NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act") as a non-diversified open-end
management investment company. Dreyfus Service Corporation ("Distributor") acts as the distributor of the
Fund's shares. The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
On July 24, 1992, shareholders approved an amendment to the Fund's Agreement and Declaration of Trust to
provide for the issuance of additional classes of shares. On September 23, 1992, the Fund's Board of Trustees
classified the Fund's existing shares as Class A shares and authorized the issuance of an unlimited number of
$.001 par value Class B shares. The Fund began offering both Class A and Class B shares on January 15, 1993.
Class A shares are subject to a sales charge imposed at the time of purchase and Class B shares are subject to a
contingent deferred sales charge imposed at the time of redemption on redemptions made within five years of
purchase. Other differences between the two Classes include the services offered to and the expenses borne by
each Class and certain voting rights.
(A) PORTFOLIO VALUATION: The Fund's investments (excluding options and financial futures on municipal
and U.S. treasury securities) are valued each business day by an independent pricing service ("Service")
approved by the Board of Trustees. Investments for which quoted bid prices in the judgment of the Service are
readily available and are representative of the bid side of the market 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). Other investments (which constitute a
majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of compar