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DMF, DSM and LEO Announce Portfolio Manager Changes

DMF, DSM, LEO

On July 28, 2014, at a meeting of the Board of Directors of DSM and LEO, the Board approved the appointment of Jeffrey B. Burger as co-primary portfolio manager for DSM and LEO. Mr. Burger will co-manage each of DSM and LEO with Daniel A. Barton, who has served as a primary portfolio manager of each Fund since 2011.

DMF announced that Mr. Barton will serve as sole primary portfolio manager of DMF. Mr. Barton has served as a co-primary portfolio manager of DMF since 2011.

The Dreyfus Corporation (“Dreyfus”) continues to be the investment adviser for DSM, LEO and DMF.

Mr. Barton is a Senior Analyst for Tax Exempt Bonds. In addition to his research responsibilities, which include utilities, airports, tobacco securitization, charter schools, and corporate backed bonds, he co-manages several Dreyfus state-specific and credit-specific tax exempt bond mutual funds. Mr. Barton joined Standish Mellon Asset Management (“Standish”), an affiliate of Dreyfus, in 2005 from Columbia Management Group, where he was a municipal credit analyst for over 4 years. Previously he was a chemical engineer with Stone & Webster in Boston, MA. Mr. Barton earned an M.B.A. from Bentley College and a B.S. in chemical engineering from Rensselaer Polytechnic Institute. He is a member of the Boston Security Analysts Society, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts, holds the CFA® designation and has 13 years of investment experience.

Mr. Burger, CFA, is a Portfolio Manager for Tax Sensitive Strategies. He manages tax-sensitive strategies for institutional, high net worth and mutual fund clients. Previously, he served as a Senior Analyst for Standish, specializing in land secured and special tax bonds. Prior to joining Standish in 2009, he worked at Columbia Management as a portfolio manager and senior research analyst and previously held a senior level analyst position at Fitch Ratings. Jeffrey earned an M.P.A. from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a B.A. degree, cum laude, in policy studies and public relations from Syracuse University. He is the Chairman, member of the Executive Committee, and Board of Governors of the National Federation of Municipal Analysts and is a former president of the Boston Municipal Analysts Forum. Jeffrey holds the CFA® designation and has 16 years of investment experience.



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