Fund Description

The fund was incepted in February 1996 and is managed by Dreyfus Corporation. The objective of the fund is to seek as high a level of current income as is consistent with the preservation of capital. The fund invests at least 80% of its assets in investment grade bonds. For additional yield, the fund may invest up to 35% of its net assets in fixed-income securities rated below investment grade ('high yield' or 'junk' bonds) to as low as Caa/CCC or the unrated equivalent as determined by Dreyfus. The fund focuses primarily on U.S. securities, but may invest up to 30% of its total assets in fixed-income securities of foreign issuers, including those of issuers in emerging markets. Dividends and capital gains are distributed annually.