Dreyfus Premier Small Cap Value Fund · Computer model:a proprietary model that evaluates and ranks...

As with all mutual funds, the Securities and Exchange Commission has not approvedor disapproved these securities or passed upon the adequacy of this prospectus.Any representation to the contrary is a criminal offense.

Dreyfus PremierSmall Cap Value FundSeeks capital appreciation by investingin small-cap value stocks

P R O S P E C T U S March 1, 2006

March 1, 2006

THE DREYFUS PREMIER FAMILY OF FUNDS

Supplement to Current Prospectus

Effective on or about June 1, 2006 (the “Effective Date”), each fund in the Dreyfus PremierFamily of Funds will no longer offer Class B shares, except in connection with dividend reinvest-ment and permitted exchanges of Class B shares.

Existing holders of a fund’s Class B shares as of the Effective Date may continue to hold theirClass B shares, reinvest dividends into Class B shares of the fund and exchange their Class B sharesfor Class B shares of other Dreyfus Premier funds and Dreyfus Founders funds (as permitted bycurrent exchange privilege rules). In addition, Class B shares may be exchanged as of the EffectiveDate for Class B shares of General Money Market Fund, Inc. (“GMMF”). As of the Effective Date,no new or subsequent investments, including through automatic investment plans, will be allowedin Class B shares of any fund, except through a dividend reinvestment or permitted exchange. ForClass B shares outstanding on the Effective Date and Class B shares acquired upon reinvestment ofdividends, all Class B share attributes, including associated contingent deferred sales charge(“CDSC”) schedules, conversion features and distribution plan and shareholder services plan fees,will continue in effect. However, as of the Effective Date, the Reinvestment Privilege with respect toClass B shares (which permits you to reinvest within 45 days of selling your shares and have anyCDSC you paid on such shares credited back to your account) will be discontinued.

In addition, as of the Effective Date, exchanges of Class B shares of a fund for shares of DreyfusWorldwide Dollar Money Market Fund, Inc. (“DWDMMF”) will no longer be permitted. Sharesheld in DWDMMF through a previous exchange of Class B shares, however, may be exchanged forClass B shares of a Dreyfus Premier fund, a Dreyfus Founders fund or GMMF.

Effective on March 1, 2006, the following information supplements and should be readin conjunction with the section of the fund’s Prospectus entitled “Shareholder Guide —Sales Charge Reductions and Waivers”:

Class A shares may be purchased at net asset value without payment of a sales charge:

• By qualified investors who (i) purchase Class A shares directly through Dreyfus ServiceCorporation (“DSC”), and (ii) have, or whose spouse or minor children have, beneficially ownedshares and continuously maintained an open account directly through DSC in a Dreyfus-man-aged fund, including the fund, or a Founders-managed fund since February 28, 2006.

• With the cash proceeds from an investor’s exercise of employment-related stock options,whether invested in the fund directly or indirectly through an exchange from a Dreyfus-man-aged money market fund, provided that the proceeds are processed through an entity that hasentered into an agreement with DSC specifically relating to processing stock options. Upon

(Continued on Reverse Side)

establishing the account in the fund or the Dreyfus-managed money market fund, the investorand the investor’s spouse and minor children become eligible to purchase Class A shares ofthe fund at net asset value, whether or not using the proceeds of the employment-relatedstock options.

• By members of qualified affinity groups who purchase Class A shares directly through DSC,provided that the qualified affinity group has entered into an affinity agreement with DSC.

Effective on March 1, 2006, the following information supersedes and replaces the lastparagraph contained in the section of the fund’s Prospectus entitled “Shareholder Guide —Sales Charge Reductions and Waivers”:1

• Class A and Class T2 shares may be purchased at net asset value without payment of a salescharge for Dreyfus-sponsored IRA “Rollover Accounts” with the distribution proceeds fromqualified and non-qualified retirement plans or a Dreyfus-sponsored 403(b)(7) plan, provid-ed that, in the case of a qualified or non-qualified retirement plan, the rollover is processedthrough an entity that has entered into an agreement with DSC specifically relating to pro-cessing rollovers.

PFstk-0306

1 This provision does not apply to municipal bond funds.2 Applicable only to Dreyfus Premier funds that offer Class T shares.

Contents

The Fund

Goal/Approach 1

Main Risks 2

Past Performance 4

Expenses 5

Management 6

Financial Highlights 8

Your Investment

Shareholder Guide 13

Distributions and Taxes 21

Services for Fund Investors 22

Instructions for Regular Accounts 23

Instructions for IRAs 25

For More Information

See back cover.

Note to investors

As of the close of business on January 9, 2006, the fund is closedto new investors. Shareholders of the fund on that date (the clos-ing date) may continue to buy shares for existing accounts. Anyshareholder whose fund account has a zero balance on or after theclosing date may not purchase fund shares for such account noropen a new account. Investors who did not own shares of the fundas of the closing date generally will not be permitted to buy sharesof the fund, with three exceptions. First, new accounts may beopened by participants in group employer retirement plans (andtheir successor plans), provided that the plans are approved byDreyfus and had established the fund as an investment optionunder the plans by the closing date. Second, new accounts may beopened by discretionary wrap accounts that are approved byDreyfus and that established the fund as an investment optionunder the discretionary wrap accounts before the closing date.Third, new accounts may be opened for the fund’s primary portfo-lio managers and board members who do not have existingaccounts. Financial institutions maintaining omnibus accounts withthe fund are prohibited from accepting purchase orders from newinvestors after the closing date. Investors may be required todemonstrate eligibility to buy shares of the fund before an invest-ment is accepted after the closing date. The board reserves theright to reopen the fund to new investors should circumstanceschange.

Dreyfus Premier Small Cap Value Fund Ticker Symbols Class A: DSVAX

Class B: DSVBX

Class C: DSVCX

Class R: DSVRX

Class T: DSVTX

The Fund

G O A L / A P P R O A C H

The fund seeks capital appreciation. This objectivemay be changed without shareholder approval. Topursue its goal, the fund normally invests at least80% of its assets in stocks of small U.S. companies.Dreyfus uses a disciplined process that combinescomputer modeling techniques, fundamental analy-sis and risk management to select undervaluedstocks for the fund.The fund’s investment process isdesigned to provide investors with investmentexposure to sector weightings and risk characteris-tics generally similar to those of the Russell 2000®

Value Index (Russell 2000 Value).

In selecting securities, Dreyfus uses a computermodel to identify and rank undervalued stocks.Undervalued stocks are normally characterized byrelatively low price-to-earnings and low price-to-book ratios. The model analyzes how a stock ispriced relative to its perceived intrinsic value.

Next, based on fundamental analysis, Dreyfus gener-ally selects the most attractive of the higher rankedsecurities, drawing on a variety of sources, includinginternal as well as Wall Street research.

Then the portfolio is constructed so that its sectorweightings and risk characteristics are generallysimilar to those of the Russell 2000 Value.

Concepts to understand

Small companies: generally new and often entrepreneurial

companies with market capitalizations ranging between

$100 million and $3 billion at the time of purchase. This range

may fluctuate depending on changes in the value of the stock

market as a whole. Small companies tend to grow faster than

larger companies, but frequently are more volatile, more

vulnerable to major setbacks and have a higher failure rate

than larger companies.

Computer model: a proprietary model that evaluates and

ranks a large universe of stocks. The model screens each

stock for relative attractiveness within its economic sector

and industry. Dreyfus reviews each of the screens

on a regular basis and maintains the flexibility to adapt the

screening criteria to changes in market conditions.

Russell 2000 Value: an unmanaged index of small-cap

value stock performance.

The fund may, but is not required to, use deriva-tives, such as futures and options, as a substitute fortaking a position in an underlying asset, to increasereturns, or as part of a hedging strategy.

T h e F u n d 1

M A I N R I S K S

The fund’s principal risks are discussed below. Thevalue of your investment in the fund will fluctuate,sometimes dramatically, which means you couldlose money.

� Market risk. The market value of a security maydecline due to general market conditions that arenot specifically related to a particular company,such as real or perceived adverse economic con-ditions, changes in the general outlook for cor-porate earnings, changes in interest or currencyrates or adverse investor sentiment generally. Asecurity’s market value may also decline becauseof factors that affect a particular industry orindustries, such as labor shortages or increasedproduction costs and competitive conditionswithin an industry.

� Issuer risk. The value of a security may decline fora number of reasons which directly relate to theissuer, such as management performance, financialleverage and reduced demand for the issuer’sproducts or services.

� Small company risk. Small companies carry addi-tional risks because their operating histories tendto be more limited, their earnings and revenuesless predictable (and some companies may beexperiencing significant losses), and their shareprices more volatile than those of larger, moreestablished companies.The shares of smaller com-panies tend to trade less frequently than those oflarger, more established companies, which canadversely affect the pricing of smaller companies’securities and the fund’s ability to sell them whenthe portfolio managers deem it appropriate.Thesecompanies may have limited product lines, mar-kets and/or financial resources, or may depend ona limited management group. Some of the fund’sinvestments will rise and fall based on investorperception rather than economic factors. Otherinvestments, including special situations, are madein anticipation of future products and services orevents whose delay or cancellation could causethe stock price to drop.

� Value stock risk. Value stocks involve the risk thatthey may never reach what the portfolio man-agers believe is their full market value, eitherbecause the market fails to recognize the stock’sintrinsic worth, or the portfolio managers mis-gauged that worth.They also may decline in priceeven though in theory they are already underval-ued. Because different types of stocks tend to shiftin and out of favor depending on market andeconomic conditions, the fund’s performancemay sometimes be lower or higher than that ofother types of funds (such as those emphasizinggrowth stocks).

� Stock selection risk. Although the fund seeks tomanage risk by broadly diversifying amongindustries and by maintaining a risk profile gen-erally similar to the Russell 2000 Value, the fundholds fewer securities than the index. Owningfewer securities and the ability to purchase com-panies not listed in the index can cause the fundto underperform the index.

� Foreign investment risk. To the extent the fundinvests in foreign securities, its performance willbe influenced by political, social and economicfactors affecting investments in foreign compa-nies. Special risks associated with investments inforeign companies include exposure to currencyfluctuations, less liquidity, less developed or lessefficient trading markets, lack of comprehensivecompany information, political and economicinstability and differing auditing and legal stan-dards.

� Foreign currency risk. Investments in foreign cur-rencies are subject to the risk that those curren-cies will decline in value relative to the U.S. dol-lar, or, in the case of hedged positions, that theU.S. dollar will decline relative to the currencybeing hedged.Currency rates in foreign countriesmay fluctuate significantly over short periods oftime.A decline in the value of foreign currenciesrelative to the U.S. dollar will reduce the value ofsecurities held by the fund and denominated inthose currencies.

2

T h e F u n d 3

� Derivatives risk. The fund may use derivativeinstruments, such as options, futures and optionson futures (including those relating to stocks,indexes and foreign currencies), and forward con-tracts. A small investment in derivatives couldhave a potentially large impact on the fund’s per-formance. The use of derivatives involves risksdifferent from, or possibly greater than, the risksassociated with investing directly in the underly-ing assets. Derivatives can be highly volatile, illiq-uid and difficult to value, and there is the risk thatchanges in the value of a derivative held by thefund will not correlate with the underlyinginstruments or the fund’s other investments.Derivative instruments also involve the risk that aloss may be sustained as a result of the failure ofthe counterparty to the derivative instruments tomake required payments or otherwise complywith the derivative instruments’ terms.

� IPO risk. The fund may purchase securities ofcompanies in initial public offerings (IPOs).Theprices of securities purchased in IPOs can be veryvolatile.The effect of IPOs on the fund’s perfor-mance depends on a variety of factors, includingthe number of IPOs the fund invests in relative tothe size of the fund and whether and to whatextent a security purchased in an IPO appreciatesor depreciates in value. As a fund’s asset baseincreases, IPOs often have a diminished effect onsuch fund’s performance.

Other potential risks

Under adverse market conditions, the fund could invest some

or all of its assets in U.S. Treasury securities and money

market securities. Although the fund would do this for

temporary defensive purposes, it could reduce the benefit

from any upswing in the market. During such periods, the

fund may not achieve its investment objective.

At times, 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 fund may lend its portfolio securities to brokers, dealers

and other financial institutions. In connection with such loans,

the fund will receive collateral from the borrower equal to at

least 100% of the value of the loaned securities. Should the

borrower of the securities fail financially, the fund may

experience delays in recovering the loaned securities or

exercising its rights in the collateral.

4

05040302010099989796

15.49

-5.60-4.72

47.36

9.08

25.34

3.09

P A S T P E R F O R M A N C E

The bar chart and table shown illustrate the risks ofinvesting in the fund.The bar chart shows the changesin the performance of the fund’s Class A shares fromyear to year. Sales loads are not reflected in the chart;if they were, the returns shown would have beenlower. The table compares the average annual totalreturns of each of the fund’s share classes to those ofthe Russell 2000 Value, a widely recognized, unman-aged index of small-cap value stock performance.Thereturns shown in the table reflect any applicable salesloads. All returns assume reinvestment of dividendsand distributions.Of course, past performance (beforeand after taxes) is no guarantee of future results.Performance of each share class will vary from theperformance of the fund’s other share classes due todifferences in charges and expenses.

After-tax performance is shown only for Class Ashares.After-tax performance of the fund’s other shareclasses will vary.After-tax returns are calculated usingthe historical highest individual federal marginalincome tax rates, and do not reflect the impact of stateand local taxes.Actual after-tax returns depend on theinvestor’s tax situation and may differ from thoseshown, and the after-tax returns shown are not rele-vant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or indi-vidual retirement accounts.

Year-by-year total returns as of 12/31 each year (%)

Class A shares

Best Quarter: Q2 ’03 +25.36%

Worst Quarter: Q3 ’02 -19.37%

What this fund is — and isn’t

This fund is a mutual fund: a pooled investment that is

professionally managed and gives you the opportunity to

participate in financial markets. It strives to reach its stated

goal, although as with all mutual funds, it cannot offer

guaranteed results.

An investment in this fund is not a bank deposit. It is not

insured or guaranteed by the FDIC or any other government

agency. It is not a complete investment program. You could

lose money in this fund, but you also have the potential

to make money.

Average annual total returns as of 12/31/05

Share class/ SinceInception date 1 Year 5 Year inception

Class A (4/1/98)returns before taxes -2.84% 13.08% 8.39%

Class Areturns after taxeson distributions -3.65% 12.25% 7.84%

Class Areturns after taxeson distributions andsale of fund shares -1.58% 11.04% 7.08%

Class B (4/1/98)returns before taxes -1.71% 13.36% 8.60%*

Class C (4/1/98)returns before taxes 1.30% 13.58% 8.42%

Class R (4/1/98)returns before taxes 3.33% 14.71% 9.51%

Class T (3/1/00)returns before taxes -1.83% 13.12% 14.87%

Russell 2000 Valuereflects no deduction forfees, expenses or taxes 4.71% 13.55% 9.16%**

* Assumes conversion of Class B shares to Class A shares at the endof the sixth year following the date of purchase.

** Based on the life of Class A, Class B, Class C and Class R. Forcomparative purposes, the value of the index on 3/31/98 is used asthe beginning value on 4/1/98.

T h e F u n d 5

E X P E N S E S

As an investor, you pay certain fees and expenses in connection with the fund, which are described inthe table below.

Fee table

Class A Class B Class C Class R Class T

Shareholder transaction fees (fees paid from your account)Maximum front-end sales charge on purchases% of offering price 5.75 none none none 4.50

Maximum contingent deferred sales charge (CDSC)% of purchase or sale price, whichever is less none* 4.00 1.00 none none*

Annual fund operating expenses (expenses paid from fund assets)% of average daily net assetsManagement fees 1.25 1.25 1.25 1.25 1.25

Rule 12b-1 fee .25 1.00 1.00 none .50

Other expenses .00 .00 .00 .00 .00

Total 1.50 2.25 2.25 1.25 1.75

* Shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a CDSC of 1.00% if redeemed within one year.

Expense example

1 Year 3 Years 5 Years 10 Years

Class A $719 $1,022 $1,346 $2,263

Class Bwith redemption $628 $1,003 $1,405 $2,223**without redemption $228 $703 $1,205 $2,223**

Class Cwith redemption $328 $703 $1,205 $2,585without redemption $228 $703 $1,205 $2,585

Class R $127 $397 $686 $1,511

Class T $620 $976 $1,356 $2,420

** Assumes conversion of Class B to Class A at end of the sixth yearfollowing the date of purchase.

This example shows what you could pay in expenses overtime. It uses the same hypothetical conditions other fundsuse in their prospectuses: $10,000 initial investment, 5%total return each year and no changes in expenses. Becauseactual returns and expenses will be different, the example isfor comparison only.


Management fee: the fee paid to Dreyfus for managing the

fund. Unlike the arrangements between most investment

advisers and their funds, Dreyfus pays all fund expenses

except for brokerage fees, taxes, interest, fees and expenses

of the independent directors, Rule 12b-1 fees and extraordinary

expenses.

Rule 12b-1 fee: the fee paid out of fund assets (attributable

to appropriate share classes) for distribution expenses and

shareholder service. Because this fee is paid out of the

fund’s assets on an ongoing basis, over time it will increase

the cost of your investment and may cost you more than

paying other types of sales charges.

6

M A N A G E M E N T

Investment adviser

The investment adviser for the fund is The DreyfusCorporation (Dreyfus), 200 Park Avenue, NewYork, New York 10166. Founded in 1947, Dreyfusmanages approximately $172 billion in approxi-mately 200 mutual fund portfolios. For the past fis-cal year, the fund paid Dreyfus a management feeat the annual rate of 1.25% of the fund’s averagedaily net assets.A discussion regarding the basis forthe board’s approving the fund’s managementagreement with Dreyfus is available in the fund’ssemiannual report for the six months ended April30, 2005. Dreyfus is the primary mutual fund busi-ness of Mellon Financial Corporation (MellonFinancial), a global financial services company.Headquartered in Pittsburgh, Pennsylvania, MellonFinancial is one of the world’s leading providers offinancial services for institutions, corporations andhigh net worth individuals, providing institutionalasset management, mutual funds, private wealthmanagement, asset servicing, payment solutions andinvestor services, and treasury services. MellonFinancial has approximately $4.7 trillion in assetsunder management, administration or custody,including $781 billion under management.

The Dreyfus asset management philosophy is basedon the belief that discipline and consistency areimportant to investment success. For each fund,Dreyfus seeks to establish clear guidelines for port-folio management and to be systematic in makingdecisions.This approach is designed to provide eachfund with a distinct, stable identity.

Ronald P. Gala and Adam T. Logan have been thefund’s primary portfolio managers since April 2005.Mr. Gala has been employed by Dreyfus as a portfo-lio manager since October 1994 and is also a seniorvice president, senior portfolio manager and principalofficer of Mellon Equity Associates, LLP (MEA), anaffiliate of Dreyfus, which he joined in 1993. Mr.Logan has been employed by Dreyfus as a portfoliomanager since March 2003 and is also a vice presidentand portfolio manager of MEA, which he joined in1998.The Statement of Additional Information (SAl)provides additional information about the portfoliomanagers’ compensation, other accounts managed bythe portfolio managers, and the portfolio managers’ownership of fund shares.

Distributor

The fund’s distributor is Dreyfus ServiceCorporation (DSC), a wholly-owned subsidiary ofDreyfus. Dreyfus or DSC may provide cash pay-ments out of its own resources to financial inter-mediaries that sell shares of the fund or provideother services. Such payments are in addition to anysales charges and/or 12b-1 fees. These additionalpayments may be made to intermediaries, includingaffiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transferagency services, marketing support and/or access tosales meetings, sales representatives and manage-ment representatives of the financial intermediary.Cash compensation also may be paid to intermedi-aries for inclusion of the fund on a sales list, includ-ing a preferred or select sales list or in other salesprograms. These payments sometimes are referredto as “revenue sharing.” In some cases, these pay-ments may create an incentive for a financial inter-mediary or its employees to recommend or sellshares of the fund to you. Please contact your finan-cial representative for details about any paymentsthey or their firm may receive in connection withthe sale of fund shares or the provision of servicesto the fund.

From time to time, Dreyfus or DSC also may pro-vide cash or non-cash compensation to financialintermediaries or their representatives in the formof occasional gifts; occasional meals, tickets or otherentertainment; support for due diligence trips; edu-cational conference sponsorship; support for recog-nition programs; and other forms of cash or non-cash compensation permissible under broker-dealerregulations, as periodically amended.

Code of ethics

The fund, Dreyfus and DSC have each adopted acode of ethics that permits its personnel, subject tosuch code, to invest in securities, including securi-ties that may be purchased or held by the fund.TheDreyfus code of ethics restricts the personal securi-ties transactions of its employees, and requires port-folio managers and other investment personnel tocomply with the code’s preclearance and disclosureprocedures.The primary purpose of the code is toensure that personal trading by Dreyfus employeesdoes not disadvantage any Dreyfus-managed fund.

T h e F u n d 7

8

F I N A N C I A L H I G H L I G H T S

The following tables describe the performance ofeach share class for the fiscal periods indicated.Certain information reflects financial results for asingle fund share. “Total return” shows how muchyour investment in the fund would have increased(or decreased) during each period, assuming you

had reinvested all dividends and distributions.Thesefinancial highlights have been audited by KPMGLLP, independent registered public accounting firm,whose report, along with the fund’s financial state-ments, is included in the annual report, which isavailable upon request.

Year Ended October 31,Class A 2005 2004 2003 2002 2001

Per-Share Data ($):

Net asset value, beginning of period 20.19 17.43 12.32 12.11 11.75

Investment operations: Investment income (loss) — net 1 (.02) .03 .04 .05 .10

Net realized and unrealized gain (loss) on investments 2.46 3.50 5.07 .25 .32

Total from investment operations 2.44 3.53 5.11 .30 .42

Distributions: Dividends from investment income — net — — — (.06) (.06)

Dividends from net realized gain on investments (1.14) (.77) — (.03) —

Total distributions (1.14) (.77) — (.09) (.06)

Net asset value, end of period 21.49 20.19 17.43 12.32 12.11

Total Return (%) 2 12.29 20.86 41.48 2.47 3.55

Ratios/Supplemental Data (%):

Ratio of total expenses to average net assets 1.50 1.50 1.50 1.50 1.51

Ratio of net investment income (loss) to average net assets (.08) .16 .27 .33 .82

Portfolio turnover rate 100.57 136.35 147.81 95.03 112.09

Net assets, end of period ($ x 1,000) 387,991 116,828 17,901 8,260 4,574

1 Based on average shares outstanding at each month end.2 Exclusive of sales charge.

T h e F u n d 9

Year Ended October 31,Class B 2005 2004 2003 2002 2001

Per-Share Data ($):


Investment operations: Investment income (loss) — net 1 (.18) (.13) (.06) (.06) .00 2



Distributions: Dividends from investment income — net — — — (.02) —


Total distributions (1.14) (.77) — (.05) —


Total Return (%) 3 11.44 20.18 40.45 1.69 2.85



Ratio of net investment income (loss) to average net assets (.86) (.73) (.45) (.44) .03



1 Based on average shares outstanding at each month end.2 Amount represents less than $.01 per share.3 Exclusive of sales charge.

10

F I N A N C I A L H I G H L I G H T S (continued)

Year Ended October 31,Class C 2005 2004 2003 2002 2001

Per-Share Data ($):


Investment operations: Investment income (loss) — net 1 (.17) (.12) (.06) (.06) .01



Distributions: Dividends from net realized gain on investments (1.14) (.77) — (.03) —


Total Return (%) 2 11.49 20.02 40.46 1.61 2.85



Ratio of net investment income (loss) to average net assets (.84) (.63) (.45) (.44) .05



1 Based on average shares outstanding at each month end.2 Exclusive of sales charge.

T h e F u n d 11

Year Ended October 31,Class R 2005 2004 2003 2002 2001

Per-Share Data ($):


Investment operations: Investment income — net 1 .04 .10 .08 .08 .14







Total Return (%) 12.58 21.26 41.91 2.64 3.88



Ratio of net investment income to average net assets .20 .58 .55 .58 1.07


Net assets, end of period ($ x 1,000) 187,464 15,740 1,998 1,154 589

1 Based on average shares outstanding at each month end.

12

F I N A N C I A L H I G H L I G H T S (continued)

Year Ended October 31,Class T 2005 2004 2003 2002 2001

Per-Share Data ($):


Investment operations: Investment income (loss) — net 1 (.07) (.02) .00 2 .01 .06







Total Return (%) 3 12.00 20.61 41.22 2.09 3.46



Ratio of net investment income (loss) to average net assets (.32) (.12) .00 4 .05 .52


Net assets, end of period ($ x 1,000) 15,353 3,282 795 225 48

1 Based on average shares outstanding at each month end.2 Amount represents less than $.01.3 Exclusive of sales charge.4 Amount represents less than .01%.

Y o u r I n v e s t m e n t 13

S H A R E H O L D E R G U I D E

The Dreyfus Premier Funds are designed primar-ily for people who are investing through a thirdparty, such as a bank, broker-dealer or financialadviser, or in a 401(k) or other retirement plan.Third parties with whom you open a fund accountmay impose policies, limitations and fees which aredifferent from those described in this prospectus.Consult a representative of your plan or financialinstitution for further information.

Your financial representative may receive differentcompensation for selling one class of shares than forselling another class. It is important to rememberthat the CDSCs and Rule 12b-1 fees for Class Band Class C shares have the same purpose as thefront-end sales charge on sales of Class A and ClassT shares: to compensate the distributor for conces-sions and expenses it pays to dealers and financialinstitutions for selling or servicing shares.

Your Investment

Deciding which class of shares to buy

This prospectus offers Class A, B, C, T and Rshares of the fund. The different classes representinvestments in the same portfolio of securities, butthe classes are subject to different expenses and willlikely have different share prices.When choosing aclass, you should consider your investment amount,anticipated holding period, the potential costs overyour holding period and whether you qualify forany reduction or waiver of the sales charge.

When you invest in Class A or Class T shares yougenerally pay an initial sales charge. Class A shareshave lower ongoing Rule 12b-1 fees than Class B,Class C or Class T shares, and Class T shares havelower ongoing Rule 12b-1 fees than either Class Bor Class C shares. Each class, except Class R shares,is subject to a Rule 12b-1 fee. Class R shares areavailable only to limited types of investors. Pleasesee below for more information regarding the eligi-bility requirements.

A more complete description of each class follows.You should review these arrangements with yourfinancial representative before determining whichclass to invest in.

Class A Class B Class C Class T Class R

Initial sales charge up to 5.75% none none up to 4.50% none

Ongoing distribution or service fee (Rule 12b-1 fees) 0.25% 1.00% 1.00% 0.50% none

Contingent deferred sales charge 1% on sale of sliding scale 1% on sale of 1% on sale of noneshares bought over six years shares held for shares boughtwithin one year one year or less within one yearwithout an initial without an initialsales charge as sales charge aspart of an part of aninvestment of investment of$1 million $1 millionor more or more

Conversion feature no yes no no no

Recommended purchase maximum none $100,000 $1 million $1 million none

14

Class T share considerations

When you invest in Class T shares, you pay thepublic offering price, which is the share price, orNAV, plus the initial sales charge that may apply toyour purchase. The amount of the initial salescharge is based on the size of your investment.Wealso describe below how you may reduce or elimi-nate the initial sales charge. (See “Sales chargereductions and waivers.”)

The initial sales charge on Class A is higher thanthat of Class T. Nevertheless, you are usually betteroff purchasing Class A shares rather than Class Tshares if you:

� plan to own the shares for an extended period oftime, since the higher ongoing Rule 12b-1 fee onClass T may eventually exceed the initial salescharge differential

� invest at least $1 million, regardless of yourinvestment horizon, because there is no initialsales charge at that level and Class A has a lowerongoing Rule 12b-1 fee

Since some of your investment goes to pay an up-front sales charge when you purchase Class T shares,you purchase fewer shares than you would with thesame investment in Class B or Class C shares.Nevertheless, you should consider purchasing ClassT shares, rather than Class B or Class C shares, andpaying an up-front sales charge if you:

� qualify for a reduced or waived sales charge

� are unsure of your expected holding period

Class T sales charges

Sales charge Sales chargeas a % of as a % of

Purchase amount offering price NAV

Less than $50,000 4.50% 4.70%

$50,000 to $99,999 4.00% 4.20%

$100,000 to $249,999 3.00% 3.10%

$250,000 to $499,999 2.00% 2.00%

$500,000 to $999,999 1.50% 1.50%

$1 million or more* none none

* No sales charge applies on investments of $1 million or more, but acontingent deferred sales charge of 1% may be imposed on certainredemptions of such shares within one year of the date of purchase.

Class A share considerations

When you invest in Class A shares, you pay thepublic offering price, which is the share price, orNAV, plus the initial sales charge that may apply toyour purchase. The amount of the initial salescharge is based on the size of your investment, asthe following table shows. We also describe belowhow you may reduce or eliminate the initial salescharge. (See “Sales charge reductions and waivers.”)

Since some of your investment goes to pay an up-front sales charge when you purchase Class A shares,you purchase fewer shares than you would with thesame investment in Class B or Class C shares.Nevertheless, you are usually better off purchasingClass A shares, rather than Class B or Class C shares,and paying an up-front sales charge if you:

� plan to own the shares for an extended period oftime, since the higher ongoing Rule 12b-1 feeson Class B and Class C shares may eventuallyexceed the cost of the up-front sales charge

� qualify for a reduced or waived sales charge

If you invest $1 million or more (and are not eli-gible to purchase Class R shares), Class A shares willalways be the most advantageous choice.

Class A sales charges

Sales charge Sales chargeas a % of as a % of

Purchase amount offering price NAV

Less than $50,000 5.75% 6.10%

$50,000 to $99,999 4.50% 4.70%

$100,000 to $249,999 3.50% 3.60%

$250,000 to $499,999 2.50% 2.60%

$500,000 to $999,999 2.00% 2.00%

$1 million or more* none none

* No sales charge applies on investments of $1 million or more, but acontingent deferred sales charge of 1% may be imposed on certainredemptions of such shares within one year of the date of purchase.

S H A R E H O L D E R G U I D E (continued)


Sales charge reductions and waivers

To receive a reduction or waiver of your initialsales charge, you must let your financial intermedi-ary or the fund know at the time you purchaseshares that you qualify for such a reduction or waiv-er. If you do not let your financial intermediary orthe fund know that you are eligible for a reductionor waiver, you may not receive the reduction orwaiver to which you are otherwise entitled. Inorder to receive a reduction or waiver, you may berequired to provide your financial intermediary orthe fund with evidence of your qualification for thereduction or waiver, such as records regarding sharesof Dreyfus Premier Funds or Dreyfus FoundersFunds held in accounts with that financial interme-diary and other financial intermediaries.Additionalinformation regarding reductions and waivers ofsales loads is available, free of charge, at www.drey-fus.com and in the fund’s SAI.

You can reduce your initial sales charge in thefollowing ways:

� Rights of accumulation. You can count toward theamount of your investment your total accountvalue in all share classes of the fund and certainother Dreyfus Premier Funds or Dreyfus FoundersFunds that are subject to a sales load. For example,if you have $1 million invested in shares of certainother Dreyfus Premier Funds or Dreyfus FoundersFunds, you can invest in Class A shares of any fundwithout an initial sales charge.We may terminate orchange this privilege at any time on written notice.

� Letter of intent. You can sign a letter of intent, inwhich you agree to invest a certain amount (yourgoal) in the fund and certain other DreyfusPremier Funds or Dreyfus Founders Funds over a13-month period, and your initial sales chargewill be based on your goal. A 90-day back-datedperiod can also be used to count previous pur-chases toward your goal.Your goal must be at least$50,000, and your initial investment must be atleast $5,000. The sales charge will be adjusted ifyou do not meet your goal.

� Combine with family members. You can also counttoward the amount of your investment all invest-ments in certain other Dreyfus Premier Funds orDreyfus Founders Funds, in any class of shares, byyour spouse and your children under age 21(family members), including their rights ofaccumulation and goals under a letter of intent.Certain other groups may also be permitted tocombine purchases for purposes of reducing oreliminating sales charges. (See “How to BuyShares” in the SAI.)

Class A shares may be purchased at NAV with-out payment of a sales charge by the following indi-viduals and entities:

� full-time or part-time employees, and their familymembers, of Dreyfus or any of its affiliates

� board members of Dreyfus and board members ofthe Dreyfus Family of Funds

� full-time employees, and their family members, offinancial institutions that have entered into sellingagreements with the fund’s distributor

� “wrap” accounts for the benefit of clients offinancial institutions, provided they have enteredinto an agreement with the fund’s distributorspecifying operating policies and standards

� qualified separate accounts maintained by aninsurance company; any state, county or city orinstrumentality thereof; charitable organizationsinvesting $50,000 or more in fund shares; andcharitable remainder trusts

Class A and Class T shares may be purchased atNAV without payment of a sales charge by the fol-lowing individuals and entities:

� employees participating in qualified or non-qualified employee benefit plans

� shareholders in Dreyfus-sponsored IRA rolloveraccounts funded with the proceeds from aDreyfus-sponsored, qualified retirement plan orDreyfus-sponsored 403(b)(7) plan that invested allor a portion of its assets in the Dreyfus Family ofFunds, certain funds advised by Founders AssetManagement, LLC, or certain other productsmade available by the fund’s distributor to suchplans

16


Class C shares redeemed within one year of pur-chase are subject to a 1% CDSC. Unlike Class Bshares, Class C shares will never convert to Class Ashares. As a result, long-term Class C shareholdersmay pay higher ongoing Rule 12b-1 fees over thelife of their investment.

Class R share considerations

Since you pay no initial sales charge, an invest-ment of less than $1 million in Class R shares buysmore shares than the same investment would inClass A or Class T shares. There is also no CDSCimposed on purchases of Class R shares, and you donot pay any ongoing service or distribution fees.

Class R shares may be purchased by:

� a bank trust department or other financial ser-vices provider acting on behalf of its customershaving a qualified trust or investment account orrelationship at such institution

� a custodian, trustee, investment manager or otherentity authorized to act on behalf of a qualified ornon-qualified employee benefit plan that hasentered an agreement with the fund’s distributoror a SEP-IRA

CDSC waivers

The CDSC on Class A, B, C and T shares maybe waived in the following cases:

� permitted exchanges of shares, except if sharesacquired by exchange are then redeemed withinthe period during which a CDSC would apply tothe initial shares purchased

� redemptions made within one year of death ordisability of the shareholder

� redemptions due to receiving required minimumdistributions from retirement accounts uponreaching age 70 1⁄2

� redemptions of Class B or Class C shares madethrough the fund’s Automatic Withdrawal Plan, ifsuch redemptions do not exceed 12% of the valueof the account annually

� redemptions from qualified and non-qualifiedemployee benefit plans

Class B and Class C share considerations

Since you pay no initial sales charge, an invest-ment of less than $1 million in Class B or Class Cshares buys more shares than the same investmentwould in Class A or Class T shares. However, youwill pay higher ongoing Rule 12b-1 fees. Overtime these fees may cost you more than paying aninitial sales charge on Class A or Class T shares.

Due to availability of sales charge discounts forClass A and Class T shares and the higher ongoingfees for Class B and Class C shares, the fund willgenerally not accept a purchase order for Class Bshares in the amount of $100,000 or more and willgenerally not accept a purchase order for Class Cshares in the amount of $1 million or more.Whilethe fund will take reasonable steps to prevent invest-ments of $100,000 or more in Class B shares, and$1 million or more in Class C shares, it may not beable to identify such investments made through cer-tain financial intermediaries or omnibus accounts.

Class B shares sold within six years of purchase aresubject to the following CDSCs:

Class B sales charges

CDSC as a % ofFor shares amount redeemedsold in the: subject to the charge

First year 4.00%

Second year 4.00%

Third year 3.00%

Fourth year 3.00%

Fifth year 2.00%

Sixth year 1.00%

Thereafter none

Class B shares convert to Class A shares (which aresubject to a lower Rule 12b-1 fee) approximatelysix years after the date they were purchased. If youintend to hold your shares less than six years, ClassC shares will generally be more economical thanClass B shares.


Buying shares

The net asset value (NAV) of each class is gener-ally calculated as of the close of trading on theNew York Stock Exchange (NYSE) (usually 4:00p.m. Eastern time) on days the NYSE is open forregular business. Your order will be priced at thenext NAV calculated after your order is received inproper form by the fund’s transfer agent or otherauthorized entity. The fund’s investments are val-ued on the basis of market quotations or officialclosing prices. If market quotations or official clos-ing prices are not readily available, or are deter-mined not to reflect accurately fair value (such aswhen the value of a security has been materiallyaffected by events occurring after the close of theexchange or market on which the security is prin-cipally traded (for example, a foreign exchange ormarket), but before the fund calculates its NAV),the fund may value those investments at fair valueas determined in accordance with proceduresapproved by the fund’s board. Fair value of invest-ments may be determined by the fund’s board, itspricing committee or its valuation committee ingood faith using such information as it deemsappropriate under the circumstances. Fair value offoreign equity securities may be determined withthe assistance of a pricing service using correlationsbetween the movement of prices of foreign securi-ties and indexes of domestic securities and otherappropriate indicators, such as closing marketprices of relevant ADRs and futures contracts.Using fair value to price securities may result in avalue that is different from a security’s most recentclosing price and from the prices used by othermutual funds to calculate their net asset values.Foreign securities held by the fund may trade ondays when the fund does not calculate its NAV andthus may affect the fund’s NAV on days wheninvestors have no access to the fund.

Investments in foreign securities, small-capitalizationequity securities and certain other thinly traded secu-rities may provide short term traders arbitrageopportunities with respect to the fund’s shares. Forexample, arbitrage opportunities may exist whentrading in a portfolio security or securities is haltedand does not resume, or the market on which suchsecurities are traded closes before the fund calculatesits NAV. If short-term investors of the fund were ableto take advantage of these arbitrage opportunities,they could dilute the NAV of fund shares held bylong-term investors. Portfolio valuation policies canserve to reduce arbitrage opportunities available toshort-term traders, but there is no assurance that suchvaluation policies will prevent dilution of the fund’sNAV by short-term traders. While the fund has apolicy regarding frequent trading, it too may not becompletely effective to prevent short-term NAVarbitrage trading, particularly in regard to omnibusaccounts. Please see “Your Investment —Shareholder Guide — General Policies” for furtherinformation about the fund’s frequent trading policy.

Orders to buy and sell shares received by dealersby the close of trading on the NYSE and transmit-ted to the distributor or its designee by the close ofits business day (normally 5:15 p.m. Eastern time)will be based on the NAV determined as of theclose of trading on the NYSE that day.


Net asset value (NAV): the market value of one share,

computed by dividing the total net assets of a fund or class by

its existing shares outstanding. The fund’s Class A and Class T

shares are offered to the public at NAV plus a sales charge.

Classes B, C and R are offered at NAV, but Classes B and C

generally are subject to higher operating expenses and a

CDSC.

Minimum investments

Initial Additional

Regular accounts $1,000 $100

Traditional IRAs $750 no minimum

Spousal IRAs $750 no minimum

Roth IRAs $750 no minimum

Education Savings $500 no minimumAccounts after the first year

All investments must be in U.S. dollars. Third-party checkscannot be accepted. You may be charged a fee for anycheck that does not clear. Maximum Dreyfus TeleTransferpurchase is $150,000 per day.

Selling shares

You may sell (redeem) shares at any time. Yourshares will be sold at the next NAV calculated afteryour order is received in proper form by the fund’stransfer agent or other authorized entity.Any certifi-cates representing fund shares being sold must bereturned with your redemption request. Your orderwill be processed promptly and you will generallyreceive the proceeds within a week.

To keep your CDSC as low as possible, each timeyou request to sell shares we will first sell shares thatare not subject to a CDSC, and then those subject tothe lowest charge.The CDSC is based on the lesser ofthe original purchase cost or the current market valueof the shares being sold, and is not charged on sharesyou acquired by reinvesting your dividends. Asdescribed above in this prospectus, there are certaininstances when you may qualify to have the CDSCwaived. Consult your financial representative or referto the SAI for additional details.

Before selling shares recently purchased bycheck, Dreyfus TeleTransfer or Automatic AssetBuilder, please note that:

� if you send a written request to sell such shares,the fund may delay sending the proceeds for upto eight business days following the purchase ofthose shares

� the fund will not process wire, telephone, onlineor Dreyfus TeleTransfer redemption requests forup to eight business days following the purchaseof those shares

Limitations on selling sharesby phone or online

Proceeds Minimum Maximumsent by phone/online phone/online

Check* no minimum $250,000 per day

Wire $1,000 $500,000 for jointaccounts every 30 days/$20,000 per day

Dreyfus $500 $500,000 for jointTeleTransfer accounts every 30 days/

$20,000 per day

* Not available online on accounts whose address has been changedwithin the last 30 days.

18

Written sell orders

Some circumstances require written sell orders along with

signature guarantees. These include:

� amounts of $10,000 or more on accounts whose address

has been changed within the last 30 days

� requests to send the proceeds to a different payee

or address

Written sell orders of $100,000 or more must also be

signature guaranteed.

A signature guarantee helps protect against fraud. You can

obtain one from most banks or securities dealers, but not

from a notary public. For joint accounts, each signature

must be guaranteed. Please call us to ensure that your

signature guarantee will be processed correctly.



General policies

Unless you decline teleservice privileges on yourapplication, the fund’s transfer agent is authorized toact on telephone or online instructions from anyperson representing himself or herself to be you andreasonably believed by the transfer agent to be gen-uine. You may be responsible for any fraudulenttelephone or online order as long as the fund’stransfer agent takes reasonable measures to confirmthat instructions are genuine.

The fund is designed for long-term investors.Frequent purchases, redemptions and exchangesmay disrupt portfolio management strategies andharm fund performance by diluting the value offund shares and increasing brokerage and adminis-trative costs.As a result, Dreyfus and the fund’s boardhave adopted a policy of discouraging excessivetrading, short-term market timing and other abusivetrading practices (frequent trading) that couldadversely affect the fund or its operations. Dreyfusand the fund will not enter into arrangements withany person or group to permit frequent trading.

The fund reserves the right to:

� change or discontinue its exchange privilege, ortemporarily suspend the privilege during unusu-al market conditions

� change its minimum or maximum investmentamounts

� delay sending out redemption proceeds for up toseven days (generally applies only during unusu-al market conditions or in cases of very largeredemptions or excessive trading)

� “redeem in kind,” or make payments in securi-ties rather than cash, if the amount redeemed islarge enough to affect fund operations (forexample, if it exceeds 1% of the fund’s assets)

� refuse any purchase or exchange request, includ-ing those from any individual or group who, inDreyfus’ view, is likely to engage in frequenttrading

More than four roundtrips within a rolling 12-month period generally is considered to be frequenttrading.A roundtrip consists of an investment that issubstantially liquidated within 60 days. Based on thefacts and circumstances of the trades, the fund mayalso view as frequent trading a pattern of invest-ments that are partially liquidated within 60 days.

Dreyfus monitors selected transactions to identifyfrequent trading.When its surveillance systems iden-tify multiple roundtrips, Dreyfus evaluates tradingactivity in the account for evidence of frequent trad-ing. Dreyfus considers the investor’s trading historyin other accounts under common ownership orcontrol, in other Dreyfus, Dreyfus/Founders andMellon Funds Trust funds, and if known, in non-affiliated mutual funds and accounts under commoncontrol.These evaluations involve judgments that areinherently subjective, and while Dreyfus seeks toapply the policy and procedures uniformly, it is pos-sible that similar transactions may be treated differ-ently. In all instances, Dreyfus seeks to make thesejudgments to the best of its abilities in a manner thatit believes is consistent with shareholder interests. IfDreyfus concludes the account is likely to engage infrequent trading, Dreyfus may cancel or revoke thepurchase or exchange on the following business day.Dreyfus may also temporarily or permanently barsuch investor’s future purchases into the fund in lieuof, or in addition to, canceling or revoking the trade.At its discretion,Dreyfus may apply these restrictionsacross all accounts under common ownership, con-trol or perceived affiliation.

20


Fund shares often are held through omnibusaccounts maintained by financial intermediaries,such as brokers and retirement plan administrators,where the holdings of multiple shareholders, such asall the clients of a particular broker, are aggregated.Dreyfus’ ability to monitor the trading activity ofinvestors whose shares are held in omnibus accountsis limited and dependent upon the cooperation ofthe financial intermediary in providing informationwith respect to individual shareholder transactions.However, the agreements between the distributorand financial intermediaries include obligations tocomply with the terms of this prospectus. Further, allintermediaries have been requested in writing tonotify the distributor immediately if, for any reason,they cannot meet their commitment to make fundshares available in accordance with the terms of theprospectus and relevant rules and regulations.

To the extent that the fund significantly invests inforeign securities traded on markets that close beforethe fund calculates its NAV, events that influence thevalue of these foreign securities may occur after theclose of these foreign markets and before the fundcalculates its NAV. As a result, certain investors mayseek to trade fund shares in an effort to benefit fromtheir understanding of the value of these foreignsecurities at the time the fund calculates its NAV(referred to as price arbitrage).This type of frequenttrading may dilute the value of fund shares held byother shareholders.The fund has adopted proceduresdesigned to adjust closing market prices of foreignequity securities under certain circumstances toreflect what it believes to be their fair value.

To the extent that the fund significantly invests inthinly traded small-capitalization equity securities,certain investors may seek to trade fund shares in aneffort to benefit from their understanding of thevalue of these securities (referred to as price arbi-trage). Any such frequent trading strategies mayinterfere with efficient management of the fund’sportfolio to a greater degree than funds that invest inhighly liquid securities, in part because the fund mayhave difficulty selling these portfolio securities atadvantageous times or prices to satisfy large and/orfrequent redemption requests. Any successful pricearbitrage may also cause dilution in the value of fundshares held by other shareholders.

Although the fund’s frequent trading and fair valu-ation policies and procedures are designed to dis-courage market timing and excessive trading, noneof these tools alone, nor all of them together, com-pletely eliminates the potential for frequent trading.

Transactions made through Automatic InvestmentPlans, Automatic Withdrawal Plans, Dreyfus Auto-Exchange Privileges and automatic non-discre-tionary rebalancing programs approved in writingby Dreyfus generally are not considered to be fre-quent trading.

Small account policy

If your account falls below $500, the fund may ask you to

increase your balance. If it is still below $500 after 45 days,

the fund may close your account and send you the proceeds.

D I S T R I B U T I O N S A N D T A X E S

The fund earns dividends, interest and otherincome from its investments, and distributes thisincome (less expenses) to shareholders as dividends.The fund also realizes capital gains from its invest-ments, and distributes these gains (less any losses) toshareholders as capital gain distributions. The fundnormally pays dividends and capital gain distribu-tions annually. Fund dividends and capital gain dis-tributions will be reinvested in the fund unless youinstruct the fund otherwise. There are no fees orsales charges on reinvestments.

Distributions paid by the fund are subject to fed-eral income tax, and may also be subject to state orlocal taxes (unless you are investing through a tax-advantaged retirement account). For federal taxpurposes, in general, certain fund distributions,including interest and income distributions ofshort-term capital gains, are taxable to you as ordi-nary income. Other fund distributions, includingdividends from U.S. companies and certain otherforeign companies and distributions of long-termcapital gains, generally are taxable to you as quali-fied dividends and capital gains, respectively.

High portfolio turnover and more volatile marketscan result in significant taxable distributions toshareholders, regardless of whether their shares haveincreased in value.The tax status of any distributiongenerally is the same regardless of how long youhave been in the fund and whether you reinvestyour distributions or take them in cash.

If you buy shares of a fund when the fund hasrealized but not yet distributed income or capitalgains, you will be “buying a dividend” by paying thefull price for the shares and then receiving a portionback in the form of a taxable distribution.

Your sale of shares, including exchanges into otherfunds, may result in a capital gain or loss for tax pur-poses. A capital gain or loss on your investment inthe fund generally is the difference between thecost of your shares and the amount you receivewhen you sell them.

The tax status of your distributions will be detailedin your annual tax statement from the fund. Becauseeveryone’s tax situation is unique, please consultyour tax advisor before investing.


22

SERVICES FOR FUND INVESTORS

The third party through whom you purchasedfund shares may impose different restrictions onthese services and privileges offered by the fund, ormay not make them available at all. Consult yourfinancial representative for more information on theavailability of these services and privileges.

Automatic services

Buying or selling shares automatically is easy withthe services described below. With each service, youselect a schedule and amount, subject to certainrestrictions.You can set up most of these services withyour application, or by calling your financial repre-sentative or 1-800-554-4611.

For investing

Dreyfus Automatic For making automatic investmentsAsset Builder® from a designated bank account.

Dreyfus Payroll For making automatic investmentsSavings Plan through a payroll deduction.

Dreyfus Government For making automatic investmentsDirect Deposit from your federal employment,Privilege Social Security or other regular

federal government check.

Dreyfus Dividend For automatically reinvesting the Sweep dividends and distributions from

the fund into another Dreyfus fund or certain Founders-advised funds(not available for IRAs).

For exchanging shares

Dreyfus Auto- For making regular exchanges Exchange Privilege from the fund into another

Dreyfus fund or certainFounders-advised funds.

For selling shares

Dreyfus Automatic For making regular withdrawals Withdrawal Plan from most Dreyfus funds. There will

be no CDSC on Class B or Class Cshares, as long as the amount of anywithdrawal does not exceed on anannual basis 12% of the greater of theaccount value at the time of the firstwithdrawal under the plan, or at thetime of the subsequent withdrawal.

Exchange privilege

You can exchange shares worth $500 or more(no minimum for retirement accounts) from oneclass of the fund into the same class of anotherDreyfus Premier fund or Founders-advised fund.You can also exchange Class T shares into Class Ashares of certain Dreyfus Premier fixed-incomefunds.You can request your exchange by contactingyour financial representative. Be sure to read thecurrent prospectus for any fund into which you areexchanging before investing. Any new accountestablished through an exchange will generally havethe same privileges as your original account (as longas they are available). There is currently no fee forexchanges, although you may be charged a salesload when exchanging into any fund that has ahigher one.

Dreyfus TeleTransfer privilege

To move money between your bank account andyour Dreyfus fund account with a phone call oronline, use the Dreyfus TeleTransfer privilege. Youcan set up Dreyfus TeleTransfer on your account byproviding bank account information and followingthe instructions on your application, or contactingyour financial representative.

Reinvestment privilege

Upon written request, you can reinvest up to thenumber of Class A, B or T shares you redeemedwithin 45 days of selling them at the current shareprice without any sales charge. If you paid a CDSC,it will be credited back to your account.This privi-lege may be used only once.

Account statements

Every fund investor automatically receives regularaccount statements.You’ll also be sent a yearly state-ment detailing the tax characteristics of any divi-dends and distributions you have received.

T O S E L L S H A R E S

Write a letter of instruction that includes:• your name(s) and signature(s)• your account number• the fund name• the share class• the dollar amount you want to sell• how and where to send the proceeds

Obtain a signature guarantee or other documentation, if required (see “ShareholderGuide — Selling Shares”).

Mail your request to: The Dreyfus Family of FundsP.O. Box 55268, Boston, MA 02205-8502Attn: Institutional Processing

Wire Call us or your financial representativeto request your transaction. Be sure the fundhas your bank account information on file.Proceeds will be wired to your bank.

Dreyfus TeleTransfer Call us or your financialrepresentative to request your transaction.Be sure the fund has your bank accountinformation on file. Proceeds will be sent toyour bank by electronic check.

Check Call us or your financial representativeto request your transaction. A check will besent to the address of record.

T O O P E N A N A C C O U N T

In Writing

Complete the application.

Mail your application and a check to:Name of FundP.O. Box 55268, Boston, MA 02205-8502Attn: Institutional Processing

T O A D D T O A N A C C O U N T

Fill out an investment slip, and write youraccount number on your check.

Mail the slip and the check to:Name of FundP.O. Box 55268, Boston, MA 02205-8502Attn: Institutional Processing

By Telephone

Wire Call us to request an accountapplication and an account number. Have your bank send your investment toMellon Trust of New England, N.A.,with these instructions:• ABA# 011001234• DDA# 044350• the fund name• the share class• your account number• name(s) of investor(s)• dealer number if applicable

Return your application with the accountnumber on the application.

I N S T R U C T I O N S F O R R E G U L A R A C C O U N T S


Wire transfer: for transferring money from one financial

institution to another. Wiring is the fastest way to move

money, although your bank may charge a fee to send or

receive wire transfers. Wire redemptions from the fund are

subject to a $1,000 minimum.

Electronic check: for transferring money out of a bank

account. Your transaction is entered electronically, but may

take up to eight business days to clear. Electronic checks

usually are available without a fee at all Automated Clearing

House (ACH) banks.

To open an account, make subsequent investments or to

sell shares, please contact your financial representative

or call toll free in the U.S. 1-800-554-4611.Make checks payable to: The Dreyfus Family of Funds.

Wire Have your bank send yourinvestment to Mellon Trust of New England,N.A., with these instructions:• ABA# 011001234• DDA# 044350• the fund name• the share class• your account number• name(s) of investor(s)• dealer number if applicable

Electronic check Same as wire, but beforeyour 14-digit account number insert “462”for Class A, “463” for Class B, “465” forClass C, “466” for Class R, or “567” forClass T

Dreyfus TeleTransfer Request DreyfusTeleTransfer on your application. Call us torequest your transaction.


24

I N S T R U C T I O N S F O R R E G U L A R A C C O U N T S (continued)


Online (www.dreyfus.com)


Dreyfus TeleTransfer Request DreyfusTeleTransfer on your application. Visitwww.dreyfus.com to request yourtransaction.


Wire Visit www.dreyfus.com to request yourtransaction. Be sure the fund has your bankaccount information on file. Proceeds will bewired to your bank.

Dreyfus TeleTransfer Visit www.dreyfus.comto request your transaction. Be sure the fundhas your bank account information on file.Proceeds will be sent to your bank by electronic check.

Check Visit www.dreyfus.com to request yourtransaction. A check will be sent to the addressof record.

Dreyfus Automatic Withdrawal Plan Call usor your financial representative to request aform to add the plan. Complete the form, specifying the amount and frequency of withdrawals you would like.

Be sure to maintain an account balance of$5,000 or more.

Automatically

With an initial investment Indicateon your application which automaticservice(s) you want. Return yourapplication with your investment.

All services Call us or your financial representative to request a form to add anyautomatic investing service (see “Servicesfor Fund Investors”). Complete and returnthe form along with any other requiredmaterials.



Write a letter of instruction that includes:• your name and signature• your account number and fund name• the share class• the dollar amount you want to sell• how and where to send the proceeds• whether the distribution is qualified or premature• whether the 10% TEFRA should be withheld

Obtain a signature guarantee or otherdocumentation, if required (see “ShareholderGuide — Selling Shares”).

Mail your request to: The Dreyfus Trust CompanyP.O. Box 55552, Boston, MA 02205-8568Attn: Institutional Processing

Systematic Withdrawal Plan Call us torequest instructions to establish the plan.

Automatically

By Telephone


In Writing

Complete an IRA application, making sureto specify the fund name and to indicatethe year the contribution is for.

Mail your application and a check to: The Dreyfus Trust Company, CustodianP.O. Box 55552, Boston, MA 02205-8568Attn: Institutional Processing


Fill out an investment slip, and write youraccount number on your check. Indicatethe year the contribution is for.

Mail the slip and the check to:The Dreyfus Trust Company, CustodianP.O. Box 55552, Boston, MA 02205-8568Attn: Institutional Processing

Wire Have your bank send yourinvestment to Mellon Trust of New England,N.A., with these instructions:• ABA# 011001234• DDA# 044350• the fund name• the share class• your account number• name of investor• the contribution year• dealer number if applicable

Electronic check Same as wire, but beforeyour 14-digit account number insert “462” for Class A, “463” for Class B, “465” for Class C, “466” for Class R or“567” for Class T.

I N S T R U C T I O N S F O R I R A S

All services Call us or your financial representative to request a form to add anyautomatic investing service (see “Services forFund Investors”). Complete and return theform along with any other required materials.All contributions will count as current year.

For information and assistance, contact your financial representative or call toll free in the U.S. 1-800-554-4611.Make checks payable to: The Dreyfus Trust Company, Custodian.

For More InformationDreyfus Premier Small Cap Value FundA series of The Dreyfus/Laurel Funds, Inc.SEC file number: 811-5270

More information on this fund is available freeupon request, including the following:

Annual/Semiannual Report

Describes the fund’s performance, lists portfolioholdings and contains a letter from the fund’s man-agers discussing recent market conditions, econom-ic trends and fund strategies that significantly affect-ed the fund’s performance during the last fiscal year.The fund’s most recent annual and semiannualreports are available at www.dreyfus.com.

Statement of Additional Information (SAI)

Provides more details about the fund and its policies.A current SAI is available at www.dreyfus.com andis on file with the Securities and ExchangeCommission (SEC). The SAI is incorporated byreference (is legally considered part of thisprospectus).

Portfolio Holdings

The fund will disclose its complete schedule ofportfolio holdings, as reported on a month-endbasis, at www.dreyfus.com, under Mutual FundCenter – Dreyfus Mutual Funds – Mutual FundTotal Holdings. The information will be postedwith a one-month lag and will remain accessibleuntil the fund files a report on Form N-Q or FormN-CSR for the period that includes the date as ofwhich the information was current. In addition,fifteen days following the end of each calendarquarter, the fund will publicly disclose atwww.dreyfus.com its complete schedule of port-folio holdings as of the end of such quarter.

A complete description of the fund’s policies andprocedures with respect to the disclosure of the fund’sportfolio securities is available in the fund’s SAI.

To obtain information:

By telephone

Call your financial representative or 1-800-554-4611

By mail Write to:

The Dreyfus Premier Family of Funds

144 Glenn Curtiss Boulevard

Uniondale, NY 11556-0144

On the Internet Text-only versions of certain fund

documents can be viewed online or downloaded from:

http://www.sec.gov

You can also obtain copies, after paying a duplicating fee,

by visiting the SEC’s Public Reference Room in Washington, DC

(for information, call 1-202-942-8090) or by E-mail request to

[email protected], or by writing to the SEC’s Public Reference

Section, Washington, DC 20549-0102.

© 2006 Dreyfus Service Corporation 0148P0306

®

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