PROPOSED RESOLUTIONS
RESOLVED, that it is the determination of the Fund's Board at this meeting, including a majority of its members who are non-interested Board members, that the joint insured fidelity bonds (collectively, the "Bond") written by the following respective entities in the following amounts:
insuring the Fund and the other parties named as insured parties under the Bond for covered acts or omissions of their respective officers and Board members and the officers and employees of the Fund's Investment Adviser, Distributor, Transfer Agent and/or Administrator, in accordance with the requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission under Section 17(g) of the Investment Company Act of 1940, as amended, are reasonable in form and amount after having given due consideration to all relevant factors including, but not limited to, the value of the aggregate assets of the Fund to which any such covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, the nature of the securities in the Fund's portfolio, the number of other parties named as insured parties under the Bond, and the nature of the business activities of such other parties; and it is further
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[as applicable] RESOLVED, that the Fund's Board, including a majority of the non-interested Board members, hereby approves the payment by the Fund of its pro-rata share, based on the assets of the respective covered funds, of the premium for coverage under the Bond, in the form and amount described above, having given due consideration to all relevant factors including, but not limited to, the number of other parties named as insured parties under the Bond, the nature of the business activities of such other parties, the amount of the Bond, the amount of the premium for the Bond, the ratable allocation of the premium among all the parties named as insureds, and the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond; and it is further
RESOLVED, that each of the President, any Vice President, the Secretary and the Treasurer hereby is designated as the officer responsible for making all filings with the Securities and Exchange Commission and giving all notices on behalf of the Fund with respect to the Bond required by paragraph (g) of Rule 17g-1 promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended; and it is further
RESOLVED, that the appropriate officers of the Fund be, and each hereby is, authorized to take the actions as may be required to amend the Bond to include in the coverage new funds advised, sub-advised or administered by The Dreyfus Corporation or its affiliates, as of the date each is declared effective by the Securities and Exchange Commission; and it is further
RESOLVED, that the Agreement Regarding Dreyfus Joint Insured Bond, in the form previously approved, shall remain in full force and effect; and it is further
RESOLVED, that it is the determination of the Fund's Board at this meeting, including a majority of its members who are non-interested board members, that the Fund's participation in directors and officers and errors and omissions liability insurance policies (collectively, the "Policy") written by the following respective entities in the following amounts:
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insuring the Fund, other investment companies for which The Dreyfus Corporation or an affiliate serves as investment adviser, sub-investment adviser and/or administrator (the "Funds"), The Dreyfus Corporation, certain of its affiliates, and the Board Members and officers of such insureds, against insured liabilities and expenses (with certain exceptions) arising out of claims, actions or proceedings asserted or threatened against them in their respective capacities for the insureds, is in the best interest of the Fund; and it is further
[as applicable] RESOLVED, that the Board members, including a majority of the non-interested Board members, hereby find that the premium for the Policy to be allocated to the Fund is fair and reasonable based upon the proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by each of the insured parties; and it is further
3
RESOLVED, that the appropriate officers of the Fund be, and each hereby is, authorized to take such actions as may be required to amend the policy to include in the coverage new funds advised, sub-advised or administered by The Dreyfus Corporation or its affiliates, as of the date each is declared effective by the Securities and Exchange Commission; and it is further
RESOLVED, that the Fund, in conjunction with other Funds, purchase Independent Directors Liability Insurance (“IDL”), insuring the Board members of the Funds against certain liabilities and expenses written by the following respective entities as co-sureties in the following amounts:
and that the Fund pay its pro-rata share, based on the assets of the respective participating Funds, of the premium for coverage under the IDL; and it is further
RESOLVED, that the appropriate officers of the Fund be and each hereby is, authorized to make any and all payments and to do any and all other acts, in the name of the Fund and on its behalf, as they, or any of them, may determine to be necessary or desirable and proper in connection with or in furtherance of the foregoing resolutions.
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AGREEMENT REGARDING
DREYFUS JOINT INSURED BOND
AGREEMENT among The Dreyfus Fund Incorporated and certain other investment companies as to which The Dreyfus Corporation or any affiliate (“Dreyfus”) now acts as Investment Adviser, Sub-Investment Adviser and/or Administrator (individually, a “Fund” and, collectively, the “Funds”) and which are registered under the Investment Company Act of 1940, as amended (the “Act”).
WITNESSETH:
WHEREAS, the Funds are covered as joint insureds under a Fidelity Bond or Bonds (the “Bond”) which complies with Rule 17g-1 promulgated by the Securities and Exchange Commission under the Act (“Rule 17g-1”); and WHEREAS, the Funds have entered into this Agreement to meet the requirements of paragraph (f) of Rule 17g-1;
NOW THEREFORE IT IS HEREBY AGREED:
1. In the event that recovery is received under the Bond as a result of a loss sustained by two or more of the Funds, each Fund shall receive an equitable and proportionate share of said recovery, but said recovery shall at least equal the amount that each such Fund would have received had the Fund provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1.
2. The Funds acknowledge and agree that, upon approval by the Funds’ respective Boards of Directors/Trustees, the amount of the Bond or the carriers issuing the Bond may be changed from time to time, and that any such change shall not affect the rights and obligations of the Funds under this Agreement.
3. Each Fund shall be responsible for paying its pro-rata share, based on the ratio of its assets to the assets of all of the Funds, of the premium payable in respect of the Bond. The Funds acknowledge and agree that any new Fund added to the Bond or as a party to this Agreement will not be responsible for the foregoing amount incurred prior to the first Bond renewal following the addition of such Fund.
4. The Funds agree that any registered investment company for which Dreyfus in the future becomes the Investment Advisor, Sub-Investment Advisor and/or Administrator added as a joint insured under the Bond may become a party to this Agreement upon the execution of a copy of this Agreement by its duly authorized officer and shall thereafter be deemed a “Fund” hereunder.
5. This Agreement shall cease to apply to any Fund in respect of any loss that occurs after such Fund (i) ceases to be an investment company by order of the Securities and Exchange Commission pursuant to Section 8(f) of the Act, or (ii) ceases to be advised, sub-advised and/or administered by Dreyfus, and such Fund shall, at and after such time, cease to be a party to this Agreement for all purposes.
6. This Agreement shall be binding upon and shall inure to the benefit of any successor company of any of the undersigned, or any company into which any of the undersigned may be merged or with which it may be consolidated.
7. As to each Fund that is organized as a trust, this Agreement has been executed on behalf of the Fund by the undersigned officer of the Fund in his capacity as an officer of the Fund; the obligations of this Agreement shall only be binding upon the assets and property of the Fund and shall not be binding upon any Board member, officer or shareholder of the Fund individually.
IN WITNESS WHEREOF, the Funds have caused this Agreement to be executed by their respective officers, thereunto duly authorized as of the day and year written below.
| Dated as of January 31, 2007 | ||
| /s/ Joni Lacks Charatan | ||
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| Joni Lacks Charatan | ||
| Vice President of: |
| Advantage Funds, Inc. |
| Dreyfus Emerging Leaders Fund |
| Dreyfus Midcap Value Fund |
| Dreyfus Small Company Value Fund |
| Dreyfus Premier Future Leaders Fund |
| Dreyfus Premier Midcap Value Fund |
| Dreyfus Premier International Value Fund |
| Dreyfus Premier Select Midcap Growth Fund |
| Dreyfus Premier Small Company Growth Fund |
| Dreyfus Premier Strategic Value Fund |
| Dreyfus Premier Structured Large Cap Value Fund |
| Dreyfus Premier Structured Midcap Fund |
| Dreyfus Premier Technology Growth Fund |
| Dreyfus Premier Total Return Advantage Fund |
| Global Alpha Fund |
| CitizensSelect Funds |
| CitizensSelect Prime Money Market Fund |
| CitizensSelect Treasury Money Market Fund |
| Dreyfus A Bonds Plus, Inc. |
| Dreyfus Appreciation Fund, Inc. |
| Dreyfus BASIC Money Market Fund, Inc. |
| Dreyfus BASIC U.S. Government Money Market Fund |
| Dreyfus BASIC U.S. Mortgage Securities Fund |
| Dreyfus Bond Funds, Inc. |
| Dreyfus Municipal Bond Fund |
| Dreyfus Premier High Income Fund |
| Dreyfus California Intermediate Municipal Bond Fund |
| Dreyfus California Tax Exempt Money Market Fund |
| Dreyfus Cash Management |
| Dreyfus Cash Management Plus, Inc. |
| Dreyfus Connecticut Intermediate Municipal Bond Fund |
| Dreyfus Connecticut Municipal Money Market Fund, Inc. |
| Dreyfus Fixed Income Securities |
| Dreyfus High Yield Shares |
| Dreyfus Mortgage Shares |
| Dreyfus Florida Intermediate Municipal Bond Fund |
| Dreyfus Florida Municipal Money Market Fund |
| The Dreyfus Fund Incorporated |
| Dreyfus GNMA Fund, Inc. |
| Dreyfus Government Cash Management Funds |
| Dreyfus Government Cash Management |
| Dreyfus Government Prime Cash Management |
| Dreyfus Growth and Income Fund, Inc. |
| Dreyfus Growth Opportunity Fund, Inc. |
| Dreyfus High Yield Strategies Fund (closed-end fund) |
| Dreyfus Index Funds, Inc. |
| Dreyfus International Stock Index Fund |
| Dreyfus S&P 500 Index Fund |
| Dreyfus Smallcap Stock Index Fund |
| Dreyfus Institutional Money Market Fund |
| Government Securities Series |
| Money Market Series |
| Dreyfus Institutional Cash Advantage Funds |
| Dreyfus Institutional Cash Advantage Fund |
| Dreyfus Institutional Cash Advantage Plus Fund |
| Dreyfus Institutional Preferred Money Market Funds |
| Dreyfus Institutional Preferred Money Market Fund |
| Dreyfus Institutional Preferred Plus Money Market Fund |
| Dreyfus Insured Municipal Bond Fund, Inc. |
| Dreyfus Intermediate Municipal Bond Fund, Inc. |
| Dreyfus International Funds, Inc. |
| Dreyfus Premier Emerging Markets Fund |
| Dreyfus Investment Grade Funds, Inc. |
| Dreyfus Inflation Adjusted Securities Fund |
| Dreyfus Intermediate Term Income Fund |
| Dreyfus Premier Short Term Income Fund |
| Dreyfus Premier Yield Advantage Fund |
| Dreyfus Investment Portfolios |
| Core Bond Portfolio |
| Core Value Portfolio |
| Emerging Leaders Portfolio |
| Founders Discovery Portfolio |
| Founders Growth Portfolio |
| Founders International Equity Portfolio |
| MidCap Stock Portfolio |
| Small Cap Stock Index Portfolio |
| Technology Growth Portfolio |
| The Dreyfus/Laurel Funds, Inc. |
| Dreyfus BASIC S&P 500 Stock Index Fund |
| Dreyfus Bond Market Index Fund |
| Dreyfus Disciplined Stock Fund |
| Dreyfus Institutional Government Money Market Fund |
| Dreyfus Institutional Prime Money Market Fund |
| Dreyfus Institutional U.S. Treasury Money Market Fund |
| Dreyfus Money Market Reserves |
| Dreyfus Municipal Reserves |
| Dreyfus Premier Balanced Fund |
| Dreyfus Premier Core Equity Fund |
| Dreyfus Premier Large Company Stock Fund |
| Dreyfus Premier Limited Term Income Fund |
| Dreyfus Premier Midcap Stock Fund |
| Dreyfus Premier Small Cap Value Fund |
| Dreyfus Premier Strategic Income Fund |
| Dreyfus Premier Tax Managed Growth Fund |
| Dreyfus U.S. Treasury Reserves |
| The Dreyfus/Laurel Funds Trust |
| Dreyfus Premier Core Value Fund |
| Dreyfus Premier Equity Income Fund |
| Dreyfus Premier International Bond Fund |
| Dreyfus Premier Managed Income Fund |
| Dreyfus Premier Limited Term High Yield Fund |
| Dreyfus Tax Managed Balanced Fund |
| The Dreyfus/Laurel Tax-Free Municipal Funds |
| Dreyfus BASIC California Municipal Money Market Fund |
| Dreyfus BASIC Massachusetts Municipal Money Market Fund |
| Dreyfus BASIC New York Municipal Money Market Fund |
| Dreyfus LifeTime Portfolios, Inc. |
| Growth Portfolio |
| Growth & Income Portfolio |
| Income Portfolio |
| Dreyfus Liquid Assets, Inc. |
| Dreyfus Massachusetts Intermediate Municipal Bond Fund |
| Dreyfus Massachusetts Municipal Money Market Fund |
| Dreyfus Midcap Index Fund, Inc. |
| Dreyfus Money Market Instruments, Inc. |
| Government Securities Series |
| Money Market Series |
| Dreyfus Municipal Cash Management Plus |
| Dreyfus Municipal Funds, Inc. |
| Dreyfus BASIC Municipal Money Market Fund |
| Dreyfus BASIC New Jersey Municipal Money Market Fund |
| Dreyfus High Yield Municipal Bond Fund |
| Dreyfus Premier Select Intermediate Municipal Bond Fund |
| Dreyfus Premier Select Municipal Bond Fund |
| Dreyfus Municipal Income, Inc. (closed-end fund) |
| Dreyfus Municipal Money Market Fund, Inc. |
| Dreyfus New Jersey Intermediate Municipal Bond Fund |
| Dreyfus New Jersey Municipal Money Market Fund, Inc. |
| Dreyfus New York Municipal Cash Management |
| Dreyfus New York Tax Exempt Bond Fund, Inc. |
| Dreyfus New York Tax Exempt Intermediate Bond Fund |
| Dreyfus New York Tax Exempt Money Market Fund |
| Dreyfus Pennsylvania Intermediate Municipal Bond Fund |
| Dreyfus Pennsylvania Municipal Money Market Fund |
| Dreyfus Premier California Tax Exempt Bond Fund, Inc. |
| Dreyfus Premier Equity Funds, Inc. |
| Dreyfus Premier Growth and Income Fund |
| Dreyfus Premier Fixed Income Funds |
| Dreyfus Premier Core Bond Fund |
| Dreyfus Premier GNMA Fund |
| Dreyfus Premier International Funds, Inc. |
| Dreyfus Premier Greater China Fund |
| Dreyfus Premier International Growth Fund |
| Dreyfus Premier Manager Funds I |
| Bear Stearns Prime Money Market Fund |
| Dreyfus Premier Alpha Growth Fund |
| Dreyfus Premier Intrinsic Value Fund |
| Dreyfus Premier S&P STARS Fund |
| Dreyfus Premier S&P STARS Opportunities Fund |
| Dreyfus Premier Small Cap Equity Growth Fund |
| Dreyfus Premier Manager Funds II |
| Dreyfus Premier Balanced Opportunity Fund |
| Dreyfus Premier Blue Chip Fund |
| Dreyfus Premier Select Fund |
| Dreyfus Premier Municipal Bond Fund |
| Dreyfus Premier New Jersey Municipal Bond Fund, Inc. |
| Dreyfus Premier New York Municipal Bond Fund |
| Dreyfus Premier Opportunity Funds |
| Dreyfus Premier Enterprise Fund |
| Dreyfus Premier Health Care Fund |
| Dreyfus Premier Natural Resources Fund |
| Dreyfus Premier Short-Intermediate Municipal Bond Fund |
| Dreyfus Premier State Municipal Bond Fund |
| Connecticut Series |
| Florida Series |
| Maryland Series |
| Massachusetts Series |
| Michigan Series |
| Minnesota Series |
| North Carolina Series |
| Ohio Series |
| Pennsylvania Series |
| Texas Series |
| Virginia Series |
| Dreyfus Premier Stock Funds |
| Dreyfus Premier International Equity Fund |
| Dreyfus Premier International Small Cap Fund |
| Dreyfus Premier Small Cap Equity Fund |
| The Dreyfus Premier Third Century Fund, Inc. |
| Dreyfus Premier Value Equity Funds |
| Dreyfus Premier Value Fund |
| Dreyfus Premier Worldwide Growth Fund, Inc. |
| Dreyfus Short-Intermediate Government Fund |
| The Dreyfus Socially Responsible Growth Fund, Inc. |
| Dreyfus Stock Index Fund, Inc. |
| Dreyfus Strategic Municipal Bond Fund, Inc. |
| (closed-end fund) |
| Dreyfus Strategic Municipals, Inc. |
| (closed-end fund) |
| Dreyfus Tax Exempt Cash Management |
| Dreyfus Treasury Cash Management |
| Dreyfus Treasury Prime Cash Management |
| Dreyfus 100% U.S. Treasury Money Market Fund |
| Dreyfus U.S. Treasury Intermediate Term Fund |
| Dreyfus U.S. Treasury Long Term Fund |
| Dreyfus Variable Investment Fund |
| Appreciation Portfolio |
| Balanced Portfolio |
| Developing Leaders Portfolio |
| Disciplined Stock Portfolio |
| Growth and Income Portfolio |
| International Equity Portfolio |
| International Value Portfolio |
| Limited Term High Yield Portfolio |
| Money Market Portfolio |
| Quality Bond Portfolio |
| Small Company Stock Fund |
| Special Value Portfolio |
| Dreyfus Worldwide Dollar Money Market Fund, Inc. |
| General California Municipal Money Market Fund |
| General Government Securities Money Market Funds, Inc. |
| General Government Securities Money Market Fund |
| General Treasury Prime Money Market Fund |
| General Money Market Fund, Inc. |
| General Municipal Money Market Funds, Inc. |
| General Municipal Money Market Fund |
| General New York Municipal Bond Fund, Inc. |
| General New York Municipal Money Market Fund |
| Mellon Funds Trust |
| Mellon Balanced Fund |
| Mellon Bond Fund |
| Mellon Emerging Markets Fund |
| Mellon Income Stock Fund |
| Mellon Intermediate Bond Fund |
| Mellon International Fund |
| Mellon Large Cap Stock Fund |
| Mellon Massachusetts Intermediate Municipal Bond Fund |
| Mellon Money Market Fund |
| Mellon Mid Cap Stock Fund |
| Mellon National Intermediate Municipal Bond Fund |
| Mellon National Municipal Money Market Fund |
| Mellon National Short-Term Municipal Bond Fund |
| Mellon Pennsylvania Intermediate Municipal Bond Fund |
| Mellon Short-Term U.S. Government Securities Fund |
| Mellon Small Cap Stock Fund |
| Strategic Funds, Inc. |
| Dreyfus Premier New Leaders Fund |
| Emerging Markets Opportunity Fund |
| Global Stock Fund |
| International Stock Fund |
| Systematic International Equity Fund |