DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its semi-annual reporting period on June 30, 1995, its
net asset value was $11.23 per share. Income dividends of approximately $.298
per share were paid during this period, representing an annualized
distribution rate per share of 5.31%, based on the June 30, 1995 net asset
value. In addition, we are pleased to report that all dividends paid from net
investment income during this period were exempt from Federal, New York State
and New York City income taxes, although certain shareholders may be subject
to the Federal Alternative Minimum Tax (AMT) on some portfolio income.
As 1994 drew to a close, the bond market continued to exhibit great
volatility. Yields, as measured by the Bond Buyer 20-Bond Index,* rose
dramatically during 1994 from a low of 5.25% in February to a high of 7.06%
in November. Much of this rise was attributable to tightening moves by the
Federal Reserve Board during the year in an effort to slow what appeared to
be a very strong economy. The "last gasp" of this apparent strength occurred
with the strong retail sales data reported at year-end.
While the economy grew at its fastest pace in 10 years during 1994, signs
were emerging late in 1994 and early in 1995 that the expansion was
moderating as higher interest rates began to take their toll on economic
activity. As an example, existing home sales, new home construction and auto
sales slowed during the first quarter of 1995. In addition, jobless claims
and inventories rose as sales slowed. Many forecasts for economic growth in
the first half of 1995 were adjusted downward to reflect these numbers.
Economic discussions that had suggested a "soft landing" began to include the
possibility of recession.
The overall economy of New York State has participated in the improvement
seen in the national economy; however, budget deficits at the State level
continue to be an area of caution, as they are with New York City. We are
concerned that the recent improvement in those economies will be negatively
affected by any return to a national slowdown.
With inflation subdued and economic activity slowing, we believe the case
for further Fed tightening has disappeared. In fact, the Federal Reserve
Board recently cut the Federal Funds rate by a quarter point to stave off any
possible recession-the first reduction in short-term rates by the Fed since
1992.
The Fund's performance during most of the year reflected its ongoing
emphasis to maximize tax exempt income through the use of high coupon
securities. The Fund also continued to maintain a structure which stressed
strong credit quality during a period of market uncertainty, caused in part
by the Orange County, California bankruptcy. All the securities in your Fund
carry the highest credit ratings by both Moody's and Standard & Poor's rating
agencies. The use of high coupon securities to maximize income and the use of
a significant percentage of highly rated securities tends to lessen the
volatility of the Fund.
Our strategy in this environment is to remain fully invested in order to
seek to take advantage of any continued market improvement and to provide a
high level of tax exempt income. Our view of a continuation of the market
rally is a cautious one, however, since much of the advance in bond prices
may already be behind us-even as the economy slows further.
We have included a current Statement of Investments and recent financial
statements for your review. We greatly appreciate your investment in the Fund
and look forward to serving your investment needs in the future.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
July 18, 1995
New York, N.Y.
* The Bond Buyer 20-Bond Index is a sampling of national general obligation
bonds maturing in 20 years and has a rating roughly equivalent to A1.
<TABLE>
<CAPTION>
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-100.0% AMOUNT VALUE
------- -------
<S> <S> <C>
Briarcliff Manor (Water Improvement) 6%, 9/1/2013 (Insured; FGIC)........... $ 175,000 $ 182,697
Broome County, COP Public Safety Facility
5.25%, 4/1/2022 (Insured; MBIA)......................................... 3,875,000 3,508,929
East Rockaway Union Free School District 6.10%, 9/1/2012 (Insured; FGIC).... 100,000 105,687
Havestraw-Stony Point Central School District:
6.10%, 6/15/2001 (Insured; MBIA)........................................ 15,000 16,008
6.10%, 6/15/2002 (Insured; MBIA)........................................ 15,000 16,059
Islip Resource Recovery Agency, RRR 6.125%, 7/1/2013 (Insured; AMBAC)....... 1,425,000 1,450,664
Metropolitan Transportation Authority:
Commuter Facility, Refunding (Service Contract)
7.50%, 7/1/2017 (Insured; AMBAC)...................................... 1,000,000 1,096,430
Transit Facility Revenue:
7%, 7/1/2009 (Insured; AMBAC)......................................... 5,400,000 6,172,362
6%, 7/1/2016 (Insured; AMBAC)......................................... 3,250,000 3,226,990
5%, 7/1/2017 (Insured; BIGI).......................................... 60,000 53,191
6.50%, 7/1/2018 (Insured; FGIC)....................................... 4,000,000 4,148,800
New York City:
7%, 8/1/2006 (Insured; MBIA)............................................ 340,000 361,022
7.25%, 3/15/2018 (Insured; FSA)......................................... 1,000,000 1,109,130
6%, 8/1/2018 (Insured; FSA)............................................. 4,900,000 4,863,397
New York City Housing Development Corp., General Housing
5.80%, 5/1/2002 (Insured; AMBAC)........................................ 400,000 404,328
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue:
6%, 6/15/2019 (Insured; FSA)............................................ 2,300,000 2,302,323
6.20%, 6/15/2021 (Insured; AMBAC)....................................... 2,000,000 2,026,600
6.50%, 6/15/2021 (Insured; AMBAC)....................................... 2,240,000 2,334,506
New York City Transit Authority, Transit Facility Revenue
(Livingston Plaza Project) 6%, 1/1/2021 (Insured; FSA).................. 5,300,000 5,225,111
New York State 7.10%, 3/1/2020 (Insured; AMBAC)............................. 1,650,000 1,812,954
New York State Dormitory Authority, Revenue:
(City University) 6.30%, 7/1/2024 (Insured; AMBAC)...................... 2,800,000 2,855,636
(Colgate University) 6.50%, 7/1/2021 (Insured; MBIA).................... 4,000,000 4,195,480
(International House) 7.60%, 7/1/2009 (Insured; FGIC)................... 2,000,000 2,217,040
(New York University) 6%, 7/1/2015 (Insured; FGIC)...................... 1,750,000 1,747,970
(Refunding - Ithaca College) 6.25%, 7/1/2021 (Insured; MBIA)............ 2,000,000 2,025,060
(Refunding - Mount Sinai School of Medicine):
6.75%, 7/1/2009 (Insured; MBIA)....................................... 3,000,000 3,245,640
5%, 7/1/2021 (Insured; MBIA).......................................... 1,000,000 872,710
(State University Educational) 7.25%, 5/15/2015 (Insured; FGIC)
(Prerefunded 5/15/2000) (a)........................................... 1,000,000 1,133,320
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
New York State Energy Research and Development Authority, Revenue:
Facilities:
(Con Edison Co. of New York Inc. Project):
6.375%, 12/1/2027 (Insured; MBIA)................................. $ 5,000,000 $ 5,030,350
6%, 3/15/2028 (Insured; MBIA)..................................... 4,000,000 3,844,800
Pollution Control:
(Central Hudson Gas and Electric)
7.375%, 10/1/2014 (Insured; FGIC)................................. 1,700,000 1,874,743
(Refunding - Niagara Mohawk Power Corp.)
6.625%, 10/1/2013 (Insured; FGIC)................................. 4,500,000 4,807,080
(Refunding - Rochester Gas and Electric Project)
6.50%, 5/15/2032 (Insured; MBIA).................................. 7,800,000 7,941,180
(New York State Electric and Gas Corporation)
5.95%, 12/1/2027 (Insured; MBIA).................................. 2,000,000 1,938,500
New York State Environmental Facility Corp., Water Facilities Revenue
(Jamaica Water Supply Province) 7.625%, 4/1/2029 (Insured; AMBAC)....... 4,000,000 4,365,120
New York State Housing Finance Agency, Multi-Family Housing Revenue
7.45%, 11/1/2028 (Insured; AMBAC)....................................... 1,990,000 2,112,823
New York State Medical Care Facilities Finance Agency,
Revenue:
(Aurelia Osborn Fox Memorial Hospital) 6.50%, 11/1/2019 (Insured; FSA) 3,000,000 3,087,030
(Buffalo General Hospital) 7.70%, 2/15/2022 (Insured; MBIA)........... 1,000,000 1,105,000
(Hospital and Nursing Home):
6.125%, 2/15/2015 (Insured; MBIA)................................. 4,000,000 4,024,440
7.60%, 2/15/2029 (Insured; MBIA).................................. 2,000,000 2,215,680
(Mental Health Service Facilities Improvement):
7.625%, 2/15/2008 (Insured; MBIA)................................. 945,000 1,028,425
6.25%, 8/15/2018 (Insured; AMBAC)................................. 4,820,000 4,867,477
7.375%, 8/15/2019 (Insured; MBIA)................................. 1,345,000 1,485,095
(Montefiore Medical Center) 6%, 2/15/2035 (Insured; AMBAC)............ 5,000,000 4,852,600
(North Shore University Hospital Mortgage Project)
7.20%, 11/1/2020 (Insured; MBIA).................................. 5,750,000 6,344,090
(Saint Francis Hospital Project) 7.625%, 11/1/2021 (Insured; FGIC).... 1,785,000 1,977,815
(Sisters of Charity Hospital) 6.625%, 11/1/2018 (Insured; AMBAC)...... 2,000,000 2,117,120
New York State Mortgage Agency, Revenue (Homeownership Mortgage):
7.50%, 4/1/2016 (Insured; MBIA)......................................... 2,785,000 2,983,459
6.45%, 10/1/2017(Insured; MBIA)......................................... 1,000,000 1,032,030
7.50%, 10/1/2017 (Insured; MBIA)........................................ 1,500,000 1,603,560
New York State Thruway Authority, General Revenue 6%, 1/1/2025 (Insured; FGIC) 3,750,000 3,698,925
Port Authority of New York and New Jersey:
5.875%, 7/15/2018 (Insured; MBIA)....................................... 3,600,000 3,513,384
6.25%, 1/15/2027 (Insured; AMBAC)....................................... 2,000,000 2,030,300
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
--------- -------
Triborough Bridge and Tunnel Authority, Special Obligation Refunding:
6%, 1/1/2015 (Insured; AMBAC)........................................... $ 4,000,000 $ 3,995,400
6.875%, 1/1/2015 (Insured; FGIC)........................................ 3,000,000 3,252,990
6%, 1/1/2019 (Insured; MBIA)............................................ 2,000,000 1,985,060
Yonkers 7.80%, 8/1/2009 (Insured; FGIC)..................................... 2,900,000 3,318,296
----------
TOTAL INVESTMENTS (cost $143,236,556)....................................... $151,142,816
==========
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation FSA Financial Security Assurance
BIGI Bond Investors Guaranty Insurance MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (B) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
--------- --------- ----------------- -------------------
<S> <C> <S> <C>
AAA Aaa AAA 100.0%
=====
</TABLE>
NOTES TO STATEMENT OF 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) Fitch currently provides creditworthiness information for a limited
number of investments.
(c) At June 30, 1995, 29.9% of the Fund's net assets are insured by
AMBAC and 39.5% are insured by MBIA.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $143,236,556)-see statement..................................... $151,142,816
Interest receivable..................................................... 3,154,863
Receivable for investments securities sold.............................. 2,040,276
Receivable for shares of Beneficial Interest subscribed................. 2,246
Prepaid expenses........................................................ 6,308
-------
156,346,509
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 110,027
Due to Distributor...................................................... 1,784
Due to Custodian........................................................ 3,299,353
Accrued expenses........................................................ 54,285 3,465,449
--------- ---------
NET ASSETS.................................................................. $152,881,060
===========
REPRESENTED BY:
Paid-in capital......................................................... $146,584,827
Accumulated net realized (loss) on investments.......................... (1,610,027)
Accumulated net unrealized appreciation on investments-Note 3........... 7,906,260
-----------
NET ASSETS at value applicable to 13,608,300 outstanding shares of
Beneficial Interest, equivalent to $11.23 per share (unlimited number of
$.001 par value shares authorized)...................................... $152,881,060
===========
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 4,965,950
EXPENSES:
Management fee-Note 2(a).............................................. $ 470,007
Shareholder servicing costs-Note 2(b)................................. 235,203
Professional fees..................................................... 27,623
Trustees' fees and expenses-Note 2(c)................................. 18,124
Prospectus and shareholders' reports-Note 2(b)........................ 8,213
Custodian fees........................................................ 8,196
Registration fees..................................................... 3,380
Miscellaneous......................................................... 11,048
--------
781,794
Less-reimbursement of prospectus costs-Note 2(b)...................... 3,229
--------
TOTAL EXPENSES.................................................. 778,565
-------
INVESTMENT INCOME-NET........................................... 4,187,385
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (309,520)
Net unrealized appreciation on investments.............................. 8,557,666
--------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 8,248,146
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 12,435,531
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1995
1994 (UNAUDITED)
------- ----------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 9,156,209 $ 4,187,385
Net realized (loss) on investments..................................... (1,233,401) (309,520)
Net unrealized appreciation (depreciation) on investments for the period (20,566,482) 8,557,666
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... (12,643,674) 12,435,531
------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................. (9,132,926) (4,210,668)
------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold.......................................... 38,170,749 16,933,595
Dividends reinvested................................................... 6,467,485 2,853,713
Cost of shares redeemed................................................ (69,423,052) (26,827,019)
----------- ------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... (24,784,818) (7,039,711)
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.......................... (46,561,418) 1,185,152
NET ASSETS:
Beginning of period.................................................... 198,257,326 151,695,908
----------- -----------
End of period (including undistributed investment income-net; $23,283 in 1994) $151,695,908 $152,881,060
=========== ============
SHARES SHARES
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 3,391,665 1,522,173
Shares issued for dividends reinvested................................. 579,744 255,409
Shares redeemed........................................................ (6,202,246) (2,402,295)
----------- ------------
TOTAL (DECREASE) IN SHARES OUTSTANDING............................... (2,230,837) (624,713)
=========== ============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30, 1995
-------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
---- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.75 $10.64 $11.33 $11.60 $12.04 $10.66
---- ---- ---- ---- ---- ----
INVESTMENT OPERATIONS:
Investment income-net............... .72 .66 .63 .60 .60 .30
Net realized and unrealized gain (loss)
on investments.................... (.11) .69 .31 .66 (1.39) .57
---- ---- ---- ---- ---- ----
TOTAL FROM INVESTMENT OPERATIONS.. .61 1.35 .94 1.26 (.79) .87
---- ---- ---- ---- ---- ----
DISTRIBUTIONS:
Dividends from investment income-net (.72) (.66) (.63) (.60) (.59) (.30)
Dividends from net realized gain
on investments.................... -- -- (.04) (.22) -- --
Dividends in excess of net realized gain
on investments.................... -- -- -- -- -- --
---- ---- ---- ---- ---- ----
TOTAL DISTRIBUTIONS............... (.72) (.66) (.67) (.82) (.59) (.30)
---- ---- ---- ---- ---- ----
Net asset value, end of period...... $10.64 $11.33 $11.60 $12.04 $10.66 $11.23
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................. 5.91% 13.06% 8.55% 11.08% (6.62%) 16.52% (1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .50% .88% .90% .96% .98% .99% (1)
Ratio of net investment income to
average net assets ............... 6.74% 6.01% 5.49% 5.01% 5.31% 5.35% (1)
Decrease reflected in above expense ratios
due to undertakings by the Manager .61% .17% .11% .02% .01% --
Portfolio Turnover Rate............. 63.12% 15.95% 16.12% 19.89% 12.79% 11.12% (2)
Net Assets, end of period (000's Omitted) $92,259 $147,527 $180,326 $198,257 $151,696 $152,881
(1) Annualized.
(2) Not Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares. The Distributor, located at One Exchange Place, Boston, Massachusetts
02109, is a wholly-owned subsidiary of FDI Distribution Services, Inc., a
provider of mutual fund administration services, which in turn is a
wholly-owned subsidiary of FDI Holdings, Inc., the parent company of which is
Boston Institutional Group, Inc. The Dreyfus Corporation ("Manager") serves
as the Fund's investment adviser. The Manager is a direct subsidiary of
Mellon Bank, N.A.
(A) PORTFOLIO VALUATION: The Fund's investments are valued each business
day by an independent pricing service ("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 general market conditions.
(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 premiums and original issue discounts 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. 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.
(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 Internal
Revenue 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 has an unused capital loss carryover of approximately $1,300,000
available for Federal income tax purposes to be applied against future net
securities profit, if any, realized subsequent to December 31, 1994. If not
applied, the carryover expires in fiscal 2002.
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, exceed 1 1/2% of the average daily value of the
Fund's net assets for any full year. There was no expense reimbursement for
the six months ended June 30, 1995.
(B) Under the Service Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, the Fund (a) reimburses the Distributor for payments to
certain Service Agents for distributing the Fund's shares and servicing
shareholder accounts and (b) pays the Manager, Dreyfus Service Corporation, a
wholly-owned subsidiary of the Manager, or any affiliate (collectively "
Dreyfus") for advertising and marketing relating to the Fund and servicing
shareholder accounts, at an aggregate annual rate of .25 of 1% of the value
of the Fund's average daily net assets. Each of the Distributor and Dreyfus
may pay Service Agents (a securities dealer, financial institution or other
industry professional) a fee in respect of the Fund's shares owned by
shareholders with whom the Service Agent has a servicing relationship or for
whom the Service Agent is the dealer or holder of record. Each of the
Distributor and Dreyfus determine the amounts to be paid to Service Agents to
which it will make payments and the basis on which such payments are made.
The Plan also separately provides for the Fund to bear the costs of
preparing, printing and distributing certain of the Fund's prospectuses and
statements of additional information and costs associated with implementing
and operating the Plan, not to exceed the greater of $100,000 or .005 of 1%
of the Fund's average daily net assets for any full year. During the six
months ended June 30, 1995, $199,065 was charged to the Fund pursuant to the
Plan, of which $3,229 was reimbursed by the Manager.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $29,869,550 and $35,261,961, respectively, for the six months
ended June 30, 1995, and consisted entirely of long-term and short-term
municipal investments.
At June 30, 1995, accumulated net unrealized appreciation on investments
was $7,906,260, consisting of $8,542,296 gross unrealized appreciation and
$636,036 gross unrealized depreciation.
At June 30, 1995, 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).
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK INSURED TAX EXEMPT BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New York Insured Tax Exempt Bond Fund, including the statement of
investments, as of June 30, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended June 30, 1995. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
December 31, 1994 and financial highlights for each of the five years in the
period ended December 31, 1994 and in our report dated February 3, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
July 28, 1995
[Dreyfus lion "d" logo]
DREYFUS NEW YORK INSURED
TAX EXEMPT BOND 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
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 577SA956
[Dreyfus logo]
New York Insured
Tax Exempt
Bond Fund
Semi-Annual
Report
June 30, 1995
