LETTER TO SHAREHOLDERS
Dear Shareholder:
When your Fund ended its semi-annual period on November 30, 1994, the
Fund closed with a net asset value of $16.65, a decrease of $1.06 from the
net asset value reported in our annual letter on May 31, 1994. During the
past six months, income dividends of approximately $.43 per share were paid,
which translates into an annualized distribution rate per share of 5.13%,
based on the November 30, 1994 closing net asset value. All interest income
paid to you over the period was exempt from Federal, New York State and New
York City income taxes.*
During 1994, the bond markets have been affected by a strengthening
economy, fears of rising inflation and a weakening U.S. dollar. As a result
of these influences, interest rates have risen much faster this year than
most economists had anticipated. Prices of municipal bonds reached their low
points early in the second quarter, staged a modest rebound this summer, and
began sliding again through early December. In recent weeks, the market has
stabilized and rates have trended downward.
The Federal Reserve Board has tightened the Federal Funds rate six times
this year (for a 250 basis point increase overall). As of yet, we have not
seen the effect of the tightening and the economic data continues to reflect
a growing economy. We do not believe that the Fed is finished, and we
anticipate further action during the first quarter of 1995. Along with
inflation concerns, the potential inability of the Administration to function
in the new congressional environment could make investors, both foreign and
domestic, very wary.
We continue to be very cautious in our investment strategy. It had been
anticipated that the Fed's tightening policy would have translated into more
favorable economic news for the markets by this time. It still is unclear how
much further the Fed may go before the effects of its rate increases are
felt. The municipal market does have several positive factors working to its
advantage (i.e., adequate retail demand for tax exempt securities, combined
with a sharp reduction in the supply of new issuance this year), and while we
view the municipal market more favorably today than we have in months, we are
wary of the strong influence exerted on it by the price volatility of taxable
securities. The New York market, like the market nationally, has seen a reduct
ion in issuance throughout 1994. Within the coming year, the State will be
addressing many new changes resulting from the election of a Republican
governor and, at present, it is unclear how campaign promises of lower taxes
will be implemented.
After enjoying a number of years of strong market performance, it is
unsettling, to say the least, to be faced with such an uncertain environment.
Most of the year has been a series of trading cycles with the market
stabilizing, moving up, and then falling back to cheaper levels. We attempted
to use this to our advantage by selling selectively during those periods of
strength.
There are two fundamental requirements for investing in a municipal bond
fund such as this one: a desire for tax exempt income and a long-term time
horizon. While the financial press focuses our attention on short-term market
swings, investors in this Fund need to maintain a longer perspective, because
focusing too intently on short-term results can be detrimental. We trust that
our management of your Fund continues to meet your financial objectives.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 23, 1994
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, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS_98.0% AMOUNT VALUE
-------------- ---------------
<S> <C> <C>
NEW YORK_84.1%
Albany Industrial Development Agency, LR
(New York State Department of Health Building Project) 6.75%, 10/1/1995. $ 140,000 $ 140,998
Albany Parking Authority, Parking Revenue, Refunding:
6.50%, 11/1/2004........................................................ 1,000,000 996,470
6.70%, 11/1/2006........................................................ 1,000,000 989,430
Board Cooperative Educational Services, COP
(Greenport Vocational Facility Project) 7.50%, 10/1/1996................ 400,000 417,580
Buffalo Municipal Water Finance Authority, Water System Revenue
5.50%, 7/1/2005 (Insured; FSA).......................................... 1,200,000 1,115,172
Development Authority of the North Country, Solid Waste Management System
Revenue:
6.30%, 7/1/1999....................................................... 1,070,000 1,061,814
6.40%, 7/1/2000....................................................... 1,135,000 1,119,371
Franklin Industrial Development Agency, LR (County Correctional Facility Project)
6.375%, 11/1/2002....................................................... 2,495,000 2,490,983
Franklin Solid Waste Management Authority, Solid Waste System Revenue
6%, 6/1/2005............................................................ 3,635,000 3,287,530
Grand Central District Management Association, Inc., Grand Central
Business Improvement District, Capital Improvement Refunding:
5.10%, 1/1/2008....................................................... 1,130,000 939,358
5.125%, 1/1/2009...................................................... 1,190,000 976,335
Metropolitan Transportation Authority:
Service Contract Commuter Facilities 5.45%, 7/1/2007.................... 4,330,000 3,680,587
Service Contract Transit Facilities:
7.25%, 7/1/1998....................................................... 2,550,000 2,678,393
6.80%, 7/1/2004....................................................... 1,850,000 1,857,936
6.90%, 7/1/2006....................................................... 3,615,000 3,569,415
Trust Tax Exempt Linked Unit
5.017%, 6/30/2002 (Insured; AMBAC).................................... 20,000,000 17,770,000
Nassau County, Refunding (Combined Sewer Districts)
5.30%, 7/1/2006 (Insured; MBIA) (a)..................................... 4,860,000 4,328,170
New York City:
6.25%, 8/1/2002 (Insured; AMBAC)........................................ 950,000 969,000
7.50%, 8/15/2002........................................................ 1,210,000 1,275,691
5.75%, 8/1/2003......................................................... 2,740,000 2,548,584
7.75%, 3/15/2004........................................................ 1,000,000 1,046,430
7.75%, 8/15/2004........................................................ 1,000,000 1,058,130
7%, 2/1/2006............................................................ 3,500,000 3,515,925
6%, 8/1/2007............................................................ 2,000,000 1,810,160
Refunding 5.75%, 8/1/2002 (Insured; MBIA)............................... 4,200,000 4,130,742
New York City Health and Hospital Corp., Revenue 6%, 2/15/2005.............. 2,000,000 1,856,180
New York City Housing Development Corp., MFHR:
4.95%, 5/1/2002......................................................... 1,105,000 1,008,412
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ---------------
NEW YORK (CONTINUED)
New York City Housing Development Corp., MFHR (continued):
5.05%, 5/1/2003......................................................... $ 1,140,000 $ 1,035,416
5.15%, 5/1/2004......................................................... 1,000,000 904,630
New York City Industrial Development Agency, Revenue:
Civic Facility
(YMCA of Greater New York Project) 7.25%, 8/1/1999.................... 2,100,000 2,099,685
Industrial Development:
8%, Series I, 11/16/1998 (LOC; Algemene Bank Nederland) (b)........... 715,000 728,878
8%, Series J, 11/16/1998 (LOC; Algemene Bank Nederland) (b)........... 1,225,000 1,248,777
(Plaza Packaging Corp. Project)
7.65%, 12/1/2009 (LOC; Barclays Bank of New York) (b)............. 930,000 933,980
Special Facility
(Terminal One Group Association, L.P. Project):
5.60%, 1/1/2003................................................... 4,000,000 3,745,000
5.90%, 1/1/2006................................................... 4,000,000 3,687,440
6%, 1/1/2007...................................................... 4,480,000 4,121,690
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue:
5.55%, 6/15/2001........................................................ 1,500,000 1,453,635
6.60%, 6/15/2002 (Prerefunded 6/15/2001) (c)............................ 3,000,000 3,136,320
New York State:
5.625%, 6/15/1999....................................................... 2,000,000 1,990,060
6.75%, 11/15/2000....................................................... 2,000,000 2,094,500
New York State Dormitory Authority, Revenue:
City University:
7.25%, 7/1/2002....................................................... 2,250,000 2,377,260
5.20%, 7/1/2005....................................................... 5,690,000 4,908,137
5.70%, 7/1/2005....................................................... 5,000,000 4,544,950
5.25%, 7/1/2006....................................................... 3,000,000 2,568,540
5.75%, 7/1/2009....................................................... 2,455,000 2,126,619
Refunding 6.25%, 7/1/2003............................................. 4,225,000 4,163,653
Department of Health, Refunding 5.50%, 7/1/2005......................... 1,000,000 890,090
Highland Community Development Corp.
5.50%, 7/1/2001 (LOC; Marine Midland Bank) (b)........................ 3,500,000 3,332,175
Rensselaer Polytechnic:
6.10%, 7/1/1999 (Insured; FGIC)....................................... 1,500,000 1,529,865
4.90%, 7/1/2004 (Insured; MBIA)....................................... 1,700,000 1,512,541
State University Educational Facilities:
7%, 5/15/2000......................................................... 3,000,000 3,129,210
5.50%, 5/15/2005...................................................... 3,500,000 3,118,640
6.10%, 5/15/2005...................................................... 2,630,000 2,516,752
5.50%, 5/15/2008...................................................... 3,000,000 2,578,860
6.10%, 5/15/2008...................................................... 2,000,000 1,847,900
University of Rochester 6.10%, 7/1/2008................................. 1,115,000 1,053,954
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ---------------
NEW YORK (CONTINUED)
New York State Environmental Facilities Corp.:
PCR
(State Water Revolving Fund) :
7.30%, 6/15/2001.................................................. $ 4,000,000 $ 4,284,480
6%, 5/15/2002 (d)................................................. 1,200,000 1,213,596
6.30%, 6/15/2002.................................................. 3,000,000 3,046,560
6.20%, 3/15/2004.................................................. 1,700,000 1,721,335
6.30%, 3/15/2005.................................................. 1,800,000 1,820,736
6.60%, 6/15/2005.................................................. 3,120,000 3,136,006
7.20%, 6/15/2006.................................................. 3,000,000 3,147,870
Special Obligation:
(Riverbank State Park) 7.10%, 4/1/2002................................ 1,130,000 1,180,963
(State Park Infrastructure) 5.75%, 3/15/2008.......................... 2,475,000 2,196,117
New York State Housing Finance Agency:
Revenue:
(Refunding- Health Facilities - New York City) 7.90%, 11/1/1999....... 2,250,000 2,407,523
(Suffolk-Help) 8%, 11/1/2001.......................................... 2,530,000 2,659,030
(Urban Rent) 5.90%, 11/1/2003........................................... 4,330,000 4,292,892
New York State Local Government Assistance Corp.:
6.70%, 4/1/2000......................................................... 2,490,000 2,582,080
6.75%, 4/1/2002......................................................... 2,500,000 2,593,175
Zero Coupon, 4/1/2005................................................... 3,865,000 1,995,306
4.80%, 4/1/2005......................................................... 7,500,000 6,324,225
New York State Medical Care Facilities Finance Agency, Revenue:
Hospital and Nursing Home:
(Catholic Medical Center) 7.60%, 8/15/1999 (Insured; FHA)
(Prerefunded 2/15/1998) (c)....................................... 1,000,000 1,082,600
5.875%, 2/15/2008 (Insured; FHA)...................................... 2,215,000 2,112,113
Insured Mortgage (Saint Luke's - Roosevelt Hospital Center):
4.75%, 2/15/2002 (Insured; FHA)....................................... 4,000,000 3,584,760
4.75%, 8/15/2002 (Insured; FHA)....................................... 4,000,000 3,562,520
New York State Mortgage Agency, Revenue (Homeowner Mortgage):
5.85%, 10/1/1999........................................................ 1,075,000 1,061,573
6.05%, 10/1/2000........................................................ 1,150,000 1,140,432
6.15%, 10/1/2001........................................................ 1,225,000 1,211,452
7.25%, 10/1/2007........................................................ 2,450,000 2,449,632
New York State Power Authority,
General Purpose Revenue:
6.50%, 1/1/2004....................................................... 2,735,000 2,802,062
Refunding:
5.90%, 1/1/2002................................................... 3,625,000 3,620,614
6.25%, 1/1/2004................................................... 2,000,000 2,031,700
5%, 1/1/2007...................................................... 4,000,000 3,418,720
New York State Project Finance Agency 5%, 11/1/2007 (Insured; FHA).......... 2,650,000 2,262,385
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ---------------
NEW YORK (CONTINUED)
New York State Thruway Authority:
(Emergency Highway Reconditioning and Preservation)
6%, 1/1/2002.......................................................... $ 2,000,000 $ 2,010,160
Service Contract Revenue (Local Highway and Bridge):
6.80%, 1/1/2000....................................................... 1,920,000 1,974,970
7%, 1/1/2002.......................................................... 5,000,000 5,161,350
5.125%, 4/1/2007 (Insured; MBIA)...................................... 4,295,000 3,729,477
New York State Urban Development Corp., Revenue:
Project (Cornell Center for Theory and Simulation Science and
Engineering Grant) 5.90%, 1/1/2007.................................... 2,735,000 2,436,803
Refunding (Correctional Facilities):
5.40%, 1/1/2006....................................................... 5,000,000 4,375,750
5.625%, 1/1/2007...................................................... 9,835,000 8,526,257
Niagara Falls:
5.70%, 6/15/2000........................................................ 1,000,000 969,680
5.85%, 6/15/2001........................................................ 1,475,000 1,437,653
Oneida-Herkimer Solid Waste Management Authority, Solid Waste System Revenue
6.60%, 4/1/2004......................................................... 1,150,000 1,134,567
Onondaga County Industrial Development Agency, PCR, Refunding
(Anheuser-Busch Co. Inc. Project) 6.625%, 8/1/2006...................... 4,000,000 3,969,080
Oswego County 6.60%, 6/15/2004.............................................. 1,000,000 1,029,170
Port Authority of New York and New Jersey:
(Consolidated Bonds 79th Series) 5.80%, 7/15/2003....................... 4,620,000 4,561,141
(Consolidated Bonds 73rd Series) 6.75%, 10/15/2006...................... 2,000,000 2,022,700
Rensselaer Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (b)................................. 2,000,000 2,062,040
Suffolk County Industrial Development Agency, IDR (Metavac Inc. Facilities)
7.25%, 12/1/1999 (LOC; Bank of Tokyo) (b)............................... 2,060,000 2,113,787
Suffolk County Water Authority, Waterworks Revenue Refunding
5.10%, 6/1/2004 (Insured; MBIA)......................................... 4,500,000 4,064,445
Syracuse:
COP
(Syracuse Hancock International Airport):
6.50%, 1/1/2004....................................................... 1,045,000 1,054,896
6.60%, 1/1/2005....................................................... 1,105,000 1,114,669
6.70%, 1/1/2007....................................................... 1,210,000 1,217,248
Public Improvement:
5.70%, 6/15/2004...................................................... 1,850,000 1,791,799
5.70%, 6/15/2005...................................................... 1,830,000 1,753,067
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/1999............................. 2,250,000 2,350,575
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ---------------
NEW YORK (CONTINUED)
Triborough Bridge and Tunnel Authority (continued):
General Purpose Revenue:
6.80%, 1/1/2002 (Prerefunded 1/1/1999) (c)............................ $ 2,815,000 $ 2,977,763
5.625%, 1/1/2004...................................................... 3,100,000 2,979,441
6%, 1/1/2006.......................................................... 3,250,000 3,175,347
Refunding 6.75%, 1/1/2009............................................. 1,000,000 1,015,370
Revenue
6.70%, 1/1/2003 (Prerefunded 1/1/2001) (c)............................ 3,000,000 3,172,620
Ulster County Resource Recovery Agency, Solid Waste System Revenue 5.90%, 3/1/2007 1,235,000 1,134,767
Westchester County Industrial Development Agency, RRR, Refunding
(Resco Company Project) 5.50%, 7/1/2006 ................................ 2,850,000 2,631,206
U.S. RELATED_13.9%
Guam 5.10%, 11/15/2006...................................................... 4,000,000 3,350,880
Guam Airport Authority, Revenue 6.40%, 10/1/2005............................ 4,000,000 3,923,160
Puerto Rico, Public Improvement Refunding 5.20%, 7/1/2003................... 3,600,000 3,264,984
Puerto Rico Public Buildings Authority,
Guaranteed Public Education and Health Facilities, Refunding
5.50%, 7/1/2006......................................................... 2,875,000 2,574,189
Puerto Rico Electric Power Authority, Power Revenue 6%, 7/1/2002............ 2,500,000 2,486,700
Puerto Rico Housing Bank and Finance Agency, Subsidy Prepayment Refunding
(Commonwealth Appropriation) 5.125%, 12/1/2004.......................... 5,000,000 4,375,150
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding
6.611%, 7/1/2005 (e).................................................... 5,000,000 3,943,750
Puerto Rico Municipal Finance Agency:
5.70%, 7/1/2003......................................................... 7,810,000 7,476,904
5.80%, 7/1/2004......................................................... 1,875,000 1,794,469
5.875%, 7/1/2007........................................................ 2,670,000 2,488,760
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program,
GO Matching Fund) 5.65%, 10/1/2003...................................... 5,530,000 5,178,347
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport
Project)
7.875%, 10/1/1997....................................................... 1,475,000 1,544,399
Virgin Islands Public Finance Authority, Revenue, Refunding
Matching Fund Loan Notes:
6.80%, 10/1/2000...................................................... 1,500,000 1,513,425
6.90%, 10/1/2001...................................................... 1,000,000 1,013,970
Virgin Islands Water and Power Authority, Electric System Revenue
6.90%, 7/1/1996......................................................... 2,595,000 2,646,511
-------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $352,849,077)..................................................... $336,483,806
============
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENT_2.0% AMOUNT VALUE
-------------- ---------------
NEW YORK;
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue,
VRDN 3.40% (Insured; FGIC) (f)
(cost $7,000,000)....................................................... $ 7,000,000 $ 7,000,000
------------
TOTAL INVESTMENTS_100.0%
(cost $359,849,077)..................................................... $343,483,806
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation LR Lease Revenue
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FHA Federal Housing Administration MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
GO General Obligation RRR Resources Recovery Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (G) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ----- ----- ----------------- -------------------
<S> <C> <C> <C>
AAA Aaa AAA 22.3%
AA Aa AA 13.7
A A A 30.8
BBB Baa BBB 27.0
F1 MIG1/P1 SP1/A1 2.0
Not Rated (i) Not Rated (i) Not Rated (i) 4.2
____
100.0%
=====
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Partially held by custodian as collateral for delayed delivery
security.
(b) Secured by letters of credit.
(c) 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.
(d) Purchased on a delayed delivery basis.
(e) Inverse floater security - the interest rate is subject to change
periodically.
(f) 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.
(g) Fitch currently provides creditworthiness information for a limited
number of investments.
(h) At November, 30 1994, the Fund had $91,709,235 (26.2%) of net assets
invested in securities whose payment of principal and interest is
dependent upon revenues generated from transportation projects.
(i) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Manager to be of comparable
quality to those rated securities in which the Fund may invest.
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, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $359,849,077)_see statement..................................... $343,483,806
Cash.................................................................... 779,861
Interest receivable..................................................... 7,131,108
Receivable for shares of Beneficial Interest subscribed................. 132,000
Prepaid expenses........................................................ 8,975
-------------
351,535,750
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 173,087
Due to Distributor...................................................... 72,041
Payable for investment securities purchased............................. 1,206,000
Payable for shares of Beneficial Interest redeemed...................... 28,296
Accrued expenses........................................................ 100,361 1,579,785
------------ -------------
NET ASSETS ................................................................ $349,955,965
=============
REPRESENTED BY:
Paid-in capital......................................................... $367,443,697
Accumulated net realized (loss) on investments.......................... (1,122,461)
Accumulated net unrealized (depreciation) on investments_Note 3......... (16,365,271)
--------------
NET ASSETS at value applicable to 21,015,303 outstanding shares of
Beneficial Interest, equivalent to $16.65 per share (unlimited
number of $.001 par value shares authorized)............................ $349,955,965
=============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 11,332,451
EXPENSES:
Management fee_Note 2(a).............................................. $ 1,161,217
Shareholder servicing costs_Note 2(b)................................. 606,826
Professional fees..................................................... 24,784
Custodian fees........................................................ 20,597
Prospectus and shareholders' reports_Note 2(b)........................ 18,997
Trustees' fees and expenses_Note 2(c)................................. 9,014
Registration fees..................................................... 3,411
Miscellaneous......................................................... 17,088
------------
1,861,934
Less_reimbursement of prospectus costs_Note 2(b)...................... 2,455
------------
TOTAL EXPENSES.................................................... 1,859,479
------------
INVESTMENT INCOME_NET............................................ 9,472,972
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $ (251,417)
Net unrealized (depreciation) on investments............................ (22,843,227)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (23,094,644)
------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(13,621,672)
=============
</TABLE>
See independent accountants' review report and notes to financial statements.
<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, 1994
1994 (UNAUDITED)
------------- ------------------
<S> <C> <C>
OPERATIONS:
Investment income_net................................................ $ 18,786,157 $ 9,472,972
Net realized (loss) on investments................................... (869,593) (251,417)
Net unrealized (depreciation) on investments for the period.......... (9,167,410) (22,843,227)
------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... 8,749,154 (13,621,672)
------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net................................................ (18,916,493) (9,472,972)
Net realized gain on investments..................................... (703,348)
------------- -----------
TOTAL DIVIDENDS.................................................... (19,619,841) (9,472,972)
-------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 283,126,747 55,089,493
Dividends reinvested................................................. 16,448,017 7,846,132
Cost of shares redeemed.............................................. (214,699,800) (82,028,082)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 84,874,964 (19,092,457)
-------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 74,004,277 (42,187,101)
NET ASSETS:
Beginning of period.................................................. 318,138,789 392,143,066
------------- --------------
End of period........................................................ $ 392,143,066 $ 349,955,965
============= =============
SHARES SHARES
------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 15,416,722 3,152,680
Shares issued for dividends reinvested............................... 898,331 451,400
Shares redeemed...................................................... (11,789,202) (4,735,065)
------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... 4,525,851 (1,130,985)
============= =============
</TABLE>
See independent accountants' review report and notes to financial statements.
<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 the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
-----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
----- ----- ----- ----- ----- -----
Net asset value, beginning of period.. $16.53 $16.41 $16.73 $17.22 $18.06 $17.71
----- ----- ----- ----- ----- -----
INVESTMENT OPERATIONS:
Investment income_net................. 1.11 1.07 1.01 .94 .88 .43
Net realized and unrealized gain (loss)
on investments...................... (.12) .38 .57 .94 (.31) (1.06)
----- ----- ----- ----- ----- -----
TOTAL FROM INVESTMENT OPERATIONS.... .99 1.45 1.58 1.88 .57 (.63)
----- ----- ----- ----- ----- -----
DISTRIBUTIONS:
Dividends from investment income_net.. (1.11) (1.07) (1.01) (.93) (.89) (.43)
Dividends from net realized gain on investments -- (.06) (.08) (.11) (.03) --
----- ----- ----- ----- ----- -----
TOTAL DISTRIBUTIONS................. (1.11) (1.13) (1.09) (1.04) (.92) (.43)
----- ----- ----- ----- ----- -----
Net asset value, end of period........ $16.41 $16.73 $17.22 $18.06 $17.71 $16.65
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 6.19% 9.13% 9.72% 11.22% 3.11% (7.28%)(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .30% .60% .85% .85% .89% .96%(1)
Ratio of net investment income to average
net assets.......................... 6.75% 6.48% 5.95% 5.25% 4.81% 4.89%(1)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .84% .44% .18% .15% .08% --
Portfolio Turnover Rate............... 37.97% 56.43% 28.51% 17.05% 20.19% 9.33%(2)
Net Assets, end of period (000's Omitted) $93,572 $112,868 $173,835 $318,139 $392,143 $349,956
</TABLE>
- -------------------------
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
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, 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.
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, 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.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund has an unused capital loss carryover of approximately $40,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through May 31, 1994 which are treated, for Federal income tax purposes,
as arising in fiscal 1995. If not applied, the carryover expires in fiscal
2002.
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. There was no expense reimbursement for the
six months ended November 30, 1994.
(B) On August 2, 1994, Fund shareholders approved the adoption of a new
Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Pursuant to
the Plan, effective August 24, 1994, the Fund (a) reimburses 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
annual rate of .25 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 shares 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 the Dreyfus Service Corporation 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. 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 Agents. 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 six months ended November 30, 1994, $256,963 was charged to
the Fund pursuant to the Plan, of which $1,328 was waived by the Manager and
$229,333 was charged pursuant to the prior Service Plan, of which $1,127 was
waived by the Manager.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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 $2,500 and an attendance fee of $250 per meeting.
NOTE 3_SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $116,940,650 and $135,153,634, respectively, for the six months
ended November 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At November 30, 1994, accumulated net unrealized depreciation on
investments was $16,365,271, consisting of $3,956,834 gross unrealized
appreciation and $20,322,105 gross unrealized depreciation.
At November 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
May 31, 1994 and financial highlights for each of the five years in the
period ended May 31, 1994 and in our report dated June 27, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
January 9, 1995
(Dreyfus `D' Logo)
DREYFUS NEW YORK TAX EXEMPT
INTERMEDIATE 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. 705SA9411
(Dreyfus Logo)
New York
Tax Exempt
Intermediate
Bond Fund
Semi-Annual
Report
November 30, 1994
(Dreyfus Lion Logo)
