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Dreyfus Managed Asset Program sm (DMAP)

Now more than ever, it's important to have a long-term plan — and stick with it. The Dreyfus Managed Asset ProgramSM helps you stay on course with your investment strategy, even in uncertain markets.

A disciplined, personalized investment strategy.

 Designed for long-term investors, the Dreyfus Managed Asset Program (DMAP) is a wrap-fee, investment advisory program that charts a personalized course to help you achieve your goals. By adhering to proven, me-tested fundamentals, the program optimizes an investment portfolio specifically for you — so you can feel more comfortable sticking with your investment strategy, even in uncertain markets. Here’s how it works:

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. [Right aside]For more information on DMAP Call 1-800-896-2645 Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly-owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

1) Getting to know you.

Working together with your Advisor, DMAP begins with an assessment to define your individual needs and goals, your tolerance for risk and analysis of your current plan. Your dedicated Dreyfus Advisor will answer any questions you may have.

2) Optimizing your asset allocation strategy.

DMAP then provides a sophisticated, quantitative process to analyze your goals and risk appetite, and identify the best asset mix for your investment objectives. The result is a personalized asset allocation strategy designed to deliver the optimal risk and potential return in the most effective way.

3) Building a personalized portfolio.

Next, DMAP narrows the universe of investment options and offers a range and combination of choices categorized to fit your needs. Together with your Advisor, a diversified investment portfolio will be developed.

4) Maintaining the right balance.

A systematic, ongoing review of your asset mix will help ensure that it is in line with your long-term objectives. Twice a year (or quarterly if you prefer) your portfolio will automatically re-balance and re-allocate to your optimal investment levels.

Explore the benefits of Dreyfus Advisor Services

Find out how asset allocation can help you reach your goals

Determine the right level of risk for you

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. [Right aside]For more information on DMAP Call 1-800-896-2645 Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly-owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

Learn More about Separately Managed Accounts Offered Through DMAP

Separately managed accounts can play an important role in an investor's strategy because of the special benefits they offer, albeit at higher investment minimums. These customizable investment vehicles are designed to help investors reach individual and specific financial goals by combining the benefits of professional money management with the added flexibility, control, and tax advantages of owning individual securities. A separately managed account is a portfolio of securities directly owned by the investor and managed according to a specific discipline and/or style by a professional investment manager. Account owners have the ability to customize their accounts by excluding certain securities or industries, or employing tax-advantaged strategies.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. [Right aside]For more information on DMAP Call 1-800-896-2645 Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly-owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

Separate account programs provide investors with access to leading portfolio managers who in the past may have exclusively managed very large private and institutional accounts. In addition, since these programs are offered only through investment professionals, financial advisors are there to provide individualized monitoring of portfolio manager performance.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. [Right aside]For more information on DMAP Call 1-800-896-2645 Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly-owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

Separate accounts can be tailored to meet individual investors' needs — focusing on risk tolerance and long-term investment objectives. Investors can specify certain parameters to customize their accounts, such as excluding certain securities or sectors, due to social, political or environmental concerns, and managing the portfolio to help reduce tax liabilities.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. [Right aside]For more information on DMAP Call 1-800-896-2645 Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly-owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

Ownership has its privileges: investors own each individual security held in a separate account. Sell decisions are made by portfolio management based on the investment strategy, and are not affected by the redemption needs of anyone except the individual account owner.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus. [Right aside]For more information on DMAP Call 1-800-896-2645 Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly-owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

When investing through a separately managed account, investors pay taxes only on the capital gains that they actually realize. Individual securities in the account are owned directly, allowing investors to work with their tax advisor and financial advisor to implement tax-efficient investing strategies. In addition, some separate accounts provide flexibility in funding. Separately managed accounts can typically be funded with securities in kind, as well as cash. Many investment advisers will accept securities or portfolios, such as trust and retirement accounts, to fund the account.

To learn more, please contact a Dreyfus representative at 1-800-896-2695.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. Download a prospectus, or summary prospectus, if available, that contains this and other information about a fund, and read it carefully before investing.

Minimum account balance for Dreyfus Managed Asset Program Mutual Fund Series is $25,000. Equity separate account portfolios within the Customized Investment Series require a $100,000 minimum. Dreyfus Municipal Bond Separate Account Series national portfolios require a $300,000 minimum and state-specific portfolios require a $500,000 minimum.

Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees. These risks are more fully described in the fund's prospectus.

Bond funds are subject generally to interest rate, credit, liquidity, prepayment and extension, derivative and market risks, to varying degrees, all of which are more fully described in the fund's prospectus.

For more information on DMAP, call 1-800-896-2645. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.

Asset allocation and diversification do not guarantee a profit or protect against a loss. This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. Dreyfus Advisor Services is a division of MBSC Securities Corporation (MBSC) and a wholly owned subsidiary of The Bank of New York Mellon Corporation. MBSC is a dually registered investment adviser and broker-dealer and a member of FINRA.

Liquidity:

Mutual Funds — Typically, money is available next business day (although redemptions may take up to seven business days).

Separate Accounts — Depending on the securities redeemed, trades may take up to three business days to complete.

This information is general in nature and is not intended to constitute tax advice. Please consult your tax advisor for more detailed information on tax issues and for advice on your specific situation.

For more information on DMAP
Call 1-800-896-2645