LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund's annual reporting period ended on March 31, 1995, net asset
value per share was $12.82, a decrease of $.20 per share from $13.02 on March
31, 1994. Tax exempt dividends of approximately $.571 per share were paid
during the period, representing a distribution rate per share of 4.45% based
on the March 31, 1995 closing price. 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 (AMT) on some portfolio income.
The last six months have seen a dramatic change in the behavior of bond
market prices. Last November marked the bottom of a severe downtrend that
generated one of the worst performances for fixed-income securities in many
years. The bellwether 30-year Treasury bond reached a high yield of 8.16% on
November 7, after reaching yields as low as 6.17% in January of 1994. These
yield adjustments were caused by a series of rate hikes by the Federal
Reserve Board, which took these measures to subdue an economy that seemed to
be growing at an inflationary pace. As 1994 drew to a close, the bond market
continued to exhibit volatility. Economic indicators showed the overall
capacity utilization rate at 85.4%, a 15-year high, and consumer confidence
near its 5-year high, both strong signs of growth to which the bond market
reacted adversely.
During the first quarter of 1995 signs of a moderating expansion started
to take hold as the effect of higher interest rates set in. Existing home
sales, new construction and auto sales were weaker. More important, jobless
claims rose along with inventories indicating slowing sales and a potential
economic slowdown. Many forecasters started to revise their expectations for
growth, and a solid market rally was underway as the threat of inflation
began to subside. By the end of the first quarter, the bond market quickly
reversed most of its steps of 1994, and the 30-year Treasury bond recovered
to a yield of 7.37% on March 31. The unexpected turnaround was fueled by a
shortage of securities in both the bond and stock markets. This technical
phenomenon is pronounced in the tax exempt market where new bond issuance is
off practically 50% from a year ago, and spreads on existing municipals are
becoming historically rich relative to Treasuries. That condition is expected
to be sustained because the estimated 1995 net supply of municipal debt
(estimated new issuance minus bond redemptions and coupon payments) is a
negative $50 billion, an unusually low figure.
Although unexpected domestic weakness ultimately supported the market,
initial mixed signals and continuous doubts concerning the dollar remained
strong enough throughout the period, so we adopted and maintained a cautious
approach with the Fund. In addition, the technical supply condition,
temporary or not, creates upward pressure on tax exempt securities and has
generated unusually high-priced municipal securities in the maturity range of
your Fund. Being in less aggressive securities during this point in the
market cycle, while producing less income, will potentially preserve capital,
which is one of the tenets of the Fund. Currently, the average life of the
bonds held is under two years. All municipal obligations must be A-rated or
better at purchase, and none can have remaining maturities longer than five
years. The Fund also holds some pre-refunded paper of which only a small
percentage is expiring that needs replacement.
While nobody knows whether interest rates will go up or down, we think
the Fund has successfully avoided the negative volatility that a rising or
uncertain rate environment can have on bond fund shares, while maintaining
income. We are reviewing present market behavior for any needed adjustments
in our strategy. When reviewing the strategy and time horizon, we think
Dreyfus Short-Intermediate Municipal Bond Fund will meet your investment
goals. 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,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 17, 1995
New York, N.Y.
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
Dollars
(EXHIBIT A)
$18,998
Lehman Brothers
10-Year Municipal
Bond Index*
$15,751
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
*Source: Lehman Brothers
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FIVE YEARS ENDED FROM INCEPTION (4/30/87)
MARCH 31, 1995 MARCH 31, 1995 TO MARCH 31, 1995
------------------ ------------------ ---------------------------
<S> <C> <C>
2.93% 5.71% 5.90%
</TABLE>
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 Lehman Brothers 10-Year Municipal Bond
Index has been selected because currently there is no publicly available Index
that is truly representative of the "short-intermediate" municipal bond market.
The Fund invests primarily in short-intermediate municipal securities and its
portfolio maintains a /weighted-average maturity ranging 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 if bonds are held to maturity. As the Lehman
Brothers Index being used is a 10-Year Index, under normal market conditions
the Index should outperform in the Fund's portfolio.
The above graph compares a $10,000 investment made in 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.
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.
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
ALABAMA-.2%
Alabama Higher Education Loan Corp., Student Loan Revenue
6.20%, 3/1/1997......................................................... $ 840,000 $ 853,558
ALASKA-2.8%
Alaska Housing Finance Corp. 4.65%, 12/1/1996............................... 1,400,000 1,385,342
Alaska Student Loan Corp., Student Loan Revenue:
5.50%, 7/1/1996 (Insured; AMBAC)........................................ 3,295,000 3,312,035
4.40%, 7/1/1997......................................................... 3,195,000 3,103,591
4.70%, 7/1/1998......................................................... 3,060,000 2,964,834
ARIZONA-1.3%
Tempe Industrial Development Authority, MFHR, Refunding
(Elliot Grove Apartments) 6.25%, 10/1/1996.............................. 5,000,000 5,031,250
ARKANSAS-.4%
Springdale Residential Housing and Health Care Facilities Board, Revenue
(Springdale Memorial Hospital Project) 5.10%, 10/1/1997................. 1,670,000 1,669,983
CALIFORNIA-14.9%
Alameda County, COP (Financing Project)
6.15%, 9/1/1996 (LOC; Fuji Bank) (a).................................... 3,000,000 3,020,190
California, Revenue Anticipation Warrants 5.75%, 4/25/1996.................. 25,000,000 25,321,000
California Health Facilities Financing Authority, Revenue, Refunding
(Hospital of the Good Samaritan):
6.10%, 9/1/1995....................................................... 1,270,000 1,280,719
6.25%, 9/1/1996....................................................... 1,560,000 1,584,336
California Statewide Communities Development Authority,
Insured HR, Refunding, COP (Triad Healthcare):
5%, 8/1/1996.......................................................... 2,500,000 2,468,825
5.25%, 8/1/1997....................................................... 2,500,000 2,458,450
Chula Vista, MFHR
(Eucalyptus Grove Project) 5.75%, 11/1/1997............................. 4,885,000 4,907,129
Orange County, Apartment Development Revenue:
(Villas Aliento Project) 4.50%, 8/15/1997 (LOC; Tokai Bank) (a)......... 5,000,000 4,933,450
(Villas De La Paz) 4.50%, 8/15/1997 (LOC; Tokai Bank) (a)............... 5,000,000 4,933,450
Vallejo Housing Authority, Multi-Family Revenue (Highlands Apartments
Project)
5.75%, 6/1/1996......................................................... 6,110,000 6,119,654
COLORADO-3.0%
Colorado Student Obligation Bond Authority, Student Loan Revenue:
6.05%, 9/1/1995......................................................... 4,300,000 4,326,832
5.40%, 12/1/1995........................................................ 2,250,000 2,258,888
5%, 9/1/1996............................................................ 500,000 497,415
6.20%, 9/1/1996......................................................... 3,300,000 3,357,849
5.20%, 9/1/1997......................................................... 1,200,000 1,187,100
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
DISTRICT OF COLUMBIA-1.8%
District of Columbia, Refunding:
4.60%, Series C, 12/1/1997.............................................. $ 2,000,000 $ 1,938,320
4.60%, Series D, 12/1/1997.............................................. 5,250,000 5,088,090
FLORIDA-2.7%
Florida Housing Finance Agency, Multi-Family Housing Refunding
6.375%, 10/1/1995....................................................... 10,215,000 10,314,188
GEORGIA-5.3%
Development Authority of Burke County, PCR
(Oglethorpe Power Corporation Vogtle Project):
3.55%, 1/1/1997 ...................................................... 7,780,000 7,563,638
3.75%, 1/1/1998....................................................... 6,480,000 6,222,485
3.95%, 1/1/1999....................................................... 6,660,000 6,333,460
IDAHO-1.2%
Idaho Student Loan Fund Marketing Association Inc., Student Loan Revenue:
5.25%, 4/1/1996......................................................... 2,270,000 2,250,455
5.25%, 10/1/1996........................................................ 2,265,000 2,244,117
ILLINOIS-4.2%
Glenview, EDR (Valley Lo Towers II Project) 5.75%, 12/1/1997................ 5,000,000 5,082,150
Illinois Development Finance Authority, PCR
(Central Illinois Public Service) 4.375%, 6/1/1998...................... 2,600,000 2,526,628
Illinois Health Facilities Authority, Revenue, Refunding
(Illinois Masonic Medical Center):
4.20%, 10/1/1996...................................................... 1,000,000 984,900
4.25%, 10/1/1997...................................................... 1,000,000 970,710
Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue
Zero Coupon, 6/15/1997 (Insured; AMBAC)................................. 7,035,000 6,307,581
INDIANA-.9%
Indiana Bond Bank, Revenue (Guarantee - State Revolving Fund Program):
4.60%, 2/1/1996......................................................... 1,200,000 1,197,108
4.80%, 2/1/1997......................................................... 2,245,000 2,229,712
MAINE-3.0%
Maine Educational Loan Marketing Corp., Student Loan Revenue, Refunding:
6.20%, 11/1/1995........................................................ 1,985,000 1,998,637
6.35%, 11/1/1996........................................................ 9,200,000 9,373,696
MASSACHUSETTS-1.7%
Boston 7.75%, 10/1/1995..................................................... 145,000 147,433
Massachusetts Bay Transportation Authority, Massachusetts General
Transportation
System:
7.625%, 3/1/1998 (Insured; FSA) (Prerefunded 3/1/1998) (b)............ 1,000,000 1,094,540
7.75%, 3/1/1998 (Insured; FSA) (Prerefunded 3/1/1998) (b)............. 1,000,000 1,097,900
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
MASSACHUSETTS (CONTINUED)
Massachusetts Health and Educational Facilities Authority
(Lahey Clinic Medical Center) 7.625%, 7/1/1998 (Insured; MBIA)
(Prerefunded 7/1/1998) (b).............................................. $ 1,000,000 $ 1,099,830
Massachusetts Municipal Wholesale Electric Co.,
Power Supply System Revenue 5.20%, 7/1/1998............................. 3,000,000 2,988,240
MISSISSIPPI-8.0%
Mississippi Higher Education Assistance Corp., Student Loan Revenue,
Refunding:
5.15%, 7/1/1995......................................................... 2,500,000 2,498,525
5.40%, 1/1/1996......................................................... 4,355,000 4,348,598
5.40%, 7/1/1996......................................................... 13,100,000 13,100,262
5.70%, 1/1/1997......................................................... 1,435,000 1,436,980
5.70%, 7/1/1997......................................................... 2,435,000 2,440,333
4.60%, 9/1/1997......................................................... 7,000,000 6,858,880
MONTANA-.9%
Montana Higher Education Student Assistance Corp., Student Loan Revenue
6%, 6/1/1996............................................................ 3,280,000 3,303,485
NEW JERSEY-.4%
Camden County Pollution Control Financing Authority,
Solid Waste Resources Recovery Revenue 6.15%, 12/1/1996................. 1,530,000 1,512,405
NEW MEXICO-.4%
New Mexico Educational Assistance Foundation, Student Loan Revenue
5.10%, 12/1/1996........................................................ 1,700,000 1,694,237
NEW YORK-18.2%
Metropolitan Transportation Authority, Service Contract, Refunding (Transit
Facilities)
5.75%, 7/1/1996......................................................... 1,195,000 1,211,109
New York City:
8%, 6/1/1995............................................................ 1,375,000 1,388,764
8%, 6/1/1995............................................................ 625,000 630,550
7%, 8/1/1996............................................................ 1,000,000 1,025,370
6.80%, 2/1/1997......................................................... 2,590,000 2,699,479
6.80%, 2/1/1997......................................................... 8,710,000 8,944,299
Refunding 7.10%, 2/1/1997............................................... 5,000,000 5,159,400
4.875%, 8/1/1997........................................................ 4,000,000 3,957,160
5.25%, 8/1/1997......................................................... 15,000,000 14,983,650
New York State:
6.625%, 8/1/1995........................................................ 6,925,000 6,976,799
6.625%, 8/1/1996........................................................ 4,990,000 5,112,305
COP (Commissioner General Services Executive Department) 4.90%, 2/1/1997 1,000,000 997,980
New York State Housing Finance Agency, Revenue, Refunding
(Health Facilities-New York City) 7.50%, 5/1/1995....................... 2,500,000 2,514,625
New York State Local Government Assistance Corp. 5.70%, 4/1/1995............ 4,000,000 4,000,000
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Medical Care Facilities Finance Agency, Revenue
(Mental Health Services Facilities Improvement):
7.10%, 8/15/1995...................................................... $ 805,000 $ 815,376
7.10%, 2/15/1996...................................................... 835,000 853,195
Suffolk County, Public Improvement 7.125%, 11/1/1995........................ 3,210,000 3,260,525
Syracuse Industrial Development Agency, Civic Facilities Revenue
(Community Development Properties-Vanderbilt) 7%, 4/1/1995 (LOC; Onbank) (a) 5,000,000 5,000,000
NORTH DAKOTA-1.1%
North Dakota, Student Loan Revenue, Refunding
5.10%, 7/1/1995......................................................... 4,000,000 4,004,840
OHIO-4.3%
Cuyahoga County, HR 4.375%, 7/15/1996 (c)................................... 16,500,000 16,377,240
PENNSYLVANIA-4.3%
Armstrong County Hospital Authority, HR
(Saint Francis Central Hospital) 5.25%, 11/1/1997 (LOC; Pittsburgh National Bank) (a) 3,100,000 3,107,316
Philadelphia, Gas Works Revenue 5.20%, 7/1/1997............................. 11,845,000 11,838,722
Philadelphia Hospitals and Higher Education Facilities Authority, HR
(Graduate Health System Obligation) 6.40%, 7/1/1996..................... 1,600,000 1,628,000
SOUTH CAROLINA-.8%
South Carolina Education Assistance Authority,
Insured Student Loan Revenue 5.90%, 9/1/1996............................ 3,000,000 3,036,720
SOUTH DAKOTA-.9%
Student Loan Finance Corp., Student Loan Revenue 5.70%, 8/1/1999............ 3,500,000 3,501,015
TEXAS-10.5%
Bell County Health Facilities Development Corp., Revenue, Refunding
4.72%, 10/1/1998........................................................ 22,700,000 21,587,246
Brazos Higher Education Authority Inc., Student Loan Revenue, Refunding:
4.50%, 6/1/1996......................................................... 4,000,000 3,955,080
6.20%, 3/1/1997......................................................... 4,185,000 4,246,812
5.30%, 12/1/1997........................................................ 1,845,000 1,841,218
4.95%, 6/1/1998......................................................... 2,500,000 2,465,325
Texas Department of Housing and Community Affairs, Multi-Family Revenue,
Refunding
(Dallas Association) 6.25%, 12/1/1995................................... 6,000,000 6,074,700
VIRGINIA-1.1%
Fairfax County Redevelopment and Housing Authority,
Guaranteed Revenue, Refunding (Shenandoah Crossing Apartments)
5.25%, 12/1/1997........................................................ 4,100,000 4,100,574
WASHINGTON-4.1%
Washington, COP (State Equipment) 6%, 10/1/1996............................. 1,750,000 1,770,948
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
WASHINGTON (CONTINUED)
Washington State Public Power Supply System, Revenue, Refunding
(Nuclear Project Number 2) 4.80%, 7/1/1997(c)........................... $ 14,000,000 $ 13,852,160
WEST VIRGINIA-1.3%
West Virginia Public Energy Authority, Energy Revenue
(Morgantown Association Project) 5.50%, 1/1/1998 (LOC; Swiss Bank Corp.) (a) 4,860,000 4,822,383
U.S. RELATED-.3%
Puerto Rico Public Finance Corp. 6.35%, 7/1/1995............................ 1,025,000 1,030,247
--------------
TOTAL INVESTMENTS
(cost $383,746,486)..................................................... $381,994,535
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors Assurance Insurance
EDR Economic Development Revenue Corporation
FSA Financial Security Assurance MFHR Multi-Family Housing Revenue
HR Hospital Revenue PCR Pollution Control Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (D) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 12.9%
AA Aa AA 28.0
A A A 43.2
BBB Baa BBB 3.7
F1 MIG1/P1 SP1/A1 10.3
Not Rated(e) Not Rated(e) Not Rated(e) 1.9
--------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(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 March 31,
1995, these securities amounted to $ 30,229,400 or 7.9% of net assets.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
(f) At March 31, 1995 the Fund had $96,461,316 (25.3% of net assets)
invested in securities whose payment of principal and interest is
dependent upon revenues generated from education projects.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $383,746,486)-see statement..................................... $381,994,535
Interest receivable..................................................... 6,280,993
Receivable for shares of Beneficial Interest sold....................... 113,546
Prepaid expenses........................................................ 31,961
--------------
388,421,035
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 164,593
Due to Custodian........................................................ 7,310,505
Due to Distributor...................................................... 32,918
Payable for shares of Beneficial Interest redeemed...................... 10,833
Accrued expenses........................................................ 118,633 7,637,482
------------ --------------
NET ASSETS ................................................................ $380,783,553
================
REPRESENTED BY:
Paid-in capital......................................................... $389,299,461
Accumulated net realized capital losses and distributions in excess
of net realized gain on investments................................... (6,763,957)
Accumulated net unrealized (depreciation) on investments-Note 3......... (1,751,951)
--------------
NET ASSETS at value applicable to 29,707,842 outstanding shares of
Beneficial Interest (unlimited number of $.001 par value
shares authorized)...................................................... $380,783,553
================
NET ASSET VALUE, offering and redemption price per share
($380,783,553 / 29,707,842 shares)...................................... $12.82
========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS YEAR ENDED MARCH 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $25,531,975
EXPENSES:
Management fee-Note 2(a).............................................. $ 2,493,199
Shareholder servicing costs-Note 2(b)................................. 733,290
Professional fees..................................................... 53,083
Custodian fees........................................................ 51,348
Registration fees..................................................... 47,062
Trustees' fees and expenses-Note 2(c)................................. 46,830
Prospectus and shareholders' reports-Note 2(b)........................ 35,065
Miscellaneous......................................................... 40,673
------------
TOTAL EXPENSES.................................................... 3,500,550
-------------
INVESTMENT INCOME-NET............................................. 22,031,425
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $(6,582,574)
Net unrealized (depreciation) on investments............................ (2,624,093)
------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (9,206,667)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $12,824,758
=============
See notes to financial statements.
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MARCH 31,
--------------------------------
1994 1995
-------------- --------------
OPERATIONS:
Investment income-net................................................... $ 22,374,431 $ 22,031,425
Net realized (loss) on investments...................................... (10,179) (6,582,574)
Net unrealized (depreciation) on investments for the year............... (8,784,341) (2,624,093)
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 13,579,911 12,824,758
-------------- --------------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net.............................................. (22,374,431) (22,031,425)
From net realized gain on investments................................... (396,927) ---
In excess of net realized gain on investments........................... (181,383) ---
-------------- --------------
TOTAL DIVIDENDS....................................................... (22,952,741) (22,031,425)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 688,061,133 243,271,400
Dividends reinvested.................................................... 19,853,406 18,517,971
Cost of shares redeemed................................................. (486,731,414) (470,073,418)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 221,183,125 (208,284,047)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 211,810,295 (217,490,714)
NET ASSETS:
Beginning of year....................................................... 386,463,972 598,274,267
-------------- --------------
End of year............................................................. $598,274,267 $380,783,553
============= ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 51,932,727 18,830,292
Shares issued for dividends reinvested.................................. 1,499,203 1,436,567
Shares redeemed......................................................... (36,757,683) (36,495,647)
-------------- --------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 16,674,247 (16,228,788)
============= ==============
See notes to financial statements.
</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 year indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $12.52 $12.63 $12.85 $13.21 $13.02
------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net........................ .76 .70 .63 .58 .57
Net realized and unrealized gain (loss) on investments .11 .22 .38 (.18) (.20)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS........... .87 .92 1.01 .40 .37
------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income-net......... (.76) (.70) (.63) (.58) (.57)
Dividends from net realized gain on investments - - (.02) (.01) -
Dividends in excess of net
realized gain on investments............... - - - - -
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS........................ (.76) (.70) (.65) (.59) (.57)
------- ------- ------- ------- -------
Net asset value, end of year................. $12.63 $12.85 $13.21 $13.02 $12.82
------- ------- ------- ------- -------
------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN.......................... 7.16% 7.50% 8.04% 3.05% 2.93%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .59% .72% .75% .74% .70%
Ratio of net investment income to average net assets 6.07% 5.42% 4.76% 4.35% 4.42%
Decrease reflected in above expense ratios due to
undertakings by the Manager................ .26% .07% - - -
Portfolio Turnover Rate...................... 66.53% 63.83% 31.80% 34.68% 37.38%
Net Assets, end of year (000's Omitted)...... $76,734 $187,972 $386,464 $598,274 $380,784
See notes to financial statements.
</TABLE>
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
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, 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, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $3,787,000
available for Federal income tax purposes to be applied against future net
securities profits, if any realized subsequent to March 31, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through March 31, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, the carryover expires in
fiscal 2003.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the 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, 1995.
(B) On August 4, 1994, Fund shareholders approved a revised Service Plan
(the "Plan") pursuant to Rule 12b-1 under the Act. Pursuant to the Plan,
effective August 24, 1994, the Fund (a) reimburses the Distributor 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 the
Distributor and Dreyfus may pay Service Agents (a securities dealer,
financial institution or other industry professional) a fee in respect of the
Fund's 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 the Distributor and Dreyfus determine the amounts to be
paid to Service Agents to which it will make payments and the basis on which
such payments are made. The Plan also separately provides for the Fund to
bear the costs of preparing, printing and distributing certain of the Fund's
prospectuses and statements of additional information and costs associated
with implementing and operating the Plan, not to exceed the greater of $100,000
or .005 of 1% of the Fund's average daily net assets for any full 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
and 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 year ended March 31, 1995, $281,935 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.
The Chairman of the Board receives an additional 25% of such compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $259,662,457 and $461,836,369, respectively, for the year ended
March 31, 1995, and consisted entirely of long-term and short-term municipal
investments.
At March 31, 1995, accumulated net unrealized depreciation on investments
was $1,751,951, consisting of $1,651,632 gross unrealized appreciation and
$3,403,583 gross unrealized depreciation.
At March 31, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus Short-Intermediate Municipal Bond Fund, including the statement of
investments, as of March 31, 1995, 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, 1995 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, 1995,
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 and Young Signature Logo)
New York, New York
May 3, 1995
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during its fiscal year ended March
31, 1995 as "exempt-interest dividends" (not generally subject to regular
Federal income tax).
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 1995 calendar year
on Form 1099-DIV which will be mailed by January 31, 1996.
DREYFUS SHORT-INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(Dreyfus Lion "D" Logo)
DREYFUS SHORT-INTERMEDIATE
MUNICIPAL BOND FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 591AR953
(Dreyfus Logo)
Short-Intermediate
Municipal
Bond Fund
Annual Report
March 31, 1995
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 |
| 3/31/88 | 10,897 | 10,649 |
| 3/31/89 | 11,509 | 11,119 |
| 3/31/90 | 12,658 | 11,933 |
| 3/31/91 | 13,884 | 12,787 |
| 3/31/92 | 15,177 | 13,747 |
| 3/31/93 | 17,186 | 14,851 |
| 3/31/94 | 17,669 | 15,304 |
| 3/31/95 | 18,998 | 15,751 |
|------------------------------------------------------------|
* Source: Lehman Brothers
