Fund Description

The fund was incepted in June 1997 and is managed by Dreyfus Corporation. The fund's main objective is to seek a high level of current income. The fund to pursue this goal, normally invests at least 65% of net assets in fixed-income securities that, at the time of purchase, are rated below investment grade ('high yield' or 'junk' bonds) or are the unrated equivalent as determined by Dreyfus. The fund's portfolio includes various types of fixed-income securities including corporate bonds and notes, mortgage-related securities, asset-backed securities, zero coupon securities, convertible securities, preferred stock and other debt instruments of U.S. and foreign issuers. The fund seeks to capture the higher yields offered by junk bonds, while managing credit risk and the volatility caused by interest rate movements. The fund attempts to reduce interest rate risk by maintaining an average effective portfolio duration of 3.5 years or less and an average effective portfolio maturity of 4 years or less, although there is no limit on the maturity or duration of individual securities. The fund's investment process is based on fundamental credit research, and at times, focusing on companies that are currently out-of-favor. Dividend, if any, are distributed monthly. Capital gains, if any, are distributed once a year.