HIGH QUALITY EQUITY INCOME STRATEGY The Fund’s managers seek to own high-quality companies that offer current dividend yields higher than the fund’s benchmark Index. The managers do not “reach” for yield or manufacture higher fund dividends with fixed income or risky income-enhancing strategies that can potentially compromise the total return objective.

GLOBAL YIELD FOCUS By taking a global approach to equity income investing, the portfolio managers are able to broaden their opportunity set. Companies with strong fundamentals and stable, growing dividend distributions are increasingly found outside the U.S. and may offer an attractive total return alternative for domestic- focused investors.

PROOF IS IN THE PERFORMANCE

Lipper Fund Awards 2013 Award Winner — Class I for 3 Year PeriodScored best fund for the 3-year period among 47 Global Equity Income funds** Award based on performance history as of 11/30/12. Past performance is no guarantee of future results.

DREYFUS GLOBAL EQUITY INCOME FUND HHHH Class I HHH Class A

Class A DEQAX Class C DEQCX Class I DQEIX

1Q 2013PURSUE HIGH CURRENT YIELDS FROM DIVIDEND-PAYING COMPANIES WORLDWIDECompanies that offer high current yields are increasingly found outside the U.S. Newton believes the pursuit of higher current equity yields and dividend growth can be greatly enhanced through a global, thematic, disciplined approach, avoiding the risky, income-enhancing techniques of some managers.

IN 2012, OVER 83% OF WORLD STOCKS WITH A DIVIDEND YIELD OF 3% OR GREATER WERE LOCATED OUTSIDE THE U.S.*

North AmericaFTSE North America2.1% Gross Dividend Yield

United KingdomFTSE UK 3.4 Gross Dividend Yield

EuropeFTSE Euro ex-UK3.5% Gross Dividend Yield

JapanFTSE Japan1.8% Gross Dividend Yield

South AmericaFTSE Latin America3.2% Gross Dividend Yield

Asia PacificFTSE Asia Pacific ex-Japan2.9% Gross Dividend Yield

Source: Newton, Thomson Reuters Datastream as of 3/31/13. Based on the FTSE Global Equity Index Series, which collectively covers over 8,000 securities in 48 different countries and captures 98% of the world’s investable market capitalization. Regional and capitalization breakdown determined by Newton. Past performance is no guarantee of future results. Current yields are not indicative of future yields. Investors cannot invest directly in any Index. Actual results will vary.*Source: Newton, FactSet as of 12/31/12.

Managed by

Morningstar Overall Ratings among 743 funds in the Morningstar World Stock Funds category as of 3/31/13. 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 3/31/13, Class I and Class A shares with load received 5 and 4 stars, respectively, for the 3-year period among 743 funds and received 4 and 3 stars, respectively, for the 5-year period among 571 funds in the Morningstar World Stock category. Past performance is no guarantee of future results. Class I shares are restricted to certain investors.

There is no guarantee that dividend-paying companies will continue to pay, or increase, their dividend. Diversification and asset allocation do not guarantee a profit or protect against loss.

*Source: Morningstar. The fund represents a single portfolio with multiple share classes that have different expense structures. 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. 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.

**Lipper Fund Awards recognize funds that have excelled in delivering consistently strong risk-adjusted performance, relative to their peers, for the 3-, 5- and 10-year periods, as determined by having achieved the highest Lipper Leader for Consistent Return value within each eligible classification over an individual time period. Lipper Fund Awards and Lipper Leaders for Consistent Return may be the best fit for investors who value a fund’s year-to-year consistency relative to other funds in a particular peer group. Investors are cautioned that some peer groups are inherently more volatile than others, and even Lipper Leaders for Consistent Return in the most volatile groups may not be well suited to shorter-term goals or less risk-tolerant investors. For a detailed explanation, please review the Lipper Fund Award and Lipper Leaders methodology document on www.lipperweb.com.

QUICK FACTSInvestment AdviserThe Dreyfus Corporation

Portfolio Manager/ Sub-Investment AdviserJames Harries and Nick Clay, Newton*

Morningstar CategoryWorld Stock

Lipper CategoryGlobal Equity Income

BenchmarkFTSE World Index

Total Fund AUM$249.7 million (as of 3/31/13)

Number of Holdings59 (as of 3/31/13)

Inception10/18/07

*Newton is the sub-investment adviser to the fund. Please refer to Appendix on page 4 for more details.

NEWTON PURSUES HIGH QUALITY GLOBAL STOCKS OF COMPANIES THAT OFFER BOTH GROWTH AND DIVIDEND INCOME POTENTIAL

Taking a global approach to equity income investing does not mean settling for speculative companies in order to pursue high current dividend yield potential. Global, multinational blue chip companies are based throughout the world with operations that reach across the global markets. Newton believes that these companies not only offer attractive current dividends, but that they have cash generative businesses that are likely to help weather today’s uncertain growth environments.

PERSPECTIVE, PRAGMATISM AND INSIGHT ARE KEYS TO NEWTON’S GLOBAL EQUITY INCOME STRATEGY

Newton constructs the portfolio based on:– Established model portfolios

– A strict yield discipline which includes a yield screen versus the FTSE World Index; buying stocks with a yield premium, selling/reducing holdings when yields fallbelow that level

– An approximate 50-60 stock basket, not constrained by any country, regional, sector or industry restrictions

– Research recommended lists act as menus

– Discretion and accountability of our fund managers

Newton thinks globally, using themes which:– Represent key forces of observable change

– Provide long-term orientation

– Provide a stimulus for debate and a focus for research

Newton conducts proprietary global research: – Utilizing career global sector analysts

– Across credit, asset class, regional, strategic complements

– Incorporating responsible investment

Global income strategy

Research recommendations

Model portfolios

Dividend yield criteria

*Revenue data as of 12/31/12.

Source: Newton team estimates; S&P Capital IQ; Bloomberg. As of 3/31/13, the companies mentioned comprised approximately 19.36% of the fund’s portfolio in the aggregate. Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a particular security. Other holdings may not have performed as well as some of these listed herein.

Many of the Fund’s Largest Holdings Have Globally Diversified Revenue Sources* Portfolio’s Global Revenue Breakdown*

Merck43% U.S.57% Intl

Unilever33% U.S.67% Intl

Total10% U.S.90% Intl

Nestlé32% U.S.68% Intl

Statoil10% U.S.90% Intl Novartis

33% U.S.67% Intl

BAE Systems45% U.S.55% Intl

GlaxoSmithKline29% U.S.71% Intl

TaiwanSemiconductor60% U.S.40% Intl

Deutsche Telekom25% U.S.75% Intl

SingaporeTech Engineering

26% U.S.74% Intl

34%

66%

Non-U.S. Revenue

U.S. Revenue

2

ABOUT THE PORTFOLIO MANAGEMENT TEAM

James Harries, Director of Investment Management, Global Funds, Portfolio Manager• A member of Newton’s Global Funds and Real Return teams• Specializes in global higher income and real return strategies• Joined Newton in 1995 • 17 years investment experience

Nick Clay, Portfolio Manager, Global Funds Team• A member of the global investments team• Specialized in global equity and multi-asset portfolios• Joined Newton in 2000• 21 years investment experience

STOCKS OF COMPANIES THAT HAVE GENERATED AND INCREASED DIVIDENDS HAVE PRODUCED HIGHER RETURNS WITH LESS RISK THAN NON-DIVIDEND-PAYING STOCKS 5-YEAR DIVIDEND GROWTH RATE OF STOCKS IN THE FUND

THE CASE FOR EQUITY INCOME INVESTING ON A GLOBAL BASIS

Historically, dividend payouts from overseas companies have remained relatively stable through significant corporate earnings downturns. Highlighted below are the last six recessionary economic periods, showing the relation between declines in earnings and dividend payouts.

1.0

1.5

2.0

2.5

3.0

3.5

4.0

19741970 1976 1980 1985 1991 1993 1998 2002 2002 20122010

MSCI World earnings downturn MSCI World Index (dividend log)

-23% -29% -30% -9% -38% -61%

-4.6%

-5.3%

-3.6% 5.1% -3.0%

-24.3%

Six Recessionary Periods – Corporate earnings fell by 31.5%, on average– Dividends fell 5.9%, on average

Data as of 12/31/12. Source: Datastream, Newton. Corporate earnings and dividend distributions are not guaranteed and will fluctuate over time. A notable exception was during the 2008 financial crisis when many financial institutions that received government aid were required to reduce dividends.

There is no guarantee that dividend-paying companies will continue to pay, or increase, their dividend.

AVERAGE ANNUAL TOTAL RETURNS (9/30/80–12/31/12)

10.36%9.41%

1.55%

Dividend Growers/Initiators

Dividend-PayingStocks

Non-Dividend-Paying Socks

Standard Deviation 15.68 16.55 23.96

Source: Ned Davis Research, Inc. © 2013. Standard deviation measures the degree to which a portfolio’s return varies from its mean (expected) return.Performance based on The Standard & Poor’s 500 (S&P 500) Composite Stock Price Index, a widely accepted, unmanaged index of U.S. stock market performance. Dividend Paying and Non-Paying dividend stocks are defined by each stock’s dividend policy that is determined on a rolling 12-month basis. Ned Davis Research classifies a stock as a dividend-paying stock if it pays a cash dividend anytime during the previous 12 months. For instance, if a stock pays a dividend on July 1, it will be classified as a dividend-paying stock through June 30 of the following year. The index returns are calculated using monthly equal-weighted geometric averages of the total returns of all dividend-paying (or non-paying) stocks. A stock’s return is only included during the period it is a component of the S&P 500 Index. The dividend figure used to categorize the stock is the company’s indicated annual dividend, which may be different from the actual dividends paid in a particular month. Dividend Growers/Initiators is a subset of dividend-paying stocks and include stocks that increased their dividend anytime in the last 12 months. Once an increase occurs, it remains classified as a grower for 12 months or until another change in dividend policy. Investors cannot invest in any index. Actual investment returns may vary.

WEIGHTED AVERAGE 5-YEAR CAGR* (as of 3/31/13)

8.2%

*5-Year Dividend CAGR (Compound Annual Growth Rate) for each dividend paying stock held by Fund was calculated as follows: [(Current Year Dividend per share/Dividend per share 5 years ago) ^(1/5)] - 1. Source: Newton, Bloomberg. As of 3/31/13, 52 out of 59 Dreyfus Global Equity Income Fund holdings paid a dividend and had a dividend-paying history for five years.Past performance is no guarantee of future results. There is no guarantee that dividend-paying companies will continue to pay or increase their dividends. Diversification and asset allocation do no ensure a profit or protect against loss.

3

© 2013 MBSC Securities Corporation, Distributor 6175FRHO-0513

MAIN RISKSEquity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees.

Investing internationally involves special risks, including changes in currency exchange rates, political and economic instability, less market liquidity, lack of comprehensive company information, and differing auditing and legal standards. Emerging markets tend to be more volatile than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries.

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.

APPENDIXNewton refers to the following group of affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited, Newton International Investment Management Limited, Newton Capital Management LLC, and Newton Fund Managers (CI) Limited. Except for Newton Capital Management Limited and Newton Capital Management LLC, none of the other Newton companies offer services in the U.S.

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

DREYFUS GLOBAL EQUITY INCOME FUND PORTFOLIO COMPOSITION AS OF 3/31/13

TOTAL RETURNS AS OF 3/31/13Average Annual Total Return

YTD 1 Year 3 Year 5 Year

Since Inception

(10/18/07)

Class A @ NAV 4.96% 12.23% 11.06% 3.45% 2.06%

Class A (w/5.75% sales load) — 5.77% 8.88% 2.22% —

Class I 5.00% 12.52% 11.33% 3.75% 2.36%

FTSE World Index** 6.91% 11.64% 8.50% 2.80% —

Lipper Global Equity Income Percentile Rank (Class A at NAV)

— 36 4 15 —

Lipper Category Absolute Rank/Number of Funds in Category

— 27/76 2/50 5/33 —

Morningstar World Stock Category Percentile Rank (Class A at NAV)

— 42 13 42 —

Morningstar Category Absolute Rank/Number of Funds in Category

— 388/934 91/743 238/571 —

**Source: FactSet.

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. Go to Dreyfus.com for the fund’s most recent month-end returns. Dreyfus has contractually agreed, until March 1, 2014, to waive receipt of its fees and/or assume the expenses of the fund so that the direct expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, and other expenses) exceed 1.10%. Total Expense Ratio, Class A: 1.55% (net expenses with cap: 1.35%), Class I: 1.28% (net expenses with cap: 1.10%).

COUNTRY ALLOCATION*

Fund FTSE WorldUnited States 39.09% 49.01%United Kingdom 9.94% 8.36%Switzerland 9.45% 3.50%Netherlands 4.41% 0.96%Germany 4.05% 3.19%France 3.99% 3.42%Norway 3.82% 0.32%Hong Kong 3.02% 1.51%South Africa 2.67% 0.98%Australia 2.39% 3.67%

INDUSTRY BREAKDOWN*

Fund FTSE WorldConsumer Goods 17.51% 13.97%Health Care 15.06% 9.54%Industrials 13.17% 12.22%Financials 12.81% 21.41%Telecommunication 11.79% 3.80%Oil & Gas 8.74% 9.27%Consumer Services 6.82% 10.50%Utilities 6.08% 3.47%Technology 3.98% 9.48%Materials 1.16% 6.34%

THE FUND HAS ACHIEVED HIGHER RETURNS WITH LOWER RISK VERSUS ITS BENCHMARK FOR THE 5-YEAR PERIOD (CLASS A)*

April 2008 – March 2013

16% 18% 20% 22% 24% 26%1%

2%

3%

4%

5%

6%

Standard Deviation (Risk)

Fund Class A(Beta 0.88)

FTSE World Index(Beta 1.00)H

isto

rica

l Ret

urn

*Source: Zephyr StyleADVISOR: Standard deviation is the statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. It is widely applied in modern portfolio theory, where the past performance of securities is used to determine the range of possible future performance, and a probability is attached to each performance. Beta is a measure of a security’s or portfolio’s volatility, or systematic risk. The beta coefficient measures a security or portfolio’s volatility relative to an index. A beta of 1 indicates that the security’s price will move with the market.

TOP 10 SECURITIES OF 59*

Fund Mkt. Value

Dividend Yield**

Philip Morris 5.09% 3.58%Reynolds American 5.02% 5.30%Sysco 3.29% 3.10%Novartis 3.12% 3.41%GlaxoSmithKline 3.08% 5.00%Roche Holding AG·Genusss 3.08% 3.31%SSE Plc 2.99% 5.70%Microsoft 2.99% 3.01%Pfizer 2.33% 3.12%Clorox 2.12% 2.85%

*Portfolio composition is subject to change at any time. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility. **Source: Bloomberg.

LEARN MORE Advisors: Call 1-800-334-6899 Mutual Fund Investors: Contact your financial advisor or visit dreyfus.com