DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS
SHORT-INTERMEDIATE MUNICIPAL BOND FUND
AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX
[Exhibit A]
Pursuant to applicable law, presented above is a comparison of the Fund's
historical performance with that of the Lehman Brothers 10-Year
Municipal Bond Index, a broad-based market Index determined to be most
representative of the market in which the Fund operates and which is
publicly available. This illustration compares a $10,000 investment made
in the Dreyfus Short-Intermediate Municipal Bond Fund on 4/30/87
(Inception Date) to a $10,000 investment made in the Lehman Brothers 10-
Year Municipal Bond Index on that date. All dividends and capital gain
distributions are reinvested.
This Lehman Brothers 10-Year Municipal Bond Index has been selected
because there is currently no publicly available Index representative of
the "short-intermediate" municipal bond market. The Fund invests
primarily in short-intermediate municipal securities and has a portfolio
with a weighted-average maturity of between 2 and 3 years. The Fund's
performance takes into account charges, fees and other expenses. Unlike
the Fund, the Lehman Brothers 10-Year Municipal Bond Index is an
unmanaged total return performance benchmark for the investment-grade
10-year tax exempt bond market, consisting of municipal bonds with
maturities of more than 8 years and less than 12 years. The Index does not
take into account charges, fees and other expenses.
As a general rule, the longer a bond's maturity, the higher the yield and
the greater the profit potential. As the Lehman Index is a 10-Year Index,
under normal market conditions the Index should outperform the Fund.
Past performance is not predictive of future performance. Further
information relating to Fund performance, including expense
reimbursements, if applicable, is contained in the Condensed Financial
Information section of the Prospectus and elsewhere in this report.
* Source: Lehman Brothers* Source: Lehman Brothers
PRESIDENT'S LETTER
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS-99.6% AMOUNT VALUE
------------ ------------
<S> <C> <C>
ALABAMA-1.2%
Alabama Higher Education Loan Corp., Student Loan Revenue
6.20%, 3/1/1997.......................................................................... $ 900,000 $ 936,351
Alabama Public School and College Authority, Refunding
3.70%, 11/1/1994......................................................................... 5,000,000 5,013,050
Fayette Industrial Development Board, IDR
(Oneita Industries Inc. Project)
7.25%, 10/1/1994 (LOC; Trust Company Bank) (a)........................................... 1,050,000 1,070,979
ALASKA-2.6%
Alaska Housing Finance Corp. 4.65%, 12/1/1996................................................ 1,400,000 1,402,002
Alaska Student Loan Corp., Student Loan Revenue:
5.50%, 7/1/1996 (Insured; AMBAC)......................................................... 3,295,000 3,393,652
4.40%, 7/1/1997.......................................................................... 3,195,000 3,155,797
4.70%, 7/1/1998.......................................................................... 3,060,000 3,022,699
Matanuska Susitna Borough, Refunding:
4.20%, 2/1/1995 (Insured; AMBAC)......................................................... 1,205,000 1,209,350
4.20%, 8/1/1995 (Insured; AMBAC)......................................................... 1,450,000 1,458,338
4.45%, 2/1/1996 (Insured; AMBAC)......................................................... 1,700,000 1,704,352
ARIZONA-.9%
Tempe Industrial Development Authority, MFHR, Refunding
(Elliot Grove Apartments) 6.25%, 10/1/1996............................................... 5,000,000 5,060,000
ARKANSAS-.3%
Springdale Residential Housing and Health Care Facilities Board, Revenue
(Springdale Memorial Hospital Project) 5.10%, 10/1/1997.................................. 1,670,000 1,688,103
CALIFORNIA-7.0%
Alameda County, COP (Financing Project)
6.15%, 9/1/1996 (LOC; Fuji Bank) (a)..................................................... 3,000,000 3,089,550
California Health Facilities Financing Authority, Revenue, Refunding
(Hospital of the Good Samaritan):
6.10%, 9/1/1995...................................................................... 1,270,000 1,299,274
6.25%, 9/1/1996...................................................................... 1,560,000 1,615,630
California Statewide Communities Development Authority,
Insured HR, Refunding, COP
(Triad Healthcare):
5%, 8/1/1996......................................................................... 2,500,000 2,440,825
5.25%, 8/1/1997...................................................................... 2,500,000 2,428,600
Chula Vista, MFHR
(Eucalyptus Grove Project) 5.75%, 11/1/1997.............................................. 4,945,000 5,083,905
Orange County, Apartment Development Revenue:
(Villas Aliento Project) 4.50%, 8/15/1997 (LOC; Tokai Bank) (a).......................... 5,000,000 5,000,000
(Villias De La Paz) 4.50%, 8/15/1997 (LOC; Tokai Bank) (a)............................... 5,000,000 4,976,300
Riverside County, COP (1993 Master Refunding Project):
4.15%, 11/1/1997......................................................................... 2,135,000 2,070,608
4.35%, 11/1/1998......................................................................... 2,395,000 2,296,326
Sacramento Municipal Utility District, Electric Revenue 7.875%, 8/15/1998.................... 4,405,000 5,019,718
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
CALIFORNIA (CONTINUED)
Vallejo Housing Authority, Multi-Family Revenue (Highlands Apartments Project)
5.75%, 6/1/1996.......................................................................... $ 6,210,000 $ 6,293,152
COLORADO-5.7%
Colorado, COP, Refunding (Acquisition Projects) 4.40%, 5/1/1996 (Insured; AMBAC)............. 5,000,000 5,020,550
Colorado Student Obligation Bond Authority, Student Loan Revenue:
6.05%, 9/1/1995.......................................................................... 4,300,000 4,410,467
5.40%, 12/1/1995......................................................................... 2,250,000 2,290,703
5%, 9/1/1996............................................................................. 500,000 506,100
6.20%, 9/1/1996.......................................................................... 3,300,000 3,430,779
5.20%, 9/1/1997.......................................................................... 1,200,000 1,216,416
City and County of Denver, Airport Revenue:
6.35%, 12/1/1994 (LOC; Sumitomo Trust and Banking) (a)................................... 7,500,000 7,665,750
4.25%, 9/1/1995 (LOC; Sumitomo Trust and Banking) (a).................................... 5,000,000 5,037,100
Pueblo County, SFMR 5%, 12/1/1994............................................................ 4,000,000 4,054,880
CONNECTICUT-1.7%
Connecticut:
Economic Recreation Notes 5.25%, 6/15/1994............................................... 1,000,000 1,004,330
Housing Mortage Revenue 4.60%, 4/1/1997 (LOC; National Australia Bank) (a)............... 5,985,000 6,007,803
Connecticut Housing Finance Authority
(Housing Mortgage Finance Program) 2.90%, 11/15/1994..................................... 3,000,000 2,998,980
DISTRICT OF COLUMBIA-1.2%
District of Columbia, Refunding:
4.60%, Series C, 12/1/1997............................................................... 2,000,000 1,966,560
4.60%, Series D, 12/1/1997............................................................... 5,250,000 5,196,607
FLORIDA-2.2%
Escambia Housing Finance Authority, MFHR (Alpine Village Project)
4.20%, 10/1/1997 (LOC; Harbor Federal Savings and Loan Association) (a).................. 2,500,000 2,491,900
Florida Housing Finance Agency, Multi-Family Housing Refunding
6.375%, 10/1/1995........................................................................ 10,215,000 10,619,820
GEORGIA-1.9%
Augusta Housing Authority, MFHR, Refunding (Stevens Creek Commons)
5.50%, 4/1/1997 (LOC; The Federal Home Loan Bank of Boston) (a).......................... 3,990,000 4,078,738
Development Authority of Burke County, PCR
(Oglethorpe Power Corporation Vogtle Project):
4.229%, 1/1/1997 (b,c)............................................................... 3,260,000 3,019,575
4.829%, 1/1/1998 (b,c)............................................................... 2,160,000 1,954,800
5.429%, 1/1/1999 (b,c)............................................................... 2,220,000 1,970,250
IDAHO-.9%
Idaho Student Loan Fund Marketing Association Inc., Student Loan Revenue:
5.25%, 4/1/1996.......................................................................... 2,495,000 2,540,908
5.25%, 10/1/1996......................................................................... 2,490,000 2,546,672
ILLINOIS-2.6%
Glenview, EDR,
(Valley Lo Towers II Project) 5.75%, 12/1/1997........................................... 5,000,000 5,025,000
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
ILLINOIS (CONTINUED)
Illinois Development Finance Authority, PCR
(Central Illinois Public Service) 4.375%, 6/1/1998....................................... $ 2,600,000 $ 2,592,460
Illinois Health Facilities Authority, Revenue, Refunding
(Illinois Masonic Medical Center):
4.20%, 10/1/1996..................................................................... 1,000,000 992,510
4.25%, 10/1/1997..................................................................... 1,000,000 981,840
Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue
Zero Coupon, 6/15/1997 (Insured; AMBAC).................................................. 7,035,000 5,995,579
INDIANA-.6%
Indiana Bond Bank, Revenue (Guarantee - State Revolving Fund Program):
4.60%, 2/1/1996.......................................................................... 1,200,000 1,205,916
4.80%, 2/1/1997.......................................................................... 2,245,000 2,253,509
IOWA-1.7%
Iowa School Corps. Warrent Certificates 3.60%, 12/30/1994.................................... 5,000,000 5,018,200
Le Claire, Electric Revenue 4.125%, 9/1/1996................................................. 4,995,000 4,986,259
KANSAS-.7%
Lenexa, Industrial Revenue (W. W. Grainger Inc. Project) 4.50%, 12/15/1998................... 4,145,000 4,160,544
KENTUCKY-.3%
Kentucky Turnpike Authority, Economic Development Road Revenue, Refunding
(Revitalization Projects):
4.50%, 1/1/1996...................................................................... 1,000,000 1,004,110
4.70%, 1/1/1997...................................................................... 1,000,000 1,004,280
LOUISIANA-1.2%
Louisiana Public Facilities Authority, Revenue, Refunding:
(Browning-Ferris Inc. Project) 3.85%, 11/1/1996.......................................... 6,000,000 5,867,100
(Sisters of Mercy Health) 7%, 6/1/1994................................................... 1,000,000 1,006,140
MAINE-2.0%
Maine Educational Loan Marketing Corp., Student Loan Revenue, Refunding:
6.20%, 11/1/1995......................................................................... 1,985,000 2,055,904
6.35%, 11/1/1996......................................................................... 9,200,000 9,665,244
MASSACHUSETTS-1.9%
Boston 7.75%, 10/1/1995...................................................................... 290,000 305,724
Massachusetts Industrial Finance Agency, Revenue (Biomedical Research)
6.90%, 8/1/1994.......................................................................... 2,720,000 2,746,901
Massachusetts Municipal Wholesale Electric Co., Power Supply System Revenue
5.20%, 7/1/1998.......................................................................... 5,000,000 5,005,200
New England Education Loan Marketing Corp., Massachusetts Student Loan Revenue,
Refunding 5%, 6/1/1998................................................................... 3,400,000 3,401,020
MISSISSIPPI-5.3%
Mississippi Higher Education Assistance Corp., Student Loan Revenue, Refunding:
5.15%, 7/1/1995.......................................................................... 2,500,000 2,537,650
5.40%, 1/1/1996.......................................................................... 4,355,000 4,446,978
5.40%, 7/1/1996.......................................................................... 13,100,000 13,418,723
5.70%, 1/1/1997.......................................................................... 1,435,000 1,481,853
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
MISSISSIPPI (CONTINUED)
Mississippi Higher Education Assistance Corp., Student Loan Revenue, Refunding (continued):
5.70%, 7/1/1997.......................................................................... $ 2,435,000 $ 2,518,423
4.60%, 9/1/1997.......................................................................... 7,000,000 6,994,260
MISSOURI-.1%
Missouri Higher Education Loan Authority, Student Loan Revenue
4.70%, 2/15/1995......................................................................... 650,000 655,278
MONTANA-.6%
Montana Higher Education Student Assistance Corp., Student Loan Revenue
6%, 6/1/1996............................................................................. 3,375,000 3,480,941
NEW JERSEY-3.7%
Atlantic City:
6.30%, 2/1/1996.......................................................................... 2,000,000 2,071,080
6.30%, 2/1/1997.......................................................................... 2,000,000 2,089,880
Camden County Pollution Control Financing Authority, Solid Waste Resources Recovery Revenue
6.15%, 12/1/1996......................................................................... 1,530,000 1,595,300
New Jersey Economic Development Authority, Wastepaper Recycling Revenue
(MPMI Inc. Project) 5.10%, 2/1/1999...................................................... 4,090,000 3,930,081
New Jersey Transportation Trust Fund Authority
5.036%, 5/15/1997 (b,c).................................................................. 10,000,000 9,637,500
South Jersey Port Corp., Revenue, Refunding (Marine Terminal)
4%, 1/1/1996............................................................................. 635,000 633,057
Sussex County Municipal Utility Authority, Solid Waste Revenue
7.875%, 12/1/1998 (Insured; BIGI)........................................................ 2,000,000 2,284,440
NEW MEXICO-.3%
New Mexico Educational Assistance Foundation, Student Loan Revenue
5.10%, 12/1/1996......................................................................... 1,700,000 1,726,095
NEW YORK-21.1%
Battery Park City Authority, Revenue, Refunding 4.50%, 11/1/1998............................. 5,500,000 5,406,005
Islip Community Development Agency, Community Development Revenue
(College Woods Project) 6.90%, 7/1/1994.................................................. 2,500,000 2,525,800
Metropolitan Transportation Authority, Service Contract, Refunding (Transit Facilities)
5.75%, 7/1/1996.......................................................................... 1,195,000 1,228,998
New York City:
5.70%, 2/1/1995.......................................................................... 5,000,000 5,072,100
8%, 6/1/1995............................................................................. 225,000 236,378
8%, 6/1/1995............................................................................. 1,775,000 1,847,136
7%, 8/1/1996............................................................................. 1,000,000 1,056,280
6.80%, 2/1/1997.......................................................................... 2,590,000 2,759,438
6.80%, 2/1/1997.......................................................................... 8,710,000 9,121,548
Refunding 7.10%, 2/1/1997................................................................ 5,000,000 5,274,050
4.875%, 8/1/1997......................................................................... 4,000,000 4,021,320
5.25%, 8/1/1997.......................................................................... 20,000,000 20,322,600
5.50%, 10/1/1997......................................................................... 5,000,000 5,122,350
4.60%, Series E, 8/1/1998................................................................ 10,000,000 9,847,300
4.60%, Series F, 8/1/1998................................................................ 1,000,000 984,730
Refunding 4.70%, 8/15/1998............................................................... 4,000,000 3,917,160
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW YORK (CONTINUED)
New York State:
6.625%, 8/1/1995......................................................................... $ 6,925,000 $ 7,221,598
6.625%, 8/1/1996......................................................................... 4,990,000 5,250,228
COP (Commissioner General Services Executive Department) 4.90%, 2/1/1997................. 1,000,000 1,014,550
New York State Dormitory Authority, Revenue:
(City University) 7%, 7/1/1994........................................................... 3,000,000 3,036,600
(Upstate Community Colleges):
4.20%, 7/1/1997...................................................................... 1,360,000 1,341,014
4.40%, 7/1/1998...................................................................... 1,470,000 1,437,410
New York State Housing Finance Agency Revenue, Refunding
(Health Facilities-New York City) 7.50%, 5/1/1995........................................ 2,500,000 2,583,700
New York State Local Goverment Assistance Corp. 5.70%, 4/1/1995.............................. 4,000,000 4,073,480
New York State Medical Care Facilities Finance Agency, Revenue
(Mental Health Services Facilities Improvement):
7.10%, 2/15/1995..................................................................... 965,000 990,727
7.10%, 8/15/1995..................................................................... 1,015,000 1,055,762
7.10%, 2/15/1996..................................................................... 1,045,000 1,094,826
New York State Urban Development Corp., Revenue, Refunding (Correctional Facilities)
4.60%, 1/1/1999.......................................................................... 5,000,000 4,806,050
Rensselaer Industrial Development Agency, IDR
(View Office Park Project) 3.50%, 12/31/1994............................................. 4,500,000 4,512,645
Suffolk County, Public Improvement 7.125%, 11/1/1995......................................... 3,210,000 3,344,724
Syracuse Industrial Development Agency, Civic Facilities Revenue
(Community Development Properties-Vanderbilt) 7%, 4/1/1995 (LOC; Onbank) (a)............. 5,000,000 5,015,150
NORTH DAKOTA-.7%
North Dakota, Student Loan Revenue, Refunding
5.10%, 7/1/1995.......................................................................... 4,000,000 4,057,760
OHIO-5.0%
Cuyahoga County, HR 5.643%, 7/15/1996 (b,c).................................................. 8,250,000 8,095,312
Ohio Air Quality Development Authority, Revenue, Refunding (Ohio Edison Project):
3.45%, 2/1/1996 (LOC; Toronto Dominion Bank) (a)......................................... 12,000,000 11,838,600
4.25%, 8/1/1996 (LOC; Canadian Imperial Bank) (a)........................................ 10,000,000 9,999,500
OKLAHOMA-1.1%
Tulsa Public Facilities Authority, Capital Improvement Revenue:
4.30%, 5/1/1996.......................................................................... 3,360,000 3,369,542
4.55%, 5/1/1997.......................................................................... 3,460,000 3,461,107
PENNSYLVANIA-4.5%
Allegheny County Industrial Development Authority, Commercial Development Revenue
(Parkway Center Mall) 6%, 5/1/1997 (LOC; Mellon Bank) (a)................................ 3,000,000 3,009,810
Armstrong County Hospital Authority, HR,
(Staint Francis Central Hospital) 5.25%, 11/1/1997 (LOC; Pittsburgh National Bank) (a)... 3,100,000 3,161,194
Pennsylvania, COP, Refunding:
3.50%, 7/1/1995 (Insured; AMBAC)......................................................... 2,080,000 2,074,363
4.25%, 7/1/1998 (Insured; AMBAC)......................................................... 2,500,000 2,440,500
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
PENNSYLVANIA (CONTINUED)
Philadelphia, Gas Works Revenue 5.20%, 7/1/1997.............................................. $ 11,845,000 $ 12,053,827
Philadelphia Hospitals and Higher Education Facilities Authority, HR
(Graduate Health System Obligation) 6.40%, 7/1/1996...................................... 1,600,000 1,659,552
Scranton-Lackawanna Health and Welfare Authority, Revenue, Refunding
(University of Scranton Project):
5%, 3/1/1996......................................................................... 1,175,000 1,183,307
5.15%, 3/1/1997...................................................................... 1,235,000 1,243,089
SOUTH CAROLINA-.5%
South Carolina Education Assistance Authority,
Insured Student Loan Revenue 5.90%, 9/1/1996............................................. 3,000,000 3,119,010
TEXAS-8.6%
Bell County Health Facilities Development Corp., Revenue, Refunding:
6.53%, 10/1/1998 (b,c)................................................................... 11,350,000 10,498,750
(Central Texas Pooled Health) 4.75%, 10/1/1998........................................... 6,620,000 6,487,600
Brazos Higher Education Authority Inc., Student Loan Revenue, Refunding:
4.50%, 6/1/1996.......................................................................... 4,000,000 3,998,920
6.20%, 3/1/1997.......................................................................... 4,570,000 4,663,456
5.30%, 12/1/1997......................................................................... 1,845,000 1,882,380
4.95%, 6/1/1998.......................................................................... 2,500,000 2,497,025
Panhandle_Plains Higher Education Authority Inc., Student Loan Revenue, Refunding:
4.15%, 9/1/1997.......................................................................... 2,700,000 2,643,543
4.30%, 9/1/1998.......................................................................... 1,700,000 1,656,565
South Texas Higher Education Authority Inc., Student Loan Revenue, Refunding:
4.05%, 12/1/1996......................................................................... 6,535,000 6,418,089
4.25%, 12/1/1997......................................................................... 4,065,000 3,961,099
Texas Department of Housing and Community Affairs, Multi-Family Revenue, Refunding
(Dallas Association) 6.25%, 12/1/1995.................................................... 6,000,000 6,287,160
VERMONT-2%
Chittenden Solid Waste District 5%, 1/1/1995................................................. 1,250,000 1,264,700
VIRGINIA-4.4%
Fairfax County Redevelopment and Housing Authority,
Guaranteed Revenue, Refunding (Shenandoah Crossing Apartments) 5.25%, 12/1/1997.......... 8,100,000 8,148,357
Peninsula Port Authority, IDR, Refunding
4.25%, 7/1/1996 (LOC; Nationsbank of Virginia) (a)....................................... 3,500,000 3,501,400
Virginia Commonwealth University, Revenue, Refunding
(Medical College of Virginia Hospital) 3.90%, 7/1/1998................................... 5,500,000 5,321,635
Winchester Industrial Development Authority, HR:
5.41%, 1/1/1996 (Insured; AMBAC)(b)...................................................... 3,100,000 2,952,905
Winchester Industrial Development Authority, HR (continued):
6.02%, 1/1/1997 (Insured; AMBAC)(b)...................................................... 3,300,000 3,076,095
6.62%, 1/1/1998 (Insured; AMBAC)(b)...................................................... 3,400,000 3,119,636
WASHINGTON-3.5%
Seattle Municipality Metropolitan, Nonrecourse Lease Revenue:
7.75%, Series A, 3/30/1995............................................................... 1,085,000 1,123,409
7.75%, Series B, 3/30/1995............................................................... 1,965,000 2,034,561
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
WASHINGTON (CONTINUED)
Washington, COP
(State Equipment):
3.875%, 4/1/1996..................................................................... $ 5,110,000 $ 5,042,803
6%, 10/1/1996........................................................................ 1,750,000 1,807,645
Washington State Public Power Supply System, Revenue, Refunding
(Nuclear Project Number 2):
4.50%, 7/1/1997...................................................................... 1,000,000 991,000
4.80%, 7/1/1997...................................................................... 640,000 640,141
7.644%, 7/1/1997 (b,c)............................................................... 4,900,000 4,875,500
3.90%, 7/1/1998...................................................................... 4,775,000 4,551,196
WEST VIRGINIA-1.1%
West Virginia Public Energy Authority, Energy Revenue,
(Morgantown Association Project):
7.375%, 7/1/1994 (LOC; Swiss Bank Corp.) (a)......................................... 1,500,000 1,517,970
5.50%, 1/1/1998 (LOC; Swiss Bank Corp.) (a).......................................... 4,860,000 5,028,885
WISCONSON-.9%
Wisconson, Refunding:
6.90%, 5/1/1998.......................................................................... 2,000,000 2,157,020
7.10%, 5/1/1998.......................................................................... 3,000,000 3,257,550
U.S. RELATED-1.4%
Puerto Rico Highway Authority, Highway Revenue, Refunding 8%, 7/1/1998....................... 2,000,000 2,288,840
Puerto Rico Municipal Finance Agency 5%, 7/1/1998............................................ 3,655,000 3,666,586
Puerto Rico Public Finance Corp. 6.35%, 7/1/1995............................................. 2,140,000 2,195,533
------------
TOTAL MUNICIPAL BONDS
(cost $590,507,170)...................................................................... $591,379,312
============
SHORT-TERM MUNICIPAL INVESTMENTS-.4%
CONNECTICUT
Connecticut Development Authority, Industrial Development, VRDN
(W.E. Basset Co. Project) 2.95% (LOC; Connecticut National Bank) (a,d)
(cost $2,600,000)........................................................................ $ 2,600,000 $ 2,600,000
============
TOTAL INVESTMENTS-100.0%
(cost $593,107,170)...................................................................... $593,979,312
============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BIGI Bond Investors Guaranty Insurance MFHR Multi-Family Housing Revenue
COP Certificate of Participation PCR Pollution Control Revenue
EDR Economic Development Revenue SFMR Single Family Mortgage Revenue
HR Hospital Revenue VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
</TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- - -------- ------- ----------------- -------------------
AAA Aaa AAA 18.4%
AA Aa AA 21.1
A A A 47.2
BBB Baa BBB 3.3
F1 MIG1/P1 SP1/A1 7.7
Not Rated Not Rated Not Rated 2.3
------
100.0%
======
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 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At March 31, 1994, these
securities amounted to $40,051,687 or 6.7% 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
amount of investments.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $593,107,170)-see statement.................................................... $593,979,312
Interest receivable...................................................................... 8,560,457
Receivable for shares of Beneficial Interest sold........................................ 15,000
Prepaid expenses......................................................................... 39,283
------------
602,594,052
LIABILITIES:
Due to The Dreyfus Corporation........................................................... $ 356,132
Due to Custodian......................................................................... 3,697,120
Payable for shares of Beneficial Interest redeemed....................................... 3,000
Accrued expenses......................................................................... 263,533 4,319,785
------------ ------------
NET ASSETS................................................................................... $598,274,267
============
REPRESENTED BY:
Paid-in capital.......................................................................... $597,583,508
Accumulated distributions in excess of net realized
gain on investments-Note 1(c)........................................................ (181,383)
Accumulated net unrealized appreciation on investments-Note 3............................ 872,142
------------
NET ASSETS at value applicable to 45,936,630 outstanding shares of
Beneficial Interest (unlimited number of $.001 par value
shares authorized)....................................................................... $598,274,267
============
NET ASSET VALUE, offering and redemption price per share
($598,274,267 / 45,936,630 shares)....................................................... $13.02
======
STATEMENT OF OPERATIONS YEAR ENDED MARCH 31, 1994
INVESTMENT INCOME:
INTEREST INCOME.......................................................................... $ 26,185,520
EXPENSES:
Management fee-Note 2(a)............................................................. $2,574,441
Shareholder servicing costs-Note 2(b)................................................ 744,842
Registration fees.................................................................... 130,902
Custodian fees....................................................................... 57,498
Professional fees.................................................................... 53,888
Trustees' fees and expenses-Note 2(c)................................................ 41,048
Prospectus and shareholders' reports-Note 2(b)....................................... 34,301
Miscellaneous........................................................................ 174,169
------------
TOTAL EXPENSES................................................................... 3,811,089
------------
INVESTMENT INCOME-NET............................................................ 22,374,431
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3................................................ $ (10,179)
Net unrealized (depreciation) on investments............................................. (8,784,341)
------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................................ (8,794,520)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS......................................... $ 13,579,911
============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MARCH 31,
----------------------------
1993 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................................... $ 14,183,450 $ 22,374,431
Net realized gain (loss) on investments.................................................. 455,197 (10,179)
Net unrealized appreciation (depreciation) on investments for the year................... 7,971,307 (8,784,341)
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................................. 22,609,954 13,579,911
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................................... (14,183,450) (22,374,431)
Net realized gain on investments......................................................... (356,018) (396,927)
Excess net realized gain on investments.................................................. _- (181,383)
------------ ------------
TOTAL DIVIDENDS...................................................................... (14,539,468) (22,952,741)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold............................................................ 533,949,525 688,061,133
Dividends reinvested..................................................................... 12,237,898 19,853,406
Cost of shares redeemed.................................................................. (355,766,222) (486,731,414)
------------ ------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......................... 190,421,201 221,183,125
------------ ------------
TOTAL INCREASE IN NET ASSETS..................................................... 198,491,687 211,810,295
NET ASSETS:
Beginning of year........................................................................ 187,972,285 386,463,972
------------ ------------
End of year.............................................................................. $386,463,972 $598,274,267
============ ============
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.............................................................................. 40,951,966 51,932,727
Shares issued for dividends reinvested................................................... 936,832 1,499,203
Shares redeemed.......................................................................... (27,253,399) (36,757,683)
------------ ------------
NET INCREASE IN SHARES OUTSTANDING................................................... 14,635,399 16,674,247
============ ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
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 year indicated.
This information has been derived from information provided in the Fund's financial statements.
YEAR ENDED MARCH 31,
-----------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year......................... $12.42 $12.52 $12.63 $12.85 $13.21
------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net...................................... .79 .76 .70 .63 .58
Net realized and unrealized gain (loss) on investments..... .10 .11 .22 .38 (.18)
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS....................... .89 .87 .92 1.01 .40
------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net....................... (.79) (.76) (.70) (.63) (.58)
Dividends from net realized gain on investments............ -- -- -- (.02) (.01)
Dividends from excess net realized gain on investments..... -- -- -- -- --
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS.................................... (.79) (.76) (.70) (.65) (.59)
------ ------ ------ ------ ------
Net asset value, end of year............................... $12.52 $12.63 $12.85 $13.21 $13.02
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 7.32% 7.16% 7.50% 8.04% 3.05%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... .50% .59% .72% .75% .74%
Ratio of net investment income to average net assets....... 6.29% 6.07% 5.42% 4.76% 4.35%
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%
Net Assets, end of year (000's Omitted).................... $63,770 $76,734 $187,972 $386,464 $598,274
See notes to financial statements.
</TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE NOTE 1
NOTES TO FINANCIAL STATEMENTS
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 ("Distributor") acts as the distributor of the
Fund's shares, which are sold to the public without a sales load. The
Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
At a meeting of shareholders held on September 22, 1993, the Fund's
shareholders approved a change of the Fund's name from "Dreyfus Short-
Intermediate Tax Exempt Bond Fund" to "Dreyfus Short-Intermediate
Municipal Bond Fund."
(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 in the
judgment of the Service are readily available and are representative of
the bid side of the market 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, when
appropriate, 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 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.
Dividends in excess of net realized gains on investment for financial
statement purposes result from current period wash sale loss deferrals
and other losses from security transactions during the year ended March
31, 1994 which are treated for Federal income tax purposes as arising in
fiscal 1995.
(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 provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from all, or substantially all, Federal income
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 year ended
March 31, 1994.
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE
NOTE 1
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(B) The Fund has adopted a Service Plan (the "Plan") pursuant to which
the Fund reimburses the Distributor, 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. The
Distributor may make payments to one or more Service Agents (a
securities dealer, financial institution, or other industry professional)
based on the value of the Fund's shares owned by clients of the Service
Agent. 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. During the year ended March 31, 1994, $532,280 was charged
to the Fund pursuant to the Plan.
(C) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $4,000 and an
attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger (the "Merger Agreement") providing for the merger of the
Manager with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank N.A. Closing of this merger is subject to a
number of contingencies, including receipt of certain regulatory approvals
and approvals of the shareholders of the Manager and of Mellon. The merger
is expected to occur in mid-1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board
and shareholders before completion of the merger. Shareholder approval
will be solicited by a proxy statement.
NOTE 3-SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $484,710,094 and
$275,262,030, respectively, for the year ended March 31, 1994, and
consisted entirely of municipal bonds and short-term municipal investments.
At March 31, 1994, accumulated net unrealized appreciation on investments
was $872,142, consisting of $6,444,346 gross unrealized appreciation and
$5,572,204 gross unrealized depreciation.
At March 31, 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
(FORMY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE
NOTE 1
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)
We have audited the accompanying statement of assets and liabilities
of Dreyfus Short-Intermediate Municipal Bond Fund (formerly Dreyfus
Short-Intermediate Tax Exempt Bond Fund), including the statement of
investments, as of March 31, 1994, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended, and financial highlights
for each of the years indicated therein. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 1994 by correspondence
with the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Short-Intermediate Municipal Bond Fund at March 31,
1994, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
(Ernst & Young Signature Logo)
New York, New York
May 3, 1994
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
(FORMERLY DREYFUS SHORT-INTERMEDIATE TAX EXEMPT BOND FUND)-SEE
NOTE 1
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the
following designations regarding its fiscal year ended March 31, 1994:
All the dividends paid from investment income-net are "exempt-
interest dividends" (not generally subject to regular Federal income tax).
The Fund hereby designates $.0011 per share as a long-term capital gain
distribution of the $.0137 per share paid on November 30, 1993.
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's taxable ordinary dividends (if
any) and capital gain distributions (if any) paid for the 1994 calendar year
on Form 1099-DIV which will be mailed by January 31, 1995.
(Dreyfus `D' Logo)
DREYFUS SHORT-INTERMEDIATE
MUNICIPAL BOND FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 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. 591AR943
(Dreyfus Logo)
Short-Intermediate
Municipal
Bond Fund
Annual Report
March 31, 1994
(Dreyfus Lion Logo)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX
EXHIBIT A:
_______________________________________________________
| | | |
| | LEHMAN BROTHERS | |
| PERIOD | 10-YEAR | DREYFUS |
| | MUNICIPAL | SHORT-INTERMEDIATE |
| | BOND INDEX * | MUNICIPAL BOND FUND |
|--------------|-----------------|---------------------|
| 4/30/87 | 10,000 | 10,000 |
| 6/30/87 | 10,330 | 10,217 |
| 9/30/87 | 10,088 | 10,225 |
| 12/31/87 | 10,579 | 10,453 |
| 3/31/88 | 10,897 | 10,649 |
| 6/30/88 | 11,044 | 10,753 |
| 9/30/88 | 11,314 | 10,899 |
| 12/31/88 | 11,405 | 11,056 |
| 3/31/89 | 11,509 | 11,119 |
| 6/30/89 | 12,106 | 11,405 |
| 9/30/89 | 12,151 | 11,574 |
| 12/31/89 | 12,623 | 11,776 |
| 3/31/90 | 12,658 | 11,933 |
| 6/30/90 | 12,967 | 12,128 |
| 9/30/90 | 12,961 | 12,296 |
| 12/31/90 | 13,549 | 12,560 |
| 3/31/91 | 13,884 | 12,787 |
| 6/30/91 | 14,166 | 12,979 |
| 9/30/91 | 14,730 | 13,292 |
| 12/31/91 | 15,191 | 13,598 |
| 3/31/92 | 15,177 | 13,747 |
| 6/30/92 | 15,769 | 14,068 |
| 9/30/92 | 16,228 | 14,317 |
| 12/31/92 | 16,546 | 14,512 |
| 3/31/93 | 17,186 | 14,851 |
| 6/30/93 | 17,754 | 15,065 |
| 9/30/93 | 18,391 | 15,286 |
| 12/31/93 | 18,660 | 15,478 |
| 3/31/94 | 17,669 | 15,304 |
|------------------------------------------------------|
|-----------------------------------------------------------|
| DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND |
|-----------------------------------------------------------|
| AVERAGE ANNUAL TOTAL RETURNS ENDED ON 3/31/94 |
|-----------------------------------------------------------|
| | | SINCE INCEPTION |
| 1 YEAR | 5 YEAR | (4/30/87) |
|--------------|-----------------|--------------------------|
| 3.05%| 6.60%| 6.34% |
|-----------------------------------------------------------|
