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Unconstrained asset allocation
The fund uses a flexible and systematic approach to investing, actively and efficiently shifting capital and risk exposures among equity, bond, currency and commodity holdings. This allows the fund to pursue equity-like total return with a volatility range lower than the historical range of the broad equity market over a given market cycle.

2

Effective tail risk management tools
Tail events (unexpected, extreme marketmoving events) can have a devastating impact on portfolio returns. The fund’s managers seek to combat tail risk using a variety of liquid alternative techniques. As a result, this strategy may be an effective complement to a growth-oriented portfolio.

3

Multi-asset pioneers
Mellon Capital has a 25-year history in tactical asset allocation and continuously refines its dynamic set of analyses and investment models to shape both institutional and retail solutions. The investment team has an average 18 years of investment experience, spanning multiple market cycles and conditions.

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Built for the everyday investor
This low-volatility multi-asset strategy is a conservative way for most investors to seek to strengthen the capital preservation qualities of their portfolios.

2

A familiar, low-volatility approach
The fund’s strategy is composed of an inner core of return-seeking securities (i.e., equities, high-yield bonds and convertibles) and an outer layer of defensive strategies dedicated to hedging risk. This structure is designed to pursue consistent returns and seek to dampen volatility over time.

3

A globally minded multi-asset manager
Newton is an experienced multi-asset manager that believes no company, market or economy should be considered in isolation. This holistic view helps form a better understanding of the overall risk exposures of the portfolio and has been an integral part of the absolute-return strategy Newton has managed firmwide for more than 10 years.

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Global-focused investment philosophy
Newton firmly believes that in a rapidly shrinking world, only by understanding events, trends and competitive pressures worldwide can the prospects for companies be properly evaluated. Their investment philosophy is that “no company, market or economy should be considered in isolation when there is a global market for goods and services.”

2

Top down/bottom up process
Newton’s investment strategy combines a bottom-up stock selection process with a global thematic framework that seeks to anticipate change and identify risks and opportunities. This approach leads analysts and portfolio managers toward investment opportunities across the world, highlighting what Newton believes to be attractively priced companies that possess sustainable competitive advantages in their sectors.

3

Flexible fundamental research
The team follows an active approach to investing with no regional, sector or index constraints with the freedom to deviate from the benchmark. Flexible fundamental research investment analysis allows for employing differing investment tools, not rules, during changing market, economic and business cycles. Newton’s team approach is based on information sharing and analysis.

1

Global as the new core
The fund emphasizes globally diversified investment-grade fixed income securities with currency exposure hedged back to the U.S. dollar. As a result, it can act as a truly diversified core fixed income component in a portfolio: It isn’t overly reliant on any single source for interest rate exposure and is not dependent on emerging market debt yields.

2

Reliably built, bond by bond
Standish knows what investors expect a bond fund to do: pursue income with moderate volatility. The fund’s managers selectively build the portfolio, bond by bond. Derivatives are used primarily for hedging and risk management, not as significant sources of alpha.

3

Agility and investment conviction
Standish has the expertise and latitude to search out risk-adjusted value across the full spectrum of global bond and currency markets. They believe the fund’s size enables it to invest with conviction and capture meaningful exposure to smaller bond issues—a segment that offers significant opportunity, and one in which other bond funds may be limited.

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Growth and value approach
Unconstrained by the equity style box, the fund’s analysts have the flexibility to seek opportunity among companies with strong growth potential and those that appear undervalued. This barbell approach enables the fund to pursue consistent performance through changing market environments.

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Consistency is key
Information ratio (IR) can be an important value to consider when you invest overseas, especially given the increasing return dispersion across Europe and Asia. The fund has achieved a high IR over the past five-year period, which the managers believe is a valuable differentiator within the crowded foreign stock asset class.

3

A pure international fund
Unlike other international funds, Dreyfus International Equity Fund primarily invests in high-quality stocks from developed markets outside the U.S., helping to minimize any overlap with emerging market risks. This strategy is best suited for investors who want dedicated exposure to international opportunities from developed markets.

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Committed to U.S. Large-cap stocks
From an asset allocation perspective, the fund provides a high-conviction complement to a portfolio’s large-cap equity allocation. The fund’s managers follow a fundamental, bottom-up strategy emphasizing U.S. stock exposure and, unlike some other value funds, limited foreign stock exposure.

2

Combining a value approach with an identified catalyst for change
The fund looks to invest in attractively valued stocks, but buying value is not enough. Fund management looks for a catalyst in place that will drive a stock price increase near- or midterm. The presence of a catalyst helps the fund avoid the value trap by combining traditional valuation measures with analysis of business improvement.

3

Active risk management
While the fund’s managers utilize a high-conviction stock selection approach, they rely on a time-tested risk management process with strict buy/sell limits designed to limit the amount of unintended risk within the portfolio.

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Analysts as decision makers
The managers believe there is no single definition of “growth.” In Dreyfus Research Growth Fund, the alpha engine is its research team, those closest to the information. The analysts are the decision makers—not just idea generators—and they have the leeway to pursue growth where they see it. The result is a portfolio composed only of high-conviction stocks.

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Aligned with investors
The analysts are tasked with beating their sectors’ opportunity set and do not compete with other analysts on the team. The collaboration that takes place benefits every member of the team and seeks to align with you— the investor.

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Performance consistency
The fund’s approach to defining and uncovering growth at the sector level may prove increasingly important given the widening dispersion of returns. In other words, finding growth can be improved upon with good stock selection. The fund has demonstrated this with consistent historical outperformance versus its Lipper peer group average since 2005.