DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus
Short-Intermediate Government Fund. For its semi-annual reporting period
ended May 31, 1996, your Fund produced a total return of .93% per share.*
Income dividends of approximately $.343 per share were paid, which is
equivalent to an annualized distribution rate per share of 6.32%.**
THE ECONOMY
Recent economic reports show that the economy continues to recover from
its year-end 1995 pause. Spurred by a surge in consumer and business
spending, the economy grew at a moderate 2.3% during the first quarter of
this year. Suggesting further strength, a major forecasting index, the Index
of Leading Economic Indicators, extended its string of increases for the
third consecutive month in April, the first such three-month advance since
late 1993. Despite a sharp jump in energy prices, inflation remained in
check. For the twelve months ended in April, consumer prices rose 2.9%.
Giving further evidence of moderating prices, a survey released in May by the
National Business Council revealed greater difficulty for major industrial
companies to raise prices now than six months ago.
Despite the relatively benign level of inflation, the economy's expansion
has sparked concerns that the Federal Reserve Board (the "Fed") could raise
short-term interest rates. In reaction to this possibility, long-term rates
have risen since the beginning of the year. So far, the Fed has refrained
from tightening monetary policy, apparently interpreting economic data to
mean that the economy remains on a path of moderate growth unaccompanied by a
surge in inflation. However, the strong May employment data has some
investors fearing that the Fed will not continue to stand pat. There is now a
greater consensus that the Fed will tighten soon in order to prevent
unacceptable levels of price inflation from accompanying the growth in the
economy.
Consumers, who account for over two thirds of our country's Gross
Domestic Product, are vital contributors to economic growth. So far, they
have continued to spend, setting aside concerns about job security and
stagnating real wages in favor of current consumption. New-home sales, an
important component of consumer spending, continued to post gains throughout
the reporting period, and is up 28% since April of last year. Retail sales in
general are up 6% from year-ago levels. Additional encouragement to consumers
occurred when the Labor Department recently reported a continuation of the
declining trend in first-time jobless claims.
On the corporate side of the economy, capacity utilization inched higher
and is now at 83%. While still well below the peak level (85.1%) for this
economic expansion which was reached over a year ago, further growth in this
indicator may result in shortages that could produce higher prices. Following
the GM strike-induced slowdown in March, industrial production has risen,
bringing the year-over-year gain to a solid 2.6% through April.
We remain alert to early signs of growing inflationary pressures that
might cause the Federal Reserve to raise interest rates. To date, prices are
still being kept under control. However, we are especially watchful regarding
the potential buildup in wage pressures given the rising trend in both
corporate output and capacity utilization.
MARKET ENVIRONMENT
Bond prices as of May 31, 1996 were based on an expectation that the Fed
would soon raise interest rates by 50 basis points. A tightening of that
magnitude could cause the yields on longer-term securities to pause and the
prices to firm up. Anything less than a 50 basis point tightening might not
be greeted with the same positive response. We are not yet convinced that the
Fed has to tighten, but are aware that the Fed might be inclined to
accommodate what the market expects.
THE PORTFOLIO
The Fund has made several structural changes since the last writing.
First and foremost the Fund shortened its duration to protect against higher
yields. That shorter duration helped the Fund to endure and perform well in
the dramatic sell-off. The Fund also was able to find government agency paper
cheaper and increased its holdings of such securities. However, current
market conditions and the tightening in spread to Treasuries has now made us
more inclined to sell agency paper because agency securities are currently
extremely tight in yield spread over Treasuries. This, in our opinion, makes
them unattractive in that not enough compensation is received for the lower
liquidity associated with agency debt.
As you know, this Fund does not use mortgage-backed securities or any
speculative trading techniques, which makes management of the portfolio's
duration much more critical. Going forward, we anticipate adjusting the
Fund's duration to match that of its index. Interest rates have already
increased substantially in anticipation, we believe, of a continued strong
second half of the year. It is our opinion that the rewards for maintaining a
short portfolio maturity have dropped considerably.
Our primary task - to earn as high a level of current income as is
consistent with the preservation of capital - continues to guide our
portfolio management decisions.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Gerald E. Thunelius signature logo]
Gerald E. Thunelius
Portfolio Manager
June 14, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the net asset
value per share at the end of the period.
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
STATEMENT OF INVESTMENTS MAY 31, 1996 (UNAUDITED)
PRINCIPAL
BONDS AND NOTES-78.9% AMOUNT VALUE
_______ _______
<S> <C> <C>
U.S. GOVERNMENT AGENCIES-33.2%
Federal Farm Credit Bank, Notes,
11.90%, 10/20/1997...................................................... $ 9,250,000 $ 9,934,186
Federal Home Loan Banks, Notes:
5.84%, 6/22/1998........................................................ 10,000,000 9,898,438
8.60%, 6/25/1999........................................................ 25,000,000 26,280,850
Federal Home Loan Mortgage:
Deb.:
8.20%, 1/16/1998...................................................... 20,000,000 20,318,750
5.18%, 11/18/1998..................................................... 20,000,000 19,328,280
Global Notes,
6.07%, 11/20/1998..................................................... 10,000,000 9,860,530
Federal National Mortgage Association:
Global Bonds,
6 1/4%, 10/28/1998.................................................... 30,000,000 29,705,730
Medium-Term Notes:
5.46%, 11/15/1996..................................................... 15,000,000 14,999,115
5.48%, 4/24/1997...................................................... 25,000,000 24,916,700
5.84%, 3/29/1999...................................................... 25,000,000 24,566,550
______
189,809,129
______
U.S. TREASURY NOTES-41.5%
8 1/2%, 7/15/1997....................................................... 97,330,000 99,991,372
8 1/4%, 7/15/1998....................................................... 30,000,000 31,157,814
9 1/4%, 8/15/1998....................................................... 48,800,000 51,705,127
6 3/8%, 5/15/1999....................................................... 34,400,000 34,357,000
6 7/8%, 8/31/1999....................................................... 20,000,000 20,218,750
______
237,430,063
______
U.S. TREASURY COUPON STRIPS-4.2%
Zero Coupon, 2/15/1997................................................. 25,000,000 24,042,175
______
TOTAL BONDS AND NOTES
(cost $456,486,313)..................................................... $451,281,367
=======
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996 (UNAUDITED)
PRINCIPAL
SHORT-TERM INVESTMENTS-12.3% AMOUNT VALUE
_______ _______
REPURCHASE AGREEMENTS:
Aubrey G. Lanston & Co., 5 1/4%
dated 5/31/1996, due 6/3/1996 in the amount of $35,104,351
(fully collateralized by $34,883,000 U.S. Treasury Notes,
6 5/8%, 3/31/1997, value $35,493,453)................................... $ 35,089,000 $35,089,000
Goldman, Sachs, & Co., 5.35%
dated 5/31/1996, due 6/3/1996 in the amount of $35,015,604
(fully collateralized by $34,950,000 U.S. Treasury Notes,
7 1/4%, 8/31/1996, value $35,718,900)................................... 35,000,000 35,000,000
______
TOTAL SHORT-TERM INVESTMENTS
(cost $70,089,000)...................................................... $ 70,089,000
=======
TOTAL INVESTMENTS
(cost $526,575,313)..................................................... 91.2% $521,370,367
==== =======
CASH AND RECEIVABLES (NET).................................................. 8.8% $ 50,522,677
==== =======
NET ASSETS ........................................................... 100.0% $571,893,044
==== =======
See independent accountants' review report and notes to financial statements.
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1996 (UNAUDITED)
ASSETS:
Investments in securities, at value (cost $526,575,313)-see statement
(including repurchase agreements of $70,089,000)-Note 1(a,b).......... $521,370,367
Cash.................................................................... 643,731
Receivable for investment securities sold............................... 42,589,783
Interest receivable..................................................... 8,419,717
Receivable for shares of Beneficial Interest subscribed................. 215,132
Prepaid expenses........................................................ 27,233
_______
573,265,963
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 262,309
Payable for shares of Beneficial Interest redeemed...................... 972,075
Accrued expenses........................................................ 138,535 1,372,919
______ ______
NET ASSETS.................................................................. $571,893,044
=======
REPRESENTED BY:
Paid-in capital......................................................... $608,745,441
Accumulated net realized (loss) on investments.......................... (31,647,451)
Accumulated net unrealized (depreciation) on investments-Note 3(b)...... (5,204,946)
_______
NET ASSETS at value applicable to 52,876,343 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).................................................... $571,893,044
=======
NET ASSET VALUE, offering and redemption price per share
($571,893,044 / 52,876,343 shares)...................................... $10.82
=======
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 20,056,762
EXPENSES:
Management fee-Note 2(a).............................................. $1,436,713
Shareholder servicing costs-Note 2(b)................................. 527,222
Professional fees..................................................... 36,723
Custodian fees........................................................ 31,327
Trustees' fees and expenses-Note 2(c)................................. 29,932
Prospectus and shareholders' reports.................................. 17,940
Registration fees..................................................... 16,812
Miscellaneous......................................................... 6,022
_____
TOTAL EXPENSES.................................................. 2,102,691
_______
INVESTMENT INCOME-NET........................................... 17,954,071
_______
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments-Note 3(a):
Long transactions..................................................... $ (686,281)
Short sale transactions............................................... 99,356
_____
NET REALIZED (LOSS)............................................. (586,925)
Net unrealized (depreciation) on investments............................ (12,207,295)
_______
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (12,794,220)
_______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 5,159,851
=======
See independent accountants' review report and notes to financial statements.
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1996
1995 (UNAUDITED)
_______ _________
OPERATIONS:
Investment income-net.............................................. $ 35,190,729 $ 17,954,071
Net realized gain (loss) on investments............................ 1,471,596 (586,925)
Net unrealized appreciation (depreciation) on investments for the period 21,397,751 (12,207,295)
______ ______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. 58,060,076 5,159,851
______ ______
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.............................................. (35,190,729) (17,954,071)
______ ______
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold...................................... 239,557,933 120,981,219
Dividends reinvested............................................... 28,338,016 14,283,209
Cost of shares redeemed............................................ (213,597,841) (124,257,809)
______ ______
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS..... 54,298,108 11,006,619
______ ______
TOTAL INCREASE (DECREASE) IN NET ASSETS...................... 77,167,455 (1,787,601)
NET ASSETS:
Beginning of period................................................ 496,513,190 573,680,645
______ ______
End of period...................................................... $ 573,680,645 $ 571,893,044
======= =======
SHARES SHARES
______ ______
CAPITAL SHARE TRANSACTIONS:
Shares sold........................................................ 22,083,238 11,010,593
Shares issued for dividends reinvested............................. 2,610,421 1,303,205
Shares redeemed.................................................... (19,779,792) (11,318,218)
______ ______
NET INCREASE IN SHARES OUTSTANDING............................... 4,913,867 995,580
======= =======
See independent accountants' review report and notes to financial statements.
DREYFUS SHORT-INTERMEDIATE GOVERNMENT 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.
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, MAY 31, 1996
---------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
---- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $11.23 $11.71 $11.58 $11.45 $10.57 $11.06
---- ---- ---- ---- ---- ------
INVESTMENT OPERATIONS:
Investment income-net................. .85 .82 .78 .76 .73 .34
Net realized and unrealized gain (loss)
on investments...................... .47 .09 .14 (.82) .49 (.24)
---- ---- ---- ---- ---- ------
TOTAL FROM INVESTMENT OPERATIONS.... 1.32 .91 .92 (.06) 1.22 .10
---- ---- ---- ---- ---- ------
DISTRIBUTIONS:
Dividends from investment income-net.. (.84) (.83) (.78) (.76) (.73) (.34)
Dividends from net realized gain
on investments...................... -- (.21) (.27) (.06) -- --
---- ---- ---- ---- ---- ------
TOTAL DISTRIBUTIONS................. (.84) (1.04) (1.05) (.82) (.73) (.34)
---- ---- ---- ---- ---- ------
Net asset value, end of period........ $11.71 $11.58 $11.45 $10.57 $11.06 $10.82
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 12.25% 8.05% 8.29% (.57%) 11.91% 1.85%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .49% .35% .40% .47% .66% .73%(1)
Ratio of net investment income to
average net assets.................. 7.41% 7.00% 6.75% 6.91% 6.73% 6.23%(1)
Decrease reflected in above expense ratios due
to undertakings by the Manager...... .30% .42% .35% .30% .09% --
Portfolio Turnover Rate............... 131.69% 225.52% 317.00% 695.60% 387.60% 183.56%(2)
Net Assets, end of period (000's Omitted) $144,215 $333,646 $551,543 $496,513 $573,681 $571,893
(1) Annualized.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Short-Intermediate Government Fund (the "Fund") is registered
under the Investment Company Act of 1940 ("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. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A. ("Mellon"). Premier Mutual Fund Services, Inc. (the "Distributor") acts
as the distributor of the Fund's shares, which are sold to the public without
a sales charge.
(A) PORTFOLIO VALUATION: The Fund's investments (excluding short-term
investments and U.S. Government obligations) 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 securities of comparable
quality, coupon, maturity and type; indications as to values from dealers;
and general market conditions. Investments in U.S. Government obligations are
valued at the mean between quoted bid and asked prices. Short-term investments
are carried at amortized cost, which approximates value.
(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, including, where applicable, amortization of discount on investments,
is recognized on the accrual basis.
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 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, if such qualification is in the
best interests of its shareholders, by complying with
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
applicable provisions of the Internal Revenue 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 approximately
$31,080,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to November 30,
1995. If not applied, $26,610,000 of the carryover expires in fiscal 2002 and
$4,470,000 expires in fiscal 2003.
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 Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed 1 1/2% of the value of the Fund's average net
assets for any full fiscal year. The Manager has undertaken through November
30, 1996 to reduce the management fee paid by the Fund, to the extent that
the Fund's aggregate annual expenses (exclusive of certain expenses as
described above) exceed an annual rate of .75 of 1% of the value of the
Fund's average daily net assets. There was no reimbursement for the six
months ended May 31, 1996.
The undertaking may be extended, modified or terminated by the Manager,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, 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
information, and services related to the maintenance of shareholder accounts.
During the six months ended May 31, 1996, the Fund was charged an aggregate
of $290,863 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. Such
compensation amounted to $114,469 during the six months ended May 31, 1996.
Effective May 10, 1996, the Fund entered into a Custody Agreement with
Mellon to provide custodial services for the Fund.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $4,000 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3-SECURITIES TRANSACTIONS:
(A) The following summarizes the aggregate amount of purchases and sales
of investment securities and securities sold short, excluding short-term
securities, during the six months ended May 31, 1996:
<TABLE>
<CAPTION>
PURCHASES SALES
_________ _________
<S> <C> <C>
Long transactions............................ $ 941,913,957 $1,112,117,166
Short sale transactions...................... 90,117,400 90,018,044
_________ _________
Total...................................... $1,032,031,357 $1,202,135,210
========== ==========
</TABLE>
The Fund is engaged in short-selling which obligates the Fund to replace
the security borrowed by purchasing the security at current market value. The
Fund would incur a loss if the price of the security increases between the
date of the short sale and the date on which the Fund replaces the borrowed
security. The Fund would realize a gain if the price of the security declines
between those dates. Until the Fund replaces the borrowed security, the Fund
will maintain daily, a segregated account with a broker and custodian, of
cash and/or U.S. Government securities sufficient to cover its short
position. At May 31, 1996, there were no securities sold short outstanding.
(B) At May 31, 1996, accumulated net unrealized depreciation on
investments was $5,204,946, consisting of $1,950 gross unrealized
appreciation and $5,206,896 gross unrealized depreciation.
At May 31, 1996, 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 SHORT-INTERMEDIATE GOVERNMENT FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS SHORT-INTERMEDIATE GOVERNMENT FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Short-Intermediate Government Fund, including the statement of
investments, as of May 31, 1996, and the related statements of operations and
changes in net assets and financial highlights for the six month period ended
May 31, 1996. 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
November 30, 1995 and financial highlights for each of the five years in the
period ended November 30, 1995 and in our report dated January 2, 1996, 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 3, 1996
[Dreyfus lion "d" logo]
DREYFUS SHORT-INTERMEDIATE
GOVERNMENT FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 542SA965
[Dreyfus logo]
Short-Intermediate
Government
Fund
Semi-Annual
Report
May 31, 1996
