Dynamic Total Return Fund

Nov 30
2015

Constantly pursuing volatility-managed growth

Class A AVGAX

Class C AVGCX

Class I AVGRX

Overall Morningstar Ratings among 227 Multialternative funds as of 11/30/15. Ratings reflect risk-adjusted performance and are
derived from a weighted average of the funds 3-, 5- and 10-year (as applicable) ratings. The funds Class A and I shares received 5
stars for 3- and 5-year periods, respectively, among 227 and 136 funds in the Multialternative category.* Past performance is no
guarantee of future results. Class I shares are available only to certain eligible investors.
Growth of a $10,000
Investment1
A hypothetical $10,000
investment in the fund's
Class A shares on 5/2/06
would have been worth
$13,170 on 9/30/15.

This does not reflect the 5.75% maximum front-end sales load applicable to Class A shares which, if reflected, would have lowered performance. Assumes reinvestment
of dividends and capital gains. Performance for the fund's other share classes would vary. Past performance is no guarantee of future results.

EXPOSURE BY COUNTRY (11/30/15)2

North America

Equity

Bond Currency

Euro Area

Equity

United States

30.55%

58.11% 113.64%

France

3.20%

-5.03%

Germany

Canada
Investment Adviser
The Dreyfus Corporation
CUSIP
Class A
007565104
Class C
007565203
Class I
007565302
Assets for the Fund
$1,426,688,898
Dividend Frequency
Annually
Morningstar Category
Multialternative
Lipper Category
Alternative Global Macro

2.59%

7.75%

Asia Pacific

Equity

Bond Currency

Australia

3.65%

1.89%

11.41%

Hong Kong

4.63%

0.00%

-0.23%

Japan

9.97%

10.26%

5.76%

New Zealand

0.00%

0.00%

0.90%

Emerging Markets

Equity

Emerging Markets

0.00%

Bond Currency
0.00%

0.00%

Bond Currency
0.00%

8.81% -25.32%
-18.04%

Italy

-1.54%

0.00%

Netherlands

3.24%

0.00%

Spain

2.77%

0.00%

Sweden

0.00%

0.00%

-0.06%

United Kingdom

-6.04%

4.94%

-11.58%

Norway

0.00%

0.00%

-3.66%

Switzerland

3.00%

0.00%

-5.89%

Broad Euro Area

0.00%

N/A

N/A

AVERAGE ANNUAL TOTAL RETURNS (9/30/15)1

Share Class/Inception Date
Class A (NAV) 05/02/06
Class A (5.75% max. load)
Class C (NAV) 05/02/06
Class C (1.00% max. CDSC)
Class I (NAV) 05/02/06

YTD (As of 11/30/15)

3M (As of 11/30/15)

1YR

3YR

1.54%

3.13%

-0.79%

5.90%

6.27%

5YR Inception
2.97%

-4.30%

-2.83%

-6.48%

3.84%

5.01%

2.33%

0.87%

2.95%

-1.59%

5.08%

5.45%

2.19%

-0.13%

1.95%

-2.57%

5.08%

5.45%

2.19%

1.77%

3.20%

-0.52%

6.17%

6.60%

3.30%

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment
return fluctuate and an investor's shares may be worth more or less than original cost upon redemption. Current performance may
be lower or higher than the performance quoted. Funds with less than 1 year's history, year-to-date and 3 month performance are
not annualized. Go to Dreyfus.com for the fund's most recent month-end returns. Performance reflects that certain fees have been
waived and/or expenses reimbursed pursuant to an undertaking in effect. These waivers and/or reimbursements will continue for the
time period set forth in the funds current prospectus or until such time as the funds Board may act to extend, modify or terminate
such waivers and reimbursements. Absent such undertaking, returns would have been lower. Total Expense Ratios: Class A 1.54%,
Class C 2.30%, Class I 1.21%. Net Expense Ratios: Class A 1.50%, Class C 2.25%, Class I 1.21%.

*See following page.1Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and
other relevant factors. 2Portfolio composition is as of 11/30/15 and is subject to change at any time.

Class A AVGAX
Class C AVGCX
Class I AVGRX

Dynamic Total Return Fund

FUND POSITIONING (11/30/15)1
Growth
69.05%

GOAL/APPROACH

Developed ex -U .S . Equity
U.S. Equity

30.55%

EM Equity

0.00%

High Yield

4.23%

EM Debt

Defensive
40.62%

0. 00%

US Government Bonds

53.88%

Developed ex U.S. Bonds

Real
0.00%

- 13.26%

Investment Grade Corp

0.00%

Cash

0.00%

Commodity

0.00%

Inflation Linkers

0.00%
-10%

Currency

The fund seeks total return. The fund pursues its

goal by normally investing in instruments that
provide investment exposure to global equity,
bond, currency and commodity markets, and in
fixed-income securities. The fund may invest in
instruments that provide economic exposure to
developed and, to a limited extent, emerging
market issuers. The fund may invest up to 30% of
its net assets in emerging market issuers and
considers emerging market countries to be
those included in the Morgan Stanley Capital
International Emerging Markets Index.

34.27%

0%

PORTFOLIO MANAGEMENT

10%

20%

30%

40%

50%

U.S. Dollar

60%

113.64%

Emerging Markets

0.00%

Developed ex -U .S.

-13.64%
-25%

0%

25%

50%

75%

100%

125%

Growth Asset classes with higher historical return and volatility characteristics such as equities and

emerging markets.
Defensive Asset classes such as developed market government bonds with lower historical return and
volatility characteristics. Exposure to defensive assets may offer a hedge against downside tails risks.
Real Asset classes such as commodities and inflation linked securities which traditionally perform
well relative to other asset classes during periods of higher inflation. Exposure to real assets may
provide a hedge against inflationary periods as well as potential diversification benefits because of its
low correlation to traditional stock and bond exposures.
Currency Portfolio composition by net currency exposure.

The investment adviser for the fund is The

Dreyfus Corporation (Dreyfus). Dreyfus has
engaged its affiliate, Mellon Capital
Management Corporation (Mellon Capital), to
serve as the funds sub-investment adviser.
Mellon Capital, subject to Dreyfus supervision
and approval, provides investment advisory
assistance and research and the day-to-day
management of the funds investments.
Investment decisions for the fund are made by
members of the Global Asset Allocation Team of
Mellon Capital. The team members are Sinead
Colton, Vassilis Dagioglu, James Stavena, Torrey
Zaches and Joseph Miletich. Messrs. Stavena,
Zaches and Miletich have each served as
primary portfolio manager of the fund since June
2010, and Ms. Colton and Mr. Dagioglu have
served as primary portfolio managers of the fund
since December 2014 and May 2010,
respectively. Messrs. Dagioglu, Stavena,
Miletich and Ms. Colton are managing directors,
and Mr. Zaches is a director of Mellon Capital.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. To obtain a prospectus, or a
summary prospectus, if available, that contains this and other information about a Dreyfus fund, contact your financial advisor or visit dreyfus.com. Read
the prospectus carefully before investing. Investors should discuss with their advisor the eligibility requirements for Class I shares, which are available
only to certain eligible investors, and the historical results achieved by the funds respective share classes.
BNY Mellon Investment Management is one of the worlds leading investment management organizations and one of the top U.S. wealth managers, encompassing
BNY Mellons affiliated investment management firms, wealth management services and global distribution companies.
*Source: Morningstar. The ratings formula measures the amount of variation in a funds performance and gives more emphasis to downward variations. Ratings are
subject to change every month. The top 10% of the funds in the category receive five stars; the next 22.5% four stars; the next 35% three stars; the next 22.5% two
stars; and the last 10% one star. Ratings reflect applicable sales loads. The fund represents a single portfolio with multiple share classes that have different expense
structures. Other share classes may have achieved different results.
1Portfolio composition is as of 11/30/15 and is subject to change at any time.
Main Risks
Bond Risk: Bonds are subject generally to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices
are inversely related to interest-rate changes and rate increases can cause price declines. High yield bonds are subject to increased credit risk and are considered
speculative in terms of the issuers perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity. Commodities Risk:
Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. The values of commodities and commoditylinked investments are affected by events that might have less impact on the values of stocks and bonds. Investments linked to the prices of commodities are
considered speculative. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of factors. Derivatives Risk: A small
investment in derivatives could have a potentially large impact on the funds performance. The use of derivatives involves risks different from, or possibly greater than,
the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value. Diversification Risk:
Diversification and asset allocation cannot ensure a profit or protect against loss of principal. Equity Risk: Equity funds are subject generally to market, market sector,
market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the funds prospectus. Foreign
Currency: Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged
positions, that the U.S. dollar will decline relative to the currency being hedged. Investing internationally: involves special risks, including changes in currency
exchange rates, political, economic and social instability, a lack of comprehensive company information, differing auditing and legal standards and less market
liquidity. These risks are generally greater with emerging market countries than with more economically and politically established foreign countries. Short Sales
Risk: May involve substantial risk and leverage. Short sales expose the fund to the risk that it will be required to buy the security sold short at a time when the security
has appreciated in value, thus resulting in a loss.

Visit www.Dreyfus.com for more information.

2015 MBSC Securities Corporation, Distributor

6140BFS-1115