LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its annual reporting period on May 31, 1995, its net
asset value was $18.05, an increase of $1.40 from our semi-annual report in
November 1994. The total return for the Fund's fiscal year was 7.04%.* Income
dividends of approximately $.855 per share were paid during this period
representing a distribution rate per share of 4.74% based on the May 31
closing net asset value. All dividends paid from net investment income
during this period were exempt from Federal, New York State and New York City
income taxes, although certain shareholders may be subject to the Federal
Alternative Minimum Tax (AMT) on some portfolio income.
The economic environment in calendar year 1994 that resulted in the worst
bond market drop since the Depression has changed dramatically since our last
report. The Federal Reserve Board, in its efforts to control inflation and
keep the economy from overheating, raised the Federal Funds rate seven times
since February of 1994. The effect of this tightening brought long-maturity
U.S. Treasury yields to approximately 8.15% in November of 1994. The change
in market perception since then has been dramatic. While many economists
continued to focus on potentially higher rates, the market's fundamentals
were reacting to signs of a slowing economy and the fixed income markets
began a strong recovery. Indications of a slower, but not recessionary,
economy have brought fixed income markets to current levels. It is still
uncertain as to whether the economy is experiencing a soft landing, or if the
effect of lower rates will reenergize the economy. Bond yields have dropped
worldwide, making it easier for U.S. rates to stabilize. High debt levels,
however, limit the ability of the consumer to help reignite the economy; car
sales remain slow, retail sales fell in May, and consumer sentiment is
flagging.
The financial markets are currently anticipating a cut in rates by the
Federal Reserve. Recent statements by the Fed's Chairman, Alan Greenspan, have
not been definitive, and we anticipate that the Fed may wait for further
evidence of a slowdown before taking action. At this juncture, we believe that
the market price of bonds in general is reflecting a market ease that has not
yet occurred, and we would expect the market to settle into a trading range
during the summer. An agreement by the President and Congress to reform the
Income Tax Code, downsize government operations and reduce the deficit, should
also contribute to a lower interest rate scenario.
Since November, the municipal market has recovered most of the loss that
it experienced during 1994. Municipals continue to face a lack of supply and
a continuing loss of high-coupon paper due to prerefundings and active calls.
Under ordinary circumstances, these technicals would enable the municipal
market to stabilize; however, due to ongoing discussions of tax reform, the
municipal market undoubtedly will lag the Treasury market in overall
performance. Clearly the problem is the uncertainty, which will continue until
well into 1996.
The New York economy was hurt by the upturn in interest rates during 1994.
New York City, in particular, had the early stages of recovery curtailed by
the higher rates and the subsequent loss of employment in the financial
sector. Even a new Governor has not been able to change New York State's
annual budget stalemate, and, as a result, budget passage was over two months
late. The quest for tax cuts and the downsizing of government will be a
significant challenge going forward, and we would expect to see a continuing
decrease in the issuance of paper exempt from New York State taxes.
The first half of 1994 was clearly very difficult for the bond market:
as we review 1994, in hindsight, we should have taken a more defensive posture
earlier than we did in the year. During 1994 we eliminated our derivative
holdings and took advantage of secondary insurance in order to add liquidity
to the portfolio. In the fourth quarter, we began to extend the duration of
the portfolio, anticipating that the worst of the market had been seen. We
expect that, going forward, the municipal market will continue to fluctuate
due to the uncertainties of the various tax reform proposals now being aired;
at this juncture, we choose to take a more conservative position by shortening
our duration and moving to a more defensive position.
We have included a current Statement of Investments and recent financial
statements for your review. We hope that this Fund continues to help you meet
your investment objective.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 28, 1995
New York, N.Y.
* Total return represents the change during the period in a hypothetical
account with dividends reinvested.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND MAY 31, 1995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS NEW YORK TAX
EXEMPT INTERMEDIATE BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND
INDEX
$19,524
Lehman Brothers
10-Year Municipal
Bond Index*
In Dollars
$17,817
Dreyfus New York Tax Exempt Intermediate Bond Fund
*Source: Lehman Brothers
<TABLE>
<CAPTION>
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FIVE YEARS ENDED FROM INCEPTION (6/12/87)
MAY 31, 1995 MAY 31, 1995 TO MAY 31, 1995
--------------------- --------------------- ---------------------------
7.04% 8.01% 7.52%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in the Dreyfus New York
Tax Exempt Intermediate Bond Fund on 6/12/87 (Inception Date) to a $10,000
investment made in the Lehman Brothers 10-Year Municipal Bond Index on that
date. For comparative purposes, the value of the Index on 5/31/87 is used as
the beginning value on 6/12/87. All dividends and capital gain distributions
are reinvested.
The Fund invests primarily in New York municipal securities and maintains a
portfolio with a weighted-average maturity ranging between 3 and 10 years.
The Fund's performance shown in the line graph takes into account fees and
expenses. Unlike the Fund, the Lehman Brothers 10-Year Municipal Bond Index
is an unmanaged total return performance benchmark for the investment-grade,
geographically unrestricted 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. Also,
unlike the Fund which principally limits investments to New York obligations,
the Index is not state specific. 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 NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-96.9% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
NEW YORK-85.1%
Albany Industrial Development Agency, LR
(New York State Department of Health Building Project) 6.75%, 10/1/1995. $ 140,000 $ 140,731
Albany Parking Authority, Parking Revenue, Refunding:
6.50%, 11/1/2004........................................................ 1,000,000 1,074,140
6.70%, 11/1/2006........................................................ 1,000,000 1,072,780
Board Cooperative Educational Services, COP
(Greenport Vocational Facility Project) 7.50%, 10/1/1996................ 295,000 307,195
Buffalo Municipal Water Finance Authority, Water System Revenue
5.50%, 7/1/2005 (Insured; FSA).......................................... 1,200,000 1,238,364
Development Authority of the North Country, Solid Waste Management
System Revenue:
6.30%, 7/1/1999....................................................... 1,070,000 1,101,340
6.40%, 7/1/2000....................................................... 1,135,000 1,157,336
Franklin Industrial Development Agency, LR (County Correctional Facility
Project)
6.375%, 11/1/2002....................................................... 2,495,000 2,621,696
Franklin Solid Waste Management Authority, Solid Waste System Revenue
6%, 6/1/2005............................................................ 3,635,000 3,570,806
Grand Central District Management Association, Inc., Grand Central
Business Improvement District, Capital Improvement Refunding:
5.10%, 1/1/2008....................................................... 1,130,000 1,080,382
5.125%, 1/1/2009...................................................... 1,190,000 1,127,989
Metropolitan Transportation Authority:
Service Contract Transit Facilities:
7.25%, 7/1/1998....................................................... 2,550,000 2,753,898
6.90%, 7/1/2006....................................................... 3,615,000 3,890,355
Transit Facilities Revenue, Refunding:
4.90%, 7/1/2002 (Insured; AMBAC)...................................... 4,350,000 4,399,112
5%, 7/1/2003 (Insured; AMBAC)......................................... 3,210,000 3,256,738
5.10%, 7/1/2004 (Insured; AMBAC)...................................... 1,255,000 1,275,005
5.20%, 7/1/2005 (Insured; AMBAC)...................................... 5,650,000 5,747,350
5.30%, 7/1/2006 (Insured; AMBAC)...................................... 3,500,000 3,564,470
5.40%, 7/1/2007 (Insured; FGIC)....................................... 905,000 922,666
5.50%, 7/1/2008 (Insured; FGIC)....................................... 1,130,000 1,153,210
Nassau County, Refunding (Combined Sewer Districts)
5.30%, 7/1/2006 (Insured; MBIA)......................................... 4,860,000 4,949,521
New York City:
7.75%, 3/15/2004........................................................ 1,000,000 1,104,400
7.75%, 8/15/2004........................................................ 1,000,000 1,125,140
Refunding 5.75%, 8/1/2002 (Insured; MBIA)............................... 4,200,000 4,436,628
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York City Housing Development Corp., MFHR:
4.95%, 5/1/2002......................................................... $ 1,105,000 $ 1,078,115
5.05%, 5/1/2003......................................................... 1,140,000 1,113,791
5.15%, 5/1/2004......................................................... 1,000,000 978,290
New York City Industrial Development Agency, Revenue:
Civic Facility (YMCA of Greater New York Project) 7.25%, 8/1/1999....... 2,100,000 2,196,831
Industrial Development:
8%, Series I, 11/16/1998 (LOC; Algemene Bank Nederland) (a)........... 635,000 643,465
8%, Series J, 11/16/1998 (LOC; Algemene Bank Nederland) (a)........... 1,225,000 1,241,329
(Plaza Packaging Corp. Project)
7.65%, 12/1/2009 (LOC; Barclays Bank of New York) (a)............. 920,000 985,292
Special Facility
(Terminal One Group Association, L.P. Project):
5.60%, 1/1/2003................................................... 4,000,000 4,081,440
5.90%, 1/1/2006................................................... 4,000,000 4,059,480
6%, 1/1/2007...................................................... 2,980,000 2,977,348
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue:
5.55%, 6/15/2001........................................................ 1,500,000 1,554,360
6.60%, 6/15/2002 (Prerefunded 6/15/2001) (b)............................ 3,000,000 3,339,300
5.375%, 6/15/2007 (Insured; AMBAC)...................................... 7,895,000 7,952,634
New York State:
5.625%, 6/15/1999....................................................... 2,000,000 2,079,200
6.75%, 11/15/2000....................................................... 2,000,000 2,198,240
Refunding 5.50%, 8/15/2006.............................................. 4,300,000 4,397,137
New York State Dormitory Authority, Revenue:
City University:
7.25%, 7/1/2002....................................................... 2,250,000 2,483,933
5.20%, 7/1/2005....................................................... 5,690,000 5,465,643
5.70%, 7/1/2005....................................................... 5,000,000 5,037,400
5.25%, 7/1/2006....................................................... 3,000,000 2,873,400
5.375%, 7/1/2007...................................................... 2,060,000 1,989,775
5.75%, 7/1/2009....................................................... 2,455,000 2,425,712
Refunding 6.25%, 7/1/2003............................................. 4,225,000 4,536,087
Columbia University 5.50%, 7/1/2005..................................... 3,045,000 3,181,446
Department of Health, Refunding 5.50%, 7/1/2005......................... 1,000,000 990,760
Highland Community Development Corp.
5.50%, 7/1/2001 (LOC; Marine Midland Bank) (a)........................ 3,500,000 3,526,810
State University Educational Facilities:
7%, 5/15/2000......................................................... 3,000,000 3,264,780
5.50%, 5/15/2005...................................................... 3,500,000 3,468,185
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenue (continued):
State University Educational Facilities (continued):
6.10%, 5/15/2005...................................................... $ 2,630,000 $ 2,718,841
5.50%, 5/15/2008...................................................... 3,000,000 2,926,680
6.10%, 5/15/2008...................................................... 2,000,000 2,056,240
University of Rochester 6.10%, 7/1/2008................................. 1,115,000 1,169,903
New York State Energy Research and Development Authority,
State Service Contract Revenue (Western New York Nuclear Service Center
Project):
5.25%, 4/1/2003....................................................... 5,345,000 5,468,576
5.375%, 4/1/2004...................................................... 1,500,000 1,541,805
5.40%, 4/1/2005....................................................... 2,000,000 2,047,340
New York State Environmental Facilities Corp.:
PCR (State Water Revolving Fund):
7.30%, 6/15/2001...................................................... 4,000,000 4,505,760
6%, 5/15/2002......................................................... 1,200,000 1,286,460
6.30%, 6/15/2002...................................................... 3,000,000 3,251,130
6.20%, 3/15/2004...................................................... 1,700,000 1,856,128
6.30%, 3/15/2005...................................................... 1,800,000 1,966,410
6.60%, 6/15/2005...................................................... 3,120,000 3,339,180
7.20%, 6/15/2006...................................................... 3,000,000 3,310,350
(New York Municipal Water Finance Authority Project)
6.35%, 6/15/2006.................................................. 2,000,000 2,172,420
Special Obligation:
(Riverbank State Park) 7.10%, 4/1/2002................................ 1,130,000 1,246,582
(State Park Infrastructure) 5.75%, 3/15/2008.......................... 2,475,000 2,463,665
New York State Housing Finance Agency:
Revenue:
(Refunding- Health Facilities - New York City) 7.90%, 11/1/1999....... 2,250,000 2,517,930
(Suffolk-Help) 8%, 11/1/2001.......................................... 2,390,000 2,574,269
(Urban Rent) 5.90%, 11/1/2003........................................... 4,330,000 4,389,538
New York State Local Government Assistance Corp.:
6.70%, 4/1/2000......................................................... 2,490,000 2,699,509
6.75%, 4/1/2002......................................................... 2,500,000 2,776,325
Zero Coupon, 4/1/2005................................................... 3,865,000 2,308,178
4.80%, 4/1/2005......................................................... 7,500,000 7,226,025
5.70%, 4/1/2008......................................................... 3,000,000 3,051,420
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) (b)....................................... 1,000,000 1,102,790
5.875%, 2/15/2008 (Insured; FHA)...................................... 2,215,000 2,367,680
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
New York State Medical Care Facilities Finance Agency, Revenue (continued):
Insured Mortgage (Saint Luke's - Roosevelt Hospital Center):
4.75%, 2/15/2002 (Insured; FHA)....................................... $ 4,000,000 $ 3,894,480
4.75%, 8/15/2002 (Insured; FHA)....................................... 4,000,000 3,887,960
Mortgage Project 5.40%, 8/15/2005 (Insured; FHA)........................ 2,350,000 2,400,666
New York State Mortgage Agency, Revenue (Homeowner Mortgage):
5.85%, 10/1/1999........................................................ 1,075,000 1,104,219
6.05%, 10/1/2000........................................................ 1,150,000 1,188,974
6.15%, 10/1/2001........................................................ 1,225,000 1,270,288
7.25%, 10/1/2007........................................................ 2,450,000 2,626,033
New York State Power Authority,
General Purpose Revenue:
6.50%, 1/1/2004....................................................... 2,735,000 2,972,672
Refunding 5%, 1/1/2007................................................ 4,000,000 3,903,680
New York State Project Finance Agency 5%, 11/1/2007 (Insured; FHA).......... 2,650,000 2,527,199
New York State Thruway Authority:
(Emergency Highway Reconditioning and Preservation)
6%, 1/1/2002.......................................................... 2,000,000 2,132,840
General Revenue 5.70%, 1/1/2008 (Insured; FGIC)......................... 3,000,000 3,076,590
Local Highway and Bridge 5.75%, 4/1/2008................................ 3,200,000 3,179,648
Service Contract Revenue (Local Highway and Bridge):
6.80%, 1/1/2000....................................................... 1,920,000 2,062,234
7%, 1/1/2002.......................................................... 5,000,000 5,482,700
5.125%, 4/1/2007 (Insured; MBIA)...................................... 4,295,000 4,236,631
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 2,766,753
Revenue, Refunding (Correctional Facilities)
5.625%, 1/1/2007...................................................... 9,835,000 9,780,711
Niagara Falls 5.85%, 6/15/2001.............................................. 1,475,000 1,563,249
Oneida-Herkimer Solid Waste Management Authority, Solid Waste System Revenue
6.60%, 4/1/2004......................................................... 1,150,000 1,216,275
Onondaga County Industrial Development Agency, PCR, Refunding
(Anheuser-Busch Co. Inc. Project) 6.625%, 8/1/2006...................... 4,000,000 4,336,560
Oswego County 6.60%, 6/15/2004.............................................. 1,000,000 1,105,230
Port Authority of New York and New Jersey
(Consolidated Bonds 73rd Series) 6.75%, 10/15/2006...................... 2,000,000 2,177,180
Rensselaer Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (a)................................. 2,000,000 2,262,500
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW YORK (CONTINUED)
Suffolk County Industrial Development Agency, IDR, (Metavac Inc. Facilities)
7.25%, 12/1/1999 (LOC; Bank of Tokyo) (a)............................... $ 1,700,000 $ 1,756,627
Suffolk County Water Authority, Waterworks Revenue Refunding
5.10%, 6/1/2004 (Insured; MBIA)......................................... 4,500,000 4,538,745
Syracuse:
COP
(Syracuse Hancock International Airport):
6.50%, 1/1/2004................................................... 1,045,000 1,132,320
6.60%, 1/1/2005................................................... 1,105,000 1,207,334
6.70%, 1/1/2007................................................... 1,210,000 1,308,239
Public Improvement:
5.70%, 6/15/2004...................................................... 1,850,000 1,958,373
5.70%, 6/15/2005...................................................... 1,830,000 1,923,549
Triborough Bridge and Tunnel Authority,
General Purpose Revenue:
6%, 1/1/2006.......................................................... 2,250,000 2,352,960
Refunding 6.75%, 1/1/2009............................................. 1,000,000 1,128,700
Ulster County Resource Recovery Agency, Solid Waste System Revenue
5.90%, 3/1/2007......................................................... 1,235,000 1,239,396
Westchester County Industrial Development Agency, RRR, Refunding
(Resco Company Project) 5.50%, 7/1/2006 ................................ 2,850,000 2,928,432
U.S. RELATED-11.8%
Guam 5.10%, 11/15/2006...................................................... 4,000,000 3,767,880
Puerto Rico Public Improvement Refunding 5.20%, 7/1/2003.................... 3,600,000 3,618,036
Puerto Rico Electric Power Authority, Power Revenue 6%, 7/1/2002............ 2,500,000 2,650,725
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding
5.35%, 7/1/2005......................................................... 10,000,000 9,877,200
Puerto Rico Housing Bank and Finance Agency, Subsidy Prepayment Refunding
(Commonwealth Appropriation) 5.125%, 12/1/2004.......................... 5,000,000 4,795,950
Puerto Rico Municipal Finance Agency 5.875%, 7/1/2007....................... 2,670,000 2,752,209
Puerto Rico Public Buildings Authority,
Guaranteed Public Education and Health Facilities, Refunding
5.50%, 7/1/2006......................................................... 2,875,000 2,898,575
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program,
GO Matching Fund) 5.65%, 10/1/2003...................................... 5,530,000 5,630,590
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport
Project)
7.875%, 10/1/1997....................................................... 1,475,000 1,573,839
Virgin Islands Public Finance Authority, Revenue, Refunding
Matching Fund Loan Notes 6.80%, 10/1/2000............................... 1,500,000 1,605,345
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
U.S. RELATED (CONTINUED)
Virgin Islands Water and Power Authority, Electric System Revenue
6.90%, 7/1/1996......................................................... $ 2,595,000 $ 2,656,397
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $330,224,193)..................................................... $341,989,262
==============
SHORT-TERM MUNICIPAL INVESTMENTS-3.1%
NEW YORK:
New York City, VRDN 4.20% (LOC; Chemical Bank) (a,c)........................ $ 3,100,000 $ 3,100,000
New York City Housing Development Corp., Mortgage Revenue, VRDN
(Residential-East 17th Street) 4.10%, (LOC; Chemical Bank) (a,c)........ 4,300,000 4,300,000
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue,
VRDN 4% (Insured; FGIC) (c)............................................. 3,500,000 3,500,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $10,900,000)...................................................... $ 10,900,000
==============
TOTAL INVESTMENTS-100.0%
(cost $341,124,193)..................................................... $352,889,262
==============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LR Lease Revenue
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
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
LOC Letter of Credit
</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 25.1%
AA Aa AA 14.2
A A A 27.8
BBB Baa BBB 26.0
F1 MIG1/P1 SP1/A1 3.1
Not Rated (e) Not Rated (e) Not Rated (e) 3.8
-------
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) 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.
(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.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1995
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $341,124,193)-see statement..................................... $352,889,262
Cash.................................................................... 438,311
Interest receivable..................................................... 6,362,219
Prepaid expenses........................................................ 6,420
-------------
359,696,212
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $181,769
Due to Distributor...................................................... 75,870
Payable for shares of Beneficial Interest redeemed...................... 137,294
Accrued expenses........................................................ 102,673 497,606
---------- -------------
NET ASSETS ................................................................ $359,198,606
=============
REPRESENTED BY:
Paid-in capital......................................................... $348,620,766
Accumulated net realized (loss) on investments.......................... (1,187,229)
Accumulated net unrealized appreciation on investments-Note 3........... 11,765,069
-------------
NET ASSETS at value applicable to 19,898,157 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).................................................... $359,198,606
=============
NET ASSET VALUE, offering and redemption price per share
($359,198,606 / 19,898,157 shares)...................................... $18.05
=======
See notes to financial statements.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF OPERATIONS YEAR ENDED MAY 31, 1995
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 21,577,730
EXPENSES:
Management fee-Note 2(a).............................................. $2,204,128
Shareholder servicing costs-Note 2(b)................................. 1,160,746
Professional fees..................................................... 46,874
Custodian fees........................................................ 39,490
Trustees' fees and expenses-Note 2(c)................................. 30,521
Prospectus and shareholders' reports-Note 2(b)........................ 26,793
Registration fees..................................................... 7,059
Miscellaneous......................................................... 32,394
--------------
3,548,005
Less-reimbursement of prospectus costs-Note 2(b)...................... 4,426
--------------
TOTAL EXPENSES.................................................... 3,543,579
------------
INVESTMENT INCOME-NET............................................. 18,034,151
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (316,185)
Net unrealized appreciation on investments.............................. 5,287,113
--------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 4,970,928
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 23,005,079
=============
See notes to financial statements.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31,
------------------------------------
1994 1995
---------------- ----------------
OPERATIONS:
Investment income-net................................................... $ 18,786,157 $ 18,034,151
Net realized (loss) on investments...................................... (869,593) (316,185)
Net unrealized appreciation (depreciation) on investments for the year.. (9,167,410) 5,287,113
--------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 8,749,154 23,005,079
--------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (18,916,493) (18,034,151)
Net realized gain on investments........................................ (703,348) ---
--------------- ---------------
TOTAL DIVIDENDS....................................................... (19,619,841) (18,034,151)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 283,126,747 102,716,892
Dividends reinvested.................................................... 16,448,017 14,835,969
Cost of shares redeemed................................................. (214,699,800) (155,468,249)
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 84,874,964 (37,915,388)
--------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 74,004,277 (32,944,460)
NET ASSETS:
Beginning of year....................................................... 318,138,789 392,143,066
--------------- ---------------
End of year............................................................. $ 392,143,066 $ 359,198,606
=============== ===============
SHARES SHARES
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 15,416,722 5,899,261
Shares issued for dividends reinvested.................................. 898,331 851,555
Shares redeemed......................................................... (11,789,202) (8,998,947)
--------------- ---------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 4,525,851 (2,248,131)
=============== ===============
See 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 year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED MAY 31,
-------------------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995
--------- -------- -------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year..................... $16.41 $16.73 $17.22 $18.06 $17.71
--------- -------- -------- --------- ---------
INVESTMENT OPERATIONS:
Investment income--net................................. 1.07 1.01 .94 .88 .86
Net realized and unrealized gain (loss) on investments. .38 .57 .94 (.31) .34
--------- -------- -------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS..................... 1.45 1.58 1.88 .57 1.20
--------- -------- -------- --------- ---------
DISTRIBUTIONS:
Dividends from investment income-net................... (1.07) (1.01) (.93) (.89) (.86)
Dividends from net realized gain on investments (.06) (.08) (.11) (.03) --
--------- -------- -------- --------- ---------
TOTAL DISTRIBUTIONS.................................. (1.13) (1.09) (1.04) (.92) (.86)
--------- -------- -------- --------- ---------
Net asset value, end of year........................... $16.73 $17.22 $18.06 $17.71 $18.05
========= ========= ======== ========= =========
TOTAL INVESTMENT RETURN.................................... 9.13% 9.72% 11.22% 3.11% 7.04%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................ .60% .85% .85% .89% .96%
Ratio of net investment income to average net assets 6.48% 5.95% 5.25% 4.81% 4.91%
Decrease reflected in above expense ratios due to
undertakings by the Manager.......................... .44% .18% .15% .08% --
Portfolio Turnover Rate................................ 56.43% 28.51% 17.05% 20.19% 29.78%
Net Assets, end of year (000's Omitted)................$112,868 $173,835 $318,139 $392,143 $359,199
See notes to financial statements.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE 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 FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., 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 (CONTINUED)
The Fund has an unused capital loss carryover of approximately $1,186,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to
May 31, 1995. If not applied, $40,000 of the carryover expires in fiscal
2002, and $1,146,000 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 .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
year ended May 31, 1995.
(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 year ended May 31, 1995, $693,480 was charged to the Fund
pursuant to the Plan, of which $3,299 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 (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 $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 $253,457,784 and $290,404,637, respectively, for the year ended
May 31, 1995, and consisted entirely of long-term and short-term municipal
investments.
At May 31, 1995, accumulated net unrealized appreciation on investments
was $11,765,069, consisting of $13,476,736 gross unrealized appreciation and
$1,711,667 gross unrealized depreciation.
At May 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 NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus New York Tax Exempt Intermediate Bond Fund, including the statement
of investments, as of May 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 May 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 New York Tax Exempt Intermediate Bond Fund at May 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 & Young LLp Signature Logo)
New York, New York
June 30, 1995
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended May
31, 1995 as "exempt-interest dividends" (not subject to regular Federal and,
for individuals who are New York residents, New York State and New York City
personal income taxes).
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 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. 705AR955
New York
Tax Exempt
Intermediate
Bond Fund
Annual Report
May 31, 1995
(Dreyfus Logo)
