Registration No. 811-5270
33-16338
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /_/
Pre-Effective Amendment No. _____ /_/
Post-Effective Amendment No. 36 /X/
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 37
THE DREYFUS/LAUREL FUNDS, INC.
-------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
200 Park Avenue - 55th floor
New York, New York 10166
------------------------
(Address of Principal Executive Office) (ZIP Code)
Registrant's Telephone Number, including area code: (800) 225-5267
-------------------------------------------------------------------
John E. Pelletier
Secretary
The Dreyfus/Laurel Funds, Inc.
200 Park Avenue - 55th floor
New York, New York 10166
(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering:
--------------------------------------------
As soon as possible after this Post-Effective Amendment becomes effective.
It is proposed that this filing will become effective (check
appropriate box):
/X/ Immediately upon filing /_/ on (date) pursuant to paragraph
pursuant to paragraph (b) (b)
/_/ 60 days after filing pursuant /_/ on (date) pursuant to
to paragraph (a)(1) paragraph (a)(1)
/_/ 75 days after filing pursuant /_/ on (date) pursuant to
to paragraph (a)(2) paragraph (a)(2)
If appropriate, check the following box:
/_/ this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
The Registrant has registered an indefinite amount of securities
under the Securities Act of 1933 pursuant to Section 24(f) under the
Investment Company Act of 1940, accordingly no fee is payable herewith. A
Rule 24f-2 Notice for the Registrant's most recent fiscal year ended
October 31, 1994 was filed with the Commission on December 30, 1994.
Dreyfus/Laurel Cross-Reference Sheet Pursuant to Rule 495(a)
----------------------------------------------------
Items in
Part A of
Form N-1A Caption Prospectus Caption
------ ------- ------------------
1. Cover Page Cover Page
2. Synopsis Expense Summary
3. Condensed Financial Financial Highlights
Information
4. General Description of Investment Objective and
Registrant Policies; Further
Information About The
Fund
5. Management of the Fund Further Information About
The Fund; Management
6. Capital Stock and Other Cover Page; Investor
Securities Line; Distributions;
Taxes;
7. Purchase of Securities Expense Summary;
Being Offered Alternative Purchase
Methods; Special
Shareholder Services; How
to Invest in The Fund;
Distribution and Service
Plans; How to Exchange
Your Investment From One
Fund to Another;
8. Redemption or Repurchase How to Redeem Shares
9. Pending Legal Proceedings N.A.
Items in
Part B of Statement of Additional
Form N-1A Information Caption
------- -----------------------
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and General Information
History
13. Investment Objectives and Investment Information
Policies and Risk Factors;
Investment Limitations
14. Management of the Fund Directors and Officers
15. Control Persons and Controlling Shareholders;
Principal Holders of Principal Shareholders;
Securities Directors and Officers;
Investment Management and
Other Services
16. Investment Advisory and Investment Management and
Other Services Other Services
17. Brokerage Allocation and Portfolio Transactions
Other Practices
18. Capital Stock and Other See Prospectus -- "Cover
Securities Page"; "How to Redeem
Fund Shares"; "Further
Information About The
Funds; The Dreyfus/Laurel
Funds, Inc."
19. Purchase, Redemption and Investment Management and
Pricing of Securities Other Services; Net Asset
Being Offered Value
20. Tax Status Dividends, Other
Distributions and Taxes
21. Underwriters Investment Management and
Other Services
Calculation of Performance Calculations
Performance Data
22. Financial Statements Financial Statements
Dreyfus
Cross-Reference Sheet Pursuant to Rule 495(a)
---------------------------------------------
Items in
Part A of
Form N-1A
Caption Prospectus Caption
------ ------- ------------------
1. Cover Page Cover Page
2. Synopsis Expense Summary
3. Condensed Financial Financial Highlights
Information
4. General Description of Investment Objective and
Registrant Policies; Further
Information About The
Fund
5. Management of the Fund Further Information About
The Fund; Management
6. Capital Stock and Other Cover Page; Investor
Securities Line; Distributions;
Taxes;
7. Purchase of Securities Expense Summary;
Being Offered Alternative Purchase
Methods; Special
Shareholder Services; How
to Invest in The Fund;
Distribution Plan; How to
Exchange Your Investment
From One Fund to Another;
8. Redemption or Repurchase How to Redeem Shares
9. Pending Legal Proceedings N.A.
Items in
Part B of Statement of Additional
Form N-1A Information Caption
------ -----------------------
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and General Information
History
13. Investment Objectives and Investment Information
Policies and Risk Factors;
Investment Limitations
14. Management of the Fund Directors and Officers
15. Control Persons and Controlling Shareholders;
Principal Holders of Principal Shareholders;
Securities Directors and Officers;
Investment Management and
Other Services
16. Investment Advisory and Investment Management and
Other Services Other Services
17. Brokerage Allocation and Portfolio Transactions
Other Practices
18. Capital Stock and Other See Prospectus -- "Cover
Securities Page"; "How to Redeem
Fund Shares"; "Further
Information About The
Funds; The Dreyfus/Laurel
Funds, Inc."
19. Purchase, Redemption and Investment Management and
Pricing of Securities Other Services; Net Asset
Being Offered Value
20. Tax Status Dividends, Other
Distributions and Taxes
21. Underwriters Investment Management and
Other Services
Calculation of Performance Calculations
Performance Data
22. Financial Statements Financial Statements
THE DREYFUS/LAUREL FUNDS, INC.
CONTENTS OF POST-EFFECTIVE AMENDMENT
This post-effective amendment to the registration statement of The
Dreyfus/Laurel Funds, Inc.* contains the following documents:
Facing Sheet
Cross-Reference Sheet
Contents of Post-Effective Amendment
Part A - Prospectus
Incorporated by reference to Post-Effective Amendments
Nos. 34 and 35.
Part B - Statement of Additional Information
Incorporated by refernce to Post-Effective Amendments
Nos. 34 and 35.
Part C - Other Information
Signature Page - The Dreyfus/Laurel Funds, Inc.
Exhibits
____________
*The currently effective prospectuses and statements of additional
information for each series of the Registrant are not affected by
this Amendment:
THE DREYFUS/LAUREL FUNDS, INC.
(formerly The Laurel Funds, Inc.)
PART C
-------
OTHER INFORMATION
-----------------
Item 24. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements:
Included in Part A.
Financial Highlights for each of the periods
indicated therein.
Included in Part B: The following are incorporated by
reference to the Registrant's Annual Reports to Shareholders for the period
ended October 31, 1994 filed on January 5, 1995:
- Reports of Independent Accountants.
- Portfolio of Investments.
- Statements of Assets and Liabilities.
- Statements of Operations.
- Statements of Changes in Net Assets.
- Notes to Financial Statements.
(b) Exhibits:
1(a) Articles of Incorporation. (Incorporated by
reference to Post-Effective Amendment No. 29
("Post-Effective Amendment No. 29") to the
Registrant's Registration Statement on Form N-1A
filed May 19, 1994 -- Registration No. 33-16338
("Registration Statement").
1(b) Articles Supplementary increasing number of
shares registered. Incorporated by reference to
Post-Effective Amendment No. 29.
1(c) Articles of Amendment. Incorporated by reference
to Post-Effective Amendment No. 31 Filed on
December 13, 1994.
1(d) Articles Supplementary designating classes.
Incorporated by reference to Post-Effective
Amendment No. 32 Filed on December 19, 1994.
2 Bylaws. Incorporated by reference to the
Registration Statement.
3 Not applicable.
4 Specimen security. To be filed by amendment.
5(a) Investment Sub-Advisory Agreement among Mellon
Bank, N.A., S.A.M. Finance S.A. and the
Registrant for the European Fund. Incorporated
by reference to Post-Effective Amendment No. 22
filed September 3, 1993.
5(b) Investment Management Agreement between Mellon
Bank, N.A. and the Registrant. Incorporated by
reference to Post-Effective Amendment No. 29.
5(c) Investment Sub-Advisory Agreement among Mellon
Bank, N.A., S.A.M. Finance S.A. and the
Registrant for the International Equity
Allocation Fund. Incorporated by reference to
Post-Effective Amendment No. 31 filed on December
13, 1994.
5(d) Assignment and Assumption Agreement among Mellon
Bank, N.A., The Dreyfus Corporation and the
Registrant (relating to Investment Management
Agreement). Incorporated by reference to Post-
Effective Amendment No. 31 filed on December 13,
1994.
5(e) Assignment Agreement among Mellon Bank, N.A., The
Dreyfus Corporation, S.A.M. Finance S.A. and the
Registrant (relating to Investment Sub-Advisory
Agreement for the European Fund). To be filed by
amendment.
5(f) Assignment Agreement among Mellon Bank, N.A., The
Dreyfus Corporation, S.A.M. Finance S.A. and the
Registrant (relating to Investment Sub-Advisory
Agreement for the International Equity Allocation
Fund). To be filed by amendment.
6 Distribution Agreement between Premier Mutual
Fund Services, Inc. and the Registrant.
Incorporated by reference to Post-Effective
Amendment No. 31 filed on December 13, 1994.
7 Not applicable.
8(a) Custody Agreement with Boston Safe Deposit and
Trust Company with respect to the European Fund.
Incorporated by reference to Post-Effective
Amendment No. 23 filed December 30, 1993.
8(b) Custody and Fund Accounting Agreement between the
Registrant and Mellon Bank, N.A. Incorporated by
reference to Post-Effective Amendment No. 29.
8(c) Supplement to Custody Agreement with Boston Safe
Deposit and Trust Company with respect to the
European Fund. Incorporated by reference to
Post-Effective Amendment No. 29.
9(a) Fund Accounting Services Agreement. Incorporated
by reference to the Registration Statement.
9(b) Fund Accounting Services Agreement with Boston
Safe Deposit and Trust Company with respect to
the European Fund. Incorporated by reference to
Post-Effective Amendment No. 23 filed December
30, 1993.
9(c) Supplement to Fund Accounting Services Agreement
with Boston Safe Deposit and Trust Company with
respect to the European Fund. Incorporated by
reference to Post-Effective Amendment No. 29.
10 Opinion of counsel is incorporated by reference
to the Registration Statement and to Post-
Effective Amendment No.32 filed on December 19,
1994. Consent of Counsel is filed herewith.
11 Consent of KPMG Peat Marwick LLP is incorporated
by reference to Post-Effective Amendments Nos. 34
and 35.
12 Not applicable.
13 Letter of Investment Intent. Incorporated by
reference to the Registration Statement.
14 Not applicable.
15(a) Restated Distribution Plan (relating to Investor
Shares and Class A Shares). Incorporated by
reference to Post-Effective Amendment No. 31
filed on December 13, 1994.
15(b) Form of Distribution and Service Plans (relating
to Class B Shares and Class C Shares).
Incorporated by reference to Post-Effective
Amendment No. 32 Filed on December 19, 1994.
16 Schedule for Computation of Performance
Calculation. Incorporated by reference to Post-
Effective Amendment No. 26 filed March 1,
1994.
18 Rule 18F-3 Plans dated April 26, 1995.
Other Exhibits
--------------
(a) Powers of Attorney of the Directors and Officers
dated April 5, 1995 are incorporated by reference
to Post-Effective Amendment No. 35.
Item 25. Persons Controlled by or Under Common Control with
Registrant
--------------------------------------------------
Not Applicable.
Item 26. Number of Holders of Securities
-------------------------------
Set forth below are the number of recordholders of
securities of the Registrant as of May 10, 1995:
<TABLE>
<CAPTION>
Number of Record Holders
Title of Class
Investor
Class Class R Class I Class II Class III
--------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Dreyfus Disciplined Stock Fund 349 4,920 - - -
Dreyfus Disciplined Midcap Stock Fund 86 99 - - -
Dreyfus S&P 500 Stock Index Fund 348 72 - - -
Dreyfus Equity Income Fund 70 4 - - -
Dreyfus European Fund 58 159 - - -
Dreyfus/Laurel Short-Term Government Securities Fund 6 3 - - -
Dreyfus Bond Market Index Fund 10 15 - - -
Dreyfus/Laurel International Equity Allocation Fund 727 80 - - -
Dreyfus/Laurel Prime Money Market Fund 103 1,279 - - -
Dreyfus/Laurel U.S. Treasury Money Market Fund 25 119 - - -
Dreyfus/Laurel Tax-Exempt Money Market Fund 15 552 - - -
Dreyfus/Laurel Institutional Prime Money Market Fund - - 198 1 0
Dreyfus/Laurel Institutional Government Money Market Fund - - 28 0 0
Dreyfus/Laurel Institutional U.S. Treasury Money Market Fund - - 54 0 0
Dreyfus/Laurel Institutional Short-Term Bond Fund - - 7 0 0
Dreyfus/Laurel Institutional U.S. Treasury Only Money Market Fund - - 1 3 1
Class A Class B Class C Class R
-------------------------------------------
Premier Balanced Fund 52 - - 108
Premier Small Company Stock Fund 90 - - 322
Premier Limited Term Income Fund - 11 1 -
</TABLE>
Item 27.
Indemnification
Incorporated by reference to Registration Statement.
Item 28. Business and Other Connections of Investment Adviser.
_______ ____________________________________________________
The Dreyfus Corporation ("Dreyfus") and subsidiary companies
comprise a financial service organization whose business
consists primarily of providing investment management services
as the investment adviser, manager and distributor for sponsored
investment companies registered under the Investment Company Act
of 1940 and as an investment adviser to institutional and
individual accounts. Dreyfus also serves as sub-investment
adviser to and/or administrator of other investment companies.
Dreyfus Service Corporation, a wholly-owned subsidiary of
Dreyfus, serves primarily as a registered broker-dealer of
shares of investment companies sponsored by Dreyfus and of other
investment companies for which Dreyfus acts as investment
adviser, sub-investment adviser or administrator. Dreyfus
Management, Inc., another wholly-owned subsidiary, provides
investment management services to various pension plans,
institutions and individuals.
Item 28. Business and Other Connections of Investment Adviser (continued)
________ ________________________________________________________________
Officers and Directors of Investment Adviser
____________________________________________
Name and Position
with Dreyfus Other Businesses
_________________ ________________
MANDELL L. BERMAN Real estate consultant and private investor
Director 29100 Northwestern Highway, Suite 370
Southfield, Michigan 48034;
Past Chairman of the Board of Trustees of
Skillman Foundation.
Member of The Board of Vintners Intl.
FRANK V. CAHOUET Chairman of the Board, President and
Director Chief Executive Officer:
Mellon Bank Corporation
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
Director:
Avery Dennison Corporation
150 North Orange Grove Boulevard
Pasadena, California 91103;
Saint-Gobain Corporation
750 East Swedesford Road
Valley Forge, Pennsylvania 19482;
Teledyne, Inc.
1901 Avenue of the Stars
Los Angeles, California 90067
ALVIN E. FRIEDMAN Senior Adviser to Dillon, Read & Co. Inc.
Director 535 Madison Avenue
New York, New York 10022;
Director and member of the Executive
Committee of Avnet, Inc.**
LAWRENCE M. GREENE Director:
Director Dreyfus America Fund
JULIAN M. SMERLING None
Director
DAVID B. TRUMAN Educational consultant;
Director Past President of the Russell Sage Foundation
230 Park Avenue
New York, New York 10017;
Past President of Mount Holyoke College
South Hadley, Massachusetts 01075;
DAVID B. TRUMAN Former Director:
(cont'd) Student Loan Marketing Association
1055 Thomas Jefferson Street, N.W.
Washington, D.C. 20006;
Former Trustee:
College Retirement Equities Fund
730 Third Avenue
New York, New York 10017
HOWARD STEIN Chairman of the Board:
Chairman of the Board and Dreyfus Acquisition Corporation*;
Chief Executive Officer The Dreyfus Consumer Credit Corporation*;
Dreyfus Management, Inc.*;
Dreyfus Service Corporation*;
Chairman of the Board and Chief Executive
Officer:
Major Trading Corporation*;
Director:
Avnet, Inc.**;
Dreyfus America Fund++++;
The Dreyfus Fund International
Limited+++++;
World Balanced Fund+++;
Dreyfus Partnership Management,
Inc.*;
Dreyfus Personal Management, Inc.*;
Dreyfus Precious Metals, Inc.*;
Dreyfus Service Organization, Inc.*;
Seven Six Seven Agency, Inc.*;
Trustee:
Corporate Property Investors
New York, New York;
W. KEITH SMITH Chairman and Chief Executive Officer:
Vice Chairman of the Board The Boston Company
One Boston Place
Boston, Massachusetts 02108
Vice Chairman of the Board:
Mellon Bank Corporation
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
Director:
Dentsply International, Inc.
570 West College Avenue
York, Pennsylvania 17405
ROBERT E. RILEY Director:
President, Chief Dreyfus Service Corporation
Operating Officer,
and a Director
LAWRENCE S. KASH Chairman, President and Chief
Vice Chairman-Distribution Executive Officer:
and a Director The Boston Company Advisors, Inc.
53 State Street
Exchange Place
Boston, Massachusetts 02109
Executive Vice President and Director:
Dreyfus Service Organization, Inc.*;
Director:
The Dreyfus Consumer Credit Corporation*;
The Dreyfus Trust Company++'
Dreyfus Service Corporation*;
President:
The Boston Company
One Boston Place
Boston, Massachusetts 02108;
Laurel Capital Advisors
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Boston Group Holdings, Inc.
Executive Vice President
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Boston Safe Deposit & Trust
One Boston Place
Boston, Massachusetts 02108
PHILIP L. TOIA Chairman of the Board and Trust Investment
Vice Chairman-Operations Officer:
and Administration The Dreyfus Trust Company+++;
Chairman of the Board and Chief Executive
Officer:
Major Trading Corporation*;
Director:
The Dreyfus Security Savings Bank F.S.B.+;
Dreyfus Service Corporation*;
Seven Six Seven Agency, Inc.*;
President and Director:
Dreyfus Acquisition Corporation*;
The Dreyfus Consumer Credit Corporation*;
Dreyfus-Lincoln, Inc.*;
Dreyfus Management, Inc.*;
Dreyfus Personal Management, Inc.*;
Dreyfus Partnership Management, Inc.+;
Dreyfus Service Organization*;
The Truepenny Corporation*;
Formerly, Senior Vice President:
The Chase Manhattan Bank, N.A. and
The Chase Manhattan Capital Markets
Corporation
One Chase Manhattan Plaza
New York, New York 10081
PAUL H. SNYDER Director:
Vice President-Finance Pennsylvania Economy League
and Chief Financial Philadelphia, Pennsylvania;
Officer Children's Crisis Treatment Center
Philadelphia, Pennsylvania;
Dreyfus Service Corporation*
Director and Vice President:
Financial Executives Institute,
Philadelphia Chapter
Philadelphia, Pennsylvania
BARBARA E. CASEY President:
Vice President- Dreyfus Retirement Services Division;
Dreyfus Retirement Executive Vice President:
Services Boston Safe Deposit & Trust Co.
One Boston Place
Boston, Massachusetts 02108;
DIANE M. COFFEY None
Vice President-
Corporate Communications
ELIE M. GENADRY President:
Vice President- Institutional Services Division of Dreyfus
Institutional Sales Service Corporation*;
Broker-Dealer Division of Dreyfus Service
Corporation*;
Group Retirement Plans Division of Dreyfus
Service Corporation;
Executive Vice President:
Dreyfus Service Corporation*;
Dreyfus Service Organization, Inc.*;
Vice President:
The Dreyfus Trust Company++;
HENRY D. GOTTMANN Executive Vice President:
Vice President-Retail Dreyfus Service Corporation*;
Sales and Service Vice President:
Dreyfus Precious Metals*;
DANIEL C. MACLEAN Director, Vice President and Secretary:
Vice President and General Dreyfus Precious Metals, Inc.*;
Counsel Director and Vice President:
The Dreyfus Consumer Credit Corporation*;
Director and Secretary:
Dreyfus Partnership Management, Inc.*;
Major Trading Corporation*;
The Truepenny Corporation+;
Director:
The Dreyfus Trust Company++;
Secretary:
Seven Six Seven Agency, Inc.*;
JEFFREY N. NACHMAN None
Vice President-Mutual Fund
Accounting
WILLIAM F. GLAVIN, JR. Senior Vice President:
Vice President-Product The Boston Company Advisors, Inc.
Management 53 State Street
Exchange Place
Boston, Massachusetts 02109
KATHERINE C. WICKHAM Formerly, Assistant Commissioner:
Vice President- Department of Parks and Recreation of the
Human Resources City of New York
830 Fifth Avenue
New York, New York 10022
MARK N. JACOBS Vice President, Secretary and Director:
Vice President-Fund Lion Management, Inc.*;
Legal and Compliance, Secretary:
and Secretary The Dreyfus Consumer Credit Corporation*;
Dreyfus Management, Inc.*;
Assistant Secretary:
Dreyfus Service Organization, Inc.*;
Major Trading Corporation*;
The Truepenny Corporation*
ANDREW S. WASSER Vice President:
Vice President-Information Mellon Bank Corporation
Services One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
MAURICE BENDRIHEM Treasurer:
Controller Dreyfus Partnership Management, Inc.*;
Dreyfus Service Organization, Inc.*;
Seven Six Seven Agency, Inc.*;
The Truepenny Corporation*;
Controller:
Dreyfus Acquisition Corporation*;
The Dreyfus Trust Company++;
The Dreyfus Consumer Credit Corporation*;
Assistant Treasurer:
Dreyfus Precious Metals*
Formerly, Vice President-Financial Planning,
Administration and Tax:
Showtime/The Movie Channel, Inc.
1633 Broadway
New York, New York 10019
______________________________________
* The address of the business so indicated is 200 Park Avenue, New
York, New York 10166.
** The address of the business so indicated is 80 Cutter Mill Road,
Great Neck, New York 11021.
*** The address of the business so indicated is 45 Broadway, New York,
New York 10006.
**** The address of the business so indicated is Five Triad Center, Salt
Lake City, Utah 84180.
+ The address of the business so indicated is Atrium Building, 80 Route
4 East, Paramus, New Jersey 07652.
++ The address of the business so indicated is 144 Glenn Curtiss
Boulevard, Uniondale, New York 11556-0144.
+++ The address of the business so indicated is One Rockefeller Plaza,
New York, New York 10020.
++++ The address of the business so indicated is 2 Boulevard Royal,
Luxembourg.
+++++ The address of the business so indicated is Nassau, Bahama Islands.
Item 29. Principal Underwriter
---------------------
(a) Premier Mutual Fund Services, Inc. ("Premier") currently serves as
the exclusive distributor for The Dreyfus/Laurel Funds, Inc. Premier is
registered with the Securities and Exchange Commission as a broker-dealer
and is a member of the National Association of Securities Dealers, Inc.
Premier is a wholly-owned subsidiary of Institutional Administration
Services, Inc., the parent company of which is Boston Institutional Group,
Inc.
Premier also currently serves as the exclusive distributor or principal
underwriter for the following investment companies:
1) Comstock Partners Strategy Fund, Inc.
2) Dreyfus A Bonds Plus, Inc.
3) Dreyfus Appreciation Fund, Inc.
4) Dreyfus Asset Allocation Fund, Inc.
5) Dreyfus Balanced Fund, Inc.
6) Dreyfus BASIC Money Market Fund, Inc.
7) Dreyfus BASIC Municipal Fund, Inc.
8) Dreyfus BASIC U.S. Government Money Market Fund
9) Dreyfus California Intermediate Municipal Bond Fund
10) Dreyfus California Tax Exempt Bond Fund, Inc.
11) Dreyfus California Tax Exempt Money Market Fund
12) Dreyfus Capital Value Fund, Inc.
13) Dreyfus Cash Management
14) Dreyfus Cash Management Plus, Inc.
15) Dreyfus Connecticut Intermediate Municipal Bond Fund
16) Dreyfus Connecticut Municipal Money Market Fund, Inc.
17) The Dreyfus Convertible Securities Fund, Inc.
18) Dreyfus Edison Electric Index Fund, Inc.
19) Dreyfus Florida Intermediate Municipal Bond Fund
20) Dreyfus Florida Municipal Money Market Fund
21) Dreyfus Focus Funds, Inc.
22) The Dreyfus Fund Incorporated
23) Dreyfus Global Bond Fund, Inc.
24) Dreyfus Global Growth, L.P. (A Strategic Fund)
25) Dreyfus Global Investing, Inc.
26) Dreyfus GNMA Fund, Inc.
27) Dreyfus Government Cash Management
28) Dreyfus Growth and Income Fund, Inc.
29) Dreyfus Growth Opportunity Fund, Inc.
30) Dreyfus Institutional Money Market Fund
31) Dreyfus Institutional Short Term Treasury Fund
32) Dreyfus Insured Municipal Bond Fund, Inc.
33) Dreyfus Intermediate Municipal Bond Fund, Inc.
34) Dreyfus International Equity Fund, Inc.
35) Dreyfus Investors GNMA Fund
36) The Dreyfus Leverage Fund, Inc.
37) Dreyfus Life and Annuity Index Fund, Inc.
38) Dreyfus Liquid Assets, Inc.
39) Dreyfus Massachusetts Intermediate Municipal Bond Fund
40) Dreyfus Massachusetts Municipal Money Market Fund
41) Dreyfus Massachusetts Tax Exempt Bond Fund
42) Dreyfus Michigan Municipal Money Market Fund, Inc.
43) Dreyfus Money Market Instruments, Inc.
44) Dreyfus Municipal Bond Fund, Inc.
45) Dreyfus Municipal Cash Management Plus
46) Dreyfus Municipal Money Market Fund, Inc.
47) Dreyfus New Jersey Intermediate Municipal Bond Fund
48) Dreyfus New Jersey Municipal Bond Fund, Inc.
49) Dreyfus New Jersey Municipal Money Market Fund, Inc.
50) Dreyfus New Leaders Fund, Inc.
51) Dreyfus New York Insured Tax Exempt Bond Fund
52) Dreyfus New York Municipal Cash Management
53) Dreyfus New York Tax Exempt Bond Fund, Inc.
54) Dreyfus New York Tax Exempt Intermediate Bond Fund
55) Dreyfus New York Tax Exempt Money Market Fund
56) Dreyfus Ohio Municipal Money Market Fund, Inc.
57) Dreyfus 100% U.S. Treasury Intermediate Term Fund
58) Dreyfus 100% U.S. Treasury Long Term Fund
59) Dreyfus 100% U.S. Treasury Money Market Fund
60) Dreyfus 100% U.S. Treasury Short Term Fund
61) Dreyfus Pennsylvania Intermediate Municipal Bond Fund
62) Dreyfus Short-Intermediate Government Fund
63) Dreyfus Short-Intermediate Municipal Bond Fund
64) Dreyfus Short-Term Income Fund, Inc.
65) The Dreyfus Socially Responsible Growth Fund, Inc.
66) Dreyfus Strategic Growth, L.P.
67) Dreyfus Strategic Income
68) Dreyfus Strategic Investing
69) Dreyfus Tax Exempt Cash Management
70) Dreyfus Treasury Cash Management
71) Dreyfus Treasury Prime Cash Management
72) Dreyfus Variable Investment Fund
73) Dreyfus-Wilshire Target Funds, Inc.
74) Dreyfus Worldwide Dollar Money Market Fund, Inc.
75) General California Municipal Bond Fund, Inc.
76) General California Municipal Money Market Fund
77) General Government Securities Money Market Fund, Inc.
78) General Money Market Fund, Inc.
79) General Municipal Bond Fund, Inc.
80) General Municipal Money Market Fund, Inc.
81) General New York Municipal Bond Fund, Inc.
82) General New York Municipal Money Market Fund
83) Pacific American Fund
84) Peoples Index Fund, Inc.
85) Peoples S&P MidCap Index Fund, Inc.
86) Premier Insured Municipal Bond Fund
87) Premier California Municipal Bond Fund
88) Premier GNMA Fund
89) Premier Growth Fund, Inc.
90) Premier Municipal Bond Fund
91) Premier New York Municipal Bond Fund
92) Premier State Municipal Bond Fund
93) The Dreyfus/Laurel Funds Trust
94) The Dreyfus/Laurel Tax-Free Municipal Funds
95) The Dreyfus/Laurel Investment Series
(b) The names of the principal executive officers of Premier together
with their respective positions with Premier and their positions and
offices with the Registrant, are set forth below.
<TABLE>
<CAPTION>
Position and Position and
Name Office(s) with Office(s)
and Address Premier with Registrant
----------- ----------------- ----------------
<S> <C> <C>
Marie E. Connolly* Director, President & President & Treasurer
Chief Operating Officer
John E. Pelletier* Senior Vice President Vice President &
& General Counsel Secretary
Joseph F. Tower, III* Senior Vice President & Assistant Treasurer
Chief Financial Officer
John J. Pyburn** Vice President Assistant Treasurer
Jean M. O'Leary* Assistant Secretary N/A
Lynn H. Johnson+ Vice President None
Eric B. Fischman** Vice President & Vice President &
Associate General Assistant Secretary
Counsel
Frederic C. Dey** Senior Vice President Vice President &
Assistant Treasurer
Ruth D. Leibert** Assistant Vice President Assistant Secretary
Paul D. Furcinito** Assistant Vice President Assistant Secretary
Paul Prescott+ Assistant Vice President None
Leslie M. Gaynor+ Assistant Treasurer None
Mary Nelson+ Assistant Treasurer None
John W. Gomez+ Director None
William J. Nutt+ Director None
</TABLE>
*Address: Funds Distributor, Inc., Exchange Place, Boston, MA 02109.
**Address: Premier Mutual Fund Services, Inc., 200 Park Avenue, New York,
NY 10166.
Item 30. Location of Accounts and Records
(1) The Dreyfus/Laurel Funds, Inc.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
(2) Mellon Bank, N.A.
c/o The Boston Company Advisers, Inc.
4th Floor
One Exchange Place
Boston, MA 02109
(3) Mellon Bank, N.A.
c/o The Boston Company, Inc.
5th Floor
One Boston Place
Boston, MA 02108
(4) Mellon Bank,
The Park Square Building
31 St. James Avenue
Boston, MA 02116
(5) The Shareholder Services Group, Inc.
1 American Express Plaza
Providence, RI 02903
(6) Mellon Bank, N.A.
One Mellon Bank Center
39th Floor
Pittsburgh, PA 15258
(7) The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
------------
(a) Not Applicable.
(b) Registrant has elected to include its Management's discussion of
fund performance required under Form N-1A, Item 5A in its annual
report. Registrant therefore undertakes to provide annual reports
without charge to any recipient of a Prospectus who requests the
information.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
amended, and the Investment Company Act of 1940, as amended, the
Registrant, The Dreyfus/Laurel Funds, Inc. (formerly The Laurel Funds,
Inc.), certifies that it meets all of the requirements for effectiveness
of this Amendment to its Registration Statement pursuant to Rule 485(b)
under the Securities Act of 1933 and has duly caused this Amendment to the
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of New York, State of New York
on the 16th day of May, 1995.
THE DREYFUS/LAUREL FUNDS, INC.
/s/Marie E. Connolly*
____________________________
Marie E. Connolly*
President
Pursuant to the requirements of the Securities Act of 1933, as
amended, this Amendment to the Registration Statement has been signed
below by the following persons in the capacities and on the dates
indicated.
Signature Title Date
--------- ----- ----
/s/Marie E. Connolly*
__________________ President, Treasurer 5/16/95
Marie E. Connolly
Signature Title Date
-------- ----- -----
/s/Francis P. Brennan*
_______________________ Director,
Francis P. Brennan Chairman of the Board 5/16/95
/s/Ruth Marie Adams*
_____________________ Director 5/16/95
Ruth Marie Adams
/s/Joseph S. DiMartino*
_______________________ Director 5/16/95
Joseph S. DiMartino
/s/James M. Fitzgibbons*
________________________ Director 5/16/95
James M. Fitzgibbons
/s/Kenneth A. Himmel*
________________________ Director 5/16/95
Kenneth A. Himmel
/s/Stephen J. Lockwood*
________________________ Director 5/16/95
Stephen J. Lockwood
/s/Roslyn M. Watson*
________________________ Director 5/16/95
Roslyn M. Watson
/s/J. Tomlinson Fort*
________________________ Director 5/16/95
J. Tomlinson Fort
/s/Arthur L. Goeschel*
________________________ Director 5/16/95
Arthur L. Goeschel
/s/Arch S. Jeffery*
________________________ Director 5/16/95
Arch S. Jeffery
/s/Robert D. McBride*
________________________ Director 5/16/95
Robert D. McBride
/s/John L. Propst*
________________________ Director 5/16/95
John L. Propst
/s/John J. Sciullo*
________________________ Director 5/16/95
John J. Sciullo
*By: /s/Eric B. Fischman
-------------------
Eric B. Fischman,
Attorney-in-Fact
THE DREYFUS FAMILY OF FUNDS
(Funds Included in Schedule A)
Rule 18f-3 Plan
Rule 18f-3 under the Investment Company Act of 1940, as amended
(the "1940 Act"), requires that the Board of an investment company desiring
to offer multiple classes of shares pursuant to said Rule adopt a plan
setting forth the differences among the classes with respect to shareholder
services, distribution arrangements, expense allocations and any related
conversion features or exchange privileges.
The Board, including a majority of the non-interested Board
members, of each of the investment companies, or series thereof, listed on
Schedule A attached hereto (each, a "Fund") which desires to offer multiple
classes has determined that the following plan is in the best interests of
each class individually and the Fund as a whole:
1. Class Designation: Fund shares shall be divided into
Investor Class and Class R.
2. Differences in Availability: Investor shares shall be sold
primarily to retail investors by the Fund's Distributor and by banks,
securities brokers or dealers and other financial institutions that have
entered into a Selling Agreement with the Fund's Distributor.
Class R shares shall be sold primarily to bank trust departments
and other financial service providers acting on behalf of customers having
a qualified trust or investment account or relationship at such
institution, or to customers who have received and hold shares of the Fund
distributed to them by virtue of such an account or relationship.
3. Differences in Services: Other than shareholder services
provided under the Distribution Plan, the services offered to shareholders
of each Class shall be the same.
4. Differences in Distribution Arrangements: Investor shares
shall be subject to a Distribution Plan adopted pursuant to Rule 12b-1
under the 1940 Act. The Distribution Plan for Investor shares allows the
Fund to spend annually up to 0.25% of its average daily net assets
attributable to Investor shares to compensate Dreyfus Service Corporation,
an affiliate of The Dreyfus Corporation ("Dreyfus"), for shareholder
servicing activities, and the Fund's Distributor for shareholder servicing
activities and for activities or expenses primarily intended to result in
the sale of Investor shares.
Class R shares shall not be subject to a Distribution Plan.
5. Expense Allocation. The following expenses shall be
allocated on a Class-by-Class basis: (a) fees under the Distribution Plan;
(b) printing and postage expenses payable by the Fund related to preparing
and distributing materials, such as proxies, to current shareholders of a
specific Class; and (c) litigation or other legal expenses relating solely
to a specific Class.
6. Conversion Features. There shall be no automatic conversion
feature for either the Investor Class or Class R.
7. Exchange Privileges. Investor shares shall be exchangeable
only for (a) Investor shares (however the same may be named) of other funds
managed or administered by Dreyfus; (b) Class A shares (however the same
may be named) of other funds managed or administered by Dreyfus which are
not subject to any contingent deferred sales charge; (c) shares of funds
managed or administered by Dreyfus which do not have separate share
classes; and (d) shares of certain other funds, as specified from time to
time.
Class R shares shall be exchangeable only for (a) Class R shares
(however the same may be named) of other funds managed or administered by
Dreyfus; (b) shares of funds managed or administered by Dreyfus which do
not have separate share classes; and (c) shares of certain other funds, as
specified from time to time.
Dated: April 26, 1995
SCHEDULE A
The Dreyfus/Laurel Funds, Inc. -
Dreyfus Disciplined Stock Fund
Dreyfus Disciplined Midcap Stock Fund
Dreyfus S&P 500 Stock Index Fund
Dreyfus Equity Income Fund
Dreyfus European Fund
Dreyfus Bond Market Index Fund
Dreyfus International Equity Allocation Fund
Dreyfus/Laurel Short-Term Government Securities
Fund
Dreyfus/Laurel Prime Money Market Fund
Dreyfus/Laurel U.S. Treasury Money Market Fund
Dreyfus/Laurel Tax-Exempt Money Market Fund
The Dreyfus/Laurel Funds Trust -
Dreyfus Special Growth Fund
The Dreyfus/Laurel Tax-Free Municipal Funds -
Dreyfus/Laurel Massachusetts Tax-Free Money Fund
Dreyfus/Laurel New York Tax-Free Money Fund
Dreyfus/Laurel California Tax-Free Money Fund
The Dreyfus/Laurel Investment Series -
Dreyfus/Laurel Short-Term Bond Fund
Dreyfus/Laurel Contrarian Fund
THE DREYFUS FAMILY OF FUNDS
(Premier Family of Funds - Equity Funds Included in Exhibit I)
Rule 18f-3 Plan
Rule 18f-3 under the Investment Company Act of 1940, as amended
(the "1940 Act"), requires that the Board of an investment company desiring
to offer multiple classes of shares pursuant to said Rule adopt a plan
setting forth the differences among the classes with respect to shareholder
services, distribution arrangements, expense allocations and any related
conversion features or exchange privileges.
The Board, including a majority of the non-interested Board
members, of each of the investment companies, or series thereof, listed on
Exhibit I attached hereto (each, a "Fund") which desires to offer multiple
classes has determined that the following plan is in the best interests of
each class individually and the Fund as a whole:
1. Class Designation: Fund shares shall be divided into Class
A, Class B, Class C and Class R.
2. Differences in Availability: Class A shares, Class B shares
and Class C shares shall be available only to clients of banks, brokers,
dealers and other financial institutions, except that full-time or part-
time employees or directors of The Dreyfus Corporation ("Dreyfus") or any
of its affiliates or subsidiaries, Board members or a fund advised by
Dreyfus, including members of the Fund's Board, or the spouse or minor
child of any of the foregoing may purchase Class A shares directly through
the Distributor.
Class R shares shall be sold primarily to bank trust departments
and other financial service providers acting on behalf of customers having
a qualified trust or investment account or relationship at such
institution, or to customers who have received and hold shares of the Fund
distributed to them by virtue of such an account or relationship.
3. Differences in Services: Other than shareholder services
provided under the Distribution Plan for Class A shares and the Service
Plans for Class B and Class C shares, the services offered to shareholders
of each Class shall be substantially the same, except that Right of
Accumulation, Letter of Intent and Reinvestment Privilege shall be
applicable only to holders of Class A shares.
4. Differences in Distribution Arrangements: Class A shares
shall be offered with a front-end sales charge, as such term is defined in
Article III, Section 26(b), of the Rules of Fair Practice of the National
Association of Securities Dealers, Inc., and a deferred sales charge (a
"CDSC"), as such term is defined in said Section 26(b), may be assessed on
certain redemptions of Class A shares purchased without an initial sales
charge as part of an investment of $1 million or more. The amount of the
sales charge and the amount of and provisions relating to the CDSC
pertaining to the Class A shares are set forth on Schedule A hereto. Class
A shares shall be subject to a Distribution Plan adopted pursuant to Rule
12b-1 under the 1940 Act. The Distribution Plan for Class A shares allows
the Fund to spend annually up to 0.25% of its average daily net assets
attributable to Class A shares to compensate Dreyfus Service Corporation,
an affiliate of Dreyfus, for shareholder servicing activities, and the
Fund's Distributor for shareholder servicing activities and for activities
or expenses primarily intended to result in the sale of Class A shares.
Class B shares shall not be subject to a front-end sales charge,
but shall be subject to a CDSC. The amount of and provisions relating to
the CDSC are set forth on Schedule B hereto. Class B shares shall be
subject to a Distribution Plan and Service Plan each adopted pursuant to
Rule 12b-1 under the 1940 Act. Under the Distribution Plan for Class B
shares, the Fund pays the Distributor for distributing the Fund's Class B
shares at an aggregate annual rate of .75 of 1% of the value of the average
daily net assets of Class B. Under the Service Plan for Class B shares,
the Fund pays Dreyfus Service Corporation or the Distributor for the
provision of certain services to the holders of Class B shares a fee at the
annual rate of .25 of 1% of the value of the average daily net assets of
Class B.
Class C shares shall not be subject to a front-end sales charge,
but shall be subject to a CDSC. The amount of and provisions relating to
the CDSC are set forth on Schedule C hereto. Class C shares shall be
subject to a Distribution Plan and Service Plan each adopted pursuant to
Rule 12b-1 under the 1940 Act. Under the Distribution Plan for Class C
shares, the Fund pays the Distributor for distributing the Fund's Class C
shares at an aggregate annual rate of .75 of 1% of the value of the average
daily net assets of Class C. Under the Service Plan for Class C shares,
the Fund pays Dreyfus Service Corporation or the Distributor for the
provision of certain services to the holders of Class C shares a fee at the
annual rate of .25 of 1% of the value of the average daily net assets of
Class C.
Class R shares shall not be subject to a front-end sales charge,
CDSC, distribution plan or service plan.
5. Expense Allocation. The following expenses shall be
allocated on a Class-by-Class basis: (a) fees under the Distribution Plan
and Service Plan; (b) printing and postage expenses payable by the Fund
related to preparing and distributing materials, such as proxies, to
current shareholders of a specific Class; and (c) litigation or other legal
expenses relating solely to a specific Class.
6. Conversion Features. Class B shares shall automatically
convert to Class A shares after a specified period of time after the date
of purchase, based on the relative net asset value of each such Class
without the imposition of any sales charge, fee or other charge, as set
forth on Schedule D hereto. No other Class shall be subject to any
automatic conversion feature.
7. Exchange Privileges. Class A shares shall be exchangeable
only for (a) Class A shares (however the same may be named) of other funds
managed or administered by Dreyfus which, on purchases of $1 million or
more, are not subject to a front-end sales charge but which are subject to
a CDSC if shares are redeemed within two years of purchase; and (b) shares
of certain other funds, as specified from time to time.
Class B shares shall be exchangeable only for (a) Class B shares
(however the same may be named) of other funds managed or administered by
Dreyfus with the same CDSC structure as the Fund; and (b) shares of certain
other funds, as specified from time to time.
Class C shares shall be exchangeable only for (a) Class C shares
(however the same may be named) of other funds managed or administered by
Dreyfus with the same CDSC structure as the Fund; and (b) shares of certain
other funds, as specified from time to time.
Class R shares shall be exchangeable only for (a) Class R shares
(however the same may be named) of other funds managed or administered by
Dreyfus; (b) shares of funds managed or administered by Dreyfus which do
not have separate share classes; and (c) shares of certain other funds,as
specified from time to time.
Dated: April 26, 1995
EXHIBIT I
The Dreyfus/Laurel Funds, Inc. -
Premier Balanced Fund
Premier Small Company Stock Fund
The Dreyfus/Laurel Funds Trust -
Premier Managed Income Fund
SCHEDULE A
Front-End Sales Charge--Class A Shares--The public offering price for Class
A shares shall be the net asset value per share of that Class plus a sales
load as shown below:
Total Sales Load
------------------------
As a % of As a % of
offering net asset
price per value per
share share
---------- ---------
Amount of Transaction
Less than $50,000 . . . . . . . . . . . 4.50 4.70
$50,000 to less than $100,000 . . . . . 4.00 4.20
$100,000 to less than $250,000. . . . . 3.00 3.10
$250,000 to less than $500,000. . . . . 2.50 2.60
$500,000 to less than $1,000,000. . . . 2.00 2.00
$1,000,000 or more. . . . . . . . . . . -0- -0-
Contingent Deferred Sales Charge--Class A Shares--A CDSC of 1% shall be
assessed at the time of redemption of Class A shares purchased without an
initial sales charge as part of an investment of at least $1,000,000 and
redeemed within two years after purchase. The terms contained in Schedule
C pertaining to the CDSC assessed on redemptions of Class B shares (other
than the amount of the CDSC and its time periods), including the provisions
for waiving the CDSC, shall be applicable to the Class A shares subject to
a CDSC. Letter of Intent and Right of Accumulation shall apply to such
purchases of Class A shares.
SCHEDULE B
Contingent Deferred Sales Charge--Class B Shares--A CDSC payable to the
Fund's Distributor shall be imposed on any redemption of Class B shares
which reduces the current net asset value of such Class B shares to an
amount which is lower than the dollar amount of all payments by the
redeeming shareholder for the purchase of Class B shares of the Fund held
by such shareholder at the time of redemption. No CDSC shall be imposed to
the extent that the net asset value of the Class B shares redeemed does not
exceed (i) the current net asset value of Class B shares acquired through
reinvestment of dividends or capital gain distributions, plus (ii)
increases in the net asset value of the shareholder's Class B shares above
the dollar amount of all payments for the purchase of Class B shares of the
Fund held by such shareholder at the time of redemption.
If the aggregate value of the Class B shares redeemed has declined
below their original cost as a result of the Fund's performance, a CDSC may
be applied to the then-current net asset value rather than the purchase
price.
In circumstances where the CDSC is imposed, the amount of the charge
shall depend on the number of years from the time the shareholder purchased
the Class B shares until the time of redemption of such shares. Solely for
purposes of determining the number of years from the time of any payment
for the purchase of Class B shares, all payments during a month shall be
aggregated and deemed to have been made on the first day of the month. The
following table sets forth the rates of the CDSC:
CDSC as a % of
Year Since Amount Invested
Purchase Payment or Redemption
Was Made Proceeds
- ---------------- ----------------
First . . . . . . . . . . . . 4.00
Second. . . . . . . . . . . . 4.00
Third . . . . . . . . . . . . 3.00
Fourth. . . . . . . . . . . . 3.00
Fifth . . . . . . . . . . . . 2.00
Sixth . . . . . . . . . . . . 1.00
In determining whether a CDSC is applicable to a redemption, the
calculation shall be made in a manner that results in the lowest possible
rate. Therefore, it shall be assumed that the redemption is made first of
amounts representing shares acquired pursuant to the reinvestment of
dividends and distributions; then of amounts representing the increase in
net asset value of Class B shares above the total amount of payments for
the purchase of Class B shares made during the preceding six years; then of
amounts representing the cost of shares purchased six years prior to the
redemption; and finally, of amounts representing the cost of shares held
for the longest period of time within the applicable six-year period.
Waiver of CDSC--The CDSC shall be waived in connection with (a) redemptions
made within one year after the death or disability, as defined in Section
72(m)(7) of the Internal Revenue Code of 1986, as amended (the "Code"), of
the shareholder, (b) redemptions by employees participating in qualified or
non-qualified employee benefit plans or other programs where (i) the
employers or affiliated employers maintaining such plans or programs have a
minimum of 250 employees eligible for participation in such plans or
programs, or (ii) such plan's or program's aggregate investment in the
Dreyfus Family of Funds or certain other products made available by the
Fund's Distributor exceeds one million dollars, (c) redemptions as a result
of a combination of any investment company with the Fund by merger,
acquisition of assets or otherwise, and (d) a distribution following
retirement under a tax-deferred retirement plan or upon attaining age 70-
1/2 in the case of an IRA or Keogh plan or custodial account pursuant to
Section 403(b) of the Code. Any Fund shares subject to a CDSC which were
purchased prior to the termination of such waiver shall have the CDSC
waived as provided in the Fund's prospectus at the time of the purchase of
such shares.
SCHEDULE C
Contingent Deferred Sales Charge--Class C Shares--A CDSC of 1.00% payable
to the Fund's Distributor shall be imposed on any redemption of Class C
shares within one year of the date of purchase. The basis for calculating
the payment of any such CDSC shall be the method used in calculating the
CDSC for Class B shares. In addition, the provisions for waiving the CDSC
shall be those set forth for Class B shares.
SCHEDULE D
Conversion of Class B Shares--Class B shares shall automatically convert to
Class A shares on the first Fund business day of the month in which the
sixth anniversary of the date of purchase occurs (unless otherwise
specified by the Board), based on the relative net asset values for shares
of each such Class, and shall be subject to the Distribution Plan for Class
A shares but shall no longer be subject to the Distribution Plan and
Service Plan applicable to Class B shares. (Such conversion is subject to
suspension by the Board members if adverse tax consequences might result.)
At that time, Class B shares that have been acquired through the
reinvestment of dividends and distributions ("Dividend Shares") shall be
converted in the proportion that a shareholder's Class B shares (other than
Dividend Shares) converting to Class A shares bears to the total Class B
shares then held by the shareholder which were not acquired through the
reinvestment of dividends and distributions.
THE DREYFUS FAMILY OF FUNDS
(Premier Family of Funds -
Fixed-Income Funds Included in Exhibit I)
Rule 18f-3 Plan
Rule 18f-3 under the Investment Company Act of 1940, as amended
(the "1940 Act"), requires that the Board of an investment company desiring
to offer multiple classes of shares pursuant to said Rule adopt a plan
setting forth the differences among the classes with respect to shareholder
services, distribution arrangements, expense allocations and any related
conversion features or exchange privileges.
The Board, including a majority of the non-interested Board
members, of each of the investment companies, or series thereof, listed on
Exhibit I attached hereto (each, a "Fund") which desires to offer multiple
classes has determined that the following plan is in the best interests of
each class individually and the Fund as a whole:
1. Class Designation: Fund shares shall be divided into Class
A, Class B, Class C and Class R.
2. Differences in Availability: Class A shares, Class B shares
and Class C shares shall be available only to clients of banks, brokers,
dealers and other financial institutions, except that full-time or part-
time employees or directors of The Dreyfus Corporation ("Dreyfus") or any
of its affiliates or subsidiaries, Board members or a fund advised by
Dreyfus, including members of the Fund's Board, or the spouse or minor
child of any of the foregoing may purchase Class A shares directly through
the Distributor.
Class R shares shall be sold primarily to bank trust departments
and other financial service providers acting on behalf of customers having
a qualified trust or investment account or relationship at such
institution, or to customers who have received and hold shares of the Fund
distributed to them by virtue of such an account or relationship.
3. Differences in Services: Other than shareholder services
provided under the Distribution Plan for Class A shares and the Service
Plans for Class B and Class C shares, the services offered to shareholders
of each Class shall be substantially the same, except that Right of
Accumulation, Letter of Intent and Reinvestment Privilege shall be
applicable only to holders of Class A shares.
4. Differences in Distribution Arrangements: Class A shares
shall be offered with a front-end sales charge, as such term is defined in
Article III, Section 26(b), of the Rules of Fair Practice of the National
Association of Securities Dealers, Inc., and a deferred sales charge (a
"CDSC"), as such term is defined in said Section 26(b), may be assessed on
certain redemptions of Class A shares purchased without an initial sales
charge as part of an investment of $1 million or more. The amount of the
sales charge and the amount of and provisions relating to the CDSC
pertaining to the Class A shares are set forth on Schedule A hereto. Class
A shares shall be subject to a Distribution Plan adopted pursuant to Rule
12b-1 under the 1940 Act. The Distribution Plan for Class A shares allows
the Fund to spend annually up to 0.25% of its average daily net assets
attributable to Class A shares to compensate Dreyfus Service Corporation,
an affiliate of Dreyfus, for shareholder servicing activities, and the
Fund's Distributor for shareholder servicing activities and for activities
or expenses primarily intended to result in the sale of Class A shares.
Class B shares shall not be subject to a front-end sales charge,
but shall be subject to a CDSC. The amount of and provisions relating to
the CDSC are set forth on Schedule B hereto. Class B shares shall be
subject to a Distribution Plan and Service Plan each adopted pursuant to
Rule 12b-1 under the 1940 Act. Under the Distribution Plan for Class B
shares, the Fund pays the Distributor for distributing the Fund's Class B
shares at an aggregate annual rate of .50 of 1% of the value of the average
daily net assets of Class B. Under the Service Plan for Class B shares,
the Fund pays Dreyfus Service Corporation or the Distributor for the
provision of certain services to the holders of Class B shares a fee at the
annual rate of .25 of 1% of the value of the average daily net assets of
Class B.
Class C shares shall not be subject to a front-end sales charge,
but shall be subject to a CDSC. The amount of and provisions relating to
the CDSC are set forth on Schedule C hereto. Class C shares shall be
subject to a Distribution Plan and Service Plan each adopted pursuant to
Rule 12b-1 under the 1940 Act. Under the Distribution Plan for Class C
shares, the Fund pays the Distributor for distributing the Fund's Class C
shares at an aggregate annual rate of .50 of 1% of the value of the average
daily net assets of Class C. Under the Service Plan for Class C shares,
the Fund pays Dreyfus Service Corporation or the Distributor for the
provision of certain services to the holders of Class C shares a fee at the
annual rate of .25 of 1% of the value of the average daily net assets of
Class C.
Class R shares shall not be subject to a front-end sales charge,
CDSC, distribution plan or service plan.
5. Expense Allocation. The following expenses shall be
allocated on a Class-by-Class basis: (a) fees under the Distribution Plan
and Service Plan; (b) printing and postage expenses payable by the Fund
related to preparing and distributing materials, such as proxies, to
current shareholders of a specific Class; and (c) litigation or other legal
expenses relating solely to a specific Class.
6. Conversion Features. Class B shares shall automatically
convert to Class A shares after a specified period of time after the date
of purchase, based on the relative net asset value of each such Class
without the imposition of any sales charge, fee or other charge, as set
forth on Schedule D hereto. No other Class shall be subject to any
automatic conversion feature.
7. Exchange Privileges. Class A shares shall be exchangeable
only for (a) Class A shares (however the same may be named) of other funds
managed or administered by Dreyfus which, on purchases of $1 million or
more, are not subject to a front-end sales charge but which are subject to
a CDSC of shares are redeemed within two years of purchase; and (b) shares
of certain other funds, as specified from time to time.
Class B shares shall be exchangeable only for (a) Class B shares
(however the same may be named) of other funds managed or administered by
Dreyfus with the same CDSC structure as the Fund; and (b) shares of certain
other funds, as specified from time to time.
Class C shares shall be exchangeable only for (a) Class C shares
(however the same may be named) of other funds managed or administered by
Dreyfus with the same CDSC structure as the Fund; and (b) shares of certain
other funds, as specified from time to time.
Class R shares shall be exchangeable only for (a) Class R shares
(however the same may be named) of other funds managed or administered by
Dreyfus; (b) shares of funds managed or administered by Dreyfus which do
not have separate share classes; and (c) shares of certain other funds, as
specified from time to time.
Dated: April 26, 1995
EXHIBIT I
The Dreyfus/Laurel Funds, Inc. -
Premier Limited Term Income Fund
The Dreyfus/Laurel Funds Trust -
Premier Limited Term Government Securities Fund
The Dreyfus/Laurel Tax-Free Municipal Funds -
Premier Limited Term Municipal Fund
Premier Limited Term California Municipal Fund
Premier Limited Term Massachusetts Municipal Fund
Premier Limited Term New York Municipal Fund
SCHEDULE A
Front-End Sales Charge--Class A Shares--The public offering price for Class
A shares shall be the net asset value per share of that Class plus a sales
load as shown below:
Total Sales Load
--------------------------
As a % of As a % of
offering net asset
price per value per
Amount of Transaction share share
----------- ---------
Less than $100,000 . . . . . . . . . . . . 3.00 3.10
$100,000 to less than $250,000 . . . . . . 2.75 2.80
$250,000 to less than $500,000 . . . . . . 2.25 2.30
$500,000 to less than $1,000,000 . . . . . 2.00 2.00
$1,000,000 or more . . . . . . . . . . . . -0- -0-
Contingent Deferred Sales Charge--Class A Shares--A CDSC of 1% shall be
assessed at the time of redemption of Class A shares purchased without an
initial sales charge as part of an investment of at least $1,000,000 and
redeemed within two years after purchase. The terms contained in Schedule
C pertaining to the CDSC assessed on redemptions of Class B shares (other
than the amount of the CDSC and its time periods), including the provisions
for waiving the CDSC, shall be applicable to the Class A shares subject to
a CDSC. Letter of Intent and Right of Accumulation shall apply to such
purchases of Class A shares.
SCHEDULE B
Contingent Deferred Sales Charge--Class B Shares--A CDSC payable to the
Fund's Distributor shall be imposed on any redemption of Class B shares
which reduces the current net asset value of such Class B shares to an
amount which is lower than the dollar amount of all payments by the
redeeming shareholder for the purchase of Class B shares of the Fund held
by such shareholder at the time of redemption. No CDSC shall be imposed to
the extent that the net asset value of the Class B shares redeemed does not
exceed (i) the current net asset value of Class B shares acquired through
reinvestment of dividends or capital gain distributions, plus (ii)
increases in the net asset value of the shareholder's Class B shares above
the dollar amount of all payments for the purchase of Class B shares of the
Fund held by such shareholder at the time of redemption.
If the aggregate value of the Class B shares redeemed has declined
below their original cost as a result of the Fund's performance, a CDSC may
be applied to the then-current net asset value rather than the purchase
price.
In circumstances where the CDSC is imposed, the amount of the charge
shall depend on the number of years from the time the shareholder purchased
the Class B shares until the time of redemption of such shares. Solely for
purposes of determining the number of years from the time of any payment
for the purchase of Class B shares, all payments during a month shall be
aggregated and deemed to have been made on the first day of the month. The
following table sets forth the rates of the CDSC:
CDSC as a % of
Year Since Amount Invested
Purchase Payment or Redemption
Was Made Proceeds
First. . . . . . . . . . . . . . . 3.00
Second . . . . . . . . . . . . . . 3.00
Third. . . . . . . . . . . . . . . 2.00
Fourth . . . . . . . . . . . . . . 2.00
Fifth. . . . . . . . . . . . . . . 1.00
Sixth. . . . . . . . . . . . . . . 0.00
In determining whether a CDSC is applicable to a redemption, the
calculation shall be made in a manner that results in the lowest possible
rate. Therefore, it shall be assumed that the redemption is made first of
amounts representing shares acquired pursuant to the reinvestment of
dividends and distributions; then of amounts representing the increase in
net asset value of Class B shares above the total amount of payments for
the purchase of Class B shares made during the preceding five years; then
of amounts representing the cost of shares purchased five years prior to
the redemption; and finally, of amounts representing the cost of shares
held for the longest period of time within the applicable five-year period.
Waiver of CDSC--The CDSC shall be waived in connection with (a) redemptions
made within one year after the death or disability, as defined in Section
72(m)(7) of the Internal Revenue Code of 1986, as amended (the "Code"), of
the shareholder, (b) redemptions by employees participating in qualified or
non-qualified employee benefit plans or other programs where (i) the
employers or affiliated employers maintaining such plans or programs have a
minimum of 250 employees eligible for participation in such plans or
programs, or (ii) such plan's or program's aggregate investment in the
Dreyfus Family of Funds or certain other products made available by the
Fund's Distributor exceeds one million dollars, (c) redemptions as a result
of a combination of any investment company with the Fund by merger,
acquisition of assets or otherwise, and (d) a distribution following
retirement under a tax-deferred retirement plan or upon attaining age 70-
1/2 in the case of an IRA or Keogh plan or custodial account pursuant to
Section 403(b) of the Code. Any Fund shares subject to a CDSC which were
purchased prior to the termination of such waiver shall have the CDSC
waived as provided in the Fund's prospectus at the time of the purchase of
such shares.
SCHEDULE C
Contingent Deferred Sales Charge--Class C Shares--A CDSC of .75% payable to
the Fund's Distributor shall be imposed on any redemption of Class C shares
within one year of the date of purchase. The basis for calculating the
payment of any such CDSC shall be the method used in calculating the CDSC
for Class B shares. In addition, the provisions for waiving the CDSC shall
be those set forth for Class B shares.
SCHEDULE D
Conversion of Class B Shares--Class B shares shall automatically convert to
Class A shares on the first Fund business day of the month in which the
sixth anniversary of the date of purchase occurs (unless otherwise
specified by the Board), based on the relative net asset values for shares
of each such Class, and shall be subject to the Distribution Plan for Class
A shares but shall no longer be subject to the Distribution Plan and
Service Plan applicable to Class B shares. (Such conversion is subject to
suspension by the Board members if adverse tax consequences might result.)
At that time, Class B shares that have been acquired through the
reinvestment of dividends and distributions ("Dividend Shares") shall be
converted in the proportion that a shareholder's Class B shares (other than
Dividend Shares) converting to Class A shares bears to the total Class B
shares then held by the shareholder which were not acquired through the
reinvestment of dividends and distributions.
THE DREYFUS FAMILY OF FUNDS
(Funds Included in Schedule A)
Rule 18f-3 Plan
Rule 18f-3 under the Investment Company Act of 1940, as amended
(the "1940 Act"), requires that the Board of an investment company desiring
to offer multiple classes of shares pursuant to said Rule adopt a plan
setting forth the differences among the classes with respect to shareholder
services, distribution arrangements, expense allocations and any related
conversion features or exchange privileges.
The Board, including a majority of the non-interested Board
members, of each of the investment companies, or series thereof, listed on
Schedule A attached hereto (each, a "Fund") which desires to offer multiple
classes has determined that the following plan is in the best interests of
each class individually and the Fund as a whole:
1. Class Designation: Fund shares shall be divided into Class
I, Class II and Class III.
2. Differences in Investment Minimums: The minimum initial
investment to establish a new account shall be $100,000 for Class I shares,
$10 million for Class II shares and $25 million for Class III shares.
3. Differences in Services: Other than shareholder services
provided under the Shareholder Servicing Plan for Class I and Class II
shares, the services offered to shareholders of each Class shall be the
same.
4. Differences in Distribution Arrangements: The Fund's Class
I and Class II shares shall be subject to a Shareholder Servicing Plan.
The Shareholder Servicing Plan (the "Plan") permits the Fund to compensate
certain banks, brokers, dealers or other financial institutions that have
entered into Selling Agreements ("Agreements") with The Dreyfus/Laurel
Funds, Inc. for providing certain shareholder services. Payments under the
Fund's Plan are calculated daily and paid monthly at a rate or rates set
from time to time by the Fund, provided that the annual rate may not
exceed: (i) 0.15% of the average daily net asset value of the Class I
shares, or (ii) 0.05% of the average daily net asset value of the Class II
shares.
Class III shares shall not be subject to a shareholder servicing
plan.
5. Expense Allocation. The following expenses shall be
allocated on a Class-by-Class basis: (a) fees under the Shareholder
Servicing Plan; (b) printing and postage expenses payable by the Fund
related to preparing and distributing materials, such as proxies, to
current shareholders of a specific Class; and (c) litigation or other legal
expenses relating solely to a specific Class.
6. Conversion Features. There shall be no automatic conversion
feature for any of the classes of the Fund.
7. Exchange Privileges. Shares of a Class shall be
exchangeable only for (a) shares of the same Class (however the same may be
named) of other funds managed or administered by The Dreyfus Corporation
("Dreyfus"); (b) Investor Class shares (however the same may be named) of
other funds managed or administered by Dreyfus; (c) Class A shares (however
the same may be named) of other funds managed or administered by Dreyfus
which are not subject to any contingent deferred sales charge; (d) shares
of funds managed or administered by Dreyfus which do not have separate
share classes; and (e) shares of certain other funds, as specified from
time to time.
Dated: April 26, 1995
SCHEDULE A
The Dreyfus/Laurel Funds, Inc. -
Dreyfus/Laurel Institutional Prime Money Market
Fund
Dreyfus/Laurel Institutional U.S. Treasury Money
Market Fund
Dreyfus/Laurel Institutional Government Money
Market Fund
Dreyfus/Laurel Institutional U.S. Treasury Only
Money Market Fund
Dreyfus/Laurel Institutional Short-Term Bond Fund
