485APOS 1 lp1.htm POST-EFFECTIVE AMENDMENT NO. 22 lp1.htm - Generated by SEC Publisher for SEC Filing
File Nos.  33-34845 
  811-6014 

SECURITIES AND EXCHANGE COMMISSION
Washington,D.C.20549

FORM N-1A   
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  [X] 
Pre-Effective Amendment No.  [ ] 

Post-Effective Amendment No. 22 

and/or 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  [X] 

Amendment No. 22 

(Check appropriate box or boxes.)
 
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC. 
(Exact Name of Registrant as Specified in Charter) 

c/o The Dreyfus Corporation   
200 Park Avenue, New York, New York  10166 
(Address of Principal Executive Offices)  (Zip Code) 

Registrant's Telephone Number, including Area Code: (212) 922-6000 

Michael A Rosenberg, Esq.
200 Park Avenue
New York, New York 10166
(Name and Address of Agent for Service) 

It is proposed that this filing will become effective(check appropriate box)

 

---- Immediately upon filing pursuant to paragraph(b)
       
 ----  On (date) pursuant to paragraph (b) 
     
XX  60 days after filing pursuant to paragraph (a)(i) 
----       
  On (date) pursuant to paragraph (a)(i) 
----       
  75 days after filing pursuant to paragraph (a)(ii) 
----       
  On  (date) pursuant to paragraph (a)(ii) of Rule 485 
----       



Dreyfus

Connecticut Municipal Money

Market Fund, Inc.

Ticker symbol: DRCXX

PROSPECTUS April 1, 2010




Contents  
 
Fund Summary  
Fund Summary 1
 
Fund Details  
Goal and Approach 4
Investment Risks 5
Management 7
 
Shareholder Guide  
Buying and Selling Shares 8
Distributions and Taxes 12
Services for Fund Investors 13
Financial Highlights 15
 
For More Information  
See back cover.  



Fund Summary

INVESTMENT OBJECTIVE

The fund seeks as high a level of current income exempt from federal and Connecticut state income taxes as is consistent with the preservation of capital and the maintenance of liquidity.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.

Annual fund operating expenses (expenses that you pay each year as a percentage of  
the value of your investment)  
 
Management fees 0.50
Other expenses (including shareholder services fees)  
Total annual fund operating expenses  

EXPENSE EXAMPLE

The Example below is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would

be:        
  1 Year 3 Years 5 Years 10 Years
  $___ $___ $____ $___

PRINCIPAL INVESTMENT STRATEGY

As a money market fund, the fund is subject to maturity, quality and diversification requirements designed to help it maintain a stable share price. To pursue its goal, the fund normally invests substantially all of its assets in short-term, high quality municipal obligations that provide income exempt from federal and Connecticut state personal income taxes.

PRINCIPAL RISKS

An investment in the fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

The fund’s yield will fluctuate as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Additionally, while the fund has maintained a constant share price since inception, and will continue to try to do so, neither Dreyfus nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the fund’s share price from falling below $1.00. The following are the principal risks that could reduce the fund’s income level and/or share price:

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  • Interest rate risk. This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could cause a money market fund’s share price to drop below a dollar.

  • Credit risk. Failure of an issuer to make timely interest or principal payments, or a decline or perception of a decline in the credit quality of a municipal obligation, can cause the obligation’s price to fall, potentially lowering the fund’s share price.

  • Liquidity risk. When there is little or no active trading market for specific types of securities it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities may fall dramatically, potentially lowering the fund’s share price, even during periods of declining interest rates.

  • State-specific risk. The fund is subject to the risk that Connecticut’s economy, and the revenues underlying its municipal bonds, may decline. Investing primarily in a single state makes the fund more sensitive to risks specific to the state and may magnify other risks.

  • Non-diversification risk. The fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.

 

PERFORMANCE

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund’s shares from year to year. The table shows the fund’s average annual total return over time. The fund’s past performance is no guarantee of future results. More recent performance information may be available at www.dreyfus.com.

Year-by-year total returns as of 12/31 each year (%)

Best Quarter (___) ____% Worst Quarter (___) ____%

Average annual total returns as of 12/31/09                                                                                                       
1 Year        5 Years 10 Years

For the fund’s current 7-day yield, please call toll free: 1-800-645-6561

PORTFOLIO MANAGEMENT

The fund’s investment adviser is The Dreyfus Corporation.

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PURCHASE AND SALE OF FUND SHARES

In general, the fund’s minimum initial investment is $2,500 and the minimum subsequent investment is $100. Certain types of accounts are eligible for lower minimum investments. You may sell your shares by mail, telephone or online at www.Dreyfus.com. Your shares will be sold at the next net asset value calculated after your order is received in proper form.

TAX INFORMATION

The fund anticipates that virtually all dividends paid will be exempt from federal and Connecticut state personal income taxes. However, for federal tax purposes, certain distributions, such as distributions of short-term capital gains, are taxable as ordinary income, while long-term capital gains are taxable as capital gains. Although the fund seeks to provide income exempt from federal and Connecticut state personal income taxes, interest from some of its holdings may be subject to the federal alternative minimum tax.

PAYMENTS TO BROKER DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

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Fund Details

GOAL AND APPROACH

The fund seeks as high a level of current income exempt from federal and Connecticut state income taxes as is consistent with the preservation of capital and the maintenance of liquidity. As a money market fund, the fund is subject to maturity, quality and diversification requirements designed to help it maintain a stable share price of $1.00.

To pursue its goal, the fund normally invests substantially all of its assets in short-term, high quality municipal obligations that provide income exempt from federal and Connecticut state personal income taxes.

The fund also may invest in high quality short-term structured notes, which are derivative instruments whose value is tied to underlying municipal obligations.

Generally, the fund is required to invest its assets in the securities of issuers with the highest or second-highest credit rating or the unrated equivalent as determined by Dreyfus. Additionally, the fund is required to maintain an average dollar weighted portfolio maturity of 90 days or less and buy individual securities that have remaining maturities of 13 months or less.

Although the fund seeks to provide income exempt from federal and Connecticut state income taxes, interest from some of the fund’s holdings may be subject to the federal alternative minimum tax. In addition, the fund temporarily may invest in high quality, taxable money market instruments and/or municipal obligations that may pay income exempt only from federal income tax, including when the portfolio manager believes acceptable Connecticut municipal obligations are not available for investment.

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INVESTMENT RISKS

An investment in the fund is not a bank deposit. It is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

 

The fund’s yield will fluctuate as the short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. Additionally, while the fund has maintained a constant share price since inception, and will continue to try to do so, neither Dreyfus nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the fund’s share price from falling below $1.00. The following are the principal risks that could reduce the fund’s income level and/or share price:

  • Interest rate risk. This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. The fund’s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. A sharp and unexpected rise in interest rates could cause a money market fund’s share price to drop below a dollar. However, the extremely short maturities of the securities held in money market portfolios - a means of achieving an overall fund objective of principal safety - reduces their potential for price fluctuation.

  • Credit risk. Failure of an issuer to make timely interest or principal payments, or a decline or perception of a decline in the credit quality of a municipal obligation, can cause the obligation’s price to fall, potentially lowering the fund's share price. Although the fund invests only in high quality debt securities, any of the fund’s holdings could have its credit rating downgraded or could default. The credit quality of the securities held by the fund can change rapidly in certain market environments, and the default of a single holding could have the potential to cause significant deterioration of the fund’s net asset value.

  • Liquidity risk. When there is little or no active trading market for specific types of securities it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities may fall dramatically, potentially lowering the fund’s share price, even during periods of declining interest rates. Also, during such periods, redemptions by a few large investors in the fund may have a significant adverse effect on the fund’s net asset value and remaining fund shareholders.

  • Tax risk. To be tax-exempt, municipal obligations generally must meet certain regulatory requirements. Although the fund will normally invest all or a substantial portion of its assets in municipal obligations that pay interest that is exempt, in the opinion of counsel to the issuer (or on the basis of other authority believed by the adviser to be reliable), from federal and Connecticut state personal income taxes, if any such municipal obligations fails to meet these regulatory requirements, the interest received by the fund from its investment in such obligations and distributed to fund shareholders will be taxable.

  • Derivatives risk. Derivative securities, such as structured notes, can be volatile, and the possibility of default by the financial institution or counterparty may be greater for these securities than for other types of money market instruments. Structured notes typically are purchased in privately negotiated transactions from financial institutions and, thus, an active trading market for such instruments may not exist.

  • State-specific risk. The fund is subject to the risk that Connecticut’s economy, and the revenues underlying its municipal bonds, may decline. Investing primarily in a single state makes the fund more sensitive to risks specific to the state and may magnify other risks.

5



  • Non-diversification risk. The fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.

6



MANAGEMENT

The investment adviser for the fund is The Dreyfus Corporation (Dreyfus), 200 Park Avenue, New York, New York 10166. Founded in 1947, Dreyfus manages approximately $313 billion in 194 mutual fund portfolios. For the past fiscal year, the fund paid Dreyfus a management fee at the annual rate of ___of the fund’s average daily net assets. A discussion regarding the basis for the board’s approving the fund’s management agreement with Dreyfus is available in the fund’s annual report for the fiscal year ended November 30, 2009. Dreyfus is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY Mellon), a global financial services company focused on helping clients move and manage their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing asset and wealth management, asset servicing, issuer services, and treasury services through a worldwide client-focused team. BNY Mellon has more than $22.1 trillion in assets under custody and administration and $966 billion in assets under management, and it services more than $11.9 trillion in outstanding debt. Additional information is available at www.bnymellon.com.

The Dreyfus asset management philosophy is based on the belief that discipline and consistency are important to investment success. For each fund, Dreyfus seeks to establish clear guidelines for portfolio management and to be systematic in making decisions. This approach is designed to provide each fund with a distinct, stable identity.

MBSC Securities Corporation (MBSC), a wholly owned subsidiary of Dreyfus, serves as distributor of the fund and for the other funds in the Dreyfus Family of Funds. Rule 12b-1 fees and shareholder services fees are paid to MBSC for financing the sale and distribution of fund shares and for providing shareholder account service and maintenance, respectively. Dreyfus or MBSC may provide cash payments out of its own resources to financial intermediaries that sell shares of funds in the Dreyfus Family of Funds or provide other services. Such payments are separate from any sales charges, 12b-1 fees and/or shareholder services fees or other expenses that may be paid by a fund to those intermediaries. Because those payments are not made by fund shareholders or the fund, the fund’s total expense ratio will not be affected by any such payments. These payments may be made to intermediaries, including affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer agency services, marketing support and/or access to sales meetings, sales representatives and management representatives of the financial intermediary. Cash compensation also may be paid from Dreyfus’ or MBSC’s own resources to intermediaries for inclusion of a fund on a sales list, including a preferred or select sales list or in other sales programs. These payments sometimes are referred to as “revenue sharing.” From time to time, Dreyfus or MBSC also may provide cash or non-cash compensation to financial intermediaries or their representatives in the form of occasional gifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational conference sponsorships; support for recognition programs; and other forms of cash or non-cash compensation permissible under broker-dealer regulations. In some cases, these payments or compensation may create an incentive for a financial intermediary or its employees to recommend or sell shares of the fund to you. Please contact your financial representative for details about any payments they or their firm may receive in connection with the sale of fund shares or the provision of services to the fund.

The fund, Dreyfus and MBSC have each adopted a code of ethics that permits its personnel, subject to such code, to invest in securities, including securities that may be purchased or held by the fund. Each code of ethics restricts the personal securities transactions of employees, and requires portfolio managers and other investment personnel to comply with the code’s preclearance and disclosure procedures. The primary purpose of the respective codes is to ensure that personal trading by employees does not disadvantage any fund managed by Dreyfus or its affiliates.

7



Shareholder Guide

BUYING AND SELLING SHARES

Valuing Shares

You pay no sales charges to invest in this fund. Your price for shares is the net asset value per share (NAV), which is generally calculated as of 12:00 noon Eastern time on days the New York Stock Exchange is open for regular business. Your order will be priced at the next NAV calculated after your order is received in proper form by the fund’s transfer agent or other authorized entity.

The fund’s portfolio securities are valued at amortized cost, which does not take into account unrealized gains or losses. As a result, portfolio securities are valued at their acquisition cost, adjusted over time based on the discounts or premiums reflected in their purchase price. The fund uses the amortized cost method of valuation pursuant to Rule 2a-7 under the Investment Company Act of 1940 in order to be able to price its shares at $1.00 per share. In accordance with Rule 2a-7, the fund is subject to certain maturity, quality and diversification requirements to help it maintain the $1.00 per share price. Because the fund seeks tax exempt income, it is not recommended for purchase in IRAs or other qualified retirement plans.

When calculating its NAV, the fund compares the NAV using amortized cost to its NAV using available market quotations or market equivalents, which generally are provided by an independent pricing service approved by the fund’s board. The pricing service’s procedures are reviewed under the general supervision of the board.

How to Buy Shares

By Mail – Regular Accounts. To open a regular account, complete an application and mail, together with a check payable to The Dreyfus Family of Funds, to:

The Dreyfus Family of Funds
P.O. Box 55299
Boston, MA 02205-8502

To purchase additional shares in a regular account, mail a check payable to The Dreyfus Family of Funds (with your account number on your check), together with an investment slip, to:

The Dreyfus Family of Funds
P.O. Box 105
Newark, NJ 07101-0105

Electronic Check or Wire. To purchase shares in a regular account by wire or electronic check, please call 1-800-645-6561 (outside the U.S. 516-794-5452) for more information.

Dreyfus TeleTransfer. To purchase additional shares in a regular account by Dreyfus TeleTransfer, which will transfer money from a pre-designated bank account, request the account service on your application. Call us at 1-800-645-6561 (outside the U.S. 516-794-5452) or visit www.dreyfus.com to request your transaction.

Automatically. You may purchase additional shares in a regular account by selecting one of Dreyfus’ automatic investment services made available to the fund on your account application or service application. See “Services for Fund Investors.” In Person. Visit a Dreyfus Financial Center. Please call us for locations.

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The minimum initial and subsequent investment for regular accounts is $2,500 and $100, respectively. Investments made through Dreyfus TeleTransfer are subject to a $100 minimum and a $150,000 maximum. All investments must be in U.S. dollars. Third-party checks, cash, travelers’ checks or money orders will not be accepted. You may be charged a fee for any check that does not clear.

How to Sell Shares

You may sell (redeem) shares at any time. Your shares will be sold at the next NAV calculated after your order is received in proper form by the fund’s transfer agent or other authorized entity. Any certificates representing fund shares being sold must be returned with your redemption request. Your order will be processed promptly and you will generally receive the proceeds within a week.

Before selling or writing a check against shares recently purchased by check, Dreyfus TeleTransfer or Automatic Asset Builder, please note that:

  • If you send a written request to sell such shares, the fund may delay selling the shares for up to eight business days following the purchase of those shares

  • The fund will not honor redemption checks, or process wire, telephone, online or Dreyfus TeleTransfer redemption requests for up to eight business days following the purchase of those shares.

By Mail — Regular Account. To redeem shares of a regular account by mail, send a letter of instruction that includes your name, your account number, the name of the fund, the dollar amount to be redeemed and how and where to send the proceeds. Mail your request to:

The Dreyfus Family of Funds
P.O. Box 55263
Boston, MA 02205-8501

A signature guarantee is required for some written sell orders. These include:

  • amounts of $10,000 or more on accounts whose address has been changed within the last 30 days

  • requests to send the proceeds to a different payee or address

  • amounts of $100,000 or more

A signature guarantee helps protect against fraud. You can obtain one from most banks or securities dealers, but not from a notary public. For joint accounts, each signature must be guaranteed. Please call to ensure that your signature guarantee will be processed correctly.

Telephone or Online. To sell shares in a regular account, call Dreyfus at 1-800-645-6561 (outside the U.S. 516-794-5452) or visit www.dreyfus.com to request your transaction.

A check will be mailed to your address of record or you may request a wire or electronic check (Dreyfus TeleTransfer). For wires or Dreyfus TeleTransfer, be sure that the fund has your bank account information on file. Proceeds will be wired or sent by electronic check to your bank account.

You may request that redemption proceeds be paid by check and mailed to your address of record (maximum $250,000 per day). You may request that redemption proceeds be sent to your bank by wire (minimum $1,000/maximum $20,000 per day) or by Dreyfus TeleTransfer (minimum $500/maximum $20,000 per day). Holders of joint accounts may redeem by wire or through Dreyfus TeleTransfer up to $500,000 within any 30-day period.

Automatically. You may sell shares in a regular account by calling 1-800-645-6561 (outside the U.S. 516-794-5452) for instructions to establish the Dreyfus Automatic Withdrawal Plan.

In Person. Visit a Dreyfus Financial Center. Please call us for locations.

9



General Policies

Unless you decline teleservice privileges on your application, the fund’s transfer agent is authorized to act on telephone or online instructions from any person representing himself or herself to be you and reasonably believed by the transfer agent to be genuine. You may be responsible for any fraudulent telephone or online order as long as the fund’s transfer agent takes reasonable measures to confirm that instructions are genuine.

If you invest through a financial intermediary (rather than directly with the distributor), the policies and fees may be different than those described herein. Banks, brokers, 401(k) plans, financial advisers and financial supermarkets may charge transaction fees and may set different minimum investments or limitations on buying or selling shares. Please consult your financial representative or the Statement of Additional Information.

Money market funds generally are used by investors for short-term investments, often in place of bank checking or savings accounts, or for cash management purposes. The fund is designed to benefit investors who do not engage in frequent redemptions or exchanges of fund shares. Because charges may apply to redemptions and exchanges of fund shares, and because the number of exchanges permitted is limited, the fund may not be an appropriate investment for an investor who intends to engage frequently in such transactions. Dreyfus also believes that money market funds, such as the fund, are not targets of abusive trading practices, because money market funds seek to maintain a $1.00 per share price and typically do not fluctuate in value based on market prices. However, frequent purchases and redemptions of the fund’s shares could increase the fund’s transaction costs, such as market spreads and custodial fees, and may interfere with the efficient management of the fund’s portfolio, which could detract from the fund’s performance. Accordingly, the fund reserves the right to refuse any purchase or exchange request. Funds in the Dreyfus Family of Funds that are not money market mutual funds have approved polices and procedures that are intended to discourage and prevent abusive trading practices in those mutual funds, which may apply to exchanges from or into a fund. If you plan to exchange your fund shares for shares of another Dreyfus fund, please read the prospectus of that other Dreyfus fund for more information.

The fund also reserves the right to:

  • refuse any purchase or exchange request

  • change or discontinue its exchange privilege, or temporarily suspend the privilege during unusual market conditions

  • change its minimum or maximum investment amounts

  • delay sending out redemption proceeds for up to seven days (generally applies only during unusual market conditions or in cases of very large redemptions or excessive trading)

  • “redeem in kind,” or make payments in securities rather than cash, if the amount redeemed is large enough to affect fund operations (for example, if it exceeds 1% of the fund’s assets)

The fund also may process purchase and sale orders and calculate its NAV on days the fund’s primary trading markets are open and the fund’s management determines to do so.

10



Small Account Policies

To offset the relatively higher costs of servicing smaller accounts, the fund charges regular accounts with balances below $2,000 an annual fee of $12. The fee will be imposed during the fourth quarter of each calendar year.

The fee will be waived for: any investor whose aggregate Dreyfus mutual fund investments total at least $25,000; accounts participating in automatic investment programs; and accounts opened through a financial institution.

If your account falls below $500, the fund may ask you to increase your balance. If it is still below $500 after 45 days, the fund may close your account and send you the proceeds.

11



DISTRIBUTIONS AND TAXES

The fund earns dividends, interest and other income from its investments, and distributes this income (less expenses) to shareholders as dividends. The fund also realizes capital gains from its investments, and distributes these gains (less any losses) to shareholders as capital gain distributions. The fund normally pays dividends once a month and capital gain distributions annually. Fund dividends and distributions will be reinvested in the fund unless you instruct the fund otherwise. There are no fees or sales charges on reinvestments.

The fund anticipates that virtually all dividends paid to you will be exempt from federal and Connecticut state personal income taxes. However, for federal tax purposes, certain distributions, such as distributions of short-term capital gains, are taxable to you as ordinary income, while long-term capital gains are taxable to you as capital gains.

For Connecticut state personal income tax purposes, distributions derived from interest on municipal securities of Connecticut issuers and from interest on qualifying securities issued by U.S. territories and possessions are generally exempt from tax. Distributions that are federally taxable as ordinary income or capital gains are generally subject to Connecticut state personal income taxes.

The tax status of any distribution generally is the same regardless of how long you have been in the fund and whether you reinvest your distributions or take them in cash.

If you buy shares of a fund when the fund has realized but not yet distributed income or capital gains, you will be “buying a dividend” by paying the full price for the shares and then receiving a portion back in the form of a taxable distribution.

Your sale of shares, including exchanges into other funds, may result in a capital gain or loss for tax purposes. A capital gain or loss on your investment in the fund generally is the difference between the cost of your shares and the amount you receive when you sell them.

The tax status of your distributions will be detailed in your annual tax statement from the fund. Because everyone’s tax situation is unique, please consult your tax advisor before investing.

12



SERVICES FOR FUND INVESTORS

Automatic services

Buying or selling shares automatically is easy with the services described below. With each service, you select a schedule and amount, subject to certain restrictions. If you purchase shares through a third party, the third party may impose different restrictions on these services and privileges, or may not make them available at all. For information, call your financial representative or 1-800-645-6561.

Dreyfus Automatic Asset Builder® permits you to purchase fund shares (minimum of $100 and maximum of $150,000 per transaction) at regular intervals selected by you. Fund shares are purchased by transferring funds from the bank account designated by you.

Dreyfus Payroll Savings Plan permits you to purchase fund shares (minimum of $100 per transaction) automatically through a payroll deduction.

Dreyfus Government Direct Deposit permits you to purchase fund shares (minimum of $100 and maximum of $50,000 per transaction) automatically from your federal employment, Social Security or other regular federal government check.

Dreyfus Dividend Sweep permits you to automatically reinvest dividends and distributions from the fund into another Dreyfus Fund (not available for IRAs).

Dreyfus Auto-Exchange Privilege permits you to exchange at regular intervals your fund shares for shares of other Dreyfus Funds.

Dreyfus Automatic Withdrawal Plan permits you to make withdrawals (minimum of $50) on a monthly or quarterly basis, provided your account balance is at least $5,000.

Exchange privilege

Generally, you can exchange shares worth $500 or more (no minimum for retirement accounts) into other Dreyfus Funds. You can request your exchange by contacting your financial representative. Be sure to read the current prospectus for any fund into which you are exchanging before investing. Any new account established through an exchange generally will have the same privileges as your original account (as long as they are available). There is currently no fee for exchanges, although you may be charged a sales load when exchanging into any fund that has one.

Dreyfus TeleTransfer privilege

To move money between your bank account and your Dreyfus Fund account with a phone call or online, use the Dreyfus TeleTransfer privilege. You can set up Dreyfus TeleTransfer on your account by providing bank account information and following the instructions on your application, or contacting your financial representative.

Account Statements

Every Dreyfus Fund investor automatically receives regular account statements. You will also be sent a yearly statement detailing the tax characteristics of any dividends and distributions you have received.

13



Checkwriting privilege

You may write redemption checks against your account in amounts of $500 or more. These checks are free; however, a fee will be charged if you request a stop payment or if the transfer agent cannot honor a redemption check due to insufficient funds or another valid reason. Please do not postdate your checks or use them to close your account.

Dreyfus Express®
voice-activated account access

You can easily manage your Dreyfus accounts, check your account balances, purchase fund shares, transfer money between your Dreyfus Funds, get price and yield information, and much more, by calling 1-800-645-6561. Certain requests require the services of a representative.

14



FINANCIAL HIGHLIGHTS

These financial highlights describe the performance of the fund’s shares for the fiscal periods indicated. “Total return” shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These financial highlights have been audited by _________________________, an independent registered public accounting firm, whose report, along with the fund’s financial statements, is included in the annual report, which is available upon request.

 

          Two Months Year Ended
          Ended September 30,
          November  
    Year Ended November 30,   30,  
 
  2009 2008 2007 2006 2005 a 2005
Per Share Data ($):          
Net asset value, beginning of 1.00 1.00 1.00 1.00 1.00
period            
Investment Operations:          
Investment income--net .019 .030 .027 .003 .014
Distributions:          
Dividends from investment (.019) (.030) (.027) (.003) (.014)
income-net          
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
 
Total Return (%) 1.96 3.05 2.73 2.09 b 1.44
Ratios/Supplemental Data (%):          
Ratio of total expenses to .64 .66 .68 .72 b .67
average net assets          
Ratio of net expenses to average .63 .64 .65 .65 b .65
net assets          
Ratio of net investment income to 1.90 3.01 2.70 2.09 b 1.44
average net assets          
Net Assets, end of period 204,523 185,726 137,772 149,417 156,172
($ x 1,000)          
 
 
 
a The fund changed its fiscal year end from September 30 to November 30.      
b Annualized.          

15



For More Information

Dreyfus Connecticut Municipal Money Market Fund, Inc.

SEC file number: 811-6014

More information on this fund is available free upon request, including the following:

Annual/Semiannual Report

Describes the fund’s performance, lists portfolio holdings and contains a letter from the fund’s manager discussing recent market conditions, economic trends and fund strategies that significantly affected the fund’s performance during the last fiscal year.The fund’s most recent annual and semiannual reports are available at www.dreyfus.com.

Statement of Additional Information (SAI)

Provides more details about the fund and its policies. A current SAI is available at www.dreyfus.com and is on file with the Securities and Exchange Commission (SEC). The SAI is incorporated by reference (is legally considered part of this prospectus).

Portfolio Holdings

Dreyfus funds generally disclose their complete schedule of portfolio holdings monthly with a 30-day lag at www.dreyfus.com under Mutual Fund Center – Dreyfus Mutual Funds – Mutual Fund Total Holdings. Complete holdings as of the end of the calendar quarter are disclosed 15 days after the end of such quarter. Dreyfus money market funds generally disclose their complete schedule of holdings daily. The schedule of holdings for a fund will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the dates of the posted holdings.

A complete description of the fund’s policies and procedures with respect to the disclosure of the fund’s portfolio securities is available in the fund’s SAI.

To obtain information:

By telephone Call 1-800-645-6561

By mail Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144

By E-mail Send your request to info@dreyfus.com
On the Internet Certain fund documents can be viewed online or downloaded from:
SEC http://www.sec.gov
Dreyfus http://www.dreyfus.com

You can also obtain copies, after paying a duplicating fee, by visiting the SEC’s Public Reference Room in Washington, DC (for information, call 1-202-551-8090) or by E-mail request to publicinfo@sec.gov, or by writing to the SEC’s Public Reference Section, Washington, DC 20549-0102.

0101P0410

© 2010 MBSC Securities Corporation



DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.

STATEMENT OF ADDITIONAL INFORMATION
APRIL 1, 2010

     This Statement of Additional Information, which is not a prospectus, supplements and should be read in conjunction with the current Prospectus of Dreyfus Connecticut Municipal Money Market Fund, Inc. (the “Fund”), dated April 1, 2010, as the Prospectus may be revised from time to time. To obtain a copy of the Fund’s Prospectus, please call your financial adviser, or write to the Fund at 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, visit www.dreyfus.com, or call one of the following numbers:

Call Toll Free 1-800-645-6561
In New York City -- Call 1-718-895-1206
Outside the U.S. -- Call 516-794-5452

     The Fund’s most recent Annual Report and Semi-Annual Report to Shareholders are separate documents supplied with this Statement of Additional Information, and the financial statements, accompanying notes and report of the independent registered public accounting firm appearing in the Annual Report are incorporated by reference into this Statement of Additional Information.

TABLE OF CONTENTS   
  Page 
 
Description of the Fund  B-2 
Management of the Fund  B-9 
Management Arrangements  B-17 
How to Buy Shares  B-21 
Shareholder Services Plan  B-24 
How to Redeem Shares  B-24 
Shareholder Services  B-26 
Determination of Net Asset Value  B-30 
Dividends, Distributions and Taxes  B-30 
Portfolio Transactions  B-32 
Information About the Fund  B-35 
Counsel and Independent Registered Public Accounting Firm  B-35 
Appendix A  B-36 
Appendix B  B-49 



DESCRIPTION OF THE FUND

     The Fund is a Maryland corporation formed on May 16, 1990. The Fund is an open-end, management investment company, known as a municipal money market mutual fund. As a municipal fund, the Fund invests in debt obligations issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multi-state agencies or authorities, and certain other specified securities, the interest from which is, in the opinion of bond counsel to the issuer, exempt from Federal income tax (“Municipal Obligations”).

     The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the Fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”) is the distributor of the Fund’s shares.

Certain Portfolio Securities

     The following information supplements and should be read in conjunction with the Fund’s Prospectus.

     Municipal Obligations. As a fundamental policy, the Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in Municipal Obligations of the State of Connecticut, its political subdivisions, authorities and corporations, and certain other specified securities, that provide income exempt from Federal and State of Connecticut personal income taxes (collectively, “Connecticut Municipal Obligations”). To the extent acceptable Connecticut Municipal Obligations are at any time unavailable for investment by the Fund, the Fund will invest temporarily in other Municipal Obligations. Municipal Obligations generally include debt obligations issued to obtain funds for various public purposes as well as certain industrial development bonds issued by or on behalf of public authorities. Municipal Obligations are classified as general obligation bonds, revenue bonds and notes. General obligation bonds are secured by the issuer’s pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable from the revenue derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source, but not from the general taxing power. Tax exempt industrial development bonds, in most cases, are revenue bonds that do not carry the pledge of the credit of the issuing municipality, but generally are guaranteed by the corporate entity on whose behalf they are issued. Notes are short-term instruments which are obligations of the issuing municipalities or agencies and are sold in anticipation of a bond sale, collection of taxes or receipt of other revenues. Municipal Obligations include municipal lease/purchase agreements, which are similar to installment purchase contracts for property or equipment issued by municipalities. Municipal Obligations bear fixed, floating or variable rates of interest.

     The yields on Municipal Obligations are dependent on a variety of factors, including general economic and monetary conditions, money market factors, conditions in the Municipal Obligations market, size of a particular offering, maturity of the obligation, and rating of the issue.



     Municipal Obligations include certain private activity bonds (a type of revenue bond), the income from which is subject to the alternative minimum tax (AMT). The Fund may invest without limitation in such Municipal Obligations if the Manager determines that their purchase is consistent with the Fund’s investment objective.

Certain Tax Exempt Obligations. The Fund may purchase floating and variable rate demand notes and bonds, which are tax exempt obligations ordinarily having stated maturities in excess of 13 months, but which permit the holder to demand payment of principal at any time, or at specified intervals not exceeding 13 months, in each case upon not more than 30 days’ notice. Variable rate demand notes include master demand notes which are obligations that permit the Fund to invest fluctuating amounts, at varying rates of interest, pursuant to direct arrangements between the Fund, as lender, and the borrower. These obligations permit daily changes in the amount borrowed. Because these obligations are direct lending arrangements between the lender and borrower, it is not contemplated that such instruments generally will be traded, and there generally is no established secondary market for these obligations, although they are redeemable at face value, plus accrued interest. Accordingly, where these obligations are not secured by letters of credit or other credit support arrangements, the Fund’s right to redeem is dependent on the ability of the borrower to pay principal and interest on demand. Each obligation purchased by the Fund will meet the quality criteria established for the purchase of Municipal Obligations.

Derivative Products. The Fund may purchase various derivative products whose value is tied to underlying Municipal Obligations. The Fund will purchase only those derivative products that are consistent with its investment objective and policies and comply with the quality, maturity and diversification standards of Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”). The principal types of derivative products are described below.

(1)     

Tax Exempt Participation Interests. Tax exempt participation interests (such as industrial development bonds and municipal lease/purchase agreements) give the Fund an undivided interest in a Municipal Obligation in the proportion that the Fund’s participation interest bears to the total principal amount of the Municipal Obligation. Participation interests may have fixed, floating or variable rates of interest, and are frequently backed by an irrevocable letter of credit or guarantee of a bank.

(2)     

Tender Option Bonds. Tender option bonds grant the holder an option to tender an underlying Municipal Obligation at par plus accrued interest at specified intervals to a financial institution that acts as a liquidity provider. The holder of a tender option bond effectively holds a demand obligation that bears interest at the prevailing short-term tax-exempt rate.

(3)     

Custodial Receipts. In a typical custodial receipt arrangement, an issuer of a Municipal Obligation deposits it with a custodian in exchange for two classes of custodial receipts. One class has the characteristics of a typical auction rate security, where at specified intervals its interest rate is adjusted and ownership



 

changes. The other class’s interest rate also is adjusted, but inversely to changes in the interest rate of the first class.

(4)     

Structured Notes. Structured notes typically are purchased in privately negotiated transactions from financial institutions and, therefore, may not have an active trading market. When the Fund purchases a structured note, it will make a payment of principal to the counterparty. Some structured notes have a guaranteed repayment of principal while others place a portion (or all) of the principal at risk. The possibility of default by the counterparty or its credit provider may be greater for structured notes than for other types of money market instruments.

Ratings of Municipal Obligations. The Fund may invest only in those Municipal Obligations which are rated in one of the two highest rating categories for debt obligations by at least two rating organizations (or one rating organization if the instrument was rated by only one such organization) or, if unrated, are of comparable quality as determined by the Manager in accordance with procedures established by the Fund’s Board.

     The average distribution of investments (at value) in Municipal Obligations (including notes) by ratings for the fiscal year ended November 30, 2009, computed on a monthly basis, was as follows:

    Moody’s    Standard &   
Fitch Ratings    Investors Service,    Poor’s Ratings  Percentage 
(“Fitch”)  or  Inc. (“Moody’s”)  or  Services (“S&P”)  of Value 
F-1+/F-1    VMIG 1/MIG 1, P-1    SP-1+/SP-1, A1+/A1  ______% 
AAA/AA/A    Aaa/Aa/A    AAA/AA/A  _____% 
Not Rated    Not Rated    Not Rated  ______% 
          ______% 

(1)     

Included in the not rated category are securities which, while not rated, all have been determined by the Manager to be of comparable quality to securities in the MIG1/SP-1/F- 1 rating category.

     If, subsequent to its purchase by the Fund, (a) an issue of rated Municipal Obligations ceases to be rated in the highest rating category by at least two rating organizations (or one rating organization if the instrument was rated by only one such organization) or the Fund’s Board determines that it is no longer of comparable quality or (b) the Manager becomes aware that any portfolio security not so highly rated or any unrated security has been given a rating by any rating organization below the rating organization’s second highest rating category, the Fund’s Board will reassess promptly whether such security presents minimal credit risk and will cause the Fund to take such action as it determines is in the best interest of the Fund and its shareholders; provided that the reassessment required by clause (b) is not required if the portfolio security is disposed of or matures within five business days of the Manager becoming aware of the new rating and the Fund’s Board is subsequently notified of the Manager’s actions.



     To the extent the ratings given by Moody’s, S&P or Fitch (collectively, the “Rating Agencies”) for Municipal Obligations may change as a result of changes in such organization or their rating systems, the Fund will attempt to use comparable ratings as standards for its investments in accordance with the investment policies described in the Fund’s Prospectus and this Statement of Additional Information. The ratings of the Rating Agencies represent their opinions as to the quality of the Municipal Obligations which they undertake to rate. It should be emphasized, however, that ratings are relative and subjective and are not absolute standards of quality. Although these ratings may be an initial criterion for selection of portfolio investments, the Manager also will evaluate these securities and the creditworthiness of the issuers of such securities.

     Taxable Investments. From time to time, on a temporary basis other than for temporary defensive purposes (but not to exceed 20% of the value of the Fund’s net assets) or for temporary defensive purposes, the Fund may invest in taxable short-term investments (“Taxable Investments”) consisting of: notes of issuers having, at the time of purchase, a quality rating within the two highest grades of a Rating Agency; obligations of the U.S. Government, its agencies or instrumentalities; commercial paper rated not lower than P-2 by Moody’s, A-2 by S&P or F-2 by Fitch; certificates of deposit of U.S. domestic banks, including foreign branches of domestic banks, with assets of $1 billion or more; time deposits; bankers’ acceptances and other short-term bank obligations; and repurchase agreements in respect of any of the foregoing. Dividends paid by the Fund that are attributable to income earned by the Fund from Taxable Investments will be taxable to investors. See “Dividends, Distributions and Taxes”. Except for temporary defensive purposes, at no time will more than 20% of the value of the Fund’s net assets be invested in Taxable Investments. If the Fund purchases Taxable Investments, it will value them using the amortized cost method and comply with the provisions of Rule 2a-7 relating to purchases of taxable instruments. When the Fund has adopted a temporary defensive position, including when acceptable Connecticut Municipal Obligations are unavailable for investment by the Fund, in excess of 20% of the Fund’s net assets may be invested in securities that are not exempt from Connecticut income taxes. Under normal market conditions, the Fund anticipates that not more than 5% of the value of its total assets will be invested in any one category of Taxable Investments.

     Illiquid Securities. The Fund may invest up to 10% of the value of its net assets in securities as to which a liquid trading market does not exist, provided such investments are consistent with the Fund’s investment objective. These securities may include securities that are not readily marketable, such as securities subject to legal or contractual restrictions on resale, and repurchase agreements providing for settlement in more than seven days after notice. As to these securities, the Fund is subject to a risk that should the Fund desire to sell them when a ready buyer is not available at a price the Fund deems representative of their value, the value of the Fund’s net assets could be adversely affected.

Investment Techniques

     The following information supplements and should be read in conjunction with the Fund’s Prospectus.



     Borrowing Money. The Fund may borrow money from banks, but only for temporary or emergency (not leveraging) purposes, in an amount up to 15% of the value of its total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time borrowing is made. While such borrowings exceed 5% of the value of the Fund’s total assets, the Fund will not make any additional investments.

     Stand-By Commitments. The Fund may acquire “stand-by commitments” with respect to Municipal Obligations held in its portfolio. Under a stand-by commitment, the Fund obligates a broker, dealer or bank to repurchase, at the Fund’s option, specified securities at a specified price and, in this respect, stand-by commitments are comparable to put options. The exercise of a stand-by commitment, therefore, is subject to the ability of the seller to make payment on demand. The Fund will acquire stand-by commitments solely to facilitate portfolio liquidity and does not intend to exercise its rights thereunder for trading purposes. The Fund may pay for stand-by commitments if such action is deemed necessary, thus increasing to a degree the cost of the underlying Municipal Obligation and similarly decreasing such security’s yield to investors. Gains realized in connection with stand-by commitments will be taxable.

     Forward Commitments. The Fund may purchase Municipal Obligations and other securities on a forward commitment, when-issued or delayed delivery basis, which means that delivery and payment take place in the future after the date of the commitment to purchase. The payment obligation and the interest rate receivable on a forward commitment, when-issued, or delayed delivery security are fixed when the Fund enters into the commitment, but the Fund does not make payment until it receives delivery from the counterparty. The Fund will commit to purchase such securities only with the intention of actually acquiring the securities, but the Fund may sell these securities before the settlement date if it is deemed advisable. The Fund will segregate permissible liquid assets at least equal at all times to the amount of the Fund’s purchase commitments.

     Municipal Obligations and other securities purchased on a forward commitment, when-issued or delayed delivery basis are subject to changes in value (generally changing in the same way, i.e. appreciating when interest rates decline and depreciating when interest rates rise) based upon the public’s perception of the creditworthiness of the issuer and changes, real or anticipated, in the level of interest rates. Securities purchased on a forward commitment, when-issued or delayed-delivery basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a forward commitment, when-issued or delayed delivery basis can involve the additional risk that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment, when-issued or delayed delivery basis when the Fund is fully or almost fully invested may result in greater potential fluctuation in the value of the Fund’s net assets and its net asset value per share.

Certain Investment Considerations and Risks

     General. The Fund attempts to increase yields by trading to take advantage of short-term market variations. This policy is expected to result in high portfolio turnover but should not adversely affect the Fund since the Fund usually does not pay brokerage commissions when



purchasing short-term obligations. The value of the portfolio securities held by the Fund will vary inversely to changes in prevailing interest rates. Thus, if interest rates have increased from the time a security was purchased, such security, if sold, might be sold at a price less than its purchase cost. Similarly, if interest rates have declined from the time a security was purchased, such security, if sold, might be sold at a price greater than its purchase cost. In either instance, if the security was purchased at face value and held to maturity, no gain or loss would be realized.

     Even though interest-bearing securities are investments which promise a stable stream of income, the prices of such securities are inversely affected by changes in interest rates and, therefore, are subject to the risk of market price fluctuations. The values of fixed-income securities also may be affected by changes in the credit rating or financial condition of the issuing entities. The Fund seeks to maintain a stable $1.00 share price.

     Investing in Municipal Obligations. The Fund may invest more than 25% of the value of its total assets in Municipal Obligations which are related in such a way that an economic, business or political development or change affecting one such security also would affect the other securities; for example, securities the interest upon which is paid from revenues of similar types of projects or securities whose issuers are located in the same state. As a result, the Fund may be subject to greater risk as compared to a municipal money market fund that does not follow this practice.

     Certain municipal lease/purchase obligations in which the Fund may invest may contain “non-appropriation” clauses which provide that the municipality has no obligation to make lease payments in future years unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease/purchase obligations are secured by the leased property, disposition of the leased property in the event of foreclosure might prove difficult. In evaluating the credit quality of a municipal lease/purchase obligation that is unrated, the Manager will consider, on an ongoing basis, a number of factors including the likelihood that the issuing municipality will discontinue appropriating funds for the leased property.

     Certain provisions in the Internal Revenue Code of 1986, as amended (the “Code”), relating to the issuance of Municipal Obligations may reduce the volume of Municipal Obligations qualifying for Federal tax exemption. One effect of these provisions could be to increase the cost of the Municipal Obligations available for purchase by the Fund and thus reduce the available yield. Shareholders should consult their tax advisers concerning the effect of these provisions on an investment in the Fund. Proposals that may restrict or eliminate the income tax exemption for interest on Municipal Obligations may be introduced in the future. If any such proposal were enacted that would reduce the availability of Municipal Obligations for investment by the Fund so as to adversely affect Fund shareholders, the Fund would reevaluate its investment objective and policies and submit possible changes in the Fund’s structure to shareholders for their consideration. If legislation were enacted that would treat a type of Municipal Obligation as taxable, the Fund would treat such security as a permissible Taxable Investment within the applicable limits set forth herein.

     Investing in Connecticut Municipal Obligations. Since the Fund is concentrated in securities issued by Connecticut or entities within Connecticut, an investment in the Fund may



involve greater risk than investments in certain other types of money market funds. You should consider carefully the special risks inherent in the Fund’s investment in Connecticut Municipal Obligations. You should review the information in “Appendix A” which provides a brief summary of special investment considerations and risk factors relating to investing in Connecticut Municipal Obligations.

Investment Restrictions

     The Fund’s investment objective, and its policy to normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in Connecticut Municipal Obligations (or other instruments with similar economic characteristics), are fundamental policies which cannot be changed without approval by the holders of a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities. In addition, the Fund has adopted investment restrictions numbered 1 through 10 as fundamental policies. Investment restriction number 11 is not a fundamental policy and may be changed by vote of a majority of the Fund’s Board members at any time. The Fund may not:

     1. Purchase securities other than Municipal Obligations and Taxable Investments as those terms are defined previously and in the Fund’s Prospectus.

     2. Borrow money, except from banks for temporary or emergency (not leveraging) purposes in an amount up to 15% of the value of the Fund’s total assets (including the amount borrowed) based on the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. While borrowings exceed 5% of the value of the Fund’s total assets, the Fund will not make any additional investments.

     3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure borrowings for temporary or emergency purposes.

4.     

Sell securities short or purchase securities on margin.

5.     

Underwrite the securities of other issuers, except that the Fund may bid separately

or as part of a group for the purchase of Municipal Obligations directly from an issuer for its own portfolio to take advantage of the lower purchase price available.

     6. Purchase or sell real estate, real estate investment trust securities, commodities or commodity contracts, or oil and gas interests, but this shall not prevent the Fund from investing in Municipal Obligations secured by real estate or interests therein.

     7. Make loans to others except through the purchase of qualified debt obligations and the entry into repurchase agreements referred to above and in the Fund’s Prospectus.

     8. Invest more than 25% of its total assets in the securities of issuers in any single industry; provided that there shall be no such limitation on the purchase of Municipal Obligations and, for temporary defensive purposes, obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.



9.     

Invest in companies for the purpose of exercising control.

10.     

Invest in securities of other investment companies, except as they may be

acquired as part of a merger, consolidation or acquisition of assets.

     11. Enter into repurchase agreements providing for settlement in more than seven days after notice or purchase securities which are illiquid if, in the aggregate, more than 10% of the value of the Fund’s net assets would be so invested.

     For purposes of Investment Restriction No. 8, industrial development bonds, where the payment of principal and interest is the ultimate responsibility of companies within the same industry, are grouped together as an “industry”.

     If a percentage restriction is adhered to at the time of investment, a later change in such percentage resulting from a change in values or assets will not constitute a violation of such restriction.

MANAGEMENT OF THE FUND

     The Fund’s Board is responsible for the management and supervision of the Fund, and approves all significant agreements with those companies that furnish services to the Fund. These companies are as follows:

The Dreyfus Corporation  Investment Adviser 
MBSC Securities Corporation  Distributor 
Dreyfus Transfer, Inc  Transfer Agent 
The Bank of New York Mellon  Custodian 
 
Board Members of the Fund1   

Board members of the Fund, together with information as to their positions with the

Fund, principal occupations and other board memberships and affiliations, are shown below.

1 None of the Board members are “interested persons“ of the Fund, as defined in the 1940 Act.



Name (Age)  Principal Occupation  Other Board Memberships and Affiliations 
Position with Company (Since)  During Past 5 Years   
 
Joseph S. DiMartino (66)  Corporate Director and  The Muscular Dystrophy Association, 
Chairman of the Board  Trustee  Director 
(1995)    CBIZ (formerly, Century Business Services, 
    Inc.), a provider of outsourcing functions for 
    small and medium size companies, Director 
    The Newark Group, a provider of a national 
    market of paper recovery facilities, 
    paperboard mills and paperboard converting 
    plants, Director 
 
 
David W. Burke (73)  Corporate Director and  John F. Kennedy Library Foundation, 
Board Member  Trustee  Director 
(1994)     
 
William Hodding Carter III (74)  Professor of Leadership &  The Century Foundation, a tax-exempt 
Board Member  Public Policy, University  research foundation, Emeritus Director 
(2006)  of North Carolina, Chapel  The Enterprise Corporation of the Delta, a 
  Hill (January 1, 2006 –  non-profit economic development 
  present)  organization, Director 
  President and Chief   
  Executive Officer of the   
  John S. and James L.   
  Knight Foundation   
  (February 1, 1998 –   
  February 1, 2006)   
 
Gordon J. Davis (68)  Partner in the law firm of  Consolidated Edison, Inc., a utility 
Board Member  Dewey & LeBoeuf LLP  company, Director 
(1995)    Phoenix Companies, Inc., a life insurance 
    company, Director 
    Board Member/Trustee for several not-for- 
    profit groups 
 
Joni Evans (67)  Chief Executive Officer,  None 
Board Member  www.wowOwow.com, an   
(1991)  online community   
  dedicated to women's   
  conversations and   
  publications   
  Principal, Joni Evans Ltd.   
  Senior Vice President of   
  the William Morris Agency   
  (2005)   



Name (Age)  Principal Occupation  Other Board Memberships and Affiliations 
Position with Company (Since)  During Past 5 Years   
 
Ehud Houminer (69)  Executive-in-Residence at  International Advisory Board to the MBA 
Board Member  the Columbia Business  Program School of Management, Ben 
(2006)  School, Columbia  Gurion University, Chairman 
  University   
 
Richard C. Leone (69)  President of The Century  The American Prospect, Director 
Board Member  Foundation (formerly, The  Center for American Progress, Director 
(2006)  Twentieth Century Fund,   
  Inc.), a tax exempt research   
  foundation engaged in the   
  study of economic, foreign   
  policy and domestic issues   
 
Hans C. Mautner (72)  President – International  None 
Board Member  Division and an Advisory   
(2006)  Director of Simon Property   
  Group, a real estate   
  investment company   
  (1998-present)   
  Chairman and Chief   
  Executive Officer of Simon   
  Global Limited (1999-   
  present)   
 
Robin A. Melvin (46)  Director, Boisi Family  None 
Board Member  Foundation, a private   
(2006)  family foundation that   
  supports youth-serving   
  organizations that promote   
  the self sufficiency of   
  youth from disadvantaged   
  circumstances   
  Senior Vice President,   
  Mentor, a national non-   
  profit youth mentoring   
  organization (2005)   
 
Burton N. Wallack (59)  President and co-owner of  None 
Board Member  Wallack Management   
(1991)  Company, a real estate   
  management company   



Name (Age)  Principal Occupation  Other Board Memberships and Affiliations 
Position with Company (Since)  During Past 5 Years   
 
John E. Zuccotti (72)  Chairman of Brookfield  Emigrant Savings Bank, Director 
Board Member  Financial Properties, Inc.  Wellpoint, Inc., Director 
(2006)  Senior Counsel of Weil,  Columbia University, Trustee 
  Gotshal & Manges, LLP  Doris Duke Charitable Foundation, Trustee 
  Emeritus Chairman of the   
  Real Estate Board of New   
  York   

Board members are elected to serve for an indefinite term. The Fund has standing audit, nominating and compensation committees, each comprised of its Board members who are not “interested persons” of the Fund, as defined in the 1940 Act. The function of the audit committee is (i) to oversee the Fund’s accounting and financial reporting processes and the audits of the Fund’s financial statements and (ii) to assist in the Board’s oversight of the integrity of the Fund’s financial statements, the Fund’s compliance with legal and regulatory requirements and the independent registered public accounting firm’s qualifications, independence and performance. The Fund’s nominating committee is responsible for selecting and nominating persons as members of the Board for election or appointment by the Board and for election by shareholders. In evaluating potential nominees, including any nominees recommended by shareholders, the committee takes into consideration various factors listed in the nominating committee charter, including character and integrity, business and professional experience, and whether the committee believes the person has the ability to apply sound and independent business judgment and would act in the interest of the Fund and its shareholders. The nominating committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Company, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166, which includes information regarding the recommended nominee as specified in the nominating committee charter. The function of the compensation committee is to establish the appropriate compensation for serving on the Board. The Fund also has a standing evaluation committee comprised of any one Board member. The function of the evaluation committee is to assist in valuing the Fund’s investments. The Fund’s audit committee met four times during the fiscal year ended November 30, 2009. The Fund’s evaluation, nominating and compensation committees did not meet during the last fiscal year.

     The table below indicates the dollar range of each Board member’s ownership of Fund shares and shares of other funds in the Dreyfus Family of Funds for which he or she is a Board member, in each case as of December 31, 2009.



    Aggregate Holding of Funds in the 
    Dreyfus Family of Funds for 
Name of Board Member  The Fund  which Responsible as a Board 
    Member 
Joseph S. DiMartino    $______ 
David W. Burke    $______ 
William Hodding Carter III    $______ 
Gordon J. Davis    $______ 
Joni Evans    $______ 
Ehud Houminer    $______ 
Richard C. Leone    $______ 
Hans C. Mautner    $______ 
Robin A. Melvin    $______ 
Burton N. Wallack    $______ 
John E. Zuccotti    $______ 

     As of December 31, 2009, _____ of the Board members or their immediate family members owned securities of the Manager, the Distributor or any person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Manager or the Distributor.

     The Fund currently pays its Board members its allocated portion of an annual retainer of $50,000 and a fee of $6,500 per meeting (with a minimum of $500 per meeting and per telephone meeting) attended for the Fund and 15 other funds (comprised of 28 portfolios) in the Dreyfus Family of Funds, and reimburses them for their expenses. The Chairman of the Board receives an additional 25% of such compensation. Emeritus Board members are entitled to receive an annual retainer of one-half the amount paid as a retainer at the time the Board member became Emeritus and a per meeting attended fee of one-half the amount paid to Board members. The aggregate amount of compensation paid to each Board member by the Fund for the fiscal year ended November 30, 2009, and by all funds in the Dreyfus Family of Funds for which such person was a Board member (the number of portfolios of such funds is set forth in parenthesis next to each Board member’s total compensation) during the year ended December 31, 2009, were as follows:



    Total Compensation 
  Aggregate  From the Fund and 
  Compensation  Fund Complex 
Name of Board Member  From the Fund *  Paid to Board Member (**) 
Joseph S. DiMartino  $______  $______ (___) 
David W. Burke  $______  $______ (__) 
William Hodding Carter III  $______  $______ (__) 
Gordon J. Davis  $______  $______ (__) 
Joni Evans  $______  $______ (__) 
Arnold S. Hiatt+  $______  $______ (__) 
Ehud Houminer  $______  $______ (__) 
Richard C. Leone  $______  $______ (__) 
Hans C. Mautner  $______  $______ (__) 
Robin A. Melvin  $______  $______ (__) 
Burton N. Wallack  $______  $______ (__) 
John E. Zuccotti  $______  $______ (__) 

* Amount does not include the cost of office space, secretarial services and health benefits for the Chairman and expenses reimbursed to

Board members for attending Board meetings, which in the aggregate amounted to $______.

** Represents the number of separate portfolios comprising the investment companies in the Fund Complex, including the Fund, for

which the Board member serves.

+ Emeritus Board member since May 26, 2007.

Officers of the Company

BRADLEY J. SKAPYAK, President since January 2010. Chief Operating Officer and a director of the Manager since June 2009. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 76 investment companies (comprised of 171 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since February 1988.



PHILLIP N. MAISANO, Executive Vice President since July 2007. Chief Investment Officer, Vice Chair and a director of the Manager, and an officer of 76 investment companies (comprised of 171 portfolios) managed by the Manager. Mr. Maisano also is an officer and/or board member of certain other investment management subsidiaries of The Bank of New York Mellon Corporation ("BNY Mellon"), each of which is an affiliate of the Manager. He is 62 years old and has been an employee of the Manager since November 2006. Prior to joining the Manager, Mr. Maisano served as Chairman and Chief Executive Officer of EACM Advisors, an affiliate of the Manager, since August 2004, and served as Chief Executive Officer of Evaluation Associates, a leading institutional investment consulting firm, from 1988 until 2004.

J. DAVID OFFICER, Vice President since January 2010. Director of Mellon United National Bank, an affiliate of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. Prior to June 2009, Mr. Officer was Chief Operating Officer, Vice Chairman and a director of the Manager, where he had been employed since April 1998. He is 61 years old.

JAMES WINDELS, Treasurer since November 2001. Director-Mutual Fund Accounting of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since April 1985.

MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005. Assistant General Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since October 1991.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005. Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 43 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005. Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. She is 54 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005. Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 2000.

JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005. Assistant General Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. She is 46 years old and has been an employee of the Manager since February 1984.



JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005. Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since February 1991.

ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005. Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since May 1986.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005. Managing Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since October 1990.

KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010. Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. She is 36 years old and has been an employee of the Manager since July 1995.

KATHLEEN DENICHOLAS, Vice President and Assistant Secretary since January 2010. Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. She is 35 years old and has been an employee of the Manager since February 2001.

M. CRISTINA MEISER, Vice President and Assistant Secretary since January 2010. Senior Counsel of BNY Mellon, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. She is 39 years old and has been an employee of the Manager since August 2001.

RICHARD S. CASSARO, Assistant Treasurer since January 2008. Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005. Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005. Senior Accounting Manager –Fixed Income Funds of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since October 1988.



ROBERT SALVIOLO, Assistant Treasurer since July 2007. Senior Accounting Manager –Equity Funds of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2005. Senior Accounting Manager –Equity Funds of the Manager, and an officer of 77 investment companies (comprised of 194 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since November 1990.

WILLIAM GERMENIS, Anti-Money Laundering Compliance Officer since October 2002. Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 73 investment companies (comprised of 190 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Distributor since October 1998.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004. Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (77 investment companies, comprised of 194 portfolios). From November 2001 through March 2004, Mr. Connolly was First Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon's Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 52 years old and has served in various capacities with the Manager since 1980, including manager of the firm's Fund Accounting Department from 1997 through October 2001.

     The address of each Board member and officer of the Fund is 200 Park Avenue, New York, New York 10166.

     The Fund’s Board members and officers, as a group, owned less than 1% of the Fund's outstanding shares as of March 5, 2010.

     As of March 5, 2010, the following shareholders were known by the Fund to own of record 5% or more of the outstanding shares of the Fund: __________________

MANAGEMENT ARRANGEMENTS

     Investment Adviser. The Manager is a wholly-owned subsidiary of BNY Mellon, a global financial holding company focused on helping clients move and manage their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations, and high-net-worth individuals, providing asset and wealth management, asset servicing, issuer services, and treasury services through a worldwide client-focused team.

     The Manager provides management services pursuant to a Management Agreement (the “Agreement”) between the Fund and the Manager. The Agreement is subject to annual approval by (i) the Fund’s Board or (ii) vote of a majority (as defined in the 1940 Act) of the outstanding



voting securities of the Fund, provided that in either event the continuance also is approved by a majority of the Board members who are not “interested persons” (as defined in the 1940 Act) of the Fund or the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval. The Agreement is terminable without penalty, on 60 days’ notice, by the Fund’s Board or by vote of the holders of a majority of the Fund’s outstanding voting securities, or, upon not less than 90 days’ notice, by the Manager. The Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

     The following persons are officers and/or directors of Dreyfus: Jonathan Baum, Chair of the Board and Chief Executive Officer; J. Charles Cardona, President and a director; Diane P. Durnin, Vice Chair and a director; Phillip N. Maisano, Chief Investment Officer, Vice Chair and a director; Bradley J. Skapyak, Chief Operating Officer and a director; Dwight Jacobsen, Executive Vice President and a director; Patrice M. Kozlowski, Senior Vice President-Corporate Communications; Gary E. Abbs, Vice President-Tax; Jill Gill, Vice President-Human Resources; Joanne S. Huber, Vice President-Tax; Anthony Mayo, Vice President-Information Systems; John E. Lane, Vice President; Jeanne M. Login, Vice President; Gary Pierce, Controller; Joseph W. Connolly, Chief Compliance Officer; James Bitetto, Secretary; and Mitchell E. Harris, Ronald P. O'Hanley III, Cyrus Taraporevala and Scott E. Wennerholm, directors.

     The Fund, the Manager and the Distributor each have adopted a Code of Ethics that permits its personnel, subject to such Code of Ethics, to invest in securities, including securities that may be purchased or held by the Fund. The Code of Ethics subjects the personal securities transactions of the Manager’s employees to various restrictions to ensure that such trading does not disadvantage any fund advised by the Manager. In that regard, portfolio managers and other investment personnel of the Manager must preclear and report their personal securities transactions and holdings, which are reviewed for compliance with the Code of Ethics and are also subject to the oversight of BNY Mellon’s Investment Ethics Committee (the “Committee”). Portfolio managers and other investment personnel of the Manager who comply with the preclearance and disclosure procedures of the Code of Ethics and the requirements of the Committee may be permitted to purchase, sell or hold securities which also may be or are held in fund(s) they manage or for which they otherwise provide investment advice.

     BNY Mellon and its affiliates may have deposit, loan and commercial banking or other relationships with the issuers of securities purchased by the Fund. The Manager has informed the Fund that in making investment decisions for the Fund it does not obtain or use material inside information that BNY Mellon or its affiliates may possess with respect to such issuers.

     The Manager maintains office facilities on behalf of the Fund, and furnishes statistical and research data, clerical help, accounting, data processing, bookkeeping and internal auditing and certain other required services to the Fund. The Manager may pay the Distributor for shareholder services from the Manager’s own assets, including past profits but not including the management fee paid by the Fund. The Distributor may use part or all of such payments to pay certain financial institutions (which may include banks), securities dealers and other industry professionals (collectively, “Service Agents”) in respect of these services. The Manager also may make such advertising and promotional expenditures, using its own resources, as it from time to time deems appropriate.



     The Manager provides day-to-day management of the Fund’s portfolio of investments in accordance with the stated policies of the Fund, subject to the approval of the Fund’s Board. The Manager is responsible for investment decisions and provides the Fund with portfolio managers who are authorized by the Fund’s Board to execute purchases and sales of securities. The Fund’s portfolio managers are Joseph Irace, Colleen Meehan, and Bill Vasiliou. The Manager also maintains a research department with a professional staff of portfolio managers and securities analysts who provide research services for each Fund and for other funds advised by the Manager.

     Expenses. All expenses incurred in the operation of the Fund are borne by the Fund, except to the extent specifically assumed by the Manager. The expenses borne by the Fund include, without limitation, the following: taxes, interest, loan commitment fees, interest and distributions paid on securities sold short, brokerage fees and commissions, if any, fees of Board members who are not officers, directors, employees or holders of 5% or more of the outstanding voting securities of the Manager or its affiliates, Securities and Exchange Commission (“SEC”) fees, state Blue Sky qualification fees, advisory fees, charges of custodians, transfer and dividend disbursing agents’ fees, certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of maintaining corporate existence, costs of independent pricing services, costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing and printing prospectuses and statements of additional information for regulatory purposes and for distribution to existing shareholders, costs of shareholders’ reports and corporate meetings, and any extraordinary expenses. All fees and expenses are accrued daily and deducted before the declaration of dividends to shareholders.

     As compensation for the Manager’s services, the Fund has agreed to pay the Manager a monthly management fee at the annual rate of 0.50% of the value of the Fund’s average daily net assets. For the fiscal years ended November 30, 2007, 2009, and 2009, the management fees payable by the Fund amounted to $697,642, $780,809, and $__________, respectively, which amounts were reduced by $27,678, $4,249 and $________, respectively, pursuant to undertakings in effect, resulting in net fees, paid of $753,131, $1,086,801 and $________, respectively.

     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 Agreement, 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.

     The aggregate of the fees payable to the Manager is not subject to reduction as the value of the Fund’s net assets increases.



     Distributor. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, located at 200 Park Avenue, New York, New York 10166, serves as the Fund's distributor on a best efforts basis pursuant to an agreement with the Fund which is renewable annually. The Distributor also serves as distributor for the other funds in the Dreyfus Family of Funds, and BNY Mellon Funds Trust. Before June 30, 2007, the Distributor was known as “Dreyfus Service Corporation.”

     The Manager or the Distributor may provide cash payments out of its own resources to financial intermediaries that sell shares of the Fund or provide other services. Such payments are separate from any shareholder services fees or other expenses paid by the Fund to those intermediaries. Because those payments are not made by you or the Fund, the Fund’s total expense ratio will not be affected by any such payments. These additional payments may be made to certain Service Agents, including affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer agency services, marketing support and/or access to sales meetings, sales representatives and management representatives of the Service Agent. Cash compensation also may be paid from the Manager’s or the Distributor’s own resources to Service Agents for inclusion of the Fund on a sales list, including a preferred or select sales list or in other sales programs. These payments sometimes are referred to as “revenue sharing”. From time to time, the Manager or the Distributor also may provide cash or non-cash compensation to Service Agents in the form of: occasional gifts; occasional meals, tickets or other entertainment; support for due diligence trips; educational conference sponsorships; support for recognition programs; and other forms of cash or non-cash compensation permissible under broker-dealer regulations. In some cases, these payments or compensation may create an incentive for a Service Agent to recommend or sell shares of the Fund to you. Please contact your Service Agent for details about any payments they may receive in connection with the sale of Fund shares or the provision of services to the Fund.

     Transfer and Dividend Disbursing Agent and Custodian. Dreyfus Transfer, Inc. (the “Transfer Agent”), a wholly-owned subsidiary of the Manager, located at 200 Park Avenue, New York, New York 10166, is the Fund’s transfer and dividend disbursing agent. Under a transfer agency agreement with the Fund, the Transfer Agent arranges for the maintenance of shareholder account records for the Fund, the handling of certain communications between shareholders and the Fund and the payment of dividends and distributions payable by the Fund. For these services, the Transfer Agent receives a monthly fee computed on the basis of the number of shareholder accounts it maintains for the Fund during the month, and is reimbursed for certain out-of-pocket expenses. The Fund also makes payments to certain financial intermediaries, including affiliates, who provide sub-administration, recordkeeking and/or sub-transfer agency services to beneficial owners of Fund shares.

     The Bank of New York Mellon (the “Custodian”), an affiliate of the Manager, located at One Wall Street, New York, New York 10286, is the Fund’s custodian. The Custodian has no part in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund. Under a custody agreement with the Fund, the Custodian holds the Fund’s securities and keeps all necessary accounts and records. For its custody services, the Custodian receives a monthly fee based on the market value of the Fund’s assets held in custody and receives certain securities transaction charges.



HOW TO BUY SHARES

     General. Fund shares may be purchased through the Distributor or Service Agents that have entered into service agreements with the Distributor. Fund shares are sold without a sales charge. You may be charged a fee if you effect transactions in Fund shares through a Service Agent. You will be charged a fee if an investment check is returned unpayable. Stock certificates are issued only upon your written request. No certificates are issued for fractional shares. It is not recommended that the Fund be used as a vehicle for Keogh, IRA or other qualified retirement plans.

     The Fund reserves the right to reject any purchase order. The Fund will not establish an account for a “foreign financial institution,” as that term is defined in Department of the Treasury rules implementing section 312 of the USA PATRIOT Act of 2001. Foreign financial institutions include: foreign banks (including foreign branches of U.S. depository institutions); foreign offices of U.S. securities broker-dealers, futures commission merchants, and mutual funds; non-U.S. entities that, if they were located in the United States, would be securities broker-dealers, futures commission merchants or mutual funds; and non-U.S. entities engaged in the business of currency dealer or exchanger or money transmitter. The Fund not will accept cash, travelers’ checks, or money orders as payment for shares.

     As discussed under “Management Arrangements-Distributor”, Service Agents may receive revenue sharing payments from the Manager or the Distributor. The receipt of such payments could create an incentive for a Service Agent to recommend or sell shares of the Fund instead of other mutual funds where such payments are not received. Please contact your Service Agent for details about any payments they may receive in connection with the sale of Fund shares or the provision of services to the Fund.

     The minimum initial investment is $2,500 or $1,000 if you are a client of a Service Agent which maintains an omnibus account in the Fund and has made an aggregate minimum initial purchase for its customers of $2,500. Subsequent investments must be at least $100. The initial investment must be accompanied by the Account Application. For full-time or part-time employees of the Manager or any of its affiliates or subsidiaries, directors of the Manager, Board members of a fund advised by the Manager, including members of the Fund’s Board, or the spouse or minor child of any of the foregoing, the minimum initial investment is $1,000. For full-time or part-time employees of the Manager or any of its affiliates or subsidiaries who elect to have a portion of their pay directly deposited into their Fund accounts, the minimum initial investment is $50. Fund shares are offered without regard to the minimum initial investment requirements to Board members of a fund advised by the Manager, including members of the Fund’s Board, who elect to have all or a portion of their compensation for serving in that capacity automatically invested in the Fund. The Fund reserves the right to vary the initial and subsequent investment minimum requirements at any time.

     Fund shares are offered without regard to the minimum initial or subsequent investment amount requirements to investors purchasing Fund shares through wrap fee accounts or other fee based programs.



     Fund shares also are offered without regard to the minimum initial investment requirements through Dreyfus-Automatic Asset Builder®, Dreyfus Government Direct Deposit Privilege or Dreyfus Payroll Savings Plan pursuant to the Dreyfus Step Program described under “Shareholder Services”. These services enable you to make regularly scheduled investments and may provide you with a convenient way to invest for long-term financial goals. You should be aware, however, that periodic investment plans do not guarantee a profit and will not protect you against loss in a declining market.

     Shares are sold on a continuous basis at the net asset value per share next determined after an order in proper form and Federal Funds (monies of member banks within the Federal Reserve System which are held on deposit at a Federal Reserve Bank) are received by the Transfer Agent or other entity authorized to receive orders on behalf of the Fund. If you do not remit Federal Funds, your payment must be converted into Federal Funds. This usually occurs within one business day of receipt of a bank wire or within two business days of receipt of a check drawn on a member bank of the Federal Reserve System. Checks drawn on banks which are not members of the Federal Reserve System may take considerably longer to convert into Federal Funds. Prior to receipt of Federal Funds, your money will not be invested. Net asset value per share is determined as of 12:00 Noon, Eastern time, on each day the New York Stock Exchange is open for regular business. The Fund also may process purchase and sale orders and calculate its net asset value on days that the Fund’s primary trading markets are open and the Fund’s management determines to do so. Net asset value per share is computed by dividing the value of the Fund’s net assets (i.e., the value of its assets less liabilities) by the total number of shares outstanding. See “Determination of Net Asset Value.”

     If your payments are received in or converted into Federal Funds by 12:00 Noon, Eastern time, by the Transfer Agent, you will receive the dividend declared that day. If your payments are received in or converted into Federal Funds after 12:00 Noon, Eastern time, by the Transfer Agent, you will begin to accrue dividends on the following business day.

     Qualified institutions may place telephone orders for the purchase of Fund shares. These orders will become effective at the price determined at 12:00 Noon, Eastern time, and the shares purchased will receive the dividend on Fund shares declared on that day, if the telephone order is placed by 12:00 Noon, Eastern time, and Federal Funds are received by 4:00 p.m., Eastern time, on that day.

     Using Federal Funds. The Transfer Agent or the Fund may attempt to notify you upon receipt of checks drawn on banks that are not members of the Federal Reserve System as to the possible delay in conversion into Federal Funds and may attempt to arrange for a better means of transmitting the money. If you are a customer of a Service Agent and your order to purchase Fund shares is paid for other than in Federal Funds, the Service Agent, acting on your behalf, will complete the conversion into, or itself advance, Federal Funds, generally on the business day following receipt of your order. The order is effective only when so converted and received by the Transfer Agent. If you have sufficient Federal Funds or a cash balance in your brokerage account with a Service Agent, your order to purchase Fund shares will become effective on the day that the order, including Federal Funds, is received by the Transfer Agent.



     Dreyfus TeleTransfer Privilege. You may purchase shares by telephone or online if you have checked the appropriate box and supplied the necessary information on the Account Application or have filed a Shareholder Services Form with the Transfer Agent. The proceeds will be transferred between the bank account designated in one of these documents and your Fund account. Only a bank account maintained in a domestic financial institution which is an Automated Clearing House (“ACH”) member may be so designated.

     Dreyfus TeleTransfer purchase orders may be made at any time. If purchase orders are received by 4:00 p.m., Eastern time, on any day that the Transfer Agent and the New York Stock Exchange are open for regular business, Fund shares will be purchased at the share price determined on that day. If purchase orders made after 4:00 p.m., Eastern time, on any day the Transfer Agent and the New York Stock Exchange are open for regular business, or made on Saturday, Sunday or any Fund holiday (e.g., when the New York Stock Exchange is not open for business), Fund shares will be purchased at the share price determined on the next business day following such purchase order. To qualify to use Dreyfus TeleTransfer Privilege, the initial payment for purchase of Fund shares must be drawn on, and redemption proceeds paid to, the same bank and account as are designated on the Account Application or Shareholder Services Form on file. If the proceeds of a particular redemption are to be sent to an account at any other bank, the request must be in writing and signature-guaranteed. See “How to Redeem Shares--Dreyfus TeleTransfer Privilege.”

     Transactions Through Securities Dealers. Fund shares may be purchased and redeemed through securities dealers which may charge a fee for such services. Some dealers will place the Fund’s shares in an account with their firm. Dealers also may require that the customer invest more than the $1,000 minimum investment; the customer not take physical delivery of stock certificates; the customer not request redemption checks to be issued in the customer’s name; fractional shares not be purchased; monthly income distributions be taken in cash; or other conditions.

     There is no sales or service charge by the Fund or the Distributor, although investment dealers, banks and other institutions may make reasonable charges to investors for their services. The services provided and the applicable fees are established by each dealer or other institution acting independently of the Fund. The Fund understands that these fees may be charged for customer services including, but not limited to, same-day investment of client funds; same-day access to client funds; advice to customers about the status of their accounts, yield currently being paid or income earned to date; provision of periodic account statements showing security and money market positions; other services available from the dealer, bank or other institution; and assistance with inquiries related to their investment. Any such fees will be deducted monthly from your account, which on smaller accounts could constitute a substantial portion of the distribution. Small, inactive, long-term accounts involving monthly service charges may not be in the best interest of investors. You should be aware that you may purchase shares of the Fund directly from the Fund without imposition of any maintenance or service charges, other than those already described in the Fund’s Prospectus or this Statement of Additional Information.



     Reopening an Account. You may reopen an account with a minimum investment of $100 without filing a new Account Application during the calendar year the account is closed or during the following calendar year, provided the information on the old Account Application is still applicable.

SHAREHOLDER SERVICES PLAN

     The Fund has adopted a Shareholder Services Plan (the “Plan”) pursuant to which the Fund reimburses the Distributor an amount not to exceed an annual rate of 0.25% of the value of the Fund’s average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the Fund and providing reports and other information, and services related to the maintenance of shareholder accounts.

     A quarterly report of the amounts expended under the Plan, and the purposes for which such expenditures were incurred, must be made to the Fund’s Board for its review. In addition, the Plan provides that material amendments of the Plan must be approved by the Fund’s Board, and by the Board members who are not “interested persons” (as defined in the 1940 Act) of the Fund and have no direct or indirect financial interest in the operation of the Plan, by vote cast in person at a meeting called for the purpose of considering such amendments. The Plan is subject to annual approval by such vote of the Board members cast in person at a meeting called for the purpose of voting on the Plan. The Plan is terminable at any time by vote of a majority of the Board members who are not “interested persons” and have no direct or indirect financial interest in the operation of the Plan.

     For the fiscal year ended November 30, 2009, the Fund reimbursed the Distributor $________ under the Plan.

HOW TO REDEEM SHARES

     General. The Fund ordinarily will make payment for all shares redeemed within seven days after receipt by the Transfer Agent of a redemption request in proper form, except as provided by the rules of the SEC. However, if you have purchased Fund shares by check, by Dreyfus TeleTransfer Privilege or through Dreyfus-Automatic Asset Builder®and subsequently submit a written redemption request to the Transfer Agent, the Fund may delay the redemption of such shares for up to eight business days after the purchase of such shares. In addition, the Fund will not honor redemption checks under the Checkwriting Privilege, and will reject requests to redeem shares by wire or telephone, online or pursuant to the Dreyfus TeleTransfer Privilege, for a period of up to eight business days after receipt by the Transfer Agent of the purchase check, the Dreyfus TeleTransfer purchase or the Dreyfus-Automatic Asset Builder order against which such redemption is requested. These procedures will not apply if your shares were purchased by wire payment, or if you otherwise have a sufficient collected balance in your account to cover the redemption request. Prior to the time any redemption is effective, dividends on such shares will accrue and be payable, and you will be entitled to exercise all



other rights of beneficial ownership. Fund shares may not be redeemed until the Transfer Agent has received your Account Application.

     Checkwriting Privilege. The Fund provides redemption checks (“Checks”) automatically upon opening an account, unless you specifically refuse the Checkwriting Privilege by checking the applicable “No” box on the Account Application. Checks will be sent only to the registered owner(s) of the account and only to the address of record. The Checkwriting Privilege may be established for an existing account by a separate signed Shareholder Services Form. The Account Application or Shareholder Services Form must be manually signed by the registered owner(s). Checks are drawn on your Fund account and may be made payable to the order of any person in an amount of $500 or more. When a Check is presented to the Transfer Agent for payment, the Transfer Agent, as your agent, will cause the Fund to redeem a sufficient number of shares in your account to cover the amount of the Check. Dividends are earned until the Check clears. After clearance, a copy of the Check will be returned to you. You generally will be subject to the same rules and regulations that apply to checking accounts, although election of this Privilege creates only a shareholder-transfer agent relationship with the Transfer Agent.

     You should date your Checks with the current date when you write them. Please do not postdate your Checks. If you do, the Transfer Agent will honor, upon presentment, even if presented before the date of the Check, all postdated Checks which are dated within six months of presentment for payment, if they are otherwise in good order.

     Checks are free, but the Transfer Agent will impose a fee for stopping payment of a Check upon your request or if the Transfer Agent cannot honor a Check due to insufficient funds or other valid reason. If the amount of the Check is greater than the value of the shares in your account, the Check will be returned marked insufficient funds. Checks should not be used to close an account.

     Wire Redemption Privilege. By using this Privilege, you authorize the Transfer Agent to act on telephone, letter or online redemption instructions from any person representing himself or herself to be you, and reasonably believed by the Transfer Agent to be genuine. Ordinarily, the Fund will initiate payment for shares redeemed pursuant to this Privilege on the same business day if the Transfer Agent receives the redemption request in proper form prior to 12:00 Noon, Eastern time, on such day; otherwise, the Fund will initiate payment on the next business day. Redemption proceeds ($1,000 minimum) will be transferred by Federal Reserve wire only to the commercial bank account specified by you on the Account Application or Shareholder Services Form, or to a correspondent bank if your bank is not a member of the Federal Reserve System. Fees ordinarily are imposed by such bank and borne by the investor. Immediate notification by the correspondent bank to your bank is necessary to avoid a delay in crediting the funds to your bank account.

     To change the commercial bank or account designated to receive wire redemption proceeds, a written request must be sent to the Transfer Agent. This request must be signed by each shareholder, with each signature guaranteed as described below under “Share Certificates; Signatures.”



     Dreyfus TeleTransfer Privilege. You may request by telephone or online that redemption proceeds be transferred between your Fund account and your bank account. Only a bank account maintained in a domestic financial institution which is an ACH member may be designated. You should be aware that if you have selected the Dreyfus TeleTransfer Privilege, any request for a Dreyfus TeleTransfer transaction will be effected through the ACH system unless more prompt transmittal specifically is requested. Redemption proceeds will be on deposit in your account at an ACH member bank ordinarily two business days after receipt of the redemption request. See “How to Buy Shares--Dreyfus TeleTransfer Privilege”.

     Share Certificates; Signatures. Any certificates representing Fund shares to be redeemed must be submitted with the redemption request. A fee may be charged to replace lost or stolen certificates, or certificates that were never received. Written redemption requests must be signed by each shareholder, including each holder of a joint account, and each signature must be guaranteed. Signatures on endorsed certificates submitted for redemption also must be guaranteed. The Transfer Agent has adopted standards and procedures pursuant to which signature-guarantees in proper form generally will be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program, the Securities Transfer Agents Medallion Program (“STAMP”) and the Stock Exchanges Medallion Program. Guarantees must be signed by an authorized signatory of the guarantor and “Signature-Guaranteed” must appear with the signature. The Transfer Agent may request additional documentation from corporations, executors, administrators, trustees or guardians, and may accept other suitable verification arrangements from foreign investors, such as consular verification. For more information with respect to signature-guarantees, please call one of the telephone numbers listed on the cover.

     Redemption Commitment. The Fund has committed itself to pay in cash all redemption requests by any shareholder of record, limited in amount during any 90-day period to the lesser of $250,000 or 1% of the value of the Fund’s net assets at the beginning of such period. Such commitment is irrevocable without the prior approval of the SEC. In the case of requests for redemption in excess of such amount, the Fund’s Board reserves the right to make payments in whole or in part in securities or other assets of the Fund in case of an emergency or any time a cash distribution would impair the liquidity of the Fund to the detriment of the existing shareholders. In such event, the securities would be valued in the same manner as the Fund’s portfolio is valued. If the recipient sells such securities, brokerage charges might be incurred.

     Suspension of Redemptions. The right of redemption may be suspended or the date of payment postponed (a) during any period when the New York Stock Exchange is closed (other than customary weekend and holiday closings), (b) when trading in the markets the Fund ordinarily utilizes is restricted, or when an emergency exists as determined by the SEC so that disposal of the Fund’s investments or determination of its net asset value is not reasonably practicable or (c) for such other periods as the SEC by order may permit to protect the Fund’s shareholders.

SHAREHOLDER SERVICES



     Fund Exchanges. You may purchase, in exchange for shares of the Fund, shares of certain other funds in the Dreyfus Family of Funds, to the extent such shares are offered for sale in your state of residence. Shares of other funds purchased by exchange will be purchased on the basis of relative net asset value per share as follows:

A.     

Exchanges for shares of funds offered without a sales load will be made without a sales load.

B.     

Shares of funds purchased without a sales load may be exchanged for shares of other funds sold with a sales load, and the applicable sales load will be deducted.

C.     

Shares of funds purchased with a sales load may be exchanged without a sales load for shares of other funds sold without a sales load.

D.     

Shares of funds purchased with a sales load, shares of funds acquired by a previous exchange from shares purchased with a sales load and additional shares acquired through reinvestment of dividends or distributions of any such funds (collectively referred to herein as “Purchased Shares”) may be exchanged for shares of other funds sold with a sales load (referred to herein as “Offered Shares”), but if the sales load applicable to the Offered Shares exceeds the maximum sales load that could have been imposed in connection with the Purchased Shares (at the time the Purchased Shares were acquired), without giving effect to any reduced loads, the difference may be deducted.

     To accomplish an exchange under item D above, you must notify the Transfer Agent of your prior ownership of fund shares and your account number.

     To request an exchange, you or your Service Agent acting on your behalf must give exchange instructions to the Transfer Agent in writing, by telephone or online. The ability to issue exchange instructions by telephone or online is given to all Fund shareholders automatically, unless you check the applicable “No” box on the Account Application, indicating that you specifically refuse this privilege. By using this privilege, you authorize the Transfer Agent to act on telephonic and online instructions (including over the Dreyfus Express® voice-response telephone system) from any person representing himself or herself to be you, and reasonably believed by the Transfer Agent to be genuine. Exchanges may be subject to limitations as to the amount involved or the number of exchanges permitted. Shares issued in certificate form may not be exchanged by telephone or online. No fees currently are charged shareholders directly in connection with exchanges, although the Fund reserves the right, upon not less than 60 days’ written notice, to charge shareholders a nominal administrative fee in accordance with rules promulgated by the Securities and Exchange Commission.

     To establish a personal retirement plan by exchange, shares of the fund being exchanged must have a value of at least the minimum initial investment required for the fund into which the exchange is being made.



     Dreyfus Auto-Exchange Privilege. Dreyfus Auto-Exchange Privilege permits you to purchase (on a semi-monthly, monthly, quarterly or annual basis), in exchange for shares of the Fund, shares of another fund in the Dreyfus Family of Funds of which you are a shareholder. This Privilege is available only for existing accounts. Shares will be exchanged on the basis of relative net asset value as described above under “Fund Exchanges”. Enrollment in or modification or cancellation of this Privilege is effective three business days following notification by you. You will be notified if your account falls below the amount designated to be exchanged under this Privilege. In this case, your account will fall to zero unless additional investments are made in excess of the designated amount prior to the next Auto-Exchange transaction. Shares held under IRA and other retirement plans are eligible for this Privilege. Exchanges of IRA shares may be made between IRA accounts and from regular accounts to IRA accounts, but not from IRA accounts to regular accounts. With respect to all other retirement accounts, exchanges may be made only among those accounts.

     Fund Exchanges and the Dreyfus Auto-Exchange Privilege are available to shareholders resident in any state in which shares of the fund being acquired may legally be sold. Shares may be exchanged only between accounts having certain identical identifying designations.

     Shareholder Services Forms and prospectuses of the other funds may be obtained by calling 1-800-645-6561, or visiting www.dreyfus.com. The Fund reserves the right to reject any exchange request in whole or in part. The Fund Exchanges service or Dreyfus Auto-Exchange Privilege may be modified or terminated at any time upon notice to shareholders.

     Dreyfus-Automatic Asset Builder®. Dreyfus-Automatic Asset Builder permits you to purchase Fund shares (minimum of $100 and maximum of $150,000 per transaction) at regular intervals selected by you. Fund shares are purchased by transferring funds from the bank account designated by you.

     Dreyfus Government Direct Deposit Privilege. Dreyfus Government Direct Deposit Privilege enables you to purchase Fund shares (minimum of $100 and maximum of $50,000 per transaction) by having Federal salary, Social Security, or certain veterans’, military or other payments from the U.S. Government automatically deposited into your Fund account.

     Dreyfus Payroll Savings Plan. Dreyfus Payroll Savings Plan permits you to purchase Fund shares (minimum of $100 per transaction) automatically on a regular basis. Depending upon your employer’s direct deposit program, you may have part or all of your paycheck transferred to your existing Dreyfus account electronically through the ACH system at each pay period. To establish a Dreyfus Payroll Savings Plan account, you must file an authorization form with your employer’s payroll department. It is the sole responsibility of your employer to arrange for transactions under the Dreyfus Payroll Savings Plan.

     Dreyfus Step Program. Dreyfus Step Program enables you to purchase Fund shares without regard to the Fund’s minimum initial investment requirements through Dreyfus-Automatic Asset Builder®, Dreyfus Government Direct Deposit Privilege or Dreyfus Payroll Savings Plan. To establish a Dreyfus Step Program account, you must supply the necessary information on the Account Application and file the required authorization form(s) with the



Transfer Agent. For more information concerning this Program, or to request the necessary authorization form(s), please call toll free 1-800-782-6620. You may terminate your participation in this Program at any time by discontinuing your participation in Dreyfus-Automatic Asset Builder, Dreyfus Government Direct Deposit Privilege or Dreyfus Payroll Savings Plan, as the case may be, as provided under the terms of such Privilege(s). The Fund may modify or terminate this Program at any time.

     Dreyfus Dividend Sweep. Dreyfus Dividend Sweep allows you to invest automatically your dividends or dividends and capital gain distributions, if any, from the Fund in shares of another fund in the Dreyfus Family of Funds of which you are a shareholder. Shares of other funds purchased pursuant to this privilege will be purchased on the basis of relative net asset value per share as follows:

A.     

Dividends and distributions paid by a fund may be invested without a sales load in shares of other funds offered without a sales load.

B.     

Dividends and distributions paid by a fund that does not charge a sales load may be invested in shares of other funds sold with a sales load, and the applicable sales load will be deducted.

C.     

Dividends and distributions paid by a fund that charges a sales load may be invested in shares of other funds sold with a sales load (referred to herein as “Offered Shares”), but if the sales load applicable to the Offered Shares exceeds the maximum sales load charged by the fund from which dividends or distributions are being swept (without giving effect to any reduced loads), the difference may be deducted.

D.     

Dividends and distributions paid by a fund may be invested in shares of other funds that impose a contingent deferred sales charge (“CDSC”) and the applicable CDSC, if any, will be imposed upon redemption of such shares.

     Dreyfus Dividend ACH permits you to transfer electronically dividends or dividends and capital gain distributions, if any, from the Fund to a designated bank account. Only an account maintained at a domestic financial institution which is an ACH member may be so designated. Banks may charge a fee for this service.

     Automatic Withdrawal Plan. The Automatic Withdrawal Plan permits you to request withdrawal of a specified dollar amount (minimum of $50) on either a monthly or quarterly basis if you have a $5,000 minimum account. Withdrawal payments are the proceeds from sales of Fund shares, not the yield on the shares. If withdrawal payments exceed reinvested dividends and distributions, your shares will be reduced and eventually may be depleted. The Automatic Withdrawal Plan may be established by filing an Automatic Withdrawal Plan application with the Transfer Agent or by oral request from any of the authorized signatories on the account by calling 1-800-645-6561. The Automatic Withdrawal Plan may be terminated at any time by you, the Fund or the Transfer Agent. Shares for which stock certificates have been issued may not be redeemed through the Automatic Withdrawal Plan.



DETERMINATION OF NET ASSET VALUE

     Amortized Cost Pricing. The valuation of the Fund’s portfolio securities is based upon their amortized cost, which does not take into account unrealized capital gains or losses. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument.

     The Board has established, as a particular responsibility within the overall duty of care owed to the Fund’s investors, procedures reasonably designed to stabilize the Fund’s price per share as computed for the purpose of purchases and redemptions at $1.00. Such procedures include review of the Fund’s portfolio holdings by the Board, at such intervals as it deems appropriate, to determine whether the Fund’s net asset value calculated by using available market quotations or market equivalents deviates from $1.00 per share based on amortized cost. Market quotations and market equivalents used in such review are obtained from an independent pricing service (the “Service”) approved by the Board. The Service values the Fund’s investments based on methods which include consideration of: yields or prices of Municipal Obligations of comparable quality, coupon, maturity and type; indications of values from dealers; and general market conditions. The Service also may employ electronic data processing techniques and/or a matrix system to determine valuations.

     The extent of any deviation between the Fund’s net asset value based upon available market quotations or market equivalents and $1.00 per share based on amortized cost will be examined by the Board. If such deviation exceeds 1/2 of 1%, the Board will consider what action, if any, will be initiated. In the event the Board determines that a deviation exists which may result in material dilution or other unfair results to investors or existing shareholders, it has agreed to take such corrective action as it regards as necessary and appropriate, including: selling portfolio instruments prior to maturity to realize capital gains or losses or to shorten average portfolio maturity; withholding dividends or paying distributions from capital or capital gains; redeeming shares in kind; or establishing a net asset value per share by using available market quotations or market equivalents.

     New York Stock Exchange Closings. The holidays (as observed) on which the New York Stock Exchange is closed currently are: New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas.

DIVIDENDS, DISTRIBUTIONS AND TAXES

     Management believes that the Fund has qualified as a “regulated investment company” under the Code for the fiscal year ended November 30, 2009. The Fund intends to continue to so qualify if such qualification is in the best interests of its shareholders. As a regulated investment company, the Fund will pay no Federal income tax on net investment income and net realized



capital gains to the extent that such income and gains are distributed to shareholders in accordance with applicable provisions of the Code. To qualify as a regulated investment company, the Fund must pay out to its shareholders at least 90% of its net income (consisting of net investment income from tax exempt obligations and taxable obligations, if any, and net short-term capital gains), and must meet certain asset diversification and other requirements. If the Fund does not qualify as a regulated investment company, it will be treated for tax purposes as an ordinary corporation subject to Federal income tax. The term “regulated investment company” does not imply the supervision of management or investment practices or policies by any government agency.

     The Fund ordinarily declares dividends from net investment income on each day the New York Stock Exchange is open for regular business. The Fund’s earnings for Saturdays, Sundays and holidays are declared as dividends on the preceding business day. Dividends usually are paid on the last calendar day of each month and are automatically reinvested in additional Fund shares at net asset value or, at your option, paid in cash. If you redeem all shares in your account at any time during the month, all dividends to which you are entitled will be paid to you along with the proceeds of the redemption. If you are an omnibus accountholder and indicate in a partial redemption request that a portion of any accrued dividends to which such account is entitled belongs to an underlying accountholder who has redeemed all shares in his or her account, such portion of the accrued dividends will be paid to you along with the proceeds of the redemption.

     If you elect to receive dividends and distributions in cash, and your dividend or distribution check is returned to the Fund as undeliverable or remains uncashed for six months, the Fund reserves the right to reinvest such dividends or distributions and all future dividends and distributions payable to you in additional Fund shares at net asset value. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

     Ordinarily, gains and losses realized from portfolio transactions will be treated as capital gain or loss. However, all or a portion of any gain realized from the sale or other disposition of certain market discount bonds will be treated as ordinary income.

     If, at the close of each quarter of its taxable year, at least 50% of the value of the Fund’s total assets consists of Federal tax exempt obligations, the Fund may designate and pay Federal exempt-interest dividends from interest earned on all such tax exempt obligations. Such exempt-interest dividends may be excluded by shareholders of the Fund from their gross income for Federal income tax purposes. Dividends derived from Taxable Investments, together with distributions from any net realized short-term securities gains, generally are taxable as ordinary income for Federal income tax purposes whether or not reinvested. Distributions from net realized long-term securities gains generally are taxable as long-term capital gains to a shareholder who is a citizen or resident of the United States, whether or not reinvested and regardless of the length of time the shareholder has held his or her shares.

     Dividends paid by the Fund that qualify as exempt-interest dividends for Federal income tax purposes are not subject to the Connecticut income tax imposed on individuals, trusts and estates, to the extent that such dividends are derived from income received by the Fund as



interest from Connecticut Municipal Obligations or obligations the interest with respect to which Connecticut is prohibited by Federal law from taxing. Dividends that qualify as capital gain dividends for Federal income tax purposes are not subject to the Connecticut income tax to the extent they are derived from Connecticut Municipal Obligations. Dividends derived from other sources are subject to the Connecticut income tax. In the case of a shareholder subject to the Connecticut income tax and required to pay the Federal alternative minimum tax, the portion of exempt-interest dividends paid by the Fund that is derived from income received by the Fund as interest from Connecticut Municipal Obligations or obligations the interest with respect to which Connecticut is prohibited by Federal law from taxing is not subject to the net Connecticut minimum tax even though treated as a preference item for purposes of the Federal alternative minimum tax. Dividends qualifying as exempt-interest dividends for Federal income tax purposes that are distributed by the Fund to entities taxed as corporations under the Connecticut corporation business tax are not exempt from that tax. Fund shares are not subject to property taxation by the State of Connecticut or its political subdivisions.

     Federal regulations require that you provide a certified taxpayer identification number (“TIN”) upon opening or reopening an account. See the Account Application for further information concerning this requirement. Failure to furnish a certified TIN to the Fund could subject you to a $50 penalty imposed by the Internal Revenue Service.

PORTFOLIO TRANSACTIONS

     General. The Manager assumes general supervision over the placement of securities purchase and sale orders on behalf of the funds it manages. In cases where the Manager or fund employs a sub-adviser, the sub-adviser, under the supervision of the Manager, places orders on behalf of the applicable fund(s) for the purchase and sale of portfolio securities.

     Certain funds are managed by dual employees of the Manager and an affiliated entity in the BNY Mellon organization. Funds managed by dual employees use the research and trading facilities, and are subject to the internal policies and procedures, of the affiliated entity. In this regard, the Manager places orders on behalf of those funds for the purchase and sale of securities through the trading desk of the affiliated entity, applying the written trade allocation procedures of such affiliate.

     The Manager (and where applicable, a sub-adviser or Dreyfus affiliate) generally has the authority to select brokers (for equity securities) or dealers (for fixed income securities) and the commission rates or spreads to be paid. Allocation of brokerage transactions, including their frequency, is made in the best judgment of the Manager (and where applicable, a sub-adviser or Dreyfus affiliate) and in a manner deemed fair and reasonable to shareholders. The primary consideration in placing portfolio transactions is prompt execution of orders at the most favorable net price. In choosing brokers or dealers, the Manager (and where applicable, a sub-adviser or Dreyfus affiliate) evaluates the ability of the broker or dealer to execute the particular transaction (taking into account the market for the security and the size of the order) at the best combination of price and quality of execution.

     In general, brokers or dealers involved in the execution of portfolio transactions on behalf of a fund are selected on the basis of their professional capability and the value and quality of



their services. The Manager (and where applicable, a sub-adviser or Dreyfus affiliate) attempts to obtain best execution for the fund by choosing brokers or dealers to execute transactions based on a variety of factors, which may include, but are not limited to, the following: (i) price; (ii) liquidity; (iii) the nature and character of the relevant market for the security to be purchased or sold; (iv) the measured quality and efficiency of the broker’s or dealer’s execution; (v) the broker’s or dealer’s willingness to commit capital; (vi) the reliability of the broker or dealer in trade settlement and clearance; (vii) the level of counter-party risk (i.e., the broker’s or dealer’s financial condition); (viii) the commission rate or the spread; (ix) the value of research provided; (x) the availability of electronic trade entry and reporting links; and (xi) the size and type of order (e.g., foreign or domestic security, large block, illiquid security). In selecting brokers or dealers no factor is necessarily determinative; however, at various times and for various reasons, certain factors will be more important than others in determining which broker or dealer to use. Seeking to obtain best execution for all trades takes precedence over all other considerations.

     With respect to the receipt of research, the brokers or dealers selected may include those that supplement the Manager’s (and where applicable, a sub-adviser’s or Dreyfus affiliate’s) research facilities with statistical data, investment information, economic facts and opinions. Such information may be useful to the Manager (and where applicable, a sub-adviser or Dreyfus affiliate) in serving funds or accounts that it advises and, conversely, supplemental information obtained by the placement of business of other clients may be useful to the Manager (and where applicable, a sub-adviser or Dreyfus affiliate) in carrying out its obligations to the fund. Information so received is in addition to, and not in lieu of, services required to be performed by the Manager (and where applicable, a sub-adviser or Dreyfus affiliate), and the Manager’s (and where applicable, a sub-adviser’s or Dreyfus affiliate’s) fees are not reduced as a consequence of the receipt of such supplemental information. Although the receipt of such research services does not reduce the Manager’s (and where applicable, a sub-adviser’s or Dreyfus affiliate’s) normal independent research activities, it enables it to avoid the additional expenses that might otherwise be incurred if it were to attempt to develop comparable information through its own staff.

     Under the Manager’s (and where applicable, a sub-adviser’s or Dreyfus affiliate’s) procedures, portfolio managers and their corresponding trading desks may seek to aggregate (or “bunch”) orders that are placed or received concurrently for more than one fund or account. In some cases, this policy may adversely affect the price paid or received by a fund or an account, or the size of the position obtained or liquidated. As noted above, certain brokers or dealers may be selected because of their ability to handle special executions such as those involving large block trades or broad distributions, provided that the primary consideration of best execution is met. Generally, when trades are aggregated, the Fund or account within the block will receive the same price and commission. However, random allocations of aggregate transactions may be made to minimize custodial transaction costs. In addition, at the close of the trading day, when reasonable and practicable, the completed securities of partially filled orders will generally be allocated to each participating fund and account in the proportion that each order bears to the total of all orders (subject to rounding to “round lot” amounts).

     To the extent that a fund invests in foreign securities, certain of such fund’s transactions in those securities may not benefit from the negotiated commission rates available to funds for



transactions in securities of domestic issuers. For funds that permit foreign exchange transactions, such transactions are made with banks or institutions in the interbank market at prices reflecting a mark-up or mark-down and/or commission.

     The Manager (and where applicable, a sub-adviser or Dreyfus affiliate) may deem it appropriate for one fund or account it manages to sell a security while another fund or account it manages is purchasing the same security. Under such circumstances, the Manager (and where applicable, a sub-adviser or Dreyfus affiliate) may arrange to have the purchase and sale transactions effected directly between the fund and/or accounts (“cross transactions”). Cross transactions will be effected in accordance with procedures adopted pursuant to Rule 17a-7 under the 1940 Act.

     All portfolio transactions of each money market fund are placed on behalf of the fund by the Manager. Debt securities purchased and sold by a fund generally are traded on a net basis (i.e., without a commission) through dealers acting for their own account and not as brokers, or otherwise involve transactions directly with the issuer of the instrument. This means that a dealer makes a market for securities by offering to buy at one price and sell at a slightly higher price. The difference between the prices is known as a “spread”. Other portfolio transactions may be executed through brokers acting as agent. A fund will pay a spread or commission in connection with such transactions. The Manager uses its best efforts to obtain execution of portfolio transactions at prices that are advantageous to a fund and at spreads and commission rates (if any) that are reasonable in relation to the benefits received. The Manager also places transactions for other accounts that it provides with investment advice. For the fiscal years ended November 30, 2007, 2008, and 2009, the Fund did not pay any commissions in connection with such transactions.

     When more than one fund or account is simultaneously engaged in the purchase or sale of the same investment instrument, the prices and amounts are allocated in accordance with a formula considered by the Manager (and where applicable, a sub-adviser or Dreyfus affiliate) to be equitable to the fund or account. In some cases this system could have a detrimental effect on the price or volume of the investment instrument as far as a fund or account is concerned. In other cases, however, the ability of a fund or account to participate in volume transactions will produce better executions for the fund or account.

     When transactions are executed in the over-the-counter market (i.e., with dealers), the Manager will typically deal with the primary market makers unless a more favorable price or execution otherwise is obtainable.

     Disclosure of Portfolio Holdings. It is the policy of Dreyfus to protect the confidentiality of fund portfolio holdings and prevent the selective disclosure of non-public information about such holdings. Each fund, or its duly authorized service providers, publicly discloses its portfolio holdings in accordance with regulatory requirements, such as periodic portfolio disclosure in filings with the SEC. Each non-money market fund, or its duly authorized service providers, may publicly disclose its complete schedule of portfolio holdings at month-end, with a one-month lag, on the Dreyfus website at www.dreyfus.com. In addition, fifteen days following the end of each calendar quarter, each non-money market fund, or its duly authorized service


providers, may publicly disclose on the website its complete schedule of portfolio holdings as of the end of such quarter. Each money market fund will disclose daily, on www.dreyfus.com, the fund's complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.

     If a fund’s portfolio holdings are released pursuant to an ongoing arrangement with any party, such fund must have a legitimate business purpose for doing so, and neither the fund, nor Manager or its affiliates, may receive any compensation in connection with an arrangement to make available information about the fund’s portfolio holdings. Funds may distribute portfolio holdings to mutual fund evaluation services such as Standard & Poor’s, Morningstar or Lipper Analytical Services; due diligence departments of broker-dealers and wirehouses that regularly analyze the portfolio holdings of mutual funds before their public disclosure; and broker-dealers that may be used by the fund, for the purpose of efficient trading and receipt of relevant research, provided that: (a) the recipient does not distribute the portfolio holdings to persons who are likely to use the information for purposes of purchasing or selling fund shares or fund portfolio holdings before the portfolio holdings become public information; and (b) the recipient signs a written confidentiality agreement.

     Funds may also disclose any and all portfolio information to their service providers and others who generally need access to such information in the performance of their contractual duties and responsibilities and are subject to duties of confidentiality, including a duty not to trade on non-public information, imposed by law and/or contract. These service providers include the fund’s custodian, independent registered public accounting firm, investment adviser, administrator, and each of their respective affiliates and advisers.

     Disclosure of portfolio holdings may be authorized only by the fund’s Chief Compliance Officer, and any exceptions to this policy are reported quarterly to the fund’s Board.

INFORMATION ABOUT THE FUND

     The Fund share has one vote and, when issued and paid for in accordance with the terms of the offering, is fully paid and non-assessable. Fund shares are of one class and have equal rights as to dividends and in liquidation. Shares have no preemptive, subscription or conversion rights and are freely transferable.

     Unless otherwise required by the 1940 Act, ordinarily it will not be necessary for the Fund to hold annual meetings of shareholders. As a result, Fund shareholders may not consider each year the election of Board members or the appointment of auditors. However, the holders of at least 10% of the shares outstanding and entitled to vote may require the Fund to hold a special meeting of shareholders for purposes of removing a Board member from office. Fund shareholders may remove a Board member by the affirmative vote of a majority of the Fund’s outstanding voting shares. In addition, the Board will call a meeting of shareholders for the purpose of electing Board members if, at any time, less than a majority of the Board members then holding office have been elected by shareholders.



The Fund sends annual and semi-annual financial statements to all its shareholders.

COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     ______________________________________________________________________, as counsel for the Fund, has rendered its opinion as to certain legal matters regarding the due authorization and valid issuance of the shares being sold pursuant to the Fund’s Prospectus.

     __________________________________________________________, an independent registered public accounting firm, has been selected to serve as the independent registered public accounting firm for the Fund.



APPENDIX A

RISK FACTORS INVESTING IN CONNECTICUT MUNICIPAL OBGLIGATIONS

The following information constitutes only a brief summary, does not purport to be a complete description, and is based primarily on information drawn from official statements relating to securities offerings of the State of Connecticut (the "State") available as of the date of this Statement of Additional Information. While the Fund has not independently verified this information, it has no reason to believe that such information is not correct in all material respects.

General Information

     Connecticut is a highly developed and urbanized state, which is situated directly between the financial centers of Boston and New York. More than one quarter of the total population of the United States and more than 50% of the Canadian population live within 500 miles of Connecticut. The State's population grew at a rate that exceeded the national growth rate during the period from 1940 to 1970, but has slowed substantially over the last thirty years. In April 2000, Connecticut had a population count of over 3.4 million, an increase of 3.6% from the 1990 figure, which was lower than both the regional (5.4%) and national (13.2%) growth rates. The mid-2008 population of the State was estimated at slightly above 3.5 million, up 0.3% from a year ago, compared to increases of 0.3% and 0.9% for New England and the United States, respectively.

     The State's economic performance is measured by personal income, which has been among the highest in the nation, and gross state product, which demonstrated slower growth in the early 2000s, but expanded at a healthy pace in 2004, exceeding the regional and national growth rates. Employment had gained approximately 68,000 jobs by late 2007 since it hit a low in September of 2003, though the State has lost jobs in 2008. In general, the unemployment rate has been lower than the national rate

     Personal Income and Gross State Product. Historically, the State has had one of the highest per capita income rates in the nation as well as a strong gross state product. Per capita personal income for Connecticut residents in 2007 was $55,180, 142.9% of the national average. In 2007, the State produced $216.3 billion worth of goods and services and $181.8 billion worth of goods and services in 2000 chained dollars. In 2007, the State's output was concentrated in three areas: finance, insurance and real estate ("FIRE"), services and manufacturing, which collectively accounted for 69.5% of the State's total production. The output from manufacturing, however, has been decreasing over time as the contribution from FIRE and other services have been rapidly increasing.

     Employment. Non-agricultural employment includes all persons employed except Federal military personnel, the self-employed, proprietors, unpaid workers and farm and household domestic workers. The State's non-agricultural employment reached its recent high in



the third quarter of 2000 with 1,698,030 persons employed, but began declining with the onset of the recession in the early 2000s. It was not until the end of 2003 that the State's economy started to gain momentum, adding tens of thousands of new workers. In 2007, the largest sectors of non-agricultural employment were services (40.9%), trade (18.4%) and government (11.3%). Total non-agricultural employment in Connecticut reached a low of 1,640,130 jobs in the third quarter of 2003, recovered to 1,706,500 in December 2007, and fell again to 1,677,200 in December 2008.

     After enjoying an extraordinary boom during the late 1990s, Connecticut, as well as the rest of the Northeast and the nation, experienced an economic slowdown during the recession of the early 2000s. After reaching 5.5% in 2003, Connecticut's unemployment rate declined to 4.4% in 2006. The recent recession, however, has caused the unemployment rate to rise to 5.1% for the first six months of 2008, compared to the New England average of 4.8% but on par with the national average for the same period. The State's unemployment rate was 7.1% in December 2008.

     Manufacturing. The manufacturing industry, despite its continuing downward employment trend over the past five decades, has traditionally served as an economic base industry and has been of prime economic importance to the State. In 2008, based on the level of personal income derived from this sector, Connecticut ranked eighteenth in the nation for its dependency on manufacturing wages. A number of factors, such as heightened foreign competition, outsourcing to offshore locations and improved productivity played a significant role in affecting the overall level of manufacturing employment. Total manufacturing jobs in the State continued to decline to a recent low of 191,340 in 2007. The total number of manufacturing jobs dropped 56,530 (22.8%) from the decade high in 1998.

Non-manufacturing. The non-manufacturing sector is comprised of industries that primarily provide services. Consumer demand for services is not as postponable as the purchase of goods, making the flow of demand for services more stable. The State's non-manufacturing economic sector has risen from just over 50% of total State employment in 1950, to approximately 88.7% in 2007. Over the last ten years there were over 110,800 new non-manufacturing jobs created, an increase of 7.9%. This sector has more than compensated for the loss of manufacturing jobs, fueling the recovery in non-agricultural employment since 2003.

State Finances

     The State's fiscal year begins on July 1 and ends June 30. State statutory law requires that the budgetary process be on a biennium basis. In November 1992, electors approved an amendment to the State Constitution providing that the amount of general budget expenditures authorized for any fiscal year shall not exceed the estimated amount of revenue for such fiscal year. This amendment also provides a framework for a cap on budget expenses. The State Supreme Court has ruled that the provisions of the Constitutional budget cap require the passage of additional legislation by a three-fifths majority in each house of the General Assembly, which has not yet occurred. In the interim, the General Assembly has been following a provision of the State general statutes that contains the same budget cap as the Constitutional amendment.



     Budget Reserve Fund. The State constitution provides that any unappropriated surplus shall be deposited in the State's Budget Reserve Fund (the "BSF"), used to reduce State bonded indebtedness or for other purposes approved by a three-fifths majority in each house of the General Assembly. In any fiscal year, when the amount in the BSF equals 10% of the net General Fund appropriations, no further transfers are made into the BSF. As of June 30, 2008, $1.38 billion was deposited into the BSF, including a $269.2 million deposit following Fiscal Year 2006-07, bringing the balance in the BSF to approximately 8.1% of General Fund expenditures as of Fiscal Year 2008-09.

     General Fund. The State finances most of its operations through its General Fund. However, certain State functions, such as the State's transportation budget, are financed through other State funds. For budgetary purposes, the State's General Fund is accounted for on a modified cash basis of accounting, which differs from generally accepted accounting principles ("GAAP"). The State is not presently required to prepare GAAP financial statements, although it has prepared such statements annually since 1988.

     Budget for Fiscal Years 2007-08 and 2008-09. Although the General Assembly did not pass the biennial budget for Fiscal Years 2007-08 and 2008-09 prior to its adjournment date of June 6, 2007, in a subsequent special session, the General Assembly passed, and the Governor signed into law on June 26, 2007, the biennial budget for Fiscal Years 2007-08 and 2008-09. The Fiscal Year 2007-08 budget included General Fund revenues and appropriations of $16.326 billion and $16.315 billion, respectively, resulting in a projected surplus of $0.7 million. The Fiscal Year 2008-09 budget included General Fund revenues and appropriations of $17.0731 billion and $17.0723 billion, respectively, resulting in a projected surplus of $0.8 million. The General Assembly made an additional appropriation of $0.7 million for clean contracting standards, thereby reducing the projected General Fund surplus for the 2008-09 Fiscal Year to $0.1 million.

     The General Assembly also included in the biennial budget (i) the appropriation of $613.7 million of the anticipated Fiscal Year 2006-07 General Fund surplus funds to pay for various spending items, including $300 million to fund a portion of the State's contribution to the Teachers' Retirement Fund and $85 million for debt retirement, (ii) a reduction of lapses in the amount of $96.6 million, and (iii) a transfer of $80 million of the anticipated Fiscal Year 2006-07 General Fund surplus to the budget for Fiscal Year 2008-09, resulting in a net reduction in the anticipated Fiscal Year 2006-07 surplus of $790.3 million. Approximately $471.9 million of the appropriations were for one-time purposes and approximately $318.4 million of the appropriations were for on-going purposes.

     The budget was $690.4 million above the expenditure cap for Fiscal Year 2007-08 and $28.2 million below the expenditure cap for Fiscal Year 2008-09. However, in accordance with the Constitution, the Governor issued a declaration to exceed the State's expenditure cap in Fiscal Year 2007-08. This declaration was ratified by a three-fifths vote of each house of the General Assembly.

     Midterm Budget Adjustments. The General Assembly did not make any midterm budget adjustments for Fiscal Year 2008-09 in the legislative session ended on May 7, 2008, however, it appropriated $79 million for energy relief programs in Fiscal Year 2008-09, as well as



transferring the Fiscal Year 2007-08 budget surplus plus additional funds for Fiscal Year 2008-09 use in subsequent special sessions. Additionally, the scheduled increase on July 1, 2008 in the oil companies tax from 7.0% to 7.5% was eliminated.

     Fiscal 2007-2008 Operations. As of June 30, 2008, General Fund revenues for Fiscal Year 2007-08 were $16.42 billion, General Fund expenditures and miscellaneous adjustments were $16.32 billion and the General Fund was estimated to have a surplus of $99.4 million for Fiscal Year 2007-08. The entire surplus was reserved for Fiscal Year 2008-09 spending.

     Fiscal 2008-09 Operations. As of December 31, 2008, General Fund revenues were estimated at $16.10 billion, General Fund expenditures and miscellaneous adjustments were estimated at $17.02 billion, and the General Fund was estimated to have a deficit of $921.7 million for Fiscal Year 2008-09. These estimates do not take into account any economic impact as a result of the changes in the financial and credit markets occurring after August 31, 2008 or during the remainder of the fiscal year. The Governor intends to continue work with the General Assembly of the State to address the deficit during the regular legislative session.

     Proposed Budget for Fiscal Years 2009-10 and 2010-11. The Governor presented the proposed biennial budget for Fiscal Years 2009-10 and 2010-11 to the General Assembly on February 4, 2009. The proposed budget assumes that the $921.7 million deficit from Fiscal Year 2008-09 will be addressed by the use of $281.7 million from the BSF, $360.8 million from additional Federal aid pursuant to the stimulus package being considered by the U.S. Congress and State legislative actions prior to the close of the fiscal year on the remaining $279.2 million.

     The budget proposal assumes revenues of approximately $17.5092 billion and appropriations of $17.5089 billion in Fiscal Year 2009-10, resulting in a surplus of $0.3 million. In Fiscal Year 2010-11, revenues and expenditures are assumed to be $18.1275 billion and $18.1273 billion, respectively, resulting in a projected surplus of $0.2 million. These projections include approximately $3.68 billion in revenue enhancements over the biennium, including a large increase in aid from the Federal stimulus package (anticipated to be about $16.59 billion for the two-year period), utilization of BSF revenues, transferring resources from various "off-budget" accounts, increasing various fees, and securitizing certain energy related charges on electric bills. The proposed budget indicates potential General Fund shortfalls based on current services of $2.91 billion and $3.11 billion in Fiscal Years 2009-10 and 1010-11, respectively. The proposed budget also includes $1.08 billion and $1.26 billion in reductions from current services in Fiscal Years 2009-10 and 2010-11 respectively. The Governor's proposed budget also includes a net increase in general obligation bond authorizations of $591.1 million and $980.5 million to take effect in Fiscal Years 2009-10 and 2010-11, respectively.



State Indebtedness

     The State has no constitutional limit on its power to issue obligations or incur debt other than it may borrow only for public purposes. There are no reported court decisions relating to State bonded debt other than two cases validating the legislative determination of the public purpose for improving employment opportunities and related activities. The State Constitution has never required a public referendum on the question of incurring debt. Therefore, State statutes govern the authorization and issuance of State debt, including the purpose, amount and nature thereof, the method and manner of the incurrence of such debt, the maturity and terms of repayment thereof, and other related matters.

     Pursuant to various public and special acts the State has authorized a variety of types of debt. These types fall generally into the following categories: direct general obligation debt, which is payable from the State's General Fund; special tax obligation debt, which is payable from specified taxes and other funds that are maintained outside the State's General Fund; and special obligation and revenue debt, which is payable from specified revenues or other funds which are maintained outside the State's General Fund. In addition, the State has a number of programs under which the State provides annual appropriation support for, or is contingently liable on, the debt of certain State quasi-public agencies and political subdivisions.

     Direct General Obligation Debt. In general, the State issues general obligation bonds pursuant to specific statutory bond acts and the State general obligation bond procedure act, which provides that such bonds shall be general obligations of the State and that the full faith and credit of the State are pledged for the payment of the principal of and interest on such bonds as the same become due. There are no State Constitutional provisions precluding the exercise of State power by statute to impose any taxes, including taxes on taxable property in the State or on income, in order to pay debt service on bonded debt now or incurred in the future.

     As of February 1, 2009, the State's net direct general obligation indebtedness (including the accreted value of capital appreciation bonds) for the payment of the principal of and the interest on which the State has pledged its full faith and credit or which is otherwise payable from the General Fund of approximately $13.01 billion.

     The following table sets forth the total debt service on all outstanding long-term direct general obligation debt, as of February 1, 2009. Although not specifically reflected as a result of combining all outstanding long-term direct debt, the State generally issues general obligation bonds maturing within twenty years.

Fiscal Year  Total Debt Service 
  (in billions of dollars) 
2009  $0.68 
2010  $1.57 
2011  $1.46 
2012  $1.35 
2013  $1.26 
2014  $1.18 



Fiscal Year  Total Debt Service 
  (in billions of dollars) 
2015  $1.10 
2016  $1.03 
2017  $0.96 
2018  $0.92 
2019  $0.84 
2020  $0.78 
2021-2032  $6.15 
Total  $19.27 

     The General Assembly has empowered the State Bond Commission to authorize direct obligation bonds pursuant to certain bond acts. Legislation was enacted to provide for a net increase in general obligation bond authorizations of $1.39 billion for Fiscal Year 2007-08, $1.76 billion for Fiscal Year 2008-09 and $1.53 billion for Fiscal Year 2009-10.

     The General Assembly in 2007 authorized the issuance of up to $2 billion of pension obligation bonds to fund in part the unfunded accrued liability in the Teachers' Retirement Fund. There are existing bond authorizations which will take effect during Fiscal Years 2007-08 and 2008-09.

     Ratings. Moody's, S&P and Fitch have assigned their municipal bond ratings of Aa3, AA and AA, respectively, to the State's general obligation bonds.

     Transportation Fund and Debt. In 1984, the State adopted legislation establishing a transportation infrastructure program and authorizing special tax obligation ("STO") bonds to finance the program. The infrastructure program is a continuous program for planning, construction and improvement of State highways and bridges; projects on the interstate highway system; alternate highway projects; waterway, mass transportation, transit and aeronautics facilities; and the highway safety program and other facilities and programs administered by the Department of Transportation.

     The cost of the infrastructure program for Fiscal Years 1985-2012, which is to be met from Federal, State and local funds, is currently estimated at $23.5 billion. The State's share, financed almost entirely by STO bonds, is $9.5 billion. During Fiscal Years 1985-2007, $18.3 billion of the total infrastructure program was approved, with the remaining $5.2 billion required for Fiscal Years 2008-12. The remaining $5.2 billion is anticipated to be funded with $1.8 billion from the anticipated issuance of new STO bonds, $63 million in anticipated revenues and $3.3 billion in anticipated Federal funds. The State's share of the program costs, estimated at $8.6 billion, is to be funded from transportation-related taxes, fees and revenues deposited in the Special Transportation Fund (the "STF") and from the proceeds of STO bonds.

     Debt service on State direct general obligation bonds for transportation purposes may be paid from resources of the STF, provided there is sufficient funding first to pay all STO debt service. For the year ended June 30, 2008, the STF paid $3.1 million of State direct general obligation transportation debt service payments. The amount budgeted by the STF for such payments for Fiscal Year 2008-09 is $2.0 million.



     Other Special Revenue Funds and Debt. The State also issues bonds for various special revenue funds and projects. As of February 1, 2009, the following special revenue bonds were issued and outstanding: Bradley International Airport Revenue Refunding Bonds ($198.9 million) and Clean Water Fund Revenue Bonds ($1.21 billion issued, $641.2 million, including refunded bonds, outstanding).

     Contingent Liability Debt. The General Assembly has the power to impose limited or contingent liabilities upon the State in such a manner as it may deem appropriate and as may serve a public purpose. This power has been used to support the efforts of quasi-public agencies, municipalities and other authorities formed to carry out essential public and governmental functions by authorizing these entities to issue indebtedness backed, partially or fully, by General Fund resources of the State. Not all entities that are authorized to issue such indebtedness have done so.

     Under the General Obligation Bond Program, the Connecticut Development Authority ("CDA") issues bonds to finance eligible economic development and information technology projects. Pursuant to an Indenture of Trust between the CDA and The Bank of New York, general revenues of the CDA, which are not otherwise pledged, are made available to service the debt of bonds issued under the Program. Although such bonds may also be secured by a special capital reserve fund, to date under the Program only $30.56 million in bonds have been secured. As of February 1, 2009, $7.62 million of such bonds remain outstanding.

     The General Assembly has authorized the Connecticut Health and Educational Facilities Authority to issue up to $100 million special obligation bonds to be secured by special capital reserve funds to finance equipment acquisitions by hospitals. The General Assembly also authorized the Capital City Economic Development Authority to use a special capital reserve fund in connection with revenue bonds for the convention center in Hartford. Additionally, the University of Connecticut may issue special obligation bonds which may be secured by a special capital reserve fund which the State undertakes to restore to its minimum level.

     Assistance to Municipalities. In addition to the limited or contingent liabilities that the State has undertaken in connection with the activities of its quasi-public agencies, the State has undertaken certain limited or contingent liabilities to assist municipalities. The State currently has limited or contingent liabilities outstanding in connection with bonds or other obligations issued by the City of Waterbury ($45.7 million outstanding as of February 1, 2009) and the Southeastern Connecticut Water Authority ($1.53 million outstanding as of February 1, 2009). Legislation also authorized distressed municipalities, in certain circumstances and subject to various conditions, to issue deficit funding obligations secured by a special capital reserve fund. There are no such obligations currently outstanding.

     School Construction Grant Commitments. The State is obligated to various cities, towns and regional school districts under a grant-in-aid public school building program to fund certain costs of construction and alteration of school buildings and to support part of the interest payments on municipal debt issued to fund the State's share of such school building projects. Legislation enacted in 1997 changed the method of financing the State's share of local school construction projects. For school construction projects approved during the 1997 legislative



session and thereafter, the State pays the cost of its share of construction projects on a progress payment basis during the construction period.

     The State has authorized new school construction grant commitments of approximately $531.5 million which take effect in Fiscal Year 2008-09. As of June 30, 2008, the Commissioner estimates that current grant obligations under the grant program established in 1997 are approximately $2.64 billion, which includes approximately $6.48 billion in grants approved as of such date less payments already made of $3.84 billion.

     As of June 30, 2008, the State is obligated to various cities, towns and regional school districts for $376 million in aggregate installment payments and $75 million in aggregate interest subsidies for a total of $451 million.

     Other Contingent Liabilities. The Connecticut Lottery Corporation ("CLC") was created in 1996 as a public instrumentality of the State to operate the State's lottery. The State and the CLC purchase annuities under group contracts with insurance companies that provide payments corresponding to the obligation for payments to lottery prize winners. The State has transferred to the CLC all annuities purchased by it and the CLC has assumed responsibility for the collection of revenue generated from the lottery and for the payment of all lottery prizes. As of June 30, 2008 the current and long term liabilities of the corporation totaled $291 million.

Pension and Retirement Systems

     The State is responsible for funding and maintaining the State Employees' Retirement Fund ("SERF") and the Teachers' Retirement Fund ("TRF"). As of June 30, 2008, SERF had an actuarial accrual liability of approximately $19.24 billion and assets of approximately $9.99 billion, resulting in an unfunded accrued liability of approximately $9.25 billion. As of June 30, 2008, the market value of SERF's investment assets was $9.33 billion. As of June 30, 2008, TRF had an actuarial accrued liability of approximately $21.8 billion, and assets of approximately $15.27 billion, which resulted in an unfunded accrued liability of approximately $6.53 billion. As of June 30, 2008, the market value of TRF's investment assets was $14.55 billion.

     However, current market conditions and changes to the credit and financial markets mean that the current market values of the funds' assets are lower than they were June 30, 2008.

Litigation

     The State and its officers and employees are parties to numerous legal proceedings. The ultimate disposition and fiscal consequences of these lawsuits are not presently determinable. There are, however, several legal proceedings, which, if decided adversely against the State, either individually or in the aggregate, may require the State to make material future expenditures or may impair revenue sources. Among these proceedings, an adverse judgment in the matters described below, in the opinion of the State's Attorney General, individually could have a fiscal impact on the State of $15 million or more.



     Sheff v. O'Neill is a superior court action brought in 1989 on behalf of school children in the Hartford school district. In 1996, the State Supreme Court reversed a judgment the Superior Court had entered for the State, and remanded the case with direction to render a declaratory judgment in favor of the plaintiffs. The Court directed the legislature to develop appropriate measures to remedy the racial and ethnic segregation in the Hartford public schools. The Supreme Court also directed the trial court to retain jurisdiction of this matter. In December 2000, the plaintiffs filed a motion seeking to have the trial court assess the State's compliance with the State Supreme Court's 1996 decision. Before the court ruled upon that motion the parties reached a settlement agreement, which was deemed approved by the General Assembly and approved by the Supreme Court on March 12, 2003. Under the settlement agreement, the State was obligated, over a four-year period to, among other things, open two new magnet schools in the Hartford area each year, substantially increase the voluntary interdistrict busing program in the Harford area, and work collaboratively with the plaintiffs in planning for the period after the four year duration of the proposed order. That agreement expired in June 2007 and the anticipated costs of that agreement have been expended. On August 23, 2006, the City of Hartford moved to intervene in the case, and on January 4, 2007, the trial court granted that motion. On July 5, 2007, the plaintiffs filed a motion for order to enforce the judgment and to order a remedy alleging that the State remains in material non-compliance with the mandate. In November 2007, the trial court began a hearing on the plaintiff's motion, and in January 2008 completed that hearing. On April 4, 2008, a tentative settlement was presented to the legislature. The legislature approved the settlement on May 4, 2008 and the court approved it on June 12, 2008. Thereafter, the City of Hartford also agreed to settle with the parties, and this stipulation was approved by the court on August 28, 2008. Under these settlements and court orders, the State has ongoing obligations to work toward certain enumerated goals aimed at reducing racial, ethnic and economic isolation in the Hartford public schools, as detailed in the orders themselves.

     State Employees Bargaining Agent Coalition v. Rowland. This case is a purported class of laid-off State employees who sued the Governor and the Secretary of the Office of Policy and Management alleging that they were laid off in violation of their constitutional rights. The plaintiffs claim back wages, damages, attorneys' fees and costs. The defendants moved to dismiss the action based on absolute immunity. That motion was denied by the Federal district court on January 18, 2005, and the defendants appealed. The same purported class brought related State law claims in State Court under the caption Conboy v. State of Connecticut. On July 10, 2007, the Federal appellate court remanded the case back to the district court for trial. The case remains pending. On October 20, 2006, the State trial court in Conboy v. State of Connecticut denied the State's motion to dismiss, and the State has appealed. That appeal remains pending in State Supreme Court.

     State of Connecticut v. Philip Morris, Inc., et al. This case is the action that resulted in the 1998 Master Settlement Agreement (the "MSA"), through which Connecticut and 51 other states and territories resolved their claims against the major domestic tobacco manufacturers. From 2004-2008, the State was engaged in litigation against several tobacco companies that participate in the MSA regarding the calculation of the companies' payments to the State for the year 2003. The litigation focused on whether the parties' payment dispute must be decided by the state courts or by an arbitration panel. In December 2008, the Connecticut Supreme Court



ruled that the MSA requires all aspects of the payment dispute to be arbitrated. If an arbitration panel results in a decision adverse to the State, that determination would likely reduce or eliminate the State's MSA payments for 2004 and possibly even subsequent years.

     Connecticut Coalition for Justice in Education Funding et al v. Rell, et al. Plaintiffs are a non-profit coalition comprised of parents, teachers, school administrators and educational advocates, as well as several parents on behalf of their minor children. Claiming to be a class of students in comparable circumstances in selected school districts, the plaintiffs assert the students' State Constitutional rights to a free public education, among others, and allege that the State's principal mechanism for the distribution of public school aid presently fails to assure both substantially equal educational opportunities and a suitable education for these students. The action seeks declaratory and injunctive relief, including the appointment of a special master, continuing Court jurisdiction and attorney fees and costs, on the grounds that minority students have been disproportionately impacted. The court ruled that the coalition, as opposed to the other plaintiffs, lacks legal standing to pursue the claims. The plaintiffs sought to replead to overcome the impact of this ruling. The defendants moved to strike the plaintiffs' claims for "suitable" education under the State Constitution. On September 17, 2007, the trial court issued a ruling granting the State's motion to strike three counts of the plaintiffs' complaint. After the court's ruling, one count of the plaintiffs' complaint remains, alleging that the plaintiffs have been denied substantially equal education opportunity in violation of the State constitution. The State did not move to strike that count. The plaintiffs sought and obtained permission to appeal immediately to the Connecticut Supreme Court, and that appeal remains pending.

     Juan F. v. Weicker. Since 1991, the State Department of Children and Families has been operating under the provisions of a Federal court-ordered consent decree. In October 2003, the State entered into an agreement with the court monitor and plaintiffs' attorneys to end judicial oversight of the agency by November 2006. The agreement was reviewed and approved by the court. The agreement included the establishment of a task force appointed to monitor the transition, which included the court-appointed monitor who was given full authority to develop an appropriate exit plan. The exit plan developed by the monitor included an open-ended funding provision, which the State objected to on State constitutional grounds. The court approved the exit plan in full in December 2003 and denied the State's request to reconsider the plan in February 2004. In 2005, the Court entered orders that ended the task force and revised the monitoring order, but left in place the open-ended funding provision.

     By letter dated May 5, 2008, the plaintiffs notified the defendants and the court-appointed monitor of their view that the defendants "are in actual or likely noncompliance" with two provisions of the revised monitoring order. The parties entered mediation, and the plaintiffs requested as a remedy the appointment of a limited receiver tailored to address the defendants' performance regarding the two identified provisions. The court approved a stipulation by the parties resolving the plaintiffs' claims in July 2008. The State has continued to work with the plaintiffs and the court monitor to meet the requirements of the exit plan.

     Indian Tribes. While the various cases described in this paragraph involving alleged Indian Tribes do not specify the monetary damages sought from the State, the cases are mentioned because they claim State land and/or sovereignty over land areas that are part of the



State. Several suits have been filed since 1977 in Federal and State courts on behalf of alleged Indian Tribes in various parts of the State, claiming monetary recovery as well as ownership to land in issue. Some of these suits have been settled or dismissed. One of the plaintiff groups is the alleged Golden Hill Paugussett Tribe and the lands involved are generally located in Bridgeport, Trumbull and Orange. In June 2004, the Federal Bureau of Indian Affairs (the "BIA") denied recognition to the alleged Golden Hill Paugussett Tribe of Indians. The alleged Tribe filed an appeal with the U.S. Secretary of the Interior (the "DOI"), and that appeal was dismissed on March 18, 2005. On November 30, 2006, the trial court dismissed the Golden Hill Paugussett Tribe's land claims. The Golden Hill Paugussett Tribe appealed the dismissal which was dismissed by the appellate court on September 10, 2007. An additional suit was filed by the alleged Schaghticoke Indian Tribe claiming privately- and town-held lands in the Town of Kent. The State is not a defendant to that action. In February 2004, the BIA issued a final determination granting Federal recognition to the Schaghticoke Tribal Nation. The State appealed that decision to the DOI, which on May 13, 2005 vacated that determination and remanded the matter to the BIA for reconsideration. On October 12, 2005, the DOI declined to acknowledge the Schaghticoke Indian Tribe, and the alleged Tribe appealed that decision. The U.S. District Court dismissed the appeal on August 22, 2008 and the Schaghticoke Tribal Nation has appealed to the U.S. Court of Appeals for the Second Circuit. The land claims have been stayed pending the resolution of the Federal recognition matter. In June 2002, the BIA issued a final determination granting Federal recognition to the Historic Eastern Pequot Tribe. The State appealed that decision to the DOI, which on May 13, 2005 vacated that determination and remanded the matter to the BIA for reconsideration. On October 12, 2005, the BIA declined to acknowledge this group as an Indian tribe. The Pequot Tribe has not appealed this decision, but has until October 2011 to do so.

     It is possible that other land claims could be brought by other Indian groups, who have petitioned the Federal government for recognition. In any of the land claims matters, irrespective of whether Federal recognition is granted, denied or upheld, a particular tribe could institute or renew land claims against the State or others, or press the claims it has already asserted.

     In White Oak Corp., White Oak filed for mediation against the Department of Transportation (the "DOT"), claiming breaches of contract in association with certain construction projects in the State. In December 2005, the American Arbitration Association ruled against White Oak in one instance, and declined its request for $90 million and awarded DOT damages in the amount of $1.17 million instead, which were approved by the Superior Court. White Oak filed a new demand for arbitration seeking $110 million for delay damages, and the State sought an injunction on this second demand in light of the rulings in the first demand for arbitration. The Court denied the injunction and the State appealed that decision. The Court also lifted an earlier issued stay on the arbitration, and the State has also appealed that decision. On May 20, 2008 the Supreme Court reversed the Court's denial of the injunction and ordered that a permanent injunction be issued barring White Oak from pursuing the second arbitration. The other project claim for arbitration is ongoing and in that proceeding White Oak alleges $50 million in damages.



     Rock Acquisition Limited Partnership v. State of Connecticut, Commissioner of Transportation. This is an eminent domain case arising from DOT's condemnation of a rock quarry in Brookfield. The property was condemned for approximately $4.1 million, and was recently appraised at $2 million. The condemnee, however, asserts that the property was worth $70 million at the time of taking. The case proceeded to trial in 2008, and a decision is pending in the Superior Court. Because the condemnation is part of a Federally-funded DOT program, the ultimate cost to the State of this taking will be reduced significantly. Any arbitration awards or judgments on these matters are generally payable from the STF, though if the STF had insufficient funds to cover the judgment, a claimant could enforce a judgment and obtain payment from the General Fund.

     State of Connecticut Office of Protection and Advocacy for Persons with Disabilities v. The State of Connecticut, et al. This Federal suit was brought in February 2006 on behalf of individuals with mental illness in nursing facilities in the State. The plaintiffs argue that the State has violated the Americans with Disabilities Act by failing to provide services for the acknowledged group in the most integrated setting suitable to the needs of the eligible individuals. In September 2007 the Court dismissed the plaintiff's case for lack of standing, although it left open the ability for proper plaintiffs to replead. On September 8, 2008, the plaintiffs filed an amended complaint to add additional plaintiffs. The defendants' motions to dismiss and the plaintiffs' motion for class certification are pending before the Court.

     Belanger v. State Employees Retirement Commission. Three retired employees of the State claim that the defendant's members have breached their fiduciary duties and Federal law by failing to apply retroactively to the plaintiffs, and to others similarly situated, a recent court decision regarding how State employees' salaries are calculated under the State Employees Retirement Act. The plaintiffs also have moved for class certification to include all retired State plan members harmed by the alleged improper calculation. The defendants have filed a motion to dismiss and the plaintiffs have filed for class certification, both of which are pending before the Court.



APPENDIX B

Rating Categories

Description of certain ratings assigned by S&P, Moody’s and Fitch:

S&P

Long-term

AAA

An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

AA

An obligation rated ‘AA’ differs from the highest rated obligations only in small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong. The rating ‘AA’ may be modified by the addition of a plus (+) or minus (-) sign designation to show relative standing within this rating category.

Short-term

SP-1

Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus sign (+) designation.

SP-2

Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

Commercial paper

A-1

This designation indicates that the degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics are denoted with a plus sign (+) designation.

A-2

Capacity for timely payment on issues with this designation is satisfactory. However, the relative degree of safety is not as high as for issues designated ‘A-1. ‘



Moody’s

Long-term

Aaa

Bonds rated ‘Aaa’ are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edged”. Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa

Bonds rated ‘Aa’ are judged to be of high quality by all standards. Together with the ‘Aaa’ group they comprise what are generally known as high-grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in ‘Aaa’ securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risk appear somewhat larger than the ‘Aaa’ securities.

Moody’s applies numerical modifiers 1, 2, and 3 to the ‘Aa’ generic rating classification. The modifier 1 indicates that the obligation ranks in the higher end of the rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of the rating category.

Prime rating system (short-term)

Issuers rated Prime-1 (or supporting institutions) have a superior ability for repayment of senior short-term debt obligations. Prime-1 repayment ability will often be evidenced by many of the following characteristics:

Leading market positions in well-established industries.

High rates of return on funds employed.

Conservative capitalization structure with moderate reliance on debt and ample asset protection.

Broad margins in earnings coverage of fixed financial charges and high internal cash generation.

Well-established access to a range of financial markets and assured sources of alternate liquidity.



Issuers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

MIG/VMIG--U.S. short-term

Municipal debt issuance ratings are designated as Moody’s Investment Grade (MIG) and are divided into three levels -- MIG 1 through MIG 3.

The short-term rating assigned to the demand feature of variable rate demand obligations (VRDOs) is designated as VMIG. When either the long- or short-term aspect of a VRDO is not rated, that piece is designated NR, e.g., Aaa/NR or NR/VMIG 1.

MIG 1/VMIG1

This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2/VMIG 2

This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

Fitch

Long-term investment grade

AAA

Highest credit quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in case of exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA

Very high credit quality. ‘AA’ ratings denote a very low expectation of credit risk. They indicate very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

Short-term

A short-term rating has a time horizon of less than 12 months for most obligations, or up to three years for U.S. public finance securities, and thus places greater emphasis on the liquidity necessary to meet financial commitments in a timely manner.



F1

Highest credit quality. Indicates the strongest capacity for timely payment of financial commitments; may have an added “+” to denote any exceptionally strong credit feature.

F2

Good credit quality. A satisfactory capacity for timely payment of financial commitments, but the margin of safety is not as great as in the case of the higher ratings.

A plus (+) or minus (-) sign designation may be appended to the ‘AA’ of ‘F1’ a rating to denote relative status within the rating category.



DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND,INC.

PARTC.OTHER INFORMATION
_________________________

Item23. Exhibits.-List
_______ __________________

(a)  Registrant's Articles of Incorporation are incorporated by reference to 
Exhibit(1) to Post-Effective Amendment No. 6 to the Registration
  Statement on Form N-1A filed on January 31, 1996. 
 
(b)  Registrant's Amended By-Laws are incorporated to Exhibit (b) to Post- 
  Effective Amendment No.19 to the Registration Statement on Form N-1A 
  filed on March 29, 2007. 
 
(d)  Management Agreement is incorporated by reference to Exhibit (d) to Post- 
  Effective Amendment No. 17 to the Registration Statement on Form N-1A 
  filed on January 27, 2006. 

(e)(i)  Distribution Agreement is incorporated by reference to Exhibit (e) to 
  Post-Effective Amendment No. 17 to the Registration Statement on Form N- 
  1A filed on January 27, 2006. 

(e)(iii) Forms of Supplement to Service Agreements are incorporated by reference 
to Exhibit (e)(iii) to Post-Effective Amendment No.19 to the Registration 
statement on Form N-1A filed on March 29, 2007. 

(g)(i)  Registrant's Custody Agreement is incorporated by reference to Exhibit 
  (8)(a) to Post-Effective Amendment No. 6 to the Registration Statement on 
Form N-1A filed on January 31, 1996. Registrant's Sub-Custodian
Agreement is incorporated by reference to Exhibit (8)(b) to Post-
  Effective Amendment No. 6 to the Registration Statement on Form N-1A 
  filed on January 31, 1996. 
 
(g)(ii)  Amendment to Custody Agreement is incorporated by reference to Exhibit 
  (g )(ii) of Post-Effective Amendment No. 20 to the Registration Statement 
  on Form N-1A filed on March 28, 2008. 

(g)(iii) Foreign Custody Manager Agreement is incorporated by reference to Exhibit 
23(g)(iii)to Post-Effective Amendment No. 13 to the Registration
Statement on Form N-1A filed on January 28, 2002. 

(h)(i)  Registrant's Shareholder Services Plan is incorporated by reference to 
Exhibit (9) of Post-Effective Amendment No. 5 to the Registration
  Statement on From N-1A, filed on November 30, 1994. 
 
(h)(ii)  Amended and Restated Transfer Agency agreement to Exhibit h (ii) of Post- 
  Effective Amendment No. 20 to the Registration Statement on Form N-1A 
  filed on March 28, 2008. 

(i)  Opinion and consent of Stroock & Stroock & Lavan LLP, Registrant's 
  counsel is incorporated by reference to Exhibit (10) of Post-Effective 



Amendment No. 6 to the Registration Statement on Form N-1A filed on 
January 31, 1996. 

(j)  Consent of Ernst & Young LLP, Independent Registered Public Accounting 
  Firm is incorporated by referenced to Exhibit (j) of Post-Effective 
  Amendment No. 21 to the Registration Statement on Form N-1A filed 
  on March 27, 2009. 

(p)  Code of Ethics is incorporated by referenced to Exhibit (p)of Post- 
  Effective Amendment No. 20 to the Registration Statement on Form N- 
  1A filed on March 28, 2008. 

Item23. Exhibits.-List
_______ _____________________________________________________

OtherExhibits
______________

(a) Power of Attorney*

(b) Certificate of Assistant Secretary is incorporated by reference to
Other Exhibits(b) to Post-Effective Amendment No.17 to the
Registration Statement on Form N-1A filed on January 27, 2006.

*Attached herewith

Item24. Persons Controlled by or under Common Control with Registrant.
_______ ______________________________________________________________

Not Applicable

Item25. Indemnification
_______ _______________

The Statement as to the general effect of any contract,arrangements or statute under which a Board member,officer,underwriter or affiliated person of the Registrant is insured or indemnified in any manner against any liability which may be incurred in such capacity,other than insurance provided by any Board member, officer, affiliated person or underwriter for their own protection,is incorporated by reference to Item(b)of Part C of Post-Effective Amendment No.11 to the Registration Statement on Form N-1A, filed on January 28, 2000:

Reference is also made to the Distribution Agreement attached as Exhibit (e)to Post-Effective Amendment No.17 to the Registration Statement on Form N-1A,filed on January 27, 2006.

Item26. Business and Other Connections of Investment Adviser.

_______ ____________________________________________________



The Dreyfus Corporation("Dreyfus")and subsidiary companies comprise a
financial service organization whose business consists primarily of
providing investment management services as the investment adviser and
manager for sponsored investment companies registered under the
Investment Company Act of 1940 and as an investment adviser to
institutional and individual accounts. Dreyfus also serves as sub-
investment adviser to and/or administrator of other investment companies.
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, serves
primarily as a registered broker-dealer and distributor of other
investment companies advised and administered by Dreyfus.



ITEM 26.  Business and Other Connections of Investment Adviser (continued) 
  Officers and Directors of Investment Adviser 

 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
 
Jonathan Baum  MBSC Securities Corporation++  Chief Executive Officer  3/08 - Present 
Chief Executive Officer    Chairman of the Board  3/08 - Present 
and Chair of the Board    Director  6/07 - 3/08 
    Executive Vice President  6/07 - 3/08 
 
  Dreyfus Service Corporation++  Director  8/06 - 6/07 
    Executive Vice President  8/06 - 6/07 
 
J. Charles Cardona  MBSC Securities Corporation++  Director  6/07 - Present 
President and Director    Executive Vice President  6/07 - Present 
 
  Universal Liquidity Funds plc+  Director  4/06 - Present 
 
  Dreyfus Service Corporation++  Executive Vice President  2/97 - 6/07 
    Director  8/00 - 6/07 
 
Diane P. Durnin  None     
Vice Chair and Director       
 
Phillip N. Maisano  The Bank of New York Mellon *****  Senior Vice President  7/08 - Present 
Director, Vice Chair and       
Chief Investment Officer       
 
  BNY Mellon, National Association +  Senior Vice President  7/08 - Present 
 
  Mellon Bank, N.A.+  Senior Vice President  4/06 - 6/08 
 
  BNY Alcentra Group Holdings, Inc.++  Director  10/07 - Present 
 
  BNY Mellon Investment Office GP LLC*  Manager  4/07 - Present 
 
  Mellon Global Alternative Investments Limited  Director  8/06 - Present 
  London, England     
 
  Pareto Investment Management Limited  Director  4/08 - Present 
  London, England     
 
  The Boston Company Asset Management NY,  Manager  10/07 - Present 
  LLC*     
 
  The Boston Company Asset Management, LLC*  Manager  12/06 - Present 
 
  Urdang Capital Management, Inc.  Director  10/07 - Present 
  630 West Germantown Pike, Suite 300     
  Plymouth Meeting, PA 19462     
 
  Urdang Securities Management, Inc.  Director  10/07 - Present 
  630 West Germantown Pike, Suite 300     
  Plymouth Meeting, PA 19462     
 
  EACM Advisors LLC  Chairman of Board  8/04 - Present 
  200 Connecticut Avenue     
  Norwalk, CT 06854-1940     
 
  Founders Asset Management LLC****  Member, Board of  11/06 - 12/09 
    Managers   

C-3



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
 
  Standish Mellon Asset Management Company,  Board Member  12/06 - Present 
  LLC     
  Mellon Financial Center     
  201 Washington Street     
  Boston, MA 02108-4408     
 
  Mellon Capital Management Corporation***  Director  12/06 - Present 
 
  Mellon Equity Associates, LLP+  Board Member  12/06 - 12/07 
 
  Newton Management Limited  Board Member  12/06 - Present 
  London, England     
 
  Franklin Portfolio Associates, LLC*  Board Member  12/06 - Present 
 
Mitchell E. Harris  Standish Mellon Asset Management Company  Chairman  2/05 - Present 
Director  LLC  Chief Executive Officer  8/04 - Present 
  Mellon Financial Center  Member, Board of  10/04 - Present 
  201 Washington Street  Managers   
  Boston, MA 02108-4408     
 
  Alcentra NY, LLC++  Manager  1/08 - Present 
 
  Alcentra US, Inc. ++  Director  1/08 - Present 
 
  Alcentra, Inc. ++  Director  1/08 - Present 
 
  BNY Alcentra Group Holdings, Inc. ++  Director  10/07 - Present 
 
  Pareto New York LLC++  Manager  11/07 - Present 
 
  Standish Ventures LLC  President  12/05 - Present 
  Mellon Financial Center     
  201 Washington Street     
  Boston, MA 02108-4408     
    Manager  12/05 - Present 
 
  Palomar Management  Director  12/97 - Present 
  London, England     
 
  Palomar Management Holdings Limited  Director  12/97 - Present 
  London, England     
 
  Pareto Investment Management Limited  Director  9/04 - Present 
  London, England     
 
  MAM (DE) Trust+++++  President  10/05 - 1/07 
    Member of Board of  10/05 - 1/07 
    Trustees   
 
  MAM (MA) Holding Trust+++++  President  10/05 - 1/07 
    Member of Board of  10/05 - 1/07 
    Trustees   

C-4



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
Ronald P. O Hanley  The Bank of New York Mellon Corporation *****  Vice Chairman  7/07 - Present 
Director       
  Mellon Financial Corporation+  Vice Chairman  6/01 - 6/07 
  Mellon Trust of New England, N.A. *  Vice Chairman  4/05 - 6/08 
  The Bank of New York Mellon *****  Vice Chairman  7/08 - Present 
  BNY Mellon, National Association +  Vice Chairman  7/08 - Present 
  BNY Alcentra Group Holdings, Inc. ++  Director  10/07 - Present 
  BNY Mellon Investment Office GP LLC+  Manager  4/07 - Present 
  EACM Advisors LLC  Manager  6/04 - Present 
  200 Connecticut Avenue     
  Norwalk, CT 06854-1940     
  Ivy Asset Management Corp.  Director  12/07 - Present 
  One Jericho Plaza     
  Jericho, NY 11753     
  Neptune LLC+++++  Chairman  7/98 - Present 
    President  7/98 - Present 
    Member, Management  6/98 - Present 
    Committee   
  Pareto Investment Management Limited  Director  9/04 - Present 
  London, England     
  The Boston Company Asset Management NY,  Manager  10/07 - Present 
  LLC*     
  The Boston Company Asset Management, LLC*  Manager  12/97 - Present 
  The Boston Company Holding, LLC*  Vice Chairman  2/07 - Present 
  Walter Scott & Partners Limited  Director  10/06 - Present 
  Edinburgh, Scotland     
  WestLB Mellon Asset Management Holdings  Director  4/06 - Present 
  Limited     
  Dusseldorf, Germany     
  Mellon Bank, N.A. +  Vice Chairman  6/01 - 6/08 
  Standish Mellon Asset Management Company,  Board Member  7/01 Present 
  LLC     
  Mellon Financial Center     
  201 Washington Street     
  Boston, MA 02108-4408     
  Franklin Portfolio Holdings, LLC*  Director  12/00 - Present 
  Franklin Portfolio Associates, LLC*  Director  4/97 Present 
  Pareto Partners (NY) ++  Partner Representative  2/00 - Present 
 
  Buck Consultants, Inc.++  Director  7/97 - Present 

C-5



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
 
  Newton Management Limited  Executive Committee  10/98 - Present 
  London, England  Member   
    Director  10/98 - Present 
 
  BNY Mellon Asset Management Japan Limited  Director  6/06 - Present 
  Tokyo, Japan     
 
  TBCAM Holdings, LLC*  Director  1/98 Present 
 
  MAM (MA) Holding Trust+++++  Trustee  6/03 Present 
 
  MAM (DE) Trust+++++  Trustee  6/03 Present 
 
  Pareto Partners  Partner Representative  5/97 Present 
  The Bank of New York Mellon Centre     
  160 Queen Victoria Street     
  London England     
 
  Mellon Capital Management Corporation***  Director  2/97 Present 
 
  Mellon Equity Associates, LLP+  Executive Committee  1/98 12/07 
    Member   
    Chairman  1/98 12/07 
 
  Mellon Global Investing Corp.*  Director  5/97 Present 
    Chairman  5/97 - Present 
    Chief Executive Officer  5/97 Present 
 
Cyrus Taraporevala  Urdang Capital Management, Inc.  Director  10/07 - Present 
Director  630 West Germantown Pike, Suite 300     
  Plymouth Meeting, PA 19462     
 
  Urdang Securities Management, Inc.  Director  10/07 - Present 
  630 West Germantown Pike, Suite 300     
  Plymouth Meeting, PA 19462     
 
  The Boston Company Asset Management NY,  Manager  08/06 Present 
  LLC*     
 
  The Boston Company Asset Management LLC*  Manager  01/08 Present 
 
  BNY Mellon, National Association+  Senior Vice President  07/06 - Present 
 
  The Bank of New York Mellon*****  Senior Vice President  07/06 - Present 
 
Scott E. Wennerholm  Mellon Capital Management Corporation***  Director  10/05 - Present 
Director       
 
  Newton Management Limited  Director  1/06 - Present 
  London, England     
 
  Gannett Welsh & Kotler LLC  Manager  11/07 - Present 
  222 Berkley Street  Administrator  11/07 - Present 
  Boston, MA 02116     
 
  BNY Alcentra Group Holdings, Inc. ++  Director  10/07 - Present 
 
  Ivy Asset Management Corp.  Director  12/07 - Present 
  One Jericho Plaza     
  Jericho, NY 11753     

C-6



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
 
  Urdang Capital Management, Inc.  Director  10/07 - Present 
  630 West Germantown Pike, Suite 300     
  Plymouth Meeting, PA 19462     
 
  Urdang Securities Management, Inc.  Director  10/07 - Present 
  630 West Germantown Pike, Suite 300     
  Plymouth Meeting, PA 19462     
 
  EACM Advisors LLC  Manager  6/04 - Present 
  200 Connecticut Avenue     
  Norwalk, CT 06854-1940     
 
  Franklin Portfolio Associates LLC*  Manager  1/06 - Present 
 
  The Boston Company Asset Management NY,  Manager  10/07 - Present 
  LLC*     
 
  The Boston Company Asset Management LLC*  Manager  10/05 - Present 
 
  Pareto Investment Management Limited  Director  3/06 - Present 
  London, England     
 
  Mellon Equity Associates, LLP+  Executive Committee  10/05 - 12/07 
    Member   
 
  Standish Mellon Asset Management Company,  Member, Board of  10/05 - Present 
  LLC  Managers   
  Mellon Financial Center     
  201 Washington Street     
  Boston, MA 02108-4408     
 
  The Boston Company Holding, LLC*  Member, Board of  4/06 - Present 
    Managers   
 
  The Bank of New York Mellon *****  Senior Vice President  7/08 - Present 
 
 
  BNY Mellon, National Association +  Senior Vice President  7/08 - Present 
 
  Mellon Bank, N.A. +  Senior Vice President  10/05 - 6/08 
 
  Mellon Trust of New England, N. A.*  Director  4/06 - 6/08 
    Senior Vice President  10/05 - 6/08 
 
  MAM (DE) Trust+++++  Member of Board of  1/07 - Present 
    Trustees   
 
  MAM (MA) Holding Trust+++++  Member of Board of  1/07 - Present 
    Trustees   

C-7



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
Bradley J. Skapyak  MBSC Securities Corporation++  Executive Vice President  6/07 - Present 
Chief Operating Officer       
and Director       
  Dreyfus Service Corporation++  Executive Vice President  2/07 - 6/07 
    Senior Vice President  10/97 - 2/07 
 
  The Bank of New York Mellon****  Senior Vice President  4/07 - Present 
 
Dwight Jacobsen  Pioneer Investments  Senior Vice President  4/06 12/07 
Executive Vice President  60 State Street     
and Director  Boston, Massachusetts     
 
Patrice M. Kozlowski  None     
Senior Vice President        
Corporate       
Communications       
 
Gary Pierce  The Bank of New York Mellon *****  Vice President  7/08 - Present 
Controller       
 
 
  BNY Mellon, National Association +  Vice President  7/08 - Present 
 
  The Dreyfus Trust Company+++  Chief Financial Officer  7/05 - 6/08 
    Treasurer  7/05 - 6/08 
 
  Laurel Capital Advisors, LLP+  Chief Financial Officer  5/07 - Present 
 
  MBSC, LLC++  Chief Financial Officer  7/05 - 6/07 
    Manager, Board of  7/05 - 6/07 
    Managers   
 
  MBSC Securities Corporation++  Director  6/07 - Present 
    Chief Financial Officer  6/07 - Present 
 
  Dreyfus Service Corporation++  Director  7/05 - 6/07 
    Chief Financial Officer  7/05 - 6/07 
 
  Founders Asset Management, LLC****  Assistant Treasurer  7/06 - 12/09 
 
  Dreyfus Consumer Credit  Treasurer  7/05 - Present 
  Corporation ++     
 
  Dreyfus Transfer, Inc. ++  Chief Financial Officer  7/05 - Present 
 
  Dreyfus Service  Treasurer  7/05 - Present 
  Organization, Inc.++     
  Seven Six Seven Agency, Inc. ++  Treasurer  4/99 - Present 

C-8



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
Joseph W. Connolly  The Dreyfus Family of Funds++  Chief Compliance  10/04 - Present 
Chief Compliance Officer    Officer   
  Laurel Capital Advisors, LLP+  Chief Compliance  4/05 - Present 
    Officer   
  The Mellon Funds Trust++  Chief Compliance  10/04 - Present 
    Officer   
  MBSC, LLC++  Chief Compliance  10/04 6/07 
    Officer   
  MBSC Securities Corporation++  Chief Compliance  6/07 Present 
    Officer   
  Dreyfus Service Corporation++  Chief Compliance  10/04 6/07 
    Officer   
 
Gary E. Abbs  The Bank of New York Mellon+  First Vice President and  12/96 Present 
Vice President Tax    Manager of Tax   
    Compliance   
 
  Dreyfus Service Organization++  Vice President Tax  01/09 Present 
 
  Dreyfus Consumer Credit Corporation++  Chairman  01/09 Present 
    President  01/09 Present 
 
  MBSC Securities Corporation++  Vice President Tax  01/09 Present 
 
Jill Gill  Mellon Financial Corporation +  Vice President  10/01 6/07 
Vice President        
Human Resources  MBSC Securities Corporation++  Vice President  6/07 Present 
 
  The Bank of New York Mellon *****  Vice President  7/08 Present 
 
  BNY Mellon, National Association +  Vice President  7/08 - Present 
 
  Mellon Bank N.A. +  Vice President  10/06 6/08 
 
  Dreyfus Service Corporation++  Vice President  10/06 6/07 
 
Joanne S. Huber  The Bank of New York Mellon+  State & Local  07/1/07  
Vice President Tax    Compliance Manager  Present 
 
  Dreyfus Service Organization++  Vice President Tax  01/09 Present 
 
  Dreyfus Consumer Credit Corporation++  Vice President Tax  01/09 Present 
 
  MBSC Securities Corporation++  Vice President Tax  01/09 Present 
 
Anthony Mayo  None     
Vice President        
Information Systems       
 
John E. Lane  A P Colorado, Inc. +  Vice President Real  8/07 - Present 
Vice President    Estate and Leases   
  A P East, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  A P Management, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  A P Properties, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  A P Rural Land, Inc. +  Vice President Real  8/07 - 9/07 
    Estate and Leases   
  Allomon Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   

C-9



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
  AP Residential Realty, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  AP Wheels, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  BNY Mellon, National Association +  Vice President Real  7/08 - Present 
    Estate and Leases   
  Citmelex Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Eagle Investment Systems LLC  Vice President Real  8/07 - Present 
  65 LaSalle Road  Estate and Leases   
  West Hartford, CT 06107     
  East Properties Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  FSFC, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  Holiday Properties, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  MBC Investments Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  MBSC Securities Corporation++  Vice President Real  8/07 - Present 
    Estate and Leases   
  MELDEL Leasing Corporation Number 2, Inc. +  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Bank Community Development  Vice President Real  11/07 - Present 
  Corporation+  Estate and Leases   
 
  Mellon Capital Management Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Mellon Financial Services Corporation #1+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Mellon Financial Services Corporation #4+  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Funding Corporation+  Vice President Real  12/07 - Present 
    Estate and Leases   
  Mellon Holdings, LLC+  Vice President Real  12/07 - Present 
    Estate and Leases   
  Mellon International Leasing Company+  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Leasing Corporation+  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Private Trust Company, National  Vice President Real  8/07 - 1/08 
  Association+  Estate and Leases   
 
  Mellon Securities Trust Company+  Vice President Real  8/07 - 7/08 
    Estate and Leases   
  Mellon Trust Company of Illinois+  Vice President Real  8/07 - 07/08 
    Estate and Leases   
  Mellon Trust Company of New England, N.A.+  Vice President Real  8/07 - 6/08 
    Estate and Leases   
  Mellon Trust Company of New York LLC++  Vice President Real  8/07 - 6/08 
    Estate and Leases   
  Mellon Ventures, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  Melnamor Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  MFS Leasing Corp. +  Vice President Real  7/07 - Present 
    Estate and Leases   
  MMIP, LLC+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Pareto New York LLC++  Vice President Real  10/07 - Present 
    Estate and Leases   

C-10



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
  Pontus, Inc. +  Vice President Real  7/07 - Present 
    Estate and Leases   
  Promenade, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  RECR, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  SKAP #7+  Vice President Real  8/07 - 11/07 
    Estate and Leases   
  Technology Services Group, Inc.*****  Senior Vice President  6/06 - Present 
 
  Tennesee Processing Center LLC*****  Managing Director  5/08 - Present 
    Senior Vice President  4/04 - 5/08 
 
  Texas AP, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  The Bank of New York Mellon*****  Vice President Real  7/08 - Present 
    Estate and Leases   
  The Bank of New York Mellon Corporation*****  Executive Vice President  8/07 - Present 
 
  Trilem, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
Jeanne M. Login  A P Colorado, Inc. +  Vice President Real  8/07 - Present 
Vice President    Estate and Leases   
  A P East, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  A P Management, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  A P Properties, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  A P Rural Land, Inc. +  Vice President Real  8/07 - 9/07 
    Estate and Leases   
  Allomon Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  AP Residential Realty, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  AP Wheels, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  APT Holdings Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  BNY Investment Management Services LLC++++  Vice President Real  1/01 - Present 
    Estate and Leases   
  BNY Mellon, National Association +  Vice President Real  7/08 - Present 
    Estate and Leases   
  Citmelex Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Eagle Investment Systems LLC+  Vice President Real  8/07 - Present 
    Estate and Leases   
  East Properties Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  FSFC, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  Holiday Properties, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  MBC Investments Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  MBSC Securities Corporation++  Vice President Real  8/07 - Present 
    Estate and Leases   
  MELDEL Leasing Corporation Number 2, Inc. +  Vice President Real  7/07 - Present 
    Estate and Leases   

C-11



 
Name and Position       
With Dreyfus  Other Businesses  Position Held  Dates 
 
  Mellon Bank Community Development  Vice President Real  11/07 - Present 
  Corporation+  Estate and Leases   
 
  Mellon Capital Management Corporation+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Mellon Financial Services Corporation #1+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Mellon Financial Services Corporation #4+  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Funding Corporation+  Vice President Real  12/07 - Present 
    Estate and Leases   
  Mellon Holdings LLC+  Vice President Real  12/07 - Present 
    Estate and Leases   
  Mellon International Leasing Company+  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Leasing Corporation+  Vice President Real  7/07 - Present 
    Estate and Leases   
  Mellon Private Trust Company, National  Vice President Real  8/07 - 1/08 
  Association+  Estate and Leases   
 
  Mellon Securities Trust Company+  Vice President Real  8/07 - 7/08 
    Estate and Leases   
  Mellon Trust of New England, N.A. *  Vice President Real  8/07 - 6/08 
    Estate and Leases   
  Mellon Trust Company of Illinois+  Vice President Real  8/07 - 7/08 
    Estate and Leases   
  MFS Leasing Corp. +  Vice President Real  7/07 - Present 
    Estate and Leases   
  MMIP, LLC+  Vice President Real  8/07 - Present 
    Estate and Leases   
  Pontus, Inc. +  Vice President Real  7/07 - Present 
    Estate and Leases   
  Promenade, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  RECR, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  SKAP #7+  Vice President Real  8/07 - 11/07 
    Estate and Leases   
  Tennesee Processing Center LLC*****  Managing Director  5/08 - Present 
    Senior Vice President  4/04 - 5/08 
 
  Texas AP, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
  The Bank of New York Mellon*****  Vice President Real  7/08 - Present 
    Estate and Leases   
  Trilem, Inc. +  Vice President Real  8/07 - Present 
    Estate and Leases   
 
James Bitetto  MBSC Securities Corporation++  Assistant Secretary  6/07 - Present 
Secretary       
  Dreyfus Service Corporation++  Assistant Secretary  8/98 - 6/07 
 
  Dreyfus Service Organization, Inc.++  Secretary  8/05 - Present 
 
  The Dreyfus Consumer Credit Corporation++  Vice President  2/02 - Present 
    Director  2/02 - 7/06 
 
  Founders Asset Management LLC****  Assistant Secretary  3/09 - 12/09 

C-12



*  The address of the business so indicated is One Boston Place, Boston, Massachusetts, 02108. 
**  The address of the business so indicated is One Bush Street, Suite 450, San Francisco, California 94104. 
***  The address of the business so indicated is 595 Market Street, Suite 3000, San Francisco, California 94105. 
****  The address of the business so indicated is 210 University Blvd., Suite 800, Denver, Colorado 80206. 
*****  The address of the business so indicated is One Wall Street, New York, New York 10286. 
+  The address of the business so indicated is One Mellon Bank Center, Pittsburgh, Pennsylvania 15258. 
++  The address of the business so indicated is 200 Park Avenue, New York, New York 10166. 
+++  The address of the business so indicated is 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144. 
++++  The address of the business so indicated is White Clay Center, Route 273, Newark, Delaware 19711. 
+++++  The address of the business so indicated is 4005 Kennett Pike, Greenville, DE 19804. 

C-13


Item 27. Principal Underwriters

     (a) Other investment companies for which Registrant's principal underwriter (exclusive distributor) acts as principal underwriter or exclusive distributor:

1.      Advantage Funds, Inc.
 
2.      BNY Mellon Funds Trust
 
3.      CitizensSelect Funds
 
4.      Dreyfus Appreciation Fund, Inc.
 
5.      Dreyfus BASIC Money Market Fund, Inc.
 
6.      Dreyfus BASIC U.S. Government Money Market Fund
 
7.      Dreyfus BASIC U.S. Mortgage Securities Fund
 
8.      Dreyfus Bond Funds, Inc.
 
9.      Dreyfus Cash Management
 
10.      Dreyfus Cash Management Plus, Inc.
 
11.      Dreyfus Funds, Inc.
 
12.      The Dreyfus Fund Incorporated
 
13.      Dreyfus Government Cash Management Funds
 
14.      Dreyfus Growth and Income Fund, Inc.
 
15.      Dreyfus Index Funds, Inc.
 
16.      Dreyfus Institutional Cash Advantage Funds
 
17.      Dreyfus Institutional Money Market Fund
 
18.      Dreyfus Institutional Preferred Money Market Funds
 
19.      Dreyfus Institutional Reserves Funds
 
20.      Dreyfus Intermediate Municipal Bond Fund, Inc.
 
21.      Dreyfus International Funds, Inc.
 
22.      Dreyfus Investment Funds
 
23.      Dreyfus Investment Grade Funds, Inc.
 
24.      Dreyfus Investment Portfolios
 
25.      The Dreyfus/Laurel Funds, Inc.
 
26.      The Dreyfus/Laurel Funds Trust
 
27.      The Dreyfus/Laurel Tax-Free Municipal Funds
 
28.      Dreyfus LifeTime Portfolios, Inc.
 
29.      Dreyfus Liquid Assets, Inc.
 
30.      Dreyfus Manager Funds I
 
31.      Dreyfus Manager Funds II
 
32.      Dreyfus Massachusetts Municipal Money Market Fund
 
33.      Dreyfus Midcap Index Fund, Inc.
 
34.      Dreyfus Money Market Instruments, Inc.
 
35.      Dreyfus Municipal Bond Opportunity Fund
 
36.      Dreyfus Municipal Cash Management Plus
 
37.      Dreyfus Municipal Funds, Inc.
 
38.      Dreyfus Municipal Money Market Fund, Inc.
 
39.      Dreyfus New Jersey Municipal Bond Fund, Inc.
 
40.      Dreyfus New Jersey Municipal Money Market Fund, Inc.
 
41.      Dreyfus New York AMT-Free Municipal Bond Fund
 
42.      Dreyfus New York AMT-Free Municipal Money Market Fund
 
43.      Dreyfus New York Municipal Cash Management
 
44.      Dreyfus New York Tax Exempt Bond Fund, Inc.
 
45.      Dreyfus Opportunity Funds
 

C-14


 
46.      Dreyfus Pennsylvania Municipal Money Market Fund
 
47.      Dreyfus Premier California AMT-Free Municipal Bond Fund, Inc.
 
48.      Dreyfus Premier Equity Funds, Inc.
 
49.      Dreyfus Premier GNMA Fund, Inc.
 
50.      Dreyfus Premier Investment Funds, Inc.
 
51.      Dreyfus Premier Short-Intermediate Municipal Bond Fund
 
52.      Dreyfus Premier Worldwide Growth Fund, Inc.
 
53.      Dreyfus Research Growth Fund, Inc.
 
54.      Dreyfus State Municipal Bond Funds
 
55.      Dreyfus Stock Funds
 
56.      Dreyfus Short-Intermediate Government Fund
 
57.      The Dreyfus Socially Responsible Growth Fund, Inc.
 
58.      Dreyfus Stock Index Fund, Inc.
 
59.      Dreyfus Tax Exempt Cash Management Funds
 
60.      The Dreyfus Third Century Fund, Inc.
 
61.      Dreyfus Treasury & Agency Cash Management
 
62.      Dreyfus Treasury Prime Cash Management
 
63.      Dreyfus U.S. Treasury Intermediate Term Fund
 
64.      Dreyfus U.S. Treasury Long Term Fund
 
65.      Dreyfus 100% U.S. Treasury Money Market Fund
 
66.      Dreyfus Variable Investment Fund
 
67.      Dreyfus Worldwide Dollar Money Market Fund, Inc.
 
68.      General California Municipal Money Market Fund
 
69.      General Government Securities Money Market Funds, Inc.
 
70.      General Money Market Fund, Inc.
 
71.      General Municipal Money Market Funds, Inc.
 
72.      General New York Municipal Bond Fund, Inc.
 
73.      General New York Municipal Money Market Fund
 
74.      Strategic Funds, Inc.
 

C-15



 
(b)     
Name and principal    Positions and Offices 
Business address  Positions and offices with the Distributor  with Registrant 
 
Jon R. Baum*  Chief Executive Officer and Chairman of the Board  None 
Ken Bradle**  President and Director  None 
Robert G. Capone*****  Executive Vice President and Director  None 
J. Charles Cardona*  Executive Vice President and Director  None 
Sue Ann Cormack**  Executive Vice President  None 
Dwight D. Jacobsen*  Executive Vice President and Director  None 
Mark A. Keleher******  Executive Vice President  None 
James D. Kohley****  Executive Vice President  None 
William H. Maresca*  Executive Vice President and Director  None 
Timothy M. McCormick*  Executive Vice President  None 
David K. Mossman****  Executive Vice President  None 
James Neiland*  Executive Vice President  None 
Sean O’Neil*****  Executive Vice President and Director  None 
Irene Papadoulis**  Executive Vice President  None 
Matthew Perrone**  Executive Vice President  None 
Noreen Ross*  Executive Vice President  None 
Bradley J. Skapyak*  Executive Vice President  None 
Gary Pierce*  Chief Financial Officer and Director  None 
Tracy Hopkins*  Senior Vice President  None 
Marc S. Isaacson**  Senior Vice President  None 
Denise B. Kneeland*****  Senior Vice President  None 
Mary T. Lomasney*****  Senior Vice President  None 
Barbara A. McCann*****  Senior Vice President  None 
Christine Carr Smith******  Senior Vice President  None 
Ronald Jamison*  Chief Legal Officer and Secretary  None 
Joseph W. Connolly*  Chief Compliance Officer (Investment Advisory Business)  Chief Compliance Officer 
Stephen Storen*  Chief Compliance Officer  None 
Maria Georgopoulos*  Vice President – Facilities Management  None 
William Germenis*  Vice President – Compliance and Anti-Money Laundering  Anti-Money Laundering 
  Officer  Compliance Officer 
Karin L. Waldmann*  Privacy Officer  None 
Gary E. Abbs****  Vice President - Tax  None 
Timothy I. Barrett**  Vice President  None 
Gina DiChiara*  Vice President  None 
Jill Gill*  Vice President  None 
Joanne S. Huber****  Vice President - Tax  None 
John E. Lane*******  Vice President – Real Estate and Leases  None 
Jeanne M. Login*******  Vice President – Real Estate and Leases  None 
Edward A. Markward*  Vice President – Compliance  None 
Paul Molloy*  Vice President  None 
Anthony Nunez*  Vice President – Finance  None 
William Schalda*  Vice President  None 
John Shea*  Vice President – Finance  None 
Christopher A. Stallone**  Vice President  None 
Susan Verbil*  Vice President – Finance  None 
William Verity*  Vice President – Finance  None 
James Windels*  Vice President  Treasurer 

C-16



 
(b)     
Name and principal    Positions and Offices 
Business address  Positions and offices with the Distributor  with Registrant 
 
James Bitetto*  Assistant Secretary  Vice President and 
    Assistant Secretary 
James D. Muir*  Assistant Secretary  None 
Ken Christoffersen***  Assistant Secretary  None 
 
*      Principal business address is 200 Park Avenue, New York, NY 10166.
**      Principal business address is 144 Glenn Curtiss Blvd., Uniondale, NY 11556-0144.
***      Principal business address is 210 University Blvd., Suite 800, Denver, CO 80206.
****      Principal business address is One Mellon Bank Center, Pittsburgh, PA 15258.
*****      Principal business address is One Boston Place, Boston, MA 02108.
******      Principal business address is 595 Market Street, San Francisco, CA 94105.
*******      Principal business address is 101 Barclay Street, New York 10286.

C-17


Item 28.    Location of Accounts and Records 

1.    The Bank of New York Mellon 
    One Wall Street 
    New York, New York 10286 
 
2.    DST Systems, Inc. 
    1055 Broadway 
Kansas City, MO 64105
 
3.    The Dreyfus Corporation 
    200 Park Avenue 
    New York, New York 10166 

Item 29.    Management Services 

Not Applicable

Item 30.    Undertakings 

None

C-18



SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company 
Act of 1940, the Registrant certifies that it has duly caused this Amendment to the 
Registration Statement to be signed on its behalf by the undersigned, thereunto duly 
authorized, in the City of New York, and State of New York on the th day of January, 28th 2010. 

DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND,INC.

BY:  /s/Bradley J. Skapyak* 
Bradley J. Skapyak, PRESIDENT 

     Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and onthedateindicated.

Signatures  Title  Date 
 
/s/Bradley J. Skapyak*  President  01/28/10 
  (Principal Executive Officer)   
Bradley J. Skapyak   
 
 
/s/James Windels*  Treasurer   
  (Principal Financial and Accounting  01/28/10
James Windels  Officer)   
 
 
 
/s/Joseph S. DiMartino*  Chairman of the Board  01/28/10
Joseph S. DiMartino     
 
 
 
/s/David W. Burke*  Board Member  01/28/10
David W. Burke     
 
 
 
/s/William Hodding Carter III*  Board Member  01/28/10
William Hodding Carter III     
 
 
 
/s/Gordon J. Davis*  Board Member  01/28/10
Gordon J. Davis     
 
 
 
/s/Joni Evans*  Board Member  01/28/10
Joni Evans     
 
 
 
/s/Ehud Houminer*  Board Member  01/28/10
Ehud Houminer     
 
 
 
/s/Richard C. Leone*  Board Member  01/28/10
Richard C. Leone     



/s/Hans C. Mautner*  Board Member  01/28/10
Hans C. Mautner     
 
/s/Robin A. Melvin*  Board Member  01/28/10
Robin A. Melvin     
 
/s/Burton N. Wallack*  Board Member  01/28/10
Burton N. Wallack     
 
/s/John E. Zuccotti*  Board Member  01/28/10
John E. Zuccotti     

*BY:  /s/John B. Hammalian 
  John B. Hammalian, 
  Attorney-in-Fact 



INDEX OF EXHIBITS

Item 23.

Otber Exhibits

(a) Power of Attorney