Dreyfus
Short-Intermediate
Government Fund
SEMIANNUAL REPORT
May 31, 1999
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The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
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Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
8 Statement of Securities Sold Short
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
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Dreyfus Short-Intermediate The Fund
Government Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Short-Intermediate
Government Fund covering the six-month period from December 1, 1998 through May
31, 1999. 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, Gerald Thunelius.
Lower short-term interest rates adopted by the Federal Reserve Board and other
central banks in the fall of 1998 appear to have helped many developed nations
withstand the effects of economic weakness in Japan, Asia and Latin America. At
the same time, the U.S. economy entered its eighth year of expansion in an
environment characterized by low inflation and high levels of consumer spending.
Fixed-income securities provided mixed results in this economic climate. U.S.
Treasury securities gave back most of the gains they achieved last summer when
stocks and other types of bonds fell. Other types of bonds performed well,
however, as investors shifted assets back into bond market sectors they had
previously avoided. Accordingly, many corporate bonds, mortgage-backed
securities, asset-backed securities and U.S. dollar-denominated foreign bonds
provided relatively attractive returns over the reporting period.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Short-Intermediate Government Fund.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
June 14, 1999
2
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DISCUSSION OF FUND PERFORMANCE
Gerald Thunelius, Portfolio Manager
How did Dreyfus Short-Intermediate Government Fund perform relative to its
benchmark?
For the six-month period ended May 31, 1999, Dreyfus Short-Intermediate
Government Fund produced a total return of 0.56%(1) In comparison, the fund's
benchmark, the Merrill Lynch Governments, U.S. Treasury, Short-Term (1-2.99
Years) Index, produced a total return of 2.45% for the same six-month period(2)
What is the fund's investment approach?
The fund seeks to provide as high a level of current income as is consistent
with the preservation of capital. To pursue this goal, it invests in securities
issued or guaranteed by the U.S. government or its agencies, and in repurchase
agreements. The fund may invest up to 35% of its assets in mortgage-related
securities issued by U.S. government agencies, such as mortgage pass-through
securities issued by the Government National Mortgage Association ("Ginnie Mae")
the Federal National Mortgage Association ("Fannie Mae"), the Federal Home Loan
Mortgage Corporation ("Freddie Mac"), and collateralized mortgage obligations
("CMOs"), including stripped mortgage-backed securities. CMOs are multi-class
bonds that are issued by government agencies or private issuers and are backed
by pools of mortgage pass-through securities or mortgage loans.
When choosing securities, we first examine U.S. and global economic conditions
and other market factors to determine the likely direction of long- and
short-term interest rates. Using a research-driven investment process, we then
attempt to identify potentially profitable sectors before they are widely
perceived by the market. Finally, we look for underpriced or mispriced
securities within those sectors that, in our opinion, appear likely to perform
well over time.
The Fund 3
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DISCUSSION OF FUND PERFORMANCE (continued)
The fund generally maintains an effective duration of approximately three years
or less. A portfolio's duration is a measure of its sensitivity to changes in
interest rates.
What other factors influenced the fund's performance?
The fund's bond holdings produced mixed results during the six-month reporting
period. Most significantly, U.S. Treasury securities suffered as investors who
had flocked to these direct obligations of the federal government during last
year's "flight to quality" shifted their assets to higher-yielding segments of
the marketplace. This was especially true in April and May, when the
international bond markets began to show improvement.
In an attempt to earn as much yield as possible from our Treasury securities, we
purchased off-the-run (OTR) Treasuries, which are Treasury securities that were
issued prior to the most recent auction process. The benefit to owning
off-the-run Treasuries is that they tend to produce higher yields because they
are often considered less liquid than recent issues. As investors move out of
other markets and into U.S. Treasuries, they generally buy the most current
securities issued.
In contrast to U.S. Treasuries, U.S. agency securities provided somewhat better
returns. Toward the end of the six-month period, we decreased our Treasury
exposure -- from approximately 57% at the beginning of the six-month period to
approximately 35% as of May 31, 1999 -- choosing instead to redeploy those
assets into agency securities that offered higher returns.
On the negative side, the fund's investments in the Treasury Inflation
Protection Securities (TIPS) market provided disappointing results during the
period. When we bought these bonds, they were selling at what we believed were
inexpensive prices relative to conventional Treasury securities. However, in
an environment characterized by very little inflation in the U.S., these bonds
have tended to underperform.
4
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What is the fund's current strategy?
We have continued to implement our long-standing strategy of constructing a
diversified portfolio of high-quality, short- to intermediate-term fixed-income
securities that we believe will respond favorably to prevailing economic and
market conditions. As of May 31, 1999, we have maintained a neutral average
duration -- which is a measure of sensitivity to interest rates -- because we do
not believe that investors are currently being adequately compensated for taking
on the risks of longer-term securities. By shifting assets away from Treasury
and into agency securities, where the returns have been higher, we believe we
have been able to align the portfolio more closely with prevailing market
conditions.
June 14, 1999
1 Total return includes reinvestment of dividends and any capital gains paid.
Past performance is no guarantee of future results. Share price and investment
return fluctuate such that upon redemption fund shares may be worth more or
less than their original cost.
2 SOURCE: MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC. -- The Merrill Lynch
Governments, U.S. Treasury, Short-term (1-2.99 years) Index is an unmanaged
index consisting solely of short-term treasury securities.
The Fund 5
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STATEMENT OF INVESTMENTS
May 31, 1999 (Unaudited)
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Principal
Bonds and Notes--98.5% Amount ($) Value ($)
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U.S. Government Agency--49.8%
FICO Coupon Strips,
Zero Coupon, 6/6/2000 17,967,000 16,995,165
Federal Farm Credit Bank,
Medium-Term Notes, 9.55%, 5/12/2009 7,000,000 8,662,220
Federal Home Loan Banks,
Medium-Term Notes, 5.75%, 10/15/2007 53,700,000 53,891,172
Federal Home Loan Mortgage Corp.,
Medium-Term Notes:
6.3%, 6/1/2004 40,000,000 39,955,200
6.45%, 4/29/2009 10,000,000 9,915,900
Federal National Mortgage Association,
Medium-Term Notes:
5.75%, 4/15/2003 30,000,000 29,762,100
8.5%, 2/1/2005 47,765,000 48,377,347
Tennessee Valley Authority,
Valley Indexed Principal Securities, 3.375%,
1/15/2007 26,093,000 a 25,526,607
233,085,711
U.S. Government Agency/Mortgage-Backed--13.4%
Federal Home Loan Mortgage, REMIC,
Multiclass Mortgage Participation Ctfs.,
Ser. 1978, Cl. PH, 7%, 1/15/2024
(Interest Only Obligation) 5,100,202 b 714,028
Federal National Mortgage Association:
6%, 10/1/2013 29,931,782 29,211,325
9%, 7/1/2024 4,661,522 4,990,720
REMIC Trust, Gtd. Pass-Through Ctfs.,
Ser. 1997-56 , Cl. PM, 7%, 6/18/2026
(Interest Only Obligation) 3,000,000 b 638,550
U.S. Government Gtd. Development,
Participation Ctfs.
(Gtd. By U.S. Small Business Administration):
Ser. 1997-E, 7.3%, 5/1/2017 6,691,619 6,848,630
Ser. 1997-F, 7.2%, 6/1/2017 4,500,000 4,585,376
Ser. 1998-E, 6.3%, 5/1/2018 2,000,000 1,961,357
Ser. 1998-J, 5.5%, 10/1/2018 4,428,281 4,153,906
Ser. 1998-L, 5.8%, 12/1/2018 10,000,000 9,543,200
62,647,092
U. S. Treasury Bonds--16.6%
15.75%, 11/15/2001 16,400,000 20,221,200
10.75%, 2/15/2003 25,000,000 29,124,750
10.75%, 5/15/2003 12,500,000 14,701,000
11.125%, 8/15/2003 7,500,000 8,986,200
6
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Principal
Bonds and Notes (continued) Amount ($) Value ($)
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U. S. Treasury Bonds (continued)
5.25%, 2/15/2029 5,000,000 4,592,300
77,625,450
U.S. Treasury Notes--18.7%
6.125%, 12/31/2001 27,000,000 27,386,100
6.5%, 5/31/2002 23,000,000 23,570,170
6.5%, 10/15/2006 20,000,000 20,804,000
6.625%, 5/15/2007 15,000,000 15,769,200
87,529,470
Total Bonds and Notes
(cost $474,689,677) 460,887,723
Short-Term Investments--14.9%
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U.S. Government Agency Discount Notes;
Federal Home Loan Banks,
4.68%, 6/1/1999
(cost $69,840,000) 69,840,000 69,840,000
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Total Investments (cost $544,529,677) 113.4% 530,727,723
Liabilities, Less Cash and Receivables (13.4%) (62,555,471)
Net Assets 100.0% 468,172,252
a Variable rate security-base interest rate shown--adjustment to interest rate
linked to the Consumer Price Index.
b Notional face amount shown.
See notes to financial statements.
The Fund 7
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STATEMENT OF SECURITIES SOLD SHORT
May 31, 1999 (Unaudited)
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Principal
Notes Amount ($) Value ($)
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U.S. Treasury Notes, 5.25%, 5/31/2001 50,000,000 49,859,500
U.S. Treasury Notes, 5.25%, 5/15/2004 54,800,000 54,024,580
(proceeds $104,176,150) 103,884,080
See notes to financial statements.
8
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STATEMENT OF ASSETS AND LIABILITIES
May 31, 1999 (Unaudited)
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Cost Value
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Assets ($):
Investments in securities--See Statement of
Investments 544,529,677 530,727,723
Receivable from brokers for proceeds on securities
sold short 104,176,150
Receivable for investment securities sold 9,837,458
Interest receivable 7,617,316
Receivable for shares of Beneficial Interest subscribed 257,538
Prepaid expenses and other assets 118,861
652,735,046
Liabilities ($):
Due to The Dreyfus Corporation and affiliates 232,469
Cash overdraft due to Custodian 90,551
Securities sold short, at value
(proceeds $104,176,150)--See Statement of Securities Sold Short 103,884,080
Payable for investment securities purchased 78,889,729
Payable for shares of Beneficial Interest redeemed 1,213,667
Accrued expenses and other liabilities 252,298
184,562,794
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Net Assets ($) 468,172,252
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Composition of Net Assets ($):
Paid-in capital 517,407,884
Accumulated undistributed investment income--net 239,035
Accumulated net realized gain (loss) on investments and
securities sold short (35,964,783)
Accumulated net unrealized appreciation (depreciation)
on investments and securities sold short--Note 4(b) (13,509,884)
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Net Assets ($) 468,172,252
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Shares Outstanding
(unlimited number of of $.001 par value shares of
Beneficial Interest authorized) 44,401,180
Net Asset Value, offering and redemption price per share ($) 10.54
See notes to financial statements.
The Fund 9
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STATEMENT OF OPERATIONS
Six Months Ended May 31, 1999 (Unaudited)
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Investment Income ($):
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Income:
Interest Income 17,160,742
Expenses:
Management fee--Note 3(a) 1,194,570
Shareholder servicing costs--Note 3(b) 386,086
Professional fees 36,535
Trustees' fees and expenses--Note 3(c) 29,502
Prospectus and shareholders' reports 28,741
Custodian fees--Note 3(b) 22,019
Registration fees 19,923
Loan commitment fees--Note 2 1,072
Miscellaneous 3,515
Total Expenses 1,721,963
Investment Income--Net 15,438,779
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Realized and Unrealized Gain (Loss) on Investments--Note 4 ($):
Net realized gain (loss) on investments:
Long transactions (4,577,189)
Short sale transactions 3,208,686
Net Realized Gain (Loss) (1,368,503)
Net unrealized appreciation (depreciation) on investments and
securities sold short (11,288,020)
Net Realized and Unrealized Gain (Loss) on Investments (12,656,523)
Net Increase in Net Assets Resulting from Operations 2,782,256
See notes to financial statements.
10
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STATEMENT OF CHANGES IN NET ASSETS
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Six Months Ended
May 31, 1999 Year Ended
(Unaudited) November 30, 1998
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Operations ($):
Investment income--net 15,438,779 32,639,194
Net realized gain (loss) on investments (1,368,503) 1,956,888
Net unrealized appreciation (depreciation)
on investments (11,288,020) (1,581,674)
Net Increase (Decrease) in Net Assets
Resulting from Operations 2,782,256 33,014,408
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Dividends to Shareholders from ($):
Investment income--net (15,231,061) (32,804,499)
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Beneficial Interest Transactions ($):
Net proceeds from shares sold 88,229,099 162,536,723
Dividends reinvested 12,440,349 26,502,951
Cost of shares redeemed (107,762,860) (189,707,314)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions (7,093,412) (667,640)
Total Increase (Decrease) in Net Assets (19,542,217) (457,731)
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Net Assets ($):
Beginning of Period 487,714,469 488,172,200
End of Period 468,172,252 487,714,469
Undistributed investment income--net 239,035 31,317
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Capital Share Transactions (Shares):
Shares sold 8,233,652 14,998,195
Shares issued for dividends reinvested 1,165,978 2,446,543
Shares redeemed (10,064,693) (17,512,879)
Increase (Decrease) in Shares Outstanding (665,063) (68,141)
See notes to financial statements.
The Fund 11
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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.
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Six Months Ended
May 31, 1999 Year Ended November 30,
--------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
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Per Share Data ($):
Net asset value,
beginning of period 10.82 10.82 10.95 11.06 10.57 11.45
Investment Operations:
Investment income--net .34 .74 .66 .65 .73 .76
Net realized and unrealized gain
(loss) on investments (.28) .01 (.13) (.11) .49 (.82)
Total from Investment Operations .06 .75 .53 .54 1.22 (.06)
Distributions:
Dividends from investment
income--net (.34) (.75) (.66) (.65) (.73) (.76)
Dividends from net realized
gain on investments -- -- -- -- -- (.06)
Total Distributions (.34) (.75) (.66) (.65) (.73) (.82)
Net asset value, end of period 10.54 10.82 10.82 10.95 11.06 10.57
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Total Return (%) 1.12a 7.21 4.93 5.08 11.91 (.57)
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Ratios/Supplemental Data (%):
Ratio of expenses to average
net assets .72a .70 .74 .74 .66 .47
Ratio of net investment income
to average net assets 6.46a 6.85 6.13 5.99 6.73 6.91
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- .01 -- .09 .30
Portfolio Turnover Rate 493.37b 902.14 818.39 594.44 387.60 695.60
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Net Assets, end of period
($ x 1,000) 468,172 487,714 488,172 569,319 573,681 496,513
a Annualized.
b Not Annualized.
See notes to financial statements.
12
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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, 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. The Dreyfus Corporation (the "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. 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 generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities (excluding short-term
investments other than U.S. Treasury Bills) 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.
Short-term investments, excluding U.S. Treasury Bills, 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
The Fund 13
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
income, including, where applicable, amortization of discount on investments, is
recognized on the accrual basis. Under the terms of the custody agreement, the
fund receives net earnings credits based on available cash balances left on
deposit.
(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 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.
(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 approximately $33,848,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1998. The
carryover does not include net realized securities losses from November 1, 1998
through November 30, 1998 which are treated, for Federal income tax purposes, as
arising in fiscal 1999. If not applied, $23,885,000 of the carryover expires in
fiscal 2002, $4,470,000 expires in fiscal 2003, $1,220,000 expires in fiscal
2004 and $4,273,000 expires in fiscal 2005.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $600 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
14
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commitment fees on its pro rata portion of the Facility. Interest is charged to
the fund at rates based on the prevailing market rates in effect at the time of
borrowings. During the period ended May 31, 1999, the fund did not borrow under
the Facility.
NOTE 3--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
that if in any full fiscal year the aggregate expenses of the fund, exclusive of
taxes, brokerage, interest on borrowings, commitment fees and extraordinary
expenses, exceed 1 1/2% of the value of the fund's average daily net assets, the
fund may deduct from payments to be made to the Manager, or the Manager will
bear the amount of such excess expense. During the period ended May 31, 1999,
there was no expense reimbursement pursuant to the Agreement.
(b) Under the 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 period ended May
31, 1999, the fund was charged $210,000 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 May 31, 1999, the fund was charged $95,822 pursuant to the transfer agency
agreement.
The Fund 15
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The fund compensates Mellon under a custody agreement for providing custodial
services for the fund. During the period ended May 31, 1999, the fund was
charged $22,019 pursuant to the custody agreement.
(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 $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--Securities Transactions:
(a) The following summarizes the aggregate amount of purchases and sales of
investment securities and securities sold short, excluding short-term
securities, during the period ended May 31, 1999:
Purchases ($) Sales ($)
-------------------------------
Long transactions.................. 2,162,821,610 2,168,993,606
Short sale transactions............ 2,132,313,616 2,239,698,452
Total.............................. 4,295,135,226 4,408,692,058
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 the short position. Securities
sold short at May 31, 1999, and their related market values and proceeds are set
forth in the Statement of Securities Sold Short.
16
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(b) At May 31, 1999, accumulated net unrealized depreciation on investments and
securities sold short was $13,509,884 consisting of $504,291 gross unrealized
appreciation and $14,014,175 gross unrealized depreciation.
At May 31, 1999, 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).
The Fund 17
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For More Information
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.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
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 [email protected]
On the Internet Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 542SA995
