What are the benefits of converting Dreyfus Equity Growth Fund’s investment objective from fundamental to non-fundamental?
Under the 1940 Act, a fund’s investment objective is not required to be “fundamental.” A fundamental investment objective may be changed only by vote of a fund’s shareholders. Nevertheless, Dreyfus Equity Growth Fund’s investment objective was initially established as fundamental in response to then-current regulatory and market practices. In order to provide portfolio management with enhanced investment management flexibility by allowing changes to Dreyfus Equity Growth Fund’s investment objective without the need and expense of calling a shareholder meeting, management proposed, and the Company’s Board approved, subject to shareholder approval, converting the Fund’s investment objective from a fundamental policy to a non-fundamental policy. A non-fundamental investment objective may be changed at any time by the Company’s Board without approval by shareholders. However, shareholders would be given prior written notice of any future change to Dreyfus Equity Growth Fund’s investment ob
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