N-Q 1 form.htm FORM N-Q form
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number 811- 7123

Advantage Funds, Inc.
(Exact name of Registrant as specified in charter) 

c/o The Dreyfus Corporation 
200 Park Avenue 
New York, New York 10166 
(Address of principal executive offices) (Zip code) 
 
Michael A. Rosenberg, Esq. 
200 Park Avenue 
New York, New York 10166 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: (212) 922-6000 

Date of fiscal year end:    8/31/ 
Date of reporting period:    5/31/08 

The following N-Q relates only to the Registrant’s series listed below and does not affect the other series of the Registrant, which has a different fiscal year end and, therefore, different N-Q reporting requirements. A separate N-Q Form will be filed for this series, as appropriate.

ADVANTAGE FUNDS, INC. 
 
- DREYFUS EMERGING LEADERS 
- DREYFUS PREMIER INTERNATIONAL VALUE FUND 
- DREYFUS PREMIER MIDCAP VALUE FUND 
- DREYFUS SMALL COMPANY VALUE FUND 
- DREYFUS PREMIER FUTURE LEADERS FUND 
- DREYFUS PREMIER SELECT MIDCAP GROWTH FUND 
- DREYFUS PREMIER STRATEGIC VALUE FUND 
- DREYFUS PREMIER STRUCTURED LARGE CAP VALUE FUND 
- DREYFUS PREMIER STRUCTURED MIDCAP FUND 
- DREYFUS PREMIER TECHNOLOGY GROWTH FUND 

FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS         
Dreyfus Emerging Leaders Fund         
May 31, 2008 (Unaudited)         
 
 
Common Stocks--98.1%    Shares    Value ($) 
Commercial & Professional Services--8.5%         
Anixter International    48,800 a,b    3,172,488 
COMSYS IT Partners    36,800 a,b    369,472 
Concur Technologies    9,700 a,b    355,699 
Deluxe    73,400    1,653,702 
Dollar Financial    29,300 a,b    583,949 
Ennis    148,200    2,799,498 
Greenfield Online    125,200 b    1,595,048 
Nash Finch    20,100 a    768,624 
Owens & Minor    44,300 a    2,103,364 
Rush Enterprises, Cl. A    109,999 a,b    1,779,784 
ScanSource    49,700 a,b    1,489,012 
School Specialty    61,500 a,b    1,930,485 
TeleTech Holdings    63,200 a,b    1,633,088 
United Stationers    32,000 a,b    1,354,880 
Wright Express    75,100 b    2,401,698 
        23,990,791 
Communications--.4%         
iPCS    15,800 a,b    474,000 
NTELOS Holdings    26,300 a    734,296 
        1,208,296 
Consumer Durables--1.9%         
Cooper Tire & Rubber    65,500 a    719,190 
Fossil    67,800 a,b    2,149,938 
LoJack    59,400 b    549,450 
Matthews International, Cl. A    5,500    261,855 
Polaris Industries    32,800 a    1,565,216 
        5,245,649 
Consumer Non-Durables--5.6%         
American Greetings, Cl. A    131,400    2,451,924 
Cal-Maine Foods    69,300 a    2,162,160 
Deckers Outdoor    3,700 b    505,864 
Elizabeth Arden    133,700 b    2,006,837 
Perry Ellis International    46,900 a,b    1,278,494 
Sanderson Farms    63,000 a    3,145,590 
Warnaco Group    91,200 b    4,394,928 
        15,945,797 
Consumer Services--4.8%         
CBRL Group    15,500 a    456,475 
DeVry    23,500 a    1,340,675 
Jack in the Box    119,300 b    2,931,201 
Pre-Paid Legal Services    44,800 b    1,881,152 
Priceline.com    30,200 a,b    4,062,806 
Scholastic    44,400 a,b    1,380,840 
Strayer Education    2,600 a    519,740 
World Wrestling Entertainment, Cl.         
A    65,000 a    1,082,250 
        13,655,139 
Electronic Technology--9.3%         
Amkor Technology    268,000 b    2,856,880 
Cogo Group    92,800 b    1,301,056 
Comtech Telecommunications    48,700 a,b    2,254,810 
Cubic    45,900    1,160,352 

EMS Technologies    41,300 a,b        1,130,794 
Foundry Networks    140,500 a,b        1,910,800 
Hexcel    153,100 b        4,051,026 
Intevac    147,900 b        1,700,850 
Novatel Wireless    131,200 a,b        1,352,672 
Oplink Communications    97,500 a,b        1,080,300 
Pericom Semiconductor    149,000 b        2,792,260 
Sigma Designs    46,800 a,b        865,800 
Taser International    126,400 a,b        888,592 
TransDigm Group    22,400 b        976,640 
TTM Technologies    137,100 a,b        1,996,176 
            26,319,008 
Energy Minerals--5.7%             
Alpha Natural Resources    20,600 a,b        1,682,608 
Berry Petroleum, Cl. A    15,500        837,000 
Callon Petroleum    148,700 a,b        3,854,304 
Comstock Resources    13,200 a,b        757,020 
Mariner Energy    24,800 a,b        810,960 
PetroHawk Energy    162,600 a,b        4,777,188 
Stone Energy    48,400 b        3,270,872 
            15,989,952 
Finance--17.1%             
Advanta, Cl. B    181,800 a        1,581,660 
American Physicians Capital    50,800 a        2,312,416 
Ashford Hospitality Trust    152,300 a        935,122 
Bank Mutual    89,900 a        996,991 
Cathay General Bancorp    20,800 a        319,904 
City Holding    45,200 a        1,944,504 
Delphi Financial Group, Cl. A    60,400 a        1,744,956 
Digital Realty Trust    89,600 a        3,790,080 
Extra Space Storage    185,300 a        3,085,245 
FelCor Lodging Trust    210,800        3,132,488 
First Midwest Bancorp    64,400 a        1,680,840 
FirstMerit    26,700 a        539,607 
Frontier Financial    119,800 a        1,761,060 
Getty Realty    73,500 a        1,279,635 
GFI Group    136,000 a        1,610,240 
Greenhill & Co.    38,000 a        2,289,500 
Inland Real Estate    199,200 a        3,127,440 
Interactive Brokers Group, Cl. A    17,000 b        553,690 
Knight Capital Group, Cl. A    28,500 b        507,585 
Max Capital Group    30,000        723,600 
National Health Investors    13,800 a        427,800 
Odyssey Re Holdings    13,700        514,298 
optionsXpress Holdings    27,600 a        630,384 
Phoenix Cos.    186,500 a        1,889,245 
Presidential Life    80,700 a        1,421,934 
Ramco-Gershenson Properties    51,900 a        1,159,965 
Signature Bank    100,200 a,b        2,859,708 
Sterling Bancshares    53,600 a        547,792 
Sunstone Hotel Investors    19,100 a        367,675 
SVB Financial Group    24,600 a,b        1,260,750 
Westamerica Bancorporation    58,900 a        3,268,950 
            48,265,064 
Health Care Technology--9.0%             
Abaxis    33,800 a,b        993,382 
BioMarin Pharmaceutical    106,700 a,b        4,072,739 
Caraco Pharmaceutical Laboratories    53,800 b        926,436 
CONMED    57,100 a,b        1,523,999 

Cubist Pharmaceuticals    148,000 a,b    2,820,880 
Cynosure, Cl. A    26,000 a,b    637,780 
Hologic    45,800 a,b    1,100,574 
Incyte    30,700 b    298,097 
Invacare    58,400 a    1,061,712 
Isis Pharmaceuticals    104,800 a,b    1,481,872 
Martek Biosciences    119,800 a,b    4,523,648 
Medicis Pharmaceutical, Cl. A    52,100 a    1,238,938 
Merit Medical Systems    59,100 b    940,872 
OSI Pharmaceuticals    19,600 a,b    691,880 
Salix Pharmaceuticals    80,200 a,b    615,936 
Sciele Pharma    13,000 a,b    284,830 
SonoSite    17,400 b    534,528 
STERIS    57,400    1,736,350 
        25,484,453 
Industrial Services--2.6%         
American Ecology    27,800 a    798,416 
Bristow Group    25,400 b    1,327,658 
Gulf Island Fabrication    20,000    827,600 
Michael Baker    21,000 b    471,870 
Perini    62,600 b    2,409,474 
Trico Marine Services    38,100 a,b    1,462,659 
        7,297,677 
Non-Energy Minerals--.7%         
Hecla Mining    125,600 a,b    1,132,912 
Kaiser Aluminum    14,300    917,345 
        2,050,257 
Process Industries--7.7%         
AEP Industries    22,600 a,b    592,120 
CF Industries Holdings    24,700    3,381,430 
Glatfelter    120,400 a    1,875,832 
Grace (W.R.) & Co.    46,900 b    1,270,052 
GrafTech International    203,100 b    5,361,840 
Landec    198,300 b    1,588,383 
Minerals Technologies    18,200 a    1,266,902 
OM Group    27,200 b    1,182,656 
Sensient Technologies    49,400 a    1,553,630 
Terra Industries    83,700    3,651,831 
        21,724,676 
Producer Manufacturing--8.8%         
American Superconductor    16,100 a,b    568,008 
Ampco-Pittsburgh    14,000    653,240 
Apogee Enterprises    53,100 a    1,260,594 
Astec Industries    79,200 a,b    3,081,672 
Chart Industries    67,500 b    2,827,575 
CIRCOR International    22,900    1,223,089 
Columbus McKinnon    33,100 b    943,681 
FuelCell Energy    275,100 a,b    2,786,763 
Knoll    169,000 a    2,506,270 
L.B. Foster    21,600 a,b    739,368 
NCI Building Systems    40,200 a,b    1,255,848 
Superior Essex    57,000 a,b    2,479,500 
Tecumseh Products, Cl. A    72,300 a,b    2,523,993 
Valmont Industries    17,300 a    1,986,732 
        24,836,333 
Retail Trade--3.5%         
Asbury Automotive Group    49,600 a    816,912 
Casey's General Stores    12,600 a    275,814 
Dress Barn    65,400 a,b    1,011,738 

Great Atlantic & Pacific Tea    64,100 b        1,598,013 
JoS. A. Bank Clothiers    47,200 a,b        1,283,840 
Men's Wearhouse    102,900 a        2,133,117 
Systemax    123,800 a        2,399,244 
Winn-Dixie Stores    20,500 a,b        370,025 
            9,888,703 
Technology Services--9.7%             
Air Methods    24,700 a,b        951,938 
Apria Healthcare Group    141,400 a,b        2,382,590 
Chemed    60,600 a        2,194,932 
Internet Capital Group    59,400 a,b        597,564 
Jack Henry & Associates    108,200 a        2,575,160 
JDA Software Group    13,200 b        269,280 
Magellan Health Services    5,500 b        221,375 
Manhattan Associates    89,500 a,b        2,273,300 
Micros Systems    15,700 b        517,629 
Omnicell    118,000 a,b        1,567,040 
PAREXEL International    112,400 b        2,763,916 
Phase Forward    70,200 b        1,217,268 
Sohu.com    41,400 b        3,623,328 
SRA International, Cl. A    64,200 a,b        1,513,836 
Sybase    23,000 b        736,460 
Tyler Technologies    83,500 a,b        1,315,960 
Vignette    205,200 b        2,657,340 
            27,378,916 
Transportation--.5%             
Atlas Air Worldwide Holdings    17,300 a,b        1,070,870 
SkyWest    26,900        415,874 
            1,486,744 
Utilities--2.3%             
El Paso Electric    111,200 b        2,403,032 
MGE Energy    23,000 a        790,050 
Piedmont Natural Gas    123,900 a        3,349,017 
            6,542,099 
Total Common Stocks             
(cost $262,115,933)            277,309,554 
 
Other Investment--1.9%             
Registered Investment Company;             
Dreyfus Institutional Preferred             
Plus Money Market Fund             
(cost $5,274,000)    5,274,000 c        5,274,000 
 
Investment of Cash Collateral for             
Securities Loaned--34.7%             
Registered Investment Company;             
Dreyfus Institutional Cash             
Advantage Fund             
(cost $97,998,027)    97,998,027 c        97,998,027 
 
Total Investments (cost $365,387,960)    134.7%        380,581,581 
Liabilities, Less Cash and Receivables    (34.7%)        (97,985,082) 
Net Assets    100.0%        282,596,499 

a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $93,883,639 and the total market value of the collateral held by the fund is $97,998,027. 
b    Non-income producing security. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $365,387,960.

Net unrealized appreciation on investments was $15,193,621 of which $46,234,954 related to appreciated investment securities and $31,041,333 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS 
Dreyfus Premier International Value Fund 
May 31, 2008 (Unaudited) 

Common Stocks--96.0%    Shares    Value ($) 
Australia--3.2%         
Amcor    607,441    3,535,819 
Goodman Fielder    864,360    1,445,777 
Insurance Australia Group    763,498    2,933,612 
National Australia Bank    115,160    3,446,302 
Suncorp-Metway    141,746    1,954,996 
Zinifex    139,140    1,263,410 
        14,579,916 
Belgium--2.0%         
Delhaize Group    54,470    4,096,393 
Fortis    94,262    2,308,230 
Fortis (Strip)    90,462 a    1,407 
Fortis Group    107,473    2,626,716 
        9,032,746 
Brazil--.4%         
Tele Norte Leste Participacoes, ADR    74,680    1,932,718 
China--.4%         
PetroChina, ADR    11,640    1,659,282 
Finland--1.7%         
Nokia    116,670    3,363,352 
UPM-Kymmene    219,843    4,275,238 
        7,638,590 
France--8.8%         
BNP Paribas    22,760    2,349,013 
Credit Agricole    166,486    4,405,748 
France Telecom    126,557    3,840,341 
Lagardere    32,940    2,377,821 
PPR    17,020    2,224,214 
Sanofi-Aventis    139,770    10,417,842 
Thomson    48,300    307,332 
Total    131,090    11,439,121 
Vivendi    56,790    2,386,792 
        39,748,224 
Germany--9.2%         
Allianz    19,500    3,691,706 
Bayerische Motoren Werke    85,560    5,067,471 
Daimler    34,751    2,644,791 
Deutsche Post    150,344    4,783,184 
Deutsche Telekom    219,290    3,670,868 
E.ON    8,997    1,914,231 
Heidelberger Druckmaschinen    55,490    1,387,293 
MTU Aero Engines Holding    61,490    2,657,507 
Muenchener Rueckversicherungs    27,660    5,185,336 
RWE    48,854    6,315,192 
Siemens    34,490    3,912,709 
        41,230,288 
Greece--.6%         

Public Power    75,390    2,871,196 
Hong Kong--2.9%         
BOC Hong Kong Holdings    2,047,100    5,230,612 
Hutchison Whampoa    387,200    4,185,128 
Johnson Electric Holdings    3,514,500    1,760,875 
Yue Yuen Industrial Holdings    678,000    1,946,104 
        13,122,719 
Ireland--.2%         
Bank of Ireland    61,263    760,569 
Italy--5.3%         
Banco Popolare    157,740    3,182,874 
ENI    86,025    3,514,447 
Mediaset    457,170    3,723,334 
Saras    269,252    1,650,414 
Telecom Italia    2,440,650    5,376,584 
UniCredit    522,700    3,655,273 
Unipol Gruppo Finanziario    1,004,064    2,672,693 
        23,775,619 
Japan--23.1%         
Aeon    370,400    5,323,051 
Canon    55,552    2,998,396 
Central Japan Railway    434    4,240,372 
Chiba Bank    253,000    1,895,940 
Chiyoda    419,300    4,454,714 
Chuo Mitsui Trust Holdings    481,200    3,423,449 
Dentsu    528    1,292,203 
JS Group    131,100    2,237,231 
KDDI    277    1,920,765 
Kubota    543,100    4,404,767 
Mitsubishi Rayon    653,000    2,360,017 
Mitsubishi UFJ Financial Group    632,100    6,463,705 
NGK Spark Plug    175,300    2,181,688 
Nippon Paper Group    647    1,847,344 
Nissan Motor    276,600    2,458,492 
Nomura Holdings    328,700    5,584,345 
Ricoh    84,800    1,561,343 
Rohm    36,300    2,379,368 
Sekisui Chemical    211,600    1,551,573 
Sekisui House    398,200    4,211,658 
Seven & I Holdings    20,000    584,329 
Shimamura    35,500    2,832,053 
Shin-Etsu Chemical    54,200    3,413,849 
Sumitomo    209,200    3,089,778 
Sumitomo Mitsui Financial Group    819    7,046,414 
Taiheiyo Cement    319,200    753,944 
Takata    67,900    1,681,076 
Takeda Pharmaceutical    92,900    5,384,358 
Teijin    322,200    1,213,369 
THK    93,200    1,922,880 
Tokyo Electron    37,600    2,571,580 
Tokyo Gas    1,289,200    4,903,901 
Toyota Motor    94,500    4,813,745 

Yamada Denki    5,410    420,299 
        103,421,996 
Malaysia--.6%         
Malayan Banking    1,094,875    2,534,433 
Netherlands--3.2%         
Aegon    214,821    3,280,567 
Koninklijke Philips Electronics    53,130    2,039,965 
Royal Dutch Shell, Cl. A    190,909    8,151,308 
Wolters Kluwer    26,880    757,749 
        14,229,589 
Russia--.7%         
Gazprom, ADR    53,600    3,237,440 
Singapore--1.4%         
DBS Group Holdings    448,170    6,418,652 
South Africa--.5%         
Nedbank Group    158,584    2,073,675 
South Korea--3.0%         
Hyundai Motor    24,638    2,009,215 
Kookmin Bank, ADR    29,600    1,848,520 
Korea Electric Power, ADR    99,594    1,609,439 
KT, ADR    103,710    2,344,883 
Samsung Electronics    5,398    3,883,227 
SK Telecom, ADR    80,880    1,837,594 
        13,532,878 
Spain--1.3%         
Banco Santander    54,930    1,144,268 
Repsol    108,900    4,506,581 
        5,650,849 
Sweden--1.6%         
Sandvik    139,900    2,401,417 
Svenska Cellulosa, Cl. B    55,200    885,426 
Telefonaktiebolaget LM Ericsson, Cl. B    1,426,400    3,879,485 
        7,166,328 
Switzerland--7.5%         
Ciba Holding    155,546    5,124,922 
Clariant    210,484 a    2,346,677 
Nestle    16,545    8,135,584 
Novartis    223,950    11,764,224 
Swiss Reinsurance    42,599    3,308,600 
UBS    127,090    3,060,646 
UBS (Rights)    127,090 a    169,494 
        33,910,147 
Taiwan--.9%         
Compal Electronics    2,079,322    2,311,726 
United Microelectronics, ADR    558,132    1,936,718 
        4,248,444 
United Kingdom--17.5%         
Anglo American    63,510    4,301,349 
BP    1,094,053    13,176,661 
Centrica    727,834    4,235,197 
Debenhams    980,670    1,262,699 
Friends Provident    716,736    1,727,964 

GlaxoSmithKline    398,738        8,795,110 
HBOS    233,182        1,847,645 
HSBC Holdings    508,917        8,594,187 
Kingfisher    1,351,663        3,673,550 
Old Mutual    1,617,800        3,749,507 
Punch Taverns    237,168        2,608,534 
Reed Elsevier    0        5 
Royal Bank of Scotland Group    313,967        1,464,995 
Royal Bank of Scotland Group (Rights)    191,868a      114,022 
Tesco    419,626        3,442,160 
Trinity Mirror    167,340        754,127 
Unilever    251,562        8,326,930 
Vodafone Group    2,303,360        7,403,038 
WPP Group    235,340        2,850,727 
            78,328,407 
Total Common Stocks             
(cost $452,848,712)            431,104,705 
 
Preferred Stocks--1.6%             
Germany             
Henkel & Co.             
(cost $7,350,842)    153,490        7,338,044 
 
Total Investments (cost $460,199,554)    97.6%        438,442,749 
Cash and Receivables (Net)    2.4%        10,841,940 
Net Assets    100.0%        449,284,689 

ADR - American Depository Receipts 
a Non-income producing security. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $460,199,554.

Net unrealized depreciation on investments was $21,756,805 of which $29,970,054 related to appreciated investment securities and $51,726,859 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

At May 31, 2008, the fund held the following forward foreign currency exchange contracts:

                Unrealized 
                Appreciation/ 
Forward Currency    Foreign            (Depreciation) 
Exchange Contracts    Currency Amount    Cost    Value ($)    at 5/31/2008 ($) 
Purchases:                 
Australian Dollar, expiring 6/2/2008    549,764    524,695    525,466    772 
Euro, expiring 6/2/2008    174,266    270,473    271,113    640 
                1,412 
Sales:                 
British Pound, expiring 6/2/2008    693,574    1,370,988    1,373,904    (2,916) 
Euro, expiring 6/2/2008    1,252,497    1,946,130    1,948,562    (2,433) 
Hong Kong Dollar, expiring 6/2/2008    593,142    75,990    76,006    (16) 
Japanese Yen, expiring 6/2/2008    134,466,937    1,277,596    1,275,535    2,060 
Japanese Yen, expiring 6/3/2008    52,233,975    494,640    495,484    (845) 
Singapore Dollar, expiring 6/2/2008    308,991    225,986    226,941    (954) 
Swedish Krona, expiring 6/2/2008    2,297,856    382,899    382,944    (45) 
Swedish Krona, expiring 6/3/2008    316,917    52,699    52,815    (116) 
Swiss Franc, expiring 6/2/2008    487,834    465,980    468,059    (2,079) 
                (7,344) 
 
Total                (5,932) 

STATEMENT OF INVESTMENTS     
Dreyfus Premier Midcap Value Fund     
May 31, 2008 (Unaudited)         
 
 
Common Stocks--98.9%    Shares    Value ($) 
Consumer Discretionary--13.7%         
Advance Auto Parts    383,800 a    15,467,140 
AutoZone    21,930 a,b    2,775,461 
Bed Bath & Beyond    272,570 a,b    8,684,080 
Central European Media         
Enterprises, Cl. A    98,862 a,b    10,516,940 
Champion Enterprises    351,270 a,b    2,933,104 
Crocs    655,060 a,b    6,688,163 
D.R. Horton    3,360 a    42,706 
Dollar Tree    483,746 b    17,850,227 
Hanesbrands    326,250 a,b    10,766,250 
Kohl's    269,820 a,b    12,087,936 
Lowe's Cos.    659,320    15,823,680 
NVR    1,380 a,b    780,211 
Pulte Homes    13,450 a    164,493 
Ross Stores    86,660    3,173,489 
Staples    511,680 a    11,998,896 
        119,752,776 
Consumer Staples--10.5%         
Alberto-Culver    285,670 a    7,550,258 
Bare Escentuals    473,000 a,b    9,488,380 
Cadbury, ADR    164,339 a    8,823,361 
Coca-Cola Enterprises    110,490    2,225,269 
Dean Foods    339,080 a,b    7,374,990 
Dr. Pepper Snapple Group    293,474 b    7,389,685 
Herbalife    374,557    14,435,427 
Pilgrim's Pride    178,850 a    4,650,100 
Reynolds American    2,910 a    159,817 
Safeway    94,870 a    3,023,507 
Smithfield Foods    689,963 a,b    21,588,942 
Walgreen    133,890    4,822,718 
Winn-Dixie Stores    2,010 a,b    36,280 
        91,568,734 
Energy--11.3%         
Chesapeake Energy    464,980    25,466,955 
PetroHawk Energy    710,350 a,b    20,870,083 
Range Resources    323,670    21,284,539 
Weatherford International    388,810 b    17,741,400 
Whiting Petroleum    139,770 b    13,072,688 
        98,435,665 
Exchange Traded Funds--1.0%         
Midcap SPDR Trust Series 1    52,700 a    8,464,674 
Financial--11.9%         
ACE    215,470    12,943,283 
Annaly Capital Management    451,230 a    8,036,406 
Assured Guaranty    495,517 a    11,446,443 
Brandywine Realty Trust    13,920    261,278 
CIT Group    614,940 a    6,149,400 
Federal National Mortgage         
Association    403,510    10,902,840 
Freddie Mac    19,580    497,724 
Hanover Insurance Group    77,930    3,592,573 

HRPT Properties Trust    97,720 a    761,239 
Invesco    88,070    2,450,988 
Knight Capital Group, Cl. A    67,310 a,b    1,198,791 
Mack-Cali Realty    18,540    716,386 
Moody's    666,480 a    24,713,078 
PartnerRe    79,890 a    5,887,094 
People's United Financial    474,614    7,845,369 
SLM    20,750 b    470,402 
Sovereign Bancorp    573,930 a    5,245,720 
        103,119,014 
Health Care--11.7%         
Barr Pharmaceuticals    370,440 b    16,225,272 
Cardinal Health    259,540    14,674,392 
Elan, ADR    261,880 a,b    6,557,475 
Endo Pharmaceuticals Holdings    322,470 a,b    7,945,661 
Hologic    209,600 a,b    5,036,688 
Hospira    511,000 b    21,431,340 
St. Jude Medical    343,800 b    14,009,850 
Zimmer Holdings    219,460 a,b    15,976,688 
        101,857,366 
Industrial--10.5%         
ASML Holding (NY Shares)    349,120    10,459,635 
Covanta Holding    511,020 a,b    14,293,229 
Dover    6,960    376,397 
Eaton    100,660    9,731,809 
General Cable    128,720 a,b    9,113,376 
JB Hunt Transport Services    2,490 a    86,752 
Knight Transportation    251,430 a    4,591,112 
Manitowoc    112,380    4,371,582 
Masco    644,270    11,944,766 
Robert Half International    703,617    17,294,906 
Suntech Power Holdings, ADR    101,580 b    4,321,213 
Timken    117,098    4,289,300 
US Airways Group    11,220 a,b    44,431 
        90,918,508 
Information Technology--10.0%         
Akamai Technologies    276,800 a,b    10,809,040 
eBay    2,290 b    68,723 
Intersil, Cl. A    151,290 a    4,216,452 
KLA-Tencor    216,630 a    9,990,976 
Maxim Integrated Products    944,840    20,880,964 
Micron Technology    2,069,060 a,b    16,697,314 
Perot Systems, Cl. A    249,900 a,b    4,128,348 
Western Union    836,450    19,773,678 
        86,565,495 
Materials--7.4%         
Allegheny Technologies    82,070 a    6,155,250 
Bemis    3,210    85,386 
Cytec Industries    245,860    15,528,518 
International Paper    573,800 a    15,618,836 
Packaging Corp. of America    587,470 a    15,297,719 
Pactiv    5,610 b    138,174 
Sealed Air    3,480    84,773 
Smurfit-Stone Container    1,665,297 a,b    11,207,449 
United States Steel    1,120    193,435 
        64,309,540 
Telecommunication Services--.0%         
Leap Wireless International    1,710 a,b    98,257 

Utilities--10.9%         
Allegheny Energy    353,740    19,367,265 
CMS Energy    1,344,830 a    20,965,900 
Constellation Energy Group    301,210    25,973,338 
Dominion Resources    97,270 a    4,503,601 
DPL    693,730 a    19,715,807 
Entergy    39,070    4,718,484 
        95,244,395 
Total Common Stocks         
(cost $810,069,522)        860,334,424 
 
Other Investment--1.7%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $14,581,000)    14,581,000 c    14,581,000 
Investment of Cash Collateral for         
Securities Loaned--23.3%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Fund         
(cost $202,742,662)    202,742,662 c    202,742,662 
 
Total Investments (cost $1,027,393,184)    123.9%    1,077,658,086 
Liabilities, Less Cash and Receivables    (23.9%)    (207,759,495) 
Net Assets    100.0%    869,898,591 

ADR - American Depository Receipts 
a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $194,912,009 and the total market value of the collateral held by the fund is $202,742,662. 
b    Non-income producing security. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,027,393,184.

Net unrealized appreciation on investments was $50,264,902 of which $95,537,882 related to appreciated investment securities and $45,272,980 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS         
Dreyfus Small Company Value Fund         
May 31, 2008 (Unaudited)         
 
 
Common Stocks--97.5%    Shares    Value ($) 
Consumer Discretionary--12.3%         
Advance Auto Parts    28,520    1,149,356 
Champion Enterprises    69,630 a,b    581,411 
Children's Place Retail Stores    68,800 a,b    2,368,096 
Citi Trends    89,240 b    1,981,128 
Crocs    124,250 a,b    1,268,593 
Fred's, Cl. A    159,760 a    2,004,988 
Hanesbrands    28,130 a,b    928,290 
P.F. Chang's China Bistro    13,500 a,b    358,830 
True Religion Apparel    104,650 a,b    2,645,552 
Tween Brands    15,510 a,b    308,029 
        13,594,273 
Consumer Staples--10.3%         
Alberto-Culver    46,630    1,232,431 
Bare Escentuals    77,570 a,b    1,556,054 
Great Atlantic & Pacific Tea    11,090    276,474 
Green Mountain Coffee Roasters    11,020 a,b    475,623 
Herbalife    26,840    1,034,414 
Longs Drug Stores    19,540 a    926,587 
Pilgrim's Pride    94,540    2,458,040 
Smithfield Foods    35,780 a,b    1,119,556 
Winn-Dixie Stores    125,014 a,b    2,256,503 
        11,335,682 
Energy--8.2%         
CVR Energy    127,240 a,b    3,394,763 
Holly    23,310    989,510 
PetroHawk Energy    70,700 b    2,077,166 
Whiting Petroleum    27,210 b    2,544,951 
        9,006,390 
Financial--13.2%         
Assured Guaranty    115,520    2,668,512 
Cardinal Financial    48,180    413,866 
CIT Group    123,730 a    1,237,300 
Cypress Sharpridge    211,900 c    1,042,548 
First Cash Financial Services    112,570 b    1,732,452 
Hanover Insurance Group    37,180    1,713,998 
KKR Financial Holdings    203,190    2,470,790 
MFA Mortgage Investments    363,220 a    2,640,609 
PartnerRe    8,950 a    659,526 
        14,579,601 
Health Care--12.5%         
Align Technology    70,120 a,b    923,480 
Alpharma, Cl. A    51,690 a,b    1,302,071 
Amedisys    32,110 a,b    1,631,509 
American Medical Systems Holdings    59,950 a,b    905,845 
AngioDynamics    100,290 b    1,553,492 
Barr Pharmaceuticals    13,710 b    600,498 
Biovail    87,080    1,021,448 
Sciele Pharma    113,710 a,b    2,491,386 
SonoSite    34,420 a,b    1,057,382 
Volcano    162,470 b    2,264,832 
        13,751,943 

Industrial--9.1%         
Covanta Holding    7,110 b    198,867 
First Advantage, Cl. A    28,330 b    568,583 
General Cable    5,400 a,b    382,320 
Geo Group    12,990 b    298,640 
Heartland Express    88,550 a    1,363,670 
Interline Brands    43,380 a,b    774,767 
Knight Transportation    83,170 a    1,518,684 
MSC Industrial Direct, Cl. A    6,450    351,525 
Navigant Consulting    62,590 b    1,261,189 
Pike Electric    16,770 b    261,444 
Thomas & Betts    11,360 b    482,459 
UTi Worldwide    61,620    1,464,091 
Watts Water Technologies, Cl. A    39,050 a    1,107,458 
        10,033,697 
Information Technology--16.1%         
Applied Micro Circuits    74,582 a,b    731,649 
Ariba    235,400 a,b    3,493,336 
Arris Group    124,750 a,b    1,167,660 
Atheros Communications    17,370 a,b    580,505 
DealerTrack Holdings    76,760 a,b    1,615,030 
Emulex    136,170 a,b    1,909,103 
Hutchinson Technology    99,100 b    1,427,040 
Kemet    271,430 a,b    1,093,863 
Micron Technology    106,800 a,b    861,876 
MSC.Software    124,650 b    1,541,921 
NaviSite    138,750 b    525,863 
Perot Systems, Cl. A    64,010 b    1,057,445 
Rogers    13,410 a,b    525,538 
Synchronoss Technologies    83,950 a,b    1,115,696 
        17,646,525 
Materials--5.8%         
Cytec Industries    13,170    831,817 
Intrepid Potash    10,406 b    511,559 
Packaging Corp. of America    83,290    2,168,872 
Scotts Miracle-Gro, Cl. A    17,390    490,398 
Smurfit-Stone Container    118,360 a,b    796,563 
Temple-Inland    110,760    1,613,773 
        6,412,982 
Telecommunication Services--3.1%         
Cogent Communications Group    98,933 a,b    1,627,448 
NTELOS Holdings    54,560    1,523,315 
Virgin Mobile USA, Cl. A    75,980 a,b    272,008 
        3,422,771 
Utilities--6.9%         
Central Vermont Public Service    36,970    751,970 
CMS Energy    115,020 a    1,793,162 
DPL    96,610 a    2,745,656 
Portland General Electric    96,630    2,262,108 
        7,552,896 
Total Common Stocks         
(cost $104,675,696)        107,336,760 
 
Other Investment--2.5%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $2,746,000)    2,746,000 d    2,746,000 

Investment of Cash Collateral for         
Securities Loaned--36.6%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Fund         
(cost $40,293,548)    40,293,548 d    40,293,548 
 
Total Investments (cost $147,715,244)    136.6%    150,376,308 
Liabilities, Less Cash and Receivables    (36.6%)    (40,277,378) 
Net Assets    100.0%    110,098,930 

a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $38,205,719 and the total market value of the collateral held by the fund is $40,293,548. 
b    Non-income producing security. 
c    Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in 
    transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2008, this security amounted 
    to $1,042,548 or .9% of net assets. 
d    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $147,715,244.

Net unrealized appreciation on investments was $2,661,064 of which $10,450,350 related to appreciated investment securities and $7,789,286 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS         
Dreyfus Premier Future Leaders Fund         
May 31, 2008 (Unaudited)         
 
 
Common Stocks--99.4%    Shares    Value ($) 
Commercial & Professional Services--8.8%         
Anixter International    15,000 a,b    975,150 
Concur Technologies    3,200 a,b    117,344 
Deluxe    21,000    473,130 
Greenfield Online    52,900 b    673,946 
Kforce    62,000 a,b    573,500 
Nash Finch    5,600 a    214,144 
Owens & Minor    17,300    821,404 
Rush Enterprises, Cl. A    44,900 a,b    726,482 
School Specialty    14,100 a,b    442,599 
TeleTech Holdings    11,300 a,b    291,992 
United Stationers    9,500 a,b    402,230 
Viad    17,300 a    570,554 
Wright Express    23,200 b    741,936 
        7,024,411 
Communications--.4%         
iPCS    4,200 b    126,000 
NTELOS Holdings    8,100    226,152 
        352,152 
Consumer Durables--1.7%         
Cooper Tire & Rubber    18,800 a    206,424 
Fossil    18,200 a,b    577,122 
LoJack    8,700 b    80,475 
Polaris Industries    9,700 a    462,884 
        1,326,905 
Consumer Non-Durables--5.0%         
American Greetings, Cl. A    29,800    556,068 
Cal-Maine Foods    26,300 a    820,560 
Elizabeth Arden    37,500 b    562,875 
Perry Ellis International    9,200 a,b    250,792 
Sanderson Farms    10,900 a    544,237 
Warnaco Group    25,500 b    1,228,845 
        3,963,377 
Consumer Services--3.9%         
Jack in the Box    35,600 b    874,692 
Pre-Paid Legal Services    13,000 b    545,870 
Priceline.com    8,200 a,b    1,103,146 
Scholastic    9,500 b    295,450 
World Wrestling Entertainment, Cl.         
A    19,300 a    321,345 
        3,140,503 
Electronic Technology--11.8%         
Amkor Technology    92,500 b    986,050 
Cogo Group    27,400 b    384,148 
Comtech Telecommunications    15,400 b    713,020 
Cubic    13,200    333,696 
Digi International    29,400 b    265,188 
EMS Technologies    11,800 b    323,084 
Foundry Networks    47,900 a,b    651,440 
Hexcel    47,000 b    1,243,620 
Intevac    26,400 b    303,600 
Novatel Wireless    30,900 a,b    318,579 
Oplink Communications    54,300 b    601,644 
Pericom Semiconductor    44,000 b    824,560 

Sigma Designs    6,700 a,b        123,950 
TransDigm Group    6,500 b        283,400 
Triumph Group    13,000 a        808,470 
TTM Technologies    85,300 a,b        1,241,968 
            9,406,417 
Energy Minerals--6.1%             
Alpha Natural Resources    4,600 a,b        375,728 
Berry Petroleum, Cl. A    4,700        253,800 
Callon Petroleum    38,000 a,b        984,960 
Carrizo Oil & Gas    5,300 b        354,888 
Comstock Resources    4,700 b        269,545 
Mariner Energy    7,100 b        232,170 
PetroHawk Energy    50,900 b        1,495,442 
Stone Energy    13,700 b        925,846 
            4,892,379 
Finance--16.8%             
Advanta, Cl. B    36,450 a        317,115 
American Physicians Capital    18,300        833,016 
Ashford Hospitality Trust    56,400        346,296 
Boston Private Financial Holdings    7,600 a        64,068 
Cathay General Bancorp    6,000 a        92,280 
City Holding    17,500        752,850 
Delphi Financial Group, Cl. A    14,300 a        413,127 
Dollar Financial    8,200 a,b        163,426 
Entertainment Properties Trust    16,900 a        930,345 
Extra Space Storage    26,200        436,230 
First Midwest Bancorp    18,600 a        485,460 
First Niagara Financial Group    13,400 a        189,878 
FirstMerit    12,800        258,688 
Frontier Financial    35,800 a        526,260 
Getty Realty    8,200 a        142,762 
GFI Group    40,000 a        473,600 
Greenhill & Co.    12,000 a        723,000 
Inland Real Estate    58,200 a        913,740 
Max Capital Group    14,700        354,564 
National Financial Partners    22,200 a        542,124 
National Health Investors    4,300 a        133,300 
National Retail Properties    24,100 a        547,311 
Odyssey Re Holdings    12,800        480,512 
Omega Healthcare Investors    11,000 a        196,020 
optionsXpress Holdings    8,200        187,288 
Phoenix Cos.    59,500 a        602,735 
Presidential Life    7,600 a        133,912 
Ramco-Gershenson Properties    15,800        353,130 
SeaBright Insurance Holdings    5,800 b        88,856 
Senior Housing Properties Trust    16,200 a        359,802 
Simmons First National, Cl. A    3,100 a        94,333 
Strategic Hotels & Resorts    22,100 a        303,875 
SVB Financial Group    6,100 a,b        312,625 
WesBanco    12,300 a        270,600 
Westamerica Bancorporation    7,500 a        416,250 
            13,439,378 
Health Care Technology--9.5%             
BioMarin Pharmaceutical    31,500 a,b        1,202,355 
Caraco Pharmaceutical Laboratories    14,300 b        246,246 
CONMED    17,300 b        461,737 
Cubist Pharmaceuticals    34,800 b        663,288 
Cynosure, Cl. A    7,700 b        188,881 
Hologic    12,800 b        307,584 
Incyte    9,100 b        88,361 

Invacare    17,400        316,332 
Isis Pharmaceuticals    30,200 a,b        427,028 
Martek Biosciences    5,000 a,b        188,800 
Medicis Pharmaceutical, Cl. A    15,300        363,834 
Merit Medical Systems    17,700 b        281,784 
Momenta Pharmaceuticals    21,300 b        273,066 
OSI Pharmaceuticals    20,700 a,b        730,710 
Salix Pharmaceuticals    64,900 a,b        498,432 
Sciele Pharma    5,100 a,b        111,741 
SonoSite    5,000 a,b        153,600 
STERIS    35,000 a        1,058,750 
            7,562,529 
Industrial Services--2.2%             
Bristow Group    4,900 b        256,123 
Gulf Island Fabrication    5,800        240,004 
Michael Baker    6,000 b        134,820 
Perini    19,400 a,b        746,706 
Trico Marine Services    8,900 a,b        341,671 
            1,719,324 
Non-Energy Minerals--1.2%             
Hecla Mining    58,600 a,b        528,572 
Kaiser Aluminum    6,800        436,220 
            964,792 
Process Industries--7.4%             
AEP Industries    7,600 a,b        199,120 
CF Industries Holdings    6,900        944,610 
Glatfelter    33,200 a        517,256 
Grace (W.R.) & Co.    13,400 b        362,872 
GrafTech International    59,700 a,b        1,576,080 
Landec    59,300 b        474,993 
Minerals Technologies    5,200        361,972 
OM Group    7,300 b        317,404 
Spartech    19,400 a        208,938 
Terra Industries    20,800        907,504 
            5,870,749 
Producer Manufacturing--7.5%             
American Superconductor    4,800 a,b        169,344 
Apogee Enterprises    8,900        211,286 
Astec Industries    18,400 a,b        715,944 
Chart Industries    18,800 b        787,532 
Columbus McKinnon    10,200 b        290,802 
FuelCell Energy    82,500 a,b        835,725 
Knoll    45,200        670,316 
L.B. Foster, Cl. A    6,500 b        222,495 
LSI Industries    20,300 b        215,992 
NCI Building Systems    12,800 b        399,872 
Superior Essex    5,700 a,b        247,950 
Tecumseh Products, Cl. A    20,100 b        701,691 
Valmont Industries    4,200 a        482,328 
            5,951,277 
Retail Trade--3.2%             
Casey's General Stores    3,800 a        83,182 
Dress Barn    13,300 a,b        205,751 
Great Atlantic & Pacific Tea    19,000 a,b        473,670 
JoS. A. Bank Clothiers    13,600 a,b        369,920 
Men's Wearhouse    31,300 a        648,849 
Systemax    37,800 a        732,564 
            2,513,936 
Technology Services--10.4%             
Air Methods    7,600 a,b        292,904 

AMERIGROUP    26,300 b    726,143 
ANSYS    14,400 b    681,120 
Apria Healthcare Group    41,700 b    702,645 
Internet Capital Group    18,200 a,b    183,092 
Jack Henry & Associates    8,300 a    197,540 
JDA Software Group    4,600 b    93,840 
Magellan Health Services    10,300 b    414,575 
Micros Systems    3,400 b    112,098 
Omnicell    34,200 a,b    454,176 
PAREXEL International    24,000 b    590,160 
Phase Forward    16,900 b    293,046 
Sohu.com    14,100 a,b    1,234,032 
SPSS    3,900 b    153,543 
Sybase    9,400 b    300,988 
Sykes Enterprises    50,500 b    1,045,855 
Vignette    63,200 b    818,440 
        8,294,197 
Transportation--.4%         
Atlas Air Worldwide Holdings    5,400 b    334,260 
 
Utilities--3.1%         
CH Energy Group    9,100 a    344,708 
El Paso Electric    42,400 b    916,264 
MGE Energy    11,500 a    395,025 
Piedmont Natural Gas    29,600 a    800,088 
        2,456,085 
Total Common Stocks         
(cost $76,181,826)        79,212,671 
 
Other Investment--.7%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $546,000)    546,000 c    546,000 
 
Investment of Cash Collateral for         
Securities Loaned--34.7%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Plus Fund         
(cost $27,684,877)    27,684,877 c    27,684,877 
 
Total Investments (cost $104,412,703)    134.8%    107,443,548 
Liabilities, Less Cash and Receivables    (34.8%)    (27,759,549) 
Net Assets    100.0%    79,683,999 

a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $26,361,513 and the total market value of the collateral held by the fund is $27,684,877. 
b    Non-income producing security. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $104,412,703.

Net unrealized appreciation on investments was $3,030,845 of which $13,730,430 related to appreciated investment securities and $10,699,585 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS     
Dreyfus Premier Select Midcap Growth Fund     
May 31, 2008 (Unaudited)         
 
 
Common Stocks--98.1%    Shares    Value ($) 
Consumer Discretionary--10.2%         
Burger King Holdings    36,575    1,044,216 
J Crew Group    17,385 a,b    647,939 
Priceline.com    6,520 a,b    877,136 
Tim Hortons    28,540    947,243 
Urban Outfitters    25,860 b    832,433 
        4,348,967 
Consumer Staples--2.0%         
Estee Lauder, Cl. A    17,445 a    830,382 
Energy--15.2%         
Cameron International    19,940 b    1,061,406 
Core Laboratories    7,790 b    1,065,828 
Helmerich & Payne    18,070    1,132,086 
Oceaneering International    11,965 b    853,822 
Smith International    14,145    1,116,323 
Superior Energy Services    22,555 b    1,210,978 
        6,440,443 
Financial--7.8%         
Affiliated Managers Group    7,975 a,b    817,437 
IntercontinentalExchange    7,475 b    1,033,045 
T. Rowe Price Group    25,175    1,458,136 
        3,308,618 
Health Care--5.5%         
Gilead Sciences    23,865 b    1,320,212 
IDEXX Laboratories    20,000 b    1,010,000 
        2,330,212 
Industrial--16.5%         
C.H. Robinson Worldwide    18,505    1,193,572 
Flowserve    7,165    992,496 
Goodrich    13,710    888,545 
Harsco    16,515    1,045,730 
Precision Castparts    7,790    941,032 
Stericycle    18,135 b    1,057,271 
Suntech Power Holdings, ADR    20,675 b    879,515 
        6,998,161 
Information Technology--24.6%         
Amdocs    22,370 b    722,774 
BMC Software    22,110 b    886,611 
Dolby Laboratories, Cl. A    24,365 b    1,169,764 
FactSet Research Systems    14,645 a    947,678 
Harris    14,230    936,049 
MEMC Electronic Materials    13,335 b    915,581 
NVIDIA    35,625 b    879,938 
Satyam Computer Services, ADR    39,880 a    1,160,508 
Trimble Navigation    28,230 b    1,124,683 
Varian Semiconductor Equipment         

Associates    17,010 b    646,890 
Western Digital    29,475 b    1,106,197 
        10,496,673 
Materials--10.0%         
Airgas    19,070    1,128,372 
CF Industries Holdings    6,355    870,000 
FMC    9,660    714,647 
Sigma-Aldrich    12,775    750,659 
Steel Dynamics    21,560    778,316 
        4,241,994 
Technology--3.5%         
Amphenol, Cl. A    32,105    1,497,056 
Utilities--2.8%         
Questar    18,755    1,204,446 
Total Common Stocks         
(cost $37,158,136)        41,696,952 
 
Other Investment--2.6%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $1,087,000)    1,087,000 c    1,087,000 
 
Investment of Cash Collateral for         
Securities Loaned--9.4%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Plus Fund         
(cost $3,980,854)    3,980,854 c    3,980,854 
 
Total Investments (cost $42,225,990)    110.1%    46,764,806 
Liabilities, Less Cash and Receivables    (10.1%)    (4,280,747) 
Net Assets    100.0%    42,484,059 

ADR - American Depository Receipts 
a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $3,776,443 and the total market value of the collateral held by the fund is $3,980,854. 
b    Non-income producing security. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $42,225,990.

Net unrealized appreciation on investments was $4,538,816 of which $4,914,638 related to appreciated investment securities and $375,822 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS             
Dreyfus Premier Strategic Value Fund             
May 31, 2008 (Unaudited)             
 
 
Common Stocks--98.9%    Shares        Value ($) 
Consumer Discretionary--7.4%             
Centex    57,880 a        1,089,880 
Gap    178,780        3,262,735 
Johnson Controls    81,020        2,759,541 
Lowe's Cos.    128,040        3,072,960 
McDonald's    54,840        3,253,109 
News, Cl. A    562,940        10,104,773 
NVR    3,920 a,b        2,216,250 
Omnicom Group    150,550        7,378,456 
Ross Stores    156,840        5,743,481 
Time Warner    204,380        3,245,554 
TJX Cos.    100,810 a        3,231,969 
Toll Brothers    110,450 a,b        2,327,182 
            47,685,890 
Consumer Staples--8.9%             
CVS Caremark    226,580        9,695,358 
Dean Foods    286,410 a        6,229,418 
Estee Lauder, Cl. A    107,190 a        5,102,244 
Kraft Foods, Cl. A    243,736        7,916,545 
Molson Coors Brewing, Cl. B    113,490 a        6,582,420 
Philip Morris International    203,270 b        10,704,198 
Smithfield Foods    135,620 a,b        4,243,550 
Wal-Mart Stores    114,600        6,617,004 
            57,090,737 
Diversified Financial Services--4.4%             
JPMorgan Chase & Co.    657,498        28,272,414 
Energy--15.3%             
Anadarko Petroleum    40,980        3,072,271 
Cameron International    134,710 b        7,170,613 
Chesapeake Energy    114,060        6,247,066 
Chevron    200,320        19,861,728 
Devon Energy    109,600        12,707,024 
El Paso    330,010        6,451,696 
EOG Resources    23,570        3,031,809 
Hess    37,450 a        4,599,235 
Marathon Oil    180,790        9,290,798 
Occidental Petroleum    103,310        9,497,288 
Schlumberger    46,710        4,723,782 
XTO Energy    185,085        11,775,108 
            98,428,418 
Financial--22.3%             
Ameriprise Financial    65,280        3,085,133 
AON    70,660        3,334,445 
Astoria Financial    190,600        4,547,716 
Capital One Financial    61,770 a        2,972,372 
Chubb    119,290        6,413,030 
Citigroup    477,550        10,453,570 
Federal National Mortgage             
Association    228,630 a        6,177,583 
Fidelity National Financial, Cl. A    129,050        2,206,755 
First American    41,700        1,399,869 
Franklin Resources    32,120        3,251,186 
Freddie Mac    135,690        3,449,240 
Genworth Financial, Cl. A    130,900        2,892,890 

Goldman Sachs Group    62,540    11,032,681 
Invesco    216,070    6,013,228 
Lincoln National    82,310    4,540,220 
Merrill Lynch & Co.    69,240    3,041,021 
MetLife    103,100    6,189,093 
Moody's    180,450 a    6,691,086 
Morgan Stanley    96,460    4,266,426 
Northern Trust    101,560    7,718,560 
People's United Financial    179,290 a    2,963,664 
PNC Financial Services Group    130,360    8,375,630 
Principal Financial Group    68,090 a    3,668,689 
State Street    127,370    9,173,187 
TD Ameritrade Holding    167,060 a,b    3,025,457 
U.S. Bancorp    337,370    11,197,310 
Wachovia    205,380 a    4,888,044 
        142,968,085 
Health Care--8.1%         
Abbott Laboratories    211,360    11,910,136 
Amgen    63,080 b    2,777,412 
Baxter International    51,030    3,117,933 
Covidien    71,810    3,596,963 
Laboratory Corp. of America         
Holdings    39,160 a,b    2,889,616 
Merck & Co.    122,800    4,784,288 
Thermo Fisher Scientific    112,300 b    6,627,946 
Wyeth    361,860    16,091,914 
        51,796,208 
Industrials--10.4%         
Dover    92,060    4,978,605 
Eaton    92,640    8,956,435 
Emerson Electric    119,930    6,977,527 
General Electric    491,430    15,096,730 
Honeywell International    112,340    6,697,711 
Lockheed Martin    40,650    4,448,736 
Raytheon    72,800    4,649,008 
Rockwell Automation    58,240    3,409,952 
Union Pacific    58,740    4,834,889 
Waste Management    182,890    6,937,018 
        66,986,611 
Information Technology--4.8%         
BMC Software    95,020 b    3,810,302 
Hewlett-Packard    70,600    3,322,436 
Intel    217,530    5,042,345 
McAfee    86,120 b    3,121,850 
Microsoft    103,630    2,934,802 
NCR    206,190 b    5,455,787 
QUALCOMM    77,240    3,749,230 
Tyco Electronics    84,750    3,400,170 
        30,836,922 
Materials--3.9%         
Air Products & Chemicals    34,890    3,555,989 
Allegheny Technologies    36,970 a    2,772,750 
Celanese, Ser. A    107,350    5,227,945 
Dow Chemical    75,790 a    3,061,916 
Freeport-McMoRan Copper & Gold    43,400    5,021,814 
Pactiv    132,230 b    3,256,825 
Smurfit-Stone Container    320,110 a,b    2,154,340 
        25,051,579 
Telecommunication Services--5.3%         
AT & T    567,599    22,647,200 

Sprint Nextel    206,030    1,928,441 
Verizon Communications    250,640    9,642,121 
        34,217,762 
Utilities--8.1%         
Constellation Energy Group    60,230    5,193,633 
Entergy    82,890    10,010,625 
Exelon    113,160    9,958,080 
FPL Group    68,640    4,634,573 
NRG Energy    149,220 a,b    6,206,060 
Questar    150,800    9,684,376 
Southern    165,950    6,007,390 
        51,694,737 
Total Common Stocks         
(cost $578,524,696)        635,029,363 
 
Other Investment--.8%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $4,916,000)    4,916,000 c    4,916,000 
 
Investment of Cash Collateral for         
Securities Loaned--7.2%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Fund         
(cost $46,080,007)    46,080,007 c    46,080,007 
 
Total Investments (cost $629,520,703)    106.9%    686,025,370 
Liabilities, Less Cash and Receivables    (6.9%)    (44,093,484) 
Net Assets    100.0%    641,931,886 

a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $44,263,435 and the total market value of the collateral held by the fund is $46,080,007. 
b    Non-income producing security. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $629,520,703.

Net unrealized appreciation on investments was $56,504,667 of which $79,437,653 related to appreciated investment securities and $22,932,986 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS     
Dreyfus Premier Structured Large Cap Value Fund     
May 31, 2008 (Unaudited)         
 
 
Common Stocks--99.5%    Shares    Value ($) 
Commercial & Professional Services--2.4%     
Avnet    600 a    17,712 
Manpower    500    31,500 
        49,212 
Communications--4.8%         
AT & T    2,100    83,790 
CenturyTel    400    14,164 
        97,954 
Consumer Durables--1.4%         
Hasbro    800    28,992 
Consumer Non-Durables--5.9%         
Coca-Cola    600    34,356 
Pepsi Bottling Group    800    25,936 
Philip Morris International    400 a    21,064 
Procter & Gamble    600    39,630 
        120,986 
Consumer Services--4.6%         
CBS, Cl. B    1,200    25,896 
Time Warner    1,600    25,408 
Walt Disney    1,300    43,680 
        94,984 
Electronic Technology--3.4%         
General Dynamics    200    18,430 
Raytheon    500    31,930 
Seagate Technology    900    19,278 
        69,638 
Energy Minerals--16.7%         
Anadarko Petroleum    700    52,479 
Chesapeake Energy    500    27,385 
Chevron    100    9,915 
ConocoPhillips    1,200    111,720 
Exxon Mobil    1,500    133,140 
Occidental Petroleum    100    9,193 
        343,832 
Financial--24.8%         
Aflac    200    13,426 
American International Group    200    7,200 
AON    500    23,595 
Bank of America    1,800    61,218 
BB & T    600 b    18,882 
Cincinnati Financial    440    15,409 
Citigroup    1,200    26,268 
Everest Re Group    100    8,772 
Federal National Mortgage         
Association    600    16,212 
Goldman Sachs Group    100    17,641 

Host Hotels & Resorts    1,000    17,190 
Janus Capital Group    500    14,500 
KeyCorp    300    5,841 
Lehman Brothers Holdings    300    11,043 
Marshall & Ilsley    300    6,972 
MetLife    300    18,009 
Northern Trust    200    15,200 
ProLogis    600    37,158 
Prudential Financial    500    37,350 
Safeco    500    33,500 
State Street    400    28,808 
SunTrust Banks    600    31,326 
Wachovia    1,100    26,180 
Wells Fargo & Co.    700    19,299 
        510,999 
Health Care Technology--7.3%         
Eli Lilly & Co.    300    14,442 
Invitrogen    800 a    36,768 
Johnson & Johnson    800    53,392 
Merck & Co.    300    11,688 
Pfizer    1,700    32,912 
        149,202 
Industrial Services--1.7%         
National Oilwell Varco    200 a    16,664 
Williams    500    19,020 
        35,684 
Non-Energy Minerals--1.1%         
Freeport-McMoRan Copper & Gold    200    23,142 
Process Industries--5.3%         
Bunge    200    23,874 
Mosaic    400 a    50,128 
Owens-Illinois    600 a    34,332 
        108,334 
Producer Manufacturing--8.3%         
3M    400    31,024 
Deere & Co.    400    32,536 
General Electric    2,600    79,872 
Ingersoll-Rand, Cl. A    600    26,424 
        169,856 
Retail Trade--2.6%         
Family Dollar Stores    600    12,840 
Wal-Mart Stores    700    40,418 
        53,258 
Technology Services--1.4%         
Aetna    400    18,864 
Computer Sciences    200 a    9,830 
        28,694 
Utilities--7.8%         
CenterPoint Energy    1,300    22,022 
Consolidated Edison    600    24,780 
Duke Energy    2,000    36,960 
NRG Energy    700 a,b    29,113 

Public Service Enterprise Group    900    39,834 
Southern Union    300    7,980 
        160,689 
Total Common Stocks         
(cost $1,942,921)        2,045,456 
 
Investment of Cash Collateral for         
Securities Loaned--1.9%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Plus Fund         
(cost $38,340)    38,340 c    38,340 
 
Total Investments (cost $1,981,261)    101.4%    2,083,796 
Liabilities, Less Cash and Receivables    (1.4%)    (29,143) 
Net Assets    100.0%    2,054,653 

a    Non-income producing security. 
b    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $37,531 and the total market value of the collateral held by the fund is $38,340. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,981,261.

Net unrealized appreciation on investments was $102,535 of which $296,087 related to appreciated investment securities and $193,552 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS     
Dreyfus Premier Structured Midcap Fund     
May 31, 2008 (Unaudited)         
 
 
Common Stocks--99.3%    Shares    Value ($) 
Commercial & Professional Services--5.0%     
Avnet    55,000 a    1,623,600 
Dun & Bradstreet    23,500    2,153,070 
Ingram Micro, Cl. A    41,600 a    754,208 
Manpower    29,000    1,827,000 
MPS Group    87,200 a    1,001,056 
Patterson Cos.    16,700 a,b    567,967 
Tech Data    38,500 a    1,408,715 
        9,335,616 
Communications--1.1%         
Telephone & Data Systems    40,900    1,949,703 
Consumer Durables--1.0%         
Activision    33,700 a    1,137,375 
Hasbro    20,100 b    728,424 
        1,865,799 
Consumer Non-Durables--5.5%         
Alberto-Culver    31,500    832,545 
American Greetings, Cl. A    87,100    1,625,286 
Blyth    32,900 b    640,234 
Church & Dwight    32,000 b    1,821,760 
Hanesbrands    10,400 a    343,200 
Hormel Foods    10,700    404,353 
J.M. Smucker    18,900    997,731 
PepsiAmericas    24,600    599,502 
Universal    26,200 b    1,299,782 
Warnaco Group    34,900 a,b    1,681,831 
        10,246,224 
Consumer Services--2.4%         
Brinker International    66,700    1,462,731 
DeVry    16,700    952,735 
ITT Educational Services    15,500 a,b    1,125,765 
Meredith    15,200 b    498,712 
Scholastic    10,400 a,b    323,440 
        4,363,383 
Electronic Technology--9.9%         
ADC Telecommunications    102,500 a,b    1,613,350 
CommScope    42,900 a,b    2,353,065 
Harris    31,200    2,052,336 
Intersil, Cl. A    55,100 b    1,535,637 
L-3 Communications Holdings    8,100    869,859 
National Instruments    30,300    962,328 
Precision Castparts    9,100    1,099,280 
Rockwell Automation    10,600    620,630 
Semtech    87,900 a,b    1,540,008 
Synopsys    60,700 a    1,599,445 
Varian    8,900 a    493,861 

Western Digital    65,100 a    2,443,203 
Zebra Technologies, Cl. A    24,500 a,b    921,200 
        18,104,202 
Energy Minerals--7.0%         
Chesapeake Energy    39,500    2,163,415 
Cimarex Energy    44,100 b    3,004,974 
Denbury Resources    102,000 a    3,471,060 
Holly    14,500    615,525 
Noble Energy    30,200    2,942,990 
Southwestern Energy    15,100 a    669,534 
        12,867,498 
Finance--15.8%         
AMB Property    23,900    1,408,666 
American Financial Group    63,750    1,901,025 
Cincinnati Financial    46,800    1,638,936 
Endurance Specialty Holdings    9,400    316,404 
FirstMerit    54,900    1,109,529 
GATX    22,900 b    1,129,199 
HCC Insurance Holdings    95,000    2,266,700 
Hospitality Properties Trust    79,200    2,455,200 
Host Hotels & Resorts    47,300    813,087 
Janus Capital Group    27,200 b    788,800 
Jones Lang LaSalle    27,600 b    1,946,904 
MasterCard, Cl. A    1,800 b    555,570 
Philadelphia Consolidated Holding    29,300 a    1,091,425 
Potlatch    6,400 b    309,376 
ProLogis    33,900 b    2,099,427 
Raymond James Financial    49,000 b    1,457,750 
Reinsurance Group of America    9,100 b    467,922 
Safeco    7,200    482,400 
StanCorp Financial Group    33,000    1,814,670 
SVB Financial Group    29,200 a,b    1,496,500 
TCF Financial    119,800 b    1,979,096 
W.R. Berkley    28,012    758,845 
Weingarten Realty Investors    24,000 b    828,000 
        29,115,431 
Health Care Technology--9.1%         
Cephalon    5,500 a,b    372,405 
Dentsply International    58,800    2,383,752 
Edwards Lifesciences    31,600 a,b    1,823,636 
Endo Pharmaceuticals Holdings    17,400 a    428,736 
Intuitive Surgical    12,400 a,b    3,640,516 
Invitrogen    74,600 a    3,428,616 
Kinetic Concepts    29,500 a,b    1,281,185 
Medicis Pharmaceutical, Cl. A    25,000    594,500 
Par Pharmaceutical Cos.    31,900 a,b    581,856 
STERIS    24,100    729,025 
Techne    9,300 a    730,050 
Warner Chilcott, Cl. A    47,600 a    827,288 
        16,821,565 
Industrial Services--8.0%         
Allied Waste Industries    152,900 a    2,059,563 

Cameron International    27,000 a,b    1,437,210 
Dycom Industries    51,500 a    883,225 
Fluor    9,000    1,678,950 
FMC Technologies    36,100 a    2,593,785 
Jacobs Engineering Group    21,300 a    2,018,814 
KBR    17,500    607,425 
National Oilwell Varco    31,300 a    2,607,916 
Patterson-UTI Energy    6,300 b    198,324 
URS    14,000 a    669,340 
        14,754,552 
Non-Energy Minerals--3.7%         
AK Steel Holding    42,500    3,017,500 
Carpenter Technology    26,000    1,435,200 
Olin    47,800    1,075,500 
Worthington Industries    70,400 b    1,403,776 
        6,931,976 
Process Industries--6.6%         
CF Industries Holdings    8,300    1,136,270 
Crown Holdings    59,400 a    1,713,690 
Lubrizol    16,000    897,600 
Minerals Technologies    42,900 b    2,986,269 
Mosaic    10,400 a    1,303,328 
Owens-Illinois    34,300 a    1,962,646 
Terra Industries    52,400 b    2,286,212 
        12,286,015 
Producer Manufacturing--8.7%         
AGCO    27,200 a,b    1,643,696 
Autoliv    7,800    426,426 
Gardner Denver    33,700 a    1,788,122 
Gentex    54,300 b    953,508 
HNI    16,900 b    423,852 
Hubbell, Cl. B    36,200    1,693,074 
Kennametal    13,800    533,370 
Manitowoc    35,300 b    1,373,170 
Mettler-Toledo International    8,800 a    912,560 
Oshkosh    36,900 b    1,491,129 
SPX    24,000    3,189,120 
Steelcase, Cl. A    38,000 b    478,800 
Teleflex    9,900    586,971 
Toro    16,900 b    660,452 
        16,154,250 
Retail Trade--5.0%         
Aeropostale    52,950 a,b    1,850,073 
BJ's Wholesale Club    15,300 a,b    604,197 
Dollar Tree    61,800 a    2,280,420 
Family Dollar Stores    49,900 b    1,067,860 
GameStop, Cl. A    36,500 a,b    1,810,400 
Tiffany & Co.    13,500 b    661,905 
Urban Outfitters    30,200 a    972,138 
        9,246,993 
Technology Services--3.4%         
Apria Healthcare Group    57,300 a    965,505 

Computer Sciences    27,800 a    1,366,370 
Express Scripts    11,000 a    793,210 
Health Net    16,400 a    508,400 
Lincare Holdings    67,100 a    1,748,626 
Sybase    30,700 a    983,014 
        6,365,125 
Transportation--1.0%         
Frontline    28,000 b    1,784,720 
Utilities--6.1%         
Alliant Energy    52,100    1,955,834 
CenterPoint Energy    137,200 b    2,324,168 
Pepco Holdings    13,800    373,152 
Sierra Pacific Resources    240,300    3,260,871 
Southern Union    60,100 b    1,598,660 
UGI    20,100    542,298 
WGL Holdings    35,700 b    1,245,573 
        11,300,556 
Total Common Stocks         
(cost $169,278,821)        183,493,608 
 
Other Investment--.8%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $1,440,000)    1,440,000 c    1,440,000 
 
Investment of Cash Collateral for         
Securities Loaned--25.9%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Plus Fund         
(cost $47,966,718)    47,966,718 c    47,966,718 
 
Total Investments (cost $218,685,539)    126.0%    232,900,326 
Liabilities, Less Cash and Receivables    (26.0%)    (48,005,067) 
Net Assets    100.0%    184,895,259 

a    Non-income producing security. 
b    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $46,665,319 and the total market value of the collateral held by the fund is $47,966,718. 
c    Investment in affiliated money market mutual fund. 

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $218,685,539.

Net unrealized appreciation on investments was $14,214,787 of which $24,538,495 related to appreciated investment securities and $10,323,708 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

STATEMENT OF INVESTMENTS     
Dreyfus Premier Technology Growth Fund     
May 31, 2008 (Unaudited)         
 
 
Common Stocks--97.1%    Shares    Value ($) 
Consumer Discretionary--1.1%         
International Game Technology    113,933    4,062,851 
Exchange Traded Funds--2.4%         
Powershares QQQ    37,561    1,878,426 
Technology Select Sector SPDR Fund    270,130 a    6,847,795 
        8,726,221 
Industrial--1.5%         
China High Speed Transmission         
Equipment Group    962,411 b    1,689,544 
Vestas Wind Systems    28,630 b    3,941,141 
        5,630,685 
Information Technology--84.4%         
Accenture, Cl. A    324,771    13,257,152 
Activision    146,694 b    4,950,922 
Adobe Systems    295,795 a,b    13,032,728 
Akamai Technologies    296,679 a,b    11,585,315 
Amdocs    44,884 a,b    1,450,202 
Amphenol, Cl. A    114,879    5,356,808 
Analog Devices    98,256    3,449,768 
Apple    73,288 b    13,833,110 
Automatic Data Processing    236,224    10,169,443 
Bluestream Ventures, LP    4,382,900 d    2,862,319 
BMC Software    86,299 b    3,460,590 
Broadcom, Cl. A    62,005 b    1,778,923 
Check Point Software Technologies    75,408 b    1,872,381 
Ciena    59,185 a,b    1,808,694 
Cisco Systems    295,673 b    7,900,383 
Cognizant Technology Solutions,         
Cl. A    384,594 b    13,568,476 
Concur Technologies    146,064 a,b    5,356,167 
Corning    132,520    3,623,097 
Dell    170,667 b    3,935,581 
Dolby Laboratories, Cl. A    44,210 a,b    2,122,522 
Electronic Arts    85,528 b    4,293,506 
EMC    107,741 b    1,879,003 
Fiserv    67,022 b    3,509,272 
Google, Cl. A    19,868 b    11,638,674 
Hewlett-Packard    95,895    4,512,819 
Infosys Technologies, ADR    76,571 a    3,760,402 
Ingenex    7,900 d    0 
Intel    418,419    9,698,952 
International Business Machines    54,507    7,054,841 
Intersil, Cl. A    133,695 a    3,726,080 
Juniper Networks    103,798 a,b    2,856,521 
KLA-Tencor    67,557    3,115,729 
Logitech International    85,112 b    2,802,738 
McAfee    128,795 b    4,668,819 
MEMC Electronic Materials    88,284 b    6,061,579 
Microchip Technology    99,456 a    3,663,959 
Microsoft    424,594    12,024,502 
NetApp    312,576 a,b    7,620,603 
Nintendo, ADR    16,899    1,162,187 
NVIDIA    208,710 b    5,155,137 
Oracle    402,497 b    9,193,031 
QUALCOMM    300,784    14,600,055 

Research In Motion    113,834 b    15,808,128 
Salesforce.com    54,536 a,b    3,943,498 
SAP, ADR    57,588 a    3,144,305 
Sonus Networks    441,928 a,b    1,895,871 
Texas Instruments    330,554 a    10,736,394 
Trimble Navigation    276,736 a,b    11,025,162 
Tyco Electronics    80,779    3,240,853 
Varian Semiconductor Equipment         
Associates    73,622 a,b    2,799,845 
Visa, Cl. A    50,317    4,345,376 
Western Union    145,472    3,438,958 
        308,751,380 
Telecommunication Services--7.7%         
American Tower, Cl. A    155,256 b    7,098,304 
AT & T    195,428    7,797,577 
Atheros Communications    49,728 a,b    1,661,910 
Crown Castle International    87,640 a,b    3,723,824 
Fairpoint Communications    2,017 a    18,153 
Metropcs Communications    174,021 b    3,696,206 
Verizon Communications    106,928    4,113,520 
        28,109,494 
Total Common Stocks         
(cost $324,447,269)        355,280,631 
 
Other Investment--5.2%         
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund         
(cost $18,929,000)    18,929,000 c    18,929,000 
 
Investment of Cash Collateral for         
Securities Loaned--16.3%         
Registered Investment Company;         
Dreyfus Institutional Cash         
Advantage Fund         
(cost $59,639,576)    59,639,576 c    59,639,576 
 
Total Investments (cost $403,015,845)    118.6%    433,849,207 
Liabilities, Less Cash and Receivables    (18.6%)    (67,936,319) 
Net Assets    100.0%    365,912,888 

ADR - American Depository Receipts 
a    All or a portion of these securities are on loan. At May 31, 2008, the total market value of the fund's securities on loan is 
    $58,082,391 and the total market value of the collateral held by the fund is $59,639,576. 
b    Non-income producing security. 
c    Investment in affiliated money market mutual fund. 
d    Securities restricted as to public resale. Investment in restricted securities with aggregated market value assets of 
    $2,862,319 representing .78% of net assets (see below). 

Issuer    Acquisition Date    Purchase Price ($)    Net Assets (%)    Valuation ($) † 
Bluestream Ventures, LP    4/30/2004-6/5/2007    0.77    0.78    .65 per share 
Ingenex    4/30/2004    0.00    0.0    .00 per share 

† The valuation of these securities has been determined in good faith under the direction of the Board of Directors.

At May 31, 2008, the aggregate cost of investment securities for income tax purposes was $403,015,845.

Net unrealized appreciation on investments was $30,833,362 of which $39,426,805 related to appreciated investment securities and $8,593,443 related to depreciated investment securities.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Advantage Funds, Inc. 
 
By:    /s/ J. David Officer 
    J. David Officer 
    President
 
Date:    July 23, 2008 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:    /s/ J. David Officer 
    J. David Officer 
    President
 
Date:    July 23, 2008 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    July 23, 2008 

EXHIBIT INDEX

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)