Mutual Fund Summary Prospectus (497k)
March 28 2013 - 2:56PM
Edgar (US Regulatory)
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Dreyfus Balanced Opportunity Fund
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Summary Prospectus
April
1, 2013
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Class
Ticker
A
DBOAX
C
DBOCX
I
DBORX
Z
DBOZX
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Before you invest, you may
want to review the fund's prospectus, which contains more information about the fund and its risks.
You can find the fund's prospectus and other information about the fund, including the statement of additional
information and most recent reports to shareholders, online at
www.dreyfus.com/funddocuments
.
You can also get this information at no cost by calling 1-800-DREYFUS (inside the U.S. only) or by sending
an e-mail request to
info@dreyfus.com
. The fund's prospectus and statement of additional
information, dated April 1, 2013 (each as revised or supplemented), are incorporated by reference into
this summary prospectus.
The
fund seeks high total return through a combination of capital appreciation and current income.
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.
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Shareholder
Fees
(fees paid directly from your investment)
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Class
A
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Class
C
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Class
I
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Class
Z
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Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
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5.75
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none
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none
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none
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Maximum deferred sales charge (load)
(as a percentage of lower
of purchase or sale price)
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none
*
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1.00
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none
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none
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Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
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Class A
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Class C
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Class
I
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Class
Z
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Management fees
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.80
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.80
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.80
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.80
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Distribution (Rule 12b-1) fees
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none
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.75
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none
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none
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Other
expenses
(including shareholder services fees)
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.57
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.53
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.29
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.48
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Total annual fund operating expenses
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1.37
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2.08
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1.09
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1.28
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Fee waiver and/or expense reimbursement
**
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(.17)
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(.13)
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(.14)
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(.18)
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Total annual
fund operating expenses
(after fee waiver and/or expense reimbursement)
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1.20
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1.95
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.95
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1.10
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*
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. Class Z shares are generally not available for new accounts.
**
The
Dreyfus Corporation has contractually agreed to waive receipt of its fees and/or assume the expenses
of the fund until April 1, 2014, so that the direct expenses of none of the classes (excluding Rule 12b-1
fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings
and extraordinary expenses) exceed .95%. On or after April 1, 2014, The Dreyfus Corporation may terminate
this expense waiver at any time.
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6000SP0413
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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:
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1 Year
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3 Years
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5 Years
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10
Years
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Class A
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$690
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$968
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$1,267
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$2,113
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Class C
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$298
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$639
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$1,107
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$2,400
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Class I
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$97
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$323
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$587
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$1,316
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Class Z
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$112
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$388
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$685
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$1,529
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You
would pay the following expenses if you did not redeem your shares:
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1 Year
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3
Years
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5 Years
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10 Years
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Class A
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$690
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$968
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$1,267
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$2,113
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Class C
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$198
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$639
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$1,107
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$2,400
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Class I
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$97
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$323
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$587
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$1,316
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Class Z
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$112
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$388
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$685
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$1,529
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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 117.20% of the average value of its
portfolio.
Principal Investment Strategy
To
pursue its goal, the fund invests in a diversified mix of stocks and fixed-income securities. The fund
selects securities that, in the portfolio managers' judgment, will result in the highest total return
consistent with preservation of principal. The fund varies the mix of stocks and bonds from time to
time, but normally the fund allocates between 25% and 50% of its assets to fixed-income securities.
The fund has appointed an asset allocation manager who will allocate fund assets among the fund's equity
portfolio managers and the fund's fixed-income portfolio managers, based on an assessment of the relative
return and risk of each asset class, analyzing several factors, including general economic conditions,
anticipated future changes in interest rates and the outlook for stocks generally.
In seeking
to achieve a high relative risk-adjusted return on the fund's equity investments, the equity managers
create a broadly diversified equity portfolio for the fund that includes a blend of growth stocks and
value stocks. Stock selection is made through extensive quantitative and fundamental research.
The
fixed-income portion of the fund's portfolio may include corporate bonds, debentures, notes, mortgage-related
securities, including collateralized mortgage obligations (CMOs), asset-backed securities, convertible
securities, municipal obligations, zero coupon bonds, and money market instruments. The fund invests
primarily in securities that, when purchased, are rated investment grade (Baa/BBB or higher) or are the
unrated equivalent as determined by The Dreyfus Corporation, and in securities that are issued or guaranteed
by the U.S. government, including Treasury inflation-protected securities (TIPS). The fund has no limit
with respect to its portfolio maturity or duration.
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.
·
Allocation risk.
The ability of the fund to achieve its investment goal depends,
in part, on the ability of the fund's portfolio manager to allocate effectively the fund's assets among
equity and fixed-income securities. There can be no assurance that the actual allocations will be effective
in achieving the fund's investment goal.
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Dreyfus Balanced Opportunity Fund Summary
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2
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·
Correlation risk.
Although the prices of equity securities and fixed-income
securities, as well as other asset classes, 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 and asset classes can also fall in tandem. Because the fund allocates its investments among
different asset classes, the fund is subject to correlation risk.
·
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.
·
Growth and value stock
risk.
By investing in a mix of growth and value companies, the fund assumes the risks of both.
Investors often expect growth companies to increase their earnings at a certain rate. If these expectations
are not met, investors can punish the stocks inordinately, even if earnings do increase. In addition,
growth stocks typically lack the dividend yield that can cushion stock prices in market downturns. Value
stocks involve the risk that they may never reach their expected full market value, either because the
market fails to recognize the stock's intrinsic worth, or the expected value was misgauged. They also
may decline in price even though in theory they are already undervalued.
·
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 fixed-income portfolio, the more the fund's share price is likely
to react to interest rates.
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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.
·
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.
·
Portfolio turnover risk.
The fund may engage in short-term trading, which could produce higher transaction costs and taxable distributions,
and lower the fund's after-tax performance.
The following
bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows
changes in the performance of the fund's Class A shares from year to year. The table compares the average
annual total returns of the fund's shares to those of a broad measure of market performance. The fund's
past performance (before and after taxes) is not necessarily an indication of how the fund will perform
in the future. Sales charges, if any, are not reflected in the bar chart, and if those charges were
included, returns would have been less than those shown. More recent performance information may be
available at
www.dreyfus.com
.
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Year-by-Year Total Returns
as of 12/31 each year (%)
Class
A
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Best Quarter
Q2,
2003: 15.55%
Worst
Quarter
Q4, 2008: -15.87%
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After-tax performance is shown
only for Class A shares. After-tax performance of the fund's other share classes will vary. After-tax
returns are calculated using the historical highest individual federal marginal income tax rates, and
do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's
tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement
accounts.
The fund's performance represents the performance of a predecessor fund's shares for
periods prior to January 31, 2004, as adjusted to reflect the fund's applicable sales loads, and the
performance of the respective class of fund shares thereafter (except for Class Z, the performance for
which reflects that of the fund's Class J shares (which are not offered in this prospectus) for the period
January 31, 2004 through December 17, 2004 and the performance of the fund's Class Z shares thereafter).
Performance
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Dreyfus
Balanced Opportunity Fund Summary
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3
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figures for periods prior to January 31, 2004 (December 17, 2004 for Class Z) have not
been adjusted to reflect the fund's operating expenses; if these expenses had been reflected, such performance
may have been lower.
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Average
Annual Total Returns
(as of 12/31/12)
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Share Class
(Inception Date)
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1
Year
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5 Years
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10 Years
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Class A
(1/31/04) returns before taxes
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7.00%
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0.94%
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4.42%
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Class A
(1/31/04) returns after taxes on distributions
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6.80%
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0.63%
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3.85%
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Class A
(1/31/04) returns after
taxes on distributions and sale of fund shares
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4.83%
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0.72%
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3.73%
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Class C
(1/31/04) returns before taxes
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11.61%
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1.36%
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4.34%
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Class I
(1/31/04) returns before taxes
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13.84%
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2.42%
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5.24%
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Class Z
(12/17/04) returns before taxes
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13.43%
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2.16%
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5.10%
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Standard & Poor's 500 Composite Stock
Price Index,
reflects no deduction for fees, expenses or taxes
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15.99%
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1.66%
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7.10%
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Barclays Capital U.S. Aggregate Bond Index
reflects no deduction
for fees, expenses or taxes
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4.22%
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5.95%
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5.18%
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The fund's investment adviser is The Dreyfus Corporation. Keith
Stransky is the fund's primary asset allocation portfolio manager, a position he has held since March
2007. Mr. Stransky is the Chief Investment Officer (Traditional) and a Senior Portfolio Manager for
EACM Advisors LLC, an affiliate of The Dreyfus Corporation. Brian Ferguson and Sean Fitzgibbon are the
fund's primary equity portfolio managers, positions they have held since March 2007. Mr. Ferguson is
a Senior Managing Director and Director of the U.S. Large Cap Value Equity Team of The Boston Company
Asset Management, LLC (TBCAM), an affiliate of The Dreyfus Corporation. Mr. Fitzgibbon is a Senior Managing
Director, portfolio manager and head of the Global Core Equity Team of TBCAM. David Bowser and David
Horsfall are the fund's primary fixed-income portfolio managers, positions they have held since March
2008 and June 2012, respectively. Mr. Bowser is Director of Active Fixed Income and a Senior Portfolio
Manager at Standish Mellon Asset Management Company LLC (Standish), a subsidiary of BNY Mellon and an
affiliate of The Dreyfus Corporation. Mr. Horsfall is Deputy Chief Investment Officer and a Senior Portfolio
Manager at Standish, responsible for overseeing the management of all single and multi-sector active
fixed-income portfolios and strategies. Each portfolio manager also is an employee of The Dreyfus Corporation.
Purchase and Sale of Fund Shares
In
general, for each share class the fund's minimum initial investment is $1,000 and the minimum subsequent
investment is $100. You may sell (redeem) your shares on any business day by calling 1-800-DREYFUS (inside
the U.S. only) or by visiting
www.dreyfus.com
. If you invested in the fund through a third party,
such as a bank, broker-dealer or financial adviser, or in a 401(k) or other retirement plan, you may
mail your request to sell shares to Dreyfus Institutional Department, P.O. Box 9882, Providence, Rhode
Island 02940-8082. If you invested directly through the fund, you may mail your request to sell shares
to Dreyfus Shareholder Services, P.O. Box 9879, Providence, Rhode Island 02940-8079.
The fund's distributions are taxable as ordinary
income or capital gains, except when your investment is through an IRA, 401(k) plan or other tax-advantaged
investment plan (in which case you may be taxed upon withdrawal of your investment from such account).
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase shares through a broker-dealer or other financial
intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale
of fund shares and related services. These payments may create a conflict of interest by influencing
the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary's website for more information.
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Dreyfus Balanced Opportunity
Fund Summary
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4
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