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 811-6606
DREYFUS BASIC U.S. GOVERNMENT MONEY MARKET 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 (212) 922-6000
area code:
Date of fiscal year end: 02/28(9)
Date of reporting period: 08/31/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus BASIC
U.S. Government
Money Market Fund
SEMIANNUAL REPORT August 31, 2003
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY(TM)
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
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2 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
7 Statement of Assets and Liabilities
8 Statement of Operations
9 Statement of Changes in Net Assets
10 Financial Highlights
11 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus BASIC U.S. Government
Money Market Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus BASIC U.S. Government Money Market Fund
covers the six-month period from March 1, 2003, through August 31, 2003. 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,
Thomas S. Riordan.
After a prolonged period of sluggish growth, the U.S. economy has shown signs of
sustainable improvement. Estimates of economic growth in 2003's second quarter
recently were revised upward to 3.3%, and many economists expect another strong
showing for the third quarter. At the same time, the Federal Reserve Board has
reaffirmed its commitment to keeping interest rates near today's historically
low levels. Therefore, we expect money market yields to remain relatively stable
for the foreseeable future.
We believe that it is important for investors to remember that money market
funds have continued to achieve their primary objective of preserving their
shareholders' capital. For emergency reserves and money earmarked for near-term
needs, we believe that money market funds remain a sound investment. As always,
we encourage you to talk with your financial advisor about investment challenges
and opportunities as market conditions evolve.
Thank you for your continued confidence and support.
Sincerely,
/S/STEPHEN E. CANTER
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
September 15, 2003
DISCUSSION OF FUND PERFORMANCE
Thomas S. Riordan, Portfolio Manager
How did Dreyfus BASIC U.S. Government Money Market Fund perform during the
period?
For the six-month period ended August 31, 2003, the fund produced an annualized
yield of 0.82% and, taking into account the effects of compounding, an
annualized effective yield of 0.82%.(1)
WHAT IS THE FUND'S INVESTMENT APPROACH?
The fund seeks as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The fund invests only
in securities issued or guaranteed as to interest and principal by the U.S.
government, its agencies and instrumentalities, as well as repurchase agreements
backed by such obligations.
When managing the fund, we closely monitor the outlook for economic growth and
inflation, follow overseas developments and consider the posture of the Federal
Reserve Board (the "Fed" ) in our decisions as to how to structure the fund.
Based upon our economic outlook, we actively manage the fund's average maturity
in looking for opportunities that may present themselves in light of possible
changes in interest rates.
WHAT OTHER FACTORS INFLUENCED THE FUND'S PERFORMANCE?
The U.S. economy continued to struggle when the reporting period began, as
evidenced by the first quarter of 2003's annualized GDP growth rate of just
1.4%. Previous hopes of a more robust economic rebound faded as mounting fears
of war caused consumer confidence to fall to new lows. In fact, at its March
meeting, the Fed indicated that uncertainty regarding the war with Iraq was so
great that it could not adequately assess prevailing economic risks. Later that
month, however, investors became more optimistic as it became clearer that major
combat in Iraq would be over quickly. Yields of short-term U.S. government
securities began to rise at the longer end of the curve as investors' attention
returned to the prospects for the U.S. economy.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
In May, the economy began to show signs of sustainable improvement. A key
purchasing index rose significantly, suggesting better conditions in the
manufacturing sector, and consumer confidence rebounded. These encouraging signs
were supported by gains in the stock market, low inflation, moderating oil
prices, rising productivity and pending tax cuts. However, at its meeting in
early May, the Fed adopted a relatively cautious stance, saying economic risks
were "weighted toward weakness for the foreseeable future."
Economic indicators continued to improve in June, including stronger consumer
confidence and robust existing and new home sales. It was later estimated that
U.S. GDP expanded at a higher than expected 2.4% annualized rate for the second
quarter of 2003. On the other hand, the unemployment rate climbed to 6.4%, its
highest level in nine years, suggesting that the impending recovery might be a
relatively jobless one.
Because of the remote possibility that deflationary forces might derail a
potential economic recovery, most investors expected the Fed to reduce interest
rates further at its meeting in late June. The Fed did not disappoint them,
lowering the federal funds rate another 25 basis points to 1%. However, because
the Fed did not cut rates by 50 basis points as some investors had expected,
money market yields rose in the wake of the Fed's announcement.
In July, the ISM Manufacturing Index expanded for the first time since February
2003, rising to a point that most analysts consider to be an indicator of
economic expansion. However, prices of longer-term U.S. government securities
plunged amid concerns that higher mortgage rates might constrain consumer
spending and stall the economic recovery, and a rising supply of U.S. Treasury
securities put additional downward pressure on prices.
In August, it became clearer that business investment and consumer spending were
rebounding, even as inflation remained well under control. Other data released
in August indicated that the pace of layoffs was stabilizing, and consumer
confidence was rising. In the money markets, yields rose modestly among
securities with very short maturities, but longer-term yields came under
pressure following the month's positive economic news.
WHAT IS THE FUND'S CURRENT STRATEGY?
We believe that the Fed will most likely keep short-term interest rates at the
benchmark rate of 1% for some time. In addition, the yield curve steepened
during the summer after being inverted at times during the spring. Accordingly,
we generally have maintained the fund's weighted average maturity toward the
long end of its range. This strategy is designed to capture incrementally higher
yields at the longer end of the curve should those opportunities arise. Of
course, we intend to monitor economic and market trends carefully, and we may
make changes to our strategies as conditions evolve.
September 15, 2003
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
YIELDS FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY
THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO PRESERVE THE
VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY
BY INVESTING IN THE FUND. YIELD PROVIDED REFLECTS THE ABSORPTION OF FUND
EXPENSES BY THE DREYFUS CORPORATION PURSUANT TO AN AGREEMENT IN WHICH
SHAREHOLDERS ARE GIVEN AT LEAST 90 DAYS' NOTICE, AT WHICH TIME IT MAY BE
EXTENDED, TERMINATED OR MODIFIED. HAD THESE EXPENSES NOT BEEN ABSORBED, THE
FUND'S YIELD WOULD HAVE BEEN LOWER.
The Fund
STATEMENT OF INVESTMENTS
August 31, 2003 (Unaudited)
Annualized
Yield on
Date of Principal
U.S. GOVERNMENT AGENCIES--99.3% Purchase (%) Amount ($) Value ($)
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Federal Home Loan Banks, Floating Rate Notes
9/8/2003 1.02 (a) 100,000,000 100,000,000
10/24/2003 .95 (a) 50,000,000 50,000,000
11/24/2004 1.02 (a) 100,000,000 99,975,356
Federal Home Loan Banks, Notes
9/2/2003 1.24 50,000,000 50,000,000
9/15/2003 1.37 20,000,000 20,028,374
11/14/2003 1.37 35,305,000 35,588,067
5/14/2004 1.38 21,000,000 21,000,000
7/14/2004 1.05 25,000,000 25,000,000
Federal Home Loan Mortgage Corp.,
Discount Notes
11/6/2003 1.08 25,000,000 24,950,729
12/1/2003 1.07 25,000,000 24,932,382
Federal Home Loan Mortgage Corp., Notes
8/9/2004 1.17 50,000,000 50,000,000
Federal National Mortgage Association,
Floating Rate Notes
10/7/2004 1.03 (a) 50,000,000 49,983,481
10/28/2004 1.02 (a) 50,000,000 49,988,379
Student Loan Marketing Association,
Discount Notes
9/2/2003 .84 62,376,000 62,374,544
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TOTAL INVESTMENTS (cost $663,821,312) 99.3% 663,821,312
CASH AND RECEIVABLES (NET) .7% 4,573,523
NET ASSETS 100.0% 668,394,835
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
August 31, 2003 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 663,821,312 663,821,312
Cash 2,971,588
Interest receivable 1,894,537
Prepaid expenses 21,324
668,708,761
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 207,581
Payable for shares of Beneficial Interest redeemed 9,364
Accrued expenses and other liabilities 96,981
313,926
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NET ASSETS ($) 668,394,835
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 668,404,863
Accumulated undistributed investment income--net 23,393
Accumulated net realized gain (loss) on investments (33,421)
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NET ASSETS ($) 668,394,835
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares
of Beneficial Interest authorized) 668,404,863
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended August 31, 2003 (Unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 4,607,832
EXPENSES:
Management fee--Note 2(a) 1,791,939
Shareholder servicing costs--Note 2(b) 275,736
Custodian fees 39,415
Trustees' fees and expenses--Note 2(c) 34,183
Professional fees 27,441
Registration fees 13,087
Prospectus and shareholders' reports 7,421
Miscellaneous 6,314
TOTAL EXPENSES 2,195,536
Less--reduction in management fee due to
undertaking--Note 2(a) (582,791)
NET EXPENSES 1,612,745
INVESTMENT INCOME--NET 2,995,087
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NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) (3,606)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 2,991,481
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
August 31, 2003 Year Ended
(Unaudited) February 28, 2003
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OPERATIONS ($):
Investment income--net 2,995,087 12,207,061
Net realized gain (loss) from investments (3,606) (28,890)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,991,481 12,178,171
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (2,971,694) (12,207,061)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 207,429,129 532,136,036
Dividends reinvested 2,861,872 11,720,947
Cost of shares redeemed (281,135,016) (689,647,405)
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS (70,844,015) (145,790,422)
TOTAL INCREASE (DECREASE) IN NET ASSETS (70,824,228) (145,819,312)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 739,219,063 885,038,375
END OF PERIOD 668,394,835 739,219,063
Undistributed investment income--net 23,393 --
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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.
Six Months Ended
August 31, 2003 Fiscal Year Ended February,
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(Unaudited) 2003 2002 2001 2000 1999
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PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .004 .015 .034 .059 .048 .049
Distributions:
Dividends from
investment income--net (.004) (.015) (.034) (.059) (.048) (.049)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) .83(a) 1.46 3.44 6.04 4.88 5.06
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .45(a) .45 .45 .45 .45 .45
Ratio of net investment income
to average net assets .83(a) 1.47 3.40 5.89 4.75 4.97
Decrease reflected in above
expense ratios due to
undertakings by
The Dreyfus Corporation .16(a) .16 .13 .16 .17 .16
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Net Assets, end of period
($ x 1,000) 668,395 739,219 885,038 954,691 996,297 1,182,599
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus BASIC U.S. Government Money Market Fund (the "fund") is registered under
the Investment Company Act of 1940, as amended (the "Act"), as a diversified
open-end management investment company. The fund's investment objective is to
provide investors with as high a level of current income as is consistent with
the preservation of capital and the maintenance of liquidity. The Dreyfus
Corporation (the "Manager") serves as the fund's investment adviser. The Manager
is a wholly-owned subsidiary of Mellon Bank, N.A., which is a wholly-owned
subsidiary of Mellon Financial Corporation (" Mellon" ). 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.
It is the fund's policy to maintain a continuous net asset value per share of
$1.00; the fund has adopted certain investment, portfolio valuation and dividend
and distribution policies to enable it to do so. There is no assurance, however,
that the fund will be able to maintain a stable net asset value per share of
$1.00.
The fund' s financial statements are prepared in accordance with accounting
principles generally accepted in the United States, which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(A) PORTFOLIO VALUATION: Investments in securities are valued at amortized cost
in accordance with Rule 2a-7 of the Act, which has been determined by the fund's
Board of Trustees to represent the fair value of the fund's investments.
(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 amortization of discount and premium on investments, is earned from
settlement date and is recognized on the accrual basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fund
receives net earnings credits based on available cash balances left on deposit.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
The fund may enter into repurchase agreements, with financial institutions
deemed to be creditworthy by the fund' s Manager, subject to the seller's
agreement to repurchase and the fund's agreement to resell such securities at a
mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the fund's custodian and, pursuant to the terms of
the repurchase agreement, must have an aggregate market value greater than or
equal to the repurchase price plus accrued interest at all times. If the value
of the underlying securities falls below the value of the repurchase price plus
accrued interest, the fund will require the seller to deposit additional
collateral by the next business day. If the request for additional collateral is
not met, or the seller defaults on its repurchase obligation, the fund maintains
the right to sell the underlying securities at market value and may claim any
resulting loss against the seller.
(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.
On September 2, 2003, the fund declared a cash dividend of approximately $.0001
per share from undistributed investment income-net which includes investment
income-net for Saturday August 30, 2003 and for Sunday August 31, 2003.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all federal income and excise taxes.
The fund has an unused capital loss carryover of $29,815 available for federal
income tax purposes to be applied against future net securitie
profits, if any, realized subsequent to February 28, 2003. If not applied, $496
of the carryover expires in fiscal 2007, $429 expires in fiscal 2008 and $28,890
expires in fiscal 2011.
The tax character of distributions paid to shareholders during the fiscal year
ended February 28, 2003 were all ordinary income. The tax character of current
year distributions will be determined at the end of the current fiscal year.
At August 31, 2003, the cost of investments for federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the value of the
fund' s average daily net assets and is payable monthly. The Manager has
undertaken, until such time as it gives shareholders at least 90 days' notice to
the contrary, to reduce the management fee paid by the fund, if the fund's
aggregate expenses, exclusive of taxes, brokerage fees, interest on borrowings
and extraordinary expenses, exceed an annual rate of .45 of 1% of the value of
the fund's average daily net assets, the fund may deduct from the payment to be
made to the Manager under the Agreement, or the Manager will bear, such excess
expense. The reduction in management fee, pursuant to the undertaking, amounted
to $582,791 during the period ended August 31, 2003.
(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 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 informa
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
tion, and services related to the maintenance of shareholder accounts. During
the period ended August 31, 2003, the fund was charged $193,093 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 August 31, 2003, the fund was charged $48,410 pursuant to the transfer
agency agreement.
(C) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Each Board member who is not
an "affiliated person" as defined in the Act receives an annual fee of $25,000,
an attendance fee of $4,000 for each in-person meeting and $500 for telephone
meetings. The Chairman of the Board receives an additional 25% of such
compensation. Subject to the fund's Emeritus Program Guidelines, Emeritus Board
members, if any, receive 50% of the annual retainer fee and per meeting fee paid
at the time the Board member achieves emeritus status. These fees are allocated
among the funds in the Fund Group in proportion to each fund's relative net
assets.
NOTES
For More Information
Dreyfus BASIC
U.S. Government
Money Market Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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 Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2003 Dreyfus Service Corporation 124SA0803
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. 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 Registrant's most recently ended
fiscal half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial
officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(b) Certification of principal executive and principal financial officers
as required by Rule 30a-2(b) under the Investment Company Act of 1940.
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 BASIC U.S. GOVERNMENT MONEY MARKET FUND
By: /S/STEPHEN E. CANTER
Stephen E. Canter
President
Date: October 24, 2003
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: October 24, 2003
By: /S/JAMES WINDELS
James Windels
Chief Financial Officer
Date: October 24, 2003
EXHIBIT INDEX
(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) XCHANGE ACT OF 1934.