A BNY MELLON COMPANY

About Dreyfus

Dreyfus Dynamic Total Return Fund Earns 5 Star Morningstar Overall Rating

Dynamic Asset Allocation Process Seeks to Exploit Market Volatility While Controlling Downside Risk

New York, December 4, 2013 -- Dynamic Total Return Fund, sub-advised by Mellon Capital Management Corporation (Mellon Capital), achieved the highest 5-Star Overall rating from Morningstar for its Class A and I shares among 142 in the Morningstar Multialternative funds category as of 10/31/13.* Ratings reflect risk-adjusted performance, and are derived from a weighted average of the fund's 3-, 5-, and 10-year (as applicable) ratings. As of 10/31/13, Class A received 4 and 5 stars, and Class I received 5 and 5 stars, for the 3- and 5-year periods, respectively, out of 142 and 87 funds in the Multialternative funds category.

“We are broadening the types of assets in which we can invest as we pursue the fund’s objective of maximizing total return while managing overall volatility,” said Vassilis Dagioglu, managing director, Mellon Capital Management and head of asset allocation portfolio management.  “The strategy is dynamic in allocating across stocks, bonds, commodities and cash based on the underlying valuations and fundamentals, and is geared to take advantage of changing market conditions while controlling for downside risk. Diversified alpha sources seek to add value through active cross-country equity and cross country bond allocations and active currency allocations.  Dynamic Total Return builds on Mellon Cap’s experience in managing asset allocation strategies for over 20 years and we are pleased to provide the strategy to a wide range of investors through our partnership with the fund’s adviser, Dreyfus.”

“The 5-Star Overall rating reflects the strong commitment that both Dreyfus and Mellon Capital have made to delivering strong performance to our investors,” said J. Charles Cardona, president of Dreyfus.  ”The fund builds on Mellon Capital’s experience in managing asset allocation strategies for more than 20 years.  We are pleased to enhance our fund offerings further with a broader strategy that encompasses even more of Mellon Capital’s expertise through the newly renamed Dynamic Total Return Fund.”

The fund recently changed its name from Global Alpha Fund to Dynamic Total Return Fund, reflecting the addition of emerging markets stocks and bonds, and commodities, to the types of assets in which the fund can be expected to invest.  The fund’s investment objective and approach, which provides its portfolio managers with considerable latitude in seeking to capitalize on opportunities within and among the capital markets of the world, has not changed.

 
The changes to the fund’s investment parameters are consistent with the full breadth of Mellon Capital’s multi-asset approach, which seeks to allocate assets in a dynamic manner in order to pursue the fund’s objective of total return while managing overall volatility and downside risk. The fund’s CUSIP and TICKER symbols remain the same and the portfolio continues to be managed by the Global Tactical Asset Allocation Team of Mellon Capital, consisting of Vassilis Dagioglu, James Stavena, Torrey Zaches and Global Strategist Joseph Miletich.

The Dreyfus Corporation and Mellon Capital are both subsidiaries of BNY Mellon.

# # #

Morningstar Overall Ratings™ for Class A and I shares among 142 funds in the Multialternative category as of 10/31/13. Ratings reflect risk-adjusted performance, and are derived from a weighted average of the fund's 3-, 5-, and 10-year (as applicable) ratings. As of 10/31/13, Class A received 4 and 5 stars, and Class I received 5 and 5 stars, for the 3- and 5-year periods, respectively, out of 142 and 87 funds in the Multialternative category. Past performance is no guarantee of future results.

*Source: Morningstar. Ratings are calculated using a formula that measures the amount of variation in a fund’s performance, and which gives more emphasis to downward variations. Ratings are subject to change every month and, for Class A shares, reflect the sales load. 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. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different ratings.

Asset allocation and diversification cannot ensure a profit or protect against loss of principal.

Main Risks:
Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees.

Bond funds are subject generally to interest rate, credit, liquidity, call, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

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.

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. Each of these risks could increase the fund’s volatility.

The use of derivative instruments, such as options, futures and options on futures, forward contracts, swaps, options on swaps, and other credit derivatives, involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. A small investment in derivatives could have a potentially large impact on the fund’s performance.

Short sales 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.

The market value of commodities securities and the underlying natural resources they represent may be affected by numerous factors, such as events occurring in nature, inflationary pressures, and domestic and international politics. Interest rates, commodity prices, economic, tax, and energy developments, and government regulations may affect the supply and demand for natural resources, which could impact the valuations of such securities.

Notes to Editors:

The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management and distribution companies, currently managing more than $250 billion in mutual funds and separately managed accounts. 

Founded in 1983 by innovators in the investment management field, Mellon Capital Management Corporation applies a disciplined and analytical approach to global investment management strategies. As of September 30, 2013, the firm had $333.9 billion in assets under management, including assets managed by dual officers of Mellon Capital Management Corporation, The Bank of New York Mellon and The Dreyfus Corporation, and $6.4 billion in overlay strategies. Additional information about Mellon Capital is available at www.mcm.com.  It is part of BNY Mellon Investment Management, one of the world’s largest asset management organizations.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.5 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies.
More information can be found at www.bnymellon.com.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets.  As of Sept. 30, 2013, BNY Mellon had $27.4 trillion in assets under custody and/or administration, and $1.5 trillion in assets under management.  BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of Sept. 30, 2013. This press release is qualified for issuance in the US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Investment Management to members of the financial press and media and the information contained herein should not be construed as investment advice.  Past performance is not a guide to future performance.  A BNY Mellon Company.     

Investors should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. To obtain a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, investors should contact their financial advisors or visit Dreyfus.com. Investors should read the prospectus carefully before investing.       

MBSC Securities Corporation, Distributor.