Dreyfus Strategic Beta U.S. Equity Fund

Fund Summary

Investment Objective

The fund seeks long-term capital appreciation.

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 beginning on page 10 of the prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Dreyfus Strategic Beta U.S. Equity Fund	Class A		Class C	Class I	Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	5.75%		none	none	none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price)	none	[1]	1.00%	none	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Dreyfus Strategic Beta U.S. Equity Fund		Class A	Class C	Class I	Class Y
Management fees		0.35%	0.35%	0.35%	0.35%
Distribution (12b-1) fees		none	0.75%	none	none
Other expenses (including shareholder services fees)		4.12%	4.10%	3.67%	3.69%
Total annual fund operating expenses		4.47%	5.20%	4.02%	4.04%
Fee waiver and/or expense reimbursement	[1]	(3.72%)	(3.70%)	(3.52%)	(3.54%)
Total annual fund operating expenses (after fee waiver and/or expense reimbursement)		0.75%	1.50%	0.50%	0.50%

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- year example are based on net operating expenses, which reflect the expense limitation by The Dreyfus Corporation. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Dreyfus Strategic Beta U.S. Equity Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	647	1,530	2,423	4,696
Class C	253	1,227	2,297	4,953
Class I	51	900	1,765	4,003
Class Y	51	904	1,773	4,019

You would pay the following expenses if you did not redeem your shares:

Expense Example No Redemption - Dreyfus Strategic Beta U.S. Equity Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	647	1,530	2,423	4,696
Class C	153	1,227	2,297	4,953
Class I	51	900	1,765	4,003
Class Y	51	904	1,773	4,019

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 35.68% of the average value of its portfolio.

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 and other equity securities of U.S. companies. The fund considers U.S. companies to be those companies organized or with their principal place of business, or majority of assets or business, in the United States. The fund generally will hold stocks that have market capitalizations in excess of $4 billion, to the extent that this is consistent with market conditions. The fund's benchmark is the Standard & Poor's^® 500 Composite Stock Price Index, a free float-adjusted, market capitalization-weighted index of 500 common stocks chosen to reflect the industries of the U.S. economy.

Mellon Capital Management Corporation (Mellon Capital), an affiliate of The Dreyfus Corporation, is the fund's subadviser. Mellon Capital applies a systematic, quantitative investment approach designed to identify and exploit relative misvaluations of the stock prices of U.S. companies based on their economic fundamentals.

The fund's portfolio managers use a proprietary methodology designed to rank and select stocks of U.S. companies based on fundamental company information. In this manner, the portfolio managers employ a "strategic beta" strategy to select and weight stocks for the fund's portfolio using characteristics other than market capitalization. "Beta" is a measure of risk, specifically of the difference between a security's return and that of a benchmark such as the fund's benchmark index. The portfolio managers first weight each stock based on the company's economic size determined by a combination of accounting metrics, including sales, earnings before interest, taxation, depreciation and amortization (EBITDA), and net total payout (including dividends and share repurchases). By weighting stocks based on the company's economic size instead of market capitalization, the fund's portfolio managers seek to focus on companies with more attractive valuations for inclusion in the fund's portfolio. Next, companies are ranked based on the quality and growth of their earnings. These metrics seek to identify high quality companies with sustainable and growing earnings and consistency of performance relative to the stocks of U.S. companies in general. A company's sales and earnings and earnings quality and earnings growth contribute, in part, to its overall beta. The final step in the portfolio construction process is to exclude companies with the lowest expected performance based on the above metrics of earnings quality and earnings growth. The weights of the excluded companies are then reallocated to the remaining companies in the portfolio. Limitations may be placed on the weight of an individual stock in the fund's portfolio for diversification purposes.

The fund's portfolio managers manage risk by diversifying across companies and industries, seeking to limit the potential adverse impact from any one stock or industry. The fund's portfolio is rebalanced semi-annually, using the above-described construction methodology.

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 market conditions or because of factors that affect the particular company or the company's industry.

·Market sector risk. The fund may significantly overweight or underweight certaincompanies, 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.

·Growth and value stock risk. By investing in a mix of growth and value companies, the fund assumes the risks of both. 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. 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.

Performance

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows the performance of the fund's Class A shares for its first full calendar year of operations. 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 A

Best Quarter
Q4, 2015: 5.64%
Worst Quarter
Q3, 2015: -7.65%

Average Annual Total Returns (as of 12/31/15)

After-tax performance is shown only for Class A 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 income 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 U.S. tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Average Annual Returns - Dreyfus Strategic Beta U.S. Equity Fund	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
Class A	(7.08%)	(1.88%)		Sep. 15, 2014
Class C	(3.04%)	1.97%		Sep. 15, 2014
Class I	(1.08%)	3.00%		Sep. 15, 2014
Class Y	(1.08%)	3.00%		Sep. 15, 2014
After Taxes on Distributions | Class A	(7.73%)	(2.49%)
After Taxes on Distributions and Sale of Fund Shares | Class A	(3.63%)	(1.87%)
S&P 500 Composite Stock Price reflects no deductions; for fees, expenses or taxes	1.39%	3.65%	[1]	Aug. 31, 2014

[1] 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.

[1] The fund's investment adviser, The Dreyfus Corporation, has contractually agreed, until March 1, 2017, 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 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .50%. On or after March 1, 2017, The Dreyfus Corporation may terminate this expense limitation at any time.

[1] For comparative purposes, the value of the Index as of 8/31/2014 is used as the beginning value on 9/15/2014.