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Such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfusįund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund. The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Log into and sign up for Dreyfus eCommunications. View your next shareholder report online as soon as it's available. Registrant's telephone number, including area code: (212) 922-6000 (Address of principal executive offices) (Zip code)

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(Exact name of Registrant as specified in charter) Investment Company Act file number 811-4215

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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT