Dreyfus Select Managers Small Cap Growth Fund (Prospectus Summary) | Dreyfus Select Managers Small Cap Growth Fund

Fund Summary

Investment Objective

The fund seeks 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 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.

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)

Shareholder Fees Dreyfus Select Managers Small Cap Growth Fund	Class A	Class C	Class I
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	5.75%	none	none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price)	none	1.00%	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 Select Managers Small Cap Growth Fund		Class A	Class C	Class I
Management fees		0.90%	0.90%	0.90%
Distribution (Rule 12b-1) fees		none	0.75%	none
Other expenses (including shareholder services fees)		2.05%	2.08%	0.87%
Total annual fund operating expenses		2.95%	3.73%	1.77%
Fee waiver and/or expense reimbursement	[1]	(1.55%)	(1.58%)	(0.62%)
Total annual fund operating expenses (after fee waiver and/or expense reimbursement)		1.40%	2.15%	1.15%

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:

Expense Example Dreyfus Select Managers Small Cap Growth Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class A	709	1,297	1,910	3,554
Class C	318	995	1,792	3,875
Class I	117	497	901	2,033

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

Expense Example, No Redemption Dreyfus Select Managers Small Cap Growth Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class A	709	1,297	1,910	3,554
Class C	218	995	1,792	3,875
Class I	117	497	901	2,033

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

70.41% 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 the stocks of small cap

companies. The fund currently considers small cap companies to be those

companies with market capitalizations that fall within the range of companies in

the Russell 2000® Growth Index at the time of purchase. Because the fund may

continue to hold a security whose market capitalization increases or decreases,

a substantial portion of the fund's holdings can have market capitalizations

outside the range of the Russell 2000® Growth Index at any given time. The

fund's portfolio is constructed so as to have a growth tilt. The fund may invest

up to 15% of its net assets in foreign securities.



The fund uses a "multi-manager" approach by selecting one or more subadvisers to

manage the fund's assets. The fund may hire, terminate or replace subadvisers

and modify material terms and conditions of subadvisory arrangements without

shareholder approval. The fund's assets are currently allocated among five

subadvisers, each of which acts independently of the others and uses its own

methodology to select portfolio investments.



The fund is non-diversified, which means that a relatively high percentage of

the fund's assets may be invested in a limited number of issuers.

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.



o 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.



o 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.



o 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.



o 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.



o 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.



o Foreign investment risk. Investments in foreign securities carry additional

risks, including exposure to currency fluctuations, less liquidity, less

developed or efficient trading markets, lack of comprehensive company

information, political instability and differing auditing and legal standards.



o Multi-manager risk. Each subadviser makes investment decisions independently,

and it is possible that the investment styles of the subadvisers may not

complement one another. As a result, the fund's exposure to a given stock,

industry or investment style could unintentionally be greater or smaller than it

would have been if the fund had a single adviser.



In addition, if one subadviser buys a security during a time frame when another

subadviser sells it, the fund will incur transaction costs and the fund's net

position in the security may be approximately the same as it would have been

with a single adviser and no such sale and purchase.



o Allocation risk. There can be no assurance that the allocation of the fund's

assets among the subadvisers will be effective in achieving the fund's

investment goal.



o Non-diversification risk. The fund is non-diversified, which means that the

fund may invest a relatively high percentage of its assets in a limited number

of issuers. Therefore, the fund's performance may be more vulnerable to changes

in the market value of a single issuer or group of issuers and more susceptible

to risks associated with a single economic, political or regulatory occurrence

than a diversified fund.

Performance

Since the fund has less than one full calendar year of performance, past

performance information is not included in the summary prospectus. Annual

performance returns provide some indication of the risks of investing in the

fund by showing changes in performance from year to year. Comparison of fund

performance to an appropriate index indicates how the fund's average annual

returns compare with those of a broad measure of market performance. The fund's

past performance (before and after taxes) is no guarantee of future results.

Recent performance is available at www.dreyfus.com.

[1] The Dreyfus Corporation has contractually agreed, until at least October 1, 2012, 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 and extraordinary expenses) exceed 1.15%. After October 1, 2012, The Dreyfus Corporation may terminate the expense limitation at any time.