LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund's semi-annual reporting period ended on September 30, 1994,
the net asset value per share was $12.91, a decrease of $.11 per share from
$13.02 on March 31, 1994. Tax exempt income dividends of approximately $.28
per share were paid during the period, representing an annualized
distribution rate per share of 4.36%, based on the September 30 closing net
asset value per share. We are pleased to inform you that 100% of the income
from your Fund was fully exempt from Federal income tax, although certain
shareholders may be subject to the Federal Alternative Minimum Tax on some
portfolio income.
During the period, the Federal Reserve Board and Chairman Alan Greenspan
remained the focus of the financial markets. Since February, the Federal Open
Market Committee, the policy-executing arm of the Fed, has increased the
target for Federal Funds five times. This key rate, which is the rate at
which banks borrow, is targeted by the Fed at 4 3/4%. That same rate stood at
3% at the beginning of the year. The last time this fundamental rate was at 4
3/4% was in November 1991. Since that time, the U.S. economy has moved
through recession to recovery, led by a rebound in the housing sector that
was most evident at the turn of the year. At present, the concern of the Fed,
and specifically its Chairman, is that the economy's strength could tighten
labor markets and capacity utilization thereby leading to inflation. Higher
short-term rates are designed to cut off such an inflation scenario before it
gets started. As a result, attention to U.S. economic statistics has been
exaggerated because market participants believe such data hold the clues to
continued Federal Reserve tightening. Unemployment (specifically non-farm
payrolls), GDP (Gross Domestic Product) and its quarterly revisions and
inflation indicators (Producer Price Index and Consumer Price Index) have
become concentration points for market trading that led to yields near 8% on
the long Treasury bond.
Dramatically lower prices have resulted in one of the worst performing
periods for long-term fixed-income securities. Many long-term funds have had
negative total returns. On the other hand, despite some losses,
shorter-maturity securities have held their value and are turning in a
positive total-return performance for the year. This is especially true in
the shorter-term municipal sector. (These are the bonds that constitute your
Fund, Dreyfus Short-Intermediate Municipal Bond Fund.) This is occurring due
to a shortage in the supply of available paper in the tax exempt market.
Deficit reduction legislation has increased U.S. Treasury borrowing in the
shorter-maturity ranges where rates are lower; municipal authorities, by
contrast, do not issue as much shorter-term debt proportionately, thereby
creating a relative shortage compared to the taxable markets. This accounts
for the significant discrepancy in supply in the two markets which could
continue to generate relatively good price performance in tax exempts.
Besides these market forces, the portfolio's structure has added to its
success in holding its net asset value relatively well. The average life of
the bonds held is approximately 2.2 years. The majority of bonds purchased
for the portfolio are rated A or better and none can have maturities longer
than five years. Additionally, the Fund holds some pre-refunded paper of
which only a small percentage has expiring coupons that need replacement. The
Fund has been a net seller during the first nine months of the calendar year
for defensive purposes. We have retained the higher coupon paper, which is
more defensive and capable of providing greater total return over the life of
the bonds. We anticipate that this strategy will make the Fund more stable
over the next period and beyond when further Federal Reserve intervention is
likely.
As is our custom, we have included a current Statement of Investments and
recent financial statements for your review and look forward to serving your
investment needs in the future.
Very truly yours,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 12, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-99.1% AMOUNT VALUE
------------ ------------
<S> <C> <C>
ALABAMA-.4%
Alabama Higher Education Loan Corp., Student Loan Revenue
6.20%, 3/1/1997......................................................... $ 865,000 $ 880,250
Fayette Industrial Development Board, IDR
(Oneita Industries Inc. Project)
7.25%, 10/1/1994 (LOC; Trust Company Bank) (a).......................... 1,050,000 1,050,000
ALASKA-3.0%
Alaska Housing Finance Corp. 4.65%, 12/1/1996............................... 1,400,000 1,395,338
Alaska Student Loan Corp., Student Loan Revenue:
5.50%, 7/1/1996 (Insured; AMBAC)........................................ 3,295,000 3,323,667
4.40%, 7/1/1997......................................................... 3,195,000 3,113,240
4.70%, 7/1/1998......................................................... 3,060,000 2,972,698
Matanuska Susitna Borough, Refunding:
4.20%, 2/1/1995 (Insured; AMBAC)........................................ 1,205,000 1,207,253
4.20%, 8/1/1995 (Insured; AMBAC)........................................ 1,450,000 1,448,855
4.45%, 2/1/1996 (Insured; AMBAC)........................................ 1,700,000 1,695,104
ARIZONA-1.0%
Tempe Industrial Development Authority, MFHR, Refunding
(Elliot Grove Apartments) 6.25%, 10/1/1996.............................. 5,000,000 5,031,450
ARKANSAS-.3%
Springdale Residential Housing and Health Care Facilities Board, Revenue
(Springdale Memorial Hospital Project) 5.10%, 10/1/1997................. 1,670,000 1,662,652
CALIFORNIA-11.2%
Alameda County, COP (Financing Project)
6.15%, 9/1/1996 (LOC; Fuji Bank) (a).................................... 3,000,000 3,041,370
California, Revenue Anticipation Warrents 5.75%, 4/25/1996.................. 25,000,000 25,346,250
California Health Facilities Financing Authority, Revenue, Refunding
(Hospital of the Good Samaritan):
6.10%, 9/1/1995....................................................... 1,270,000 1,286,408
6.25%, 9/1/1996....................................................... 1,560,000 1,593,930
California Statewide Communities Development Authority,
Insured HR, Refunding, COP
(Triad Healthcare):
5%, 8/1/1996.......................................................... 2,500,000 2,459,950
5.25%, 8/1/1997....................................................... 2,500,000 2,448,850
Chula Vista, MFHR
(Eucalyptus Grove Project) 5.75%, 11/1/1997............................. 4,915,000 4,998,014
Orange County, Apartment Development Revenue:
(Villas Aliento Project) 4.50%, 8/15/1997 (LOC; Tokai Bank) (a)......... 5,000,000 4,926,400
(Villas De La Paz) 4.50%, 8/15/1997 (LOC; Tokai Bank) (a)............... 5,000,000 4,926,400
Vallejo Housing Authority, Multi-Family Revenue (Highlands Apartments
Project)
5.75%, 6/1/1996......................................................... 6,110,000 6,161,568
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
COLORADO-5.5%
Colorado Student Obligation Bond Authority, Student Loan Revenue:
6.05%, 9/1/1995......................................................... $ 4,300,000 $ 4,367,682
5.40%, 12/1/1995........................................................ 2,250,000 2,275,740
5%, 9/1/1996............................................................ 500,000 498,440
6.20%, 9/1/1996......................................................... 3,300,000 3,393,324
5.20%, 9/1/1997......................................................... 1,200,000 1,191,936
City and County of Denver, Airport Revenue:
6.35%, 12/1/1994 (LOC; Sumitomo Trust and Banking) (a).................. 7,500,000 7,501,650
4.25%, 9/1/1995 (LOC; Sumitomo Trust and Banking) (a)................... 5,000,000 4,997,400
Pueblo County, SFMR 5%, 12/1/1994........................................... 4,000,000 4,010,760
CONNECTICUT-1.1%
Connecticut, Housing Mortage Revenue
4.60%, 4/1/1997 (LOC; National Australia Bank) (a)...................... 5,975,000 5,939,807
DISTRICT OF COLUMBIA-1.4%
District of Columbia, Refunding:
4.60%, Series C, 12/1/1997.............................................. 2,000,000 1,966,180
4.60%, Series D, 12/1/1997.............................................. 5,250,000 5,117,963
FLORIDA-2.5%
Escambia Housing Finance Authority, MFHR (Alpine Village Project)
4.20%, 10/1/1997 (LOC; Harbor Federal Savings and Loan Association) (a). 2,500,000 2,455,000
Florida Housing Finance Agency, Multi-Family Housing Refunding
6.375%, 10/1/1995....................................................... 10,215,000 10,444,123
GEORGIA-2.1%
Augusta Housing Authority, MFHR, Refunding (Stevens Creek Commons)
5.50%, 4/1/1997 (LOC; The Federal Home Loan Bank of Boston) (a)......... 3,975,000 4,040,548
Development Authority of Burke County, PCR
(Oglethorpe Power Corporation Vogtle Project):
2.188%, 1/1/1997 (b,c)................................................ 3,260,000 2,974,750
2.788%, 1/1/1998 (b,c)................................................ 2,160,000 1,881,900
3.388%, 1/1/1999 (b,c)................................................ 2,220,000 1,859,250
IDAHO-1.0%
Idaho Student Loan Fund Marketing Association Inc., Student Loan Revenue:
5.25%, 4/1/1996......................................................... 2,495,000 2,510,719
5.25%, 10/1/1996........................................................ 2,490,000 2,505,936
ILLINOIS-3.1%
Glenview, EDR, (Valley Lo Towers II Project) 5.75%, 12/1/1997............... 5,000,000 5,085,850
Illinois Development Finance Authority, PCR
(Central Illinois Public Service) 4.375%, 6/1/1998...................... 2,600,000 2,524,054
Illinois Health Facilities Authority, Revenue, Refunding
(Illinois Masonic Medical Center):
4.20%, 10/1/1996...................................................... 1,000,000 987,540
4.25%, 10/1/1997...................................................... 1,000,000 974,980
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
ILLINOIS (CONTINUED)
Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue
Zero Coupon, 6/15/1997 (Insured; AMBAC)................................. $ 7,035,000 $ 6,118,551
INDIANA-.7%
Indiana Bond Bank, Revenue (Guarantee - State Revolving Fund Program):
4.60%, 2/1/1996......................................................... 1,200,000 1,196,940
4.80%, 2/1/1997......................................................... 2,245,000 2,233,281
IOWA-1.0%
Le Claire, Electric Revenue 4.125%, 9/1/1996................................ 4,970,000 4,931,333
KENTUCKY-.4%
Kentucky Turnpike Authority, Economic Development Road Revenue, Refunding
(Revitalization Projects):
4.50%, 1/1/1996....................................................... 1,000,000 998,250
4.70%, 1/1/1997....................................................... 1,000,000 997,390
MAINE-2.3%
Maine Educational Loan Marketing Corp., Student Loan Revenue, Refunding:
6.20%, 11/1/1995........................................................ 1,985,000 2,016,899
6.35%, 11/1/1996........................................................ 9,200,000 9,449,964
MASSACHUSETTS-2.3%
Boston 7.75%, 10/1/1995..................................................... 290,000 299,428
Massachusetts Bay Transportation Authority,
Massachusetts General Transportation System:
7.625%, 3/1/1998 (Insured; FSA)....................................... 1,000,000 1,099,390
7.75%, 3/1/1998 (Insured; FSA)........................................ 1,000,000 1,103,280
Massachusetts Health and Educational Facilities Authority
(Lahey Clinic Medical Center) 7.625%, 7/1/1998 (Insured; MBIA).......... 1,000,000 1,106,400
Massachusetts Municipal Wholesale Electric Co., Power Supply,
System Revenue 5.20%, 7/1/1998.......................................... 5,000,000 4,986,100
New England Education Loan Marketing Corp., Massachusetts Student Loan
Revenue,
Refunding 5%, 6/1/1998.................................................. 3,400,000 3,326,288
MISSISSIPPI-6.1%
Mississippi Higher Education Assistance Corp., Student Loan Revenue,
Refunding:
5.15%, 7/1/1995......................................................... 2,500,000 2,511,075
5.40%, 1/1/1996......................................................... 4,355,000 4,380,041
5.40%, 7/1/1996......................................................... 13,100,000 13,176,111
5.70%, 1/1/1997......................................................... 1,435,000 1,440,310
5.70%, 7/1/1997......................................................... 2,435,000 2,484,260
4.60%, 9/1/1997......................................................... 7,000,000 6,894,720
MISSOURI-.1%
Missouri Higher Education Loan Authority, Student Loan Revenue
4.70%, 2/15/1995........................................................ 650,000 649,883
MONTANA-.7%
Montana Higher Education Student Assistance Corp., Student Loan Revenue
6%, 6/1/1996............................................................ 3,280,000 3,332,677
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW JERSEY-3.4%
Atlantic City:
6.30%, 2/1/1996......................................................... $ 2,000,000 $ 2,048,380
6.30%, 2/1/1997......................................................... 2,000,000 2,069,020
Camden County Pollution Control Financing Authority,
Solid Waste Resources Recovery Revenue 6.15%, 12/1/1996................. 1,530,000 1,540,098
New Jersey Economic Development Authority, Wastepaper Recycling Revenue
(MPMI Inc. Project) 5.10%, 2/1/1999..................................... 4,090,000 3,947,954
Rutgers State University 7%, 5/1/1999....................................... 4,525,000 4,942,250
South Jersey Port Corp., Revenue, Refunding (Marine Terminal)
4%, 1/1/1996............................................................ 635,000 630,422
Sussex County Municipal Utility Authority, Solid Waste Revenue
7.875%, 12/1/1998 (Insured; BIGI)....................................... 2,000,000 2,251,180
NEW MEXICO-.3%
New Mexico Educational Assistance Foundation, Student Loan Revenue
5.10%, 12/1/1996........................................................ 1,700,000 1,702,975
NEW YORK-18.1%
Metropolitan Transportation Authority, Service Contract, Refunding (Transit
Facilities)
5.75%, 7/1/1996......................................................... 1,195,000 1,217,335
New York City:
5.70%, 2/1/1995......................................................... 5,000,000 5,047,250
8%, 6/1/1995............................................................ 1,340,000 1,378,002
8%, 6/1/1995............................................................ 660,000 675,127
7%, 8/1/1996............................................................ 1,000,000 1,040,980
6.80%, 2/1/1997......................................................... 2,590,000 2,714,657
6.80%, 2/1/1997......................................................... 8,710,000 9,022,079
Refunding 7.10%, 2/1/1997............................................... 5,000,000 5,208,350
4.875%, 8/1/1997........................................................ 4,000,000 3,999,760
5.25%, 8/1/1997......................................................... 20,000,000 20,200,200
5.50%, 10/1/1997........................................................ 1,285,000 1,316,328
5.50%, 10/1/1997........................................................ 3,715,000 3,753,859
4.60%, Series F, 8/1/1998............................................... 1,000,000 981,790
New York State:
6.625%, 8/1/1995........................................................ 6,925,000 7,055,259
6.625%, 8/1/1996........................................................ 4,990,000 5,167,345
COP (Commissioner General Services Executive Department) 4.90%, 2/1/1997 1,000,000 1,005,050
New York State Housing Finance Agency Revenue, Refunding
(Health Facilities-New York City) 7.50%, 5/1/1995....................... 2,500,000 2,545,500
New York State Local Government Assistance Corp. 5.70%, 4/1/1995............ 4,000,000 4,026,040
New York State Medical Care Facilities Finance Agency, Revenue
(Mental Health Services Facilities Improvement):
7.10%, 2/15/1995...................................................... 720,000 731,174
7.10%, 8/15/1995...................................................... 805,000 825,197
7.10%, 2/15/1996...................................................... 835,000 862,380
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW YORK (CONTINUED)
Rensselaer Industrial Development Agency, IDR
(View Office Park Project) 3.50%, 12/31/1994............................ $ 4,500,000 $ 4,506,030
Suffolk County, Public Improvement 7.125%, 11/1/1995........................ 3,210,000 3,291,438
Syracuse Industrial Development Agency, Civic Facilities Revenue
(Community Development Properties-Vanderbilt) 7%, 4/1/1995 (LOC; Onbank) (a) 5,000,000 5,012,400
NORTH DAKOTA-.8%
North Dakota, Student Loan Revenue, Refunding
5.10%, 7/1/1995......................................................... 4,000,000 4,013,160
OHIO-4.4%
Cuyahoga County, HR 4.706%, 7/15/1996 (b,c)................................. 8,250,000 8,105,625
Ohio Air Quality Development Authority, Revenue, Refunding (Ohio Edison
Project)
4.25%, 8/1/1996 (LOC; Canadian Imperial Bank) (a)....................... 10,000,000 9,929,100
Toledo, City Services Special Assessment Notes, Refunding
4.52%, 12/1/1995 (LOC; Sumitomo Bank Limited) (a)....................... 4,260,000 4,272,737
OKLAHOMA-1.3%
Tulsa Public Facilities Authority, Capital Improvement Revenue:
4.30%, 5/1/1996......................................................... 3,360,000 3,342,024
4.55%, 5/1/1997......................................................... 3,460,000 3,428,652
PENNSYLVANIA-3.8%
Armstrong County Hospital Authority, HR
(Saint Francis Central Hospital) 5.25%, 11/1/1997 (LOC; Pittsburgh National Bank) (a) 3,100,000 3,130,783
Philadelphia, Gas Works Revenue 5.20%, 7/1/1997............................. 11,845,000 11,855,542
Philadelphia Hospitals and Higher Education Facilities Authority, HR
(Graduate Health System Obligation) 6.40%, 7/1/1996..................... 1,600,000 1,642,048
Scranton-Lackawanna Health and Welfare Authority, Revenue, Refunding
(University of Scranton Project):
5%, 3/1/1996.......................................................... 1,175,000 1,173,602
5.15%, 3/1/1997....................................................... 1,235,000 1,228,874
SOUTH CAROLINA-.6%
South Carolina Education Assistance Authority,
Insured Student Loan Revenue 5.90%, 9/1/1996............................ 3,000,000 3,059,850
SOUTH DAKOTA-.7%
Student Loan Finance Corp., Student Loan Revenue 5.70%, 8/1/1999............ 3,500,000 3,495,835
TEXAS-9.4%
Bell County Health Facilities Development Corp., Revenue, Refunding:
4.72%, 10/1/1998........................................................ 22,700,000 22,082,333
(Central Texas Pooled Health) 4.75%, 10/1/1998.......................... 6,620,000 6,447,086
Brazos Higher Education Authority Inc., Student Loan Revenue, Refunding:
4.50%, 6/1/1996......................................................... 4,000,000 3,970,600
6.20%, 3/1/1997......................................................... 4,405,000 4,492,659
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
TEXAS (CONTINUED)
Brazos Higher Education Authority Inc., Student Loan Revenue, Refunding
(continued):
5.30%, 12/1/1997........................................................ $ 1,845,000 $ 1,848,044
4.95%, 6/1/1998......................................................... 2,500,000 2,470,150
Texas Department of Housing and Community Affairs, Multi-Family Revenue,
Refunding
(Dallas Association) 6.25%, 12/1/1995................................... 6,000,000 6,139,140
VERMONT-.2%
Chittenden Solid Waste District 5%, 1/1/1995................................ 1,250,000 1,254,950
VIRGINIA-3.5%
Fairfax County Redevelopment and Housing Authority,
Guaranteed Revenue, Refunding (Shenandoah Crossing Apartments) 5.25%,
12/1/1997 ....................................................... 8,100,000 8,117,982
Peninsula Port Authority, IDR, Refunding
4.25%, 7/1/1996 (LOC; Nationsbank of Virginia) (a)...................... 3,450,000 3,420,365
Winchester Industrial Development Authority, HR:
3.33%, 1/1/1996 (Insured; AMBAC) (b).................................... 3,100,000 2,963,724
3.94%, 1/1/1997 (Insured; AMBAC) (b).................................... 3,300,000 3,033,360
WASHINGTON-2.9%
Seattle Municipality Metropolitan, Nonrecourse Lease Revenue:
7.75%, Series A, 3/30/1995.............................................. 1,085,000 1,106,950
7.75%, Series B, 3/30/1995.............................................. 1,965,000 2,004,752
Washington, COP
(State Equipment):
3.875%, 4/1/1996...................................................... 5,110,000 5,021,239
6%, 10/1/1996......................................................... 1,750,000 1,786,295
Washington State Public Power Supply System, Revenue, Refunding
(Nuclear Project Number 2) 6.496%, 7/1/1997 (b,c)....................... 4,900,000 4,740,750
WEST VIRGINIA-1.0%
West Virginia Public Energy Authority, Energy Revenue
(Morgantown Association Project) 5.50%, 1/1/1998 (LOC; Swiss Bank Corp.) (a) 4,860,000 4,939,607
WISCONSON-1.1%
Wisconson, Refunding:
6.90%, 5/1/1998......................................................... 2,000,000 2,126,600
7.10%, 5/1/1998......................................................... 3,000,000 3,208,350
U.S. RELATED-1.4%
Puerto Rico Highway Authority, Highway Revenue, Refunding 8%, 7/1/1998...... 2,000,000 2,255,280
Puerto Rico Municipal Finance Agency 5%, 7/1/1998........................... 3,655,000 3,645,314
Puerto Rico Public Finance Corp. 6.35%, 7/1/1995............................ 1,025,000 1,042,374
---------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $502,971,851)..................................................... $502,719,295
============
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994(UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS-.9% AMOUNT VALUE
------------ ------------
CONNECTICUT;
Connecticut Development Authority, VRDN:
Health Care Revenue (Independent Living Project)
2.20% (LOC; Commercial de France) (a,d)............................... $ 1,900,000 $ 1,900,000
Industrial Development (W.E. Basset Co. Project)
2.95% (LOC; Connecticut National Bank) (a,d)
(cost $4,500,000)..................................................... 2,600,000 2,600,000
---------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $4,500,000)....................................................... $ 4,500,000
============
TOTAL INVESTMENTS - 100%
(cost $507,471,851)..................................................... $507,219,295
============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BIGI Bond Investors Guaranty Insurance MBIA Municipal Bond Investors Assurance
COP Certificate of Participation MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue PCR Pollution Control Revenue
FSA Financial Security Assurance SFMR Single Family Mortgage Revenue
HR Hospital Revenue VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- -------- ------------------- -----------------
<S> <C> <C> <C>
AAA Aaa AAA 13.3%
AA Aa AA 19.9
A A A 47.9
BBB Baa BBB 1.6
F1 MIG1/P1 SP1/A1 14.6
Not Rated Not Rated Not Rated 2.7
----
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September
30, 1994, these securities amounted to $19,562,275 or 3.8% of net assets.
(d) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(e) Fitch currently provides creditworthiness information for a limited
number of investments.
See independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $507,471,851)-see statement..................................... $507,219,295
Interest receivable..................................................... 7,602,109
Receivable for shares of Beneficial Interest sold....................... 13,872
Prepaid expenses........................................................ 46,276
------------
514,881,552
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $259,956
Due to Custodian........................................................ 319,745
Accrued expenses........................................................ 135,891 715,592
-------- ----------
NET ASSETS ................................................................ $514,165,960
============
REPRESENTED BY:
Paid-in capital......................................................... $518,417,165
Accumulated net realized capital losses and distribution in excess
of net realized gain on investments................................... (3,998,649)
Accumulated net unrealized (depreciation) on investments-Note 3......... (252,556)
------------
NET ASSETS at value applicable to 39,822,804 outstanding shares of
Beneficial Interest, equivalent to $12.91 per share (unlimited number of
$.001 par value shares authorized)...................................... $514,165,960
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $14,154,604
EXPENSES:
Management fee-Note 2(a).............................................. $ 1,406,549
Shareholder servicing costs-Note 2(b)................................. 413,429
Custodian fees........................................................ 29,000
Professional fees..................................................... 25,954
Prospectus and shareholders' reports-Note 2(b)........................ 24,901
Registration fees..................................................... 22,450
Trustees' fees and expenses-Note 2(c)................................. 20,583
Miscellaneous......................................................... 21,636
----------
TOTAL EXPENSES.................................................... 1,964,502
------------
INVESTMENT INCOME-NET............................................. 12,190,102
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $(3,817,266)
Net unrealized (depreciation) on investments............................ (1,124,698)
----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (4,941,964)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 7,248,138
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MARCH 31, SEPTEMBER 30, 1994
1994 (UNAUDITED)
------------ --------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 22,374,431 $ 12,190,102
Net realized (loss) on investments................................... (10,179) (3,817,266)
Net unrealized (depreciation) on investments for the period.......... (8,784,341) (1,124,698)
------------ --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 13,579,911 7,248,138
------------ --------------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net........................................... (22,374,431) (12,190,102)
From net realized gain on investments................................ (396,927) --
In excess of net realized gain on investments........................ (181,383) --
------------ --------------
TOTAL DIVIDENDS.................................................... (22,952,741) (12,190,102)
------------ --------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 688,061,133 156,510,573
Dividends reinvested................................................. 19,853,406 10,364,393
Cost of shares redeemed.............................................. (486,731,414) (246,041,309)
------------ --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 221,183,125 (79,166,343)
------------ --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 211,810,295 (84,108,307)
NET ASSETS:
Beginning of period.................................................. 386,463,972 598,274,267
------------ --------------
End of period........................................................ $ 598,274,267 $ 514,165,960
============ ==============
SHARES SHARES
------------ --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 51,932,727 12,049,249
Shares issued for dividends reinvested............................... 1,499,203 798,525
Shares redeemed...................................................... (36,757,683) (18,961,600)
------------ --------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... 16,674,247 (6,113,826)
============ ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL 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 MARCH 31, SEPTEMBER 30, 1994
-------------------------------------------------- -----------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
----- ----- ----- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.42 $12.52 $12.63 $12.85 $13.21 $13.02
----- ----- ----- ------ ----- ------
INVESTMENT OPERATIONS:
Investment income-net............... .79 .76 .70 .63 .58 .28
Net realized and unrealized gain (loss)
on investments.................... .10 .11 .22 .38 (.18) (.11)
----- ----- ----- ------ ----- ------
TOTAL FROM INVESTMENT OPERATIONS.. .89 .87 .92 1.01 .40 .17
----- ----- ----- ------ ----- ------
DISTRIBUTIONS:
Dividends from investment income-net (.79) (.76) (.70) (.63) (.58) (.28)
Dividends from net realized gain
on investments.................... -- -- -- (.02) (.01) --
Dividends in excess of net
realized gain on investments...... -- -- -- -- -- --
----- ----- ----- ------ ----- ------
TOTAL DISTRIBUTIONS............... (.79) (.76) (.70) (.65) (.59) (.28)
----- ----- ----- ------ ----- ------
Net asset value, end of period...... $12.52 $12.63 $12.85 $13.21 $13.02 $12.91
TOTAL INVESTMENT RETURN 7.32% 7.16% 7.50% 8.04% 3.05% 2.65%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .50% .59% .72% .75% .74% .70%(1)
Ratio of net investment income to
average net assets................ 6.29% 6.07% 5.42% 4.76% 4.35% 4.33%(1)
Decrease reflected in above expense ratios
due to undertakings by the Manager .49% .26% .07% -- -- --
Portfolio Turnover Rate............. 100.44% 66.53% 63.83% 31.80% 34.68% 23.12%(2)
Net Assets, end of period (000's Omitted) $63,770 $76,734 $187,972 $386,464 $598,274 $514,166
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL 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. Dreyfus Service
Corporation, until August 24, 1994, acted as the distributor of the Fund's
shares, which are sold to the public without a sales load. Dreyfus Service
Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(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.
(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, if any, 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.
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 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 value of the Fund's net
assets for any full fiscal year. No expense reimbursement was required
pursuant to the Agreement for the six months ended September 30, 1994.
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(B) On August 4, 1994, Fund shareholders approved the adoption of a new
Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Pursuant to
the Plan, effective August 24, 1994, the Fund (a) reimburses Premier for
payments to third parties for distributing the Fund's shares and servicing
shareholder accounts and (b) pays the Manager, Dreyfus Service Corporation or
any affiliate (collectively "Dreyfus") for advertising and marketing relating
to the Fund and servicing Shareholders accounts, at an aggregate annual rate
of .10 of 1% of the value of the Fund's average daily net assets. Each of
Premier and Dreyfus may pay Service Agents (a securities dealer, financial
institution or other industry professional) a fee in respect of the Fund's
share 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 Premier 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 fiscal year.
Prior to August 24, 1994, the Fund's Service Plan ("Prior Service Plan")
provided that the Fund pay Dreyfus Service Corporation, at up to a maximum
annual rate of .10 of 1% of the value of the Fund's average daily net assets,
for costs and expenses incurred in connection with advertising, marketing and
distributing the Fund's shares and for servicing shareholder accounts.
Dreyfus Service Corporation made payments to one or more Service Agents based
on the value of the Fund's shares owned by clients of the Service Agent. The
Prior Service Plan also separately provided 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 an
d operating the Prior Service Plan, not to exceed the greater of $100,000 or
.005 of 1% of the Fund's average daily net assets for any full fiscal year.
During the six months ended September 30, 1994, $55,297 was charged to
the Fund pursuant to the Plan and $235,419 was charged to the Fund pursuant
to the Prior Service Plan.
(C) Prior to August 24, 1994 certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $4,000 and an attendance fee of $500 per meeting.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $167,550,092 and $248,944,575, respectively, for the six months
ended September 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At September 30, 1994, accumulated net unrealized depreciation on
investments was $252,556, consisting of $3,378,637 gross unrealized
appreciation and $3,631,193 gross unrealized depreciation.
At September 30, 1994, 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 MUNICIPAL BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Short-Intermediate Municipal Bond Fund, including the statement of
investments, as of September 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended September 30, 1994. 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
March 31, 1994 and financial highlights for each of the five years in the
period ended March 31, 1994 and in our report dated May 3, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
New York, New York
October 31, 1994
DREYFUS SHORT-INTERMEDIATE
MUNICIPAL BOND FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
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. 591SA949
Short-Intermediate
Municipal
Bond Fund
Semi-Annual
Report
September 30, 1994
