March 1, 2016

DREYFUS-MANAGED FUNDS OFFERING CLASS Y SHARES

Supplement to Current Prospectus

The following information supplements and supersedes and replaces any contrary information contained in the section of the fund’s Prospectus entitled “Shareholder Guide--Choosing a Share Class--Class Y Shares”:

Class Y shares of the fund may be purchased by:

·Institutional investors, acting for themselves or on behalf of their clients, that have entered into an agreement with the fund’s distributor and make an initial investment in Class Y shares of the fund of at least $1 million

·Retirement Plans, or certain recordkeepers of Retirement Plan platforms that maintain a super-omnibus account with the fund, provided that, in each case, they have entered into an agreement with the fund’s distributor and make an initial investment in Class Y shares of the fund of at least $1 million or have, in the opinion of Dreyfus, adequate intent and availability of assets to reach a future level of investment of $1 million or more in Class Y shares of the fund

Generally, each institutional investor will be required to open and maintain a single master account with the fund for all purposes.  With respect to recordkeepers of Retirement Plan platforms, the fund considers a super-omnibus account to be one single master account maintained by the Retirement Plan recordkeeper on behalf of multiple Retirement Plans.