060 -0.2142 0.1980 0.0402 2397 1411 0.0413 0.2448 -0.2265 0.0063 -0.3821 0.0100 2013-03-31 2011-09-30 2397 0.3003 -0.0761 0.1119 1060 1411 The year-to-date total return of the fund's Class A shares -0.1794 0.3863 0.0000 0.0305 0.0163 0.2243 1995-09-29 0.0659 0.0000 0000914775 ck0000914775:SummaryS000000460Memberck0000914775:S000000460Memberck0000914775:C000001283Member 2013-01-01 2013-01-01 0000914775 ck0000914775:SummaryS000000460Memberck0000914775:S000000460Memberck0000914775:C000001285Member 2013-01-01 2013-01-01 0000914775 ck0000914775:SummaryS000000460Memberck0000914775:S000000460Memberck0000914775:C000001286Member 2013-01-01 2013-01-01 0000914775 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0000914775 2013-01-01 2013-01-01 pure iso4217:USD The Dreyfus Corporation has agreed to waive receipt of a portion of the fund's management fee in the amount of .10% of the value of the fund's average daily total assets until March 31, 2013. On or after March 31, 2013, The Dreyfus Corporation may terminate this expense waiver at any time. The Dreyfus Corporation has contractually agreed to waive receipt of its fees and/or assume the expenses of the fund until at least December 31, 2013, so that the total annual fund operating expenses of Class A, Class C, and Class I shares (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .98%, 1.73%, and .73%, respectively. On or after December 31, 2013, The Dreyfus Corporation may terminate this expense waiver at any time. The Dreyfus Corporation has contractually agreed, until January 1, 2014, to waive receipt of its fees and/or assume the expenses of the fund so that the expenses of none of the classes (excluding Rule 12b-1 distribution fees, shareholder services plan fees, taxes, interest expense, brokerage commissions and extraordinary expenses) exceed 1.00%. On or after January 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time. 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 none of the classes (excluding Rule 12b-1 and distribution plan fees, shareholder services plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.95%. On or after February 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.