Sector Allocation2

Dreyfus Premier S&P STARS Opportunities Fund

May 31, 2008

Total Returns1 Average Annual Total Return (03/31/08) Cumulative Total Return (05/31/08)

Growth of a $10,000 Investment1 Top Ten Holdings2

■ NOT FDIC-INSURED ■ NOT BANK-GUARANTEED ■ MAY LOSE VALUE

Information Technology 20.33 %Industrial 17.45 %Energy 13.19 %Consumer Discretionary 12.99 %Health Care 11.13 %Financial 7.75 %Materials 6.62 %Utilities 3.28 %Consumer Staples 1.80 %Telecommunication Services 1.13 %

FMC 3.45 %Hologic 3.01 %Alpha Natural Resources 3.01 %Manitowoc 2.98 %Jacobs Engineering Group 2.97 %Western Digital 2.80 %Consol Energy 2.51 %Burger King Hldgs 2.45 %Superior Energy Services 2.43 %Harsco 2.40 %A hypothetical $10,000 investment in the fund's Class A shares (based on pred-

ecessor fund) at inception on 10/1/01 would have been worth $19,766 on3/31/08. This does not reflect the 5.75% maximum front-end sales load applica-ble to Class A shares which, if reflected. would have lowered performance.Assumes reinvestment of dividends and capital gains. Performance for thefund's other share classes would vary.

Class A Shares

*Source: Morningstar, Inc. Ratings are calculatedusing a formula that measures the amount of varia-tion in a fund’s performance, and which gives moreemphasis to downward variations. Ratings are sub-ject to change every month. As of 5/31/08, the fundreceived four stars for the 3 year period, among 805funds in the Morningstar Mid-Cap Growth category.The top 10% of the funds in the category receivefive stars; the next 22.5% four stars; the next 35%three stars; the next 22.5% two stars; and the last10% one star.

Primary Portfolio ManagerFred A. KuehndorfThe Boston Company Asset Management, LLC

★★★★Morningstar Overall Rating™Class A shares of the fund were ratedamong 805 Mid-Cap Growth Funds as of 5/31/08. Ratings reflectrisk-adjusted performance, and are derived from a weighted averageof the fund's 3-, 5-, and 10-year (as applicable) Ratings.*

The holdings listed should not be considered recommendations to buy or sella security. Large concentrations can increase share price volatility.

Assets3 Holdings$310,625,038 54 (4/30/08)

Distribution Schedule Annually

Historical Performance (Cl. A @ NAV)1,4

Asset Allocation2

■ Common Stock; Domestic 88.40% ■ Common Stock; Foreign 7.75% ■ Short Term 4.36%

■ Net Cash (0.51)%

Dreyfus Investment StyleClassification

Morningstar CategoryMid-Cap Growth

10/01 3/08$5,000

$10,000

$15,000

$20,000

$25,000 $19,766

|

Value Blend Growth

Large

Mid

Small

Ticker CUSIP

Class A DDPPOOAAXX 26202X-60-3Class C BBSSOOCCXX 26202X-80-1Class T BBSSOOAAXX 26202X-87-6Class I DDSSOORRXX 26202X-88-4

2007 11.89 %2006 12.09 %2005 20.64 %2004 17.29 %2003 34.88 %2002 (22.59)%

Share Class/Inception Date 1 yr 3 yr 5 yr Incept. YTD 3 yr 5 yr Incept.

A (NAV) 5/1/04 (2.79)% 10.36% 17.37% 11.05% 4.52% 53.14% 122.27% 127.55%

A (5.75% max. load) (8.39)% 8.20% 15.99% 10.05% (1.47)% 44.34% 109.46% 114.51%

C (NAV) 10/1/01 (3.46)% 9.63% 16.68% 10.40% 4.23% 50.06% 115.65% 118.79%

C (1.00% max. CDSC) (4.41)% 9.63% 16.68% 10.40% 3.23% 50.06% 115.65% 118.79%

T (NAV) 10/1/01 (3.00)% 10.15% 17.31% 11.01% 4.45% 52.27% 121.65% 126.92%

T (4.50% max. load) (7.35)% 8.48% 16.25% 10.22% (0.24)% 45.44% 111.68% 116.63%

I (NAV) 10/1/01 (2.60)% 10.67% 17.77% 11.46% 4.61% 54.32% 126.20% 133.09%

S&P MidCap 400 Index✝ (6.97)% 7.06% 15.10% - 3.37% 36.55% 97.25% -

The performance data quoted represents past performance, which is no guarantee of future results. Share price and invest-ment return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current per-formance may be lower or higher than the performance quoted. Go to Dreyfus.com for the fund's most recent month-endreturns. Total Expense Ratios: Class A 1.37%; Class C 2.13%; Class I 1.15%; Class T 1.66%.

1 The fund commenced operations after all of the assets of a predecessor mutual fund were transferred to the fund in exchange for a corresponding class of shares ofthe fund in a tax-free reorganization on 5/1/04. Inception dates prior to 5/1/04 reflect the inception dates of the predecessor fund’s corresponding share classes.Performance for each share class includes returns for the predecessor fund and the current maximum sales load, and reflects current distribution and servicing fees ineffect only since the reorganization date. Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipatedholding period and other relevant factors.

2 Portfolio composition is as of 4/30/08 and is subject to change at any time. 3 Total net assets are for the fund. 4 CCaalleennddaarr yyeeaarr ffiigguurreess wwoouulldd bbee lloowweerr iiff mmaaxx.. ssaalleess llooaaddwwaass rreefflleecctteedd.. PPeerrffoorrmmaannccee ffiigguurreess mmaayy rreefflleecctt rreeiimmbbuurrsseemmeennttss oorr ffeeee wwaaiivveerrss,, wwiitthhoouutt wwhhiicchh tthhee ppeerrffoorrmmaannccee wwoouulldd hhaavvee bbeeeenn lloowweerr..

† Source: Morningstar. Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Standard & Poor’s MidCap 400 Index is a widely accepted,unmanaged total return index measuring the performance of the mid-sized company segment of the U.S. market.

Dreyfus Premier S&P STARS Opportunities Fund

©2008 MBSC Securities Corporation, Distributor 6021PER-0508

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Contact your finan-cial advisor and obtain a prospectus that contains this and other information about the fund, and read it carefully before investing.“Standard & Poor’s®,” “S&P®” and “STARS®” are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use on behalf of the fund. The fund is not sponsored,managed, advised, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the fund and is not an index fund.

The fund seeks long-term capital appreciation.

To pursue its goal, the fund normally invests at least80% of its net assets in securities that have beenranked at the time of purchase by Standard & Poor’s(S&P) analysts according to the Standard & Poor’sSTock Appreciation Ranking System (STARS).

S&P’s research staff analyzes and ranks the stocks ofapproximately 1,500 issuers and evaluates theirshort- to intermediate-term (up to 12 months) appre-ciation potential as shown below:

5-STARS (Buy): Total return is expected to outper-form the total return of the S&P 500 Index by a widemargin, with shares rising in price on an absolutebasis.

4-STARS (Accumulate): Total return is expected tooutperform the total return of the S&P 500 Index,with shares rising in price on an absolute basis.

3-STARS (Hold): Total return is expected to closelyapproximate that of the total return of the S&P 500Index, with shares generally rising in price on anabsolute basis.

2-STARS (Avoid): Total return is expected to under-perform the total return of the S&P 500 Index, andshare price is not anticipated to show a gain.

1-STARS (Sell): Total return is expected to underper-form the total return of the S&P 500 Index by a widemargin, with shares falling in price on an absolutebasis.

In seeking to achieve the investment objective of thefund, the fund’s portfolio manager will principally useSTARS to identify common stocks in the highest cat-egory (five STARS) for purchase and in the lowestcategory (one STARS) for short selling. The portfoliomanager then analyzes the stocks ranked by S&Panalysts according to the STARS and selects thosehe believes have the best potential for capital appre-ciation. Generally, the fund may invest up to 25% ofits total assets in U.S. common stocks and ADRswithout regard to the STARS ranking at the time ofpurchase.

The investment adviser for the fund is The DreyfusCorporation. Fred A. Kuehndorf is the fund’ s primaryportfolio manager since May 2004. Mr. Kuehndorfhas been a portfolio manager for The BostonCompany Asset Management, LLC (TBCAM), anaffiliate of Dreyfus, since September 2005. At thattime, he became a dual employee of Dreyfus andTBCAM. Prior to joining TBCAM, Mr. Kuehndorf wasa senior vice president and senior portfolio managerwith Lighthouse Dreyfus Growth Advisors, an affiliateof Dreyfus, since November 2002.

Equity funds are subject generally to market, marketsector, market liquidity, issuer, and investment stylerisks, among other factors, to varying degrees, all ofwhich are more fully described in the fund’s prospec-tus.

S&P STARS rankings represents the subjectivedetermination of S&P analysts, and may not accu-rately assess the investment prospects of a particularsecurity. Past performance of securities included inthe S&P STARS system does not necessarily predictthe future performance of the fund.

Small and midsize companies carry additional risksbecause their earnings and revenues tend to be lesspredictable, and their share prices more volatile thanthose of larger, more established companies. Theshares of small companies tend to trade less fre-quently than those of larger, more established com-panies.

To the extent the fund invests in foreign securities,the fund’s performance will be influenced by political,social, and economic factors affecting investments inforeign companies.

Short sales may involve substantial risk and “lever-age.” Short sales expose the fund to the risk that itwill be required to buy the security sold short at atime when the security has appreciated in value, thusresulting in a loss.

Certain Risks

Portfolio Management

Goal/Approach