DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus New York
Tax Exempt Intermediate Bond Fund, for the six-month period ended
November 30, 1997.
Your Fund produced a total return, including share price changes
and dividend income, of 4.73%.* The Fund's tax-free annualized distribution
rate per share was 4.43%.**
ECONOMIC REVIEW
Almost everything went right for the U.S. economy over the reporting
period. In its seventh year of expansion, the economy showed no sign of an
upsurge in inflation resulting from tightening labor markets. With the
unemployment rate at its lowest level in almost a decade, investors had been
concerned that wage gains might result in higher levels of inflation and
cause the Federal Reserve Board (the "Fed") to again raise interest rates.
Given the longevity of our economic recovery, the Fed's monetary policymakers
apparently were hoping that a cyclical easing in the economic growth rate
would help dampen any incipient inflationary pressure. Recent turmoil in the
financial markets of Asia and Latin America has raised prospects for a
slowdown in U.S. exports as those nations shore up their financial systems.
If this were to occur, the diminished demand for U.S. goods overseas could be
a drag on domestic economic growth. What is all but certain is that the Fed
is reluctant to further unsettle world financial markets by raising interest
rates over the near term.
Indicators of future economic conditions showed high levels of consumer
optimism and pointed toward continued growth. Consumers' spirits have been
lifted by an unemployment rate at a quarter-century low (4.7% at the end of
the reporting period), and core inflation, which excludes food and energy
price changes, at the 2% level. The Conference Board, a business-sponsored
research group, recently reported that its Consumer Confidence Index hit a
new high for this economic expansion. Since consumers account for two thirds
of all economic activity, their confidence in the economy is an important
indicator of future conditions. Another important index of future economic
conditions, the Index of Leading Economic Indicators (also a Conference Board
index), implied continued growth. Government reports of personal income and
consumer spending showed healthy rates of increase as well.
The production side of the economy continued its robust advance.
Industrial output rose consistently, and while the factory utilization rate
(a potential harbinger of production bottlenecks and price pressures) also
increased, there was little evidence of producer-generated inflation.
Additional good news regarding inflation came from the report that the
productivity of U.S. workers rose at its fastest pace in five years during
the third quarter of 1997. This increase in worker efficiency helped push down
unit labor costs and eased concerns that labor costs, despite the tight
labor market, would lead to higher inflation.
The interplay between worker productivity and worker wage increases does
much in determining the future course of inflation. We continue to monitor
that closely, along with developments in the international financial arena.
The recent international turbulence underscored the close economic
relationships that exist among all countries, particularly in this age of
multinational companies and pervasive global capitalism.
MARKET ENVIRONMENT
The investment landscape has changed considerably since our last
communication to Shareholders. The U.S. economy continues to expand as
exhibited by strengthening employment, personal income and consumer
confidence data. Normally, the fixed income markets would be bracing for
higher interest rates in anticipation of a Fed tightening of monetary policy.
The Asian financial crisis will, at least temporarily, keep the monetary
authority from taking any actions that could exacerbate the problems abroad.
It is still too soon to predict the depth and worldwide impact of the Asian
turmoil. Certainly, there will be some economic slowing both in the U.S. and
internationally. The markets have concluded that the fallout from
developments in Asia will have the same effect as a Fed interest rate hike,
as evidenced by the sharp drop in long-term interest rates since the onset of
the Asian problems.
The climate is still favorable for fixed income investments-and
particularly for tax-free bonds. Prices of commodities, including oil and
gold, continue to fall. Such activity is considered a harbinger of still
lower bond yields. A slowing economy could benefit bonds at the expense of
stocks. Many investment strategists are increasing their recommended holdings
of bonds while reducing exposure to equities.
Municipal investors may benefit in terms of total return. Interest rates
have fallen steadily during the last six months and are now more than fifty
basis points (one-half of 1%) lower than they were one year ago. This
performance is all the more compelling in view of a surge in new bond
issuance during 1997. Most of the new-issue sales have occurred in recent
months due largely to the considerable drop in rates: issuers have seized
this opportunity to fund both new infrastructure projects as well as refinance
their outstanding, higher interest rate bonds. We anticipate that there will
be a significant slowdown in the pace of debt issuance. This could be
occurring just when investor purchases should increase. Our reasoning is
largely influenced by the expectation of further economic weakness and the
positive impact it might have on bonds. Of course, if interest rates begin to
rise, negative effects might be felt.
PORTFOLIO OVERVIEW
Some of the most dramatic changes in the municipal market this year
occurred in spread relationships, and the flattening of the yield curve.
Currently, investors are receiving approximately 96% of long-term yields
(15-year vs. 30-year) without being exposed to long-term volatility.*** In
the ongoing quest for yield, lower-rated issues have become expensive when
compared to higher quality paper. Optimism about subdued inflation and the
overall health of the economy has diminished the premium demanded for this
type of paper and the portfolio has seen the benefit of this in its
performance. Over the past six months, as the anticipated inflation pressure
abated, we moved more of the portfolio into a structure that would take
advantage of an improving market. Issues such as discount coupons and
non-callable paper proved to be better market performers in a lower rate
environment. During the second half of the year, we saw a considerable
increase in New York issuance, as the continuing interest rate decline
prompted numerous refundings of previously insured, higher coupon
obligations.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope you find them
informative.
Very truly yours,
[Richard J. Moynihan SIGNATURE LOGO]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 18, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the net asset
value per share at the end of the period. Some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders and to state
and local taxes for non-residents of New York.
*** Yields fluctuate and there can be no guarantee that any particular
tax-exempt yield can be achieved.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS NOVEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments-96.6% Amount Value
------------ ------------
<S> <C> <C>
New York-89.3%
Albany Parking Authority, Parking Revenue, Refunding:
6.50%, 11/1/2004.......................................................... $ 1,000,000 $ 1,089,350
6.70%, 11/1/2006.......................................................... 1,000,000 1,095,880
Battery Park City Authority, Revenue, Refunding
5.125%, 11/1/2005......................................................... 3,830,000 3,964,701
Buffalo Municipal Water Finance Authority, Water System Revenue
5.50%, 7/1/2005 (Insured; FSA)............................................ 1,200,000 1,280,364
City University of New York, COP, Refunding (John Jay College)
5.75%, 8/15/2004.......................................................... 5,000,000 5,293,000
Development Authority of the North Country, Solid Waste Management System
Revenue
6.40%, 7/1/2000 (Prerefunded 7/1/1999) (a)................................ 605,000 638,075
Franklin Solid Waste Management Authority, Solid Waste System Revenue
6%, 6/1/2005 (Prerefunded 6/1/2003) (a)................................... 1,515,000 1,655,880
Metropolitan Transportation Authority
Transit Facilities Revenue:
5.50%, 7/1/2008 (Insured; MBIA)......................................... 4,380,000 4,568,866
5.625%, 7/1/2010 (Insured; MBIA)........................................ 4,895,000 5,092,611
Municipal Assistance Corp. for the City of New York, Refunding:
6%, 7/1/2005.............................................................. 9,000,000 9,877,770
6%, 7/1/2006.............................................................. 7,000,000 7,720,090
Nassau County, Refunding:
(Combined Sewer Districts) 5.30%, 7/1/2006 (Insured; MBIA)................ 4,860,000 5,109,561
General Improvement 4.75%, 9/1/2010 (Insured; FGIC)....................... 3,475,000 3,399,940
New York City:
5%, 6/1/2001.............................................................. 1,125,000 1,146,352
5.25%, 8/1/2011........................................................... 3,000,000 2,982,420
Refunding:
5.75%, 8/1/2002 (Insured; MBIA)......................................... 4,200,000 4,451,496
5.40%, 2/15/2003........................................................ 5,000,000 5,171,500
6.25%, 8/1/2009......................................................... 3,225,000 3,457,426
6.25%, 8/1/2009......................................................... 4,790,000 5,218,274
5.90%, 8/1/2010....................................................... 5,000,000 5,262,600
New York City Housing Authority, Multi-Family Revenue, Refunding
5.20%, 7/1/2004 (Insured; AMBAC).......................................... 2,275,000 2,333,558
New York City Housing Development Corp., MFHR
5.50%, 11/1/2009.......................................................... 6,750,000 6,949,463
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue:
5.55%, 6/15/2001.......................................................... 1,500,000 1,563,045
6.60%, 6/15/2002.......................................................... 1,495,000 1,612,402
6.60%, 6/15/2002 (Prerefunded 6/15/2001) (a).............................. 1,505,000 1,634,024
New York City Transitional Finance Authority, Future Tax Secured Bonds
4.90%, 8/15/2010.......................................................... 12,200,000 12,142,050
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
___________ ___________
New York (continued)
New York State, Refunding:
5.50%, 8/15/2006.......................................................... $ 4,300,000 $ 4,584,488
5.40%, 10/1/2008.......................................................... 1,430,000 1,501,157
New York State Dormitory Authority, Revenue:
(City University):
5.70%, 7/1/2005......................................................... 3,500,000 3,707,410
5.25%, 7/1/2006 (Insured; FGIC)......................................... 3,000,000 3,150,000
5.75%, 7/1/2009......................................................... 8,085,000 8,616,831
(Columbia University) 5.50%, 7/1/2005..................................... 3,045,000 3,252,974
(Cornell University) Refunding 5.40%, 7/1/2009.. ....................... 4,000,000 4,210,840
(Department of Health):
6%, 7/1/2005............................................................ 2,500,000 2,695,450
6%, 7/1/2006............................................................ 2,350,000 2,536,214
Refunding 5.50%, 7/1/2005............................................... 1,000,000 1,046,640
(Highland Community Development Corp.)
5.50%, 7/1/2001 (LOC; Marine Midland Bank) (b).......................... 4,750,000 4,905,705
(Mental Health Services Facilities):
6%, 8/15/2006........................................................... 3,320,000 3,606,881
Refunding 6%, 2/15/2007................................................. 5,640,000 6,123,404
(State University Educational Facilities):
6.10%, 5/15/2005........................................................ 2,630,000 2,857,653
6.10%, 5/15/2008 (Prerefunded 5/15/2004) (a)............................ 2,000,000 2,215,460
New York State Energy Research and Development Authority,
State Service Contract Revenue (Western New York Nuclear Service Center Project):
5.25%, 4/1/2003 (Insured; CMAC)......................................... 5,345,000 5,548,538
5.40%, 4/1/2005 (Insured; CMAC)......................................... 2,000,000 2,102,420
New York State Environmental Facilities Corp.
PCR:
Special Obligation:
(Riverbank State Park) 7.10%, 4/1/2002................................ 1,130,000 1,258,029
(State Park Infrastructure) 5.75%, 3/15/2008.......................... 2,475,000 2,580,113
(State Water Revolving Fund):
3.90%, 2/15/2000...................................................... 1,000,000 996,090
7.30%, 6/15/2001...................................................... 4,000,000 4,359,800
6.30%, 6/15/2002 (Prerefunded 6/15/2001) (a).......................... 2,355,000 2,558,213
6.30%, 6/15/2002...................................................... 645,000 698,167
6.20%, 3/15/2004...................................................... 1,700,000 1,856,961
(New York Municipal Water Finance Authority Project):
6.35%, 6/15/2006 (Prerefunded 6/15/2004) (a)........................ 1,195,000 1,339,404
6.35%, 6/15/2006.................................................... 805,000 893,775
4.90%, 6/15/2010 (Insured; MBIA).................................... 3,500,000 3,486,945
New York State Housing Finance Agency, Revenue, Refunding:
(Health Facilities-New York City):
7.90%, 11/1/1999........................................................ 1,200,000 1,257,456
6%, 11/1/2006........................................................... 12,450,000 13,429,940
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) Principal
Long-Term Municipal Investments (continued) Amount Value
____________ ___________
New York (continued)
New York State Housing Finance Agency, Revenue, Refunding (continued):
(Housing Mortgage Project)
5.875%, 11/1/2010 (Insured; FSA)........................................ $ 4,000,000 $ 4,211,720
(Service Contract Obligation):
5.25%, 3/15/2011........................................................ 3,465,000 3,464,723
5.25%, 9/15/2011........................................................ 3,610,000 3,609,711
New York State Local Government Assistance Corp.:
6.70%, 4/1/2000........................................................... 25,000 26,484
6.70%, 4/1/2000........................................................... 2,465,000 2,602,596
6.75%, 4/1/2002........................................................... 2,500,000 2,720,100
Refunding 5.125%, 4/1/2010 (Insured; AMBAC)............................... 4,010,000 4,063,814
New York State Medical Care Facilities Finance Agency, Revenue:
Hospital and Nursing Home 5.875%, 2/15/2008 (Insured; FHA)................ 2,215,000 2,347,479
(Mortgage Project) 5.40%, 8/15/2005 (Insured; FHA)........................ 1,285,000 1,354,865
New York State Mortgage Agency, Revenue (Homeowner Mortgage):
6.15%, 10/1/2001.......................................................... 1,225,000 1,283,604
5.20%, 10/1/2008.......................................................... 1,320,000 1,347,456
5.30%, 10/1/2009.......................................................... 2,645,000 2,690,970
New York State Power Authority, General Purpose Revenue
6.50%, 1/1/2004........................................................... 2,735,000 2,951,147
New York State Thruway Authority:
(Emergency Highway Reconditioning and Preservation)
6%, 1/1/2002 (Insured; FSA)............................................. 2,000,000 2,129,320
General Revenue 5.70%, 1/1/2008 (Insured; FGIC)........................... 3,000,000 3,212,880
(Highway and Bridge Trust Fund) 5.30%, 4/1/2010 (Insured; AMBAC).......... 1,680,000 1,727,309
Service Contract Revenue (Local Highway and Bridge):
5.50%, 4/1/2004......................................................... 1,130,000 1,179,630
5.625%, 4/1/2007........................................................ 3,315,000 3,488,109
5.90%, 4/1/2007......................................................... 7,000,000 7,508,340
5.10%, 4/1/2008......................................................... 5,000,000 5,035,650
New York State Urban Development Corp.:
Refunding, Project (Onondaga County Convention):
6.25%, 1/1/2007......................................................... 1,725,000 1,891,463
6.25%, 1/1/2008......................................................... 1,830,000 2,003,868
6.25%, 1/1/2009......................................................... 1,950,000 2,123,004
6.25%, 1/1/2010......................................................... 2,065,000 2,233,463
(State Facilities) Refunding 5.50%, 4/1/2007.............................. 3,000,000 3,128,850
Onondaga County Industrial Development Agency, PCR, Refunding
(Anheuser-Busch Co. Inc. Project) 6.625%, 8/1/2006........................ 4,000,000 4,545,520
Port Authority of New York and New Jersey:
6%, 7/15/2006 (Insured; FGIC)............................................. 1,625,000 1,780,594
Special Project Bonds (JFK International Air Terminal LLC Project)
6.25%, 12/1/2011 (Insured; MBIA)........................................ 8,000,000 9,015,840
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
____________ ____________
New York (continued)
Rensselaer Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Fleet Trust Co.) (b)................................ $ 2,000,000 $ 2,382,880
Suffolk County Water Authority, Waterworks Revenue, Refunding:
5.10%, 6/1/2003 (Insured; MBIA)........................................... 3,545,000 3,675,740
5.10%, 6/1/2004 (Insured; MBIA)........................................... 4,500,000 4,676,580
Syracuse:
COP
(Syracuse Hancock International Airport):
6.50%, 1/1/2004....................................................... 1,045,000 1,131,913
6.60%, 1/1/2005....................................................... 1,105,000 1,203,997
6.70%, 1/1/2007....................................................... 1,210,000 1,319,069
Public Improvement:
5.70%, 6/15/2004........................................................ 1,850,000 1,978,446
5.70%, 6/15/2005........................................................ 1,830,000 1,951,585
Syracuse Industrial Development Agency, Pilot Revenue, Refunding
5.125%, 10/15/2002 (LOC; ABN AMRO Bank) (b)............................... 3,000,000 3,058,140
Town of Hempstead Industrial Development Agency, RRR
(American Fuel Co. Project) 5%, 12/1/2009 (Insured; MBIA)................. 3,000,000 3,010,080
United Nations Development Corp., Refunding (Senior Lien):
5%, 7/1/2007.............................................................. 1,000,000 1,003,210
5.30%, 7/1/2010........................................................... 1,295,000 1,298,807
5.30%, 7/1/2011........................................................... 1,000,000 1,001,990
Westchester County Industrial Development Agency, RRR:
Equity (Westchester Resco Co. Project) 5.50%, 7/1/2009.................... 2,650,000 2,745,665
Refunding (Resco Co. Project) 5.50%, 7/1/2006 (Insured; AMBAC)............ 2,850,000 3,020,430
(Westchester Resco Co. Project) 5.125%, 7/1/2006 (Insured; AMBAC)......... 1,000,000 1,027,220
Yonkers
GO:
5%, 9/1/2009 (Insured; FGIC)............................................ 1,040,000 1,047,280
5%, 9/1/2010 (Insured; FGIC)............................................ 1,165,000 1,165,932
5%, Series A, 9/1/2011 (Insured; FGIC).................................. 1,000,000 995,010
5%, Series B, 9/1/2011 (Insured; FGIC).................................. 1,000,000 995,010
U.S. Related-7.3%
Commonwealth of Puerto Rico, Refunding Improvement 5.375%, 7/1/2005......... 2,250,000 2,365,718
Puerto Rico Electric Power Authority, Power Revenue
5.50%, 7/1/2009 (Insured; MBIA)........................................... 6,065,000 6,466,624
Puerto Rico Highway and Transportation Authority, Highway Revenue
6.25%, 7/1/2007 (Insured; MBIA)........................................... 3,500,000 3,946,530
Puerto Rico Public Buildings Authority, Revenue
(Guaranteed Government Facilities)
6.25%. 7/1/2008 (Insured; AMBAC).......................................... 3,730,000 4,241,234
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
____________ ____________
U.S. Related (continued)
Puerto Rico Telephone Authority, Revenue
6.028%, 1/25/2007 (Insured; MBIA) (c)..................................... $ 3,925,000 $ 4,239,000
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program,
GO Matching Fund) 5.65%, 10/1/2003........................................ 3,610,000 3,786,926
Virgin Islands Public Finance Authority, Revenue, Refunding
Matching Fund Loan Notes 6.80%, 10/1/2000................................. 1,500,000 1,591,200
____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $333,787,045)....................................................... $351,092,381
===========
Short-Term Municipal Investments-3.4%
New York:
New York City, VRDN 3.85% (LOC; State Street Bank and Trust Co.) (b,d)...... $ 4,000,000 $ 4,000,000
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue, VRDN
3.85% (Insured; FGIC) (d)................................................. 8,500,000 8,500,000
____________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $12,500,000)........................................................ $ 12,500,000
===========
TOTAL INVESTMENTS-100.0%
(cost $346,287,045)....................................................... $363,592,381
===========
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
CMAC Capital Market Assurance Corporation
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
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch (e) or Moody's or Standard & Poor's Percentage of Value
_______ ________ ________________ __________________
<S> <C> <C>
AAA Aaa AAA 37.8%
AA Aa AA 16.5
A A A 24.7
BBB Baa BBB 17.0
F1 MIG1/P1 SP1/A1 1.6
Not Rated (f) Not Rated (f) Not Rated (f) 2.4
100.0%
======
</TABLE>
Notes to Statement of Investments:
(a) 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.
(b) Secured by letters of credit.
(c) Inverse Floater Security-the interest rate is subject to change
periodically.
(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 number of investments.
(f) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1997 (UNAUDITED)
Cost Value
____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statementment of Investments.... $346,287,045 $363,592,381
Cash.......................................................... 2,092,040
Interest receivable........................................... 6,117,459
Prepaid expenses.............................................. 6,156
_____________
371,808,036
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates................. 192,597
Due to Distributor............................................ 10,313
Payable for investment securities purchased................... 7,007,425
Accrued expenses.............................................. 65,839
_____________
7,276,174
_____________
NET ASSETS..................................................................................... $364,531,862
_____________
_____________
REPRESENTED BY: Paid-in capital............................................... $345,266,453
Accumulated undistributed investment income-net............... 84,115
Accumulated net realized gain (loss) on investments........... 1,875,958
Accumulated net unrealized appreciation (depreciation)
on investments-Note 4....................................... 17,305,336
_____________
NET ASSETS..................................................................................... $364,531,862
=============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Benenficial Interest authorized)................ 19,698,127
NET ASSET VALUE, offering and redemption price per share-Note 3(d)............................. $18.51
======
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1997 (UNAUDITED)
INVESTMENT INCOME
INCOME Interest Income............................................... $ 9,513,411
EXPENSES: Management fee-Note 3(a)...................................... $ 1,085,167
Shareholder servicing costs-Note 3(b)......................... 560,209
Trustees' fees and expenses-Note 3(c)......................... 22,128
Professional fees............................................. 21,719
Custodian fees................................................ 18,903
Prospectus and shareholders' reports-Note 3(b)................ 10,093
Registration fees............................................. 4,794
Loan commitment fees-Note 2................................... 1,358
Miscellaneous................................................. 9,914
___________
Total Expenses.......................................... 1,734,285
Less-reduction in management fee due to
undertaking-Note 3(a)..................................... (286,037)
___________
Net Expenses............................................ 1,448,248
___________
INVESTMENT INCOME-NET.......................................................................... 8,065,163
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments....................... $ 1,289,704
Net unrealized appreciation (depreciation) on investments 7,406,610
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......................................... 8,696,314
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................................... $ 16,761,477
============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1997 Year Ended
(Unaudited) May 31, 1997
___________ ____________
OPERATIONS:
Investment income-net........................................................................ $ 8,065,163 $ 16,777,175
Net realized gain (loss) on investments...................................................... 1,289,704 2,015,059
Net unrealized appreciation (depreciation) on investments.................................... 7,406,610 6,021,385
___________ ____________
Net Increase (Decrease) in Net Assets Resulting from Operations............................ 16,761,477 24,813,619
___________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net........................................................................ (8,024,295) (16,733,928)
Net realized gain on investments............................................................. ---- (3,561,305)
___________ ____________
Total Dividends............................................................................ (8,024,295) (20,295,233)
___________ ____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold................................................................ 26,671,586 65,461,930
Dividends reinvested......................................................................... 6,522,681 16,872,078
Cost of shares redeemed...................................................................... (34,929,781) (94,469,806)
___________ ____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions.................... (1,735,514) (12,135,798)
___________ ____________
Total Increase (Decrease) in Net Assets.................................................. 7,001,668 (7,617,412)
NET ASSETS:
Beginning of Period.......................................................................... 357,530,194 365,147,606
____________ ____________
End of Period................................................................................ $364,531,862 $357,530,194
============= ============
Undistributed investment income-net............................................................ $ 84,115 $ 43,247
_____________ ____________
Shares Shares
_____________ ____________
CAPITAL SHARE TRANSACTIONS:
Shares sold.................................................................................. 1,449,289 3,633,364
Shares issued for dividends reinvested....................................................... 353,786 934,197
Shares redeemed.............................................................................. (1,899,206) (5,250,188)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding.............................................. (96,131) (682,627)
============= ===========
</TABLE>
SEE 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
November 30, 1997 Year Ended May 31,
_________________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
_______ _______ _______ _______ _______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $18.06 $17.83 $18.05 $17.71 $18.06 $17.22
_______ _______ _______ _______ _______ ______
Investment Operations:
Investment income-net............................. .41 .83 .85 .86 .88 .94
Net realized and unrealized gain (loss)
on investments.................................. .45 .41 (.22) .34 (.31) .94
_______ ________ _______ _______ _______ ______
Total from Investment Operations.................. .86 1.24 .63 1.20 .57 1.88
_______ ________ _______ _______ _______ ______
Distributions:
Dividends from investment income-net.............. (.41) (.83) (.85) (.86) (.89) (.93)
Dividends from net realized gain on investments... - (.18) - - (.03) (.11)
_______ ________ _______ _______ _______ ______
Total Distributions............................... (.41) (1.01) (.85) (.86) (.92) (1.04)
_______ ________ _______ _______ _______ ______
Net asset value, end of period.................... $18.51 $18.06 $17.83 $18.05 $ 17.71 $18.06
======= ======== ======= ======= ======= ======
TOTAL INVESTMENT RETURN............................... 9.43%(1) 7.12% 3.52% 7.04% 3.11 %11.22%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........... .80%(1) .80% .84% .96% .89% .85%
Ratio of net investment income
to average net assets........................... 4.46%(1) 4.64% 4.69% 4.91% 4.81% 5.25%
Decrease reflected in above expense ratios
due to undertakings by the Manager.............. .16%(1) .16% .12% - .08% .15%
Portfolio Turnover Rate........................... 22.05%(2) 45.29% 47.48% 29.78% 20.19% 17.05%
Net Assets, end of period (000's Omitted)......... $364,532 $357,530 $365,148 $359,199 $392,143 $ 318,139
(1) Annualized.
(2) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Tax Exempt Intermediate Bond Fund (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal, New York State and New York City income taxes as is
consistent with the preservation of capital. The Dreyfus Corporation
("Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc.
(the "Distributor") is the distributor of the Fund's shares, which are sold
to the public without a sales load.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities 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 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 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.
NOTE 2-BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended
November 30, 1997, the Fund did not borrow under the Facility.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3-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 value
of the Fund's average daily net assets and is payable monthly. The Agreement
provides that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of taxes, brokerage, interest on borrowings, commitment fees and
extraordinary expenses, exceed 11\2% of the average value of the Fund's
average net assets, the Fund may deduct from payments to be made to the
Manager, or the Manager will bear such excess expense. The Manager has
undertaken from June 1, 1997 through May 31, 1998 to reduce the management
fee paid by the Fund, to the extent that the Fund's aggregate annual expenses
(exclusive of certain expenses as described above) exceed an annual rate of
.80 of 1% of the value of the Fund's average daily net assets. The reduction
in management fee, pursuant to the undertaking, amounted to $286,037 during
the period ended November 30, 1997.
(b) Under the Service Plan (the "Plan") adopted pursuant to rule 12b-1
under the Act, the Fund (a) reimburses the Distributor for payments to
certain Service Agents (a securities dealer, financial institution or other
industry professional) for distributing the Fund's shares and servicing
shareholder accounts ("Servicing") and (b) pays the Manager, Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, or any affiliate
(collectively "Dreyfus") for advertising and marketing relating to the Fund
and for Servicing, at an annual rate of .25 of 1% of the value of the Fund's
average daily net assets. Both the Distributor and Dreyfus may pay Service
Agents 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. Both 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. During the period ended November 30, 1997, the Fund
was charged $453,556 pursuant to the Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the
period ended November 30, 1997, the Fund was charged $68,032 pursuant to the
transfer agency agreement.
(c) Each trustee who is not an "affiliated person" as defined in the Act,
receives from the Fund 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.
(d) A 1% redemption fee is charged and retained by the Fund on certain
redemptions of Fund shares (including redemptions through the use of the Fund
Exchanges service) where the shares being redeemed were issued subsequent to
a specified effective date and the redemption or exchange occurs less than
fifteen days following the date of issuance. During the period ended November
30, 1997, redemption fees amounted to $29.
NOTE 4-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1997
amounted to $77,207,252 and $84,097,426, respectively.
At November 30, 1997, accumulated net unrealized appreciation on
investments was $17,305,336, consisting of $17,313,504 gross unrealized
appreciation and $8,168 gross unrealized depreciation.
At November 30, 1997, 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).
Registration Mark
[Dreyfus lion "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
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 705SA9711
New York
Tax Exempt
Intermediate
Bond Fund
Semi-Annual
Report
November 30, 1997
Registration Mark
[Dreyfus logo]
