Why are shareholders being asked to change Dreyfus Equity Growth Fund’s investment objective?
Dreyfus Equity Growth Fund’s current investment objective is to seek long-term growth of capital and income. This objective is a fundamental policy which cannot be changed without shareholder approval. Shareholders of Dreyfus Equity Growth Fund are being asked to approve changing the investment objective to “long-term growth of capital” and converting the investment objective to a non-fundamental policy, meaning that it can be changed in the future without shareholder approval if the Company’s Board believes that it is in the best interests of shareholders to do so. Currently, Dreyfus Equity Growth Fund seeks income by investing in dividend-paying stocks; however, many of the “growth” companies in which the Fund seeks to invest may pay little or no dividends. Management believes, and the Company’s Board of Directors concurs, that by removing “income” from Dreyfus Equity Growth Fund’s objective, the Fund’s portfolio managers will have more flexibility to concentrate on companies that ma
