File No . 33-44254
811-6490

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
     
 
Pre-Effective Amendment No.
[__]
     
 
Post-Effective Amendment No. 82
x
     
and/or
 
     
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
     
 
Amendment No. 82
x

(Check appropriate box or boxes.)

Dreyfus Premier Investment Funds, Inc.
(Exact Name of Registrant as Specified in Charter)

c/o The Dreyfus Corporation
200 Park Avenue, New York, New York  10166
(Address of Principal Executive Offices)  (Zip Code)

Registrant's Telephone Number, including Area Code: (212) 922-6000

John Pak, Esq.
200 Park Avenue
New York, New York 10166
(Name and Address of Agent for Service)


It is proposed that this filing will become effective (check appropriate box)
 
   
immediately upon filing pursuant to paragraph (b)
X  
on November 26, 2014 pursuant to paragraph (b)
   
60 days after filing pursuant to paragraph (a)(1)
   
on (DATE) pursuant to paragraph (a)(1)
   
75 days after filing pursuant to paragraph (a)(2)
   
on (DATE) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
   
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This post-effective amendment to the Registrant's Registration Statement on Form N-1A relates to the series listed below and does not affect the Registration Statement with respect to Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Greater China Fund, Dreyfus India Fund, Dreyfus Large Cap Growth Fund, Dreyfus Large Cap Equity Fund and Dreyfus Satellite Alpha Fund:

Dreyfus Global Infrastructure Fund
 
 
DREYFUS GLOBAL INFRASTRUCTURE FUND
[LOGO]
_________________
 
Prospectus
 
November 26, 2014

 

 
 
Class
Ticker
 
A
DGANX
 
C
DGCNX
 
I
DIGNX
 
Y
DYGNX
 

 
As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus.  Any representation to the contrary is a criminal offense.

 
[LOGO]
 
BNY MELLON
 

 
CONTENTS

Fund Summary
   
Fund Summary
 
 
2
Fund Details
   
Goal and Approach
 
9
Investment Risks
 
11
Management
 
 
16
Shareholder Guide
   
Choosing a Share Class
 
18
Buying and Selling Shares
 
24
General Policies
 
28
Distributions and Taxes
 
30
Services for Fund Investors
 
31
Financial Highlights
 
 
33
For More Information
   
See back cover.
 

FUND SUMMARY
 
Investment Objective
 
The fund seeks to maximize total return consisting of capital appreciation and current income.
 
Fees and Expenses
 
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.  You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds.  More information about these and other discounts is available from your financial professional and in the Shareholder Guide section beginning on page 18 of this prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section beginning on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.
 
 
Class A
Class C
Class I
Class Y
Shareholder Fees
(fees paid directly from your investment)
       
         
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
5.75
none
none
none
         
Maximum deferred sales charge (load)
(as a percentage of lower of purchase or sale price)
none *
1.00
none
none
         
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage
of the value of your investment)
       
 
Class A
Class C
Class I
Class Y
         
Management fees
.90
.90
.90
.90
Distribution (12b-1) fees
none
.75
none  
none   
Other expenses ( including shareholder services fees) **
.50
.50
.25
.20
Total annual fund operating expenses
1.40
2.15
1.15
1.10
Fee waiver and/or expense reimbursement ***
(.10)
(.10)
(.10)
(.05)
Total annual fund operating expenses
(after fee waiver and/or expense reimbursement)
1.30
2.05
1.05
1.05
____________
*  Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year.
 
**   Other expenses are based on estimated amounts for the current fiscal year.
 
***  The fund's investment adviser, The Dreyfus Corporation, has contractually agreed, until December 31, 2015, to waive receipt of its fees and/or assume the expenses of the fund so that the expenses of none of the classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 1.05%.  On or after December 31, 2015, The Dreyfus Corporation may terminate this expense limitation at any time.
 
Example
 
The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same.  The one-year example and the first year of the three-years example are based on net operating expenses, which reflect the expense limitation by The Dreyfus Corporation.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
 
1 Year
3 Years
Class A
$700
$983
Class C
$308
$663
Class I
$107
$355
Class Y
$107
$345
 
You would pay the following expenses if you did not redeem your shares:
 
 
1 Year
3 Years
Class A
$700
$983
Class C
$208
$663
Class I
$107
$355
Class Y
$107
$345
 
Portfolio Turnover
 
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.
 
Principal Investment Strategy
 
To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities issued by companies located throughout the world that are engaged in infrastructure businesses.  A company will be considered to be engaged in the infrastructure business if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of the market value of its assets to, infrastructure-related activities, as determined by CenterSquare Investment Management, Inc. (CenterSquare), the fund's sub-investment adviser .  Companies engaged in infrastructure businesses may be involved in the management, ownership, operation, construction, development, renovation or financing of infrastructure assets in a variety of areas including, but not limited to:  energy (electricity, oil and gas) generation, transmission, distribution, storage and/or transportation; utilities; transportation services, including roads, airports, railroads, marine ports, bridges, tunnels and mass transit systems; communications services, including towers, datacenters, satellite and microwave; water and environmental services, including water purification, storage and distribution, wastewater, solid waste, flood control and coastal management; and other similar public sectors and projects that support or facilitate the development or improvement of economic, health, cultural and social standards.  Infrastructure companies also include companies organized as master limited partnerships (MLPs), and publicly-traded real estate investment trust securities (REITs).   The fund invests principally in equity securities that include common stocks, MLPs and REITs listed on a national or other recognized securities exchange.
 
The fund normally invests in equity securities of infrastructure companies with principal places of business located primarily in the developed markets of Europe, Australia, Asia and North America (including the United States).  Under normal market conditions, the fund invests significantly (at least 40% – unless market conditions are not deemed favorable by CenterSquare , in which case the fund would invest at least 30% – of its net assets) in infrastructure companies organized or located outside the United States or doing a substantial amount of business outside the United States.   CenterSquare allocates the fund's assets among various regions and countries, including the United States (but in no less than three different countries) .  Although the fund invests principally in developed markets, it may invest up to 20% of its total assets in equity securities of infrastructure companies located in emerging market countries.
 
The fund focuses on companies with a minimum market capitalization of $200 million at initiation of the position, and which CenterSquare believes are undervalued.  In selecting investments for the fund's portfolio, CenterSquare combines top-down macroeconomic and sector research with a bottom-up process that incorporates qualitative analysis and a proprietary relative valuation process.  The fund may hold growth or value stocks or a blend of both.
 
T he fund concentrates its investments in the infrastructure industry.  The fund considers the infrastructure industry to consist of companies engaged or involved in infrastructure businesses through the management, ownership, operation, construction, development, renovation or financing of infrastructure assets in the following areas:  energy (electricity, oil and gas) generation, transmission, distribution, storage and/or transportation; utilities; transportation services, including roads, airports, railroads, marine ports, bridges, tunnels and mass transit systems; communications services, including towers, datacenters, satellite and microwave; water and environmental services, including water purification, storage and distribution, wastewater, solid waste, flood control and coastal management; and other similar public sectors and projects that support or facilitate the development or improvement of economic, health, cultural and social standards.
 
Principal Risks
 
An investment in the fund is not a bank deposit.  It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.  It is not a complete investment program.  The fund's share price fluctuates, sometimes dramatically, which means you could lose money.
 
 
●
Risks of stock investing .  Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods.  There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices.  The market value of a stock may decline due to general market conditions or because of factors that affect the particular company or the company's industry.
 
 
●
Infrastructure investments risk.   Since the fund invests significantly in the securities of companies engaged in infrastructure-related businesses, it will have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting these companies.  Companies engaged in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including:  high amounts of leverage and high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from the deregulation of a particular industry or sector; costs associated with compliance with and changes in environmental and other regulations; regulation or intervention by various government authorities, including government regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; service interruption and/or legal challenges due to environmental, operational or other accidents; susceptibility to terrorist attacks; surplus capacity; increased competition; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure assets.  There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in emerging markets, resulting in delays and cost overruns.
 
 
●
Country, industry and market sector risk .  The fund may significantly overweight or underweight, relative to the FTSE Global Core Infrastructure Index Net (the fund's benchmark index), certain countries, companies, or infrastructure industries or market sectors, which may cause the fund's performance to be more or less sensitive to developments affecting those countries, companies, industries or sectors.
 
 
●
Foreign investment risk .  To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers.  Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.  Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund.
 
 
●
Emerging market risk .  The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies.  Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries.   Investments in these countries may be subject to political, economic, legal, market and currency risks.  The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.  For example, in response to recent political and military actions undertaken by Russia, the United States and certain other countries, as well as the European Union, have instituted economic sanctions against certain Russian individuals and companies.
 
 
●
Growth and value stock risk .  By investing in a mix of growth and value companies, the fund assumes the risks of both.  Investors often expect growth companies to increase their earnings at a certain rate.  If these expectations are not met, investors can punish the stocks inordinately, even if earnings do increase.  In addition, growth stocks may lack the dividend yield that may cushion stock prices in market downturns.  Value stocks involve the risk that they may never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth, or the expected value was misgauged.  They also may decline in price even though in theory they are already undervalued.
 
 
●
Market capitalization risk (small-, mid- and large-cap stock risk) .  To the extent the fund emphasizes small-, mid- or large-cap stocks, it will assume the associated risks.  At any given time, any of these market capitalizations may be out of favor with investors.  Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities affecting their business.  To the extent the fund invests in small- and mid-cap companies, it will be subject to additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies.
 
 
●
MLP risk .  An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation.  The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation.  For example, state law governing partnerships is often less restrictive than state law governing corporations.  Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation, and holders of MLP units have limited control on matters affecting the partnership.  Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles.  The benefit derived from the fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for U.S. federal income tax purposes.   A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes and subject to corporate level tax on its income, and could reduce the amount of cash available for distribution by the MLP to its unit holders, such as the fund.
 
 
●
REIT risk .  Investments in REITs expose the fund to risks similar to investing directly in real estate.  The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill.  They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the Investment Company Act of 1940, as amended.
 
 
●
Liquidity risk .  When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value.  In such a market, the value of such securities and the fund's share price may fall dramatically.  Investments in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.
 
Performance
 
As a new fund, past performance information is not available for the fund as of the date of this prospectus.  Annual performance returns provide some indication of the risks of investing in the fund by showing changes in performance from year to year.  Comparison of fund performance to an appropriate index indicates how the fund's average annual total returns compare with those of a broad measure of market performance.  The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.  Within a reasonable period of time after the fund commences operations, performance information will be available at www.dreyfus.com .

Portfolio Management
 
The fund's investment adviser is The Dreyfus Corporation (Dreyfus), and the fund's subadviser is CenterSquare Investment Management, Inc. (CenterSquare) , an affiliate of Dreyfus.
 
Maneesh Chhabria, PhD, CFA, FRM and Joshua B. Kohn, CFA are the fund's primary portfolio managers, positions they have held since the fund's inception.  Messrs. Chhabria and Kohn are portfolio managers with CenterSquare's global listed infrastructure securities group .
 
Purchase and Sale of Fund Shares
 
In general, for each share class, other than Class Y, the fund's minimum initial investment is $1,000 and the minimum subsequent investment is $100.  For Class Y shares, the minimum initial investment generally is $1,000,000, with no minimum subsequent investment.  You may sell (redeem) your shares on any business day by calling 1-800-DREYFUS (inside the U.S. only) or by visiting www.dreyfus.com .  If you invested in the fund through a third party, such as a bank, broker-dealer or financial adviser, or in a 401(k) or other retirement plan, you may mail your request to sell shares to Dreyfus Institutional Department, P.O. Box 9882, Providence, Rhode Island 02940-8082.  If you invested directly through the fund, you may mail your request to sell shares to Dreyfus Shareholder Services, P.O. Box 9879, Providence, Rhode Island 02940-8079.  If you are an Institutional Direct accountholder, please contact your BNY Mellon relationship manager for instructions.

Tax Information
 
The fund's distributions are taxable as ordinary income or capital gains, except when your investment is through an IRA, 401(k) plan or other tax-advantaged investment plan (in which case you may be taxed upon withdrawal of your investment from such account).
 
Payments to Broker-Dealers and Other Financial Intermediaries
 
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services.  These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment.  Ask your salesperson or visit your financial intermediary's website for more information.
 
FUND DETAILS
Goal and Approach
 
The fund seeks to maximize total return consisting of capital appreciation and current income. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities issued by companies located throughout the world that are engaged in infrastructure businesses.  The fund's investment objective and the policy with respect to the investment of 80% of its net assets may be changed by the fund's board, upon 60 days' prior notice to shareholders.  A company will be considered to be engaged in the infrastructure business if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of the market value of its assets to, infrastructure-related activities, as determined by CenterSquare Investment Management, Inc. (CenterSquare), the fund's sub-investment adviser .  Companies engaged in infrastructure businesses may be involved in the management, ownership, operation, construction, development, renovation or financing of infrastructure assets in a variety of areas including, but not limited to:  energy (electricity, oil and gas) generation, transmission, distribution, storage and/or transportation; utilities; transportation services, including roads, airports, railroads, marine ports, bridges, tunnels and mass transit systems; communications services, including towers, datacenters, satellite and microwave; water and environmental services, including water purification, storage and distribution, wastewater, solid waste, flood control and coastal management; and other similar public sectors and projects that support or facilitate the development or improvement of economic, health, cultural and social standards.  Infrastructure companies also include companies organized as master limited partnerships (MLPs), and publicly-traded real estate investment trust securities (REITs).   MLPs are limited partnerships whose interests (limited partnership units) are traded on securities exchanges like shares of corporate stock.  Currently, most MLPs operate in the energy, natural resources or real estate sectors.  Due to their partnership structure, MLPs generally do not pay income taxes.   REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests.
 
The fund invests principally in equity securities that include common stocks, MLPs and REITs listed on a national or other recognized securities exchange.  The fund may invest up to 25% of its total assets in MLPs.   Although not part of the fund's principal investment strategy, the fund's investments in equity securities also may include preferred stocks, convertible securities, warrants, equity interests in foreign investment funds or trusts, and sponsored and unsponsored depositary receipts, such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), including securities purchased in initial public offerings (IPOs) or shortly thereafter.  ADRs and GDRs represent indirect ownership interest in publicly-traded securities of non-U.S. issuers.
 
The fund normally invests in equity securities of infrastructure companies with principal places of business located primarily in the developed markets of Europe, Australia, Asia and North America (including the United States).  Under normal market conditions, the fund invests significantly (at least 40% – unless market conditions are not deemed favorable by CenterSquare , in which case the fund would invest at least 30% – of its net assets) in infrastructure companies organized or located outside the United States or doing a substantial amount of business outside the United States.   CenterSquare allocates the fund's assets among various regions and countries, including the United States (but in no less than three different countries) .  Although the fund invests principally in developed markets, it may invest up to 20% of its total assets in equity securities of infrastructure companies located in emerging market countries.  The fund focuses on companies with a minimum market capitalization of $200 million at initiation of the position, and which CenterSquare believes are undervalued.  The fund's benchmark is the FTSE Global Core Infrastructure Index Net , a market capitalization weighted index designed to measure the performance of companies in developed and emerging markets that generate at least 65% of their revenues from infrastructure and that is net of dividend withholding taxes.
 
In selecting investments for the fund's portfolio, CenterSquare combines top-down macroeconomic and sector research with a bottom-up process that incorporates qualitative analysis and a proprietary relative valuation process.  In conducting its bottom-up research, CenterSquare engages in an active analysis process that includes regular and direct contact with the companies in the fund's investable universe.  Through the use of its proprietary relative valuation model, CenterSquare seeks to establish the validity of the price of a security relative to its peers in order to identify undervalued securities.  CenterSquare also incorporates a risk management process into portfolio management, seeking to minimize unintended portfolio concentrations and ensure consistency of portfolio management style over time.  Securities are purchased and sold for a number of reasons, including profit realization, repositioning within a specific region or sector, and risk management.  The fund may hold growth or value stocks or a blend of both.
 
Although not a principal investment strategy, the fund may, but is not required to, use derivatives, such as options, futures and options on futures (including those relating to stocks, indices, foreign currencies and interest rates), forward contracts and swap agreements (including total return swaps), as a substitute for investing directly in an underlying asset, to increase returns, as part of a hedging strategy or for other purposes related to the management of the fund.  A derivatives contract will obligate or entitle the fund to deliver or receive an asset or cash payment based on the change in value of one or more underlying investments, indices or currencies.
 
T he fund concentrates its investments in the infrastructure industry.  The fund considers the infrastructure industry to consist of companies engaged or involved in infrastructure businesses through the management, ownership, operation, construction, development, renovation or financing of infrastructure assets in the following areas:  energy (electricity, oil and gas) generation, transmission, distribution, storage and/or transportation; utilities; transportation services, including roads, airports, railroads, marine ports, bridges, tunnels and mass transit systems; communications services, including towers, datacenters, satellite and microwave; water and environmental services, including water purification, storage and distribution, wastewater, solid waste, flood control and coastal management; and other similar public sectors and projects that support or facilitate the development or improvement of economic, health, cultural and social standards.
 
__________________________________
 

Investment Risks
 
An investment in the fund is not a bank deposit.  It is not insured or guaranteed by the FDIC or any other government agency.  It is not a complete investment program.  The value of your investment in the fund will fluctuate, sometimes dramatically, which means you could lose money.
 
 
●
Risks of stock investing .  Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods.  There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices.  The market value of a stock may decline due to general market conditions that are not related to the particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally.  A security's market value also may decline because of factors that affect the particular company, such as management performance, financial leverage, and reduced demand for the company's products or services, or factors that affect the company's industry, such as labor shortages or increased production costs and competitive conditions within an industry.
 
 
●
Infrastructure investments risk.   Since the fund invests significantly in the securities of companies engaged in infrastructure-related businesses, it will have greater exposure to adverse economic, regulatory, political, legal, and other changes affecting these companies.  Companies engaged in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including:  high amounts of leverage and high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from the deregulation of a particular industry or sector; costs associated with compliance with and changes in environmental and other regulations; regulation or intervention by various government authorities, including government regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; service interruption and/or legal challenges due to environmental, operational or other accidents; susceptibility to terrorist attacks; surplus capacity; increased competition; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure assets.  There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in emerging markets, resulting in delays and cost overruns.
 
 
●
Country, industry and market sector risk .  The fund may significantly overweight or underweight, relative to the FTSE Global Core Infrastructure Index Net (the fund's benchmark index), certain countries, companies, or infrastructure industries or market sectors, which may cause the fund's performance to be more or less sensitive to developments affecting those countries, companies, industries or sectors.
 
 
●
Foreign investment risk .  To the extent the fund invests in foreign securities, the fund's performance will be influenced by political, social and economic factors affecting investments in foreign issuers.  Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards.  Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund.
 
 
●
Emerging market risk .  The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies.  Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries.   Investments in these countries may be subject to political, economic, legal, market and currency risks.  The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.  For example, in response to recent political and military actions undertaken by Russia, the United States and certain other countries, as well as the European Union, have instituted economic sanctions against certain Russian individuals and companies.  The political and economic situation in Russia, and the current and any future sanctions or other government actions against Russia may result in the decline in the value and liquidity of Russian securities, devaluation of Russian currency, a downgrade in Russia's credit rating, the inability to freely trade the securities of sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other adverse consequences to the Russian economy, any of which could negatively impact a fund's investments in Russian securities.
 
 
●
Growth and value stock risk .  By investing in a mix of growth and value companies, the fund assumes the risks of both.  Investors often expect growth companies to increase their earnings at a certain rate.  If these expectations are not met, investors can punish the stocks inordinately, even if earnings do increase.  In addition, growth stocks may lack the dividend yield that may cushion stock prices in market downturns.  Value stocks involve the risk that they may never reach their expected full market value, either because the market fails to recognize the stock's intrinsic worth, or the expected value was misgauged.  They also may decline in price even though in theory they are already undervalued.
 
 
●
Market capitalization risk (small-, mid- and large-cap stock risk) .  To the extent the fund emphasizes small-, mid-, or large-cap stocks, it will assume the associated risks.  At any given time, any of these market capitalizations may be out of favor with investors.  Compared to small- and mid-cap companies, large-cap companies may be less responsive to changes and opportunities affecting their business.  To the extent the fund invests in small- and mid-cap companies, it will be subject to additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies.  The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the fund's ability to sell these securities.  These companies may have limited product lines, markets or financial resources, or may depend on a limited management group.  Some of the fund's investments will rise and fall based on investor perception rather than economic factors.  Other investments are made in anticipation of future products, services or events whose delay or cancellation could cause the stock price to drop.
 
 
●
MLP risk .  An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation.  The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation.  For example, state law governing partnerships is often less restrictive than state law governing corporations.  Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation, and holders of MLP units have limited control on matters affecting the partnership.  Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles.  MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region.  The benefit derived from the fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for U.S. federal income tax purposes.   A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes and subject to corporate level tax on its income, and could reduce the amount of cash available for distribution by the MLP to its unit holders, such as the fund.   The fund's investments in MLP interests could affect the amount, timing and character of distributions to shareholders and could cause the fund to recognize taxable income in excess of the cash generated by such investments, which may require the fund to liquidate investments (including when it is not advantageous to do so) to meet its distribution requirements for qualification as a regulated investment company under federal income tax law.
 
 
●
REIT risk .  Investments in REITs expose the fund to risks similar to investing directly in real estate.  The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill.  They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the Investment Company Act of 1940, as amended.
 
 
●
Liquidity risk .  When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value.  In such a market, the value of such securities and the fund's share price may fall dramatically, even during periods of declining interest rates.  Investments in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.
 
In addition to the principal risks described above, the fund is subject to the following additional risks that are not anticipated to be principal risks of investing in the fund:
 
 
●
Convertible securities risk .  Convertible securities may be converted at either a stated price or stated rate into underlying shares of common stock.  Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer.  Although to a lesser extent than with fixed-income securities, the market value of convertible securities tends to decline as interest rates increase.  In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock.  Although convertible securities provide for a stable stream of income, they are subject to the risk that their issuers may default on their obligations.  Convertible securities also offer the potential for capital appreciation through the conversion feature, although there can be no assurance of capital appreciation because securities prices fluctuate.  Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality because of the potential for capital appreciation.
 
 
●
Preferred stock risk .  Preferred stock is a class of a capital stock that typically pays dividends at a specified rate.  Preferred stock is generally senior to common stock, but subordinate to debt securities, with respect to the payment of dividends and on liquidation of the issuer.  The market value of preferred stock generally decreases when interest rates rise and is also affected by the issuer's ability to make payments on the preferred stock.
 
 
●
Warrants risk .  Warrants are subject to the same market risk as stocks, but may be more volatile in price.  An investment in warrants would not entitle the fund to receive dividends or exercise voting rights and will become worthless if the warrants cannot be profitably exercised before the expiration dates.
 
 
●
Depositary receipts risk .  Depositary receipts may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency risk, political and economic risk and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities.  Certain countries may limit the ability to convert depositary receipts into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related depositary receipt.  In addition, holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to pass through voting rights to the holders of the depositary receipts with respect to the deposited securities or to distribute shareholder communications received from the issuer of the deposited security.  As a result, available information concerning the issuer may not be as current as for sponsored ADRs and GDRs, and the prices of unsponsored ADRs and GDRs may be more volatile than if such instruments were sponsored by the issuer.
 
 
●
Derivatives risk .  A small investment in derivatives could have a potentially large impact on the fund's performance.  The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying instruments or the fund's other investments.  Derivative instruments, such as swap agreements, forward contracts and over-the-counter options, also involve the risk that a loss may be sustained as a result of the failure of the counterparty to the derivative instruments to make required payments or otherwise comply with the derivative instruments' terms.  Many of the regulatory protections afforded participants on organized exchanges for futures contracts and exchange-traded options, such as the performance guarantee of an exchange clearing house, are not available in connection with over-the-counter derivative transactions.  Certain types of derivatives, including swap agreements, forward contracts and other over-the-counter transactions, involve greater risks than the underlying obligations because, in addition to general market risks, they are subject to illiquidity risk, counterparty risk, credit risk and pricing risk.  If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives, including swap agreements), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.  Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.  Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.   The fund may be required to segregate liquid assets, or otherwise cover its obligations, relating to the fund's transactions in derivatives.  These requirements assume the obligation is for full payment of the value of the underlying instrument, in cash or by physical delivery, at the settlement date; thus, the fund must set aside liquid assets equal to such derivatives contract's full notional value (generally, the total numerical value of the asset underlying a derivatives contract at the time of valuation) while the positions are open.  If the derivatives contract provides for periodic cash settlement during the term of the transaction or cash payment of the gain or loss under the transaction at the settlement date, the fund may segregate liquid assets in an amount equal to the fund's daily marked-to-market net obligation (i.e., the fund's daily net liability) under the contract, if any.  By setting aside assets equal to only its net obligations, the fund may employ leverage to a greater extent than if the fund were required to segregate assets equal to the full notional value of such contracts.  Future rules and regulations of the Securities and Exchange Commission (SEC) may impact the fund's operations as described in this prospectus.
 
 
●
Leverage risk .  The use of leverage, such as lending portfolio securities and entering into swap agreements, futures contracts or forward currency contracts, may magnify the fund's gains or losses.
 
 
●
IPO risk .  The prices of securities purchased in IPOs can be very volatile.  The effect of IPOs on the fund's performance depends on a variety of factors, including the number of IPOs the fund invests in relative to the size of the fund and whether and to what extent a security purchased in an IPO appreciates or depreciates in value.  As a fund's asset base increases, IPOs often have a diminished effect on such fund's performance.
 
 
●
Other potential risks .  The fund may lend its portfolio securities to brokers, dealers and other financial institutions. In connection with such loans, the fund will receive collateral from the borrower equal to at least 100% of the value of loaned securities.  If the borrower of the securities fails financially, there could be delays in recovering the loaned securities or exercising rights to the collateral.
 
Under adverse market conditions, the fund could invest some or all of its assets in U.S. Treasury securities and money market securities, or hold cash.  Although the fund would do this for temporary defensive purposes, it could reduce the benefit from any upswing in the market.  During such periods, the fund may not achieve its investment objective.
 
__________________________________
 
Management
 
The investment adviser for the fund is The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166.  Founded in 1947, Dreyfus manages approximately $256 billion in 169 mutual fund portfolios.  The fund has agreed to pay Dreyfus a management fee at the annual rate of .90% of the fund's average daily net assets.  A discussion regarding the basis for the board's approving the fund's management agreement with Dreyfus will be available in the fund's semiannual report for the period ending April 30, 2015.  Dreyfus is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY Mellon), a global financial services company focused on helping clients manage and service their financial assets, operating in 35 countries and serving more than 100 markets.  BNY Mellon is a leading investment management and investment services company, uniquely focused to help clients manage and move their financial assets in the rapidly changing global marketplace.  BNY Mellon has $28.5 trillion in assets under custody and administration and $1.6 trillion in assets under management.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.  BNY Mellon Investment Management is one of the world's leading investment management organizations, and one of the top U.S. wealth managers, encompassing BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies.  Additional information is available at www.bnymellon.com .
 
The Dreyfus asset management philosophy is based on the belief that discipline and consistency are important to investment success.  For each fund, Dreyfus seeks to establish clear guidelines for portfolio management and to be systematic in making decisions.  This approach is designed to provide each fund with a distinct, stable identity.
 
Dreyfus has engaged its affiliate, CenterSquare Investment Management, Inc., located at 630 West Germantown Pike, Suite 300, Plymouth Meeting, Pennsylvania 19462, to serve as the fund's sub-investment adviser.  CenterSquare, subject to Dreyfus' supervision, provides investment advisory assistance and research and the day-to-day management of the fund's investments.  CenterSquare Investment Management Holdings, Inc., a wholly-owned subsidiary of BNY Mellon and parent company of CenterSquare, was founded in 1987 and has assets under management in excess of $7.5 billion as of June 30, 2014.   A discussion regarding the basis for the board's approving the sub-investment advisory agreement between Dreyfus and CenterSquare will be available in the fund's semiannual report for the period ending April 30, 2015.
 
Maneesh Chhabria, PhD, CFA, FRM and Joshua B. Kohn, CFA are the fund's primary portfolio managers and are jointly and primarily responsible for managing the fund's portfolio.  Messrs. Chhabria and Kohn have managed the fund since its inception.  Messrs. Chhabria and Kohn are portfolio managers with CenterSquare's global listed infrastructure securities group.   Mr. Chhabria joined CenterSquare in 2005.  Mr. Kohn joined CenterSquare in July 2014; prior thereto, he was a portfolio manager and global equity analyst with Turner Investments, from 2010 to 2014, and an energy portfolio manager and equity analyst at G Core Capital Management, from 2008 to 2010.
 
Dreyfus has obtained from the SEC an exemptive order, upon which the fund may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the fund's board, to enter into and materially amend sub-investment advisory agreements with one or more subadvisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined in the Investment Company Act of 1940, as amended) of Dreyfus' ultimate parent company, BNY Mellon, without obtaining shareholder approval.  The order also relieves the fund from disclosing the sub-investment advisory fee paid by Dreyfus to an unaffiliated subadviser in documents filed with the SEC and provided to shareholders.  In addition, pursuant to the order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a subadviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus.  Dreyfus has ultimate responsibility (subject to oversight by the fund's board) to supervise any subadviser and recommend the hiring, termination, and replacement of any subadviser to the fund's board.  Currently, the fund has selected CenterSquare to manage all of the fund's assets.  One of the conditions of the order is that the fund's board, including a majority of the "non-interested" board members, must approve each new subadviser.  In addition, the fund is required to provide shareholders with information about each new subadviser within 90 days of the hiring of any new subadviser.
 
The fund's Statement of Additional Information (SAI) provides additional portfolio manager information, including compensation, other accounts managed and ownership of fund shares.
 
Certain bank regulatory restrictions applicable to BNY Mellon (the parent company of Dreyfus) and internal BNY Mellon policies intended to ensure compliance with such regulations may, from time to time, preclude the fund from purchasing (and, in very limited instances, require the fund to reduce its position in) particular securities or financial instruments, even if such securities or financial instruments would meet the investment objective of the fund.
 
MBSC Securities Corporation (MBSC), a wholly-owned subsidiary of Dreyfus, serves as distributor of the fund and of the other funds in the Dreyfus Family of Funds.  Any Rule 12b-1 fees and shareholder services fees, as applicable, are paid to MBSC for financing the sale and distribution of fund shares and for providing shareholder account service and maintenance, respectively.  Dreyfus or MBSC may provide cash payments out of its own resources to financial intermediaries that sell shares of funds in the Dreyfus Family of Funds  (except Class Y shares) or provide other services.  Such payments are separate from any sales charges, 12b-1 fees and/or shareholder services fees or other expenses that may be paid by a fund to those intermediaries.  Because those payments are not made by fund shareholders or the fund, the fund's total expense ratio will not be affected by any such payments.  These payments may be made to intermediaries, including affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer agency services, marketing support and/or access to sales meetings, sales representatives and management representatives of the financial intermediary.  Cash compensation also may be paid from Dreyfus' or MBSC's own resources to intermediaries for inclusion of a fund on a sales list, including a preferred or select sales list or in other sales programs.  These payments sometimes are referred to as "revenue sharing."  From time to time, Dreyfus or MBSC also may provide cash or non-cash compensation to financial intermediaries or their representatives in the form of occasional gifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational conference sponsorships; support for recognition programs; technology or infrastructure support; and other forms of cash or non-cash compensation permissible under broker-dealer regulations.  In some cases, these payments or compensation may create an incentive for a financial intermediary or its employees to recommend or sell shares of the fund to you.  Please contact your financial representative for details about any payments they or their firm may receive in connection with the sale of fund shares or the provision of services to the fund.
 
The fund, Dreyfus, CenterSquare and MBSC have each adopted a code of ethics that permits its personnel, subject to such code, to invest in securities, including securities that may be purchased or held by the fund.  Each code of ethics restricts the personal securities transactions of employees, and requires portfolio managers and other investment personnel to comply with the code's preclearance and disclosure procedures.  The primary purpose of the respective codes is to ensure that personal trading by employees does not disadvantage any fund managed by Dreyfus or its affiliates.
 
__________________________________
 
SHAREHOLDER GUIDE
 
Choosing   a Share Class
 
The fund is designed primarily for people who are investing through a third party, such as a bank, broker-dealer or financial adviser, or in a 401(k) or other retirement plan.  Third parties with whom you open a fund account may impose policies, limitations and fees that are different from those described in this prospectus.  Consult a representative of your plan or financial institution for further information.
 
This prospectus offers Class A, C, I and Y shares of the fund.
 
Your financial representative may receive different compensation for selling one class of shares than for selling another class.  It is important to remember that any contingent deferred sales charge (CDSC) or Rule 12b-1 fees have the same purpose as the front-end sales charge:  to compensate the distributor for concessions and expenses it pays to dealers and financial institutions in connection with the sale of fund shares.  A CDSC is not charged on fund shares acquired through the reinvestment of fund dividends.  Because the Rule 12b-1 fee is paid out of the fund's assets on an ongoing basis, over time it will increase the cost of your investment and may cost you more than paying other types of sales charges.
 
The different classes of fund shares represent investments in the same portfolio of securities, but the classes are subject to different expenses and will likely have different share prices.  When choosing a class, you should consider your investment amount, anticipated holding period, the potential costs over your holding period and whether you qualify for any reduction or waiver of the sales charge.
 
A complete description of these classes follows.  You should review these arrangements with your financial representative before determining which class to invest in.
 
Class A Shares
 
When you invest in Class A shares, you pay the public offering price, which is the share price, or net asset value (NAV), plus the initial sales charge that may apply to your purchase.  The amount of the initial sales charge is based on the size of your investment, as the following table shows.  We also describe below how you may reduce or eliminate the initial sales charge (see "Sales Charge Reductions and Waivers").  Class A shares are subject to an annual shareholder services fee of .25% paid to the fund's distributor for shareholder account service and maintenance.
 
Since some of your investment goes to pay an up-front sales charge when you purchase Class A shares, you purchase fewer shares than you would with the same investment in Class C shares.  Nevertheless, you are usually better off purchasing Class A shares, rather than Class C shares, and paying an up-front sales charge if you:
 
 
●
plan to own the shares for an extended period of time, since the ongoing Rule 12b-1 fees on Class C shares may eventually exceed the cost of the up-front sales charge; and
 
 
●
qualify for a reduced or waived sales charge
 
If you invest $1 million or more (and are not eligible to purchase Class I or Y shares), Class A shares will always be the most advantageous choice.
 
 
Total Sales Load—Class A Shares
   
Amount of Transaction
As a % of Offering Price
 per Share
As a % of Net Asset Value
 per Share
     
Less than $50,000
5.75
6.10
$50,000 to less than $100,000
4.50
4.71
$100,000 to less than $250,000
3.50
3.63
$250,000 to less than $500,000
2.50
2.56
$500,000 to less than $1,000,000
2.00
2.04
$1,000,000 or more
-0-
-0-
 
No sales charge applies on investments of $1 million or more, but a CDSC of 1% may be imposed on certain redemptions of such shares within one year of the date of purchase.

Sales Charge Reductions and Waivers
 
To receive a reduction or waiver of your initial sales charge, you must let your financial intermediary or the fund know at the time you purchase shares that you qualify for such a reduction or waiver.  If you do not let your financial intermediary or the fund know that you are eligible for a reduction or waiver, you may not receive the reduction or waiver to which you are otherwise entitled.  In order to receive a reduction or waiver, you may be required to provide your financial intermediary or the fund with evidence of your qualification for the reduction or waiver, such as records regarding shares of certain Dreyfus Funds held in accounts with that financial intermediary and other financial intermediaries.  Additional information regarding reductions and waivers of sales loads is available, free of charge, at www.dreyfus.com and in the SAI.
 
You can reduce your initial sales charge in the following ways:
 
 
●
Rights of accumulation.   You can count toward the amount of your investment your total account value in all share classes of the fund and certain other Dreyfus Funds that are subject to a sales charge.  For example, if you have $1 million invested in shares of certain other Dreyfus Funds that are subject to a sales charge, you can invest in Class A shares of any fund without an initial sales charge.  We may terminate or change this privilege at any time on written notice.
 
 
●
Letter of intent.   You can sign a letter of intent, in which you agree to invest a certain amount (your goal) in the fund and certain other Dreyfus Funds over a 13-month period, and your initial sales charge will be based on your goal.  A 90-day back-dated period can also be used to count previous purchases toward your goal.  Your goal must be at least $50,000, and your initial investment must be at least $5,000.  The sales charge will be adjusted if you do not meet your goal.
 
 
●
Combine with family members.   You can also count toward the amount of your investment all investments in certain other Dreyfus Funds, in any class of shares that is subject to a sales charge, by your spouse and your children under age 21 (family members), including their rights of accumulation and goals under a letter of intent.  Certain other groups may also be permitted to combine purchases for purposes of reducing or eliminating sales charges.  See "How to Buy Shares" in the SAI.
 
Class A shares may be purchased at NAV without payment of a sales charge by the following individuals and entities:
 
 
●
full-time or part-time employees, and their family members, of Dreyfus or any of its affiliates
 
 
●
board members of Dreyfus and board members of the Dreyfus Family of Funds
 
 
●
full-time employees, and their family members, of financial institutions that have entered into selling agreements with the fund's distributor
 
 
●
"wrap" accounts for the benefit of clients of financial institutions, provided they have entered into an agreement with the fund's distributor specifying operating policies and standards
 
 
●
qualified separate accounts maintained by an insurance company; any state, county or city or instrumentality thereof; and charitable organizations investing $50,000 or more in fund shares and charitable remainder trusts, provided that such Class A shares are purchased directly through the fund's distributor
 
 
●
investors who purchase Class A shares directly through the fund's distributor, and either (i) have, or whose spouse or minor children have, beneficially owned shares and continuously maintained an open account with the distributor in a Dreyfus-managed fund since on or before February 28, 2006, or (ii) such purchase is for a self-directed investment account that may or may not be subject to a transaction fee
 
 
●
investors who participate in a self-directed investment brokerage account program offered by a financial intermediary that has entered into an agreement with the fund's distributor.  Financial intermediaries offering self-directed investment brokerage accounts may or may not charge their customers a transaction fee
 
 
●
investors with the cash proceeds from the investor's exercise of stock options and/or disposition of stock related to employment-based stock plans, whether invested in the fund directly or indirectly through an exchange from a Dreyfus money market fund, provided that the proceeds are processed through an entity that has entered into an agreement with the fund's distributor specifically relating to administering employment-based stock plans.  Upon establishing the account in the fund or the Dreyfus money market fund, the investor and the investor's spouse and minor children become eligible to purchase Class A shares of the fund at NAV, whether or not the investor uses the proceeds of the employment-based stock plan to establish the account
 
 
●
members of qualified affinity groups who purchase Class A shares directly through the fund's distributor, provided that the qualified affinity group has entered into an affinity agreement with the distributor
 
 
●
employees participating in qualified or non-qualified employee benefit plans, including pension, profit-sharing and other deferred compensation plans, whether established by corporations, partnerships, non-profit entities, trade or labor unions, or state and local governments (Retirement Plans), but not including IRAs, IRA "Rollover Accounts" or IRAs set up under Simplified Employee Pension Plans (SEP-IRAs), Salary Reduction Simplified Employee Pension Plans (SARSEPs) or Savings Incentive Match Plans for Employees (SIMPLE IRAs)
 
 
●
shareholders in Dreyfus-sponsored IRA rollover accounts funded with the distribution proceeds from Retirement Plans or a Dreyfus-sponsored 403(b)(7) plan, provided that, in the case of a Retirement Plan, the rollover is processed through an entity that has entered into an agreement with the fund's distributor specifically relating to processing rollovers.  Upon establishing the Dreyfus-sponsored IRA rollover account in the fund, the shareholder becomes eligible to make subsequent purchases of Class A shares of the fund at NAV in such account
 
Class C Shares
 
Since you pay no initial sales charge, an investment of less than $1 million in Class C shares buys more shares than the same investment would in Class A shares.  However, Class C shares are subject to an annual Rule 12b-1 fee of .75% and an annual shareholder services fee of .25%.  Because the Rule 12b-1 fees are paid out of the fund's assets attributable to Class C shares on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges, such as the initial sales charge on Class A shares.  Class C shares redeemed within one year of purchase are subject to a 1% CDSC.
 
Because Class A shares will always be a more favorable investment than Class C shares for investments of $1 million or more, the fund will generally not accept a purchase order for Class C shares in the amount of $1 million or more.  While the fund will take reasonable steps to prevent investments of $1 million or more in Class C shares, it may not be able to identify such investments made through certain financial intermediaries or omnibus accounts.
 
Class I Shares
 
Since you pay no initial sales charge, an investment of less than $1 million in Class I shares buys more shares than the same investment would in a class of shares subject to an initial sales charge.  There is also no CDSC imposed on redemptions of Class I shares, and you do not pay any ongoing service or distribution fees.
 
Class I shares may be purchased by:
 
 
●
bank trust departments, trust companies and insurance companies that have entered into agreements with the fund's distributor to offer Class I shares to their clients
 
 
●
institutional investors acting in a fiduciary, advisory, agency, custodial or similar capacity for Retirement Plans and SEP-IRAs that have entered into agreements with the fund's distributor to offer Class I shares to such plans and are not eligible to purchase Class Y shares
 
 
●
law firms or attorneys acting as trustees or executors/administrators
 
 
●
foundations and endowments that make an initial investment in the fund of at least $1 million and are not eligible to purchase Class Y shares
 
 
●
sponsors of college savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code, that maintain an omnibus account with the fund and do not require shareholder tax reporting or 529 account support responsibilities from the fund's distributor
 
 
●
advisory fee-based accounts offered through financial intermediaries who, depending on the structure of the selected advisory platform, make Class I shares available
 
 
●
certain institutional clients of a BNY Mellon investment advisory subsidiary, provided that such clients are approved by Dreyfus and are not eligible to purchase Class Y shares
 
 
●
unaffiliated investment companies approved by the fund's distributor
 
Institutions purchasing fund shares on behalf of their clients determine whether Class I shares will be available for their clients.  Accordingly, the availability of Class I shares of the fund will depend on the policies of the institutional investor.
 
Class Y Shares
 
Class Y shares are not subject to an initial sales charge or any service or distribution fees.  There also is no CDSC imposed on redemptions of Class Y shares.  The fund, Dreyfus or the fund's distributor or their affiliates will not make any shareholder servicing, sub-transfer agency, administrative or recordkeeping payments, nor will Dreyfus or the fund's distributor or their affiliates provide any "revenue sharing" payments, with respect to 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, except as otherwise may be approved by Dreyfus with respect to certain Retirement Plans, that make an initial investment in Class Y shares of the fund of at least $1 million
 
 
●
certain institutional clients of a BNY Mellon investment advisory subsidiary, provided that such clients are approved by Dreyfus and make an initial investment in Class Y shares of the fund of at least $1 million
 
 
●
certain funds in the Dreyfus Family of Funds and series of BNY Mellon Funds Trust
 
Generally, each institutional investor will be required to open and maintain a single master account with the fund for all purposes.  Certain holders of Class I shares of the fund who meet the eligibility requirements for the purchase of Class Y shares of the fund and who do not require the fund, Dreyfus or the fund's distributor or their affiliates to make any shareholder servicing, sub-transfer agency, administrative or recordkeeping payments may have all of their Class I shares of the fund converted into Class Y shares of the fund.  Dreyfus, the fund's distributor or their affiliates will not provide any "revenue sharing" payments with respect to Class I shares converted into Class Y shares.
 
Institutions purchasing fund shares on behalf of their clients determine whether Class Y shares will be available for their clients.  Accordingly, the availability of Class Y shares of the fund will depend on the policies of the institutional investor.
 
CDSC Waivers
 
The fund's CDSC on Class A and C shares may be waived in the following cases:
 
 
●
permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a CDSC would apply to the initial shares purchased
 
 
●
redemptions made within one year of death or disability of the shareholder
 
 
●
redemptions due to receiving required minimum distributions from retirement accounts upon reaching age 70½
 
 
●
redemptions made through the fund's Automatic Withdrawal Plan, if such redemptions do not exceed 12% of the value of the account annually
 
 
●
redemptions by Retirement Plans
 
Buying and Selling Shares
 
Dreyfus calculates fund NAVs as of the close of trading on the New York Stock Exchange (NYSE) (usually 4:00 p.m. Eastern time) on days the NYSE is open for regular business.  Your order will be priced at the next NAV calculated after your order is received in proper form by the fund's transfer agent or other authorized entity.  When calculating NAVs, Dreyfus values equity investments on the basis of market quotations or official closing prices.  Dreyfus generally values fixed-income investments based on values supplied by an independent pricing service approved by the fund's board.  The pricing service's procedures are reviewed under the general supervision of the board.  If market quotations or official closing prices or valuations from a pricing service are not readily available, or are determined not to reflect accurately fair value, the fund may value those investments at fair value as determined in accordance with procedures approved by the fund's board.  Fair value of investments may be determined by the fund's board, its pricing committee or its valuation committee in good faith using such information as it deems appropriate under the circumstances.  Under certain circumstances, the fair value of foreign equity securities will be provided by an independent pricing service.  Using fair value to price investments may result in a value that is different from a security's most recent closing price and from the prices used by other mutual funds to calculate their net asset values.  Foreign securities held by a fund may trade on days when the fund does not calculate its NAV and thus may affect the fund's NAV on days when investors will not be able to purchase or sell (redeem) fund shares.
 
Investments in certain types of thinly traded securities may provide short-term traders arbitrage opportunities with respect to the fund's shares.  For example, arbitrage opportunities may exist when trading in a portfolio security or securities is halted and does not resume, or the market on which such securities are traded closes before the fund calculates its NAV.  If short-term investors in the fund were able to take advantage of these arbitrage opportunities, they could dilute the NAV of fund shares held by long-term investors.  Portfolio valuation policies can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that such valuation policies will prevent dilution of the fund's NAV by short-term traders.  While the fund has a policy regarding frequent trading, it too may not be completely effective to prevent short-term NAV arbitrage trading, particularly in regard to omnibus accounts.  Please see "Shareholder Guide—General Policies" for further information about the fund's frequent trading policy.
 
Orders to buy and sell shares received by an authorized entity (such as a bank, broker-dealer or financial adviser, or 401(k) or other retirement plan that has entered into an agreement with the fund's distributor) by the close of trading on the NYSE and transmitted to the distributor or its designee by the close of its business day (usually 5:15 p.m. Eastern time) will be based on the NAV determined as of the close of trading on the NYSE that day.
 
___________________________________
 
How to Buy Shares
 
By Mail.
 
Regular Accounts.   To open a regular account, complete an application and mail it, together with a check payable to The Dreyfus Family of Funds, to the appropriate address below.  To purchase additional shares in a regular account, mail a check payable to The Dreyfus Family of Funds (with your account number on your check), together with an investment slip, to the appropriate address below.
 
IRA Accounts.   To open an IRA account or make additional investments in an IRA account, be sure to specify the fund name and the year for which the contribution is being made.  When opening a new account include a completed IRA application, and when making additional investments include an investment slip.  Make checks payable to The Dreyfus Family of Funds, and mail to the appropriate address below.
 
Mailing Address.   If you are investing directly through the fund, mail to:
 
Dreyfus Shareholder Services
P.O. Box 9879
Providence, Rhode Island 02940-8079
 
If you are investing through a third party, such as a bank, broker-dealer or financial adviser, or in a 401(k) or other retirement plan, mail to:
 
Dreyfus Institutional Department
P.O. Box 9882
Providence, Rhode Island 02940-8082
 
If you are applying for an Institutional Direct account, please contact your BNY Mellon relationship manager for mailing instructions.
 
Electronic Check or Wire.   To purchase shares in a regular or IRA account by wire or electronic check, please call 1-800-DREYFUS (inside the U.S. only) for more information.
 
Telephone or Online.   To purchase additional shares by telephone or online, you can call 1-800-DREYFUS (inside the U.S. only) or visit www.dreyfus.com to request your transaction.  In order to do so, you must have elected the Dreyfus TeleTransfer Privilege on your account application or a Shareholder Services Form.  See "Services for Fund Investors — Wire Redemption and Dreyfus TeleTransfer Privileges" for more information.  Institutional Direct accounts are not eligible for online services.
 
Automatically.   You may purchase additional shares in a regular or IRA account by selecting one of Dreyfus' automatic investment services made available to the fund on your account application or service application.  See "Services for Fund Investors."
 
The minimum initial and subsequent investment for regular accounts (other than for Class Y shares) is $1,000 and $100, respectively.  For Class Y shares, the minimum initial investment generally is $1,000,000, with no minimum subsequent investment.  The minimum initial investment for IRAs is $750, with no minimum subsequent investment.  The minimum initial investment for education savings accounts is $500, with no minimum subsequent investment.  Subsequent investments made through Dreyfus TeleTransfer are subject to a $100 minimum and a $150,000 maximum.  All investments must be in U.S. dollars.  Third-party checks, cash, travelers' checks or money orders will not be accepted.  You may be charged a fee for any check that does not clear.
 
___________________________________
 
How to Sell Shares
 
You may sell (redeem) shares at any time.  Your shares will be sold at the next NAV calculated after your order is received in proper form by the fund's transfer agent or other authorized entity.  Any certificates representing fund shares being sold must be returned with your redemption request.  Your order will be processed promptly and you will generally receive the proceeds within a week.
 
To keep your CDSC as low as possible, each time you request to sell shares we will first sell shares that are not subject to a CDSC, and then those subject to the lowest charge.  The CDSC is based on the lesser of the original purchase cost or the current market value of the shares being sold, and is not charged on fund shares you acquired by reinvesting your fund dividends.  As described above in this prospectus, there are certain instances when you may qualify to have the CDSC waived.  Consult your financial representative or refer to the SAI for additional details.
 
Before selling shares recently purchased by check, Dreyfus TeleTransfer or Automatic Asset Builder, please note that:
 
●
if you send a written request to sell such shares, the fund may delay sending the proceeds for up to eight business days following the purchase of those shares
 
●
the fund will not process wire, telephone, online or Dreyfus TeleTransfer redemption requests for up to eight business days following the purchase of those shares
 
By Mail.
 
Regular Accounts.   To redeem shares in a regular account by mail, send a letter of instruction that includes your name, your account number, the name of the fund, the share class, the dollar amount to be redeemed and how and where to send the proceeds.  Mail your request to the appropriate address below.
 
IRA Accounts.   To redeem shares in an IRA account by mail, send a letter of instruction that includes all of the same information for regular accounts and indicate whether the distribution is qualified or premature and whether the 10% TEFRA should be withheld.  Mail your request to the appropriate address below.
 
Mailing Address.   If you invested directly through the fund, mail to:
 
Dreyfus Shareholder Services
P.O. Box 9879
Providence, Rhode Island 02940-8079
 
If you invested through a third party, such as a bank, broker-dealer or financial adviser, or in a 401(k) or other retirement plan, mail to:
 
Dreyfus Institutional Department
P.O. Box 9882
Providence, Rhode Island 02940-8082
 
If you are an Institutional Direct accountholder, please contact your BNY Mellon relationship manager for mailing instructions.
 
A medallion signature guarantee is required for some written sell orders.  These include:
 
●
amounts of $10,000 or more on accounts whose address has been changed within the last 30 days
 
●
requests to send the proceeds to a different payee or address
 
●
amounts of $100,000 or more
 
A medallion signature guarantee helps protect against fraud.  You can obtain one from most banks or securities dealers, but not from a notary public.  For joint accounts, each signature must be guaranteed.  Please call to ensure that your medallion signature guarantee will be processed correctly.
 
Telephone or Online.   To redeem shares by telephone or online, call 1-800-DREYFUS (inside the U.S. only) or, for regular accounts, visit www.dreyfus.com to request your transaction.  Institutional Direct accounts are not eligible for online services.
 
By calling 1-800-DREYFUS (inside the U.S. only), you may speak to a Dreyfus representative and request that redemption proceeds be paid by check and mailed to your address of record (maximum $250,000 per day).  For redemption requests made online through www.dreyfus.com or through Dreyfus Express automated account access system, there is a $100,000 per day limit.
 
If the fund has your bank account information on file, you may request a wire via the Wire Redemption Privilege ($1,000 minimum) or electronic check via the Dreyfus TeleTransfer Privilege ($500 minimum) and proceeds will be wired or sent by electronic check, as applicable, to your bank account.  See "Services for Fund Investors — Wire Redemption and Dreyfus TeleTransfer Privileges" for more information.
 
Automatically .  You may sell shares in a regular account by completing a Dreyfus Automatic Withdrawal Form which you can obtain by calling 1-800-DREYFUS (inside the U.S. only), visiting www.dreyfus.com or contacting your financial representative.  For instructions on how to establish automatic withdrawals to sell shares in an IRA account, please call 1-800-DREYFUS (inside the U.S. only) or contact your financial representative.  See "Services for Fund Investors — Automatic Services."
 
___________________________________
 
General Policies
 
The fund and the fund's transfer agent are authorized to act on telephone or online instructions from any person representing himself or herself to be you and reasonably believed by the fund or the transfer agent to be genuine.  You may be responsible for any fraudulent telephone or online order as long as the fund or the fund's transfer agent (as applicable) takes reasonable measures to confirm that the instructions are genuine.
 
The fund reserves the right to reject any purchase or exchange request in whole or in part.  All shareholder services and privileges offered to shareholders may be modified or terminated at any time, except as otherwise stated in the fund's SAI.  Please see the fund's SAI for additional information on buying and selling shares, privileges and other shareholder services.
 
The fund is designed for long-term investors .  Frequent purchases, redemptions and exchanges may disrupt portfolio management strategies and harm fund performance by diluting the value of fund shares and increasing brokerage and administrative costs.  As a result, Dreyfus and the fund's board have adopted a policy of discouraging excessive trading, short-term market timing and other abusive trading practices (frequent trading) that could adversely affect the fund or its operations.  Dreyfus and the fund will not enter into arrangements with any person or group to permit frequent trading.
 
The fund also reserves the right to:
 
●
change or discontinue fund exchanges, or temporarily suspend exchanges during unusual market conditions
 
●
change its minimum or maximum investment amounts
 
●
delay sending out redemption proceeds for up to seven days (generally applies only during unusual market conditions or in cases of very large redemptions or excessive trading)
 
●
"redeem in kind," or make payments in securities rather than cash, if the amount redeemed is large enough to affect fund operations (for example, if it exceeds 1% of the fund's assets)
 
●
refuse any purchase or exchange request, including those from any individual or group who, in Dreyfus' view, is likely to engage in frequent trading
 
More than four roundtrips within a rolling 12-month period generally is considered to be frequent trading.  A roundtrip consists of an investment that is substantially liquidated within 60 days.  Based on the facts and circumstances of the trades, the fund may also view as frequent trading a pattern of investments that are partially liquidated within 60 days.
 
Transactions made through Automatic Withdrawal Plans, Dreyfus Auto-Exchange Privileges, automatic investment plans (including Dreyfus Automatic Asset Builder ® ), automatic non-discretionary rebalancing programs, and minimum required retirement distributions generally are not considered to be frequent trading.  For employer-sponsored benefit plans, generally only participant-initiated exchange transactions are subject to the roundtrip limit.
 
Dreyfus monitors selected transactions to identify frequent trading.  When its surveillance systems identify multiple roundtrips, Dreyfus evaluates trading activity in the account for evidence of frequent trading.  Dreyfus considers the investor's trading history in other accounts under common ownership or control, in other Dreyfus Funds and BNY Mellon Funds and, if known, in non-affiliated mutual funds and accounts under common control.  These evaluations involve judgments that are inherently subjective, and while Dreyfus seeks to apply the policy and procedures uniformly, it is possible that similar transactions may be treated differently.  In all instances, Dreyfus seeks to make these judgments to the best of its abilities in a manner that it believes is consistent with shareholder interests.  If Dreyfus concludes the account is likely to engage in frequent trading, Dreyfus may cancel or revoke the purchase or exchange on the following business day.  Dreyfus may also temporarily or permanently bar such investor's future purchases into the fund in lieu of, or in addition to, canceling or revoking the trade.  At its discretion, Dreyfus may apply these restrictions across all accounts under common ownership, control or perceived affiliation.
 
Fund shares often are held through omnibus accounts maintained by financial intermediaries, such as brokers and retirement plan administrators, where the holdings of multiple shareholders, such as all the clients of a particular broker, are aggregated.  Dreyfus' ability to monitor the trading activity of investors whose shares are held in omnibus accounts is limited.  However, the agreements between the distributor and financial intermediaries include obligations to comply with the terms of this prospectus and to provide Dreyfus, upon request, with information concerning the trading activity of investors whose shares are held in omnibus accounts.  If Dreyfus determines that any such investor has engaged in frequent trading of fund shares, Dreyfus may require the intermediary to restrict or prohibit future purchases or exchanges of fund shares by that investor.
 
Certain retirement plans and intermediaries that maintain omnibus accounts with the fund may have developed policies designed to control frequent trading that may differ from the fund's policy.  At its sole discretion, the fund may permit such intermediaries to apply their own frequent trading policy.  If you are investing in fund shares through an intermediary (or in the case of a retirement plan, your plan sponsor), please contact the intermediary for information on the frequent trading policies applicable to your account.
 
To the extent the fund significantly invests in foreign securities traded on markets that close before the fund calculates its NAV, events that influence the value of these foreign securities may occur after the close of these foreign markets and before the fund calculates its NAV.  As a result, certain investors may seek to trade fund shares in an effort to benefit from their understanding of the value of these foreign securities at the time the fund calculates its NAV (referred to as price arbitrage).  This type of frequent trading may dilute the value of fund shares held by other shareholders.  The fund has adopted procedures designed to adjust closing market prices of foreign equity securities under certain circumstances to reflect what it believes to be their fair value.
 
To the extent the fund significantly invests in thinly traded securities, certain investors may seek to trade fund shares in an effort to benefit from their understanding of the value of these securities (referred to as price arbitrage).  Any such frequent trading strategies may interfere with efficient management of the fund's portfolio to a greater degree than funds that invest in highly liquid securities, in part because the fund may have difficulty selling these portfolio securities at advantageous times or prices to satisfy large and/or frequent redemption requests.  Any successful price arbitrage may also cause dilution in the value of fund shares held by other shareholders.
 
Although the fund's frequent trading and fair valuation policies and procedures are designed to discourage market timing and excessive trading, none of these tools alone, nor all of them together, completely eliminates the potential for frequent trading.
 
Small Account Policy
 
If your account falls below $500, the fund may ask you to increase your balance.  If it is still below $500 after 45 days, the fund may close your account and send you the proceeds.
 
____________________________
 
Distributions and Taxes
 
The fund earns dividends, interest and other income from its investments, and distributes this income (less expenses) to shareholders as dividends.  The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions.  The fund normally pays dividends quarterly and capital gain distributions annually.  Fund dividends and capital gain distributions will be reinvested in the fund unless you instruct the fund otherwise.  There are no fees or sales charges on reinvestments.
 
Distributions paid by the fund are subject to federal income tax, and may also be subject to state or local taxes (unless you are investing through a tax-advantaged retirement account).  For federal tax purposes, in general, certain fund distributions, including distributions of short-term capital gains, are taxable as ordinary income.  Other fund distributions, including dividends from certain U.S. companies and certain foreign companies and distributions of long-term capital gains, generally are taxable as qualified dividends and capital gains, respectively.
 
The fund's investments in foreign securities may be subject to foreign withholding or other foreign taxes, which would decrease the fund's return on such securities.  Under certain circumstances, shareholders may be entitled to claim a credit or deduction with respect to foreign taxes paid by the fund.  In addition, investments in foreign securities or foreign currencies may increase or accelerate the fund's recognition of ordinary income and may affect the timing or amount of the fund's distributions.
 
The fund may invest up to 25% of the value of its total assets in the securities of MLPs treated for U.S. federal income tax purposes as qualified publicly traded partnerships.  The cash distributed to the fund from the MLPs may exceed the MLPs' taxable income in some years.  As the fund's minimum distribution requirements are based upon taxable income, the fund may distribute to fund shareholders only a portion of the cash received from the fund's MLP investments.  To the extent that the fund's distributions exceed its earnings and profits, the excess will be tax-free for federal income tax purposes to the extent of your tax basis in your shares, which basis will be reduced; that reduction will increase the amount of gain (or decrease the amount of loss) you will recognize on a subsequent redemption of your shares.  If you have no remaining tax basis to offset, you must report the excess as capital gain; long-term capital gain if you have held the shares for more than one year.
 
High portfolio turnover   and more volatile markets can result in significant taxable distributions to shareholders, regardless of whether their shares have increased in value.  The tax status of any distribution generally is the same regardless of how long you have been in the fund and whether you reinvest your distributions or take them in cash.
 
If you buy shares of a fund when the fund has realized but not yet distributed income or capital gains, you will be "buying a dividend" by paying the full price for the shares and then receiving a portion back in the form of a taxable distribution.
 
Your sale of shares, including exchanges into other funds, may result in a capital gain or loss for tax purposes.  A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the amount you receive when you sell them.
 
The tax status of your distributions will be detailed in your annual tax statement from the fund.  Because everyone's tax situation is unique, please consult your tax adviser before investing.
 
_____________________________
 
Services for Fund Investors
 
Automatic Services
 
Buying or selling shares automatically is easy with the services described below.  With each service, you select a schedule and amount, subject to certain restrictions.  If you purchase shares through a third party, the third party may impose different restrictions on these services and privileges, or may not make them available at all.  These services are not available for Class Y shares.  For information, call 1-800-DREYFUS (inside the U.S. only) or your financial representative.
 
Dreyfus Automatic Asset Builder ® permits you to purchase fund shares (minimum of $100 and maximum of $150,000 per transaction) at regular intervals selected by you.  Fund shares are purchased by transferring funds from the bank account designated by you.
 
Dreyfus Payroll Savings Plan permits you to purchase fund shares (minimum of $100 per transaction) automatically through a payroll deduction.
 
Dreyfus Government Direct Deposit permits you to purchase fund shares (minimum of $100 and maximum of $50,000 per transaction) automatically from your federal employment, Social Security or other regular federal government check.
 
Dreyfus Dividend Sweep permits you to automatically reinvest dividends and distributions from the fund into another Dreyfus Fund (not available for IRAs).
 
Dreyfus Auto-Exchange Privilege permits you to exchange at regular intervals your fund shares for shares of other Dreyfus Funds.
 
Dreyfus Automatic Withdrawal Plan permits you to make withdrawals (minimum of $50) on a specific day each month, quarter or semi-annual or annual period, provided your account balance is at least $5,000.  Any CDSC will be waived, as long as the amount of any withdrawal does not exceed on an annual basis 12% of the greater of the account value at the time of the first withdrawal under the plan, or at the time of the subsequent withdrawal.
 
Fund Exchanges
 
Generally, you can exchange shares worth $500 or more (no minimum for retirement accounts) into shares of the same class, or another class in which you are eligible to invest, of another fund in the Dreyfus Family of Funds.  You can request your exchange by calling 1-800-DREYFUS (inside the U.S. only) or your financial representative.  If you are an Institutional Direct accountholder, please contact your BNY Mellon relationship manager for instructions.  Be sure to read the current prospectus for any fund into which you are exchanging before investing.  Any new account established through an exchange generally will have the same privileges as your original account (as long as they are available).  There is currently no fee for exchanges, although you may be charged a sales load when exchanging into any fund that has one.
 
Your exchange request will be processed on the same business day it is received in proper form, provided that each fund is open at the time of the request.  If the exchange is accepted at a time of day after one or both of the funds is closed (i.e., at a time after the NAV for the fund has been calculated for that business day), the exchange will be processed on the next business day.  See the SAI for more information regarding exchanges.
 
Conversion Feature
 
Shares of one class of the fund may be converted into shares of another class of the fund, provided you meet the eligibility requirements for investing in the new share class.  Shares subject to a CDSC at the time of the requested conversion are not eligible for conversion.  The fund reserves the right to refuse any conversion request.
 
Wire Redemption and Dreyfus TeleTransfer Privileges
 
To redeem shares from your Dreyfus Fund account with a phone call (for regular or IRA accounts) or online (for regular accounts only), use the Wire Redemption Privilege or the Dreyfus TeleTransfer Privilege.  To purchase additional shares of your Dreyfus Fund account with a phone call (for regular or IRA accounts) or online (for regular accounts only), use the Dreyfus TeleTransfer Privilege.  You can set up the Wire Redemption Privilege and Dreyfus TeleTransfer Privilege on your account by providing bank account information and following the instructions on your application or, if your account has already been established, a Shareholder Services Form which you can obtain by calling 1-800-DREYFUS (inside the U.S. only), visiting www.dreyfus.com or by contacting your financial representative.  Shares held in an education savings account may not be redeemed through the Wire Redemption or Dreyfus TeleTransfer Privileges.  Institutional Direct accounts are not eligible for the Wire Redemption or Dreyfus TeleTransfer Privileges initiated online.
 
Account Statements
 
Every Dreyfus Fund investor automatically receives regular account statements.  You will also be sent a yearly statement detailing the tax characteristics of any dividends and distributions you have received.
 
Reinvestment Privilege
 
If you redeem Class A shares of the fund, you can reinvest in the same account of the fund up to the number of Class A shares you redeemed at the current share price without paying a sales charge.  If you paid a CDSC, it will be credited back to your account.  This privilege may be used only once and your reinvestment request must be received in writing by the fund within 45 days of the redemption.
 
Dreyfus Express ® Voice-Activated Account Access
 
You can check your Dreyfus account balances, get fund price and performance information, order documents and much more, by calling 1-800-DREYFUS (inside the U.S. only) and using the Dreyfus Express ® Voice-Activated System.  You may also be able to purchase fund shares and/or transfer money between your Dreyfus Funds using Dreyfus Express ® .  Certain requests require the services of a representative.
 
_____________________________
 
Financial Highlights
 
As a new fund, financial highlights information is not available for the fund as of the date of this prospectus.

FOR MORE INFORMATION

Dreyfus Global Infrastructure Fund
A series of Dreyfus Premier Investment Funds, Inc.
SEC file number:  811-6490

More information on this fund is available free upon request, including the following:

Annual/Semiannual Report

Describes the fund's performance, lists portfolio holdings and contains a letter from the fund's manager discussing recent market conditions, economic trends and fund strategies that significantly affected the fund's performance during the last fiscal year.  The fund's most recent annual and semiannual reports are available at www.dreyfus.com .

Statement of Additional Information (SAI)

Provides more details about the fund and its policies.  A current SAI is available at www.dreyfus.com and is on file with the Securities and Exchange Commission (SEC).  The SAI is incorporated by reference (and is legally considered part of this prospectus).

Portfolio Holdings

Dreyfus funds generally disclose their complete schedule of portfolio holdings monthly with a 30-day lag at www.dreyfus.com under Products and Performance.  Complete holdings as of the end of the calendar quarter are disclosed 15 days after the end of such quarter.  Dreyfus money market funds generally disclose their complete schedule of holdings daily.  The schedule of holdings for a fund will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the dates of the posted holdings.

A complete description of the fund's policies and procedures with respect to the disclosure of the fund's portfolio securities is available in the fund's SAI and at www.dreyfus.com .

To Obtain Information

By telephone.   Call 1-800-DREYFUS (inside the U.S. only)

By mail.
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144

By E-mail.   Send your request to info@dreyfus.com

On the Internet.   Certain fund documents can be viewed online or downloaded from:

SEC:    http://www.sec.gov

Dreyfus:    http://www.dreyfus.com

You can also obtain copies, after paying a duplicating fee, by visiting the SEC's Public Reference Room in Washington, DC (for information, call 1-202-551-8090) or by E-mail request to publicinfo@sec.gov, or by writing to the SEC's Public Reference Section, Washington, DC 20549-1520.

This prospectus does not constitute an offer or solicitation in any state or jurisdiction in which, or to any person to whom, such offering or solicitation may not lawfully be made.

© 2014 MBSC Securities Corporation

     
 
STATEMENT OF ADDITIONAL INFORMATION
 
 
January 1, 2014, as revised or amended, March 1, 2014,
April 1, 2014, May 1, 2014, July 1, 2014, October 1, 2014 and November 26, 2014

This Statement of Additional Information (SAI), which is not a prospectus, supplements and should be read in conjunction with the current prospectus of each fund listed below, as such prospectuses may be revised from time to time.  To obtain a copy of a fund's prospectus, please call your financial adviser, or write to the fund at 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, visit www.dreyfus.com , or call 1-800-DREYFUS (inside the U.S. only).
 
The most recent annual report and semi-annual report to shareholders for each fund (other than Dreyfus Global Infrastructure Fund) are separate documents supplied with this SAI, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the annual report are incorporated by reference into this SAI.  All classes of a fund have the same fiscal year end and prospectus date.  Capitalized but undefined terms used in this SAI are defined in the Glossary at the end of this SAI.
 
Fund
Abbreviation
Share Class/Ticker
Fiscal Year End*
Prospectus Date
         
Dreyfus 100% U.S. Treasury Money Market Fund
DUSTMMF
DUSXX
December 31st
May 1st
Advantage Funds, Inc.
AF
     
Dreyfus Global Dynamic Bond Fund
DGDBF
Class A/DGDAX
October 31st
March 1st
   
Class C/DGDCX
   
   
Class I/DGDIX
   
   
Class Y/DGDYX
   
Dreyfus Global Real Return Fund
DGRRF
Class A/DRRAX
October 31st
March 1st
   
Class C/DRRCX
   
   
Class I/DRRIX
   
   
Class Y/DRRYX
   
Dreyfus International Value Fund
DIVF
Class A/DVLAX
August 31st
January 1st
   
Class C/DICVX
   
   
Class I/DIRVX
   
Dreyfus Opportunistic Midcap Value Fund
DOMVF
Class A/DMCVX
August 31st
January 1st
   
Class C/DVLCX
   
   
Class I/DVLIX
   
   
Class Y/DMCYX
   
Dreyfus Opportunistic Small Cap Fund
DOSCF
DSCVX
August 31st
January 1st
Dreyfus Opportunistic U.S. Stock Fund
DOUSSF
Class A/DOSAX
August 31st
January 1st
   
Class C/DOSCX
   
   
Class I/DOSIX
   
Dreyfus Strategic Value Fund
DSVF
Class A/DAGVX
August 31st
January 1st
   
Class C/DCGVX
   
   
Class I/DRGVX
   
   
Class Y/DRGYX
   
Dreyfus Structured Midcap Fund
DSMF
Class A/DPSAX
August 31st
January 1st
   
Class C/DPSCX
   
   
Class I/DPSRX
   
   
Class Y/DPSYX
   
Dreyfus Technology Growth Fund
DTGF
Class A/DTGRX
August 31st
January 1st
   
Class C/DTGCX
   
   
Class I/DGVRX
   
Dreyfus Total Emerging Markets Fund
DTEMF
Class A/DTMAX
October 31st
March 1st
   
Class C/DTMCX
   
   
Class I/DTEIX
   
   
Class Y/DTMYX
   
Dynamic Total Return Fund
DTRF
Class A/AVGAX
October 31st
March 1st
   
Class C/AVGCX
   
   
Class I/AVGRX
   
   
Class Y/AVGYX
   
Dreyfus Growth and Income Fund, Inc.
DGIF
DGRIX
October 31st
March 1st
Dreyfus Index Funds, Inc.
DIF
     
Dreyfus International Stock Index Fund
DISIF
DIISX
October 31st
March 1st
Dreyfus S&P 500 Index Fund
DS&P
PEOPX
October 31st
March 1st
Dreyfus Smallcap Stock Index Fund
DSSIF
DISSX
October 31st
March 1st
Dreyfus International Funds, Inc.
DILF
     
Dreyfus Emerging Markets Fund
DEMF
Class A/DRFMX
May 31st
October 1st
   
Class C/DCPEX
   
   
Class I/DRPEX
   
   
Class Y/DYPEX
   
Dreyfus Manager Funds I
DMFI
     
Dreyfus Research Long/Short Equity Fund**
DRLSEF
Class A/DLSAX
October 31st
March 1st
   
Class C/DLSCX
   
   
Class I/DLSYX
   
   
Class Y/DLYYX
   
Dreyfus Manager Funds II
DMFII
     
Dreyfus Balanced Opportunity Fund
DBOF
Class A/DBOAX
November 30th
April 1st
   
Class C/DBOCX
   
   
Class I/DBORX
   
   
Class J/THPBX
   
   
Class Z/DBOZX
   
Dreyfus Midcap Index Fund, Inc.
DMIF
PESPX
October 31st
March 1st
Dreyfus New Jersey Municipal Bond Fund, Inc.
DNJMBF
Class A/DRNJX
December 31st
May 1st
   
Class C/DCNJX
   
   
Class I/DNMIX
   
   
Class Y/DNJYX
   
   
Class Z/DZNJX
   
Dreyfus Premier Investment Funds, Inc.
DPI
     
Dreyfus Diversified International Fund
DDIF
Class A/DFPAX
October 31st
March 1st
   
Class C/DFPCF
   
   
Class I/DFPIX
   
Dreyfus Emerging Asia Fund
DEAF
Class A/DEAAX
October 31st
March 1st
   
Class C/DEACX
   
   
Class I/DEAIX
   
 
Dreyfus Global Infrastructure Fund***
DGLIF
Class A/DGANX
October 31st
November 26th
   
Class C/DGCNX
   
   
Class I/DIGNX
   
   
Class Y/DYGNX
   
 
Dreyfus Global Real Estate Securities Fund
DGRESF
Class A/DRLAX
October 31st
March 1st
   
Class C/DGBCX
   
   
Class I/DRLIX
   
   
Class Y/DRLYX
   
Dreyfus Greater China Fund
DGCF
Class A/DPCAX
October 31st
March 1st
   
Class C/DPCCX
   
   
Class I/DPCRX
   
Dreyfus Large Cap Equity Fund
DLCEF
Class A/DLQAX
December 31st
May 1st
   
Class C/DEYCX
   
   
Class I/DLQIX
   
Dreyfus Large Cap Growth Fund
DLCGF
Class A/DAPAX
December 31st
May 1st
   
Class C/DGTCX
   
   
Class I/DAPIX
   
Dreyfus Research Growth Fund, Inc.
DRGF
Class A/DWOAX
February 28(9)th
July 1st
   
Class C/DWOCX
   
   
Class I/DWOIX
   
   
Class Y/DRYQX
   
   
Class Z/DREQX
   
Dreyfus U.S. Treasury Intermediate Term Fund
DUSTITF
DRGIX
December 31st
May 1st
Dreyfus U.S. Treasury Long Term Fund
DUSTLTF
DRGBX
December 31st
May 1st

*
Certain information provided in this SAI is indicated to be as of the end of a fund's last fiscal year or during a fund's last fiscal year.  The term "last fiscal year" means the most recently completed fiscal year, except that, for funds with fiscal years ended August 31 st and October 31 st "last fiscal year" means the fiscal year ended in the immediately preceding calendar year.
 
**
As the fund commenced operations on July 31, 2013, no information is provided in respect of a previous fiscal year.
 
*** As the fund will commence operations in 2015, no information is provided in respect of a previous fiscal year.

 
 
 
TABLE OF CONTENTS
 
 
 
PART I
I-1
   
BOARD INFORMATION
I-1
Information About Each Board Member's Experience, Qualifications, Attributes or Skills
I-1
Committee Meetings
I-4
Board Members' and Officers' Fund Share Ownership
I-4
Board Members' Compensation
I-6
   
OFFICERS
I-8
   
CERTAIN PORTFOLIO MANAGER INFORMATION
I-10
   
MANAGER'S AND SUB-ADVISERS' COMPENSATION
I-14
   
SALES LOADS, CDSCS AND DISTRIBUTOR'S COMPENSATION
I-16
   
OFFERING PRICE
I-23
   
RATINGS OF MUNICIPAL BONDS
I-24
   
RATINGS OF CORPORATE DEBT SECURITIES
I-24
   
SECURITIES OF REGULAR BROKERS OR DEALERS
I-25
   
COMMISSIONS
I-27
   
PORTFOLIO TURNOVER VARIATION
I-29
   
SHARE OWNERSHIP
I-30
   
PART II
II-1
   
HOW TO BUY SHARES
II-1
Investment Minimums
II-1
Information Pertaining to Purchase Orders
II-1
Information Regarding the Offering of Share Classes
II-1
Class A
II-2
   
HOW TO REDEEM SHARES
II-3
Information Pertaining to Redemptions
II-4
   
SHAREHOLDER SERVICES
II-4
   
DISTRIBUTION PLANS, SERVICE PLANS AND SHAREHOLDER SERVICES PLANS
II-5
   
INVESTMENTS, INVESTMENT TECHNIQUES AND RISKS
II-7
Funds other than Money Market Funds
II-7
Index Funds
II-30
Money Market Funds
II-31
   
INVESTMENT RESTRICTIONS
II-33
Fundamental Policies
II-33
Nonfundamental Policies
II-41
Policies Related to Fund Names
II-45
   
DIVIDENDS AND DISTRIBUTIONS
II-46
   
INFORMATION ABOUT THE FUNDS' ORGANIZATION AND STRUCTURE
II-46
   
CERTAIN EXPENSE ARRANGEMENTS AND OTHER DISCLOSURES
II-48
Expense Arrangements
II-48
Expense Limitations
II-48
Index Licensing Disclosures—S&P
II-48
   
COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
II-49
   
RISKS OF INVESTING IN STATE MUNICIPAL SECURITIES
II-50
New Jersey
II-50
General Information
II-50
Demographics
II-50
Economic Outlook
II-50
State Funds and Accounting
II-50
State Funds
II-51
Other Revenue Sources
II-51
State Economy and Finances
II-52
Fiscal Years 2012 and 2013 Summary
II-52
Fiscal Years 2014 and 2015 Summary (Estimated)
II-52
State Indebtedness
II-53
General
II-53
State Pension Plans
II-53
Litigation
II-55
   
PART III
III-1
   
ADDITIONAL INFORMATION ABOUT HOW TO BUY SHARES
III-1
Investment Minimums
III-1
Small Account Policies
III-1
Purchase of Institutional Money Funds and Cash Management Funds (not applicable to Institutional Direct accounts)
III-1
In-Kind Purchases
III-2
Information Pertaining to Purchase Orders
III-2
Federal Funds
III-2
Dreyfus TeleTransfer Privilege
III-2
Reopening an Account
III-3
Multi-Class Funds
III-3
                 All Other Funds and Share Classes III-6
Converting Shares
III-6
Taxpayer ID Number
III-7
Frequent Purchases and Exchanges (non-money market funds only)
III-7
   
ADDITIONAL INFORMATION ABOUT HOW TO REDEEM SHARES
III-7
Redemption Fee
III-8
Contingent Deferred Sales Charge—Multi-Class Funds
III-8
Class C
III-8
Waiver of CDSC
III-9
Redemption Through an Authorized Entity
III-9
Checkwriting Privilege
III-9
Wire Redemption Privilege
III-10
Redemption through Compatible Computer Facilities
III-10
Dreyfus TeleTransfer Privilege
III-10
Reinvestment Privilege
III-11
Share Certificates; Medallion Signature Guarantees
III-11
                 Share Certificates III-11
                 Medallion Signature Guarantees III-11
Redemption Commitment
III-11
Suspension of Redemptions
III-11
   
ADDITIONAL INFORMATION ABOUT SHAREHOLDER SERVICES
III-12
Exchanges
III-12
Fund Exchanges
III-12
Dreyfus Auto-Exchange Privilege
III-13
Dreyfus Automatic Asset Builder®
III-14
Dreyfus Government Direct Deposit Privilege
III-14
Dreyfus Payroll Savings Plan
III-14
Dreyfus Dividend Options
III-14
Dreyfus Dividend Sweep
III-14
Dreyfus Dividend ACH
III-14
Automatic Withdrawal Plan
III-14
Letter of Intent/Class A Shares
III-15
Corporate Pension/Profit-Sharing and Retirement Plans
III-16
   
ADDITIONAL INFORMATION ABOUT DISTRIBUTION PLANS, SERVICE PLANS AND SHAREHOLDER SERVICES PLANS
III-16
   
ADDITIONAL INFORMATION ABOUT INVESTMENTS, INVESTMENT TECHNIQUES AND RISKS
III-16
All Funds other than Money Market Funds
III-17
Equity Securities
III-17
Common Stock
III-17
Preferred Stock
III-17
Convertible Securities
III-18
Warrants and Stock Purchase Rights
III-18
IPOs
III-19
Fixed-Income Securities
III-19
U.S. Government Securities
III-20
Corporate Debt Securities
III-21
Ratings of Securities; Unrated Securities
III-21
High Yield and Lower-Rated Securities
III-21
Zero Coupon, Pay-In-Kind and Step-Up Securities
III-23
Inflation-Indexed Securities
III-23
Variable and Floating Rate Securities
III-24
Loans
III-25
Participation Interests and Assignments
III-27
Mortgage-Related Securities
III-28
Asset-Backed Securities
III-32
Collateralized Debt Obligations
III-33
Municipal Securities
III-33
Taxable Investments (municipal or other tax-exempt funds only)
III-38
Funding Agreements
III-38
Real Estate Investment Trusts (REITs)
III-38
Money Market Instruments
III-39
Bank Obligations
III-39
Repurchase Agreements
III-39
Commercial Paper
III-39
Foreign Securities
III-39
Emerging Markets
III-40
Certain Asian Emerging Market Countries
III-41
Investing in Russia and other Eastern European Countries
III-41
Depositary Receipts and New York Shares
III-42
Sovereign Debt Obligations
III-43
Eurodollar and Yankee Dollar Investments
III-44
Investment Companies
III-44
Private Investment Funds
III-44
Exchange-Traded Funds and Similar Exchange-Traded Products (ETFs)
III-45
Exchange-Traded Notes
III-45
Master Limited Partnerships (MLPs)
III-46
Derivatives
III-46
Futures Transactions
III-49
Options
III-50
Swap Transactions
III-51
Contracts for Difference
III-53
Credit Linked Securities
III-53
Credit Derivatives
III-53
Structured Securities and Hybrid Instruments
III-53
            Structured Securities and Hybrid Instruments III-54
Exchange-Linked Notes
III-55
Participation Notes
III-55
Custodial Receipts
III-55
Combined Transactions
III-55
Future Developments
III-56
Foreign Currency Transactions
III-56
Commodities
III-57
Short-Selling
III-57
Lending Portfolio Securities
III-58
Borrowing Money
III-58
Borrowing Money for Leverage
III-58
Reverse Repurchase Agreements
III-59
Forward Commitments
III-59
Forward Roll Transactions
III-59
Illiquid Securities
III-60
Illiquid Securities Generally
III-60
Section 4(2) Paper and Rule 144A Securities
III-60
Non-Diversified Status
III-60
Investments in the Technology Sector
III-60
Investments in the Real Estate Sector
III-61
Investments in the Infrastructure Sector
III-61
Investments in the Natural Resources Sector
III-62
Money Market Funds
III-62
Ratings of Securities
III-62
Treasury Securities
III-63
U.S. Government Securities
III-63
Repurchase Agreements
III-63
Bank Obligations
III-64
Bank Securities
III-65
Floating and Variable Rate Obligations
III-65
Participation Interests
III-65
Asset-Backed Securities
III-65
Commercial Paper
III-65
Investment Companies
III-65
Foreign Securities
III-66
Municipal Securities
III-66
Derivative Products
III-66
Stand-By Commitments
III-66
Taxable Investments (municipal or other tax-exempt funds only)
III-66
Illiquid Securities
III-66
Borrowing Money
III-67
Reverse Repurchase Agreements
III-67
Forward Commitments
III-67
Interfund Borrowing and Lending Program
III-67
Lending Portfolio Securities
III-67
   
RATING CATEGORIES
III-67
S&P
III-67
Long-Term Issue Credit Ratings
III-67
Short-Term Issue Credit Ratings
III-69
Municipal Short-Term Note Ratings Definitions
III-69
Moody's
III-70
Long-Term Obligation Ratings and Definitions
III-70
Short-Term Ratings
III-70
U.S. Municipal Short-Term Debt and Demand Obligation Ratings
III-71
Fitch
III-71
Corporate Finance Obligations — Long-Term Rating Scales
III-71
Structured, Project & Public Finance Obligations — Long-Term Rating Scales
III-72
Short-Term Ratings Assigned to Obligations in Corporate, Public and Structured Finance
III-73
DBRS
III-73
Long Term Obligations
III-73
Commercial Paper and Short Term Debt
III-74
   
ADDITIONAL INFORMATION ABOUT THE BOARD
III-75
Boards' Oversight Role in Management
III-75
Board Composition and Leadership Structure
III-75
Additional Information About the Boards and Their Committees
III-75
   
MANAGEMENT ARRANGEMENTS
III-76
The Manager
III-76
Sub-Advisers
III-76
Portfolio Allocation Manager
III-78
Portfolio Managers and Portfolio Manager Compensation
III-78
Certain Conflicts of Interest with Other Accounts
III-84
Code of Ethics
III-85
Distributor
III-86
Transfer and Dividend Disbursing Agent and Custodian
III-87
Funds' Compliance Policies and Procedures
III-87
   
DETERMINATION OF NAV
III-87
Valuation of Portfolio Securities (funds other than money market funds)
III-87
Valuation of Portfolio Securities (money market funds only)
III-88
Calculation of NAV
III-88
Expense Allocations
III-89
NYSE and Transfer Agent Closings
III-89
   
ADDITIONAL INFORMATION ABOUT DIVIDENDS AND DISTRIBUTIONS
III-89
Funds Other Than Money Market Funds
III-89
Money Market Funds
III-90
   
TAXATION
III-90
Taxation of the Funds
III-90
Taxation of Fund Distributions (Funds Other Than Municipal or Other Tax-Exempt Funds)
III-92
Sale, Exchange or Redemption of Shares
III-93
PFICs
III-94
Non-U.S. Taxes
III-94
Foreign Currency Transactions
III-95
Financial Products
III-95
Payments with Respect to Securities Loans
III-95
Securities Issued or Purchased at a Discount and Payment-in-Kind Securities
III-95
Inflation-Indexed Treasury Securities
III-96
Certain Higher-Risk and High Yield Securities
III-96
Funds Investing in Municipal Securities (Municipal or Other Tax-Exempt Funds)
III-96
Investing in Mortgage Entities
III-97
Tax-Exempt Shareholders
III-97
Backup Withholding
III-98
Foreign (Non-U.S.) Shareholders
III-98
The Hiring Incentives to Restore Employment Act
III-99
Possible Legislative Changes
III-99
Other Tax Matters
III-99
   
PORTFOLIO TRANSACTIONS
III-100
Trading the Funds' Portfolio Securities
III-100
Soft Dollars
III-102
IPO Allocations
III-103
Disclosure of Portfolio Holdings
III-103
   
SUMMARY OF THE PROXY VOTING POLICY, PROCEDURES AND GUIDELINES OF THE DREYFUS FAMILY OF FUNDS
III-104
Proxy Voting By Dreyfus
III-105
Summary of BNY Mellon's Proxy Voting Guidelines
III-106
Proxy Voting by ISS
III-112
Summary of the ISS Guidelines
III-113
                 Accountability III-112
                 Stewardship III-112
                 Independence III-112
   
ADDITIONAL INFORMATION ABOUT THE FUNDS' STRUCTURE; FUND SHARES AND VOTING RIGHTS
III-123
Massachusetts Business Trusts
III-123
Fund Shares and Voting Rights
III-123
   
GLOSSARY
III-124


PART I
 
BOARD INFORMATION
 
Information About Each Board Member's Experience, Qualifications, Attributes or Skills
 
Board members for the funds, together with information as to their positions with the funds, principal occupations and other board memberships during the past five years, are shown below.  The address of each board member is 200 Park Avenue, New York, New York 10166.
 
All of the board members are Independent Board Members.
 
Name
Year of Birth
Position 1
Principal Occupation During Past 5 Years
Other Public Company Board Memberships During Past 5 Years
 
Joseph S. DiMartino
1943
Chairman of the Board
 
Corporate Director and Trustee (1995 - present)
CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997 - present)
 
The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000 - 2010)
 
Sunair Services Corporation, a provider of certain outdoor-related services to homes and businesses, Director (2005 - 2009)
 
Peggy C. Davis
1943
Board Member
 
Shad Professor of Law, New York University School of Law
N/A
David P. Feldman
1939
Board Member
 
Corporate Director and Trustee
BBH Mutual Funds Group (five registered mutual funds), Director (1992 - present)
Ehud Houminer
1940
Board Member
 
Executive-in-Residence at the Columbia Business School, Columbia University
Avnet, Inc., an electronics distributor, Director (1993 - 2012)
Lynn Martin
1939
Board Member
President of The Martin Hall Group LLC, a human resources consulting firm (2005 – 2012)
AT&T Inc., a telecommunications company, Director (1999 - 2012)
 
Ryder System, Inc., a supply chain and transportation management company, Director (1993 - 2012)
 
The Procter & Gamble Co., a consumer products company, Director (1994 - 2009)
 
Constellation Energy Group, Inc., Director (2003 - 2009)
 
Robin A. Melvin
1963
Board Member
Board Member, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois (2013 - present)
 
Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995 – 2012)
 
N/A
Dr. Martin Peretz
1939
Board Member
Editor-in-Chief Emeritus of The New Republic Magazine (2010 – present) (previously, Editor-in-Chief, 1974 – 2010)
 
Director of TheStreet.com, a financial information service on the web (1996 – 2010)
 
N/A

1 Each of the board members serves on the board's audit, nominating, litigation and, with the exception of Mr. DiMartino, compensation committees.

The following table shows the year each board member joined each fund's board.
 
Fund
Joseph S. DiMartino
Peggy C. Davis
David P. Feldman
Ehud Houminer
Lynn Martin
Robin A. Melvin
Martin Peretz
               
DUSTMMF
1995
2012
1987
2012
1993
2011
2012
AF
1995
2006
1996
1993
2012
2012
2006
DGIF
1995
2006
1994
2006
2012
2012
1991
DIF
1995
2006
1989
1996
2012
2012
2006
DILF
1995
2006
1994
2006
2012
2012
1993
DMFI
2003
2006
2003
2003
2012
2012
2006
DMFII
2003
2006
2003
2003
2012
2012
2006
DMIF
1995
2006
1989
1996
2012
2012
2006
DNJMBF
1995
2012
1987
2012
1993
2011
2012
DPI
1995
2012
1991
2012
1993
2011
2012
DRGF
1995
2006
1994
2006
2012
2012
1971
DUSTITF
1995
2012
1987
2012
1993
2011
2012
DUSTLTF
1995
2012
1987
2012
1993
2011
2012

Each board member has been a Dreyfus Family of Funds board member for over fifteen years.  Additional information about each board member follows (supplementing the information provided in the table above) that describes some of the specific experiences, qualifications, attributes or skills that each board member possesses which the board believes has prepared them to be effective board members.  The board believes that the significance of each board member's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one board member may not have the same value for another) and that these factors are best evaluated at the board level, with no single board member, or particular factor, being indicative of board effectiveness.  However, the board believes that board members need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; the board believes that its members satisfy this standard.  Experience relevant to having this ability may be achieved through a board member's educational background; business, professional training or practice ( e.g. , medicine, accounting or law), public service or academic positions; experience from service as a board member (including the board for the funds) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences.  The charter for the board's nominating committee contains certain other factors considered by the committee in identifying and evaluating potential board member nominees.  To assist them in evaluating matters under federal and state law, the board members are counseled by their independent legal counsel, who participates in board meetings and interacts with the Manager, and also may benefit from information provided by the Manager's counsel; counsel to the funds and to the board have significant experience advising funds and fund board members.  The board and its committees have the ability to engage other experts as appropriate.  The board evaluates its performance on an annual basis.
 
●
Joseph S. DiMartino – Mr. DiMartino has been the Chairman of the Board of the funds in the Dreyfus Family of Funds for over 15 years.  From 1971 through 1994, Mr. DiMartino served in various roles as an employee of Dreyfus (prior to its acquisition by a predecessor of BNY Mellon in August 1994 and related management changes), including portfolio manager, President, Chief Operating Officer and a director.  He ceased being an employee or director of Dreyfus by the end of 1994.  From January 1995 to November 1997, Mr. DiMartino served as Chairman of the Board of The Noel Group, a public buyout firm; in that capacity, he helped manage, acquire, take public and liquidate a number of operating companies.  From 1986 to 2010, Mr. DiMartino served as a Director of the Muscular Dystrophy Association.
 
●
Peggy C. Davis – Ms. Davis currently serves as the John S. R. Shad Professor of Lawyering and Ethics at New York University School of Law as a writer and teacher in the fields of evidence, constitutional theory, family law, social sciences and the law, legal process and professional methodology and training.  Prior to joining the university's faculty in 1983, Ms. Davis served as a Judge of the Family Court of the State of New York.  Before her appointment to the bench, she practiced law for ten years in both the commercial and public interest sectors.  Ms. Davis also has served as Chair of the Board of the Russell Sage Foundation.
 
●
David P. Feldman – Mr. Feldman is the former Chairman and Chief Executive Officer of AT&T Investment Management Corp., from which he retired in 1997, where he was responsible for $70 billion in pension assets.  Mr. Feldman has served as Chairman of the Financial Executives Institute's Committee on Investment of Employee Benefits Assets. Mr. Feldman currently serves as a member of the Pension Managers Advisory Committee of the NYSE.
 
●
Ehud Houminer – Mr. Houminer currently serves on Columbia Business School's Board of Overseers.  Prior to his association with Columbia Business School beginning in 1991, Mr. Houminer held various senior financial, strategic and management positions at Philip Morris Companies Inc., including serving as Senior Corporate Vice President for Corporate Planning, and as President and Chief Executive Officer of Philip Morris USA, Inc. (now part of Altria Group, Inc.).  Mr. Houminer is Chairman of the Columbia Business School Board and a Trustee of Ben Gurion University.
 
●
Lynn Martin – Ms. Martin served in the U.S. House of Representatives from 1981 to 1991, the Illinois Senate from 1979 to 1980, and the Illinois House of Representatives from 1977 to 1979.  Ms. Martin also served as Co-Chairperson of then-Vice President George H.W. Bush's 1988 presidential campaign, and from 1991 to 1993 served as U.S. Secretary of Labor under President Bush.  After her tenure in politics, Ms. Martin was a professor at the Kellogg School of Management, Northwestern University, and also a fellow at Harvard University's Kennedy School of Government.  She also has served as an Advisor of Deloitte & Touche LLP and as Chair of its Council for the Advancement of Women.  Ms. Martin serves on the Chicago Council on Global Affairs, Coca-Cola International Advisory Council and Deutsche Bank Advisory Council.
 
●
Robin A. Melvin – Ms. Melvin currently serves as a board member of Illinois Mentoring Partnership, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois.  Ms. Melvin served as  a Director of the Boisi Family Foundation, a private family foundation that supports organizations serving the needs of youth from disadvantaged circumstances, from 1995 to 2012.  In that role she also managed the Boisi Family Office, providing the primary interface with all investment managers, legal advisors and other service providers to the family.  She has also served in various roles with MENTOR, a national non-profit youth mentoring advocacy organization, including Executive Director of the New York City affiliate, Vice President of the national affiliate network, Vice President of Development, and, immediately prior to her departure, Senior Vice President in charge of strategy.  Prior to that, Ms. Melvin was an investment banker with Goldman Sachs Group, Inc.
 
●
Dr. Martin Peretz – Dr. Peretz is the Editor-in-Chief Emeritus of The New Republic and was Editor-in-Chief from 1974 until 2010.  Dr. Peretz is also the co-founder and a director of TheStreet.com.  Previously, Dr. Peretz was a member of the faculty of Harvard University from 1966 through 2002.  He currently serves on the boards of a number of significant non-profit organizations.
 
Committee Meetings
 
The boards' audit, nominating, compensation, litigation and pricing committees met during the funds' last fiscal years as indicated below:
 
Fund
Audit
Nominating
Compensation
Litigation
Pricing
           
DUSTMMF
5
0
0
0
0
AF (8/31 fiscal year end)
5
1
1
0
0
AF (10/31 fiscal year end)
4
0
0
0
0
DGIF
4
0
0
0
0
DIF
4
0
0
0
0
 
DILF
4
0
0
0
0
 
DMFI
4
0
0
0
0
DMFII
4
0
0
0
0
DMIF
4
0
0
0
0
DNJMBF
5
0
0
0
0
DPI (10/31 fiscal year end)
4
0
0
0
0
DPI (12/31 fiscal year end)
5
0
0
0
0
DRGF
5
0
0
0
0
DUSTITF
5
0
0
0
0
DUSTLTF
5
0
0
0
0

Board Members' and Officers' Fund Share Ownership
 
The table below indicates the dollar range of each board member's ownership of fund shares and shares of other funds in the Dreyfus Family of Funds for which he or she is a board member, in each case as of December 31, 2013.
 
Fund
Joseph S. DiMartino
Peggy C. Davis
David P. Feldman
Ehud Houminer
Lynn Martin
Robin A. Melvin
Martin Peretz
               
DUSTMMF
None
None
None
Over $100,000
None
None
None
DGDBF
None
None
None
None
None
None
None
DGRRF
None
None
None
None
None
None
None
DIVF
None
None
None
None
None
None
None
DOMVF
None
None
None
Over $100,000
None
None
None
DOSCF
None
None
None
None
None
None
None
DOUSSF
None
None
None
None
None
$10,001 - $50,000
None
DSVF
$10,001 - $50,000
None
None
None
None
None
None
DSMF
None
None
None
$50,001 - $100,000
None
None
None
DTGF
None
None
$10,001 - $50,000
None
None
None
None
DTEMF
None
None
None
None
None
None
None
DTRF
None
None
None
None
None
None
None
DGIF
$10,001 - $50,000
None
None
None
None
None
None
DISIF
None
None
None
None
None
None
None
DS&P
None
None
None
$10,001 - $50,000
None
None
None
DSSIF
None
None
None
None
None
None
None
DEMF
None
$10,001 - $50,000
None
None
None
None
None
DRLSEF
None
None
None
None
None
None
None
DBOF
None
None
None
None
None
None
None
DMIF
None
None
None
None
None
None
None
DNJMBF
None
None
None
None
None
None
None
DDIF
None
None
None
None
None
None
None
DEAF
None
None
None
None
None
None
None
DGRESF
None
None
None
Over $100,000
None
None
None
DGCF
None
None
None
None
$50,001 - $100,000
None
None
DLCEF
None
None
None
None
None
None
None
DLCGF
None
None
None
None
None
None
None
DRGF
$10,001-$50,000
None
None
Over $100,000
None
None
$50,001 - $100,000
DUSTITF
None
None
None
None
None
None
None
DUSTLTF
None
None
None
None
None
None
None
               
Aggregate holdings of funds in the Dreyfus Family of Funds for which responsible as a board member
Over $100,000
$50,001 - $100,000
Over $100,000
Over $100,000
$50,001 - $100,000
Over $100,000
$50,001 - $100,000

Board members and officers, as a group, owned less than 1% of each class of each fund's voting securities outstanding on October 31, 2014.
 
As of December 31, 2013, none of the board members or their immediate family members owned securities of the Manager, any Sub-Advisers, the Distributor or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Manager, any Sub-Advisers or the Distributor.
 
Board Members' Compensation
 
Annual retainer fees and meeting attendance fees are allocated among the funds on the basis of net assets, with the Chairman of the Boards, Joseph S. DiMartino, receiving an additional 25% of such compensation.  The funds reimburse board members for their expenses.  The funds do not have a bonus, pension, profit-sharing or retirement plan.  Each emeritus board member is entitled to receive an annual retainer of one-half the amount paid as a retainer at the time the board member became emeritus and a per meeting attended fee of one-half the amount paid to board members.
 
The aggregate amount of fees and expenses* received from the funds by each current board member for the funds' last fiscal years, and by all funds in the Dreyfus Family of Funds for which such person was a board member during 2013, were as follows:
 
Fund
Joseph S. DiMartino
Peggy C. Davis
David P. Feldman
Ehud Houminer
Lynn Martin
Robin A. Melvin
Martin Peretz
               
DUSTMMF
$8,927
$7,142
$7,936
$6,261
$7,142
$7,142
$6,640
AF (8/31 fiscal year end)
$47,711
$38,169
$42,351
$38,169
$38,169
$38,169
$35,629
AF (10/31 fiscal year end)
$4,573
$3,658
$4,060
$3,423
$3,658
$3,658
$3,414
DGIF
$7,293
$5,834
$6,475
$5,457
$5,834
$5,834
$5,447
DIF
$50,981
$40,785
$45,271
$38,128
$40,785
$40,785
$38,125
 
DILF
$8,238
$6,590
$7,351
$6,158
$6,590
$6,590
$6,042
 
DMFI
$0
$0
$0
$0
$0
$0
$0
DMFII
$3,048
$2,439
$2,707
$2,281
$2,439
$2,439
$2,282
DMIF
$34,091
$27,273
$30,272
$25,449
$27,273
$27,273
$25,462
DNJMBF
$6,532
$5,226
$5,804
$4,571
$5,226
$5,226
$4,857
DPI (10/31 fiscal year end)
$16,744
$13,393
$14,873
$12,532
$13,393
$13,393
$12,487
DPI (12/31 fiscal year end)
$3,056
$2,445
$2,713
$2,121
$2,445
$2,445
$2,296
DRGF
$12,830
$10,264
$11,397
$8,902
$10,264
$10,264
$9,633
DUSTITF
$1,015
$812
$901
$708
$812
$812
$757
DUSTLTF
$869
$695
$772
$613
$695
$695
$638
               
Total compensation from the funds and fund complex (**)
$1,084,688
(154)
$352,000
(64)
$222,000
(47)
$270,500
(71)
$200,000
(47)
$511,000
(98)
$187,000
(47)

Emeritus Board Members
Fund
James F.
Henry +
Rosalind G. Jacobs + +
Paul A. Marks +
Daniel Rose + + +
Philip L. Toia + + + +
Sander Vanocur + + +
             
DUSTMMF
$920
$251
$604
$4,470
$5,206
$4,469
AF (8/31 fiscal year end)
$14,502
$2,981
$13,232
$4,729
$31,325
$4,729
AF (10/31 fiscal year end)
$1,397
$227
$1,137
$475
$2,852
$478
DGIF
$2,227
$5,154
$1,818
$758
$4,569
$757
DIF
$15,568
$2,620
$12,860
$5,292
$32,453
$5,292
 
DILF
$2,522
$5,945
$1,641
$881
$3,412
$882
 
DMFI
$0
$0
$0
$0
$0
$0
DMFII
$932
$161
$777
$317
$1,964
$316
DMIF
$10,389
$1,729
$8,559
$3,532
$21,648
$3,514
DNJMBF
$678
$184
$190
$3,313
$3,681
$3,308
DPI (10/31 fiscal year end)
$1,736
$884
$867
$8,127
$10,741
$8,125
DPI (12/31 fiscal year end)
$318
$75
$68
$1,599
$1,620
$1,601
DRGF
$3,894
$9,019
$2,884
$1,321
$6,907
$1,341
DUSTITF
$106
$28
$30
$516
$570
$516
DUSTLTF
$91
$29
$26
$436
$498
$434
             
Total compensation from the funds and fund complex (**)
$68,500
(47)
$67,000
(64)
$49,000
(47)
$96,250
(64)
$174,390
(57)
$90,250
(64)

*
Amounts shown do not include the cost of office space, secretarial services and health benefits for the Chairman of the Boards and expenses reimbursed to board members for attending board meetings.
**
Represents the number of separate portfolios comprising the investment companies in the fund complex, including the funds, for which the board member served in 2013.
+
Emeritus board member of all funds except DUSTMMF, DNJMBF, DPI, DUSTITF and DUSTLTF.  For DUSTMMF, DNJMBF, DPI, DUSTITF and DUSTLTF, Messrs. Henry and Marks received compensation from the funds for attending board meetings in an advisory role although not board members or emeritus board members of these funds.
++
Emeritus board member of DRGF, DGIF and DILF.  For the other funds, Ms. Jacobs received compensation from the funds for attending board meetings in an advisory role although not a board member or emeritus board member of these funds.
+++
Emeritus board member of DUSTMMF, DNJMBF, DPI, DUSTITF and DUSTLTF.  For the other funds, Messrs. Rose and Vanocur received compensation from the funds for attending board meetings in an advisory role although not board members or emeritus board members of these funds.
++++
Emeritus board member for all funds.

OFFICERS
 
Name
Year of Birth
Position
Since
Principal Occupation During Past 5 Years
Number of Other Investment Companies (Portfolios) for which serves as an Officer
(all managed by the Manager)
     
 
Bradley J. Skapyak
1958
President
2010
Chief Operating Officer and a director of the Manager since June 2009; Chairman of the Transfer Agent, since May 2011 and Executive Vice President of the Distributor since June 2007; from April 2003 to June 2009, head of the Investment Accounting and Support Department of the Manager
69 (144)
 
J. Charles Cardona 1
1955
Executive Vice President
2002
President and a Director of the Manager, Executive Vice President of the Distributor, President of Dreyfus Institutional Services Division and a board member of 23 funds in the Dreyfus Family of Funds since February 2014
12 (19)
 
James Windels
1958
Treasurer
2001
Director – Mutual Fund Accounting of the Manager
70 (169)
John Pak
1968
Chief Legal Officer
2013
Deputy General Counsel, Investment Management of BNY Mellon since August 2014 and Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since August 2012; from March 2005 to July 2012, Managing Director of Deutsche Bank, Deputy Global Head of Deutsche Asset Management Legal and Regional Head of Deutsche Asset Management Americas Legal
70 (169)
Janette E. Farragher
1962
Vice President and Secretary
2011
Assistant General Counsel of BNY Mellon
70 (169)
Kiesha Astwood
1973
Vice President and Assistant Secretary
2010
Counsel of BNY Mellon
70 (169)
James Bitetto
1966
Vice President and Assistant Secretary
2005
Managing Counsel of BNY Mellon and Secretary of the Manager
70 (169)
Joni Lacks Charatan
1955
Vice President and Assistant Secretary
2005
Managing Counsel of BNY Mellon
70 (169)
Joseph M. Chioffi
1961
Vice President and Assistant Secretary
2005
Managing Counsel of BNY Mellon
70 (169)
John B. Hammalian
1963
Vice President and Assistant Secretary
2005
Senior Managing Counsel of BNY Mellon
70 (169)
Sarah S. Kelleher
1975
Vice President and Assistant Secretary
2014
Senior Counsel of BNY Mellon since March 2013; from August 2005 to March 2013, Associate General Counsel, Third Avenue Management
70 (169)
Jeff S. Prusnofsky
1965
Vice President and Assistant Secretary
2005
Senior Managing Counsel of BNY Mellon
70 (169)
Richard S. Cassaro
1959
Assistant Treasurer
2008
Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager
70 (169)
Gavin C. Reilly
1968
Assistant Treasurer
2005
Tax Manager of the Investment Accounting and Support Department of the Manager
70 (169)
Robert S. Robol
1964
Assistant Treasurer
2005
Senior Accounting Manager – Fixed Income Funds of the Manager
70 (169)
Robert Salviolo
1967
Assistant Treasurer
2007
Senior Accounting Manager – Equity Funds of the Manager
70 (169)
Robert Svagna
1967
Assistant Treasurer
2002
Senior Accounting Manager – Equity Funds of the Manager
70 (169)
Matthew D. Connolly
1972
Anti-Money Laundering Compliance Officer
2012
Anti-Money Laundering Compliance Officer of the Distributor since October 2011; from March 2010 to September 2011, Global Head, KYC Reviews and Director, UBS Investment Bank; until March 2010, AML Compliance Officer and Senior Vice President, Citi Global Wealth Management
65 (164)
Joseph W. Connolly
1957
Chief Compliance Officer
2004
Chief Compliance Officer of the Manager and the Dreyfus Family of Funds
70 (169)

1       Dreyfus U.S. Treasury Intermediate Term Fund only.
 

 
The address of each officer is 200 Park Avenue, New York, New York 10166.
 
CERTAIN PORTFOLIO MANAGER INFORMATION
(not applicable to money market funds)
 
The following table lists the funds' portfolio managers, if any, who are in addition to the primary portfolio managers listed in the prospectus.  See the prospectus for a list of, and certain other information regarding, the primary portfolio manager(s) for your fund.
 
Fund
Additional Portfolio Managers
   
DGDBF
N/A
DGLIF
N/A
DGRRF
N/A
DIVF
N/A
DOMVF
N/A
DOSCF
N/A
DOUSSF
James Boyd, Brian R. Duncan, Shirley E. Mills, David M. Sealy, Robin Wehbe
DSVF
N/A
DSMF
N/A
DTGF
N/A
DTEMF
Catherine Elmore, Jay Malikowski
DTRF
N/A
DGIF
Barry Mills, Brian Ferguson, David Sealy
DISIF
Rebecca Gao, Danny Lai, Todd Rose, Marlene Walker Smith
DS&P
Rebecca Gao, Danny Lai, Todd Rose, Marlene Walker Smith
DSSIF
Rebecca Gao, Danny Lai, Todd Rose, Marlene Walker Smith
DEMF
N/A
DRLSEF
Raymond S. Bowers III, Michael W. Holton, Charles Silberstein and Robin Wehbe
DBOF
N/A
DMIF
Rebecca Gao, Danny Lai, Todd Rose, Marlene Walker Smith
DNJMBF
N/A
DDIF
N/A
DEAF
N/A
DGRESF
N/A
DGCF
N/A
DLCEF
N/A
DLCGF
N/A
DRGF
Connie DeBoever, Daphne Karydas, Timothy McCormick, Rick Rosania,
Charles Silberstein, Erik Swords, Leigh N. Todd
DUSTITF
N/A
DUSTLTF
N/A

The following table lists the number and types of accounts (including the funds) advised by each fund's primary portfolio manager(s) and assets under management in those accounts as of the end of the last fiscal year of the funds they manage.  If a portfolio manager is a primary portfolio manager for multiple funds with different fiscal year ends, information is provided as of the most recent last fiscal year end of the relevant funds, unless otherwise indicated.
 
Primary
Portfolio Manager
Registered Investment
Companies
Total Assets
Managed
Other Pooled
Investment Vehicles
Total Assets
Managed
Other Accounts
Total Assets
Managed
             
John Bailer
11
$4.2B
2
$235.9M
36
$3.9B
Daniel Barton
6
$2.3B
None
N/A
None
N/A
Robert Bayston
4
$929.2M
3
$64.8M
80
$9.3M
Lowell Bennett
14
$7.6B
31
$15.9B
29
$10.1B
C. Wesley Boggs
16
$3.4M
17
$623.0M
50
$6.4M
David Bowser
5
$1.6B
6
$872M
183
$26.5B
James Boyd
7
$3.6B
2
$540.2M
31
$3.5B
Paul Brain
1
$11.2M
8
$2.7B
6
$1.6B
E. Todd Briddell
4
$419.3M
10
$1.2B
39
$4.2B
Richard Brown
96
$77.6B
97
$78.1B
77
$114.6B
Jeffrey Burger
6
$2.7B
None
N/A
293
$893M
Raymond Chan
3
$387.6M
4
$167.9M
3
$57.9M
Maneesh Chhabria 1
  None     N/A   None   N/A   None   N/A
Warren Chiang
16
$3.4M
17
$623M
50
$6.4M
Howard Cunningham
None
N/A
6
$953.5M
1
$197.6M
Vassilis Dagioglu
10
$1.5B
52
$9.4B
39
$4.5B
David A. Daglio
7
$3.6B
2
$540.2M
31
$3.5B
Jonathan Day
None
N/A
1
$66.6M
2
$134.9M
Thomas Durante
96
$77.6B
97
$78.1B
77
$114.6B
Dale Dutile
7
$3.6B
2
$540.2M
31
$3.5B
Brian C. Ferguson
11
$4.2B
2
$235.9M
36
$3.9B
Sean P. Fitzgibbon
14
$4.5B
5
$328.1M
20
$2.7B
Dean Frankel
4
$419.3M
8
$1.1B
38
$3.9B
Ron Gala
16
$3.4M
17
$623M
50
$6.4M
Matthew Griffin
14
$5.6B
3
$210.0M
17
$1.4B
James Harries
1
$136.0M
4
$6.31B
2
$963.7M
D. Kirk Henry
9
$3.1B
7
$1.4B
15
$2.8B
Richard B. Hoey
6
$880.1M
None
N/A
None
N/A
David Horsfall
6
$1.8B
9
$1.6B
183
$26.5B
Suzanne Hutchins
1
$170M
2
$800M
None
N/A
Joshua B. Kohn 1
  None   N/A   None   N/A None   N/A
Alexander Kozhemiakin
3
$2.5B
11
$5.3B
41
$5.1B
David Kwan
14
$7.6B
31
$15.9B
29
$10.1B
Joseph Miletich
10
$1.5B
52
$9.4B
39
$4.5B
Barry K. Mills
14
$5.9B
3
$213.0M
21
$1.5B
Irene D. O'Neill
3
$1.0B
6,807
$6.5B
2
$145.2B
Nate Pearson
3
$382.9M
None
N/A
None
N/A
Abhijit Sarkar
2
$28.2M
None
N/A
None
N/A
David M. Sealy
14
$5.9B
3
$213.0M
21
$1.5B
Hugh Simon
3
$387.6M
4
$1.6B
1
$8.9M
Warren Skillman
9
$3.1B
7
$1.4B
15
$2.8B
Elizabeth Slover
14
$5.9B
3
$213.0M
21
$1.5B
Clifford Smith
9
$3.1B
7
$1.4B
15
$2.8B
James Stavena
10
$1.5B
52
$9.4B
39
$4.5B
Keith Stransky
6
$881.7M
1
$13.1M
6
$561.0M
Vijaya Subramanian
2
$25.6M
None
N/A
None
N/A
Erik Swords
13
$4.7B
3
$87.2M
18
$1.2B
Karen Wong
96
$77.6B
97
$78.1B
77
$114.6B
Torrey Zaches
10
$1.5B
52
$9.4B
39
$4.5B

1
For Messrs. Chhabria and Kohn, information is as of September 30, 2014.

The following table provides information on accounts managed (included within the table above) by each primary portfolio manager that are subject to performance-based advisory fees.  If a portfolio manager is a primary portfolio manager for multiple funds with different fiscal year ends, information is provided as of the most recent last fiscal year end of the relevant funds, unless otherwise indicated.
 
Primary
Portfolio Manager
Type of Account
Number of Accounts
Subject to Performance Fees
Total Assets of Accounts
       
John Bailer
Other Accounts
3
$692.0M
C. Wesley Boggs
Other Pooled Investment Vehicles
2
$120.6M
 
Other Accounts
9
$909.6M
James Boyd
Other Accounts
2
$993.0M
Paul Brain
Other Accounts
1
$324.0M
E. Todd Briddell
Other Accounts
9
$1.4B
Raymond Chan
Other Pooled Investment Vehicles
3
$57.9M
Warren Chiang
Other Pooled Investment Vehicles
2
$120.6M
 
Other Accounts
9
$909.6M
Vassilis Dagioglu
Other Pooled Investment Vehicles
6
$393.0M
 
Other Accounts
14
$2.9B
David A. Daglio
Other Accounts
2
$993.0M
Jonathan Day
Other Pooled Investment Vehicles
1
$66.6M
Dale Dutile
Other Accounts
2
$993.0M
Brian C. Ferguson
Other Accounts
3
$692.0M
Sean Fitzgibbon
Other Accounts
1
$66.6M
Dean Frankel
Other Accounts
9
$1.4B
Ron Gala
Other Pooled Investment Vehicles
2
$120.6M
 
Other Accounts
9
$909.6M
Matthew Griffin
Other Accounts
2
$16.0M
Joseph Miletich
Other Pooled Investment Vehicles
6
$393.0M
 
Other Accounts
14
$2.9B
Barry Mills
Other Accounts
2
$17.5M
David Sealy
Other Accounts
2
$17.5M
Hugh Simon
Other Pooled Investment Vehicle
1
$8.9M
Elizabeth Slover
Other Accounts
2
$17.5M
James Stavena
Other Pooled Investment Vehicles
6
$393.0M
 
Other Accounts
14
$2.9B
Erik Swords
Other Accounts
2
$16.0M
Torrey Zaches
Other Pooled Investment Vehicles
6
$393.0M
 
Other Accounts
14
$2.9B

 
The following table lists the dollar range of fund shares beneficially owned by the primary portfolio manager(s) as of the end of the fund's last fiscal year, unless otherwise indicated.
 
Primary Portfolio Manager
Fund
Dollar Range of Fund Shares Beneficially Owned
     
John Bailer
DSVF
$100,001 - $500,000
 
DGIF
None
Daniel Barton
DNJMBF
None
Robert Bayston
DUSTITF
None
 
DUSTLTF
None
Lowell Bennett
DTRAF
None
C. Wesley Boggs
DSMF
None
David Bowser
DBOF
None
James Boyd
DOMVF
None
 
DOSCF
$50,001 - $100,000
 
DOUSSF
$50,001 - $100,000
 
DSVF
None
Paul Brain
DGDBF
None
Richard Brown
DISIF
None
 
DS&P
None
 
DSSIF
None
 
DMIF
None
Jeffrey Burger
DNJMBF
None
Raymond Chan
DEAF
None
 
DGCF
None
Maneesh Chhabria
DGLIF 1
None
Warren Chiang
DSMF
None
Howard Cunningham
DGDBF
None
Vassilis Dagioglu
DTRF
None
David A. Daglio
DOMVF
$100,001 - $500,000
 
DOSCF
$500,001 - $1,000,000
 
DOUSSF
None
Jonathan Day
DGDBF
None
Thomas Durante
DS&P
None
 
DISIF
None
 
DSSIF
$100,001 - $500,000
 
DMIF
None
Dale Dutile
DOMVF
None
 
DOSCF
$100,001 - $500,000
Brian C. Ferguson
DSVF
Over $1,000,000
 
DBOF
None
Sean Fitzgibbon
DBOF
None
 
DTEMF
None
Dean Frankel
DGRESF
None
Ron Gala
DSMF
None
Matthew Griffin
DTGF
$50,001 - $100,000
 
DRLSEF
$50,001 - $100,000
James Harries
DGRRF
None
D. Kirk Henry
DIVF
None
 
DEMF
$10,001 - $50,000
Richard B. Hoey
DDIF
None
David Horsfall
DBOF
None
Suzanne Hutchins
DGRRF
None
Joshua B. Kohn
DGLIF 1
None
Alexander Kozhemiakin
DTEMF
None
David Kwan
DTRAF
None
Joseph Miletich
DTRF
$100,001 - $500,000
Barry K. Mills
DTGF
$10,001 - $50,000
 
DRGF
$10,001 - $50,000
Irene D. O'Neill
DLCEF
None
 
DLCGF
None
Nate Pearson
DUSTITF
None
 
DUSTLTF
None
Abhijit Sarkar
DEAF
None
David M. Sealy
DRGF
$10,001 - $50,000
Hugh Simon
DEAF
None
 
DGCF
None
Warren Skillman
DEMF
None
Elizabeth Slover
DOUSSF
None
 
DTGF
$100,001 - $500,000
 
DGIF
None
 
DRLSEF
None
 
DRGF
$100,001 - $500,000
Clifford Smith
DIVF
$10,001 - $50,000
 
DEMF
$10,001 - $50,000
James Stavena
DTRF
None
Keith Stransky
DDIF
None
Erik Swords
DTGF
$1 - $10,000
Karen Wong
DISIF
None
 
DS&P
None
 
DSSIF
None
 
DMIF
None
Torrey Zaches
DTRF
None

1
For Messrs. Chhabria and Kohn, information is as of fund inception.

 MANAGER'S AND SUB-ADVISERS' COMPENSATION
 
For each fund's last three fiscal years, the management fees payable by the fund, the reduction, if any, in the amount of the fee paid due to fee waivers and/or expense reimbursements by the Manager and the net fees paid by the fund were as follows:
 
 
2014 Fiscal Year
2013 Fiscal Year
2012 Fiscal Year
Fund
Fee payable
Reduction in fee
Net fee paid
Fee payable
Reduction in fee
Net fee paid
Fee payable
Reduction in fee
Net fee paid
                   
DRGF
$9,378,299
$433,985
$8,944,314
$7,384,176
$920,443
$6,463,733
$2,998,519
$220,917
$2,777,602
 
DEMF
$9,189,822
$1,407,484
$7,782,338
$12,143,985
$692,671
$11,451,314
$14,430,405
$0
$14,430,405


 
2013 Fiscal Year
2012 Fiscal Year
2011 Fiscal Year
Fund
Fee payable
Reduction in fee
Net fee paid
Fee payable
Reduction in fee
Net fee paid
Fee payable
Reduction in fee
Net fee paid
                   
DUSTMMF
$3,721,451
$3,721,451
$0
$5,698,921
$5,698,921
$0
$4,998,436
$4,998,436
$0
DGDBF
$70,427
$70,427
$0
$59,777
$59,777
$0
$27,939
$27,939
$0
DGRRF
$854,373
$6,487
$847,886
$361,553
$50,461
$311,092
$98,295
$98,295
$0
DTEMF
$804,271
$1,688
$802,583
$590,296
$31,755
$558,541
$183,510
$90,407
$93,103
DTRF
$2,314,921
$118,890
$2,196,031
$1,105,673
$0
$1,105,673
$784,821
$0
$784,821
DIVF
$1,515,719
$151,575
$1,364,144
$1,781,710
$178,171
$1,603,539
$2,591,312
$126,749
$2,464,563
DOMVF
$11,916,347
$0
$11,916,347
$8,584,071
$0
$8,584,071
$11,297,783
$0
$11,297,783
DOSCF
$5,376,753
$0
$5,376,753
$4,371,005
$0
$4,371,005
$5,471,182
$0
$5,471,182
DOUSSF
$37,871
$37,871
$0
$17,744
$17,744
$0
--
--
--
DSVF
$9,013,668
$2,057,229
$6,956,439
$7,571,797
$2,272,053
$5,299,744
$6,114,990
$1,903,729
$4,211,261
DSMF
$805,736
$156,885
$648,851
$460,046
$0
$460,046
$734,284
$0
$734,284
DTGF
$1,953,020
$0
$1,953,020
$2,058,370
$0
$2,058,370
$2,517,834
$0
$2,517,834
      
DGIF
$4,850,053
$0
$4,850,053
$3,877,457
$0
$3,877,457
$4,192,771
$0
$4,192,771
DISIF
$1,788,157
$45,638
$1,742,519
$1,567,962
$21,406
$1,546,556
$1,988,274
$27,675
$1,960,599
DS&P
$6,346,420
$233,960
$6,112,460
$5,769,159
$111,458
$5,657,701
$5,926,662
$125,859
$5,800,803
DSSIF
$3,387,886
$123,481
$3,264,405
$2,736,705
$53,111
$2,683,594
$2,784,654
$57,857
$2,726,797
DRLSEF*
$87,263
$87,263
$0
-
-
-
-
-
-
DBOF
$2,085,197
$262,249
$1,822,948
$2,035,054
$0
$2,035,054
$2,305,789
$0
$2,305,789
DMIF
$7,376,003
$268,132
$7,107,871
$6,060,549
$117,690
$5,942,859
$6,210,179
$129,832
$6,080,347
DNJMBF
$3,403,503
$475,596
$2,927,907
$3,676,707
-
$3,676,707
$3,433,011
$0
$3,433,011
DDIF**
-
-
-
-
-
-
-
-
-
DEAF
$405,548
$180,025
$225,523
$628,921
$235,663
$393,258
$1,351,598
$0
$1,351,598
DGCF
$4,614,031
$538,190
$4,075,841
$5,487,499
$190,303
$5,297,196
$10,883,496
$0
$10,883,496
DGRESF
$4,773,894
$17,847
$4,756,047
$3,383,266
-
$3,383,266
$1,945,229
$0
$1,945,229
DLCEF
$1,787,890
-
$1,787,890
$1,414,767
-
$1,414,767
$1,296,060
$16,894
$1,279,166
DLCGF
$197,685
$62,033
$135,652
$244,506
$23,750
$220,756
$347,559
$15,742
$331,817
DUSTITF
$267,668
$6,007
$261,661
$467,673
$190,717
$276,956
$637, 572
$358,621
$278,951
DUSTLTF
$219,709
$48,131
$171,578
$393,113
$218,764
$174,349
$408,405
$274,821
$133,584

* Aggregate fee payable to the Manager and TBCAM.
** The Manager receives no compensation for its management services to the funds.  However, the Underlying Funds pay management fees to the Manager or its affiliates.
 
The contractual fee rates paid by the Manager to a fund's Sub-Adviser, if any, and the effective rate paid in the last fiscal year, are as follows (expressed as an annual rate as a percentage of the fund's average daily net assets):
 
Fund
Sub-Adviser
Fee Rate
 
Effective Fee Rate for the Last Fiscal Year
         
DGDBF
Newton
0.22%
 
0.00%
DGRRF
Newton
0.36%
 
0.31%
DTRF
Mellon Capital
0.65%
 
0.47%
DSMF
Mellon Capital
0 up to $100 million
$ 100 million up to $1 billion
$1 billion up to $1.5 billion
$1.5 billion or more
0.25%
0.20%
0.16%
0.10%
0.21%
DRSELF
TBCAM
*
 
0.00%
DEAF
Hamon
0.625%
 
0.625%
DGLIF
CenterSquare
**
 
N/A
DGRESF
CenterSquare
0.46%
 
0.45%
DGCF
Hamon
0.625%
 
0.612%

*The aggregate annual fee payable to the Manager and TBCAM is 1.35% of the value of the fund's average daily net assets.
 
**The aggregate annual fee payable to the Manager and CenterSquare is .90% of the value of the fund's average daily net assets.
 
For a fund's last three fiscal years (other than funds for which the Sub-Adviser's fee is disclosed on an aggregate basis above), the fees payable by the Manager to the fund's Sub-Adviser, if any, the reduction, if any, in the amount of the fee paid due to fee waivers by the Sub-Adviser and the net fees paid were as follows:
 
 
2013 Fiscal Year
2012 Fiscal Year
2011 Fiscal Year
Fund/Sub-Adviser
Fee payable
Reduction in fee
Net fee paid
Fee payable
Reduction in fee
Net fee paid
Fee payable
Reduction in fee
Net fee paid
                   
DSMF/Mellon Capital
$221,740
$0
$221,740
$218,029
$0
$218,029
$352,456
$0
$352,456
DTRF/Mellon Capital
$1,111,162
$119,640
$991,522
$530,723
$0
$530,723
$376,714
$0
$376,714
DGDBF/ Newton
$33,805
$33,805
$0
$28,693
$28,693
$0
$13,411
$0
$13,411
DGRRF/ Newton
$367,381
$12,547
$354,834
$158,050
$31,377
$126,673
$42,267
$0
$42,267
DEAF/ Hamon
$202,670
$0
$202,670
$314,706
$0
$314,706
$675,799
$0
$675,799
DGCF/ Hamon
$2,305,928
$269,095
$2,036,833
$2,746,561
$46,322
$2,700,239
$5,441,748
$0
$5,441,748
DGRESF/
CenterSquare
$2,846,455
$20,126
$2,826,330
$1,623,968
$4,190
$1,619,778
$933,710
$877
$932,833


SALES LOADS, CDSCS AND DISTRIBUTOR'S COMPENSATION
 
The following table lists, for each of the last three fiscal years, the total commissions on sales of Class A shares (sales loads) and the total CDSCs on redemptions of all classes of shares (as applicable), along with corresponding amounts of each retained by the Distributor.
 
Fund
 
2014 Fiscal Year
2013 Fiscal Year
2012 Fiscal Year
         
DRGF
Total commissions (A shares)
$246,535
$171,367
$43,145
 
Commission amount retained
$36,972
$35,469
$10,777
 
Total CDSCs
$9,737
$2,076
$1,744
 
CDSC amount retained
$9,737
$2,076
$1,744
         
DEMF
Total commissions (A shares)
$66,637
$76,917
$46,751
 
Commission amount retained
$9,257
$11,023
$46,751
 
Total CDSCs
$1,503
$2,208
$8,125
 
CDSC amount retained
$1,503
$2,208
$8,125

 

 
Fund
 
2013 Fiscal Year
2012 Fiscal Year
2011 Fiscal Year
         
DIVF
Total commissions (A shares)
$7,907
$2,219
$3,078
 
Commission amount retained
$1,399
$1,829
$2,318
 
Total CDSCs
$295
$81
$4,504
 
CDSC amount retained
$295
$81
$4,504
         
 
DOMVF
Total commissions (A shares)
$508,639
$33,650
$92,334
 
Commission amount retained
$66,543
$18,097
$91,859
 
Total CDSCs
$3,746
$10,611
$4,176
 
CDSC amount retained
$3,746
$10,611
$4,176
         
DOUSSF
Total commissions (A shares)
$9,005
$41
$2,039
 
 
Commission amount retained
$1,192
$54
$50
 
Total CDSCs
$0
$0
$20
 
CDSC amount retained
$0
$0
$20
         
DSVF
Total commissions (A shares)
$162,421
$5,525
--
 
Commission amount retained
$23,890
$364
--
 
Total CDSCs
$6,237
$1,291
--
 
CDSC amount retained
$6,237
$1,291
--
         
DSMF
Total commissions (A shares)
$24,827
$8,435
$4,838
 
Commission amount retained
$3,770
$1,875
$3,029
 
Total CDSCs
$264
$3,909
$4,213
 
CDSC amount retained
$264
$3,909
$4,213
         
DTGF
Total commissions (A shares)
$48,901
$17,706
$24,954
 
Commission amount retained
$6,916
$8,487
$22,460
 
Total CDSCs
$1,821
$1,324
$6,608
 
CDSC amount retained
$1,821
$1,324
$6,608
         
DGDBF
Total commissions (A shares)
$3,029
$733
$0
 
Commission amount retained
$270
$521
$0
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         
DGRRF
Total commissions (A shares)
$16,893
$6,203
$5,170
 
Commission amount retained
$1,747
$2,180
$4,010
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         
DTEMF
Total commissions (A shares)
$55
$38
$2,628
 
Commission amount retained
$2
$38
$2,628
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         
 
DTRF
Total commissions (A shares)
$53,782
$1,377
$8,080
 
Commission amount retained
$5,859
$166
$2,117
 
Total CDSCs
$449
$37
$1,065
 
CDSC amount retained
$449
$37
$1,065
         
DRLSEF
Total commissions (A share)
$0
$0
$0
 
Commission amount retained
$0
$0
$0
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         
DBOF
Total commissions (A shares)
$95,531
$46,215
$33,565
 
Commission amount retained
$15,379
$11,074
$16,289
 
Total CDSCs
$7,607
$2,330
$19,531
 
CDSC amount retained
$7,607
$2,330
$19,531
         
DNJMBF
Total commissions (A shares)
$29,104
$75,534
$7,549
 
Commission amount retained
$9,124
$10,159
$5,210
 
Total CDSCs
$379
$449
$615
 
CDSC amount retained
$379
$449
$615
         
DDIF
Total commissions (A shares)
$1,700
$269
$490
 
Commission amount retained
$209
$83
$365
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         
DEAF
Total commissions (A shares)
$12,115
$16,491
$28,284
 
Commission amount retained
$3,043
$6,111
$27,298
 
Total CDSCs
$490
$3,657
$49,006
 
CDSC amount retained
$490
$3,657
$49,006
         
DGCF
Total commissions (A shares)
$195,088
$141,624
$183,173
 
Commission amount retained
$28,880
$73,382
$178,042
 
Total CDSCs
$11,921
$30,649
$98,659
 
CDSC amount retained
$11,921
$30,649
$98,659
         
DGRESF
Total commissions (A shares)
$33,502
$2,093
$1,632
 
Commission amount retained
$4,817
$2,093
$1,632
 
Total CDSCs
$1,779
$0
$23
 
CDSC amount retained
$1,779
$0
$23
         
DLCEF
Total commissions (A shares)
$9,191
$1,939
$877
 
Commission amount retained
$2,085
$482
$877
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         
DLCGF
Total commissions (A shares)
$4,493
$5,493
$488
 
Commission amount retained
$533
$1,729
$413
 
Total CDSCs
$0
$0
$0
 
CDSC amount retained
$0
$0
$0
         

 
The amounts paid by each fund to the Distributor under the fund's Plan or Plans, as applicable, for services described in Part II of this SAI under "Distribution Plans, Service Plans and Shareholder Services Plans" for the fund's last fiscal year were as follows:
 
Fund
Plan
Class
Distributor Payments
Printing and Implementation
and Operation of Plan
Amount Reimbursed to Fund
Pursuant to Undertaking in Effect
Total Amount
             
DUSTMMF
Shareholder Services Plan
N/A
$396,634
N/A
N/A
$396,634
             
DGDBF
Distribution Plan
Class C
$4,857
N/A
N/A
$4,857
 
Shareholder Services Plan
Class A
$4,012
N/A
N/A
$4,012
   
Class C
$1,619
N/A
N/A
$1,619
             
DGRRF
Distribution Plan
Class C
$18,810
N/A
N/A
$18,810
 
Shareholder Services Plan
Class A
$64,217
N/A
N/A
$64,217
   
Class C
$6,270
N/A
N/A
$6,270
             
DIVF
Distribution Plan
Class C
$60,716
N/A
N/A
$60,716
 
Shareholder Services Plan
Class A
$207,798
N/A
N/A
$207,798
   
Class C
$20,239
N/A
N/A
$20,239
             
DOMVF
Distribution Plan
Class C
$229,493
N/A
N/A
$229,493
 
Shareholder Services Plan
Class A
$2,836,537
N/A
N/A
$2,836,537
   
Class C
$76,498
N/A
N/A
$76,498
             
DOSCF
Shareholder Services Plan
N/A
$1,792,251
N/A
N/A
$1,792,251
             
DOUSSF
Distribution Plan
Class C
$326
N/A
N/A
$326
 
Shareholder Services Plan
Class A
$2,795
N/A
N/A
$2,795
   
Class C
$109
N/A
N/A
$109
             
DSVF
Distribution Plan
Class C
$379,795
N/A
N/A
$379,795
 
Shareholder Services Plan
Class A
$2,379,490
N/A
N/A
$2,379,490
   
Class C
$126,598
N/A
N/A
$126,598
             
DSMF
Distribution Plan
Class C
$111,473
N/A
N/A
$111,473
 
Shareholder Services Plan
Class A
$122,805
N/A
N/A
$122,805
   
Class C
$37,158
N/A
N/A
$37,158
             
DTGF
Distribution Plan
Class C
$195,997
N/A
N/A
$195,997
 
Shareholder Services Plan
Class A
$553,676
N/A
N/A
$553,676
   
Class C
$65,332
N/A
N/A
$65,332
             
DTEMF
Distribution Plan
Class C
$5,152
N/A
N/A
$5,152
 
Shareholder Services Plan
Class A
$3,037
N/A
N/A
$3,037
   
Class C
$1,718
N/A
N/A
$1,718
             
DTRF
Distribution Plan
Class C
$60,186
N/A
N/A
$60,186
 
Shareholder Services Plan
Class A
$41,562
N/A
N/A
$41,562
   
Class C
$20,062
N/A
N/A
$20,062
             
DGIF
Shareholder Services Plan
N/A
$611,700
N/A
N/A
$611,700
             
DISIF
Shareholder Services Plan
N/A
$1,277,255
N/A
N/A
$1,277,255
             
DS&P
Shareholder Services Plan
N/A
$6,346,420
N/A
N/A
$6,346,420
             
DSSIF
Shareholder Services Plan
N/A
$3,387,886
N/A
N/A
$3,387,886
             
 
DEMF
Distribution Plan
Class C
$126,792
N/A
N/A
$126,792
 
Shareholder Services Plan
Class A
$447,281
N/A
N/A
$447,281
   
Class C
$42,264
N/A
N/A
$42,264
 
             
DRLSEF
Distribution Plan
Class C
$193
N/A
N/A
$193
 
Shareholder Services Plan
Class A
$86
N/A
N/A
$86
   
Class C
$65
N/A
N/A
$65
             
DBOF
Distribution Plan
Class C
$244,148
N/A
N/A
$244,148
 
Shareholder Services Plan
Class A
$413,615
N/A
N/A
$413,615
   
Class C
$81,383
N/A
N/A
$81,383
   
Class Z
$34,540
N/A
N/A
$34,540
             
DMIF
Shareholder Services Plan
N/A
$7,376,003
N/A
N/A
$7,376,003
             
DNJMBF
Distribution Plan
Class C
$74,565
N/A
N/A
$74,565
 
Shareholder Services Plan
Class A
$1,059,995
N/A
N/A
$1,059,995
   
Class C
$24,855
N/A
N/A
$24,855
   
Class Z
$52,482
N/A
N/A
$52,482
 
           
DDIF
Distribution Plan
Class C
$1,089
N/A
N/A
$1,089
 
Shareholder Services Plan
Class A
$20,917
N/A
N/A
$20,917
   
Class C
$363
N/A
N/A
$363
             
DEAF
Distribution Plan
Class C
$58,435
N/A
N/A
$58,435
 
Shareholder Services Plan
Class A
$46,183
N/A
N/A
$46,183
   
Class C
$19,478
N/A
N/A
$19,478
             
DGRESF
Distribution Plan
Class C
$9,416
N/A
N/A
$9,416
 
Shareholder Services Plan
Class A
$23,929
N/A
N/A
$23,929
   
Class C
$3,139
N/A
N/A
$3,139
             
DGCF
Distribution Plan
Class C
$770,115
N/A
N/A
$770,115
 
Shareholder Services Plan
Class A
$515,804
N/A
N/A
$515,804
   
Class C
$256,705
N/A
N/A
$256,705
             
DLCEF
Distribution Plan
Class C
$1,627
N/A
N/A
$1,627
 
Shareholder Services Plan
Class A
$2,465
N/A
N/A
$2,465
   
Class C
$543
N/A
N/A
$543
             
DLCGF
Distribution Plan
Class C
$1,966
N/A
N/A
$1,966
 
Shareholder Services Plan
Class A
$3,591
N/A
N/A
$3,591
   
Class C
$655
N/A
N/A
$655
             
DRGF
Distribution Plan
Class C
$808,980
N/A
N/A
$808,980
 
Shareholder Services Plan
Class A
$1,365,300
N/A
N/A
$1,365,300
   
Class C
$269,660
N/A
N/A
$269,660
   
Class Z
$407,671
N/A
N/A
$407,671
             
DUSTITF
Shareholder Services Plan
N/A
$70,779
N/A
N/A
$70,779
             
DUSTLTF
Shareholder Services Plan
N/A
$56,603
N/A
N/A
$56,603

 
OFFERING PRICE
(Class A shares only)
 
Set forth below is an example of the method of computing the offering price of each fund's Class A shares, if applicable.  The example assumes a purchase of Class A shares aggregating less than $50,000 subject to the schedule of sales charges set forth in the fund's prospectus at a price based upon the NAV of a Class A share at the close of business on the last business day of the fund's last fiscal year (initial NAV for Dreyfus Global Infrastructure Fund).  Certain purchases are not subject to a sales charge or are subject to a different sales charge than the one shown below.  See the prospectus and "How to Buy Shares" in Part II of this SAI.
 
Fund
NAV Per Share
Sales Charge as a Percentage of Offering Price and NAV Per Share
Per Share Sales Charge
Per Share Offering Price to Public
         
DGDBF
$12.59
4.50% of offering price
(4.71% of NAV per share)
$0.59
$13.18
DGLIF
$12.50
5.75% of offering price
(6.10% of NAV per share)
$0.76
$13.26
DGRRF
$14.75
5.75% of offering price
(6.10% of NAV per share)
$0.90
$15.65
DIVF
$11.54
5.75% of offering price
(6.10% of NAV per share)
$0.70
$12.24
DOMVF
$38.27
5.75% of offering price
(6.10% of NAV per share)
$2.33
$40.60
DOUSSF
$17.75
5.75% of offering price
(6.10% of NAV per share)
$1.08
$18.83
DSVF
$37.27
5.75% of offering price
(6.10% of NAV per share)
$2.27
$39.54
DSMF
$26.49
5.75% of offering price
(6.10% of NAV per share)
$1.62
$28.11
DTGF
$38.16
5.75% of offering price
(6.10% of NAV per share)
$2.33
$40.49
DTEMF
$12.22
5.75% of offering price
(6.10% of NAV per share)
$0.75
$12.97
DTRF
$14.18
5.75% of offering price
(6.10% of NAV per share)
$0.87
$15.05
 
DEMF
$10.37
5.75% of offering price
(6.10% of NAV per share)
$0.63
$11.00
 
DRLSEF
$12.79
5.75% of offering price
(6.10% of NAV per share)
$0.78
$13.57
DBOF
$21.43
5.75% of offering price
(6.10% of NAV per share)
$1.31
$22.74
DNJMBF
$12.27
4.50% of offering price
(4.71% of NAV per share)
$0.58
$12.85
DDIF
$11.69
5.75% of offering price
(6.10% of NAV per share)
$0.71
$12.40
DEAF
$8.32
5.75% of offering price
(6.10% of NAV per share)
$0.51
$8.83
DGRESF
$8.71
5.75% of offering price
(6.10% of NAV per share)
$0.53
$9.24
DGCF
$41.67
5.75% of offering price
(6.10% of NAV per share)
$2.54
$44.21
DLCEF
$15.06
5.75% of offering price
(6.10% of NAV per share)
$0.92
$15.98
DLCGF
$8.96
5.75% of offering price
(6.10% of NAV per share)
$0.55
$9.51
DRGF
$14.49
5.75% of offering price
(6.10% of NAV per share)
$0.88
$15.37

RATINGS OF MUNICIPAL BONDS
 
The average distribution of investments (at value) in Municipal Bonds (including notes) by ratings for the last fiscal year, computed on a monthly basis, for each fund that focuses its investments in Municipal Bonds was as follows:
 
Fitch
Moody's
S&P
DNJMBF
       
AAA
Aaa
AAA
7.0%
AA
Aa
AA
26.6%
A
A
A
46.8%
BBB
Baa
BBB
14.8%
BB
Ba
BB
0.2%
B
B
B
2.9%
F1
M161/P1
SP1/A1
-
Not Rated
Not Rated
Not Rated
1.7%*
Total
100.0%

* Those securities which are not rated have been determined by the Manager to be of comparable quality to securities in the following rating categories:  AAA/Aaa (0.3%), A/A (0.3%) and BBB/Baa (1.1%).

RATINGS OF CORPORATE DEBT SECURITIES
 
The average distribution of investments (at value) in corporate debt securities (excluding any preferred stock, convertible preferred stock or convertible bonds) by ratings for the last fiscal year, computed on a monthly basis, for each fund that focuses its investments in corporate debt securities was as follows:
 
Fitch
Moody's
S&P
DGDBF
       
AAA
Aaa
AAA
40.4%
AA
Aa
AA
7.5%
A
A
A
13.9%
BBB
Baa
BBB
12.3%
BB
Ba
BB
9.1%
B
B
B
8.1%
CCC
Caa
CCC
1.8%
CC
Ca
CC
0.1%
Not Rated
Not Rated
Not Rated
1.2%*
Total
94.4%**

*Those securities which are not rated have been determined by the Manager to be of comparable quality to securities in the following category:  A/A (0.1%), Baa/BBB (0.1%), Ba/BB (0.3%) and Ccc/CCC (0.7%).
**DGDBF also owns equity securities (4.2%).

SECURITIES OF REGULAR BROKERS OR DEALERS
 
A fund may acquire securities issued by one or more of its "regular brokers or dealers," as defined in Rule 10b-1 under the 1940 Act.  Rule 10b-1 provides that a "regular broker or dealer" is one of the ten brokers or dealers that, during the fund's last fiscal year:  (1) received the greatest dollar amount of brokerage commissions from participating, either directly or indirectly, in the fund's portfolio transactions, (2) engaged as principal in the largest dollar amount of the fund's portfolio transactions or (3) sold the largest dollar amount of the fund's securities.  The following is a list of the issuers of the securities, and the aggregate value per issuer, of a fund's regular brokers or dealers held by such fund as of the end of its last fiscal year:
 
Fund
Regular Broker or Dealer
Aggregate Value Per Issuer
     
DUSTMMF
N/A
 
     
DGDBF
Barclays Capital Inc.
$92,000
 
J.P. Morgan Securities LLC
$138,000
 
Credit Suisse (USA) Inc.
$75,000
 
UBS Securities LLC
$86,000
     
DGRRF
Citigroup Inc.
$2,183,000
     
DIVF
Barclays Capital Inc.
$2,225,000
 
Credit Suisse (USA) Inc.
$590,000
 
Deutsche Bank Securities Inc.
$2,225,000
 
UBS Securities LLC
$1,847,000
     
DOMVF
N/A
 
     
DOSCF
N/A
 
     
DOUSSF
Citigroup Inc.
$273,000
     
DSVF
Bank of America NA
$34,156,000
 
Citigroup Inc.
$37,311,000
 
Goldman, Sachs & Co.
$21,062,000
 
J.P. Morgan Securities LLC
$45,085,000
 
Morgan Stanley
$10,552,000
     
DSMF
N/A
 
     
DTGF
N/A
 
     
DTEMF
N/A
 
     
DTRF
Bank of America NA
$767,000
 
Barclays Capital Inc.
$327,000
 
Citigroup Inc.
$754,000
 
Credit Suisse Securities (USA) Inc.
$238,000
 
Deutsche Bank Securities Inc.
$251,000
 
Goldman, Sachs & Co.
$360,000
 
J.P. Morgan Securities LLC
$992,000
 
Morgan Stanley
$216,000
 
Nomura Securities International, Inc.
$185,000
 
UBS Securities LLC
$358,000
 
Wells Fargo & Co.
$1,090,000
     
DGIF
Bank of America NA
$4,480,000
 
Goldman, Sachs & Co.
$6,144,000
 
J.P. Morgan Securities LLC
$16,768,000
     
DISIF
Barclays Capital Inc.
$2,822,000
 
Credit Suisse Securities (USA) Inc.
$2,039,000
 
Deutsche Bank Securities Inc.
$2,157,000
 
HSBC Securities (USA) Inc.
$8,888,000
 
UBS Securities LLC
$3,082,000
     
DS&P
Bank of America NA
$15,962,000
 
Citigroup Inc.
$17,814,000
 
Goldman, Sachs & Co.
$10,491,000
 
J.P. Morgan Securities LLC
$30,205,000
 
Morgan Stanley
$4,845,000
     
DSSIF
N/A
 
     
 
DEMF
Barclays Capital, Inc.
$10,915,000
 
     
DRLSEF
Bank of America NA
$216,000
 
Deutsche Bank Securities Inc.
$244,000
 
Goldman, Sachs & Co.
$232,000
     
DBOF
Bank of America NA
$5,529,000
 
J.P. Morgan Securities LLC
$7,481,000
 
Citigroup, Inc.
$5,004,000
 
Goldman, Sachs & Co.
$2,731,000
 
HSBC Securities (USA) Inc.
$304,000
 
Morgan Stanley
$1,825,000
 
Wells Fargo & Co.
$3,294,000
     
DMIF
N/A
 
     
DNJMBF
N/A
 
     
DDIF
N/A
 
     
DEAF
N/A
 
     
DGRESF
N/A
 
     
DGCF
N/A
 
     
DLCEF
J.P. Morgan Securities LLC
$3,510,000
 
Wells Fargo & Co.
$8,254,000
     
DLCGF
Wells Fargo & Co.
$200,000
     
DRGF
N/A
 
     
DUSTITF
N/A
 
     
DUSTLTF
N/A
 

COMMISSIONS
 
The aggregate amounts of commissions paid by each fund for brokerage commissions and spreads or concessions on principal transactions (none of which were paid to affiliates) for its last three fiscal years were as follows:
 
Fund
2014 Fiscal Year
2013 Fiscal Year
2012 Fiscal Year
Commissions
Spreads/
Concessions
Commissions
Spreads/
Concessions
Commissions
Spreads/
Concessions
             
DRGF
$494,596
$471
$557,683
--
$508,740
$17,121
 
DEMF
$1,977,035
--
$2,244,656
--
$2,351,176
--

 
Fund
2013 Fiscal Year
2012 Fiscal Year
2011 Fiscal Year
Commissions
Spreads/
Concessions
Commissions
Spreads/
Concessions
Commissions
Spreads/
Concessions
             
DUSTMMF
--
--
--
--
--
--
DIVF
$212,488
--
$210,365
--
$434,344
--
DOMVF
$2,077,123
$196,947
$2,047,739
$957,522
$3,890,966
$270,617
DOSCF
$1,593,573
$786,203
$1,652,805
$681,385
$3,153,276
$1,752,925
DOUSSF
$6,686
$1,873
$3,373
$42
--
--
DSVF
$1,025,641
$205,389
$1,133,485
$41,255
$1,047,482
$387,610
DSMF
$50,841
--
$58,349
--
$90,785
--
DTGF
$259,924
$465
$355,202
$9,022
$627,517
$17,827
 
DGDBF
$3,099
--
$1,498
--
$1,702
--
DGRRF
$81,441
--
$29,868
--
$14,949
--
DTEMF
$181,841
--
$121,940
--
$84,551
--
DTRF
$162,843
--
$71,296
--
$41,785
--
DGIF
$341,777
$21,779
$384,414
$16,586
$768,242
$85,805
DISIF
$113,492
--
$71,106
--
$50,571
--
DS&P
$31,179
$999
$24,957
--
$69,503
--
DSSIF
$96,351
--
$50,152
--
$145,374
--
DBOF
$178,018
$42,490
$162,730
$7,610
$255,761
$71,603
DMIF
$38,099
--
$31,571
--
$64,948
--
DNJMBF
--
--
--
--
--
--
DDIF
--
--
--
--
--
--
DEAF
$274,546
$5,360
$432,983
--
$766,110
--
DGCF
$1,911,523
$0
$2,507,773
--
$3,808,354
--
DGRESF
$981,861
$0
$700,382
--
$721,240
--
DLCEF
$250,577
$38,072
$111,511
--
$142,009
$36,117
DLCGF
$32,462
$11,706
$37,237
--
$44,553
$30,727
DRLSEF
$37,426
$876
--
--
--
--
DUSTITF
$478
--
$383
--
$3,682
--
DUSTLTF
$473
--
$1,069
--
$4,129
--

 
The following table provides an explanation of any material difference in the commissions or spreads/concessions paid by a fund in either of the two fiscal years preceding the last fiscal year.
 
Fund
Reason for Any Material Difference in Commissions or Spreads/Concessions
   
DUSTMMF
N/A
DGDBF
N/A
DGRRF
N/A
DIVF
N/A
DOMVF
Changes in commissions and spreads/concessions were due primarily to fluctuations in shareholder purchase and redemption activity and related portfolio transactions.  In addition, the fund's portfolio managers and investment strategy changed in its fiscal year ended in 2012.
DOSCF
The fund's portfolio turnover declined from 2011 to 2013; in addition, over time the Adviser has sought to direct more trades to execution only venues that typically charge lower commission rates.
DOUSSF
N/A
DSVF
N/A
DSMF
N/A
DTGF
The fund's portfolio turnover declined from 2011 to 2013; in addition, over time the Adviser has sought to direct more trades to execution only venues that typically charge lower commission rates.
DTEMF
N/A
DTRF
N/A
DGIF
N/A
DISIF
N/A
DS&P
N/A
DSSIF
N/A
 
DEMF
N/A
 
DRLSEG
The fund commenced operations in the 2013 fiscal year.
DBOF
The fund experienced a decrease in assets from the 2011 fiscal year to the 2012 fiscal year.
DMIF
N/A
DNJMBF
N/A
DDIF
N/A
DEAF
N/A
DGRESF
N/A
DGCF
The fund's assets decreased over the last two fiscal years.
DLCEF
The fund's assets increased over the last three fiscal years.
DLCGF
N/A
DRGF
N/A
DUSTITF
N/A
DUSTLTF
N/A

The aggregate amount of transactions during each fund's last fiscal year in securities effected on an agency basis through a broker-dealer for, among other things, research services and the commissions and concessions related to such transactions were as follows:
 
Fund
Transactions
Related Commissions/Concessions
     
DUSTMMF
$0
N/A
DGDBF
$0
N/A
DGRRF
$40,379,342
$39,067
DIVF
$99,753,013
$154,573
DOMVF
$1,393,064,091
$1,537,586
DOSCF
$572,529,267
$1,020,656
DOUSSF
$1,612,866
$2,451
DSVF
$989,328,970
$754,177
DSMF
$123,981,162
$11,982
DTGF
$255,301,384
$229,434
DTEMF
$72,967,723
$161,958
DTRF
$0
N/A
DGIF
$490,906,574
$284,123
DISIF
$0
N/A
DS&P
$0
N/A
DSSIF
$0
N/A
 
DEMF
$594,923,861
$1,625,523
 
DRLSEF
$25,355,437
$22,371
DBOF
$237,293,399
$144,573
DMIF
$0
N/A
DNJMBF
$0
N/A
DDIF
$0
N/A
DEAF
$112,635,965
$262,791
DGRESF
$667,740,035
$984,416
DGCF
$934,638,083
$1,875,310
DLCEF
$224,895,687
$175,617
DLCGF
$30,954,634
$26,310
DRGF
$920,418,218
$406,119
DUSTITF
$0
N/A
DUSTLTF
$0
N/A

PORTFOLIO TURNOVER VARIATION
(not applicable to money market funds)
 
Each fund's portfolio turnover rate for up to five fiscal years is shown in the prospectus.  The following table provides an explanation of any significant variation in a fund's portfolio turnover rates over the last two fiscal years (or any anticipated variation in the portfolio turnover rate from that reported for the last fiscal year).
 
Fund
Reason for Any Significant Portfolio Turnover Rate Variation, or Anticipated Variation
   
DGDBF
N/A
DGRRF
N/A
DIVF
N/A
DOMVF
N/A
DOSCF
N/A
DOUSSF
The fund commenced operations in the 2012 fiscal year.
DSVF
N/A
DSMF
N/A
DTGF
N/A
DTEMF
N/A
DTRF
N/A
DGIF
N/A
DISIF
N/A
DS&P
N/A
DSSIF
N/A
 
DEMF
N/A
 
DRLSEF
The fund commenced operations in the 2013 fiscal year.
DBOF
N/A
DMIF
N/A
DNJMBF
N/A
DDIF
N/A
DEAF
The fund's assets decreased significantly from 2010 to 2012.
DGRESF
N/A
DGCF
The fund's assets decreased significantly from 2010 to 2012.
DLCEF
N/A
DLCGF
N/A
DRGF
N/A
DUSTITF
N/A
DUSTLTF
N/A
 
SHARE OWNERSHIP
 
The following persons are known by each fund to own of record 5% or more of the indicated class of the fund's outstanding voting securities.  A shareholder who beneficially owns, directly or indirectly, more than 25% of a fund's voting securities may be deemed to "control" (as defined in the 1940 Act) the fund.  All information for a fund is as of the date indicated for the first listed class.
 
Date
Fund
Class
Name & Address
Percent Owned
         
April 15, 2014
DUSTMMF
N/A
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
15.11%
         
     
City National Bank
Fiduciary for Various Accounts
Attn: Trust OPS/DDA Sweep
555 S. Flower Street, Floor 10
Los Angeles, CA 90071-2300
5.02%
         
February 6, 2014
DGDBF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
48.74%
         
     
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
31.04%
         
     
Stifel Nicolaus & Co.
501 North Broadway
St. Louis, MO 63102-2188
8.90%
         
   
Class C
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
46.68%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
31.02%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
20.88%
         
   
Class I
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
53.75%
         
     
BLMC L-P
A Partnership
P.O. Box 2212
Soquel, CA 95063
27.89%
         
     
Global Investors LLP
100 Court Avenue, Suite 211
Des Moines, IA 50309-2213
17.47%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
100.00%
         
February 6, 2014
DGRRF
Class A
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
53.09%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
36.53%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
6.56%
         
   
Class C
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
70.48%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
10.03%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
5.72%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
5.17%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
5.09%%
         
   
Class I
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
47.31%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
24.75%
         
     
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456-9989
16.92%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
5.43%
         
   
Class Y
MAC & Co.
Attn: Mutual Fund Operations
P.O. Box 3198
525 William Penn Place
Pittsburgh, PA 15230-3198
99.99%
         
December 2, 2013
DOMVF
Class A
The Vanguard Fiduciary Trust Co.
P.O. Box 2600
Valley Forge, PA 19482-2600
14.08%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
9.59%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55402-2405
7.82%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
7.48%
         
     
Charles Schwab & Company, Incorporated
211 Main Street
San Francisco, CA 94105
5.96%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
22.03%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
17.89%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
12.27%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
12.20%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
8.15%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
5.08%
         
   
Class I
JP Morgan Chase Bank as Trustee
11500 Outlook Street
Overland Park, KS  66211-1804
48.55%
         
     
Fidelity Investments Institutional Operations
CO (FIIOC) As Agent for Their Clients
100 Magellan Way (KWIC)
Covington, KY  41015-1999
17.72%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
6.19%
         
     
Banco Popular de Puerto Rico as Trustee
11500 Outlook Street
Overland Park, KS 66211-1804
5.85%
         
   
Class Y
BNY  Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
100%
         
December 2, 2013
DOSCF
N/A
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456-9989
24.43%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
18.28%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474
6.76%
         
     
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
5.44%
         
December 2, 2013
DOUSSF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN  55474
53.41%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
18.28%
         
   
Class C
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN  55474
88.06%
         
     
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
8.87%
         
   
Class I
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
99.26%
         
December 2, 2013
DIVF
Class A
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-1995
44.31%
         
     
Nationwide Trust Company FSB
c/o IPO Portfolio Accounting
P.O. Box 182029
Columbus, OH 43218-2029
11.18%
         
     
Pershing LLC
P.O. Box 2052
Jersey City,  NJ 07303-2052
5.9%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246-6484
42.65%
         
     
First Clearing, LLC
2801 Market Street
St. Louis MO 63103
13.01%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
11.83%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
11.30%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-0000
7.17%
         
   
Class I
Dreyfus Premier Diversified International Fund
The Dreyfus Corporation
200 Park Avenue, Floor 7
New York, NY 10166-0090
81.09%
         
     
SEI Private Trust Company
c/o Mellon
Attn: Mutual Funds
One Freedom Valley Drive
Oaks, PA 19456-9989
9.75%
         
December 2, 2013
DSVF
Class A
JP Morgan Clearing Corporation
3 Chase Metrotech Center
Brooklyn, NY 11245-0001
9.53%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, NM  55474-0020
5.79%
         
     
National Financial Services LLC
82 Devonshire Street
Boston, MA  02109
5.65%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
5.54%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
23.79%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
15.41%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-1995
9.44%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
9.36%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
8.54%
         
     
Raymond James
Omnibus For Mutual Funds House Acct. Firm
880 Carillon Parkway
St. Petersburg, FL  33716-1102
5.94%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
5.80%
         
   
Class I
MAC & Co.
Attn: Mutual Fund Operations
P.O. Box 3198
525 William Penn Place
Pittsburgh, PA 15230-3198
27.76%
         
     
The Vanguard Fiduciary Trust Company
P.O. Box 2600
Valley Forge, PA  19482-2600
17.34%
         
     
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456-9989
10.89%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO  63103
8.51%
         
     
Raymond  James
Omnibus For Mutual Funds House Acct. Firm
880 Carillon Parkway
St. Petersburg, FL  33716-1102
6.49%
         
   
Class Y
BNY  Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
100%
         
December 2, 2013
DSMF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
13.43%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
12.71%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
12.09%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO  63103
5.57%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
23.55%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO  63103
16.54%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
12.83%
         
     
Morgan Stanley & Co.
Harborside Financial Cener Plaza 2
Floor 3
Jersey City, NJ  07311
8.59%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
5.58%
         
     
LPL Financial
9785 Towne Centre Drive
San Diego, CA 92121-1968
5.28%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
5.05%
         
   
Class I
Lincoln Financial Advisors Corp.
1300 South Clinton Street
P.O. Box 2239
Fort Wayne, IN  46801-2239
32.70%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
21.15%
         
     
Wells Fargo Bank NA
Omnibus Acct for Various Retirement Plans
1525 West WT Harris Boulevard
Charlotte, NC 28288-1076
11.58%
         
     
Great-West Life & Annuity Insurance Co.
FBO Various DB Plans
8515 East Orchard Road
Greenwood Village, CO  80111
5.44%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE 19711
100%
         
December 2, 2013
DTGF
Class A
National Financial Services LLC
82 Devonshire Street
Boston, MA 02109-3605
9.30%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
7.90%
         
     
Charles Schwab & Company, Incorporated
211 Main Street
San Francisco, CA  94105
6.16%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO  63103
6.03%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
5.93%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
28.89%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
15.89%
         
     
First Clearing, LLC
2801  Market Street
St. Louis, MO 63103
12.01%
         
     
National Financial Services LLC, LLC
499 Washington Boulevard
Jersey City, NJ 07310-1995
10.33%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
7.41%
         
   
Class I
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246-6484
20.09%
         
     
Great-West Trust Company
8515 East Orchard Road,  2T2
Greenwood Village, CO 80111
13.51%
         
     
Raymond James
Omnibus For Mutual Funds House Acct. Firm
880 Carillon Parkway
St. Petersburg, FL  33716-1102
10.77%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103
8.21%
         
     
VALIC Retirement Services Co.
2929 Allen Parkway, Suite A6-20
Houston, TX 77019-7117
5.99%
         
February 6, 2014
DTEMF
Class A
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
35.88%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
22.85%
         
     
Sean Fitzgibbon
West Newton, MA
18.52%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
7.22%
         
   
Class C
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
60.14%
         
     
LPL Financial Corporation
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
32.81%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
6.48
         
   
Class I
SEI Private Trust Company
c/o Mellon
Attn: Mutual Funds
One Freedom Valley Drive
Oaks, PA 19456-9989
86.57%
         
     
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
10.44%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
100.00%
         
February 6, 2014
DTRF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
39.54%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
13.72%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
9.24%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
7.99%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
5.92%
         
     
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
5.32%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
5.01%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
20.13%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
18.94%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
16.71%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza
Floor 3
Jersey City, NJ 07311
13.61%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
10.55%
         
     
RBC Capital Markets LLC
510 Marquette Avenue South
Minneapolis, MN 55402-1110
7.10%
         
   
Class I
SEI Private Trust Company
Administrator Mutual Funds
One Freedom Valley Drive
Oaks, PA 19456-9989
89.06%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive, Suite 102
Newark, DE 19711
100.00%
         
February 6, 2014
DGIF
N/A
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
17.65%
         
February 6, 2014
DS&P
N/A
Fidelity Investments Institutional Operations Company, Inc.
(FIIOC) As FBO ITS Clients
100 Magellan Way KWIC
Covington, KY 41015-1999
17.82%
         
     
VALIC Retirement Services Co.
2929 Allen Parkway, Suite A6-20
Houston, TX 77019-7117
15.22%
         
     
National Financial Services LLC
82 Devonshire Street
Boston, MA 02109-3605
10.91%
         
     
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
10.90%
         
     
Nationwide Life Insurance Company NWVA
c/o IPO Portfolio Accounting
P.O. Box 182029
Columbus, OH 43218-2029
6.16%
         
February 6, 2014
DISIF
N/A
VALIC Retirement Services Co.
2929 Allen Parkway, Suite A6-20
Houston, TX 77019-7117
30.63%
         
     
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
19.05%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
9.77%
         
February 6, 2014
DSSIF
N/A
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
22.20%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
17.39%
         
     
VALIC Retirement Services Co.
2929 Allen Parkway, Suite A6-20
Houston, TX 77019-7117
14.40%
         
     
Wells Fargo Bank NA
FBO Its Clients
P.O. Box 1533
Minneapolis, MN  55474
8.25%
         
February 6, 2014
DMIF
N/A
Charles Schwab & Company, Incorporated
211 Main Street
San Francisco, CA 94105-1905
17.67%
         
     
SEI Private Trust Company
c/o Mellon
One Freedom Valley Drive
Oaks, PA 19456-9989
14.31%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
13.67%
         
     
VALIC Retirement Services Co.
2929 Allen Parkway, Suite A6-20
Houston, TX 77019-7117
12.78%
         
     
Wells Fargo Bank NA
Various Retirement Plans
1525 West WT Harris Boulevard
Charlotte, NC 28288-1076
5.75%
         
 
September 10, 2014
 
DEMF
Class A
Charles Schwab & Company, Incorporated
211 Main Street
San Francisco, CA 94105
19.33%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
10.76%
         
     
National Financial Services LLC
82 Devonshire Street
Boston, MA 02109-3605
8.93%
         
     
American Enterprise Invest
Mutual Fund Omnibus
8.27%
         
     
Raymond James
880 Carillon Parkway
Saint Petersburg, FL  33716-1102
5.82%
         
   
Class C
First Clearing, LLC
2801 Market Street
Saint Louis, MO  63013
23.62%
         
     
Raymond James
880 Carillon Parkway
Saint Petersburg, FL  33716-1102
21.90%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
14.81%
         
     
American Enterprise Invest
Mutual Fund Omnibus
8.60%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246-6484
8.55%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
8.44%
         
   
Class I
First Clearing, LLC
2801 Market Street
Saint Louis, MO  63013
72.18%
         
     
JP Morgan Chase Bank as Trustee
11500 Outlook Street
Overland Park, KS 66211-1804
22.41%
         
   
Class Y
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456-9989
68.16%
         
     
Dreyfus Premier Diversified International Fund
The Dreyfus Corporation
200 Park Avenue, Floor 7
New York, NY 10166-0090
28.28%
 
         
February 6, 2014
DRLSEF
Class A
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104-4151
76.40%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
13.52%
         
     
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
10.07%
         
   
Class C
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
87.79%
         
     
TD Ameritrade FBO
Alan Ross Wilson Roth IRA
Northbrook, IL
12.21%
         
   
Class I
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
97.30%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
100.00%
         
March 19, 2014
DBOF
Class A
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310
9.85%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303
9.78%
         
     
J. P. Morgan Clearing Corp.
3 Chase Metrotech Center
Brooklyn, NY 11245
6.42%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246
5.99%
         
     
First Clearing, LLC
2801 Market Street
Saint Louis, MO 63103
5.79%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55402
5.33%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246
32.91%
         
     
First Clearing, LLC
2801 Market Street
Saint Louis, MO 63103
14.49%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303
9.60%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
8.78%
         
     
UBS Financial Services Inc.
1000 Harbor Blvd, Floor 7
Weehawken, NJ 07086
5.92%
         
   
Class I
Southwest Gas Corp Foundation
5241 Spring Mountain Road
Las Vegas, NV 89150
17.21%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246
14.09%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
13.82%
         
     
First Clearing, LLC
2801 Market Street
Saint Louis, MO 63103
11.50%
         
     
Maura McCarthy & David Conley
Bayside, NY
5.74%
         
     
Mac & Co.
Mutual Fund Operations
P.O. Box 3198
Pittsburgh, PA 15230-3198
5.43%
         
   
Class J
Charles Schwab & Company, Incorporated
101 Montgomery Street
San Francisco, CA 94104
15.68%
         
     
National Financial Services LLC
499 Washington Blvd
Jersey City, NJ 07310
8.37%
         
   
Class Z
Nationwide Life Insurance Company
P.O. Box 182029
Columbus, OH 43218-2029
20.90%
         
     
Nationwide Trust Company FSB
C/O IPO Portfolio Accounting
P.O. Box 182029
Columbus, OH 43218
6.15%
         
     
Nationwide Corporation
Portfolio Acct Vids Group
P.O. Box 182029
Columbus, OH 43218
6.11%
         
April 11, 2014
DNJMBF
Class A
None
 
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
51.49%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
21.64%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
6.34%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
5.69%
         
   
Class I
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
52.03%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-0000
23.27%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
15.63%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
301 Bellevue Parkway
Wilmington, DE 19809
100.00%
         
   
Class Z
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
5.55%
         
February 6, 2014
DDIF
Class A
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
59.22%
         
     
Patterson & Co.
1525 West Wt Harris Boulevard
Charlotte, NC 28288
7.82%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
6.33%
         
   
Class C
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
32.55%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
25.49%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
18.02%
         
     
JP Morgan Clearing Corporation
3 Chase Metrotech Center
Brooklyn, NY 11245-0001
10.11%
         
     
Charles Schwab & Co., Inc.
101 Montgomery Street
San Francisco, CA 94104-4151
7.30%
         
   
Class I
SEI Private Trust Company
C/O Mellon
Attn: Mutual Funds
One Freedom Valley Drive
Oaks, PA 19456-9989
98.87%
         
February 6, 2014
DEAF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
11.37%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
10.04%
         
     
Stifel Nicolaus & Co.
501 North Broadway
St. Louis, MO 63102-2188
9.02%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
8.28%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
3 rd Floor
Jersey City, NJ 07311
6.31%
         
     
Christopher Trainor
Milford, MI
6.09%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
5.94%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
3 rd Floor
Jacksonville, FL 32246-6484
31.41%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
17.44%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
12.53%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
10.23%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
7.28%
         
   
Class I
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
3 rd Floor
Jacksonville, FL 32246-6484
43.10%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
19.34%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
11.84%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
8.78%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
5.48%
         
February 6, 2014
DGRESF
Class A
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
33.30%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
12.31%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
8.33%
         
     
Charles Schwab & Company, Incorporated
211 Main Street
San Francisco, CA 94105
8.21%
         
   
Class C
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
34.41%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
25.36%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
11.01%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
8.30%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
6.74%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
6.12%
         
   
Class I
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456-9989
77.13%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
14.17%
         
   
Class Y
BNY Mellon Corporation
MBC Investments Corporation
100 White Clay Center Drive
Suite 102
Newark, DE  19711
100.00%
         
February 6, 2014
DGCF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
12.36%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
10.16%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
9.11%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
8.02%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
7.46%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
6.90%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
6.40%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
29.29%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
15.25%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
10.98%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
8.30%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
7.15%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
5.96%
         
   
Class I
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 2
Jacksonville, FL 32246-6484
23.12%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ  07310
19.56%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103-2523
12.84%
         
     
Morgan Stanley & Co.
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
9.58%
         
     
Brown Brothers Harriman & Co.
50 Post Office Square
Boston, MA 02110
7.98%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
5.50%
         
April 15, 2014
DLCEF
Class A
J.P. Morgan Clearing Corp.
3 Chase Metrotech Center
Brooklyn, NY 11245-0001
22.18%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
14.58%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
13.13%
         
     
Merrill Lynch Pierce Fenner & Smith Incorporated
4800 Deer Lake Drive East, Floor 3
Jacksonville, FL 32246-6484
9.24%
         
     
National Financial Services LLC
499 Washington Blvd
Jersey City, NJ 07310-0000
6.03%
         
     
Robert Gerry Schnelle Ttee
The Robert Gerry Schnelle Trust
Winston Salem, NC
5.27%
         
   
Class C
National Financial Services LLC
499 Washington Blvd
Jersey City, NJ 07310-0000
29.60%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
28.29%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
19.61%
         
     
Barbara O'Donnell Ttee
Hugh W. O'Donnell Family Trust
Fresno, TX
14.36%
         
   
Class I
SEI Private Trust Co.
1 Freedom Valley Drive
Oaks, PA 19456-9989
93.50%
         
April 15, 2014
DLCGF
Class A
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
18.75%
         
     
Merrill Lynch Pierce Fenner & Smith Incorporated
Attn. Fund Administration
4880 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
13.51%
         
     
First Clearing, LLC
2801 Market Street
St. Louis, MO 63103
8.49%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-0000
6.15%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
67.90%
         
     
American Enterprise Investment Services
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
15.49%
         
     
Raymond James
Omnibus for Mutual Funds House Acct. Firm
880 Carillon Parkway
St. Petersburg, FL, 33716-1102
11.50%
         
   
Class I
SEI Private Trust Co.
One Freedom Valley Drive
Oaks, PA 19456-9989
66.61%
         
June 6, 2014
DRGF
Class A
American Enterprise Investment
Mutual Fund Omnibus
2003 Ameriprise Financial Center
Minneapolis, MN 55474-0020
8.64%
         
     
Charles Schwab & Company, Incorporated
211 Main Street
San Francisco, CA 94105
7.29%
         
     
The Vanguard Fiduciary Trust Co.
P.O. Box 2600
Valley Forge, PA 19482-2600
6.94%
         
     
First Clearing LLC
10750 Wheat First Drive
Glen Allen, VA 23060-9243
6.83%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
6.17%
         
     
National Financial Services
82 Devonshire Street
Boston, MA 02109-3605
5.93%
         
   
Class C
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
22.38%
         
     
First Clearing LLC
2801 Market Street
St. Louis, MO 63103-2523
14.53%
         
     
Morgan Stanley & Company
Harborside Financial Center Plaza 2
Floor 3
Jersey City, NJ 07311
10.11%
         
     
JP Morgan Clearing Corporation
3 Chase Metrotech Center
Brooklyn, NY 11245-0001
7.54%
         
     
Pershing LLC
P.O. Box 2052
Jersey City, NJ 07303-2052
6.15%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
5.97%
         
     
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-0000
5.83%
         
   
Class I
Boston Safe Deposit & Trust Co.
P.O. Box 3198
Pittsburgh, PA 15230-3198
22.36%
         
     
SEI Private Trust
One Freedom Valley Drive
Oaks, PA 19456-9989
20.52%
         
     
Lincoln Retirement Services Company
P.O. Box 7876
Fort Wayne, IN 46801-7876
14.63%
         
     
JP Morgan Chase as Trustee FBO
Allergan, Inc. Savings and Investment Plan
11500 Outlook Street
Overland Park, KS 66211
8.31%
         
     
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4800 Deer Lake Drive East
Floor 3
Jacksonville, FL 32246-6484
7.41%
         
   
Class Y
NFS LLC FEBO
State Street Bank Trust Co.
440 Mamaroneck Avenue
Harrison, NY 10528-2418
99.95%
         
   
Class Z
None
 
         
April 15, 2014
DUSTITF
N/A
National Financial Services LLC
499 Washington Boulevard
Jersey City, NJ 07310-0000
7.37%
         
     
UBS WM USA
499 Washington Boulevard
Jersey City, NJ 07310-1995
5.47%
         
April 15, 2014
DUSTLTF
N/A
None
 
         

 
Certain shareholders of a fund may from time to time own or control a significant percentage of the fund's shares ("Large Shareholders").  Large Shareholders may include, for example, institutional investors, funds of funds, affiliates of the Manager, and discretionary advisory clients whose buy-sell decisions are controlled by a single decision-maker, including separate accounts and/or funds managed by the Manager or its affiliates.  Large Shareholders may redeem all or a portion of their shares of a fund at any time or may be required to redeem all or a portion of their shares in order to comply with applicable regulatory restrictions (including, but not limited to, restrictions that apply to U.S. banking entities and their affiliates, such as the Manager).  Redemptions by Large Shareholders of their shares of a fund may force the fund to sell securities at an unfavorable time and/or under unfavorable conditions, or sell more liquid assets of the fund, in order to meet redemption requests.  These sales may adversely affect a fund's NAV and may result in increasing the fund's liquidity risk, transaction costs and/or taxable distributions. 
 
PART II
 
HOW TO BUY SHARES
 
See "Additional Information About How to Buy Shares" in Part III of this SAI for general information about the purchase of fund shares.
 
Investment Minimums
 
The minimum initial investment for each fund is $1,000 for full-time or part-time employees of the Manager or any of its affiliates, directors of the Manager, board members of a fund advised by the Manager, or the spouse or minor child of any of the foregoing, and $50 for full-time or part-time employees of the Manager or any of its affiliates who elect to have a portion of their pay directly deposited into their fund accounts.
 
Shares of each fund are offered without regard to the minimum initial or subsequent investment requirements to investors purchasing fund shares through wrap fee accounts or other fee based programs.  In addition, shares of Dreyfus Emerging Asia Fund and Dreyfus Greater China Fund are offered without regard to minimum initial or subsequent investment requirements to shareholders purchasing fund shares through the Dreyfus Managed Asset Program.
 
Each fund, except Dreyfus New Jersey Municipal Bond Fund, reserves the right to offer fund shares without regard to minimum purchase requirements to government-sponsored programs or to employees participating in certain Retirement Plans or other programs where contributions or account information can be transmitted in a manner and form acceptable to the fund.
 
Information Pertaining to Purchase Orders
 
Index Funds.  To permit these funds to invest your money as promptly as possible after receipt, thereby maximizing the fund's ability to track its Index, you are urged to transmit your purchase order in proper form so that it may be received by the Transfer Agent prior to 12:00 noon, Eastern time, on the day you want your purchase order to be effective.
 
Information Regarding the Offering of Share Classes
 
The share classes of each fund with more than one class are offered as described in the relevant fund's prospectus and as follows:
 
On March 13, 2012, outstanding Class B shares of Dreyfus Balanced Opportunity Fund, Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus International Value Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund converted to Class A shares.
 
Dreyfus Balanced Opportunity Fund, Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Greater China Fund, Dreyfus International Value Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund and Dynamic Total Return Fund offered Class T shares prior to February 4, 2009.
 
Class I shares of Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Growth Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Strategic Value Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund are offered to certain other funds in the Dreyfus Family of Funds.  Class I shares of Dreyfus Global Real Estate Securities Fund and Dreyfus Global Real Return Fund also are offered to series of BNY Mellon Funds Trust.
 
Class I shares of Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund and Dreyfus Global Real Estate Securities Fund may also be purchased by shareholders who received Class I shares in exchange for Institutional shares of their predecessor series of BNY Hamilton Funds or who received Class A shares in exchange for Class A shares of their predecessor series of BNY Hamilton Funds, which shares were subsequently converted to Class I shares.
 
Holders of Class I shares of Dreyfus Emerging Markets Fund who have held their shares since June 5, 2003 may continue to purchase Class I shares of the fund for their existing accounts whether or not they would otherwise be eligible to do so.
 
Holders of Class J shares of Dreyfus Balanced Opportunity Fund may purchase additional Class J shares of the fund without a sales charge through their Service Agents or the Distributor.
 
Class Z shares of Dreyfus Research Growth Fund are offered to certain other funds in The Dreyfus Family of Funds.
 
Certain broker-dealers and other financial institutions maintaining accounts with Dreyfus Balanced Opportunity Fund, Dreyfus New Jersey Intermediate Municipal Bond Fund (which was merged into Dreyfus New Jersey Municipal Bond Fund) or Dreyfus Research Growth Fund at the time of the reorganization of such fund may open new accounts in Class Z shares of Dreyfus Balanced Opportunity Fund, Dreyfus New Jersey Municipal Bond Fund or Dreyfus Research Growth Fund, respectively, on behalf of qualified retirement plans and "wrap accounts" or similar programs.  Class Z shares generally are not available for new accounts.
 
Class A
 
General information about the public offering price of Class A shares of the Multi-Class Funds can be found in Part III of this SAI under "Additional Information About How to Buy Shares—Class A."  The public offering price for Class A shares of Dreyfus New Jersey Municipal Bond Fund (except for shareholders beneficially owning Class A shares of the fund on January 6, 2003) is the net asset value per share of that class plus a sales load as shown below:
 
 
Total Sales Load* - Class A Shares
   
 
Amount of Transaction
As a % of offering price
  per share
As a % of net asset value
per share
Dealers' reallowance as
a % of offering price
 
Less than $50,000
4.50
4.71
4.25
 
$50,000 to less than $100,000
4.00
4.17
3.75
 
$100,000 to less than $250,000
3.00
3.09
2.75
 
$250,000 to less than $500,000
2.50
2.56
2.25
 
$500,000 to less than $1,000,000
2.00
2.04
1.75
 
$1,000,000 or more
-0-
-0-
-0-
_________________
*Due to rounding, the actual sales load you pay may be more or less than that calculated using these percentages.
 
Class A shares of Multi-Class Funds, including Dreyfus New Jersey Municipal Bond Fund, purchased without an initial sales load as part of an investment of $1,000,000 or more may be assessed at the time of redemption a 1% CDSC if redeemed within one year of purchase.  The Distributor may pay Service Agents an up-front commission of up to 1% of the net asset value of Class A shares purchased by their clients as part of a $1,000,000 or more investment in Class A shares that are subject to a CDSC.  If the Service Agent waives receipt of such commission, the CDSC applicable to such Class A shares will not be assessed at the time of redemption.  A CDSC will not be assessed against such Class A shares purchased by a shareholder of a Multi-Class Fund who beneficially owned Class A shares of such fund on the date indicated below.
 
For shareholders of a Multi-Class Fund listed below who beneficially owned Class A shares of such fund on the date indicated below, the public offering price for Class A shares of such fund is the net asset value per share of that class:
 
Name of Fund
Date of Beneficial Ownership
Dreyfus Emerging Markets Fund
November 11, 2002
Dreyfus International Value Fund
November 14, 2002
Dreyfus New Jersey Municipal Bond Fund
January 6, 2003
Dreyfus Opportunistic   Midcap Value Fund
May 29, 2008
Dreyfus Strategic Value Fund
May 31, 2001
Dreyfus Technology Growth Fund
April 15, 1999

 
Class A shares of Dreyfus Balanced Opportunity Fund may be purchased at net asset value without a sales load by accountholders under the "ACS/BNY Mellon HSA Solution," an integrated health savings account.  Health savings accounts are flexible accounts that provide employers and/or employees covered under qualified high deductible health plans the ability to make contributions to special savings accounts generally without federal or state tax consequences.
 
HOW TO REDEEM SHARES
 
See "Additional Information About How to Redeem Shares" in Part III of this SAI for general information about the redemption of fund shares.
 
Fund
Services *
Dreyfus 100% U.S. Treasury Money Market Fund
Dreyfus U.S. Treasury Intermediate Term Fund
Dreyfus U.S. Treasury Long Term Fund
Checkwriting Privilege
Dreyfus TeleTransfer Privilege
Wire Redemption Privilege
Dreyfus Balanced Opportunity Fund
Dreyfus Diversified International Fund
Dreyfus Emerging Asia Fund
Dreyfus Emerging Markets Fund
Dreyfus Global Dynamic Bond Fund
Dreyfus Global Infrastructure Fund
Dreyfus Global Real Estate Securities Fund
Dreyfus Global Real Return Fund
Dreyfus Greater China Fund
Dreyfus International Value Fund
Dreyfus Large Cap Equity Fund
Dreyfus Large Cap Growth Fund
Dreyfus Opportunistic Midcap Value Fund
Dreyfus Opportunistic U.S. Stock Fund
Dreyfus Research Growth Fund
Dreyfus Research Long/Short Equity Fund
Dreyfus Strategic Value Fund
Dreyfus Structured Midcap Fund
Dreyfus Technology Growth Fund
Dreyfus Total Emerging Markets Fund
Dynamic Total Return Fund
Dreyfus TeleTransfer Privilege
Redemption through an Authorized Entity
Reinvestment Privilege
Wire Redemption Privilege
Dreyfus International Stock Index Fund
Dreyfus Midcap Index Fund
Dreyfus S&P 500 Index Fund
Dreyfus Smallcap Stock Index Fund
Wire Redemption Privilege
Dreyfus Growth and Income Fund
Dreyfus Opportunistic Small Cap Fund
Dreyfus TeleTransfer Privilege
Wire Redemption Privilege
Dreyfus New Jersey Municipal Bond Fund
Checkwriting Privilege (Class A and Z shares only)
Dreyfus TeleTransfer Privilege
Redemption through an Authorized Entity
Reinvestment Privilege
Wire Redemption Privilege

 
*       Institutional Direct accounts are not eligible for online services.
 
Information Pertaining to Redemptions
 
Index Funds .  To maximize each fund's ability to track its Index, you are urged to transmit redemption requests so that they may be received by the fund or the Transfer Agent prior to 12:00 noon, Eastern time, on the day you want your redemption requests to be effective.
 
SHAREHOLDER SERVICES
 
The following shareholder services apply to the funds.   See "Additional Information About Shareholder Services" in Part III of this SAI for more information.
 
Fund
Services *
Dreyfus 100% U.S. Treasury Money Market Fund
Dreyfus Growth and Income Fund
Dreyfus International Stock Index Fund
Dreyfus Midcap Index Fund
Dreyfus Opportunistic Small Cap Fund
Dreyfus Research Growth Fund
Dreyfus S&P 500 Index Fund
Dreyfus Smallcap Stock Index Fund
Dreyfus U.S. Treasury Intermediate Term Fund
Dreyfus U.S. Treasury Long Term Fund
Fund Exchanges
Dreyfus Auto-Exchange Privilege
Dreyfus Automatic Asset Builder Ò
Dreyfus Government Direct Deposit Privilege
Dreyfus Payroll Savings Plan
Dreyfus Dividend Options
Automatic Withdrawal Plan
Corporate Pension/Profit-Sharing and Retirement Plans
 
Dreyfus Balanced Opportunity Fund
Dreyfus Diversified International Fund
Dreyfus Emerging Asia Fund
Dreyfus Emerging Markets Fund
Dreyfus Global Dynamic Bond Fund
Dreyfus Global Infrastructure Fund
Dreyfus Global Real Estate Securities Fund
Dreyfus Greater China Fund
Dreyfus International Value Fund
Dreyfus Large Cap Equity Fund
Dreyfus Large Cap Growth Fund
Dreyfus Opportunistic Midcap Value Fund
Dreyfus Opportunistic U.S. Stock Fund
Dreyfus Research Growth Fund
Dreyfus Research Long/Short Equity Fund
Dreyfus Strategic Value Fund
Dreyfus Structured Midcap Fund
Dreyfus Technology Growth Fund
Dreyfus Total Emerging Markets Fund
Dynamic Total Return Fund
Fund Exchanges
Dreyfus Auto-Exchange Privilege
Dreyfus Automatic Asset Builder Ò
Dreyfus Government Direct Deposit Privilege
Dreyfus Payroll Savings Plan
Dreyfus Dividend Options
Automatic Withdrawal Plan
Letter of Intent
Corporate Pension/Profit-Sharing and Retirement Plans
 
Dreyfus New Jersey Municipal Bond Fund
Fund Exchanges
Dreyfus Auto-Exchange Privilege
Dreyfus Automatic Asset Builder Ò
Dreyfus Government Direct Deposit Privilege
Dreyfus Payroll Savings Plan
Dreyfus Dividend Options
Automatic Withdrawal Plan
Letter of Intent

 
*       Class Y shares (offered by certain funds) only have the Fund Exchanges shareholder service, as described below. Institutional Direct accounts are not eligible for online services.
 

 
DISTRIBUTION PLANS, SERVICE PLANS AND SHAREHOLDER SERVICES PLANS
 
The following Plans apply to the funds.   See "Additional Information About Distribution Plans, Service Plans and Shareholder Services Plans" in Part III of this SAI for more information about the Plans.
 
Fund
Class(es) *
Plan (12b-1 or servicing) **
Key Features ***
Dreyfus Balanced Opportunity Fund
Dreyfus Diversified International Fund
Dreyfus Emerging Asia Fund
Dreyfus Emerging Markets Fund
Dreyfus Global Dynamic Bond Fund
Dreyfus Global Infrastructure Fund
Dreyfus Global Real Estate Securities Fund
Dreyfus Global Real Return Fund
Dreyfus Greater China Fund
Dreyfus International Value Fund
Dreyfus Large Cap Equity Fund
Dreyfus Large Cap Growth Fund
Dreyfus New Jersey Municipal Bond Fund
Dreyfus Opportunistic Midcap Value Fund
Dreyfus Opportunistic U.S. Stock Fund
Dreyfus Research Growth Fund
Dreyfus Research Long/Short Equity Fund
Dreyfus Strategic Value Fund
Dreyfus Structured Midcap Fund
Dreyfus Technology Growth Fund
Dreyfus Total Emerging Markets Fund
Dynamic Total Return Fund
Class C
Distribution Plan
(12b-1)
The fund pays the Distributor 0.75% for distributing these shares.  The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made.
Class A
Class C
Shareholder Services Plan (servicing)
The fund pays the Distributor 0.25% for the provision of certain services to the shareholders of these classes.  Services may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts.  Pursuant to the Plan, the Distributor may make payments to certain Service Agents in respect of these services.
Dreyfus International Stock Index Fund
Dreyfus Midcap Index Fund
Dreyfus Opportunistic Small Cap Fund
Dreyfus S&P 500 Index Fund
Dreyfus Smallcap Stock Index Fund
N/A
Shareholder Services Plan (servicing)
The fund pays the Distributor 0.25% for the provision of certain services to shareholders.  Services may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts.  Pursuant to the Plan, the Distributor may make payments to certain Service Agents in respect of these services.
Dreyfus 100% U.S. Treasury Money Market Fund
Dreyfus Growth and Income Fund
Dreyfus U.S. Treasury Intermediate Term Fund
Dreyfus U.S. Treasury Long Term Fund
N/A
Shareholder Services Plan (servicing)
The fund reimburses the Distributor an amount not to exceed 0.25% for certain allocated expenses of providing personal services and/or maintaining shareholder accounts; these services may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts.
Dreyfus Balanced Opportunity Fund
Dreyfus New Jersey Municipal Bond Fund
Dreyfus Research Growth Fund
Class Z
Shareholder Services Plan (servicing)
The fund reimburses the Distributor an amount not to exceed 0.25% for certain allocated expenses of providing personal services and/or maintaining shareholder accounts; these services may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts.

*
As applicable to the funds listed (not all funds have all classes shown).
**
The parenthetical indicates whether the Plan is pursuant to Rule 12b-1 under the 1940 Act or is a type of servicing plan not adopted pursuant to Rule 12b-1.
***
Amounts expressed as an annual rate as a percentage of the value of the average daily net assets attributable to the indicated class of fund shares or the fund, as applicable.

INVESTMENTS, INVESTMENT TECHNIQUES AND RISKS
 
The following charts, which supplement and should be read together with the information in the prospectus, indicate some of the specific investments and investment techniques applicable to your fund.  Additional policies and restrictions are described in the prospectus and below in the next section (see "Investment Restrictions").   See "Additional Information About Investments, Investment Techniques and Risks" in Part III of this SAI for more information, including important risk disclosure, about the investments and investment techniques applicable to your fund.
 
Funds other than Money Market Funds
 
Dreyfus Diversified International Fund normally allocates its assets among Underlying Funds that invest primarily in equity securities issued by U.S. and foreign companies.
 
Fund
Equity Securities 1
IPOs
U.S. Government Securities 2
Corporate Debt Securities
High Yield and Lower-Rated Securities
Zero Coupon, Pay-in-Kind and Step-Up Securities
Inflation-Indexed Securities (other than TIPS)
Dreyfus Balanced Opportunity Fund
ü
ü
ü
ü
ü
(up to 5% of total assets)
ü
ü

 
1
Except as otherwise noted, (1) includes common and preferred stock, convertible securities and warrants and (2) each fund is limited to investing 5% of its net assets in warrants (2% of net assets in the case of Dreyfus Growth and Income Fund and Dreyfus Research Growth Fund), except that this limitation does not apply to warrants purchased by a fund that are sold in units with, or attached to, other securities.  Dreyfus Diversified International Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus International Stock Index Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund are not subject to (2).  For Dreyfus Midcap Index Fund, Dreyfus S&P 500 Index Fund and Dreyfus Smallcap Stock Index Fund, includes common stock only.
   
 
Dreyfus Global Dynamic Bond Fund may only invest in common stock to a limited extent.  From time to time the fund may hold common stock sold in units with, or attached to, debt securities purchased by the fund.  The fund may hold common stock received upon the conversion of convertible securities.  In connection with its investments in corporate debt securities, or restructuring of investments it owned, the fund may receive warrants or other non-income producing equity securities.  The fund may retain such securities until the Adviser determines it is appropriate in light of current market conditions for the fund to dispose of such securities.
   
2
For Dreyfus Emerging Markets Fund, Dreyfus New Jersey Municipal Bond Fund and Dreyfus Research Growth Fund, see "Money Market Instruments" below.

 
Fund
Equity Securities 1
IPOs
U.S. Government Securities 2
Corporate Debt Securities
High Yield and Lower-Rated Securities
Zero Coupon, Pay-in-Kind and Step-Up Securities
Inflation-Indexed Securities (other than TIPS)
Dreyfus Diversified International Fund
ü
ü
ü
ü
ü
ü
ü
Dreyfus Emerging Asia Fund
ü
ü
ü
ü
ü
(up to 5% of net assets)
ü
 
Dreyfus Emerging Markets Fund
ü
ü
ü
ü 3
     
Dreyfus Global Dynamic Bond Fund
ü
 
ü
ü
ü
ü
ü
Dreyfus
Global Infrastructure Fund
ü
ü
ü
ü
ü
ü
 
Dreyfus Global Real Estate Securities Fund
ü
ü
ü
ü
 
ü
ü
Dreyfus Global Real Return Fund
ü
ü
ü
ü
ü
ü
ü
Dreyfus Greater China Fund
ü
ü
ü
ü
ü
(up to 5% of net assets)
ü
 

 
3
The fund, to a limited extent, may invest in corporate debt obligations and other fixed-income securities when management believes that such securities offer opportunities for capital growth.
 

 
Fund
Equity Securities 1
IPOs
U.S. Government Securities 2
Corporate Debt Securities
High Yield and Lower-Rated Securities
Zero Coupon, Pay-in-Kind and Step-Up Securities
Inflation-Indexed Securities (other than TIPS)
Dreyfus Growth and Income Fund
ü
ü
ü
ü
ü 4
ü
 
Dreyfus International Value Fund
ü
ü
ü
       
Dreyfus Large Cap Equity Fund
ü
ü
ü
ü
 
ü
ü
Dreyfus Large Cap Growth Fund
ü
ü
ü
ü
 
ü
ü
Dreyfus New Jersey Municipal Bond Fund
   
ü
 
ü
(up to 20% of net assets) 5
ü
(municipal securities only)
 
Dreyfus Opportunistic Midcap Value Fund
ü
ü
ü
       
Dreyfus Opportunistic Small Cap Fund
ü
ü
ü
       
Dreyfus Opportunistic U.S. Stock Fund
ü
ü
ü
ü
 
ü
 
Dreyfus Research Growth Fund
ü
ü
ü
ü
     
Dreyfus Research Long/Short Equity Fund
ü
ü
ü
ü
     

 
4
The fund may invest up to 35% of its net assets in high yield and lower-rated convertible debt securities, such as those rated Ba or lower by Moody's and BB or lower by S&P and Fitch and as low as Caa by Moody's or CCC by S&P and Fitch.  The fund may not invest in other types of high yield and lower-rated securities.
   
5
Municipal securities only.  The credit risk factors pertaining to lower-rated securities also apply to lower-rated zero coupon, pay-in-kind and step-up securities, in which the fund may invest up to 5% of its total assets.
 
 
Fund
Equity Securities 1
IPOs
U.S. Government Securities 2
Corporate Debt Securities
High Yield and Lower-Rated Securities
Zero Coupon, Pay-in-Kind and Step-Up Securities
Inflation-Indexed Securities (other than TIPS)
Dreyfus Strategic Value Fund
ü
ü
ü
ü
ü 6
 
   
Dreyfus Structured Midcap Fund
ü
ü
ü
       
Dreyfus Technology Growth Fund
ü
ü
ü
       
Dreyfus Total Emerging Markets Fund
ü
ü
ü
ü
ü
ü
ü
Dreyfus U.S. Treasury Intermediate Term Fund
   
ü
   
ü
 
Dreyfus U.S. Treasury Long Term Fund
   
ü
   
ü
 
Dynamic Total Return Fund
ü
 
ü
ü
ü
ü
 
Index Funds
ü
 
ü
       
 
6
The fund may invest up to 20% of net assets in non-investment grade securities rated as low as Caa by Moody's or CCC by S&P.
 

Fund
Variable and Floating Rate Securities
Loans
Mortgage-Related Securities 7
Asset-Backed Securities
Collateralized Debt Obligations
Dreyfus Balanced Opportunity Fund
ü
ü
(municipal securities only)
ü
ü
 
Dreyfus Diversified International Fund
ü
ü
ü
(intends to invest less than 5% of its assets)
ü
ü
Dreyfus Emerging Asia Fund
ü
ü
     
Dreyfus Emerging Markets Fund
         
Dreyfus Global Dynamic Bond Fund
ü
ü
ü
ü
ü
Dreyfus  Global Infrastructure Fund
ü
ü
 
     
Dreyfus Global Real Estate Securities Fund
ü
ü
ü
ü
ü
Dreyfus Global Real Return Fund
ü
ü
ü
ü
ü
Dreyfus Greater China Fund
ü
ü
     
Dreyfus Growth and Income Fund
 
ü
(municipal securities only)
     
Dreyfus International Value Fund
         

7            Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund each may invest in securities, including mortgage-related securities, issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

 
Fund
Variable and Floating Rate Securities
Loans
Mortgage-Related Securities 7
Asset-Backed Securities
Collateralized Debt Obligations
Dreyfus Large Cap Equity Fund
ü
ü
ü
ü
ü
Dreyfus Large Cap Growth Fund
ü
ü
ü
ü
ü
Dreyfus New Jersey Municipal Bond Fund
ü
ü
(municipal securities only)
     
Dreyfus Opportunistic Midcap Value Fund
         
Dreyfus Opportunistic Small Cap Fund
         
Dreyfus Opportunistic U.S. Stock Fund
         
Dreyfus Research Growth Fund
         
Dreyfus Research Long/Short Equity Fund
ü
       
Dreyfus Strategic Value Fund
         
Dreyfus Structured Midcap Fund
         
Dreyfus Technology Growth Fund
         
Dreyfus Total Emerging Markets Fund
ü
ü
 
ü
ü
Dreyfus U.S. Treasury Intermediate Term Fund
   
ü
   
Dreyfus U.S. Treasury Long Term Fund
   
ü
   
Dynamic Total Return Fund
ü
ü
ü
ü
ü
Index Funds
         

Fund
Municipal Securities 8
Funding Agreements
REITs
Money Market Instruments 9
Foreign Securities
Emerging Markets 10
Depositary Receipts
Sovereign Debt Obligations and Brady Bonds
Dreyfus Balanced Opportunity Fund
ü
 
ü
ü
ü
ü
ü
ü

 
8
Dreyfus Balanced Opportunity Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Return Fund and Dynamic Total Return Fund each currently intends to invest no more than 25% of its assets in municipal securities; however, this percentage may be varied from time to time without shareholder approval.
   
9
Except for Dreyfus New Jersey Municipal Bond Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund, includes short-term U.S. Government securities, bank obligations, repurchase agreements and commercial paper.  Except for Dreyfus New Jersey Municipal Bond Fund, Dreyfus U.S. Treasury Intermediate Term Fund, Dreyfus U.S. Treasury Long Term Fund and the Index Funds, generally (1) when the Adviser determines that adverse market conditions exist, a fund may adopt a temporary defensive position and invest up to 100% of its assets in money market instruments, and (2) a fund also may purchase money market instruments when it has cash reserves or in anticipation of taking a market position.  Dreyfus Global Real Return Fund's, Dreyfus Growth and Income Fund's and Dynamic Total Return Fund's investments in money market instruments are not limited to (1) and (2).  For Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund, repurchase agreements only.  Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund each may invest in certain money market instruments as part of its investment strategy.  Dreyfus Balanced Opportunity Fund currently intends to limit the entry into repurchase agreements (other than for temporary defensive purposes) to no more than 5% of the fund's net assets.  The Index Funds may invest cash reserves in money market instruments.  When a fund has adopted a temporary defensive position, it may not achieve its investment objective(s).
   
 
The money market instruments in which Dreyfus Growth and Income Fund may invest also consist of short-term investment grade corporate bonds and other short-term debt instruments.  While the fund does not intend to limit the amount of its assets invested in money market instruments, except to the extent believed necessary to achieve its investment objective, it does not expect under normal market conditions to have a substantial portion of its assets invested in money market instruments.
   
 
For Dreyfus New Jersey Municipal Bond Fund, from time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed 20% of the value of the fund's net assets) or for temporary defensive purposes, the fund may invest in taxable short-term investments ("Taxable Investments") consisting of:  notes of issuers having, at the time of purchase, a quality rating within the two highest grades of a Rating Agency; obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated not lower than P-2 by Moody's, A-2 by S&P or F-2 by Fitch; certificates of deposit of U.S. domestic banks, including foreign branches of domestic banks, with assets of $1 billion or more; time deposits; bankers' acceptances and other short-term bank obligations; and repurchase agreements in respect of any of the foregoing.  When the fund has adopted a temporary defensive position, including when acceptable New Jersey Municipal Bonds are unavailable for investment by the fund, more than 20% of the fund's net assets may be invested in securities that are not exempt from New Jersey personal income tax.  Under normal market conditions, the fund anticipates that not more than 5% of the value of its total assets will be invested in any one category of Taxable Investments.  When a fund has adopted a temporary defensive position, it may not achieve its investment objective(s).
   
10
Normally, Dreyfus Emerging Markets Fund will not invest more than 25% of its total assets in the securities of companies in any one emerging market country.
   
 
Dreyfus International Value Fund typically invests in companies in at least ten foreign countries and limits its investments in any single company to no more than 5% of its assets at the time of purchase.
   
 
For Dynamic Total Return Fund, emerging market countries generally include all countries represented by the Morgan Stanley Capital International Emerging Markets Index.
   
 
For Dreyfus Opportunistic U.S. Stock Fund, emerging market countries generally include all countries represented by the Morgan Stanley Capital International Emerging Markets Index or any other country that the portfolio managers believe has an emerging economy or market.

 
Fund
Municipal Securities 8
Funding Agreements
REITs
Money Market Instruments 9
Foreign Securities
Emerging Markets 10
Depositary Receipts
Sovereign Debt Obligations and Brady Bonds
Dreyfus Diversified International Fund
ü
 
ü
ü
ü
ü
ü
ü
Dreyfus Emerging Asia Fund
   
ü
ü
ü
ü
ü
ü
Dreyfus Emerging Markets Fund
     
ü
ü
ü
ü
 
Dreyfus Global Dynamic Bond Fund
ü
 
ü
ü
ü
ü
ü
ü
Dreyfus Global Infrastructure Fund
   
ü
ü
ü
ü
ü
ü
Dreyfus Global Real Estate Securities Fund
   
ü
ü
ü
ü
ü
 
Dreyfus Global Real Return Fund
ü
 
ü
ü
ü
ü
ü
ü
Dreyfus Greater China Fund
   
ü
ü
ü
ü
ü
ü
Dreyfus Growth and Income Fund
ü
 
ü
ü 11
ü
 
ü
 
 
11
 
Commercial paper will consist only of direct obligations which, at the time of their purchase, are (1) rated at least Prime-1 by Moody's, A-1 by S&P or F-1 by Fitch, (2) issued by companies having an outstanding unsecured debt issue currently rated at least A3 by Moody's or A- by S&P or Fitch, or (3) if unrated, determined by the Adviser to be of comparable quality to those rated obligations which may be purchased by the fund.
 

Fund
Municipal Securities 8
Funding Agreements
REITs
Money Market Instruments 9
Foreign Securities
Emerging Markets 10
Depositary Receipts
Sovereign Debt Obligations and Brady Bonds
Dreyfus International Value Fund
   
ü
ü
ü
ü
ü
 
Dreyfus Large Cap Equity Fund
   
ü
ü
ü
ü
ü
 
Dreyfus Large Cap Growth Fund
   
ü
ü
ü
ü
ü
 
Dreyfus New Jersey Municipal Bond Fund
ü
   
ü
       
Dreyfus Opportunistic Midcap Value Fund
   
ü
ü
ü
ü
ü
 
Dreyfus Opportunistic Small Cap Fund
   
ü
ü
ü
(up to 15% of assets)
ü
ü
 
Dreyfus Opportunistic U.S. Stock Fund
   
ü
ü
ü
(up to 20% of assets)
ü
(up to 5% of assets)
ü
 
Dreyfus Research Growth Fund
     
ü
ü
(up to 25% of net assets)
 
ü
 
Dreyfus Research Long/Short Equity Fund
 
ü
ü
ü
ü
ü
ü
 
Dreyfus Strategic Value Fund
   
ü
ü
ü
(up to 30% of net assets)
ü
ü
 
Dreyfus Structured Midcap Fund
   
ü
ü
ü
ü
ü
 
Dreyfus Technology Growth Fund
   
ü
ü
ü
(up to 25% of net assets)
ü
ü
 
Dreyfus Total Emerging Markets Fund
   
ü
ü
ü
ü
ü
ü
Dreyfus U.S. Treasury Intermediate Term Fund
     
ü
       
Dreyfus U.S. Treasury Long Term Fund
     
ü
       
Dynamic Total Return Fund
ü
 
ü
ü
ü
ü
(up to 30% of net assets)
ü
ü
Index Funds
   
ü
ü 12
ü
     

 
12
Commercial paper will consist only of direct obligations which, at the time of their purchase, are (1) rated at least Prime-1 by Moody's or A-1 by S&P, (2) issued by companies having an outstanding unsecured debt issue currently rated at least Aa by Moody's or at least AA- by S&P, or (3) if unrated, determined by the Adviser to be of comparable quality to those rated obligations which may be purchased by the fund.
 

Fund
Eurodollar and Yankee Dollar Investments
Investment Companies
ETFs
Exchange-Traded Notes
MLPs
Futures Transactions
Options Transactions 13
Dreyfus Balanced Opportunity Fund
ü
ü
ü
   
ü
ü
Dreyfus Diversified International Fund
ü
ü
ü
   
ü
ü
Dreyfus Emerging Asia Fund
ü
ü
ü
ü
 
ü
ü
Dreyfus Emerging Markets Fund
 
ü
     
ü
ü
Dreyfus Global Dynamic Bond Fund
ü
ü
ü
   
ü
ü
Dreyfus Global Infrastructure Fund
ü
ü
ü
 
ü
ü
ü
Dreyfus Global Real Estate Securities Fund
ü
ü
ü
   
ü
ü
Dreyfus Global Real Return Fund
ü
ü
ü
ü
 
ü 14
ü

 
13
Each fund other than Dreyfus Balanced Opportunity Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Greater China Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Total Emerging Markets Fund, Dreyfus U.S. Treasury Intermediate Term Fund, Dreyfus U.S. Treasury Long Term Fund and Dynamic Total Return Fund (1) is limited to investing 5% of its assets, represented by the premium paid, in the purchase of call and put options and (2) may write ( i.e ., sell) covered call and put option contracts to the extent of 20% of the value of its net assets at the time such option contracts are written.
   
 
Each of Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund (1) is limited to investing 5% of its assets, represented by the premium paid, in the purchase of call and put options and (2) may write ( i.e ., sell) covered call and put option contracts to the extent of 50% of the value of its net assets at the time such option contracts are written.
   
14
The fund may invest in futures contracts on physical commodities and options thereon.  A futures contract on a physical commodity is an agreement between two parties, in which one party agrees to buy a commodity, such as an energy, agricultural or metal commodity, from the other party at a later date at a price and quantity agreed-upon when the contract is made.  The commodities which underlie physical commodity futures contracts may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.  These factors may have a larger impact on commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities.  Certain commodities are also subject to limited pricing flexibility because of supply and demand factors.  Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials.  These additional variables may create additional investment risks which subject the fund's investments to greater volatility than investments in traditional securities.

 
Fund
Eurodollar and Yankee Dollar Investments
Investment Companies
ETFs
Exchange-Traded Notes

MLPs
Futures Transactions
Options Transactions 13
Dreyfus Greater China Fund
ü
ü
ü
ü
 
ü
ü
Dreyfus Growth and Income Fund
 
ü
ü
   
ü
ü
Dreyfus International Value Fund
 
ü
ü
   
ü
ü
Dreyfus Large Cap Equity Fund
ü
ü
ü
   
ü
ü
Dreyfus Large Cap Growth Fund
ü
ü
ü
   
ü
ü
Dreyfus New Jersey Municipal Bond Fund
 
ü
     
ü
ü
Dreyfus Opportunistic Midcap Value Fund
 
ü
ü
   
ü
ü
Dreyfus Opportunistic Small Cap Fund
 
ü
ü
   
ü
ü
Dreyfus Opportunistic U.S. Stock Fund
ü
ü
ü
   
ü
ü
Dreyfus Research Growth Fund
 
ü
ü
   
ü
ü
Dreyfus Research Long/Short Equity Fund
 
ü
ü
   
ü
ü
Dreyfus Strategic Value Fund
 
ü
ü
   
ü
ü
Dreyfus Structured Midcap Fund
 
ü
ü
   
ü
ü
Dreyfus Technology Growth Fund
 
ü
ü
   
ü
ü
Dreyfus Total Emerging Markets Fund
ü
ü
ü
   
ü
ü
Dreyfus U.S. Treasury Intermediate Term Fund
 
ü
     
ü
ü
Dreyfus U.S. Treasury Long Term Fund
 
ü
     
ü
ü
Dynamic Total Return Fund
ü
ü
ü
   
ü
ü
Index Funds
 
ü
     
ü
 
 

 
Fund
Swap Transactions 15
Credit Linked Securities
Credit Derivatives
Structured Securities and Hybrid Instruments 16
Participation Notes
Custodial Receipts
Dreyfus Balanced Opportunity Fund
ü
 
ü
   
ü
Dreyfus Diversified International Fund
ü
 
ü
ü
ü
ü
(municipal securities only)
Dreyfus Emerging Asia Fund
ü
   
ü
ü
 
Dreyfus Emerging Markets Fund
       
ü
 
Dreyfus Global Dynamic Bond Fund
ü
 
ü
ü
ü
ü
Dreyfus Global Infrastructure Fund
ü
 
ü
ü
ü
ü
Dreyfus Global Real Estate Securities Fund
ü
 
ü
ü
ü
 
Dreyfus Global Real Return Fund
ü
 
ü
ü 17
ü
ü
(municipal securities only)
Dreyfus Greater China Fund
ü
   
ü
ü
 
 
15
For Dreyfus Diversified International Fund and Dreyfus Research Long/Short Equity Fund, includes contracts for difference.
   
16
For each fund other than Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund, structured notes only.
   
17
The fund also may invest in structured securities or hybrid instruments whose return is based on, or otherwise determined by reference to, a commodity, commodity index or commodity-related instrument.

 
Fund
Swap Transactions 15
Credit Linked Securities
Credit Derivatives
Structured Securities and Hybrid Instruments 16
Participation Notes
Custodial Receipts
Dreyfus Growth and Income Fund
ü
       
ü
(municipal securities only)
Dreyfus International Value Fund
ü
   
ü
   
Dreyfus Large Cap Equity Fund
ü
 
ü
ü
ü
 
Dreyfus Large Cap Growth Fund
ü
 
ü
ü
ü
 
Dreyfus New Jersey Municipal Bond Fund
ü
 
ü
   
ü
(municipal securities only)
Dreyfus Opportunistic Midcap Value Fund
ü
   
ü
   
Dreyfus Opportunistic Small Cap Fund
ü
   
ü
   
Dreyfus Opportunistic U.S. Stock Fund
ü
         
Dreyfus Research Growth Fund
ü
         
Dreyfus Research Long/Short Equity Fund
ü
   
ü 18
   
 
18       Includes equity-linked notes.

 
Fund
Swap Transactions 15
Credit Linked Securities
Credit Derivatives
Structured Securities and Hybrid Instruments 16
Participation Notes
Custodial Receipts
Dreyfus Strategic Value Fund
ü
   
ü
   
Dreyfus Structured Midcap Fund
ü
   
ü
   
Dreyfus Technology Growth Fund
ü
   
ü
   
Dreyfus Total Emerging Markets Fund
ü
 
ü
ü
ü
ü
Dreyfus U.S. Treasury Intermediate Term Fund
ü
         
Dreyfus U.S. Treasury Long Term Fund
ü
         
Dynamic Total Return Fund
ü
 
ü
ü
 
ü
(municipal securities only)
Index Funds
           

Fund
Foreign Currency Transactions
Commodities
Short-Selling 19
Lending Portfolio Securities
Borrowing Money 20
Dreyfus Balanced Opportunity Fund
ü
 
ü
ü
ü

 
19
Dreyfus Balanced Opportunity Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Return Fund, Dreyfus Opportunistic U.S. Stock Fund and Dreyfus Total Emerging Markets Fund will not sell securities short if, after effect is given to any such short sale, the total market value of all securities sold short would exceed 5% of the value of the fund's net assets.  Dynamic Total Return Fund may not make a short sale which results in the fund having sold short in the aggregate more than 5% of the outstanding securities of any class of an issuer.
   
 
For Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus Growth and Income Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Research Growth Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dynamic Total Return Fund and the Index Funds, (1) the fund will not sell securities short if, after effect is given to any such short sale, the total market value of all securities sold short would exceed 25% of the value of the fund's net assets, (2) the fund may not make a short sale which results in the fund having sold short in the aggregate more than 5% of the outstanding securities of any class of an issuer, and (3) at no time will more than 15% of the value of the fund's net assets be in deposits on short sales against the box.  Restriction (2) does not apply to Dreyfus Emerging Markets Fund, Dreyfus Growth and Income Fund, and Dreyfus Research Growth Fund.
   
20
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Return Fund, Dreyfus Opportunistic U.S. Stock Fund and Dreyfus Total Emerging Markets Fund each currently intends to borrow money only for temporary or emergency (not leveraging) purposes; however, these funds, along with Dreyfus Growth and Income Fund and Dynamic Total Return Fund, may borrow for investment purposes on a secured basis through entering into reverse repurchase agreements.
   
 
Dreyfus Emerging Markets Fund, Dreyfus International Value Fund, Dreyfus International Stock Index Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus Research Growth Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus U.S. Treasury Intermediate Term Fund, Dreyfus U.S. Treasury Long Term Fund, and Dynamic Total Return Fund each currently intends to borrow money only for temporary or emergency (not leveraging) purposes, in an amount up to 15% of the value of its total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made; however, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund may borrow for investment purposes on a secured basis through entering into reverse repurchase agreements.
   
 
Dreyfus S&P 500 Index Fund and Dreyfus Midcap Index Fund may borrow only for temporary or emergency (not leveraging) purposes in an amount up to 15% of its total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made.
 
 
Fund
Foreign Currency Transactions
Commodities
Short-Selling 19
Lending Portfolio Securities
Borrowing Money 20
Dreyfus Diversified International Fund
ü
 
ü
ü
ü
Dreyfus Emerging Asia Fund
ü
 
ü
ü
ü
Dreyfus Emerging Markets Fund
ü
 
ü
ü
ü
Dreyfus Global Dynamic Bond Fund
ü
 
ü
ü
ü
Dreyfus Global Infrastructure Fund
ü
 
ü
ü
ü
Dreyfus Global Real Estate Securities Fund
ü
 
ü
ü
ü
Dreyfus Global Real Return Fund
ü
ü 21
ü
ü
ü
Dreyfus Greater China Fund
ü
 
ü
ü
ü
Dreyfus Growth and Income Fund
ü
 
ü
ü
ü
Dreyfus International Value Fund
ü
 
ü
ü
ü
Dreyfus Large Cap Equity Fund
ü
 
ü
ü
ü
Dreyfus Large Cap Growth Fund
ü
 
ü
ü
ü
Dreyfus New Jersey Municipal Bond Fund
     
ü
ü
Dreyfus Opportunistic Midcap Value Fund
ü
 
ü
ü
ü
Dreyfus Opportunistic Small Cap Fund
ü
 
ü
ü
ü
Dreyfus Opportunistic U.S. Stock Fund
ü
 
ü
ü
ü
Dreyfus Research Growth Fund
ü
 
ü
ü
ü
Dreyfus Research Long/Short Equity Fund
ü
 
ü
ü
ü
Dreyfus Strategic Value Fund
ü
 
ü
ü
ü
Dreyfus Structured Midcap Fund
ü
 
ü
ü
ü
Dreyfus Technology Growth Fund
ü
 
ü
ü
ü
Dreyfus Total Emerging Markets Fund
ü
 
ü
ü
ü
 
21
The fund will seek to achieve investment exposure to commodity markets primarily through ETFs and permissible derivative instruments.
 

 
Fund
Foreign Currency Transactions
Commodities
Short-Selling 19
Lending Portfolio Securities
Borrowing Money 20
Dreyfus U.S. Treasury Intermediate Term Fund
     
ü
ü
Dreyfus U.S. Treasury Long Term Fund
     
ü
ü
Dynamic Total Return Fund
ü
ü 22
ü
 
ü
Index Funds
ü 23
   
ü
ü
 
22
The fund will seek to achieve investment exposure to commodity markets primarily through commodity-related ETFs and swap agreements related to those ETFs.
   
23
Dreyfus International Stock Index Fund only.  The other Index Funds do not engage in foreign currency transactions.
 

 
Fund
Borrowing Money for Leverage 20
Reverse Repurchase Agreements
Forward Commitments
Forward Roll Transactions
Illiquid Securities
 
Dreyfus Balanced Opportunity Fund
 
ü
ü
ü
ü
Dreyfus Diversified International Fund
 
ü
ü
ü
ü
Dreyfus Emerging Asia Fund
ü
ü
ü
 
ü
Dreyfus Emerging Markets Fund
   
ü
 
ü
Dreyfus Global Dynamic Bond Fund
 
ü
ü
ü
ü
Dreyfus Global Infrastructure Fund
 
ü
ü
 
ü
Dreyfus Global Real Estate Securities Fund
 
ü
ü
ü
ü
Dreyfus Global Real Return Fund
 
ü
ü
ü
ü
Dreyfus Greater China Fund
ü
ü
ü
 
ü
Dreyfus Growth and Income Fund
ü
ü
ü
 
ü
Dreyfus International Value Fund
   
ü
 
ü
Dreyfus Large Cap Equity Fund
 
ü
ü
ü
ü
Dreyfus Large Cap Growth Fund
 
ü
ü
ü
ü
Dreyfus New Jersey Municipal Bond Fund
   
ü
 
ü
Dreyfus Opportunistic Midcap Value Fund
ü
ü
ü
 
ü
Dreyfus Opportunistic Small Cap Fund
ü
ü
ü
 
ü
Dreyfus Opportunistic U.S. Stock Fund
ü
ü
ü
 
ü
Dreyfus Research Growth Fund
   
ü
 
ü
Dreyfus Research Long/Short Equity Fund
 
ü
ü
 
ü
Dreyfus Strategic Value Fund
   
ü
 
ü
Dreyfus Structured Midcap Fund
ü
ü
ü
 
ü
Dreyfus Technology Growth Fund
ü
ü
ü
 
ü
Dreyfus Total Emerging Markets Fund
 
ü
ü
ü
ü
Dreyfus U.S. Treasury Intermediate Term Fund
 
ü
ü
   
Dreyfus U.S. Treasury Long Term Fund
 
ü
ü
   
Dynamic Total Return Fund
 
ü
ü
ü
ü
Index Funds
         

 
Index Funds .  Each fund is managed by determining which stocks are to be purchased or sold to match, to the extent feasible, the investment characteristics of its Index.  Each fund will attempt to achieve a correlation between its performance and that of the fund's Index, in both rising and falling markets, of at least 0.95, without taking into account expenses.  A correlation of 1.00 would indicate perfect correlation, which would be achieved when the fund's net asset value, including the value of its dividends and capital gain distributions, increases or decreases in exact proportion to changes in the Index.  Each fund's ability to correlate its performance with that of its Index, however, may be affected by, among other things, changes in securities markets, the manner in which the total return of the fund's Index is calculated, the size of the fund's portfolio, the amount of cash or cash equivalents held in the fund's portfolio, and the timing, frequency and size of shareholder purchases and redemptions.  Each fund will use cash flows from shareholder purchase and redemption activity to maintain, to the extent feasible, the similarity of its portfolio to the securities comprising the fund's Index.  Inclusion of a security in an Index in no way implies an opinion by the sponsor of the Index as to its attractiveness as an investment.  In the future, subject to the approval of the relevant fund's shareholders, a fund may select a different index if such a standard of comparison is deemed to be more representative of the performance of the securities the fund seeks to match.  None of the funds is sponsored, endorsed, sold or promoted by the sponsor of its respective Index.
 
Dreyfus Smallcap Stock Index Fund may not hold all of the issues that comprise its Index because of the costs involved and the illiquidity of certain securities which comprise such Index.  Instead, the fund will attempt to hold a representative sample of the securities in its Index so that, in the aggregate, the investment characteristics of the fund's portfolio resemble those of its Index.  The stocks to be included in the fund's portfolio will be selected using a statistical process known as "sampling."  This process will be used to select stocks so that the market capitalizations, industry weightings, dividend yield, and beta closely approximate those of the Index.  The sampling techniques utilized by the fund are expected to be an effective means of substantially duplicating the investment performance of the Index; however, the fund is not expected to track its Index with the same degree of accuracy that complete replication of the Index would have provided.  Over time, the fund's portfolio composition will be altered (or "rebalanced") to reflect changes in the composition of the Index.
 
A large percentage of Dreyfus International Stock Index Fund's Index is comprised of Japanese securities.  Therefore, stocks of Japanese companies will represent a correspondingly large component of the fund's investment assets.  Such a large investment in the Japanese stock market may entail a higher degree of risk than with more diversified international portfolios, especially considering that by fundamental measures of corporate valuation, such as its high price-earnings ratios and low dividend yields, the Japanese market as a whole may appear expensive relative to other world stock markets.
 
Money Market Funds
 
Fund
U.S. Government Securities
Repurchase Agreements
Bank Obligations
Participation Interests
Floating and Variable Rate Obligations
Dreyfus 100% U.S. Treasury Money Market Fund
ü 24
       

24
The fund normally invests solely in U.S. Treasury securities.
 
 
Fund
Asset-Backed Securities
Commercial Paper
Investment Companies
Municipal Securities
Foreign Securities
Dreyfus 100% U.S. Treasury Money Market Fund
   
ü
   
 
 
Fund
Illiquid Securities
Borrowing Money
Reverse Repurchase Agreements
Forward Commitments
Interfund Borrowing and Lending Program
Lending Portfolio Securities
Dreyfus 100% U.S. Treasury Money Market Fund
 
ü 25
       

25
The fund may borrow only for temporary or emergency (not leveraging purposes), in an amount up to 15% of the value of its total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made.
 
 
INVESTMENT RESTRICTIONS
 
"Fundamental Policies" may not be changed without approval of the holders of a majority of the fund's outstanding voting securities (as defined in the 1940 Act).  "Nonfundamental Policies" may be changed at any time, without shareholder approval, by a vote of a majority of the board members and in compliance with applicable law and regulatory policy.
 
Fundamental Policies
 
Except as may be otherwise disclosed in the prospectus, each fund's investment objective is a Fundamental Policy.  Dreyfus New Jersey Municipal Bond Fund's policy with respect to the investment of at least 80% of its net assets is a Fundamental Policy (see "Policies Related to Fund Names" below).  Additionally, as a matter of Fundamental Policy, each fund, other than Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund, may not (with respect to Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund, except as described below or as otherwise permitted by the 1940 Act, the SEC or other authority with appropriate jurisdiction, and disclosed to investors, each fund may not):
 
1.
Borrowing
   
 
Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities, Dreyfus Global Real Return Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Growth Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund.   Borrow money, except to the extent permitted under the 1940 Act (which currently limits borrowing to no more than 33-1/3% of the value of the fund's total assets).
   
 
Dreyfus Global Infrastructure Fund.   Borrow money or issue any senior security, except to the extent permitted under the 1940 Act.
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus Growth and Income Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund.   Borrow money, except to the extent permitted under the 1940 Act (which currently limits borrowing to no more than 33-1/3% of the value of the fund's total assets).  For purposes of this Fundamental Policy, the entry into options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices shall not constitute borrowing.
   
 
Dreyfus 100% U.S. Treasury Money Market Fund and Dreyfus Midcap Index Fund.   Borrow money, except from banks for temporary or emergency (not leveraging) purposes in an amount up to 15% of the value of the fund's total assets (including the amount borrowed) based on the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made.  While borrowings exceed 5% of the value of the fund's total assets, the fund will not make any additional investments.  For Dreyfus Midcap Index Fund, transactions in futures and options do not involve any borrowing for purposes of this restriction.
   
 
Dreyfus Research Long/Short Equity Fund.   Borrow money, except to the extent permitted under the 1940 Act (which currently limits borrowing to no more than 33-1/3% of the value of the fund's total assets).  For purposes of this Fundamental Policy, the entry into options, forward contracts, futures contracts (including those related to indices), options on futures contracts or indices and effecting short sales of securities shall not constitute borrowing.
   
 
Dreyfus S&P 500 Index Fund.   Borrow money, except from banks (which, if permitted by applicable regulatory authority, may be from The Bank of New York Mellon, an affiliate of the Manager) for temporary or emergency (not leveraging) purposes in an amount up to 15% of the value of the fund's total assets (including the amount borrowed) based on the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made.  While borrowings exceed 5% of the value of the fund's total assets, the fund will not make any additional investments.  Transactions in futures and options do not involve any borrowing for purposes of this restriction.
   
2.
Commodities
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Global Infrastructure Fund and Dynamic Total Return Fund .  Invest in physical commodities or commodities contracts, except that the fund may purchase and sell options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices and enter into swap agreements and other derivative instruments.
   
 
Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund and Dreyfus Research Long/Short Equity Fund .  Invest in physical commodities or physical commodities contracts, except that the fund may purchase and sell options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices and enter into swap agreements and other derivative instruments.
   
 
Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Return Fund, Dreyfus Opportunistic U.S. Stock Fund and Dreyfus Total Emerging Markets Fund .  Invest in physical commodities or physical commodities contracts, except that the fund may purchase and sell options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices, and enter into swap agreements and other derivative instruments that are commodities or commodity contracts.
   
 
Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Invest in commodities, except that the fund may purchase and sell options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices. (This Fundamental Policy shall not prohibit a fund, subject to restrictions described in its prospectus and this SAI, from purchasing, selling or entering into futures contracts, options on futures contracts, foreign currency forward contracts, foreign currency options, or any interest rate, securities-related or foreign currency-related hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities law.)
   
 
Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus International Stock Index Fund, Dreyfus Research Growth Fund and Dreyfus Smallcap Stock Index Fund .  Invest in commodities, except that the fund may purchase and sell options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
 
Dreyfus Midcap Index Fund and Dreyfus S&P 500 Index Fund .  Invest in commodities, except that the fund may invest in futures contracts as described in the fund's prospectus and this SAI.
   
 
Dreyfus Growth and Income Fund.   Invest in commodities, except that the fund may invest in futures contracts and options on futures contracts as described in the fund's prospectus and this SAI.
   
3.
Issuer Diversification
   
 
Dreyfus Diversified International Fund and Dreyfus Opportunistic U.S. Stock Fund .  Hold more than 10% of the outstanding voting securities of any single issuer.  This Fundamental Policy applies only with respect to 75% of the fund's total assets and does not apply to securities issued or guaranteed by the U.S. Government, or its agencies or instrumentalities and securities of other investment companies.
   
 
Invest more than 5% of its assets in the obligations of any single issuer, except that up to 25% of the value of the fund's total assets may be invested, and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities and securities of other investment companies may be purchased, without regard to any such limitation.
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus International Value Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Hold more than 10% of the outstanding voting securities of any single issuer.  This Fundamental Policy applies only with respect to 75% of the fund's total assets.
   
 
Invest more than 5% of its assets in the obligations of any single issuer, except that up to 25% of the value of the fund's total assets may be invested, and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities may be purchased, without regard to any such limitation.
   
 
Dreyfus Global Infrastructure Fund .  With respect to 75% of its total assets, purchase securities of an issuer (other than the U.S. Government, its agencies, instrumentalities or authorities or repurchase agreements collateralized by U.S. Government securities and other investment companies), if: (a) such purchase would cause more than 5% of the fund’s total assets taken at market value to be invested in the securities of such issuer; or (b) such purchase would at the time result in more than 10% of the outstanding voting securities of such issuer being held by the fund.
   
 
Dreyfus Research Growth Fund.   Purchase the securities of any issuer if such purchase would cause the fund to hold more than 10% of the voting securities of such issuer.
   
 
Purchase the securities of any issuer if such purchase would cause more that 5% of the value of its total assets to be invested in securities of such issuer (except securities of the U.S. Government or any instrumentality thereof).
   
4.
Industry Concentration
   
 
Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund and Dreyfus Research Long/Short Equity Fund .  Invest more than 25% of the value of its total assets in the securities of issuers in any single industry, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities or as otherwise permitted by the SEC.  The real estate sectors, with respect to Dreyfus Global Real Estate Securities Fund, in general are not considered an industry for purposes of this Fundamental Policy.
   
 
Dreyfus Midcap Index Fund.   Invest more than 25% of its assets in investments in any particular industry or industries (including banking), except to the extent the S&P MidCap 400 Index also is so concentrated, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Return Fund, Dreyfus Greater China Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund .  Invest more than 25% of the value of its total assets in the securities of issuers in any single industry, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
   
 
Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Invest more than 25% of the value of its total assets in the securities of issuers in any single industry, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.  For purposes of this Fundamental Policy with respect to Dreyfus Technology Growth Fund, the technology sector in general is not considered an industry.
   
 
Dreyfus International Stock Index Fund and Dreyfus Smallcap Stock Index Fund .  Invest more than 25% of its assets in the securities of issuers in any single industry (except to the extent the fund's benchmark index as described in the prospectus also is so concentrated), provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
   
 
 
Dreyfus Global Infrastructure Fund.   Purchase the securities of issuers conducting their principal business activity in the same industry if, immediately after the purchase and as a result thereof, the value of the fund's investments in that industry would exceed 25% of the current value of the fund's total assets (except that the fund will invest over 25% of its assets in the infrastructure industry), provided that there is no limitation with respect to investments in obligations of the U.S. Government, its agencies or instrumentalities.
 
   
 
Dreyfus S&P 500 Index Fund .  Invest more than 25% of its assets in investments in any particular industry or industries (including banking), except to the extent the S&P 500 Composite Stock Price Index also is so concentrated, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
   
 
Dreyfus Research Growth Fund.   Concentrate its investments in any particular industry or industries, except that the fund may invest up to 25% of the value of its total assets in a single industry.
   
 
Dreyfus Growth and Income Fund.   Invest more than 25% of its assets in the securities of issuers in any particular industry, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
   
 
Dreyfus New Jersey Municipal Bond Fund .  Invest more than 25% of its total assets in the securities of issuers in any single industry; provided that there shall be no such limitation on the purchase of Municipal Bonds and, for temporary defensive purposes, obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.
   
5.
Investing for Control
   
 
Dreyfus Midcap Index Fund, Dreyfus Research Growth Fund and Dreyfus S&P 500 Index Fund .  Invest in the securities of a company for the purpose of exercising management or control, but the fund will vote the securities it owns in its portfolio as a shareholder in accordance with its views.
   
6.
Loans
   
 
Dreyfus 100% U.S. Treasury Money Market Fund .  Make loans to others, except through the purchase of debt obligations referred to in the fund's prospectus.
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Midcap Index Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus S&P 500 Index Fund and Dynamic Total Return Fund .  Lend any securities or make loans to others, except to the extent permitted under the 1940 Act (which currently limits such loans to no more than 33-1/3% of the value of the fund's total assets) or as otherwise permitted by the SEC.  For purposes of this Fundamental Policy, the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) and the entry into repurchase agreements shall not constitute loans by the fund.  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
 
Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund and Dreyfus Total Emerging Markets Fund .  Lend any securities or make loans to others, except to the extent permitted under the 1940 Act (which currently limits such loans to no more than 33-1/3% of the value of the fund's total assets).  For purposes of this Fundamental Policy, the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) and the entry into repurchase agreements shall not constitute loans by the fund.  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
 
Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus Growth and Income Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Make loans to others, except through the purchase of debt obligations and the entry into repurchase agreements.  However, the fund may lend its portfolio securities in an amount not to exceed 33-1/3% of the value of its total assets.  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
 
Dreyfus Global Infrastructure Fund .  Lend any securities or make loans to others, except to the extent permitted under the 1940 Act (which currently limits such loans to no more than 33-1/3% of the value of the fund's total assets), and except as otherwise permitted by interpretations or modifications by, or exemptive or other relief from, the SEC or other authority with appropriate jurisdiction, and disclosed to investors.  For purposes of this Fundamental Policy, the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) and the entry into repurchase agreements shall not constitute loans by the fund.  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
 
Dreyfus Opportunistic U.S. Stock Fund .  Lend any securities or make loans to others, except to the extent permitted under the 1940 Act (which currently limits such loans to no more than 33-1/3% of the value of the fund's total assets).  For purposes of this Fundamental Policy, the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) shall not constitute loans by the fund.  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
 
Dreyfus Research Growth Fund.   Make loans to others, except through the purchase of debt obligations and the entry into repurchase agreements referred to in the fund's prospectus.  However, the fund may lend its portfolio securities in an amount not to exceed 33-1/3% of the value of its total assets.  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
 
Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Make loans to others, except through the purchase of debt obligations referred to in the fund's prospectus or the entry into repurchase agreements.  However, the fund may lend its portfolio securities to the extent permitted under the 1940 Act (which currently permits lending portfolio securities in an amount not to exceed 33-1/3% of the value of the fund's total assets).  Any loans of portfolio securities will be made according to guidelines established by the SEC and the board.
   
7.
Margin and Short Sales
   
 
Dreyfus Research Growth Fund.   Purchase securities on margin, but the fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of securities.
   
 
Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Purchase securities on margin, but the fund may make margin deposits in connection with transactions in options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
 
Dreyfus Balanced Opportunity Fund .  Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but the fund may make margin deposits in connection with transactions in options, forward contracts, futures contracts and options on futures contracts, and except that effecting short sales will be deemed not to constitute a margin purchase for purposes of this Fundamental Policy.
   
 
Dreyfus New Jersey Municipal Bond Fund .  Sell securities short or purchase securities on margin, but the fund may make margin deposits in connection with transactions in options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
 
Dreyfus 100% U.S. Treasury Money Market Fund .  Sell securities short or purchase securities on margin or write or purchase put or call options or combinations thereof.
   
8.
Options
   
 
Dreyfus Midcap Index Fund and Dreyfus S&P 500 Index Fund .  Purchase, sell or write puts, calls or combinations thereof.
   
9.
Limit on Companies with Limited Operations
   
 
Dreyfus Midcap Index Fund and Dreyfus Research Growth Fund .  Purchase securities of any company having less than three years' continuous operations (including operations of any predecessors) if such purchase would cause the value of the fund's investments in all such companies to exceed 5% of the value of its total assets.
   
10.
Limit Where Affiliated Persons Involved
   
 
Dreyfus Research Growth Fund.   Purchase or retain the securities of any issuer if the officers or directors of the fund or of the Manager, who own beneficially more than 0.5% of the securities of such issuer, together own beneficially more than 5% of the securities of such issuer.
   
 
Dreyfus Research Growth Fund.   Purchase from or sell to any of its officers or directors or firms of which any of them are affiliated persons any securities (other than capital stock of the fund), but such persons or firms may act as brokers for the fund for customary commissions.
   
11.
Pledging Assets
   
 
Dreyfus Midcap Index Fund.   Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure borrowings for temporary or emergency purposes.  Collateral arrangements with respect to initial or variation margin for futures contracts will not be deemed to be pledges of the fund's assets.
   
 
Dreyfus S&P 500 Index Fund .  Pledge, hypothecate, mortgage or otherwise encumber its assets, except in an amount up to 15% of the value of its total assets, but only to secure borrowings for temporary or emergency purposes.  Collateral arrangements with respect to initial or variation margin for futures contracts will not be deemed to be pledges of the fund's assets.
   
12.
Real Estate; Oil and Gas
   
 
Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund .  Purchase, hold or deal in real estate, or oil, gas or other mineral leases or exploration or development programs, but the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate or REITs and may acquire and hold real estate or interests therein through exercising rights or remedies with regard to such securities.
   
 
Dreyfus Global Infrastructure Fund .  Purchase, hold or deal in real estate, but the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate or REITs and may acquire and hold real estate or interests therein through exercising rights or remedies with regard to such securities.
   
 
Dreyfus Growth and Income Fund.   Purchase, hold or deal in real estate, real estate limited partnership interests, or oil, gas or other mineral leases or exploration or development programs, but the fund may purchase and sell securities that are secured by real estate and may purchase and sell securities issued by companies that invest or deal in real estate.  In particular, the fund may purchase mortgage-backed securities and REIT securities.
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Purchase, hold or deal in real estate, or oil, gas or other mineral leases or exploration or development programs, but the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate or REITs.
   
 
Dreyfus International Stock Index Fund and Dreyfus Smallcap Stock Index Fund .  Purchase, hold or deal in real estate, or oil, gas or other mineral leases or exploration or development programs, but the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate.
   
 
Dreyfus 100% U.S. Treasury Money Market Fund .  Purchase or sell real estate, real estate investment trust securities, commodities, or oil and gas interests.
   
 
Dreyfus New Jersey Municipal Bond Fund .  Purchase or sell real estate, commodities or commodity contracts, or oil and gas interests, but this shall not prevent the fund from investing in Municipal Bonds secured by real estate or interests therein, or prevent the fund from purchasing and selling options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
 
Dreyfus Midcap Index Fund.   Purchase, hold or deal in real estate, REIT securities, real estate limited partnership interests, or oil, gas or other mineral leases or exploration or development programs, but the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate.
   
 
Dreyfus S&P 500 Index Fund .  Purchase, hold or deal in real estate, or oil and gas interests, but the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate.
   
 
Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Purchase or sell real estate, REIT securities, commodities, or oil and gas interests, provided that the fund may purchase and sell securities that are secured by real estate or issued by companies that invest or deal in real estate or acquire real estate as a result of ownership of such securities or instruments, and provided further that the fund may purchase and sell options, forward contracts, futures contracts, including those relating to indices, and options on futures contracts or indices.
   
 
Dreyfus Research Growth Fund .  Purchase, hold or deal in real estate (except for corporate office purposes), but this shall not prohibit the fund from investing in securities of companies engaged in real estate activities or investments.
   
13.
Senior Securities
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund and Dynamic Total Return Fund .  Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except insofar as the fund may be deemed to have issued a senior security by reason of borrowing money in accordance with the fund's borrowing policies.  For purposes of this Fundamental Policy, collateral, escrow, or margin or other deposits with respect to the making of short sales, the purchase or sale of futures contracts or options, purchase or sale of forward foreign currency contracts and the writing of options on securities are not deemed to be an issuance of a senior security.
   
 
Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Return Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund and Dreyfus Total Emerging Markets Fund .  Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except insofar as the fund may be deemed to have issued a senior security by reason of borrowing money in accordance with the fund's borrowing policies.  For purposes of this Fundamental Policy, collateral, escrow, or margin or other deposits with respect to the making of short sales, the purchase or sale of futures contracts or options and other derivative instruments, purchase or sale of forward foreign currency contracts and the writing of options on securities are not deemed to be an issuance of a senior security.
   
 
Dreyfus Emerging Markets Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except to the extent the activities permitted under the fund's Fundamental Policy Nos. 1 and 2 and the fund's Nonfundamental Policy Nos. 4 and 7 may be deemed to give rise to a senior security.
   
 
Dreyfus Growth and Income Fund.   Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except as permitted in the fund's Fundamental Policy Nos. 1 and 2 and the fund's Nonfundamental Policy Nos. 4 and 7.
   
 
Dreyfus Greater China Fund, Dreyfus International Stock Index Fund and Dreyfus Smallcap Stock Index Fund .  Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except to the extent the activities permitted in the fund's Fundamental Policy Nos. 1, 2 and, for Dreyfus Greater China Fund only, 7 and the fund's Nonfundamental Policy No. 4 may be deemed to give rise to a senior security.
   
 
Dreyfus New Jersey Municipal Bond Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except to the extent the activities permitted under the fund's Fundamental Policy Nos. 1 and 12 and the fund's Nonfundamental Policy No. 4 may be deemed to give rise to a senior security.
   
 
Dreyfus 100% U.S. Treasury Money Market Fund and Dreyfus Research Growth Fund .  Issue any senior security (as such term is defined in Section 18(f) of the 1940 Act), except to the extent permitted under the 1940 Act.
   
14.
Underwriting
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Greater China Fund, Dreyfus Growth and Income Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund .   Act as an underwriter of securities of other issuers, except to the extent the fund may be deemed an underwriter under the Securities Act by virtue of disposing of portfolio securities.
   
 
Dreyfus Global Infrastructure Fund.   Act as an underwriter of securities of other issuers, except to the extent the fund may be deemed an underwriter under the Securities Act in connection with the purchase and sale of portfolio securities.
   
 
Dreyfus Research Growth Fund.   Act as an underwriter of securities of other issuers.
   
 
Dreyfus Midcap Index Fund.   Act as an underwriter of securities of other issuers.  The fund may not enter into repurchase agreements providing for settlement in more than seven days after notice or purchase illiquid securities if, in the aggregate, more than 10% of the value of the fund's net assets would be so invested.
   
 
Dreyfus 100% U.S. Treasury Money Market Fund and Dreyfus S&P 500 Index Fund .  Act as an underwriter of securities of other issuers or purchase securities subject to restrictions on disposition under the Securities Act (so-called "restricted securities").  Dreyfus S&P 500 Index Fund may not enter into repurchase agreements providing for settlement in more than seven days after notice or purchase securities which are not readily marketable if, in the aggregate, more than 10% of the value of the fund's net assets would be so invested.
   
 
Dreyfus New Jersey Municipal Bond Fund .  Underwrite the securities of other issuers, except that the fund may bid separately or as part of a group for the purchase of Municipal Bonds directly from an issuer for its own portfolio to take advantage of the lower purchase price available, and except to the extent the fund may be deemed an underwriter under the Securities Act by virtue of disposing of portfolio securities.
   
 
Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Underwrite the securities of other issuers, except to the extent the Fund may be deemed an underwriter under the Securities Act by virtue of disposing of portfolio securities, or purchase securities subject to restrictions on disposition under the Securities Act (so called "restricted securities").
   
15.
Warrants
   
 
Dreyfus Research Growth Fund.   Purchase warrants in excess of 2% of its net assets.  For purposes of this Fundamental Policy, such warrants shall be valued at the lower of cost or market, except that warrants acquired by the fund in units or attached to securities shall not be included within this 2% restriction.

With respect to Dreyfus New Jersey Municipal Bond Fund, for purposes of industry concentration determinations, (1) industrial development bonds, where the payment of principal and interest is the ultimate responsibility of companies within the same industry and (2) municipal securities, where the payment of principal and interest for such securities is derived solely from a specific project are each grouped together as an "industry."
 
References to "commodities" or "commodity contracts" in the Fundamental Policies described above are to physical commodities or contracts in respect of physical commodities, typically natural resources or agricultural products, and are not intended to refer to instruments that are strictly financial in nature and are not related to the purchase or delivery of physical commodities.
 
Nonfundamental Policies
 
As a Nonfundamental Policy, which may be changed at any time, without shareholder approval, by a vote of a majority of the board members and in compliance with applicable law and regulatory policy, each fund, as indicated, may not:
 
1.
Arbitrage
   
 
Dreyfus Midcap Index Fund and Dreyfus S&P 500 Index Fund .  Engage in arbitrage transactions.
   
2.
Investing for Control
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus International Value Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund .  Invest in the securities of a company for the purpose of exercising management or control, but the fund will vote the securities it owns in its portfolio as a shareholder in accordance with its views.
   
 
Dreyfus Growth and Income Fund .  Invest in the securities of a company for the purpose of exercising management or control.
   
 
Dreyfus New Jersey Municipal Bond Fund .  Invest in companies for the purpose of exercising control.
   
3.
Margin
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund and Dynamic Total Return Fund .  Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but the fund may make margin deposits in connection with transactions in options, forward contracts, futures contracts and options on futures contracts, and except that effecting short sales will be deemed not to constitute a margin purchase for purposes of this Nonfundamental Policy.
   
 
Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Return Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Long/Short Equity Fund and Dreyfus Total Emerging Markets Fund .  Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but the fund may make margin deposits in connection with transactions in options, forward contracts, futures contracts, options on futures contracts and other derivative instruments, and except that effecting short sales will be deemed not to constitute a margin purchase for purposes of this Nonfundamental Policy.
   
 
Dreyfus Global Infrastructure Fund .  Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but the fund may make margin deposits in connection with transactions in options, forward contracts, futures contracts, options on futures contracts, swap agreements and other derivative instruments, and except that effecting short sales will be deemed not to constitute a margin purchase for purposes of this Nonfundamental Policy.
   
4.
Pledging Assets
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund .  Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings and to the extent related to the purchase of securities on a when-issued, forward commitment or delayed-delivery basis and the deposit of assets in escrow in connection with writing covered put and call options and collateral and initial or variation margin arrangements with respect to permitted transactions.
   
 
 
Dreyfus Global Infrastructure Fund .  Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings and to the extent related to effecting short sales of securities, the purchase of securities on a when-issued, forward commitment or delayed-delivery basis and the deposit of assets in escrow in connection with the entry into options, forward contracts, futures contracts, options on futures contracts, swap agreements and other derivative instruments.
 
   
 
Dreyfus Research Growth Fund.   Pledge, mortgage, hypothecate or otherwise encumber its assets, except to the extent necessary to secure permitted borrowings.
   
 
Dreyfus Research Long/Short Equity Fund.   Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings and to the extent related to effecting short sales of securities, the purchase of securities on a when-issued, forward commitment or delayed-delivery basis and the deposit of assets in escrow in connection with writing covered put and call options and collateral and initial or variation margin arrangements with respect to permitted transactions.
   
 
Dreyfus Emerging Markets Fund, Dreyfus Greater China Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings and to the extent related to the purchase of securities on a when-issued or forward commitment basis and the deposit of assets in escrow in connection with writing covered put and call options and collateral and initial or variation margin arrangements with respect to options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
 
Dreyfus Growth and Income Fund.   Pledge, mortgage or hypothecate its assets, except to the extent necessary to secure permitted borrowings and to the extent related to the deposit of assets in escrow in connection with writing covered put and call options and the purchase of securities on a when-issued or delayed-delivery basis and collateral and initial or variation margin arrangements with respect to options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
 
Dreyfus New Jersey Municipal Bond Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Pledge, hypothecate, mortgage or otherwise encumber its assets, except to the extent necessary to secure permitted borrowings and to the extent related to the deposit of assets in escrow in connection with the purchase of securities on a when-issued or delayed-delivery basis and collateral and initial or variation margin arrangements with respect to options, forward contracts, futures contracts, including those related to indices, and options on futures contracts or indices.
   
5.
Limit on Companies with Limited Operations
   
 
Dreyfus Emerging Markets Fund, Dreyfus Growth and Income Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus S&P 500 Index Fund and Dreyfus Strategic Value Fund .  Purchase securities of any company having less than three years' continuous operations (including operations of any predecessors) if such purchase would cause the value of the fund's investments in all such companies to exceed 5% of the value of its total assets.
   
6.
Purchase Securities of Other Investment Companies
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Greater China Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Midcap Index Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Growth Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus S&P 500 Index Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund.   Purchase securities of other investment companies, except to the extent permitted under the 1940 Act.
   
 
Dreyfus Global Infrastructure Fund.   Invest in securities of other investment companies, except to the extent permitted under the 1940 Act.
   
 
Dreyfus 100% U.S. Treasury Money Market Fund .  Invest in securities of other investment companies, except as they may be acquired as part of a merger, consolidation or acquisition of assets.
   
7.
Puts/Calls
   
 
Dreyfus Emerging Markets Fund, Dreyfus Growth and Income Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Research Growth Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund and Dreyfus Technology Growth Fund .  Purchase, sell or write puts, calls or combinations thereof, except as described in the fund's prospectus and this SAI.
   
8.
Illiquid Investments
   
 
Dreyfus Balanced Opportunity Fund, Dreyfus Diversified International Fund, Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus Greater China Fund, Dreyfus Growth and Income Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus Large Cap Equity Fund, Dreyfus Large Cap Growth Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Growth Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dreyfus Total Emerging Markets Fund and Dynamic Total Return Fund.   Enter into repurchase agreements providing for settlement in more than seven days after notice or purchase securities that are illiquid if, in the aggregate, more than 15% of the value of the fund's net assets would be so invested.
   
 
Dreyfus New Jersey Municipal Bond Fund .  Enter into repurchase agreements providing for settlement in more than seven days after notice or purchase securities which are illiquid (which securities could include participation interests (including municipal lease/purchase agreements) that are not subject to the demand feature described in the fund's prospectus, and floating and variable rate demand obligations as to which the fund cannot exercise the demand feature described in the fund's prospectus on less than seven days' notice and as to which there is no secondary market) if, in the aggregate, more than 15% of its net assets would be so invested.
   
9.
Short Sales
   
 
Dreyfus Midcap Index Fund and Dreyfus S&P 500 Index Fund .  Sell securities short, but reserves the right to sell securities short against the box (a transaction in which the fund enters into a short sale of a security which the fund owns).
   
 
Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  Sell securities short.
   
10.
Warrants
   
 
Dreyfus Midcap Index Fund and Dreyfus S&P 500 Index Fund .  Purchase warrants (excluding those acquired by the fund in units or attached to securities).
   
 
Dreyfus Growth and Income Fund.   Purchase warrants in excess of 2% of its net assets.  For purposes of this Nonfundamental Policy, such warrants shall be valued at the lower of cost or market, except that warrants acquired by the fund in units or attached to securities shall not be included within this 2% restriction.
   
11.
Issuer Diversification
   
 
Dreyfus Global Real Return Fund .  Invest more than 5% of the value of its total assets in the obligations of any single issuer (except securities of the U.S. Government or any instrumentality thereof).
   
12.
Industry Concentration
   
 
Dreyfus Global Real Return Fund .  Invest more than 20% of the value of its total assets in the securities of issuers in any single industry (except securities of the U.S. Government or any instrumentality thereof).
   
13.
Investment in Other than Municipal Bonds
   
 
Dreyfus New Jersey Municipal Bond Fund .  Purchase securities other than Municipal Bonds and Taxable Investments and those arising out of transactions in futures and options or as otherwise provided in the fund's prospectus.
   
14.
State and Local Tax Exempt Income
   
 
Dreyfus 100% U.S. Treasury Money Market Fund .  Purchase securities other than those believed at the time of purchase to provide the holder thereof with interest income exempt from state and local income taxes.

With respect to each fund, if a percentage restriction is adhered to at the time of investment, a later change in percentage resulting from a change in values or assets will not constitute a violation of such restriction, except as otherwise required by the 1940 Act.  With respect to the funds' policies pertaining to borrowing, however, if borrowings exceed 33-1/3% of the value of a fund's total assets as a result of a change in values or assets, the fund must take steps to reduce such borrowings within three days (not including Sundays and holidays) thereafter at least to the extent of such excess.
 
Dreyfus Emerging Asia Fund, Dreyfus Emerging Markets Fund, Dreyfus Global Dynamic Bond Fund, Dreyfus Global Infrastructure Fund, Dreyfus Global Real Estate Securities Fund, Dreyfus Global Real Return Fund, Dreyfus International Stock Index Fund, Dreyfus International Value Fund, Dreyfus Midcap Index Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic U.S. Stock Fund, Dreyfus Research Growth Fund, Dreyfus Research Long/Short Equity Fund, Dreyfus Smallcap Stock Index Fund, Dreyfus Strategic Value Fund and Dreyfus Total Emerging Markets Fund have adopted policies prohibiting them from operating as funds-of-funds in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act.
 
Policies Related to Fund Names
 
Under normal circumstances, Dreyfus 100% U.S. Treasury Money Market Fund invests all of its net assets in U.S. Treasury securities (or other instruments with similar economic characteristics).  Each of the following funds invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes (for funds that may borrow for investment purposes), in the instruments described below (or other instruments with similar economic characteristics).  Each fund has adopted a policy to provide its shareholders with at least 60 days' prior notice of any change in its policy to so invest its assets.
 
Fund
Investment
Dreyfus Emerging Asia Fund
Stocks of companies that are located or principally traded in Asian emerging market countries and other investments that are tied economically to Asian emerging markets, as described in the fund's prospectus
Dreyfus Emerging Markets Fund
Stocks of companies organized, or with a majority of assets or business, in emerging market countries
Dreyfus Global Dynamic Bond Fund
Bonds and other instruments that provide investment exposure to global bond markets
Dreyfus Global Infrastructure Fund
Equity securities issued by companies located throughout the world that are engaged in infrastructure businesses
Dreyfus Global Real Estate Securities Fund
Publicly-traded equity securities of companies principally engaged in the real estate sector, as described in the fund's prospectus
Dreyfus Greater China Fund
Stocks of companies that (i) are principally traded in China, Hong Kong or Taiwan (Greater China), (ii) derive at least 50% of their revenues from Greater China, or (iii) have at least 50% of their assets in Greater China, as described in the fund's prospectus
Dreyfus International Stock Index Fund
Stocks included in the MSCI EAFE Index and in futures whose performance is tied to certain countries included in the index *
Dreyfus International Value Fund
Dreyfus Strategic Value Fund
Stocks
Dreyfus Large Cap Equity Fund
Dreyfus Large Cap Growth Fund
Equity securities of large capitalization companies, as described in the fund's prospectus
Dreyfus Opportunistic   Midcap Value Fund
Dreyfus Structured Midcap Fund
Mid-cap stocks as described in the prospectus
Dreyfus Midcap Index Fund
Stocks included in the S&P MidCap 400 Index and in futures whose performance is tied to the index *
Dreyfus New Jersey Municipal Bond Fund
Municipal Bonds of the State of New Jersey, its political subdivisions, authorities and corporations and certain other specified securities that provide income exempt from federal and New Jersey state personal income taxes
Dreyfus Opportunistic Small Cap Fund
Stocks of small-cap companies
Dreyfus Opportunistic U.S. Stock Fund
Stocks of publicly traded companies located in the United States
Dreyfus Research Growth Fund
Common stocks
Dreyfus Research Long/Short Equity Fund
Equity securities
Dreyfus S&P 500 Index Fund
Stocks included in the S&P 500 Index and in futures whose performance is tied to the index *
Dreyfus Smallcap Stock Index Fund
Stocks included in the S&P SmallCap 600 Index and in futures whose performance is tied to the index *
Dreyfus Technology Growth Fund
Stocks of growth companies of any size that the Manager believes to be leading producers or beneficiaries of technological innovation
Dreyfus Total Emerging Markets Fund
Securities of emerging market issuers and other investments that are tied economically to emerging market countries
Dreyfus U.S. Treasury Intermediate Term Fund
Dreyfus U.S. Treasury Long Term Fund
U.S. Treasury securities
*       The fund generally is fully invested in such investments.
 
DIVIDENDS AND DISTRIBUTIONS
 
Dreyfus 100% U.S. Treasury Money Market Fund, Dreyfus New Jersey Municipal Bond Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund.
 
Each fund ordinarily declares dividends from its net investment income on each business day, which is every day the NYSE is open for regular business.
 
INFORMATION ABOUT THE FUNDS' ORGANIZATION AND STRUCTURE
 
Each fund is an open-end management investment company.  Listed below are the forms of organization of each fund company, its corresponding fund series (if any), the dates of organization and each fund's subclassification as "diversified" or "non-diversified" under the 1940 Act.  The fund companies (in bold) listed below are either Maryland corporations or Massachusetts business trusts.  If one or more funds are listed in italics thereunder, then such fund company is a "series" company, and investments are made through, and shareholders invest in, the fund series shown.  References in this SAI to a "fund" generally refer to the series of a series company; if no such funds are listed under a bold fund company name, then it is not organized as a series company and the term "fund" refers to such fund company.  A fund may not change its subclassification from "diversified" to "non-diversified" without approval of the holders of a majority of the fund's outstanding voting securities (as defined in the 1940 Act).
 
Name
State of Organization
Date of Organization *
Diversification Classification
       
Dreyfus 100% U.S. Treasury Money Market Fund
Massachusetts
March 27, 1987 **
Diversified
Advantage Funds, Inc.
Maryland
November 16, 1993
 
Dreyfus Global Dynamic Bond Fund
   
Non-diversified
Dreyfus Global Real Return Fund
   
Diversified
Dreyfus International Value Fund
   
Diversified
Dreyfus Opportunistic Midcap Value Fund
   
Diversified
Dreyfus Opportunistic Small Cap Fund
   
Diversified
Dreyfus Opportunistic U.S. Stock Fund
   
Diversified
Dreyfus Strategic Value Fund
   
Diversified
Dreyfus Structured Midcap Fund
   
Diversified
Dreyfus Technology Growth Fund
   
Diversified
Dreyfus Total Emerging Markets Fund
   
Non-diversified
Dynamic Total Return Fund
   
Non-diversified
Dreyfus Growth and Income Fund, Inc.
Maryland
November 15, 1991
Non-diversified
Dreyfus Index Funds, Inc.
Maryland
October 6, 1989
 
Dreyfus International Stock Index Fund
   
Non-diversified
Dreyfus S&P 500 Index Fund
   
Non-diversified
Dreyfus Smallcap Stock Index Fund
   
Non-diversified
Dreyfus International Funds, Inc.
Maryland
January 27, 1993
 
Dreyfus Emerging Markets Fund
   
Non-diversified
Dreyfus Manager Funds I
Massachusetts
July 28, 1995
 
Dreyfus Research Long/Short Equity Fund
   
Non-diversified
Dreyfus Manager Funds II
Massachusetts
July 28, 1995
 
Dreyfus Balanced Opportunity Fund
   
Diversified
Dreyfus Midcap Index Fund, Inc.
Maryland
June 6, 1991
Non-diversified
Dreyfus New Jersey Municipal Bond Fund, Inc.
Maryland
January 11, 1988
Non-diversified
Dreyfus Premier Investment Funds, Inc.
Maryland
November 21, 1991
 
Dreyfus Diversified International Fund
   
Diversified
Dreyfus Emerging Asia Fund
   
Non-diversified
Dreyfus Global Infrastructure Fund
   
Diversified
Dreyfus Global Real Estate Securities Fund
   
Diversified
Dreyfus Greater China Fund
   
Non-diversified
Dreyfus Large Cap Equity Fund
   
Diversified
Dreyfus Large Cap Growth Fund
   
Diversified
Dreyfus Research Growth Fund, Inc.
Delaware
Maryland
June 23, 1969
Reorganized as a Maryland corporation on July 23, 1981
Diversified
Dreyfus U.S. Treasury Intermediate Term Fund
Massachusetts
March 27, 1987
Diversified
Dreyfus U.S. Treasury Long Term Fund
Massachusetts
March 27, 1987
Diversified
 
*
As a result of legal requirements relating to the formation of Massachusetts business trusts, there may have been a significant period of time between the dates of organization and commencement of operations for funds organized in this structure, during which time no business or other activities were conducted.
 
**
Commenced operations as a limited partnership.  On December 31, 1993, all assets and liabilities of the partnership were transferred to the fund in exchange for shares of beneficial interest of the fund, which was organized on May 21, 1993.
 
CERTAIN EXPENSE ARRANGEMENTS AND OTHER DISCLOSURES
 
Expense Arrangements
 
Index Funds .  All expenses incurred in the operation of the funds are borne by the Manager, except management fees, Shareholder Services Plan fees, taxes, interest, brokerage fees and commissions, if any, fees and expenses of non-interested board members, fees and expenses of independent counsel to the fund and to the non-interested board members, and any extraordinary expenses.
 
Expense Limitations
 
Dreyfus 100% U.S. Treasury Money Market Fund, Dreyfus Emerging Markets Fund, Dreyfus Growth and Income Fund, Dreyfus International Value Fund, Dreyfus Opportunistic Midcap Value Fund, Dreyfus Opportunistic Small Cap Fund, Dreyfus Strategic Value Fund, Dreyfus Structured Midcap Fund, Dreyfus Technology Growth Fund, Dreyfus U.S. Treasury Intermediate Term Fund and Dreyfus U.S. Treasury Long Term Fund .  The Manager has agreed that if in any fiscal year the aggregate expenses of the fund, exclusive of taxes, brokerage, interest on borrowings and (with the prior written consent of the necessary state securities commissions) extraordinary expenses, but including the management fee, exceed the expense limitation of any state having jurisdiction over the fund, the fund may deduct from the payment to be made to the Manager under the fund's agreement with the Manager, or the Manager will bear, such excess expense to the extent required by state law.  Such deduction or payment, if any, will be estimated daily, and reconciled and effected or paid, as the case may be, on a monthly basis.
 
Dreyfus New Jersey Municipal Bond Fund .  The Manager has agreed that, if in any fiscal year, the aggregate expenses of Class A shares of the fund, exclusive of taxes, brokerage fees, interest on borrowings and (with the prior written consent of the necessary state securities commissions) extraordinary expenses, but including the management fee, exceed 1-1/2% of the value of the fund's average net assets attributable to Class A shares for the fiscal year, the fund may deduct from the payment to be made to the Manager under the fund's agreement with the Manager, or the Manager will bear, such excess expense with respect to Class A shares of the fund.  Such deduction or payment, if any, will be estimated daily, and reconciled and effected or paid, as the case may be, on a monthly basis.
 
Dreyfus Research Growth Fund.   The Manager has agreed that if in any fiscal year the aggregate expenses of Class Z shares of the fund, exclusive of taxes, brokerage fees, interest on borrowings and (with the prior written consent of the necessary state securities commissions) extraordinary expenses, but including the management fee, exceed 1½% of the value of the fund's average daily net assets attributable to Class Z shares of the fund for the fiscal year, the fund may deduct from the payment to be made to the Manager under the fund's agreement with the Manager, or the Manager will bear, such excess expense with respect to Class Z of the fund.  Such deduction or payment, if any, will be estimated daily, and reconciled and effected or paid, as the case may be, on a monthly basis.
 
Index Licensing Disclosures—S&P
 
Dreyfus S&P 500 Index Fund, Dreyfus Midcap Index Fund and Dreyfus Smallcap Stock Index Fund .  The funds are not sponsored, endorsed, sold or promoted by S&P.  S&P makes no representation or warranty, express or implied, to the owners of the funds or any member of the public regarding the advisability of investing in securities generally or in the funds particularly or the ability of the S&P 500 Index, S&P 400 Index or S&P 600 Index to track general stock market performance.  S&P's only relationship to the funds is the licensing of certain trademarks and trade names of S&P and of the relevant Indexes which are determined, composed and calculated by S&P without regard to the funds.  S&P has no obligation to take the needs of the funds or the owners of the funds into consideration in determining, composing or calculating the S&P 500 Index, S&P 400 Index or S&P 600 Index, respectively.  S&P is not responsible for and has not participated in the calculation of the funds' net asset value, nor is S&P a distributor of the funds.  S&P has no obligation or liability in connection with the administration, marketing or trading of the funds.
 
S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX, S&P 400 INDEX OR S&P 600 INDEX OR ANY DATA INCLUDED THEREIN.  S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY DREYFUS S&P 500 INDEX FUNDS, DREYFUS MIDCAP INDEX FUND, INC. OR DREYFUS SMALLCAP STOCK INDEX FUND, OWNERS OF SUCH FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX, S&P 400 INDEX OR S&P 600 INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX, S&P 400 INDEX OR S&P 600 INDEX OR ANY DATA INCLUDED THEREIN.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
 
COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York  10038-4982, as counsel for the funds, has rendered its opinion as to certain legal matters regarding the due authorization and valid issuance of the shares being sold pursuant to the funds' prospectuses.
 
Ernst & Young LLP, 5 Times Square, New York, New York  10036-6530, an independent registered public accounting firm, has been selected to serve as the independent registered public accounting firm for the funds.
 
RISKS OF INVESTING IN STATE MUNICIPAL SECURITIES
 
The following information constitutes only a brief summary, does not purport to be a complete description, and is based on information drawn from official statements relating to securities offerings of the specified state or states (each, the "State" or the "Commonwealth") and various local agencies available as of the date of this SAI.  While the relevant fund(s) have not independently verified this information, the fund(s) have no reason to believe that such information is not correct in all material respects.
 
New Jersey
 
General Information
 
Demographics .  New Jersey is the eleventh largest state in population and the fifth smallest in land area.  With an average of 1,196 persons per square mile, it is the most densely populated of all the states.  New Jersey is located at the center of the megalopolis that extends from Boston to Washington D.C., which includes over one-fifth of the nation's population.  New Jersey's extensive port developments augment the air, land and water transportation complex that influences much of the State's economy.  The State's central location also makes it an attractive location for corporate headquarters and international business offices.  The State's economic base is diversified, consisting of a variety of manufacturing, construction and service industries, supplemented by rural areas with selective commercial agriculture.  New Jersey is bordered on the east by the Atlantic Ocean and on the north and northwest by lakes and mountains, providing recreation for both residents and tourists.  As of July 1, 2014, the State's population was estimated to be 8,899,339 in 2012.
 
Economic Outlook .  New Jersey's gross state product rose 1.1% from 2012 to 2013, compared to the national increase in gross domestic product of 1.8% during the same period.  Calendar year 2013 also was the fourth consecutive year to see an increase in New Jersey's inflation-adjusted gross domestic product.  New Jersey's personal income rose 3.6% over the twelve month period ended March 31, 2014, which was virtually identical to the increase reported for the nation as a whole over the same period.  Growth in personal income for New Jersey residents is expected to continue through 2014 and 2015 at rates higher than those seen over the course of 2013.  The State's unemployment rate declined from 8.4% in July 2013 to 6.5% in July 2014.
 
New Jersey's housing sector is recovering, but at an irregular rate.  Growth in housing activity is anticipated to continue, as reduced prices, low mortgage rates and higher rental costs have increased the attractiveness of homeownership, while ongoing recovery from Super Storm Sandy will continue to spur building in parts of State.  Home resales in the State in 2013 were 18.4% higher than in 2012, though home resales in the first six months of 2014 were 4.3% lower than in the same period in 2013, likely due to unusually harsh weather in the early months of 2014.  In addition, new motor vehicle sales in 2013 were 9.5% higher than in 2012, and in the first six months of 2014 sales were an average of 2.4% higher than during the same period in 2013.
 
The State's economic outlook hinges on the success of supportive national fiscal and monetary policies.  Availability of credit, stability in the financial markets, and continued improvement in consumer and business confidence are critical factors necessary for the continuation of the economic turnaround.  To a large extent, the future direction of the economy nationally and in the State hinges on the assumptions regarding the strength of the current economic recovery, energy prices and stability in the financial markets.
 
 
State Funds and Accounting
 
The State operates on a fiscal year beginning July 1 and ending June 30.  Annual budgets are adopted for the State General Fund and certain special revenue funds.  The Legislature enacts the annual budget through specific departmental appropriations, the sum of which may not exceed estimated resources.  It is a constitutional requirement that the annual State budget be balanced.  Pursuant to the State Constitution, no money may be drawn from the State Treasury except for appropriations made by law.  In addition, all monies for the support of State government and all other State purposes, as far as can be reasonably ascertained or predicted, must be provided for in one general appropriation law covering the span of a single fiscal year.  No general appropriations law or other law appropriating money for any State purpose may be enacted if the amount of money appropriated, together with all other appropriations for that fiscal year, exceeds the total amount of revenue available (current and anticipated) for such fiscal year, as certified by the Governor.
 
State Funds
 
State General Fund .  This fund is the fund into which all State revenues, not otherwise restricted by State statute, are deposited and from which appropriations are made.  The largest part of the total financial operations of the State is accounted for in the State General Fund.  Most revenues received from taxes, most federal sources, and certain miscellaneous revenue items are recorded in this fund.  The Appropriations Act, annually enacted by the Legislature, provides the basic framework for the operations of the State General Fund.  Revenues into the State General Fund were $17.90 billion in Fiscal Year 2013, and are estimated to be $18.50 billion and $18.96 billion in Fiscal Years 2014 and 2015, respectively.  Appropriations from the State General Fund were approximately $18.20 billion in Fiscal Year 2013, and are estimated to be $19.05 billion and $19.11 billion in Fiscal Years 2014 and 2015, respectively.
 
Property Tax Relief Fund.   This fund accounts for revenues from the gross income tax and for revenues derived from a tax rate of 0.5% imposed under the sales and use tax, both of which are constitutionally dedicated toward property tax relief and reform, respectively.  All receipts from taxes levied on personal income of individuals, estates and trusts must be appropriated exclusively for the purpose of reducing or offsetting property taxes.  Annual appropriations are made from the fund, pursuant to formulas established by the Legislature, to counties, municipalities and school districts.  Revenues into this fund were $12.76 billion in Fiscal Year 2013, and are estimated to be $12.73 billion and $13.34 billion in Fiscal Years 2014 and 2015, respectively.  Property tax relief appropriations were approximately $13.19 billion in Fiscal Year 2013, and are estimated to be $13.72 billion and $13.09 billion in Fiscal Years 2014 and 2015, respectively.
 
Special Revenue Funds.   These funds account for the resources legally restricted to expenditure for specified purposes.  Such purposes must be other than special assessments, private-purpose trusts, or major capital projects.  Special Revenue Funds include the Casino Control Fund, the Casino Revenue Fund and the Gubernatorial Elections Fund.  Appropriations from the largest of those three funds, the Casino Revenue Fund, were approximately $284.0 million in Fiscal Year 2013, and are estimated to be approximately $383.6 million and $270.2 million in Fiscal Years 2014 and 2015, respectively.  Other Special Revenue Funds have been created that are either reported ultimately in the State General Fund or are created to hold revenues derived from private sources.
 
Unemployment Insurance Trust Fund .  In Fiscal Year 2014, the Unemployment Insurance Trust Fund (the "UITF"), which provides funding for unemployment benefits in the State, received approximately $2.7 billion in contributions from employers and workers while paying out approximately $2.4 billion in regular, annual State unemployment benefits (excluding benefits paid entirely by the federal government) on a cash basis.  In Fiscal Year 2015, contributions from employers and workers are expected to approximate $3.1 billion, while regular State unemployment benefits will approximate $2.4 billion.  As of July 11, 2014, the State's trust fund balance, on a cash basis, was $216.2 million and there were no outstanding loans from the U.S. Department of Labor to provide funding for unemployment insurance benefits.  Additionally, no such borrowing is anticipated in Fiscal Year 2015.
 
Other Revenue Sources
 
Federal Aid .  Actual federal aid receipts in the State General Fund and the Special Transportation Fund for Fiscal Years 2011 through 2013 amounted to $11.20 billion, $10.67 billion and $10.80 billion, respectively.  Federal receipts in the State General Fund and the Special Transportation Fund for Fiscal Years 2014 and 2015 are estimated to be $12.71 billion and $14.55 billion, respectively.  Anticipated federal aid receipts for Fiscal Year 2015 are composed of $8.70 billion for health-related family programs, $444.3 million for social services block grants, $1.22 billion for other human services, $832.6 million for education, $469.1 million for labor, $2.26 billion for transportation and the remainder for all other federal aid programs.
 
The Disaster Relief Appropriations Act of 2013 (the "Federal Relief Act"), which was signed into law on January 29, 2013, appropriated approximately $50.38 billion (later reduced by sequestration to $47.9 billion) to assist states and local communities impacted by Super Storm Sandy.  Leveraging available resources, the State has launched more than 50 programs and initiatives to help Sandy-impacted homeowners, renters, businesses, and communities recover and rebuild.  The State is administering programs funded by a number of federal funding streams.  Some of these funding streams require the State or other grantee to contribute a non-federal cost share, also known as "match."  As the recovery from Super Storm Sandy continues, the State will maintain efforts to ensure that all matching requirements for funds available under the Federal Relief Act are identified and budgeted.  As recovery progresses, it is likely that some projections may understate or overstate the State's actual non-federal cost share needs across all federal funding sources.  The State has appropriated $40 million to support any unanticipated costs, including expected problems identifying funding to support the non-federal cost share.  To date, the State has expended approximately $16 million of the initial $40 million in funding, and anticipates the balance of funding available will be sufficient to support any unexpected funding issues related to Super Storm Sandy.
 
Atlantic City and Legalized Gambling .  Since 1978, casino gambling in Atlantic City has been an important State tourist attraction.  The Casino Revenue Fund accounts for the taxes imposed on the casinos and other related activities.  Revenues for Fiscal Years 2011 through 2013 were approximately $266.2 million, $239.3 million and $214.9 million, respectively.  Revenues for Fiscal Years 2014 and 2015 are estimated to be $229.7 million and $270.2 million, respectively.  Recent announcements of closing of a number of Atlantic City casinos may impact the growth of casino revenues .
 
State Economy and Finances
 
Fiscal Years 2012 and 2013 Summary .  The State began Fiscal Year 2012 with an undesignated fund balance of $873.2 million, of which $864.1 million was in the State General Fund.  Total revenues for Fiscal Year 2012 were $29.09 billion.  Fiscal Year 2012 appropriations were $30.33 billion.  This resulted in a Fiscal Year 2012-ending undesignated fund balance of $446.6 million, of which $441.4 million was in the State General Fund.  Total revenues for Fiscal Year 2013 were $30.92 billion.  Fiscal Year 2013 appropriations were $31.73 billion.  This resulted in a Fiscal Year 2013-ending undesignated fund balance of $313.2 million, of which $301.4 million was in the State General Fund.
 
Fiscal Years 2014 and 2015 Summary (Estimated) .  Estimated total revenues for Fiscal Year 2014 are $31.52 billion.  Revenues from the State General Fund make up over 50% of revenues—approximately $18.50 billion.  Of the estimated $33.23 billion appropriated in Fiscal Year 2014, State aid is the largest portion of appropriations, totaling $14.12 billion (42.5%).  In addition, an estimated $10.08 billion (30.3%) was appropriated for grants-in-aid, $7.31 billion (22.0%) was appropriated for direct State services, $1.40 billion (4.2%) was appropriated for capital construction and $319.7 million (1.0%) was appropriated for debt service on State general obligation bonds.  The process of finalizing the Fiscal Year 2014 results is ongoing and is subject to audit.  Taking into account additional anticipated lapses in spending and other revenue adjustments, the State continues to work toward, but cannot give assurances of, realizing a final undesignated fund balance of $300 million for Fiscal Year 2014.
 
Estimated total revenues for Fiscal Year 2015 are $32.63 billion.  Revenues from the State General Fund make up over 50% of revenues—approximately $18.96 billion.  The sales and use tax collections for Fiscal Year 2015 are estimated to total $9.07 billion, an increase of 5.5% from Fiscal Year 2014.  This growth in sales and use tax collections is based upon the assumed ongoing expansion of the State's economy.  The gross income tax collections for Fiscal Year 2015 are estimated to total $12.63 billion, an increase of 4.8% from Fiscal Year 2014.  It is anticipated that gross income tax collections will resume more normal rates of growth after a large shortfall seen in final payments at the end of Fiscal Year 2014.  The growth rate in gross income tax collections in Fiscal Year 2015 is expected to be moderately higher than the rate of personal income growth for State residents, reflecting the State's progressive income tax rate structure.  The corporation business tax collections for Fiscal Year 2015 are estimated to total $2.59 billion, an increase of 6.5% from Fiscal Year 2014.  The anticipated increase in growth in Fiscal Year 2015 partly reflects legislative changes designed to address the results of court decisions that have enabled corporations to limit their New Jersey liabilities, as well as an administrative initiative to step up collections.  However, there is the potential that increased usage of recently-granted business tax incentives will limit the growth of corporation business tax collections.
 
The Fiscal Year 2015 Appropriations Act calls for $32.54 billion in appropriations, of which $13.66 billion (42.0%) is for State aid, with the largest allocation ($11.94 billion) provided for local preschool, elementary and secondary education programs.  In addition, $10.08 billion (31.0%) is appropriated for grants-in-aid, $6.83 billion (21.0%) is appropriated for direct State services, $1.57 billion (4.8%) is appropriated for capital construction, and $404.8 million (1.2%) is appropriated for debt service on State general obligation bonds.  Fiscal Year 2015 appropriations also include non-recurring revenue totaling $1.2 billion.  Fiscal Year 2015 appropriations are based on an estimate of costs.  There are various factors that could result in expenditures significantly higher or lower than current forecasts.
 
State Indebtedness
 
General .  The State is empowered by voters to authorize, issue, and incur debt subject to certain constitutional restrictions.  General obligation bond acts are both legislatively and voter-approved and are backed by the State's full faith and credit.  As of June 30, 2014, the State had $2.16 billion of State general obligation bonds outstanding with another $1.29 billion of bonding authorization remaining from various State general obligation bond acts.
 
General Obligation Bonds.   The State finances certain capital projects through the sale of general obligation bonds of the State.  These bonds are backed by the full faith and credit of the State.  Certain State tax revenues and certain other fees are pledged to meet the principal payments, interest payments and redemption premium payments, if any, required to fully pay the bonds.  The State made appropriations for principal and interest payments for general obligation bonds for Fiscal Years 2011 through 2014 in the amounts of $204.7 million, $276.9 million, $410.6 and $319.7 million, respectively.  The Fiscal Year 2015 appropriation is $404.8 million, representing principal and interest payments for general obligation bonds.  This appropriation reflects anticipated savings from utilizing available, uncommitted amounts and residual project balances held in general obligation bond funds, available bond premium from the sale of general obligation bonds in May 2013, and normal reductions in scheduled payments for existing general obligation bond debt service.
 
Variable Rate Obligations .  As of June 30, 2014, the Transportation Trust Fund Authority had outstanding, in the aggregate, approximately $297.5 million of variable rate demand bonds with interest rates that reset weekly.  Such variable rate demand bonds are secured by respective agreements with the State Treasurer, and are further supported by bank-issued letters of credit.  Additionally, as of June 30, 2014, the New Jersey Economic Development Authority had outstanding approximately $1.147 billion of floating rate notes, which bear interest at a rate that resets monthly or weekly based on either London InterBank Offering Rate (LIBOR) or the Securities Industry and Financial Markets Association (SIFMA) rate plus a fixed spread.  There are no letters of credit in support of these notes.
 
Obligations Supported By State Revenue Subject to Annual Appropriation.   The State has entered into a number of leases and agreements with several governmental authorities to secure the financing of various projects and programs in the State in which the State has agreed to make payments equal to the debt service on, and other costs related to, the obligations sold to finance the projects, including payments on swap agreements defined below.  The Legislature has no legal obligation to enact such appropriations, but has done so to date for all such obligations. The amounts appropriated to make such payments are included in the appropriation for the department, authority or other entity administering the program or in other line item appropriations.  The Fiscal Year 2015 Appropriations Act includes $2.91 billion for debt service for obligations supported by State revenue subject to annual appropriation.  The principal amount of obligations supported by State revenue subject to annual debt service appropriations as of June 30, 2014 is $32.77 billion.
 
Tax and Revenue Anticipation Notes.   The State issues tax and revenue anticipation notes ("TRANs") to aid in providing effective cash flow management to fund imbalances that occur in the collection and disbursement of the State General Fund and Property Tax Relief Fund revenues.  TRANs do not constitute a general obligation of the State or a debt or liability within the meaning of the State Constitution, but instead constitute special obligations of the State payable solely from monies on deposit in the State General Fund and the Property Tax Relief Fund and legally available for such payment.  On July 1, 2014, the State issued $2.6 billion in TRANs, which are scheduled to mature on June 26, 2015.  The State does not expect to issue additional TRANs in Fiscal Year 2015.
 
State Pension Plans
 
Almost all of the public employees of the State and its counties, municipalities and political subdivisions are members of pension plans administered by the State.  The State sponsors and operates seven defined benefit pension plans (collectively, the "Pension Plans").  Public Employees' Retirement System ("PERS") and Teachers' Pension and Annuity Fund ("TPAF") are the largest plans, which as of June 30, 2013, the date of the latest actuarial valuations for all systems covered 272,846 and 151,318 active members, respectively, and 157,410 and 92,080 retired members, respectively.  The other systems are Police and Firemen's Retirement System ("PFRS"), Consolidated Police and Firemen's Pension Fund ("CP&FPF"), State Police Retirement System ("SPRS"), Judicial Retirement System ("JRS") and Prison Officers' Pension Fund ("POPF").  The State is not the only employer participating in PERS and PFRS.  Local governments also participate as employers.  In both of these Pension Plans, the assets that the State and the local governments contribute are invested together and generate one investment rate of return.  However, both of these Pension Plans segregate the active and retired members and the related actuarial liabilities between the State on one hand and the local governments on the other hand.  The State is solely responsible for funding the benefits of the SPRS, JRS, CP&FPF and the POPF.  The CP&FPF and the POPF are closed plans and not open to new membership.
 
State law requires the Pension Plans to conduct an annual actuarial valuation.  Ordinarily, the actuarial valuations of the Pension Plans are completed approximately six to eight months after the end of a fiscal year.  As a result, the recommended contribution rates for the Pension Plans apply not to the fiscal year immediately following the fiscal year covered by the actuarial valuations but the second immediately following fiscal year.  For example, the actuarially recommended rates of contribution in the actuarial valuations of the Pension Plans as of July 1, 2012 are applicable to Fiscal Year 2014.
 
The actual rate of return on the Pension Plans depends on the performance of their respective investment portfolios.  The investment portfolios of each Pension Plan can be highly volatile and the value of the securities in the investment portfolio can dramatically change from one fiscal year to the next, which could, in turn, cause substantial increases or decreases in the Plan's unfunded actuarial accrued liability ("UAAL").  For Fiscal Years 2012 and 2013, the rate of return of the assets of the Pension Plans was 2.51% and 11.63%, respectively.  The assumed rate of return applicable to those fiscal years was 7.95%.  The annualized rate of return for Fiscal Year 2014, although not yet finalized, is estimated to be 15.9%, which is above the expected rate of return for valuation purposes.  Annualized returns for the three-, five- and ten-year periods ending June 30, 2013 were 10.59%, 5.32% and 7.26%, respectively.
 
From Fiscal Year 2008 through Fiscal Year 2013 the total net assets of all of the Pension Plans decreased by $4.4 billion from $83.0 billion to $78.5 billion, while annual total expenditures incurred by the Pension Plans over the same period increased by $2.6 billion, from $6.5 billion to $9.1 billion.  The amount of these expenditures is expected to increase in future fiscal years.  This resulted in an increase in the ratio of annual expenditures to net assets from 7.9% for Fiscal Year 2008 to 11.63% for Fiscal Year 2013.  It is likely that this ratio will worsen and increase in future fiscal years.
 
For Fiscal Year 2009, although $1.047 billion was appropriated as the State's pension contribution to the Pension Plans, the actual contribution made by the State was $106.3 million, representing only 4.8% of the total actuarially recommended contribution to the Pension Plans of $2.231 billion.  For Fiscal Year 2010, although $100 million was appropriated as the State's contribution to the Pension Plans, the State did not make a contribution due to ongoing budgetary constraints.  The $100 million contribution originally expected to be made for Fiscal Year 2010 represented only 4% of the total actuarially recommended contribution for the State to the Pension Plans of $2.519 billion.  Although the recommended contribution as determined by the actuaries for the Pension Plans for Fiscal Year 2011 was $3.060 billion, no contribution was made.  The State was to resume making the actuarially recommended contributions to the Pension Plans on a gradual basis over a period of seven years beginning with Fiscal Year 2012.  For Fiscal Year 2012, the State made a pension contribution of $484.5 million to the Pension Plans, representing 1/7th of the full actuarially recommended contribution of $3.391 billion.  For Fiscal Year 2013, the State made a contribution of $1.029 billion although the full recommended contribution was $3.600 billion.  Due to a shortfall in resources, the State contributed only $695.7 million to the Pension Plans in Fiscal Year 2014, $887 million less than the required phased-in contribution of $1.582 billion.  In addition, due to an anticipated shortfall in resources in Fiscal Year 2015, the Fiscal Year 2015 Appropriations Act includes a contribution to the Pension Plans of $680.6 million, $1.569 billion less than the required phased-in contribution of $2.249 billion.
 
New Jersey Pension and Health Benefit Study Commission .  In August 2014, the Governor created the New Jersey Pension and Health Benefit Study Commission (the "Commission").  The Commission is tasked with making recommendations regarding, among other things, the goals and criteria and funding policies for a sustainable retirement and health benefit system. The Commission will issue its recommendations in a report to the Governor. The Commission is tasked with evaluating virtually every aspect of the Pension Plans and, thus, could make recommendations that, if adopted, could substantially impact the UAAL and funded ratio or substantially increase or decrease the State's contributions, or both.
 
Litigation
 
The following are cases presently pending or threatened in which the State has the potential for either a significant loss of revenue or a significant unanticipated expenditure.  At any given time, there are various numbers of claims and cases pending against the State, State agencies and employees, seeking recovery of monetary damages that are primarily paid out of the fund created pursuant to the New Jersey Tort Claims Act.  The State does not formally estimate its reserve representing potential exposure for these claims and cases.  The State is unable to estimate its exposure for these claims and cases.
 
The State routinely receives notices of claim seeking substantial sums of money.  The majority of those claims have historically proven to be of substantially less value than the amount originally claimed.  In addition, at any given time, there are various numbers of contract and other claims against the State and State agencies, including environmental claims asserted against the State, among other parties, arising from the alleged disposal of hazardous waste.  The State is unable to estimate its exposure for these claims.
 
Bacon v. New Jersey Department of Education.   On September 8, 2014, the Bacon districts (sixteen rural, poor school districts) filed a verified complaint and order to show cause against the New Jersey Department of Education ("DOE").  The Bacon districts previously had a multi-year administrative litigation (which ended in 2006) against the DOE to determine whether the prior funding formula under the Comprehensive Educational Improvement and Financing Act was unconstitutional as applied to the Bacon districts.  While factual findings were made that the Bacon districts were not providing a thorough and efficient education to their students, in March 2008, the appeals court ordered the DOE Commissioner to conduct a needs assessment of the Bacon districts to determine whether the School Funding Reform Act of 2008 ("SFRA") provided sufficient funds to the Bacon districts in order to provide a thorough and efficient education to their students.  The reports concluded that sufficient funds were available but also directed regionalization studies, training and technical assistance.  Plaintiffs now allege that because the Bacon districts have not received the State aid required under SFRA, the Bacon district students are being deprived of a thorough and efficient education as called for in the State Constitution.  The plaintiffs seek an order "requiring the provision of K-12 funding, preschool, facilities improvements and other measures as determined necessary to remedy the continuing constitutional violation" in the Bacon districts. The State intends to vigorously defend this matter.
 
FiberMark North America, Inc. v. State of New Jersey, Department of Environmental Protection.   Plaintiff, as owner of the Warren Glen waste water treatment facility ("Warren Glen"), filed suit against the Department of Environmental Protection ("DEP") asserting that DEP is responsible for unpermitted discharges of landfill pollutants into one of its waste water treatment lagoons at Warren Glen.  Additionally, plaintiff claims it has suffered numerous damages due to costs associated with Warren Glen, such as costs to operate the facility, costs associated with the delay in the clean-up, consulting and legal fees, and other costs resulting from being unable to cease operations and to decommission and sell Warren Glen.
 
Plaintiff claims it is the successor to a 1991 landfill agreement ("1991 Agreement"), by which it was obligated to receive and treat leachate from the neighboring landfill in their waste water treatment lagoons before discharge into a river.  However, plaintiff claims, in a voluntary Chapter 11 bankruptcy petition for reorganization, the bankruptcy court granted its request to reject the 1991 Agreement on June 23, 2005.  Plaintiff claims it had no responsibility to treat the leachate from the neighboring landfill as of this date, but was forced by DEP to continue doing so between March 2006 and September 13, 2007, suffering damages from the illegal discharge of leachate into their facility.  In April 2007, DEP successfully rerouted the leachate so that it no longer runs into Warren Glen and is permanently enjoined from allowing leachate to run onto Warren Glen pursuant to a partial consent judgment in a related case, FiberMark North America, Inc. v. Jackson.   The State filed its answer to the complaint on June 23, 2008.  The trial on this matter began on May 4, 2009.  DEP moved to dismiss the matter, which the court granted.  On May 26, 2009, plaintiff filed several motions with the trial court and also filed a notice of appeal with the appellate court.  By order dated September 18, 2009, the appellate court temporarily remanded the matter for 30 days for the trial judge to rule on the post-judgment motions previously filed with the trial court.  On October 23, 2009, the court issued a decision from the bench denying plaintiff's motions.
 
On August 5, 2011, the appellate court issued a decision affirming the trial court's decision in part, reversing in part and remanding for further proceedings.  The court affirmed the trial court's dismissal of FiberMark's continuing trespass, continuing dangerous condition, and inverse condemnation claims and agreed with the trial court's conclusion that FiberMark should not be permitted to seek damages based on allegations that it sold Warren Glen for a reduced amount after an option for the sale of the property fell through on account of the leachate.  However, the appellate court reversed the trial court's dismissal of the nuisance claim and the related reimbursement issue and remanded this claim to the trial court.  Specifically, the court concluded that the issue of whether DEP's actions to stop the leachate flow were reasonable could not be resolved against FiberMark in the context of a motion to dismiss.  FiberMark's petition for certiorari to the State Supreme Court was denied, due to lack of timeliness, on September 19, 2011.  The trial court declined to stay the proceedings on remand, and DEP filed a motion for summary judgment on the nuisance claims remanded to the trial court on October 5, 2011.  On February 22, 2012, the jury returned a verdict in favor of DEP, finding that DEP did not commit a nuisance.  On March 7, 2012, FiberMark filed a motion seeking a new trial, which was denied.  FiberMark appealed the trial court's denial and on May 27, 2014, the appellate court affirmed the trial court's decision. The State is vigorously defending this matter.
 
New Jersey Department of Environmental Protection et al. v. Occidental Chemical Corporation, et al.   In December 2005, the DEP, the Commissioner of DEP, and the Administrator of the New Jersey Spill Compensation Fund (collectively, "Plaintiffs") filed suit against Occidental Chemical Corporation ("Occidental"), Maxus Energy Corporation ("Maxus"), Tierra Solutions, Inc. ("Tierra"), Repsol YPF, S.A ("Repsol"), YPF, S.A ("YPF") and certain other defendants seeking costs and damages relating to the discharge of dioxin into the Passaic River and its environs by Diamond Shamrock Corporation ("Diamond Shamrock"), a predecessor of defendant Occidental.  On July 19, 2011, the court ruled that Occidental, as successor to Diamond Shamrock, was strictly, jointly and severally liable for all cleanup and removal costs associated with the hazardous substances discharged by Diamond Shamrock from the Lister Avenue Site into the Passaic River between 1951-1969.
 
On August 24, 2011, the court granted the Plaintiffs' motion for partial summary judgment on liability against Tierra, the current owner of the Lister Avenue Site.  The court found Tierra to be strictly, jointly and severally liable for all cleanup and removal costs associated with the discharge of hazardous substances at and from the Lister Avenue Site.  The court granted Occidental's motion for partial summary judgment against Tierra, finding that Tierra was liable to Occidental in contribution on the same basis.  On that same date, Occidental also obtained a judgment against Maxus on an indemnification claim.  The court found that Maxus was liable to Occidental in perpetuity for any cleanup and removal costs paid by Occidental as the successor to Diamond Shamrock.
 
On May 21, 2012, the court granted the State's motion for partial summary judgment against Maxus on liability, finding Maxus strictly liable, jointly and severally for all cleanup and removal costs associated with the hazardous substances discharged at and from the Lister Avenue site.  The judgment against Maxus concluded the liability phase of the action.  The damages phase of this litigation has been stayed until further order of the court.
 
Both the Plaintiffs and Occidental have alleged that Repsol and YPF committed a fraud upon both parties by systematically stripping assets from Maxus leaving Maxus unable to satisfy any Passaic River cleanup liabilities that may be imposed on it.  On January 22, 2013, attorneys for the Plaintiffs and several hundred third-party defendants informed the court that they reached a preliminary agreement on a proposed consent judgment to settle certain claims.  On March 23, 2013, the State informed the court that a super-majority of the third-party defendants had approved the consent judgment.  If approved by the DEP, the consent judgment will be submitted to the court for approval.
 
On April 15, 2013, attorneys for the Plaintiffs and Tierra, Maxus, Repsol, YPF and certain other defendants (collectively, the "Settling Defendants") informed the court that they had reached preliminary agreement on a proposed settlement agreement.  On June 7, 2013, the Plaintiffs reported to the court that the Settling Defendants had approved the settlement agreement.  On October 28, 2013 the Settlement Agreement was submitted to the court for approval and was approved on December 12, 2013.  Occidental is not participating in the Settlement Agreement with the Settling Defendants, and filed a notice of appeal on January 24, 2014.  On March 26, 2014, the appeals court granted the State's motion for summary disposition and affirmed the Settlement Agreement.  Occidental currently is the only original defendant remaining in the case, and certain State claims against Occidental continue to be litigated. Occidental's claims against Repsol and YPF also continue to be litigated.  The trial dates for both sets of claims have not been set.  The State is vigorously defending this matter.
 
Powell v. State .  On September 12, 2011, seven State and local employees filed suit against the State, various executive officials and the State Legislature challenging various provisions of the 2011 Legislation that concern health benefits on various State constitutional law grounds.   The State Legislative Branch Defendants and State Executive Branch Defendants filed motions to dismiss for failure to state a claim upon which relief may be granted.  The court bifurcated the two motions and granted the motion by the State Legislative Branch Defendants.  On March 8, 2013, the court granted the State Executive Defendants' motion to dismiss.  The State employees did not appeal, however, three municipal firefighters appealed.  On August 15, 2014, the appellate court upheld the court's decision to dismiss the complaint. The time to file a notice of petition for certification with New Jersey Supreme Court has expired.
 
Berg v. Christie.   On December 2, 2011, a number of retired Deputy Attorneys General and retired Assistant Attorneys General filed a lawsuit against various State officials challenging the constitutionality of a portion of the 2011 Pension and Health Benefit Reform Legislation (the "2011 Legislation"), which temporarily suspends the payment of pension adjustments to retired public employees.  The plaintiffs allege violation of multiple provisions of both the State and federal constitutions and seek monetary damages, injunctive relief, and a declaratory judgment.  On February 2, 2012, the State filed a motion to dismiss for failure to state a claim upon which relief may be granted.  Plaintiffs' opposition brief and cross-motion for summary judgment was filed on March 16, 2012.  On April 16, 2012, the New Jersey Education Association ("NJEA") filed a motion to intervene, which the court granted.  On June 20, 2012, the court issued an amended order that converted the State's motion to dismiss into a motion for summary judgment, granted the State's motion for summary judgment, denied the plaintiffs' cross-motion for summary judgment, dismissed the plaintiffs' complaint and dismissed NJEA's complaint.  Plaintiffs and NJEA appealed.  On October 4, 2012, the appellate court consolidated Berg v. Christie and the appeal of the NJEA.  On June 26, 2014, the appellate court reversed the trial court's grant of summary judgment and remanded for determination of whether plaintiffs can meet the remaining prongs of a contract clause impairment analysis, while dismissing all other plaintiffs' claims.  On July 14, 2014, the plaintiffs filed a notice of petition with the New Jersey Supreme Court seeking a review of the appellate court's dismissal of all other plaintiffs' claims.  On July 16, 2014, the State filed a notice of cross-petition with the New Jersey Supreme Court on the State contracts clause impairment claim.  The State is vigorously defending this matter.
 
Pension Funding Litigation (Burgos et al. v. State et al.; CWA et at. v. Christie et al.; NJEA et al. v. State et al.; PANJ et al. v. State et al.).   On May 20, 2014, the Governor ordered the Budget Director to place into reserve $887 million that had been appropriated to pay down the UAAL of the Pension Funds.  Additionally, the State Treasurer has recommended that, due to an unprecedented revenue shortfall, the State not make the scheduled payment in Fiscal Year 2015.  A number of State Police-associated groups, the Communications Workers of America ("CWA") and various other unions, and the NJEA filed complaints and orders to show cause challenging the Governor's actions in Fiscal Year 2014 and the State's proposed action in Fiscal Year 2015, some of which seek preliminary injunctions.  On June 10, 2014, the trial court sua sponte consolidated the matters.  Also on June 10, 2014, the court ordered the State to show cause, rejected the application for preliminary restraints, and scheduled a preliminary injunction hearing for June 25, 2014.  Thereafter, the New Jersey Principals and Supervisors Association ("PSA") filed a motion to intervene in NJEA's action, which the court granted.  On June 17, 2014, the Probation Association of New Jersey ("PANJ") filed a separate verified complaint, but not an order to show cause.  On June 18, 2014, the Legislature filed a motion to dismiss the only complaint which named it as a defendant.  On June 25, 2014, the trial court heard oral argument and issued an opinion denying plaintiffs' requests for preliminary injunctive relief and granting the Legislature's motion to dismiss.  On July 21, 2014, the trial court, at the Governor's request, issued an order extending the time by which to file a responsive pleading from July 25, 2014 to August 25, 2014.  On September 2, 2014, the Governor moved to dismiss all of the complaints filed in this consolidated matter.  The State intends to vigorously defend this matter.
 
Oracle International Corporation v. Director, Division of Taxation .  In March 2009, Oracle International Corporation ("Oracle") filed a complaint contesting a State tax assessment that imposed a corporation business tax on Oracle from 2001 to 2007.  Oracle alleges it is not subject to tax in the State, and challenges the assessment on a number of grounds.  Discovery is ongoing and the State intends to vigorously defend this matter.
 
Pfizer Inc. et al. v. Director, Division of Taxation.   Two taxpayers, Pfizer Inc. ("Pfizer") and Whirlpool Properties, Inc. ("Whirlpool"), challenge the Tax Court's affirmance of the facial constitutionality of the State's "throw-out rule" (the "Rule"), which affected the amount of taxable income taxpayers "allocate" to the State through 2010.  The taxpayers asserted that the allocation formula under the Rule violates the due process and commerce clauses of the federal Constitution as well as various equitable principles.  On May 29, 2008, the Tax Court granted the cross-motion to sustain the facial constitutionality of the Rule.  The Tax Court found that, on its face, the Rule did not violate any of the constitutional provisions raised.  Taxpayers' "as-applied" challenges remain.  On May 4, 2011, the Whirlpool matter was argued before the New Jersey Supreme Court (the "NJSC") and by a unanimous opinion dated July 28, 2011, the NJSC affirmed the facial constitutionality of the Rule.  Whirlpool's "as-applied" constitutional challenge remains for adjudication by the Tax Court.  Discovery in this matter in ongoing.  The State is vigorously defending this matter.
 
Banc of America Consumer Card Holdings Corporation v. Director, Division of Taxation .  On or about August 5, 2011, Banc of America Consumer Card Holdings Corporation filed a complaint in the Tax Court of New Jersey, contesting the denial of a corporate business tax refund for tax periods January 1, 2006 through December 31, 2008.  The plaintiff does not challenge the State's jurisdiction to impose this tax, but rather alleges that its income from intangibles should be sourced to its alleged commercial domicile outside of the State. The State filed an answer to the complaint on October 4, 2011, and an amended answer on March 6, 2012.  The case is currently in discovery.  The State is vigorously defending this matter.
 
New Cingular Wireless, PCS, LLC v. Director, Division of Taxation.   On or about August 4, 2012, New Cingular Wireless, PCS, LLC ("New Cingular") filed a complaint in the Tax Court, contesting the Division's October 5, 2011 denial of a tax refund claim on behalf of its customers for tax periods November 1, 2005 through September 30, 2010.  The Division denied New Cingular's claim for a refund on the grounds that a portion of its claim is barred by the statute of limitations and that New Cingular had not demonstrated that it refunded the applicable sales and use tax to its customers before filing its claim with the Division, as required by statute.  Furthermore, the State does not permit a refund claim on behalf of a class.  In an opinion dated February 21, 2014, the Tax Court ruled that New Cingular could claim a refund. The court remanded the matter to the Division for review of New Cingular's substantive claim on or before February 1, 2015. The State is vigorously defending this matter.
 
DeVry Educational Development Corporation v. Director, Division of Taxation.   On February 23, 2012, DeVry Educational Development Corporation ("DeVry") filed a complaint in the State Tax Court, contesting a 2011 determinate by the Division of Taxation that DeVry is subject to corporate business tax commencing July 1, 2002 and is required to file State tax returns.  Discovery is ongoing.  The State is vigorously defending this matter.
 
Frank Greek and Son, Inc. v. Verizon New Jersey, Inc. et al.   Plaintiff filed a nominal class action lawsuit against Verizon, alleging that Verizon overcharged customers by charging certain customers for the New Jersey enhanced 911 fee ("E911 Fee") and that Verizon overcharged customers generally for various other fees and services and therefore violated the New Jersey Consumer Fraud Act.  Verizon denies that it improperly charged the E911 Fee and other charges, and it filed a third-party complaint against the Division of Taxation.  Verizon claims that all E911 Fees it collected were remitted to the Division and that Division should refund allegedly overpaid E911 Fees of approximately $30 million to a third-party class action trust fund administrator.  The Division objects to this approach because the E911 Fee statute incorporates the State Uniform Tax Procedure Law, which expressly prohibits refund claims on behalf of a class.  The State intends to vigorously defend this matter.
 
In re Failure of Council on Affordable Housing to Adopt Trust Fund Commitment Regulations.   On July 2, 2012, Fair Share Housing Center ("FSHC") sought and received permission to request an immediate permanent injunction against the Council on Affordable Housing ("COAH") from requiring municipalities to transfer balances in their municipal affordable housing trust funds uncommitted within four years from the date of collection to the New Jersey Affordable Housing Trust Fund (the "AH Trust Fund") until COAH adopts regulations that define what constitutes a "commitment" by the municipality to spend such monies.  Pursuant to the Fiscal Year 2013 Budget, an amount not to exceed $200 million of monies received in the AH Trust Fund shall be deposited in the State General Fund as State revenue.  Amounts appropriated in the Fiscal Year 2013 Budget for the provision of programs for affordable housing for households and individuals with low and moderate incomes shall be credited against such funds deposited into the State General Fund from the AH Trust Fund.  Oral argument in this matter was held on July 13, 2012.  The appellate court denied the request for injunctive relief and noted that it expected the State to provide affected municipalities with adequate notice and an opportunity to contest a transfer of municipal affordable housing trust funds.  On August 10, 2012, in a separate matter, in response to FSHC's motion to enforce litigant's rights, the appellate court issued an order enjoining the transfer or request for transfer of uncommitted municipal affordable housing trust funds until COAH meets and authorizes the transfer or request for transfer of such funds.  On September 6, 2012, FSHC served a motion for summary disposition, or in the alternative, preliminary injunction.  In response, the State filed a cross-motion for summary judgment.  The appellate court denied both motions by order dated October 24, 2012.  Subsequently, the appellate court granted motions by the League of Municipalities and several towns to intervene.
 
On May 1, 2013, COAH adopted a resolution authorizing COAH staff to send out updated letters requiring municipalities to submit by May 22, 2013 their reasons as to why they disagreed with COAH staff's determination of how much of the municipalities affordable housing trust fund is uncommitted.  On May 10, 2013, FHSC filed an emergent application for a stay of the implementation of COAH's resolution, which was granted by the appellate court on May 13, 2013.  On May 28, 2013, the NJSC partially vacated the stay, permitting COAH to gather and evaluate municipalities' submissions.  On June 7, 2013, the appellate court vacated the remainder of the stay subject to the following conditions: (1) the letters sent by COAH dated May 1, 2013 to the municipalities are vacated; (2) municipalities affected by COAH's letter have 30 days to respond to COAH; (3) COAH shall provide 15 days' notice of its board meeting to the municipalities prior to allowing the seizure of funds; (4) any affected municipality may then appeal COAH's action to seize any funds to the appellate court.  On June 28, 2013 COAH sent out updated letters consistent with the appellate court's order.  The State is vigorously defending these matters.
 
Hammerman & Gainer, Inc. v. State of New Jersey.   Hammerman & Gainer, Inc. ("HGI") was engaged to assist the Department of Community Affairs ("DCA") with the administration of the Super Storm Sandy Housing Incentive Program, which was designed to serve as the intake and administration function for the State's other recovery programs available to homeowners affected by Super Storm Sandy.  On May 8, 2013, HGI was awarded a three-year contract by the Division of Purchase and Property on behalf of the DCA.  The contract was terminated by mutual agreement effective January 20, 2014.  During the term of the contract, the State made payments to HGI subject to the State's right to reconcile HGI's invoices and make appropriate adjustments. After its review, the State determined that HGI overbilled the State and that the State was entitled to various set-offs as a result of HGI's failure to perform certain obligations expressly provided for in the contract and inadequate performance of others.  On February 7, 2014, HGI submitted a demand for arbitration to the American Arbitration Association.  On April 15, 2014, HGI submitted an amended demand.  The State submitted an answer on May 9, 2014.  The State reserved the right to assert a counterclaim but has not yet done so. The State is vigorously defending this matter.
 
East Cape May Associates v. New Jersey Department of Environmental Protection.   This matter is a regulatory taking case in which the plaintiff claims that it is entitled to more than $30 million in damages for the taking of its property without just compensation. The property is approximately 96 acres of freshwater wetlands in the City of Cape May.  Plaintiff filed its complaint on December 8, 1992 after the DEP denied an application for 366 single family homes.  On motion for summary judgment, the trial court ruled that the State was liable for a regulatory taking as of December 1992.  Thereafter, the New Jersey Appellate Division held that DEP could avoid liability by approving development on the property.  In addition, the Appellate Division remanded the case for a determination of whether the "property" also included 100 acres previously developed by the plaintiff's principals.  On remand from the Appellate Division, the trial court ruled that the "property" did not include the 100 acres previously developed, and that DEP could not approve development of the remaining acres without first adopting regulations governing the development of wetlands property.  Since DEP had not adopted such regulations, the trial court held that DEP's development offer of 64 homes on the 80 acres was ineffective and DEP was liable for a taking of the property.  The State filed an appeal of the trial court's decision and the plaintiff cross-appealed.  Oral argument was held on May 14, 2001.  On July 25, 2001, the Appellate Division affirmed the trial court's decision, and found that before DEP could approve limited development to avoid a taking, it was required to adopt and implement regulations.
 
The plaintiff then petitioned the NJSC for certification of this decision, which was denied.  Upon remand, DEP promulgated regulations, which took effect on January 22, 2002, but are still being implemented.  The case remains on remand pending DEP's full implementation of those regulations.  On July 1, 2009, the parties reached a settlement of the case, and submitted a consent order and stipulation of dismissal to the trial court contingent upon federal approval from the United States Army Corps of Engineers.  The relevant federal agencies have expressed opposition to the proposed settlement.  On May 25, 2012, the plaintiff served notice asserting its rights to terminate the settlement, demanding that within 60 days DEP initiate the reconsideration process.  The DEP has initiated the reconsideration process pursuant to the regulations.  The State is vigorously defending this matter.
 
Escobar v. DYFS et al.   On July 17, 2009, Plaintiff's child was allegedly shaken by his biological father.  As a result, the child is severely disabled and requires life care by professionals.  The biological father is currently incarcerated for aggravated assault.  The Division of Youth and Family Services ("DYFS") (now known as the Division of Child Protection and Permanency in the Department of Children and Families) allegedly had knowledge that the biological father had a history of drug use, domestic violence, mental health disorders and other issues.  DYFS also was allegedly aware that the child showed prior evidence of abuse.  Plaintiff alleges that DYFS failed to adequately investigate the reports of alleged abuse.  After the completion of the trial, the jury awarded the Plaintiff $166 million, of which approximately $57 million was for pain and suffering, approximately $4 million was for the child's past medical needs and $105 million is to cover the child's future medical needs.  The State filed a motion for a new trial and, in the alternative, for remitter on the awards for pain and suffering and the child's future medical needs.  On March 19, 2014, the court ruled on the motion for remitter, reducing the award against the State to $102.6 million by reducing the amount allocated for future medical needs to $75.9 million.  On April 1, 2014, the court entered a final order judgment in the case.  On April 22, 2014, the State filed a notice of appeal.  The matter is currently scheduled to be mediated during the fall of 2014.  The State is vigorously defending this matter.
 
In Re Challenge of Contract Award Solicitation #13-X-22694.   On April 12, 2013, the Department of the Treasury issued a notice of intent to issue a government services contract to Northstar NJ ("Northstar").  On April 17, 2013, CWA filed a protest, which was denied.  CWA filed an appeal on June 4, 2013 and sought an emergent stay of the contract.  On June 11, 2013, the Appellate Division denied CWA's application for stay, accelerated the appeal, and allowed the State to proceed with the award of the contract.  At contract close on June 20, 2013, Northstar paid the State $120 million as an accelerated guarantee payment and began a formal transition period prior to beginning to provide the contracted services.  On October 1, 2013, Northstar began providing the contracted services.  On July 3, 2014, the Appellate Division rejected CWA's appeal and affirmed the decision below.  CWA did not file a petition for certification with the New Jersey Supreme Court.
 
Medicaid, Tort, Contract, Workers' Compensation and Other Claims. The Office of the Inspector General of the U.S. Department of Health & Human Services ("OIG") has conducted and continues to conduct various audits of Medicaid claims for different programs administered by the State's Department of Human Services ("DHS"). Currently, these audits span time periods between July 27, 2003 and December 31, 2007.  The OIG audits, which have primarily focused on claim documentation and cost allocation methodologies, recommend that certain claims submitted by DHS be disallowed.  OIG submits its recommendations on disallowances to the Centers for Medicare and Medicaid Services ("CMS") which may, in whole or in part, accept or disagree with the OIG's recommendations.  If the OIG's recommendations are not challenged by the State or are upheld by CMS, DHS will be required to refund the amount of any disallowances.  However, DHS is disputing OIG's audit findings.  In addition, the State has currently reserved certain revenues that would mitigate, but not completely offset, the State's exposure assuming CMS upholds the OIG's recommended claim disallowances.  Given that the State is currently disputing and appealing the OIG audit findings, it cannot estimate any final refund amounts or the timing of any refund payments that may be due to CMS.  These current audits and any future audits of Medicaid claims submitted by DHS may result in claim disallowances which may be significant.  The State is unable to estimate its exposure for these claim disallowances.
 
PART III
 
ADDITIONAL INFORMATION ABOUT HOW TO BUY SHARES
 
See the prospectus and "How to Buy Shares" in Part II of this SAI to determine which sections of the discussion below apply to your fund.
 
Except as may be otherwise described in "How to Buy Shares—Information Regarding the Offering of Share Classes" in Part II of this SAI or in the prospectus, fund shares may be purchased through the Distributor or Service Agents that have entered into service agreements with the Distributor.  The initial investment must be accompanied by the Account Application.  If required information is missing from your Account Application, it may be rejected.  If an account is established pending receipt of requested information, it may be restricted to liquidating transactions only and closed if requested information is not received within specified time frames.  Subsequent purchase requests may be sent directly to the Transfer Agent or your Service Agent or as otherwise described in the prospectus.  Shares of the funds will only be issued against full payment.  You will be charged a fee if a check used to purchase fund shares is returned unpayable.  Effective July 1, 2011 the funds issue shares in book entry form only and no longer issue share certificates.
 
Each fund reserves the right to reject any purchase order.  No fund will establish an account for a "foreign financial institution," as that term is defined in Treasury rules implementing Section 312 of the USA PATRIOT Act.  Foreign financial institutions include:  foreign banks (including foreign branches of U.S. depository institutions); foreign offices of U.S. securities broker-dealers, futures commission merchants and mutual funds; non-U.S. entities that, if they were located in the United States, would be securities broker-dealers, futures commission merchants or mutual funds; and non-U.S. entities engaged in the business of currency dealer or exchanger or money transmitter.  No fund will accept cash, travelers' checks or money orders as payment for shares.
 
Service Agents may impose certain conditions on their clients which are different from those described in the prospectus and this SAI and, to the extent permitted by applicable regulatory authority, may charge their clients direct fees.  You should consult your Service Agent in this regard.  As discussed under "Management Arrangements—Distributor" in Part III of this SAI, Service Agents may receive revenue sharing payments from Dreyfus or the Distributor.  The receipt of such payments could create an incentive for a Service Agent to recommend or sell fund shares instead of other mutual funds where such payments are not received.  Please contact your Service Agent for details about any payments it may receive in connection with the sale of fund shares or the provision of services to a fund.
 
The Code imposes various limitations on the amount that may be contributed to certain Retirement Plans or government sponsored programs.  These limitations apply with respect to participants at the Retirement Plan level and, therefore, do not directly affect the amount that may be invested in a fund by a Retirement Plan or government sponsored programs.  Participants and plan sponsors should consult their tax advisors for details.
 
Investment Minimums
 
Each fund reserves the right to vary further the initial and subsequent investment minimum requirements at any time.
 
Except as may be otherwise described in "How to Buy Shares—Investment Minimums" in Part II of this SAI, shares of each fund are offered without regard to the minimum initial investment requirements to fund board members who elect to have all or a portion of their compensation for serving in that capacity automatically invested in the fund.
 
Small Account Policies
 
The funds reserve the right to waive any small account policies that are described in the prospectus.
 
Purchase of Institutional Money Funds and Cash Management Funds (not applicable to Institutional Direct accounts)
 
In addition to the purchase information which may be described in "How to Buy Shares—Purchase of Institutional Money Funds" in Part II of this SAI, shares may be purchased by wire, by telephone or through compatible computer facilities.  All payments should be made in U.S. dollars and, to avoid fees and delays, should be drawn only on U.S. banks.  To place an order by telephone or to determine whether their computer facilities are compatible with the fund, investors should call Dreyfus Investments Division at 1-800-346-3621.
 
In-Kind Purchases
 
Certain funds may, at their discretion, permit the purchases of shares through an "in-kind" exchange of securities.  Any securities exchanged must meet the investment objective, policies and limitations of the fund, must have a readily ascertainable market value, must be liquid and must not be subject to restrictions on resale.  The market value of any securities exchanged, plus any cash, must be at least equal to the fund's minimum initial investment.  Shares purchased in exchange for securities generally cannot be redeemed for fifteen days following the exchange in order to allow time for the transfer to settle.
 
Securities accepted by a fund will be valued in the same manner as the fund values its assets.  Any interest earned on the securities following their delivery to the fund and prior to the exchange will be considered in valuing the securities.  All interest, dividends, subscription or other rights attached to the securities become the property of the fund, along with the securities.  The exchange of securities for fund shares may be a taxable transaction to the shareholder.  For further information about "in-kind" purchases, call 1-800-DREYFUS (inside the U.S. only).
 
Information Pertaining to Purchase Orders
 
For certain institutions that have entered into agreements with the Distributor, payment for the purchase of shares of funds other than money market funds may be transmitted, and must be received by the Transfer Agent, within three business days after the order is placed.  If such payment is not received within three business days after the order is placed, the order may be canceled and the institution could be held liable for resulting fees and/or losses.
 
Federal Funds (money market funds only) .  Shares of each fund are sold on a continuous basis at the NAV per share next determined after an order and Federal Funds are received by the Transfer Agent or other entity authorized to receive orders on behalf of the fund.  If you do not remit Federal Funds, your payment must be converted into Federal Funds.  This usually occurs within one business day of receipt of a bank wire and within two business days of receipt of a check drawn on a member bank of the Federal Reserve System.  Checks drawn on banks which are not members of the Federal Reserve System may take considerably longer to convert into Federal Funds.  Prior to receipt of Federal Funds, your money will not be invested in the fund.
 
Dreyfus TeleTransfer Privilege .   Except as may be otherwise described in "How to Buy Shares—Dreyfus TeleTransfer Privilege" in Part II of this SAI, you may purchase fund shares by telephone or online if you have supplied the necessary information on the Account Application or have filed a Shareholder Services Form with the Transfer Agent.  The proceeds will be transferred between the bank account designated in one of these documents and your fund account.  Only a bank account maintained in a domestic financial institution which is an ACH member may be so designated.
 
Dreyfus TeleTransfer purchase orders may be made at any time.  If purchase orders are received prior to the time as of which the fund calculates its NAV (as described in the prospectus) on any day the Transfer Agent and the NYSE are open for regular business, fund shares will be purchased at the public offering price determined on that day.  If purchase orders are made after the time as of which the fund calculates its NAV on any day the Transfer Agent and the NYSE are open for regular business, or made on Saturday, Sunday or any fund holiday ( e.g ., when the NYSE is not open for business) fund shares will be purchased at the public offering price determined on the next bank business day following such purchase order.  To qualify to use the Dreyfus TeleTransfer Privilege, the initial payment for purchase of shares must be drawn on, and redemption proceeds paid to, the same bank and account as are designated on the Account Application or Shareholder Services Form on file.  If the proceeds of a particular redemption are to be sent to an account at any other bank, the request must be in writing and signature-guaranteed as described below under "Additional Information About How to Redeem Shares—Share Certificates; Medallion Signature Guarantees."  See "Additional Information About How to Redeem Shares—Dreyfus TeleTransfer Privilege" below for more information.  Dreyfus TeleTransfer Privilege enables investors to make regularly scheduled investments and may provide investors with a convenient way to invest for long-term financial goals, but does not guarantee a profit and will not protect an investor against loss in a declining market.
 
Reopening an Account .  You may reopen an account in a fund that you previously closed without filing a new Account Application during the calendar year the account is closed or during the following calendar year, provided the information in the old Account Application is still applicable.  During the second calendar year after your account was closed, you may be eligible to reopen such account for part of that calendar year.  Please call 1-800-DREYFUS (inside the U.S. only) or contact your financial representative for availability or options before seeking to invest in such account.  You cannot at any time reopen an account that you closed in a fund, or in a share class of a fund, that previously was closed to new investment accounts.
 
Multi-Class Funds .  When purchasing shares of a Multi-Class Fund, you must specify which class is being purchased.  In many cases, neither the Distributor nor the Transfer Agent will have the information necessary to determine whether a quantity discount or reduced sales charge is applicable to a purchase.  You or your Service Agent must notify the Distributor whenever a quantity discount or reduced sales charge is applicable to a purchase and must provide the Distributor with sufficient information at the time of purchase to verify that each purchase qualifies for the privilege or discount.
 
Service Agents may receive different levels of compensation for selling different classes of shares of the Multi-Class Funds.
 
Class A .  Except as may be otherwise described in "How to Buy Shares—Class A" in Part II of this SAI, and as described below with respect to:  (a) Class A shares of a Multi-Class Fund that is an equity fund purchased by shareholders who beneficially owned Class A shares of such fund on November 30, 1996; and (b) Class T shares exchanged for Class A shares, the public offering price for Class A shares of each Multi-Class Fund that is an equity fund is the NAV per share of that class plus a sales load as shown below:
 
Total Sales Load*—Class A Shares
 
Amount of Transaction
As a % of offering
price per share
As a % of NAV
per share
Dealers' reallowance as a %
of offering price
       
Less than $50,000
5.75
6.10
5.00
       
$50,000 to less than $100,000
4.50
4.71
3.75
       
$100,000 to less than $250,000
3.50
3.63
2.75
       
$250,000 to less than $500,000
2.50
2.56
2.25
       
$500,000 to less than $1,000,000
2.00
2.04
1.75
       
$1,000,000 or more
-0-
-0-
-0-
____________________________
 
*Due to rounding, the actual sales load you pay may be more or less than that calculated using these percentages.
 
The public offering price for Class A shares of a Multi-Class Fund that is an equity fund purchased by shareholders who beneficially owned Class A shares of such fund on November 30, 1996 is the NAV per share of that class plus a sales load as shown below:
 
Total Sales Load*—Class A Shares
Amount of Transaction
As a % of offering
price per share
As a % of NAV
per share
Dealers' reallowance as a %
of offering price
       
Less than $50,000
4.50
4.71
4.25
       
$50,000 to less than $100,000
4.00
4.17
3.75
       
$100,000 to less than $250,000
3.00
3.09
2.75
       
$250,000 to less than $500,000
2.50
2.56
2.25
       
$500,000 to less than $1,000,000
2.00
2.04
1.75
       
$1,000,000 or more
-0-
-0-
-0-
____________________________
 
*Due to rounding, the actual sales load you pay may be more or less than that calculated using these percentages.
 
Effective February 4, 2009 (the "Exchange Date"), Class T shares are no longer offered by any Multi-Class Fund.  Holders of Class T shares of a Multi-Class Fund as of the Exchange Date received automatically, in exchange for their Class T shares of a fund, Class A shares of the fund having an aggregate NAV equal to the aggregate value of the shareholder's Class T shares.  For shareholders of a Multi-Class Fund who received Class A shares of the fund in exchange for their Class T shares of the fund on the Exchange Date, the public offering price for Class A shares of the fund is the NAV per share of Class A of the fund plus a sales load as shown below:
 
Total Sales Load*—Class A Shares
 
Amount of Transaction
As a % of offering
price per share
As a % of NAV
per share
Dealers' reallowance as a %
of offering price
       
Less than $50,000
4.50
4.71
4.00
       
$50,000 to less than $100,000
4.00
4.17
3.50
       
$100,000 to less than $250,000
3.00
3.09
2.50
       
$250,000 to less than $500,000
2.00
2.04
1.75
       
$500,000 to less than $1,000,000
1.50
1.52
1.25
       
$1,000,000 or more
-0-
-0-
-0-
____________________________
 
*Due to rounding, the actual sales load you pay may be more or less than that calculated using these percentages.
 
Except as may be otherwise described in "How to Buy Shares—Class A" in Part II of this SAI, the public offering price for Class A shares of each Multi-Class Fund that is a bond fund is the NAV per share of that class plus a sales load as shown below:
 
Total Sales Load*—Class A Shares
 
Amount of Transaction
As a % of offering
price per share
As a % of NAV
per share
Dealers' reallowance as a %
of offering price
       
Less than $50,000
4.50
4.71
4.25
       
$50,000 to less than $100,000
4.00
4.17
3.75
       
$100,000 to less than $250,000
3.00
3.09
2.75
       
$250,000 to less than $500,000
2.50
2.56
2.25
       
$500,000 to less than $1,000,000
2.00
2.04
1.75
       
$1,000,000 or more
-0-
-0-
-0-
___________________________
 
*Due to rounding, the actual sales load you pay may be more or less than that calculated using these percentages.
 
Class A shares of a Multi-Class Fund purchased without an initial sales load as part of an investment of $1,000,000 or more may be assessed at the time of redemption a 1% CDSC if redeemed within one year of purchase.  The Distributor may pay Service Agents an up-front commission of up to 1% of the NAV of Class A shares purchased by their clients as part of a $1,000,000 or more investment in Class A shares that are subject to a CDSC.  If the Service Agent waives receipt of such commission, the CDSC applicable to such Class A shares will not be assessed at the time of redemption.
 
The scale of sales loads applies to purchases of Class A shares made by any Purchaser.
 
●
Class A Shares Offered at NAV .  Full-time employees of member firms of FINRA and full-time employees of other financial institutions which have entered into an agreement with the Distributor pertaining to the sale of fund shares (or which otherwise have a brokerage-related or clearing arrangement with a FINRA member firm or financial institution with respect to the sale of such shares) may purchase Class A shares for themselves directly or pursuant to an employee benefit plan or other program (if fund shares are offered to such plans or programs), or for their spouses or minor children, at NAV without a sales load, provided they have furnished the Distributor with such information as it may request from time to time in order to verify eligibility for this privilege.  This privilege also applies to full-time employees of financial institutions affiliated with FINRA member firms whose full-time employees are eligible to purchase Class A shares at NAV.  In addition, Class A shares are offered at NAV to full-time or part-time employees of Dreyfus or any of its affiliates or subsidiaries, directors of Dreyfus, board members of a fund advised by Dreyfus or its affiliates, or the spouse or minor child of any of the foregoing.  Further, a charitable organization investing $50,000 or more in fund shares and a charitable remainder trust (each as defined in Section 501(c)(3) of the Code) may purchase Class A shares at NAV without payment of a sales charge, provided that such Class A shares are purchased directly through the Distributor.  Any such charitable organization or charitable remainder trust that held Class A shares of a fund as of July 15, 2011, and continues to hold such Class A shares, may purchase additional Class A shares of the fund at NAV without a sales load whether or not purchasing such shares directly through the Distributor.  Additional information about purchasing Class A shares at NAV is in the prospectus.
 
A shareholder purchasing fund shares through a Service Agent may no longer be eligible to purchase fund shares at NAV without a sales load, if the nature of the shareholder's relationship, and/or the services the shareholder receives from, the Service Agent changes.  Please consult your Service Agent for further details.
 
●
Dealer Reallowance .  The dealer reallowance provided with respect to Class A shares may be changed from time to time but will remain the same for all dealers.  The Distributor, at its own expense, may provide additional promotional incentives to dealers that sell shares of funds advised or administered by Dreyfus which are sold with a sales load, such as Class A shares.  In some instances, these incentives may be offered only to certain dealers who have sold or may sell significant amounts of such shares.  See "Management Arrangements—Distributor" below.
 
●
Right of Accumulation .  Except as may be otherwise described in "How to Buy Shares—Right of Accumulation" in Part II of this SAI, reduced sales loads apply to any purchase of Class A shares by you and any related Purchaser where the aggregate investment including such purchase is $50,000 or more.  If, for example, you previously purchased and still hold Eligible Shares, or combination thereof, with an aggregate current market value of $40,000 and subsequently purchase Class A shares of such fund having a current value of $20,000, the sales load applicable to the subsequent purchase would be the sales load in effect for a transaction in the range of $50,000 to less than $100,000.  All present holdings of Eligible Shares may be combined to determine the current offering price of the aggregate investment in ascertaining the sales load applicable to each subsequent purchase.
 
To qualify for reduced sales loads, at the time of purchase you or your Service Agent must notify the Distributor if orders are made by wire or the Transfer Agent if orders are made by mail.  The reduced sales load is subject to confirmation of your holdings through a check of appropriate records.
 
●
Conversion of All Class B Shares .   Effective as of the Effective Date, each Multi-Class Fund offering Class B shares converted its outstanding Class B shares to Class A shares of the fund (or, for certain funds, Class D shares of the fund—see "How to Buy Shares" in Part II of this SAI).  Class B shares are no longer offered by the funds and have been terminated as a separately designated class of each fund.   On the Effective Date, holders of Class B shares of a fund received Class A shares (or, as applicable, Class D shares) of the fund having an aggregate NAV equal to the aggregate NAV of the shareholder's Class B shares.  Each fund's Class A shares (or, as applicable, Class D shares) have a lower total annual expense ratio than the fund's Class B shares.  No front-end sales load or CDSC was imposed in connection with the conversion.  Any subsequent investments in a fund's Class A shares by holders of Class A shares that were converted from Class B shares will be subject to the front-end sales load applicable to the fund's Class A shares.
 
Class C .  The public offering price for Class C shares is the NAV per share of that class.  No initial sales charge is imposed at the time of purchase.  A CDSC is imposed, however, on redemptions of Class C shares made within the first year of purchase.  See "Additional Information About How to Redeem Shares — Contingent Deferred Sales Charge—Multi-Class Funds — Class C" below.
 
Class I .  The public offering price for Class I shares is the NAV per share of that class.
 
Shareholders who received Class I shares of a fund in exchange for Class Y shares of a corresponding Acquired Fund as a result of the reorganization of such series may continue to purchase Class I shares of any fund in the Dreyfus Family of Funds whether or not they would otherwise be eligible to do so.  Additional information about eligibility to purchase Class I shares is in the prospectus and may be in Part II of this SAI.
 
Institutions effecting transactions in Class I shares for the accounts of their clients may charge their clients direct fees in connection with such transactions.
 
Class Y.   The public offering price for Class Y shares is the NAV per share of that class.  Class Y shares of a fund have established an exchange privilege between Class Y shares of other funds in the Dreyfus Family of Funds, as well as between Class R shares of Dreyfus AMT-Free Municipal Reserves and Dreyfus Money Market Reserves.
 
All Other Funds and Share Classes .  The public offering price is the NAV per share of the class.
 
Converting Shares
 
Under certain circumstances, shares of a fund with more than one class may be converted from one class of shares to another class of shares of the same fund.  The aggregate dollar value of the shares of the class received upon any such conversion will equal the aggregate dollar value of the converted shares on the date of the conversion.  An investor whose fund shares are converted from one class to another class will not realize taxable gain or loss as a result of the conversion.
 
Taxpayer ID Number
 
Federal regulations require that you provide a certified taxpayer identification number ("TIN") upon opening or reopening an account.  See the Account Application for further information concerning this requirement.  Failure to furnish a certified TIN could subject you to a $50 penalty imposed by the IRS.
 
Frequent Purchases and Exchanges (non-money market funds only)
 
The funds are intended to be long-term investment vehicles and are not designed to provide investors with a means of speculating on short-term market movements.  A pattern of frequent purchases and exchanges can be disruptive to efficient portfolio management and, consequently, can be detrimental to a fund's performance and its shareholders.  If fund management determines that an investor is following an abusive investment strategy, it may reject any purchase request, or terminate the investor's exchange privilege, with or without prior notice.  Such investors also may be barred from purchasing shares of other funds in the Dreyfus Family of Funds.  Accounts under common ownership or control may be considered as one account for purposes of determining a pattern of excessive or abusive trading.  In addition, a fund may refuse or restrict purchase or exchange requests for fund shares by any person or group if, in the judgment of fund management, the fund would be unable to invest the money effectively in accordance with its investment objective and policies or could otherwise be adversely affected or if the fund receives or anticipates receiving simultaneous orders that may significantly affect the fund.  If an exchange request is refused, the fund will take no other action with respect to the fund shares until it receives further instructions from the investor.  While a fund will take reasonable steps to prevent excessive short-term trading deemed to be harmful to the fund, it may not be able to identify excessive trading conducted through certain financial intermediaries or omnibus accounts.
 
Transactions made through Automatic Withdrawal Plans, Dreyfus Auto-Exchange Privileges, automatic investment plans (including Dreyfus Automatic Asset Builder ® ), automatic non-discretionary rebalancing programs, minimum required retirement distributions and investments through certain third party programs for individual investors approved by the fund generally are not considered to be frequent trading.  For employer-sponsored benefit plans, generally only participant-initiated exchange transactions are subject to the roundtrip limit.
 
ADDITIONAL INFORMATION ABOUT HOW TO REDEEM SHARES
 
See the prospectus or "How to Redeem Shares" in Part II of this SAI for fund-specific and other information about the redemption of fund shares.
 
Except as may be otherwise described in "How to Redeem Shares" in Part II of this SAI, each fund ordinarily will make payment for all shares redeemed within seven days after receipt by the Transfer Agent of a redemption request in proper form, except as provided by the rules of the SEC.  However, if you have purchased fund shares by check, by Dreyfus TeleTransfer Privilege or through Dreyfus Automatic Asset Builder ® , and subsequently submit a written redemption request to the Transfer Agent, you will receive proceeds from the redemption once a sufficient period of time has passed to reasonably ensure that the purchase check (including a certified or cashier's check) has cleared (normally eight business days).  For a money market fund, the fund may delay the redemption of such shares for such period; for a fund other than a money market fund, the fund may delay sending the redemption proceeds for such period.  In addition, the fund will not honor redemption checks under the Checkwriting Privilege, and will reject requests to redeem shares by wire or telephone, online or pursuant to the Dreyfus TeleTransfer Privilege, for eight business days after receipt by the Transfer Agent of the purchase check, the Dreyfus TeleTransfer purchase or the Dreyfus Automatic Asset Builder order against which such redemption is requested.  These procedures will not apply if your shares were purchased by wire payment, or if you otherwise have a sufficient collected balance in your account to cover the redemption request.  Fund shares will not be redeemed until the Transfer Agent has received your Account Application.
 
If you hold shares of more than one class of a fund with more than one class, any request for redemption must specify the class of shares being redeemed.  If you fail to specify the class of shares to be redeemed or if you own fewer shares of the class than specified to be redeemed, the redemption request may be delayed until the Transfer Agent receives further instructions from you or your Service Agent.
 
Except as may be otherwise described in "How to Redeem Shares" in Part II of this SAI, the Wire Redemption Privilege, Dreyfus TeleTransfer Privilege and the Telephone Exchange Privilege authorize the Transfer Agent to act on telephone (including over the Dreyfus Express ® voice-activated account access system), letter or online instructions from any person representing himself or herself to be you, or a representative of your Service Agent, and reasonably believed by the Transfer Agent to be genuine.  The fund will require the Transfer Agent to employ reasonable procedures, such as requiring a form of personal identification, to confirm that instructions are genuine and, if it does not follow such procedures, the fund or the Transfer Agent may be liable for any losses due to unauthorized or fraudulent instructions.  Neither the fund nor the Transfer Agent will be liable for following telephonic instructions reasonably believed to be genuine.
 
During times of drastic economic or market conditions, you may experience difficulty in contacting the Transfer Agent by telephone or online to request a redemption or exchange of fund shares.  In such cases, you should consider using the other redemption procedures described herein.  Use of these other redemption procedures may result in your redemption request being processed at a later time than it would have been if telephonic redemption had been used.  During the delay the NAV of non-money market funds may fluctuate.
 
Redemption Fee
 
Certain funds will deduct a redemption fee as described in the relevant funds' prospectuses.  Subject to the exceptions described in a fund's prospectus, shares held for less than the 60-day holding period will be subject to the fund's redemption fee, whether held directly in your name or indirectly through an intermediary, such as a broker, bank, investment adviser, recordkeeper for Retirement Plan participants or any other third party.  If you hold your shares through an intermediary's omnibus account, the intermediary is responsible for imposing the fee and remitting the fee to the fund.
 
The redemption fee will be charged and retained by a fund on shares sold before the end of the required holding period.  The fund will use the "first-in, first-out" method to determine the holding period for the shares sold.  Under this method, shares held the longest will be redeemed or exchanged first.  The holding period commences on the day after your purchase order is effective.  For example, the holding period for shares purchased on October 31 (trade date) begins on November 1 and ends on the 59 th day, which is December 29.  Thus, if you redeemed these shares on December 29, you would be assessed the fee, but you would not be assessed the fee if you redeemed on or after December 30.
 
A redemption fee generally is collected by deduction from the redemption proceeds, but may be imposed by billing you if the fee is not imposed as part of the redemption transaction.
 
A fund may postpone the effective date of the assessment of the redemption fee on the underlying shareholder accounts within an omnibus account if an intermediary requires additional time to collect the fund's redemption fee.
 
The fund may impose the redemption fee at the plan level for employee benefit plans that hold shares on behalf of a limited number of employees.  Plan sponsors of such benefit plans that opt to impose redemption fees at the employee account level, rather than at the plan level, must enter into agreements with Dreyfus that obligate the sponsor to collect and remit redemption fees at the employee level and to provide to the fund, at its request, shareholder identity and transaction information.
 
The funds' prospectuses contain information on transactions for which the redemption fee is waived.  The funds reserve the right to exempt additional transactions from the redemption fee.
 
Contingent Deferred Sales Charge—Multi-Class Funds
 
Class C .  A CDSC of 1% payable to the Distributor is imposed on any redemption of Class C shares within one year of the date of purchase.  No CDSC will be imposed to the extent that the NAV of the Class C shares redeemed does not exceed (i) the current NAV of Class C shares of the fund acquired through reinvestment of fund dividends or capital gain distributions, plus (ii) increases in the NAV of your Class C shares above the dollar amount of all your payments for the purchase of Class C shares held by you at the time of redemption.
 
If the aggregate value of Class C shares redeemed has declined below their original cost as a result of the fund's performance, a CDSC may be applied to the then-current NAV rather than the purchase price.
 
In determining whether a CDSC is applicable to a redemption, the calculation will be made in a manner that results in the lowest possible rate.  It will be assumed that the redemption is made first of amounts representing Class C shares acquired pursuant to the reinvestment of dividends and distributions; then of amounts representing the increase in NAV of Class C shares above the total amount of payments for the purchase of Class C shares made during the preceding year; and finally, of amounts representing the cost of shares held for the longest period.
 
For example, assume an investor purchased 100 shares of the fund at $10 per share for a cost of $1,000.  Subsequently, the shareholder acquired five additional shares through the reinvestment of fund dividends.  Within a year after the purchase the investor decided to redeem $500 of the investment.  Assuming at the time of the redemption the NAV had appreciated to $12 per share, the value of the investor's shares would be $1,260 (105 shares at $12 per share).  The CDSC would not be applied to the value of the reinvested dividend shares and the amount which represents appreciation ($260).  Therefore, $240 of the $500 redemption proceeds ($500 minus $260) would be charged at a rate of 1% for a total CDSC of $2.40.
 
Waiver of CDSC .  The CDSC may be waived in connection with (a) redemptions made within one year after the death or disability, as defined in Section 72(m)(7) of the Code, of the shareholder, (b) redemptions by employees participating in Retirement Plans or other programs, (c) redemptions as a result of a combination of any investment company with the fund by merger, acquisition of assets or otherwise, (d) a distribution following retirement under a tax-deferred retirement plan or upon attaining age 70½ in the case of an IRA or Keogh plan or custodial account pursuant to Section 403(b) of the Code and (e) redemptions pursuant to the Automatic Withdrawal Plan, as described under "Additional Information About Shareholder Services — Automatic Withdrawal Plan" in Part III of this SAI.  If a fund's board determines to discontinue the waiver of the CDSC, the disclosure herein will be revised appropriately.  Any fund shares subject to a CDSC which were purchased prior to the termination of such waiver will have the CDSC waived as provided in the fund's prospectus or this SAI at the time of the purchase of such shares.
 
To qualify for a waiver of the CDSC, at the time of redemption you must notify the Transfer Agent or your Service Agent must notify the Distributor.  Any such qualification is subject to confirmation of your entitlement.
 
Redemption Through an Authorized Entity
 
Except as may be otherwise described in "How to Redeem Shares—Redemption Through an Authorized Entity" in Part II of this SAI, redemption orders received by an Authorized Entity by the close of trading on the floor of the NYSE on any business day and transmitted to the Distributor or its designee in accordance with the Authorized Entity's agreement with the Distributor are effected at the price determined as of the close of trading on the floor of the NYSE on that day.  Otherwise, the shares will be redeemed at the next determined NAV.  It is the responsibility of the Authorized Entity to transmit orders on a timely basis.  The Authorized Entity may charge the shareholder a fee for executing the order.  This repurchase arrangement is discretionary and may be withdrawn at any time.
 
Checkwriting Privilege
 
Certain funds provide redemption checks ("Checks") automatically upon opening an account, unless you specifically refuse the Checkwriting Privilege by checking the applicable "No" box on the Account Application.  Checks will be sent only to the registered owner(s) of the account and only to the address of record.  The Checkwriting Privilege may be established for an existing account by a separate signed Shareholder Services Form.  The Account Application or Shareholder Services Form must be manually signed by the registered owner(s).  Checks are drawn on your fund account and, except as may be otherwise described in "How to Redeem Shares—Checkwriting Privilege" in Part II of this SAI, may be made payable to the order of any person in the amount of $500 or more.  When a Check is presented to the Transfer Agent for payment, the Transfer Agent, as your agent, will cause the fund to redeem a sufficient number of full and fractional shares in your account to cover the amount of the Check.  Potential fluctuations in the NAV of a non-money market fund should be considered in determining the amount of a Check.  Dividends are earned until the Check clears.  After clearance, a copy of the Check will be returned to you.  You generally will be subject to the same rules and regulations that apply to checking accounts, although the election of this privilege creates only a shareholder-transfer agent relationship with the Transfer Agent.
 
Except as may be otherwise described in "How to Redeem Shares—Checkwriting Privilege" in Part II of this SAI, Checks are free but the Transfer Agent will impose a fee for stopping payment of a Check upon your request or if the Transfer Agent cannot honor a Check due to insufficient funds or other valid reason.  If the amount of the Check is greater than the value of the shares in your account, the Check will be returned marked "insufficient funds."  Checks should not be used to close your account.
 
You should date your Checks with the current date when you write them.  Please do not postdate your Checks.  If you do, the Transfer Agent will honor, upon presentment, even if presented before the date of the Check, all postdated Checks which are dated within six months of presentment for payment if they are otherwise in good order.  If you hold shares in a Dreyfus sponsored IRA account, you may be permitted to make withdrawals from your IRA account using checks furnished to you for this purpose.
 
Except with respect to money market funds, the Checkwriting Privilege will be terminated immediately, without notice, with respect to any account which is, or becomes, subject to backup withholding on redemptions.  Any Check written on an account which has become subject to backup withholding on redemptions will not be honored by the Transfer Agent.  Institutional Direct accounts are not eligible for the Checkwriting Privilege.
 
Wire Redemption Privilege
 
Except as may be otherwise described under "How to Redeem Shares—Wire Redemption Privilege" in Part II of this SAI, by using this privilege, you authorize the fund and the Transfer Agent to act on telephone, letter or online redemption instructions from any person representing himself or herself to be you, or a representative of your Service Agent, and reasonably believed by the fund or the Transfer Agent to be genuine.  Ordinarily, a fund other than a money market fund will initiate payment for shares redeemed pursuant to the Wire Redemption Privilege on the next business day if the Transfer Agent receives a redemption request in proper form prior to the time as of which the fund calculates its NAV (as described in the prospectus); for a money market fund that receives a redemption request in proper form prior to the time as of which the fund calculates its NAV, payment will be initiated the same day and the shares will not receive the dividend declared on that day.
 
Except as may be otherwise described under "How to Redeem Shares—Wire Redemption Privilege" in Part II of this SAI, redemption proceeds ($1,000 minimum) will be transferred by Federal Reserve wire only to the commercial bank account specified by you on the Account Application or Shareholder Services Form, or to a correspondent bank if your bank is not a member of the Federal Reserve System.  Fees ordinarily are imposed by such bank and borne by the investor.  Immediate notification by the correspondent bank to your bank is necessary to avoid a delay in crediting the funds to your bank account.  To change the commercial bank or account designated to receive redemption proceeds, a written request must be sent to the Transfer Agent.  In most circumstances, this request must be signed by each shareholder, with each signature guaranteed as described below under "Share Certificates; Medallion Signature Guarantees."  Shares held in an Education Savings Account may not be redeemed through the Wire Redemption Privilege.
 
Redemption through Compatible Computer Facilities
 
Certain funds make available to institutions the ability to redeem shares through compatible computer facilities.  Investors desiring to redeem shares in this manner should call Dreyfus Investments Division at 1-800-346-3621 to determine whether their computer facilities are compatible and to receive instructions for redeeming shares in this manner.
 
Dreyfus TeleTransfer Privilege
 
Except as may be otherwise described in "How to Redeem Shares—Dreyfus TeleTransfer Privilege" in Part II of this SAI, you may request by telephone (for regular accounts or IRAs) or online (for regular accounts only) that redemption proceeds ($500 minimum) be transferred between your fund account and your bank account.  Except as may be otherwise described in "How to Redeem Shares—Transaction Fees" in Part II of this SAI or in the prospectus, transaction fees do not apply to Dreyfus TeleTransfer redemptions.  Only a bank account maintained in a domestic financial institution which is an ACH member may be designated.  You should be aware that if you have selected the Dreyfus TeleTransfer Privilege, any request for a Dreyfus TeleTransfer transaction will be effected through the ACH system unless more prompt transmittal specifically is requested.  Redemption proceeds will be on deposit in your account at an ACH member bank ordinarily two business days after receipt of the redemption request.  Shares held in an Education Savings Account may not be redeemed through the Dreyfus TeleTransfer Privilege.  See "Additional Information About How to Buy Shares — Dreyfus TeleTransfer Privilege" above.
 
Reinvestment Privilege
 
You may reinvest up to the number of Class A shares of a Multi-Class Fund you have redeemed at the then-prevailing NAV without a sales load, or reinstate your account for the purpose of exercising Fund Exchanges.  Upon reinstatement, if such shares were subject to a CDSC, your account will be credited with an amount equal to the CDSC previously paid upon redemption of the shares reinvested.  The Reinvestment Privilege may be exercised only once and your reinvestment request must be received in writing by the fund within 45 days of redemption.
 
Share Certificates; Medallion Signature Guarantees
 
Share Certificates .  Effective July 1, 2011 each fund issues shares in book entry form only and no longer issues share certificates.  Any certificates representing fund shares to be redeemed must be submitted with the redemption request.  Written redemption requests must be signed by each shareholder, including each holder of a joint account, and each signature must be guaranteed.  Signatures on endorsed certificates submitted for redemption also must be guaranteed as described below.
 
Medallion Signature Guarantees .  The Transfer Agent has adopted standards and procedures pursuant to which signature-guarantees in proper form generally will be accepted from participants in the NYSE Medallion Signature Program, the Securities Transfer Agents Medallion Program (STAMP) or the Stock Exchanges Medallion Program (SEMP).  Guarantees must be signed by an authorized signatory of the guarantor.  No other types of signature guarantees will be accepted.  The Transfer Agent may request additional documentation from corporations, executors, administrators, trustees or guardians, and may accept other suitable verification arrangements from foreign investors, such as consular verification.  For more information with respect to signature-guarantees, please call one of the telephone numbers listed on the cover.
 
Redemption Commitment
 
Each fund has committed itself to pay in cash all redemption requests by any fund shareholder of record, limited in amount during any 90-day period to the lesser of $250,000 or 1% of the value of the fund's net assets at the beginning of such period.  Such commitment is irrevocable without the prior approval of the SEC.  In the case of requests for redemption from the fund in excess of such amount, the fund's board reserves the right to make payments in whole or in part in securities or other assets of the fund in case of an emergency or any time a cash distribution would impair the liquidity of the fund to the detriment of the existing shareholders.  In such event, the securities would be valued in the same manner as the fund's portfolio is valued.  If the recipient sells such securities, brokerage charges would be incurred.
 
Suspension of Redemptions
 
The right of redemption may be suspended or the date of payment postponed (a) during any period when the NYSE is closed (other than customary weekend and holiday closings), (b) when the SEC determines that trading in the markets a fund ordinarily utilizes is restricted, or when an emergency exists as determined by the SEC so that disposal of the fund's investments or determination of its NAV is not reasonably practicable, or (c) for such other periods as the SEC by order may permit to protect fund shareholders.
 
ADDITIONAL INFORMATION ABOUT SHAREHOLDER SERVICES
 
See "Shareholder Services" in Part II of this SAI to determine which sections of the discussion below apply to your fund.
 
Dreyfus Automatic Asset Builder, the Dreyfus Payroll Savings Plan and Dreyfus Government Direct Deposit Privilege enable investors to make regularly scheduled investments and may provide these investors with a convenient way to invest for long-term financial goals, but do not guarantee a profit and will not protect an investor against loss in a declining market.
 
Shareholder Services Forms and prospectuses of the funds may be obtained by visiting  or by calling 1-800-DREYFUS (inside the U.S. only).  To modify or terminate your participation in a service, call 1-800-DREYFUS (inside the U.S. only).  Except as otherwise stated, the shareholder services described below may be modified or terminated at any time.
 
Exchanges
 
You should obtain and review the prospectus of the fund and class, if applicable, into which an exchange is being made.  Upon exchanging into a new account, the following shareholder services and privileges, as applicable, will be automatically carried over to the fund into which the exchange is made:  Fund Exchanges, Checkwriting Privilege, Dreyfus TeleTransfer Privilege, Wire Redemption Privilege and the dividends and distributions payment options (except Dreyfus Dividend Sweep) selected by you.
 
The funds reserve the right to reject any exchange request in whole or in part.  Fund Exchanges and the Dreyfus Auto-Exchange Privilege are available to investors resident in any state in which shares of the fund being acquired may legally be sold.  Shares may be exchanged only between accounts having certain identical identifying designations.  The Fund Exchanges service or the Dreyfus Auto-Exchange Privilege may be modified or terminated at any time upon notice to shareholders.
 
Fund Exchanges .  Except as may be otherwise described in "Shareholder Services" in Part II of this SAI, you or clients of certain Service Agents may purchase, in exchange for shares of a fund, shares of the same class, or another class in which you are eligible to invest, of another fund in the Dreyfus Family of Funds.  Fund exchanges are subject to any redemption fee applicable to the fund from which you are exchanging, as described in such fund's prospectus.  You should review carefully the current prospectus of the fund from which your shares were exchanged and, if applicable, into which shares are exchanged to determine the sales load or CDSC chargeable upon the redemption of the shares and for information on conversion features.  Shares of funds purchased by exchange will be purchased on the basis of relative NAV per share as follows:
 
A.
Exchanges for shares of funds offered without a sales load will be made without a sales load.
B.
Shares of funds purchased without a sales load may be exchanged for shares of other funds sold with a sales load, and the applicable sales load will be deducted.
C.
Shares of funds purchased with a sales load may be exchanged without a sales load for shares of other funds sold without a sales load.
D.
Shares of funds purchased with a sales load, shares of funds acquired by a previous exchange from shares purchased with a sales load and additional shares acquired through reinvestment of dividends or distributions of any such funds (collectively referred to herein as "Purchased Shares") may be exchanged for shares of other funds sold with a sales load (referred to herein as "Offered Shares"), but if the sales load applicable to the Offered Shares exceeds the maximum sales load that could have been imposed in connection with the Purchased Shares (at the time the Purchased Shares were acquired), without giving effect to any reduced loads, the difference may be deducted.
E.
Shares of funds subject to a CDSC that are exchanged for shares of another fund will be subject to the higher applicable CDSC of the two funds, and, for purposes of calculating CDSC rates and conversion periods, if any, will be deemed to have been held since the date the shares being exchanged were initially purchased.
 
To accomplish an exchange under item D above, you or your Service Agent acting on your behalf must notify the Transfer Agent of your prior ownership of fund shares and your account number. Any such exchange is subject to confirmation of your holdings through a check of appropriate records.
 
You also may exchange your Class A or Class C shares of a Multi-Class Fund that are subject to a CDSC for shares of the Worldwide Dollar Fund.  The shares so purchased will be held in an Exchange Account.  Exchanges of shares from an Exchange Account only can be made into certain other funds managed or administered by Dreyfus.  No CDSC is charged when an investor exchanges into an Exchange Account; however, the applicable CDSC will be imposed when shares are redeemed from an Exchange Account or other applicable fund account.  Upon redemption, the applicable CDSC will be calculated without regard to the time such shares were held in an Exchange Account.  See "How to Redeem Shares" in Part II of this SAI.  Redemption proceeds for Exchange Account shares are paid by federal wire or check only.  Exchange Account shares also are eligible for the Dreyfus Auto-Exchange Privilege and the Automatic Withdrawal Plan, each of which is described below.
 
As of the Effective Date, holders of Class A shares of a fund or the General Fund received by conversion from Class B shares, and holders of shares of the Worldwide Dollar Fund received in a prior exchange for a fund's Class B shares, may exchange such shares for Class A shares or no-load shares or classes of other funds managed or administered by Dreyfus, without the imposition of a front-end sales load or CDSC.
 
Except as may be otherwise described in "Shareholder Services" in Part II of this SAI or in the prospectus, to request an exchange, you, or a Service Agent acting on your behalf, may give exchange instructions to the Transfer Agent in writing, by telephone or online.  Except as may be otherwise described in "Shareholder Services" in Part II of this SAI, by using this privilege, you authorize the fund and the Transfer Agent to act on telephone or online instructions (including over the Dreyfus Express ® voice-activated account access system) from any person representing himself or herself to be you or a representative of your Service Agent and reasonably believed by the fund or the Transfer Agent to be genuine.  Exchanges may be subject to limitations as to the amount involved or the number of exchanges permitted.  Shares issued in certificate form are not eligible for telephone or online exchange.  Unless otherwise stated in the prospectus, no fees currently are charged to shareholders directly in connection with exchanges, although the funds reserve the right, upon not less than 60 days' written notice, to charge shareholders a nominal administrative fee in accordance with rules promulgated by the SEC.
 
Exchanges of Class I, Class R or Class Y shares held by a Retirement Plan may be made only between the investor's Retirement Plan account in one fund and such investor's Retirement Plan account in another fund.
 
When establishing a new account by exchange, the shares being exchanged must have a value of at least the minimum initial investment required for the fund into which the exchange is being made (and the investor must otherwise be eligible to invest in the class of shares being purchased).  For the BASIC funds, the shares being exchanged must have a current value of at least $1,000.
 
During times of drastic economic or market conditions, Fund Exchanges may be temporarily suspended without notice, and exchange requests may be treated based on their separate components ¾ redemption orders with a simultaneous request to purchase the other fund's shares.  In such a case, the redemption request would be processed at the fund's next determined NAV, but the purchase order would be effective only at the NAV next determined after the fund being purchased receives the proceeds of the redemption, which may result in the purchase being delayed.
 
Dreyfus Auto-Exchange Privilege .  Dreyfus Auto-Exchange Privilege, which is available for existing accounts only, permits you to purchase (on a semi-monthly, monthly, quarterly or annual basis), in exchange for shares of a fund, shares of the same class, or another class in which you are eligible to invest, of another fund in the Dreyfus Family of Funds of which you are a shareholder.  The amount you designate, which can be expressed either in terms of a specific dollar or share amount ($100 minimum), will be exchanged automatically on the first and/or fifteenth day of the month according to the schedule you have selected.  With respect to Class I or Class R shares held by a Retirement Plan, exchanges may be made only between the investor's Retirement Plan account in one fund and such investor's Retirement Plan account in another fund.  Shares will be exchanged on the basis of relative NAV as described above under "Fund Exchanges."  Enrollment in or modification or cancellation of this privilege is effective three business days following notification by you.  Shares held under IRAs and Retirement Plans are eligible for this privilege.  Exchanges of IRA shares may be made between IRA accounts and from regular accounts to IRA accounts, but not from IRA accounts to regular accounts.  With respect to Retirement Plan accounts, exchanges may be made only among those accounts.  Shares in certificate form are not eligible for this privilege.
 
Dreyfus Automatic Asset Builder ®
 
Dreyfus Automatic Asset Builder ® permits you to purchase fund shares (minimum of $100 and a maximum of $150,000 per transaction) at regular intervals selected by you.  Fund shares are purchased by transferring funds from the bank account designated by you.
 
Dreyfus Government Direct Deposit Privilege
 
Dreyfus Government Direct Deposit Privilege enables you to purchase fund shares (minimum of $100 and maximum of $50,000 per transaction) by having federal salary, Social Security, or certain veterans', military or other payments from the U.S. Government automatically deposited into your fund account.  When selecting this service for a fund other than a money market fund, you should consider whether Direct Deposit of your entire payment into a fund with a fluctuating NAV may be appropriate for you.
 
Dreyfus Payroll Savings Plan
 
Dreyfus Payroll Savings Plan permits you to purchase fund shares (minimum of $100 per transaction) automatically on a regular basis.  Depending upon your employer's direct deposit program, you may have part or all of your paycheck transferred to your existing Dreyfus account electronically through the ACH system at each pay period.  To establish a Dreyfus Payroll Savings Plan account, you must file an authorization form with your employer's payroll department. It is the sole responsibility of your employer to arrange for transactions under the Dreyfus Payroll Savings Plan.  Shares held through a Retirement Plan are not eligible for this privilege.
 
Dreyfus Dividend Options
 
Dreyfus Dividend Sweep .  Dreyfus Dividend Sweep allows you to invest automatically your dividends or dividends and capital gain distributions, if any, from a fund in shares of the same class, or another class in which you are eligible to invest, of another fund in the Dreyfus Family of Funds.  Shares held through a Retirement Plan are not eligible for this privilege.  Identically registered existing IRA accounts are eligible for this privilege.  Shares of the other funds purchased pursuant to this privilege will be purchased on the basis of relative NAV per share as follows:
 
A.
Dividends and distributions paid by a fund may be invested without a sales load in shares of other funds offered without a sales load.
B.
Dividends and distributions paid by a fund that does not charge a sales load may be invested in shares of other funds sold with a sales load, and the applicable sales load will be deducted.
C.
Dividends and distributions paid by a fund that charges a sales load may be invested in shares of other funds sold with a sales load (Offered Shares), but if the sales load applicable to the Offered Shares exceeds the maximum sales load charged by the fund from which dividends or distributions are being swept (without giving effect to any reduced loads), the difference may be deducted.
D.
Dividends and distributions paid by a fund may be invested in shares of other funds that impose a CDSC and the applicable CDSC, if any, will be imposed upon redemption of such shares.
 
Dreyfus Dividend ACH .  Dreyfus Dividend ACH permits you to transfer electronically dividends or dividends and capital gain distributions, if any, from a fund to a designated bank account.  Only an account maintained at a domestic financial institution which is an ACH member may be so designated.  Banks may charge a fee for this service.
 
Automatic Withdrawal Plan
 
The Automatic Withdrawal Plan permits you to request withdrawal of a specified dollar amount (minimum of $50) on a specific day each month, quarter or semi-annual or annual period if you have a $5,000 minimum account.  Automatic Withdrawal Plan transactions that fall on a non-business day generally will be processed on the next business day.  However, when the next business day is part of a new month, the transaction will be processed on the previous business day.  For example, if you request that Automatic Withdrawal Plan transactions be processed on the 30 th day of each month, and June 30 th falls on a Sunday, the transaction will be processed on June 28 th .
 
Withdrawal payments are the proceeds from sales of fund shares, not the yield on the shares.  If withdrawal payments exceed reinvested dividends and distributions, your shares will be reduced and eventually may be depleted.  The Automatic Withdrawal Plan may be established by completing a Dreyfus Automatic Withdrawal Form which you can obtain by calling 1-800-DREYFUS (inside the U.S. only), visiting www.dreyfus.com or contacting your financial representative.  For instructions on how to establish automatic withdrawals to sell shares in an IRA account, please call 1-800-DREYFUS (inside the U.S. only) or contact your financial representative.  Shares for which share certificates have been issued may not be redeemed through the Automatic Withdrawal Plan.
 
No CDSC with respect to Class C shares will be imposed on withdrawals made under the Automatic Withdrawal Plan, provided that any amount withdrawn under the plan does not exceed on an annual basis 12% of the greater of (1) the account value at the time of the first withdrawal under the Automatic Withdrawal Plan or (2) the account value at the time of the subsequent withdrawal.  Withdrawals with respect to Class C shares under the Automatic Withdrawal Plan that exceed such amounts will be subject to a CDSC.  Withdrawals of Class A shares subject to a CDSC under the Automatic Withdrawal Plan will be subject to any applicable CDSC.  Purchases of additional Class A shares where the sales load is imposed concurrently with withdrawals of Class A shares generally are undesirable.
 
Certain Retirement Plans, including Dreyfus-sponsored retirement plans, may permit certain participants to establish an automatic withdrawal plan from such Retirement Plans.  Participants should consult their Retirement Plan sponsor and tax advisor for details.  Such a withdrawal plan is different than the Automatic Withdrawal Plan.
 
Letter of Intent ¾ Class A Shares
 
By submitting a Letter of Intent form, you become eligible for the reduced sales load on purchases of Class A shares based on the total number of shares of Eligible Shares purchased by you and any related Purchaser within a period of up to 13-months pursuant to the terms and conditions set forth in the Letter of Intent.  Eligible Shares purchased within 90 days prior to the submission of the Letter of Intent ("Pre-LOI Purchases") may be used to equal or exceed the amount specified in the Letter of Intent.  A minimum initial purchase of $5,000 is required.  You can obtain a Letter of Intent form by calling 1-800-DREYFUS (inside the U.S. only).
 
Each purchase you make from the date you submit the Letter of Intent until the earlier of (i) the date you fulfill the terms of the Letter of Intent by purchasing the minimum investment specified in the Letter of Intent (the "LOI Purchase Commitment") or (ii) the end of the 13-month period following the date you submit the Letter of Intent will be at the public offering price applicable to a single transaction in the amount of the LOI Purchase Commitment.  The Transfer Agent will hold in escrow 5% of the minimum amount indicated in the Letter of Intent, which may be used for payment of a higher sales load if you do not fulfill the LOI Purchase Commitment.  When you fulfill the LOI Purchase Commitment, the escrowed amount will be released and additional shares representing such amount will be credited to your account.  In addition, when you fulfill the LOI Purchase Commitment, the Pre-LOI Purchases will be adjusted to reflect the sales load applicable to the LOI Purchase Commitment.  The adjustment will be made in the form of additional shares credited to your account at the then-current offering price applicable to a single purchase in the amount of the LOI Purchase Commitment.  If, however, total purchases at the end of the 13-month period are less than the LOI Purchase Commitment, the offering price of the shares you purchased (including shares representing the escrowed amount) during the 13-month period will be adjusted to reflect the sales load applicable to the aggregate purchases you actually made (which will reduce the number of shares in your account), unless you have redeemed the shares in your account, in which case the Transfer Agent, as attorney-in-fact pursuant to the terms of the Letter of Intent, will redeem an appropriate number of Class A shares of the fund held in escrow to realize the difference between the sales load actually paid and the sales load applicable to the aggregate purchases actually made and any remaining shares will be credited to your account.  Submitting a Letter of Intent does not bind you to purchase, or the fund to sell, the full amount indicated at the sales load in effect at the time of signing, but you must complete the intended purchase to obtain the reduced sales load. At the time you purchase Class A shares, you must indicate your intention to do so under a Letter of Intent.  Purchases pursuant to a Letter of Intent will be made at the then-current NAV plus the applicable sales load in effect at the time such Letter of Intent was submitted.
 
Corporate Pension/Profit-Sharing and Retirement Plans
 
A fund may make available to corporations a variety of prototype pension and profit-sharing plans, including a 401(k) Salary Reduction Plan.  In addition, certain funds make available Keogh Plans, IRAs (including regular IRAs, spousal IRAs for a non-working spouse, Roth IRAs, SEP-IRAs and rollover IRAs), Education Savings Accounts and 403(b)(7) Plans.  Plan support services also are available.
 
If you wish to purchase fund shares in conjunction with a Keogh Plan, a 403(b)(7) Plan, an IRA, including a SEP-IRA, or an Education Savings Account, you may request from the Distributor forms for adoption of such plans.  Shares may be purchased in connection with these plans only by direct remittance to the entity acting as custodian.  Such purchases will be effective when payments received by the Transfer Agent are converted into Federal Funds. Purchases for these plans may not be made in advance of receipt of funds.
 
The entity acting as custodian for Keogh Plans, 403(b)(7) Plans, IRAs or Education Savings Accounts may charge a fee, payment of which could require the liquidation of shares.  All fees charged are described in the appropriate form.  You should read the prototype retirement plan and the appropriate form of custodial agreement for further details on eligibility, service fees and tax implications, and should consult a tax advisor.
 
ADDITIONAL INFORMATION ABOUT DISTRIBUTION PLANS, SERVICE PLANS AND SHAREHOLDER SERVICES PLANS
 
See "Distribution Plans, Service Plans and Shareholder Services Plans" in Part II of this SAI for more information about the Plan(s) adopted by your fund.
 
Rule 12b-1 under the 1940 Act, which is applicable to certain Plans, provides, among other things, that an investment company may bear expenses of distributing its shares only pursuant to a plan adopted in accordance with the Rule.  For each fund that has adopted a Plan pursuant to Rule 12b-1, the board believes that there is a reasonable likelihood that the Plan will benefit the fund and the class(es) of fund shares to which the Plan applies.
 
A written quarterly report of the amounts expended under a fund's Plan, and the purposes for which such expenditures were incurred, must be made to the fund's board for its review.  For a Plan adopted pursuant to Rule 12b-1, the Plan provides that it may not be amended to increase materially the costs that holders of the fund's applicable class(es) of shares may bear pursuant to the Plan without the approval of the holders of such shares; other material amendments of the Plan must be approved by the board and by the board members who are not "interested persons" (as defined in the 1940 Act) of the fund and have no direct or indirect financial interest in the operation of the Plan or in any agreements entered into in connection with the Plan, by vote cast in person at a meeting called for the purpose of considering such amendments.  For a Plan not adopted pursuant to Rule 12b-1, the Plan provides that material amendments to the Plan must be approved by the board and by the board members who are not "interested persons" (as defined in the 1940 Act) of the fund and have no direct or indirect financial interest in the operation of the Plan or in any agreements entered into in connection with the Plan, by vote cast in person at a meeting called for the purpose of considering such amendments.  Each Plan is subject to annual approval by such vote of the board members cast in person at a meeting called for the purpose of voting on the Plan.  As to the relevant class of fund shares (if applicable), the Plan is generally terminable at any time by vote of a majority of the board members who are not "interested persons" with respect to the fund and have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan or, for a Plan adopted pursuant to Rule 12b-1, by vote of a majority of the outstanding voting securities of such class.
 
 ADDITIONAL INFORMATION ABOUT INVESTMENTS, INVESTMENT TECHNIQUES AND RISKS
 
See the prospectus and "Investments, Investment Techniques and Risks" and "Investment Restrictions" in Part II of this SAI to determine which policies and risks apply to your fund.
 
The Funds of Funds invest in Underlying Funds and, therefore, the following descriptions of investments, investment techniques and risks apply to the Underlying Funds, as applicable.  To the extent a Fund of Fund's Underlying Funds invest as described below, the effect of investment risks generally would be experienced similarly for the Fund of Funds.
 
All Funds other than Money Market Funds
 
Equity Securities
 
Equity securities include common stocks and certain preferred stocks, convertible securities and warrants.  Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be pronounced.  Changes in the value of a fund's investments will result in changes in the value of its shares and thus the fund's total return to investors.
 
Investing in equity securities poses risks specific to an issuer as well as to the particular type of company issuing the equity securities.  For example, equity securities of small- or mid-capitalization companies tend to have more abrupt or erratic price swings than equity securities of larger, more established companies because, among other reasons, they trade less frequently and in lower volumes and their issuers typically are more subject to changes in earnings and prospects in that they are more susceptible to changes in economic conditions, may be more reliant on singular products or services and are more vulnerable to larger competitors.  Equity securities of these types of companies may have a higher potential for gains, but also may be subject to greater risk of loss.  If a fund, together with other investment companies and other clients advised by the Adviser and its affiliates, owns significant positions in portfolio companies, depending on market conditions, the fund's ability to dispose of some or all positions at a desirable time may be adversely affected.  While common stockholders usually have voting rights on a number of significant matters, other types of equity securities, such as preferred stock, common limited partnership units and limited liability company interests, may not ordinarily have voting rights.
 
An investment in securities of companies that have no earnings or have experienced losses is generally based on a belief that actual or anticipated products or services will produce future earnings.  If the anticipated event is delayed or does not occur, or if investor perception about the company changes, the company's stock price may decline sharply and its securities may become less liquid.
 
Investing in equity securities also poses risks specific to a particular industry, market or sector, such as technology, financial services, consumer goods or natural resources ( e.g. , oil and gas).  To some extent, the prices of equity securities tend to move by industry, market or sector.  When market conditions favorably affect, or are expected to favorably affect, an industry, the share prices of the equity securities of companies in that industry tend to rise. Conversely, negative news or a poor outlook for a particular industry can cause the share prices of such securities of companies in that industry to decline quickly.
 
Common Stock .  Stocks and similar securities, such as common limited partnership units and limited liability company interests, represent shares of ownership in a company.  After other claims are satisfied, common stockholders and other common equity owners participate in company profits on a pro-rata basis; profits may be paid out in dividends or reinvested in the company to help it grow.  Increases and decreases in earnings are usually reflected in a company's common equity securities, so common equity securities generally have the greatest appreciation and depreciation potential of all corporate securities.  Common stock may be received upon the conversion of convertible securities.
 
Preferred Stock .  Preferred stock is a form of equity ownership in a corporation.  Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its claim on income for dividend payments and on assets should the company be liquidated.  The market value of preferred stock generally increases when interest rates decline and decreases when interest rates rise, but, as with debt securities, also is affected by the issuer's ability or perceived ability to make payments on the preferred stock.  While most preferred stocks pay a dividend, a fund may purchase preferred stock where the issuer has omitted, or is in danger of omitting, payment of its dividend.  Such investments would be made primarily for their capital appreciation potential.  Certain classes of preferred stock are convertible, meaning the preferred stock is convertible into shares of common stock of the issuer.  Holding convertible preferred stock can provide a steady stream of dividends and the option to convert the preferred stock to common stock.
 
Certain convertible preferred stocks may offer enhanced yield features.  These preferred stocks may feature a mandatory conversion date and may have a capital appreciation limit expressed in terms of a stated price.  Other types of convertible securities may be designed to provide the investor with high current income with some prospect of future capital appreciation and may have some built-in call protection.  Investors may have the right to convert such securities into shares of common stock at a preset conversion ratio or hold them until maturity.  Upon maturity they may convert into either cash or a specified number of shares of common stock.
 
Trust preferred securities are preferred stocks issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent.  These securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated company.  Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the parent company.
 
Convertible Securities .  Convertible securities include bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio or predetermined price (the conversion price).  Convertible securities have characteristics similar to both equity and fixed-income securities.  Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer.  Because of the subordination feature, however, convertible securities typically have lower ratings than similar non-convertible securities.
 
Although to a lesser extent than with fixed-income securities, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline.  In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stock.  A unique feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so may not experience market value declines to the same extent as the underlying common stock.  When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock.  While no securities investments are without risk, investments in convertible securities generally entail less risk than investments in common stock of the same issuer.
 
Convertible securities provide for a stable stream of income with generally higher yields than common stocks, but there can be no assurance of current income because the issuers of the convertible securities may default on their obligations.  A convertible security, in addition to providing fixed-income, offers the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases in the market price of the underlying common stock.  There can be no assurance of capital appreciation, however, because securities prices fluctuate.  Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality because of the potential for capital appreciation.
 
Synthetic Convertible Securities.   So-called "synthetic convertible securities" are comprised of two or more different securities, each with its own market value, whose investment characteristics, taken together, resemble those of convertible securities.  An example is a non-convertible debt security and a warrant or option.  The "market value" of a synthetic convertible is the combined value of its fixed-income component and its convertible component.  For this reason, the values of a synthetic convertible and a true convertible security may respond differently to market fluctuations.
 
Warrants and Stock Purchase Rights .  Warrants or stock purchase rights ("rights") give the holder the right to subscribe to equity securities at a specific price for a specified period of time.  Warrants and rights are subject to the same market risk as stocks, but may be more volatile in price.  A fund's investment in warrants and rights will not entitle it to receive dividends or exercise voting rights, provide no rights with respect to the assets of the issuer and will become worthless if not profitably exercised before the expiration date.  Warrants, rights or other non-income producing equity securities may be received in connection with a fund's investments in corporate debt securities (further described below), or restructuring of investments.  Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock.
 
IPOs .  An IPO is a corporation's first offering of stock to the public.  Shares are given a market value reflecting expectations for the corporation's future growth.  Special rules of FINRA apply to the distribution of IPOs.  Corporations offering IPOs generally have limited operating histories and may involve greater investment risk.  Special risks associated with IPOs may include a limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the company, and limited operating history, all of which may contribute to price volatility.  The limited number of shares available for trading in some IPOs may make it more difficult for a fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices.  In addition, some IPOs are involved in relatively new industries or lines of business, which may not be widely understood by investors.  Some of the companies involved in new industries may be regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of such. Foreign IPOs are subject to foreign political and currency risks.  Many IPOs are issued by undercapitalized companies of small or microcap size.  The prices of these companies' securities can be very volatile, rising and falling rapidly, sometimes based solely on investor perceptions rather than economic reasons.
 
Fixed-Income Securities
 
Fixed-income securities include interest-bearing securities, such as corporate debt securities.  Interest-bearing securities are investments which promise a stable stream of income, although the prices of fixed rate fixed-income securities are inversely affected by changes in interest rates and, therefore, are subject to interest rate risk, as well as the risk of unrelated market price fluctuations.  Fixed-income securities may have various interest rate payment and reset terms, including fixed rate, floating or adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features.  Floating rate instruments, the rates of which adjust periodically by reference to another measure, such as the market interest rate, are generally less sensitive to interest rate changes than fixed rate instruments, although the value of floating rate loans and other floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates or as expected.  Certain securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal.  Certain fixed-income securities may be issued at a discount from their face value or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of "original issue discount" previously accrued thereon, i.e. , purchased at a "market discount."  The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount, will cause a fund to realize income prior to the receipt of cash payments with respect to these securities.  To maintain its qualification as a regulated investment company and avoid liability for federal income taxes, a fund may be required to distribute such income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.
 
Failure of an issuer to make timely interest or principal payments, or a decline or perception of a decline in the credit quality of a fixed-income security (known as credit risk), can cause the security's price to fall, potentially lowering a fund's share price.  The values of fixed-income securities also may be affected by changes in the credit rating of the issuer.  Once the rating of a portfolio security has been changed, a fund will consider all circumstances deemed relevant in determining whether to continue to hold the security.  Fixed-income securities rated below investment grade by the Rating Agencies may be subject to greater risks with respect to the issuing entity and to greater market fluctuations (and not necessarily inversely with changes in interest rates) than certain lower yielding, higher-rated fixed-income securities.  See "High Yield and Lower-Rated Securities" below for a discussion of those securities and see "Rating Categories" below for a general description of the Rating Agencies' ratings.
 
As a measure of a fixed-income security's cash flow, duration is an alternative to the concept of "term to maturity" in assessing the price volatility associated with changes in interest rates (known as interest rate risk).  Generally, the longer the duration, the more volatility an investor should expect.  For example, the market price of a bond with a duration of three years would be expected to decline 3% if interest rates rose 1%.  Conversely, the market price of the same bond would be expected to increase 3% if interest rates fell 1%.  The market price of a bond with a duration of six years would be expected to increase or decline twice as much as the market price of a bond with a three-year duration.  Duration is a way of measuring a security's maturity in terms of the average time required to receive the present value of all interest and principal payments as opposed to its term to maturity.  The maturity of a security measures only the time until final payment is due; it does not take account of the pattern of a security's cash flows over time, which would include how cash flow is affected by prepayments and by changes in interest rates.  Incorporating a security's yield, coupon interest payments, final maturity and option features into one measure, duration is computed by determining the weighted average maturity of a bond's cash flows, where the present values of the cash flows serve as weights.  In computing the duration of a fund, the Adviser will estimate the duration of obligations that are subject to features such as prepayment or redemption by the issuer, put options retained by the investor or other imbedded options, taking into account the influence of interest rates on prepayments and coupon flows.
 
Average weighted maturity is the length of time, in days or years, until the securities held by a fund, on average, will mature or be redeemed by their issuers.  The average maturity is weighted according to the dollar amounts invested in the various securities by the fund.  In general, the longer a fund's average weighted maturity, the more its share price will fluctuate in response to changing interest rates.  For purposes of calculating average effective portfolio maturity, a security that is subject to redemption at the option of the issuer on a particular date (the "call date") which is prior to the security's stated maturity may be deemed to mature on the call date rather than on its stated maturity date.  The call date of a security will be used to calculate average effective portfolio maturity when the Adviser reasonably anticipates, based upon information available to it, that the issuer will exercise its right to redeem the security.  The Adviser may base its conclusion on such factors as the interest rate paid on the security compared to prevailing market rates, the amount of cash available to the issuer of the security, events affecting the issuer of the security, and other factors that may compel or make it advantageous for the issuer to redeem a security prior to its stated maturity.
 
When interest rates fall, the principal on certain fixed-income securities, including mortgage-backed and certain asset-backed securities (discussed below), may be prepaid.  The loss of higher yielding underlying mortgages and the reinvestment of proceeds at lower interest rates can reduce a fund's potential price gain in response to falling interest rates, reduce the fund's yield, or cause the fund's share price to fall.  This is known as prepayment risk.  Conversely, when interest rates rise, the effective duration of a fund's fixed rate mortgage-related and other asset-backed securities may lengthen due to a drop in prepayments of the underlying mortgages or other assets.  This is known as extension risk and would increase the fund's sensitivity to rising interest rates and its potential for price declines.
 
U.S. Government Securities . U.S. Government securities are issued or guaranteed by the U.S. Government or its agencies or instrumentalities. U.S. Government securities include Treasury bills, Treasury notes and Treasury bonds, which differ in their interest rates, maturities and times of issuance.  Treasury bills have initial maturities of one year or less; Treasury notes have initial maturities of one to ten years; and Treasury bonds generally have initial maturities of greater than ten years.  Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the Treasury; others by the right of the issuer to borrow from the Treasury; others by discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others only by the credit of the agency or instrumentality.  These securities bear fixed, floating or variable rates of interest.  While the U.S. Government currently provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law.  A security backed by the Treasury or the full faith and credit of the United States is guaranteed only as to timely payment of interest and principal when held to maturity.  Neither the market value nor a fund's share price is guaranteed.
 
TIPS are issued by the Treasury and are designed to provide investors a long-term investment vehicle that is not vulnerable to inflation.  The interest rate paid by TIPS is fixed, while the principal value rises or falls semi-annually based on changes in a published Consumer Price Index.  Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss.  During a deflationary period, the principal and interest payments decrease, although the TIPS' principal will not drop below its face value at maturity.  In exchange for the inflation protection, TIPS generally pay lower interest rates than typical Treasury securities.  Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.  The secondary market for TIPS may not be as active or liquid as the secondary market for conventional Treasury securities.  Principal appreciation and interest payments on TIPS generally will be taxed annually as ordinary interest income or original issue discount for federal income tax calculations.  As a result, any appreciation in principal generally will be counted as income in the year the increase occurs, even though the investor will not receive such amounts until the TIPS are sold or mature. Principal appreciation and interest payments will be exempt from state and local income taxes.  See also "Inflation-Indexed Securities" below.
 
Many states grant tax-free status to dividends paid to shareholders of a fund from interest income earned by that fund from direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by the fund.  Investments in securities issued by the GNMA or FNMA, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for tax-free treatment.
 
On August 5, 2011, S&P lowered its long-term sovereign credit rating for the United States of America to "AA+" from "AAA."  The value of shares of a fund that may invest in U.S. Government obligations may be adversely affected by S&P's downgrade or any future downgrades of the U.S. Government's credit rating. While the long-term impact of the downgrade is uncertain, it could, for example, lead to increased volatility in the short-term.
 
Corporate Debt Securities .  Corporate debt securities include corporate bonds, debentures, notes and other similar instruments, including certain convertible securities.  Debt securities may be acquired with warrants attached to purchase additional fixed-income securities at the same coupon rate.  A decline in interest rates would permit a fund to buy additional bonds at the favorable rate or to sell the warrants at a profit.  If interest rates rise, the warrants would generally expire with no value.  Corporate income-producing securities also may include forms of preferred or preference stock, which may be considered equity securities.  The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with respect to a reference rate such as interest rates or other financial indicators.  The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.  Such securities may include those whose principal amount or redemption price is indexed to, and thus varies directly with, changes in the market price of certain commodities, including gold bullion or other precious metals.
 
Ratings of Securities; Unrated Securities .  Subsequent to its purchase by a fund, an issue of rated securities may cease to be rated or its rating may be reduced below any minimum that may be required for purchase by a fund.  Neither event will require the sale of such securities by the fund, but the Adviser will consider such event in determining whether the fund should continue to hold the securities.  In addition, it is possible that a Rating Agency might not timely change its ratings of a particular issue to reflect subsequent events.  To the extent the ratings given by a Rating Agency for any securities change as a result of changes in such organizations or their rating systems, a fund will attempt to use comparable ratings as standards for its investments in accordance with its investment policies.
 
A fund may purchase unrated securities, which are not rated by a Rating Agency but that the Adviser determines are of comparable quality to the rated securities in which the fund may invest.  Unrated securities may be less liquid than comparable rated securities, because dealers may not maintain daily markets in such securities and retail markets for many of these securities may not exist.  As a result, a fund's ability to sell these securities when, and at a price, the Adviser deems appropriate may be diminished.  Investing in unrated securities involves the risk that the Adviser may not accurately evaluate the security's comparative credit rating.  To the extent that a fund invests in unrated securities, the fund's success in achieving its investment objective(s) may depend more heavily on the Adviser's credit analysis than if the fund invested exclusively in rated securities.
 
High Yield and Lower-Rated Securities .  Fixed-income securities rated below investment grade, such as those rated Ba by Moody's or BB by S&P and Fitch, and as low as those rated Caa/CCC by Rating Agencies at the time of purchase (commonly known as "high yield" or "junk" bonds), or, if unrated, deemed to be of comparable quality by the Adviser, though higher yielding, are characterized by higher risk.  See "Rating Categories" below for a general description of securities ratings.  These securities may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher-rated securities.  These securities generally are considered by the Rating Agencies to be, on balance, predominantly speculative with respect to the issuer's ability to make principal and interest payments in accordance with the terms of the obligation and generally will involve more credit risk than securities in the higher rating categories.  The ratings of Rating Agencies represent their opinions as to the quality of the obligations which they undertake to rate.  It should be emphasized, however, that ratings are relative and subjective and are not absolute standards of quality and, although ratings may be useful in evaluating the safety or interest and principal payments, they do not evaluate the market value risk of such obligations.  Although these ratings may be an initial criterion for selection of portfolio investments, the Adviser also will evaluate these securities and the ability of the issuers of such securities to pay interest and principal based upon financial and other available information.  The success of a fund's investments in lower-rated securities may be more dependent on the Adviser's credit analysis than might be the case for investments in higher-rated securities.
 
Bond prices generally are inversely related to interest rate changes; however, bond price volatility also may be inversely related to coupon.  Accordingly, below investment grade securities may be relatively less sensitive to interest rate changes than higher quality securities of comparable maturity, because of their higher coupon.  This higher coupon is what the investor receives in return for bearing greater credit risk.  The higher credit risk associated with below investment grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity, and will be a substantial factor in a fund's relative share price volatility.
 
The prices of these securities can fall dramatically in response to negative news about the issuer or its industry.  The market values of many of these securities also tend to be more sensitive to general economic conditions than are higher-rated securities and will fluctuate over time.  Companies that issue certain of these securities often are highly leveraged and may not have available to them more traditional methods of financing.  Therefore, the risk associated with acquiring the securities of such issuers generally is greater than is the case with the higher-rated securities.  These securities may be particularly susceptible to economic downturns.  For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of these securities may not have sufficient revenues to meet their interest payment obligations.  The issuer's ability to service its debt obligations also may be affected adversely by specific corporate developments, forecasts, or the unavailability of additional financing.  The risk of loss because of default by the issuer is significantly greater for the holders of these securities because such securities generally are unsecured and often are subordinated to other creditors of the issuer.  It is likely that an economic recession also would disrupt severely the market for such securities and have an adverse impact on their value.
 
Because there is no established retail secondary market for many of these securities, it may be anticipated that such securities could be sold only to a limited number of dealers or institutional investors.  To the extent a secondary trading market for these securities does exist, it generally is not as liquid as the secondary market for higher-rated securities.  The lack of a liquid secondary market may have an adverse impact on market price and yield and a fund's ability to dispose of particular issues when necessary to meet the fund's liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the issuer.  The lack of a liquid secondary market for certain securities also may make it more difficult for a fund to obtain accurate market quotations for purposes of valuing the fund's portfolio and calculating its NAV.  Adverse conditions could make it difficult at times for a fund to sell certain securities or could result in lower prices than those used in calculating the fund's NAV.  Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of these securities.  In such cases, the Adviser's judgment may play a greater role in valuation because less reliable, objective data may be available.
 
Certain funds may invest in these securities when their issuers will be close to, or already have entered, reorganization proceedings.  As a result, it is expected that these securities will cease or will have ceased to meet their interest payment obligations, and accordingly would trade in much the same manner as an equity security.  Consequently, a fund would intend to make such investments on the basis of potential appreciation in the price of these securities, rather than any expectation of realizing income.  Reorganization entails a complete change in the structure of a business entity.  An attempted reorganization may be unsuccessful, resulting in substantial or total loss of amounts invested.  If reorganization is successful, the value of securities of the restructured entity may depend on numerous factors, including the structure of the reorganization, the market success of the entity's products or services, the entity's management, and the overall strength of the marketplace.
 
High yield, lower-rated securities acquired during an initial offering may involve special risks because they are new issues.  A fund will not have any arrangement with any person concerning the acquisition of such securities.
 
Distressed and Defaulted Securities .  Investing in securities that are the subject of bankruptcy proceedings or in default or at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by a fund ("Distressed Securities") is speculative and involves significant risks.
 
A fund may make such investments when, among other circumstances, the Adviser believes it is reasonably likely that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the fund will receive new securities in return for the Distressed Securities.  There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted.  In addition, a significant period of time may pass between the time at which a fund makes its investment in Distressed Securities and the time that any such exchange offer or plan of reorganization is completed, if at all.  During this period, it is unlikely that the fund would receive any interest payments on the Distressed Securities, the fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the fund may be required to bear certain extraordinary expenses to protect and recover its investment.  A fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by the Distressed Securities will eventually be satisfied ( e.g ., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the Distressed Securities or a payment of some amount in satisfaction of the obligation).  Even if an exchange offer is made or plan of reorganization is adopted with respect to Distressed Securities held by a fund, there can be no assurance that the securities or other assets received by the fund in connection with the exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made, or no value.  Moreover, any securities received by a fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale.  Similarly, if a fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the fund may be restricted from disposing of such securities for a period of time.  To the extent that a fund becomes involved in such proceedings, the fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor.
 
Zero Coupon, Pay-In-Kind and Step-Up Securities . Zero coupon securities are issued or sold at a discount from their face value and do not entitle the holder to any periodic payment of interest prior to maturity or a specified redemption date or cash payment date.  Zero coupon securities also may take the form of notes and bonds that have been stripped of their unmatured interest coupons, the coupons themselves and receipts or certificates representing interests in such stripped debt obligations and coupons.  Zero coupon securities issued by corporations and financial institutions typically constitute a proportionate ownership of the issuer's pool of underlying Treasury securities.  A zero coupon security pays no interest to its holders during its life and is sold at a discount to its face value at maturity.  The amount of any discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, liquidity of the security and perceived credit quality of the issuer.  Pay-in-kind securities generally pay interest through the issuance of additional securities.  Step-up coupon bonds are debt securities that typically do not pay interest for a specified period of time and then pay interest at a series of different rates.  The amount of any discount on these securities varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, liquidity of the security and perceived credit quality of the issuer.  The market prices of these securities generally are more volatile and are likely to respond to a greater degree to changes in interest rates than the market prices of securities that pay cash interest periodically having similar maturities and credit qualities.  In addition, unlike bonds that pay cash interest throughout the period to maturity, a fund will realize no cash until the cash payment date unless a portion of such securities are sold and, if the issuer defaults, the fund may obtain no return at all on its investment.  Federal income tax law requires the holder of a zero coupon security or of certain pay-in-kind or step-up bonds to accrue income with respect to these securities prior to the receipt of cash payments.  To maintain its qualification as a regulated investment company and avoid liability for federal income taxes, a fund may be required to distribute such income accrued with respect to these securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.
 
The credit risk factors pertaining to high-yield, lower-rated securities (discussed above) also apply to lower-rated zero coupon, pay-in-kind and step-up securities.  In addition to the risks associated with the credit rating of the issuers, the market prices of these securities may be very volatile during the period no interest is paid.
 
Inflation-Indexed Securities .  Inflation-indexed securities, such as TIPS, are fixed-income securities whose value is periodically adjusted according to the rate of inflation.  Two structures are common.  The Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the bond.  Most other issuers pay out the Consumer Price Index accruals as part of a semi-annual coupon.
 
Inflation-indexed securities issued by the Treasury have varying maturities and pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount.  If the periodic adjustment rate measuring inflation falls, the principal value of inflation-index bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced.  Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of Treasury inflation-indexed bonds, even during a period of deflation.  However, the current market value of the bonds is not guaranteed and will fluctuate.  Other inflation-related bonds may or may not provide a similar guarantee.  If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal amount.
 
The periodic adjustment of U.S. inflation-indexed securities is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics.  The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy.  Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government.  There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services.  Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.
 
The value of inflation-indexed securities is expected to change in response to changes in real interest rates.  Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation.  Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed securities.  In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-index securities.  Any increase in the principal amount of an inflation-indexed security generally will be considered taxable ordinary income, even though investors do not receive their principal until maturity.  While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value.  If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the security's inflation measure.
 
Variable and Floating Rate Securities .  Variable and floating rate securities provide for adjustment in the interest rate paid on the obligations.  The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations.  The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate.  Variable rate obligations typically provide for a specified periodic adjustment in the interest rate, while floating rate obligations typically have an interest rate which changes whenever there is a change in the external interest or market rate.  Because of the interest rate adjustment feature, variable and floating rate securities provide a fund with a certain degree of protection against rises in interest rates, although the fund will participate in any declines in interest rates as well.  Generally, changes in interest rates will have a smaller effect on the market value of variable and floating rate securities than on the market value of comparable fixed-income obligations.  Thus, investing in variable and floating rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities.
 
Variable Rate Demand Notes.   Variable rate demand notes include master demand notes, which are obligations that permit a fund to invest fluctuating amounts, at varying rates of interest, pursuant to direct arrangements between the fund, as lender, and the borrower.  These obligations permit daily changes in the amounts borrowed.  Because these obligations are direct lending arrangements between the lender and borrower, it is not contemplated that such instruments generally will be traded, and there generally is no established secondary market for these obligations, although they are redeemable on demand at face value, plus accrued interest.  Accordingly, where these obligations are not secured by letters of credit or other credit support arrangements, the fund's right to redeem is dependent on the ability of the borrower to pay principal and interest on demand.  Such obligations frequently are not rated by credit rating agencies.  Changes in the credit quality of banks or other financial institutions providing any credit support or liquidity enhancements could cause losses to the fund.
 
Floating and Inverse Floating Rate Debt Instruments .  The interest rate on a floating rate debt instrument ("floater") is a variable rate which is tied to another interest rate, such as a prime rate or Treasury bill rate.  The interest rate on an inverse floating rate debt instrument moves or resets in the opposite direction from the market rate of interest to which the inverse floater is indexed or inversely to a multiple of the applicable index.  An inverse floating rate debt instrument may exhibit greater price volatility than a fixed rate obligation of similar credit quality, and investing in these instruments involves leveraging which may magnify gains or losses.
 
Loans .  Senior secured loans ("Senior Loans") typically hold a first lien priority and, like other types of loans, pay interest at rates that are determined daily, monthly, quarterly or semi-annually on the basis of a floating base lending rate plus a premium or credit spread.  These base lending rates are primarily LIBOR and secondarily the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders.  As short-term interest rates increase, interest payable to a fund from its investments in loans is likely to increase, and as short-term interest rates decrease, interest payable to the fund from its investments in loans is likely to decrease.  To the extent a fund invests in loans with a base lending rate floor, the fund's potential for decreased income in a flat or falling rate environment may be mitigated, but the fund may not receive the benefit of increased coupon payments if the relevant interest rate increases but remains below the base lending rate floor.
 
Loans in which a fund may invest are typically made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities that operate in various industries and geographical regions (a "Borrower").  Borrowers may obtain loans to, among other reasons, refinance existing debt and for acquisitions, dividends, leveraged buyouts and general corporate purposes.  Subordinated loans generally have the same characteristics as Senior Loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders or may be unsecured.
 
Senior Loans hold the most senior position in the capital structure of a Borrower, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower.  Typically, in order to borrow money pursuant to a Senior Loan, a Borrower will, for the term of the Senior Loan, pledge collateral, including, but not limited to:  (i) working capital assets, such as accounts receivable and inventory, (ii) tangible fixed assets, such as real property, buildings and equipment, (iii) intangible assets, such as trademarks and patent rights (but excluding goodwill) and (iv) security interests in shares of stock of subsidiaries or affiliates.  In the case of Senior Loans made to non-public companies, the company's shareholders or owners may provide collateral in the form of secured guarantees and/or security interests in assets that they own.  In many instances, a Senior Loan may be secured only by stock in the Borrower or its subsidiaries.  Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy fully a Borrower's obligations under a Senior Loan.
 
A Borrower must comply with various restrictive covenants contained in a loan agreement or note purchase agreement between the Borrower and the holders of a loan (the "Loan Agreement").  In a typical loan, an agent (the "Agent Bank") administers the terms of the Loan Agreement.  In such cases, the Agent Bank is normally responsible for the collection of principal and interest payments from the Borrower and the apportionment of these payments to the credit of all institutions that are parties to the Loan Agreement.  A fund will generally rely upon the Agent Bank or an intermediate participant to receive and forward to the fund its portion of the principal and interest payments on the loan.  Additionally, a fund normally will rely on the Agent Bank and the other loan investors to use appropriate credit remedies against the Borrower.  The Agent Bank is typically responsible for monitoring compliance with covenants contained in the Loan Agreement based upon reports prepared by the Borrower.  The Agent Bank may monitor the value of any collateral and, if the value of the collateral declines, may accelerate the loan, may give the Borrower an opportunity to provide additional collateral or may seek other protection for the benefit of the participants in the loan.  The Agent Bank is compensated by the Borrower for providing these services under a Loan Agreement, and such compensation may include special fees paid upon structuring and funding the Senior Loan and other fees paid on a continuing basis.  With respect to loans for which the Agent Bank does not perform such administrative and enforcement functions, the Adviser may perform such tasks on a fund's behalf, although a collateral bank will typically hold any collateral on behalf of the fund and the other loan investors pursuant to the applicable Loan Agreement.
 
In the process of buying, selling and holding loans, a fund may receive and/or pay certain fees.  These fees are in addition to interest payments received and may include facility fees, commitment fees, amendment fees, commissions and prepayment penalty fees.  When a fund buys a loan it may receive a facility fee and when it sells a loan it may pay a facility fee.  On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan.  In certain circumstances, a fund may receive a prepayment penalty fee upon the prepayment of a loan by a Borrower.  Other fees received by a fund may include covenant waiver fees, covenant modification fees or other amendment fees.
 
Offerings of Senior Loans and other loans in which a fund may invest generally are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange.  Because there is less readily available or reliable information about most loans than is the case for many other types of securities, the Adviser will rely primarily on its own evaluation of a Borrower's credit quality rather than on any available independent sources.  Therefore, a fund investing in loans will be particularly dependent on the analytical abilities of the Adviser.  No active trading market may exist for some loans, which may make it difficult to value them.  Some loans may be subject to restrictions on resale.   In some cases, negotiations involved in disposing of indebtedness may require weeks to complete.   Any secondary market for loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability of a seller to realize full value and thus cause a material decline in a fund's net asset value.  In addition, a fund may not be able to readily dispose of its loans at prices that approximate those at which the fund could sell such loans if they were more widely-traded and, as a result of such illiquidity, the fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations.  If a fund's investments are focused on loans, a limited supply or relative illiquidity of loans may adversely affect a fund's yield.
 
The settlements of secondary market purchases of Senior Loans in the ordinary course, on a settlement date beyond the period expected by loan market participants ( i.e., T+7 for par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively), are subject to the delayed compensation mechanics prescribed by the Loan Syndications and Trading Association (''LSTA'').  For par loans, for example, income accrues to the buyer of the loan (the ''Buyer'') during the period beginning on the last date by which the loan purchase should have settled (T+7) to and including the actual settlement date.  Should settlement of a par loan purchased in the secondary market be delayed beyond the T+7 period prescribed by the LSTA, the Buyer is typically compensated for such delay through a payment from the seller of the loan (this payment may be netted from the wire released on settlement date for the purchase price of the loan paid by the Buyer).  In brief, the adjustment is typically calculated by multiplying the notional amount of the trade by the applicable margin in the Loan Agreement pro rated for the number of business days (calculated using a year of 360 days) beyond the settlement period prescribed by the LSTA, plus any amendment or consent fees that the Buyer should have received.  Furthermore, the purchase of a Senior Loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and, therefore, the risk of non-delivery of the security to the fund is reduced or eliminated.
 
A fund may purchase and retain in its portfolio loans where the Borrower has experienced, or may be perceived to be likely to experience, credit problems, including involvement in or recent emergence from bankruptcy court proceedings or other forms of debt restructuring.  Such investments may provide opportunities for enhanced income, although they also will be subject to greater risk of loss.  At times, in connection with the restructuring of a loan either outside of bankruptcy court or in the context of bankruptcy court proceedings, a fund may determine or be required to accept equity securities or junior credit securities in exchange for all or a portion of a loan.  A fund may from time to time participate on ad-hoc committees formed by creditors to negotiate with the management of financially troubled Borrowers and may incur legal fees as a result of such participation.  In addition, such participation may restrict the fund's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so.  Participation by a fund also may expose the fund to potential liabilities under bankruptcy or other laws governing the rights of creditors and debtors.
 
Loans are usually rated below investment grade and may also be unrated.  As a result, the risks associated with investing in loans are similar to the risks of fixed-income securities rated below investment grade, although Senior Loans are senior and secured, in contrast to other fixed-income securities rated below investment grade, which are often subordinated and/or unsecured.  Any specific collateral used to secure a loan, however, may decline in value or become illiquid, which would adversely affect the loan's value.  Loans are subject to a number of risks described elsewhere in this SAI section titled "Fixed-Income Securities," including non-payment of principal and interest, liquidity risk and the risk of investing in fixed-income securities rated below investment grade.
 
Investing in loans is subject to legislative risk.  If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans and other types of loans for investment by a fund may be adversely affected.  In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain issuers.  This would increase the risk of default.  If legislation or federal or state regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose of loans that are considered highly levered transactions.  If a fund attempts to sell a loan at a time when a financial institution is engaging in such a sale, the price the fund could receive for the loan may be adversely affected.
 
Subordinated loans generally are subject to similar risks as those associated with investments in Senior Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders or may be unsecured.  In the event of default on a subordinated loan, the first priority lien holder has first claim to the underlying collateral of the loan.  These loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the Borrower.  This risk is generally higher for subordinated unsecured loans or debt that is not backed by a security interest in any specific collateral.  Subordinated loans generally have greater price volatility than Senior Loans and may be less liquid.
 
The Adviser and/or its affiliates may participate in the primary and secondary market for loans.  Because of limitations imposed by applicable law, the presence of the Adviser and/or the Adviser's affiliates in the loan market may restrict a fund's ability to acquire certain loans, or affect the timing or price of such acquisitions.  Also, because the Adviser, in the course of investing fund assets in loans, may have access to material non-public information regarding a Borrower, the ability of a fund or funds advised by such Adviser to purchase or sell publicly-traded securities of such Borrowers may be restricted.  Conversely, because of the financial services and asset management activities of the Adviser and/or its affiliates, the Adviser may not have access to material non-public information regarding the Borrower to which other lenders have access.
 
Participation Interests and Assignments .   Loans may be originated, negotiated and structured by a syndicate of lenders ("Co-Lenders"), consisting of commercial banks, thrift institutions, insurance companies, financial companies or other financial institutions one or more of which acts as Agent Bank.  Co-Lenders may sell such securities to third parties called "Participants."  A fund investing in such securities may participate as a Co-Lender at origination or acquire an interest in the security (a "participation interest") from a Co-Lender or a Participant.  Co-Lenders and Participants interposed between a fund and the Borrower, together with the Agent Bank(s), are referred herein as "Intermediate Participants."  A participation interest gives a fund an undivided interest in the security in the proportion that the fund's participation interest bears to the total principal amount of the security.  These instruments may have fixed, floating or variable rates of interest.
 
A fund may purchase a participation interest in a portion of the rights of an Intermediate Participant, which would not establish any direct relationship between the fund and the Borrower.  The fund would be required to rely on the Intermediate Participant that sold the participation interest not only for the enforcement of the fund's rights against the Borrower but also for the receipt and processing of payments due to the fund under the security.  The fund would have the right to receive payments of principal, interest and any fees to which it is entitled only from the Intermediate Participant and only upon receipt of the payments from the Borrower.  The fund generally will have no right to enforce compliance by the Borrower with the terms of the Loan Agreement nor any rights of set-off against the Borrower, and the fund may not directly benefit from any collateral supporting the obligation in which it has purchased the participation interest.  Because it may be necessary to assert through an Intermediate Participant such rights as may exist against the Borrower, in the event the Borrower fails to pay principal and interest when due, the fund may be subject to delays, expenses and risks that are greater than those that would be involved if the fund would enforce its rights directly against the Borrower.  Moreover, under the terms of a participation interest, a fund may be regarded as a creditor of the Intermediate Participant (rather than of the Borrower), so that the fund may also be subject to the risk that the Intermediate Participant may become insolvent.  In the event of the insolvency of the Intermediate Participant, the fund may be treated as a general creditor of the Intermediate Participant and may not benefit from any set-off between the Intermediate Participant and the Borrower.  Certain participation interests may be structured in a manner designed to avoid purchasers being subject to the credit risk of the Intermediate Participant, but even under such a structure, in the event of the Intermediate Participant's insolvency, the Intermediate Participant's servicing of the participation interests may be delayed and the assignability of the participation interest impaired.  Similar risks may arise with respect to the Agent Bank if, for example, assets held by the Agent Bank for the benefit of a fund were determined by the appropriate regulatory authority or court to be subject to the claims of the Agent Bank's creditors.  In such case, the fund might incur certain costs and delays in realizing payment in connection with the participation interest or suffer a loss of principal and/or interest.  Further, in the event of the bankruptcy or insolvency of the Borrower, the obligation of the Borrower to repay the loan may be subject to certain defenses that can be asserted by such Borrower as a result of improper conduct by the Agent Bank or Intermediate Participant.
 
A fund may invest in the underlying loan to the Borrower through an assignment of all or a portion of such loan ("Assignments") from a third party.  When the fund purchases Assignments from Co-Lenders it will acquire direct rights against the Borrower on the loan.  Because Assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by the fund as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Co-Lender.
 
A fund may have difficulty disposing of participation interests and Assignments because to do so it will have to sell such securities to a third party.  Because there is no established secondary market for such securities, it is anticipated that such securities could be sold only to a limited number of institutional investors.  The lack of an established secondary market may have an adverse impact on the value of such securities and the fund's ability to dispose of particular participation interests or Assignments when necessary to meet the fund's liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the Borrower.  The lack of an established secondary market for participation interests and Assignments also may make it more difficult for the fund to assign a value to these securities for purposes of valuing the fund's portfolio and calculating its NAV.
 
Mortgage-Related Securities .  Mortgage-related securities are a form of derivative collateralized by pools of residential or commercial mortgages.  Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations.  These securities may include complex instruments such as collateralized mortgage obligations ("CMOs") and stripped mortgage-backed securities, mortgage pass-through securities, interests in REMICs, adjustable rate mortgage loans, or other kinds of mortgage-backed securities, including those with fixed, floating and variable interest rates; interest rates based on multiples of changes in a specified index of interest rates; interest rates that change inversely to changes in interest rates; and those that do not bear interest.
 
Mortgage-related securities are subject to credit, prepayment and interest rate risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities.  Although certain mortgage-related securities are guaranteed by a third party (such as a U.S. Government agency or instrumentality with respect to government-related mortgage-backed securities) or otherwise similarly secured, the market value of the security, which may fluctuate, is not secured.  Mortgage-backed securities issued by private issuers, whether or not such securities are subject to guarantees or another form of credit enhancement, may entail greater risk than securities directly or indirectly guaranteed by the U.S. Government.  The market value of mortgage-related securities depends on, among other things, the level of interest rates, the securities' coupon rates and the payment history of the mortgagors of the underlying mortgages.
 
Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties and to prepayment risk.  In certain instances, the credit risk associated with mortgage-related securities can be reduced by third party guarantees or other forms of credit support.  Improved credit risk does not reduce prepayment risk, which is unrelated to the rating assigned to the mortgage-related security.  Prepayment risk may lead to pronounced fluctuations in value of the mortgage-related security.  If a mortgage-related security is purchased at a premium, all or part of the premium may be lost if there is a decline in the market value of the security, whether resulting solely from changes in interest rates or from prepayments on the underlying mortgage collateral (the rates of which are highly dependent upon changes in interest rates, as discussed below).  Mortgage loans are generally partially or completely prepaid prior to their final maturities as a result of events such as sale of the mortgaged premises, default, condemnation or casualty loss.  Because these securities may be subject to extraordinary mandatory redemption in whole or in part from such prepayments of mortgage loans, a substantial portion of such securities may be redeemed prior to their scheduled maturities or even prior to ordinary call dates.  Extraordinary mandatory redemption without premium could also result from the failure of the originating financial institutions to make mortgage loans in sufficient amounts within a specified time period.  The ability of issuers of mortgage-backed securities to make payments depends on such factors as rental income, occupancy levels, operating expenses, mortgage default rates, taxes, government regulations and appropriation of subsidies.
 
Certain mortgage-related securities, such as inverse floating rate CMOs, have coupons that move inversely to a multiple of a specific index, which may result in a form of leverage.  As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates.  However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.  For this and other reasons, a mortgage-related security's stated maturity may be shortened by unscheduled prepayments on the underlying mortgages, and, therefore, it is not possible to predict accurately the security's return to a fund.  Moreover, with respect to certain stripped mortgage-backed securities, if the underlying mortgage securities experience greater than anticipated prepayments of principal, a fund may fail to fully recoup its initial investment even if the securities are rated in the highest rating category by a nationally recognized statistical rating organization.  During periods of rapidly rising interest rates, prepayments of mortgage-related securities may occur at slower than expected rates.  Slower prepayments effectively may lengthen a mortgage-related security's expected maturity, which generally would cause the value of such security to fluctuate more widely in response to changes in interest rates.  Were the prepayments on a fund's mortgage-related securities to decrease broadly, the fund's effective duration, and thus sensitivity to interest rate fluctuations, would increase.  Commercial real property loans, however, often contain provisions that reduce the likelihood that such securities will be prepaid.  The provisions generally impose significant prepayment penalties on loans and in some cases there may be prohibitions on principal prepayments for several years following origination.
 
Residential Mortgage-Related Securities .  Residential mortgage-related securities representing participation interests in pools of one- to four-family residential mortgage loans issued or guaranteed by governmental agencies or instrumentalities, such as the GNMA, the FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC"), or issued by private entities, have been issued using a variety of structures, including multi-class structures featuring senior and subordinated classes.  Some mortgage-related securities have structures that make their reactions to interest rate changes and other factors difficult to predict, making their value highly volatile.
 
Mortgage-related securities issued by GNMA include Ginnie Maes which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the U.S. Government.  Ginnie Maes are created by an "issuer," which is a Federal Housing Administration ("FHA") approved mortgagee that also meets criteria imposed by GNMA.  The issuer assembles a pool of FHA, Farmers' Home Administration or Veterans' Administration ("VA") insured or guaranteed mortgages which are homogeneous as to interest rate, maturity and type of dwelling.  Upon application by the issuer, and after approval by GNMA of the pool, GNMA provides its commitment to guarantee timely payment of principal and interest on the Ginnie Maes backed by the mortgages included in the pool.  The Ginnie Maes, endorsed by GNMA, then are sold by the issuer through securities dealers.  Ginnie Maes bear a stated "coupon rate" which represents the effective FHA-VA mortgage rate at the time of issuance, less GNMA's and the issuer's fees.  GNMA is authorized under the National Housing Act to guarantee timely payment of principal and interest on Ginnie Maes.  This guarantee is backed by the full faith and credit of the U.S. Government.  GNMA may borrow Treasury funds to the extent needed to make payments under its guarantee.  When mortgages in the pool underlying a Ginnie Mae are prepaid by mortgagors or by result of foreclosure, such principal payments are passed through to the certificate holders.  Accordingly, the life of the Ginnie Mae is likely to be substantially shorter than the stated maturity of the mortgages in the underlying pool. Because of such variation in prepayment rates, it is not possible to predict the life of a particular Ginnie Mae.  Payments to holders of Ginnie Maes consist of the monthly distributions of interest and principal less GNMA's and the issuer's fees.  The actual yield to be earned by a holder of a Ginnie Mae is calculated by dividing interest payments by the purchase price paid for the Ginnie Mae (which may be at a premium or a discount from the face value of the certificate).  Monthly distributions of interest, as contrasted to semi-annual distributions which are common for other fixed interest investments, have the effect of compounding and thereby raising the effective annual yield earned on Ginnie Maes.
 
Mortgage-related securities issued by FNMA, including FNMA Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes"), are solely the obligations of FNMA and are not backed by or entitled to the full faith and credit of the U.S. Government.  Fannie Maes are guaranteed as to timely payment of principal and interest by FNMA.  Mortgage-related securities issued by FHLMC include FHLMC Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs").  Freddie Macs are not guaranteed by the U.S. Government or by any Federal Home Loan Bank and do not constitute a debt or obligation of the U.S. Government or of any Federal Home Loan Bank.  Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by FHLMC.  FHLMC guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.  When FHLMC does not guarantee timely payment of principal, FHLMC may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.
 
In September 2008, the Treasury and the Federal Housing Finance Agency ("FHFA") announced that FNMA and FHLMC had been placed in conservatorship.  Since that time, FNMA and FHLMC have received significant capital support through Treasury preferred stock purchases, as well as Treasury and Federal Reserve purchases of their mortgage-backed securities.  The FHFA and the U.S. Treasury (through its agreement to purchase FNMA and FHLMC preferred stock) have imposed strict limits on the size of their mortgage portfolios.  While the mortgage-backed securities purchase programs ended in 2010, the Treasury continued its support for the entities' capital as necessary to prevent a negative net worth through at least 2012.  When a credit rating agency downgraded long-term U.S. Government debt in August 2011, the agency also downgraded FNMA and FHLMC's bond ratings, from AAA to AA+, based on their direct reliance on the U.S. Government (although that rating did not directly relate to their mortgage-backed securities).  From the end of 2007 through the first quarter of 2014, FNMA and FHLMC required Treasury support of approximately $187.5 billion through draws under the preferred stock purchase agreements.  However, they have paid $203 billion in senior preferred dividends to Treasury over the same period.  FNMA did not require any draws from Treasury from the fourth quarter of 2011 through the second quarter of 2014.  Similarly, FHLMC did not require any draws from Treasury from the first quarter of 2012 through the second quarter of 2014.  In April 2014, FHFA projected that FNMA and FHLMC would require no additional draws from Treasury through the end of 2015.  However, FHFA also conducted a stress test mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010 (the "Dodd-Frank Act"), which suggested that in a "severely adverse scenario" additional Treasury support of between $84.4 billion and $190 billion (depending on the treatment of deferred tax assets) might be required.  No assurance can be given that the Federal Reserve or the Treasury will ensure that FNMA and FHLMC remain successful in meeting their obligations with respect to the debt and mortgage-backed securities that they issue.
 
In addition, the problems faced by FNMA and FHLMC, resulting in their being placed into federal conservatorship and receiving significant U.S. Government support, have sparked serious debate among federal policymakers regarding the continued role of the U.S. Government in providing liquidity for mortgage loans.  In December 2011, Congress enacted the Temporary Payroll Tax Cut Continuation Act of 2011 which, among other provisions, requires that FNMA and FHLMC increase their single-family guaranty fees by at least 10 basis points and remit this increase to the Treasury with respect to all loans acquired by FNMA or FHLMC on or after April 1, 2012 and before January 1, 2022.  Serious discussions among policymakers continue, however, as to whether FNMA and FHLMC should be nationalized, privatized, restructured or eliminated altogether.  FNMA reported in the second quarter of 2014 that there was "significant uncertainty regarding the future of our company, including how long the company will continue to exist in its current form, the extent of our role in the market, what form we will have, and what ownership interest, if any, our current common and preferred stockholders will hold in us after the conservatorship is terminated and whether we will continue to exist following conservatorship."  FHLMC faces similar uncertainty about its future role.  FNMA and FHLMC also are the subject of several continuing legal actions and investigations over certain accounting, disclosure or corporate governance matters, which (along with any resulting financial restatements) may continue to have an adverse effect on the guaranteeing entities.
 
Commercial Mortgage-Related Securities .  Commercial mortgage-related securities generally are multi-class debt or pass-through certificates secured by mortgage loans on commercial properties.  These mortgage-related securities generally are constructed to provide protection to holders of the senior classes against potential losses on the underlying mortgage loans.  This protection generally is provided by having the holders of subordinated classes of securities ("Subordinated Securities") take the first loss if there are defaults on the underlying commercial mortgage loans.  Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, additional Subordinated Securities, cross-collateralization and over-collateralization.  Commercial lending, however, generally is viewed as exposing the lender to a greater risk of loss than one- to four-family residential lending.  Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential one- to four-family mortgage loans.  In addition, the repayment of loans secured by income-producing properties typically is dependent upon the successful operation of the related real estate project and the cash flow generated therefrom.  Consequently, adverse changes in economic conditions and circumstances are more likely to have an adverse impact on mortgage-related securities secured by loans on certain types of commercial properties than those secured by loans on residential properties.  The risks that recovery or repossessed collateral might be unavailable or inadequate to support payments on commercial mortgage-related securities may be greater than is the case for non-multifamily residential mortgage-related securities.
 
Subordinated Securities .  Subordinated Securities, including those issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers, have no governmental guarantee, and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior mortgage-related securities arising out of the same pool of mortgages.  The holders of Subordinated Securities typically are compensated with a higher stated yield than are the holders of more senior mortgage-related securities.  On the other hand, Subordinated Securities typically subject the holder to greater risk than senior mortgage-related securities and tend to be rated in a lower rating category, and frequently a substantially lower rating category, than the senior mortgage-related securities issued in respect of the same pool of mortgages.  Subordinated Securities generally are likely to be more sensitive to changes in prepayment and interest rates and the market for such securities may be less liquid than is the case for traditional fixed-income securities and senior mortgage-related securities.
 
Collateralized Mortgage Obligations (CMOs) and Multi-Class Pass-Through-Securities .  CMOs are multiclass bonds backed by pools of mortgage pass-through certificates or mortgage loans.  CMOs may be collateralized by:  (1) Ginnie Mae, Fannie Mae, or Freddie Mac pass-through certificates; (2) unsecuritized mortgage loans insured by the FHA or guaranteed by the Department of Veterans' Affairs; (3) unsecuritized conventional mortgages; (4) other mortgage-related securities; or (5) any combination thereof.
 
Each class of CMOs, often referred to as a "tranche," is issued at a specific coupon rate and has a stated maturity or final distribution date.  Principal prepayments on collateral underlying a CMO may cause it to be retired substantially earlier than the stated maturities or final distribution dates.  The principal and interest on the underlying mortgages may be allocated among the several classes of a series of a CMO in many ways.  One or more tranches of a CMO may have coupon rates which reset periodically at a specified increment over an index or market rate, such as LIBOR (or sometimes more than one index).  These floating rate CMOs typically are issued with lifetime caps on the coupon rate thereon.  Inverse floating rate CMOs constitute a tranche of a CMO with a coupon rate that moves in the reverse direction to an applicable index or market rate such as LIBOR.  Accordingly, the coupon rate thereon will increase as interest rates decrease.  Inverse floating rate CMOs are typically more volatile than fixed or floating rate tranches of CMOs.
 
Many inverse floating rate CMOs have coupons that move inversely to a multiple of the applicable indexes.  The effect of the coupon varying inversely to a multiple of an applicable index creates a leverage factor.  Inverse floating rate CMOs based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal.  The markets for inverse floating rate CMOs with highly leveraged characteristics at times may be very thin.  The ability of a fund to dispose of positions in such securities will depend on the degree of liquidity in the markets for such securities.  It is impossible to predict the amount of trading interest that may exist in such securities, and therefore the future degree of liquidity.  It should be noted that inverse floaters based on multiples of a stated index are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and loss of principal.
 
As CMOs have evolved, some classes of CMO bonds have become more prevalent.  The planned amortization class ("PAC") and targeted amortization class ("TAC"), for example, were designed to reduce prepayment risk by establishing a sinking-fund structure. PAC and TAC bonds assure to varying degrees that investors will receive payments over a predetermined period under varying prepayment scenarios. Although PAC and TAC bonds are similar, PAC bonds are better able to provide stable cash flows under various prepayment scenarios than TAC bonds because of the order in which these tranches are paid.
 
Stripped Mortgage-Backed Securities .  Stripped mortgage-backed securities are created by segregating the cash flows from underlying mortgage loans or mortgage securities to create two or more new securities, each with a specified percentage of the underlying security's principal or interest payments.  Mortgage securities may be partially stripped so that each investor class receives some interest and some principal.  When securities are completely stripped, however, all of the interest is distributed to holders of one type of security, known as an interest-only security ("IO") and all of the principal is distributed to holders of another type of security known as a principal-only security ("PO").  IOs and POs can be created in a pass-through structure or as tranches of a CMO.  The yields to maturity on IOs and POs are very sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets.  If the underlying mortgage assets experience greater than anticipated prepayments of principal, a fund may not fully recoup its initial investment in IOs.  Conversely, if the underlying mortgage assets experience less than anticipated prepayments of principal, the yield on POs could be materially and adversely affected.
 
Adjustable-Rate Mortgage Loans ("ARMs") .  ARMs eligible for inclusion in a mortgage pool will generally provide for a fixed initial mortgage interest rate for a specified period of time, generally for either the first three, six, twelve, thirteen, thirty-six, or sixty scheduled monthly payments.  Thereafter, the interest rates are subject to periodic adjustment based on changes in an index.  ARMs typically have minimum and maximum rates beyond which the mortgage interest rate may not vary over the lifetime of the loans.  Certain ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust for any single adjustment period.  Negatively amortizing ARMs may provide limitations on changes in the required monthly payment.  Limitations on monthly payments can result in monthly payments that are greater or less than the amount necessary to amortize a negatively amortizing ARM by its maturity at the interest rate in effect during any particular month.
 
Private Entity Securities .  Mortgage-related securities may be issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers.  Timely payment of principal and interest on mortgage-related securities backed by pools created by non-governmental issuers often is supported partially by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance.  The insurance and guarantees are issued by government entities, private insurers and the mortgage poolers.  There can be no assurance that the private insurers or mortgage poolers can meet their obligations under the policies, so that if the issuers default on their obligations the holders of the security could sustain a loss.  No insurance or guarantee covers a fund or the price of a fund's shares.  Mortgage-related securities issued by non-governmental issuers generally offer a higher rate of interest than government-agency and government-related securities because there are no direct or indirect government guarantees of payment.
 
Other Mortgage-Related Securities .  Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including a CMO tranche which collects any cash flow from collateral remaining after obligations to the other tranches have been met.  Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.
 
Asset-Backed Securities .  Asset-backed securities are a form of derivative instrument.  Non-mortgage asset-backed securities are securities issued by special purpose entities whose primary assets consist of a pool of loans, receivables or other assets.  Payment of principal and interest may depend largely on the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other forms of credit or liquidity enhancements.  The value of these asset-backed securities also may be affected by the creditworthiness of the servicing agent for the pool of assets, the originator of the loans or receivables or the financial institution providing the credit support.
 
The securitization techniques used for asset-backed securities are similar to those used for mortgage-related securities, including the issuance of securities in senior and subordinated classes (see "Mortgage-Related Securities—Commercial Mortgage-Related Securities" and "—Subordinated Securities" above).  These securities include debt securities and securities with debt-like characteristics.  The collateral for these securities has included home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables.  Other types of asset-backed securities may be developed in the future.  The purchase of non-mortgage asset-backed securities raises considerations peculiar to the financing of the instruments underlying such securities.
 
Asset-backed securities present certain risks of mortgage-backed securities, such as prepayment risk, as well as risks that are not presented by mortgage-backed securities.  Primarily, these securities may provide a less effective security interest in the related collateral than do mortgage-backed securities.  Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities.
 
Collateralized Debt Obligations .  Collateralized debt obligations ("CDOs") are securitized interests in pools of—generally non-mortgage—assets.  Assets called collateral usually are comprised of loans or other debt instruments.  A CDO may be called a collateralized loan obligation (CLO) or collateralized bond obligation (CBO) if it holds only loans or bonds, respectively.  Investors bear the credit risk of the collateral.  Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics.  Tranches are categorized as senior, mezzanine and subordinated/equity, according to their degree of credit risk.  If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches.  Senior and mezzanine tranches are typically rated, with the former receiving ratings of A to AAA/Aaa and the latter receiving ratings of B to BBB/Baa.  The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.
 
Municipal Securities .
 
Municipal Securities Generally .  "Municipal securities" are debt securities or other obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities, the interest from which generally is, in the opinion of bond counsel to the issuer, exempt from federal and, with respect to municipal securities in which certain funds invest, the personal income taxes of a specified state (referred to in this SAI as Municipal Bonds, Municipal Obligations, State Municipal Bonds or State Municipal Obligations, as applicable—see "Glossary" below).  Municipal securities generally include debt obligations issued to obtain funds for various public purposes and include certain industrial development bonds issued by or on behalf of public authorities.  Municipal securities are classified as general obligation bonds, revenue bonds and notes.  General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest.  Revenue bonds are payable from the revenue derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, but not from the general taxing power.  Tax-exempt industrial development bonds, in most cases, are revenue bonds that do not carry the pledge of the credit of the issuing municipality, but generally are guaranteed by the corporate entity on whose behalf they are issued.  Notes are short-term instruments which are obligations of the issuing municipalities or agencies and are sold in anticipation of a bond issuance, collection of taxes or receipt of other revenues.  Issues of municipal commercial paper typically represent short-term, unsecured, negotiable promissory notes.  These obligations are issued by agencies of state and local governments to finance seasonal working capital needs of municipalities or to provide interim construction financing and are paid from general revenues of municipalities or are refinanced with long-term debt.  In most cases, municipal commercial paper is backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks or other institutions.  Municipal securities include municipal lease/purchase agreements which are similar to installment purchase contracts for property or equipment issued by municipalities.
 
A fund's investments in municipal securities may include investments in U.S. territories or possessions such as Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands.  A fund's investments in a territory or possession could be affected by economic, legislative, regulatory or political developments affecting issuers in the territory or possession.  For example, Puerto Rico, like many other states and U.S. municipalities, experienced a significant downturn during the recent recession and continues to face significant fiscal challenges, including persistent government deficits, underfunded public pensions, sizable debt service obligations and a high unemployment rate.  As a result, many Rating Agencies have downgraded Puerto Rico's various municipal issuers, including the Commonwealth itself and its general obligation debt, or placed them on "negative watch."  If the economic situation in Puerto Rico persists or worsens, the volatility, credit quality and performance of a fund holding securities of issuers in Puerto Rico could be adversely affected.
 
Municipal securities bear fixed, floating or variable rates of interest, which are determined in some instances by formulas under which the municipal security's interest rate will change directly or inversely to changes in interest rates or an index, or multiples thereof, in many cases subject to a maximum and minimum.  Certain municipal securities are subject to redemption at a date earlier than their stated maturity pursuant to call options, which may be separated from the related municipal security and purchased and sold separately.  The purchase of call options on specific municipal securities may protect a fund from the issuer of the related municipal security redeeming, or other holder of the call option from calling away, the municipal security before maturity.  The sale by a fund of a call option that it owns on a specific municipal security could result in the receipt of taxable income by the fund.
 
The municipal securities market is not subject to the same level of regulation as other sectors of the U.S. capital markets due to broad exemptions under the federal securities laws for municipal securities.  As a result, there may be less disclosure, including current audited financial information, available about municipal issuers than is available for issuers of securities registered under the Securities Act.
 
For a fund that invests less than 50% of its assets in municipal securities, dividends received by shareholders on fund shares which are attributable to interest income received by the fund from municipal securities generally will be subject to federal income tax.  While, in general, municipal securities are tax exempt securities having relatively low yields as compared to taxable, non-municipal securities of similar quality, certain municipal securities are taxable obligations, offering yields comparable to, and in some cases greater than, the yields available on other permissible investments.
 
For the purpose of diversification under the 1940 Act, the identification of the issuer of municipal securities depends on the terms and conditions of the security.  When the assets and revenues of an agency, authority, instrumentality or other political subdivision are separate from those of the government creating the subdivision and the security is backed only by the assets and revenues of the subdivision, such subdivision would be deemed to be the sole issuer.  Similarly, in the case of an industrial development bond, if the bond is backed only by the assets and revenues of the non-governmental user, then such non-governmental user would be deemed to be the sole issuer.  If, however, in either case, the creating government or some other entity guarantees a security, such a guaranty would be considered a separate security and would be treated as an issue of such government or other entity.
 
Municipal securities include certain private activity bonds (a type of revenue bond issued by or on behalf of public authorities to raise money to finance various privately operated or public facilities and for which the payment of principal and interest is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment), the income from which is subject to AMT.  Taxable municipal securities also may include remarketed certificates of participation.  Certain funds may invest in these municipal securities if the Adviser determines that their purchase is consistent with a fund's investment objective.  A municipal or other tax-exempt fund that invests substantially all of its assets in Municipal Bonds may invest more than 25% of the value of the fund's total assets in Municipal Bonds which are related in such a way that an economic, business or political development or change affecting one such security also would affect the other securities ( e.g ., securities the interest upon which is paid from revenues of similar types of projects, or securities whose issuers are located in the same state).  A fund that so invests its assets may be subject to greater risk as compared to municipal or other tax-exempt funds that do not follow this practice.
 
Municipal securities may be repayable out of revenue streams generated from economically related projects or facilities or whose issuers are located in the same state.  Sizable investments in these securities could increase risk to a fund should any of the related projects or facilities experience financial difficulties.  An investment in a fund that focuses its investments in securities issued by a particular state or entities within that state may involve greater risk than investments in certain other types of municipal funds.  You should consider carefully the special risks inherent in a fund's investment in such municipal securities.  If applicable, you should review the information in "Risks of Investing in State Municipal Securities" in Part II of this SAI, which provides a brief summary of special investment considerations and risk factors relating to investing in municipal securities of a specific state.
 
The yields on municipal securities are dependent on a variety of factors, including general economic and monetary conditions, money market factors, conditions in the municipal securities market, size of a particular offering, maturity of the obligation and rating of the issue. The achievement of the investment objective of a municipal or other tax-exempt fund is dependent in part on the continuing ability of the issuers of municipal securities in which the fund invests to meet their obligations for the payment of principal and interest when due.  Municipal securities historically have not been subject to registration with the SEC, although there have been proposals which would require registration in the future.  Issuers of municipal securities, like issuers of corporate securities, may declare bankruptcy, and obligations of issuers of municipal securities are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors.  Many such bankruptcies historically have been of smaller villages, towns, cities and counties, but in November 2011 Jefferson County, Alabama (the state's most populous county) became the subject of what was then the largest municipal bankruptcy ever in the U.S., at over $4 billion in total indebtedness, surpassing in size the 1994 bankruptcy of Orange County, California.  Other prominent municipal bankruptcies have followed.  In July 2013, Detroit, Michigan filed for bankruptcy.  With an estimated $18 to $20 billion in total indebtedness, it became the largest municipal bankruptcy in the U.S.  The obligations of municipal issuers may become subject to laws enacted in the future by Congress or state legislatures, or referenda extending the time for payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes.  There is also the possibility that, as a result of litigation or other conditions, the ability of any municipal issuer to pay, when due, the principal of and interest on its municipal securities may be materially affected.
 
Certain provisions in the Code relating to the issuance of municipal securities may reduce the volume of municipal securities qualifying for federal tax exemption.  One effect of these provisions could be to increase the cost of the municipal securities available for purchase by a fund and thus reduce available yield.  Shareholders should consult their tax advisors concerning the effect of these provisions on an investment in such a fund.  Proposals that may restrict or eliminate the income tax exemption for interest on municipal securities may be introduced in the future.  If any such proposal were enacted that would reduce the availability of municipal securities for investment by a fund so as to adversely affect fund shareholders, the fund would reevaluate its investment objective and policies and submit possible changes in the fund's structure to shareholders for their consideration.  If legislation were enacted that would treat a type of municipal securities as taxable, a fund would treat such security as a permissible Taxable Investment or, with respect to a money market fund, Money Fund Taxable Investment (in each case, as discussed below), within the applicable limits set forth herein.
 
Instruments Related to Municipal Securities.   The following is a description of certain types of investments related to municipal securities in which some funds may invest.  A fund's use of certain of the investment techniques described below may give rise to taxable income.
 
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Floating and Variable Rate Demand Notes and Bonds .  Floating and variable rate demand notes and bonds are tax exempt obligations ordinarily having stated maturities in excess of one year, but which permit the holder to demand payment of principal at any time, or at specified intervals.  Variable rate demand notes include master demand notes.  See "Fixed-Income Securities—Variable and Floating Rate Securities" above.
 
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Tax Exempt Participation Interests .  A participation interest in municipal securities (such as industrial development bonds and municipal lease/purchase agreements) purchased from a financial institution gives a fund an undivided interest in the municipal security in the proportion that the fund's participation interest bears to the total principal amount of the municipal security.  These instruments may have fixed, floating or variable rates of interest and generally will be backed by an irrevocable letter of credit or guarantee of a bank.  For certain participation interests, a fund will have the right to demand payment, on not more than seven days' notice, for all or any part of the fund's participation interest in the municipal security, plus accrued interest.  As to these instruments, a fund intends to exercise its right to demand payment only upon a default under the terms of the municipal security, as needed to provide liquidity to meet redemptions, or to maintain or improve the quality of its investment portfolio.  See also "Fixed-Income Securities—Participation Interests and Assignments" above.
 
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Municipal Lease Obligations .  Municipal lease obligations or installment purchase contract obligations (collectively, "lease obligations") have special risks not ordinarily associated with general obligation or revenue bonds.  Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the government issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt.  Although lease obligations do not constitute general obligations of the municipality for which the municipality's taxing power is pledged, a lease obligation ordinarily is backed by the municipality's covenant to budget for, appropriate and make the payments due under the lease obligation.  However, lease obligations in which a fund may invest may contain "non-appropriation" clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis.  Although "non-appropriation" lease obligations are secured by the leased property, disposition of the property in the event of foreclosure might prove difficult.  Certain lease obligations may be considered illiquid.  Determination as to the liquidity of such securities is made in accordance with guidelines established by the board.  Pursuant to such guidelines, the board has directed the Adviser to monitor carefully a fund's investment in such securities with particular regard to:  (1) the frequency of trades and quotes for the lease obligation; (2) the number of dealers willing to purchase or sell the lease obligation and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the lease obligation; (4) the nature of the marketplace trades, including the time needed to dispose of the lease obligation, the method of soliciting offers and the mechanics of transfer; and (5) such other factors concerning the trading market for the lease obligation as the Adviser may deem relevant.  In addition, in evaluating the liquidity and credit quality of a lease obligation that is unrated, the board has directed the Adviser to consider:  (1) whether the lease can be canceled; (2) what assurance there is that the assets represented by the lease can be sold; (3) the strength of the lessee's general credit ( e.g ., its debt, administrative, economic and financial characteristics); (4) the likelihood that the municipality will discontinue appropriating funding for the leased property because the property is no longer deemed essential to the operations of the municipality ( e.g ., the potential for an "event of non-appropriation"); (5) the legal recourse in the event of failure to appropriate; and (6) such other factors concerning credit quality as the Adviser may deem relevant.
 
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Tender Option Bonds .  A tender option bond is a municipal security (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax exempt rates, that has been coupled with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which such institution grants the security holders the option, at periodic intervals, to tender their securities to the institution and receive the face value thereof.  As consideration for providing the option, the financial institution receives periodic fees equal to the difference between the municipal security's fixed coupon rate and the rate, as determined by a remarketing or similar agent at or near the commencement of such period, that would cause the securities, coupled with the tender option, to trade at par on the date of such determination.  Thus, after payment of this fee, the security holder effectively holds a demand obligation that bears interest at the prevailing short-term tax exempt rate.  In certain instances and for certain tender option bonds, the option may be terminable in the event of a default in payment of principal or interest on the underlying municipal security and for other reasons.  The funds expect to be able to value tender option bonds at par; however, the value of the instrument will be monitored to assure that it is valued at fair value.  The quality of the underlying creditor or of the third party provider of the tender option, as the case may be, as determined by the Adviser, must be equivalent to the quality standard prescribed for the fund.  In addition, the Adviser monitors the earning power, cash flow and other liquidity ratios of the issuers of such obligations.
 
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Pre-Refunded Municipal Securities .  The principal and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities.  Instead, the source of such payments is typically an escrow fund consisting of U.S. Government securities.  The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities.  Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to bonds that are not yet subject to call or redemption by the issuer.  For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities.  However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
 
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Mortgage-Related and Asset-Backed Municipal Securities .  Mortgage-backed municipal securities are municipal securities of issuers that derive revenues from mortgage loans on multiple family residences, retirement housing or housing projects for low- to moderate-income families.  Certain of such securities may be single family mortgage revenue bonds issued for the purpose of acquiring from originating financial institutions notes secured by mortgages on residences located within the issuer's boundaries.  Non-mortgage asset-based securities are securities issued by special purpose entities whose primary assets consist of a pool of loans, receivables or other assets.  See "Fixed-Income Securities—Mortgage-Related Securities" and "Fixed-Income Securities—Asset-Backed Securities" above.
 
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Custodial Receipts .  Custodial receipts represent the right to receive certain future principal and/or interest payments on municipal securities which underlie the custodial receipts.  A number of different arrangements are possible.  A fund also may purchase directly from issuers, and not in a private placement, municipal securities having characteristics similar to custodial receipts.  These securities may be issued as part of a multi-class offering and the interest rate on certain classes may be subject to a cap or floor.  See "Derivatives—Custodial Receipts" below.
 
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Indexed and Inverse Floating Rate Municipal Securities .  Indexed rate municipal securities are securities that pay interest or whose principal amount payable upon maturity is based on the value of an index of interest rates.  Interest and principal payable on certain securities also may be based on relative changes among particular indexes.  So-called "inverse floating obligations" or "residual interest bonds" ("inverse floaters") are derivative instruments created by depositing municipal securities in a trust which divides the bond's income stream into two parts:  (1) a short-term variable rate demand note; and (2) a residual interest bond (the inverse floater) which receives interest based on the remaining cash flow of the trust after payment of interest on the note and various trust expenses.  The interest rate on the inverse floater varies inversely with a floating rate (which may be reset periodically by a "Dutch" auction, a remarketing agent or by reference a short-term tax-exempt interest rate index), usually moving in the opposite direction as the interest on the variable rate demand note.
 
A fund may either participate in structuring an inverse floater or purchase an inverse floater in the secondary market.  When structuring an inverse floater, a fund will transfer to a trust fixed rate municipal securities held in the fund's portfolio.  The trust then typically issues the inverse floaters and the variable rate demand notes that are collateralized by the cash flows of the fixed rate municipal securities.  In return for the transfer of the municipal securities to the trust, the fund receives the inverse floaters and cash associated with the sale of the notes from the trust.  For accounting purposes, a fund treats these transfers as part of a secured borrowing or financing transaction (not a sale), and the interest payments and related expenses due on the notes issued by the trusts and sold to third parties as expenses and liabilities of the fund.  Inverse floaters purchased in the secondary market are treated as the purchase of a security and not as a secured borrowing or financing transaction.  Synthetically created inverse floating rate bonds evidenced by custodial or trust receipts are securities that have the effect of providing a degree of investment leverage, since they may increase or decrease in value in response to changes in market interest rates at a rate that is a multiple of the rate at which fixed rate securities increase or decrease in response to such changes.
 
An investment in inverse floaters may involve greater risk than an investment in a fixed rate municipal security.  Because changes in the interest rate on the other security or index inversely affect the residual interest paid on the inverse floater, the value of an inverse floater is generally more volatile than that of a fixed rate municipal security.  Inverse floaters have interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest paid to a fund when short-term interest rates rise, and increase the interest paid to the fund when short-term interest rates fall.  Investing in inverse floaters involves leveraging which may magnify the fund's gains or losses.  Although volatile, inverse floaters typically offer the potential for yields exceeding the yields available on fixed rate municipal securities with comparable credit quality, coupon, call provisions and maturity.  These securities usually permit the investor to convert the floating rate to a fixed rate (normally adjusted downward), and this optional conversion feature may provide a partial hedge against rising rates if exercised at an opportune time.  Investments in inverse floaters may be illiquid.
 
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Zero Coupon, Pay-In-Kind and Step-Up Municipal Securities .  Zero coupon municipal securities are issued or sold at a discount from their face value and do not entitle the holder to any periodic payment of interest prior to maturity or a specified redemption date or cash payment date. Zero coupon securities also may take the form of municipal securities that have been stripped of their unmatured interest coupons, the coupons themselves and receipts or certificates representing interest in such stripped debt obligations and coupons. Pay-in-kind municipal securities generally pay interest through the issuance of additional securities.  Step-up municipal securities typically do not pay interest for a specified period of time and then pay interest at a series of different rates.  See "Fixed-Income Securities—Zero Coupon, Pay-In-Kind and Step-Up Securities."
 
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Special Taxing Districts .  Some municipal securities may be issued in connection with special taxing districts.  Special taxing districts are organized to plan and finance infrastructure development to induce residential, commercial and industrial growth and redevelopment.  The bond financing methods, such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, generally are payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.  They often are exposed to real estate development-related risks and can have more taxpayer concentration risk than general tax-supported bonds, such as general obligation bonds.  Further, the fees, special taxes or tax allocations and other revenues that are established to secure such financings generally are limited as to the rate or amount that may be levied or assessed and are not subject to increase pursuant to rate covenants or municipal or corporate guarantees.  The bonds could default if development failed to progress as anticipated or if larger taxpayers failed to pay the assessments, fees and taxes as provided in the financing plans of the districts.
 
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Stand-By Commitments .  Under a stand-by commitment, a fund obligates a broker, dealer or bank to repurchase, at the fund's option, specified securities at a specified price prior to such securities' maturity date and, in this respect, stand-by commitments are comparable to put options.  The exercise of a stand-by commitment, therefore, is subject to the ability of the seller to make payment on demand.  The funds will acquire stand-by commitments solely to facilitate portfolio liquidity and do not intend to exercise their rights thereunder for trading purposes.  A fund may pay for stand-by commitments if such action is deemed necessary, thus increasing to a degree the cost of the underlying municipal security and similarly decreasing such security's yield to investors.  Gains realized in connection with stand-by commitments will be taxable.  For a fund that focuses its investments in New Jersey Municipal Bonds, the fund will acquire stand-by commitments only to the extent consistent with the requirements for a "qualified investment fund" under the New Jersey Gross Income Tax Act.
 
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Structured Notes .  Structured notes typically are purchased in privately negotiated transactions from financial institutions and, therefore, may not have an active trading market.  When a fund purchases a structured note, it will make a payment of principal to the counterparty.  Some structured notes have a guaranteed repayment of principal while others place a portion (or all) or the principal at risk.  The possibility of default by the counterparty or its credit provider may be greater for structured notes than for other types of money market instruments.
 
Taxable Investments (municipal or other tax-exempt funds only) .  From time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed 20% of the value of the fund's net assets) or for temporary defensive purposes, a fund may invest in taxable short-term investments (Taxable Investments, as defined in Part II of this SAI under "Investments, Investments Techniques and Risks").  Dividends paid by a fund that are attributable to income earned by the fund from Taxable Investments will be taxable to investors.  When a fund invests for temporary defensive purposes, it may not achieve its investment objective(s).
 
Funding Agreements .  In a funding agreement (sometimes referred to as a Guaranteed Interest Contract or "GIC"), a fund contributes cash to a deposit fund of an insurance company's general account, and the insurance company then credits the fund, on a monthly basis, guaranteed interest that is based on an index.  This guaranteed interest will not be less than a certain minimum rate.  Because the principal amount of a funding agreement may not be received from the insurance company on seven days' notice or less, the agreement is considered to be an illiquid investment.
 
Real Estate Investment Trusts (REITs)
 
A REIT is a corporation, or a business trust that would otherwise be taxed as a corporation, which meets the definitional requirements of the Code.  The Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level federal income tax and making the REIT a pass-through vehicle for federal income tax purposes.  To meet the definitional requirements of the Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to shareholders annually a substantial portion of its otherwise taxable income.
 
REITs are characterized as equity REITs, mortgage REITs and hybrid REITs.  Equity REITs invest primarily in the fee ownership or leaseshold ownership of land and buildings and derive their income primarily from rental income.  Equity REITs also can realize capital gains (or losses) by selling properties that have appreciated (or depreciated) in value.  Mortgage REITs can make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower.  Mortgage REITs derive their income from interest payments on such loans.  Hybrid REITs combine the characteristics of both equity and mortgage REITs, generally by holding both ownership interests and mortgage interests in real estate.  The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill.  They also are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation and the possibility of failing to qualify for tax-free status under the Code or to maintain exemption from the 1940 Act.  A fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the fund.
 
Money Market Instruments
 
When the Adviser determines that adverse market conditions exist, a fund may adopt a temporary defensive position and invest up to 100% of its assets in money market instruments, including U.S. Government securities, bank obligations, repurchase agreements and commercial paper.  During such periods, the fund may not achieve its investment objective(s).  A fund also may purchase money market instruments when it has cash reserves or in anticipation of taking a market position.
 
Investing in money market instruments is subject to certain risks. Money market instruments (other than certain U.S. Government securities) are not backed or insured by the U.S. Government, its agencies or its instrumentalities. Accordingly, only the creditworthiness of an issuer, or guarantees of that issuer, support such instruments.
 
Bank Obligations .  See "Bank Obligations" below under "Money Market Funds."
 
Repurchase Agreements .  See "Repurchase Agreements" below under "Money Market Funds."
 
Commercial Paper .  Commercial paper represents short-term, unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies used to finance short-term credit needs and may consist of U.S. dollar-denominated obligations of domestic issuers and foreign currency-denominated obligations of domestic or foreign issuers.  Commercial paper may be backed only by the credit of the issuer or may be backed by some form of credit enhancement, typically in the form of a guarantee by a commercial bank.  Commercial paper backed by guarantees of foreign banks may involve additional risk due to the difficulty of obtaining and enforcing judgments against such banks and the generally less restrictive regulations to which such banks are subject.
 
Foreign Securities
 
Foreign securities include the securities of companies organized under the laws of countries other than the United States and those issued or guaranteed by governments other than the U.S. Government or by foreign supranational entities.  They also include securities of companies whose principal trading market is in a country other than the United States or of companies (including those that are located in the United States or organized under U.S. law) that derive a significant portion of their revenue or profits from foreign businesses, investments or sales, or that have a majority of their assets outside the United States.  They may be traded on foreign securities exchanges or in the foreign over-the-counter markets.  Supranational entities include international organizations designated or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies.  Examples include the International Bank for Reconstruction and Development (the World Bank), the European Coal and Steel Community, the Asian Development Bank and the InterAmerican Development Bank.  Obligations of the World Bank and certain other supranational organizations are supported by subscribed but unpaid commitments of member countries.  There is no assurance that these commitments will be undertaken or complied with in the future.
 
Investing in the securities of foreign issuers, as well as instruments that provide investment exposure to foreign securities and markets, involves risks that are not typically associated with investing in U.S. dollar-denominated securities of domestic issuers.  Investments in foreign issuers may be affected by changes in currency rates ( i.e. , affecting the value of assets as measured in U.S. dollars), changes in foreign or U.S. laws or restrictions applicable to such investments and in exchange control regulations ( e.g. , currency blockage).  A decline in the exchange rate of the currency ( i.e. , weakening of the currency against the U.S. dollar) in which a portfolio security is quoted or denominated relative to the U.S. dollar would reduce the value of the portfolio security.  A change in the value of such foreign currency against the U.S. dollar also will result in a change in the amount of income available for distribution.  If a portion of a fund's investment income may be received in foreign currencies, such fund will be required to compute its income in U.S. dollars for distribution to shareholders, and therefore the fund will absorb the cost of currency fluctuations.  After the fund has distributed income, subsequent foreign currency losses may result in the fund having distributed more income in a particular fiscal period than was available from investment income, which could result in a return of capital to shareholders.  In addition, if the exchange rate for the currency in which a fund receives interest payments declines against the U.S. dollar before such income is distributed as dividends to shareholders, the fund may have to sell portfolio securities to obtain sufficient cash to enable the fund to pay such dividends.  Commissions on transactions in foreign securities may be higher than those for similar transactions on domestic stock markets, and foreign custodial costs are higher than domestic custodial costs.  In addition, clearance and settlement procedures may be different in foreign countries and, in certain markets, such procedures have on occasion been unable to keep pace with the volume of securities transactions, thus making it difficult to conduct such transactions.
 
Foreign securities markets generally are not as developed or efficient as those in the United States.  Securities of some foreign issuers are less liquid and more volatile than securities of comparable U.S. issuers.  Similarly, volume and liquidity in most foreign securities markets are less than in the United States and, at times, volatility of price can be greater than in the United States.
 
Because evidences of ownership of foreign securities usually are held outside the United States, additional risks of investing in foreign securities include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions that might adversely affect or restrict the payment of principal and interest on the foreign securities to investors located outside the country of the issuer, whether from currency blockage, exchange control regulations or otherwise.  Foreign securities held by a fund may trade on days when the fund does not calculate its NAV and thus may affect the fund's NAV on days when shareholders have no access to the fund.
 
Emerging Markets .   Investments in, or economically tied to, emerging market countries may be subject to potentially higher risks than investments in companies in developed countries.  Risks of investing in emerging markets and emerging market securities include, but are not limited to (in addition to those described above): less social, political and economic stability; less diverse and mature economic structures; the lack of publicly available information, including reports of payments of dividends or interest on outstanding securities; certain national policies that may restrict a fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; local taxation; the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; the absence until recently, in certain countries, of a capital structure or market-oriented economy; the possibility that recent favorable economic developments in certain countries may be slowed or reversed by unanticipated political or social events in these countries; restrictions that may make it difficult or impossible for a fund to vote proxies, exercise shareholder rights, pursue legal remedies, and obtain judgments in foreign courts; the risk of uninsured loss due to lost, stolen, or counterfeit stock certificates; possible losses through the holding of securities in domestic and foreign custodial banks and depositories; heightened opportunities for governmental corruption; large amounts of foreign debt to finance basic governmental duties that could lead to restructuring or default; and heavy reliance on exports that may be severely affected by global economic downturns.
 
The purchase and sale of portfolio securities in certain emerging market countries may be constrained by limitations as to daily changes in the prices of listed securities, periodic trading or settlement volume and/or limitations on aggregate holdings of foreign investors.  In certain cases, such limitations may be computed based upon the aggregate trading by or holdings of a fund, its Adviser and its affiliates and their respective clients and other service providers.  A fund may not be able to sell securities in circumstances where price, trading or settlement volume limitations have been reached.
 
Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions may, without prior warning, lead to government intervention and the imposition of "capital controls."  Countries use these controls to restrict volatile movements of capital entering (inflows) and exiting (outflows) their country to respond to certain economic conditions.  Such controls are mainly applied to short-term capital transactions to counter speculative flows that threaten to undermine the stability of the exchange rate and deplete foreign exchange reserves.  Capital controls include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets in such a way that may adversely affect the ability of a fund to repatriate its income and capital.  These limitations may have a negative impact on the fund's performance and may adversely affect the liquidity of the fund's investment to the extent that it invests in certain emerging market countries.  Some emerging market countries may have fixed or managed currencies which are not free-floating against the U.S. dollar.  Further, certain emerging market countries' currencies may not be internationally traded.  Certain of these currencies have experienced a steady devaluation relative to the U.S. dollar.  If a fund does not hedge the U.S. dollar value of securities it owns denominated in currencies that are devalued, the fund's NAV will be adversely affected.  Many emerging market countries have experienced substantial, and in some periods, extremely high rates of inflation for many years.  Inflation and rapid fluctuations in inflation rates have had, and may continue to have, adverse effects on the economies and securities markets of certain of these countries.  Further, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.
 
Certain funds may invest in companies organized or with their principal place of business, or majority of assets or business, in pre-emerging markets, also known as frontier markets.  The risks associated with investments in frontier market countries include all the risks described above for investments in foreign securities and emerging markets, although the risks are magnified for frontier market countries.  Because frontier markets are among the smallest, least mature and least liquid of the emerging markets, investments in frontier markets generally are subject to a greater risk of loss than investments in developed markets or traditional emerging markets.  Frontier market countries have smaller economies, less developed capital markets, more political and economic instability, weaker legal, financial accounting and regulatory infrastructure, and more governmental limitations on foreign investments than typically found in more developed countries, and frontier markets typically have greater market volatility, lower trading volume, lower capital flow, less investor participation, fewer large global companies and greater risk of a market shutdown than more developed markets.  Frontier markets are more prone to economic shocks associated with political and economic risks than are emerging markets generally.  Many frontier market countries may be dependent on commodities, foreign trade or foreign aid.
 
Certain Asian Emerging Market Countries .  The performance of a fund that concentrates its investments in Asian emerging market countries is expected to be closely tied to social, political and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.  Many Asian economies are characterized by over-extension of credit, frequent currency fluctuation, devaluations and restrictions, rising unemployment, rapid fluctuations in inflation, reliance on exports and less efficient markets.  Currency devaluation in one Asian country can have a significant effect on the entire region.  The legal systems in many Asian countries are still developing, making it more difficult to obtain and/or enforce judgments.
 
Furthermore, increased political and social unrest in some Asian countries could cause economic and market uncertainty throughout the region.  The auditing and reporting standards in some Asian emerging market countries may not provide the same degree of shareholder protection or information to investors as those in developed countries.  In particular, valuation of assets, depreciation, exchange differences, deferred taxation, contingent liability and consolidation may be treated differently than under the auditing and reporting standards of developed countries.
 
Certain Asian emerging market countries are undergoing a period of growth and change which may result in trading volatility and difficulties in the settlement and recording of securities transactions, and in interpreting and applying the relevant law and regulations.  The securities industries in these countries are comparatively underdeveloped.  Stockbrokers and other intermediaries in Asian emerging market countries may not perform as well as their counterparts in the United States and other more developed securities markets.  Certain Asian emerging market countries may require substantial withholding on dividends paid on portfolio securities and on realized capital gains.  There can be no assurance that repatriation of the fund's income, gains or initial capital from these countries can occur.
 
Investing in Russia and other Eastern European Countries .  Many formerly communist, eastern European countries have experienced significant political and economic reform over the past decade.  However, the democratization process is still relatively new in a number of the smaller states and political turmoil and popular uprisings remain threats.  Investments in these countries are particularly subject to political, economic, legal, market and currency risks.  The risks include uncertain political and economic policies and the risk of nationalization or expropriation of assets, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, unpredictable taxation, the imposition of capital controls and/or foreign investment limitations by a country and the imposition of sanctions on an Eastern European country by other countries, such as the U.S.  Adverse currency exchange rates are a risk, and there may be a lack of available currency hedging instruments.
 
These securities markets, as compared to U.S. markets, have significant price volatility, less liquidity, a smaller market capitalization and a smaller number of exchange-traded securities.  A limited volume of trading may result in difficulty in obtaining accurate prices and trading.  There is little publicly available information about issuers.  Settlement, clearing and registration of securities transactions are subject to risks because of insufficient registration systems that may not be subject to effective government supervision.  This may result in significant delays or problems in registering the transfer of shares.  It is possible that a fund's ownership rights could be lost through fraud or negligence.  While applicable regulations may impose liability on registrars for losses resulting from their errors, it may be difficult for a fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration.
 
Political risk in Russia remains high, and steps that Russia may take to assert its geopolitical influence may increase the tensions in the region and affect economic growth.  Russia's economy is heavily dependent on exportation of natural resources, which may be particularly vulnerable to economic sanctions by other countries during times of political tension or crisis.
 
In response to recent political and military actions undertaken by Russia, the United States and certain other countries, as well as the European Union, have instituted economic sanctions against certain Russian individuals and companies.  The political and economic situation in Russia, and the current and any future sanctions or other government actions against Russia, may result in the decline in the value and liquidity of Russian securities, devaluation of Russian currency, a downgrade in Russia's credit rating, the inability to freely trade sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other adverse consequences to the Russian economy, any of which could negatively impact a fund's investments in Russian securities.  Sanctions could result in the immediate freeze of Russian securities, impairing the ability of a fund to buy, sell, receive or deliver those securities.  Both the current and potential future sanctions or other government actions against Russia also could result in Russia taking counter measures or retaliatory actions, which may impair further the value or liquidity of Russian securities and negatively impact a fund.  Any or all of these potential results could lead Russia's economy into a recession.
 
Depositary Receipts and New York Shares .  Securities of foreign issuers in the form of ADRs, EDRs and GDRs and other forms of depositary receipts may not necessarily be denominated in the same currency as the securities into which they may be converted.  ADRs are receipts typically issued by a U.S. bank or trust company which evidence ownership of underlying securities issued by a foreign corporation.  EDRs are receipts issued in Europe, and GDRs are receipts issued outside the United States typically by non-U.S. banks and trust companies that evidence ownership of either foreign or domestic securities.  Generally, ADRs in registered form are designed for use in the U.S. securities markets, EDRs in bearer form are designed for use in Europe, and GDRs in bearer form are designed for use outside the United States.  New York Shares are securities of foreign companies that are issued for trading in the United States.  New York Shares are traded in the United States on national securities exchanges or in the over-the-counter market.
 
Depositary receipts may be purchased through "sponsored" or "unsponsored" facilities.  A sponsored facility is established jointly by the issuer of the underlying security and a depositary.  A depositary may establish an unsponsored facility without participation by the issuer of the deposited security.  Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.  Purchases or sales of certain ADRs may result, indirectly, in fees being paid to the Depositary Receipts Division of The Bank of New York Mellon, an affiliate of the Manager, by brokers executing the purchases or sales.
 
Securities of foreign issuers that are represented by ADRs or that are listed on a U.S. securities exchange or traded in the U.S. over-the-counter markets are not subject to many of the special considerations and risks discussed in the prospectus and this SAI that apply to foreign securities traded and held abroad.  A U.S. dollar investment in ADRs or shares of foreign issuers traded on U.S. exchanges may be impacted differently by currency fluctuations than would an investment made in a foreign currency on a foreign exchange in shares of the same issuer.
 
Sovereign Debt Obligations .  Investments in sovereign debt obligations involve special risks which are not present in corporate debt obligations.  The foreign issuer of the sovereign debt or the foreign governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a fund may have limited recourse in the event of a default.  During periods of economic uncertainty, the market prices of sovereign debt, and the NAV of a fund, to the extent it invests in such securities, may be more volatile than prices of U.S. debt issuers.  In the past, certain foreign countries have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debt.
 
A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor's policy toward principal international lenders and local political constraints.  Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and other entities to reduce principal and interest arrearages on their debt.  The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its debts.
 
Moreover, no established secondary markets may exist for many of the sovereign debt obligations in which a fund may invest.  Reduced secondary market liquidity may have an adverse effect on the market price and a fund's ability to dispose of particular instruments when necessary to meet its liquidity requirements or in response to specific economic events such as a deterioration in the creditworthiness of the issuer.  Reduced secondary market liquidity for certain sovereign debt obligations also may make it more difficult for a fund to obtain accurate market quotations for purposes of valuing its portfolio.  Market quotations are generally available on many sovereign debt obligations only from a limited number of dealers and may not necessarily represent firm bids of those dealers or prices of actual sales.
 
Sovereign Debt Obligations of Emerging Market Countries.   Investing in foreign government obligations and the sovereign debt of emerging market countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located.  The ability and willingness of sovereign obligors in emerging market countries or the governmental authorities that control repayment of their external debt to pay principal and interest on such debt when due may depend on general economic and political conditions within the relevant country.  Certain countries in which a fund may invest have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate trade difficulties and extreme poverty and unemployment.  Many of these countries also are characterized by political uncertainty or instability.  Additional factors which may influence the ability or willingness to service debt include a country's cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, the relative size of its debt service burden to the economy as a whole and its government's policy towards the International Monetary Fund, the World Bank and other international agencies.  The ability of a foreign sovereign obligor to make timely payments on its external debt obligations also will be strongly influenced by the obligor's balance of payments, including export performance, its access to international credits and investments, fluctuations in interest rates and the extent of its foreign reserves.  A governmental obligor may default on its obligations.  If such an event occurs, a fund may have limited legal recourse against the issuer and/or guarantor.  In some cases, remedies must be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country.  In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of other foreign sovereign debt obligations in the event of default under their commercial bank loan agreements.  Sovereign obligors in emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions.  These obligors, in the past, have experienced substantial difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness.  Restructuring arrangements have included, among other things, reducing and rescheduling interest and principal payments by negotiating new or amended credit agreements or converting outstanding principal and unpaid interest to Brady Bonds (discussed below), and obtaining new credit to finance interest payments.  Holders of certain foreign sovereign debt securities may be requested to participate in the restructuring of such obligations and to extend further loans to their issuers.  There can be no assurance that the Brady Bonds and other foreign sovereign debt securities in which a fund may invest will not be subject to similar restructuring arrangements or to requests for new credit which may adversely affect the fund's holdings.  Obligations of the World Bank and certain other supranational organizations are supported by subscribed but unpaid commitments of member countries.  There is no assurance that these commitments will be undertaken or complied with in the future.
 
Brady Bonds .  "Brady Bonds" are securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings.  In light of the history of defaults of countries issuing Brady Bonds on their commercial bank loans, investments in Brady Bonds may be viewed as speculative.  Brady Bonds may be fully or partially collateralized or uncollateralized, are issued in various currencies (but primarily in U.S. dollars) and are actively traded in over-the-counter secondary markets.  Brady Bonds with no or limited collateralization of interest or principal payment obligations have increased credit risk, and the holders of such bonds rely on the willingness and ability of the foreign government to make payments in accordance with the terms of such Brady Bonds.  U.S. dollar-denominated collateralized Brady Bonds, which may be fixed rate bonds or floating rate bonds, generally are collateralized by Treasury zero coupon bonds having the same maturity as the Brady Bonds.  One or more classes of securities ("structured securities") may be backed by, or represent interests in, Brady Bonds.  The cash flow on the underlying instruments may be apportioned among the newly-issued structured securities to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments.  See "Derivatives—Structured Securities" below.
 
Eurodollar and Yankee Dollar Investments .  Eurodollar instruments are bonds of foreign corporate and government issuers that pay interest and principal in U.S. dollars generally held in banks outside the United States, primarily in Europe.  Yankee Dollar instruments are U.S. dollar-denominated bonds typically issued in the United States by foreign governments and their agencies and foreign banks and corporations.  Eurodollar Certificates of Deposit are U.S. dollar-denominated certificates of deposit issued by foreign branches of domestic banks; Eurodollar Time Deposits are U.S. dollar-denominated deposits in a foreign branch of a U.S. bank or in a foreign bank; and Yankee Certificates of Deposit are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a foreign bank and held in the United States.  These investments involve risks that are different from investments in securities issued by U.S. issuers, including potential unfavorable political and economic developments, foreign withholding or other taxes, seizure of foreign deposits, currency controls, interest limitations or other governmental restrictions which might affect payment of principal or interest.
 
Investment Companies
 
The 1940 Act, subject to a fund's own more restrictive limitations, if applicable, limits a fund's investment in securities issued by registered and unregistered investment companies, including exchange-traded funds (discussed below), subject to certain exceptions (including those that apply for a Fund of Funds' investment in Underlying Funds), currently is limited to:  (1) 3% of the total voting stock of any one investment company; (2) 5% of the fund's total assets with respect to any one investment company; and (3) 10% of the fund's total assets in the aggregate.  As a shareholder of another investment company, a fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees.  These expenses would be in addition to the advisory fees and other expenses that the fund bears directly in connection with its own operations.  A fund also may invest its uninvested cash reserves or cash it receives as collateral from borrowers of its portfolio securities in connection with the fund's securities lending program, in shares of one or more money market funds advised by the Manager.  Such investments will not be subject to the limitations described above.
 
Private Investment Funds .  As with investments in registered investment companies, if a fund invests in a private investment fund, such as a "hedge fund" or private equity fund, the fund will be charged its proportionate share of the advisory fees, including any incentive compensation and other operating expenses, of the private investment fund.  These fees, which can be substantial, would be in addition to the advisory fees and other operating expenses incurred by the fund.  In addition, private investment funds are not registered with the SEC and may not be registered with any other regulatory authority.  Accordingly, they are not subject to certain regulatory requirements and oversight to which registered issuers are subject.  There may be very little public information available about their investments and performance.  Moreover, because sales of shares of private investment funds are generally restricted to certain qualified purchasers, such shares may be illiquid and it could be difficult for the fund to sell its shares at an advantageous price and time.  Finally, because shares of private investment funds are not publicly traded, a fair value for the fund's investment in these companies typically will have to be determined under policies approved by the board.
 
Exchange-Traded Funds and Similar Exchange-Traded Products (ETFs)
 
Although certain ETFs are actively managed, most ETFs are designed to provide investment results that generally correspond to the price and yield performance of the component securities or commodities of a benchmark index.  These ETFs may include S&P Depositary Receipts ("SPDRs"), DIAMONDS, Nasdaq-100 Index Tracking Stock (also referred to as "Nasdaq-100 Shares") and iShares exchange-traded funds ("iShares"), such as iShares Russell 2000 Growth Index Fund.  ETFs usually are units of beneficial interest in an investment trust or represent undivided ownership interests in a portfolio of securities or commodities.  For an ETF designed to correspond to a securities index benchmark, the ETF's portfolio typically consists of all or substantially all of the component securities of, and in substantially the same weighting as, the relevant benchmark index.  The benchmark indexes of SPDRs, DIAMONDS and Nasdaq-100 Shares are the S&P 500 Stock Index, the Dow Jones Industrial Average and the Nasdaq-100 Index, respectively.  The benchmark index for iShares varies, generally corresponding to the name of the particular iShares fund.  ETFs are listed on an exchange, and shares are generally purchased and sold in the secondary market at market price.  At times, the market price may be at a premium or discount to the ETF's NAV.  Because shares of ETFs trade on an exchange, they may be subject to trading halts on the exchange.
 
The values of ETFs are subject to change as the values of their respective component securities or commodities fluctuate according to market volatility.  Investments in ETFs that are designed to correspond to an index of securities involve certain inherent risks generally associated with investments in a portfolio of such securities, including the risk that the general level of securities prices may decline, thereby adversely affecting the value of ETFs invested in by a fund.  Similarly, investments in ETFs that are designed to correspond to commodity returns involve certain inherent risks generally associated with investment in commodities.  Moreover, investments in ETFs designed to correspond to indexes of securities may not exactly match the performance of a direct investment in the respective indexes to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other extraordinary circumstances, such as discrepancies with respect to the weighting of securities.
 
Exchange-Traded Notes
 
Exchange-traded notes ("ETNs") are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees.  ETNs are traded on an exchange ( e.g. , the NYSE) during normal trading hours.  However, investors can also hold the ETN until maturity.  At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to adjustment for the market benchmark or strategy factor.
 
ETNs do not make periodic coupon payments or provide principal protection.  ETNs are subject to credit risk, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged.  The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced underlying asset.  When a fund invests in an ETN, it will bear its proportionate share of any fees and expenses borne by the ETN.  These fees and expenses generally reduce the return realized at maturity or upon redemption from an investment in an ETN; therefore, the value of the index underlying the ETN must increase significantly in order for an investor in an ETN to receive at least the principal amount of the investment at maturity or upon redemption.  A fund's decision to sell ETN holdings may be limited by the availability of a secondary market.
 
Master Limited Partnerships (MLPs)
 
An investment in MLPs involves risks that differ from an investment in common stock.  Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs.
 
An MLP generally has two classes of partners, the general partner and the limited partners who hold common units.  MLP common units represent an equity ownership interest in a partnership, providing limited voting rights and entitling the holder to a share of the company's success through distributions and/or capital appreciation.  The general partner normally controls the MLP through an equity interest plus units that are subordinated to the common (publicly traded) units for an initial period and then only converting to common if certain financial tests are met.  As a motivation for the general partner to successfully manage the MLP and increase cash flows, the terms of most MLPs typically provide that the general partner receives a larger portion of the net income as distributions reach higher target levels.  As cash flow grows, the general partner receives a greater interest in the incremental income compared to the interest of limited partners.
 
Unlike stockholders of a corporation, common unit holders do not elect directors annually and generally have the right to vote only on certain significant events, such as mergers, a sale of substantially all of the assets, removal of the general partner or material amendments to the partnership agreement.  MLPs are required by their partnership agreements to distribute a large percentage of their current operating earnings.  Common unit holders generally have first right to a minimum quarterly distribution prior to distributions to the convertible subordinated unit holders or the general partner (including incentive distributions).  Common unit holders typically have arrearage rights if the minimum quarterly distribution is not met.  In the event of liquidation, MLP common unit holders have first right to the partnership's remaining assets after bondholders, other debt holders, and preferred unit holders have been paid in full.  MLP common units trade on a national securities exchange or over-the-counter.  MLP common units and other equity securities can be affected by macroeconomic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or its business sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow).  Prices of common units of individual MLPs and other equity securities can also be affected by fundamentals unique to the partnership or company, including earnings power and coverage ratios.
 
The benefit derived from a fund's investment in MLPs is largely dependent on the MLPs being treated as partnerships for U.S. federal income tax purposes.  A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income.  Thus, if any of the MLPs owned by a fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the fund with respect to its investment in such MLPs would be materially reduced, which could cause a decline in the value of the fund's shares.
 
Some limited liability companies ("LLCs") may be treated as MLPs for federal income tax purposes.  Similar to MLPs, these LLCs typically do not pay federal income tax at the entity level and are required by their operating agreements to distribute a large percentage of their current operating earnings.  In contrast to MLPs, these LLCs have no general partner and there are no incentives that entitle management or other unit holders to increased percentages of cash distributions as distributions reach higher target levels.  In addition, LLC common unit holders typically have voting rights with respect to the LLC, whereas MLP common units have limited voting rights.
 
Derivatives
 
Depending on the fund, derivatives may be used for a variety of reasons, including to (1) hedge to seek to mitigate certain market, interest rate or currency risks; (2) to manage the maturity or the interest rate sensitivity (sometimes called duration) of fixed-income securities; (3) to provide a substitute for purchasing or selling particular securities to reduce portfolio turnover, to seek to obtain a particular desired return at a lower cost to a fund than if the fund had invested directly in an instrument yielding the desired return, such as when a fund "equitizes" available cash balances by using a derivative instrument to gain exposure to relevant equity investments or markets consistent with its investment objective and policies, or for other reasons; or (4) to seek to increase potential returns.  Generally, a derivative is a financial contract whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes.  Derivatives may provide a cheaper, quicker or more specifically focused way to invest than "traditional" securities would.  Examples of derivative instruments include options contracts, futures contracts, options on futures contracts, forward contracts, swap agreements, credit derivatives, structured securities and participatory notes.  Whether or not a fund may use some or all of these derivatives varies by fund.  In addition, a fund's portfolio managers may decide not to employ some or all of these strategies, and there is no assurance that any derivatives strategy used by the fund will succeed.
 
Derivatives can be volatile and involve various types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole.  Derivatives permit a fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed in much the same way as the fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio by making investments in specific securities.  However, derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large potential impact on the fund's performance.  Derivatives involve greater risks than if a fund had invested in the reference obligation directly.
 
An investment in derivatives at inopportune times or when market conditions are judged incorrectly may lower return or result in a loss.  A fund could experience losses if its derivatives were poorly correlated with underlying instruments or the fund's other investments or if the fund were unable to liquidate its position because of an illiquid secondary market.  The market for many derivatives is, or suddenly can become, illiquid.  Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives.
 
Derivatives may be purchased on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives.  Exchange-traded derivatives, primarily futures contracts and options, generally are guaranteed by the clearing agency that is the issuer or counterparty to such derivatives.  This guarantee usually is supported by a variation margin payment system operated by the clearing agency in order to reduce overall credit risk.  As a result, unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased on an exchange.  In contrast, no clearing agency guarantees over-the-counter derivatives.  Therefore, each party to an over-the-counter derivative bears the risk that the counterparty will default.  Accordingly, the Adviser will consider the creditworthiness of counterparties to over-the-counter derivatives in the same manner as it would review the credit quality of a security to be purchased by a fund.  Over-the-counter derivatives are less liquid than exchange-traded derivatives since the other party to the transaction may be the only investor with sufficient understanding of the derivative to be interested in bidding for it.  Derivatives that are considered illiquid will be subject to a fund's limit on illiquid investments.
 
Some derivatives may involve leverage ( e.g. , an instrument linked to the value of a securities index may return income calculated as a multiple of the price movement of the underlying index).  This economic leverage will increase the volatility of these instruments as they may increase or decrease in value more quickly than the underlying security, index, futures contract, currency or other economic variable.  Pursuant to regulations and/or published positions of the SEC, a fund may be required to segregate permissible liquid assets, or engage in other measures approved by the SEC or its staff, to "cover" the fund's obligations relating to its transactions in derivatives.  For example, in the case of futures contracts or forward contracts that are not contractually required to cash settle, a fund must set aside liquid assets equal to such contracts' full notional value (generally, the total numerical value of the asset underlying a future or forward contract at the time of valuation) while the positions are open.  With respect to futures contracts or forward contracts that are contractually required to cash settle, however, a fund is permitted to set aside liquid assets in an amount equal to the fund's daily marked-to-market net obligation ( i.e. , the fund's daily net liability) under the contracts, if any, rather than such contracts' full notional value.  By setting aside assets equal to only its net obligations under cash-settled derivatives, a fund may employ leverage to a greater extent than if the fund were required to segregate assets equal to the full notional value of such contracts.  Requirements to maintain cover might impair a fund's ability to sell a portfolio security, meet redemption requests or other current obligations, or make an investment at a time when it would otherwise be favorable to do so, or require that the fund sell a portfolio security at a disadvantageous time.
 
Successful use of certain derivatives may be a highly specialized activity that requires skills that may be different than the skills associated with ordinary portfolio securities transactions.  If the Adviser is incorrect in its forecasts of market factors, or a counterparty defaults, investment performance would diminish compared with what it would have been if derivatives were not used.  Successful use of derivatives by a fund also is subject to the Adviser's ability to predict correctly movements in the direction of the relevant market and, to the extent the transaction is entered into for hedging purposes, to ascertain the appropriate correlation between the securities or position being hedged and the price movements of the corresponding derivative position.  For example, if a fund enters into a derivative position to hedge against the possibility of a decline in the market value of securities held in its portfolio and the prices of such securities instead increase, the fund will lose part or all of the benefit of the increased value of securities which it has hedged because it will have offsetting losses in the derivative position.
 
Options and futures contracts prices can diverge from the prices of their underlying instruments.  Options and futures contracts prices are affected by such factors as current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and the time remaining until expiration of the contract, which may not affect the prices of the underlying instruments in the same way.  Imperfect correlation may also result from differing levels of demand in the options and futures markets and the securities markets, from structural differences in how options and futures and securities are traded, or from imposition of daily price fluctuation limits or trading halts.  A fund may purchase or sell options and futures contracts with a greater or lesser value than any securities it wishes to hedge or intends to purchase in order to attempt to compensate for differences in volatility between the contract and the securities, although this may not be successful in all cases.  If price changes in a fund's options or futures positions used for hedging purposes are poorly correlated with the investments the fund is attempting to hedge, the options or futures positions may fail to produce anticipated gains or result in losses that are not offset by gains in other investments.
 
The funds, except the CPO Fund, have claimed exclusions from the definition of the term "commodity pool operator" pursuant to Regulation 4.5 under the CEA and, therefore, are not subject to registration or regulation as a CPO under the CEA.  Although the Manager has been registered as a "commodity trading advisor" and "commodity pool operator" with the National Futures Association since December 19, 2012 and January 1, 2013,  respectively, the Manager relies on the exemption in Regulation 4.14(a)(8) to provide commodity interest trading advice to the funds that rely on Regulation 4.5 exclusion.
 
The funds, except the CPO Fund, may be limited in their ability to use commodity futures or options thereon, engage in certain swap transactions or make certain other investments (collectively, "commodity interests") if such funds continue to claim the exclusion from the definition of CPO.  In order to be eligible to continue to claim this exclusion, if a fund uses  commodity interests other than for bona fide hedging purposes (as defined by the CFTC), the aggregate initial margin and premiums required to establish those positions (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options are "in-the-money" at the time of purchase)  may not exceed 5% of the fund's NAV, or, alternatively, the aggregate net notional value of those positions, as determined at the time the most recent position was established, may not exceed 100% of the fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions).  In addition to meeting one of the foregoing trading limitations, a fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets.  Even if a fund's direct use of commodity interests complies with the trading limitations described above, the fund may have indirect exposure to commodity interests in excess of such limitations.  Such exposure may result from the fund's investment in other investment vehicles, including investment companies that are not managed by the Manager or one of its affiliates, certain securitized vehicles that may invest in commodity interests and/or non-equity REITs that may invest in commodity interests (collectively, "underlying funds").  Because the Manager may have limited or no information as to the commodity interests in which an underlying fund invests at any given time, the CFTC has issued temporary no-action relief permitting registered investment companies, such as the funds, to continue to rely on the exclusion from the definition of CPO.  The Manager, on behalf of the funds, has filed the required notice to claim this no-action relief.  In order to rely on the temporary no-action relief, the Manager must meet certain conditions and the funds must otherwise comply with the trading and market limitations described above with respect to their direct investments in commodity interests.
 
The CPO Fund no longer claims an exclusion from the definition of CPO and, as a result, is not subject to the trading and marketing limitations discussed above with respect to their use of commodity interests.  In accordance with CFTC guidance, the Manager, and not the CPO Fund, has registered as a CPO with the NFA and will operate the CPO Fund in compliance with applicable CFTC regulations, in addition to all applicable SEC regulations.  On August 13, 2013, the CFTC adopted final rules (the "Harmonization Rules") with respect to the compliance obligations of advisers to registered investment companies that are registered as CPOs, such as the CPO Fund.  Under the Harmonization Rules, the Manager will be deemed to have fulfilled its disclosure, reporting and recordkeeping obligations under applicable CFTC regulations with respect to the CPO Fund by complying with comparable SEC regulations, subject to certain notice filings with the NFA and disclosures in the CPO Fund's prospectus.
 
If a fund, except the CPO Fund, were to invest in commodity interests in excess of the trading limitations discussed above and/or market itself as a vehicle for trading in the commodity futures, commodity options or swaps markets, the fund would withdraw its exclusion from the definition of CPO and the Manager would become subject to regulation as a CPO, and would need to comply with the Harmonization Rules, with respect to that fund, in addition to all applicable SEC regulations.
 
It is possible that developments in the derivatives markets, including potential government regulation, could adversely affect the ability to terminate existing derivatives positions or to realize amounts to be received in such transactions.
 
Futures Transactions .  A futures contract is an agreement between two parties to buy and sell a security or other asset for a set price on a future date.  When a fund sells a futures contract, it incurs an obligation to deliver a specified amount of the obligation underlying the futures contract at a specified time in the future for an agreed upon price.  With respect to index futures, no physical transfer of the securities underlying the index is made.  Rather, the parties settle by exchanging in cash an amount based on the difference between the contract price and the closing value of the index on the settlement date.  An option on a futures contract gives the holder of the option the right to buy from or sell to the writer of the option a position in a futures contract at a specified price on or before a specified expiration date.  When a fund writes an option on a futures contract, it becomes obligated, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time during the term of the option.  If the fund has written a call option, it assumes a short futures position.  If the fund has written a put option, it assumes a long futures position.  When a fund purchases an option on a futures contract, it acquires the right, in return for the premium it pays, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put).  The purchase of futures or call options on futures can serve as a long hedge, and the sale of futures or the purchase of put options on futures can serve as a short hedge.  Writing call options on futures contracts can serve as a limited short hedge, using a strategy similar to that used for writing call options on securities or indexes.  Similarly, writing put options on futures contracts can serve as a limited long hedge.
 
Futures contracts are traded on exchanges, so that, in most cases, either party can close out its position on the exchange for cash, without delivering the security or other asset.  Although some futures contracts call for making or taking delivery of the underlying securities or other asset, generally these obligations are closed out before delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying asset, and delivery month).  Closing out a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument with the same delivery date.  If an offsetting purchase price is less than the original sale price, a fund realizes a capital gain, or if it is more, a fund realizes a capital loss.  Conversely, if an offsetting sale price is more than the original purchase price, a fund realizes a capital gain, or if it is less, a fund realizes a capital loss.  Transaction costs also are included in these calculations.
 
Engaging in these transactions involves risk of loss to a fund which could adversely affect the value of the fund's net assets.  No assurance can be given that a liquid market will exist for any particular contract at any particular time.  Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day.  Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day.  Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially leading to substantial losses.
 
A fund may engage in futures transactions in foreign markets to the extent consistent with applicable law and the fund's ability to invest in foreign securities.  Foreign futures markets may offer advantages such as trading opportunities or arbitrage possibilities not available in the United States.  Foreign markets, however, may have greater risk potential than domestic markets.  For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may look only to the broker for performance of the contract.  In addition, any profits that a fund might realize in trading could be eliminated by adverse changes in the currency exchange rate, or the fund could incur losses as a result of those changes.
 
Futures contracts and options on futures contracts include those with respect to securities, securities indexes, interest rates and foreign currencies and Eurodollar contracts, to the extent a fund can invest in the underlying reference security, instrument or asset.
 
Security Futures Contract .  A security future obligates a fund to purchase or sell an amount of a specific security at a future date at a specific price.
 
Index Futures Contract .  An index future obligates a fund to pay or receive an amount of cash based upon the change in value of the index based on the prices of the securities that comprise the index.
 
Interest Rate Futures Contract .  An interest rate future obligates a fund to purchase or sell an amount of a specific debt security at a future date at a specific price (or, in some cases, to settle an equivalent amount in cash).
 
Foreign Currency Futures Contract .  A foreign currency future obligates a fund to purchase or sell an amount of a specific currency at a future date at a specific price.
 
Eurodollar Contracts .  A Eurodollar contract is a U.S. dollar-denominated futures contract or option thereon which is linked to the LIBOR, although foreign currency-denominated instruments are available from time to time.  Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings.  Certain funds might use Eurodollar futures contracts and options thereon to hedge against changes in LIBOR, to which many interest rate swaps and fixed-income instruments are linked.
 
Options .  A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security, securities or other asset at the exercise price at any time during the option period, or at a specific date.  Conversely, a put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security, securities or other asset at the exercise price at any time during the option period, or at a specific date.  A fund receives a premium from writing an option which it retains whether or not the option is exercised.
 
A covered call option written by a fund is a call option with respect to which the fund owns the underlying security or otherwise covers the transaction such as by segregating permissible liquid assets.  The principal reason for writing covered call options is to realize, through the receipt of premiums, a greater return than would be realized on the underlying securities alone.
 
Options may be traded on U.S. or, to the extent a fund may invest in foreign securities, foreign securities exchanges or in the over-the-counter market.  There is no assurance that sufficient trading interest to create a liquid secondary market on a securities exchange will exist for any particular option or at any particular time, and for some options no such secondary market may exist.  A liquid secondary market in an option may cease to exist for a variety of reasons.  In the past, for example, higher than anticipated trading activity or order flow, or other unforeseen events, at times have rendered certain of the clearing facilities inadequate and resulted in the institution of special procedures, such as trading rotations, restrictions on certain types of orders or trading halts or suspensions in one or more options.  There can be no assurance that similar events, or events that may otherwise interfere with the timely execution of customers' orders, will not recur.  In such event, it might not be possible to effect closing transactions in particular options.  If, as a covered call option writer, a fund is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security until the option expires or it delivers the underlying security upon exercise or it otherwise covers its position.
 
Purchases or sales of options on exchanges owned by The NASDAQ OMX Group, Inc. may result, indirectly, in a portion of the transaction and other fees assessed on options trading being paid to The Bank of New York Mellon, an affiliate of the Manager, as the result of an arrangement between The NASDAQ OMX Group, Inc. and The Bank of New York Mellon.
 
Call and put options in which a fund may invest include the following, in each case, to the extent that a fund can invest in such securities or instruments (or securities underlying an index, in the case of options on securities indexes).
 
Options on Securities .  Call and put options on specific securities (or groups or "baskets" of specific securities), including equity securities (including convertible securities), U.S. Government securities, municipal securities, mortgage-related securities, asset-backed securities, foreign sovereign debt, corporate debt securities or Eurodollar instruments, convey the right to buy or sell, respectively, the underlying securities at prices which are expected to be lower or higher than the current market prices of the securities at the time the options are exercised.
 
Options on Securities Indexes .  An option on an index is similar to an option in respect of specific securities, except that settlement does not occur by delivery of the securities comprising the index.  Instead, the option holder receives an amount of cash if the closing level of the index upon which the option is based is greater in the case of a call, or less, in the case of a put, than the exercise price of the option.  Thus, the effectiveness of purchasing or writing index options will depend upon price movements in the level of the index rather than the price of a particular security.
 
Foreign Currency Options .  Call and put options on foreign currency convey the right to buy or sell the underlying currency at a price which is expected to be lower or higher than the spot price of the currency at the time the option is exercised or expires.
 
Swap Transactions .  Swap agreements involve the exchange by a fund with another party of their respective commitments to pay or receive payments at specified dates based upon or calculated by reference to changes in specified prices or rates ( e.g. , interest rates in the case of interest rate swaps) based on a specified amount (the "notional") amount.  Some swaps are, and more in the future will be, centrally cleared.  Swaps that are centrally cleared are subject to the creditworthiness of the clearing organizations involved in the transaction.  For example, a fund could lose margin payments it has deposited with a clearing organization as well as the net amount of gains not yet paid by the clearing organization if the clearing organization breaches its agreement with the fund or becomes insolvent or goes into bankruptcy.  In the event of bankruptcy of the clearing organization, the fund may be entitled to the net amount of gains the fund is entitled to receive plus the return of margin owed to it only in proportion to the amount received by the clearing organization's other customers, potentially resulting in losses to the fund.  Swap agreements also may be two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year.
 
Swap agreements will tend to shift investment exposure from one type of investment to another.  For example, if a fund agreed to exchange payments in U.S. dollars for payments in a foreign currency, the swap agreement would tend to decrease the fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates.  Depending on how they are used, swap agreements may increase or decrease the overall volatility of a fund's investments and its share price and yield.
 
Most swap agreements entered into are cash settled and calculate the obligations of the parties to the agreement on a "net basis."  Thus, a fund's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").  A fund's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the segregation of permissible liquid assets of the fund.  A fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Manager's repurchase agreement guidelines).
 
A swap option is a contract (sometimes called "swaptions") that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.  A cash-settled option on a swap gives the purchaser the right, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date.  These options typically are entered into with institutions, including securities brokerage firms.  Depending on the terms of the particular option agreement, a fund generally will incur a greater degree of risk when it writes a swap option than it will incur when it purchases a swap option.  When a fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised.  However, when a fund writes a swap option, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement.
 
The swaps market has been an evolving and largely unregulated market.  It is possible that developments in the swaps market, including new regulatory requirements, could limit or prevent a fund's ability to utilize swap agreements or options on swaps as part of its investment strategy, terminate existing swap agreements or realize amounts to be received under such agreements, which could negatively affect the fund.  As discussed above, some swaps currently are, and more in the future will be, centrally cleared, which affects how swaps are transacted.  In particular, the Dodd-Frank Act, has resulted in new clearing and exchange-trading requirements for swaps and other over-the-counter derivatives.  The Dodd-Frank Act also requires the CFTC and/or the SEC, in consultation with banking regulators, to establish capital requirements for swap dealers and major swap participants as well as requirements for margin on uncleared derivatives, including swaps, in certain circumstances that will be clarified by rules proposed by the CFTC and/or the SEC.  In addition, the CFTC and the SEC are reviewing the current regulatory requirements applicable to derivatives, including swaps, and it is not certain at this time how the regulators may change these requirements.  For example, some legislative and regulatory proposals would impose limits on the maximum position that could be held by a single trader in certain contracts and would subject certain derivatives transactions to new forms of regulation that could create barriers to certain types of investment activity.  Other provisions would expand entity registration requirements; impose business conduct, reporting and disclosure requirements on dealers, recordkeeping on counterparties such as the funds; and require banks to move some derivatives trading units to a non-guaranteed (but capitalized) affiliate separate from the deposit-taking bank or divest them altogether.  While some provisions of the Dodd-Frank Act have either already been implemented through rulemaking by the CFTC and/or the SEC or must be implemented through future rulemaking by those and other federal agencies, and any regulatory or legislative activity may not necessarily have a direct, immediate effect upon the funds, it is possible that, when compliance with these rules is required, they could potentially limit or completely restrict the ability of a fund to use certain derivatives as a part of its investment strategy, increase the cost of entering into derivatives transactions or require more assets of the fund to be used for collateral in support of those derivatives than is currently the case.  Limits or restrictions applicable to the counterparties with which a fund engages in derivative transactions also could prevent the funds from using derivatives or affect the pricing or other factors relating to these transactions, or may change the availability of certain derivatives.
 
Specific swap agreements (and options thereon) include currency swaps; index swaps; interest rate swaps (including interest rate locks, caps, floors and collars); credit default swaps; inflation swaps; and total return swaps (including equity swaps), in each case, to the extent that a fund can invest in the underlying reference security, instrument or asset (or fixed-income securities, in the case of interest rate swaps, or securities underlying an index, in the case of index swaps).
 
Currency Swap Transactions .  A currency swap agreement involves the exchange of principal and interest in one currency for the same in another currency.
 
Index Swap Transactions .  An index swap agreement involves the exchange of cash flows associated with a securities or other index.
 
Interest Rate Swap Transactions .  An interest rate swap agreement involves the exchange of cash flows based on interest rate specifications and a specified principal amount, often a fixed payment for a floating payment that is linked to an interest rate.
 
An interest rate lock transaction (which may also be known as a forward rate agreement) is a contract between two parties to make or receive a payment at a future date determined on the basis of a specified interest rate or yield of a particular security (the "contracted interest rate") over a predetermined time period, with respect to a stated notional amount.  These transactions typically are entered as a hedge against interest rate changes.  One party to the contract locks in the contracted interest rate to seek to protect against an interest rate increase, while the other party seeks to protect against a possible interest rate decline.  The payment at maturity is determined by the difference between the contracted interest rate and the then-current market interest rate.
 
In an interest rate cap one party receives payments at the end of each period in which a specified interest rate on a specified principal amount exceeds an agreed rate; conversely, in an interest rate floor one party may receive payments if a specified interest rate on a specified principal amount falls below an agreed rate.  Caps and floors have an effect similar to buying or writing options.  Interest rate collars involve selling a cap and purchasing a floor, or vice versa, to protect a fund against interest rate movements exceeding given minimum or maximum levels.
 
Credit Default Swap Transactions .  Credit default swap agreements and similar agreements may have as reference obligations debt securities that are or are not currently held by a fund.  The protection "buyer" in a credit default contract may be obligated to pay the protection "seller" an up front payment or a periodic stream of payments over the term of the contract provided generally that no credit event on a reference obligation has occurred.  If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled.
 
Inflation Swap Transactions .  An inflation swap agreement involves the exchange of cash flows based on interest and inflation rate specifications and a specified principal amount, usually a fixed payment, such as the yield difference between Treasury securities and TIPS of the same maturity, for a floating payment that is linked to the consumer price index (the "CPI").  The following is an example.  The swap buyer pays a predetermined fixed rate to the swap seller (or counterparty) based on the yield difference between Treasuries and TIPS of the same maturity.  (This yield spread represents the market's current expected inflation for the time period covered by the maturity date.)  In exchange for this fixed rate, the counterparty pays the buyer an inflation-linked payment, usually the CPI rate for the maturity period (which represents the actual change in inflation).
 
Total Return Swap Transactions .  In a total return swap agreement one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains, and recovers any capital losses from the first party.  The underlying reference asset of a total return swap may include an equity index, loans or bonds.
 
  Contracts for Difference .  A contract for difference ("CFD") is a contract between two parties, typically described as "buyer" and "seller," stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value in the future.  (If the difference is negative, then the buyer instead pays the seller.)  In effect, CFDs are financial derivatives that allow a fund to take advantage of values moving up (long positions) or values moving down (short positions) on underlying assets.  For example, when applied to equities, a CFD is an equity derivative that allows a fund to obtain investment exposure to share price movements, without the need for ownership of the underlying shares.  CFDs are over-the-counter derivative instruments that are subject to the credit risk of the counterparty.  Because CFDs are not traded on an exchange and may not have an expiration date, CFDs generally are illiquid.
 
Credit Linked Securities .  Credit linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument or basket of derivative instruments, such as credit default swaps or interest rate swaps, to obtain exposure to certain fixed-income markets or to remain fully invested when more traditional income producing securities are not available.  Like an investment in a bond, an investment in these credit linked securities represents the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security.  However, these payments are conditioned on the issuer's receipt of payments from, and the issuer's potential obligations to, the counterparties to certain derivative instruments entered into by the issuer of the credit linked security.  For example, the issuer may sell one or more credit default swaps entitling the issuer to receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based.  If a default occurs, the stream of payments may stop and the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation.
 
Credit Derivatives .  Credit derivative transactions include those involving default price risk derivatives and credit spread derivatives.  Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or borrower, respectively.  Credit spread derivatives are based on the risk that changes in credit spreads and related market factors can cause a decline in the value of a security, loan or index.  Credit derivatives may take the form of options, swaps, credit-linked notes and other over-the-counter instruments.  The risk of loss in a credit derivative transaction varies with the form of the transaction.  For example, if a fund purchases a default option on a security, and if no default occurs with respect to the security, the fund's loss is limited to the premium it paid for the default option.  In contrast, if there is a default by the grantor of a default option, a fund's loss will include both the premium it paid for the option and the decline in value of any underlying security that the default option hedged (if the option was entered into for hedging purposes).  If a fund is a buyer of credit protection in a credit default swap agreement and no credit event occurs, the fund recovers nothing if the swap is held through its termination date.  However, if a credit event occurs, the fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value.  As a seller of credit protection, a fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event.  If a credit event occurs, generally the seller must pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value.  Unlike credit default swaps, credit-linked notes are funded balance sheet assets that offer synthetic credit exposure to a reference entity in a structure designed to resemble a synthetic corporate bond or loan.  Credit-linked notes are frequently issued by special purpose vehicles that would hold some form of collateral securities financed through the issuance of notes or certificates to a fund.  The fund receives a coupon and par redemption, provided there has been no credit event of the reference entity.  The vehicle enters into a credit swap with a third party in which it sells default protection in return for a premium that subsidizes the coupon to compensate the fund for the reference entity default risk.  A fund will enter into credit derivative transactions only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Manager's repurchase agreement guidelines).
 
Structured Securities and Hybrid Instruments
 
  Structured Securities .  Structured securities are securities whose cash flow characteristics depend upon one or more indexes or that have embedded forwards or options or securities where a fund's investment return and the issuer's payment obligations are contingent on, or highly sensitive to, changes in the value of underlying assets, indexes, interest rates or cash flows ("embedded index").  When a fund purchases a structured security, it will make a payment of principal to the counterparty.  Some structured securities have a guaranteed repayment of principal while others place a portion (or all) of the principal at risk.  Guarantees are subject to the risk of default by the counterparty or its credit provider.  The terms of such structured securities normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but not ordinarily below zero) to reflect changes in the embedded index while the structured securities are outstanding.  As a result, the interest and/or principal payments that may be made on a structured security may vary widely, depending upon a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments.  The rate of return on structured securities may be determined by applying a multiplier to the performance or differential performance of the embedded index.  Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss.  Structured securities may be issued in subordinated and unsubordinated classes, with subordinated classes typically having higher yields and greater risks than an unsubordinated class. Structured securities may not have an active trading market, which may have an adverse impact on a fund's ability to dispose of such securities when necessary to meet the fund's liquidity needs or in response to a specific economic event such as a deterioration in the creditworthiness of the issuer.  The lack of an active trading market also may make it more difficult for a fund to obtain accurate market quotations for purposes of valuing the fund's portfolio and calculating its NAV.
 
Hybrid Instruments .   A hybrid instrument can combine the characteristics of securities, futures and options.  For example, the principal amount or interest rate of a hybrid instrument could be tied (positively or negatively) to the price of a benchmark, e.g. , currency, securities index or another interest rate.  The interest rate or the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. Hybrids can be used as an efficient means of pursuing a variety of investment strategies, including currency hedging, duration management and increased total return.  Hybrids may not bear interest or pay dividends.  The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark.  These benchmarks may be sensitive to economic and political events, such as currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid.  Under certain conditions, the redemption value of a hybrid could be zero.  Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest.
 
Exchange-Linked Notes .  Exchange-linked notes ("ELNs") are debt instruments that differ from a more typical fixed-income security in that the final payout is based on the return of the underlying equity, which can be a single stock, basket of stocks, or an equity index.  Usually, the final payout is the amount invested times the gain in the underlying stock(s) or index times a note-specific participation rate, which can be more or less than 100%.  Most ELNs are not actively traded on the secondary market and are designed to be kept to maturity.  However, the issuer or arranger of the notes may offer to buy back the ELNs, although the buy-back price before maturity may be below the original amount invested.  As a result, ELNs generally are considered illiquid.
 
ELNs are generally subject to the same risks as the securities to which they are linked.  If the linked securities decline in value, the ELN may return a lower amount at maturity.  ELNs involve further risks associated with purchases and sales of notes, including any applicable exchange rate fluctuations and a decline in the credit quality of the note's issuer.  ELNs are frequently secured by collateral.  If an issuer defaults, the fund would look to any underlying collateral to recover its losses.  Ratings of issuers of ELNs refer only to the issuers' creditworthiness and the related collateral.  They provide no indication of the potential risks of the linked securities.
 
Participation Notes .   Participation notes are issued by banks or broker-dealers and are designed to replicate the performance of certain equity or debt securities or markets.  Participation notes are a type of derivative which generally is traded over-the-counter.  The performance results of participation notes will not replicate exactly the performance of the securities or markets that the notes seek to replicate due to transaction costs and other expenses.  Risks of investing in participation notes include the same risks associated with a direct investment in the underlying security or market the notes seek to replicate.  Participation notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, and a fund is relying on the creditworthiness of such banks or broker-dealers and has no rights under a participation note against the issuers of the assets underlying such participation notes, including any collateral supporting a loan participation note.
 
Custodial Receipts .  Custodial receipts, which may be underwritten by securities dealers or banks, represent the right to receive certain future principal and/or interest payments on a basket of securities which underlie the custodial receipts, or, in some cases, the payment obligation of a third party that has entered into an interest rate swap or other arrangement with the custodian.  Underlying securities may include U.S. Government securities, municipal securities or other types of securities in which a fund may invest.  A number of different arrangements are possible.  In a typical custodial receipt arrangement, an issuer or a third party owner of securities deposits such securities obligations with a custodian in exchange for custodial receipts.  These custodial receipts are typically sold in private placements and are designed to provide investors with pro rata ownership of a portfolio of underlying securities.  For certain securities law purposes, custodial receipts may not be considered obligations of the underlying securities held by the custodian.  As a holder of custodial receipts, a fund will bear its proportionate share of the fees and expenses charged to the custodial account.  Although under the terms of a custodial receipt a fund typically would be authorized to assert its rights directly against the issuer of the underlying obligation, the fund could be required to assert through the custodian bank those rights as may exist against the underlying issuers.  Thus, in the event an underlying issuer fails to pay principal and/or interest when due, the fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the fund had purchased a direct obligation of the issuer.  In addition, in the event that the custodial account in which the underlying securities have been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying securities would be reduced in recognition of any taxes paid.
 
Certain custodial receipts may be synthetic or derivative instruments that have interest rates that reset inversely to changing short-term rates and/or have embedded interest rate floors and caps that require the issuer to pay an adjusted interest rate if market rates fall below or rise above a specified rate.  Because some of these instruments represent relatively recent innovations, and the trading market for these instruments is less developed than the markets for more traditional types of instruments, it is uncertain how these instruments will perform under different economic and interest-rate scenarios.  Also, because these instruments may be leveraged, their market values may be more volatile than other types of fixed-income instruments and may present greater potential for capital gain or loss.  The possibility of default by an issuer or the issuer's credit provider may be greater for these derivative instruments than for other types of instruments.
 
Combined Transactions .  Certain funds may enter into multiple transactions, including multiple options, futures, swap, currency and/or interest rate transactions, and any combination of options, futures, swaps, currency and/or interest rate transactions ("combined transactions"), instead of a single transaction, as part of a single or combined strategy when, in the opinion of the Adviser, it is in the best interests of the fund to do so.  A combined transaction will usually contain elements of risk that are present in each of its component transactions.  Although combined transactions are normally entered into based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.
 
Future Developments .  A fund may take advantage of opportunities in derivatives transactions which are not presently contemplated for use by the fund or which are not currently available but which may be developed, to the extent such opportunities are both consistent with the fund's investment objective and legally permissible for the fund.  Before a fund enters into such transactions or makes any such investment, the fund will provide appropriate disclosure in its prospectus or this SAI.
 
Foreign Currency Transactions
 
Investments in foreign currencies, including investing directly in foreign currencies, holding financial instruments that provide exposure to foreign currencies, or investing in securities that trade in, or receive revenues in, foreign currencies, are subject to the risk that those currencies will decline in value relative to the U.S. dollar.
 
Depending on the fund, foreign currency transactions could be entered into for a variety of purposes, including:  (1) to fix in U.S. dollars, between trade and settlement date, the value of a security a fund has agreed to buy or sell; (2) to hedge the U.S. dollar value of securities the fund already owns, particularly if it expects a decrease in the value of the currency in which the foreign security is denominated; or (3) to gain or reduce exposure to the foreign currency for investment purposes.  Foreign currency transactions may involve, for example, a fund's purchase of foreign currencies for U.S. dollars or the maintenance of short positions in foreign currencies.  A short position would involve the fund agreeing to exchange an amount of a currency it did not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the currency the fund contracted to receive.  A fund may engage in cross currency hedging against price movements between currencies, other than the U.S. dollar, caused by currency exchange rate fluctuations.  In addition, a fund might seek to hedge against changes in the value of a particular currency when no derivative instruments on that currency are available or such derivative instruments are more expensive than certain other derivative instruments.  In such cases, the fund may hedge against price movements in that currency by entering into transactions using derivative instruments on another currency or a basket of currencies, the values of which the Adviser believes will have a high degree of positive correlation to the value of the currency being hedged.  The risk that movements in the price of the derivative instrument will not correlate perfectly with movements in the price of the currency being hedged is magnified when this strategy is used.
 
Currency hedging may substantially change a fund's exposure to changes in currency exchange rates and could result in losses if currencies do not perform as the Adviser anticipates.  There is no assurance that a fund's currency hedging activities will be advantageous to the fund or that the Adviser will hedge at an appropriate time.
 
The cost of engaging in foreign currency exchange contracts for the purchase or sale of a specified currency at a specified future date ("forward contracts") varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing.  Because forward contracts are usually entered into on a principal basis, no fees or commissions are involved.  Generally, secondary markets do not exist for forward contracts, with the result that closing transactions can be made for forward contracts only by negotiating directly with the counterparty to the contract.  As with other over-the-counter derivatives transactions, forward contracts are subject to the credit risk of the counterparty.
 
Currency exchange rates may fluctuate significantly over short periods of time.  They generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries, actual or perceived changes in interest rates and other complex factors, as seen from an international perspective.  Currency exchange rates also can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad.
 
The value of derivative instruments on foreign currencies depends on the value of the underlying currency relative to the U.S. dollar.  Because foreign currency transactions occurring in the interbank market might involve substantially larger amounts than those involved in the use of foreign currency derivative instruments, a fund could be disadvantaged by having to deal in the odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.
 
There is no systematic reporting of last sale information for foreign currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis.  Quotation information generally is representative of very large transactions in the interbank market and thus might not reflect odd-lot transactions where rates might be less favorable.  The interbank market in foreign currencies is a global, round-the-clock market.
 
Settlement of transactions involving foreign currencies might be required to take place within the country issuing the underlying currency.  Thus, a fund might be required to accept or make delivery of the underlying foreign currency in accordance with any U.S. or foreign regulations regarding the maintenance of foreign banking arrangements by U.S. residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.
 
Commodities
 
Commodities are assets that have tangible properties, such as oil, metals, livestock or agricultural products.  Historically, commodity investments have had a relatively high correlation with changes in inflation and a relatively low correlation to stock and bond returns.  Commodity-related instruments provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in commodities markets, without investing directly in physical commodities.  A fund may invest in commodity-related securities and other instruments, such as certain ETFs, that derive value from the price movement of commodities, or some other readily measurable economic variable dependent upon changes in the value of commodities or the commodities markets.  However, the ability of a fund to invest directly in commodities and certain commodity-related securities and other instruments is subject to significant limitations in order to enable the fund to maintain its status as a regulated investment company under the Code.
 
The value of commodity-related instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, acts of terrorism, embargoes, tariffs and international economic, political and regulatory developments.  The value of commodity-related instruments will rise or fall in response to changes in the underlying commodity or related index.  Investments in commodity-related instruments may be subject to greater volatility than non-commodity based investments.  A liquid secondary market may not exist for certain commodity-related instruments, and there can be no assurance that one will develop.  Commodity-related instruments also are subject to credit and interest rate risks that in general affect the values of debt securities.
 
Short-Selling
 
A fund may make short sales as part of its investment strategy, to hedge positions (such as to limit exposure to a possible market decline in the value of portfolio securities), for duration and risk management, to maintain portfolio flexibility or to seek to enhance returns.  A short sale involves the sale of a security that a fund does not own in the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and at a lower price.  To complete a short sale transaction and make delivery to the buyer, the fund must borrow the security.  The fund is obligated to replace the borrowed security to the lender, which is accomplished by a later purchase of the security by the fund.  Until the security is replaced, the fund is required to pay the lender any dividends or interest accruing during the period of the loan.  To borrow the security, the fund also may have to pay a fee to the lender, which would increase the cost to the fund of the security it sold short.  The fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security.  The fund will realize a gain if the security declines in price between those two dates.  In certain cases, purchasing a security to cover a short position can itself cause the price of the security to rise, thereby exacerbating any loss, especially in an environment where others are taking the same actions.  Short positions in stocks involve more risk than long positions in stocks because the maximum sustainable loss on a stock purchased is limited to the amount paid for the stock plus the transaction costs, whereas there is no maximum attainable price on the shorted stock.  In theory, stocks sold short have unlimited risk.  The amount of any gain will be decreased and the amount of any loss will be increased by any interest, premium and transaction charges or other costs a fund may be required to pay in connection with the short sale.  A fund may not always be able to borrow a security the fund seeks to sell short at a particular time or at an acceptable price.
 
A fund also may make short sales "against the box," in which the fund enters into a short sale of a security it owns or has the immediate and unconditional right to acquire at no additional cost at the time of the sale.
 
When a fund makes a short sale, it must leave the proceeds thereof with the broker and deposit with, or pledge to, the broker an amount of cash or liquid securities sufficient under current margin regulations to collateralize its obligation to replace the borrowed securities that have been sold.  Until a fund closes its short position or replaces the borrowed security, the fund will:  (1) segregate permissible liquid assets in an amount that, together with the amount provided as collateral, is at least equal to the current value of the security sold short; or (2) otherwise cover its short position through offsetting positions.  Short-selling is considered "leverage" and may involve substantial risk.
 
 Lending Portfolio Securities
 
Fund portfolio securities may be lent to brokers, dealers and other financial institutions needing to borrow securities to complete certain transactions.  In connection with such loans, a fund would remain the owner of the loaned securities and continue to be entitled to payments in amounts equal to the interest, dividends or other distributions payable on the loaned securities.  A fund also has the right to terminate a loan at any time.  Any voting rights that accompany the loaned securities generally pass to the borrower of the securities, but the fund retains the right to recall a security and may then exercise the security's voting rights.  In order to vote the proxies of securities out on loan, the securities must be recalled prior to the established record date.  A fund may recall the loan to vote proxies if a material issue affecting the fund's investment is to be voted upon.  Subject to a fund's own more restrictive limitations, if applicable, an investment company is limited in the amount of portfolio securities it may loan to 33-1/3% of its total assets (including the value of all assets received as collateral for the loan).  Except as may be otherwise described in "Investments, Investment Techniques and Risks" in Part II of this SAI, a fund will receive collateral consisting of cash, cash equivalents, U.S. Government securities or irrevocable letters of credit, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities.  If the collateral consists of a letter of credit or securities, the borrower will pay the fund a loan premium fee.  If the collateral consists of cash, the fund will reinvest the cash and pay the borrower a pre-negotiated fee or "rebate" from any return earned on the investment.  A fund may participate in a securities lending program operated by the Lending Agent.  The Lending Agent will receive a percentage of the total earnings of the fund derived from lending its portfolio securities.  Should the borrower of the securities fail financially, the fund may experience delays in recovering the loaned securities or exercising its rights in the collateral.  Loans are made only to borrowers that are deemed by the Adviser to be of good financial standing.  In a loan transaction, a fund will also bear the risk of any decline in value of securities acquired with cash collateral.  A fund will minimize this risk by limiting the investment of cash collateral to money market funds advised by the Manager, repurchase agreements or other high quality instruments with short maturities, in each case to the extent it is a permissible investment for the fund.
 
Borrowing Money
 
The 1940 Act, subject to a fund's own more restrictive limitations, if applicable, permits an investment company to borrow in an amount up to 33-1/3% of the value of its total assets.  Such borrowings may be for temporary or emergency purposes or for leveraging.  If borrowings are for temporary or emergency (not leveraging) purposes, when such borrowings exceed 5% of the value of a fund's total assets the fund will not make any additional investments.
 
Borrowing Money for Leverage .  Leveraging (buying securities using borrowed money) exaggerates the effect on NAV of any increase or decrease in the market value of a fund's investments.  These borrowings will be subject to interest costs which may or may not be recovered by appreciation of the securities purchased; in certain cases, interest costs may exceed the return received on the securities purchased.  For borrowings for investment purposes, the 1940 Act requires a fund to maintain continuous asset coverage (total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed.  If the required coverage should decline as a result of market fluctuations or other reasons, the fund may be required to sell some of its portfolio securities within three days to reduce the amount of its borrowings and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time.  A fund also may be required to maintain minimum average balances in connection with such borrowing or pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.
 
Reverse Repurchase Agreements .  Reverse repurchase agreements may be entered into with banks, broker/dealers or other financial institutions.  This form of borrowing involves the transfer by a fund of an underlying debt instrument in return for cash proceeds based on a percentage of the value of the security.  The fund retains the right to receive interest and principal payments on the security.  At an agreed upon future date, the fund repurchases the security at principal plus accrued interest.  As a result of these transactions, the fund is exposed to greater potential fluctuations in the value of its assets and its NAV per share.  These borrowings will be subject to interest costs which may or may not be recovered by appreciation of the securities purchased; in certain cases, interest costs may exceed the return received on the securities purchased.  To the extent a fund enters into a reverse repurchase agreement, the fund will segregate permissible liquid assets at least equal to the aggregate amount of its reverse repurchase obligations, plus accrued interest, in certain cases, in accordance with SEC guidance.  The SEC views reverse repurchase transactions as collateralized borrowings by a fund.
 
Forward Commitments .  The purchase or sale of securities on a forward commitment (including "TBA" (to be announced)), when-issued or delayed-delivery basis, means delivery and payment take place at a future date at a predetermined price and/or yield.  Typically, no interest accrues to the purchaser until the security is delivered.  When purchasing a security on a forward commitment basis, a fund assumes the risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV.  Purchasing securities on a forward commitment, when-issued or delayed-delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself.  The sale of securities on a forward commitment or delayed-delivery basis involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction.
 
Debt securities purchased on a forward commitment, when-issued or delayed-delivery basis are subject to changes in value based upon the perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates ( i.e. , appreciating when interest rates decline and depreciating when interest rates rise).  Securities purchased on a forward commitment, when-issued or delayed-delivery basis may expose a fund to risks because they may experience declines in value prior to their actual delivery.  A fund will make commitments to purchase such securities only with the intention of actually acquiring the securities, but the fund may sell these securities or dispose of the commitment before the settlement date if it is deemed advisable as a matter of investment strategy.  A fund would engage in forward commitments to increase its portfolio's financial exposure to the types of securities in which it invests.  If the fund is fully or almost fully invested when forward commitment purchases are outstanding, such purchases may result in a form of leverage.  Leveraging the portfolio in this manner will increase the fund's exposure to changes in interest rates and may result in greater potential fluctuation in the value of the fund's net assets and its NAV per share.  A fund will segregate permissible liquid assets at least equal at all times to the amount of the fund's purchase commitments.
 
Forward Roll Transactions .  In a forward roll transaction, a fund sells a security, such as a mortgage-related security, to a bank, broker-dealer or other financial institution and simultaneously agrees to purchase a similar security from the institution at a later date at an agreed upon price.  During the period between the sale and purchase, the fund will not be entitled to receive interest and principal payments on the securities sold by the fund.  Proceeds of the sale typically will be invested in short-term instruments, particularly repurchase agreements, and the income from these investments, together with any additional fee income received on the sale, will be expected to generate income for the fund exceeding the yield on the securities sold.  Forward roll transactions involve the risk that the market value of the securities sold by the fund may decline below the purchase price of those securities.  A fund will segregate permissible liquid assets at least equal to the amount of the repurchase price (including accrued interest).
 
In a mortgage "dollar roll" transaction, a fund sells mortgage-related securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date.  The mortgage-related securities that are purchased will be of the same type and will have the same interest rate as those securities sold, but generally will be supported by different pools of mortgages with different prepayment histories than those sold.  A fund forgoes principal and interest paid during the roll period on the securities sold in a dollar roll, but the fund is compensated by the difference between the current sales price and the lower prices of the future purchase, as well as by any interest earned on the proceeds of the securities sold.  The dollar rolls entered into by a fund normally will be "covered."  A covered roll is a specific type of dollar roll for which there is an offsetting cash position or a cash equivalent security position that matures on or before the forward settlement date of the related dollar roll transaction.  Covered rolls are not treated as borrowings or other senior securities and will be excluded from the calculation of a fund's borrowings.
 
Illiquid Securities
 
Illiquid Securities Generally .  The 1940 Act, subject to a fund's own more restrictive limitations, if applicable, limits funds other than money market funds to 15% of net assets in illiquid securities.  Illiquid securities, which are securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by a fund, may include securities that are not readily marketable, such as securities that are subject to legal or contractual restrictions on resale that do not have readily available market quotations, repurchase agreements providing for settlement in more than seven days after notice and certain privately negotiated derivatives transactions and securities used to cover such derivatives transactions.  As to these securities, there is a risk that, should a fund desire to sell them, a ready buyer will not be available at a price the fund deems representative of their value, which could adversely affect the value of a fund's net assets.
 
Section 4(2) Paper and Rule 144A Securities .  "Section 4(2) paper" consists of commercial obligations issued in reliance on the so-called "private placement" exemption from registration afforded by Section 4(2) of the Securities Act.  Section 4(2) paper is restricted as to disposition under the federal securities laws, and generally is sold to institutional investors that agree that they are purchasing the paper for investment and not with a view to public distribution.  Any resale by the purchaser must be pursuant to registration or an exemption therefrom.  Section 4(2) paper normally is resold to other institutional investors through or with the assistance of the issuer or investment dealers who make a market in the Section 4(2) paper, thus providing liquidity.  "Rule 144A securities" are securities that are not registered under the Securities Act but that can be sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act.  Rule 144A securities generally must be sold to other qualified institutional buyers.  If a particular investment in Section 4(2) paper or Rule 144A securities is not determined to be liquid, that investment will be included within the percentage limitation on investment in illiquid securities.  Investing in Rule 144A securities could have the effect of increasing the level of fund illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities from a fund or other holders.  Liquidity determinations with respect to Section 4(2) paper and Rule 144A securities will be made by the fund's board or by the Adviser pursuant to guidelines established by the board.  The fund's board or the Adviser will consider availability of reliable price information and other relevant information in making such determinations.
 
Non-Diversified Status
 
A fund's classification as a "non-diversified" investment company means that the proportion of the fund's assets that may be invested in the securities of a single issuer is not limited by the 1940 Act.  The 1940 Act generally requires a "diversified" investment company, with respect to 75% of its total assets, to invest not more than 5% of such assets in securities of a single issuer.  Since a relatively high percentage of a fund's assets may be invested in the securities of a limited number of issuers or industries, the fund may be more sensitive to changes in the market value of a single issuer or industry.  However, to meet federal tax requirements, at the close of each quarter a fund may not have more than 25% of its total assets invested in any one issuer and, with respect to 50% of its total assets, not more than 5% of its total assets invested in any one issuer.  These limitations do not apply to U.S. Government securities or investments in certain other investment companies.
 
Investments in the Technology Sector
 
The technology sector has been among the most volatile sectors of the stock market.  Many technology companies involve greater risks because their revenues and earnings tend to be less predictable (and some companies may be experiencing significant losses) and their share prices tend to be more volatile.  Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group.  In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated.  Investor perception may play a greater role in determining the day-to-day value of technology stocks than it does in other sectors.  Investments made in anticipation of future products and services may decline dramatically in value if the anticipated products or services are delayed or cancelled.
 
Investments in the Real Estate Sector
 
An investment in securities of real estate companies may be susceptible to adverse economic or regulatory occurrences affecting that sector.  An investment in real estate companies, while not an investment in real estate directly, involves risks associated with the direct ownership of real estate.  These risks include: declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increased competition; increases in property taxes and operating expenses; changes in zoning laws; losses due to costs resulting from the clean-up of environmental problems; liability to third parties for damages resulting from environmental problems; casualty or condemnation losses; limitations on rents; changes in neighborhood values and the appeal of properties to tenants; changes in interest rates; financial condition of tenants, buyers and sellers of real estate; and quality of maintenance, insurance and management services.
 
An economic downturn could have a material adverse effect on the real estate markets and on real estate companies.
 
Real property investments are subject to varying degrees of risk.  The yields available from investments in real estate depend on the amount of income and capital appreciation generated by the related properties.  Income and real estate values may also be adversely affected by such factors as applicable laws ( e.g. , the Americans with Disabilities Act and tax laws), interest rate levels and the availability of financing.  If the properties do not generate sufficient income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements, third party leasing commissions and other capital expenditures, the income and ability of the real estate company to make payments of any interest and principal on its debt securities will be adversely affected.  In addition, real property may be subject to the quality of credit extended and defaults by borrowers and tenants.  The performance of the economy in each of the regions and countries in which the real estate owned by a portfolio company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values.
 
The financial results of major local employers also may have an impact on the cash flow and value of certain properties.  In addition, certain real estate investments are relatively illiquid and, therefore, the ability of real estate companies to vary their portfolios promptly in response to changes in economic or other conditions is limited.  A real estate company may also have joint venture investments in certain of its properties and, consequently, its ability to control decisions relating to such properties may be limited.
 
Investments in the Infrastructure Sector
 
Infrastructure companies are subject to a variety of factors that may affect their business or operations including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, the level of government spending on infrastructure projects, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.  Infrastructure companies may also be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption due to environmental, operational or other mishaps, and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.  Changes in law or regulations or general changes in market sentiment towards infrastructure assets may be difficult to predict or respond to, which may adversely affect the operations of infrastructure companies.  Certain infrastructure companies may operate in limited areas, have few sources of revenue or face intense competition.
 
Some infrastructure companies' assets are not movable, which creates the risk that an event may occur in the region of the company's asset that may impair the performance of that asset and the performance of the issuer.  Natural disasters, such as earthquakes, flood, lightning, hurricanes and wind or other man-made disasters, terrorist attacks or political activities could result in substantial damage to the facilities of companies located in the affected areas, and significant volatility in the products or services of infrastructure companies could adversely impact the prices of infrastructure companies' securities.  Any destruction or loss of an infrastructure asset may have a major impact on the infrastructure company.  Failure by the infrastructure company to carry adequate insurance or to operate the asset appropriately could lead to significant losses and damages.
 
Infrastructure companies' revenues may also be impacted by a number of factors, including a decrease in the number of users of the asset, inability to meet user demand, failure to efficiently maintain and operate infrastructure assets, failure of customers or counterparties to pay their contractual obligations, difficulties in obtaining financing for construction programs during inflationary periods or the inability to complete a project within budget.  In addition, infrastructure assets can be highly leveraged, which makes such companies more susceptible to changes in interest rates.  The market value of infrastructure companies also may decline in value in times of higher inflation rates.
 
Other factors that may affect the operations of infrastructure companies include changes in technology that could render the way in which a company delivers a product or service obsolete, significant changes to the number of ultimate end-users of a company's products, increased susceptibility to terrorist acts or political actions, and risks of environmental damage due to a company's operations or an accident.
 
Investments in the Natural Resources Sector
 
Many companies in the natural resources sector may experience more price volatility than securities of companies in other industries.  Some of the commodities that these industries use or provide are subject to limited pricing flexibility because of supply and demand factors.  Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials.  These factors can affect the profitability of companies in the natural resources sector and, as a result, the value of their securities.  To the extent a fund invests in the securities of companies with substantial natural resource assets, the fund will be exposed to the price movements of natural resources.
 
Money Market Funds
 
The money market funds attempt to increase yields by trading to take advantage of short-term market variations.  This policy is expected to result in high portfolio turnover but should not adversely affect a fund since the funds usually do not pay brokerage commissions when purchasing short-term obligations.  The value of the portfolio securities held by a fund will vary inversely to changes in prevailing interest rates and, therefore, are subject to the risk of market price fluctuations.  Thus, if interest rates have increased from the time a security was purchased, such security, if sold, might be sold at a price less than its cost.  Similarly, if interest rates have declined from the time a security was purchased, such security, if sold, might be sold at a price greater than its purchase cost.  In any event, if a security was purchased at face value and held to maturity and was paid in full, no gain or loss would be realized.  The values of fixed-income securities also may be affected by changes in the credit rating or financial condition of the issuing entities.
 
Ratings of Securities
 
If, subsequent to its purchase by a fund, (a) a portfolio security ceases to be rated in the highest rating category by at least two rating organizations (or one rating organization if the instrument was rated by only one such organization) or the board determines that it is no longer of comparable quality or (b) the Adviser becomes aware that any portfolio security not so highly rated or any unrated security has been given a rating by any rating organization below the rating organization's second highest rating category, the board will reassess promptly whether such security continues to present minimal credit risks and will cause the fund to take such action as it determines is in the best interest of the fund and its shareholders; provided that the reassessments required by clauses (a) and (b) are not required if the portfolio security is disposed of or matures within five business days of the specified event and, in the case of events specified in clause (b), the board is subsequently notified of the Adviser's actions.  To the extent the ratings given by a Rating Agency for securities change as a result of changes in such organizations or their rating systems, a fund will attempt to use comparable ratings as standards for its investments in accordance with the investment policies described in such fund's prospectus and this SAI.  The ratings of the Rating Agencies represent their opinions as to the quality of the securities which they undertake to rate.  It should be emphasized, however, that ratings are relative and subjective and are not absolute standards of quality.  Although these ratings may be an initial criterion for selection of portfolio investments, the Adviser also will evaluate these securities and the creditworthiness of the issuers of such securities based upon financial and other available information.
 
Treasury Securities
 
Treasury securities include Treasury bills, Treasury notes and Treasury bonds that differ in their interest rates, maturities and times of issuance.  Treasury bills have initial maturities of one year or less; Treasury notes have initial maturities of one to ten years; and Treasury bonds generally have initial maturities of greater than ten years.
 
U.S. Government Securities
 
U.S. Government securities are issued or guaranteed by the U.S. Government or its agencies or instrumentalities.  Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the Treasury; others by the right of the issuer to borrow from the Treasury; others by discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and others only by the credit of the agency or instrumentality.  These securities bear fixed, floating or variable rates of interest.  Interest rates may fluctuate based on generally recognized reference rates or the relationship of rates.  While the U.S. Government currently provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it will always do so, since it is not so obligated by law.  A security backed by the Treasury or the full faith and credit of the United States is guaranteed only as to timely payment of interest and principal when held to maturity.  Neither the market value nor a fund's share price is guaranteed.
 
Many states grant tax-free status to dividends paid to shareholders of a fund from interest income earned by that fund from direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by the fund.  Investments in securities issued by the GNMA or FNMA, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for tax-free treatment.
 
Repurchase Agreements
 
A repurchase agreement is a contract under which a fund would acquire a security for a relatively short period subject to the obligation of the seller, typically a bank, broker/dealer or other financial institution, to repurchase and the fund to resell such security at a fixed time and at a price higher than the purchase price (representing the fund's cost plus interest).  The repurchase agreement thereby determines the yield during the purchaser's holding period, while the seller's obligation to repurchase is secured by the value of the underlying security.  The fund's custodian or sub-custodian engaged in connection with tri-party repurchase agreement transactions will have custody of, and will segregate, securities acquired by the fund under a repurchase agreement.  In connection with its third party repurchase transactions, a fund will engage only eligible sub-custodians that meet the requirements set forth in Section 17(f) of the 1940 Act.  The value of the underlying securities (or collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor.  The fund bears a risk of loss if the other party to the repurchase agreement defaults on its obligations and the fund is delayed or prevented from exercising its rights to dispose of the collateral securities.  This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.  Repurchase agreements are considered by the staff of the SEC to be loans by the fund that enters into them.  Repurchase agreements could involve risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a fund's ability to dispose of the underlying securities.  A fund may engage in repurchase agreement transactions that are collateralized by U.S. Government securities (which are deemed to be "collateralized fully" pursuant to the 1940 Act) or, for certain funds, to the extent consistent with the fund's investment policies, collateralized by securities other than U.S. Government securities ("credit and/or equity collateral").  Transactions that are collateralized fully enable the fund to look to the collateral for diversification purposes under the 1940 Act.  Conversely, transactions secured with credit and/or equity collateral require the fund to look to the counterparty to the repurchase agreement for determining diversification.  Because credit and/or equity collateral is subject to certain credit, liquidity, market and/or other additional risks that U.S. Government securities are not subject to, the amount of collateral posted in excess of the principal value of the repurchase agreement is expected to be higher in the case of repurchase agreements secured with credit and/or equity collateral compared to repurchase agreements secured with U.S. Government securities.  In an attempt to reduce the risk of incurring a loss on a repurchase agreement, a fund will require that additional securities be deposited with it if the value of the securities purchased should decrease below resale price.  See "Fixed-Income Securities—High Yield and Lower-Rated Securities" above under "All Funds other than Money Market Funds" for a discussion of certain risks of collateral rated below investment grade.  The funds may jointly enter into one or more repurchase agreements in accordance with an exemptive order granted by the SEC pursuant to Section 17(d) of the 1940 Act and Rule 17d-1 thereunder.  Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
 
Bank Obligations
 
Bank obligations include certificates of deposit ("CDs"), time deposits ("TDs"), bankers' acceptances and other short-term obligations issued by domestic or foreign banks or thrifts or their subsidiaries or branches and other banking institutions.  CDs are negotiable certificates evidencing the obligation of a bank to repay funds deposited with it for a specified period of time.  TDs are non-negotiable deposits maintained in a banking institution for a specified period of time (in no event longer than seven days) at a stated interest rate.  Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft drawn on it by a customer.  These instruments reflect the obligation both of the bank and the drawer to pay the face amount of the instrument upon maturity.  The other short-term obligations may include uninsured, direct obligations bearing fixed, floating or variable interest rates.  TDs and CDs may be issued by domestic or foreign banks or their subsidiaries or branches.  A fund may purchase CDs issued by banks, savings and loan associations and similar institutions with less than $1 billion in assets, the deposits of which are insured by the FDIC, provided the fund purchases any such CD in a principal amount of no more than an amount that would be fully insured by the Deposit Insurance Fund administered by the FDIC.  Interest payments on such a CD are not insured by the FDIC.  A fund would not own more than one such CD per such issuer.
 
Domestic commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to have their deposits insured by the FDIC.  Domestic banks organized under state law are supervised and examined by state banking authorities but are members of the Federal Reserve System only if they elect to join.  In addition, state banks whose CDs may be purchased by a fund are insured by the FDIC (although such insurance may not be of material benefit to the fund, depending on the principal amount of the CDs of each bank held by the fund) and are subject to federal examination and to a substantial body of federal law and regulation.  As a result of federal and state laws and regulations, domestic branches of domestic banks whose CDs may be purchased by the fund generally, among other things, are required to maintain specified levels of reserves and are subject to other supervision and regulation designed to promote financial soundness.  However, not all of such laws and regulations apply to the foreign branches of domestic banks.
 
Obligations of foreign subsidiaries or branches of domestic banks may be general obligations of the parent banks in addition to the issuing subsidiary or branch, or may be limited by the terms of a specific obligation and governmental regulation.  Such obligations and obligations of foreign banks or their subsidiaries or branches are subject to different risks than are those of domestic banks.  These risks include foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign exchange controls, seizure of assets, declaration of a moratorium and foreign withholding and other taxes on interest income.  Foreign subsidiaries and branches of domestic banks and foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to domestic banks, such as mandatory reserve requirements, loan limitations, and accounting, auditing and financial recordkeeping requirements.  In addition, less information may be publicly available about a foreign subsidiary or branch of a domestic bank or about a foreign bank than about a domestic bank.
 
Obligations of U.S. branches of foreign banks may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation or by federal or state regulation as well as governmental action in the country in which the foreign bank has its head office.  A U.S. branch of a foreign bank with assets in excess of $1 billion may or may not be subject to reserve requirements imposed by the Federal Reserve System or by the state in which the branch is located if the branch is licensed in that state.  In addition, federal branches licensed by the Comptroller of the Currency and branches licensed by certain states may be required to:  (1) pledge to the regulator, by depositing assets with a designated bank within the state, a certain percentage of their assets as fixed from time to time by the appropriate regulatory authority; and (2) maintain assets within the state in an amount equal to a specified percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies or branches within the state.
 
In view of the foregoing factors associated with the purchase of CDs and TDs issued by foreign subsidiaries or branches of domestic banks, or by foreign banks or their branches or subsidiaries, the Adviser carefully evaluates such investments on a case-by-case basis.
 
Bank Securities
 
To the extent a money market fund's investments are concentrated in the banking industry, the fund will have correspondingly greater exposure to the risk factors which are characteristic of such investments.  Sustained increases in interest rates can adversely affect the availability or liquidity and cost of capital funds for a bank's lending activities, and a deterioration in general economic conditions could increase the exposure to credit losses.  In addition, the value of and the investment return on the fund's shares could be affected by economic or regulatory developments in or related to the banking industry, which industry also is subject to the effects of competition within the banking industry as well as with other types of financial institutions.  A fund, however, will seek to minimize its exposure to such risks by investing only in debt securities which are determined to be of the highest quality.
 
Floating and Variable Rate Obligations
 
Floating and variable rate demand notes and bonds are obligations ordinarily having stated maturities in excess of 397 days but which permit the holder to demand payment of principal at any time, or at specified intervals not exceeding 397 days, in each case upon not more than 30 days' notice.  Frequently these obligations are secured by letters of credit or other credit support arrangements secured by banks.  Variable rate demand notes include master demand notes (see "Fixed-Income Securities—Variable and Floating Rate Securities " above under "All Funds other than Money Market Funds").
 
Participation Interests
 
A participation interest purchased from a financial institution gives a fund an undivided interest in a security in the proportion that the fund's participation interest bears to the total principal amount of the security.  If the participation interest is unrated, or has been given a rating below that which is permissible for purchase by the fund, the participation interest will be backed by an irrevocable letter of credit or guarantee of a bank, or the payment obligation otherwise will be collateralized by U.S. Government securities, or, in the case of unrated participation interests, the Adviser must have determined that the instrument is of comparable quality to those instruments in which the fund may invest.  See "Fixed-Income Securities—Participation Interests and Assignments" above under "All Funds other than Money Market Funds."
 
Asset-Backed Securities
 
A fund may purchase asset-backed securities, which are securities issued by special purpose entities whose primary assets consist of a pool of mortgages, loans, receivables or other assets.  Payment of principal and interest may depend largely on the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other forms of credit or liquidity enhancements.  The value of these asset-backed securities also may be affected by the creditworthiness of the servicing agent for the pool of assets, the originator of the loans or receivables or the financial institution providing the credit support.
 
Commercial Paper
 
Commercial paper represents short-term, unsecured promissory notes issued to finance short-term credit needs.  The commercial paper purchased by a fund will consist only of direct obligations issued by domestic and foreign entities.  The other corporate obligations in which a fund may invest consist of high quality, U.S. dollar-denominated short-term bonds and notes (which may include variable rate master demand notes).
 
Investment Companies
 
See "Investment Companies" above under "All Funds other than Money Market Funds."
 
Foreign Securities
 
Foreign securities may include U.S. dollar-denominated securities issued by foreign subsidiaries or foreign branches of domestic banks, domestic and foreign branches of foreign banks, foreign government obligations and commercial paper issued by foreign issuers.  Foreign government obligations may include securities issued or guaranteed by foreign governments or any of their political subdivisions, agencies or instrumentalities and debt obligations of supranational entities.  Supranational entities include organizations designated or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies.  Examples include the International Bank for Reconstruction and Development (the World Bank), the European Coal and Steel Community, the Asian Development Bank and the InterAmerican Development Bank.
 
A fund investing in foreign securities, including foreign government obligations, may be subject to additional investment risks with respect to these securities or obligations that are different in some respects from those incurred by a money market fund which invests only in debt obligations of U.S. domestic issuers.  See, as applicable, "Foreign Securities" and "Foreign Securities—Sovereign Debt Obligations" above under "All Funds other than Money Market Funds."
 
Municipal Securities
 
See "Fixed-Income Securities—Municipal Securities—Municipal Securities Generally" above under "All Funds other than Money Market Funds."
 
Derivative Products .  The value of certain derivative products is tied to underlying municipal securities.  A fund investing in derivative products will purchase only those derivative products that are consistent with its investment objective and policies and comply with the quality, maturity, liquidity and diversification standards of Rule 2a-7 under the 1940 Act.  The principal types of derivative products include tax exempt participation interests, tender option bonds and custodial receipts (see " Fixed-Income Securities—Municipal Securities—Instruments Related to Municipal Securities" above under "All Funds other than Money Market Funds") and structured notes (see "Derivative Instruments—Structured Securities and Hybrid Instruments—Structured Securities" above under "All Funds other than Money Market Funds").
 
Stand-By Commitments .  See "Fixed-Income Securities—Municipal Securities—Stand-By Commitments" above under "All Funds other than Money Market Funds."
 
Taxable Investments (municipal or other tax-exempt funds only)
 
From time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed 20% of the value of the fund's net assets) or for temporary defensive purposes, a fund may invest in taxable short-term investments (Money Fund Taxable Investments, as defined in Part II of this SAI).  Dividends paid by a fund that are attributable to income earned by the fund from Money Fund Taxable Investments will be taxable to investors.  When a fund invests for temporary defensive purposes, it may not achieve its investment objective(s).  If a fund purchases Money Fund Taxable Investments, it will value them using the amortized cost method and comply with the provisions of Rule 2a-7 relating to purchases of taxable instruments.
 
 Illiquid Securities
 
The 1940 Act, subject to a fund's own more restrictive limitations, if applicable, limits money market funds to 5% of total assets in illiquid securities.  Illiquid securities, which are securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by a fund, may include securities that are not readily marketable, such as securities that are subject to legal or contractual restrictions on resale that do not have readily available market quotations, and repurchase agreements providing for settlement in more than seven days after notice.  As to these securities, there is a risk that, should a fund desire to sell them, a ready buyer will not be available at a price the fund deems representative of their value, which could adversely affect the value of a fund's net assets.  See "Illiquid Securities—Section 4(2) Paper and Rule 144A Securities" above under "All Funds other than Money Market Funds."
 
Borrowing Money
 
The 1940 Act, subject to a fund's own more restrictive limitations, if applicable, permits an investment company to borrow in an amount up to 33-1/3% of the value of its total assets.  Such borrowings may be for temporary or emergency purposes or for leveraging. If borrowings are for temporary or emergency (not leveraging) purposes, when such borrowings exceed 5% of the value of a fund's total assets the fund will not make any additional investments.
 
Reverse Repurchase Agreements .  See "Borrowing Money—Reverse Repurchase Agreements" above under "All Funds other than Money Market Funds."
 
Forward Commitments .  The purchase of portfolio securities on a forward commitment (including "TBA" (to be announced)), when-issued or delayed-delivery basis means that delivery and payment take place in the future after the date of the commitment to purchase.  See "Borrowing Money—Forward  Commitments" above under "All Funds other than Money Market Funds."
 
Interfund Borrowing and Lending Program .  Pursuant to an exemptive order issued by the SEC, a fund may lend money to, and/or borrow money from, certain other funds advised by the Manager or its affiliates.  All interfund loans and borrowings must comply with the conditions set forth in the exemptive order, which are designed to ensure fair and equitable treatment of all participating funds.  A fund's participation in the Interfund Borrowing and Lending Program must be consistent with its investment policies and limitations.  A fund will borrow through the Interfund Borrowing and Lending Program only when the costs are equal to or lower than the costs of bank loans, and will lend through the Program only when the returns are higher than those available from an investment in repurchase agreements.  Interfund loans and borrowings are normally expected to extend overnight, but can have a maximum duration of seven days.  Loans may be called on one day's notice.  Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
 
Lending Portfolio Securities
 
The funds have no intention currently or for the foreseeable future to lend portfolio securities.  To the extent a fund would seek to lend portfolio securities (see "Lending Portfolio Securities" above under "All Funds other than Money Market Funds"), the fund's shareholders would be notified within a reasonable time prior to such activity occurring.
 
RATING CATEGORIES
 
The following is a description of certain ratings assigned by S&P, Moody's, Fitch and DBRS.
 
S&P
 
An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations or a specific financial program (including ratings on medium-term note programs and commercial paper programs).  It takes into consideration the creditworthiness of guarantors, insurers or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated.  The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.
 
Issue credit ratings can be either long-term or short-term.  Short-term ratings are generally assigned to those obligations considered short-term in the relevant market.  In the U.S., for example, that means obligations with an original maturity of no more than 365 days ¾ including commercial paper.  Short-term ratings also are used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations.  The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating.  Medium-term notes are assigned long-term ratings.
 
Long-Term Issue Credit Ratings .  Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations: likelihood of payment ¾ capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation; nature of and provisions of the obligation; and protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.
 
Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default.  Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above.  (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)
 
An obligation rated " AAA " has the highest rating assigned by S&P.  The obligor's capacity to meet its financial commitment on the obligation is extremely strong.
 
An obligation rated " AA " differs from the highest-rated obligations only to a small degree.  The obligor's capacity to meet its financial commitment on the obligation is very strong.
 
An obligation rated " A " is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories.  However, the obligor's capacity to meet its financial commitment on the obligation is still strong.
 
An obligation rated " BBB " exhibits adequate protection parameters.  However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.
 
Obligations rated " BB ,"   " B ,"   " CCC ,"   " CC " and   " C " are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest.  While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.
 
An obligation rated " BB " is less vulnerable to nonpayment than other speculative issues.  However, it faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.
 
An obligation rated " B " is more vulnerable to nonpayment than obligations rated "BB," but the obligor currently has the capacity to meet its financial commitment on the obligation.  Adverse business, financial or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.
 
An obligation rated " CCC " is currently vulnerable to nonpayment, and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation.  In the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.
 
An obligation rated " CC " is currently highly vulnerable to nonpayment.
 
A " C " rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default.  Among others, the "C" rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument's terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.
 
An obligation rated " D " is in payment default.  The "D" rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period.  The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on an obligation are jeopardized.  An obligation's rating is lowered to "D" upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.
 
Note:  The ratings from "AA" to "CCC" may be modified by the addition of a plus ( + ) or minus (-) sign to show relative standing within the major rating categories.
 
An " NR " indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy.
 
Short-Term Issue Credit Ratings .   A short-term obligation rated " A-1 " is rated in the highest category by S&P.  The obligor's capacity to meet its financial commitment on the obligation is strong.  Within this category, certain obligations are designated with a plus sign (+).  This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.
 
A short-term obligation rated " A-2 " is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories.  However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.
 
A short-term obligation rated " A-3 " exhibits adequate protection parameters.  However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.
 
A short-term obligation rated " B " is regarded as having significant speculative characteristics.  Ratings of "B-1," "B-2," and "B-3" may be assigned to indicate finer distinctions within the "B" category.  The obligor currently has the capacity to meet its financial commitment on the obligation; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.
 
A short-term obligation rated " B-1 " is regarded as having significant speculative characteristics, but the obligor has a relatively stronger capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.
 
A short-term obligation rated " B-2 " is regarded as having significant speculative characteristics, and the obligor has an average speculative-grade capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.
 
A short-term obligation rated " B-3 " is regarded as having significant speculative characteristics, and the obligor has a relatively weaker capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors.
 
A short-term obligation rated " C " is currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation.
 
A short-term obligation rated " D " is in payment default.  The "D" rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period.  The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.
 
Municipal Short-Term Note Ratings Definitions .   An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes.  Notes due in three years or less will likely receive a note rating.  Notes with an original maturity of more than three years will most likely receive a long-term debt rating.  In determining which type of rating, if any, to assign, S&P analysis will review the following considerations: amortization schedule ¾ the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and source of payment ¾ the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.
 
Note rating symbols are as follows:
 
SP-1            Strong capacity to pay principal and interest.  An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.
 
SP-2            Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.
 
SP-3            Speculative capacity to pay principal and interest.
 
Moody's
 
Long-Term Obligation Ratings and Definitions .  Moody's long-term obligation ratings are opinions of the relative credit risk of fixed-income obligations with an original maturity of one year or more.  They address the possibility that a financial obligation will not be honored as promised.  Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default.
 
Obligations rated " Aaa " are judged to be of the highest quality, with minimal credit risk.
 
Obligations rated " Aa " are judged to be of high quality and are subject to very low credit risk.
 
Obligations rated " A " are considered upper-medium grade and are subject to low credit risk.
 
Obligations rated " Baa " are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics.
 
Obligations rated " Ba " are judged to have speculative elements and are subject to substantial credit risk.
 
Obligations rated " B " are considered speculative and are subject to high credit risk.
 
Obligations rated " Caa " are judged to be of poor standing and are subject to very high credit risk.
 
Obligations rated " Ca " are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.
 
Obligations rated " C " are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest.
 
Note:  Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa.  The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic rating category.
 
Short-Term Ratings .   Moody's short-term ratings are opinions of the ability of issuers to honor short-term financial obligations.  Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments.  Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.
 
Moody's employs the following designations to indicate the relative repayment ability of rated issuers:
 
P-1
Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.
   
P-2
Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.
   
P-3
Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term debt obligations.
   
NP
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

U.S. Municipal Short-Term Debt and Demand Obligation Ratings .
 
Short-Term Obligation Ratings .  There are three rating categories for short-term municipal obligations that are considered investment grade.  These ratings are designated as Municipal Investment Grade ("MIG") and are divided into three levels—MIG 1 through MIG 3.  In addition, those short-term obligations that are of speculative quality are designated SG, or speculative grade.  MIG ratings expire at the maturity of the obligation.
 
MIG 1
This designation denotes superior credit quality.  Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.
   
MIG 2
This designation denotes strong credit quality.  Margins of protection are ample, although not as large as in the preceding group.
   
MIG 3
This designation denotes acceptable credit quality.  Liquidity and cash flow protection may be narrow, and market access for refinancing is likely to be less well-established.
   
SG
This designation denotes speculative-grade credit quality.  Debt instruments in this category may lack sufficient margins of protection.

Demand Obligation Ratings .  In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned; a long- or short-term debt rating and a demand obligation rating.  The first element represents Moody's evaluation of the degree of risk associated with scheduled principal and interest payments.  The second element represents Moody's evaluation of the degree of risk associated with the ability to receive purchase price upon demand ("demand feature"), using a variation of the MIG rating scale, the Variable Municipal Investment Grade or VMIG rating.
 
When either the long- or short-term aspect of a VRDO is not rated, that piece is designated NR, e.g. , Aaa/NR or NR/VMIG 1.
 
VMIG rating expirations are a function of each issue's specific structural or credit features.
 
VMIG 1
This designation denotes superior credit quality.  Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.
   
VMIG 2
This designation denotes strong credit quality.  Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.
   
VMIG 3
This designation denotes acceptable credit quality.  Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.
   
SG
This designation denotes speculative-grade credit quality.  Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

 
Fitch
 
Corporate Finance Obligations — Long-Term Rating Scales .   Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale.  In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability also is included in the rating assessment.  This notably applies to covered bond ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.
 
The relationship between issuer scale and obligation scale assumes an historical average recovery of between 30%–50% on the senior, unsecured obligations of an issuer.  As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower or the same as that entity's issuer rating.
 
Highest credit quality:  " AAA " ratings denote the lowest expectation of credit risk.  They are assigned only in cases of exceptionally strong capacity for payment of financial commitments.  This capacity is highly unlikely to be adversely affected by foreseeable events.
 
Very high credit quality:  " AA " ratings denote expectations of very low credit risk.  They indicate very strong capacity for payment of financial commitments.  This capacity is not significantly vulnerable to foreseeable events.
 
High credit quality:  " A " ratings denote expectations of low credit risk.  The capacity for payment of financial commitments is considered strong.  This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.
 
Good credit quality:  " BBB " ratings indicate that expectations of credit risk are currently low.  The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.
 
Speculative:  " BB " ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.
 
Highly speculative:  " B " ratings indicate that material credit risk is present.
 
Substantial credit risk:  " CCC " ratings indicate that substantial credit risk is present.
 
Very high levels of credit risk:  " CC " ratings indicate very high levels of credit risk.
 
Exceptionally high levels of credit risk:  " C " indicates exceptionally high levels of credit risk.
 
Defaulted obligations typically are not assigned "D" ratings, but are instead rated in the "B" to "C" rating categories, depending upon their recovery prospects and other relevant characteristics.  This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.
 
Note:  The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories.  Such suffixes are not added to the "AAA" obligation rating category, or to corporate finance obligation ratings in the categories below "B."
 
Structured, Project & Public Finance Obligations — Long-Term Rating Scales .   Ratings of structured finance, project finance and public finance obligations on the long-term scale, including the financial obligations of sovereigns, consider the obligations' relative vulnerability to default.  These ratings are typically assigned to an individual security or tranche in a transaction and not to an issuer.
 
Highest credit quality:  " AAA " ratings denote the lowest expectation of default risk.  They are assigned only in cases of exceptionally strong capacity for payment of financial commitments.  This capacity is highly unlikely to be adversely affected by foreseeable events.
 
Very high credit quality:  " AA " ratings denote expectations of very low default risk.  They indicate very strong capacity for payment of financial commitments.  This capacity is not significantly vulnerable to foreseeable events.
 
High credit quality:  " A " ratings denote expectations of low default risk.  The capacity for payment of financial commitments is considered strong.  This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.
 
Good credit quality:  " BBB " ratings indicate that expectations of default risk are currently low.  The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.
 
Speculative:  " BB " ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time.
 
Highly speculative:  " B " ratings indicate that material default risk is present, but a limited margin of safety remains.  Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.
 
Substantial credit risk:  " CCC " indicates that default is a real possibility.
 
Very high levels of credit risk:  " CC " indicates that default of some kind appears probable.
 
Exceptionally high levels of credit risk:  " C " indicates that default appears imminent or inevitable.
 
Default:  " D " indicates a default.  Default generally is defined as one of the following: failure to make payment of principal and/or interest under the contractual terms of the rated obligation; the bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of the business of an issuer/obligor; or the coercive exchange of an obligation, where creditors were offered securities with diminished structural or economic terms compared with the existing obligation.
 
Short-Term Ratings Assigned to Obligations in Corporate, Public and Structured Finance .   A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation.  Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention.  Typically, this means up to 13 months for corporate, sovereign and structured obligations, and up to 36 months for obligations in U.S. public finance markets.
 
Highest short-term credit quality:  " F1 " indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.
 
Good short-term credit quality:  " F2 " indicates good intrinsic capacity for timely payment of financial commitments.
 
Fair short-term credit quality:  " F3 " indicates that the intrinsic capacity for timely payment of financial commitments is adequate.
 
Speculative short-term credit quality:  " B " indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.
 
High short-term default risk:  " C " indicates that default is a real possibility.
 
Restricted default:  " RD " indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations.  Applicable to entity ratings only.
 
Default:   " D " indicates a broad-based default event for an entity, or the default of a specific short-term obligation.
 
DBRS
 
Long Term Obligations .   The DBRS long-term rating scale provides an opinion on the risk of default.  That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued.  Ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims.  All ratings categories other than AAA and D also contain subcategories "(high)" and "(low)."  The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category.
 
Long-term debt rated " AAA" is considered to be of the highest credit quality.  The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.
 
Long-term debt rated " AA " is considered to be of superior credit quality.  The capacity for the payment of financial obligations is considered high.  Credit quality differs from AAA only to a small degree.  Unlikely to be significantly vulnerable to future events.
 
Long-term debt rated " A " is considered to be of good credit quality.  The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA.  May be vulnerable to future events, but qualifying negative factors are considered manageable.
 
Long-term debt rated " BBB " is considered to be of adequate credit quality.  The capacity for the payment of financial obligations is considered acceptable.  May be vulnerable to future events.
 
Long-term debt rated " BB " is considered to be of speculative, non-investment-grade credit quality.  The capacity for the payment of future obligations is uncertain.  Vulnerable to future events.
 
Long-term debt rated " B " is considered to be of highly speculative credit quality.  There is a high level of uncertainty as to the capacity to meet financial obligations.
 
Long-term debt rated " CCC ," " CC " or " C " is of very highly speculative credit quality.  In danger of defaulting on financial obligations.  There is little difference between these three categories, although CC and C ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the CCC to B range.  Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the C category.
 
A " D " rating implies a financial obligation has not been met or it is clear that a financial obligation will not met in the near future or a debt instrument has been subject to a distressed exchange.  A downgrade to D may not immediately follow an insolvency or restructuring filing as grace periods or extenuating circumstances may exist.
 
Commercial Paper and Short Term Debt .   The DBRS short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner.  Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims.  The R-1 and R-2 rating are further denoted by the subcategories "(high)," "(middle)" and "(low)."
 
Short-term debt rated " R-1 (high) " is considered to be of the highest credit quality.  The capacity for the payment of short-term financial obligations as they fall due is exceptionally high.  Unlikely to be adversely affected by future events.
 
Short-term debt rated " R-1 (middle) " is considered to be of superior credit quality.  The capacity for the payment of short-term financial obligations as they fall due is very high.  Differs from R-1 (high) by a relatively modest degree.  Unlikely to be significantly vulnerable to future events.
 
Short-term debt rated " R-1 (low) " is considered to be of good credit quality.  The capacity for the payment of short-term financial obligations as they fall due is substantial.  Overall strength is not as favorable as higher rating categories.  May be vulnerable to future events, but qualifying negative factors are considered manageable.
 
Short-term debt rated " R-2 (high) " is considered to be at the upper end of adequate credit quality.  The capacity for the payment of short-term financial obligations as they fall due is acceptable.  May be vulnerable to future events.
 
Short-term debt rated " R-2 (middle) " is considered to be of adequate credit quality.  The capacity for the payment of short-term financial obligations as they fall due is acceptable.  May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.
 
Short-term debt rated " R-2 (low) " is considered to be at the lower end of adequate credit quality.  The capacity for the payment of short-term financial obligations as they fall due is acceptable.  May be vulnerable to future events.  A number of challenges are present that could affect the issuer's ability to meet such obligations.
 
Short-term debt rated " R-3 " is considered to be at the lowest end of adequate credit quality.  There is a capacity for the payment of short-term financial obligations as they fall due.  May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.
 
Short-term debt rated " R-4 " is considered to be of speculative credit quality.  The capacity for the payment of short-term financial obligations as they fall due is uncertain.
 
Short-term debt rated " R-5 " is considered to be of highly speculative credit quality.  There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.
 
A security rated " D " implies that a financial obligation has not been met or it is clear that a financial obligation will not met in the near future, or a debt instrument has been subject to a distressed exchange.  A downgrade to D may not immediately follow an insolvency or restructuring filing as grace periods, other procedural considerations or extenuating circumstances may exist.
 
ADDITIONAL INFORMATION ABOUT THE BOARD
 
Boards' Oversight Role in Management
 
The boards' role in management of the funds is oversight.  As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the funds, primarily the Manager and its affiliates, have responsibility for the day-to-day management of the funds, which includes responsibility for risk management (including management of investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk).  As part of their oversight, the boards, acting at their scheduled meetings, or the Chairman, acting between board meetings, regularly interacts with and receives reports from senior personnel of the Manager and its affiliates, service providers, including the Manager's Chief Investment Officer (or a senior representative of his office), the funds' and the Manager's Chief Compliance Officer and portfolio management personnel.  The boards' audit committee (which consists of all Independent Board Members) meets during its regularly scheduled and special meetings, and between meetings the audit committee chair is available to the funds' independent registered public accounting firm and the funds' Chief Financial Officer.  The boards also receive periodic presentations from senior personnel of Dreyfus and its affiliates regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, anti-money laundering, personal trading, valuation, credit, investment research and securities lending.  As warranted, the boards also receive informational reports from the boards' independent legal counsel (and, if applicable, separate counsel to the fund) regarding regulatory compliance and governance matters.  The boards have adopted policies and procedures designed to address certain risks to the funds.  In addition, the Manager and other service providers to the funds have adopted a variety of policies, procedures and controls designed to address particular risks to the funds.  Different processes, procedures and controls are employed with respect to different types of risks.  However, it is not possible to eliminate all of the risks applicable to the funds, and the boards' risk management oversight is subject to inherent limitations.
 
Board Composition and Leadership Structure
 
The 1940 Act requires that at least 40% of the board members be Independent Board Members and as such are not affiliated with the Manager.  To rely on certain exemptive rules under the 1940 Act, a majority of the funds' board members must be Independent Board Members, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent Board Members.  Currently, except as noted in Part I of this SAI, all of the funds' board members, including the Chairman of the Boards, are Independent Board Members.  The boards have determined that their leadership structure, in which the Chairman of the Boards is not affiliated with the Manager, is appropriate in light of the specific characteristics and circumstances of the funds, including, but not limited to:  (i) the services that the Manager and its affiliates provide to the funds and potential conflicts of interest that could arise from these relationships; (ii) the extent to which the day-to-day operations of the funds are conducted by fund officers and employees of the Manager and its affiliates; and (iii) the boards' oversight role in management of the funds.
 
Additional Information About the Boards and Their Committees
 
Board members are elected to serve for an indefinite term.  The boards have standing audit, nominating, compensation, litigation and pricing committees.  The functions of the audit committees are (i) to oversee the funds' accounting and financial reporting processes and the audits of the funds' financial statements and (ii) to assist in the boards' oversight of the integrity of the funds' financial statements, the funds' compliance with legal and regulatory requirements and the independent registered public accounting firm's qualifications, independence and performance.  The nominating committees are responsible for selecting and nominating persons as members of the boards for election or appointment by the boards and for election by shareholders.  In evaluating potential nominees, including any nominees recommended by shareholders, a committee takes into consideration various factors listed in the nominating committee charter.  The nominating committees will consider recommendations for nominees from shareholders submitted to the Secretary of the Dreyfus Family of Funds, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 7 th Floor East, New York, New York 10166, which include information regarding the recommended nominee as specified in the nominating committee charter.  The function of the compensation committees is to establish appropriate compensation for serving on the boards.  The litigation committee seeks to address any potential conflicts of interest between the funds and the Manager in connection with any potential or existing litigation or other legal proceeding relating to securities held by a fund and held or otherwise deemed to have a beneficial interest held by the Manager or its affiliate.  The boards (other than the boards of the money market funds) also have standing pricing committees comprised of any one board member; the function of the pricing committee is to assist in valuing fund investments.
 
MANAGEMENT ARRANGEMENTS
 
The Manager
 
The Manager is a wholly-owned subsidiary of BNY Mellon.  Dreyfus is the primary mutual fund business of The Bank of New York Mellon Corporation, a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading investment management and investment services company, uniquely focused to help clients manage and move their financial assets in the rapidly changing global marketplace.  BNY Mellon Investment Management is one of the world's leading investment management organizations, and one of the top U.S. wealth managers, encompassing BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies.  Additional information is available at www.bnymellon.com .
 
Pursuant to a management or advisory agreement applicable to each fund, the Manager generally maintains office facilities on behalf of the funds, and furnishes statistical and research data, clerical help, data processing, bookkeeping and internal auditing and certain other required services to the funds (including, when a fund does not have a separate administration agreement, accounting and administration services).
 
As further described below under "Distributor," Dreyfus may pay the Distributor or financial intermediaries for shareholder or other services from Dreyfus' own assets, including past profits but not including the management fee paid by the funds.  The Distributor may use part or all of such payments to pay Service Agents.  Dreyfus also may make such advertising and promotional expenditures, using its own resources, as it from time to time deems appropriate.
 
Sub-Advisers
 
See the prospectus to determine if any of the information about Sub-Advisers (below and elsewhere in this SAI) applies to your fund.
 
For funds with one or more Sub-Advisers, the Manager or the fund has entered into a Sub-Advisory Agreement with each Sub-Adviser.  A Sub-Adviser provides day-to-day investment management of a fund's portfolio (or a portion thereof allocated by the Manager), and certain related services.
 
The following is a list of persons (to the extent known by the fund) who are deemed to control each Sub-Adviser by virtue of ownership of stock or other interests of the Sub-Adviser.  Companies listed are in the asset management or other financial services business.  For Alcentra, CenterSquare, Mellon Capital, Newton, Standish, TBCAM and Walter Scott, which are all subsidiaries of BNY Mellon, see "The Manager" above for ownership information.
 
CCM :  Andrew S. Cupps
 
Channing : Rodney B. Herenton/Herenton Capital Management, LLC, Wendell E. Mackey and Eric T. McKissack
 
EAM :  Montie L. Weisenberger, Travis Prentice, Joshua Moss, Frank Hurst, Derek Gaertner, Byron Roth and CR Financial Holdings, Inc.
 
Geneva :  Amy S. Croen, William A. Priebe, Michelle Jean Picard, Kris Amborn, William S. Priebe, James Gerard O'Brien, Christopher Keene Yarbrough, Charles Spurgeon Thompson, Scott E. Volk, Henderson Global Investors (North America) Inc., Henderson International Inc., Henderson Global Investors (International Holdings) BV, Henderson Holdings Limited, Henderson Global Investors (Holdings) PLC, HGI Group Limited, Henderson Holdings Group Limited, Henderson Global Group Limited, Henderson Group Plc, Henderson Group Holdings Asset Management Limited and HGI Asset Management Group Limited
 
Granite : Geoffrey Edelstein, Robert Foran, Bradley Slocum, Gary Rolle, Joshua Shaskan, Jeffrey Hoo, Edward Han, Peter Lopez, Douglas Morse, Richard Passafiume and Erik Rolle
 
Hamon :  Hugh Simon, Hamon Investment Holdings Limited, Hamon Investment Holdings Ltd., Simon Associates Ltd. and The Hamon Investment Group Pte Limited; Hamon also is an affiliate of BNY Mellon
 
Iridian :  David L. Cohen, Harold J. Levy, Jeffrey Elliott, Lane Steven Bucklan, Arovid Associates LLC, Alhero LLC and LLMD LLC
 
Kayne :  Stephen Rigali, Robert Schwartzkopf, Jeannine Vanian, Douglas Foreman, Virtus Partners, Inc. and Virtus Investment Partners, Inc. ("Virtus")
 
Kingsford Capital :  Brian M. Cooney, Louis W. Corrigan, Kelly A. Mazzucco and Michael I. Wilkins
 
Lombardia :  George Castro, Leslie Waite, Fernando Inzunza, Alvin Marley, Kelly Ko, Wendell Williams, Alvin Polit and Lombardia Capital Partners, Inc.
 
Neuberger Berman :  Robert Conti, Joseph Amato, Bradley Tank, Jason Ainsworth, James Dempsey, Neuberger Berman Holdings LLC, Lehman Brothers Holdings Inc., Neuberger Berman Group LLC and NBSH Acquisition, LLC
 
Nicholas :  Catherine C. Somhegyi Nicholas, Arthur E. Nicholas and Nicholas Investment Partners, LLC
 
Owl Creek :  Jeffrey A. Altman, Daniel E. Krueger, Jeffrey F. Lee and Daniel J. Sapadin
 
Perella :  Daniel J. Arbess, Tarek F. Abdel-Meguid, Sandra M. Haas, Aaron F. Hood, Joseph R. Perella, Andrew N. Siegel, Perella Weinberg Partners Capital Management GP LLC, Perella Weinberg Partners Group LP, Perella Weinberg Partners LLC, PWP Group GP LLC, PWP MC LP and NoCo A L.P.
 
RHJ :  Thomas McDowell, Carl Obeck, Thuong-Thao Buu-Hoan, Timothy Todaro and Cara Thome
 
Riverbridge :  Andrew Turner, Mark A. Thompson, Rick Moulton, Jonathan Little, Richard Potter, Colin Sharp, Ernesto Bertarelli, Donata Bertarelli, Northill US Holdings, Inc., Northill Jersey Holdings LP, Northill Capital (Jersey) LP, Northill Capital Holdings Limited, Donata Bertarelli Northill Discretionary Trust, NCT Limited, Ernesto Bertarelli Northill Discretionary Trust, Northill Purpose Trust, NC PT Limited, Landmark LP and LM (GP) Limited
 
Sarofim & Co. :  Fayez S. Sarofim, Raye White and The Sarofim Group, Inc.
 
Sirios :  John F. Brennan, Jr. and Sirios Associates, L.L.C.
 
Standard Pacific :  G. Douglas Dillard, Raj Venkatesan, SPH GP, LLC and Standard Pacific Partners, L.P.
 
Three Bridges :  Steven Anthony Mecca, Keith Joseph O'Connor, Euene Aaron Salamon and Three Bridges Capital Holdings, LLC
 
TOBAM :  David Bellaiche, Yves Choueifaty, Tristan A. Froidure, Maylis Lhotellier, Christophe Roehri, TOBAM Holding Company and TOBEMP
 
TS&W :  Horace Whitworth, Cheryl Mounce, Lawrence Gibson, Herbert Thomson, Frank Reichel, Lori Anderson, Jessica Thompson, Aidan Riordan, Old Mutual (US) Holdings, Inc., OM Group (UK) Limited, Old Mutual plc and TS&W Investment GP LLC
 
Union Point :  The principal owner of Union Point Advisors, LLC is Christopher Aristides, who owns his interests indirectly through one or more intermediate entities.
 
Walthausen :  John B. Walthausen
 
Portfolio Allocation Manager
 
EACM, a wholly-owned subsidiary of BNY Mellon, has been engaged as the Portfolio Allocation Manager for certain funds as described in the prospectus.  EACM is responsible for evaluating and recommending Sub-Advisers for these funds.  It is expected that differences in investment returns among the portions of a fund managed by different Sub-Advisers will cause the actual percentage of the fund's assets managed by each Sub-Adviser to vary over time.
 
Portfolio Managers and Portfolio Manager Compensation
 
See the prospectus to determine which portions of the information provided below apply to your fund.
 
For funds other than money market funds, an Affiliated Entity or the Sub-Adviser(s), as applicable, provide the funds with portfolio managers who are authorized by the board to execute purchases and sales of securities.  For the TBCAM Stock Funds, portfolio managers are employed by the Manager.  Portfolio managers are compensated by the company that employs them, and are not compensated by the funds.  Each fund's portfolio managers are listed in Part I of this SAI.
 
The following provides information about the compensation policies for portfolio managers.
 
Alcentra .  Alcentra's compensation arrangements include a fixed salary, discretionary cash bonus and a number of long term incentive plans that are structured to align an employee's interest with the firm's longer term goals.  Portfolio managers are compensated in line with portfolio performance, rather than the growth of assets under management.  Other factors that may be taken into consideration include asset selection and trade execution and management of portfolio risk.
 
CCM .  Through Andrew Cupps' ownership of the firm, he participates directly in the revenue of the firm, which is determined by the performance of the firm's accounts, including the relevant funds, and the assets under management by the firm.  He also is compensated with a base salary.
 
CenterSquare .  The portfolio managers' compensation is comprised of a market-based salary and incentive compensation, including both annual and long-term retention incentive awards.  Portfolio managers' incentive opportunities are 100% discretionary and are pre-established for each individual based upon competitive industry compensation benchmarks.
 
In addition to annual incentives, portfolio managers also are eligible to participate in CenterSquare's Long Term Incentive Cash Award Plan.  This plan provides for an annual award, payable to participants (generally to senior level executives) 50% in deferred cash and 50% in BNY Mellon Restricted Stock.  These awards have a three-year cliff vest, with the participant becoming 100% vested on the third anniversary of the grant date, provided the employee remains an employee of the company.  The deferred cash portion is generally invested by CenterSquare in affiliated mutual funds.
 
Channing .  Total compensation is comprised of (1) base salaries, (2) performance bonuses, (3) equity participations, where applicable, and (4) benefits.  For investment professionals, the bonus component is determined based on equal weighting of four factors: firm performance, product performance, individual performance and management discretion.  Channing has a stock incentive program where key employees may be allocated phantom equity, with an intended five-year growth trajectory (20% each year) into ownership stakes.
 
EACM .  Employees at EACM, including investment professionals ( e.g ., portfolio managers), generally receive two forms of compensation: a base salary and a discretionary annual bonus (based on the firm's profitability and their performance).  The discretionary bonus is based upon an individual's overall performance, with as much emphasis (for the relevant personnel) on contribution to the risk monitoring and quality control areas as there is on generating superior performance.  Personal performance and firm performance are roughly equally weighted.  As part of EACM's retention plan for key management personnel, a portion of each annual bonus pool also is invested in an offshore fund of hedge funds managed by EACM and vests over a period of three years.
 
EAM .  Portfolio managers at EAM are paid a base salary in line with industry benchmarks and participate in EAM's revenue share plan.  Portfolio managers also are compensated by distribution of profits based on ownership.
 
Geneva .  Geneva's investment professionals have significant short and long-term financial incentives.  In general, the compensation plan is based on pre-defined, objective, measurable investment performance and performance goals that are ambitious, but attainable.
 
The compensation structure for Geneva's investment professionals consists of four primary elements.  There is a competitive base salary together with a short-term incentive bonus plan.  In addition, there are two further incentive-based packages for senior investment professionals that reward staff on both individual and team performance, reflecting profitable asset growth.  "Profitable asset growth" refers to the increase in Geneva's revenues generated less the increase in costs.  It is typically calculated per team on a calendar year basis.  Members of the relevant team receive a share of this growth, which is typically paid over a three year period.  Managers are also granted an award in a long-term incentive program that is based on several factors, including the profitability of Geneva's parent company.
 
Granite .  Compensation of portfolio managers at Granite includes base compensation and revenue-based and performance-based compensation for each team (Small Cap and Large Cap) and, if principals, a profits interest in Granite.  The overall compensation structure is reviewed annually for market competitiveness with an objective of offering compensation structures in the top third as compared to industry peers.  Portfolio managers, and other key investment personnel, have membership interests in Granite and are evaluated on an annual basis to determine additional allocations of membership interests.  Such interests entitle the members to distribution of profits as well as certain liquidity features.  The interests effectively vest over a determined time period so as to provide a retention incentive.
 
Hamon .  Portfolio manager compensation is comprised of a market-based salary and an annual incentive plan.  Under the annual incentive plan, portfolio managers may receive a bonus of up to two times their annual salary, at the discretion of management.  In determining the amount of the bonus, significant consideration is given to the portfolio manager's investment portfolio performance over a one-year period (weighted 75%) and a three-year period (weighted 25%) compared to peer groups and relevant indexes.  Other factors considered are individual qualitative performance, asset size and revenue growth of the product and funds managed by the portfolio manager.
 
Iridian .  Iridian's compensation structure includes the following components:  base salary, 401(k) retirement plan, and annual bonus if warranted by the overall financial success of the firm.  Bonuses are based on performance.
 
Kayne .  Kayne's compensation structure includes a base salary, an incentive bonus opportunity and a benefits package.
 
Base Salary .  Kayne pays each of its portfolio managers a fixed base salary, which is designed to be competitive in light of the individual's experience and responsibilities.  Kayne management uses compensation survey results of investment industry compensation conducted by an independent third party in evaluating competitive market compensation for its investment management professionals.
 
Incentive Bonus .  Incentive bonus pools at Kayne are based upon individual firm profits and in some instances overall Virtus profitability.  Individual payments are assessed using comparisons of actual investment performance with specific peer group or index measures established at the beginning of each calendar year.  Performance of a fund managed is measured over one-, three and five-year periods.  Generally, an individual manager's participation is based on the performance of the funds/accounts managed as weighted roughly by total assets in each of these funds/accounts.  In certain instances, comparison of portfolio risk factors to peer or index risk factors, as well as achievement of qualitative goals, also may be components of the individual payment potential.  The short-term incentive payment is generally paid in cash, but a portion may be made in Virtus Restricted Stock Units.
 
Other Benefits .  Portfolio managers at Kayne also are eligible to participate in broad-based plans offered generally to employees of Virtus and its affiliates, including 401(k), health and other employee benefit plans.  While portfolio manager compensation contains a performance component, this component is adjusted by Kayne to reward investment personnel for managing within the stated framework and for not taking unnecessary risk.
 
Kingsford Capital .  Portfolio managers receive a salary plus a discretionary bonus and retirement contribution.
 
Lombardia .  Lombardia's compensation packages for its portfolio managers are comprised of base salaries and performance bonuses.  For performance bonuses, each investment professional is evaluated by Lombardia's compensation committee using a combination of quantitative and subjective factors.  The quantitative weight is 65% and the subjective weight is 35%.  The quantitative measure is based on an internal attribution report broken down by analyst and focused on stock selection.  Given that each of Lombardia's products has a stock picking strategy, Lombardia believes that this is the best measure of added value.  Lombardia's compensation committee then considers three factors:  (i) new idea generation, (ii) teamwork and (iii) work ethic.  New idea generation is intended to capture the quality and frequency of new idea generation.  This factor credits or penalizes ideas that do not make it into the portfolios.  Teamwork and work ethic will be measured both within individual teams and across the organization.  The compensation of Alvin W. Marley, a 25% owner of the firm, also is based on overall firm profitability.
 
Mellon Capital .  The primary objectives of the Mellon Capital compensation plans are to:
 
 
·
Motivate and reward superior investment and business performance
 
 
·
Motivate and reward continued growth and profitability
 
 
·
Attract and retain high-performing individuals critical to the on-going success of Mellon Capital
 
 
·
Create an ownership mentality for all plan participants
 
Cash compensation is comprised primarily of a market-based base salary and (variable) incentives (cash and deferred).  Base salary is determined by the employees' experience and performance in the role, taking into account the ongoing compensation benchmark analyses.  Base salary is generally a fixed amount that may change as a result of an annual review, upon assumption of new duties, or when a market adjustment of the position occurs.  Funding for the Mellon Capital Annual and Long Term Incentive Plan is through a pre-determined fixed percentage of overall Mellon Capital profitability.  Therefore, all bonus awards are based initially on Mellon Capital's financial performance.  Annual incentive opportunities are pre-established for each individual, expressed as a percentage of base salary ("target awards").  These targets are derived based on a review of competitive market data for each position annually.  Annual awards are determined by applying multiples to this target award.  Awards are 100% discretionary.  Factors considered in awards include individual performance, team performance, investment performance of the associated portfolio(s) (including both short and long term returns) and qualitative behavioral factors.  Other factors considered in determining the award are the asset size and revenue growth/retention of the products managed (if applicable).  Awards are paid partially in cash with the balance deferred through the Long Term Incentive Plan.
 
Participants in the Long Term Incentive Plan have a high level of accountability and a large impact on the success of the business due to the position's scope and overall responsibility.  This plan provides for an annual award, payable in cash after a three-year cliff vesting period, as well as a grant of BNY Mellon Restricted Stock for senior level roles.
 
The same methodology described above is used to determine portfolio manager compensation with respect to the management of mutual funds and other accounts.  Mutual fund portfolio managers are also eligible for the standard retirement benefits and health and welfare benefits available to all Mellon Capital employees.  Certain portfolio managers may be eligible for additional retirement benefits under several supplemental retirement plans that Mellon Capital provides to restore dollar-for-dollar the benefits of management employees that had been cut back solely as a result of certain limits due to tax laws.  These plans are structured to provide the same retirement benefits as the standard retirement benefits.  In addition, mutual fund portfolio managers whose compensation exceeds certain limits may elect to defer a portion of their salary and/or bonus under the BNY Mellon Deferred Compensation Plan for Employees.
 
Neuberger Berman .  Neuberger Berman's compensation philosophy is one that focuses on rewarding performance and incentivizing its employees.  Neuberger Berman also is focused on creating a compensation process that is fair, transparent, and competitive with the market.  Compensation for portfolio managers is more heavily weighted on the variable portion of total compensation and reflects individual performance, overall contribution to the team, collaboration with colleagues across Neuberger Berman and, most importantly, overall investment performance.  The bonus for a portfolio manager is determined by using a formula which may or may not contain a discretionary component.  The discretionary component is determined on the basis of a variety of criteria including investment performance (including the pre-tax three-year track record in order to emphasize long-term performance), utilization of central resources (including research, sales and operations/support), business building to further the longer term sustainable success of the investment team, effective team/people management and overall contribution to the success of Neuberger Berman.  In addition, compensation of portfolio managers at other comparable firms is considered, with an eye toward remaining competitive with the market.  The terms of long-term retention incentives at Neuberger Berman are as follows:
 
Employee-Owned Equity .  An integral part of the management buyout of Neuberger Berman in 2009 was implementing an equity ownership structure which embodies the importance of incentivizing and retaining key investment professionals.  The senior portfolio managers on the mutual fund teams are key shareholders in the equity ownership structure.  On a yearly basis over the subsequent five years, the equity ownership allocations will be re-evaluated and re-allocated based on performance and other key metrics.  A set percentage of employee equity and preferred stock is subject to vesting.
 
Contingent Compensation Plan .  Neuberger Berman also has established the Neuberger Berman Group Contingent Compensation Plan pursuant to which a certain percentage of an employee's compensation is deemed contingent and vests over a three-year period.  Under the plan, most participating employees who are members of mutual fund investment teams will receive a cash return on their contingent compensation with a portion of such return being determined based on the team's investment performance, as well as the performance of a portfolio of other investment funds managed by Neuberger Berman Group investment professionals.
 
Restrictive Covenants .  Portfolio managers who have received equity interests have agreed to certain restrictive covenants, which impose obligations and restrictions with respect to confidential information and employee and client solicitation.
 
Certain portfolio managers may manage products other than mutual funds, such as high-net-worth separate accounts.  For the management of these accounts, a portfolio manager may generally receive a percentage of pre-tax revenue determined on a monthly basis less certain deductions ( e.g. , a "finder's fee" or "referral fee" paid to a third party).  The percentage of revenue a portfolio manager receives will vary based on certain revenue thresholds.
 
Newton .  Portfolio manager compensation is primarily comprised of a market-based salary, annual cash bonus and participation in the Newton Long Term Incentive Plan.  The level of variable compensation (annual cash bonus and Newton Long Term Incentive Plan) ranges from 0% of base salary to in excess of 200% of base salary, depending upon corporate profits, team performance and individual performance.  The annual cash bonus is discretionary.  Portfolio manager awards are heavily weighted towards their investment performance relative to both benchmarks and peer comparisons and individual qualitative performance.  Awards also are reviewed against market data from industry compensation consultants such as McLagan Partners to ensure comparability with competitors.  The portfolio managers also are eligible to participate, at the discretion of management, in the Newton Long Term Incentive Plan.  This plan provides for an annual cash award that vests after four years.  The value of the award may change during the vesting period based upon changes in Newton's operating income.  Portfolio managers also are eligible to join the BNY Mellon Group Personal Pension Plan.  Employer contributions are invested in individual member accounts. The value of the fund is not guaranteed and fluctuates based on market factors.
 
Nicholas .  Portfolio managers are partners of the firm.  Nicholas' compensation structure for its portfolio managers specifically aligns their goals with that of Nicholas' clients, rewards investment performance and promotes teamwork through their partnership in the firm.  Portfolio managers typically receive a base salary and, as partners of the firm, proportionately share in the aggregate profits of Nicholas.  In addition to cash compensation, portfolio managers receive a benefit package.
 
Owl Creek .  Portfolio managers are partners of Owl Creek.  As partners of the firm, they are entitled to receive allocations of a portion of the firm's net profits.  In addition, partners receive base salaries and may be eligible for discretionary bonuses.  A portion of the partners' compensation is subject to vesting.
 
Perella .  Members of the investment team are compensated primarily from the net revenues they generate.  Individual compensation is determined by the portfolio manager in conjunction with the head of Asset Management.  Generally, investment team members are paid a base salary and a discretionary bonus that is dependent upon performance and other factors.  All partners are given an equity interest in the adviser.
 
RHJ .  Compensation of portfolio managers at RHJ includes base compensation and bonus.  In addition, Messrs. Holtz and Lipsker participate in revenues generated by the strategies they manage.
 
Riverbridge .  Riverbridge has three levels of compensation for investment team members.  Investment team members are compensated with a base compensation believed to be industry competitive relative to their level of responsibility.  The second level of compensation is predicated on the overall performance of the investment team and individual contributions to the team.  The chief investment officer makes a qualitative evaluation of the performance of the individual team member that contemplates contributions made for the current year and considers contributions made during the course of the last several years.  Evaluation factors include, but are not limited to, the performance of the relevant funds and other accounts managed relative to expectations for how those funds and accounts should have performed, given their objective, policies, strategies and limitations, and the market environment during the measurement period.  This performance factor is not based on the value of assets held in the portfolio strategy.  Additional factors considered include quality of research conducted, contributions made to the overall betterment of the investment team and contribution to the betterment of the firm.  The actual variable compensation may be more or less than the target amount, based on how well the individual satisfies the objectives stated above.  Multi-year time periods are used to evaluate the individual performance of investment team members.  Riverbridge stresses superior long-term performance and accordingly benchmarks portfolio managers' performance against comparable peer managers and the appropriate strategy benchmark.  The third level of compensation is ownership in the firm.
 
Sarofim & Co .  The portfolio managers are compensated through (i) payment of a fixed annual salary and discretionary annual bonus that may be based on a number of factors, including fund performance, the performance of other accounts and the overall performance of Sarofim & Co. over various time frames, including one-year, two-year and three-year periods, and (ii) the possible issuance of stock options.  The fixed annual salary amounts and the discretionary annual bonus amounts constitute the largest component of the portfolio managers' compensation, and these amounts are determined annually through a comprehensive review process pursuant to which executive officers and the members of Sarofim & Co.'s board of directors review and consider the accomplishments and development of each portfolio manager, especially with respect to those client accounts involving the portfolio manager.  A lesser component of the portfolio managers' compensation results from the possible issuance of stock options.  Portfolio managers are sometimes granted stock options and incentive stock options to acquire shares of the capital stock of The Sarofim Group, Inc., the ultimate corporate parent of Sarofim & Co.  The decisions as to whether to issue such options and to whom the options are to be issued are made in conjunction with the annual salary and bonus review process, and the options are issued pursuant to a stock option plan adopted by The Sarofim Group, Inc.  The options are not based on the particular performance or asset value of any particular client account or of all client accounts as a group, but rather the performance and accomplishments of the individual to whom the option is to be granted.  There are various aspects of the review process that are designed to provide objectivity, but, in the final analysis, the evaluation is a subjective one that is based upon a collective overall assessment.  There are, however, no specified formulas or benchmarks tied to the particular performance or asset value of any particular client account or of all client accounts as a group.
 
Sirios .  Investment professionals receive a fixed base salary and a discretionary bonus based on individual and overall performance.  In addition, senior investment professionals may receive a percentage of the incentive fee paid by certain clients.
 
Standard Pacific .  Mr. Venkatesan receives a salary and retirement contribution and participates in firm profits.
 
Standish .  The portfolio managers' compensation is comprised primarily of a market-based salary and an incentive compensation plan (annual and long-term).  Funding for the Standish Incentive Plan is through a pre-determined fixed percentage of overall company profitability.  Therefore, all bonus awards are based initially on Standish's overall performance as opposed to the performance of a single product or group.  All investment professionals are eligible to receive incentive awards.  Cash awards are payable in the February month end pay of the following year.  Most of the awards granted have some portion deferred for three years in the form of deferred cash, BNY Mellon equity, interests in investment vehicles (consisting of investments in a range of Standish products), or a combination of the above.  Individual awards for portfolio managers are discretionary, based on both individual and multi-sector product risk adjusted performance relative to both benchmarks and peer comparisons over one year, three year and five year periods.  Also considered in determining individual awards are team participation and general contributions to Standish.  Individual objectives and goals are also established at the beginning of each calendar year and are taken into account.  Portfolio managers whose compensation exceeds certain levels may elect to defer portions of their base salaries and/or incentive compensation pursuant to BNY Mellon's Elective Deferred Compensation Plan.
 
TBCAM .  TBCAM's rewards program was designed to be market competitive and align its compensation with the goals of its clients.  This alignment is achieved through an emphasis on deferred awards which incentivizes its investment personnel to focus on long-term alpha generation.  The following factors encompass its investment professional awards program:  base salary, annual cash bonus, long-term incentive plan, deferred cash, BNY Mellon restricted stock, TBCAM restricted shares and a franchise dividend pool ( i.e ., if a team meets a pre-established contribution margin, any excess contribution is shared by the team and TBCAM and is paid out in both cash and long-term incentives).
 
Incentive compensation awards are generally subject to management discretion and pool funding availability.  Funding for TBCAM annual and long-term incentive plans is through a pre-determined fixed percentage of overall TBCAM profitability.  Awards are paid in cash on an annual basis; however, some portfolio managers may receive a portion of their annual incentive award in deferred vehicles.
 
Awards for select senior portfolio managers are based on a two-stage model:  an opportunity range based on the current level of business and an assessment of long-term business value.  A significant portion of the opportunity awarded is structured and based upon the one-, three- and five-year (three-year and five-year weighted more heavily) pre-tax performance of the portfolio manager's accounts relative to the performance of the appropriate peer groups.
 
Three Bridges .  Mr. Salamon receives a base salary and a competitive benefits package and determines his compensation from the profitability of the firm.
 
TOBAM .  The salary of each employee is determined by his or her background and seniority in the firm.  Bonuses are based on the contribution of the employee to the firm's annual results.  Once a year, after an individual performance review, the monthly salary is revised, and bonuses are decided by the executive committee.  All employees with at least six months of seniority have the opportunity to become shareholders of the firm and, as such, are directly concerned with the profits of the firm and the dividends distributed.  All primary portfolio managers are shareholders of TOBAM.
 
TS&W .  For each portfolio manager, TS&W's compensation structure includes the following components:  base salary, annual bonus, deferred profit sharing and the ability to participate in a voluntary income deferral plan.
 
Base Salary .  Each portfolio manager is paid a fixed base salary, which varies among portfolio managers depending on the experience and responsibilities of the portfolio manager as well as the strength or weakness of the employment market at the time the portfolio manager is hired or upon any renewal period.
 
Bonus .  Each portfolio manager is eligible to receive an annual bonus.  Targeted bonus amounts vary among portfolio managers based on the experience level and responsibilities of the portfolio manager.  Bonus amounts are discretionary and tied to overall performance versus individual objectives.  Performance versus peer groups and benchmarks are taken into consideration.  For capacity constrained products, like small cap value, the small cap portfolio manager has an incentive program tied to the revenue generated in that product area.
 
Deferred Profit Sharing .  All employees are eligible to receive annual profit sharing contributions under a qualified profit sharing plan, subject to IRS limitations.  Discretionary contributions are made on an annual basis at the sole discretion of TS&W.
 
Deferred Compensation Plan .  Portfolio managers meeting certain requirements also are eligible to participate in a voluntary, nonqualified deferred compensation plan that allows participants to defer a portion of their income on a pre-tax basis and potentially earn tax-deferred returns.
 
Equity Plan .  Key employees may be awarded deferred TS&W equity grants.  In addition, key employees may purchase TS&W equity directly.
 
Union Point .  Union Point compensation can include a combination of salary, bonus and equity ownership of the firm which may be determined based on performance and other factors.
 
Walter Scott .  Compensation generally consists of a competitive base salary and entitlement to annual profit share. In addition, all staff qualify for retirement benefits, life assurance and health insurance.  All staff are eligible to participate in the firm's annual profit share, which is a fixed percentage of pre-incentive operating profits.  This is the sole source of incentive compensation.  Investment, operations, compliance and client service staff are all focused upon the same goals of providing superior performance and service to clients.  Success in these goals drives the firm's profits and therefore the profit share.
 
For senior staff, the majority of annual compensation is the profit share.  An element of this is deferred via a long-term incentive plan, largely invested in a long-term global equity fund for which Walter Scott is the investment adviser and in BNY Mellon stock.  Both have a deferral period which vests on a pro-rata basis over four years.
 
Walter Scott's compensation structure is designed to promote fair and equal treatment of all clients.  The remuneration and nominations committee of Walter Scott's governing board determines the salary and profit share allocation based on the overall performance of the firm.
 
Walthausen .  All members of Walthausen have common stock ownership in the firm.  This is a founding principle of the firm, which Walthausen believes maximizes the alignment of goals for the firm and its clients.  As the firm grows, Walthausen intends to expand ownership to new team members after an initial review period.  Walthausen's compensation structure consists of base salary, bonus and profit sharing.  Each member of the investment team receives a base salary which is commensurate with past experience and role within the firm. Bonuses are similarly awarded based on team performance and firm profitability.  As the firm grows, Walthausen intends to allocate profits across ownership levels.
 
Certain Conflicts of Interest with Other Accounts
 
Portfolio managers may manage multiple accounts for a diverse client base, including mutual funds, separate accounts (assets managed on behalf of private clients or institutions such as pension funds, insurance companies and foundations), private funds, bank collective trust funds or common trust accounts and wrap fee programs that invest in securities in which a fund may invest or that may pursue a strategy similar to a fund's component strategies ("Other Accounts").
 
Potential conflicts of interest may arise because of an Adviser's or portfolio manager's management of a fund and Other Accounts.  For example, conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as an Adviser may be perceived as causing accounts it manages to participate in an offering to increase the Adviser's overall allocation of securities in that offering, or to increase the Adviser's ability to participate in future offerings by the same underwriter or issuer.  Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as an Adviser may have an incentive to allocate securities that are expected to increase in value to preferred accounts.  IPOs, in particular, are frequently of very limited availability.  A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a fund purchase increases the value of securities previously purchased by the Other Account or when a sale in one account lowers the sale price received in a sale by a second account.  Conflicts of interest may also exist with respect to portfolio managers who also manage performance-based fee accounts, which could give the portfolio managers an incentive to favor such Other Accounts over the corresponding funds such as deciding which securities to allocate to a fund versus the performance-based fee account.  Additionally, portfolio managers may be perceived to have a conflict of interest if there are a large number of Other Accounts, in addition to a fund, that they are managing on behalf of an Adviser.  The Advisers periodically review each portfolio manager's overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the fund.  In addition, an Adviser could be viewed as having a conflict of interest to the extent that the Adviser or its affiliates and/or portfolio managers have a materially larger investment in Other Accounts than their investment in the fund.
 
Other Accounts may have investment objectives, strategies and risks that differ from those of the relevant fund.  In addition, the funds, as registered investment companies, are subject to different regulations than certain of the Other Accounts and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Other Accounts.  For these or other reasons, the portfolio managers may purchase different securities for the fund and the Other Accounts, and the performance of securities purchased for the fund may vary from the performance of securities purchased for Other Accounts.  The portfolio managers may place transactions on behalf of Other Accounts that are directly or indirectly contrary to investment decisions made for the fund, which could have the potential to adversely impact the fund, depending on market conditions.  In addition, if a fund's investment in an issuer is at a different level of the issuer's capital structure than an investment in the issuer by Other Accounts, in the event of credit deterioration of the issuer, there may be a conflict of interest between the fund's and such Other Accounts' investments in the issuer.  If an Adviser sells securities short, it may be seen as harmful to the performance of any funds investing "long" in the same or similar securities whose market values fall as a result of short-selling activities.
 
BNY Mellon and its affiliates, including the Manager, Sub-Advisers affiliated with the Manager and others involved in the management, sales, investment activities, business operations or distribution of the funds, are engaged in businesses and have interests other than that of managing the funds.  These activities and interests include potential multiple advisory, transactional, financial and other interests in securities, instruments and companies that may be directly or indirectly purchased or sold by the funds or the funds' service providers, which may cause conflicts that could disadvantage the funds.
 
BNY Mellon and its affiliates may have deposit, loan and commercial banking or other relationships with the issuers of securities purchased by the funds.  BNY Mellon has no obligation to provide to the Adviser or the funds, or effect transactions on behalf of the funds in accordance with, any market or other information, analysis, or research in its possession.  Consequently, BNY Mellon (including, but not limited to, BNY Mellon's central Risk Management Department) may have information that could be material to the management of the funds and may not share that information with relevant personnel of the Adviser.  Accordingly, in making investment decisions for a fund, the Adviser does not seek to obtain or use material inside information that BNY Mellon may possess with respect to such issuers.  However, because an Adviser, in the course of investing fund assets in loans (as described above), may have access to material non-public information regarding a Borrower, the ability of a fund or funds advised by such Adviser to purchase or sell publicly-traded securities of such Borrowers may be restricted.
 
  Code of Ethics .  The funds, the Manager, the Sub-Advisers and the Distributor each have adopted a Code of Ethics that permits its personnel, subject to such respective Code of Ethics, to invest in securities, including securities that may be purchased or held by a fund.  The Code of Ethics subjects the personal securities transactions of employees to various restrictions to ensure that such trading does not disadvantage any fund.  In that regard, portfolio managers and other investment personnel employed by the Manager or an Affiliated Entity or a Sub-Adviser affiliated with the Manager must preclear and report their personal securities transactions and holdings, which are reviewed for compliance with the Code of Ethics and also are subject to the oversight of BNY Mellon's Investment Ethics Committee.  Portfolio managers and other investment personnel may be permitted to purchase, sell or hold securities which also may be or are held in fund(s) they manage or for which they otherwise provide investment advice.
 
Distributor
 
The Distributor, a wholly-owned subsidiary of Dreyfus, located at 200 Park Avenue, New York, New York  10166, serves as each fund's distributor on a best efforts basis pursuant to an agreement, renewable annually, with the fund or the corporation or trust of which it is a part.  The Distributor also serves as distributor for the other funds in the Dreyfus Family of Funds and BNY Mellon Funds Trust.
 
Depending on your fund's distribution arrangements and share classes offered, not all of the language below may be applicable to your fund (see the prospectus and "How to Buy Shares" in Part II of this SAI to determine your fund's arrangements and share classes).
 
The Distributor compensates from its own assets certain Service Agents for selling Class A shares subject to a CDSC and Class C shares at the time of purchase.  The proceeds of the CDSCs and fees pursuant to a fund's 12b-1 Plan, in part, are used to defray the expenses incurred by the Distributor in connection with the sale of the applicable class of a fund's shares.  The Distributor also may act as a Service Agent and retain sales loads and CDSCs and 12b-1 Plan fees.  For purchases of Class A shares subject to a CDSC and Class C shares, the Distributor generally will pay Service Agents on new investments made through such Service Agents a commission of up to 1% of the NAV of such shares purchased by their clients.
 
The Distributor may pay Service Agents that have entered into agreements with the Distributor a fee based on the amount invested in fund shares through such Service Agents by employees participating in Retirement Plans, or other programs.  Generally, the Distributor may pay such Service Agents a fee of up to 1% of the amount invested through the Service Agents.  The Distributor, however, may pay Service Agents a higher fee and reserves the right to cease paying these fees at any time.  The Distributor will pay such fees from its own funds, other than amounts received from a fund, including past profits or any other source available to it.  Sponsors of such Retirement Plans or the participants therein should consult their Service Agent for more information regarding any such fee payable to the Service Agent.
 
Dreyfus or the Distributor may provide additional cash payments out of its own resources to financial intermediaries that sell shares of a fund or provide other services (other than Class Y shares).  Such payments are separate from any sales charges, 12b-1 fees and/or shareholder services fees or other expenses paid by the fund to those intermediaries.  Because those payments are not made by you or the fund, the fund's total expense ratio will not be affected by any such payments.  These additional payments may be made to Service Agents, including affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer agency services, marketing support and/or access to sales meetings, sales representatives and management representatives of the Service Agent.  Cash compensation also may be paid from Dreyfus' or the Distributor's own resources to Service Agents for inclusion of a fund on a sales list, including a preferred or select sales list or in other sales programs.  These payments sometimes are referred to as "revenue sharing."  From time to time, Dreyfus or the Distributor also may provide cash or non-cash compensation to Service Agents in the form of:  occasional gifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational conference sponsorships; support for recognition programs; technology or infrastructure support; and other forms of cash or non-cash compensation permissible under broker-dealer regulations.  In some cases, these payments or compensation may create an incentive for a Service Agent to recommend or sell shares of a fund to you.  In addition, the Distributor may provide additional and differing compensation from its own assets to certain of its employees who promote the sale of select funds to certain Service Agents, who in turn may recommend such funds to their clients.  In some cases, these payments may create an incentive for the employees of the Distributor to promote a fund for which the Distributor provides a higher level of compensation.  Please contact your Service Agent for details about any payments it may receive in connection with the sale of fund shares or the provision of services to a fund.
 
Transfer and Dividend Disbursing Agent and Custodian
 
The Transfer Agent, a wholly-owned subsidiary of Dreyfus, located at 200 Park Avenue, New York, New York 10166, is each fund's transfer and dividend disbursing agent.  Pursuant to a transfer agency agreement with the funds, the Transfer Agent arranges for the maintenance of shareholder account records for the funds, the handling of certain communications between shareholders and the funds and the payment of dividends and distributions payable by the funds.  For these services, the Transfer Agent receives a monthly fee computed on the basis of the number of shareholder accounts it maintains for each fund during the month, and is reimbursed for certain out-of-pocket expenses.  The funds, other than the Index Funds, also may make payments to certain financial intermediaries, including affiliates, who provide sub-administration, recordkeeping and/or sub-transfer agency services to beneficial owners of fund shares.
 
The Custodian, an affiliate of the Manager, located at One Wall Street, New York, New York 10286, serves as custodian for the investments of the funds.  The Custodian has no part in determining the investment policies of the funds or which securities are to be purchased or sold by the funds.  Pursuant to a custody agreement applicable to each fund, the Custodian holds each fund's securities and keeps all necessary accounts and records.  For its custody services, the Custodian receives a monthly fee based on the market value of each fund's assets held in custody and receives certain securities transaction charges.
 
Funds' Compliance Policies and Procedures
 
The funds have adopted compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act that cover, among other matters, certain compliance matters relevant to the management and operations of the funds.
 
DETERMINATION OF NAV
 
See the prospectus and "Investments, Investment Techniques and Risks" in Part II of this SAI to determine which sections of the discussion below apply to your fund.
 
Valuation of Portfolio Securities (funds other than money market funds)
 
A fund's equity securities, including option contracts (but not including investments in other open-end registered investment companies), generally are valued at the last sale price on the day of valuation on the securities exchange or national securities market on which such securities primarily are traded.  Securities listed on NASDAQ markets generally will be valued at the official closing price.  If there are no transactions in a security, or no official closing prices for a NASDAQ market-listed security on that day, the security will be valued at the average of the most recent bid and asked prices.  Bid price is used when no asked price is available.  Open short positions for which there is no sale price on a given day are valued at the lowest asked price.  Investments in other open-end investment companies are valued at their reported NAVs each day, except that shares of ETFs generally are valued at the last sale price on the day of valuation on the securities exchange on which the shares are primarily traded.
 
Substantially all of a fund's debt securities and instruments generally will be valued, to the extent possible, by one or more independent pricing services (the "Service") approved by the board.  When, in the judgment of the Service, quoted bid prices for investments are readily available and are representative of the bid side of the market, these investments are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities).  The value of other debt securities and instruments is determined by the Service based on methods which include consideration of:  yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions.  The Service's procedures are reviewed by fund officers under the general supervision of the board.  Overnight and certain other short-term debt securities and instruments (excluding Treasury bills) will be valued by the amortized cost method, which approximates value, unless a Service provides a valuation for such security or, in the opinion of the board or a committee or other persons designated by the board, the amortized cost method would not represent fair value.
 
Market quotations of foreign securities in foreign currencies and any fund assets or liabilities initially expressed in terms of foreign currency are translated into U.S. dollars at the spot rate, and foreign currency forward contracts are valued using the forward rate obtained from a Service approved by the board.  If a fund has to obtain prices as of the close of trading on various exchanges throughout the world, the calculation of the fund's NAV may not take place contemporaneously with the determination of prices of certain of the fund's portfolio securities.  Fair value of foreign equity securities may be determined with the assistance of a pricing service using correlations between the movement of prices of foreign securities and indexes of domestic securities and other appropriate indicators, such as closing market prices of relevant ADRs and futures contracts.  The valuation of a security based on this fair value process may differ from the security's most recent closing price and from the prices used by other mutual funds to calculate their NAVs.  Foreign securities held by a fund may trade on days that the fund is not open for business, thus affecting the value of the fund's assets on days when fund investors have no access to the fund.
 
Generally, over-the-counter option contracts and interest rate, credit default, total return and equity swap agreements, and options thereon, will be valued by the Service.  Equity-linked instruments, such as contracts for difference, will be valued by the Service based on the value of the underlying reference asset(s).  Futures contracts will be valued at the most recent settlement price.  Restricted securities, as well as securities or other assets for which recent market quotations or official closing prices are not readily available or are determined by a fund not to reflect accurately fair value (such as when the value of a security has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market) but before the fund calculates its NAV), or which are not valued by the Service, are valued at fair value as determined in good faith based on procedures approved by the board.  Fair value of investments may be determined by the board or its pricing committee or the fund's valuation committee using such information as it deems appropriate.  The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers.  The valuation of a security based on fair value procedures may differ from the prices used by other mutual funds to calculate their NAVs.
 
Valuation of Portfolio Securities (money market funds only)
 
In the case of a money market fund that uses amortized cost pricing to value its portfolio securities, the valuation of the fund's portfolio securities is based upon their amortized cost which does not take into account unrealized gains or losses.  This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument.  While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the fund would receive if it sold the instrument.  Boards overseeing money market funds have established, as a particular responsibility within the overall duty of care owed to fund investors, procedures reasonably designed to stabilize the funds' price per share as computed for the purpose of purchases and redemptions at $1.00.  Such procedures include review of the funds' portfolio holdings by the board, at such intervals as it may deem appropriate, to determine whether the funds' NAV calculated by using available market quotations or market equivalents (including valuations obtained from a Service) deviates from $1.00 per share based on amortized cost.  Other investments and assets will be valued at fair value as determined in good faith by the board.
 
Calculation of NAV
 
Fund shares are sold on a continuous basis.  Except as otherwise described in the prospectus, NAV per share of each fund and each class of a Multi-Class Fund is determined as of the close of trading on the floor of the NYSE (usually 4:00 p.m., Eastern time) on each day the NYSE is open for regular business.  For purposes of determining NAV, certain options and futures contracts may be valued 15 minutes after the close of trading on the floor of the NYSE.  The NAV per share of a fund is computed by dividing the value of the fund's net assets ( i.e ., the value of its assets less liabilities) by the total number of shares of such fund outstanding.
 
Fund expenses and fees, including management fees and fees pursuant to Plans (reduced by the fund's expense limitation, if any), are accrued daily and taken into account for the purpose of determining the NAV of a fund's shares.  For funds with more than one class of shares, because of the differences in operating expenses incurred by each class of shares of a fund, the per share NAV of each class of shares of the fund will differ.  The NAV of each class of a fund with more than one class of shares is computed by dividing the value of the fund's net assets represented by such class ( i.e ., the value of its assets less liabilities) by the total number of shares of such class outstanding.
 
Expense Allocations
 
Except as may be otherwise described in "Certain Expense Arrangements and Other Disclosures" in Part II of this SAI, all expenses incurred in the operation of the series of a fund company are borne by the fund company.  Expenses attributable to a particular series of a fund company are charged against the assets of that series; other expenses of the fund company are allocated among the series on the basis determined by the board, including, but not limited to, proportionately in relation to the net assets of each series.  In addition, each class of shares of a fund with more than one class bears any class specific expenses allocated to such class, such as expenses related to the distribution and/or shareholder servicing of such class.
 
NYSE and Transfer Agent Closings
 
The holidays (as observed) on which both the NYSE and the Transfer Agent are closed currently are:  New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas.  In addition, the NYSE is closed on Good Friday.
 
ADDITIONAL INFORMATION ABOUT DIVIDENDS AND DISTRIBUTIONS
 
Dividends automatically are reinvested in additional shares of the fund from which they were paid at NAV without a sales load (if applicable), or, at your option, paid in cash.  If a fund investor elects to receive dividends and distributions in cash, and the investor's dividend or distribution check is returned to the fund as undeliverable or remains uncashed for six months, the fund reserves the right to reinvest such dividends or distributions and all future dividends and distributions payable to you in additional fund shares at NAV.  No interest will accrue on amounts represented by uncashed distribution or redemption checks.
 
For a fund that declares dividends each business day, if you redeem all shares in your account at any time during a month, all dividends to which you are entitled will be paid to you along with the proceeds of the redemption.  If an omnibus accountholder indicates in a partial redemption request that a portion of any accrued dividends to which such account is entitled belongs to an underlying accountholder who has redeemed all shares in his or her account, such portion of the accrued dividends will be paid to the omnibus accountholder along with the proceeds of the redemption.
 
Dividends and distributions among share classes in the same fund may vary due to the different expenses of such share classes.
 
Funds Other Than Money Market Funds
 
Any dividend or distribution paid shortly after an investor's purchase of fund shares may have the effect of reducing the aggregate NAV of the shares below the cost of the investment.  Such a dividend or distribution would be a return of capital in an economic sense, although taxable as stated in the prospectus and this SAI.  In addition, the Code provides that if a shareholder holds shares of a fund for six months or less and has (or is deemed to have) received a capital gain distribution with respect to such shares, any loss incurred on the sale of such shares will be treated as long-term capital loss to the extent of the capital gain distribution received or deemed to have been received.  The Code further provides that if a shareholder holds shares of a municipal or other tax-exempt fund for six months or less and has received an exempt-interest dividend with respect to such shares, any loss incurred on the sale of such shares generally will be disallowed to the extent of the exempt-interest dividend received.
 
A fund may make distributions on a more frequent basis than is described in its prospectus to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.  A fund may not make distributions from net realized securities gains unless capital loss carryovers, if any, have been utilized or have expired.
 
For a bond fund that declares dividends daily (see Part II of this SAI under "Dividends and Distributions"), dividends accrue beginning one day after the date of purchase and through the date a redemption is effective.  When determining a fund's dividend rate on a weekend or holiday, the fund will use the dividend rate on the business day following the weekend or holiday.  All expenses are accrued daily and deducted before declaration of dividends to shareholders.
 
Money Market Funds
 
Dividends accrue beginning on the date of purchase (provided purchase payments are received by wire prior to the time as of which the fund calculates its NAV on such day (as described in the prospectus)) and through the day prior to the date a redemption is effective.  A fund's earnings for Saturdays, Sundays and holidays are declared as dividends on the preceding business day.  Dividends usually are paid on the last calendar day of each month.  All expenses are accrued daily and deducted before declaration of dividends to shareholders.
 
Dividends from net realized short-term capital gains, if any, generally are declared and paid once a year, but the funds may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.  A fund will not make distributions from net realized capital gains unless capital loss carryovers, if any, have been utilized or have expired.  The funds do not expect to realize any long-term capital gains or losses.
 
TAXATION
 
See the prospectus and "Investment Policies and Restrictions" in Part II of this SAI to determine which sections of the discussion below apply to your funds.
 
The following is only a general summary of some of the important federal income tax considerations generally affecting the funds and their shareholders.  No attempt is made to present a complete explanation of the federal tax treatment of the funds' activities or, except to the extent specifically addressed herein, to discuss state and local tax matters affecting the funds or their shareholders.  Shareholders are urged to consult their own tax advisors for more detailed information concerning the tax implications of investments in the funds.
 
Taxation of the Funds
 
Each fund intends to qualify for treatment as a regulated investment company ("RIC") under Subchapter M of the Code and intends to continue to so qualify if such qualification is in the best interests of its shareholders.  As a RIC, a fund will pay no federal income tax on its net investment income and net realized capital gains to the extent that such income and gains are distributed to shareholders in accordance with applicable provisions of the Code.  To qualify as a RIC, a fund must, among other things:  (a) derive in each taxable year (the "gross income test") at least 90% of its gross income from (i) dividends, interest, payments with respect to securities loans and gains from the sale or other disposition of stocks, securities or foreign currencies or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stocks, securities or currencies, and (ii) net income from interests in "qualified publicly traded partnerships" ("QPTPs," as defined below); (b) diversify its holdings (the "asset diversification test") so that, at the end of each quarter of the taxable year, (i) at least 50% of the market value of the fund's assets is represented by cash and cash items (including receivables), U.S. Government securities, the securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in the securities (other than U.S. Government securities or the securities of other RICs) of a single issuer, two or more issuers that the fund controls and that are engaged in the same, similar or related trades or businesses or one or more QPTPs; and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (determined without regard to the dividends paid deduction) and net tax-exempt interest income, if any, for such year.
 
In general, for purposes of the gross income test described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized by a RIC.  However, as noted above, 100% of the net income derived from an interest in a QPTP is qualifying income for purposes of the gross income test.  A QPTP is defined as a partnership (i) interests in which are traded on an established securities market or readily tradable on a secondary market or the substantial equivalent thereof and (ii) that derives at least 90% of its gross income from certain enumerated passive income sources described in Code section 7704(d), but does not include a partnership that derives 90% of its gross income from sources described in Code section 851(b)(2)(A).  Although income from a QPTP is qualifying income for purposes of the gross income test, investment in QPTPs cannot exceed 25% of a fund's assets.
 
Gains from foreign currencies (including foreign currency options, foreign currency swaps, foreign currency futures and foreign currency forward contracts) currently constitute qualifying income for purposes of the gross income test.  However, the Treasury has the authority to issue regulations (possibly with retroactive effect) treating a RIC's foreign currency gains as non-qualifying income for purposes of the gross income test to the extent that such income is not directly related to the RIC's principal business of investing in stock or securities.
 
A fund's investment in MLPs may qualify as an investment in (1) a QPTP, (2) a "regular" partnership, (3) a "passive foreign investment company" (a "PFIC") or (4) a corporation for U.S. federal income tax purposes.  The treatment of particular MLPs for U.S. federal income tax purposes will affect the extent to which a fund can invest in MLPs.  The U.S. federal income tax consequences of a fund's investments in "PFICs" and "regular" partnerships are discussed in greater detail below.  Some amounts received by a fund with respect to certain investments in MLPs will likely be treated as a return of capital because of accelerated deductions available with respect to the activities of such MLPs.  On the disposition of an investment in such an MLP, the fund will likely realize taxable income in excess of economic gain with respect to that asset (or, if the fund does not dispose of the MLP, the fund likely will realize taxable income in excess of cash flow with respect to the MLP in a later period), and the fund must take such income into account in determining whether the fund has satisfied its distribution requirements.  The fund may have to borrow or liquidate securities to satisfy its distribution requirements and to meet its redemption requests, even though investment considerations might otherwise make it undesirable for the fund to sell securities or borrow money at such time.
 
A RIC that fails the gross income test for a taxable year shall nevertheless be considered to have satisfied the test for such year if (i) the RIC satisfies certain procedural requirements, and (ii) the RIC's failure to satisfy the gross income test is due to reasonable cause and not due to willful neglect.  However, in such case, a tax is imposed on the RIC for the taxable year in which, absent the application of the above cure provision, it would have failed the gross income test equal to the amount by which (x) the RIC's non-qualifying gross income exceeds (y) one-ninth of the RIC's qualifying gross income, each as determined for purposes of applying the gross income test for such year.
 
A RIC that fails the asset diversification test as of the end of a quarter shall nevertheless be considered to have satisfied the test as of the end of such quarter in the following circumstances.  If the RIC's failure to satisfy the asset diversification test at the end of the quarter is due to the ownership of assets the total value of which does not exceed the lesser of (i) one percent of the total value of the RIC's assets at the end of such quarter and (ii) $10,000,000 (a " de minimis failure"), the RIC shall be considered to have satisfied the asset diversification test as of the end of such quarter if, within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the RIC either disposes of assets in order to satisfy the asset diversification test, or otherwise satisfies the asset diversification test.
 
In the case of a failure to satisfy the asset diversification test at the end of a quarter under circumstances that do not constitute a de minimis failure, a RIC shall nevertheless be considered to have satisfied the asset diversification test as of the end of such quarter if (i) the RIC satisfies certain procedural requirements; (ii) the RIC's failure to satisfy the asset diversification test is due to reasonable cause and not due to willful neglect; and (iii) within six months of the last day of the quarter in which the RIC identifies that it failed the asset diversification test (or such other prescribed time period), the RIC either disposes of the assets that caused the asset diversification failure, or otherwise satisfies the asset diversification test.  However, in such case, a tax is imposed on the RIC, at the highest prescribed corporate income tax rate, on the net income generated by the assets that caused the RIC to fail the asset diversification test during the period for which the asset diversification test was not met.  In all events, however, such tax will not be less than $50,000.
 
If a fund were to fail to qualify as a RIC in any taxable year, the fund would be subject to tax on its taxable income at corporate rates, and all distributions from current or accumulated earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income.  Some portions of such distributions may be eligible for the dividends received deduction in the case of corporate shareholders and may be eligible for a preferential maximum tax rate in respect of "qualified dividends" in the case of shareholders taxed as individuals, provided in both cases, the shareholder meets certain holding period and other requirements in respect of the fund's shares (as described below).  In addition, a fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment.
 
A nondeductible excise tax at a rate of 4% will be imposed on the excess, if any, of a fund's "required distribution" over its actual distributions in any calendar year.  Generally, the required distribution is 98% of a fund's ordinary income for the calendar year plus 98.2% of its capital gain net income, determined under prescribed rules for this purpose, recognized during the one-year period ending on October 31 st of such year (or December 31 st of that year if the fund is permitted to so elect and so elects) plus undistributed amounts from prior years.  Each fund generally intends to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so.
 
Although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a QPTP.  A fund's investments in partnerships, including in QPTPs, may result in a fund being subject to state, local or foreign income, franchise or withholding tax liabilities.
 
Taxation of Fund Distributions (Funds Other Than Municipal or Other Tax-Exempt Funds)
 
For federal income tax purposes, distributions of investment income generally are taxable as ordinary income to the extent of the distributing fund's earnings and profits, regardless of whether you receive your distributions in cash or have them reinvested in additional fund shares.  Taxes on distributions of capital gains are determined by how long a fund owned the investments that generated them, rather than how long a shareholder has owned his or her shares.  In general, a fund will recognize long-term capital gain or loss on assets it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less.  Distributions of "net capital gain," that is, the excess of net long-term capital gains over net short-term capital losses, that are properly characterized by the fund as capital gain dividends ("capital gain dividends") will generally be taxable to a shareholder receiving such distributions as long-term capital gain.  Long-term capital gains are generally taxable to individuals at a maximum rate of 20%, with lower rates potentially applicable to taxpayers depending on their income levels.  These rates may increase depending on whether legislation is or has been enacted, and, if so, in what form.  Distributions of net short-term capital gains that exceed net long-term capital losses will generally be taxable as ordinary income.  The determination of whether a distribution is from capital gains is generally made taking into account available net capital loss carryforwards, if any.  If a RIC has a "net capital loss" (that is, capital losses in excess of capital gains) for a taxable year, that portion of the RIC's net capital loss consisting of the excess (if any) of the RIC's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the RIC's next taxable year, and that portion of the RIC's net capital loss consisting of the excess (if any) of the RIC's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the RIC's next taxable year.  Any such capital losses of a RIC may be carried forward to succeeding taxable years of the RIC without limitation.  Net capital loss carryforwards of a RIC arising in taxable years of the RIC beginning on or before December 22, 2010 (the date of enactment of the Regulated Investment Company Modernization Act of 2010) may be applied against any net realized capital gains of the RIC in each succeeding year, or until their respective expiration dates, whichever is first.
 
Distributions are taxable to shareholders even if they are paid from income or gains earned by a fund before a shareholder's investment (and thus were included in the price the shareholder paid for his or her shares).  If a shareholder buys shares of a fund when the fund has realized but not distributed income or capital gains, the shareholder will be "buying a dividend" by paying full price for the shares and then receiving a portion back in the form of a taxable distribution.  Distributions are taxable regardless of whether shareholders receive them in cash or in additional shares.  Distributions declared and payable by a fund during October, November or December to shareholders of record on a date in any such month and paid by the fund during the following January generally will be treated for federal tax purposes as paid by the fund and received by shareholders on December 31st of the year in which the distributions are declared rather than the calendar year in which they are received.  A fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained.  In such case, the fund may designate its retained amount as undistributed capital gains in a notice to its shareholders who will be treated as if each received a distribution of his or her pro rata share of such gain, with the result that each shareholder in the fund will (i) be required to report his or her pro rata share of such gain on his or her tax return as long-term capital gain, (ii) receive a refundable tax credit for his or her pro rata share of the tax paid by the fund on the gain and (iii) increase the tax basis for his or her shares in the fund by an amount equal to the deemed distribution less the tax credit.
 
In general, dividends (other than capital gain dividends) paid by a fund to U.S. individual shareholders may be eligible for preferential tax rates applicable to long-term capital gain to the extent that the fund's income consists of dividends paid by U.S. corporations and certain "qualified foreign corporations" on shares that have been held by the fund for at least 61 days during the 121-day period commencing 60 days before the shares become ex-dividend.  Dividends paid on shares held by a fund will not be taken into account in determining the applicability of the preferential maximum tax rate to the extent that the fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.  Dividends paid by REITs are not generally eligible for the preferential maximum tax rate.  Further, a "qualified foreign corporation" does not include any foreign corporation, which for its taxable year in which its dividend was paid, or the preceding taxable year, is a PFIC (discussed below).  In order to be eligible for the preferential rate, the shareholder in the fund must have held his or her shares in the fund for at least 61 days during the 121-day period commencing 60 days before the fund shares become ex-dividend.  Additional restrictions on a shareholder's qualification for the preferential rate may apply.
 
In general, dividends (other than capital gain dividends) paid by a fund to U.S. corporate shareholders may be eligible for the dividends received deduction to the extent that the fund's income consists of dividends paid by U.S. corporations (other than REITs) on shares that have been held by the fund for at least 46 days during the 91-day period commencing 45 days before the shares become ex-dividend.  Dividends paid on shares held by a fund will not be taken into account for this purpose if the stock on which the dividend is paid is considered to be "debt-financed" (generally, acquired with borrowed funds), or to the extent that the fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.  Moreover, the dividend received deduction may be disallowed or reduced if the corporate shareholder fails to satisfy the foregoing holding period and other requirements with respect to its shares of the fund or by application of the Code.
 
If a fund makes a distribution that is or is considered to be in excess of its current and accumulated "earnings and profits" for the relevant period, the excess distribution will be treated as a return of capital to the extent of a shareholder's tax basis in his or her shares, and thereafter as capital gain.  A return of capital is not taxable, but it reduces a shareholder's basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.
 
An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a RIC and net gains from redemptions or other taxable dispositions of RIC shares) of U.S. individuals, estates and trusts.  The tax applies to the lesser of (i) such net investment income (or, in the case of an estate or trust, its undistributed net investment income), and (ii) the excess, if any, of such person's "modified adjusted gross income" (or, in the case of an estate or trust, its "adjusted gross income") over a threshold amount.
 
Sale, Exchange or Redemption of Shares
 
A sale, exchange or redemption of shares in a fund will give rise to a gain or loss.  Any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months.  Otherwise, the gain or loss on the taxable disposition of fund shares will be treated as short-term capital gain or loss.
 
However, any loss realized upon a taxable disposition of fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any capital gain dividends received (or deemed received) by the shareholder with respect to the shares.  Further, all or a portion of any loss realized upon a taxable disposition of fund shares will be disallowed if other substantially identical shares of the fund are purchased (including by means of a dividend reinvestment plan) within 30 days before or after the disposition.  In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.
 
As discussed below under "Funds Investing in Municipal Securities," any loss realized upon a taxable disposition of shares in a municipal or other tax-exempt fund that have been held for six months or less will be disallowed to the extent of any exempt-interest dividends received (or deemed received) by the shareholder with respect to the shares.  This loss disallowance rule, however, does not apply with respect to a regular dividend paid by a RIC which declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis.
 
Generally, if a shareholder sells or redeems shares of a fund within 90 days of their original acquisition, the shareholder cannot claim a loss on the original shares attributable to the amount of their load charge if the load charge is reduced or waived on a future purchase of shares of any fund (on account of the prior load charge), but instead is required to reduce the basis of the original shares by the amount of their load charge and carry over that amount to increase the basis of the newly acquired fund shares.  This rule applies only if the acquisition of the new fund shares occurs on or before January 31 of the calendar year following the year in which the original shares were sold or redeemed.
 
If a shareholder recognizes a loss with respect to a fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886.  Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted.  Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs.  The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper.  Shareholders should consult their tax advisors to determine the applicability of the applicable regulations in light of their individual circumstances.
 
The funds (or their administrative agent) are required to report to the IRS and furnish to fund shareholders the cost basis information and holding period for fund shares purchased on or after January 1, 2012, and redeemed on or after that date.  The funds will permit fund shareholders to elect from among several IRS-accepted cost basis methods, including average cost.  In the absence of an election by a shareholder, the funds will use the average cost method with respect to that shareholder.  The cost basis method a shareholder elects may not be changed with respect to a redemption of shares after the settlement date of the redemption.  Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting rules apply to them.
 
PFICs
 
Funds that invest in foreign securities may own shares in certain foreign entities that are treated as PFICs for U.S. federal income tax purposes.  A fund that owns shares of a PFIC may be subject to U.S. federal income tax (including interest charges) on distributions received from the PFIC or gains from a disposition of shares in the PFIC.  To avoid this treatment, each fund owning PFIC shares may make an election to mark the gains (and to a limited extent losses) in a PFIC "to market" as though it had sold and repurchased its holdings in the PFIC on the last day of the fund's taxable year.  Such gains and losses are treated as ordinary income and loss.  Alternatively, a fund may in certain cases elect to treat a PFIC as a "qualified electing fund" (a "QEF"), in which case the fund will be required to include in its income annually its share of the QEF's income and net capital gains, regardless of whether the fund receives any distribution from the QEF.  If the QEF incurs a loss for a taxable year, the loss will not pass through to the fund and, accordingly, cannot offset other income and/or gains of the fund.  A fund may not be able to make the QEF election with respect to many PFICs because of certain requirements that the PFICs would have to satisfy.
 
The mark-to-market and QEF elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by a fund to avoid taxation.  Making either of these elections therefore may require a fund to liquidate investments (including when it is not advantageous to do so) to meet its distribution requirements, which also may accelerate the recognition of gain and affect the fund's total return.  Dividends paid by PFICs generally will not be eligible to be treated as qualified dividend income.
 
Non-U.S. Taxes
 
Investment income that may be received by a fund from sources within foreign countries may be subject to foreign withholding and other taxes.  Tax treaties between the United States and certain countries may reduce or eliminate such taxes.  If more than 50% of the value of a fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of a fund's total assets at the close of each quarter of its taxable year is represented by interests in other RICs (as is the case for a Fund of Funds), that fund may elect to "pass through" to its shareholders the amount of foreign taxes paid or deemed paid by that fund.  If that fund so elects, each of its shareholders would be required to include in gross income, even though not actually received, his or her pro rata share of the foreign taxes paid or deemed paid by that fund, but would be treated as having paid his or her pro rata share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various Code limitations) as a foreign tax credit against federal income tax (but not both).  For purposes of the foreign tax credit limitation rules of the Code, each shareholder would treat as foreign source income his or her pro rata share of such foreign taxes plus the portion of dividends received from the fund representing income derived from foreign sources.  No deduction for foreign taxes could be claimed by an individual shareholder who does not itemize deductions.  In certain circumstances, a shareholder that (i) has held shares of the fund for less than a specified minimum period during which it is not protected from risk of loss or (ii) is obligated to make payments related to the dividends will not be allowed a foreign tax credit for foreign taxes deemed imposed on dividends paid on such shares.  Additionally, the fund must also meet this holding period requirement with respect to its foreign stocks and securities in order for "creditable" taxes to flow-through.  Each shareholder should consult his or her own tax advisor regarding the potential application of foreign tax credits.
 
Foreign Currency Transactions
 
Gains or losses attributable to fluctuations in exchange rates between the time a fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time that fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss.  Similarly, gains or losses on foreign currency forward contracts and the disposition of debt securities denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, also are treated as ordinary income or loss.
 
Financial Products
 
A fund's investments in options, futures contracts, forward contracts, swaps and derivatives, as well as any of its other hedging, short sale or similar transactions, may be subject to one or more special tax rules (including notional principal contract, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income to the fund (including, potentially, without a corresponding receipt of cash with which to make required distributions), defer fund losses, cause adjustments in the holding periods of fund securities, convert capital gains into ordinary income, render dividends that would otherwise be eligible for the dividends received deduction or preferential rates of taxation ineligible for such treatment, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses.  These rules could therefore affect the amount, timing and character of distributions to shareholders of a fund.  In addition, because the tax rules applicable to derivative financial instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient distributions, and otherwise satisfied the applicable requirements, to maintain its qualification as a RIC and avoid fund-level taxation.
 
Payments with Respect to Securities Loans
 
A fund's participation in loans of securities may affect the amount, timing and character of distributions to shareholders.  With respect to any security subject to a securities loan, any (i) amounts received by a fund in place of dividends earned on the security during the period that such security was not directly held by a fund may not give rise to qualified dividend income and (ii) withholding taxes accrued on dividends during the period that such security was not directly held by a fund will not qualify as a foreign tax paid by such fund and therefore cannot be passed through to shareholders even if the fund meets the requirements described in "Non-U.S. Taxes," above.
 
Securities Issued or Purchased at a Discount and Payment-in-Kind Securities
 
A fund's investments, if any, in securities issued or purchased at a discount, as well as certain other securities (including zero coupon obligations and certain redeemable preferred stock), may require the fund to accrue and distribute income not yet received.  Similarly, a fund's investment in payment-in-kind securities will give rise to income which is required to be distributed even though the fund receives no payment in cash on the security during the year.  In order to generate sufficient cash to make its requisite distributions, a fund may be required to borrow money or sell securities in its portfolio that it otherwise would have continued to hold.
 
Inflation-Indexed Treasury Securities
 
The taxation of inflation-indexed Treasury securities is similar to the taxation of conventional bonds.  Both interest payments and the difference between original principal and the inflation-adjusted principal generally will be treated as interest or original issue discount income subject to taxation.  Interest payments generally are taxable when received or accrued.  The inflation adjustment to the principal generally is subject to tax in the year the adjustment is made, not at maturity of the security when the cash from the repayment of principal is received.  Accordingly, as in the case of securities issued or purchased at a discount and zero coupon obligations, a fund's investments in inflation-indexed Treasury securities may require the fund to accrue and distribute income not yet received.  Decreases in the indexed principal in a given year generally (i) will reduce the amount of interest income otherwise includible in income for that year in respect of the Treasury security, (ii) to the extent not treated as an offset to current income under (i), will constitute an ordinary loss to the extent of prior year inclusions of interest, original issue discount and market discount in respect of the security that exceed ordinary losses in respect of the security in such prior years, and (iii) to the extent not treated as an offset to current income under (i) or an ordinary loss under (ii), can be carried forward as an ordinary loss to reduce interest, original issue discount and market discount in respect of the security in subsequent taxable years.  If inflation-indexed Treasury securities are sold prior to maturity, capital losses or gains generally are realized in the same manner as traditional debt instruments.  Special rules apply in respect of inflation-indexed Treasury securities issued with more than a prescribed de minimis amount of discount or premium.
 
Certain Higher-Risk and High Yield Securities
 
Certain funds may invest in lower-quality fixed-income securities, including debt obligations of issuers not currently paying interest or that are in default.  Investments in debt obligations that are at risk of or are in default present special tax issues for a fund.  Tax rules are not entirely clear on the treatment of such debt obligations, including as to whether and to what extent a fund should recognize market discount on such a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund shall allocate payments received on obligations in default between principal and interest.  These and other related issues would be addressed by each fund if it invests in such securities as part of the fund's efforts to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.
 
Funds Investing in Municipal Securities (Municipal or Other Tax-Exempt Funds)
 
It is anticipated that substantially all of the ordinary dividends to be paid by municipal or other tax-exempt funds that invest substantially all of their assets in U.S. municipal securities will constitute "exempt-interest dividends."  Such exempt-interest dividends will be exempt from federal income taxes.  It is possible, however, that a portion of the income dividends from such funds will not be exempt from federal income taxes.  Municipal or other tax-exempt funds may realize capital gains from the sale or other disposition of municipal securities or other securities.  Distributions by such funds of capital gains will be treated in the same manner as capital gains as described under "Taxation of Fund Distributions."  Recipients of Social Security and/or certain railroad retirement benefits who receive dividends from municipal bond or other tax-exempt funds may have to pay taxes on a portion of their benefits.  Shareholders will receive a Form 1099-DIV, Form 1099-INT or other IRS forms, as required, reporting the taxability of all dividends.  Certain municipal or other tax-exempt funds may invest in municipal securities the income from which is subject to AMT.  Such funds will advise shareholders of the percentage of dividends, if any, which should be included in the computation of AMT.
 
Because the ordinary dividends of municipal or other tax-exempt funds are expected to be exempt-interest dividends, any interest on money a shareholder of such a fund borrows that is directly or indirectly used to purchase shares in the fund will not be deductible.  Further, entities or persons that are "substantial users" (or persons related to "substantial users") of facilities financed by private activity bonds or industrial development bonds should consult their tax advisors before purchasing shares of these funds.  The income from such bonds may not be tax-exempt for such substantial users.  There also may be collateral federal income tax consequences regarding the receipt of exempt-interest dividends by shareholders such as S corporations, financial institutions and property and casualty insurance companies.  A shareholder falling into any such category should consult its tax advisor concerning its investment in a fund that is intended to generate exempt-interest dividends.
 
As a general rule, any loss realized upon a taxable disposition of shares in a municipal or other tax-exempt fund that have been held for six months or less will be disallowed to the extent of any exempt-interest dividends received (or deemed received) by the shareholder with respect to the shares.  This loss disallowance rule, however, does not apply with respect to a regular dividend paid by a RIC which declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends on a monthly or more frequent basis.
 
If at least 50% of the value of a fund's total assets at the close of each quarter of its taxable year is represented by interests in other RICs (such as a Fund of Funds), the fund may pass through to its shareholders its exempt interest income in the form of dividends that are exempt from federal income tax.
 
Proposals have been and may be introduced before Congress that would restrict or eliminate the federal income tax exemption of interest on municipal securities.  If such a proposal were enacted, the availability of such securities for investment by a fund that would otherwise invest in tax-exempt securities and the value of such a fund's portfolio would be affected.  In that event, such a fund would reevaluate its investment objective and policies.
 
The treatment under state and local tax law of dividends from a fund that invests in municipal securities may differ from the federal income tax treatment of such dividends under the Code.
 
Investing in Mortgage Entities
 
Special tax rules may apply to the investments by a fund in entities which invest in or finance mortgage debt.  Such investments include residual interests in REMICs and interests in a REIT which qualifies as a taxable mortgage pool under the Code or has a qualified REIT subsidiary that is a taxable mortgage pool under the Code.  Although it is the practice of each fund not to make such investments, there is no guarantee that a fund will be able to avoid an inadvertent investment in REMIC residual interests or a taxable mortgage pool.
 
Such investments may result in a fund receiving excess inclusion income ("EII") in which case a portion of its distributions will be characterized as EII and shareholders receiving such distributions, including shares held through nominee accounts, will be deemed to have received EII.  This can result in the funds being required to pay tax on the portion of its EII that is allocated to disqualified organizations, including certain cooperatives, agencies or instrumentalities of a government or international organization, and tax-exempt organizations that are not subject to tax on unrelated business taxable income ("UBTI").  In addition, such amounts generally cannot be offset by net operating losses, will be treated as UBTI to tax-exempt organizations that are not disqualified organizations, and will be subject to a 30% withholding tax for shareholders who are not U.S. persons, notwithstanding any otherwise applicable exemptions or rate reductions in any relevant tax treaties.
 
Special tax consequences also apply where charitable remainder trusts invest in RICs that invest directly or indirectly in residual interests in REMICs or in taxable mortgage pools.  Furthermore, any investment in residual interests of a REMIC can create complex tax consequences to both a fund and its shareholders, especially if a fund has state or local governments or other tax-exempt organizations as shareholders.
 
Tax-Exempt Shareholders
 
Under current law, each fund serves to "block" (that is, prevent the attribution to shareholders of) UBTI from being realized by its tax-exempt shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities).  Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI by virtue of its investment in a fund if shares in the fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code.  As noted above, a tax-exempt shareholder may also recognize UBTI if a fund recognizes EII derived from direct or indirect investments in residual interests in REMICs or taxable mortgage pools.  If a charitable remainder annuity trust or a charitable remainder unitrust (each as defined in Section 664 of the Code) has UBTI for a taxable year, a 100% excise tax on the UBTI is imposed on the trust.
 
Backup Withholding
 
Each fund generally is required to withhold and remit to the Treasury a percentage of the taxable distributions and redemption proceeds paid to a shareholder who fails to properly furnish the fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the applicable fund that he or she is not subject to such withholding.  Corporate shareholders, certain foreign persons and other shareholders specified in the Code and applicable regulations are generally exempt from backup withholding, but may need to provide documentation to the fund to establish such exemption.
 
Backup withholding is not an additional tax.  Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.
 
Foreign (Non-U.S.) Shareholders
 
Dividends paid by a fund to non-U.S. shareholders are generally subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty, if any, to the extent derived from investment income and short-term capital gains.  In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required to provide an IRS Form W-8BEN or other applicable tax form certifying its entitlement to benefits under a treaty.  The withholding tax does not apply to regular dividends paid to a non-U.S. shareholder who provides a Form W-8ECI, certifying that the dividends are effectively connected with the non-U.S. shareholder's conduct of a trade or business within the United States.  Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S. shareholder.  A non-U.S. corporation receiving effectively connected dividends may also be subject to additional "branch profits tax" imposed at a rate of 30% (or, if applicable, a lower treaty rate).  A non-U.S. shareholder who fails to provide an IRS Form W-8BEN or other applicable form may be subject to backup withholding at the appropriate rate.  All non-U.S. shareholders should consult their tax advisors to determine the appropriate tax forms to provide to a fund to claim a reduced rate or exemption from U.S. federal withholding taxes, and the proper completion of those forms.
 
Notwithstanding the foregoing, for taxable years of a fund beginning before January 1, 2014, properly reported dividends are generally exempt from U.S. withholding tax where they (i) are paid in respect of a fund's "qualified net interest income" (generally, the fund's U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the fund is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of a fund's "qualified short-term capital gains" (generally, the excess of the fund's net short-term capital gain over the fund's long-term capital loss for such taxable year).  However, depending on its circumstances, a fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding.  In order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or other applicable form).  In the case of shares of a fund held through an intermediary, the intermediary may withhold even if a fund designates the payment as qualified net interest income or qualified short-term capital gain.  Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts.
 
In general, and subject to the exceptions described below, U.S. withholding tax will not apply to any gain or income realized by a non-U.S. shareholder in respect of any distributions of net long-term capital gains over net short-term capital losses, exempt-interest dividends or upon the sale or other disposition of shares of a fund.
 
For non-U.S. shareholders of a fund, a distribution by a fund that is attributable to the fund's receipt of certain capital gain distributions from a REIT generally will be treated as "effectively connected" real property gain that is subject to tax in the hands of the non-U.S. shareholder at the graduated rates applicable to U.S. shareholders (subject to a special AMT in the case of nonresident alien individuals), a potential 30% branch profits tax in the hands of a non-U.S. shareholder that is a corporation and a 35% withholding tax (which can be credited against the non-U.S. shareholder's direct U.S. tax liabilities) if the fund is a "United States real property holding corporation" (as such term is defined in the Code, and referred to herein as a "USRPHC") or would be but for the operation of certain exclusions.  An exception to such treatment is provided if the non-U.S. shareholder has not owned more than 5% of the class of stock of the fund in respect of which the distribution was made at any time during the one-year period ending on the date of the distribution.  In that case, the distribution generally is treated as an ordinary dividend subject to U.S. withholding tax at the rate of 30% (or lower treaty rate).  In addition, non-U.S. shareholders may be subject to certain tax filing requirements if the fund is a USRPHC.
 
Gains from the disposition of fund shares by a non-U.S. shareholder will be subject to withholding tax and treated as income effectively connected to a U.S. trade or business if at any time during the five-year period ending on the date of disposition (or if shorter, the non-U.S. shareholder's holding period for the shares), the fund was a USRPHC and the foreign shareholder actually or constructively held more than 5% of the outstanding shares of the fund.
 
Non-U.S. shareholders that engage in certain "wash sale" and/or substitute dividend payment transactions the effect of which is to avoid the receipt of distributions from a fund that would be treated as gain effectively connected with a U.S. trade or business generally will be treated as having received such distributions. All shareholders of a fund should consult their tax advisors regarding the application of the foregoing rule.
 
The Hiring Incentives to Restore Employment Act
 
Under the Foreign Account Tax Compliance Act provisions enacted as part of The Hiring Incentives to Restore Employment Act, P.L. 111-147 (the "HIRE Act"), a 30% withholding tax will be imposed on dividends paid by a fund, and on long-term capital gain dividends and redemption proceeds paid after December 31, 2016, to (i) a "foreign financial institution," which term includes certain non-U.S. investment funds, if the foreign financial institution does not, among other things, comply, under an agreement with the Secretary of the Treasury or his/her delegate or the terms of an applicable intergovernmental agreement entered into by the United States and the country where such non-U.S. shareholder resides or does business, with prescribed due diligence requirements necessary to determine which of its accounts (including equity interests in the foreign financial institution) are held by specified United States persons or United States owned foreign entities (such accounts, "United States accounts"), and prescribed reporting requirements in respect of its United States accounts and (ii) certain other foreign entities, unless they certify certain information regarding their direct and indirect U.S. owners.  To comply with these requirements, a fund may, in appropriate circumstances, require shareholders to provide information and tax documentation regarding their direct and indirect owners, and direct and indirect owners of certain entity shareholders may be required to waive the application of any non-U.S. laws which, but for such waiver, would prevent such entity from reporting information in respect of United States accounts in accordance with the applicable provisions of the HIRE Act or any agreement described in Section 1471(b) of the Code.
 
The HIRE Act also imposes information reporting requirements on individuals (and, to the extent provided in future regulations, certain domestic entities) that hold any interest in a "specified foreign financial asset" if the aggregate value of all such assets held by such individual exceeds $50,000.  Significant penalties can apply upon a failure to make the required disclosure and in respect of understatements of tax attributable to undisclosed foreign financial assets.  The scope of this reporting requirement is not entirely clear and all shareholders should consult their own tax advisors as to whether reporting may be required in respect of their indirect interests in certain investments of a fund.
 
All non-U.S. shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in a fund.
 
Possible Legislative Changes
 
The tax consequences described herein may be affected (possibly with retroactive effect) by various legislative bills and proposals that may be initiated in Congress.  Prospective investors should consult their own tax advisors regarding the status of any proposed legislation and the effect, if any, on their investment in a fund.
 
Other Tax Matters
 
Special tax rules apply to investments through defined contribution plans and other tax-qualified plans.  Shareholders should consult their tax advisors to determine the suitability of shares of a fund as an investment through such plans and the precise effect of such an investment in their particular tax situation.
 
Dividends, distributions and gains from the sale of fund shares may be subject to state, local and foreign taxes.  Many states grant tax-free status to dividends paid to shareholders of a fund from interest income earned by that fund from direct obligations of the U.S. Government, subject in some states to minimum investment requirements that must be met by the fund.  Investments in securities issued by the GNMA or FNMA, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for tax-free treatment.  Shareholders are urged to consult their tax advisors regarding specific questions as to federal, state, local and, where applicable, non-U.S. taxes.
 
Shareholders should consult their own tax advisors regarding the state, local and non-U.S. tax consequences of an investment in shares and the particular tax consequences to them of an investment in a fund.
 
 PORTFOLIO TRANSACTIONS
 
This section, other than "Disclosure of Portfolio Holdings," does not apply to the Funds of Funds' investments in Underlying Funds.  The Funds of Funds will not pay brokerage commissions or sales loads to buy and sell shares of Underlying Funds.
 
The Manager assumes general supervision over the placement of securities purchase and sale orders on behalf of the funds.  The funds, except for the money market funds and the TBCAM Stock Funds, are managed by dual employees of the Manager and an Affiliated Entity or employ a Sub-Adviser.  Those funds use the research facilities, and are subject to the internal policies and procedures, of the applicable Affiliated Entity or Sub-Adviser and execute portfolio transactions through the trading desk of the Affiliated Entity or Sub-Adviser, as applicable (collectively with Dreyfus' trading desk (for the money market funds only), the "Trading Desk").  All portfolio transactions of the money market funds and the TBCAM Stock Funds are placed on behalf of each fund by the Manager.
 
Trading the Funds' Portfolio Securities
 
In managing money market funds, the Manager will draw upon BNY Mellon Cash Investment Strategies ("CIS").  CIS is a division of the Manager that provides investment and credit risk management services and approves all money market fund eligible securities for the fund and for other investment companies and accounts managed by the Manager or its affiliates that invest primarily in money market instruments.  CIS, through a team of professionals who contribute a combination of industry analysis and fund-specific expertise, monitors all issuers approved for investment by such investment companies and other accounts by analyzing third party inputs, such as financial statements and media sources, ratings releases and company meetings, as well as internal research.  CIS investment and credit professionals also utilize inputs and guidance from BNY Mellon's central Risk Management Department (the "Risk Department") as part of the investment process.  These inputs and guidance focus primarily on concentration levels and market and credit risks and are based upon independent analysis done by the Risk Department relating to fundamental characteristics such as the sector, sovereign, tenor and rating of investments or potential investment.  The Risk Department also may perform stress and scenario testing on various money market type portfolios advised by CIS or BNY Mellon and its other affiliates, and provides various periodic and ad-hoc reporting to the investment and credit professionals at CIS.  In the event a security is removed from the "approved" credit list after being purchased by the fund, the fund is not required to sell that security.
 
Debt securities purchased and sold by a fund generally are traded on a net basis ( i.e ., without a commission) through dealers acting for their own account and not as brokers, or otherwise involve transactions directly with the issuer of the instrument.  This means that a dealer makes a market for securities by offering to buy at one price and sell at a slightly higher price.  The difference between the prices is known as a "spread."  Other portfolio transactions may be executed through brokers acting as agents, which are typically paid a commission.
 
The Trading Desk generally has the authority to select brokers (for equity securities) or dealers (for fixed-income securities) and the commission rates or spreads to be paid.  Allocation of brokerage transactions is made in the best judgment of the Trading Desk and in a manner deemed fair and reasonable.  In choosing brokers or dealers, the Trading Desk evaluates the ability of the broker or dealer to execute the transaction at the best combination of price and quality of execution.
 
In general, brokers or dealers involved in the execution of portfolio transactions on behalf of a fund are selected on the basis of their professional capability and the value and quality of their services.  The Trading Desk seeks to obtain best execution by choosing brokers or dealers to execute transactions based on a variety of factors, which may include, but are not limited to, the following:  (i) price; (ii) liquidity; (iii) the nature and character of the relevant market for the security to be purchased or sold; (iv) the quality and efficiency of the broker's or dealer's execution; (v) the broker's or dealer's willingness to commit capital; (vi) the reliability of the broker or dealer in trade settlement and clearance; (vii) the level of counterparty risk ( i.e ., the broker's or dealer's financial condition); (viii) the commission rate or the spread; (ix) the value of research provided; (x) the availability of electronic trade entry and reporting links; and (xi) the size and type of order ( e.g ., foreign or domestic security, large block, illiquid security).  In selecting brokers or dealers no factor is necessarily determinative; however, at various times and for various reasons, certain factors will be more important than others in determining which broker or dealer to use.  Seeking to obtain best execution for all trades takes precedence over all other considerations.
 
Investment decisions for one fund or account are made independently from those for other funds or accounts managed by the portfolio managers.  Under the Trading Desk's procedures, portfolio managers and their corresponding Trading Desks may, but are not required to, seek to aggregate (or "bunch") orders that are placed or received concurrently for more than one fund or account, and available investments or opportunities for sales will be allocated equitably to each.  In some cases, this policy may adversely affect the size of the position obtained or sold or the price paid or received by a fund.  When transactions are aggregated, but it is not possible to receive the same price or execution on the entire volume of securities purchased or sold, the various prices may be averaged, and the fund will be charged or credited with the average price.
 
The portfolio managers will make investment decisions for the funds as they believe are in the best interests of the funds.  Investment decisions made for a fund may differ from, and may conflict with, investment decisions made for other funds and accounts advised by the Manager and its Affiliated Entities or a Sub-Adviser.  Actions taken with respect to such other funds or accounts may adversely impact a fund, and actions taken by a fund may benefit the Manager or its Affiliated Entities or a Sub-Adviser or other funds or accounts advised by the Manager or an Affiliated Entity or Sub-Adviser.  Funds and accounts managed by the Manager, an Affiliated Entity or a Sub-Adviser may own significant positions in an issuer of securities which, depending on market conditions, may affect adversely the ability to dispose of some or all of such positions.  Regulatory restrictions (including, but not limited to, those related to the aggregation of positions among other funds and accounts or those restricting trading while in possession of material non-public information, such as may be deemed to be received by a fund's portfolio manager by virtue of the portfolio manager's position or other relationship with a fund's portfolio company) and internal BNY Mellon policies, guidance or limitations (including, but not limited to, those related to the aggregation of positions among all fiduciary accounts managed or advised by BNY Mellon and all its affiliates (including the Manager and its Affiliated Entities) and the aggregate exposure of such accounts) may restrict investment activities of the funds.  While the allocation of investment opportunities among a fund and other funds and accounts advised by the Manager and its Affiliated Entities may raise potential conflicts because of financial, investment or other interests of BNY Mellon or its personnel (or, with respect to a fund advised by a Sub-Adviser, the Sub-Adviser and its affiliates), the portfolio managers will make allocation decisions consistent with the interests of the fund and other funds and accounts and not solely based on such other interests.
 
Portfolio managers may deem it appropriate for one fund or account they manage to sell a security while another fund or account they manage is purchasing the same security.  Under such circumstances, the portfolio managers may arrange to have the purchase and sale transactions effected directly between the funds and/or accounts ("cross transactions").  Cross transactions will be effected in accordance with procedures adopted pursuant to Rule 17a-7 under the 1940 Act.
 
The Manager, an Affiliated Entity or a Sub-Adviser may buy for a fund securities of issuers in which other funds or accounts advised by the Manager, the Affiliated Entity or the Sub-Adviser may have, or are making, an investment in the same issuer that are subordinate or senior to the securities purchased for the fund.  For example, a fund may invest in debt securities of an issuer at the same time that other funds or accounts are investing, or currently have an investment, in equity securities of the same issuer.  To the extent that the issuer experiences financial or operational challenges which may impact the price of its securities and its ability to meet its obligations, decisions by the Manager, an Affiliated Entity or a Sub-Adviser relating to what actions are to be taken may raise conflicts of interests, and the Manager, the Affiliated Entity or the Sub-Adviser, as applicable, may take actions for certain funds or accounts that have negative impacts on other funds or accounts.
 
Portfolio turnover may vary from year to year as well as within a year.  In periods in which extraordinary market conditions prevail, portfolio managers will not be deterred from changing a fund's investment strategy as rapidly as needed, in which case higher turnover rates can be anticipated which would result in greater brokerage expenses. The overall reasonableness of brokerage commissions paid is evaluated by the Trading Desk based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services.  Higher portfolio turnover rates usually generate additional brokerage commissions and transaction costs, and any short-term gains realized from these transactions are taxable to shareholders as ordinary income.
 
To the extent that a fund invests in foreign securities, certain of such fund's transactions in those securities may not benefit from the negotiated commission rates available to funds for transactions in securities of domestic issuers.  For funds that permit foreign exchange transactions, such transactions are made with banks or institutions in the interbank market at prices reflecting a mark-up or mark-down and/or commission.
 
The Manager (and, where applicable, an Affiliated Entity or a Sub-Adviser) may utilize the services of an affiliate to effect certain client transactions when it determines that the use of such affiliate is consistent with its fiduciary obligations, including its obligation to obtain best execution, and the transactions are in the best interests of its clients.  Procedures have been adopted in conformity with Rule 17e-1 under the 1940 Act to provide that all brokerage commissions paid by the funds to the Manager (or, where applicable, an Affiliated Entity or a Sub-Adviser) are reasonable and fair.
 
For funds that invest in municipal securities, portfolio securities are purchased from and sold to parties acting as either principal or agent.  Newly-issued securities ordinarily are purchased directly from the issuer or from an underwriter; other purchases and sales usually are placed with those dealers from which it appears that the best price or execution will be obtained.  Usually no brokerage commissions as such are paid by a fund for such purchases and sales, although the price paid usually includes an undisclosed compensation to the dealer acting as agent.  The prices paid to underwriters of newly-issued securities usually include a concession paid by the issuer to the underwriter and purchases of after-market securities from dealers ordinarily are executed at a price between the bid and asked price.
 
Soft Dollars
 
The term "soft dollars" is commonly understood to refer to arrangements where an investment adviser uses client (or fund) brokerage commissions to pay for research and brokerage services to be used by the investment adviser. Section 28(e) of the Exchange Act provides a "safe harbor" that permits investment advisers to enter into soft dollar arrangements if the investment adviser determines in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided.  Eligible products and services under Section 28(e) include those that provide lawful and appropriate assistance to the investment adviser in the performance of its investment decision-making responsibilities.
 
Subject to the policy of seeking best execution, the funds may execute transactions with brokerage firms that provide research services and products, as defined in Section 28(e).  Any and all research products and services received in connection with brokerage commissions will be used to assist the applicable Affiliated Entity or Sub-Adviser in its investment decision-making responsibilities, as contemplated under Section 28(e).  Under certain conditions, higher brokerage commissions may be paid in connection with certain transactions in return for research products and services.
 
The products and services provided under these arrangements permit the Trading Desk to supplement its own research and analysis activities, and provide it with information from individuals and research staff of many securities firms.  Such services and products may include, but are not limited to, the following: fundamental research reports (which may discuss, among other things, the value of securities, or the advisability of investing in, purchasing or selling securities, or the availability of securities or the purchasers or sellers of securities, or issuers, industries, economic factors and trends, portfolio strategy and performance); current market data and news; statistical data; technical and portfolio analyses; economic forecasting and interest rate projections; and historical information on securities and companies.  The Trading Desk also may use client brokerage commission arrangements to defray the costs of certain services and communication systems that facilitate trade execution (such as on-line quotation systems, direct data feeds from stock exchanges and on-line trading systems) or functions related thereto (such as clearance and settlement).  Some of the research products or services received by the Trading Desk may have both a research function and a non-research or administrative function (a "mixed use").  If the Trading Desk determines that any research product or service has a mixed use, the Trading Desk will allocate in good faith the cost of such service or product accordingly.  The portion of the product or service that the Trading Desk determines will assist it in the investment decision-making process may be paid for in soft dollars.  The non-research portion is paid for by the Trading Desk in hard dollars.
 
The Trading Desk generally considers the amount and nature of research, execution and other services provided by brokerage firms, as well as the extent to which such services are relied on, and attempts to allocate a portion of the brokerage business of its clients on the basis of that consideration.  Neither the services nor the amount of brokerage given to a particular brokerage firm are made pursuant to any agreement or commitment with any of the selected firms that would bind the Trading Desk to compensate the selected brokerage firm for research provided.  The Trading Desk endeavors, but is not legally obligated, to direct sufficient commissions to broker/dealers that have provided it with research and other services to ensure continued receipt of research the Trading Desk believes is useful.  Actual commissions received by a brokerage firm may be more or less than the suggested allocations.
 
There may be no correlation between the amount of brokerage commissions generated by a particular fund or account and the indirect benefits received by that fund or client.  The Affiliated Entity or Sub-Adviser may receive a benefit from the research services and products that is not passed on to a fund in the form of a direct monetary benefit.  Further, research services and products may be useful to the Affiliated Entity or Sub-Adviser in providing investment advice to any of the funds or other accounts it advises.  Information made available to the Affiliated Entity or Sub-Adviser from brokerage firms effecting securities transactions for another fund or account may be utilized on behalf of a fund.  Thus, there may be no correlation between the amount of brokerage commissions generated by a particular fund and the indirect benefits received by that fund.  Information so received is in addition to, and not in lieu of, services required to be performed by the Affiliated Entity or Sub-Adviser and fees are not reduced as a consequence of the receipt of such supplemental information.  Although the receipt of such research services does not reduce the normal independent research activities of the Affiliated Entity or Sub-Adviser, it enables it to avoid the additional expenses that might otherwise be incurred if it were to attempt to develop comparable information through its own staff.
 
IPO Allocations
 
Certain funds may participate in IPOs.  In deciding whether to purchase an IPO, a fund's portfolio manager(s) generally consider the capitalization characteristics of the security, as well as other characteristics of the security, and identifies funds and accounts with investment objectives and strategies consistent with such a purchase.  Generally, as more IPOs involve small- and mid-cap companies, the funds and accounts with a small- and mid-cap focus may participate in more IPOs than funds and accounts with a large-cap focus.  The Affiliated Entity or Sub-Adviser (as applicable), when consistent with the fund's and/or account's investment guidelines, generally will allocate shares of an IPO on a pro rata basis.  In the case of "hot" IPOs, where the Affiliated Entity or Sub-Adviser only receives a partial allocation of the total amount requested, those shares will be distributed fairly and equitably among participating funds or accounts managed by the Affiliated Entity or Sub-Adviser.  "Hot" IPOs raise special allocation concerns because opportunities to invest in such issues are limited as they are often oversubscribed.  The distribution of the partial allocation among funds and/or accounts will be based on relative NAVs.  Shares will be allocated on a pro rata basis to all appropriate funds and accounts, subject to a minimum allocation based on trading, custody and other associated costs.  International hot IPOs may not be allocated on a pro rata basis due to transaction costs, market liquidity and other factors unique to international markets.
 
Disclosure of Portfolio Holdings
 
The funds have adopted policies and procedures with respect to the disclosure of fund portfolio holdings and any ongoing arrangements to make available information about fund portfolio holdings.  It is the policy of the Manager to protect the confidentiality of fund portfolio holdings and prevent the selective disclosure of non-public information about such holdings.  The policy requires that consideration always be given as to whether disclosure of information about fund portfolio holdings is in the best interests of fund shareholders, and that any conflicts of interest between the interests of fund shareholders and those of the Manager or its affiliates be addressed in a manner that places the interests of fund shareholders first.
 
Each fund, or its duly authorized service providers, publicly discloses its portfolio holdings in accordance with regulatory requirements, such as periodic portfolio disclosure in filings with the SEC.  Each non-money market fund, or its duly authorized service providers, may publicly disclose its complete schedule of portfolio holdings at month-end, with a one-month lag at www.dreyfus.com.  In addition, fifteen days following the end of each calendar quarter, each non-money market fund, or its duly authorized service providers, may publicly disclose on the website its complete schedule of portfolio holdings as of the end of such quarter.  Each money market fund will disclose daily, on www.dreyfus.com , the fund's complete schedule of holdings as of the end of the previous business day.  The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
 
If a fund's portfolio holdings are released pursuant to an ongoing arrangement with any party, such fund must have a legitimate business purpose for doing so, and neither the fund, nor the Manager or its affiliates may receive any compensation in connection with an arrangement to make available information about the fund's portfolio holdings.  Funds may distribute portfolio holdings to mutual fund evaluation services such as S&P, Morningstar or Lipper Analytical Services; due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds before their public disclosure; and broker-dealers that may be used by the fund, for the purpose of efficient trading and receipt of relevant research, provided that:  (a) the recipient does not distribute the portfolio holdings to persons who are likely to use the information for purposes of purchasing or selling fund shares or fund portfolio holdings before the portfolio holdings become public information; and (b) the recipient signs a written confidentiality agreement.
 
A fund may also disclose any and all portfolio holdings information to its service providers and others who generally need access to such information in the performance of their contractual duties and responsibilities and are subject to duties of confidentiality, including a duty not to trade on non-public information, imposed by law and/or contract.  These service providers include the fund's custodian, independent registered public accounting firm, investment adviser, administrator, and each of their respective affiliates and advisors.
 
Disclosure of portfolio holdings may be authorized only by the Chief Compliance Officer for the fund, and any exceptions to this policy are reported quarterly to the board.
 
SUMMARY OF THE PROXY VOTING POLICY, PROCEDURES AND GUIDELINES OF THE DREYFUS FAMILY OF FUNDS
 
The boards have delegated to Dreyfus the authority to vote proxies of companies held in a fund's portfolio, except for proxies of certain U.S. bank holding companies, savings and loan holding companies, insured depository institutions and companies that control an insured depository institution (collectively, the "Designated BHCs"), for which the boards have delegated to Institutional Shareholder Services Inc. ("ISS") the authority to vote proxies of such Designated BHCs.  Except as described below, Dreyfus, through its participation in BNY Mellon's Proxy Voting and Governance Committee (the "Proxy Voting Committee"), applies BNY Mellon's Proxy Voting Guidelines, which are summarized below (the "Voting Guidelines"), when voting proxies on behalf of a fund.  Similarly ISS votes proxies that it is authorized to vote, including those delegated by the boards, in accordance with the ISS Global Voting Principles (the "ISS Principles"), which are summarized below.
 
BNY Mellon and its direct and indirect subsidiaries (collectively, "BNYM"), including Dreyfus, are subject to the requirements of the Bank Holding Company Act of 1956, as amended (the "BHCA").  Among other things, the BHCA prohibits BNYM, funds that BNYM "controls" by virtue of share ownership ("Bank Controlled Funds"), and any fund or other investment account over which BNYM exercises sole voting discretion (collectively, the "BNYM Entities"), in the aggregate, from owning or controlling or holding sole voting discretion with respect to 5% or more of any class of voting stock of any BHC without the prior approval of the Board of Governors of the Federal Reserve System (the "BHCA Rules").
 
Because ISS has sole voting authority over voting securities issued by the Designated BHCs, the holdings of such securities by the funds (other than Bank Controlled Funds) are excluded from the 5% aggregate computation under the BHCA Rules and the funds (other than Bank Controlled Funds) are permitted to purchase and hold securities of BHCs without limits imposed by the BHCA.  (Voting securities of BHCs held by funds that are Bank Controlled Funds, however, continue to be aggregated with the holdings of other BNYM Entities because of BNYM's share ownership in those funds.)
 
A security will be identified as a Designated BHC (and voting authority over its voting securities will be delegated to ISS) when BNY Mellon Entities' aggregate ownership, control and voting discretion with respect to the security reaches a level that could risk a violation of BHCA Rules.  If such aggregate levels decrease to a point that BNY Mellon deems appropriate to remain in compliance with BHCA Rules, the security will no longer be a Designated BHC and Dreyfus will be redelegated sole voting authority over the security.  Management of the funds anticipates that ISS will have proxy voting authority over the voting securities of a limited number of Designated BHCs.
 
Information regarding how a fund's proxies were voted during the most recent 12-month period ended June 30 th is available on Dreyfus' website, by the following August 31 st , at http://www.dreyfus.com and on the SEC's website at http://www.sec.gov on a fund's Form N-PX.
 
Proxy Voting By Dreyfus
 
Dreyfus recognizes that an investment adviser is a fiduciary that owes its clients a duty of utmost good faith and full and fair disclosure of all material facts.  Dreyfus further recognizes that the right to vote proxies is an asset, just as the economic investment represented by the shares is an asset.  An investment adviser's duty of loyalty precludes an adviser from subrogating its clients' interests to its own.  Accordingly, in voting proxies, Dreyfus seeks to act solely in the best financial and economic interests of the funds.
 
Dreyfus seeks to avoid material conflicts of interest between the funds and fund shareholders, on the one hand, and Dreyfus, the fund's principal underwriter, or any affiliated person of the fund, Dreyfus or the fund's principal underwriter, on the other, through its participation in the Proxy Voting Committee.  The Proxy Voting Committee applies detailed, pre-determined proxy voting guidelines in an objective and consistent manner across client accounts, based on internal and external research and recommendations provided by third party vendors, and without consideration of any client relationship factors.  To avoid any appearance of a conflict, Dreyfus engages a third party as an independent fiduciary (generally ISS) to vote all proxies with respect to securities issued by BNY Mellon and all proxies with respect to shares of funds sponsored by Dreyfus or another BNY Mellon affiliate (including proxies with respect to shares issued by funds in the Dreyfus Family of Funds), and may engage an independent fiduciary to vote proxies of other issuers if deemed appropriate in its discretion.
 
Each proxy is reviewed, categorized and analyzed in accordance with the Proxy Voting Committee's written guidelines in effect from time to time.  The guidelines are reviewed periodically and updated as necessary to reflect new issues and changes to the Proxy Voting Committee's policies on specific issues.  Items that can be categorized will be voted in accordance with any applicable guidelines or referred to the Proxy Voting Committee, if the applicable guidelines so require.  Proposals for which a guideline has not yet been established, such as, for example, new proposals arising from emerging economic or regulatory issues, are referred to the Proxy Voting Committee for discussion and vote.  Additionally, the Proxy Voting Committee may elect to review any proposal where it has identified a particular issue for special scrutiny in light of new information.  The Proxy Voting Committee will also consider specific interests and issues raised by Dreyfus on behalf of a fund, which interests and issues may require that a vote for a fund be cast differently from the collective vote in order to act in the best interests of the fund.
 
With regard to voting proxies with respect to shares of non-U.S. companies, Dreyfus weighs the cost of voting, and potential inability to sell, the shares against the benefit of voting the shares to determine whether or not to vote.  The Proxy Voting Committee seeks to vote proxies of non-U.S. companies through the application of the ISS Principles, which the Proxy Voting Committee has adopted because of ISS's expertise in proxy voting matters of the various non-U.S. markets.  However, corporate governance practices, disclosure requirements and voting operations vary significantly among these markets.  In these markets, the Proxy Voting Committee seeks to submit proxy votes in a manner consistent with the Voting Guidelines, while taking into account the different legal and regulatory requirements.
 
Although proxies in respect of securities held by the Dreyfus Socially Responsible Growth Fund, Inc. or The Dreyfus Third Century Fund, Inc. (each a "Socially Responsible Fund") typically are voted in accordance with BNY Mellon's Proxy Voting Guidelines, proxies pertaining to the social investment criteria of the Socially Responsible Funds are voted by the funds' portfolio managers.  The Socially Responsible Funds' social investment criteria are used to determine whether a company enhances the quality of life in America by considering its record in the areas of:
 
 
·
protection and improvement of the environment and the proper use of our natural resources
 
·
occupational health and safety
 
·
consumer protection and product purity
 
·
equal employment opportunity
 
Summary of BNY Mellon's Proxy Voting Guidelines
 
The Proxy Voting Committee consists of representatives from certain investment advisory, banking, trust company and other fiduciary business units (each, a "Member Firm") affiliated with BNY Mellon.  The Proxy Voting Committee recognizes that the responsibility for the daily management of a company's operations and strategic planning is entrusted to the company's management team, subject to oversight by the company's board of directors.  As a general matter, Member Firms invest in companies believed to be led by competent management and the Proxy Voting Committee customarily votes in support of management proposals and consistent with management's recommendations.  However, the Proxy Voting Committee believes that Member Firms, in their role as fiduciaries, must express their view on the performance of the directors and officers of the companies in which clients are invested and how these clients' interests as shareholders are being represented.  Accordingly, the Proxy Voting Committee will vote against those proposals that it believes would negatively impact the economic value of clients' investments – even if those proposals are supported or recommended by company management.
 
The Proxy Voting Committee seeks to make proxy voting decisions that are in the best interest of the clients of its Member Firms. For this purpose, the Proxy Voting Committee has established detailed, pre-determined, written proxy voting guidelines for specific types of proposals and matters commonly submitted to shareholders ("Voting Guidelines").  Viewed broadly, the Voting Guidelines seek to maximize shareholder value by promoting sound corporate governance policies through the support of proposals that are consistent with four key objectives:
 
 
·
The alignment of the interests of a company's management and board of directors with those of the company's shareholders;
 
·
To promote the accountability of a company's management to its board of directors, as well as the accountability of the board of directors to the company's shareholders;
 
·
To uphold the rights of a company's shareholders to affect change by voting on those matters submitted to shareholders for approval; and
 
·
To promote adequate disclosure about a company's business operations and financial performance in a timely manner.

The following are summaries of how the Proxy Voting Committee generally views certain matters that are brought before the Proxy Voting Committee in connection with the voting of proxies by those Member Firms who exercise voting discretion as a fiduciary for their clients.  These summaries and the views reflected below by their nature are not intended to be complete and are not detailed explanations of all the guidelines and rule sets that the Proxy Voting Committee uses to assist with the proxy voting process.  The summaries below are published by the Proxy Voting Committee to provide public company issuers and investors with a broad view of how the Proxy Voting Committee approaches certain topics and proposals in the context of voting proxies for its Member Firms' fiduciary clients; and such summaries are not intended to limit in any way the Proxy Voting Committee's or any Member Firm's actions with respect to its activities regarding the voting of proxies of any particular proposal or on shareholder voting matters generally.
 
1.
Boards and Directors
       
 
A.
Election of Directors
     
 
The Proxy Voting Committee believes that a majority of a company's board members should be independent of management.
       
   
i)
Incumbent / Nominee Directors
       
     
The Proxy Voting Committee generally votes FOR incumbent and nominee directors.  However, the Proxy Voting Committee generally votes to WITHOLD support in cases when individual directors (or the board, as applicable):  (1) adopt, amend or renew a poison pill without shareholder approval or commitment to obtain shareholder approval within 12 months (applied to incumbent directors up for re-election at annual or special meeting which follows such action), (2) attend less than 75% of meetings for two consecutive years, (3) serve on more than six boards, (4) are CEOs of a public company and serve on more than 3 boards, or (5) fail to respond to approved shareholder proposals.
       
   
ii)
Compensation Committee Members
       
     
Generally, the Proxy Voting Committee votes FOR incumbent members of the compensation committee.  However, the Proxy Voting Committee will generally consider the proposal on a CASE-BY-CASE basis in situations where:  (1) there are excise tax gross-ups, excise tax indemnification or "make whole" provisions in recent change-in-control or severance agreements, (2) the company's stock performance is poor relative to peers and its compensation arrangements or pay practices is deemed excessive relative to peers, or (3) there appears to be an imbalance in a company's long term incentive compensation plans between the performance-based and time-based awards for the executive officers.
       
   
iii)
Audit Committee
       
     
Generally, the Proxy Voting Committee votes FOR independent incumbent members of an audit committee.  However, the Proxy Voting Committee will generally consider the proposal on a CASE-BY-CASE basis in situations where:  (1) audit fees are either undisclosed or insufficiently disclosed such that the amount paid to the auditor for non-audit services cannot be determined, (2) a material weakness is disclosed and not remediated timely, or (3) non-audit fees exceed the sum of audit, audit-related and tax compliance/preparation fees.
       
   
iv)
Management Nominees
       
     
The Proxy Voting Committee generally votes FOR management nominees for board or committee membership.  In exceptional cases, such as severe governance concerns or when a Proxy Advisor recommends to withhold, the Proxy Voting Committee will generally consider the proposal on a CASE-BY-CASE basis.  If a nominee received less than majority support at the prior election and the board has not addressed the cause of that low support, the Proxy Voting Committee will generally WITHHOLD its support.
       
 
B.
Board Governance
     
   
i)
Classified Board
       
     
The Proxy Voting Committee believes shareholders should annually vote for all members on a company's board of directors.  The Proxy Voting Committee votes FOR requests to declassify the board and will generally vote AGAINST proposals to adopt or continue a classified board structure.
       
   
ii)
Board Independence
       
     
The Proxy Voting Committee votes FOR management proposals for the election of independent directors that meet listing standards and generally favors an independent chairperson.  Conversely, the Proxy Voting Committee votes AGAINST shareholder proposals that are more or less restrictive than listing standards with respect to director "independence."
       
   
iii)
Board Size
       
     
The Proxy Voting Committee votes FOR management requests to configure the size of the board of directors with appropriate rationale, absent evidence of entrenchment or a disadvantage to shareholders.  However, the Proxy Voting Committee votes AGAINST proposals that remove the shareholders' right to vote on board configuration matters, or that would give the board sole discretion to set the number of members.
       
   
iv)
Vote Majority and Removal
       
     
Generally, the Proxy Voting Committee supports the practice of one share, one vote.  As such, we vote FOR proposals to elect director nominees by the affirmative vote of the majority of votes cast at the annual or special meeting.  The same practice is applied to proposals mandating the removal of a director upon a simple majority vote, such that the Proxy Voting Committee votes AGAINST management proposals that require a supermajority vote for removal.
       
   
v)
Separate Chairman and CEO
       
     
Generally, the Proxy Voting Committee votes FOR management proposals that propose to separate the positions of Chairman and CEO.  However, the Proxy Voting Committee generally votes AGAINST shareholder proposals to separate the Chairman and CEO positions if a lead or presiding director with appropriate authority is appointed; but is likely to vote FOR such a proposal if a lead or presiding director with appropriate authority has not been appointed.  When considering the sufficiency of a lead or presiding director's authority, the Proxy Voting Committee will consider: whether the director:  (1) presides at all meetings of the board (and executive sessions of the independent directors) at which the Chairman is not present, (2) serves as a liaison between the Chairman and the independent directors, (3) approves board meeting agendas, (4) has the authority to call meetings of the independent directors, and (5) if requested by major shareholders, ensures that s/he is available for consultation and direct communication.
       
2.
Accounting and Audit
       
Generally, the Proxy Voting Committee votes FOR the ratification of the board's selection of an auditor for the company.  The Proxy Voting Committee will vote AGAINST the ratification of the auditors if there are concerns of negligence due to issuance of an inaccurate audit opinion.  The Proxy Voting Committee typically votes AGAINST shareholder proposals for auditor rotation arrangements that are more restrictive than regulatory requirements.
       
3.
Anti-Takeover Measures
       
Generally, the Proxy Voting Committee opposes proposals that seem designed to insulate management unnecessarily from the wishes of a majority of the shareholders and that would lead to a determination of a company's future by a minority of its shareholders.  However, the Proxy Voting Committee generally supports proposals that seem to have as their primary purpose providing management with temporary or short-term insulation from outside influences so as to enable management to bargain effectively with potential suitors and otherwise achieve identified long-term goals to the extent such proposals are discrete and not bundled with other proposals.
       
 
A.
Shareholder Rights Plan or "Poison Pill"
       
   
Generally, the Proxy Voting Committee votes FOR proposals to rescind a "poison pill" or proposals that require shareholder approval to implement a "pill."  Further, a WITHHOLD support vote on the election of directors will follow the adoption or renewal of a poison pill without shareholder approval.
       
 
B.
Non-net Operating Loss Shareholder Rights Plan
       
   
Generally, the Proxy Voting Committee votes FOR non-net operating loss shareholder rights plans if all the following are in place:  (1) a plan trigger that is 20% or greater, (2) a term not exceeding 3 years, (3) the plan terminates if not ratified by shareholder majority, (4) there are no "dead hand" or "modified dead hand" provisions, and (5) the plan has a qualified offer clause.  The Proxy Voting Committee generally reviews these plans on a CASE-BY-CASE basis outside of these prescribed requirements.
       
 
C.
Special Meetings and Majority Vote
       
   
The Proxy Voting Committee believes the rights to call a special meeting and to approve an action with a simple majority vote are powerful tools for shareholders.  As such, we generally support proposals that uphold these rights.  More specifically, with respect to calling a special meeting, the Proxy Voting Committee generally votes FOR proposals that would allow shareholders to call a special meeting if a reasonably high proportion of shareholders (typically of at least 10-15%, depending on the company's market capitalization, but no more than 25%, of the company's outstanding stock) are required to agree before such a meeting is called.
       
   
For companies that currently permit shareholders of 25% or less of outstanding stock to call a special meeting (or no such right exists), the Proxy Voting Committee may vote AGAINST proposals that would effectively lower (or initially establish) the minimum ownership threshold to less than 10% (for large cap companies) or 15% (for small cap companies).  However, for companies that currently permit shareholders of greater than 25% of outstanding stock to call a special meeting (or no such right exists), the Proxy Voting Committee is likely to consider on a CASE-BY-CASE basis those proposals that would effectively lower (or initially establish) the minimum ownership threshold to less than 10% (for large cap companies) or 15% (for small cap companies).
       
 
D.
Written Consent
       
   
The Proxy Voting Committee will generally vote FOR proposals to permit shareholders to act by written consent if the company does not currently permit shareholders to call for a special meeting or to act by written consent.  The Proxy Voting Committee will generally vote AGAINST proposals on written consent if the company permits shareholders the right to call for a special meeting.
       
4.
Capital Structure, Mergers, Sales and Transactions
       
 
A.
Mergers
       
   
The Proxy Voting Committee is likely to consider on a CASE-BY-CASE basis those proposals to merge, reincorporate or to affect some other type of corporate reorganization.  In making these decisions, the Proxy Voting Committee's primary concern is the long-term economic interests of shareholders, and it will consider Member Firm opinions, the fairness opinion, and the vote recommendations of two independent proxy advisors retained by the Proxy Voting Committee to provide comprehensive research, analysis and voting recommendations (the "Proxy Advisors") when determining a vote decision on these or similar proposals.
       
 
B.
Capital Structure
       
   
In assessing asset sales, reorganizations, bankruptcy or other capital structure changes, the Proxy Voting Committee looks to the economic and strategic rationale behind the transaction and supports those proposals that reasonably can be expected to uphold or enhance the shareholders' long-term economic interest.
       
   
i)
The Proxy Voting Committee generally votes FOR stock split proposals if the purpose is to: (1) increase liquidity and/or (2) adjust for a significant increase in stock price.
       
   
ii)
The Proxy Voting Committee generally votes FOR reverse stock split proposals if the purpose is to avoid stock exchange de-listing.  The Proxy Voting Committee also generally votes FOR proposals to decrease the number of common stock shares outstanding following reverse stock splits and proposals to eliminate unissued blank check preferred stock or a class of common stock with voting rights greater than the class held in client accounts.
       
 
C.
Authorized Stock Increases
       
   
Generally, the Proxy Voting Committee votes FOR proposals for the authorization to issue additional shares of common or preferred stock if it determines that the increase is:  (1) not excessive relative to the industry's average rate or otherwise harmful to the long-term economic interests of shareholders, or (2) necessary to avoid bankruptcy or to comply with regulatory requirements or other legally binding matters.  The Proxy Voting Committee will generally vote AGAINST such proposals that would exceed the industry's average rate and/or the business purpose is not articulated sufficiently.
       
 
D.
Preferred Stock Authorization
       
   
Where the voting power of the new issuance is specified as equal to or less than existing common stock shares, and the Proxy Advisors and the fairness opinion agree, the Proxy Voting Committee generally votes FOR proposals to issue preferred stock.  When the voting power of the new issuance is either unspecified or exceeds that of the existing shares of common stock, the Proxy Voting Committee generally votes AGAINST proposals to issue preferred stock.
       
5.
Corporate Governance
       
 
A.
Cumulative Voting
       
   
The Proxy Voting Committee generally votes AGAINST proposals to continue or to adopt cumulative voting.
       
 
B.
Amend Bylaw, Charter or Certificate
       
   
Generally, the Proxy Voting Committee votes FOR management proposals when the focus is administrative in nature or compliance driven and there is no evidence of negative impact to shareholder rights.  If evidence suggests that proposals would result in a reduction of shareholder rights or lead to entrenchment, the Proxy Voting Committee votes AGAINST such proposals.
       
 
C.
Indemnity Liability Protection
       
   
Generally, the Proxy Voting Committee votes FOR proposals to limit directors' liability or expand indemnification on behalf of their service to the company.  However, the Proxy Voting Committee votes AGAINST proposals that support indemnification for director actions conducted in bad faith, gross negligence or reckless disregard of duties.
       
 
D.
Adjourn Meeting
       
   
In cases where the Proxy Voting Committee is supportive of the underlying transaction or proposal and the purpose of the adjournment is to obtain additional votes, the Proxy Voting Committee will vote FOR the adjournment.

6.
Proxy Contests
 
In the case of proxy contests, the Proxy Voting Committee will endeavor to provide both parties an opportunity to present their case and arguments before determining a course of action.
 
The Proxy Voting Committee's general policy is to consider:  (1) the long-term economic impact of the decision, (2) the company's record and management's ability to achieve our reasonable expectations for shareholder return, (3) overall compensation for officers and directors and share price performance relative to industry peers, (4) whether the offer fully realizes the future prospects of the company in question with the likelihood of the challenger achieving their stated goals, and (5) the relevant experience of all board nominees.
 
7.
Social, Ethical and Environmental
 
The Proxy Voting Committee reviews all management sponsored social, ethical and environmental responsibility proposals on a CASE-BY-CASE basis.  Generally, the Proxy Voting Committee considers various factors in voting decisions, including:  (1) the long-term economic impact including implementation cost-to-benefit considerations, (2) the company's current legal and regulatory compliance status, (3) the binding or advisory nature of the request, and (4) whether the proposal's underlying objective is within the scope of the company's influence and control.
 
The Proxy Voting Committee generally votes FOR shareholder sponsored proposals when the proposal reasonably can be expected to enhance long-term shareholder value and when management fails to respond meaningfully to the proposal.  The Proxy Voting Committee generally votes AGAINST shareholder proposals when management has responded meaningfully and there is no evidence of:  (1) shareholder value creation, (2) regulatory non-compliance, (3) failed oversight from the board and management for the subject activity, (4) the company is operating outside of industry standard practice, or (5) the proposal request is vague or overly restrictive and unlikely to achieve the underlying intent.
 
8.
Compensation and Benefits
 
 
A.
Equity Compensation
 
The Proxy Voting Committee employs a shareholder value transfer model and a burn rate model to measure the value transfer from shareholders to employees and directors when considering equity compensation proposals.
 
The Proxy Voting Committee generally votes FOR proposals relating to equity compensation plans that:  (1) pass our shareholder value transfer model and burn rate model and prohibit share re-pricing without shareholder approval, (2) pass our shareholder value transfer model and burn rate model, are silent on share re-pricing and the company has no history of re-pricing,(3) use section 162(m) rules for plan administration by independent directors, or (4) require an issuance of stock or options as equal payment in lieu of cash to directors.
 
The Proxy Voting Committee generally votes AGAINST compensation plans that:  (1) fail our shareholder value transfer model or burn rate model, and allow for option exchange or re-pricing without shareholder approval, (2) pass our shareholder value transfer model and burn rate model, but permit accelerated vesting without consummation of a change-in-control transaction, or (3) serve as a vehicle to perpetuate a disconnect between pay and performance or favors executive officers whose pay is already significantly higher than peers.
 
The Proxy Voting Committee reviews on a CASE-BY-CASE basis those proposals that:
 
 
i)
pass our shareholder value transfer model and either (1) fail our burn rate model, (2) the plan is "silent" on re-pricing and the company has a history of the practice, or (3) a Proxy Advisor recommends an "against" vote; or
 
 
ii)
fail our shareholder value transfer model but the plan (1) is required to complete a transaction supported by the Proxy Voting Committee or (2) includes details regarding extenuating business circumstances.
 
 
B.
Say on Pay
 
If the ballot seeks an advisory vote on the frequency of say-on-pay proposals, the Proxy Voting Committee generally votes FOR proposals that call for say-on-pay on an ANNUAL basis.
 
The Proxy Voting Committee will generally vote FOR management proposals on say-on-pay.  However, the Proxy Voting Committee will generally consider the proposal on a CASE-BY-CASE basis in situations where:  (1) there are excise tax gross-ups, excise tax indemnification or "make whole" provisions in recent change-in-control or severance agreements, (2) the company's stock performance is poor relative to peers and its compensation arrangements or pay practices is deemed excessive relative to peers, (3) the company fails to address compensation issues identified in prior meetings when adequate opportunity to address has passed, or (4) there appears to be an imbalance in a company's long term incentive compensation plans between the performance-based and time-based awards for the executive officers.
 
 
C.
Option Re-pricing or Exchange
 
Generally, the Proxy Voting Committee believes that stock compensation aligns managements' and shareholders' interests based on fair-market value grants.
 
In cases where management is proposing to address a compensation misalignment, the Proxy Voting Committee generally votes FOR such proposals that:  (1) seek exchanges that are value-for-value, (2) exclude executives, directors and consultants, (3) do not recycle exercised options, and/or (4) involve current options that are significantly under water and the new exercise price is reasonable.  The Proxy Voting Committee generally votes FOR proposals that require stock option exchange and re-pricing programs to be put to shareholder vote.
 
In cases of proposals where the exchange and/or re-pricing requests do not meet these criteria, the Proxy Voting Committee generally votes AGAINST the management proposal.
 
 
D.
Golden Parachute Plans
 
In reviewing management compensation agreements, the Proxy Voting Committee generally votes FOR those that:  (1) involve payments that do not exceed three times the executive's total compensation (salary plus bonus), (2) have a double trigger, and (3) do not provide for a tax gross-up in the contract.  Conversely, the Proxy Voting Committee generally votes AGAINST compensation agreements that do not adhere to these requirements.  As a facet of a capital structure change, the Proxy Voting Committee will consider these compensation agreements on a CASE-BY-CASE basis.
 
In reviewing shareholder proposals, we generally support those that require the company to submit compensation agreements to a vote.
 
 
E.
Clawbacks
 
When determining the effectiveness of a company's clawback/recoupment policy, the Proxy Voting Committee will consider:  (1) the amount of information the company provides in its proxy statement on the circumstances under which the company recoups incentive or equity compensation, (2) whether the company's policy extends to named executive officers and other senior executive officers (and not simply the CEO and chief financial officer), (3) if the policy requires recoupment of incentive and equity compensation received and subsequently determined to have been "unearned" during the prior 3-year period, and (4) if the policy considers performance-based compensation to be "unearned" if the corresponding performance target(s) are later determined to have not been achieved for any reason (rather than first requiring evidence of "misconduct" or fraudulent activity and/or a formal restatement of financial results).
 
 
F.
Other Compensation Requests
 
Generally, the Proxy Voting Committee votes FOR stock purchase plans that allow a broad group of employees to purchase shares and limit the discount to 15% or less.  Conversely, the Proxy Voting Committee generally votes AGAINST proposals that are limited to senior executives and/or provides for a discount that is greater than 15%.
 
Generally, the Proxy Voting Committee votes FOR proposals that seek management and director retention of stock awards for no more than one year and/or 25% of stock awarded.  Conversely, the Proxy Voting Committee generally votes AGAINST proposals that seek retention of stock awards for greater than one year and 75% of stock awarded.
 
For those proposals for which the Voting Guidelines do not provide determinative guidance ( e.g. , new proposals arising from emerging economic or regulatory issues), they are referred to the Proxy Voting Committee for discussion and vote.  In these instances, the Proxy Voting Committee votes based upon its principle of maximizing shareholder value.
 
Proxy Voting by ISS 1
 
ISS has policies and procedures in place to manage potential conflicts of interest that may arise as a result of work that ISS's subsidiary performs for a corporate governance client and any voting of proxies relating to such client's securities that ISS performs on behalf of the funds.  Such policies and procedures include separate staffs for the work performed for corporate governance clients and ISS's proxy voting services; a firewall that includes legal, physical and technological separations of the two businesses; and the employment of a blackout period on work performed with a corporate governance client during the pendency of a live voting issue in respect of securities of such client.
 
Summary of the ISS Guidelines 1
 
ISS Global Voting Principles
 
ISS' Principles provide for four key tenets on accountability, stewardship, independence and transparency, which underlie our approach to developing recommendations on management and shareholder proposals at publicly traded companies.  The principles guide our work to assist institutional investors in meeting their fiduciary requirements, with respect to voting, by promoting long-term shareholder value creation and risk mitigation at their portfolio firms through support of responsible global corporate governance practices.
 
Accountability .  Boards should be accountable to shareholders, the owners of the companies, by holding regular board elections, by providing sufficient information for shareholders to be able to assess directors and board composition, and by providing shareholders with the ability to remove directors.
 
Directors should respond to investor input such as that expressed through vote results on management and shareholder proposals and other shareholder communications.
 
Shareholders should have meaningful rights on structural provisions, such as approval of or amendments to the corporate governing documents and a vote on takeover defenses.  In addition, shareholders' voting rights should be proportional to their economic interest in the company; each share should have one vote.  In general, a simple majority vote should be required to change a company's governance provisions or to approve transactions.
 
Stewardship .  A company's governance, social, and environmental practices should meet or exceed the standards of its market regulations and general practices and should take into account relevant factors that may impact significantly the company's long-term value creation.  Issuers and investors should recognize constructive engagement as both a right and responsibility.
 
Independence .  Boards should be sufficiently independent so as to ensure that they are able and motivated to effectively supervise management's performance and remuneration, for the benefit of all shareholders.  Boards should include an effective independent leadership position and sufficiently independent committees that focus on key governance concerns such as audit, compensation, and the selection and evaluation of directors.
________
1            Excerpted from ISS materials.
 
Transparency .  Companies should provide sufficient and timely information that enables shareholders to understand key issues, make informed vote decisions and effectively engage with companies on substantive matters that impact shareholders' long-term interests in the company.
 
Regional Policy and Principles – Americas
 
Principles that apply generally for the region (U.S., Canada and Latin America) are as follows:
 
Board
 
Boards should be substantially independent, fully accountable, and open to appropriate diversity in the backgrounds and expertise of members.
 
U.S. and Canada .  Key voting policy guidelines address the following:
 
 
1.
The establishment of key board committees (as required by regulation and/or, in Canada, by a combination of regulation and best practice recommendations outlined in the National Policy 58-201 Corporate Governance Guidelines ): Audit, Compensation, and Nominating.
 
2.
The independence of the board as a whole (which should exceed 50 percent) and of the key committees (which should be 100 percent independent).  Shareholder proposals seeking the independence of the chairman and his or her separation from the CEO role are key evaluations in the Canadian market, where ISS generally supports independent board leadership.  (ISS has developed specific standards to determine the independence of each director; these generally align with listing exchange independence standards but are more stringent in some respects.)
 
3.
The accountability of individual directors, relevant committees and/or the board as a whole for problematic issues related to financial reporting/auditing, risk, executive compensation, board composition, directors' meeting attendance and over-boarding, and/or any other actions or circumstances determined to be egregious from a shareholder value perspective.
 
4.
The responsiveness of the board to shareholder input through majority voting support for a shareholder proposal or substantial opposition to a management proposal.

Americas Regional and Brazil .  ISS' vote recommendations for board elections in Latin America primarily address disclosure of director nominees.  As a result of regulation enacted in late 2009, Brazil is currently the only market in the region in which timely disclosure of director nominees represents market practice.  As a result, ISS policy for Brazil takes board independence into account, in accordance to each issuer's stock market listing segment.  Majority-independent boards remain very rare across the region.
 
Although Brazilian law requires disclosure of management nominees prior to the meeting, minority shareholders are able to present the names of their nominees up to the time of the meeting.  While these rules were designed to minimize restrictions on minority shareholders, they end up having a negative impact on international institutional investors, who must often submit voting instructions in the absence of complete nominee information.
 
Most Latin American markets (except Brazil and Peru) require issuers to establish audit committees, with varying independence requirements.  The idea that specific oversight functions should be assigned to specific board subcommittees is still foreign to most Brazilian issuers, and even those companies that are listed in the NYSE will often not have an audit committee.  This is because the SEC grants exemptions to foreign issuers and considers the Brazilian fiscal council, a corporate body lying outside of the board of directors, to be a valid substitute for an audit committee for the purposes of requirements under the Sarbanes-Oxley Act of 2002.
 
For foreign private issuers ("FPIs"), ISS takes into account the level of disclosure and board independence (which should be a majority) as well as the independence of key board committees.  Also, slate ballots or bundled director elections are generally not deemed to be in shareholders' best interests.
 
Compensation
 
The U.S. and Canada .  Key voting policy guidelines address the following:
 
 
1.
Clarity and completeness of disclosures , both for actual payments and awards to named executive officers and with respect to the nature and rationale for the programs and awards.  Incomplete or unclear disclosure may result in negative recommendations if an analyst cannot conclude that the programs are operating in shareholders' interests.
 
2.
Reasonable alignment of pay and performance among top executives.  U.S. and Canadian compensation policies rely on both quantitative screens to measure CEO pay-for-performance alignment on both an absolute (pay relative to total shareholder return) and relative (pay and performance relative to peers) basis over periods that include one, three, and five years for different tests.  Companies identified as outliers receive a further in-depth qualitative review to identify likely reasons for the perceived disconnect, or mitigating factors that either explain and/or justify it in a particular circumstance or time period.  The qualitative review investigates factors such as the proportion of pay tied to performance conditions (strength of those conditions), a company's pay benchmarking practices, the existence of measures that discourage excessive risk taking, the extent and appropriateness of non-performance-based pay elements ( e.g. , severance packages), and the compensation committee's responsiveness to shareholder input on pay issues.
 
3.
Equity-based compensation proposals are evaluated with respect to several factors , including cost (measured by Shareholder Value Transfer ("SVT") as calculated by ISS' proprietary model) and historical (average) grant, or "burn," rate, and the presence of problematic plan provisions such as ability to reprice stock options without specific shareholder approval.
 
Under U.S. policy, a "liberal" change in control ("CIC") provision that could result in executives receiving windfall compensation even if a CIC does not ultimately occur also would be deemed problematic.  Additionally, the board committee responsible for administering a U.S. program should be comprised solely of independent directors.  Any of these factors may lead to a negative recommendation.
 
Under Canadian policy, in addition to the SVT and burn-rate evaluation noted above, equity plans also may receive a negative recommendation due to:  i) discretionary or inadequately limited participation by outside directors; ii) insufficient limits on the board's ability to amend the plan's amendment provisions without shareholder approval; and/or iii) the completion of an option repricing within the past three years.  Other factors which may be considered include share dilution represented by the plan.
 
Americas Regional and Brazil .  In most Latin American countries, shareholders are traditionally able to vote on the compensation of board and audit committee members, which generally represent non-contentious proposals.  In Brazil, however, shareholders are granted a binding vote on executive and board compensation.
 
While there have been some improvements in the disclosure of Brazilian remuneration figures over past few proxy seasons, inconsistencies remain, particularly regarding long-term equity pay.  The debate surrounding the disclosure of individualized compensation remains unresolved since the Brazilian Institute of Finance Executives filed an injunction in 2010 allowing companies to withhold this information.  Currently, more than 20 percent of Brazilian issuers use this injunction as a way to circumvent the Brazilian Securities Regulator's requirement that companies disclose the total compensation of their highest-paid executive.  Some companies also continue to pay their executives through subsidiaries, a practice that tends to obscure compensation disclosure.
 
For FPI/tax haven companies, oppose stock incentive plans or amended plans if the maximum number of shares to be issued is not disclosed and/or the company has not disclosed any information regarding the key terms of the proposed plan.  If sufficient information is disclosed, the plan proposal will be evaluated similarly to plan at U.S. companies.
 
Audit
 
U.S. and Canada .  U.S. companies are required to report comprehensive and accurate financial information according to General Accepted Accounting Principles ("GAAP").  Canadian issuers report under International Financial Reporting Standards ("IFRS").  In the U.S., companies have discretion to include a non-binding auditor ratification proposal on annual general meeting ballots.  In Canada, issuers are required to provide shareholders with the ability to appoint one or more auditors to hold office until the next annual meeting.
 
In both markets, external auditors are expected to be both fully qualified and independent – i.e. , should not have any financial interests, including excessive fees from the company for non-audit services – that could compromise their independence.  ISS categorizes four types of fees reported by all companies for their external auditors: Audit Fees, Audit-Related Fees, Tax Fees and All Other Fees.  Specific ratios that would trigger negative recommendations on an auditor ratification proposal are detailed in respective policies.
 
Americas Regional and Brazil .  Most Latin American markets have adopted, or are in the process of adopting, IFRS.
 
While shareholders in all Latin American countries must approve annual financial statements, only a few markets grant shareholders the ability to ratify auditors.  Brazilian companies that install a permanent audit committee may now extend the term for the mandatory rotation of their independent auditors to 10 years.
 
Shareholder Rights/Takeover Defenses
 
ISS policy is aimed at protecting the ability of shareholders to (1) consider and approve legitimate bids for the company, and (2) effect change on the board, when appropriate.  Protection of minority shareholder rights is also considered when dual class capital structures with multiple-voting share instruments give voting control to a minority equity ownership position—approximately 10 percent of Russell 3000 index companies and approximately 14 percent of issuers on the S&P/TSX Composite Index have some form of unequal voting structure.
 
U.S.   Shareholder rights and takeover defenses in the U.S. are driven largely by state law.  Within that framework, ISS policy is designed to ensure the ability of shareholders to:
 
 
·
Evaluate and approve shareholder rights plans ("poison pills") that may discourage takeover bids;
 
·
Evaluate and approve amendments to the company's governing documents, as well as proposed mergers, by a simple majority vote;
 
·
Call special meetings and act by written consent, within reasonable parameters;
 
·
Submit shareholder proposals subject to reasonable "advance notice" requirements.
 
Canada .  Shareholder rights and takeover defenses in Canada are generally determined by regulation and exchange rules.  In this context, ISS policy undertakes to:
 
 
·
Evaluate and approve shareholder rights plans ("poison pills") where the scope of the plan is limited to: i) providing the board with more time to find an alternative value enhancing transaction; and ii) to ensuring the equal treatment of all shareholders;
 
·
Review "advance notice requirements" or other policies such that all shareholders are provided with sufficient time and disclosure to make informed decisions within a transparent, structured and fair director nomination process;
 
·
Evaluate proposed amendments to the company's governing documents to ensure that shareholders' rights are effectively protected with respect to adequate and independent representation at shareholders' and directors' meetings;
 
·
Determine that shareholder rights, including remedies, powers, and duties will not be negatively impacted by reincorporation proposals.
 
Americas Regional and Brazil .  The voting rights of international institutional investors are often limited in Latin America.  Mexican companies may divide their capital into several classes of shares with special rights for each of the shares, and voting rights for certain classes are restricted to Mexican nationals.  With the exception of companies listed in the Novo Mercado, which are required to maintain a single class of shares, most Brazilian companies divide their share capital between common and preferred shares.  Typically, common shares confer voting rights and preferred shares do not, although preferred shareholders have the right to vote on specific matters and under certain conditions.
 
A number of Brazilian issuers have adopted mandatory bid provisions, with ownership triggers ranging from 15-35 percent.  The Sao Paulo Stock Exchange has recommended that companies in the Novo Mercado listing segment adopt provisions with a 30-percent ownership trigger.
 
Environmental & Social Issue Shareholder Proposals
 
While governance related shareholder proposals are generally evaluated in the context of ISS policies related to management sponsored proposals on those issues, in some markets shareholder proposals seek changes with respect to social and/or environmental issues.
 
U.S.   In the U.S., approximately 200 environmental and social shareholder proposals come to a vote each year, primarily at large cap companies.  Many request increased disclosure on certain issues or company policies, such as corporate political contributions or lobbying expenditures, board diversity, human rights, animal welfare, and numerous environmental and "sustainability" topics.  ISS evaluates most environmental and social proposals on a case-by-case basis, considering the extent to which the request would or may have an impact on shareholder value (positive or negative), and how that relates to the perceived cost to the company of implementing the proposal.
 
Canada . In Canada, very few environmental and social proposals are filed, and the majority of these are withdrawn prior to shareholders' vote, usually after discussions between the proponent and the company.  The most prevalent proposals in recent years relate to gender diversity on boards and in senior management in Canada.
 
Latin America .   In Latin America, shareholders have yet to file any environmental and social proposals and such proposals are rarely filed at companies that are subject only to tax haven market regulations.
 
ISS voting guidelines for environmental and social shareholder proposals consider the following:
 
 
·
Whether the proposal would enhance or protect shareholder value, especially from a long-term value perspective;
 
·
To what extent the company's current practices and policies align in an appropriate and sufficient manner to the issue(s) raised in the proposal;
 
·
Whether the issues raised in the proposal are more appropriately or effectively dealt with through legislation or regulation;
 
·
Whether the proposal's request is unduly burdensome in scope, timeframe, or cost, or is overly prescriptive;
 
·
How the company's current practices and policies compare with any industry-wide standards; practices for addressing the related issue(s); and
 
·
If the proposal requests increased disclosure or greater transparency, the extent that reasonable and sufficient information is currently available to investors, and whether or not implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.
 
Merger & Acquisition & Capital Related Proposals
 
U.S. and Canada .  ISS generally supports company proposals to repurchase shares or to undertake other actions deemed not to arbitrarily diminish or dilute shareholder value or voting interests.  Other pure economic proposals, including capital changes and mergers, are evaluated on a case-by-case basis, weighing the merits and drawbacks of the proposal from the perspective of a long-term shareowner and balancing various and sometimes countervailing factors.
 
Unlike in some jurisdictions ( e.g. , the U.K.), in the U.S. and Canada, shareholders only have preemptive rights if they are accorded in a company's governing documents, which is rare.  Share issuances that represent less than 20 percent of outstanding capital do not require shareholder approval.
 
Americas Regional and Brazil .  Shareholders of Latin American companies are often asked to vote on share issuances, mergers and non-contentious administrative items such as the absorption of subsidiaries.  Merger proposals in Brazil are subject to a higher quorum requirement (50 percent of shares entitled to vote).
 
ISS generally supports share issuances requests in Latin America up to 100 percent over currently issued capital with preemptive rights and up to 20 percent without preemptive rights.
 
Regional Policy and Principles – Europe, Middle East and Africa
 
ISS European Policy
 
 
·
Covers most of continental Europe.  Coverage is broadly in line with European Union membership, but including Switzerland, Norway, Iceland and Liechtenstein and excluding the U.K. and Ireland.
 
·
Most markets covered by ISS European Policy are developed markets with reasonably high governance standards and expectations, often driven by European Union regulation.  However, even European Union legislation can vary widely in its implementation across member states.
 
·
The approach taken by ISS European Policy is to apply the principles of the Policy to all markets covered, but to take relevant market-specific factors into account.  Therefore European Policy has a number of areas that are specific to particular markets (for example, taking into account when assessing board independence, legal requirements in Germany for employee representatives on supervisory boards).
 
·
Governance standards and best practices are often (but not always) on a comply-or-explain basis, with best practice recommendations set by different local corporate governance codes or guidelines.  Where relevant, ISS takes into account in its analysis the explanations given by companies for any non-compliance.
 
U.K. and Ireland - NAPF Corporate Governance Policy and Voting Guidelines
 
 
·
Covers the U.K., Ireland and a number of associated markets (such as the U.K. Channel Islands).
 
·
Uniquely for the U.K., ISS uses the policy and voting guidelines of the National Association of Pension Funds ("NAPF"), the voice of workplace pensions in the U.K., and representing the views of pension funds, other asset owners and their asset managers.  It is based on the U.K. Corporate Governance Code and on internationally accepted best practice principles of corporate governance, and is developed by the NAPF and its members specifically for the U.K. market.
 
·
The corporate governance regime in the U.K. largely operates on a comply-or-explain basis rather than being wholly founded in corporate law.  This approach underlies both the U.K. Corporate Governance Code, which is widely accepted by companies as well as supported by investors.
 
ISS South Africa Policy :
 
 
·
Covers South Africa only
 
·
Based on EMEA Regional Policy (described below), with additional approaches for voting items and issues that are specific to the South African market.

ISS Russia and Kazakhstan Policy :

 
·
Covers Russia and Kazakhstan only.
 
·
Based on EMEA Regional Policy with additional approaches for voting items and issues that are specific to these two markets.

ISS EMEA Regional Policy :

 
·
Covers all countries in the EMEA region that are not covered by a specific policy.  Includes many markets in the Middle East, North Africa and Eastern Europe.
 
·
The countries currently covered include, but are not limited to, Algeria, Angola, Armenia, Azerbaijan, Bahrain, Bosnia and Herzegovina, Botswana, Egypt, Gabon, Gambia, Ghana, Guinea, Georgia, Israel, Ivory Coast, Jordan, Kenya, Kuwait, Kyrgyzstan, Lebanon, Macedonia, Malawi, Moldova, Montenegro, Morocco, Namibia, Nigeria, Oman, Qatar, Serbia, Tajikistan, Tunisia, Turkey, Turkmenistan, Uganda, United Arab Emirates, Ukraine, Uzbekistan, Zambia, and Zimbabwe.
 
·
Poor disclosure is common in many of these markets and can be particularly problematic for issues related to director elections, approval of related-party transactions, remuneration, ratification of charitable donations, and capital issuances.
 
·
For countries currently covered by the ISS EMEA Regional Policy, opportunities for developing standalone market-specific ISS policies are regularly reviewed and specific policies are developed as opportunities to do so are identified from any significant developments in local governance practices, company disclosure practices and relevant legislation.

Regional Policy and Principles – Asia-Pacific

While ISS global principles apply to markets in Asia-Pacific (notably Japan, Hong Kong, Korea, Singapore, China, Taiwan, India and Australia), because of diversity in laws, customs and best practice codes of each market, ISS' voting policies in each market take into account such factors to promote sustainable shareholder value creation through support of responsible corporate practices.

Board

Boards should be substantially independent, fully accountable, and open to appropriate diversity in the backgrounds and expertise of members.

Japan .  In Japan, there is no obligation to appoint outsiders to the board of directors at the 98 percent of Japanese companies that retain Japan's traditional board system (featuring two tiers, with a statutory auditor board).  Currently, nearly 40 percent of Japanese companies still do not have any outside directors, and accordingly, ISS does not recommend a vote against outside directors merely for a lack of independence because this could have the effect of actually increasing management domination of the board.  A nominee who is voted down may not be replaced, and the board may end up losing one outsider.  However, ISS recommends a vote against a company's top executive if the board after the shareholder meeting will have no outside directors.

Hong Kong .  ISS recommends voting against executive directors who hold positions on a company's key board committees, namely audit, remuneration, and nomination committees, if such committee is not majority independent.  In addition, ISS recommends against directors who have attended less than 75 percent of board meetings in the most recent fiscal year.  Furthermore, ISS recommends against all non-independent directors (other than a CEO/managing director, executive chairman, or company founder who is deemed integral to the company) where independent directors represent less than one-third of the board.  ISS also generally recommends against an independent director nominee who fails to meet the ISS criteria for independence.

Korea .  Most Korean companies present proposals to elect directors as a bundled resolution, requiring shareholders to vote for or against the entire slate of nominees, instead of allowing shareholders to vote on each individual nominee.  Accordingly, where there are reasons to recommend a vote against one or more nominees, ISS considers recommending votes against all nominees included in such resolution.

Under Korean law, large company boards must have a majority of outside directors and small companies are required to have a board on which one-fourth of directors are outsiders.  Where independent non-executive directors (per ISS' classification of directors) represent less than a majority of the board at large companies, ISS recommends against inside/executive directors who are neither CEO nor a member of the founding family, and/or the most recently appointed non-independent non-executive director (per ISS' classification of directors) who represents a substantial shareholder, where the percentage of board seats held by representatives of the substantial shareholder are disproportionate to its holdings in the company.

Singapore .  ISS recommends voting against executive directors who hold positions on a company's key board committees, namely audit, remuneration, and nomination committees.  In addition, ISS recommends against directors who have attended less than 75 percent of board meetings in the most recent fiscal year.  Furthermore, ISS recommends against all non-independent directors (other than a CEO/managing director, executive chairman, or company founder who is deemed integral to the company) where independent directors represent less than one-third of the board.

China .  Peoples' Republic of China Company Law requires a company's board to have five to 19 directors, whilst a 2001 China Securities Regulatory Commission ("CSRC") guidance document requires that independent directors should represent at least one-third of the board, of which at least one independent director must be an accounting professional.  When the board meets the one-third independence requirement, ISS generally supports the election of the candidates unless any independent director candidate fails to meet the ISS criteria for independence.

Taiwan .  The nomination system is mandatory only for the election of independent directors in Taiwan.  Many companies are using a "non-nomination" system for the election of non-independent directors, which means that shareholders can literally vote for any person of legal age and companies are not obliged to provide a roster of candidates and their profiles before the meeting.  The non-nomination system poses great challenges for making an informed voting decision, particularly for overseas investors who must cast their votes well in advance of the meeting.  This system acts to disenfranchise minority shareholders, who have limited visibility into the nominees chosen by the controlling shareholder and/or incumbent management team.  ISS recommends voting AGAINST all nominees for elections via the "non-nomination" system.  These negative recommendations are intended to protest the poor disclosure and disenfranchisement, and to push companies to adopt a system for electing directors akin to that used in most of the world; and which is already used in Taiwan for the election of independent directors.

India .  ISS recommends voting against executive directors who hold positions on a company's key board committees, namely audit, remuneration, and nomination committees.  In addition, ISS recommends against directors who have attended less than 75 percent of board meetings in the most recent fiscal year.  Furthermore, ISS recommends against all non-independent directors (other than a CEO/managing director, executive chairman, or company founder who is deemed integral to the company) where independent directors represent less than one-third of the board (if the chairman is a non-executive) or one-half of the board (if the chairman is an executive director or a promoter director).

Australia .  A unitary board structure, combining executive and non-executive directors, retiring by rotation every three years is the norm in Australia.  In some cases, the CEO will be excluded from retiring by rotation once appointed to the board by shareholders.  It is common and best practice for a board to have subcommittees, namely the audit, remuneration and nomination committees.  Listing Rule 12.7 requires members of the All Ordinaries Index to have established an audit committee, with additional guidance on structure and role for the largest 300 companies.  As in many developed markets, diversity has come to the fore in recent years.  Guidance released by the Australian Securities Exchange on diversity requires companies to disclose information on gender diversity and a focus exists on building a culture of diversity within the company.  With a comply-or-explain approach to governance, companies are allowed to deviate from what is considered to be best practice with regard to board structure although solid explanations are expected.  Best practice supports majority independent boards, with an independent chairman.  In addition, the roles of chairman and CEO should not be combined.  ISS generally supports director elections in Australia but may recommend against directors when deviations from best practice are not fully justified.

Compensation

Japan .  Unlike the U.S., Australia and certain European markets, the Japanese market does not require companies to submit say-on-pay proposals for a shareholder vote.  Combined with a general perception that Japanese executive pay is not high, as compared to foreign counterparts, and the lack of disclosure rules shedding light on it, Japanese executive pay had long been left unflagged by shareholders.  However, compensation disclosure requirements reveal that the problem of Japanese pay is not the amount, but the lack of a link to shareholder wealth creation.  Accordingly, ISS policy for Japan's compensation proposals is generally intended to prompt companies to increase performance-based cash compensation as well as equity-based compensation.

Hong Kong .  In Hong Kong, companies typically seek shareholder approval to set directors' fees and to approve stock option plans, but executive compensation does not require shareholder review.  ISS generally supports resolutions regarding directors' fees unless they are excessive relative to fees paid by other companies of similar size.

ISS generally recommends voting against an option scheme if the maximum dilution level for the stock option plan exceeds 5 percent of issued capital for a mature company and 10 percent for a growth company.  However, ISS supports plans at mature companies with dilution levels up to 10 percent if the plan includes other positive features such as challenging performance criteria and meaningful vesting periods as these features partially offset dilution concerns by reducing the likelihood that options will become exercisable unless there is a clear improvement in shareholder value.  Additionally, ISS generally recommends against plans if directors eligible to receive options under the plan are involved in the administration of the scheme and the administrator has discretion over their awards.

Korea .  In Korea, companies annually seek shareholder approval to set the remuneration cap for directors.  These proposals seek to set an upper limit on director pay in aggregate, but individual pay limits as well as the actual amounts paid are almost never disclosed.  ISS generally recommends voting for proposals to set directors' remuneration cap unless there is a material disparity between director remuneration and the firm's dividend payout practice or financial performance, the proposed remuneration cap is excessive relative to the company's peers, or the company fails to provide justification for a substantial increase in the remuneration limit.

Singapore .  In Singapore, companies typically seek shareholder approval to set directors' fees and to approve stock option plans, performance share plans and other equity-based incentives, but executive compensation does not require shareholder approval.  ISS generally supports resolutions regarding directors' fees unless they are excessive relative to fees paid by other companies of similar size.

ISS generally recommends voting against an option scheme if the maximum dilution level for the stock option plan exceeds 5 percent of issued capital for a mature company and 10 percent for a growth company or if the plan permits options to be issued with an exercise price at a discount to the current market price.  However, ISS supports plans at mature companies with dilution levels up to 10 percent if the plan includes other positive features such as challenging performance criteria and meaningful vesting periods as these features partially offset dilution concerns by reducing the likelihood that options will become exercisable unless there is a clear improvement in shareholder value.  Additionally, ISS generally recommends against plans if directors eligible to receive options under the plan are involved in the administration of the scheme and the administrator has discretion over their awards.

China .  Stock option plans and restricted stock schemes have become increasingly popular in China in recent years, with companies employing increasingly sophisticated schemes.  Companies are required to provide detailed information regarding these schemes under the relevant laws and regulations.  When reviewing these proposals, ISS examines the key plan features including the performance hurdles, plan participants, resulting dilution, and vesting period.

Taiwan .  Restricted stock awards ("RSAs") were first introduced in Taiwan in 2012.  The amount of restricted stock to be issued is capped at 5 percent of the number of shares outstanding under the law, and the restricted shares can be granted free of charge.  ISS reviews RSA proposals on a case-by-case basis taking into account the following features: whether existing substantial shareholders are restricted in participation; presence of challenging performance hurdles if restricted shares are issued for free or at a deep discount; and whether a reasonable vesting period (at least two years) is set.

India .  Currently, ISS does not have market-specific policies on compensation.  However, shareholders are often asked to approve commissions for non-executive directors.  Companies also routinely seek shareholder approval for compensation packages of executive directors.  ISS recommends voting for these proposals unless there is a clear indication that directors are being rewarded for poor performance or the fees are excessive.

Companies establish employee stock option plans to reward and retain key employees.  ISS generally recommends voting against an option plan if the maximum dilution level for the plan exceeds ISS guidelines of 5 percent of issued share capital for a mature company and 10 percent for a growth company or the plan permits options to be issued with an exercise price at a discount to the current market price.

Australia .  Investors are given an annual say-on-pay, with the potential of forcing all directors to seek reelection if dissent exceeds 25 percent of the vote for two years running.  In addition, investors can vote on individual long-term incentive grants.  In general, packages are made up of a basic salary and a combination of short- and long-term incentives making up the rump of the potential award.  Awards generally have pre-set performance targets with long-term awards generally vesting after a three year performance period.  As with other elements of company practice, guidelines in the market exist with regard to remuneration.  ISS looks for a strong link between the level of pay received and company performance.  In addition, ISS expects company disclosure to be transparent enabling an informed voting decision to be made.

Audit

Japan .  Shareholders are asked to approve the external auditor only when auditors are initially appointed or changed.  ISS recommends a vote for the appointment of audit firms unless there are serious concerns about the accounts presented or the audit procedures used or the auditors are being changed without explanation; in which case ISS evaluates the proposal on a case-by-case basis.

Hong Kong, Singapore, and India .  In Hong Kong, Singapore, and India, companies are required to seek shareholder approval annually for the appointment of the auditor and to authorize the board to set the auditor's fees.  Auditors often provide other services in addition to audit services, which could threaten to compromise the auditor's ability to remain objective and independent.  While ISS will consider the nature and scope of non-audit fees when assessing their magnitude, where non-audit fees have constituted more than 50 percent of total auditor compensation during the fiscal year, ISS will ordinarily not recommend support for the reelection of the audit firm.

Korea and Taiwan .  The appointment of the external auditor is not an item that requires shareholder review.

China .  While it is acknowledged that the practice of auditors providing non-audit services to companies is problematic, the disclosure of non-audit fees is not mandatory in this market.  As such, ISS generally supports the appointment of an external auditor unless there are any known negative issues against the auditor.

Australia .  Shareholders are generally asked to approve the external auditor only when auditors are initially appointed or changed.  ISS recommends a vote for the appointment of audit firms unless there are serious concerns about the accounts presented or the audit procedures used or the auditors are being changed without explanation.

Shareholder Rights/Takeover Defenses

Japan .  ISS evaluates poison pill proposals on a case-by-case basis, but our guidelines specify a number of conditions which must ALL be met before we will even consider supporting a takeover defense.  Those conditions are composed of five components; 1) plan features, 2) board practices, 3) special committee, 4) other defenses and 5) information disclosure.  Only when each of these threshold conditions is met will ISS proceed to a discussion of the company's actual vulnerability to a hostile takeover, and the plans (if any) it has announced to increase its valuation and thus reduce its vulnerability.

In evaluating poison pill renewals, ISS will examine the company's share price performance, relative to its peers, since the pill was first put in place.  Where the company has underperformed the market, it will be difficult to argue that shareholders have benefited from the pill, or that they should support its renewal.

Hong Kong, Singapore, Taiwan and India .  Poison pills and dual-class shares with different voting rights are not allowed.  If any antitakeover measure is proposed, ISS generally recommends against such a proposal unless it is structured in such a way that it gives shareholders the ultimate decision on any proposal or offer.

Korea .  Poison pills are not allowed in Korea, although it is possible to utilize redeemable convertible preferred shares to serve a similar purpose.  ISS generally recommends against proposals to create classes of shares that could be utilized as an antitakeover measure.

ISS recommends against proposals to adopt a supermajority voting requirement for removal of directors or internal auditors as it will make it difficult for shareholders to dismiss directors or internal auditors, which could reduce board accountability.

Golden parachutes are allowed in Korea, and ISS generally recommends a vote against a proposal to introduce such a clause.

China .  The adoption of antitakeover measures in China is regulated by the Management Approach on Acquisition of Listed Companies (the "Approach"), published by CSRC in 2006.  The Approach effectively forbids the employment of poison pills, scorched earth and other common shark repellent defenses during the event of a hostile takeover.  However, what can be done before the event is not regulated.  As a result, Chinese companies have increasingly been adopting preemptive measures designed to discourage and inhibit takeover attempts by placing restrictions in the company's Articles of Association.  One of the most common restrictions placed in a company's Articles of Association relates to the right of shareholders to nominate directors.  ISS generally recommends voting against such restrictive articles.

Australia .  Poison pills and dual-class shares with different voting rights are not allowed.  If any antitakeover measure is proposed, ISS generally recommends against such a proposal unless it is structured in such a way that it gives shareholders the ultimate decision on any proposal or offer.

Environmental & Social Issue Shareholder Proposals

Japan .  In evaluating social and environmental proposals, ISS first determines whether or not the issue in question should be addressed on a company-specific basis.  Some social and environmental issues are beyond the scope of any one company and are more properly the province of government and broader regulatory action.  If this is the case, ISS recommends voting against the proposal.

Most proposals of this type require shareholders to apply subjective criteria in making their voting decision.  While broader issues are of concern to everyone, institutional shareholders acting as representatives of their beneficiaries are required to consider only the ultimate interests of their direct beneficiaries.  Relating the interests of their beneficiaries to the greater good can be a difficult process and a matter for individual determination.  For this reason, ISS focuses on the financial aspects of social and environmental proposals.  If a proposal would have a negative impact on the company's financial position or adversely affect important operations, ISS recommends opposing the resolution.  Conversely, if a proposal would have a clear and beneficial impact on the company's finances or operations, ISS recommends supporting the proposal.

Hong Kong, Singapore, China, Taiwan and India .  Shareholder proposals on environmental and social issues are not common in these markets.  ISS reviews these proposals on case-by-case basis, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder value.

Korea .  Environmental & Social Issues are not items that shareholders can vote on under the current legal framework in Korea.

Australia .  Shareholder proposals on environmental and social issues are not common in Australia, with engagement carried out behind closed doors.  ISS reviews these proposals on a case-by-case basis, taking into consideration whether implementation of the proposal is likely to enhance or protect shareholder value.

Merger & Acquisition /Economic Proposals

Japan, Hong Kong, Singapore, China, Taiwan, India and Australia .  For every Merger & Acquisition   and Third-Party Placement analysis, ISS reviews publicly available information as of the date of the report and evaluates the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including: valuation, market reaction, strategic rationale, conflicts of interest and governance.

Korea .  The company-level transactions that require shareholders' approval include sale/acquisition of a company's assets or business unit; merger agreements; and formation of a holding company.  For every analysis, ISS reviews publicly available information as of the date of the report and evaluates the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors, including valuation, market reaction, strategic rationale, conflicts of interest, governance, and trading opportunity from the dissident's right.
 
ADDITIONAL INFORMATION ABOUT THE FUNDS' STRUCTURE; FUND SHARES AND VOTING RIGHTS
 
Massachusetts Business Trusts
 
If a fund is a series of a fund company organized as an unincorporated business trust under the laws of the Commonwealth of Massachusetts, shareholders of the fund could, under certain circumstances, be held personally liable for the obligations of the fund.  However, the fund company's Agreement and Declaration of Trust (the "Trust Agreement") disclaims shareholder liability for acts or obligations of the fund company and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the fund company or a board member.  The Trust Agreement provides for indemnification from a fund's property for all losses and expenses of any shareholder held personally liable for the obligations of the fund.  Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the fund itself would be unable to meet its obligations, a possibility which management believes is remote.  Upon payment of any liability incurred by a fund, the shareholder paying such liability will be entitled to reimbursement from the general assets of the fund.  The fund companies intend to conduct their operations in such a way so as to avoid, as far as possible, ultimate liability of the shareholders for liabilities of a fund.
 
Fund Shares and Voting Rights
 
Fund shares have equal rights as to dividends and in liquidation.  Shares have no preemptive, subscription rights or, except as described in the prospectus or this SAI, conversion rights and are freely transferable.  Each fund share has one vote and, when issued and paid for in accordance with the terms of its offering, is fully paid and non-assessable.
 
Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for a fund to hold annual meetings of shareholders.  As a result, shareholders may not consider each year the election of board members or the appointment of an independent registered public accounting firm.  However, for a fund that is organized as a Massachusetts business trust or a series of a Massachusetts business trust, the holders of at least 30% of the fund's shares outstanding and entitled to vote may require the fund to hold a special meeting of shareholders for purposes of removing a board member from office.  In addition, the board will call a meeting of shareholders for the purpose of electing board members if, at any time, less than a majority of the board members then holding office have been elected by shareholders.
 
Rule 18f-2 under the 1940 Act provides that any matter required to be submitted under the provisions of the 1940 Act or applicable state law or otherwise to the holders of the outstanding voting securities of an investment company will not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares of each series, if any, affected by such matter.  Rule 18f-2 further provides that a series shall be deemed to be affected by a matter unless it is clear that the interests of each series in the matter are identical or that the matter does not affect any interest of such series.  Rule 18f-2 exempts the selection of the independent registered public accounting firm and the election of board members from the separate voting requirements of the rule.
 
GLOSSARY
 
Term
Meaning
   
12b-1 Plan
A Plan adopted pursuant to Rule 12b-1 under the 1940 Act
1940 Act
Investment Company Act of 1940, as amended
ACH
Automated Clearing House
Acquired Fund
Former series of The Bear Stearns Funds
ADRs
American Depositary Receipts and American Depositary Shares
Adviser
The Manager and/or one or more Sub-Advisers, as applicable to the relevant fund or funds
Affiliated Entity
An affiliate of Dreyfus that, along with Dreyfus, employs fund portfolio managers who are dual employees of the Dreyfus and such affiliate; for the TBCAM Stock Funds, references to an Affiliated Entity shall be deemed to refer to TBCAM as Manager of the TBCAM Stock Funds
Alcentra
Alcentra NY, LLC
AMT
Alternative Minimum Tax
Authorized Entity
A bank, broker-dealer, financial adviser or Retirement Plan that has entered into an agreement with the Distributor to receive orders to buy and sell fund shares by the close of trading on the NYSE and transmit such orders to the Distributor or its designee in accordance with the agreement with the Distributor
BNY Hamilton Funds
The BNY Hamilton Funds, Inc.
BNY Mellon
The Bank of New York Mellon Corporation; BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.
Cash Management Funds
Dreyfus California AMT-Free Municipal Cash Management, Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York AMT-Free Municipal Cash Management, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus Treasury & Agency Cash Management and Dreyfus Treasury Prime Cash Management
CCM
Cupps Capital Management, LLC
CDSC
Contingent deferred sales charge
CEA
Commodities Exchange Act
CenterSquare
CenterSquare Investment Management, Inc.
CEO
Chief Executive Officer
CFTC
Commodity Futures Trading Commission
Channing
Channing Capital Management, LLC
Citizens
Affiliates of Citizens Financial Group, Inc.
Code
Internal Revenue Code of 1986, as amended
CPO
Commodity pool operator
CPO Fund
Dynamic Total Return Fund
Custodian
The Bank of New York Mellon
Distributor
MBSC Securities Corporation
Dreyfus
The Dreyfus Corporation
EACM
EACM Advisors LLC
EAM
EAM Investors, LLC
Effective Date
March 13, 2012
Eligible Shares
Shares of a Multi-Class Fund or shares of certain other funds advised by the Manager that are subject to a front-end sales load or a CDSC, or shares acquired by a previous exchange of such shares
ETFs
Exchange-traded funds and similar exchange-traded products
Exchange Account
A special account in the General Fund created solely for the purpose of purchasing shares by exchange from Class B shares of a Multi-Class Fund; prior to June 1, 2006, such accounts were created in the Worldwide Dollar Fund
Exchange Act
Securities Exchange Act of 1934, as amended
FDIC
Federal Deposit Insurance Corporation
Federal Funds
Monies of member banks within the Federal Reserve System which are held on deposit at a Federal Reserve Bank
FINRA
Financial Industry Regulatory Authority
Fitch
Fitch Ratings
FNMA
Federal National Mortgage Association
Fund of Funds
Dreyfus Conservative Allocation Fund, Dreyfus Diversified International Fund, Dreyfus Diversified Large Cap Fund, Dreyfus Growth Allocation Fund and Dreyfus Moderate Growth Allocation Fund, each of which invests all or substantially all of its investable assets in Underlying Funds, and Dreyfus Alternative Diversifier Strategies Fund, Dreyfus Diversified Emerging Markets Fund and Dreyfus Yield Enhancement Strategy Fund, each of which invests significantly in Underlying Funds
General Fund
General Money Market Fund, Inc., a money market fund advised by the Manager into which certain fund shares may be exchanged
General Funds
General California Municipal Money Market Fund
General Government Securities Money Market Funds, Inc.
General Government Securities Money Market Fund
General Treasury Prime Money Market Fund
General Municipal Money Market Funds, Inc.
General Municipal Money Market Fund
General New York Municipal Money Market Fund
 
Geneva
Geneva Capital Management LLC
 
Ginnie Maes
GNMA Mortgage Pass-Through Certificates
GNMA
Government National Mortgage Association
Granite
Granite Investment Partners, LLC
Hamon
Hamon Asian Advisors Limited
Independent Board Member
A board member who is not an "interested person" (as defined in the 1940 Act) of the relevant fund
Index
The benchmark index of an Index Fund
Index Funds
Dreyfus International Stock Index Fund, Dreyfus Midcap Index Fund, Inc., Dreyfus S&P 500 Index Fund and Dreyfus Smallcap Stock Index Fund
Institutional Money Funds
Dreyfus Institutional Cash Advantage Fund, Dreyfus Institutional Preferred Money Market Fund, Dreyfus Institutional Preferred Plus Money Market Fund, Dreyfus Institutional Reserves Money Fund, Dreyfus Institutional Reserves Treasury Prime Fund and Dreyfus Institutional Reserves Treasury Fund
Interested Board Member
A board member who is considered to be an "interested person" (as defined in the 1940 Act) of the relevant fund
IPO
Initial public offering
IRA
Individual retirement account
Iridian
Iridian Asset Management LLC
IRS
Internal Revenue Service
Kayne
Kayne Anderson Rudnick Investment Management, LLC
Kingsford Capital
Kingsford Capital Management, LLC
Lending Agent
The Bank of New York Mellon
LIBOR
London Interbank Offered Rate
Lombardia
Lombardia Capital Partners, LLC
Manager
The Dreyfus Corporation; when used for the TBCAM Stock Funds only, the Manager refers to TBCAM
MLP
Master limited partnership
Mellon Capital
Mellon Capital Management Corporation
Moody's
Moody's Investors Service, Inc.
Multi-Class Fund
A fund that issues multiple classes of shares, one or more of which is subject to a sales load
Municipal Bonds
Municipal Obligations
Debt obligations or other securities issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, including cities, counties, municipalities, municipal agencies and regional districts, or multi-state agencies or authorities, and certain other specified securities, the interest from which is, in the opinion of bond counsel to the issuer, exempt from federal income tax
NASDAQ
The Nasdaq Stock Market, Inc.
NAV
Net asset value
Neuberger Berman
Neuberger Berman Management LLC
Newton
Newton Capital Management Ltd.
NFA
National Futures Association
Nicholas
Nicholas Investment Partners, L.P.
NYSE
NYSE Euronext
Owl Creek
Owl Creek Asset Management, L.P.
Perella
Perella Weinberg Partners Capital Management LP
Plans
Distribution Plans, Service Plans and Shareholder Services Plans as described in "Distribution Plans, Service Plans and Shareholder Services Plans" in Part II of this SAI
Purchaser
An individual and/or spouse purchasing securities for his, her or their own account or for the account of any minor children, or a trustee or other fiduciary purchasing securities for a single trust estate or a single fiduciary account (including a pension, profit-sharing, or other employee benefit trust created pursuant to a plan qualified under Section 401 of the Code) although more than one beneficiary is involved; or a group of accounts established by or on behalf of the employees of an employer or affiliated employers pursuant to an employee benefit plan or other program (including accounts established pursuant to Sections 403(b), 408(k) and 457 of the Code); or an organized group which has been in existence for more than six months, provided that it is not organized for the purpose of buying redeemable securities of a registered investment company and provided that the purchases are made through a central administration or a single dealer, or by other means which result in economy of sales effort or expense
Rating Agencies
S&P, Moody's, Fitch and, with respect to money market funds, DBRS
REIT
Real estate investment trust
REMIC
Real estate mortgage investment conduit
Retirement Plans
Qualified or non-qualified employee benefit plans, including pension, profit-sharing and other deferred compensation plans, whether established by corporations, partnerships, non-profit entities, trade or labor unions or state and local governments, not including IRAs, IRA "Rollover Accounts" or IRAs set up under Simplified Employee Pensions Plans ("SEP-IRAs")
RHJ
Rice Hall James & Associates, LLC
Riverbridge
Riverbridge Partners, LLC
S&P
Standard & Poor's Ratings Services
Sarofim & Co.
Fayez Sarofim & Co.
SEC
Securities and Exchange Commission
Sirios
Sirios Capital Management, L.P.
Securities Act
Securities Act of 1933, as amended
Service Agents
Certain financial institutions (which may include banks), securities dealers and other industry professionals
Standard Pacific
Standard Pacific Capital, LLC
Standish
Standish Mellon Asset Management Company LLC
State Municipal Bonds
Municipal Bonds of the state after which the relevant fund is named that provide income exempt from federal and such state's personal income taxes (also referred to as "New York Municipal Bonds," "New Jersey Municipal Bonds," etc., depending on the state in the name of the relevant fund); New York Municipal Bonds also are exempt from New York City personal income taxes
State Municipal Obligations
Municipal Obligations of the state after which the relevant fund is named, and the state's political subdivisions, authorities and corporations, and certain other specified securities, that provide income exempt from federal and such state's personal income taxes (also referred to as "New York Municipal Obligations," "New Jersey Municipal Obligations," etc., depending on the state in the name of the relevant fund); New York Municipal Obligations also are exempt from New York City personal income taxes
Sub-Adviser
A fund's sub-investment adviser, if any, as described in the prospectus; certain funds have more than one Sub-Adviser
TBCAM
The Boston Company Asset Management, LLC
TBCAM Stock Funds
Dreyfus International Equity Fund and Dreyfus Small Cap Equity Fund
 
Three Bridges
Three Bridges Capital, LP
 
TIPS
Treasury Inflation-Protection Securities
TOBAM
TOBAM S.A.S.
Transfer Agent
Dreyfus Transfer, Inc.
Treasury
U.S. Department of the Treasury
TS&W
Thompson, Siegel & Walmsley LLC
Underlying Funds
Dreyfus funds (or other funds as may be permitted by a Fund of Funds' prospectus) in which a Fund of Funds invests
Union Point
Union Point Advisors, LLC
USA PATRIOT Act
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
Walter Scott
Walter Scott & Partners Limited
Walthausen
Walthausen & Co., LLC
Worldwide Dollar Fund
Dreyfus Worldwide Dollar Money Market Fund, Inc., a money market fund advised by the Manager into which certain fund shares may be exchanged

 
 
 
DREYFUS PREMIER INVESTMENT FUNDS, INC.
PART C. OTHER INFORMATION
 
Item 28. Exhibits
 
(a)(1)
Registrant's Articles of Incorporation and Articles of Amendment are incorporated by reference to Exhibit (1)(a) of Post-Effective Amendment No. 6 to the Registration Statement on Form N-1A, filed December 28, 1994 ("Post-Effective Amendment No. 6").
   
(a)(2)
Registrant's Articles of Amendment are incorporated by reference to Exhibit (a)(2) of Post-Effective Amendment No. 46 to the Registration Statement on Form N-1A, filed on March 27, 2008. ("Post-Effective Amendment No. 46")
   
(a)(3)
Registrant's Articles Supplementary are incorporated by reference to Exhibit (a)(3) of Post-Effective Amendment No. 46.
   
(a)(4)
Registrant's Articles Supplementary are incorporated by reference to Exhibit (a)(4) of Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A, filed July 14, 2009 ("Post-Effective Amendment No. 53").
   
(a)(5)
Registrant's Articles Supplementary are incorporated by reference to Exhibit (a)(5) of Post-Effective Amendment No. 60 to the Registration Statement on Form N-1A, filed February 11, 2011 ("Post-Effective Amendment No. 60").
   
(a)(6)
Form of Registrant's Articles Supplementary is incorporated by reference to Exhibit (a) (6) of Post-Effective Amendment No. 75 to the Registration Statement on Form N-1A, filed June 26, 2013 (“Post-Effective Amendment No. 75).
   
(a)(7)
Articles Supplementary*
   
(b)
Registrant's Amended and Restated By-Laws are incorporated by reference to Exhibit (b) of Post-Effective Amendment No. 67 to the Registration Statement on Form N-1A, filed February 28, 2012 ("Post-Effective Amendment No. 67").
   
(d)(1)
Management Agreement*
   
(d)(2)
Sub-Investment Advisory Agreement between The Dreyfus Corporation ("Dreyfus") and CenterSquare Management, Inc. ("CenterSquare"), with respect to Dreyfus Global Infrastructure Fund and Dreyfus Global Real Estate Securities Fund.*
   
(d)(3)
Sub-Investment Advisory Agreement between Dreyfus and Hamon U.S. Investment Advisors Limited ("Hamon"), as revised, with respect to Dreyfus Emerging Asia Fund, Dreyfus Greater China Fund and Dreyfus India Fund, is incorporated by reference to Exhibit (d)(3) of Post-Effective Amendment No. 60.
   
(e)(1)
Distribution Agreement is incorporated by reference to Exhibit (e)(1) of Post-Effective Amendment No. 64 to the Registration Statement on Form N-1A, filed on April 26, 2011. ("Post-Effective Amendment No. 64").
   
(e)(2)
Forms of Service Agreements are incorporated by reference to Exhibit (e)(2) of Post-Effective Amendment No. 35 to the Registration Statement on Form N-1A, filed on February 28, 2007 ("Post-Effective Amendment No. 35").
   
(e)(3)
Form of Supplement to Service Agreements is incorporated by reference to Exhibit (e)(3) of Post-Effective Amendment No. 35.
   
(g)(1)
Custody Agreement, is incorporated by reference to Exhibit (g)(1) of Post-Effective Amendment No. 64.
   
(g)(2)
Amendment to Custody Agreement is incorporated by reference to Exhibit (g)(2) of Post-Effective Amendment No. 77 to the Registration Statement on Form N-1A, filed on February 28, 2014.
   
(h)(1)
Shareholder Services Plan*
   
(h)(2)
Transfer Agency Agreement is incorporated by reference to Exhibit (h)(2) of Post-Effective Amendment No. 71 to the Registration Statement on Form N-1A, filed on February 28, 2013 ("Post-Effective Amendment No. 71").
   
(i)
Opinion and consent of Registrant's counsel is incorporated by reference to Exhibit (i) of Post-Effective Amendment No. 6.
   
(m)
Distribution Plan (Rule 12b-1 Plan)*
   
(n)
Rule 18f-3 Plan*
   
(p)(1)
Code of Ethics of Registrant, Dreyfus and CenterSquare is incorporated by reference to Exhibit (p)(1) of Post-Effective Amendment No. 71.
   
(p)(2)
Codes of Ethics adopted by Hamon is incorporated by reference to Exhibit (p)(2) of Post-Effective Amendment No. 28 to the Registration Statement on Form N-1A, filed on February 27, 2001.
   
(p)(3)
Code of Ethics for the Nonmanagement Board Members of The Dreyfus Family of Funds.*
   
Other Exhibits
 
(a)
Power of Attorney is incorporated by reference to Other Exhibit (a) of Post-Effective Amendment No. 71.
   
(b)
Certificate of Secretary is incorporated by reference to Other Exhibit (b) of Post-Effective Amendment No. 35.
 
 
_________________
* Filed herewith.
 
 
Item 29. Persons Controlled by or under Common Control with Registrant.
 
Not Applicable
 
Item 30. Indemnification
 
The Registrant's charter documents set forth the circumstances under which indemnification shall be provided to any past or present Board member or officer of the Registrant. The Registrant also has entered into a separate agreement with each of its Board members that describes the conditions and manner in which the Registrant indemnifies each of its Board members against all liabilities incurred by them (including attorneys' fees and other litigation expenses, settlements, fines and penalties), or which may be threatened against them, as a result of being or having been a Board member of the Registrant. These indemnification provisions are subject to applicable state law and to the limitation under the Investment Company Act of 1940 that no board member or officer of the Registrant may be protected against liability for willful misfeasance, bad faith, gross negligence or reckless disregard for the duties of his or her office. Reference is hereby made to the following:
 
Article VII of the Registrant's Articles of Incorporation and any amendments thereto, Article VIII of Registrant's Amended and Restated By-Laws and Section 2-418 of the Maryland General Corporation Law.

Item 31. Business and Other Connections of the Investment Adviser.

Dreyfus and subsidiary companies comprise a financial service organization whose business consists primarily of providing investment management services as the investment adviser, manager and distributor for sponsored investment companies registered under the Investment Company Act of 1940 and as an investment adviser to institutional and individual accounts. Dreyfus also serves as sub-investment adviser to and/or administrator of other investment companies. MBSC Securities Corporation, a wholly-owned subsidiary of Dreyfus, serves primarily as a registered broker-dealer of shares of investment companies sponsored by Dreyfus and other investment companies for which Dreyfus acts as investment adviser, sub-investment adviser or administrator.

 
Name and Position
With Dreyfus
Other Businesses
Position Held
Dates
       
J. Charles Cardona
President and Director
MBSC Securities Corporation ++
Director
Executive Vice President
6/07 - Present
6/07 - Present
       
 
BNY Mellon Liquidity Funds plc+
Director
4/06 - Present
       
 
Certain Dreyfus Funds
Executive Vice President
Director
2/00 - Present
2/14 - Present
       
Diane P. Durnin
Vice Chair and Director
None
   
       
       
Bradley J. Skapyak
Chief Operating Officer and Director
MBSC Securities Corporation ++
Executive Vice President
 
6/07 - Present
 
The Bank of New York Mellon ***
Senior Vice President
4/07 - Present
       
 
The Dreyfus Family of Funds ++
President
1/10 - Present
       
 
Dreyfus Transfer, Inc. ++
Chairman
Director
5/11 - Present
5/10 - Present
       
Patrice M. Kozlowski
Senior Vice President – Corporate Communications
None
   
       
Gary Pierce
Controller
The Bank of New York Mellon ****
Vice President
7/08 - Present
       
 
BNY Mellon, National Association +
Vice President
7/08 - Present
       
 
Laurel Capital Advisors, LLP +
Chief Financial Officer
5/07 - Present
       
 
MBSC Securities Corporation ++
Director
Chief Financial Officer
6/07 - Present
6/07 - Present
       
 
Dreyfus Transfer, Inc. ++
Chief Financial Officer
Treasurer
7/05 - Present
5/11- Present
       
 
Dreyfus Service Organization, Inc. ++
Treasurer
7/05 - Present
       
 
Seven Six Seven Agency, Inc. ++
Treasurer
4/99 - Present
       
Joseph W. Connolly
Chief Compliance Officer
The Dreyfus Family of Funds ++
 
Chief Compliance Officer
10/04 - Present
 
Laurel Capital Advisors, LLP +
Chief Compliance Officer
4/05 - Present
       
 
BNY Mellon Funds Trust ++
Chief Compliance Officer
10/04 - Present
       
 
MBSC Securities Corporation ++
Chief Compliance Officer
6/07 - Present
       
Christopher O'Connor
Chief Administrative Officer
MBSC Securities Corporation ++
Executive Vice President
Senior Vice President
12/11 - Present
5/06 - 12/11
       
John Pak
Chief Legal Officer
The BNY Mellon Corporation ***
Deputy General Counsel, Investment Management
8/14 - Present
       
       
Charles Doumar
Vice President – Tax
Asset Recovery II, LLC ****
Assistant Treasurer
9/13 - Present
 
Asset Recovery III, LLC ****
Assistant Treasurer
9/13 - Present
       
 
Asset Recovery IV, LLC ****
Assistant Treasurer
9/13 - Present
       
 
Asset Recovery V, LLC ****
Assistant Treasurer
9/13 - Present
       
 
Asset Recovery VII, LLC ****
Assistant Treasurer
9/13 - Present
       
 
Asset Recovery XIII, LLC ****
Assistant Treasurer
3/13 - Present
       
 
Asset Recovery XIV, LLC ****
Assistant Treasurer
3/13 - Present
       
 
Asset Recovery XIX, LLC ****
Assistant Treasurer
7/13 - Present
       
 
Asset Recovery XV, LLC ****
Assistant Treasurer
3/13 - Present
       
 
Asset Recovery XVI, LLC ****
Assistant Treasurer
3/13 - Present
       
 
Asset Recovery XVII, LLC ****
Assistant Treasurer
3/13 - Present
       
 
Asset Recovery XVIII, LLC ****
Assistant Treasurer
7/13 - Present
       
 
Asset Recovery XX, LLC ****
Assistant Treasurer
7/13 - Present
       
 
Asset Recovery XXI, LLC ****
Assistant Treasurer
7/13 - Present
       
 
Asset Recovery XXII, LLC ****
Assistant Treasurer
7/13 - Present
       
 
Asset Recovery XXIII, LLC ****
Assistant Treasurer
7/13 - Present
       
 
BNY Mellon Investments CTA, LLC ****
Assistant Treasurer
9/13 - Present
       
 
BNY Mellon Trust of Delaware +
Assistant Treasurer
11/13 - Present
       
 
IVY Asset Management LLC +
Assistant Treasurer
9/13 - Present
       
 
Mellon Hedge Advisors, LLC ****
Assistant Treasurer
10/13 - Present
       
 
MUNB Loan Holdings, LLC ****
Assistant Treasurer
10/13 - Present
       
 
484Wall Capital Management LLC ****
Assistant Treasurer – Tax
10/13 - Present
       
 
Airlease Incorporated ****
Assistant Treasurer – Tax
7/13 - Present
       
 
Albridge Solutions, Inc. +++++
Assistant Treasurer – Tax
7/13 - Present
       
 
Allomon Corporation †
Assistant Treasurer – Tax
5/13 - Present
       
 
AP Residential Realty, Inc. +
Assistant Treasurer – Tax
8/13 - Present
       
 
APT Holdings Corporation ++++
Assistant Treasurer – Tax
11/13 - Present
       
 
AURORA-IRE, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
B.I.E. Corporation +
Assistant Treasurer – Tax
12/13 – Present
       
 
B.N.Y. Holdings (Delaware) Corporation ††
Assistant Treasurer – Tax
4/13 - Present
       
 
BNY Capital Corporation ****
Assistant Treasurer – Tax
9/13 - Present
       
 
BNY Capital Markets Holdings, Inc. ****
Assistant Treasurer – Tax
9/13 - Present
       
 
BNY Capital Resources Corporation ****
Assistant Treasurer – Tax
3/13 - Present
       
 
BNY Cargo Holdings LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Catair LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Falcon Three Holding Corp. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Foreign Holdings, Inc. ****
Assistant Treasurer – Tax
10/13 - Present
       
 
BNY Gator LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Hitchcock Holdings LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Housing I Corp. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Housing II LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY ITC Leasing, LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Lease Equities (Cap Funding) LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Lease Holdings LLC ****
Assistant Treasurer – Tax
7/13 - Present
 
 
   
 
BNY Lease Partners LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Leasing Edge Corporation ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Mellon Alternative Investments Holdings LLC ****
Assistant Treasurer – Tax
10/13 - Present
       
 
BNY Mellon Capital Markets, LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Mellon Clearing Holding Company, LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Mellon Fixed Income Securities, LLC ****
Assistant Treasurer – Tax
8/13 - Present
       
 
BNY Mellon Trust Company of Illinois +
Assistant Treasurer – Tax
3/13 - Present
       
 
BNY Mezzanine Funding LLC ****
Assistant Treasurer – Tax
5/13 - Present
       
 
BNY Mezzanine Holdings LLC ****
Assistant Treasurer – Tax
5/13 - Present
       
 
BNY Mezzanine Non NY Funding LLC ****
Assistant Treasurer – Tax
5/13 - Present
       
 
BNY Mezzanine NY Funding LLC ****
Assistant Treasurer – Tax
5/13 - Present
       
 
BNY Partnership Funding LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Rail Maintenance LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Recap I, LLC ****
Assistant Treasurer – Tax
9/13 - Present
       
 
BNY Salvage Inc. ****
Assistant Treasurer – Tax
3/13 - Present
       
 
BNY Waterworks, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNY Wings, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
BNYM GIS Funding I LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
BNYM GIS Funding III LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
BNY-N.J. I Corp. ****
Assistant Treasurer – Tax
4/13 - Present
       
 
BNY-N.J. II Corp. ****
Assistant Treasurer – Tax
4/13 - Present
       
 
Boston Safe Deposit Finance Company, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
CenterSquare Investment Management Holdings, Inc. ****
Assistant Treasurer – Tax
12/13 - Present
       
 
CenterSquare Investment Management, Inc. ****
Assistant Treasurer – Tax
12/13 - Present
       
 
Hamilton Floating Rate Fund Holdings, LLC ****
Assistant Treasurer – Tax
5/13 - Present
       
 
IRE-1, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
IRE-AC, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
IRE-BC, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
IRE-SB, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
Island Waterworks, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
ITCMED, Inc. ****
Assistant Treasurer – Tax
6/13 - Present
       
 
JRHC 1998A LLC ****
Assistant Treasurer – Tax
12/13 - Present
       
 
Lease Equities (Texas) Corporation ****
Assistant Treasurer – Tax
7/13 - Present
       
 
Madison Pershing LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
MAM (MA) Holding Trust *
Assistant Treasurer – Tax
8/13 - Present
       
 
MBC Investments Corporation †††
Assistant Treasurer – Tax
11/13 - Present
       
 
MCDI (Holdings) LLC ****
Assistant Treasurer – Tax
9/13 - Present
       
 
MELDEL Leasing Corporation Number 2, Inc.   †††
Assistant Treasurer – Tax
9/13 - Present
       
 
Mellon Financial Services Corporation #1 +
Assistant Treasurer – Tax
7/13 - Present
       
 
Mellon Financial Services Corporation #4 +
Assistant Treasurer – Tax
9/13 - Present
       
 
Mellon Leasing Corporation +
Assistant Treasurer – Tax
7/13 - Present
       
 
Mellon Life Insurance Company +
Assistant Treasurer – Tax
10/13 - Present
       
 
Mellon Properties Company *****
Assistant Treasurer – Tax
8/13 - Present
       
 
National Residential Assets Corp. ****
Assistant Treasurer – Tax
4/13 - Present
       
 
New GSM Holding Corporation ****
Assistant Treasurer – Tax
7/13 - Present
       
 
Northern Waterworks, Inc. ****
Assistant Treasurer – Tax
7/13 - Present
       
 
One Wall Street Corporation ****
Assistant Treasurer – Tax
11/13 - Present
       
 
Pareto New York LLC ++
Assistant Treasurer – Tax
11/13 - Present
       
 
PAS Holdings LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
Pershing Advisor Solutions LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
Pershing Group LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
Pershing Investments LLC ****
Assistant Treasurer – Tax
6/13 - Present
       
 
Pershing LLC ****
Assistant Treasurer – Tax
7/13 - Present
       
 
TBC Securities Co., Inc. +
Assistant Treasurer – Tax
6/13 - Present
       
 
TBCAM, LLC ****
Assistant Treasurer – Tax
10/13 - Present
       
 
Technology Services Group, Inc. ****
Assistant Treasurer – Tax
9/13 - Present
       
 
Tennessee Processing Center LLC +
Assistant Treasurer – Tax
9/13 - Present
       
 
The Bank of New York Consumer Leasing Corporation ****
Assistant Treasurer – Tax
7/13 - Present
       
 
The Boston Company Asset Management, LLC ****
Assistant Treasurer – Tax
8/13 - Present
       
 
USPLP, Inc. ****
Assistant Treasurer – Tax
10/13 - Present
       
 
MBNA Institutional PA Services LLC ****
Treasurer
7/13 - Present
       
 
MBNA PW PA Services LLC ****
Treasurer
7/13 - Present
       
 
Stanwich Insurance Agency, Inc. ****
Treasurer
12/13 - Present
       
 
BNY Aurora Holding Corp. ****
Vice President
11/13 - Present
       
 
Agency Brokerage Holding LLC ****
Vice President – Tax
6/13 - Present
       
 
BNY Community Development Enterprises Corp. ****
Vice President – Tax
4/13 - Present
       
 
Asset Recovery I, LLC ****
Assistant Treasurer
9/13  - 11/13
       
 
Asset Recovery VI, LLC ****
Assistant Treasurer
9/13  - 11/13
       
 
Asset Recovery XII, LLC ****
Assistant Treasurer
3/13  - 11/13
       
Jill Gill
Vice President – Human Resources
MBSC Securities Corporation ++
Vice President
6/07 - Present
 
The Bank of New York Mellon ****
Vice President
7/08 - Present
       
 
BNY Mellon, National Association +
Vice President
7/08 - Present
       
Tracy A. Hopkins
Vice President - Cash Strategies
MBSC Securities Corporation ++
Senior Vice President
2/08 - Present
       
Anthony Mayo
Vice President – Information Systems
None
   
       
       
Kathleen Geis
Vice President
BNY Mellon, National Association +
Managing Director
7/09 - Present
 
BNY Mellon Distributors Holdings, Inc. +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Investment Servicing (US) Inc. +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Performance & Risk Analytics, LLC +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Trust Company of Illinois +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Trust of Delaware +
Vice President - Real Estate
7/11 - Present
       
 
Eagle Investment Systems LLC +
Vice President - Real Estate
7/11 - Present
       
 
Ivy Asset Management LLC +
 
Vice President - Real Estate
7/11 - Present
 
Mellon Capital Management Corporation **
Vice President - Real Estate
7/11 - Present
       
 
Mellon Financial Services Corporation #1 +
Vice President - Real Estate
7/11 - Present
       
 
Mellon Holdings LLC +
Vice President - Real Estate
7/11 - Present
       
 
Mellon Investor Services LLC +
Vice President - Real Estate
7/11 - Present
       
 
Pareto New York LLC ****
Vice President - Real Estate
7/11 - Present
       
 
SourceNet Solutions, Inc. +
Vice President - Real Estate
7/11 - Present
       
 
Technology Services Group, Inc. +
Vice President - Real Estate
7/11 - Present
       
 
Tennessee Processing Center LLC +
Vice President - Real Estate
7/11 - Present
       
 
The Bank of New York Mellon Trust Company, National Association +
Vice President - Real Estate
7/11 - Present
       
 
Alcentra US, Inc. ++
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Capital Markets LLC ++
Vice President - Real Estate
7/11 - Present
       
 
Pershing LLC ****
Vice President - Real Estate
7/11 - Present
       
 
The Bank of New York Mellon +
Managing Director
7/09 - Present
       
 
MBNA Institutional PA Services, LLC +
Managing Director
7/09 - Present
       
Claudine Orloski
Vice President
Dreyfus Service Organization
Vice President - Tax
8/14 - Present
       
 
MBSC Securities Corporation
Vice President - Tax
2/12 - Present
       
 
Asset Recovery II, LLC ***
Assistant Treasurer
9/11 - Present
       
 
Asset Recovery III, LLC ***
Assistant Treasurer
9/11 - Present
       
 
Asset Recovery IV, LLC ***
Assistant Treasurer
9/11 - Present
       
 
Asset Recovery IX, LLC ***
Assistant Treasurer
2/11 - Present
       
 
Asset Recovery V, LLC ***
Assistant Treasurer
9/11 - Present
       
 
Asset Recovery VII, LLC ***
Assistant Treasurer
2/11 - Present
       
 
Asset Recovery X, LLC ***
Assistant Treasurer
2/11 - Present
       
 
Asset Recovery XIII, LLC ***
Assistant Treasurer
3/11 - Present
       
 
Asset Recovery XIV, LLC ***
Assistant Treasurer
3/11 - Present
       
 
Asset Recovery XIX, LLC ***
Assistant Treasurer
7/11 - Present
       
 
Asset Recovery XV, LLC ***
Assistant Treasurer
3/11 - Present
       
 
Asset Recovery XVI, LLC ***
Assistant Treasurer
3/11 - Present
       
 
Asset Recovery XVII, LLC ***
Assistant Treasurer
3/11 - Present
       
 
Asset Recovery XVIII, LLC ***
Assistant Treasurer
7/11 - Present
       
 
Asset Recovery XX, LLC ***
Assistant Treasurer
7/11 - Present
       
 
Asset Recovery XXI, LLC ***
Assistant Treasurer
7/11 - Present
       
 
Asset Recovery XXII, LLC ***
Assistant Treasurer
7/11 - Present
       
 
Asset Recovery XXIII, LLC ***
Assistant Treasurer
7/11 - Present
       
 
BNY Mellon Investments CTA, LLC *
Assistant Treasurer
9/13 - Present
       
 
BNY Mellon Trust of Delaware #
Assistant Treasurer
11/11 - Present
       
 
Mellon Hedge Advisors, LLC *
Assistant Treasurer
10/11 - Present
       
 
Mellon Holdings LLC ++
Assistant Treasurer
12/11 - Present
       
 
MUNB Loan Holdings, LLC ***
Assistant Treasurer
10/11 - Present
       
 
484 Wall Capital Management LLC
Assistant Treasurer –Tax
10/13 - Present
       
 
Airlease Incorporated †††
Assistant Treasurer –Tax
7/11 - Present
       
 
Albridge Solutions, Inc. ††††
Assistant Treasurer –Tax
6/11 - Present
       
 
Alcentra NY, LLC ++
Assistant Treasurer – Tax
10/12 - Present
       
 
Alcentra US, Inc. ††††
Assistant Treasurer – Tax
10/11 - Present
       
 
Allomon Corporation †
Assistant Treasurer – Tax
5/12 - Present
       
 
Alternative Holdings I, LLC ***
Assistant Treasurer – Tax
1/13 - Present
       
 
Alternative Holdings II, LLC ***
Assistant Treasurer – Tax
1/13 - Present
       
 
AP Residential Realty, Inc. †††††
Assistant Treasurer – Tax
8/11 - Present
       
 
APT Holdings Corporation #
Assistant Treasurer – Tax
12/11 - Present
       
 
AURORA-IRE, INC. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
B.N.Y. Holdings (Delaware) Corporation #
Assistant Treasurer – Tax
4/12 - Present
       
 
BNY Administrative Services LLC ***
Assistant Treasurer – Tax
12/11 - Present
       
 
BNY Alcentra Group Holdings, Inc. ††††††
Assistant Treasurer – Tax
3/13 - Present
       
 
BNY Capital Corporation ***
Assistant Treasurer – Tax
11/11 - Present
       
 
BNY Capital Funding LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Capital Markets Holdings, Inc. ***
Assistant Treasurer – Tax
11/ 11 - Present
       
 
BNY Capital Resources Corporation #######
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Cargo Holdings LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Catair LLC †††
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Falcon Three Holding Corp. ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Foreign Holdings, Inc. ***
Assistant Treasurer – Tax
9/11 - Present
       
 
BNY Gator LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Hitchcock Holdings LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Housing I Corp. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Housing II LLC ***
Assistant Treasurer – Tax
10/11 - Present
       
 
BNY Investment Management Services LLC #
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY ITC Leasing, LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Lease Equities (Cap Funding) LLC ########
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Lease Partners LLC ***
Assistant Treasurer – Tax
9/11 - Present
       
 
BNY Leasing Edge Corporation ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Mellon Alternative Investments Holdings LLC ***
Assistant Treasurer – Tax
10/13 - Present
       
 
BNY Mellon Capital Markets, LLC ^^^^^
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Mellon Clearing Holding Company, LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Mellon Clearing, LLC ***
Assistant Treasurer – Tax
6/11 - Present
       
 
BNY Mellon Community Development Corporation ^^^^^
Assistant Treasurer – Tax
10/11 - Present
       
 
BNY Mellon Distributors Holdings Inc. #
Assistant Treasurer – Tax
7/12 - Present
       
 
BNY Mellon Fixed Income Securities, LLC ***
Assistant Treasurer – Tax
8/12 - Present
       
 
BNY Mellon Investment Servicing (US) Inc. #
Assistant Treasurer – Tax
3/11 - Present
       
 
BNY Mellon Investment Servicing Trust Company #
Assistant Treasurer – Tax
3/11 - Present
       
 
BNY Mellon Performance & Risk Analytics, Inc. (US) ^^^^^^
Assistant Treasurer – Tax
10/11 - Present
       
 
BNY Mellon Performance & Risk Analytics, LLC +
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Mellon Transition Management Advisors, LLC **
Assistant Treasurer – Tax
5/13 - Present
       
 
BNY Mellon Trust Company of Illinois *****
Assistant Treasurer – Tax
3/11 - Present
       
 
BNY Mezzanine Funding LLC ******
Assistant Treasurer – Tax
6/11 - Present
       
 
BNY Mezzanine Holdings LLC ******
Assistant Treasurer – Tax
5/11 - Present
       
 
BNY Mezzanine Non NY Funding LLC ******
Assistant Treasurer – Tax
6/11 - Present
       
 
BNY Mezzanine NY Funding LLC ******
Assistant Treasurer – Tax
6/11 - Present
       
 
BNY Partnership Funding LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Rail Maintenance LLC ***
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Real Estate Holdings LLC ***
Assistant Treasurer – Tax
4/11 - Present
       
 
BNY Recap I, LLC #
Assistant Treasurer – Tax
11/11 - Present
       
 
BNY Salvage Inc. ***
Assistant Treasurer – Tax
3/11 - Present
       
 
BNY Waterworks, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY Wings, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
BNY XYZ Holdings LLC ***
Assistant Treasurer – Tax
5/11 - Present
       
 
BNYM CSIM Funding LLC +++
Assistant Treasurer – Tax
7/14 - Present
       
 
BNYM GIS Funding I LLC ***
Assistant Treasurer – Tax
6/12 - Present
       
 
BNYM GIS Funding III LLC ***
Assistant Treasurer – Tax
6/12 - Present
       
 
BNY-N.J. I Corp. ***
Assistant Treasurer
4/11 - Present
       
 
BNY-N.J. II Corp. ***
Assistant Treasurer – Tax
4/11 - Present
       
 
Boston Safe Deposit Finance Company, Inc. *
Assistant Treasurer – Tax
7/11 - Present
       
 
CenterSquare Investment Management Holdings, Inc. +++
Assistant Treasurer – Tax
2/13 - Present
       
 
CenterSquare Investment Management, Inc. +++
Assistant Treasurer – Tax
2/13 - Present
       
 
Colson Services Corp. ^
Assistant Treasurer – Tax
2/11 - Present
       
 
EACM Advisors LLC ^^
Assistant Treasurer – Tax
4/14 - Present
       
 
Eagle Access LLC ^^^
Assistant Treasurer – Tax
1/12 - Present
       
 
Eagle Investment Systems LLC ^^^^
Assistant Treasurer – Tax
1/12 - Present
       
 
ECM DE, LLC ***
Assistant Treasurer – Tax
3/11 - Present
       
 
GIS Holdings (International) Inc. #
Assistant Treasurer – Tax
4/12 - Present
       
 
Hamilton Floating Rate Fund Holdings, LLC ***
Assistant Treasurer – Tax
5/11 - Present
       
 
HedgeMark International, LLC ##
Assistant Treasurer – Tax
5/14 - Present
       
 
iNautix (USA) LLC ###
Assistant Treasurer – Tax
7/12 - Present
       
 
IRE-1, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
IRE-AC, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
IRE-BC, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
IRE-SB, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
Island Waterworks, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
ITCMED, Inc. ***
Assistant Treasurer – Tax
6/11 - Present
       
 
JRHC 1998A LLC ####
Assistant Treasurer – Tax
12/11 - Present
       
 
Lease Equities (Texas) Corporation #####
Assistant Treasurer – Tax
7/11 - Present
       
 
Lockwood Advisors, Inc. ######
Assistant Treasurer – Tax
3/11 - Present
       
 
Lockwood Solutions, Inc. ######
Assistant Treasurer – Tax
3/11 - Present
       
 
Madison Pershing LLC ###
Assistant Treasurer – Tax
4/11 - Present
       
 
MAM (MA) Holding Trust *
Assistant Treasurer – Tax
8/11 - Present
       
 
MBC Investments Corporation #
Assistant Treasurer – Tax
11/11 - Present
       
 
MBNA Institutional PA Services LLC +
Assistant Treasurer – Tax
7/12 - Present
       
 
MBNA PW PA Services LLC +
Assistant Treasurer – Tax
7/12 - Present
       
 
MCDI (Holdings) LLC ***
Assistant Treasurer – Tax
8/11 - Present
       
 
MELDEL Leasing Corporation Number 2, Inc. #
Assistant Treasurer – Tax
8/11 - Present
       
 
Mellon Capital Management Corporation **
Assistant Treasurer – Tax
10/13 - Present
       
 
Mellon EFT Services Corporation †††††
Assistant Treasurer – Tax
2/11 - Present
       
 
Mellon Financial Services Corporation #1 +
Assistant Treasurer – Tax
7/11 - Present
       
 
Mellon Financial Services Corporation #4 +
Assistant Treasurer – Tax
12/11 - Present
       
 
Mellon Funding Corporation +
Assistant Treasurer – Tax
12/11 - Present
       
 
Mellon Global Investing Corp. +
Assistant Treasurer – Tax
5/11 - Present
       
 
Mellon International Leasing Company #
Assistant Treasurer – Tax
7/11 - Present
       
 
Mellon Leasing Corporation +
Assistant Treasurer – Tax
9/11 - Present
       
 
Mellon Life Insurance Company +
Assistant Treasurer – Tax
10/12 - Present
       
 
Mellon Overseas Investment Corporation ***
Assistant Treasurer – Tax
11/11 - Present
       
 
Mellon Properties Company ****
Assistant Treasurer – Tax
8/12 - Present
       
 
Mellon Residential Funding Corporation
Assistant Treasurer – Tax
4/14 - Present
       
 
National Residential Assets Corp. ***
Assistant Treasurer – Tax
4/12 - Present
       
 
New GSM Holding Corporation ^^^^
Assistant Treasurer – Tax
7/11 - Present
       
 
Newton Capital Management LLC ***
Assistant Treasurer – Tax
10/11 - Present
       
 
Northern Waterworks, Inc. †††
Assistant Treasurer – Tax
7/11 - Present
       
 
NY CRE Asset Holdings II, LLC ***
Assistant Treasurer – Tax
1/12 - Present
       
 
NY CRE Asset Holdings, LLC ***
Assistant Treasurer – Tax
1/12 - Present
       
 
One Wall Street Corporation ***
Assistant Treasurer – Tax
11/11 - Present
       
 
Pareto New York LLC ++
Assistant Treasurer – Tax
11/11 - Present
       
 
PAS Holdings LLC ***
Assistant Treasurer – Tax
6/11 - Present
       
 
Pershing Advisor Solutions LLC ###
Assistant Treasurer – Tax
6/11 - Present
       
 
Pershing Group LLC ###
Assistant Treasurer – Tax
4/11 - Present
       
 
Pershing Investments LLC ***
Assistant Treasurer – Tax
2/11 - Present
       
 
Pershing LLC ###
Assistant Treasurer – Tax
4/11 - Present
       
 
PFS Holdings, LLC ***
Assistant Treasurer – Tax
1/11 - Present
       
 
Stanwich Insurance Agency, Inc. ***
Assistant Treasurer – Tax
12/11 - Present
       
 
TBC Securities Co., Inc. *
Assistant Treasurer – Tax
7/12 - Present
       
 
TBCAM, LLC *
Assistant Treasurer – Tax
10/11 - Present
       
 
Pareto New York LLC ++
Assistant Treasurer – Tax
11/11 - Present
       
 
PAS Holdings LLC ***
Assistant Treasurer – Tax
6/11 - Present
       
 
Pershing Advisor Solutions LLC ###
Assistant Treasurer – Tax
6/11 - Present
       
 
Pershing Group LLC ###
Assistant Treasurer – Tax
4/11 - Present
       
 
Pershing Investments LLC ***
Assistant Treasurer – Tax
2/11 - Present
       
 
Pershing LLC ###
Assistant Treasurer – Tax
4/11 - Present
       
 
PFS Holdings, LLC ***
Assistant Treasurer – Tax
1/11 - Present
       
 
Stanwich Insurance Agency, Inc. ***
Assistant Treasurer – Tax
12/11 - Present
       
 
TBC Securities Co., Inc. *
Assistant Treasurer – Tax
7/12 - Present
       
 
Technology Services Group, Inc. ^^^^^
Assistant Treasurer – Tax
5/11 - Present
       
 
Tennessee Processing Center LLC ^^^^^
Assistant Treasurer – Tax
9/11 - Present
       
 
The Bank of New York Consumer Leasing Corporation ***
Assistant Treasurer – Tax
5/11 - Present
       
 
The Boston Company Asset Management, LLC *
Assistant Treasurer – Tax
6/11 - Present
       
 
USPLP, Inc. ***
Assistant Treasurer – Tax
10/11 - Present
       
 
BNY Mellon Investment Management Holdings LLC #
Assistant Vice President –Tax
12/12 - Present
       
 
BNY Aurora Holding Corp. ***
Vice President
10/11 - Present
       
 
Agency Brokerage Holding LLC ***
Vice President – Tax
2/11 - Present
       
 
MBSC Securities Corporation ++
Vice President – Tax
2/12 - Present
       
Dean M. Steigauf
Vice President
BNY Mellon, National Association +
Vice President
7/09 - Present
 
BNY Mellon Distributors Holdings, Inc. +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Investment Servicing (US) Inc. +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Performance & Risk Analytics, LLC +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Trust Company of Illinois +
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Trust of Delaware +
Vice President - Real Estate
7/11 - Present
       
 
Eagle Investment Systems LLC +
Vice President - Real Estate
7/11 - Present
       
 
Ivy Asset Management LLC +
Vice President - Real Estate
7/11 - Present
       
 
Mellon Capital Management Corporation **
Vice President - Real Estate
7/11 - Present
       
 
Mellon Financial Services Corporation #1 +
Vice President - Real Estate
7/11 - Present
       
 
Mellon Holdings LLC +
Vice President - Real Estate
7/11 - Present
       
 
Mellon Investor Services LLC +
Vice President - Real Estate
7/11 - Present
       
 
Pareto New York LLC ****
Vice President - Real Estate
7/11 - Present
       
 
SourceNet Solutions, Inc. +
Vice President - Real Estate
7/11 - Present
       
 
Technology Services Group, Inc. +
Vice President - Real Estate
7/11 - Present
       
 
Tennessee Processing Center LLC +
Vice President - Real Estate
7/11 - Present
       
 
The Bank of New York Mellon Trust Company, National Association +
Vice President - Real Estate
7/11 - Present
       
 
Alcentra US, Inc. ++
Vice President - Real Estate
7/11 - Present
       
 
BNY Mellon Capital Markets LLC ++
Vice President - Real Estate
7/11 - Present
       
 
Pershing LLC ****
Vice President - Real Estate
7/11 - Present
       
 
The Bank of New York Mellon +
Vice President
12/02 - Present
       
James Bitetto
Secretary
The Dreyfus Family of Funds ++
Vice President and Assistant Secretary
8/05 - Present
 
MBSC Securities Corporation ++
Assistant Secretary
6/07 - Present
       
 
Dreyfus Service Organization, Inc. ++
Secretary
8/05 - Present
       

 
*
The address of the business so indicated is One Boston Place, Boston, MA  02108.
**
The address of the business so indicated is 50 Fremont Street, Suite 3900, San Francisco, CA  94105.
***
The address of the business so indicated is One Wall Street, New York, NY  10286.
****
The address of the business so indicated is 3601 N. I-10 Service Road, Suite 102, Metairie, LA  70002.
*****
The address of the business so indicated is 2 North LaSalle Street, Suite 1020, Chicago, IL  60602.
******
The address of the business so indicated is 445 Park Avenue, 12th Floor, New York, NY  10022.
+
The address of the business so indicated is One Mellon Bank Center, Pittsburgh, PA  15258.
++
The address of the business so indicated is 200 Park Avenue, New York, NY  10166.
+++
The address of the business so indicated is 630 West Germantown Pike, Suite 300, Plymouth Meeting, PA  19462.
†
The address of the business so indicated is Two Mellon Center, Suite 329, Pittsburgh, PA  15259.
†††
The address of the business so indicated is 100 White Clay Center, Newark, DE  19711.
†††
The address of the business so indicated is 1633 Broadway, New York, NY  10019.
††††
The address of the business so indicated is 10877 Wilshire Blvd, #1550, Los Angeles, CA  90024.
†††††
The address of the business so indicated is 1735 Market Street, Philadelphia, PA  19103.
††††††
The address of the business so indicated is 10 Gresham Street, London  EC2V 7JD.
^
The address of the business so indicated is 4 New York Plaza, New York, NY  10004.
^^
The address of the business so indicated is 200 Connecticut Avenue, Norwalk, CT  06854-1940.
^^^
The address of the business so indicated is One Wells Avenue, Newton, MA  02459.
^^^^
The address of the business so indicated is 65 LaSalle Road, Suite 305, West Hartford, CT  06107.
^^^^^
The address of the business so indicated is 101 Barclay Street, 3rd Floor, New York, NY  10286.
^^^^^^
The address of the business so indicated is 1313 Broadway Plaza, Tacoma, WA  98402.
#
The address of the business so indicated is 301 Bellevue Parkway, Wilmington, DE  19809.
##
The address of the business so indicated is 780, Third Avenue, 44th Floor, New York, NY  10017.
###
The address of the business so indicated is One Pershing Plaza, Jersey City, NJ  07399.
####
The address of the business so indicated is 601 Travis Street, 17th Floor, Houston, TX  77002.
#####
The address of the business so indicated is 1201 Louisiana, Suite 3160, Houston, TX  77002.
######
The address of the business so indicated is 760 Moore Road, King of Prussia, PA  19406-1212.
#######
The address of the business so indicated is 8400 E. Prentice Ave, Greenwood Village, CO  80111.
########
The address of the business so indicated is 1290 Avenue of the Americas, New York, NY  10104.
 
With respect to the Dreyfus Emerging Asia Fund, Dreyfus Greater China Fund and Dreyfus India Fund, the Registrant is fulfilling the requirement to provide a list of the officers and directors of Hamon, the sub-investment adviser of the Registrant, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by Hamon, or those of its officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV filed with the Securities and Exchange Commission (the "SEC") pursuant to the Investment Advisers Act of 1940 by Hamon (SEC File No. 801-55066).
 
With respect to the Dreyfus Global Infrastructure Fund and Dreyfus Global Real Estate Securities Fund, the Registrant is fulfilling the requirement to provide a list of the officers and directors of CenterSquare, the sub-investment adviser of the Registrant, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by CenterSquare, or those of its officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV filed with the SEC pursuant to the Investment Advisers Act of 1940 by CenterSquare (SEC File No. 801-51733).
 
Item 32.  Principal Underwriters
 
(a)           State the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the Registrant's securities also acts as a principal underwriter, depositor or investment adviser.

1.
Advantage Funds, Inc.
2.
BNY Mellon Funds Trust
3.
CitizensSelect Funds
4.
Dreyfus Appreciation Fund, Inc.
5.
Dreyfus BASIC Money Market Fund, Inc.
6.
Dreyfus BNY Mellon Funds, Inc.
7.
Dreyfus Bond Funds, Inc.
8.
Dreyfus Cash Management
9.
Dreyfus Funds, Inc.
10.
The Dreyfus Fund Incorporated
11.
Dreyfus Government Cash Management Funds
12.
Dreyfus Growth and Income Fund, Inc.
13.
Dreyfus Index Funds, Inc.
14.
Dreyfus Institutional Cash Advantage Funds
15.
Dreyfus Institutional Preferred Money Market Funds
16.
Dreyfus Institutional Reserves Funds
17.
Dreyfus Intermediate Municipal Bond Fund, Inc.
18.
Dreyfus International Funds, Inc.
19.
Dreyfus Investment Funds
20.
Dreyfus Investment Grade Funds, Inc.
21.
Dreyfus Investment Portfolios
22.
The Dreyfus/Laurel Funds, Inc.
23.
The Dreyfus/Laurel Funds Trust
24.
The Dreyfus/Laurel Tax-Free Municipal Funds
25.
Dreyfus Liquid Assets, Inc.
26.
Dreyfus Manager Funds I
27.
Dreyfus Manager Funds II
28.
Dreyfus Midcap Index Fund, Inc.
29.
Dreyfus Municipal Bond Opportunity Fund
30.
Dreyfus Municipal Cash Management Plus
31.
Dreyfus Municipal Funds, Inc.
32.
Dreyfus Municipal Money Market Fund, Inc.
33.
Dreyfus New Jersey Municipal Bond Fund, Inc.
34.
Dreyfus New Jersey Municipal Money Market Fund, Inc.
35.
Dreyfus New York AMT-Free Municipal Bond Fund
36.
Dreyfus New York AMT-Free Municipal Money Market Fund
37.
Dreyfus New York Municipal Cash Management
38.
Dreyfus New York Tax Exempt Bond Fund, Inc.
39.
Dreyfus Opportunity Funds
40.
Dreyfus Premier California AMT-Free Municipal Bond Fund, Inc.
41.
Dreyfus Premier GNMA Fund, Inc.
42.
Dreyfus Premier Investment Funds, Inc.
43.
Dreyfus Premier Short-Intermediate Municipal Bond Fund
44.
Dreyfus Premier Worldwide Growth Fund, Inc.
45.
Dreyfus Research Growth Fund, Inc.
46.
Dreyfus State Municipal Bond Funds
47.
Dreyfus Stock Funds
48.
Dreyfus Short Duration Bond Fund
49.
The Dreyfus Socially Responsible Growth Fund, Inc.
50.
Dreyfus Stock Index Fund, Inc.
51.
Dreyfus Tax Exempt Cash Management Funds
52.
The Dreyfus Third Century Fund, Inc.
53.
Dreyfus Treasury & Agency Cash Management
54.
Dreyfus Treasury Prime Cash Management
55.
Dreyfus U.S. Treasury Intermediate Term Fund
56.
Dreyfus U.S. Treasury Long Term Fund
57.
Dreyfus 100% U.S. Treasury Money Market Fund
58.
Dreyfus Variable Investment Fund
59.
Dreyfus Worldwide Dollar Money Market Fund, Inc.
60.
General California Municipal Money Market Fund
61.
General Government Securities Money Market Funds, Inc.
62.
General Money Market Fund, Inc.
63.
General Municipal Money Market Funds, Inc.
64.
General New York Municipal Money Market Fund
65.
Strategic Funds, Inc.

 
(b)
   
Name and principal
Business address
Positions and offices with the Distributor
Positions and Offices
  with Registrant
Kenneth Bradle**
Chief Executive Officer, President and Director
None
J. Charles Cardona*
Chairman of the Board
None
Robert G. Capone****
Executive Vice President
None
Sue Ann Cormack**
Executive Vice President
None
John M. Donaghey***
Executive Vice President
None
Tracy Hopkins*
Executive Vice President
None
Mark A. Keleher*****
Executive Vice President
None
William H. Maresca**
Executive Vice President
None
Timothy M. McCormick*
Executive Vice President
None
David K. Mossman***
Executive Vice President
None
Christopher D. O'Connor*
Executive Vice President
None
Irene Papadoulis**
Executive Vice President
None
Matthew Perrone**
Executive Vice President
None
Andrew Provencher*
Executive Vice President
None
Bradley J. Skapyak*
Executive Vice President
President
Bill E. Sappington*
Executive Vice President
None
Gary Pierce*
Chief Financial Officer
None
Brie A. Steingarten*
Chief Legal Officer and Secretary
None
Mercedes Katz**
Senior Vice President
None
Mary T. Lomasney****
Senior Vice President
None
Joseph W. Connolly*
Chief Compliance Officer (Investment Advisory Business)
Chief Compliance Officer
Stephen Storen*
Chief Compliance Officer
None
Katherine M. Scott
Chief Risk Officer
None
Barbara A. McCann****
Senior Vice President
None
Matthew D. Connolly*
Vice President and Anti-Money Laundering Officer
Anti-Money Laundering Compliance Officer
Maria Georgopoulos*
Vice President – Facilities Management
None
Stewart Rosen*
Vice President – Facilities Management
None
Karin L. Waldmann*
Privacy Officer
None
Charles Doumar********
Vice President – Tax
None
Timothy I. Barrett**
Vice President
None
Gina DiChiara*
Vice President
None
Jill Gill*
Vice President
None
Joanne S. Huber***
Vice President – Tax
None
Kathleen Geis******
Vice President
None
Dean M. Steigauf******
Vice President
None
Donna M. Impagliazzo**
Vice President – Compliance
None
Carla R. Wanzer*
Vice President – Compliance
None
Claudine Orloski***
Vice President – Tax
None
John Shea*
Vice President – Finance
None
Christopher A. Stallone**
Vice President
None
Susan Verbil*
Vice President – Finance
None
William Verity*
Vice President – Finance
None
James Windels******
Vice President
Treasurer
Kristofer Yrrizarry*****
Vice President
None
James Bitetto*
Assistant Secretary
Vice President and Assistant Secretary
Mary Lou Olinski***
Assistant Secretary
None
Audrey Edwards***
Assistant Secretary
None
Cristina Rice***
Assistant Secretary
None
Victor R. Siclari***
Assistant Secretary
None

*
Principal business address is 200 Park Avenue, New York, NY 10166.
**
Principal business address is 144 Glenn Curtiss Blvd., Uniondale, NY 11556-0144.
***
Principal business address is One Mellon Bank Center, Pittsburgh, PA 15258.
****
Principal business address is One Boston Place, Boston, MA 02108.
*****
Principal business address is 50 Fremont Street, Suite 3900, San Francisco, CA 94105.
******
Principal business address is 101 Barclay Street, NY 10286.
*******
Principal business address is 2 Hanson Place, Brooklyn, NY 11217.
********
Principal business address is One Wall Street, New York, NY 10286.

Item 33.
Location of Accounts and Records
   
 
1.
The Bank of New York Mellon
 
   
One Wall Street
 
   
New York, NY 10286
 
       
 
2.
The Bank of New York Mellon
 
   
One Mellon Bank Center
 
   
Pittsburgh, PA 15258
 
       
 
3.
BNY Mellon Investment Servicing (US), Inc.
 
   
4400 Computer Drive
 
   
Westborough, MA 01581
 
       
 
4.
The Dreyfus Corporation
 
   
200 Park Avenue
 
   
New York, NY 10166
 
       
 
5.
The Dreyfus Corporation
 
   
2 Hanson Place
 
   
Brooklyn, NY 11217
 
       
Item 34.
Management Services
   
 
Not Applicable
   
Item 35.
Undertakings
   
 
None
 
SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 25th day of November, 2014.

 
Dreyfus Premier Investment Funds, Inc.
   
   
 
By:
/s/ Bradley J. Skapyak*
   
Bradley J. Skapyak, President

 
Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.
 
Signatures
 
Title
 
Date
         
/s/ Bradley J. Skapyak *
 
President (Principal Executive Officer)
 
November 25, 2014
Bradley J. Skapyak
       
         
/s/ James Windels *
 
Treasurer (Principal Financial and Accounting Officer)
 
November 25, 2014
James Windels
       
         
/s/ Joseph S. DiMartino *
 
Chairman of the Board
 
November 25, 2014
Joseph S. DiMartino
       
         
/s/ Peggy C. Davis *
 
Board Member
 
November 25, 2014
Peggy C. Davis
       
         
/s/ David P. Feldman *
 
Board Member
 
November 25, 2014
David P. Feldman
       
         
/s/ Ehud Houminer *
 
Board Member
 
November 25, 2014
Ehud Houminer
       
         
/s/ Lynn Martin *
 
Board Member
 
November 25, 2014
Lynn Martin
       
         
/s/ Robin A. Melvin *
 
Board Member
 
November 25, 2014
Robin A. Melvin
       
         
/s/ Martin Peretz *
 
Board Member
 
November 25, 2014
Martin Peretz
       

* BY:
/s/ Janette Farragher
 
Janette Farragher
Attorney-in-Fact


 
 
Index of Exhibits
 
(a)(7)
Articles Supplementary
   
(d)(1)
Management Agreement
   
(d)(2)
Sub-Investment Advisory Agreement between Dreyfus and CenterSquare, with respect to Dreyfus Global Infrastructure Fund and Dreyfus Global Real Estate Securities Fund
   
(h)(1)
Shareholder Services Plan
   
(m)
Distribution Plan (Rule 12b-1 Plan)
   
(n)
Rule 18f-3 Plan
   
(p)(3)
Code of Ethics for the Nonmanagement Board Members of The Dreyfus Family of Funds

 

 
ARTICLES SUPPLEMENTARY
 
DREYFUS PREMIER INVESTMENT FUNDS, INC., a Maryland corporation having its principal office in Baltimore, Maryland (hereinafter called the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:
 
FIRST:  Pursuant to authority expressly vested in the Board of Directors of the Corporation (the "Board") by Article FIFTH of the Articles of Incorporation of the Corporation, as amended (the "Charter"), the Board hereby classifies and reclassifies four hundred million (400,000,000) authorized but unissued shares of the Corporation's Common Stock, $.001 par value per share, as shares of Dreyfus Global Infrastructure Fund, of which one hundred million (100,000,000) of such shares shall be Class A Common Stock, one hundred million (100,000,000) of such shares shall be Class C Common Stock, one hundred million (100,000,000) of such shares shall be Class I Common Stock, and one hundred million (100,000,000) of such shares shall be Class Y Common Stock of Dreyfus Global Infrastructure Fund.  Dreyfus Global Infrastructure Fund is referred to as the "Fund" and, together with the other investment portfolios of the Corporation, as the "Funds."
 
SECOND:  The shares of the Class A Common Stock, Class C Common Stock, Class I Common Stock and Class Y Common Stock of the Fund have the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as set forth in Article FIFTH of the Corporation's Charter and shall be subject to all provisions of the Corporation's Charter relating to stock of the Corporation generally, and to the following:
 
(1)           As more fully set forth hereinafter, the assets and liabilities and the income and expenses of the Class A, Class C, Class I and Class Y Common Stock of the Fund shall be determined separately from each other and from the other Funds and, accordingly, the Fund's net asset value, dividends and distributions payable to holders, and amounts distributable in the event of liquidation of the Fund or the Corporation to holders of shares of the Fund's stock, may vary from class to class and from classes of other Funds.  Except for these differences, and certain other differences hereinafter set forth, each class of the Fund's stock shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption.
 
(2)           The assets attributable to the shares of the Fund shall be invested in the same investment portfolio of the Fund, together with the assets attributable to any other class of shares of the Fund hereinafter established.
 
(3)           The proceeds of the redemption of the shares of any class of stock of the Fund may be reduced by the amount of any contingent deferred sales charge, liquidation charge, or any other charge (which charges may vary within and among the classes, if any) payable on such redemption or otherwise, pursuant to the terms of issuance of such shares, all in accordance with the Investment Company Act of 1940, as amended (the "1940 Act"), and applicable rules and regulations of the Financial Industry Regulatory Authority ("FINRA").
 
(4)           At such times (which may vary between and among the holders of particular classes, if any) as may be determined by the Board or, with the authorization of the Board, by the officers of the Corporation, in accordance with the 1940 Act, applicable rules and regulations thereunder and applicable rules and regulations of FINRA and reflected in the pertinent registration statement of the Corporation, shares of any particular class of stock of the Fund may be converted into shares of another class of stock of the Fund based on the relative net asset values of such classes at the time of the conversion, subject, however, to any conditions of conversion that may be imposed by the Board (or with the authorization of the Board, by the officers of the Corporation) and reflected in the pertinent registration statement of the Corporation as aforesaid.
 
(5)           The dividends and distributions of investment income and capital gains with respect to each class of stock of the Fund shall be in such amounts as may be declared from time to time by the Board, and such dividends and distributions may vary between each class of stock to reflect differing allocations of the expenses of the Fund among the classes, if any, and any resultant differences between the net asset values per share of the classes, to such extent and for such purposes as the Board may deem appropriate.  The allocation of investment income, realized and unrealized capital gains and losses, and expenses and liabilities of the Corporation among the classes shall be determined by the Board in a manner that is consistent with applicable law.
 
(6)           Except as may otherwise be required by law, the holders of each class of stock of the Fund shall have (i) exclusive voting rights with respect to any matter submitted to a vote of stockholders of the Fund that affects only holders of that particular class and (ii) no voting rights with respect to any matter submitted to a vote of stockholders of the Fund that does not affect holders of that particular class.
 
THIRD:  Pursuant to authority expressly vested in the Board by Article FIFTH of the Charter, the Board hereby further classifies and reclassifies (i) the three hundred million (300,000,000) authorized but unissued shares, $.001 par value per share, of Class A Common Stock (100,000,000), Class C Common Stock (100,000,000) and Class I Common Stock (100,000,000) of Dreyfus India   Fund, and (ii) the one hundred and fifty million (150,000,000) authorized but unissued shares, $.001 par value per share, of Class A Common Stock (50,000,000), Class C Common Stock (50,000,000) and Class I Common Stock (50,000,000) of Dreyfus Satellite Alpha Fund, as undesignated shares of Common Stock of the Corporation.
 
FOURTH:  Immediately before the classification and reclassification of shares as set forth in Articles FIRST and THIRD hereof, the Corporation was authorized to issue five billion (5,000,000,000) shares, all of which are shares of Common Stock, with a par value of one tenth of one cent ($.001) per share, having an aggregate par value of five million dollars ($5,000,000), classified as follows: FIFTH:  As hereby classified and reclassified, the total number of shares of stock which the Corporation has authority to issue remains five billion (5,000,000,000) shares, all of which are shares of Common Stock, having a par value of one tenth of one cent ($.001) per share and an aggregate par value of five million dollars ($5,000,000), classified as follows:
 
Fund/Class (if applicable)
 
Shares Authorized
 
Dreyfus Diversified International Fund/Class A shares
200,000,000
Dreyfus Diversified International Fund/Class C shares
100,000,000
Dreyfus Diversified International Fund/Class I shares
100,000,000
Dreyfus Emerging Asia   Fund/Class A shares
300,000,000
Dreyfus Emerging Asia   Fund/Class C shares
250,000,000
Dreyfus Emerging Asia   Fund/Class I shares
250,000,000
Dreyfus Greater China   Fund/Class A shares
400,000,000
Dreyfus Greater China   Fund/Class C shares
200,000,000
Dreyfus Greater China   Fund/Class I shares
400,000,000
Dreyfus Global Real Estate Securities   Fund/Class A shares
100,000,000
Dreyfus Global Real Estate Securities   Fund/Class C shares
50,000,000
Dreyfus Global Real Estate Securities   Fund/Class I shares
400,000,000
Dreyfus Global Real Estate Securities   Fund/Class Y shares
100,000,000
Dreyfus Large Cap Equity   Fund/Class A shares
100,000,000
Dreyfus Large Cap Equity   Fund/Class C shares
50,000,000
Dreyfus Large Cap Equity   Fund/Class I shares
100,000,000
Dreyfus Large Cap Growth   Fund/Class A shares
100,000,000
Dreyfus Large Cap Growth   Fund/Class C shares
50,000,000
Dreyfus Large Cap Growth   Fund/Class I shares
100,000,000
Dreyfus Satellite Alpha   Fund/Class A shares
50,000,000
Dreyfus Satellite Alpha Fund/Class C shares
50,000,000
Dreyfus Satellite Alpha Fund/Class I shares
50,000,000
Dreyfus India Fund/Class A shares
100,000,000
Dreyfus India Fund/Class C shares
100,000,000
Dreyfus India Fund/Class I shares
100,000,000
Undesignated Common Stock
1,200,000,000
                                                                                  Total
5,000,000,000
 
FIFTH:  As hereby classified and reclassified, the total number of shares of stock which the Corporation has authority to issue remains five billion (5,000,000,000) shares, all of which are shares of Common Stock, having a par value of one tenth of one cent ($.001) per share and an aggregate par value of five million dollars ($5,000,000), classified as follows:
 
 
Fund/Class (if applicable)
Shares Authorized
 
Dreyfus Diversified International Fund/Class A shares
200,000,000
Dreyfus Diversified International Fund/Class C shares
100,000,000
Dreyfus Diversified International Fund/Class I shares
100,000,000
Dreyfus Emerging Asia   Fund/Class A shares
300,000,000
Dreyfus Emerging Asia   Fund/Class C shares
250,000,000
Dreyfus Emerging Asia   Fund/Class I shares
250,000,000
Dreyfus Greater China   Fund/Class A shares
400,000,000
Dreyfus Greater China   Fund/Class C shares
200,000,000
Dreyfus Greater China   Fund/Class I shares
400,000,000
Dreyfus Global Real Estate Securities   Fund/Class A shares
100,000,000
Dreyfus Global Real Estate Securities   Fund/Class C shares
50,000,000
Dreyfus Global Real Estate Securities   Fund/Class I shares
400,000,000
Dreyfus Global Real Estate Securities   Fund/Class Y shares
100,000,000
Dreyfus Large Cap Equity   Fund/Class A shares
100,000,000
Dreyfus Large Cap Equity   Fund/Class C shares
50,000,000
Dreyfus Large Cap Equity   Fund/Class I shares
100,000,000
Dreyfus Large Cap Growth   Fund/Class A shares
100,000,000
Dreyfus Large Cap Growth   Fund/Class C shares
50,000,000
Dreyfus Large Cap Growth   Fund/Class I shares
100,000,000
Dreyfus Global Infrastructure Fund/Class A shares
100,000,000
Dreyfus Global Infrastructure Fund/Class C shares
100,000,000
Dreyfus Global Infrastructure Fund/Class I shares
100,000,000
Dreyfus Global Infrastructure Fund/Class Y shares
100,000,000
Undesignated Common Stock
1,250,000,000
                                                                                  Total
5,000,000,000
 
SIXTH:  All authorized shares of the Corporation not designated or classified above remain available for future designation and classification by the Board.  The Corporation's Common Stock shall have the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as set forth in Article FIFTH of the Corporation's Charter and shall be subject to all provisions of the Charter generally.
 
SEVENTH:  The Corporation is registered as an open-end investment company under the 1940 Act.
 
EIGHTH:  These Articles Supplementary were approved by a majority of the entire Board of the Corporation and are limited to changes expressly permitted by Section 2-105(a)(10) and Section 2-605 of the Maryland General Corporation Law to be made without action by the Corporation's stockholders.
 
 
 
IN WITNESS WHEREOF, Dreyfus Premier Investment Funds, Inc. has caused these Articles Supplementary to be signed in its name and on its behalf by its Vice President who acknowledges that these Articles Supplementary are the act of the Corporation, that to the best of his knowledge, information and belief, all matters and facts set forth herein relating to the authorization and approval of these Articles Supplementary are true in all material respects, and that this statement is made under the penalties of perjury.

 
DREYFUS PREMIER INVESTMENT FUNDS, INC.
 
 
By:
 
 
Jeff Prusnofsky
 
Vice President
 
WITNESS:
 
______________________________
John B. Hammalian
Assistant Secretary
MANAGEMENT AGREEMENT
 
DREYFUS PREMIER INVESTMENT FUNDS, INC.
200 Park Avenue
New York, New York  10166
 

 
August 24, 1994
As Amended, March 18, 2008
 
The Dreyfus Corporation
200 Park Avenue
New York, New York  10166
 
Dear Sirs:
 
The above-named investment company (the "Fund") consisting of the series named on Schedule 1 hereto, as such Schedule may be revised from time to time (each, a "Series"), herewith confirms its agreement with you as follows:
 
The Fund desires to employ its capital by investing and reinvesting the same in investments of the type and in accordance with the limitations specified in its charter documents and in each Series' Prospectus and Statement of Additional Information as from time to time in effect, copies of which have been or will be submitted to you, and in such manner and to such extent as from time to time may be approved by the Fund's Board.  The Fund desires to employ you to act as its investment adviser.
 
In this connection it is understood that from time to time you will employ or associate with yourself such person or persons as you may believe to be particularly fitted to assist you in the performance of this Agreement.  Such person or persons may be officers or employees who are employed by both you and the Fund.  The compensation of such person or persons shall be paid by you and no obligation may be incurred on the Fund's behalf in any such respect.  We have discussed and concur in your employing on this basis for as long as you deem it appropriate the indicated sub-advisers (the "Sub-Investment Advisers") named on Schedule 1 hereto to act as the Fund's sub-investment adviser with respect to the Series indicated on Schedule 1 hereto (the "Sub-Advised Series") to provide day-to-day management of the Sub-Advised Series' investments.
 
Subject to the supervision and approval of the Fund's Board, you will provide investment management of each Series' portfolio in accordance with such Series' investment objectives and policies as stated in the Series' Prospectus and Statement of Additional Information as from time to time in effect.  In connection therewith, you will obtain and provide investment research and will supervise each Series' investments and conduct, or with respect to the Sub-Advised Series, supervise, a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of such Series' assets.  You will furnish to the Fund such statistical information, with respect to the investments which a Series may hold or contemplate purchasing, as the Fund may reasonably request.  The Fund wishes to be informed of important developments materially affecting any Series' portfolio and shall expect you, on your own initiative, to furnish to the Fund from time to time such information as you may believe appropriate for this purpose.
 
In addition, you will supply office facilities (which may be in your own offices), data processing services, clerical, accounting and bookkeeping services, internal auditing and legal services, internal executive and administrative services, and stationery and office supplies; prepare reports to each Series' stockholders, tax returns, reports to and filings with the Securities and Exchange Commission and state Blue Sky authorities; calculate the net asset value of each Series' shares; and generally assist in all aspects of the Fund's operations.  You shall have the right, at your expense, to engage other entities to assist you in performing some or all of the obligations set forth in this paragraph, provided each such entity enters into an agreement with you in form and substance reasonably satisfactory to the Fund.  You agree to be liable for the acts or omissions of each such entity to the same extent as if you had acted or failed to act under the circumstances.
 
You shall exercise your best judgment in rendering the services to be provided to the Fund hereunder and the Fund agrees as an inducement to your undertaking the same that neither you nor a Sub-Investment Adviser shall be liable hereunder for any error of judgment or mistake of law or for any loss suffered by one or more Series, provided that nothing herein shall be deemed to protect or purport to protect you or the Sub-Investment Adviser against any liability to the Fund or a Series or to its security holders to which you would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of your duties hereunder, or by reason of your reckless disregard of your obligations and duties hereunder, or to which the Sub-Investment Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties under its Sub-Investment Advisory Agreement with you or by reason of its reckless disregard of its obligations and duties under said Agreement.
 
In consideration of services rendered pursuant to this Agreement, the Fund will pay you on the first business day of each month a fee at the rate set forth next to each Series' name on Schedule 1 hereto.  Net asset value shall be computed on such days and at such time or times as described in each Series' then-current Prospectus and Statement of Additional Information.  The fee for the period from the date of the commencement of the public sale of a Series' shares to the end of the month during which such sale shall have been commenced shall be pro-rated according to the proportion which such period bears to the full monthly period, and upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable upon the date of termination of this Agreement.
 
For the purpose of determining fees payable to you, the value of each Series' net assets shall be computed in the manner specified in the Fund's charter documents for the computation of the value of each Series' net assets.
 
You will bear all expenses in connection with the performance of your services under this Agreement and will pay all fees of each Sub-Investment Adviser in connection with its duties in respect of the Fund.  All other expenses to be incurred in the operation of the Fund (other than those borne by any Sub-Investment Adviser) will be borne by the Fund, except to the extent specifically assumed by you.  The expenses to be borne by the Fund include, without limitation, the following:  organizational costs, taxes, interest, loan commitment fees, interest and distributions paid on securities sold short, brokerage fees and commissions, if any, fees of Board members who are not your officers, directors or employees or holders of 5% or more of your outstanding voting securities or those of any Sub-Investment Adviser or any affiliate of you or the Sub-Investment Adviser, Securities and Exchange Commission fees and state Blue Sky qualification fees, advisory fees, charges of custodians, transfer and dividend disbursing agents' fees, certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of independent pricing services, costs of maintaining the Fund's existence, costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing and printing prospectuses and statements of additional information for regulatory purposes and for distribution to existing stockholders, costs of stockholders' reports and meetings, and any extraordinary expenses.
 
As to each Series, if in any fiscal year the aggregate expenses of such Series (including fees pursuant to this Agreement, but excluding interest, taxes, brokerage and, with the prior written consent of the necessary state securities commissions, extraordinary expenses) exceed the expense limitation of any state having jurisdiction over the Series, the Fund may deduct from the fees to be paid hereunder, or you will bear, such excess expense to the extent required by state law.  Your obligation pursuant hereto will be limited to the amount of your fees hereunder.  Such deduction or payment, if any, will be estimated daily, and reconciled and effected or paid, as the case may be, on a monthly basis.
 
The Fund understands that you and each Sub-Investment Adviser now act, and that from time to time hereafter you or any Sub-Investment Adviser may act, as investment adviser to one or more other investment companies and fiduciary or other managed accounts, and the Fund has no objection to your and the Sub-Investment Adviser's so acting, provided that when the purchase or sale of securities of the same issuer is suitable for the investment objectives of two or more companies or accounts managed by you which have available funds for investment, the available securities will be allocated in a manner believed by you to be equitable to each company or account.  It is recognized that in some cases this procedure may adversely affect the price paid or received by one or more Series or the size of the position obtainable for or disposed of by one or more Series.
 
In addition, it is understood that the persons employed by you to assist in the performance of your duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict your right or the right of any of your affiliates to engage in and devote time and attention to other businesses or to render services of whatever kind or nature.
 
Neither you nor a Sub-Investment Adviser shall be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except, in your case, for a loss resulting from willful misfeasance, bad faith or gross negligence on your part in the performance of your duties or from reckless disregard by you of your obligations and duties under this Agreement and, in the case of a Sub-Investment Adviser, for a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under its Sub-Investment Advisory Agreement with you.  Any person, even though also your officer, director, partner, employee or agent, who may be or become an officer, Board member, employee or agent of the Fund, shall be deemed, when rendering services to the Fund or acting on any business of the Fund, to be rendering such services to or acting solely for the Fund and not as your officer, director, partner, employee or agent or one under your control or direction even though paid by you.
 
As to each Series, this Agreement shall continue until the date set forth opposite such Series' name on Schedule 1 hereto (the "Reapproval Date") and thereafter shall continue automatically for successive annual periods ending on the day of each year set forth opposite the Series' name on Schedule 1 hereto (the "Reapproval Day"), provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) vote of a majority (as defined in the Investment Company Act of 1940) of such Series' outstanding voting securities, provided that in either event its continuance also is approved by a majority of the Fund's Board members who are not "interested persons" (as defined in said Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval.  As to each Series, this Agreement is terminable without penalty, on 60 days' notice, by the Fund's Board or by vote of holders of a majority of such Series' shares or, upon not less than 90 days' notice, by you.  This Agreement also will terminate automatically, as to the relevant Series, in the event of its assignment (as defined in said Act).
 
The Fund recognizes that from time to time your directors, officers and employees may serve as directors, trustees, partners, officers and employees of other corporations, business trusts, partnerships or other entities (including other investment companies) and that such other entities may include the name "Dreyfus" as part of their name, and that your corporation or its affiliates may enter into investment advisory or other agreements with such other entities.  If you cease to act as the Fund's investment adviser, the Fund agrees that, at your request, the Fund will take all necessary action to change the name of the Fund to a name not including "Dreyfus" in any form or combination of words.
 
The Fund is agreeing to the provisions of this Agreement that limit a Sub-Investment Adviser's liability and other provisions relating to a Sub-Investment Adviser so as to induce the Sub-Investment Adviser to enter into its Sub-Investment Advisory Agreement with you and to perform its obligations thereunder.  Each Sub-Investment Adviser is expressly made a third party beneficiary of this Agreement with rights as respects the Sub-Advised Series to the same extent as if it had been a party hereto.
 
If the foregoing is in accordance with your understanding, will you kindly so indicate by signing and returning to us the enclosed copy hereof.
 
Very truly yours,
 
DREYFUS PREMIER INVESTMENT FUNDS, INC.
 
 
By:
/s/ Bradley J. Skapyak
 
Name:
Bradley J. Skapyak
 
Title:
President
 
 
Accepted:
 
THE DREYFUS CORPORATION
 
 
 
By:
/s/ James Bitetto
Name:
James Bitetto
Title:
Secretary

 
 
 
 
 
Name of Series


Annual Fee as a Percentage of
Average Daily Net Assets
 
 
 
Reapproval Date
 
 
 
Reapproval Day
       
Dreyfus Diversified International Fund
None
March 30, 2015
March 30 th
       
Dreyfus Emerging Asia Fund *
1.25%
March 30, 2015
March 30 th
       
Dreyfus Global Real Estate Securities Fund *
.95%
March 30, 2015
March 30 th
       
Dreyfus Greater China Fund*
1.25%
March 30, 2015
March 30 th
       
Dreyfus Large Cap Equity Fund
.70%
March 30, 2015
March 30 th
       
Dreyfus Large Cap Growth Fund
.70%
March 30, 2015
March 30 th
       
Dreyfus Global Infrastructure Fund **
.90%
March 30, 2016
March 30 th

 
 
Revised as of:  September 23, 2014
 
 
 
____________________________
 
* The Dreyfus Corporation has engaged Hamon Asian Advisors Ltd to act as sub-investment adviser to this Series.
 
** The Dreyfus Corporation has engaged CenterSquare Investment Management, Inc. to act as sub-investment adviser to this Series.
 
SUB-INVESTMENT ADVISORY AGREEMENT
 
THE DREYFUS CORPORATION
200 Park Avenue
New York, New York  10166
 
March 18, 2008
As Amended, September 23, 2014
 
CenterSquare Investment Management, Inc.
630 West Germantown Pike
Suite 300
Plymouth Meeting, Pennsylvania  19462
 
Ladies and Gentlemen:
 
As you are aware, Dreyfus Premier Investment Funds, Inc. (the "Fund") desires to employ the capital of the series named on Schedule 1 hereto, as such Schedule may be revised from time to time (each, a "Series"), by investing and reinvesting the same in investments of the type and in accordance with the limitations specified in the relevant Series' Prospectus and Statement of Additional Information as from time to time in effect, copies of which have been or will be submitted to you, and in such manner and to such extent as from time to time may be approved by the Fund's Board.  The Fund employs The Dreyfus Corporation (the "Adviser") to act as the Series' investment adviser pursuant to a written agreement (the "Management Agreement"), a copy of which has been furnished to you.  The Adviser is authorized to and desires to retain you, and you hereby agree to accept such retention, to act as the Series' sub-investment adviser   with respect to that portion of the Series' assets which may be assigned to you from time to time (the "sub-advised assets").
 
In connection with your serving as sub-investment adviser to the Series, it is understood that from time to time you will employ or associate with yourself such person or persons as you may believe to be particularly fitted to assist you in the performance of this Agreement.  Such person or persons may be officers or employees of both you and the Fund.  The compensation of such person or persons shall be paid by you and no obligation may be incurred on the Fund's behalf in any such respect.
 
Subject to the supervision and approval of the Adviser and the Fund's Board, you will provide investment management of the sub-advised assets.  Your advisory duties and responsibilities hereunder shall pertain only to the sub-advised assets.  You will provide such investment management in accordance with the Series' investment objective(s), policies and limitations as stated in the Series' Prospectus and Statement of Additional Information as from time to time in effect and provided to you by the Adviser.  In connection therewith, you (i) will obtain and provide investment research and supervise the Series' investments with respect to the sub-advised assets and (ii) will conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the sub-advised assets, including the placing of portfolio transactions for execution with brokers or dealers.  You agree that, in placing any orders with selected brokers and dealers, you will attempt to obtain the best net result in terms of price and execution under the circumstances of the particular transaction taking into consideration the full range and quality of a broker or dealer's services.  Consistent with this obligation and in accordance with applicable securities laws, you, in your discretion, may cause the Series to purchase and sell portfolio securities from and to brokers and dealers who provide you with research, analysis, advice and similar services.  You may cause the Series to pay to brokers and dealers, in return for such research and analysis, a higher commission than may be charged by other brokers and dealers, subject to your good faith determination that such commission is reasonable in relation to the value of the services provided by such brokers or dealers in terms either of the particular transaction or of your overall responsibility to the Fund, the Series and your other clients and that the total commissions paid by the Series will be reasonable in relation to the benefits to the Series over the long term and, if applicable, subject to compliance with Section 28(e) of the Securities Exchange Act of 1934, as amended.  Such authorization is subject to termination at any time by the Fund's Board for any reason.  In addition, you are authorized to allocate purchase and sale orders for portfolio securities to brokers and dealers that are affiliated with you, the Adviser, the Series' principal underwriter or any other sub-investment adviser to the Series if you believe that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and provided that the transactions are consistent with the Fund's Rule 17e-1 procedures as they may be provided to you by the Adviser from time to time.  In no instance may portfolio securities be purchased from or sold to you, the Adviser, the Series' principal underwriter, any other sub-investment adviser to the Series or any person affiliated with you, the Adviser, the Series' principal underwriter, any other sub-investment adviser to the Series or the Series, except in accordance with the applicable securities laws and the rules and regulations thereunder, including Rules 17a-7 and 17a-10 under the Investment Company Act of 1940, as amended, and any exemptive order then currently in effect.  The Adviser will periodically provide you with a list of the affiliates of the Adviser or the Series to which investment restrictions apply, and will specifically identify in writing (a) all publicly traded companies in which the Series may not invest, together with ticker symbols for all such companies, and (b) any affiliated brokers and any restrictions that apply to the use of those brokers by the Series.
 
Proxies of companies whose shares are part of the sub-advised assets shall be voted as described in the Series' Prospectus and Statement of Additional Information, and you shall not be required to assume any responsibility for the voting of such proxies without your prior consent.  You are authorized and agree to act on behalf of the Series with respect to any reorganizations, exchange offers and other voluntary corporate actions in connection with securities held in the sub-advised assets in such manner as you deem advisable, unless the Series or the Adviser otherwise specifically directs in writing.  You shall have no responsibility with respect to the collection of income, physical acquisition or the safekeeping of the sub-advised assets.  You also shall have no obligation to initiate any legal proceeding (including, without limitation, class actions and bankruptcies) with respect to the securities constituting the sub-advised assets and you shall not file proofs of claims relating to the sub-advised assets.  The Adviser shall furnish you with copies of the Series' Prospectuses, Statements of Additional Information and shareholder reports.  You will be provided the opportunity to review and approve any description of you and your investment process set forth in the Series' Prospectus, Statement of Additional Information   and shareholder reports.  The Adviser also will furnish you with copies of Prospectus or Statement of Additional Information supplements that disclose any changes to the Series' investment objective, policies, strategies or restrictions and you will have a reasonable period of time to implement such changes with respect to the sub-advised assets.
 
You will furnish to the Adviser or the Fund such information, with respect to the investments which the Series may hold or contemplate purchasing   in connection with the sub-advised assets, as the Adviser or the Fund may reasonably request.  The Fund and the Adviser wish to be informed of important developments materially affecting the management of the sub-advised assets and shall expect you, on your own initiative, to furnish to the Fund or the Adviser from time to time such information as you may believe appropriate for this purpose.  Upon reasonable request, you will make available your officers and employees to meet with the Fund's Board and/or the Adviser to review the sub-advised assets.
 
You will maintain books and records with respect to the securities transactions of the Series   for the sub-advised assets as required by applicable law, and will furnish the Fund's Board and the Adviser with such periodic and special reports as the Fund's Board or the Adviser reasonably may request.  You hereby agree that all records which you maintain for the Fund or the Adviser are the property of the Fund or the Adviser, and agree to preserve for the periods prescribed by applicable law any records which you maintain for the Fund or the Adviser and which are required to be maintained, and further agree to surrender promptly to the Fund or the Adviser any records which you maintain for the Fund or the Adviser upon request by the Fund or the Adviser, provided that you shall have reasonable opportunity to create and maintain copies of applicable records.
 
The Adviser and you each agree to comply with applicable laws, rules and regulations, including the Investment Advisers Act of 1940, as amended, and the Investment Company Act of 1940, as amended.  You will promptly notify the Fund's Chief Compliance Officer (a) in the event the Securities and Exchange Commission or other governmental authority has censured you, placed limitations upon your activities, functions or operations, suspended or revoked your registration, as an investment adviser, or has commenced proceedings or an investigation that you reasonably determine is likely to result in any of these actions; or (b) upon becoming aware of any material fact relating to you that is not contained in the Series' Prospectus   or Statement of Additional Information, and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement contained therein that becomes untrue in any material respect.  Upon request, and in accordance with the scope of your obligations and responsibilities contained in this Agreement, you will provide reasonable assistance to the Fund in connection with the Series' compliance with applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations thereunder, and Rule 38a-1 under the Investment Company Act of 1940, as amended.  Such assistance shall include, but not be limited to, (i) certifying periodically, upon the request of the Fund's Chief Compliance Officer, that you are in compliance with all applicable "federal securities laws," as required by Rule 38a-1 under the Investment Company Act of 1940, as amended, and Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended; (ii) facilitating and cooperating with the Fund's Chief Compliance Officer to evaluate the effectiveness of your compliance controls; (iii) providing the Fund's Chief Compliance Officer with direct access to your compliance personnel; (iv) providing the Fund's Chief Compliance Officer with periodic reports; and (v) promptly providing the Fund's Chief Compliance Officer with special reports in the event of material compliance violations.  Upon request, you will provide certifications to the Fund, in a form satisfactory to the Fund, to be relied upon by the Fund's officers certifying the Fund's periodic reports on Form N-CSR pursuant to Rule 30a-2 under the Investment Company Act of 1940, as amended.
 
In consideration of services rendered pursuant to this Agreement, the Adviser will pay you on the first business day of each month, out of the management fee it receives and only to the extent thereof, a fee at the annual rate set forth on Schedule 1 hereto.  If the Adviser waives all or a portion of the management fee it is entitled to receive from the Series, the fee payable to you pursuant to this Agreement may be reduced as you and the Adviser mutually agree.  The fee for the period from the effective date of this Agreement to the end of the month thereof shall be pro-rated according to the proportion which such period bears to the full monthly period, and upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable within 10 business days of the date of termination of this Agreement.  For the purpose of determining fees payable to you, the value of the Series' net sub-advised assets shall be computed in the manner specified in the Series' then-current Prospectus and Statement of Additional Information for the computation of the value of the Series' net assets.
 
Net asset value shall be computed on such days and at such time or times as described in the Series' then-current Prospectus and Statement of Additional Information.  You agree to notify the Adviser if you become aware of a significant event that has occurred with respect to one or more securities held in the sub-advised assets that would materially affect the value of such securities (provided that you shall not be responsible for providing information based on valuations provided by third party services which value securities based upon changes in one or more broad-based indices).  At the request of the Adviser or the Fund's Valuation Committee, you agree to provide additional reasonable assistance to the Adviser, the Fund's Valuation Committee and the Series' pricing agents in valuing the sub-advised assets, including in connection with fair value pricing of the sub-advised assets.
 
You will bear all expenses in connection with the performance of your services under this Agreement.  All other expenses to be incurred in the operation of the Series (other than those borne by the Adviser) will be borne by the Series, except to the extent specifically assumed by you.  The expenses to be borne by the Series include, without limitation, the following:  taxes, interest, loan commitment fees, interest and distributions paid on securities sold short, brokerage fees and commissions, if any, fees of Board members who are not the Adviser's or your officers, directors or employees or holders of 5% or more of the outstanding voting securities of you or the Adviser or any affiliate of you or the Adviser, Securities and Exchange Commission fees and state Blue Sky qualification fees, advisory fees, charges of custodians, transfer and dividend disbursing agents' fees, certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of independent pricing services, costs of maintaining the Fund's existence, costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing and printing prospectuses and statements of additional information for regulatory purposes and for distribution to existing shareholders, costs of shareholders' reports and meetings, and any extraordinary expenses.
 
The Adviser understands that in entering into this Agreement you have relied upon the inducements made by the Fund to you under the Management Agreement.  The Adviser also understands that you now act, and that from time to time hereafter you may act, as investment adviser or sub-investment adviser to one or more investment companies and fiduciary or other managed accounts, and the Adviser has no objection to your so acting, provided that when the purchase or sale of securities of the same issuer is suitable for the investment objectives of two or more companies or accounts managed by you and which have available funds for investment in the case of a purchase, the available securities will be allocated in a manner believed by you to be equitable to each company or account.  It is recognized that in some cases this procedure may adversely affect the price paid or received by the Series or the size of the position obtainable for or disposed of by the Series.
 
It is also understood that (i) you shall be prohibited from consulting with any other sub-investment adviser to the Series (including, in the case of an offering of securities subject to Section 10(f) of the Investment Company Act of 1940, as amended, any sub-investment adviser that is a principal underwriter or an affiliated person of a principal underwriter of such offering) concerning transactions for the Series in securities or other assets, except, in the case of transactions involving securities of persons engaged in securities-related businesses, for purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the Investment Company Act of 1940, as amended, and (ii) your responsibility regarding investment advice hereunder is limited to the sub-advised assets.
 
In addition, it is understood that the persons employed by you to assist in the performance of your duties hereunder will not devote their full time to such services and nothing contained herein shall be deemed to limit or restrict your right or the right of any of your affiliates to engage in and devote time and attention to other businesses or to render services of whatever kind or nature.
 
You shall exercise your best judgment in rendering the services to be provided hereunder, and the Adviser agrees as an inducement to your undertaking the same that you shall not be liable hereunder for any error of judgment or mistake of law or for any loss suffered by the Fund, the Series, the Series' security holders, or the Adviser, provided that nothing herein shall be deemed to protect or purport to protect you against any liability to the Adviser, the Fund, the Series or the Series' security holders to which you would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of your duties hereunder, or by reason of your reckless disregard of your obligations and duties under this Agreement.  In no event will you have any responsibility for any other series of the Fund, for any portion of the Series' assets not managed by you or for the acts or omissions of the Adviser or any other sub-investment adviser to the Fund or the Series.  In particular, in the event that you manage only a segment of the Series' assets, you shall have no responsibility for the Series being in violation of any applicable law or regulation or investment policy or restriction applicable to the Series as a whole, or for the Series failing to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), if the securities and other holdings of the segment of the Series' assets managed by you are such that your segment would not be in such violation or fail to so qualify if such segment were deemed a separate series of the Fund or a separate regulated investment company under the Code, unless such violation was due to your failure to comply with written guidelines adopted by the Fund or the Adviser and provided to you.  Any person, even though also your officer, director, partner, employee or agent, who may be or become an officer, Board member, employee or agent of the Fund, shall be deemed, when rendering services to the Fund or acting on any business of the Fund, to be rendering such services to or acting solely for the Fund and not as your officer, director, partner, employee, or agent or one under your control or direction even though paid by you.
 
As to each Series, this Agreement shall continue until the date set forth opposite such Series' name on Schedule 1 hereto (the "Reapproval Date"), and thereafter shall continue automatically for successive annual periods ending on the day of each year set forth opposite the Series' name on Schedule 1 hereto (the "Reapproval Day"), provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) vote of a majority (as defined in the Investment Company Act of 1940, as amended) of the Series' outstanding voting securities, provided that in either event its continuance also is approved by a majority of the Fund's Board members who are not "interested persons" (as defined in said Act) of the Fund or any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval.  As to each Series, this Agreement is terminable without penalty (i) by the Adviser on not more than 60 days' notice to you, (ii) by the Fund's Board or by vote of the holders of a majority of the Series' outstanding voting securities on not more than 60 days' notice to you, or (iii) by you on not less than 90 days' notice to the Fund and the Adviser.  This Agreement also will terminate automatically, as to the relevant Series, in the event of its assignment (as defined in said Act or the Investment Advisers Act of 1940, as amended) and you shall be notified by the Fund and the Adviser, or you shall notify the Fund and the Adviser, as applicable, as soon as reasonably practicable and as permissible under applicable law or agreement, before any such assignment occurs.  In addition, notwithstanding anything herein to the contrary, if the Management Agreement terminates for any reason, this Agreement shall terminate effective upon the date the Management Agreement terminates.
 
The Adviser acknowledges that it has received and has had an opportunity to read a copy of your Form ADV Part 2A (the "Brochure") and a copy of the Form ADV Part 2B with respect to your personnel with the most significant responsibility for providing advisory services to the Series (the "Brochure Supplement").  The Adviser agrees that the Brochure and Brochure Supplement, as well as other client communications, may be transmitted to the Adviser electronically.
 
Unless indicated on Schedule 1 hereto, the Series have claimed an exclusion from the definition of a Commodity Pool Operator pursuant to CFTC Rule 4.5 (the "CPO Exclusion") and you shall not manage the sub-advised assets in a manner that would cause the Series (as if the Series was comprised solely of the sub-advised assets) to not qualify for the CPO Exclusion until otherwise indicated for the Series on such Schedule.  If a Series is identified on Schedule 1 as not claiming the CPO Exclusion and you intend to rely on CFTC Rule 4.7, unless Schedule 1 states to the contrary, the Adviser represents that the Series is a "qualified eligible person" under the rule, consents to the Series being treated as an exempt account under the rule, and acknowledges the legend set forth above its signature below.
 
No provision of this Agreement may be changed, waived or discharged unless signed in writing by the parties hereto.  This Agreement shall be governed by the laws of the State of New York, without regard to the conflict of law principles thereof, provided   that nothing herein shall be construed in a manner inconsistent with the Investment Company Act of 1940, as amended, or the Investment Advisers Act of 1940, as amended.  This Agreement may be executed in several counterparts, each of which shall be deemed an original for all purposes, including judicial proof of the terms hereof, and all of which together shall constitute and be deemed one and the same agreement.  Nothing in this Agreement shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.  If any one or more of the provisions of this Agreement shall be held contrary to express law or against public policy, or shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remainder of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.
 
Unless otherwise provided herein or agreed to in writing by the parties, all notices or instructions permitted or required under this Agreement shall be deemed to have been properly given if sent by regular first-class mail, registered mail, private courier, facsimile or electronically and addressed to (or delivered to) the respective party at the address set forth above or at such other address or addresses as shall be specified, in each case, in a notice similarly given.  Each party may rely upon any notice from the other party or other communication reasonably believed by the receiving party to be genuine.
 
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION.  THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE.  CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.
 
The Fund is expressly made a third party beneficiary of this Agreement with rights as respect to the Series to the same extent as if it had been a party hereto.
 
If the foregoing is in accordance with your understanding, will you kindly so indicate by signing and returning to us the enclosed copy hereof.
 
 
Very truly yours,
 
THE DREYFUS CORPORATION
 
 
By:
 
 
Name:
Bradley J. Skapyak
 
Title:
Chief Operating Officer
 
Accepted:
 
CENTERSQUARE INVESTMENT MANAGEMENT, INC.
 
 
By:
 
Name:
E. Todd Briddell, CFA
Title:
Chief Executive Officer and Chief Investment Officer

SCHEDULE 1
 

 
 
 
Name of Series


Annual Fee as a Percentage of
Average Daily Net Sub-Advised Assets
 
 
 
Reapproval Date
 
 
 
Reapproval Day
       
Dreyfus Global Real Estate Securities   Fund
 
March 30, 2015
March 30 th
       
Dreyfus Global Infrastructure Fund
 
March 30, 2016
March 30 th
       

DREYFUS PREMIER INVESTMENT FUNDS, INC.
 
SHAREHOLDER SERVICES PLAN
 
Introduction :  It has been proposed that the above-captioned investment company (the "Fund") adopt a Shareholder Services Plan under which the Fund would pay the Fund's distributor (the "Distributor") for providing services to shareholders of each series of the Fund and each class of Fund shares set forth on Exhibit A hereto, as such Exhibit may be revised from time to time (each, a "Class").  The Distributor would be permitted to pay certain financial institutions, securities dealers and other industry professionals (collectively, "Service Agents") in respect of these services.  The Plan is not to be adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"), and the fee under the Plan is intended to be a "service fee" as defined under the Conduct Rules of the Financial Industry Regulatory Authority.
 
The Fund's Board, in considering whether the Fund should implement a written plan, has requested and evaluated such information as it deemed necessary to an informed determination as to whether a written plan should be implemented and has considered such pertinent factors as it deemed necessary to form the basis for a decision to use Fund assets attributable to each Class for such purposes.
 
In voting to approve the implementation of such a plan, the Board has concluded, in the exercise of its reasonable business judgment and in light of applicable fiduciary duties, that there is a reasonable likelihood that the plan set forth below will benefit the Fund and shareholders of each Class.
 
The Plan :  The material aspects of this Plan are as follows:
 
1.     The Fund shall pay to the Distributor a fee at the annual rate set forth on Exhibit A in respect of the provision of personal services to shareholders and/or the maintenance of shareholder accounts.  The Distributor shall determine the amounts to be paid to Service Agents and the basis on which such payments will be made.  Payments to a Service Agent are subject to compliance by the Service Agent with the terms of any related Plan agreement between the Service Agent and the Distributor.
 
2.     For the purpose of determining the fees payable under this Plan, the value of the net assets of the Fund or the net assets attributable to each Class of Fund shares identified on Exhibit A, as applicable, shall be computed in the manner specified in the Fund's charter documents for the computation of net asset value.
 
3.     The Board shall be provided, at least quarterly, with a written report of all amounts expended pursuant to this Plan.  The report shall state the purpose for which the amounts were expended.
 
4.     As to each Class, this Plan will become effective at such time as is specified by the Fund's Board, provided the Plan is approved by a majority of the Board members, including a majority of the Board members who are not "interested persons" (as defined in the Act) of the Fund and have no direct or indirect financial interest in the operation of this Plan or in any agreements entered into in connection with this Plan, pursuant to a vote cast in person at a meeting called for the purpose of voting on the approval of this Plan.
 
5.     As to each Class, this Plan shall continue for a period of one year from its effective date, unless earlier terminated in accordance with its terms, and thereafter shall continue automatically for successive annual periods, provided such continuance is approved at least annually in the manner provided in paragraph 4 hereof.
 
6.     As to each Class, this Plan may be amended at any time by the Board, provided that any material amendments of the terms of this Plan shall become effective only upon approval as provided in paragraph 4 hereof.
 
7.     As to each Class, this Plan is terminable without penalty at any time by vote of a majority of the Board members who are not "interested persons" (as defined in the Act) of the Fund and have no direct or indirect financial interest in the operation of this Plan or in any agreements entered into in connection with this Plan.
 
Dated:           November 9, 1992
EXHIBIT A

 
Name of Series and/or Class
Fee as a Percentage of
Average Daily Net Assets
   
Dreyfus Diversified International Fund
 
Class A
.25%
Class C
.25%
   
Dreyfus Emerging Asia Fund
 
Class A
.25%
Class C
.25%
   
Dreyfus Global Real Estate Securities Fund
 
Class A
.25%
Class C
.25%
   
Dreyfus Greater China Fund
 
Class A
.25%
Class C
.25%
   
Dreyfus Large Cap Equity Fund
 
Class A
.25%
Class C
.25%
   
Dreyfus Large Cap Growth Fund
 
Class A
.25%
Class C
.25%
   
Dreyfus Global Infrastructure Fund
 
Class A
.25%
Class C
.25%
   


Revised as of:  September 23, 2014
 

DREYFUS PREMIER INVESTMENT FUNDS, INC.
 
DISTRIBUTION PLAN
 
Introduction :  It has been proposed that the above-captioned investment company (the "Fund") adopt a Distribution Plan (the "Plan") in accordance with Rule 12b-1, promulgated under the Investment Company Act of 1940, as amended (the "Act").  The Plan would pertain to each series of the Fund and class of Fund shares set forth on Exhibit A hereto, as such Exhibit may be revised from time to time (each, a "Class").  Under the Plan, the Fund would pay the Fund's distributor (the "Distributor") for distributing shares of each Class.  If this proposal is to be implemented, the Act and said Rule 12b-1 require that a written plan describing all material aspects of the proposed financing be adopted by the Fund.
 
The Fund's Board, in considering whether the Fund should implement a written plan, has requested and evaluated such information as it deemed necessary to an informed determination as to whether a written plan should be implemented and has considered such pertinent factors as it deemed necessary to form the basis for a decision to use assets attributable to each Class for such purposes.
 
In voting to approve the implementation of such a plan, the Board members have concluded, in the exercise of their reasonable business judgment and in light of their respective fiduciary duties, that there is a reasonable likelihood that the plan set forth below will benefit the Fund and shareholders of each Class.
 
The Plan :  The material aspects of this Plan are as follows:
 
1.           The Fund shall pay to the Distributor for distribution a fee in respect of each Class at the annual rate set forth on Exhibit A.
 
2.           For the purposes of determining the fees payable under this Plan, the value of the Fund's net assets attributable to each Class shall be computed in the manner specified in the Fund's charter documents as then in effect for the computation of the value of the Fund's net assets attributable to such Class.
 
3.           The Fund's Board shall be provided, at least quarterly, with a written report of all amounts expended pursuant to this Plan.  The report shall state the purpose for which the amounts were expended.
 
4.           As to each Class, this Plan will become effective at such time as is specified by the Fund's Board, provided the Plan is approved by a majority of the Board members, including a majority of the Board members who are not "interested persons" (as defined in the Act) of the Fund and have no direct or indirect financial interest in the operation of this Plan or in any agreements entered into in connection with this Plan, pursuant to a vote cast in person at a meeting called for the purpose of voting on the approval of this Plan.
 
5.           As to each Class, this Plan shall continue for a period of one year from its effective date, unless earlier terminated in accordance with its terms, and thereafter shall continue automatically for successive annual periods, provided such continuance is approved at least annually in the manner provided in paragraph 4 hereof.
 
6.           As to each Class, this Plan may be amended at any time by the Fund's Board, provided that (a) any amendment to increase materially the costs which such Class may bear pursuant to this Plan shall be effective only upon approval by a vote of the holders of a majority of the outstanding shares of such Class, and (b) any material amendments of the terms of this Plan shall become effective only upon approval as provided in paragraph 4 hereof.
 
7.           As to each Class, this Plan is terminable without penalty at any time by (a) vote of a majority of the Board members who are not "interested persons" (as defined in the Act) of the Fund and have no direct or indirect financial interest in the operation of this Plan or in any agreements entered into in connection with this Plan, or (b) vote of the holders of a majority of the outstanding shares of such Class.

 
Dated:            May 31, 1994
 

EXHIBIT A
   
 
Fee as a Percentage of
Name of Series and/or Class
Average Daily Net Assets*
   
Dreyfus Diversified International Fund
 
Class C
.75%
   
Dreyfus Emerging Asia Fund
 
Class C
.75%
   
Dreyfus Global Real Estate Securities Fund
 
Class C
.75%
   
Dreyfus Greater China Fund
 
Class C
.75%
   
Dreyfus Large Cap Equity Fund
 
Class C
.75%
   
Dreyfus Large Cap Growth Fund
 
Class C
.75%
   
Dreyfus Global Infrastructure Fund
 
Class C
.75%
   

Revised as of:  September 23, 2014
 


 
______________________________
 
* Fees shall be for distribution-related services, and the Distributor may use part or all of such fees to pay banks, broker/dealers or other financial institutions in respect of such services.
THE DREYFUS FAMILY OF FUNDS
(Dreyfus Family of Funds—Funds Included on Schedule A)
 
Rule 18f-3 Plan
 
 
Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), requires that the Board of an investment company desiring to offer multiple classes pursuant to said Rule adopt a plan setting forth the separate arrangement and expense allocation of each class, and any related conversion features or exchange privileges.
 
The Board, including a majority of the non-interested Board members, of each of the investment companies, or series thereof, listed on Schedule A attached hereto, as such Schedule may be revised from time to time (each, a "Fund"), which desires to offer multiple classes has determined that the following plan is in the best interests of each class individually and each Fund as a whole:
 
1.     Class Designation:   Fund shares shall be divided, except as otherwise noted on Schedule A, into Class A, Class C and Class I and, if indicated on Schedule A hereto, Class J, Class Y and Class Z.
 
2.     Differences in Services:   The services offered to shareholders of each Class, unless otherwise noted on Schedule A, shall be substantially the same, except that Right of Accumulation, Letter of Intent and Reinvestment Privilege shall be available only to holders of Class A shares, and Dreyfus Express ® services shall be available only to holders of Class Z shares.  Dreyfus Automatic Asset Builder ® , Dreyfus Payroll Savings Plan, Dreyfus Government Direct Deposit, Dreyfus Dividend Sweep, Dreyfus Auto-Exchange Privilege and Dreyfus Automatic Withdrawal Plan are not available for Class Y shares.
 
3.     Differences in Distribution Arrangements:   Class A shares shall be offered with a front-end sales charge, as such term is defined under the Conduct Rules of the Financial Industry Regulatory Authority (the "FINRA Conduct Rules"), and a deferred sales charge (a "CDSC"), as such term is defined under the FINRA Conduct Rules, may be assessed on certain redemptions of Class A shares, including Class A shares purchased without an initial sales charge as part of an investment of $1 million or more.  The amount of the sales charge and the amount of and provisions relating to the CDSC pertaining to the Class A shares are set forth on Schedule B hereto.
 
Class C shares shall not be subject to a front-end sales charge, but shall be subject to a CDSC and shall be charged an annual distribution fee under a Distribution Plan adopted pursuant to Rule 12b-1 under the 1940 Act.  The amount of and provisions relating to the CDSC, and the amount of the fees under the Distribution Plan pertaining to the Class C shares, are set forth on Schedule C hereto.
 
Class I shares shall be offered at net asset value only to (i) bank trust departments, trust companies and insurance companies that have entered into agreements with the Fund's Distributor to offer Class I shares to their clients, (ii) institutional investors acting in a fiduciary, advisory, agency, custodial or similar capacity for qualified or non-qualified employee benefit plans, including pension, profit-sharing and other deferred compensation plans, whether established by corporations, partnerships, non-profit entities, trade or labor unions, or state and local governments ("Retirement Plans"), and IRAs set up under Simplified Employee Pension Plans ("SEP-IRAs"), but not including IRAs or IRA "Rollover Accounts" (Class I shares may be purchased for a Retirement Plan or SEP-IRA only by a custodian, trustee, investment manager or other entity authorized to act on behalf of such Retirement Plan or SEP-IRA that has entered into an agreement with the Fund's Distributor to offer Class I shares to such Retirement Plan or SEP-IRA), (iii) law firms or attorneys acting as trustees or executors/administrators, (iv) foundations and endowments that make an initial investment in the Fund of at least $1 million, (v) sponsors of college savings plans that qualify for tax-exempt treatment under Section 529 of the Internal Revenue Code of 1986, as amended (the "Code"), that maintain an omnibus account with the Fund and do not require shareholder tax reporting or 529 account support responsibilities from the Fund's Distributor, (vi) advisory fee-based accounts offered through financial intermediaries who, depending on the structure of the selected advisory platform, make Class I shares available, (vii) certain institutional clients of an investment advisory subsidiary of The Bank of New York Mellon Corporation approved by The Dreyfus Corporation, and (viii) with respect to Class I shares of those Funds indicated on Schedule A hereto, unaffiliated investment companies approved by the Fund's Distributor.
 
Class Y shares shall be offered at net asset value only to (i) institutional investors, acting for themselves or on behalf of their clients, that have entered into an agreement with the Fund's Distributor, and, except as otherwise may be approved by The Dreyfus Corporation with respect to certain Retirement Plans, that make an initial investment in Class Y shares of the Fund of at least $1 million, (ii) certain institutional clients of an investment advisory subsidiary of The Bank of New York Mellon Corporation, provided that such clients are approved by The Dreyfus Corporation and make an initial investment in Class Y shares of the Fund of at least $1 million, and (iii) with respect to Class Y shares of those Funds indicated on Schedule A hereto, certain funds in the Dreyfus Family of Funds and series of BNY Mellon Funds Trust.
 
Class A and Class C shares shall be subject to an annual service fee at the rate of .25% of the value of the average daily net assets of such Class pursuant to a Shareholder Services Plan.
 
Class J shares shall be offered at net asset value only to certain shareholders as set forth on Schedule A hereto.
 
Class Z shares shall be offered at net asset value only to certain shareholders as set forth on Schedule A hereto.  Class Z shares shall be subject to an annual service fee at the rate of up to .25% of the value of the average daily net assets of such Class pursuant to a Shareholder Services Plan.
 
4.     Expense Allocation:   The following expenses shall be allocated, to the extent practicable, on a Class-by-Class basis:  (a) fees under a Distribution Plan and Shareholder Services Plan; (b) printing and postage expenses related to preparing and distributing materials, such as shareholder reports, prospectuses and proxies, to current shareholders of a specific Class; (c) Securities and Exchange Commission and Blue Sky registration fees incurred by a specific Class; (d) the expense of administrative personnel and services as required to support the shareholders of a specific Class; (e) litigation or other legal expenses relating solely to a specific Class; (f) transfer agent fees identified by the Fund's transfer agent as being attributable to a specific Class; and (g) Board members' fees incurred as a result of issues relating to a specific Class.
 
5.     Conversion Features:   No Class shall be subject to any automatic conversion feature.  Except as otherwise set forth on Schedule A hereto, shares of one Class of a Fund may be converted into shares of another Class of the Fund, provided the shareholder requesting the conversion meets the eligibility requirements for the purchase of the new Class of shares of the Fund.  Shares subject to a CDSC or a redemption fee at the time of the requested conversion shall not be eligible for conversion.
 
6.     Exchange Privileges:   Shares of a Class shall be exchangeable only for (a) shares of the same Class of other investment companies managed or administered by The Dreyfus Corporation or its affiliates as specified from time to time and (b) shares of certain other Classes of such investment companies or shares of certain other investment companies as specified from time to time.

 

Amended as of:  October 1, 2014

 
SCHEDULE A
 
Name of Fund
 
Date Plan Adopted
   
Advantage Funds, Inc.
February 25, 1999
 
(Revised as of August 22, 2014)
--Dreyfus International Value Fund †
 
--Dreyfus Strategic Value Fund * †††
 
--Dreyfus Structured Midcap Fund * †††
 
--Dreyfus Technology Growth Fund ††
 
--Dynamic Total Return Fund * †††
 
--Dreyfus Opportunistic Midcap Value Fund *†††
 
--Dreyfus Global Real Return Fund *†††
 
--Dreyfus Global Dynamic Bond Fund *†††
 
--Dreyfus Total Emerging Markets Fund *†††
 
--Dreyfus Opportunistic U.S. Stock Fund †
 
   
Dreyfus International Funds, Inc.
September 9, 2002
 
(Revised as of August 22, 2014)
--Dreyfus Emerging Markets Fund * †††
 
   
Dreyfus Investment Funds
December 3, 2008
 
(Revised as of February 21, 2014)
--Dreyfus/Newton International Equity Fund *†††
 
    --Dreyfus Diversified Emerging Markets Fund *
 
--Dreyfus/The Boston Company Small Cap Growth Fund ****†††
 
--Dreyfus/The Boston Company Small/Mid Cap Growth Fund *†††
 
--Dreyfus/The Boston Company Small Cap Value Fund ***††
 
    --Dreyfus Tax Sensitive Total Return Bond Fund *†††
 
--Dreyfus/Standish Global Fixed Income Fund *†††
 
   
Dreyfus Investment Grade Funds, Inc.
October 18, 2007
 
(Revised as of July 1, 2013)
--Dreyfus Intermediate Term Income Fund *†††
 
   
Dreyfus Manager Funds I
November 17, 2003
 
(Revised as of July 1, 2013)
--Dreyfus Research Long/Short Equity Fund *†††
 
   
Dreyfus Manager Funds II
October 14, 2003
 
(Revised as of March 13, 2012)
--Dreyfus Balanced Opportunity Fund * *††#
 
   
Dreyfus Opportunity Funds
April 17, 2000
 
(Revised as of May 27, 2014)
--Dreyfus Natural Resources Fund †
 
--Dreyfus Strategic Beta Emerging Markets Equity Fund *†††±
 
--Dreyfus Strategic Beta Global Equity Fund *†††±
 
--Dreyfus Strategic Beta U.S. Equity Fund *†††±
 
 
Dreyfus Premier Investment Funds, Inc.
April 24, 1995
 
(Revised as of October 30, 2014)
--Dreyfus Greater China Fund ††
 
--Dreyfus Diversified International Fund
 
--Dreyfus Global Real Estate Securities Fund *†††
 
--Dreyfus Large Cap Equity Fund ††
 
--Dreyfus Large Cap Growth Fund ††
 
--Dreyfus Global Infrastructure Fund *†††±
 
   
Dreyfus Premier Worldwide Growth Fund, Inc.
April 12, 1995
 
(Revised as of July 1, 2013)
--Dreyfus Worldwide Growth Fund *†††
 
   
Dreyfus Stock Funds
January 27, 2003
 
(Revised as of November 4, 2014)
--Dreyfus International Equity Fund †
 
--Dreyfus Small Cap Equity Fund ††
 
--Dreyfus International Small Cap Fund *†††
 
   
Dreyfus Research Growth Fund, Inc. *††† # #
July 15, 2008
 
(Revised as of July 1, 2013)
   
The Dreyfus/Laurel Funds, Inc.
April 20, 2006
 
(Revised as of September 17, 2013)
--Dreyfus Opportunistic Fixed Income Fund *†††
 
--Dreyfus Opportunistic Emerging Markets Debt   Fund *†††
 
--Dreyfus Floating Rate Income Fund *†††
 
   
The Dreyfus/Laurel Funds Trust
December 20, 2005
 
(Revised as of July 1, 2013)
--Dreyfus International Bond Fund * †††
 
--Dreyfus Equity Income Fund *†††
 
--Dreyfus Global Equity Income Fund *†††
 
--Dreyfus Emerging Markets Debt Local Currency Fund *†††
 
   
Dreyfus BNY Mellon Funds, Inc.
December 17, 2013
 
(Revised as of October 30, 2014)
--Dreyfus Global Emerging Markets Fund *†††
 
--Dreyfus Yield Enhancement Strategy   Fund *
 
--Dreyfus Alternative Diversifier Strategies Fund *
 
--Dreyfus Select Managers Long/Short Fund *†††
 
--Dreyfus TOBAM Emerging Markets Fund *†††
 
--Dreyfus TOBAM Global Equity Fund *†††±
 
--Dreyfus TOBAM U.S. Equity Fund *†††±
 
--Dreyfus Emerging Markets Debt U.S. Dollar Fund *†††
 
 
Strategic Funds, Inc.
September 17, 2002
 
(Revised as of July 1, 2013)
--Dreyfus Active MidCap Fund ††
 
--Global Stock Fund *†††
 
--International Stock Fund *†††
 
--Dreyfus U.S. Equity Fund *†††
 
--Dreyfus Select Managers Small Cap Value Fund *†††
 
--Dreyfus Select Managers Small Cap Growth Fund *†††
 
   


________________________
*
The Fund also offers Class Y shares.
**
The Fund also offers Class J shares only to shareholders who received Class J shares in exchange for shares of its predecessor fund as a result of the reorganization of such fund.
***
The Fund offers Class A and Class I shares only.
****
The Fund offers Class I and Class Y shares only.
†
The Fund offers Class I shares to certain funds in the Dreyfus Family of Funds and unaffiliated investment companies approved by the Fund's Distributor.
††
The Fund offers Class I shares to unaffiliated investment companies approved by the Fund's Distributor.
†††
The Fund offers Class Y shares to certain funds in the Dreyfus Family of Funds and series of BNY Mellon Funds Trust and offers Class I shares to unaffiliated investment companies approved by the Fund's Distributor.
#
The Fund also offers Class Z shares only to shareholders who received Class Z shares in exchange for their shares of Dreyfus Balanced Fund, Inc. as a result of the reorganization of such fund and who continue to maintain accounts with the Fund at the time of purchase.  In addition, certain broker-dealers and other financial institutions maintaining accounts with Dreyfus Balanced Fund, Inc. at the time of the reorganization of such fund may open new accounts in Class Z shares of the Fund on behalf of qualified retirement plans and wrap accounts or similar programs.
##
The Fund also offers Class Z shares only to shareholders of the Fund with Fund accounts that existed on September 30, 2008 (the date of the implementation of the Fund's multiple class distribution structure) and who continue to maintain accounts with the Fund at the time of purchase.  In addition, certain broker-dealers and other financial institutions maintaining accounts with the Fund at that time may open new accounts in Class Z shares of the Fund on behalf of qualified retirement plans and wrap accounts or similar programs.
±
Shares of one Class of the Fund may not be converted into shares of another Class of the Fund.
 
 
 
 
SCHEDULE B
 
Front-End Sales Charge--Class A Shares --Effective December 1, 1996, the public offering price for Class A shares, except as set forth below, shall be the net asset value per share of Class A plus a sales load as shown below:
 
 
Total Sales Load
 
Amount of Transaction
 
 
As a % of
offering price per share
 
 
 
As a % of
net asset value per share
       
Less than $50,000                                                                          
 
5.75
 
 
6.10
 
$50,000 to less than $100,000                                                                          
 
4.50
 
 
4.70
 
$100,000 to less than $250,000                                                                          
 
3.50
 
 
3.60
 
$250,000 to less than $500,000                                                                          
 
2.50
 
 
2.60
 
$500,000 to less than $1,000,000                                                                          
 
2.00
 
 
2.00
 
$1,000,000 or more                                                                          
 
-0-
 
 
-0-
 


Front-End Sales Charge--Class A Shares--Shareholders Beneficially Owning Class A Shares on November 30, 1996 and Class A Shares of Dreyfus International Bond Fund, Dreyfus Intermediate Term Income Fund, Dreyfus Emerging Markets Debt Local Currency Fund, Dreyfus Tax Sensitive Total Return Bond Fund, Dreyfus/Standish Global Fixed Income Fund, Dreyfus Opportunistic Fixed Income Fund, Dreyfus Yield Enhancement Strategy   Fund and Dreyfus Emerging Markets Debt U.S. Dollar Fund -- For shareholders who beneficially owned Class A shares of a Fund on November 30, 1996 and for Class A shares of Dreyfus International Bond Fund, Dreyfus Intermediate Term Income Fund, Dreyfus Emerging Markets Debt Local Currency Fund, Dreyfus/Standish Intermediate Tax Exempt Bond Fund, Dreyfus/Standish Global Fixed Income Fund, Dreyfus Opportunistic Fixed Income Fund, Dreyfus Yield Enhancement Strategy   Fund, and Dreyfus Emerging Markets Debt U.S. Dollar Fund, the public offering price for Class A shares of such Funds, except as set forth below, shall be the net asset value per share of Class A plus a sales load as shown below:

 
Total Sales Load
 
Amount of Transaction
 
As a % of
offering price per share
 
 
As a % of
net asset value per share
       
Less than $50,000                                                                          
 
4.50
 
 
4.70
 
$50,000 to less than $100,000                                                                          
 
4.00
 
 
4.20
 
$100,000 to less than $250,000                                                                          
 
3.00
 
 
3.10
 
$250,000 to less than $500,000                                                                          
 
2.50
 
 
2.60
 
$500,000 to less than $1,000,000                                                                          
 
2.00
 
 
2.00
 
$1,000,000 or more                                                                          
 
-0-
 
 
-0-
 
 
 
Front-End Sales Charge--Class A Shares of Dreyfus Active MidCap Fund Only-- For shareholders who beneficially owned Class A shares of Dreyfus Premier Aggressive Growth Fund on December 31, 1995 * and who received Class A shares of Dreyfus Active MidCap Fund (formerly, Dreyfus New Leaders Fund) as a result of the merger of such fund into Dreyfus Active MidCap Fund on March 28, 2003, the public offering price for Class A shares of Dreyfus Active MidCap Fund (for as long as the shareholder's account is open) shall be the net asset value per share of Class A plus a sales load as shown below:
 
 
Total Sales Load
 
 
Amount of Transaction
 
As a % of
offering price per share
 
 
As a % of
net asset value per share
       
Less than $100,000                                                                          
 
3.00
 
 
3.10
 
$100,000 to less than $250,000                                                                          
 
2.75
 
 
2.80
 
$250,000 to less than $500,000                                                                          
 
2.25
 
 
2.30
 
$500,000 to less than $1,000,000                                                                          
 
2.00
 
 
2.00
 
$1,000,000 or more                                                                          
 
-0-
 
 
-0-
 
       

Front-End Sales Charge--Class A Shares--Shareholders Who Received Class A Shares of a Fund in Exchange for Class T Shares of the Fund on February 4, 2009-- For shareholders who received Class A shares of a Fund in exchange for Class T shares of the Fund on February 4, 2009, the public offering price for Class A shares of such Fund, except as set forth below, shall be the net asset value per share of Class A plus a sales load as shown below:
 
 
Total Sales Load
 
Amount of Transaction
 
As a % of
offering price per share
 
 
As a % of
net asset value per share
       
Less than $50,000                                                                          
 
4.50
 
 
4.70
 
$50,000 to less than $100,000                                                                          
 
4.00
 
 
4.20
 
$100,000 to less than $250,000                                                                          
 
3.00
 
 
3.10
 
$250,000 to less than $500,000                                                                          
 
2.00
 
 
2.00
 
$500,000 to less than $1,000,000                                                                          
 
1.50
 
 
1.50
 
$1,000,000 or more                                                                          
 
-0-
 
 
-0-
 
 
_______________________________
 
*
At a meeting held on March 7, 2003, shareholders of Dreyfus Premier Aggressive Growth Fund voted to merge such Fund into Dreyfus Active MidCap Fund (formerly, Dreyfus New Leaders Fund).  In addition, at a meeting held on December 16, 1996, shareholders of Dreyfus Premier Strategic Growth Fund voted to merge such Fund into Dreyfus Premier Aggressive Growth Fund.  Shareholders of Dreyfus Premier Aggressive Growth Fund who received Class A shares of Dreyfus Active MidCap Fund and shareholders of Dreyfus Premier Strategic Growth Fund who received Class A shares of Dreyfus Premier Aggressive Growth Fund in the respective merger are deemed to have beneficially owned such shares as of the date they beneficially owned Class A shares of the merging Fund for purposes of the front-end sales charge applicable to purchases of Class A shares of Dreyfus Active MidCap Fund by such former shareholders of Dreyfus Premier Aggressive Growth Fund.
 
 
 
Front-End Sales Charge--Class A Shares of Dreyfus Floating Rate Income Fund Only --The public offering price for Class A shares of Dreyfus Floating Rate Income Fund shall be the net asset value per share of Class A plus a sales load as shown below:
 
 
Total Sales Load—Class A Shares
Amount of Transaction
 
As a % of Offering Price
 per Share
As a % of Net Asset Value
 per Share
     
Less than $100,000
 
2.50
 
2.60
 
$100,000 to less than $250,000
 
2.00
 
2.10
 
$250,000 to less than $500,000
 
1.50
 
1.52
 
$500,000 to less than $1,000,000
 
1.00
 
1.01
 
$1,000,000 or more
 
-0-
 
-0-
 

 
Contingent Deferred Sales Charge--Class A Shares-- A CDSC of 1.00% shall be assessed, except as set forth below, at the time of redemption of Class A shares purchased without an initial sales charge as part of an investment of at least $1,000,000 and redeemed within one year of purchase.  The terms contained in Schedule C pertaining to the CDSC assessed on redemptions of Class C shares, including the provisions for waiving the CDSC, shall be applicable to the Class A shares subject to a CDSC.  Letter of Intent and Right of Accumulation, to the extent offered, shall apply to purchases of Class A shares subject to a CDSC.
 
Class A Shares of Dreyfus Technology Growth Fund, Dreyfus Strategic Value Fund, Dreyfus Emerging Markets Fund, Dreyfus International Value Fund, Dreyfus Active MidCap Fund (formerly, Dreyfus New Leaders Fund) , Dreyfus Intermediate Term Income Fund and Dreyfus Opportunistic Midcap Value Fund Only-- Shareholders beneficially owning Class A shares of Dreyfus Technology Growth Fund on April 15, 1999, Dreyfus Strategic Value Fund on May 31, 2001, Dreyfus Emerging Markets Fund on November 11, 2002, Dreyfus International Value Fund on November 14, 2002, Dreyfus Active MidCap Fund (formerly, Dreyfus New Leaders Fund) on November 25, 2002, Dreyfus Intermediate Term Income Fund on May 13, 2008 and Dreyfus Opportunistic Midcap Value Fund on May 29, 2008, may purchase Class A shares of such Fund at net asset value without a front-end sales charge and redeem Class A shares of such Fund without imposition of a CDSC.
 
Shareholders of Dreyfus Aggressive Growth Fund who received Class A shares of Dreyfus Active MidCap Fund (formerly, Dreyfus New Leaders Fund) as a result of the merger of such fund into Dreyfus Active MidCap Fund on March 28, 2003 may purchase Class A shares of Dreyfus Active MidCap Fund at net asset value without a front-end sales charge and redeem Class A shares of Dreyfus Active MidCap Fund without imposition of a CDSC for as long as the shareholder's account is open.
 
Shareholders of Dreyfus Large Company Value Fund who received Class A shares of Dreyfus Strategic Value Fund as a result of the merger of such fund into Dreyfus Strategic Value Fund on April 18, 2005 may purchase Class A shares of Dreyfus Strategic Value Fund at net asset value without a front-end sales charge and redeem Class A shares of Dreyfus Strategic Value Fund without imposition of a CDSC for as long as the shareholder's account is open.
 
Shareholders beneficially owning Class A shares of Dreyfus Premier Core Bond Fund on February 29, 2000 who received Class A shares of Dreyfus Intermediate Term Income Fund as a result of the merger of such fund into Dreyfus Intermediate Term Income Fund on May 15, 2008 may purchase Class A shares of Dreyfus Intermediate Term Income Fund at net asset value without a front-end sales charge and redeem Class A shares of Dreyfus Intermediate Term Income Fund without imposition of a CDSC for as long as the shareholder's account is open.
 
Shareholders of Dreyfus A Bonds Plus, Inc. who received Class A shares of Dreyfus Intermediate Term Income Fund as a result of the merger of such fund into Dreyfus Intermediate Term Income Fund on May 14, 2008 may purchase Class A shares of Dreyfus Intermediate Term Income Fund at net asset value without a front-end sales charge and redeem Class A shares of Dreyfus Intermediate Term Income Fund without imposition of a CDSC for as long as the shareholder's account is open.
 
Shareholders of Dreyfus Global Growth Fund who received Class A shares of Dreyfus Worldwide Growth Fund as a result of the merger of such fund into Dreyfus Worldwide Growth Fund on August 28, 2002 may purchase Class A shares of Dreyfus Worldwide Growth Fund at net asset value without a front-end sales charge and redeem Class A shares of Dreyfus Worldwide Growth Fund without imposition of a CDSC for as long as the shareholder's account is open.
 
Purchases of Fund Shares Through Financial Intermediaries --The availability of the sales load waivers and the sales load schedules described above for Class A shares of a Fund purchased through a financial intermediary by shareholders for their existing accounts who beneficially owned Class A shares or who had received Class A shares of the Fund in exchange for their Class T shares of such Fund on the indicated dates shall depend on the policies, procedures and trading platforms of the financial intermediary.
 

 
SCHEDULE C
 
Contingent Deferred Sales Charge--Class C Shares-- A CDSC of 1.00% payable to the Fund's Distributor shall be imposed on any redemption of Class C shares within one year of the date of purchase.  No CDSC shall be imposed to the extent that the net asset value of the Class C shares redeemed does not exceed (i) the current net asset value of Class C shares of the Fund acquired through reinvestment of Fund dividends or capital gain distributions, plus (ii) increases in the net asset value of the shareholder's Class C shares above the dollar amount of all payments for the purchase of Class C shares of the Fund held by such shareholder at the time of redemption.
 
If the aggregate value of the Class C shares redeemed has declined below their original cost as a result of the Fund's performance, a CDSC may be applied to the then-current net asset value rather than the purchase price.
 
In determining whether a CDSC is applicable to a redemption, the calculation shall be made in a manner that results in the lowest possible rate.  Therefore, it shall be assumed that the redemption is made first of amounts representing Class C shares of the Fund acquired pursuant to the reinvestment of Fund dividends and distributions; then of amounts representing the increase in net asset value of Class C shares above the total amount of payments for the purchase of Class C shares made during the preceding year; and finally, of amounts representing the cost of Class C shares held for the longest period of time.
 
Waiver of CDSC-- The CDSC shall be waived in connection with (a) redemptions made within one year after the death or disability, as defined in Section 72(m)(7) of the Code, of the shareholder, (b) redemptions by employees participating in Retirement Plans, (c) redemptions as a result of a combination of any investment company with the Fund by merger, acquisition of assets or otherwise, (d) a distribution following retirement under a tax-deferred retirement plan or upon attaining age 70-1/2 in the case of an IRA or Keogh plan or custodial account pursuant to Section 403(b) of the Code, and (e) redemptions pursuant to any systematic withdrawal plan as described in the Fund's prospectus.  Any Fund shares subject to a CDSC which were purchased prior to the termination of such waiver shall have the CDSC waived as provided in the Fund's prospectus at the time of the purchase of such shares.
 
Amount of Distribution Plan Fees--Class C Shares-- .75 of 1% of the value of the average daily net assets of Class C.
Code of Ethics
for the Nonmanagement Board Members
of the Dreyfus Family of Funds



Introduction

The Bank of New York Mellon Corporation ("BNY Mellon") Personal Securities Trading Policy (the "Policy") is designed to reinforce the reputation for integrity of The Dreyfus Corporation ("Dreyfus"), MBSC Securities Corporation ("MBSC") and their affiliates by avoiding even the appearance of impropriety in the conduct of their businesses.  The Policy constitutes the code of ethics of Dreyfus, MBSC and of the investment companies in the Dreyfus Family of Funds (each, a "Fund") pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), applicable to their respective access persons who are officers or employees of Dreyfus, MBSC or their affiliates.

This Code of Ethics (the "Code") has been prepared specifically for Board members of the Funds who are not officers or employees of Dreyfus, MBSC or any of their affiliates ("Nonmanagement Board Members"), and constitutes the Funds' code of ethics pursuant to Rule 17j-1 under the 1940 Act applicable to such individuals.

Nonmanagement Board Member

You are considered to be a Nonmanagement Board Member if you are a director or trustee of any Fund who is not also an officer or employee of Dreyfus, MBSC or any of their affiliates.

Independent Board Member

The term "Independent Board Member" means those Nonmanagement Board Members who are not deemed "interested persons" (as defined by the 1940 Act) of their Fund(s).

Statement of General Principles

The general principles and procedures which guide the activities of all Nonmanagement Board Members are augmented by this Code, which is based upon the fundamental recognition that Nonmanagement Board Members owe a fiduciary duty to each Fund of which they are Board members and to that Fund's shareholders.  At all times and in all matters, Nonmanagement Board Members shall place the interests of their Funds before their personal interests.  In the case of personal securities transactions, the fundamental standard to be followed is that Nonmanagement Board Members shall not take inappropriate advantage of their positions as Board members of a Fund.

All personal securities transactions by Nonmanagement Board Members shall adhere to the requirements of this Code and shall be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of the Nonmanagement Board Member's position of trust and responsibility.  While this Code is designed to address both identified conflicts and potential conflicts, it cannot define all conflict and potential conflict situations.  In this regard, Nonmanagement Board Members should adhere not only to the letter, but also to the spirit of the policies contained in this Code.

Nonmanagement Board Members are specifically reminded that it is unlawful for any of them, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Fund:

·  
To employ any device, scheme or artifice to defraud the Fund;
·  
To make any untrue statement of a material fact to the Fund or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
·  
To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or
·  
To engage in any manipulative practice with respect to the Fund.

For purposes of this section, a security held or to be acquired by a Fund means any security which, within the most recent 15-day period, is or has been held by the Fund or is being or has been considered by the Fund for purchase.

The provisions of this Code have been instituted, in part, in an effort to ensure that Nonmanagement Board Members do not, inadvertently or otherwise, violate the proscriptions outlined above.

Standards of Conduct for Nonmanagement Board Members

Ownership of Management Company's Securities

Independent Board Members are prohibited from having any direct or indirect beneficial interest in, or being designated as trustee, executor or guardian of any legal interest in, any security issued by BNY Mellon or any investment adviser or sub-investment adviser to a Fund for which they are Board members.

Protecting Material Nonpublic Information

Nonmanagement Board Members may receive nonpublic information about the Funds or other companies that, for various reasons, should be treated as confidential.  No Nonmanagement Board Member shall divulge the current portfolio positions, pending changes of a portfolio manager, current or anticipated portfolio transactions, or programs or studies, of any Fund to anyone unless it is properly within his or her responsibilities as a Nonmanagement Board Member to do so.
 
Insider Trading and Tipping

Federal securities laws generally prohibit the trading of securities while in possession of " material nonpublic " information regarding the issuer of those securities (insider trading).  Any person who passes along material nonpublic information upon which a trade is based (tipping) may also be liable.  A Nonmanagement Board Member shall not engage in or recommend any securities transaction, for his or her own benefit or for the benefit of others, including any Fund, while in possession of material nonpublic information regarding such securities or the issuer of such securities.  A Nonmanagement Board Member shall not communicate material nonpublic information to others unless it is properly within his or her responsibilities as a Nonmanagement Board Member to do so.  These prohibitions remain in effect until the information has become public.

Following are guidelines to determine when information is material or nonpublic .

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, sell or hold securities.  Obviously, information that would affect the market price of a security would be material.  Examples of information that might be material include:

·  
a proposal or agreement for a merger, acquisition or divestiture, or for the sale or purchase of substantial assets;
·  
tender offers, which are often material for the party making the tender offer as well as for the issuer of the securities for which the tender offer is made;
·  
extraordinary dividend declarations or changes in the dividend rate;
·  
extraordinary borrowings or liquidity problems;
·  
defaults under agreements or actions by creditors, customers or suppliers relating to a company's credit standing;
·  
earnings and other financial information, such as significant restatements, large or unusual write-offs, write-downs, profits or losses;
·  
pending discoveries or developments, such as new products, sources of materials, patents, processes, inventions or discoveries of mineral deposits;
·  
a proposal or agreement concerning a financial restructuring;
·  
a proposal to issue or redeem securities, or a development with respect to a pending issuance or redemption of securities;
·  
a significant expansion or contraction of operations;
·  
information about major contracts or increases or decreases in orders;
·  
the institution of, or a development in, litigation or a regulatory proceeding;
·  
developments regarding a company's senior management;
·  
information about a company received from a director of that company;
·  
information regarding a company's possible noncompliance with environmental protection laws;
·  
information that is inconsistent with published information, such as regulatory reports or press releases;
·  
extraordinary shareholder proposals;
·  
information regarding major labor developments, including collective bargaining agreements;
·  
developments regarding pension plans or other employee benefit plans; and
·  
a change in a Fund's investment objective, investment adviser, sub-adviser or portfolio manager.

This list is not exhaustive.  All relevant circumstances must be considered when determining whether an item of information is material.

Information about a company is "nonpublic" if it is not generally available to the investing public.  Information received under circumstances indicating that it is not yet in general circulation and which may be attributable, directly or indirectly, to the company or its insiders is likely to be deemed nonpublic information.  Most companies announce material information through a press release, a regulatory filing and/or a posting on the company's website.  So, if the information has been determined to be material, but there is no announcement of it in any of these sources, it is likely to be nonpublic.

A Nonmanagement Board Member who obtains material nonpublic information shall not trade related securities until the Nonmanagement Board Member can refer to some public source to show that the information is generally available (that is, available from sources other than inside sources) and that enough time has passed to allow wide dissemination of the information.  While information appearing in widely accessible sources — such as in newspapers or on the internet — becomes public very soon after publication, information appearing in less accessible sources — such as regulatory filings — may take up to several days to be deemed public.  Similarly, highly complex information might take longer to become public than would information that is easily understood by the average investor.

Conflicts of Interest

No Nonmanagement Board Member shall recommend a securities transaction for any Fund without disclosing any interest he or she has in such securities or the issuer thereof (other than an interest in publicly traded securities where the total investment is less than or equal to $25,000), including:

·  
any direct or indirect ownership of any securities of such issuer;
·  
any contemplated transaction by the Nonmanagement Board Member in such securities;
·  
any position with such issuer or its affiliates; and
·  
any present or proposed business relationship between such issuer or its affiliates and the Nonmanagement Board Member or any party in which the Nonmanagement Board Member has an ownership interest (see "indirect ownership" in the Glossary).

Transactions in Fund Shares

No Nonmanagement Board Member shall knowingly participate in late trading, market timing or any other activity with respect to any Fund in violation of applicable law or the provisions of the Fund's disclosure documents.

Outside Activities

No Nonmanagement Board Member shall accept any nomination to serve as a director, trustee or managing general partner of an investment company not advised by Dreyfus or its affiliates, or accept employment with or act as a consultant to any person acting as a registered investment adviser to an investment company, without the express prior approval of the Nonmanagement Board Members of the pertinent Fund(s) for which the Nonmanagement Board Member serves as a Board member.  In any such circumstances, the Nonmanagement Board Member shall give management of Dreyfus advance notice of his or her request in order to allow management an opportunity to provide its input, if any, for consideration by the Nonmanagement Board Members of the relevant Fund(s).

Preclearance for Personal Securities Transactions

Nonmanagement Board Members are permitted to engage in personal securities transactions without obtaining prior approval from the Preclearance Compliance Officer (as defined in the Glossary).

Personal Securities Transaction Reports

·  
Independent Board Members — Any Independent Board Member who effects a securities transaction where he or she knew, or in the ordinary course of fulfilling his or her official duties as a Board member should have known, that during the 15-day period immediately preceding or after the date of such transaction the same security was purchased or sold, or was being considered for purchase or sale, by Dreyfus or its affiliates (including any Fund or other account managed by Dreyfus or its affiliates), is required to report such personal securities transaction.  In the event a personal securities report is required, it must be submitted to the Preclearance Compliance Officer not later than thirty days after the end of the calendar quarter in which the transaction to which the report relates was effected.  The report must include the date of the transaction, the title (including the interest rate and maturity date, if applicable) and number of shares and principal amount of the security, the nature of the transaction (e.g., purchase, sale or any other type acquisition or disposition), the price at which the transaction was effected, the name of the broker or other entity with or through whom the transaction was effected and the date of the report.  This reporting requirement can be satisfied by sending a copy of the confirmation statement regarding such transaction to the Preclearance Compliance Officer within the time period specified.
 
·  
"Interested" Board Members — Board Members who are "interested persons" of a Fund, as defined by the 1940 Act, are required to report their personal securities holdings and transactions.  An initial holdings reports is required to be submitted to the Preclearance Compliance Officer not later than ten days after the individual becomes a Nonmanagement Board Member (which information must be current as of a date no more than 45 days prior to the date the individual became a Nonmanagement Board Member), and must be updated annually thereafter.  These reports must include the title (including the interest rate and maturity date, if applicable) and number of shares and principal amount of each security (other than exempt securities) in which the Nonmanagement Board Member had any direct or indirect ownership interest when the individual became a Nonmanagement Board Member, the name of any broker or other entity with whom the security is held, and the date of the report.  Personal securities transaction reports are required to be submitted to the Preclearance Compliance Officer not later than thirty days after the end of the calendar quarter in which the transaction to which the report relates was effected.  The report must include the date of the transaction, the title (including the interest rate and maturity date, if applicable) and number of shares and principal amount of the security, the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition), the price at which the transaction was effected, the name of the broker or other entity with or through whom the transaction was effected and the date of the report.  This reporting requirement can be satisfied by sending a copy of the confirmation statement regarding such transaction to the Preclearance Compliance Officer within the time period specified.

Exceptions from Reporting Requirements

Notwithstanding the foregoing, securities transaction reports are not required for the following transactions:

·  
purchase or sales of "exempt securities" (as defined in the Glossary);
·  
purchases or sales effected in any account over which the Nonmanagement Board Member has no direct or indirect influence or control over the investment decision-making process (i.e., a non-discretionary account);
·  
transactions which are non-volitional on the part of the Nonmanagement Board Member (such as stock dividends); and
·  
transactions made pursuant to a program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including the automatic reinvestment of dividends under a dividend reinvestment plan.

Monitoring of Reports and Sanctions; Confidential Treatment

The Preclearance Compliance Officer is required to monitor all personal securities holdings and transaction reports to determine whether any violations of this Code may have occurred.  In the event of a violation of this Code, the relevant Fund's Board shall consider what sanctions, if any, should be imposed.  The Preclearance Compliance Officer will use his or her best efforts to assure that all personal securities holdings and transaction reports are treated as "Personal and Confidential."  However, such documents will be available for inspection by appropriate regulatory agencies and other parties within and outside BNY Mellon as are necessary to evaluate compliance with or sanctions under this Code.

Written Certification

On a basis no less frequently than annually, each Nonmanagement Board Member shall provide to the Preclearance Compliance Officer a written certification that the Nonmanagement Board Member has read and understands this Code and recognizes that he or she is subject to its terms and provisions.  Each Nonmanagement Board Member shall further be required annually to certify in writing that he or she has complied with the requirements of this Code and has disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code.

Preclearance Compliance Officer Reports

On a basis no less frequently than annually, the Preclearance Compliance Officer shall prepare a written report to each Fund's Board which shall provide the following information:

·  
Any issues arising under this Code including, but not limited to, material violations of this Code committed by any Nonmanagement Board Member during the previous year and the sanctions imposed in response thereto; and
·  
A certification that the Fund has adopted procedures reasonably necessary to prevent the Fund's Nonmanagement Board Members from violating this Code.

Notification to Nonmanagement Board Members

Each Fund shall provide a copy of this Code to the Fund's Nonmanagement Board Members.

Fund Record Retention

Each Fund shall maintain for a six-year period in an easily accessible place the following records:

·  
A copy of this Code and any prior codes in effect during the past six years;
·  
A record of any violation of this Code by the Fund's Nonmanagement Board Members and of any action taken as a result of such violation;
·  
A copy of each report and certification made by the Fund's Nonmanagement Board Members pursuant to this Code;
·  
A list of all persons who are, or within the past six years have been, required to make reports pursuant to this Code or who are or were responsible for reviewing these reports; and
·  
A copy of each report required under "Preclearance Compliance Officer Reports."

Personal Record Retention

Each Nonmanagement Board Member is encouraged to retain in his or her personal files, for a period of at least six years, broker's confirmations, monthly statements, or other appropriate information covering all personal securities transactions, and all transactions in securities effected by, for, or on behalf of any member of the Nonmanagement Board Member's household, showing the amount of each security purchased or sold, the date of the transaction, the price at which it was executed, and the name and address of the executing broker or dealer, if any.

Approval and Amendment of this Code

As to each Fund, the Fund's Board, including a majority of the Fund's Independent Board Members, shall approve this Code and any material changes to this Code.  Approval of this Code and any material changes hereto shall be based upon a determination that the Code contains provisions reasonably necessary to prevent Nonmanagement Board Members from engaging in conduct prohibited by Rule 17j-1 under the 1940 Act.  Before approving this Code or any changes to this Code, the Fund's Board must receive a certification from the Fund that the Fund has adopted procedures reasonably necessary to prevent Nonmanagement Board Members from violating this Code.

****

 
Adopted by Dreyfus BNY Mellon Funds, Inc.:  December 17, 2013

 
GLOSSARY — Definitions

·  
access person – As defined by Rule 17j-1 under the 1940 Act, "access person" generally includes, with respect to a registered investment company, any director or officer of such investment company, any director or officer of the investment adviser to the investment company, and any employee of the investment company or investment adviser who, in connection with his or her regular functions or duties, makes, recommends, participates in, or obtains information regarding, the purchase or sale of securities (other than exempt securities) by the investment company.  Each Nonmanagement Board Member is therefore considered an access person of his or her respective Fund(s).

·  
approval – written consent or written notice of nonobjection.

·  
exempt securities – exempt securities are defined as:
o  
direct obligations of the sovereign government of the United States (obligations of other instrumentalities of the U.S. government or quasi-governmental agencies are not exempt);
o  
bankers' acceptances;
o  
bank certificates of deposit and time deposits;
o  
commercial paper;
o  
high quality short-term debt instruments having a maturity of less than 366 days at issuance and rated in one of the two highest rating categories by a nationally recognized statistical rating organization or which is unrated but of comparable quality;
o  
repurchase agreements;
o  
securities issued by open-end investment companies (i.e., mutual funds) that are not exchange-traded funds ("ETFs").

Note:   the following are not exempt securities:
o  
shares of hedge funds
o  
shares of closed-end funds
o  
shares of ETFs
o  
shares of funds not registered in the United States

·  
indirect ownership – the securities laws of most jurisdictions attribute ownership of securities to someone in certain circumstances, even though the securities are not held in that person's name.  The definition of "indirect ownership" that follows is used to determine whether securities held other than in your name are subject to the provisions of this Code.  It was designed to be consistent with various securities laws; however, there can be no assurance that attempted adherence to this definition will provide a defense under any particular law.  Moreover, a determination of indirect ownership requires a detailed analysis of personal and/or financial circumstances that are subject to change.  It is the responsibility of each Nonmanagement Board Member to apply the definition below to his/her own circumstances.  Any such determination should be based upon objective evidence (such as written documents), rather than subjective or intangible factors.

General Standard .  Generally, you are the indirect owner of securities if, through any contract, arrangement, understanding, relationship or otherwise, you have the opportunity, directly or indirectly, to share at any time in any profit derived from a transaction in them (a "pecuniary interest").  The following is guidance on the application of this definition to some common situations.

Family Members.   You are presumed to be an indirect owner of securities held by members of your immediate family who share the same household with you.  "Immediate Family" means your spouse, your children (including stepchildren, foster children, sons-in-law, and daughters-in-law), your grandchildren, your parents (including stepparents, mothers-in-law and fathers-in-law), your grandparents and your siblings (including brothers-in-law, sisters-in-law and step brothers and sisters) and includes adoptive relationships.  This presumption of ownership may be rebutted, but it will be difficult to do so if, with respect to the other person, you commingle any assets or share any expenses, you provide or receive any financial support, you influence investment decisions, you include them as a dependent for tax purposes or as a beneficiary under an employee benefit plan, or you are in any way financially codependent.  Any attempt to disclaim indirect ownership with respect to family members who share your household must be based upon countervailing facts that you can prove in writing.

Partnerships .  If you are a general partner in a general or limited partnership, you are deemed to own your proportionate share of the securities owned by the partnership.  Your "proportionate share" is the greater of your share of profits or your share of capital, as evidenced by the partnership agreement.  Limited partners are not deemed to be owners of partnership securities absent unusual circumstances, such as influence over investment decisions.

Shareholders of Corporations .  You are not deemed to own the securities held by  a corporation in which you are a shareholder unless you are a controlling shareholder or you have or share investment control over the corporation's portfolio.

Trusts.   Generally, parties to a trust will be deemed indirect owners of securities in the trust only if they have both a pecuniary interest in the trust and investment control over the trust.  "Investment control" is the power to direct the disposition of the securities in the trust.  Specific applications are as follows:

Trustees :  A trustee is deemed to have investment control over the trust unless there are at least three trustees and a majority is required for action.  A trustee has a pecuniary interest in the trust if (i) the trustee is also a trust beneficiary, (ii) an immediate family member of the trustee (whether or not they share the same household) is a beneficiary, or (iii) the trustee receives certain types of performance-based fees.
 
Settlors :  If you are the settlor of a trust (that is, the person who puts the assets into the trust), you are an indirect owner of the trust's assets if you have a pecuniary interest in the trust and you have or share investment control over the trust.  You are deemed to have a pecuniary interest in the trust if you have the power to revoke the trust without anyone else's consent or if members of your immediate family who share your household are beneficiaries of the trust.
 
B eneficiaries .  If you or a member of your immediate family who shares your household is a beneficiary of a trust, you are deemed to have a pecuniary interest in the trust and will therefore be deemed an indirect owner of the trust's assets if you have or share investment control over the trust.

Remainder Interests .  Remainder interests are those that do not take effect until after some event that is beyond your control, such as the death of another person.  Remainder interests are typically created by wills or trust instruments.  You are not deemed to be an indirect owner of securities in which you only have a remainder interest provided you have no power, directly or indirectly, to exercise or share investment control or any other interest.

Derivative Securities.   You are the indirect owner of any security you have the right to acquire through the exercise or conversion of another security, such as any option, warrant or convertible security, whether or not presently exercisable.

·  
non-discretionary account – an account over which you have no direct or indirect control of the investment decision making process.  Standard brokerage accounts generally are not deemed to be non-discretionary to the account owner, even if the broker is given some discretion to make investment decisions.

·  
Preclearance Compliance Officer.   A person designated as the Fund's Preclearance Compliance Officer by the Fund's Chief Compliance Officer.