**
Prior to Dreyfus
Institutional Reserves Funds commencing operations, the fund participated in a tax-free reorganization
where each series of the fund received the assets of a corresponding series of BNY Hamilton Funds.
CERTAIN EXPENSE ARRANGEMENTS
AND OTHER DISCLOSURES
Dreyfus
Inflation Adjusted Securities Fund, Dreyfus Intermediate Term Income Fund, Dreyfus Short Term Income
Fund and Dreyfus Worldwide Dollar Money Market Fund.
The Manager has agreed that if in any fiscal
year the aggregate expenses of the fund, exclusive of taxes, brokerage, interest on borrowings and (with
the prior written consent of the necessary state securities commissions) extraordinary expenses, but
including the management fee, exceed the expense limitation of any state having jurisdiction over the
fund, the fund may deduct from the payment to be made to the Manager under the fund's agreement with
the Manager, or the Manager will bear, such excess expense to the extent required by state law. Such
deduction or payment, if any, will be estimated daily, and reconciled and effected or paid, as the case
may be, on a monthly basis.
Dreyfus Liquid
Assets.
The Manager has agreed that if in any fiscal year the fund's aggregate expenses, exclusive
of taxes, brokerage, interest and (with the prior written consent of the necessary state securities commissions)
extraordinary expenses, but including the management fee, exceed 1% of the value of the fund's average
net assets for the fiscal year, the Manager will refund to the fund, or bear, the excess over 1%. Such
expense reimbursement, if any, will be estimated, reconciled and paid on a monthly basis.
Dreyfus Short Duration Bond Fund.
The Manager has agreed
that if in any fiscal year the aggregate expenses of the fund, exclusive of taxes, brokerage, interest
on borrowings and (with the prior written consent of the necessary state securities commissions) extraordinary
expenses, but including the management fee, exceed 1-1/2% of the average value of the fund's net assets
for the fiscal year, the fund may deduct from the payment to be made to the Manager under the fund's
agreement with the Manager, or the Manager will bear, such excess expense. Such deduction or payment,
if any, will be estimated daily, and reconciled and effected or paid, as the case may be, on a monthly
basis.
Dreyfus Short-Intermediate Municipal
Bond Fund.
The Manager has agreed that if in any fiscal year the aggregate expenses of the fund,
exclusive of taxes, brokerage, interest on borrowings and (with the prior written consent of the necessary
state securities commissions) extraordinary expenses, but including the management fee, exceed, with
respect to Class D shares, 1-1/2% of the value of the fund's average net assets attributable to Class
D shares for the fiscal year, the fund may deduct from the payment to be made to the Manager under the
fund's agreement with the Manager, or the Manager will bear, such excess expense. Such deduction or
payment, if any, will be estimated daily, and reconciled and effected or paid, as the case may be, on
a monthly basis.
The Dreyfus Fund
Incorporated.
The Manager has agreed that if the aggregate expenses of the fund, exclusive of
taxes and brokerage commissions but including the management fee, exceed 1% of the value of the fund's
average daily net assets for any full fiscal year, the Manager will bear such expenses or refund to the
fund the amount of such excess.
The
Dreyfus Third Century Fund.
The Manager has agreed that if, in any fiscal year, the aggregate
expenses of the fund, exclusive of taxes, brokerage, interest and (with the prior written consent of
the necessary state securities commissions) extraordinary expenses, but including the management fee,
exceed, with respect to Class Z of the fund, 1-1/2% of the average value of the fund's net assets attributable
to its Class Z shares, the fund may deduct from the fees to be paid to the Manager, or the Manager will
bear, the excess expense. For each fiscal year of the fund, the Manager will pay or bear such excess
on a pro rata basis in proportion to the relative fees otherwise payable pursuant to the fund's agreement
with the Manager. Such deduction or payment, if any, will be estimated, reconciled and effected or paid,
as the case may be, on a monthly basis and will be limited to the amount of fees otherwise payable to
the Manager under the fund's agreement with the Manager.
COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Except for The Dreyfus Third Century Fund, Stroock & Stroock & Lavan LLP, 180
Maiden Lane, New York, New York 10038-4982, as counsel for the funds, has rendered its opinion
as to certain legal matters regarding the due authorization and valid issuance of the shares being sold
pursuant to the funds' prospectuses. For The Dreyfus Third Century Fund, Fulbright & Jaworski
L.L.P., 666 Fifth Avenue, New York, New York 10103-3198, as counsel for
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