Taxes are one of the realities with which we live. Given that, perhaps knowledge is the most promising approach to dealing with them.

Unfortunately, the tax system, comprising federal, state, and local elements, has grown so complex that thorough understanding remains the province of the tax professional. But an understanding of the basics may help you navigate through some of the complexities, and this is what we hope to provide with the Dreyfus Mutual Fund Shareholder Tax Center.

Your mutual fund investments will likely be subject to two stages of taxation: the taxation of distributions from the mutual funds and the taxation of gains you've realized from redeeming shares. We'll cover both of these facets and other taxation issues including:

• Dreyfus Mutual Funds 2008 Estimated Year-End Capital Gains Distribution Dates and Amounts
• Tax Reporting Information
• Understanding Your Tax Forms
• State/Other Tax Issues
• Resources for Additional Information on Federal Income Taxation
• Frequently Asked Questions
• Tax-Smart Investing Center

The information set forth here is general in nature and does not constitute tax advice. Specific questions should be discussed with your tax advisor.

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