Dreyfus Conservative Allocation Fund (Prospectus Summary) | Dreyfus Conservative Allocation Fund

Fund Summary

Investment Objective

The fund seeks current income with some consideration for 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.

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

Annual Fund Operating Expenses		Dreyfus Conservative Allocation Fund
Management fees		none
Other expenses (including shareholder services fees)		1.06%
Underlying funds fees		0.64%
Total annual fund and underlying funds operating expenses		1.70%
Fee waiver and/or expense reimbursement		(0.30%)
Total annual fund and underlying funds operating expenses (after fee waiver and/or expense reimbursement)	[1]	1.40%

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 (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
Dreyfus Conservative Allocation Fund	143	506	895	1,984

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

20.04% of the average value of its portfolio.

Principal Investment Strategy

To pursue its goal, the fund normally allocates its net assets among other

mutual funds advised by The Dreyfus Corporation or its affiliates, referred to

as underlying funds, that invest in a wide range of equity and fixed income

securities. The fund normally allocates 60% of its assets to the fixed income

asset class and 40% of its assets to the equity asset class by investing in

underlying funds that invest primarily in fixed income and equity securities,

respectively. The fund may invest in underlying funds that invest in U.S. and

international fixed income securities, which comprise the fixed income asset

category. The fund also may invest in underlying funds that invest in U.S.

large-, mid- and small-cap equity securities, international equity securities,

emerging markets equity securities and global equity securities, which comprise

the equity asset category.



Although an investor may achieve the same level of diversification by investing

directly in a variety of Dreyfus-managed funds, the fund provides investors with

a means to simplify their investment decisions by investing in a single

diversified portfolio. The fund is designed for investors with lower risk

tolerances.



The underlying funds are selected by the Dreyfus Investment Committee based on

their investment objectives and management policies, portfolio holdings,

risk/reward profiles, historical performance, and other factors, including the

correlation and covariance among the underlying funds. The underlying funds in

which the fund may invest, as of the date of this Prospectus, are as follows:



Equity Investments

U.S. Large-Cap                              International

Dreyfus Appreciation Fund, Inc.             Dreyfus/Newton International Equity

                                            Fund



Dreyfus Research Growth Fund                Dreyfus International Equity Fund

Dreyfus Strategic Value Fund                Dreyfus International Value Fund

Dreyfus/The Boston Company Large Cap Core   International Stock Fund

Fund

Dreyfus U.S. Equity Fund                    Dreyfus International Stock Index

                                            Fund

Dreyfus BASIC S&P 500 Stock Index Fund      Emerging Markets

U.S. Mid-/Small-Cap                         Dreyfus Emerging Markets Fund

Dreyfus Select Managers Small Cap Value     Global

Fund

Dreyfus Opportunistic Midcap Value Fund     Dreyfus Global Absolute Return Fund

Dreyfus MidCap Core Fund                    Dreyfus Global Real Estate Securities

                                            Fund



Dreyfus/The Boston Company Small/Mid Cap

Growth Fund

Dreyfus Smallcap Stock Index Fund

Dreyfus Midcap Index Fund, Inc.



Fixed Income Investments

U.S. Fixed Income                           International Fixed Income

Dreyfus Total Return Advantage Fund         Dreyfus Emerging Markets Debt Local

                                            Currency Fund

Dreyfus Short-Intermediate Government Fund  Dreyfus International Bond Fund

Dreyfus GNMA Fund

Dreyfus Opportunistic Fixed Income Fund

Dreyfus High Yield Fund

Dreyfus Bond Market Index Fund

Dreyfus Inflation Adjusted Securities Fund



Dreyfus U.S. Treasury Intermediate Term

Fund



Dreyfus U.S. Treasury Long Term Fund

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.



An investment in the fund is subject to the following principal risks:



o Allocation risk. The ability of the fund to achieve its investment goal

depends, in part, on the ability of the Dreyfus Investment Committee to allocate

effectively the fund's assets among the underlying funds. There can be no

assurance that the actual allocations will be effective in achieving the fund's

investment goal. The underlying funds may not achieve their investment

objectives, and their performance may be lower than that of the overall

performance of the asset class the underlying funds were selected to represent.

The fund typically invests in a number of different underlying funds; however,

to the extent the fund invests a significant portion of its assets in a single

underlying fund, the fund will be more sensitive to the risks associated with

that underlying fund and any investments in which that underlying fund

concentrates.



o Conflicts of interest risk. The fund's investment adviser, The Dreyfus

Corporation, or its affiliates may serve as investment adviser to the underlying

funds. The interests of the fund on the one hand, and those of an underlying

fund on the other, will not always be the same. Therefore, conflicts may arise

as the investment adviser fulfills its fiduciary duty to the fund and the

underlying funds. In addition, the Dreyfus Investment Committee recommends asset

allocations among the underlying funds, each of which pays advisory fees at

different rates to The Dreyfus Corporation or its affiliates. These situations

are considered by the fund's board when it reviews the asset allocations for the

fund.



o Correlation risk. Although the prices of equity securities and fixed income

securities often rise and fall at different times so that a fall in the price of

one may be offset by a rise in the price of the other, in down markets the

prices of these securities can also fall in tandem. Because the fund invests in

equity securities and fixed income securities, it is subject to correlation

risk.



The fund is subject to the same principal risks as the underlying funds in which

it invests, which are summarized below. For more information regarding these and

other risks of the underlying funds, see the prospectus for the specific

underlying fund.



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 Large cap stock risk. To the extent the fund invests in large capitalization

stocks, the fund may underperform funds that invest primarily in the stocks of

lower quality, smaller capitalization companies during periods when the stocks

of such companies are in favor.



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. The shares of smaller companies

tend to trade less frequently than those of larger, more established companies,

which can adversely affect the pricing of these securities and the fund's

ability to sell these securities.



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.

These risks are heightened for investments in emerging markets.



o Interest rate risk. Prices of bonds tend to move inversely with changes in

interest rates. Typically, a rise in rates will adversely affect bond prices

and, accordingly, the fund's share price. The longer the effective maturity and

duration of the fund's portfolio, the more the fund's share price is likely to

react to interest rates.



o Credit risk. Failure of an issuer to make timely interest or principal

payments, or a decline or perception of a decline in the credit quality of a

bond, can cause a bond's price to fall, potentially lowering the fund's share

price. The lower a bond's credit rating, the greater the chance - in the rating

agency's opinion - that the bond issuer will default or fail to meet its payment

obligations. High yield ("junk") bonds involve greater credit risk, including

the risk of default, than investment grade bonds, and are considered

predominantly speculative with respect to the issuer's ability to make principal

and interest payments. The prices of high yield bonds can fall dramatically in

response to bad news about the issuer or its industry, or the economy in

general.



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 a

security, the fund may not be able to sell the security in a timely manner at

its perceived value, which could cause the fund's share price to fall.

Performance

The following bar chart and table provide some indication of the risks of

investing in the fund. 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 no guarantee of future

results. More recent performance information may be available at

www.dreyfus.com.

The bar chart shows changes in the performance of the fund's shares from

year to year.

Year-by-Year Total Returns as of 12/31 each year (%)

Best Quarter

Q3, 2010: 7.51%

Worst Quarter

Q2, 2010: -3.66%



The fund's year-to-date total return as of 9/30/11 was -3.70%.

After-tax returns are calculated using the historical highest individual federal

marginal tax rates, and do not reflect the impact of state and local taxes.

Actual after-tax returns depend on the investor's tax situation and may differ

from those shown, and the after-tax returns shown are not relevant to investors

who hold their shares through tax-deferred arrangements such as 401(k) plans or

individual retirement accounts.

Average Annual Total Returns (as of 12/31/10)

Average Annual Total Returns	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Dreyfus Conservative Allocation Fund	Fund returns before taxes	10.97%	11.05%	Oct. 01, 2009
Dreyfus Conservative Allocation Fund After Taxes on Distributions	Fund returns after taxes on distributions	10.46%	10.47%	Oct. 01, 2009
Dreyfus Conservative Allocation Fund After Taxes on Distributions and Sales	Fund returns after taxes on distributions and sale of fund shares	7.51%	9.24%	Oct. 01, 2009
Dreyfus Conservative Allocation Fund Standard & Poor's 500 Composite Stock Price Index	Standard & Poor's 500 Composite Stock Price Index reflects no deduction for fees, expenses or taxes	15.08%	17.27%	Oct. 01, 2009
Dreyfus Conservative Allocation Fund Customized Blended Index	Customized Blended Index reflects no deduction for fees, expenses or taxes	10.61%	10.43%	Oct. 01, 2009

[1] The Dreyfus Corporation has contractually agreed, until January 1, 2013, to assume the expenses of the fund so that the total annual fund and underlying funds operating expenses (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 1.40%.