NOTES TO FINANCIAL STATEMENTS
The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not
readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and
type of expense and the relative size of the funds.
E. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of
representations and warranties, which provide general indemnifications. The maximum exposure to the Fund
under these arrangements is unknown, as this would involve future claims that may be made against the Fund that
have not yet occurred. However, based on experience, the Fund expects the risks of loss to be remote.
F. AFFILIATED ISSUERS
Affiliated issuers represent investments held in the Fund in other investment companies advised by Standish
Mellon Asset Management Company LLC ("Standish Mellon"), a wholly-owned subsidiary of Mellon Financial
Corporation, or its affiliates.
(2) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
The investment advisory fee paid to Standish Mellon for overall investment advisory, administrative services, and
general office facilities, is paid monthly at the annual rate of 0.30% of the Fund's average daily net assets.
Standish Mellon voluntarily agreed to limit total Fund operating expenses (excluding brokerage commissions,
taxes and extraordinary expenses) to 0.30% of the Fund's average daily net assets for the year ended December
31, 2004. Pursuant to this agreement, for the year ended December 31, 2004, Standish Mellon collectively and
voluntarily waived its investment advisory fee in the amount of $10,924 and reimbursed the Fund for $93,127 of
its operating expenses. This agreement is voluntary and temporary and may be discontinued or revised by
Standish Mellon at any time.
Effective February 23, 2004, the Fund entered into an agreement with Dreyfus Transfer, Inc., a wholly owne