40-17G

EX-99

	Chubb Group of Insurance Companies					DECLARATIONS
						FINANCIAL INSTITUTION
	15 Mountain View Road, Warren, New Jersey 07059					EXCESS BOND FORM E
NAME OF ASSURED:						Bond Number: 82307667
THE DREYFUS FUND INCORPORATED ET AL						FEDERAL INSURANCE COMPANY
						Incorporated under the laws of Indiana,
200 PARK AVENUE						a stock insurance company, herein called the COMPANY
NEW YORK, NY 10166
						Capital Center, 251 North Illinois, Suite 1100
						Indianapolis, IN 46204-1927
ITEM 1.	BOND PERIOD:	from	12:01 a.m. on January 31, 2012
		to	12:01 a.m. on January 31, 2013
ITEM 2.	AGGREGATE LIMIT OF LIABILITY: $10,000,000
ITEM 3.	SINGLE LOSS LIMIT OF LIABILITY:			$	10,000,000
ITEM 4.	DEDUCTIBLE AMOUNT: $ See Endorsement No. 1
ITEM 5.	PRIMARY BOND:
	Insurer:		National Union Fire Insurance Company of Pittsburgh, Pa
	Form and Bond No.		Investment Company Blanket Bond / Bond No. 01-541-28-26
	Limit		$10,000,000
	Deductible:		$50,000
	Bond Period:		January 31, 2012 - January 31, 2013

ITEM 6.	COVERAGE EXCEPTIONS TO PRIMARY BOND:
	NOTWITHSTANDING ANY COVERAGE PROVIDED BY THE PRIMARY BOND, THIS EXCESS BOND
	DOES NOT DIRECTLY OR INDIRECTLY COVER: None
ITEM 7.	TOTAL OF LIMITS OF LIABILITY OF OTHER UNDERLYING BONDS, EXCESS OF PRIMARY BOND:
	None
ITEM 8.	THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
	ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
	1 - 5

IN WITNESS WHEREOF, THE COMPANY issuing this Bond has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by a duly authorized representative of the Company.

	The COMPANY, in consideration of the required premium, and in reliance on the
	statements and information furnished to the COMPANY by the ASSURED, and subject
	to the DECLARATIONS made a part of this bond and to all other terms and conditions
	of this bond, agrees to pay the ASSURED for:
Insuring Clause	Loss which would have been paid under the Primary Bond but for the fact the loss
	exceeds the Deductible Amount.
	Coverage under this bond shall follow the terms and conditions of the Primary Bond,
	except with respect to:
	a.	The coverage exceptions in ITEM 6. of the DECLARATIONS; and
	b.	The limits of liability as stated in ITEM 2. and ITEM 3. of the DECLARATIONS.
	With respect to the exceptions stated above, the provisions of this bond shall apply.

General Agreements
Change Or Modification	A.	If after the inception date of this bond the Primary Bond is changed or modified,
Of Primary Bond		written notice of any such change or modification shall be given to the COMPANY
		as soon as practicable, not to exceed thirty (30) days after such change or
		modification, together with such information as the COMPANY may request. There
		shall be no coverage under this bond for any loss related to such change or
		modification until such time as the COMPANY is advised of and specifically
		agrees by written endorsement to provide coverage for such change or
		modification.
Representations Made	B.	The ASSURED represents that all information it has furnished to the COMPANY
By Assured		for this bond or otherwise is complete, true and correct. Such information
		constitutes part of this bond.
		The ASSURED must promptly notify the COMPANY of any change in any fact or
		circumstance which materially affects the risk assumed by the COMPANY under
		this bond.
		Any misrepresentation, omission, concealment or incorrect statement of a material
		fact by the ASSURED to the COMPANY shall be grounds for recision of this bond.
Notice To Company Of	C.	The ASSURED shall notify the COMPANY at the earliest practical moment, not to
Legal Proceedings Against		exceed thirty (30) days after the ASSURED receives notice, of any legal
Assured - Election To		proceeding brought to determine the ASSURED’S liability for any loss, claim or
Defend		damage which, if established, would constitute a collectible loss under this bond or
		any of the Underlying Bonds. Concurrent with such notice, and as requested
		thereafter, the ASSURED shall furnish copies of all pleadings and pertinent
		papers to the COMPANY.

General Agreements
Notice To Company Of	If the COMPANY elects to defend all or part of any legal proceeding, the court
Legal Proceedings Against	costs and attorneys’ fees incurred by the COMPANY and any settlement or
Assured - Election To	judgment on that part defended by the COMPANY shall be a loss under this bond.
Defend	The COMPANY’S liability for court costs and attorneys’ fees incurred in defending
(continued)	all or part of such legal proceeding is limited to the proportion of such court costs
	and attorneys’ fees incurred that the amount recoverable under this bond bears to
	the amount demanded in such legal proceeding.
	If the COMPANY declines to defend the ASSURED, no settlement without the
	prior written consent of the COMPANY or judgment against the ASSURED shall
	determine the existence, extent or amount of coverage under this bond, and the
	COMPANY shall not be liable for any costs, fees and expenses incurred by the
	ASSURED.

Conditions And
Limitations
Definitions	1	.	As used in this bond:
			a.	Deductible Amount means the amount stated in ITEM 4. of the
				DECLARATIONS. In no event shall this Deductible Amount be reduced for
				any reason, including but not limited to, the non-existence, invalidity,
				insufficiency or uncollectibility of any of the Underlying Bonds, including the
				insolvency or dissolution of any Insurer providing coverage under any of the
				Underlying Bonds.
			b.	Primary Bond means the bond scheduled in ITEM 5. of the
				DECLARATIONS or any bond that may replace or substitute for such bond.
			c.	Single Loss means all covered loss, including court costs and attorneys’
				fees incurred by the COMPANY under General Agreement C., resulting
				from:
				(1)	any one act of burglary, robbery or attempt either, in which no
					employee of the ASSURED is implicated, or
				(2)	any one act or series of related acts on the part of any person resulting
					in damage to or destruction or misplacement of property, or
				(3)	all acts other than those specified in c.(1) and c.(2), caused by any
					person or in which such person is implicated, or
				(4)	any one event not specified above, in c.(1), c.(2) or c.(3).
			d.	Underlying Bonds means the Primary Bond and all other insurance
				coverage referred to in ITEM 7. of the DECLARATIONS.

Conditions And
Limitations
(continued)
Limit Of Liability	2	.	The COMPANY’S total cumulative liability for all Single Losses of all ASSUREDS
			discovered during the BOND PERIOD shall not exceed the AGGREGATE LIMIT
			OF LIABILITY as stated in ITEM 2. of the DECLARATIONS. Each payment made
Aggregate Limit Of			under the terms of this bond shall reduce the unpaid portion of the AGGREGATE
Liability			LIMIT OF LIABILITY until it is exhausted.
			On exhausting the AGGREGATE LIMIT OF LIABILITY by such payments:
			a.	the COMPANY shall have no further liability for loss or losses regardless of
				when discovered and whether or not previously reported to the COMPANY,
				and
			b.	the COMPANY shall have no obligation under General Agreement C. to
				continue the defense of the ASSURED, and on notice by the COMPANY to
				the ASSURED that the AGGREGATE LIMIT OF LIABILITY has been
				exhausted, the ASSURED shall assume all responsibility for its defense at
				its own cost.
	The unpaid portion of the AGGREGATE LIMIT OF LIABILITY shall not be increased or
	reinstated by any recovery made and applied in accordance with Section 4. In the event
	that a loss of property is settled by indemnity in lieu of payment, then such loss shall not
	reduce the unpaid portion of the AGGREGATE LIMIT OF LIABILITY.
Single Loss Limit Of	The COMPANY’S liability for each Single Loss shall not exceed the SINGLE LOSS
Liability	LIMIT OF LIABILITY as stated in ITEM 3. of the DECLARATIONS or the unpaid portion
	of the AGGREGATE LIMIT OF LIABILITY, whichever is less.
Discovery	3	.	This bond applies only to loss first discovered by the ASSURED during the BOND
			PERIOD. Discovery occurs at the earlier of the ASSURED being aware of:
			a.	facts which may subsequently result in a loss of a type covered by this bond,
				or
			b.	an actual or potential claim in which it is alleged that the ASSURED is liable
				to a third party,
			regardless of when the act or acts causing or contributing to such loss occurred,
			even though the amount of loss does not exceed the applicable Deductible
			Amount, or the exact amount or details of loss may not then be known.
Subrogation-Assignment-	4	.	In the event of a payment under this bond, the COMPANY shall be subrogated to
Recovery			all of the ASSURED’S rights of recovery against any person or entity to the extent
			of such payments. On request, the ASSURED shall deliver to the COMPANY an
			assignment of the ASSURED’S rights, title and interest and causes of action
			against any person or entity to the extent of such payment.

Conditions And
Limitations
Subrogation-Assignment-			Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
Recovery			applied net of the expense of such recovery, first, to the satisfaction of the
(continued)			ASSURED’S loss which would otherwise have been paid but for the fact that it is
			in excess of the AGGREGATE LIMIT OF LIABILITY, second, to the COMPANY in
			satisfaction of amounts paid in settlement of the ASSURED’S claim and third, to
			the ASSURED in satisfaction of the DEDUCTIBLE AMOUNT. Recovery from
			reinsurance and/or indemnity of the COMPANY shall not be deemed a recovery
			under this Section.
Cooperation Of Assured	5	.	At the COMPANY’S request and at reasonable times and places designated by
			the COMPANY the ASSURED shall:
			a.	submit to examination by the COMPANY and subscribe to the same under
				oath, and
			b.	produce for the COMPANY’S examination all pertinent records, and
			c.	cooperate with the COMPANY in all matters pertaining to the loss.
			The ASSURED shall execute all papers and render assistance to secure to the
			COMPANY the rights and causes of action provided for under this bond. The
			ASSURED shall do nothing after loss to prejudice such rights or causes of action.
Termination	6	.	This bond terminates as an entirety on the earliest occurrence of any of the
			following:
			a.	sixty (60) days after the receipt by the ASSURED of a written notice from the
				COMPANY of its decision to terminate this bond, or
			b.	immediately on the receipt by the COMPANY of a written notice from the
				ASSURED of its decision to terminate this bond, or
			c.	immediately on the appointment of a trustee, receiver or liquidator to act on
				behalf of the ASSURED, or the taking over of the ASSURED by State or
				Federal officials, or
			d.	immediately on the dissolution of the ASSURED, or
			e.	immediately on exhausting the AGGREGATE LIMIT OF LIABILITY, or
			f.	immediately on expiration of the BOND PERIOD, or
			g.	immediately on cancellation, termination or recision of the Primary Bond.
Conformity	7	.	If any limitation within this bond is prohibited by any law controlling this bond’s
			construction, such limitation shall be deemed to be amended so as to equal the
			minimum period of limitation provided by such law.

Conditions And
Limitations
(continued)

Change Or Modification	8	.	This bond or any instrument amending or affecting this bond may not be changed
Of This Bond			or modified orally. No change in or modification of this bond shall be effective
			except when made by written endorsement to this bond signed by an Authorized
			Representative of the COMPANY.

	FEDERAL INSURANCE COMPANY
	Endorsement No.	1
	Bond Number:	82307667
NAME OF ASSURED:	THE DREYFUS FUND INCORPORATED ET AL

AMENDED DEDUCTIBLE/DROP DOWN ENDORSEMENT

It is agreed that this bond is amended by deleting ITEM 4., DEDUCTIBLE AMOUNT of the DECLARATIONS, in its entirety and substituting the following:

"ITEM 4. DEDUCTIBLE AMOUNT

a.	$50,000, plus any unpaid portion of the AGGREGATE LIMIT OF LIABILITY of the
	Underlying Bonds on the date of payment of any Single Loss under this bond.
b.	The ASSURED shall notify the COMPANY immediately of any payment made or
	intended to be made under any of the Underlying Bonds.
c.	This bond shall drop down but only by the amount paid under the Underlying Bonds."

This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Excess Bond
Form 17-02-1003 (Ed. 7-92)

FEDERAL INSURANCE COMPANY

Endorsement No.	2
Bond Number:	82307667
NAME OF ASSURED: THE DREYFUS FUND INCORPORATED ET AL

NEW YORK AMENDATORY ENDORSEMENT

It is agreed that this bond is amended as follows:

1.      By deleting paragraph a. in its entirety from Section 6., Termination, and substituting the following: "a. TERMINATION BY THE COMPANY

BONDS IN EFFECT SIXTY (60) DAYS OR LESS

If this bond has been in effect for less than sixty (60) days and if it is not a renewal bond, the COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the authorized agent or broker, if any, written notice of termination at least twenty (20) days before the effective date of termination.

The COMPANY may, however, terminate this bond by mailing or delivering to the ASSURED and to the authorized agent or broker, if any, written notice of termination at least fifteen (15) days before the effective date of termination if the COMPANY cancels for:

(1)	Nonpayment of premium;
(2)	Conviction of a crime arising out of acts increasing the hazard insured against;
(3)	Discovery of fraud or material misrepresentation in the obtaining of this bond or in the presentation of a claim thereunder;
(4)	Violation of any provision of this bond that substantially and materially increases the hazard insured against, and which occurred subsequent to inception of the current BOND PERIOD;
(5)	If applicable, material physical change in the property insured, occurring after issuance or last annual renewal anniversary date of this bond, which results in the property becoming uninsurable in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect at the time this bond was issued or last renewed; or material change in the nature or extent of this bond occurring after issuance or last annual renewal anniversary date of this bond, which causes the risk of loss to be substantially and materially increased beyond that contemplated at the time this bond was issued or last renewed;
6)	A determination by the Superintendent of Insurance that continuation of the present premium volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public, or continuing the bond itself would place the COMPANY in violation of any provision of the New York Insurance Code; or
(7)	Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is a probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of collecting the insurance proceeds.

					BONDS IN EFFECT MORE THAN SIXTY (60) DAYS
					If this bond has been in effect for sixty (60) days or more, or if it is a renewal of a bond
					issued by the COMPANY, it may be terminated by the COMPANY by mailing or delivering
					to the ASSURED and to the authorized agent or broker, if any, written notice of termination
					at least fifteen (15) days before the effective date of termination. Furthermore, when the
					bond is a renewal or has been in effect for sixty (60) days or more, the COMPANY may
					terminate only for one or more of the reasons stated in a. (1)-(7) above.
					NOTICE OF TERMINATION
					Notice of termination under this Section a. shall be mailed to the ASSURED and to the
					authorized agent or broker, if any, at the address shown on the DECLARATIONS of this
					bond. The COMPANY, however, may deliver any notice instead of mailing it.
					RETURN PREMIUM CALCULATIONS
					The COMPANY shall refund the unearned premium computed pro rata if this bond is
					terminated by the COMPANY."
2	.	It is further understood and agreed that for the purposes of Section 6., Termination, any occurrence
		listed in Parts (d), (e) or (f) of that Section shall be considered to be a request by the ASSURED to
		immediately terminate this bond.
3	.	By adding a new Section reading as follows:
		"Section 9. Election To Conditionally Renew / Nonrenew This Bond
		A.	CONDITIONAL RENEWAL
			If the COMPANY conditionally renews this bond subject to:
			1	.	Change of limits of liability;
			2	.	Change in type of coverage;
			3	.	Reduction of coverage;
			4	.	Increased deductible;
			5	.	Addition of exclusion; or
			6	.	Increased premiums in excess of 10%, exclusive of any premium increased due to and
					commensurate with insured value added; or as a result of experience rating, retrospective
					rating or audit; the COMPANY shall send notice as provided in B. NOTICES OF
					NONRENEWAL AND CONDITIONAL RENEWAL immediately below.
		B.	NOTICES OF NONRENEWAL AND CONDITIONAL RENEWAL
			1	.	If the COMPANY elects not to renew this bond, or to conditionally renew this bond as
					provided in Section A. herein, the COMPANY shall mail or deliver written notice to the
					ASSURED at least sixty (60) but not more than one hundred twenty (120) days before:
					(a)	The expiration date; or
					(b)	The anniversary date if this bond has been written for a term of more than one year.

	2.	Notice shall be mailed or delivered to the ASSURED at the address shown on the DECLARATIONS of this bond and the authorized agent or broker, if any. If notice is mailed, proof of mailing shall be sufficient proof of notice.
	3.	Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent or broker, or another insurer has mailed or delivered written notice to the COMPANY that the bond has been replaced or is no longer desired."
4.	By adding a new Section reading as follows:
	"Section	10. Other Insurance
	If there is any other valid and collectible insurance which would apply in whole or in part in the absence of this bond, then the COMPANY shall not be liable under this bond for a greater proportion of any loss than the proportion that the available limit of liability under this bond bears to the total applicable limit of liability of all valid and collectible insurance against such loss."

This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

	ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: January 31, 2012	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 3
	To be attached to and
	form a part of Bond No. 82307667

Issued to: THE DREYFUS FUND INCORPORATED ET AL

AMENDING REPRESENTATIONS MADE BY ASSURED ENDORSEMENT

In consideration of the premium charged, it is agreed that this bond is amended by deleting in its entirety General
Agreement B., Representations Made By Assured, and substituting the following:

B. The ASSURED represents that all information it has furnished to the COMPANY for this bond or otherwise
is complete, true and correct. Such information constitutes part of this bond.

Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact by
the ASSURED to the COMPANY shall be grounds for rescission of this bond.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: January 31, 2012	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	4
	To be attached to and
	form a part of Bond No.	82307667
Issued to: THE DREYFUS FUND INCORPORATED ET AL

FOLLOW FORM ENDORSEMENT

In consideration of the premium charged, it is agreed that:

(1) Coverage under this bond shall only apply in conformance with the terms and conditions of the following
endorsements of the Primary Bond.

(2) Accordingly, no coverage will be available for the Coverage Exceptions to the Primary Bond set forth in
ITEM 6., of the DECLARATIONS of this bond, and such exceptions shall be inapplicable to this bond.
The Company shall not be liable to the ASSURED or to any other person or entity claiming through or
in the name or right of the ASSURED for any loss or other liability based on, arising out of, directly or
indirectly resulting from, in consequence of, or in any way involving the coverage otherwise afforded in
such Coverage Exceptions.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: January 31, 2012	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	5
	To be attached to and
	form a part of Bond No.	82307667
Issued to: THE DREYFUS FUND INCORPORATED ET AL

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS

It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

IMPORTANT NOTICE TO POLICYHOLDERS

     All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents (“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.

Thank you for choosing Chubb.

10-02-1295 (ed. 6/2007)

POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.

However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.

10-02-1281 (Ed. 1/2003)

If aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.

The portion of your policy’s annual premium that is attributable to insurance for such acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.

10-02-1281 (Ed. 1/2003)

EX-99

	Chubb Group of Insurance Companies					DECLARATIONS
						FINANCIAL INSTITUTION
	15 Mountain View Road, Warren, New Jersey 07059					EXCESS BOND FORM E
NAME OF ASSURED:						Bond Number: 81458621
THE DREYFUS FUND INCORPORATED ET AL						FEDERAL INSURANCE COMPANY
						Incorporated under the laws of Indiana,
200 PARK AVENUE						a stock insurance company, herein called the COMPANY
NEW YORK, NY 10166
						Capital Center, 251 North Illinois, Suite 1100
						Indianapolis, IN 46204-1927
ITEM 1.	BOND PERIOD:	from	12:01 a.m. on January 31, 2012
		to	12:01 a.m. on January 31, 2013
ITEM 2.	AGGREGATE LIMIT OF LIABILITY: $N/A
ITEM 3.	SINGLE LOSS LIMIT OF LIABILITY:			$	20,000,000
ITEM 4.	DEDUCTIBLE AMOUNT: $ See Endorsement No. 1
ITEM 5.	PRIMARY BOND:
	Insurer:		National Union Fire Insurance Company of Pittsburgh, Pa
	Form and Bond No.		Investment Company Blanket Bond / Bond No. 01-541-28-26
	Limit		$10,000,000
	Deductible:		$50,000
	Bond Period:		January 31, 2012 – January 31, 2013
	Insurer:		Federal Insurance Company
	Form and Bond No.		Financial Institution Excess Bond / Bond No.8230-7667
	Limit		$10,000,000
	Deductible:		See Endorsement No. 1
	Bond Period:		January 31, 2012 – January 31, 2013

ITEM 6.		COVERAGE EXCEPTIONS TO PRIMARY BOND:
		NOTWITHSTANDING ANY COVERAGE PROVIDED BY THE PRIMARY BOND, THIS EXCESS BOND
		DOES NOT DIRECTLY OR INDIRECTLY COVER: None
ITEM 7.		TOTAL OF LIMITS OF LIABILITY OF OTHER UNDERLYING BONDS, EXCESS OF PRIMARY BOND:
	$	10,000,000
ITEM 8.		THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
		ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
		1 - 6

IN WITNESS WHEREOF, THE COMPANY issuing this Bond has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by a duly authorized representative of the Company.

	The COMPANY, in consideration of the required premium, and in reliance on the
	statements and information furnished to the COMPANY by the ASSURED, and subject
	to the DECLARATIONS made a part of this bond and to all other terms and conditions
	of this bond, agrees to pay the ASSURED for:
Insuring Clause	Loss which would have been paid under the Primary Bond but for the fact the loss
	exceeds the Deductible Amount.
	Coverage under this bond shall follow the terms and conditions of the Primary Bond,
	except with respect to:
	a.	The coverage exceptions in ITEM 6. of the DECLARATIONS; and
	b.	The limits of liability as stated in ITEM 2. and ITEM 3. of the DECLARATIONS.
	With respect to the exceptions stated above, the provisions of this bond shall apply.
General Agreements
Change Or Modification	A.	If after the inception date of this bond the Primary Bond is changed or modified,
Of Primary Bond		written notice of any such change or modification shall be given to the COMPANY
		as soon as practicable, not to exceed thirty (30) days after such change or
		modification, together with such information as the COMPANY may request. There
		shall be no coverage under this bond for any loss related to such change or
		modification until such time as the COMPANY is advised of and specifically
		agrees by written endorsement to provide coverage for such change or
		modification.
Representations Made	B.	The ASSURED represents that all information it has furnished to the COMPANY
By Assured		for this bond or otherwise is complete, true and correct. Such information
		constitutes part of this bond.
		The ASSURED must promptly notify the COMPANY of any change in any fact or
		circumstance which materially affects the risk assumed by the COMPANY under
		this bond.
		Any misrepresentation, omission, concealment or incorrect statement of a material
		fact by the ASSURED to the COMPANY shall be grounds for recision of this bond.
Notice To Company Of	C.	The ASSURED shall notify the COMPANY at the earliest practical moment, not to
Legal Proceedings Against		exceed thirty (30) days after the ASSURED receives notice, of any legal
Assured - Election To		proceeding brought to determine the ASSURED’S liability for any loss, claim or
Defend		damage which, if established, would constitute a collectible loss under this bond or
		any of the Underlying Bonds. Concurrent with such notice, and as requested
		thereafter, the ASSURED shall furnish copies of all pleadings and pertinent
		papers to the COMPANY.

General Agreements
Notice To Company Of			If the COMPANY elects to defend all or part of any legal proceeding, the court
Legal Proceedings Against			costs and attorneys’ fees incurred by the COMPANY and any settlement or
Assured - Election To			judgment on that part defended by the COMPANY shall be a loss under this bond.
Defend			The COMPANY’S liability for court costs and attorneys’ fees incurred in defending
(continued)			all or part of such legal proceeding is limited to the proportion of such court costs
			and attorneys’ fees incurred that the amount recoverable under this bond bears to
			the amount demanded in such legal proceeding.
			If the COMPANY declines to defend the ASSURED, no settlement without the
			prior written consent of the COMPANY or judgment against the ASSURED shall
			determine the existence, extent or amount of coverage under this bond, and the
			COMPANY shall not be liable for any costs, fees and expenses incurred by the
			ASSURED.
Conditions And
Limitations
Definitions	1	.	As used in this bond:
			a.	Deductible Amount means the amount stated in ITEM 4. of the
				DECLARATIONS. In no event shall this Deductible Amount be reduced for
				any reason, including but not limited to, the non-existence, invalidity,
				insufficiency or uncollectibility of any of the Underlying Bonds, including the
				insolvency or dissolution of any Insurer providing coverage under any of the
				Underlying Bonds.
			b.	Primary Bond means the bond scheduled in ITEM 5. of the
				DECLARATIONS or any bond that may replace or substitute for such bond.
			c.	Single Loss means all covered loss, including court costs and attorneys’
				fees incurred by the COMPANY under General Agreement C., resulting
				from:
				(1)	any one act of burglary, robbery or attempt either, in which no
					employee of the ASSURED is implicated, or
				(2)	any one act or series of related acts on the part of any person resulting
					in damage to or destruction or misplacement of property, or
				(3)	all acts other than those specified in c.(1) and c.(2), caused by any
					person or in which such person is implicated, or
				(4)	any one event not specified above, in c.(1), c.(2) or c.(3).
			d.	Underlying Bonds means the Primary Bond and all other insurance
				coverage referred to in ITEM 7. of the DECLARATIONS.

Conditions And
Limitations
(continued)
Limit Of Liability	2	.	The COMPANY’S total cumulative liability for all Single Losses of all ASSUREDS
			discovered during the BOND PERIOD shall not exceed the AGGREGATE LIMIT
			OF LIABILITY as stated in ITEM 2. of the DECLARATIONS. Each payment made
Aggregate Limit Of			under the terms of this bond shall reduce the unpaid portion of the AGGREGATE
Liability			LIMIT OF LIABILITY until it is exhausted.
			On exhausting the AGGREGATE LIMIT OF LIABILITY by such payments:
			a.	the COMPANY shall have no further liability for loss or losses regardless of
				when discovered and whether or not previously reported to the COMPANY,
				and
			b.	the COMPANY shall have no obligation under General Agreement C. to
				continue the defense of the ASSURED, and on notice by the COMPANY to
				the ASSURED that the AGGREGATE LIMIT OF LIABILITY has been
				exhausted, the ASSURED shall assume all responsibility for its defense at
				its own cost.
	The unpaid portion of the AGGREGATE LIMIT OF LIABILITY shall not be increased or
	reinstated by any recovery made and applied in accordance with Section 4. In the event
	that a loss of property is settled by indemnity in lieu of payment, then such loss shall not
	reduce the unpaid portion of the AGGREGATE LIMIT OF LIABILITY.
Single Loss Limit Of	The COMPANY’S liability for each Single Loss shall not exceed the SINGLE LOSS
Liability	LIMIT OF LIABILITY as stated in ITEM 3. of the DECLARATIONS or the unpaid portion
	of the AGGREGATE LIMIT OF LIABILITY, whichever is less.
Discovery	3	.	This bond applies only to loss first discovered by the ASSURED during the BOND
			PERIOD. Discovery occurs at the earlier of the ASSURED being aware of:
			a.	facts which may subsequently result in a loss of a type covered by this bond,
				or
			b.	an actual or potential claim in which it is alleged that the ASSURED is liable
				to a third party,
			regardless of when the act or acts causing or contributing to such loss occurred,
			even though the amount of loss does not exceed the applicable Deductible
			Amount, or the exact amount or details of loss may not then be known.
Subrogation-Assignment-	4	.	In the event of a payment under this bond, the COMPANY shall be subrogated to
Recovery			all of the ASSURED’S rights of recovery against any person or entity to the extent
			of such payments. On request, the ASSURED shall deliver to the COMPANY an
			assignment of the ASSURED’S rights, title and interest and causes of action
			against any person or entity to the extent of such payment.

Conditions And
Limitations
Subrogation-Assignment-			Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
Recovery			applied net of the expense of such recovery, first, to the satisfaction of the
(continued)			ASSURED’S loss which would otherwise have been paid but for the fact that it is
			in excess of the AGGREGATE LIMIT OF LIABILITY, second, to the COMPANY in
			satisfaction of amounts paid in settlement of the ASSURED’S claim and third, to
			the ASSURED in satisfaction of the DEDUCTIBLE AMOUNT. Recovery from
			reinsurance and/or indemnity of the COMPANY shall not be deemed a recovery
			under this Section.
Cooperation Of Assured	5	.	At the COMPANY’S request and at reasonable times and places designated by
			the COMPANY the ASSURED shall:
			a.	submit to examination by the COMPANY and subscribe to the same under
				oath, and
			b.	produce for the COMPANY’S examination all pertinent records, and
			c.	cooperate with the COMPANY in all matters pertaining to the loss.
			The ASSURED shall execute all papers and render assistance to secure to the
			COMPANY the rights and causes of action provided for under this bond. The
			ASSURED shall do nothing after loss to prejudice such rights or causes of action.
Termination	6	.	This bond terminates as an entirety on the earliest occurrence of any of the
			following:
			a.	sixty (60) days after the receipt by the ASSURED of a written notice from the
				COMPANY of its decision to terminate this bond, or
			b.	immediately on the receipt by the COMPANY of a written notice from the
				ASSURED of its decision to terminate this bond, or
			c.	immediately on the appointment of a trustee, receiver or liquidator to act on
				behalf of the ASSURED, or the taking over of the ASSURED by State or
				Federal officials, or
			d.	immediately on the dissolution of the ASSURED, or
			e.	immediately on exhausting the AGGREGATE LIMIT OF LIABILITY, or
			f.	immediately on expiration of the BOND PERIOD, or
			g.	immediately on cancellation, termination or recision of the Primary Bond.
Conformity	7	.	If any limitation within this bond is prohibited by any law controlling this bond’s
			construction, such limitation shall be deemed to be amended so as to equal the
			minimum period of limitation provided by such law.

Conditions And
Limitations
(continued)

Change Or Modification	8	.	This bond or any instrument amending or affecting this bond may not be changed
Of This Bond			or modified orally. No change in or modification of this bond shall be effective
			except when made by written endorsement to this bond signed by an Authorized
			Representative of the COMPANY.

	FEDERAL INSURANCE COMPANY
	Endorsement No.	1
	Bond Number:	81458621
NAME OF ASSURED:	THE DREYFUS FUND INCORPORATED ET AL

AMENDED DEDUCTIBLE/DROP DOWN ENDORSEMENT

It is agreed that this bond is amended by deleting ITEM 4., DEDUCTIBLE AMOUNT of the DECLARATIONS, in its entirety and substituting the following:

"ITEM 4. DEDUCTIBLE AMOUNT

a.	$50,000., plus any unpaid portion of the AGGREGATE LIMIT OF LIABILITY of the Underlying Bonds on the date of payment of any Single Loss under this bond.
b.	The ASSURED shall notify the COMPANY immediately of any payment made or intended to be made under any of the Underlying Bonds.
c.	This bond shall drop down but only by the amount paid under the Underlying Bonds."

This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Excess Bond
Form 17-02-1003 (Ed. 7-92)

	ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: January 31, 2012	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 2
	To be attached to and
	form a part of Bond No. 81458621

Issued to: THE DREYFUS FUND INCORPORATED ET AL

AMENDING REPRESENTATIONS MADE BY ASSURED ENDORSEMENT

In consideration of the premium charged, it is agreed that this bond is amended by deleting in its entirety General
Agreement B., Representations Made By Assured, and substituting the following:

B. The ASSURED represents that all information it has furnished to the COMPANY for this bond or otherwise
is complete, true and correct. Such information constitutes part of this bond.

Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact by
the ASSURED to the COMPANY shall be grounds for rescission of this bond.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: January 31, 2012	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	3
	To be attached to and
	form a part of Bond No.	81458621
Issued to: THE DREYFUS FUND INCORPORATED ET AL

FOLLOW FORM ENDORSEMENT

In consideration of the premium charged, it is agreed that:

(1) Coverage under this bond shall only apply in conformance with the terms and conditions of the following
endorsements of the Primary Bond.

(2) Accordingly, no coverage will be available for the Coverage Exceptions to the Primary Bond set forth in
ITEM 6., of the DECLARATIONS of this bond, and such exceptions shall be inapplicable to this bond.
The Company shall not be liable to the ASSURED or to any other person or entity claiming through or
in the name or right of the ASSURED for any loss or other liability based on, arising out of, directly or
indirectly resulting from, in consequence of, or in any way involving the coverage otherwise afforded in
such Coverage Exceptions.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

FEDERAL INSURANCE COMPANY

Endorsement No.	4
Bond Number:	81458621
NAME OF ASSURED: THE DREYFUS FUND INCORPORATED ET AL

NEW YORK AMENDATORY ENDORSEMENT

It is agreed that this bond is amended as follows:

1.      By deleting paragraph a. in its entirety from Section 6., Termination, and substituting the following: "a. TERMINATION BY THE COMPANY

BONDS IN EFFECT SIXTY (60) DAYS OR LESS

If this bond has been in effect for less than sixty (60) days and if it is not a renewal bond, the COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the authorized agent or broker, if any, written notice of termination at least twenty (20) days before the effective date of termination.

The COMPANY may, however, terminate this bond by mailing or delivering to the ASSURED and to the authorized agent or broker, if any, written notice of termination at least fifteen (15) days before the effective date of termination if the COMPANY cancels for:

(1)	Nonpayment of premium;
(2)	Conviction of a crime arising out of acts increasing the hazard insured against;
(3)	Discovery of fraud or material misrepresentation in the obtaining of this bond or in the presentation of a claim thereunder;
(4)	Violation of any provision of this bond that substantially and materially increases the hazard insured against, and which occurred subsequent to inception of the current BOND PERIOD;
(5)	If applicable, material physical change in the property insured, occurring after issuance or last annual renewal anniversary date of this bond, which results in the property becoming uninsurable in accordance with the COMPANY's objective, uniformly applied underwriting standards in effect at the time this bond was issued or last renewed; or material change in the nature or extent of this bond occurring after issuance or last annual renewal anniversary date of this bond, which causes the risk of loss to be substantially and materially increased beyond that contemplated at the time this bond was issued or last renewed;
6)	A determination by the Superintendent of Insurance that continuation of the present premium volume of the COMPANY would jeopardize the COMPANY's policyholders, creditors or the public, or continuing the bond itself would place the COMPANY in violation of any provision of the New York Insurance Code; or
(7)	Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is a probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of collecting the insurance proceeds.

					BONDS IN EFFECT MORE THAN SIXTY (60) DAYS
					If this bond has been in effect for sixty (60) days or more, or if it is a renewal of a bond
					issued by the COMPANY, it may be terminated by the COMPANY by mailing or delivering
					to the ASSURED and to the authorized agent or broker, if any, written notice of termination
					at least fifteen (15) days before the effective date of termination. Furthermore, when the
					bond is a renewal or has been in effect for sixty (60) days or more, the COMPANY may
					terminate only for one or more of the reasons stated in a. (1)-(7) above.
					NOTICE OF TERMINATION
					Notice of termination under this Section a. shall be mailed to the ASSURED and to the
					authorized agent or broker, if any, at the address shown on the DECLARATIONS of this
					bond. The COMPANY, however, may deliver any notice instead of mailing it.
					RETURN PREMIUM CALCULATIONS
					The COMPANY shall refund the unearned premium computed pro rata if this bond is
					terminated by the COMPANY."
2	.	It is further understood and agreed that for the purposes of Section 6., Termination, any occurrence
		listed in Parts (d), (e) or (f) of that Section shall be considered to be a request by the ASSURED to
		immediately terminate this bond.
3	.	By adding a new Section reading as follows:
		"Section 9. Election To Conditionally Renew / Nonrenew This Bond
		A.	CONDITIONAL RENEWAL
			If the COMPANY conditionally renews this bond subject to:
			1	.	Change of limits of liability;
			2	.	Change in type of coverage;
			3	.	Reduction of coverage;
			4	.	Increased deductible;
			5	.	Addition of exclusion; or
			6	.	Increased premiums in excess of 10%, exclusive of any premium increased due to and
					commensurate with insured value added; or as a result of experience rating, retrospective
					rating or audit; the COMPANY shall send notice as provided in B. NOTICES OF
					NONRENEWAL AND CONDITIONAL RENEWAL immediately below.
		B.	NOTICES OF NONRENEWAL AND CONDITIONAL RENEWAL
			1	.	If the COMPANY elects not to renew this bond, or to conditionally renew this bond as
					provided in Section A. herein, the COMPANY shall mail or deliver written notice to the
					ASSURED at least sixty (60) but not more than one hundred twenty (120) days before:
					(a)	The expiration date; or
					(b)	The anniversary date if this bond has been written for a term of more than one year.

		2	.	Notice shall be mailed or delivered to the ASSURED at the address shown on the
				DECLARATIONS of this bond and the authorized agent or broker, if any. If notice is mailed,
				proof of mailing shall be sufficient proof of notice.
		3	.	Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized
				agent or broker, or another insurer has mailed or delivered written notice to the COMPANY
				that the bond has been replaced or is no longer desired."
4	.	By adding a new Section reading as follows:
		"Section 10. Other Insurance
		If there is any other valid and collectible insurance which would apply in whole or in part in the absence
		of this bond, then the COMPANY shall not be liable under this bond for a greater proportion of any loss
		than the proportion that the available limit of liability under this bond bears to the total applicable limit of
		liability of all valid and collectible insurance against such loss."

This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: January 31, 2012	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	5
	To be attached to and
	form a part of Bond No.	81458621
Issued to: THE DREYFUS FUND INCORPORATED ET AL

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS

It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

FEDERAL INSURANCE COMPANY

Endorsement No.	6
Bond Number:	81458621
NAME OF ASSURED: THE DREYFUS FUND INCORPORATED ET AL

CO-SURETY ENDORSEMENT

It is agreed that this bond is amended as follows:

1	.	By adding to Section 1., Definitions, the following:
		"e.	Controlling Company means FEDERAL INSURANCE COMPANY.
		f.	Company means, unless otherwise specified, each insurance company, including the
			Controlling Company, executing this Endorsement.
		g.	Companies means, unless otherwise specified, all of the insurance companies, including the
			Controlling Company, executing this Endorsement."
2	.	By adding to Section 2., Limit of Liability, the following:
		"Each Company shall be liable only for such proportion of any Single Loss as the AGGREGATE
		LIMIT OF LIABILITY underwritten by such Company, as specified in this Endorsement, bears to the
		AGGREGATE LIMIT OF LIABILITY as stated in ITEM 2. of the DECLARATIONS, but in no event shall
		any Company be liable for an amount greater than that underwritten by it."
3	.	By adding to General Agreement C., Notice To Company Of Legal Proceedings Against Assured -
		Election To Defend, the following:
		“In the absence of a request from any Company to pay premiums directly to it, premiums for this bond
		may be paid to the Controlling Company for the account of all Companies.
		In the absence of a request from any Company that notice of claim and proof of loss be given to or filed
		directly with it, the ASSURED giving such notice to and the filing of such proof with the Controlling
		Company shall be deemed to be in compliance with the conditions of this bond for the giving of notice
		of loss and the filing of proof of loss, if given and filed in accordance with said conditions."
4	.	By adding to Section 6., Termination, the following:
		"The Controlling Company may give notice in accordance with the terms of this bond terminating the
		bond as an entirety or as to any Employee or ASSURED, and any notice so given shall termination the
		liability of all Companies as an entirety or as to such Employee or ASSURED, as the case may be.
		Any Company other than the Controlling Company may give notice in accordance with the terms of
		this bond, terminating the entire liability of such other Company under this bond or as to any person or
		entity.
		In the absence of a request from any Company that notice of termination by the ASSURED of this bond
		in its entirety may be given to or filed directly with it, the giving of such notice in accordance with the
		terms of this bond to the Controlling Company shall terminate the liability of all Companies as an
		entirety. The ASSURED may terminate the entire liability of any Company under this bond by giving
		notice of such termination to that Company and by sending a copy of such notice to the Controlling
		Company.

		In the event of the termination of this bond as an entirety, no Company shall be liable to the ASSURED
		for a greater proportion of any return premium due the ASSURED than the AGGREGATE LIMIT OF
		LIABILITY underwritten by that Company bears to the AGGREGATE LIMIT OF LIABILITY as stated in
		ITEM 2. of the DECLARATIONS.
		In the event of the termination of this bond as to any Company, such Company alone shall be liable to
		the ASSURED for any return premium due the ASSURED on account of such termination. The
		termination of the attached bond as to any Company other than the Controlling Company shall not
		terminate or otherwise affect the liability of the other Companies under this bond.”
5	.	By adding a new Section:
		Section 11. Controlling Company
		"The execution by the Controlling Company of the DECLARATIONS, Endorsement 1 - 5, shall
		constitute execution by all the Companies signing this Endorsement.
		In the event this bond is modified during the BOND PERIOD, the Controlling Company shall notify the
		Companies or their respective representatives, in writing, of such change. Each Company shall be
		deemed to agree to such modification, unless such Company notifies the Controlling Company or the
		Controlling Company’s representative in writing, that they do not agree to such modification. If a
		Company fails to object to a modification within fifteen (15) days of receipt of notice from the
		Controlling Company, such Company shall be deemed to agree to such modification.”

This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2012.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

IMPORTANT NOTICE TO POLICYHOLDERS

     All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents (“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.

Thank you for choosing Chubb.

10-02-1295 (ed. 6/2007)

POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective December 26, 2007, this policy makes available to you insurance for losses arising out of certain acts of terrorism. Terrorism is defined as any act certified by the Secretary of the Treasury, in concurrence with the Secretary of State and the Attorney General of the United States, to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses caused by acts of terrorism is partially reimbursed by the United States under the formula set forth in the Act. Under this formula, the United States pays 85% of covered terrorism losses that exceed the statutorily established deductible to be paid by the insurance company providing the coverage.

However, if aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31), the Treasury shall not make any payment for any portion of the amount of such losses that exceeds $100 billion.

10-02-1281 (Ed. 1/2003)

If aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.

The portion of your policy’s annual premium that is attributable to insurance for such acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.

10-02-1281 (Ed. 1/2003)

EX-99

 

PROPOSED RESOLUTIONS

RESOLVED, that it is the determination of the Fund’s Board at this meeting, including a majority of its members who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Fund (“non-interested Board members”), that the joint insured fidelity bonds (collectively, the “Bond”) written by the following respective entities in the following amounts:

Name of Fidelity InsurerAmount of Coverage

National Union Fire Insurance Company of                           $10,000,000

Pittsburgh, PA (Chartis)

            Federal Insurance Company (Chubb)                                     $10,000,000

                                                                                                in excess of

                                                                                                $10,000,000

            Federal Insurance Company* (Chubb)                                   $10,000,000

            U.S. Specialty Insurance Company* (HCC)                          $10,000,000

Great American Insurance Company**                                  $25,000,000

            Fidelity & Deposit Company of Maryland** (Zurich)           $20,000,000

            Continental Casualty Insurance Company** (CNA)             $15,000,000

            Berkley Regional Insurance Company**                               $10,000,000

            National Union Fire Insurance Company of

            Pittsburgh, PA ** (Chartis)                                                    $ 5,000,000

                                                                                                            __________

                        Total Coverage                                                         $115,000,000 

            *Excess of $20 million as co-sureties

**Excess of $40 million as co-sureties

insuring the Fund and the other parties named as insured parties under the Bond for covered acts or omissions of their respective officers and Board members and the officers and employees of the Fund’s investment adviser, distributor, transfer agent and/or administrator, in accordance with the requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission (“SEC”) under Section 17(g) of the 1940 Act, are reasonable in form and amount after having given due consideration to all relevant factors including, but not limited to, the value of the aggregate assets of the Fund to which any such covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, the nature of the securities in the Fund’s portfolio, the number of other parties named as insured parties under the Bond, and the nature of the business activities of such other parties; and it was further

 

RESOLVED, that the Fund’s Board, including a majority of the non-interested Board members, hereby approves the payment by the Fund of its pro-rata share, based on the assets of the respective covered funds, of the premium for coverage under the Bond, in the form and amount described above, having given due consideration to all relevant factors including, but not limited to, the number of other parties named as insured parties under the Bond, the nature of the business activities of such other parties, the amount of the Bond, the amount of the premium for the Bond, the ratable allocation of the premium among all the parties named as insureds, and the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond; and it was further

RESOLVED, that each of the President, any Vice President, the Secretary and the Treasurer hereby is designated as the officer responsible for making all filings with the SEC and giving all notices on behalf of the Fund with respect to the Bond required by paragraph (g) of Rule 17g-1 promulgated by the SEC under the 1940 Act; and it was further

RESOLVED, that the appropriate officers of the Fund be, and each hereby is, authorized to take the actions as may be required to amend the Bond to include in the coverage new funds advised, sub-advised or administered by The Dreyfus Corporation (“Dreyfus”) or its affiliates, as of the date each is declared effective by the SEC; and it was further

RESOLVED, that the Agreement Regarding Dreyfus Joint Insured Bond, in the form previously approved, shall remain in full force and effect.

     

EX-99

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Dreyfus 100% U.S. Treasury Money Market Fund$1,244,027,059 $1,250,000 

Dreyfus Appreciation Fund, Inc.$4,450,086,105 $2,500,000 

Dreyfus BASIC Money Market Fund, Inc.$394,520,086 $750,000 

Dreyfus BASIC U.S. Government Money Market Fund$166,094,601 $600,000 

Dreyfus BASIC U.S. Mortgage Securities Fund$172,840,810 $600,000 

Dreyfus Cash Management$27,634,953,336 $2,500,000 

Dreyfus Connecticut Municipal Money Market Fund, Inc.$69,924,008 $400,000 

Dreyfus Growth and Income Fund, Inc.$520,335,194 $900,000 

Dreyfus High Yield Strategies Fund$402,090,223 $750,000 

Dreyfus Intermediate Municipal Bond Fund, Inc.$922,084,928 $1,000,000 

Dreyfus Liquid Assets, Inc.$4,530,408,753 $2,500,000 

Dreyfus Massachusetts Municipal Money Market Fund$135,352,241 $525,000 

Dreyfus MidCap Index Fund$2,416,468,977 $1,700,000 

Dreyfus Municipal Bond Opportunity Fund$521,055,850 $900,000 

Dreyfus Municipal Cash Management Plus$842,342,704 $1,000,000 

Dreyfus Municipal Income, Inc.$284,104,756 $750,000 

Dreyfus Municipal Money Market Fund, Inc.$480,144,662 $750,000 

Dreyfus New Jersey Municipal Bond Fund, Inc.$611,178,777 $900,000 

Dreyfus New Jersey Municipal Money Market Fund, Inc.$281,867,883 $750,000 

Dreyfus New York AMT-Free Municipal Bond Fund$393,956,133 $750,000 

Dreyfus New York AMT-Free Municipal Money Market Fund$207,622,599 $600,000 

Dreyfus New York Municipal Cash Management$616,444,038 $900,000 

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Dreyfus New York Tax Exempt Bond Fund, Inc.$1,419,534,383 $1,250,000 

Dreyfus Pennsylvania Municipal Money Market Fund$138,914,183 $525,000 

Dreyfus Research Growth Opportunity Fund, Inc.$938,416,012 $1,000,000 

Dreyfus Short-Intermediate Government Fund$157,923,673 $600,000 

Dreyfus Strategic Municipal Bond Fund, Inc.$564,501,059 $900,000 

Dreyfus Strategic Municipals, Inc.$762,786,881 $1,000,000 

Dreyfus Treasury & Agency Cash Management$20,309,474,837 $2,500,000 

Dreyfus Treasury Prime Cash Management$27,214,678,977 $2,500,000 

Dreyfus U.S. Treasury Intermediate Term Fund$106,858,793 $525,000 

Dreyfus U.S. Treasury Long Term Fund$79,898,186 $450,000 

Dreyfus Worldwide Dollar Money Market Fund, Inc.$342,846,450 $750,000 

DYNAMIC ALTERNATIVES FUND, INC.$13,545,145 $200,000 

General California Municipal Money Market Fund$387,898,695 $750,000 

General Money Market Fund, Inc.$13,712,817,998 $2,500,000 

General New York Municipal Money Market Fund$310,269,618 $750,000 

The Dreyfus Fund Incorporated$999,906,948 $1,000,000 

The Dreyfus Socially Responsible Growth Fund, Inc.$229,805,695 $600,000 

The Dreyfus Third Century Fund, Inc.$256,843,985 $750,000 

CitizensSelect Funds

CitizensSelect Prime Money Market Fund

CitizensSelect Treasury Money Market Fund

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

GROUP TOTAL:$731,642,748 $900,000 

Dreyfus Bond Funds, Inc.

Dreyfus Municipal Bond Fund

GROUP TOTAL:$1,720,618,601 $1,500,000 

Dreyfus Funds, Inc.

Dreyfus Mid-Cap Growth Fund

GROUP TOTAL:$136,719,328 $525,000 

Dreyfus Government Cash Management Funds

Dreyfus Government Cash Management

Dreyfus Government Prime Cash Management Fund

GROUP TOTAL:$25,964,595,160 $2,500,000 

ADVANTAGE FUNDS, INC.

Dreyfus Global Absolute Return Fund

Dreyfus Global Dynamic Bond Fund

Dreyfus International Value Fund

Dreyfus MidCap Value Fund

Dreyfus Small Company Value Fund

Dreyfus Strategic Value Fund

Dreyfus Structured Mid Cap Fund

Dreyfus Technology Growth Fund

Dreyfus Total Return Advantage Fund

Global Alpha Fund

GLOBAL REAL RETURN FUND

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

OPPORTUNISTIC U.S. STOCK FUND

TOTAL EMERGING MARKETS FUND

GROUP TOTAL:$3,756,911,706 $2,300,000 

DREFYSU INSTITUTIONAL CASH ADVANTAGE FUNDS

Dreyfus Institutional Cash Advantage Fund

GROUP TOTAL:$20,293,422,493 $2,500,000 

Dreyfus Investment Funds

/STANDISH GLOBAL FIXED INCOME FUND

/Standish Intermediate Tax Exempt Bond Fund

/The Boston Company Emerging Markets Core Equity Fund

/The Boston Company Large Cap Core Fund

/The Boston Company Small/Mid Cap Growth Fund

Dreyfus/Newton International Equity Fund

Dreyfus/Standish Fixed Income Fund

Dreyfus/Standish International Fixed Income Fund

Dreyfus/TBCAM Small Cap Growth Fund

Dreyfus/TBCAM Small Cap Tax-Sensitive Equity Fund

Dreyfus/TBCAM Small Cap Value Fund

GROUP TOTAL:$2,557,876,147 $1,900,000 

Dreyfus Investment Grade Funds, Inc.

Dreyfus Inflation Adjusted Securities Fund

Dreyfus Intermediate Term Income Fund

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Dreyfus Short Term Income Fund

GROUP TOTAL:$2,133,147,080 $1,700,000 

Dreyfus Index Funds, Inc.

Dreyfus International Stock Index Fund

Dreyfus S&P 500 Index Fund

Dreyfus Smallcap Stock Index Fund

Dreyfus Stock Index Fund, Inc.

GROUP TOTAL:$5,529,455,217 $2,500,000 

Dreyfus International Funds, Inc.

Dreyfus Brazil Equity Fund

Dreyfus Emerging Markets Fund

GROUP TOTAL:$1,210,019,100 $1,250,000 

DREYFUS INSTITUTIONAL PREFERRED MONEY

            MARKET FUNDS

Dreyfus Institutional Preferred Money Market Fund

Dreyfus Institutional Preferred Plus Money Market Fund

GROUP TOTAL:$10,055,955,263 $2,500,000 

DREYFUS INSTITUTIONAL RESERVES FUNDS

Dreyfus Institutional Reserves Money Fund

Dreyfus Institutional Reserves Treasury Fund

Dreyfus Institutional Reserves Treasury Prime Fund

GROUP TOTAL:$5,191,172,901 $2,500,000 

Dreyfus Investment Portfolios

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Core Value Portfolio

MidCap Stock Portfolio

Small Cap Stock Index Portfolio

Technology Growth Portfolio

GROUP TOTAL:$606,031,203 $900,000 

The Dreyfus/Laurel Funds, Inc.

Dreyfus AMT-Free Municipal Reserves

Dreyfus BASIC S&P 500 Stock Index Fund

Dreyfus Bond Market Index Fund

Dreyfus Core Equity Fund

Dreyfus Disciplined Stock Fund

Dreyfus Money Market Reserves

Dreyfus Small Cap Value Fund

Dreyfus Strategic Income Fund

Dreyfus Tax Managed Growth Fund

Dreyfus US Treasury Reserves

GROUP TOTAL:$5,688,719,490 $2,500,000 

DREYFUS LAUREL FUNDS TRUST

Drey. Equity Income Fund

Dreyfus Emerging Markets Debt Local Currency Fund

Dreyfus Global Equity Income Fund

Dreyfus International Bond Fund

Dreyfus Limited Term High Yield Fund

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

GROUP TOTAL:$5,645,102,831 $2,500,000 

The Dreyfus/Laurel Tax-Free Municipal Funds

Dreyfus BASIC California Municipal Money Market Fund

Dreyfus BASIC Massachusetts Municipal Money Market Fund

Dreyfus BASIC New York Municipal Money Market Fund

GROUP TOTAL:$361,335,663 $750,000 

Dreyfus LifeTime Portfolios, Inc.

Growth & Income Portfolio

GROUP TOTAL:$69,223,310 $400,000 

Dreyfus Municipal Funds, Inc.

Dreyfus AMT-Free Municpal Bond Fund

Dreyfus BASIC Municipal Money Market Fund

Dreyfus BASIC New Jersey Municipal Money Market Fund

Dreyfus High Yield Municipal Bond Fund

GROUP TOTAL:$920,103,749 $1,000,000 

Dreyfus Money Market Instruments, Inc.

Government Securities Series

Money Market Series

GROUP TOTAL:$2,307,876,647 $1,700,000 

Dreyfus Premier California AMT-Free Municipal Bond Fund,

            Inc.

Dreyfus California AMT-Free Municipal Bond Fund, Inc.

GROUP TOTAL:$1,230,547,901 $1,250,000 

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Dreyfus Premier GNMA Fund, Inc.

Dreyfus GNMA Fund

GROUP TOTAL:$1,118,128,216 $1,250,000 

DREYFUS PREMIER INVESTMENT FUNDS, INC.

Dreyfus Diversified International Fund

Dreyfus Diversified Large Cap Fund

Dreyfus Emerging Asia Fund

Dreyfus Global Real Estate Securities Fund

Dreyfus Greater China Fund

Dreyfus India Fund

Dreyfus Large Cap Equity Fund

Dreyfus Large Cap Growth Fund

Dreyfus Satellite Alpha Fund

GROUP TOTAL:$1,505,933,296 $1,500,000 

Dreyfus Manager Funds I

Dreyfus S&P Stars Opportunities Fund

GROUP TOTAL:$111,537,078 $525,000 

Dreyfus Managers Funds II

Dreyfus Balanced Opportunity Fund

GROUP TOTAL:$264,691,229 $750,000 

DREYFUS OPPORTUNITY FUNDS

Dreyfus Global Sustainability Fund

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Dreyfus Natural Resources Fund

GROUP TOTAL:$35,585,718 $350,000 

Dreyfus Stock Funds

Dreyfus International Equity Fund

Dreyfus Small Cap Equity Fund

GROUP TOTAL:$290,753,311 $750,000 

Dreyfus Premier Short-Intermediate Municipal Bond Fund

Dreyfus Short Intermediate Municipal Bond Fund

GROUP TOTAL:$560,120,365 $900,000 

DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.

Dreyfus Worldwide Growth Fund

GROUP TOTAL:$515,957,623 $900,000 

DREYFUS TAX EXEMPT CASH MANAGEMENT FUNDS

Dreyfus California AMT Tax-Free Cash Management

Dreyfus New York AMT-Free Municipal Cash Management

Dreyfus Tax Exempt Cash Management

GROUP TOTAL:$3,235,111,963 $2,100,000 

DREYFUS VARIABLE INVESTMENT FUND

Appreciation Portfolio

Developing Leaders Portfolio

Growth and Income Portfolio

International Equity Portfolio

International Value Portfolio

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Money Market Portfolio

Quality Bond Portfolio

GROUP TOTAL:$1,269,232,269 $1,250,000 

General Government Securities Money Market Funds, Inc.

General Government Securities Money Market Fund

General Treasury Prime Money Market Fund

GROUP TOTAL:$4,454,158,474 $2,500,000 

General Municipal Money Market Funds, Inc.

General Municipal Money Market Fund

GROUP TOTAL:$792,395,394 $1,000,000 

BNY MELLON FUNDS TRUST

BNY Mellon Bond Fund

BNY MELLON FOCUSED EQUITY OPPORTUNITIES

BNY Mellon Intermediate Bond Fund

BNY Mellon Intermediate U.S. Government Fund

BNY Mellon International Appreciation Fund

BNY MELLON INTERNATIONAL EQUITY INCOME

            FUND

BNY MELLON LARGE CAP MARKET OPPORTUNITIES

            FUND

BNY Mellon Large Cap Stock Fund

BNY Mellon Massachusetts Intermediate Municipal Bond Fund

BNY Mellon Money Market Fund

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

BNY Mellon Municipal Opportunities Fund

BNY Mellon National Intermediate Municipal Bond Fund

BNY Mellon National Municipal Money Market Fund

BNY Mellon National Short-Term Municipal Bond Fund

BNY Mellon New York Intermediate Tax Exempt Bond Fund

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund

BNY Mellon Short-Term U.S. Government Securities Fund

BNY MELLON SMALL/MID CAP FUND

BNY MELLON TAX-SENSITIVE LARGE CAP

            MULTI-STRATEGY FUND

BNY Mellon U.S. Core Equity 130/30 Fund

Mellon Balanced Fund

Mellon Emerging Markets Fund

Mellon Income Stock Fund

Mellon International Fund

Mellon Mid Cap Stock Fund

Mellon Small Cap Stock Fund

GROUP TOTAL:$17,839,490,115 $2,500,000 

Dreyfus State Municipal Bond Funds

Dreyfus Connecticut Fund

Dreyfus Maryland Fund

Dreyfus Massachusetts Fund

Dreyfus Minnesota Fund

Page: 1 

Fidelity Bond Coverage for Fund for Which the Dreyfus Corporation Acts as Investment Adviser,

Sub-Investment Adviser or Administrator - Gross Assets at 1/31/2012 Pursuant to Rule

17g-1(d) Under the Investment CompanyAct of 1940

Fund NameAmount of Bond

Gross Assets atRequired Pursuant to

1/31/2012 Rule 17g-1(d)

Dreyfus Ohio Fund

Dreyfus Pennsylvania Fund

GROUP TOTAL:$1,216,088,711 $1,250,000 

Strategic Funds, Inc.

Dreyfus Conservative Allocation fund

Dreyfus Growth Allocation Fund

Dreyfus Moderate Allocation Fund

Dreyfus New Leaders Fund

Dreyfus Select Managers Small Cap Value Fund

Dreyfus U.S. Equity Fund

Global Stock Fund

International Stock Fund

SELECT MANAGERS SMALL CAP GROWTH FUND

GROUP TOTAL:$3,352,653,206 $2,100,000 

GRAND TOTALS:$247,917,138,742* $95,025,000 

AVAILABLE FIDELITY BOND COVERAGE$125,000,000 

* Amounts include the assets of Fund of Funds.  If those assets were excluded gross assets would be $246,391,306,174 and the amount of Bond required under Rule 17g-1 (d) would be less.

EX-99

AGREEMENT REGARDING

DREYFUS JOINT INSURED BOND

                        AGREEMENT among The Dreyfus Fund Incorporated and certain other investment companies as to which The Dreyfus Corporation or any affiliate (“Dreyfus”) now acts as Investment Adviser, Sub-Investment Adviser and/or Administrator (individually, a “Fund” and, collectively, the “Funds”) and which are registered under the Investment Company Act of 1940, as amended (the “Act”).

WITNESSETH:

                        WHEREAS, the Funds are covered as joint insureds under a Fidelity Bond or Bonds (the “Bond”) which complies with Rule 17g-1 promulgated by the Securities and Exchange Commission under the Act (“Rule 17g-1”); and

                        WHEREAS, the Funds have entered into this Agreement to meet the requirements of paragraph (f) of Rule 17g-1;

NOW THEREFORE IT IS HEREBY AGREED:

                        1.         In the event that recovery is received under the Bond as a result of a loss sustained by two or more of the Funds, each Fund shall receive an equitable and proportionate share of said recovery, but said recovery shall at least equal the amount that each such Fund would have received had the Fund provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1.

                        2.         The Funds acknowledge and agree that, upon approval by the Funds’ respective Boards of Directors/Trustees, the amount of the Bond or the carriers issuing the Bond may be changed from time to time, and that any such change shall not affect the rights and obligations of the Funds under this Agreement.                         3.         Each Fund shall be responsible for paying its pro-rata share, based on the ratio of its assets to the assets of all of the Funds, of the premium payable in respect of the Bond.  The Funds acknowledge and agree that any new Fund added to the Bond or as a party to this Agreement will not be responsible for the foregoing amount incurred prior to the first Bond renewal following the addition of such Fund.

                        4.         The Funds agree that any registered investment company for which Dreyfus in the future becomes the Investment Advisor, Sub-Investment Advisor and/or Administrator added as a joint insured under the Bond may become a party to this Agreement upon the execution of a copy of this Agreement by its duly authorized officer and shall thereafter be deemed a “Fund” hereunder.

                        5.         This Agreement shall cease to apply to any Fund in respect of any loss that occurs after such Fund (i) ceases to be an investment company by order of the Securities and Exchange Commission pursuant to Section 8(f) of the Act, or (ii) ceases to be advised, sub-advised and/or administered by Dreyfus, and such Fund shall, at and after such time, cease to be a party to this Agreement for all purposes.

                        6.         This Agreement shall be binding upon and shall inure to the benefit of any successor company of any of the undersigned, or any company into which any of the undersigned may be merged or with which it may be consolidated.

                        7.         As to each Fund that is organized as a trust, this Agreement has been executed on behalf of the Fund by the undersigned officer of the Fund in her capacity as an officer of the Fund; the obligations of this Agreement shall only be binding upon the assets and property of the Fund and shall not be binding upon any Board member, officer or shareholder of the Fund individually.

                        IN WITNESS WHEREOF, the Funds have caused this Agreement to be executed by their respective officers, thereunto duly authorized as of the day and year written below.

/s/ Kiesha Astwood__________________                             Dated as of January 31, 2012

Kiesha Astwood

Vice President and Assistant Secretary of:

Advantage Funds, Inc.

Dreyfus Global Absolute Return Fund

Dreyfus Global Dynamic Bond Fund

Dreyfus Global Real Return Fund

Dreyfus International Value 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 Technology Growth Fund

Dreyfus Total Emerging Markets Fund

Dreyfus Total Return Advantage Fund

Global Alpha Fund

BNY Mellon Funds Trust

            BNY Mellon Asset Allocation Fund

            (formerly, BNY Mellon Balanced Fund)

BNY Mellon Bond Fund

BNY Mellon Emerging Markets Fund

BNY Mellon Focused Equity Opportunities Fund

BNY Mellon Income Stock Fund

BNY Mellon Intermediate Bond Fund

BNY Mellon Intermediate U.S. Government Fund

BNY Mellon International Appreciation Fund

BNY Mellon International Equity Income Fund

BNY Mellon International Fund

BNY Mellon Large Cap Market Opportunities Fund

BNY Mellon Large Cap Stock Fund

BNY Mellon Massachusetts Intermediate Municipal Bond Fund

BNY Mellon Money Market Fund

BNY Mellon Mid Cap Stock Fund

BNY Mellon Municipal Opportunities Fund

BNY Mellon National Intermediate Municipal Bond Fund

BNY Mellon National Municipal Money Market Fund

BNY Mellon National Short-Term Municipal Bond Fund

BNY Mellon New York Intermediate Tax-Exempt Bond Fund

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund

BNY Mellon Short-Term U.S. Government Securities Fund

BNY Mellon Small Cap Stock Fund

BNY Mellon Small/Mid Cap Fund

BNY Mellon Tax-Sensitive Large Cap Multi Strategy Fund

BNY Mellon U.S. Core Equity 130/30 Fund

CitizensSelect Funds

CitizensSelect Prime Money Market Fund

CitizensSelect Treasury Money Market Fund

Dreyfus Appreciation Fund, Inc.

Dreyfus BASIC Money Market Fund, Inc.

Dreyfus BASIC U.S. Government Money Market Fund

Dreyfus BASIC U.S. Mortgage Securities Fund

Dreyfus Bond Funds, Inc.

Dreyfus Municipal Bond Fund

Dreyfus Cash Management

Dreyfus Connecticut Municipal Money Market Fund, Inc.

Dreyfus Dynamic Alternatives Fund, Inc.

The Dreyfus Fund Incorporated

Dreyfus Funds, Inc.

Dreyfus Mid-Cap Growth Fund

Dreyfus Government Cash Management Funds

Dreyfus Government Cash Management

Dreyfus Government Prime Cash Management

Dreyfus Growth and Income Fund, Inc.

Dreyfus High Yield Strategies Fund (closed-end fund)

Dreyfus Index Funds, Inc.

Dreyfus International Stock Index Fund

Dreyfus S&P 500 Index Fund

Dreyfus Smallcap Stock Index Fund

Dreyfus Institutional Cash Advantage Funds

Dreyfus Institutional Cash Advantage Fund

Dreyfus Institutional Preferred Money Market Funds

Dreyfus Institutional Preferred Money Market Fund

Dreyfus Institutional Preferred Plus Money Market Fund

Dreyfus Institutional Reserves Funds

Dreyfus Institutional Reserves Treasury Prime Fund

Dreyfus Institutional Reserves Treasury Fund

Dreyfus Institutional Reserves Money Fund

Dreyfus Intermediate Municipal Bond Fund, Inc.

Dreyfus International Funds, Inc.

Dreyfus Brazil Equity Fund

Dreyfus Emerging Markets Fund

Dreyfus Investment Grade Funds, Inc.

Dreyfus Inflation Adjusted Securities Fund

Dreyfus Intermediate Term Income Fund

Dreyfus Short Term Income Fund

Dreyfus Investment Funds

Dreyfus/The Boston Company Large Cap Core Fund

Dreyfus/The Boston Company Small Cap Value Fund

Dreyfus/The Boston Company Small Cap Growth Fund

Dreyfus/The Boston Company Small/Mid Cap Growth Fund

Dreyfus/The Boston Company Small Cap Tax-Sensitive Equity Fund

Dreyfus/The Boston Company Emerging Markets Core Equity Fund

Dreyfus/Standish Fixed Income Fund

Dreyfus/Standish Global Fixed Income Fund

Dreyfus/Standish International Fixed Income Fund

Dreyfus/Standish Intermediate Tax Exempt Bond Fund

Dreyfus/Newton International Equity Fund

Dreyfus Investment Portfolios

Core Value Portfolio

MidCap Stock Portfolio

Small Cap Stock Index Portfolio

Technology Growth Portfolio

The Dreyfus/Laurel Funds, Inc.

Dreyfus AMT-Free Municipal Reserves

Dreyfus BASIC S&P 500 Stock Index Fund

Dreyfus Bond Market Index Fund

Dreyfus Core Equity Fund

Dreyfus Disciplined Stock Fund

Dreyfus Money Market Reserves

Dreyfus Small Cap Fund

Dreyfus Opportunistic Fixed Income Fund

Dreyfus Tax Managed Growth Fund

Dreyfus U.S. Treasury Reserves

The Dreyfus/Laurel Funds Trust

Dreyfus Emerging Markets Debt Local Currency Fund

Dreyfus Equity Income Fund

Dreyfus Global Equity Income Fund

Dreyfus High Yield Fund

Dreyfus International Bond Fund

The Dreyfus/Laurel Tax-Free Municipal Funds

Dreyfus BASIC California Municipal Money Market Fund

Dreyfus BASIC Massachusetts Municipal Money Market Fund

Dreyfus BASIC New York Municipal Money Market Fund

Dreyfus LifeTime Portfolios, Inc.

Growth & Income Portfolio

Dreyfus Liquid Assets, Inc.

Dreyfus Manager Funds I

            Dreyfus MidCap Core Fund

            (formerly, Dreyfus S&P STARS Opportunities Fund)

Dreyfus Manager Funds II

Dreyfus Balanced Opportunity Fund

Dreyfus Massachusetts Municipal Money Market Fund

Dreyfus Midcap Index Fund, Inc.

Dreyfus Money Market Instruments, Inc.

Government Securities Series

Money Market Series

Dreyfus Municipal Bond Opportunity Fund

Dreyfus Municipal Cash Management Plus

Dreyfus Municipal Funds, Inc.

Dreyfus AMT-Free Municipal Bond Fund

Dreyfus BASIC Municipal Money Market Fund

Dreyfus BASIC New Jersey Municipal Money Market Fund

Dreyfus High Yield Municipal Bond Fund

Dreyfus Municipal Income, Inc. (closed‑end fund)

Dreyfus Municipal Money Market Fund, Inc.

Dreyfus New Jersey Municipal Bond Fund, Inc.

Dreyfus New Jersey Municipal Money Market Fund, Inc.

Dreyfus New York AMT-Free Municipal Money Market Fund

Dreyfus New York AMT-Free Municipal Bond Fund

Dreyfus New York Municipal Cash Management

Dreyfus New York Tax Exempt Bond Fund, Inc.

Dreyfus Opportunity Funds

Dreyfus Global Sustainability Fund

Dreyfus Natural Resources Fund

Dreyfus Pennsylvania Municipal Money Market Fund

Dreyfus Premier California AMT-Free Municipal Bond Fund, Inc.

Dreyfus California AMT-Free Municipal Bond Fund

Dreyfus Premier GNMA Fund, Inc.

Dreyfus GNMA Fund

Dreyfus Premier Investment Funds, Inc.

Dreyfus Diversified International Fund

Dreyfus Diversified Large Cap 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

Dreyfus Satellite Alpha Fund

Dreyfus Premier Short‑Intermediate Municipal Bond Fund

Dreyfus Short‑Intermediate Municipal Bond Fund

Dreyfus Premier Worldwide Growth Fund, Inc.

Dreyfus Worldwide Growth Fund

Dreyfus Research Growth Fund, Inc.

Dreyfus Short‑Intermediate Government Fund

The Dreyfus Socially Responsible Growth Fund, Inc.

Dreyfus State Municipal Bond Funds

Dreyfus Connecticut Fund

Dreyfus Maryland Fund

Dreyfus Massachusetts Fund

Dreyfus Minnesota Fund

Dreyfus Ohio Fund

Dreyfus Pennsylvania Fund

Dreyfus Stock Index Fund, Inc.

Dreyfus Strategic Municipal Bond Fund, Inc. (closed‑end fund)

Dreyfus Strategic Municipals, Inc. (closed‑end fund)

Dreyfus Tax Exempt Cash Management Funds

Dreyfus California AMT-Free Municipal Cash Management

Dreyfus New York AMT-Free Municipal Cash Management

Dreyfus Tax Exempt Cash Management

The Dreyfus Third Century Fund, Inc.

Dreyfus Treasury & Agency Cash Management

Dreyfus Treasury Prime Cash Management

Dreyfus 100% U.S. Treasury Money Market Fund

Dreyfus U.S. Treasury Intermediate Term Fund

Dreyfus U.S. Treasury Long Term Fund

Dreyfus Variable Investment Fund

Appreciation Portfolio

Opportunistic Small Cap Fund

Growth and Income Portfolio

International Equity Portfolio

International Value Portfolio

Money Market Portfolio

Quality Bond Portfolio

Dreyfus Worldwide Dollar Money Market Fund, Inc.

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 Money Market Fund, Inc.

General Municipal Money Market Funds, Inc.

General Municipal Money Market Fund

General New York Municipal Money Market Fund

Strategic Funds, Inc.

Dreyfus Active MidCap Fund

Dreyfus Conservative Allocation Fund

Dreyfus Growth Allocation Fund

Dreyfus Moderate Allocation Fund

Dreyfus Select Managers Small Cap Growth Fund

Dreyfus Select Managers Small Cap Value Fund

Dreyfus U.S. Equity Fund

Global Stock Fund

International Stock Fund