A class action has been commenced in the U.S. District Court for the Southern District of New York on behalf of purchasers of shares in the Dreyfus Aggressive Growth Fund and the Dreyfus Premier Aggressive Growth Fund (the "Funds") during the period from January 22, 1996 through and including July 8, 1998 (the "Class Period").
Named as defendants are the Funds, Dreyfus Corp., Mellon Bank Corporation, its holding company, and Michael Schonberg, the Funds' manager. The complaint alleges violations of the federal Investment Company Act of 1940 and other claims, based on defendants' breach of their fiduciary duty to protect the interests of the Funds' investors. Plaintiff alleges that Schonberg, rather than investing in accordance with the Funds' stated investment objectives and criteria, used the Funds to invest in illiquid stocks in which Schonberg had large personal positions, on the basis of Schonberg's personal financial interests and without regard to the suitability of such investments for the Funds and their investors.

Update

This case has been settled. The Claims Administrator for this litigation is The Garden City Group, Inc. The deadline for submitting a proof of claim was June 27, 2001. If you would like to download the Notice of Pendency of Class Actions, Proposed Settlement and Settlement Hearing, please go to www.gardencitygroup.com. If you would like further information about the settlement please call (800) 327-3664.
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