UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM N-CSR | ||
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT | ||
INVESTMENT COMPANIES | ||
Investment Company Act file number 811-6643 | ||
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND | ||
(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) | ||
Mark N. Jacobs, Esq. | ||
200 Park Avenue | ||
New York, New York 10166 | ||
(Name and address of agent for service) | ||
Registrant's telephone number, including area code: (212) 922-6000 | ||
Date of fiscal year end: | 3/31 | |
Date of reporting period: | 3/31/05 |
FORM N-CSR
Item 1. Reports to Stockholders.
Dreyfus | ||
New Jersey | ||
Intermediate | ||
Municipal Bond Fund |
ANNUAL REPORT March 31, 2005
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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents | ||
THE FUND | ||
2 | Letter from the Chairman | |
3 | Discussion of Fund Performance | |
6 | Fund Performance | |
7 | ||
7 | Comparing Your Fund's Expenses | |
With Those of Other Funds | ||
8 | Statement of Investments | |
14 | Statement of Assets and Liabilities | |
15 | Statement of Operations | |
16 | Statement of Changes in Net Assets | |
17 | Financial Highlights | |
18 | Notes to Financial Statements | |
24 | Report of Independent Registered | |
Public Accounting Firm | ||
25 | Important Tax Information | |
26 | Board Members Information | |
28 | Officers of the Fund | |
FOR MORE INFORMATION | ||
Back Cover |
Dreyfus New Jersey |
Intermediate Municipal Bond Fund |
The Fund
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LETTER FROM THE CHAIRMAN
Dear Shareholder:
This annual report for Dreyfus New Jersey Intermediate Municipal Bond Fund covers the 12-month period from April 1, 2004, through March 31, 2005. Inside, you'll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund's portfolio manager, Scott Sprauer.
Rising energy prices, an improving labor market and robust economic growth appear to have rekindled investors' inflation concerns. Indeed, in its comments accompanying its latest increase in short-term interest rates, the Federal Reserve Board's Federal Open Market Committee indicated that pricing power is “more evident.” As a result, the municipal bond market recently gave back a portion of its previous gains.
Nonetheless, most analysts agree that fixed-income securities generally have held up well compared to previous periods of rising short-term interest rates. Strong investor demand and a more moderate supply of newly issued securities have supported prices of municipal bonds. In our view, the tax-exempt bond market's relative strength represents yet another example of how a longer-term investment perspective and a steady asset allocation strategy can benefit investors. As always, we encourage you to talk regularly with your financial advisor about the investment strategies that may be appropriate for you.
Thank you for your continued confidence and support.
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Stephen E. Canter
Chairman and Chief Executive Officer The Dreyfus Corporation April 15, 2005
2
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DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did Dreyfus New Jersey Intermediate Municipal Bond Fund perform relative to its benchmark?
For the 12-month period ended March 31, 2005, the fund achieved a total return of 0.82% .1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the "Index”), the fund's benchmark index, achieved a total return of 0.80% for the same period.2 In addition, the average total return for all funds reported in the Lipper Other States Intermediate Municipal Debt Funds category was 0.35% .3
Although municipal bonds rallied over much of the reporting period, gains were largely offset by weakness during the first quarter of 2005, when rising interest rates and inflationary pressures took their toll on most fixed-income securities.The fund produced a return that was in line with the benchmark and higher than its Lipper category average, primarily due to our emphasis on longer-term bonds.
What is the fund's investment approach?
The fund's objective is to seek as high a level of income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.
To pursue its goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal and New Jersey state personal income taxes.The dollar-weighted average maturity of the fund's portfolio ranges between three and 10 years.Although the fund currently intends to invest only in investment-grade municipal bonds, or the unrated equivalent as determined by Dreyfus, it has the ability to invest up to 20% of its net assets in municipal bonds of below investment-grade credit quality.
We may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, we may assess the current interest-rate environment and the municipal
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
bond's potential volatility in different rate environments.We focus on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.A portion of the fund's assets may be allocated to "discount” bonds, which are bonds that sell at a price below their face value, or to "premium” bonds, which are bonds that sell at a price above their face value.The fund's allocation to either discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment.We also may look to select bonds that are most likely to obtain attractive prices when sold.
What other factors influenced the fund's performance?
In April 2004, strengthening labor markets and rising commodity prices sparked concerns that inflationary pressures might rise. In response, in late June 2004 the Federal Reserve Board (the "Fed”) implemented its first increase in the overnight federal funds rate in approximately four years. Six additional rate hikes followed over the course of the reporting period, and by the end of March 2005 the federal funds rate had climbed from 1% to 2.75% .
However, unlike previous moves toward higher interest rates, longer-term bond yields did not rise initially. Instead, they declined as investors apparently believed that the moderate pace of economic recovery was not strong enough to ignite an acceleration of inflation. That attitude seemed to change in the first quarter of 2005, when Fed chairman Alan Greenspan called the resilience of longer-term bonds a "conundrum” and noted a return of pricing power for many businesses.
The fund's performance also was influenced by ongoing fiscal challenges faced by New Jersey.Although the state enjoyed higher tax revenues in the recovering economy, it was prohibited from borrowing to balance its next budget.Accordingly, the independent rating agencies are monitoring New Jersey closely, including plans by the acting governor to cut spending and, potentially, raise certain taxes. As a result, we generally avoided the state's uninsured general obligation debt in favor of securities issued by localities and essential services facilities.
4
In addition, we attempted to manage risks more effectively by diversifying the fund's holdings more broadly among securities of various maturities.We increased the fund's exposure to longer-term bonds in the 11- to 17-year maturity range, which fared relatively well when short-term interest rates rose more than longer-term rates.At the same time, the fund benefited from reduced exposure to securities in the five- to 10-year part of the maturity spectrum, where volatility was pronounced. When purchasing new securities, we generally favored income-oriented, premium bonds that historically have held up relatively well during market declines.
What is the fund's current strategy?
Because we expect the Fed to continue to raise short-term interest rates, we have maintained the fund's relatively defensive investment posture, including balanced exposure to securities of various maturities and a focus on premium bonds.We also have positioned the fund so it can benefit from further narrowing of the yield differences between longer- and shorter-term securities.
April 15, 2005
1 | Total return includes reinvestment of dividends and any capital gains paid. Past performance is no | |
guarantee of future results. Share price, yield and investment return fluctuate such that upon | ||
redemption, fund shares may be worth more or less than their original cost. Income may be subject | ||
to state and local taxes for non-New Jersey residents, and some income may be subject to the | ||
federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully | ||
taxable. Return figures provided reflect the absorption of fund expenses by The Dreyfus | ||
Corporation pursuant to an undertaking in effect that may be extended, terminated or modified at | ||
any time. Had these expenses not been absorbed, the fund's return would have been lower. | ||
2 | SOURCE: LIPPER INC. - Reflects reinvestment of dividends and, where applicable, capital | |
gain distributions.The Lehman Brothers 7-Year Municipal Bond Index is an unmanaged total | ||
return performance benchmark for the investment-grade, geographically unrestricted 7-year tax- | ||
exempt bond market, consisting of municipal bonds with maturities of 6-8 years. | ||
3 | Source: Lipper Inc. |
The Fund 5
FUND PERFORMANCE
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Years Ended 3/31
Comparison of change in value of $10,000 investment in Dreyfus New Jersey Intermediate Municipal Bond Fund and the Lehman Brothers 7-Year Municipal Bond Index
Average Annual Total Returns | as of 3/31/05 | |||||||
1 Year | 5 Years | 10 Years | ||||||
Fund | 0.82% | 5.03% | 4.90% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.The fund's performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The above graph compares a $10,000 investment made in Dreyfus New Jersey Intermediate Municipal Bond Fund on 3/31/95 to a $10,000 investment made in the Lehman Brothers 7-Year Municipal Bond Index (the "Index”) on that date. All dividends and capital gain distributions are reinvested.
The fund invests primarily in New Jersey municipal securities and maintains a portfolio with a weighted average maturity ranging between 3 and 10 years.The fund's performance shown in the line graph takes into account fees and expenses.The Index is not limited to investments principally in New Jersey municipal obligations and does not take into account charges, fees and other expenses.The Index, unlike the fund, is an unmanaged, total return performance benchmark for the investment-grade, geographically unrestricted 7-year tax-exempt bond market, consisting of municipal bonds with maturities of 6-8 years.These factors can contribute to the Index potentially outperforming or underperforming the fund. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
6 |
UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund's prospectus or talk to your financial adviser.
Review your fund's expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus New Jersey Intermediate Municipal Bond Fund from October 1, 2004 to March 31, 2005. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment † | ||
assuming actual returns for the six months ended March 31, 2005 | ||
Expenses paid per $1,000 † | $ 3.94 | |
Ending value (after expenses) | $1,000.70 |
COMPARING YOUR FUND'S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited) |
Using the SEC's method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund's expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||
assuming a hypothetical 5% annualized return for the six months ended March 31, 2005 | ||
Expenses paid per $1,000 † | $ 3.98 | |
Ending value (after expenses) | $1,020.99 |
† Expenses are equal to the fund's annualized expense ratio of .79%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
The Fund 7
STATEMENT OF INVESTMENTS March 31, 2005 |
Principal | ||||
Long-Term Municipal Investments—99.1% | Amount ($) | Value ($) | ||
New Jersey—96.5% | ||||
Atlantic City Board of Education: | ||||
5.50%, 12/1/2008 (Insured; FSA, | ||||
Guaranteed; School Board Reserve Fund) | 1,250,000 | 1,354,163 | ||
6%, 12/1/2013 (Insured; FSA, | ||||
Guaranteed; School Board Reserve Fund) | 3,205,000 | 3,703,890 | ||
Bayshore Regional Sewer Authority, | ||||
Subordinated Sewer Revenue: | ||||
5.30%, 4/1/2008 (Insured; MBIA) | 1,000,000 | 1,044,190 | ||
5.40%, 4/1/2009 (Insured; MBIA) | ||||
(Prerefunded 4/1/2006) | 1,000,000 a | 1,047,210 | ||
Bergen County Improvement Authority, | ||||
School District Revenue: | ||||
(Engelwood City Board of Education Project): | ||||
5.25%, 4/1/2018 | 1,400,000 | 1,521,800 | ||
5.25%, 4/1/2019 | 1,475,000 | 1,598,708 | ||
5.25%, 4/1/2020 | 1,550,000 | 1,676,356 | ||
(Wyckoff Township Board of Education) | ||||
5.25%, 4/1/2020 | 1,770,000 | 1,928,787 | ||
Bergen County Utilities Authority, Water Pollution Control | ||||
Revenue 5.375%, 12/15/2013 (Insured; FGIC) | 1,155,000 | 1,263,801 | ||
Brick Township Municipal Utilities Authority, | ||||
Water and Sewer Revenue | ||||
5.10%, 12/1/2009 (Insured; FGIC) | 1,500,000 | 1,567,425 | ||
Burlington County Bridge Commission: | ||||
LR (Governmental Leasing Program): | ||||
5.25%, 8/15/2016 | 1,100,000 | 1,180,674 | ||
5.25%, 8/15/2017 | 1,355,000 | 1,451,435 | ||
Pooled Loan Revenue (Governmental Loan Program) | ||||
5.25%, 12/15/2019 (Insured; AMBAC) | 2,890,000 | 3,135,650 | ||
Camden County Municipal Utilities Authority, | ||||
County Agreement Sewer Revenue | ||||
5%, 7/15/2009 (Insured; FGIC) | 3,200,000 | 3,328,384 | ||
Cape May County Municipal Utilities Authority | ||||
5.75%, 1/1/2016 (Insured; FSA) | 2,000,000 | 2,296,640 | ||
Delaware River and Bay Authority, Revenue: | ||||
5.25%, 1/1/2017 (Insured; MBIA) | 1,160,000 | 1,277,241 | ||
5.25%, 1/1/2019 (Insured; MBIA) | 2,390,000 | 2,631,557 | ||
Freehold Regional High School: | ||||
5.50%, 3/1/2009 (Insured; FGIC, Guaranteed; | ||||
School Board Reserve Fund) | 1,450,000 | 1,577,499 | ||
5.50%, 3/1/2010 (Insured; FGIC, Guaranteed; | ||||
School Board Reserve Fund) | 2,460,000 | 2,708,263 |
8
Principal | ||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||
New Jersey (continued) | ||||
Hoboken Parking Utilities | ||||
5.25%, 1/1/2018 (Insured; FGIC) | 3,210,000 | 3,468,469 | ||
Hudson County Improvement Authority, | ||||
Facility Lease Revenue (Hudson County Lease Project) | ||||
5.25%, 10/1/2012 (Insured; FGIC) | 2,795,000 | 2,992,467 | ||
Jersey City: | ||||
Public Improvement 5.25%, 9/1/2010 | ||||
(Insured; MBIA) (Prerefunded 9/1/2009) | 1,605,000 a | 1,750,991 | ||
Water 5.20%, 10/1/2008 (Insured; AMBAC) | 1,565,000 | 1,647,319 | ||
Middlesex County Utilities Authority, Sewer Revenue | ||||
6.25%, 8/15/2010 (Insured; MBIA) | 1,500,000 | 1,641,000 | ||
Monmouth County 5.10%, 10/1/2010 | ||||
(Prerefunded 10/1/2005) | 2,600,000 a | 2,686,658 | ||
Monmouth County Improvement Authority, | ||||
Governmental Loan Revenue | ||||
5.25%, 12/1/2020 (Insured; AMBAC) | 2,235,000 | 2,409,621 | ||
New Jersey Economic Development Authority, Revenue: | ||||
Cigarette Tax | ||||
5.50%, 6/15/2024 | 2,300,000 | 2,396,209 | ||
Department of Human Services | ||||
5.75%, 7/1/2014 | 1,080,000 | 1,187,514 | ||
Economic Development | ||||
(Masonic Charity Foundation) | ||||
5%, 6/1/2018 | 1,680,000 | 1,748,527 | ||
School (The Peddie School Project) | ||||
4%, 2/1/2007 | 1,000,000 | 1,020,640 | ||
School Facilities, Construction: | ||||
5.50%, 6/15/2011 (Insured; AMBAC) | 2,500,000 | 2,772,025 | ||
5.25%, 12/15/2013 (Insured; AMBAC) | 1,255,000 | 1,381,705 | ||
5.25%, 6/15/2016 (Insured; AMBAC) | 4,500,000 | 4,923,540 | ||
(Transportation Project) | ||||
5.25%, 5/1/2011 (Insured; FSA) | 2,210,000 | 2,411,596 | ||
New Jersey Educational Facilities Authority, Revenue: | ||||
College and University: | ||||
(College of New Jersey) | ||||
5.375%, 7/1/2017 (Insured; FGIC) | 1,300,000 | 1,413,581 | ||
(Fairleigh Dickenson University) | ||||
6%, 7/1/2020 | 2,000,000 | 2,184,440 | ||
(Montclair State University) | ||||
5.125%, 7/1/2022 (Insured; MBIA) | 1,840,000 | 1,954,006 | ||
Motor Vehicle Surcharge Revenue | ||||
Zero Coupon 7/1/2018 (Insured; MBIA) | 5,000,000 | 2,770,850 |
The Fund 9
S T A T E M E N T O F I N V E S T M E N T S (continued)
Principal | ||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||
New Jersey (continued) | ||||
New Jersey Educational Facilities Authority, Revenue (continued): | ||||
College and University (continued): | ||||
(Princeton University): | ||||
5.125%, 7/1/2012 | 1,550,000 | 1,681,750 | ||
5.25%, 7/1/2014 (Prerefunded 7/1/2010) | 2,885,000 a | 3,147,449 | ||
5%, 7/1/2023 | 2,000,000 | 2,117,500 | ||
(Seton Hall University): | ||||
5.25%, 7/1/2006 (Insured; AMBAC) | 2,030,000 | 2,095,021 | ||
5.25%, 7/1/2009 (Insured; AMBAC) | 1,050,000 | 1,133,328 | ||
Public Library Project Grant Issue | ||||
5.50%, 9/1/2017 (Insured; AMBAC) | 1,500,000 | 1,650,690 | ||
New Jersey Health Care Facilities Financing Authority, | ||||
Health Hospital and Nursing Home Revenue: | ||||
(Atlantic City Medical Center) 6%, 7/1/2012 | 3,145,000 | 3,502,712 | ||
(Capital Health System Obligated Group) | ||||
5.50%, 7/1/2011 | 2,730,000 | 2,911,545 | ||
(Health Care System Obligated Group) | ||||
5.50%, 7/1/2012 | 1,645,000 | 1,763,012 | ||
(Raritan Bay Medical Center Issue) | ||||
6.625%, 7/1/2005 | 2,800,000 | 2,823,100 | ||
(Robert Wood Johnson University Center): | ||||
5%, 7/1/2008 (Insured; MBIA) | 1,500,000 | 1,551,390 | ||
5.375%, 7/1/2013 | 2,000,000 | 2,115,440 | ||
(Saint Joseph's Hospital and Medical Center) | ||||
5.15%, 7/1/2006 (Insured; Connie Lee) | 2,555,000 | 2,617,828 | ||
(Somerset Medical Center) 5.50%, 7/1/2018 | 4,155,000 | 4,262,615 | ||
(South Jersey Hospital) 6%, 7/1/2012 | 3,000,000 | 3,329,340 | ||
(Trinitas Hospital Obligated Group) | ||||
7.375%, 7/1/2015 | 4,000,000 | 4,538,400 | ||
New Jersey Housing and Mortgage Finance Agency, Revenue, | ||||
Home Buyer 5%, 4/1/2005 (Insured; MBIA) | 2,000,000 | 2,000,000 | ||
New Jersey Transportation Trust Fund Authority, | ||||
Transportation System: | ||||
5.50%, 6/15/2009 | 2,725,000 | 2,968,533 | ||
6%, 12/15/2014 (Insured; MBIA) | 1,370,000 | 1,564,170 | ||
6%, 12/15/2014 (Insured; MBIA) | ||||
(Prerefunded 12/15/2011) | 2,630,000 a | 3,002,750 | ||
6%, 12/15/2016 (Insured; MBIA) | ||||
(Prerefunded 12/15/2011) | 5,000,000 a | 5,708,650 |
10 |
Principal | ||||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||||
New Jersey (continued) | ||||||
New Jersey Turnpike Authority, Turnpike Revenue: | ||||||
5.75%, 1/1/2010 (Insured; MBIA) | ||||||
(Prerefunded 1/1/2010) | 685,000 | a | 759,617 | |||
5.75%, 1/1/2010 (Insured; MBIA) | 2,315,000 | 2,556,455 | ||||
6%, 1/1/2014 (Insured; MBIA) | ||||||
(Prerefunded 1/1/2014) | 1,820,000 | a | 2,117,770 | |||
6%, 1/1/2014 (Insured; MBIA) | 3,180,000 | 3,677,193 | ||||
5%, 1/1/2020 (Insured; FSA) | 5,000,000 | 5,258,350 | ||||
North Hudson Sewer Authority, Sewer Revenue: | ||||||
5.25%, 8/1/2010 (Insured; FGIC) | 3,825,000 | 3,981,213 | ||||
5.25%, 8/1/2016 (Insured; FGIC) | 2,000,000 | 2,163,360 | ||||
5.25%, 8/1/2017 (Insured; FGIC) | 2,000,000 | 2,160,720 | ||||
North Jersey District of Water Supply Commission | ||||||
(Wanaque South Project): | ||||||
5.25%, 7/1/2014 (Insured; MBIA) | 2,200,000 | 2,408,472 | ||||
5.25%, 7/1/2015 (Insured; MBIA) | 4,570,000 | 4,994,644 | ||||
Northeast Monmouth County Regional | ||||||
Sewer Authority, Sewer Revenue | ||||||
5%, 11/1/2010 (Insured; MBIA) | 2,250,000 | 2,343,870 | ||||
Ocean County, General Improvement: | ||||||
5.65%, 7/1/2005 | 1,600,000 | 1,613,648 | ||||
5%, 9/1/2012 | 1,300,000 | 1,392,755 | ||||
5%, 9/1/2013 | 1,200,000 | 1,284,516 | ||||
Ocean County Utilities Authority, | ||||||
Wastewater Revenue 5.25%, 1/1/2017 | 1,500,000 | 1,612,155 | ||||
Port Authority of New York and New Jersey | ||||||
(Consolidated Board 101st Series) | ||||||
5.25%, 9/15/2006 (Insured; MBIA) | 1,000,000 | 1,021,060 | ||||
South Brunswick Township Board of Education | ||||||
5.625%, 12/1/2010 (Insured; FGIC, Guaranteed; School | ||||||
Board Reserve Fund) (Prerefunded 12/1/2009) | 1,820,000 | a | 2,005,021 | |||
Southeast Morris County Municipal Utilities Authority, | ||||||
Water Revenue 5%, 1/1/2012 (Insured; MBIA) | 1,000,000 | 1,069,660 | ||||
Southern Regional High School District 5.50%, 9/1/2011 | ||||||
(Insured; MBIA) (Prerefunded 9/1/2006) | 1,600,000 | a | 1,662,688 | |||
Tobacco Settlement Financing Corporation | ||||||
5.375%, 6/1/2018 | 2,500,000 | 2,490,475 |
The Fund 11
S T A T E M E N T O F I N V E S T M E N T S (continued)
Principal | ||||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||||
Trenton 5.125%, 1/15/2013 (Insured; FGIC) | 1,000,000 | 1,066,570 | ||||
Western Monmouth Utilities Authority, Revenue | ||||||
5.15%, 2/1/2008 (Insured; AMBAC) | 1,000,000 | 1,020,480 | ||||
U.S. Related—2.6% | ||||||
Children's Trust Fund of Puerto Rico, Tobacco Settlement | ||||||
Revenue 5.75%, 7/1/2012 (Prerefunded 7/1/2010) | 1,500,000 | a | 1,661,625 | |||
Puerto Rico Highway and Transportation Authority, | ||||||
Transportation Revenue 5%, 7/1/2022 (Insured; FGIC) | 1,615,000 | 1,697,413 | ||||
Virgin Islands Public Finance Authority, Revenue | ||||||
(Senior Lien Fund) 5.50%, 10/1/2008 (Insured; ACA) | 1,500,000 | 1,605,930 | ||||
Total Investments (cost $182,176,278) | 99.1% | 189,165,714 | ||||
Cash and Receivables (Net) | .9% | 1,653,708 | ||||
Net Assets | 100.0% | 190,819,422 |
12 |
Summary of Abbreviations | ||||||
ACA | American Capital Access | FSA | Financial Security Assurance | |||
AMBAC | American Municipal Bond | LR | Lease Revenue | |||
Assurance Corporation | MBIA | Municipal Bond Investors Assurance | ||||
FGIC | Financial Guaranty Insurance | Insurance Corporation | ||||
Company |
Summary of Combined Ratings (Unaudited) | ||||||||||
Fitch | or | Moody's | or | Standard & Poor's | Value (%) † | |||||
AAA | Aaa | AAA | 73.9 | |||||||
AA | Aa | AA | 6.6 | |||||||
A | A | A | 6.7 | |||||||
BBB | Baa | BBB | 11.3 | |||||||
Not Rated b | Not Rated b | Not Rated b | 1.5 | |||||||
100.0 |
† | Based on total investments. | |
a | Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used | |
to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. | ||
b | Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by the Manager to | |
be of comparable quality to those rated securities in which the fund may invest. | ||
See notes to financial statements. |
The Fund 13
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2005
Cost | Value | |||
Assets ($): | ||||
Investments in securities—See Statement of Investments | 182,176,278 | 189,165,714 | ||
Interest receivable | 2,504,979 | |||
Receivable for investment securities sold | 2,343,128 | |||
Receivable for shares of Beneficial Interest subscribed | 10,000 | |||
Prepaid expenses | 7,428 | |||
194,031,249 | ||||
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) | 108,702 | |||
Cash overdraft due to Custodian | 750,968 | |||
Payable for investment securities purchased | 2,118,060 | |||
Payable for shares of Beneficial Interest redeemed | 169,087 | |||
Accrued expenses | 65,010 | |||
3,211,827 | ||||
Net Assets ($) | 190,819,422 | |||
Composition of Net Assets ($): | ||||
Paid-in capital | 183,825,384 | |||
Accumulated net realized gain (loss) on investments | 4,602 | |||
Accumulated net unrealized appreciation | ||||
(depreciation) on investments | 6,989,436 | |||
Net Assets ($) | 190,819,422 | |||
Shares Outstanding | ||||
(unlimited number of $.001 par value shares of Beneficial Interest authorized) | 13,666,192 | |||
Net Asset Value, offering and redemption price per share—Note 3(d) ($) | 13.96 |
See notes to financial statements.
14 |
STATEMENT OF OPERATIONS Year Ended March 31, 2005 |
Investment Income ($): | ||
Interest Income | 8,824,968 | |
Expenses: | ||
Management fee—Note 3(a) | 1,188,293 | |
Shareholder servicing costs—Note 3(b) | 227,453 | |
Professional fees | 51,588 | |
Trustees fees and expenses—Note 3(c) | 24,780 | |
Custodian fees | 23,701 | |
Registration fees | 9,825 | |
Prospectus and shareholders' reports | 6,404 | |
Loan commitment fees—Note 2 | 1,406 | |
Miscellaneous | 20,481 | |
Total Expenses | 1,553,931 | |
Less—reduction in management fee | ||
due to undertaking—Note 3(a) | (3,365) | |
Net Expenses | 1,550,566 | |
Investment Income—Net | 7,274,402 | |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | ||
Net realized gain (loss) on investments | 4,878 | |
Net unrealized appreciation (depreciation) on investments | (6,125,427) | |
Net Realized and Unrealized Gain (Loss) on Investments | (6,120,549) | |
Net Increase in Net Assets Resulting from Operations | 1,153,853 |
See notes to financial statements.
The Fund 15
STATEMENT OF CHANGES IN NET ASSETS
Year Ended March 31, | ||||
2005 | 2004 | |||
Operations ($): | ||||
Investment income—net | 7,274,402 | 8,051,054 | ||
Net realized gain (loss) on investments | 4,878 | 786,022 | ||
Net unrealized appreciation | ||||
(depreciation) on investments | (6,125,427) | (99,209) | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 1,153,853 | 8,737,867 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (7,274,402) | (8,042,330) | ||
Net realized gain on investments | (211,730) | (333,977) | ||
Total Dividends | (7,486,132) | (8,376,307) | ||
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold | 22,571,087 | 31,869,978 | ||
Dividends reinvested | 6,142,502 | 7,076,417 | ||
Cost of shares redeemed | (47,362,613) | (45,288,556) | ||
Increase (Decrease) in Net Assets | ||||
from Beneficial Interest Transactions | (18,649,024) | (6,342,161) | ||
Total Increase (Decrease) in Net Assets | (24,981,303) | (5,980,601) | ||
Net Assets ($): | ||||
Beginning of Period | 215,800,725 | 221,781,326 | ||
End of Period | 190,819,422 | 215,800,725 | ||
Capital Share Transactions (Shares): | ||||
Shares sold | 1,599,387 | 2,217,796 | ||
Shares issued for dividends reinvested | 436,155 | 493,639 | ||
Shares redeemed | (3,373,534) | (3,168,428) | ||
Net Increase (Decrease) in Shares Outstanding | (1,337,992) | (456,993) |
See notes to financial statements.
16 |
FINANCIAL HIGHLIGHTS
The following table describes the performance 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 figures have been derived from the fund's financial statements.
Year Ended March 31, | ||||||||||
2005 | 2004 | 2003 | 2002 a | 2001 | ||||||
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 14.38 | 14.34 | 13.70 | 13.82 | 13.32 | |||||
Investment Operations: | ||||||||||
Investment income—net | .52b | .53b | .55b | .56b | .59 | |||||
Net realized and unrealized | ||||||||||
gain (loss) on investments | (.40) | .06 | .64 | (.13) | .49 | |||||
Total from Investment Operations | .12 | .59 | 1.19 | .43 | 1.08 | |||||
Distributions: | ||||||||||
Dividends from investment income—net | (.52) | (.53) | (.55) | (.55) | (.58) | |||||
Dividends from net realized | ||||||||||
gain on investments | (.02) | (.02) | — | — | (.00)c | |||||
Total Distributions | (.54) | (.55) | (.55) | (.55) | (.58) | |||||
Net asset value, end of period | 13.96 | 14.38 | 14.34 | 13.70 | 13.82 | |||||
Total Return (%) | .82 | 4.20 | 8.83 | 3.15 | 8.35 | |||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses | ||||||||||
to average net assets | .78 | .79 | .79 | .77 | .80 | |||||
Ratio of net expense | ||||||||||
to average net assets | .78 | .78 | .79 | .77 | .78 | |||||
Ratio of net investment income | ||||||||||
to average net assets | 3.67 | 3.69 | 3.88 | 3.99 | 4.34 | |||||
Portfolio Turnover Rate | 24.16 | 22.93 | 39.20 | 32.37 | 16.71 | |||||
Net Assets, end of period ($ x 1,000) | 190,819 | 215,801 | 221,781 | 211,253 | 207,433 |
a | As required, effective April 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting Guide | |
for Investment Companies and began accreting discount or amortizing premium on a scientific basis for debt | ||
securities.The effect of this change for the period ended March 31, 2002 was to increase net investment income per | ||
share and decrease net realized and unrealized gain (loss) on investments by less than $.01 and increase the ratio of | ||
net investment income to average net assets by less than .01%. Per share data and ratios/supplemental data for | ||
periods prior to April 1, 2001 have not been restated to reflect this change in presentation. | ||
b | Based on average shares outstanding at each month end. | |
c | Amount represents less than $.01 per share. | |
See notes to financial statements. |
The Fund 17
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
Dreyfus New Jersey Intermediate Municipal Bond Fund (the "fund”) is registered under the Investment Company Act of 1940, as amended (the "Act”), as a non-diversified open-end management investment company.The fund's investment objective is to provide investors with as high a level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.The Dreyfus Corporation (the "Manager” or "Dreyfus”) serves as the fund's investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation ("Mellon Financial”). Dreyfus Service Corporation (the "Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund's shares, which are sold to the public without a sales charge.
The fund's financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the "Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and
18
general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.
The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code”).To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
The Fund 19
NOTES TO FINANCIAL STATEMENTS (continued)
At March 31, 2005, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $13,760 undistributed capital gains $11,759 and unrealized appreciation $6,989,436. In addition, the fund had $7,157 of capital losses realized after October 31, 2004, which were deferred for tax purposes to the first day of the following fiscal year.
The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2005 and March 31, 2004, were as follows: tax exempt income $7,274,402 and $8,042,330, long-term capital gains $143,295 and $333,977 and ordinary income $68,435 and $0, respectively.
NOTE 2—Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the "Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended March 31, 2005, the fund did not borrow under the Facility.
NOTE 3—Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee is computed at the annual rate of .60 of 1% of the value of the fund's average daily net assets and is payable monthly. The Manager had undertaken from April 1, 2004 through March 31, 2005, to reduce the management fee paid by the fund, if the aggregated annual expenses of the fund, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary expenses, exceed
20
an annual rate of .80 of 1% of the value of the fund's average daily net assets.The reduction in management fee, pursuant to the undertaking, amounted to $3,365, during the period ended March 31, 2005.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25 of 1% 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. During the period ended March 31, 2005, the fund was charged $112,739 pursuant to the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended March 31, 2005, the fund was charged $69,518 pursuant to the transfer agency agreement.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $96,702 and transfer agency per account fees $12,000.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
(d) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund's exchange privilege. During the period ended March 31, 2005, redemption fees charged and retained by the fund amounted to $3,127.
The Fund 21
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2005, amounted to $47,168,507 and $64,450,111, respectively.
At March 31, 2005, the cost of investments for federal income tax purposes was $182,176,278; accordingly, accumulated net unrealized appreciation on investments was $6,989,436, consisting of $7,152,154 gross unrealized appreciation and $162,718 gross unrealized depreciation.
NOTE 5—Legal Matters:
In early 2004, two purported class and derivative actions were filed against Mellon Financial, Mellon Bank, N.A., Dreyfus, Founders Asset Management LLC, and certain directors of the Dreyfus Funds and the Dreyfus Founders Funds (together, the "Funds”) in the United States District Court for the Western District of Pennsylvania. In September 2004, plaintiffs served a Consolidated Amended Complaint (the "Amended Complaint”) on behalf of a purported class of all persons who acquired interests in any of the Funds between January 30, 1999 and November 17, 2003, and derivatively on behalf of the Funds.The Amended Complaint in the newly styled In re Dreyfus Mutual Funds Fee Litigation also named the Distributor, Premier Mutual Fund Services, Inc. and two additional Fund directors as defendants and alleges violations of the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Pennsylvania Unfair Trade Practices and Consumer Protection Law and common-law claims. Plaintiffs seek to recover allegedly improper and excessive Rule 12b-1 and advisory fees allegedly charged to the Funds for marketing and distribution services. More specifically, plaintiffs claim, among other things, that 12b-1 fees and directed brokerage were improperly used to pay brokers to recommend the Funds over other funds, and that such payments were not disclosed to investors. In addition, plaintiffs assert that economies of scale and soft-dollar benefits were not passed on to
22
the Funds. Plaintiffs further allege that 12b-1 fees were improperly charged to certain of the Funds that were closed to new investors.The Amended Complaint seeks compensatory and punitive damages, rescission of the advisory contracts, and an accounting and restitution of any unlawful fees, as well as an award of attorneys' fees and litigation expenses. As noted, some of the claims in this litigation are asserted derivatively on behalf of the Funds that have been named as nominal defendants.With respect to such derivative claims, no relief is sought against the Funds. Dreyfus believes the allegations to be totally without merit and intends to defend the action vigorously. Defendants filed motions to dismiss the Amended Complaint on November 12, 2004, and those motions are pending.
Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Funds believe that any of the pending actions will have a material adverse effect on the Funds or Dreyfus' ability to perform its contract with the Funds.
The Fund 23
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
Shareholders and Board of Trustees Dreyfus New Jersey Intermediate Municipal Bond Fund |
We have audited the accompanying statement of assets and liabilities of Dreyfus New Jersey Intermediate Municipal Bond Fund, including the statement of investments, as of March 31, 2005, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years indicated therein.These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2005 and by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus New Jersey Intermediate Municipal Bond Fund, at March 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated years, in conformity U.S. generally accepted accounting principles.
New York, New York May 4, 2005 |
24
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with federal tax law, the fund hereby makes the following designations regarding its fiscal year ended March 31, 2005:
—all the dividends paid from investment income-net during its fiscal year ended March 31, 2005 as "exempt-interest dividends” (not generally subject to regular federal and, for individuals who are New Jersey residents, New Jersey personal income taxes), and
—the fund hereby designates $.0102 per share as a long-term capital gain distribution of the $.0150 per share paid on July 28, 2004.
As required by federal tax law rules, shareholders will receive notification of their portion of the fund's taxable ordinary dividends (if any) and capital gains distributions (if any) paid for the 2005 calendar year on Form 1099-DIV which will be mailed by January 31, 2006.
The Fund 25
BOARD MEMBERS INFORMATION (Unaudited)
Joseph S. DiMartino (61) |
Chairman of the Board (1995) |
Principal Occupation During Past 5 Years: |
• Corporate Director and Trustee |
Other Board Memberships and Affiliations: |
• The Muscular Dystrophy Association, Director |
• Levcor International, Inc., an apparel fabric processor, Director |
• 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 |
• Azimuth Trust, an institutional asset management firm, Member of Board of Managers and |
Advisory Board |
No. of Portfolios for which Board Member Serves: 193 |
——————— |
David W. Burke (69) |
Board Member (1994) |
Principal Occupation During Past 5 Years: |
• Corporate Director and Trustee |
Other Board Memberships and Affiliations: |
• John F. Kennedy Library Foundation, Director |
• U.S.S. Constitution Museum, Director |
No. of Portfolios for which Board Member Serves: 84 |
——————— |
Diane Dunst (65) |
Board Member (1990) |
Principal Occupation During Past 5 Years: |
• President, Huntting House Antiques |
No. of Portfolios for which Board Member Serves: 11 |
——————— |
Rosalind Gersten Jacobs (79) |
Board Member (1994) |
Principal Occupation During Past 5 Years: |
• Merchandise and marketing consultant |
No. of Portfolios for which Board Member Serves: 33 |
26
Jay I. Meltzer (76) |
Board Member (1991) |
Principal Occupation During Past 5 Years: |
• Physician, Internist and Specialist in Clinical Hypertension |
• Clinical Professor of Medicine at Columbia University & College of Physicians and Surgeons |
• Faculty Associate, Center for Bioethics, Columbia |
No. of Portfolios for which Board Member Serves: 11 |
——————— |
Daniel Rose (75) |
Board Member (1992) |
Principal Occupation During Past 5 Years: |
• Chairman and Chief Executive Officer of Rose Associates, Inc., a New York based real estate |
development and management firm |
Other Board Memberships and Affiliations: |
• Baltic-American Enterprise Fund,Vice Chairman and Director |
• Harlem Educational Activities Fund, Inc., Chairman |
• Housing Committee of the Real Estate Board of New York, Inc., Director |
No. of Portfolios for which Board Member Serves: 22 |
——————— |
Warren B. Rudman (74) |
Board Member (1993) |
Principal Occupation During Past 5 Years: |
• Of Counsel to (from January 1993 to December 31, 2003, Partner in) the law firm Paul, |
Weiss, Rifkind,Wharton & Garrison LLP |
Other Board Memberships and Affiliations: |
• Collins & Aikman Corporation, Director |
• Allied Waste Corporation, Director |
• Raytheon Company, Director |
• Boston Scientific, Director |
No. of Portfolios for which Board Member Serves: 20 |
——————— |
Sander Vanocur (77) |
Board Member (1992) |
Principal Occupation During Past 5 Years: |
• President, Old Owl Communications |
No. of Portfolios for which Board Member Serves: 22 |
——————— |
Once elected all Board Members serve for an indefinite term.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund's Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611.
The Fund 27
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, President since March 2000.
Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Manager, and an officer of 90 investment companies (comprised of 185 portfolios) managed by the Manager. Mr. Canter also is a Board member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 59 years old and has been an employee of the Manager since May 1995.
STEPHEN R. BYERS, Executive Vice President since November 2002.
Chief Investment Officer,Vice Chairman and a director of the Manager, and an officer of 90 investment companies (comprised of 185 portfolios) managed by the Manager. Mr. Byers also is an officer, director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 51 years old and has been an employee of the Manager since January 2000.
MARK N. JACOBS, Vice President since March 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since June 1977.
JOHN B. HAMMALIAN, Secretary since March 2000.
Associate General Counsel of the Manager, and an officer of 36 investment companies (comprised of 45 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since February 1991.
STEVEN F. NEWMAN, Assistant Secretary since March 2000.
Associate General Counsel and Assistant Secretary of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since July 1980.
MICHAEL A. ROSENBERG, Assistant Secretary since March 2000.
Associate General Counsel of the Manager, and an officer of 88 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 1991.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since April 1985.
28
GREGORY S. GRUBER, Assistant Treasurer since March 2000.
Senior Accounting Manager – Municipal Bond Funds of the Manager, and an officer of 24 investment companies (comprised of 55 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since August 1981.
KENNETH J. SANDGREN, Assistant Treasurer since November 2001.
Mutual Funds Tax Director of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1993.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (91 investment companies, comprising 201 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 47 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.
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 88 investment companies (comprised of 198 portfolios) managed by the Manager. He is 34 years old and has been an employee of the Distributor since October 1998.
The Fund 29
For More | Information | |
Dreyfus New Jersey | Transfer Agent & | |
Intermediate Municipal | Dividend Disbursing Agent | |
Bond Fund | Dreyfus Transfer, Inc. | |
200 Park Avenue | 200 Park Avenue | |
New York, NY 10166 | New York, NY 10166 | |
Manager | Distributor | |
The Dreyfus Corporation | Dreyfus Service Corporation | |
200 Park Avenue | 200 Park Avenue | |
New York, NY 10166 | New York, NY 10166 | |
Custodian | ||
The Bank of New York | ||
One Wall Street | ||
New York, NY 10286 |
Telephone 1-800-645-6561 |
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 |
E-mail Send your request to info@dreyfus.com |
Internet Information can be viewed online or downloaded at: http://www.dreyfus.com |
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2004, is available on the SEC's website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
®
© 2005 Dreyfus Service Corporation 0751AR0305
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Joseph S. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $27,195 in 2004 and $29,480 in 2005.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2004 and $0 in 2005.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $288,500 in 2004 and $0 in 2005.
Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $2,790 in 2004 and $2,725 in 2005. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various
-2- |
financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies .
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2004 and $0 in 2005.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $174 in 2004 and $148 in 2005. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee were $0 in 2004 and $0 in 2005.
Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $639,435 in 2004 and $605,451 in 2005.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.
Item 5. | Audit Committee of Listed Registrants. | |
Not applicable. | ||
Item 6. | Schedule of Investments. | |
Not applicable. | ||
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management | |
Investment Companies. | ||
Not applicable. | ||
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. | |
Not applicable. | ||
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies and | |
Affiliated Purchasers. | ||
Not applicable. | ||
Item 10. | Submission of Matters to a Vote of Security Holders. |
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The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) | Code of ethics referred to in Item 2. | |
(a)(2) | Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) | |
under the Investment Company Act of 1940. | ||
(a)(3) | Not applicable. | |
(b) | Certification of principal executive and principal financial officers as required by Rule 30a-2(b) | |
under the Investment Company Act of 1940. |
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SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
By: | /s/Stephen E. Canter | |
Stephen E. Canter | ||
Chief Executive Officer | ||
Date: | June 1, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Stephen E. Canter | |
Stephen E. Canter | ||
Chief Executive Officer | ||
Date: | June 1, 2005 | |
By: | /s/ James Windels | |
James Windels | ||
Chief Financial Officer | ||
Date: | June 1, 2005 |
EXHIBIT INDEX
(a)(1) | Code of ethics referred to in Item 2. | |
(a)(2) | Certifications of principal executive and principal financial officers as required by Rule 30a- | |
2(a) under the Investment Company Act of 1940. (EX-99.CERT) | ||
(b) | Certification of principal executive and principal financial officers as required by Rule 30a- | |
2(b) under the Investment Company Act of 1940. (EX-99.906CERT) |
Exhibit (a)(1)
THE DREYFUS FAMILY OF FUNDS | ||
CODE OF | ETHICS FOR PRINCIPAL EXECUTIVE | |
AND | SENIOR FINANCIAL OFFICERS |
I. COVERED OFFICERS/PURPOSE OF THE CODE
This code of ethics (the "Code") for the investment companies within the complex (each, a "Fund") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:
- honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
- full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;
- compliance with applicable laws and governmental rules and regulations;
- the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
- accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST
OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters
of the Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.
Each Covered Officer must:
- not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;
- not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and
- not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.
III. DISCLOSURE AND COMPLIANCE
- Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;
- each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations; and
- each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public
communications made by the Fund; and
- it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
IV. REPORTING AND ACCOUNTABILITY
Each Covered Officer must:
- upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;
- annually thereafter affirm to the Board that he has complied with the requirements of the Code; and
- notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.
The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.
The Fund will follow these procedures in investigating and enforcing the Code:
- the General Counsel will take all appropriate action to investigate any potential violations reported to him;
- if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;
- any matter that the General Counsel believes is a violation will be reported to the Board;
- if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;
- the Board will be responsible for granting waivers, as appropriate; and
- any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.
V. OTHER POLICIES AND PROCEDURES
The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule
17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.
VI. AMENDMENTS
The Code may not be amended except in written form which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.
VII. CONFIDENTIALITY
All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.
VIII. INTERNAL USE
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Dated as of: | JULY 1, 2003 | |
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EXHIBIT A
Persons Covered by the Code of Ethics | ||||
Stephen E. Canter | President | (Principal Executive | ||
Officer) | ||||
(Principal Financial and | ||||
James Windels | Treasurer | Accounting Officer) |
[EX-99.CERT]—Exhibit (a)(2)
SECTION 302 CERTIFICATION
I, Stephen E. Canter, certify that:
1. I have reviewed this report on Form N-CSR of DREYFUS NEW JERSEY INTERMEDIATE
MUNICIPAL BOND FUND;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: | /s/ Stephen E. Canter | |
Stephen E. Canter | ||
Chief Executive Officer | ||
Date: | June 1, 2005 |
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-CSR of DREYFUS NEW JERSEY INTERMEDIATE
MUNICIPAL BOND FUND;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: | /s/ James Windels | |
James Windels | ||
Chief Financial Officer | ||
Date: | June 1, 2005 |
[EX-99.906CERT] |
Exhibit (b) |
SECTION 906 CERTIFICATIONS
In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
By: | /s/ Stephen E. Canter | |
Stephen E. Canter | ||
Chief Executive Officer | ||
Date: | June 1, 2005 | |
By: | /s/ James Windels | |
James Windels | ||
Chief Financial Officer | ||
Date: | June 1, 2005 |
This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
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