Dreyfus Family of Funds to convert all class B shares to class A or D

By Toni Weeks

San Diego, Nov. 15 - The Dreyfus Family of Funds said that all of its Dreyfus-managed equity and bond funds that offer class B shares will convert their outstanding class B shares to class A shares, with the exception of the Dreyfus Short-Term Income Fund and the Dreyfus Short-Intermediate Municipal Bond Fund, which will convert their class B shares to class D shares.

The effective date is expected to be March 13, according to a 497 filing with the Securities and Exchange Commission.

Class B shares will no longer be offered after the conversion. Currently, they are offered only in connection with dividend reinvestment, exchanges of class B shares of other Dreyfus-managed funds or of funds advised by Dreyfus, such as General Money Market Fund, Inc., or certain eligible shares of Dreyfus Worldwide Dollar Money Market Fund, Inc.

On the effective date, holders of class B shares will receive class A shares having an aggregate net asset value equal to the aggregate net asset value of the shareholder's class B shares. Each fund's class A shares have a lower total annual expense ratio than the fund's class B shares. No sales load or contingent deferred sales charge will be imposed in connection with the conversion but will be imposed on any subsequent additional investments in class A shares. The conversion of shares will not be a taxable event for federal income tax purposes.

In addition, as of March 13, holders of class A shares of a fund or of the General Money Market Fund that are received in the conversion, as well as holders of Dreyfus Worldwide Dollar Money Market Fund shares received in a prior exchange for a fund's class B shares, will be able to exchange their shares for class A shares or no-load shares or classes of other Dreyfus-managed funds without a contingent deferred sales charge.

The Dreyfus Family of Funds is managed by New York-based Dreyfus Corp., the primary mutual fund business of the Bank of New York Mellon Corp.

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