How did Dreyfus California Intermediate Municipal Bond Fund perform relative to its benchmark?
For the 12-month period ended March 31, 2004, the fund achieved a total return of 4.20%.1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark index, achieved a total return of 5.60% for the same period.2 In addition, the average total return for all funds reported in the Lipper California Intermediate Municipal Debt Funds category was 3.94%.3 Despite heightened market volatility in a recovering economy, California municipal bonds generally ended the reporting period with higher prices than where they began. The fund outperformed its Lipper category average, primarily due to our security selection strategy. The fund’s return was lower than that of the Index, primarily because the Index contains bonds from many states, not just California, and does not reflect fund fees and other expenses. What is the fund’s investment approach? The fund’s goal is to seek as high a level of federal and California state tax-exempt income as is consistent with
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