PRESIDENT'S LETTER
Dear Shareholder:
At the end of your Fund's semi-annual reporting period on November
30, 1993, each share had a net asset value of $18.48, which represents an
increase of $.42 from our last reporting period. During the six-month
period, dividends of approximately $.45 per share were paid, which
translates into an annualized distribution rate per share of 4.82% based on
the November 30 closing net asset value. As has been true from the Fund's
inception, all interest income paid to you has been exempt from Federal,
New York State and City income taxes.*
The municipal market's performance during the period was laudable:
volatility was restrained; price performance was reasonably good; and
interest rates, while generally lower than experienced during 1992, were
rewarding when viewed from an historical perspective. Supply, as
reflected in the volume of newly issued securities, was high throughout
the year. This might have caused interest rates to move upward, but that
did not happen.
During this past year we have seen quality spreads narrow
considerably and we currently find the New York market to be trading in a
very narrow range. New York City has come to market very successfully
this year, achieving the lowest yields attained by the City since the fiscal
crisis of the early 1970s. The reins of New York City government will
change hands in January 1994, and for the first time in many years a
Republican Administration will be in office. The important issue for the
State is its ability to maintain budgetary controls and keep business from
leaving the State. The effect of a national health plan and additional taxes
on many municipalities is yet to be seen. We continue to believe that the
New York market offers an attractive return to its residents, and this will
be further highlighted when the effects of the new tax program are
realized.
Recent economic numbers indicate that we are at the beginning of a
recovery. We do not anticipate that this will be a robust recovery;
however, we do feel that the market may experience some volatility
during the first quarter of 1994. The intermediate sector has provided the
investor with an attractive return during the past year. The heavy supply
of municipal issuance has provided many opportunities to take advantage
of the flattening yield curve and the relative attractiveness of municipals
compared to Treasuries.
The current investment climate continues to be favorable for
municipal securities and investors in these instruments. We have your
goals in mind, and we will continue to act and react as economic events
occur which could have an effect on your Fund's portfolio.
Very truly yours,
Richard J. Moynihan
December 22, 1993 President
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS-98.5% AMOUNT VALUE
------------ ------------
<S> <C> <C>
NEW YORK-83.1%
Albany County, GO, Refunding 5%, 10/1/2004 (Insured; FGIC)............................... $ 2,800,000 $ 2,882,460
Albany Industrial Development Agency, LR
(New York State Department of Health Building Project) 6.75%, 10/1/1995.......... 270,000 277,425
Albany Parking Authority, Parking Revenue, Refunding:
6.50%, 11/1/2004................................................................. 1,000,000 1,093,580
6.70%, 11/1/2006................................................................. 1,000,000 1,087,980
Board Cooperative Educational Services, COP
(Greenport Vocational Facility Project) 7.50%, 10/1/1996......................... 590,000 634,203
Buffalo Municipal Water Finance Authority, Water System Revenue
5.50%, 7/1/2005 (Insured; FSA)................................................... 3,200,000 3,339,264
Development Authority of the North Country, Solid Waste Management System Revenue:
6.30%, 7/1/1999.................................................................. 1,070,000 1,119,562
6.40%, 7/1/2000.................................................................. 1,135,000 1,185,303
Franklin Industrial Development Agency, LR (County Correctional Facility Project)
6.375%, 11/1/2002................................................................ 2,735,000 3,021,409
Franklin Solid Waste Management Authority, Solid Waste System Revenue
6%, 6/1/2005..................................................................... 3,635,000 3,697,704
Metropolitan Transportation Authority:
Service Contract Commuter Facilities:
5.45%, 7/1/2007.......................................................... 4,330,000 4,260,417
7.375%, 7/1/2008......................................................... 1,000,000 1,162,480
Service Contract Transit Facilities:
7.25%, 7/1/1998.......................................................... 3,050,000 3,356,342
6.80%, 7/1/2004.......................................................... 1,850,000 2,052,113
6.90%, 7/1/2006.......................................................... 3,615,000 4,020,242
Transit Facilities Revenue:
5.30%, 7/1/2006 (Insured; AMBAC)......................................... 5,000,000 5,119,750
6.30%, 7/1/2006.......................................................... 3,145,000 3,346,657
Trust Tax Exempt Inverse Variable Certificate
7.492%, 6/30/2002 (a,b).................................................. 10,000,000 10,387,500
Nassau County, Refunding (Combined Sewer Districts)
5.30%, 7/1/2006 (Insured; MBIA).................................................. 4,860,000 5,017,658
New York City:
7%, 2/1/1999..................................................................... 2,250,000 2,463,615
6.25%, 8/1/2002 (Insured; AMBAC)................................................. 950,000 1,048,791
7.50%, 8/15/2002................................................................. 290,000 340,477
7.50%, 8/15/2002................................................................. 1,210,000 1,341,987
5.75%, 8/1/2003.................................................................. 3,990,000 4,030,698
7.75%, 3/15/2004................................................................. 1,000,000 1,157,920
7.75%, 8/15/2004................................................................. 1,000,000 1,163,020
6.375%, 8/1/2005................................................................. 3,670,000 3,859,152
7%, 2/1/2006..................................................................... 3,500,000 3,866,765
6%, 5/15/2007.................................................................... 5,000,000 5,049,300
New York City Health and Hospital Corp., Revenue 6%, 2/15/2005........................... 2,000,000 2,040,660
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW YORK (CONTINUED)
New York City Housing Development Corp.:
Insured MFMR (Sheridan Manor Apartments) 7.20%, 10/1/1999........................ $ 885,000 $ 930,763
MFHR :
4.95%, 5/1/2002.......................................................... 1,105,000 1,105,696
5.05%, 5/1/2003.......................................................... 1,140,000 1,133,183
5.15%, 5/1/2004.......................................................... 1,000,000 1,003,950
New York City Industrial Development Agency, Revenue:
Civic Facility
(YMCA of Greater New York Project) 7.25%, 8/1/1999....................... 2,300,000 2,407,042
Industrial Development:
8%, Series I, 11/16/1998 (LOC; Algemene Bank Nederland) (c).............. 740,000 768,853
8%, Series J, 11/16/1998 (LOC; Algemene Bank Nederland) (c).............. 1,270,000 1,319,517
7.625%, 11/1/1999 (LOC; Algemene Bank Nederland) (c)..................... 1,580,000 1,799,193
(Plaza Packaging Corp. Project)
7.65%, 12/1/2009 (LOC; Barclays Bank of New York) (c)............ 960,000 1,062,048
New York City Municipal Water Finance Authority, Water and Sewer System Revenue:
5.55%, 6/15/2001................................................................. 1,500,000 1,550,310
6.60%, 6/15/2002................................................................. 3,000,000 3,389,640
5.125%, 6/15/2004................................................................ 4,000,000 3,934,400
New York State:
5.625%, 6/15/1999................................................................ 5,000,000 5,300,700
6.75%, 11/15/2000................................................................ 2,000,000 2,254,760
COP:
6.50%, 9/1/1996.......................................................... 2,840,000 3,070,154
(Commissioner of General Services Executive Department):
5.15%, 2/1/1998.................................................. 600,000 628,890
5.15%, 8/1/1998.................................................. 1,500,000 1,572,555
New York State Bridge Authority, Bridge Revenue:
6.75%, 1/1/1997.................................................................. 1,200,000 1,291,968
6.90%, 1/1/1999.................................................................. 1,250,000 1,356,500
New York State Dormitory Authority, Revenue:
(Capital District Chapter-Wildwood School) 6.625%, 7/1/1998...................... 600,000 646,914
City University:
7.25%, 7/1/2002.......................................................... 2,250,000 2,526,233
5.25%, 7/1/2006.......................................................... 3,000,000 2,915,190
Refunding:
6.90%, 7/1/1997.................................................. 1,050,000 1,136,541
6.25%, 7/1/2003.................................................. 4,225,000 4,494,935
6.35%, 7/1/2004.................................................. 2,500,000 2,683,250
6.45%, 7/1/2005.................................................. 1,500,000 1,622,985
Judicial Facility Lease, Future Income Growth Security
(Suffolk County Issue) 9%, 10/15/2001.................................... 3,880,000 4,354,058
New York University
4.90%, 7/1/2006 (Insured; MBIA).......................................... 3,000,000 2,988,690
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenue (continued):
Rensselaer Polytechnic:
6.10%, 7/1/1999 (Insured; FGIC).......................................... $ 1,500,000 $ 1,628,865
4.90%, 7/1/2004 (Insured; MBIA).......................................... 1,700,000 1,716,711
State University Educational Facilities:
7%, 5/15/2000............................................................ 3,000,000 3,329,820
5.50%, 5/15/2005......................................................... 3,500,000 3,503,255
6.10%, 5/15/2005......................................................... 2,630,000 2,773,861
7.625%, 5/15/2005........................................................ 3,000,000 3,587,730
5.50%, 5/15/2008......................................................... 3,000,000 2,947,920
Union College 5.60%, 7/1/2004 (Insured; FGIC).................................... 1,400,000 1,478,932
New York State Environmental Facilities Corp.:
PCR
(State Water Revolving Fund):
7.30%, 6/15/2001................................................. 4,000,000 4,619,160
6.30%, 6/15/2002................................................. 3,000,000 3,316,620
6.20%, 3/15/2004................................................. 1,700,000 1,885,504
6.30%, 3/15/2005................................................. 1,800,000 1,997,514
6.60%, 6/15/2005................................................. 3,120,000 3,483,792
7.20%, 6/15/2006................................................. 3,000,000 3,468,120
Special Obligation:
(Riverbank State Park) 7.10%, 4/1/2002................................... 1,130,000 1,268,922
(State Park Infrastructure) 5.75%, 3/15/2008............................. 2,475,000 2,511,605
New York State Housing Finance Agency:
Revenue:
(Refunding- Health Facilities - New York City):
7.40%, 5/1/1994.................................................. 1,000,000 1,020,520
7.90%, 11/1/1999................................................. 2,250,000 2,576,363
(Suffolk-Help) 8%, 11/1/2001............................................. 2,795,000 2,972,706
(State University Construction) 7%, 5/1/1996..................................... 1,000,000 1,078,780
(Urban Rent) 5.90%, 11/1/2003.................................................... 4,330,000 4,377,240
New York State Local Government Assistance Corp.:
6.70%, 4/1/2000.................................................................. 2,490,000 2,758,497
6.75%, 4/1/2002.................................................................. 2,500,000 2,872,150
New York State Medical Care Facilities Finance Agency, Revenue:
Hospital and Nursing Home:
(Catholic Medical Center) 7.60%, 8/15/1999 (Insured; FHA)................. 1,000,000 1,090,260
5.875%, 2/15/2008 (Insured; FHA)......................................... 2,215,000 2,294,363
Insured Mortgage (Saint Luke's - Roosevelt Hospital Center):
4.75%, 2/15/2002 (Insured; FHA).......................................... 4,000,000 4,032,160
4.75%, 8/15/2002 (Insured; FHA).......................................... 4,000,000 4,033,800
New York State Mortgage Agency, Revenue (Homeowner Mortgage):
5.85%, 10/1/1999................................................................. 1,075,000 1,126,202
6.05%, 10/1/2000................................................................. 1,150,000 1,208,892
6.15%, 10/1/2001................................................................. 1,225,000 1,286,152
7.25%, 10/1/2007................................................................. 2,495,000 2,691,107
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW YORK (CONTINUED)
New York State Power Authority,
General Purpose Revenue:
6.50%, 1/1/2004.......................................................... $ 2,735,000 $ 3,034,701
Refunding:
5.90%, 1/1/2002.................................................. 3,625,000 3,927,289
6.25%, 1/1/2004.................................................. 2,000,000 2,213,900
5%, 1/1/2007..................................................... 4,000,000 3,950,640
New York State Project Finance Agency:
4.75%, 11/1/2004 (Insured; FSA).................................................. 3,000,000 2,999,880
5%, 11/1/2007 (Insured; FSA)..................................................... 2,650,000 2,639,347
New York State Thruway Authority:
(Emergency Highway Reconditioning and Preservation)
6%, 1/1/2002............................................................. 2,000,000 2,170,320
Service Contract Revenue (Local Highway and Bridge):
6.80%, 1/1/2000.......................................................... 2,420,000 2,669,357
7%, 1/1/2002............................................................. 5,000,000 5,631,300
New York State Urban Development Corp.:
Project Revenue (Cornell Center for Theory and Simulation Science and
Engineering Grant) 5.90%, 1/1/2007....................................... 2,735,000 2,806,466
Revenue, Refunding (Correctional Facilities) 5.625%, 1/1/2007.................... 9,835,000 9,903,255
Niagara Falls:
5.70%, 6/15/2000................................................................. 1,000,000 1,045,070
5.85%, 6/15/2001................................................................. 1,475,000 1,553,780
6%, 6/15/2002.................................................................... 1,250,000 1,323,988
Niagara Falls Bridge Commission, Toll Revenue
6.30%, 10/1/2006 (Insured; FGIC)................................................. 1,020,000 1,148,755
Oneida-Herkimer Solid Waste Management Authority, Solid Waste System Revenue
6.60%, 4/1/2004.................................................................. 1,150,000 1,236,204
Onondaga County Industrial Development Agency, PCR, Refunding
(Anheuser-Busch Co. Inc. Project) 6.625%, 8/1/2006............................... 4,000,000 4,433,320
Oswego County 6.60%, 6/15/2004........................................................... 1,000,000 1,135,090
Port Authority of New York and New Jersey:
(Consolidated Bonds 73rd Series) 6.75%, 10/15/2006............................... 2,000,000 2,211,100
(Consolidated Bonds 79th Series) 5.80%, 7/15/2003................................ 4,620,000 4,998,378
Rensselaer Industrial Development Agency, IDR, (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (c).......................................... 2,000,000 2,337,820
Rochester 5.70%, 8/15/2005 (Insured; AMBAC).............................................. 1,170,000 1,272,129
Suffolk County Industrial Development Agency, IDR, (Metavac Inc. Facilities)
7.25%, 12/1/1999 (LOC; Bank of Tokyo) (c)........................................ 2,180,000 2,324,120
Suffolk County Water Authority, Waterworks Revenue Refunding :
5.10%, 6/1/2004 (Insured; MBIA).................................................. 4,500,000 4,576,815
5.10%, 6/1/2005 (Insured; MBIA).................................................. 5,445,000 5,544,644
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW YORK (CONTINUED)
Syracuse:
COP
(Syracuse Hancock International Airport):
6.50%, 1/1/2004.................................................. $ 1,045,000 $ 1,154,798
6.60%, 1/1/2005.................................................. 1,105,000 1,209,809
6.70%, 1/1/2007.................................................. 1,210,000 1,324,272
Public Improvement:
Refunding, 4.80%, 2/15/2004.............................................. 2,500,000 2,503,800
5.70%, 6/15/2004......................................................... 1,850,000 1,983,256
5.70%, 6/15/2005......................................................... 1,830,000 1,947,815
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/1999...................................... 2,750,000 3,023,762
General Purpose Revenue:
6.80%, 1/1/2002.......................................................... 2,815,000 3,183,821
7.30%, 1/1/2002.......................................................... 1,000,000 1,154,210
5.625%, 1/1/2004......................................................... 3,100,000 3,299,857
5.75%, 1/1/2005.......................................................... 2,480,000 2,656,328
6%, 1/1/2006............................................................. 3,250,000 3,428,425
Revenue
6.70%, 1/1/2003.......................................................... 3,000,000 3,434,370
Ulster County Resource Recovery Agency, Solid Waste System Revenue 5.90%, 3/1/2007....... 1,235,000 1,261,330
U.S. RELATED-15.4%
Guam:
4.35%, 11/15/1998................................................................ 2,665,000 2,625,798
5.10%, 11/15/2006................................................................ 4,000,000 3,895,040
Guam Airport Authority, Revenue 6.40%, 10/1/2005......................................... 4,000,000 4,270,800
Puerto Rico, Public Improvement Refunding 5.20%, 7/1/2003................................ 3,600,000 3,696,156
Puerto Rico Electric Power Authority, Power Revenue 6%, 7/1/2002......................... 2,500,000 2,678,900
Puerto Rico Housing Bank and Finance Agency, Subsidy Prepayment Refunding
(Commonwealth Appropriation) 5.125%, 12/1/2004................................... 5,000,000 4,952,500
Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding:
4.80%, 7/1/2000.................................................................. 4,200,000 4,233,810
7.363%, 7/1/2005 (a)............................................................. 5,000,000 5,081,250
Puerto Rico Municipal Finance Agency:
5.30%, 7/1/2000.................................................................. 1,500,000 1,556,715
5.70%, 7/1/2003.................................................................. 7,810,000 8,320,930
5.80%, 7/1/2004.................................................................. 1,875,000 2,004,881
5.875%, 7/1/2007................................................................. 2,670,000 2,793,087
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program /
GO Matching Fund) 5.65%, 10/1/2003............................................... 6,000,000 6,205,020
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport Project):
7.875%, 10/1/1997................................................................ 1,895,000 2,122,779
8.10%, 10/1/2005................................................................. 1,175,000 1,319,149
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
U.S. RELATED (CONTINUED)
Virgin Islands Public Finance Authority, Revenue, Refunding
Matching Fund Loan Notes:
6.80%, 10/1/2000......................................................... $ 1,500,000 $ 1,631,490
6.90%, 10/1/2001......................................................... 1,000,000 1,105,590
Virgin Islands Water and Power Authority, Electric System Revenue
6.90%, 7/1/1996.................................................................. 2,595,000 2,756,357
------------
TOTAL MUNICIPAL BONDS
(cost $368,227,002).............................................................. $391,514,648
============
SHORT-TERM MUNICIPAL INVESTMENT-1.5%
NEW YORK;
New York State Job Development Authority,
VRDN 2.25% (d) (cost $5,800,000)................................................. $ 5,800,000 $ 5,800,000
------------
TOTAL INVESTMENTS-100.0%
(cost $374,027,002).............................................................. $397,314,648
============
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <S> <S>
SUMMARY OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation LR Lease Revenue
COP Certificate of Participation LOC Letter of Credit
FGIC Financial Guaranty Insurance Corporation MBIA Municipal Bond Insurance Association
FHA Federal Housing Administration MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance MFMR Multi-Family Mortgage Revenue
GO General Obligation PCR Pollution Control Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- ------- ----------------- -------------------
<S> <S> <S> <C>
AAA Aaa AAA 17.2%
AA Aa AA 19.0
A A A 28.2
BBB Baa BBB 29.9
F1 MIG1 SP1 1.5
Not Rated Not Rated Not Rated 4.2
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Inverse floater security - the interest rate is subject to change
periodically.
(b) 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
November 30, 1993, this security amounted to $10,387,500 or 2.6%
of net assets.
(c) Secured by letters of credit.
(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 independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $374,027,002)-see statement........................................ $397,314,648
Cash.................................................................................. 2,037,824
Interest receivable................................................................... 7,410,030
Receivable for shares of Beneficial Interest subscribed............................... 132,112
Prepaid expenses...................................................................... 14,417
------------
406,909,031
LIABILITIES:
Due to The Dreyfus Corporation........................................................ $ 236,890
Payable for investment securities purchased........................................... 2,984,758
Payable for shares of Beneficial Interest redeemed.................................... 1,185,521
Accrued expenses...................................................................... 105,525 4,512,694
---------- ------------
NET ASSETS............................................................................... $402,396,337
============
REPRESENTED BY:
Paid-in capital....................................................................... $378,443,829
Accumulated undistributed net realized gain on investments............................ 664,862
Accumulated net unrealized appreciation on investments-Note 3......................... 23,287,646
------------
NET ASSETS at value applicable to 21,780,032 outstanding shares of
Beneficial Interest, equivalent to $18.48 per share (unlimited
number of $.001 par value shares authorized).......................................... $402,396,337
============
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1993 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME....................................................................... $ 10,488,072
EXPENSES:
Management fee-Note 2(a)........................................................... $1,109,454
Shareholder servicing costs-Note 2(b).............................................. 587,517
Professional fees.................................................................. 28,492
Registration fees.................................................................. 26,433
Prospectus and shareholders' reports-Note 2(b)..................................... 20,993
Custodian fees..................................................................... 20,232
Trustees' fees and expenses-Note 2(c).............................................. 8,328
Miscellaneous...................................................................... 15,450
----------
1,816,899
Less-reduction in management fee due to undertaking-Note 2(a)...................... 245,172
----------
TOTAL EXPENSES................................................................. 1,571,727
------------
INVESTMENT INCOME-NET.......................................................... 8,916,345
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................................. $ (37,035)
Net unrealized appreciation on investments............................................ 7,642,280
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................................ 7,605,245
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................................... $ 16,521,590
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1993
1993 (UNAUDITED)
<S> <C> <C>
OPERATIONS:
Investment income-net................................................................. $ 12,327,721 $ 8,916,345
Net realized gain (loss) on investments............................................... 1,562,756 (37,035)
Net unrealized appreciation on investments for the period............................. 9,793,046 7,642,280
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... 23,683,523 16,521,590
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................................. (12,249,380) (9,046,681)
Net realized gain on investments...................................................... (1,361,992) ---
------------ ------------
TOTAL DIVIDENDS............................................................... (13,611,372) (9,046,681)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold......................................................... 221,713,611 147,304,771
Dividends reinvested.................................................................. 11,520,173 7,585,835
Cost of shares redeemed............................................................... (99,002,497) (78,107,967)
------------ ------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................. 134,231,287 76,782,639
------------ ------------
TOTAL INCREASE IN NET ASSETS.......................................... 144,303,438 84,257,548
NET ASSETS:
Beginning of period................................................................... 173,835,351 318,138,789
------------ ------------
End of period(including undistributed investment income-net; $130,336 at May 31,1993). $318,138,789 $402,396,337
============ ============
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold........................................................................... 12,439,795 7,975,708
Shares issued for dividends reinvested................................................ 648,502 410,406
Shares redeemed....................................................................... (5,562,573) (4,226,519)
------------ ------------
NET INCREASE IN SHARES OUTSTANDING............................................ 7,525,724 4,159,595
============ ============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share
of Beneficial Interest outstanding, total investment return, ratios to
average net assets and other supplemental data for each period indicated.
This information has been derived from information provided in the Fund's
financial statements.
YEAR ENDED MAY 31, SIX MONTHS ENDED
----------------------------------------------------- NOVEMBER 30, 1993
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
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<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $16.19 $16.53 $16.41 $16.73 $17.22 $18.06
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INVESTMENT OPERATIONS:
Investment income-net.............................. 1.10 1.11 1.07 1.01 .94 .45
Net realized and unrealized gain (loss)
on investments................................. .34 (.12) .38 .57 .94 .42
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TOTAL FROM INVESTMENT OPERATIONS............... 1.44 .99 1.45 1.58 1.88 .87
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DISTRIBUTIONS:
Dividends from investment income-net............... (1.10) (1.11) (1.07) (1.01) (.93) (.45)
Dividends from net realized gain on investments.... -- -- (.06) (.08) (.11) --
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TOTAL DISTRIBUTIONS............................ (1.10) (1.11) (1.13) (1.09) (1.04) (.45)
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Net asset value, end of period..................... $16.53 $16.41 $16.73 $17.22 $18.06 $18.48
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 9.25% 6.19% 9.13% 9.72% 11.22% 9.71%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............ .24% .30% .60% .85% .85% .85%(1)
Ratio of net investment income to average
net assets..................................... 6.80% 6.75% 6.48% 5.95% 5.25% 4.82%(1)
Decrease reflected in above expense ratios due to
undertakings by the Manager.................... 1.10% .84% .44% .18% .15% .13%(1)
Portfolio Turnover Rate............................ 6.99% 37.97% 56.43% 28.51% 17.05% 1.79%(2)
Net Assets, end of period (000's Omitted).......... $57,918 $93,572 $112,868 $173,835 $318,139 $402,396
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(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-diversified open-end management investment company.
Dreyfus Service Corporation ("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").
(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.
The Fund follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state
and certain of its public bodies and municipalities may affect the ability
of issuers within the state to pay interest on, or repay principal of,
municipal obligations held by the Fund.
(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.
(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 .60 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, brokerage,
interest on borrowings, and extraordinary expenses, exceed 1 1/2% of the
average value of the Fund's net assets for any full fiscal year. During the
six months ended November 30, 1993, the Manager had undertaken to
reduce the management fee paid, or reimburse such excess expenses of the
Fund, to the extent that the Fund's aggregate expenses (excluding certain
expenses as described above) exceeded an annual rate of .85 of 1% of the
Fund's average daily net assets. The reduction in management fee,
pursuant to the undertaking, amounted to $245,172 for the six months
ended November 30, 1993.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
The Manager has currently undertaken through December 31, 1993 or
until such time as the net assets of the Fund exceed $425 million,
regardless of whether they remain at that level, to reduce the
management fee paid by, or reimburse such excess expenses of the Fund,
to the extent that the Fund's aggregate expenses (excluding certain
expenses as described above) exceed an annual rate of .85 of 1% of the
average daily value of the Fund's net assets.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense
reimbursement would not be less than the amount required pursuant to the
Agreement.
(B) The Fund has adopted a Service Plan (the "Plan") pursuant to
which the Fund pays the Distributor, at an annual rate of .25 of 1% of the
value of the Fund's average daily net assets, for costs and expenses 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 six
months ended November 30, 1993, $467,364 was chargeable 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 $2,500
and an attendance fee of $250 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will
retain its New York headquarters and will be a separate subsidiary within
the Mellon organization. It is expected that the Manager's management
team and mutual fund managers will remain in place, and the Dreyfus
mutual funds will be operated in the same manner as they are currently.
Following the merger, the Manager will be either a direct or indirect
subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank,
N.A. Closing of this merger is subject to a number of contingencies,
including the receipt of certain regulatory approvals and the approvals of
the stockholders of the Manager and of Mellon. The merger is expected to
occur in mid-1994, but could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company
Act of 1940, and thus a termination of such Agreement, the Manager will
seek prior approval from the Fund's Board and shareholders.
NOTE 3--SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $139,821,847 and
$72,212,950, respectively, for the six months ended November 30, 1993,
and consisted entirely of municipal bonds and short-term municipal
investments.
At November 30, 1993, accumulated net unrealized appreciation on
investments was $23,287,646, consisting of $23,691,053 gross
unrealized appreciation and $403,407 gross unrealized depreciation.
At November 30, 1993, 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 NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
We have reviewed the accompanying statement of assets and
liabilities of Dreyfus New York Tax Exempt Intermediate Bond Fund,
including the statement of investments, as of November 30, 1993, and the
related statements of operations and changes in net assets and financial
highlights for the six month period ended November 30, 1993. These
financial statements and financial highlights are the responsibility of the
Fund's management.
We conducted our review in accordance with standards established
by the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying analytical
procedures to financial data, and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope than
an audit conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the objective of
expressing an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year
ended May 31, 1993 and financial highlights for each of the five years in
the period ended May 31, 1993 and in our report dated July 8, 1993, we
expressed an unqualified opinion on such statement of changes in net
assets and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
January 6, 1994
(Dreyfus Logo)
DREYFUS NEW YORK TAX EXEMPT
INTERMEDIATE 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. 705SA9311
(Dreyfus Logo)
New York
Tax Exempt
Intermediate
Bond Fund
Semi-Annual
Report
November 30, 1993
(Dreyfus Lion Logo)
