YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report for Dreyfus New York Tax
Exempt Intermediate Bond Fund for the
six-month period ended November 30, 1998. Your Fund produced a total return,
including share price changes and dividend income generated, of 3.35%,* and an
annualized tax-free distribution rate per share of 4.29%.**
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. began the period with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower levels established by Germany, on the eve of
currency unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for commodity
exporting countries throughout the world. The effect on Europe and the U.S. has
been to lower expectations of profit growth and drive down bond yields. Monetary
policy has begun to ease in both the U.S. and Europe.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT
Prices moved higher during the reporting period as various classes of
investors found municipal bonds appealing, despite the extent to which equities
vied for investors' attention for most of the period. Low inflation and low
interest rates helped create and maintain a bond-friendly atmosphere. Not to be
overlooked, either, is the improved fiscal posture enjoyed by many states and
municipalities, the result of several years of strong economic growth that
enhanced the creditworthiness of many municipal securities' issuers, and gave
added comfort to investors. The dollar value of newly issued bonds so far in
1998 has surpassed the volume experienced in all but a few previous years. At
$255 billion, it is approximately 29% above the same period last year, but
nonetheless, a dearth of appropriate bonds persists in several states.
Fortunately, the market has absorbed the new issuance without inordinate
volatility in the process. Municipal yields have been, and continue to be, very
favorably aligned vis-a-vis U.S. Treasury Bonds. Historically, longer-term
municipals have been viewed as being good values when their yields approached
80% to 85% of the yields available on comparable Treasuries. Presently, most
measures place the ratio well in excess of 90%. The environment for municipal
bonds still appears to be positive, particularly with the Federal Reserve
Board's Open Market Committee signaling explicitly, by recent cuts in the target
rate for Federal Funds, its preference for lower interest rates.
PORTFOLIO FOCUS
The market has gone through several cycles during the past six months, from
subdued volatility to substantial volatility with strong intraday movements.
During the periods of low volatility (earlier in the reporting period) we found
it advantageous to maintain previously purchased full coupon positions, since
the greater part of the Fund' s investment performance during that time was
derived mainly from income rather than principal value changes. The New York
market produced a wealth of issuance throughout this period. The buyout of LILCO
by the Long Island Power Authority brought to market the largest single issue in
the history of the municipal industry. The buying interest in this deal was very
strong and it was priced to attract investors. The Fund participated in this
issuance as it was both attractively priced and provided a new name for
diversity purposes. Perhaps the most notable change in the New York market was
the strong improvement in New York City debt and other lower rated State and
City issues. When compared to AAA paper, the yield spreads on these issues have
tightened significantly. The Fund currently holds a considerable amount of this
type of paper.
Included in this report is a series of detailed financial statements, which
outline the portfolio' s current holdings and its financial condition. We hope
that you find them informative.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid.
Income may be subject to state and local income taxes for non-New York
residents.
**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.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--99.4% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
New York--91.4%
Albany Parking Authority, Parking Revenue, Refunding:
6.50%, 11/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000,000 $ 1,079,010
6.70%, 11/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,094,110
Battery Park City Authority, Revenue, Refunding
5.125%, 11/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830,000 4,058,383
Buffalo Municipal Water Finance Authority, Water System Revenue
5.50%, 7/1/2005 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 1,291,824
Cattaraugus County Industrial Development Agency,
Civic Facility Revenue, Refunding (St. Bonaventure University Project):
5%, Series A, 9/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745,000 753,940
5%, Series B, 9/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055,000 1,067,660
5%, Series A, 9/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 740,000 744,203
5%, Series B, 9/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110,000 1,116,305
5%, Series A, 9/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825,000 823,779
5%, Series B, 9/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,160,000 1,158,283
5%, 9/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,225,000 1,215,874
City University of New York, COP, Refunding (John Jay College)
5.75%, 8/15/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,384,150
Development Authority of the North Country, Solid Waste Management System
Revenue
6.40%, 7/1/2000 (Prerefunded 7/1/1999) (a) . . . . . . . . . . . . . . . . . . . . . . . 605,000 628,063
Franklin Solid Waste Management Authority, Solid Waste System Revenue
6%, 6/1/2005 (Prerefunded 6/1/2003) (a) . . . . . . . . . . . . . . . . . . . . . . . . 1,515,000 1,671,681
Long Island Power Authority, Electric System General Revenue:
5.25%, 12/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,320,480
5.25%, 12/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100,000 6,385,175
Metropolitan Transportation Authority Transit Facilities Revenue:
5.50%, 7/1/2008 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,380,000 4,615,907
5.625%, 7/1/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,895,000 5,226,881
Nassau County, Refunding
6%, 7/1/2010 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,225,000 5,944,117
New York City:
5%, 6/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,000 242,511
5%, 6/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890,000 914,733
5.25%, 8/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,125,490
Refunding:
5.75%, 8/1/2002 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,200,000 4,474,092
5.40%, 2/15/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,729,950
6.25%, 8/1/2009 (Prerefunded 8/1/2004) . . . . . . . . . . . . . . . . . . . . . . . . 163,000 183,869
6.25%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,062,000 3,411,834
6.25%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,790,000 5,424,052
5.90%, 8/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,468,300
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--99.4% Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
New York City Housing Authority, Multi-Family Revenue, Refunding
5.20%, 7/1/2004 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,275,000 $ 2,358,583
New York City Industrial Development Agency,
Industrial Development Revenue, Refunding (Field Hotel Associates L.P. JFK
Project)
5.80%, 11/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 5,988,420
New York City Housing Development Corp., MFHR, Refunding
5.50%, 11/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,750,000 7,209,877
New York City Transitional Finance Authority, Revenue (Future Tax Secured):
5%, 11/15/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,278,950
5.25%, 11/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,152,220
New York City Industrial Development Agency,
Civic Facility Revenue (College of Aeronautics Project):
5.10%, 5/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 510,820
5.25%, 5/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,000 567,421
5.30%, 5/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585,000 596,887
New York City Municipal Water Finance Authority, Water and Sewer System Revenue
6.60%, 6/15/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,495,000 1,602,849
New York State:
COP 4.40%, 8/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,355,000 2,387,522
Refunding:
5.50%, 8/15/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000 4,675,820
5.40%, 10/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,430,000 1,547,603
New York State Dormitory Authority, Revenue:
(City University):
5.70%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,791,865
5.25%, 7/1/2006 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,223,890
5.75%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,085,000 8,874,743
(Cornell University) Refunding 5.40%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,352,280
Lease (Court Facilities--Westchester County) 5%, 8/1/2010 (b) . . . . . . . . . . . . . 6,320,000 6,654,265
(Department of Health):
6%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,748,175
6%, 7/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,350,000 2,597,361
Refunding 5.50%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,072,000
(Highland Community Development Corp.)
5.50%, 7/1/2001 (LOC; Marine Midland Bank) . . . . . . . . . . . . . . . . . . . . . . 4,750,000 4,903,187
(Mental Health Services Facilities):
6%, 8/15/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,320,000 3,674,111
Refunding 6%, 2/15/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,640,000 6,237,220
Secured Hospital:
(The Brookdale Hospital Medical Center)
Refunding 5.10%, 2/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,040,000 4,140,313
(Interfaith Medical Center)
5.375%, 2/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,340,000 3,509,171
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--99.4% Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
New York State Dormitory Authority, Revenue (continued):
(State Service Contract--Albany County):
5.10%, 4/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,310,000 $ 2,388,286
5.25%, 4/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210,000 1,256,028
(State University Educational Facilities):
6.10%, 5/15/2005 (Prerefunded 5/15/2003) (a) . . . . . . . . . . . . . . . . . . . . . 2,630,000 2,915,197
6.10%, 5/15/2008 (Prerefunded 5/15/2004) (a) . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,249,440
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 5,618,023
5.40%, 4/1/2005 (Insured; CMAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,139,640
New York State Environmental Facilities Corp.:
Clean Water and Drinking Water Revenue (Revolving Fund) 5.25%, 6/15/2013 . . . . . . . . 4,080,000 4,291,548
PCR:
Special Obligation:
(Riverbank State Park) 7.10%, 4/1/2002 . . . . . . . . . . . . . . . . . . . . . . 1,130,000 1,248,752
(State Park Infrastructure) 5.75%, 3/15/2008 . . . . . . . . . . . . . . . . . . . 2,475,000 2,613,303
(State Water Revolving Fund):
6.30%, 6/15/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645,000 695,478
6.20%, 3/15/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 1,867,722
(New York Municipal Water Finance Authority Project):
6.35%, 6/15/2006 (Prerefunded 6/15/2004) (a) . . . . . . . . . . . . . . . . . . 1,195,000 1,353,780
6.35%, 6/15/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 805,000 905,311
New York State Housing Finance Agency, Revenue, Refunding:
(Health Facilities--New York City):
7.90%, 11/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 611,292
6%, 11/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,450,000 13,808,918
(Housing Mortgage Project)
5.875%, 11/1/2010 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,930,000 4,277,137
(Service Contract Obligation):
5.25%, 3/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,465,000 3,616,351
5.25%, 9/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,610,000 3,767,685
New York State Local Government Assistance Corp.:
6.70%, 4/1/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 26,082
6.75%, 4/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,704,600
5.375%, 4/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,131,790
Refunding 5%, 4/1/2013 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,093,180
New York State Medical Care Facilities Finance Agency, Revenue:
(Hospital and Nursing Home) 5.875%, 2/15/2008 (Insured; FHA) . . . . . . . . . . . . . . 2,215,000 2,406,332
(Mortgage Project) 5.40%, 8/15/2005 (Insured; FHA) . . . . . . . . . . . . . . . . . . . 695,000 737,430
New York State Mortgage Agency, Revenue (Homeowner Mortgage):
6.15%, 10/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,225,000 1,279,598
5.20%, 10/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320,000 1,379,136
5.30%, 10/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,645,000 2,759,687
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--99.4% Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
New York State Thruway Authority:
(Emergency Highway Reconditioning and Preservation)
6%, 1/1/2002 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000 $ 2,127,220
General Revenue 5.70%, 1/1/2008 (Insured; FGIC) (Prerefunded 1/1/2005) . . . . . . . . . 3,000,000 3,327,870
(Highway and Bridge Trust Fund):
5.25%, 4/1/2009 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,835,925
5.30%, 4/1/2010 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,680,000 1,783,790
Service Contract Revenue (Local Highway and Bridge):
5.50%, 4/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,130,000 1,200,896
5.625%, 4/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,315,000 3,589,581
5.90%, 4/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,669,060
New York State Urban Development Corp.
Refunding, Project (Onondaga County Convention):
6.25%, 1/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,725,000 1,933,242
6.25%, 1/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,830,000 2,046,123
6.25%, 1/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,950,000 2,173,996
6.25%, 1/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,065,000 2,300,885
Niagara Falls, City School District COP High School Facility:
5.625%, 6/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,735,000 1,857,491
5.625%, 6/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,045,000 2,178,089
Onondaga County Industrial Development Agency, PCR, Refunding
(Anheuser-Busch Co. Inc. Project) 6.625%, 8/1/2006 . . . . . . . . . . . . . . . . . . . 4,000,000 4,595,320
Orange County Industrial Development Agency,
Life Care Community Revenue, Refunding (The Glen Arden Inc. Project):
4.90%, 1/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,000 286,268
5%, 1/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000 221,265
5.10%, 1/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,000 427,971
5.20%, 1/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000 226,834
5.30%, 1/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 252,325
5.35%, 1/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000 227,326
Port Authority of New York and New Jersey
Special Project Bonds (JFK International Air Terminal LLC Project)
6.25%, 12/1/2011 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 9,319,520
Rensselaer Industrial Development Agency, IDR (Albany International Corp.)
7.55%, 6/1/2007 (LOC; Fleet Trust Co.) . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,411,180
Scotia Housing Authority, Revenue
(Coburg Village, Inc. Project):
5%, 1/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000 130,556
5.10%, 7/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000 135,707
5.10%, 1/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,000 135,836
5.20%, 7/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,000 146,030
5.20%, 1/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,000 146,160
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--99.4% Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
Scotia Housing Authority, Revenue (continued)
(Coburg Village, Inc. Project) (continued):
5.30%, 7/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 150,000 $ 151,327
5.30%, 1/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 156,505
5.35%, 7/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 156,631
5.35%, 1/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 161,813
5.40%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,000 166,997
5.40%, 1/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 172,186
5.45%, 7/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000 177,377
5.45%, 1/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 182,576
5.50%, 7/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,000 187,771
5.50%, 1/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000 192,977
5.55%, 7/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,000 198,177
Suffolk County Water Authority, Waterworks Revenue, Refunding
5.10%, 6/1/2003 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,545,000 3,724,342
Syracuse:
COP
(Syracuse Hancock International Airport):
6.50%, 1/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045,000 1,130,011
6.60%, 1/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105,000 1,201,920
6.70%, 1/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210,000 1,316,649
Public Improvement:
5.70%, 6/15/2004 (Prerefunded 6/15/2002) . . . . . . . . . . . . . . . . . . . . . . . 1,850,000 1,997,482
5.70%, 6/15/2005 (Prerefunded 6/15/2002) . . . . . . . . . . . . . . . . . . . . . . . 1,830,000 1,975,888
Syracuse Industrial Development Agency, Pilot Revenue, Refunding
5.125%, 10/15/2002 (LOC; ABN AMRO Bank) . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,112,890
Triborough Bridge and Tunnel Authority,
General Purpose Revenue 5%, 1/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . 10,675,000 11,288,813
United Nations Development Corp., Refunding (Senior Lien):
5%, 7/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,003,420
5.30%, 7/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,295,000 1,299,947
5.30%, 7/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,003,320
Westchester County Industrial Development Agency, RRR:
Equity (Westchester Resco Co. Project) 5.50%, 7/1/2009 . . . . . . . . . . . . . . . . . 2,650,000 2,774,471
Refunding (Resco Co. Project) 5.50%, 7/1/2006 . . . . . . . . . . . . . . . . . . . . . 2,850,000 3,066,315
(Westchester Resco Co. Project) 5.125%, 7/1/2006 . . . . . . . . . . . . . . . . . . . . 1,000,000 1,050,570
Yonkers,
GO:
5%, 9/1/2009 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040,000 1,094,298
5%, 9/1/2010 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165,000 1,217,681
5%, Series A, 9/1/2011 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,037,430
5%, Series B, 9/1/2011 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,037,430
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--99.4% Amount Value
- ------------------------------------------------------- _____________ _____________
U.S. Related--8.0%
Commonwealth of Puerto Rico, Refunding:
Improvement 5.375%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,250,000 $ 2,418,727
Public Improvement 5.50%, 7/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,724,325
Puerto Rico Highway and Transportation Authority, Highway Revenue
6.25%, 7/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 4,049,465
Puerto Rico Public Buildings Authority, Revenue
(Guaranteed Government Facilities)
6.25%. 7/1/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,730,000 4,352,201
Puerto Rico Telephone Authority, Revenue
6.433%, 1/25/2007 (Insured; MBIA) (c) . . . . . . . . . . . . . . . . . . . . . . . . . 3,925,000 4,356,750
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program,
GO Matching Fund) 5.65%, 10/1/2003 (Prerefunded 10/1/2001) (a) . . . . . . . . . . . . . 2,875,000 3,000,177
Virgin Islands Public Finance Authority, Revenue, Refunding
Fund Loan Notes, Senior Lien 5.50%, 10/1/2004 . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,174,360
Virgin Islands Water and Power Authority, Electric System Refunding:
5.125%, 7/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,455,000 1,516,052
5.125%, 7/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,230,000 4,353,939
_____________
TOTAL INVESTMENTS (cost $352,050,657). . . . . . . . . . . . . . . . . . . . . . . . . . . 99.4% $373,221,611
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6% $ 2,129,915
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $375,351,526
_______ _____________
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue
CMAC Capital Market Assurance Corporation LOC Letter of Credit
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
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
____ ________ __________________ ____________________
AAA Aaa AAA 26.6%
AA Aa AA 14.9
A A A 33.8
BBB Baa BBB 20.7
Not Rated (d) Not Rated (d) Not Rated (d) 4.0
_______
100.0%
_______
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) Purchased on a delayed-delivery basis.
(c)Inverse floater security--the interest rate is subject to change
periodically.
(d)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.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $352,050,657 $373,221,611
Interest receivable . . . . . . . . . . . . . . . . . . . 5,881,791
Receivable for investment securities sold . . . . . . . . 3,033,020
Receivable for shares of Beneficial Interest subscribed . . 1,683,201
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 10,032
_____________
383,829,655
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 222,572
Due to Distributor . . . . . . . . . . . . . . . . . . . 12,378
Cash overdraft due to Custodian . . . . . . . . . . . . . 1,521,553
Payable for investment securities purchased . . . . . . . 6,645,410
Accrued expenses . . . . . . . . . . . . . . . . . . . . 76,216
_____________
8,478,129
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375,351,526
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $349,685,832
Accumulated net realized gain (loss) on investments . . . 4,494,740
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 21,170,954
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375,351,526
_____________
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 19,929,096
NET ASSET VALUE, offering and redemption price per share--Note 3(d). . . . . . . . . . . . $18.83
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $ 9,444,150
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . . . . . $ 1,109,338
Shareholder servicing costs--Note 3(b) . . . . . . . . . 561,277
Custodian fees . . . . . . . . . . . . . . . . . . . . . 19,292
Professional fees . . . . . . . . . . . . . . . . . . . . 18,188
Trustees' fees and expenses--Note 3(c) . . . . . . . . . 17,033
Prospectus and shareholders' reports--Note 3(b) . . . . . 9,007
Registration fees . . . . . . . . . . . . . . . . . . . . 5,235
Loan commitment fees --Note 2 . . . . . . . . . . . . . . 889
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 11,047
____________
Total Expenses . . . . . . . . . . . . . . . . . . 1,751,306
Less--reduction in management fee due to
undertaking--Note 3(a) . . . . . . . . . . . . . . . . (271,300)
____________
Net Expenses . . . . . . . . . . . . . . . . . . . 1,480,006
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,964,144
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . . . . . $ 2,257,725
Net unrealized appreciation (depreciation) on investments . . 1,923,601
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . . . . . 4,181,326
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $12,145,470
____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1998 Year Ended
(Unaudited) May 31, 1998
__________________ _____________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,964,144 $ 16,105,912
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 2,257,725 3,305,521
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . 1,923,601 9,348,627
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . 12,145,470 28,760,060
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,048,853) (16,064,450)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . --- (1,654,760)
_____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,048,853) (17,719,210)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . 27,145,231 62,436,901
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,577,479 14,469,657
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,948,982) (79,996,421)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . 5,773,728 (3,089,863)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . 9,870,345 7,950,987
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,481,181 357,530,194
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $375,351,526 $365,481,181
_____________ _____________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . --- $ 84,709
_____________ _____________
Shares Shares
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,448,771 3,369,699
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . 350,195 781,618
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,493,054) (4,322,391)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . 305,912 (171,074)
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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, 1998 Year Ended May 31,
_____________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . $18.62 $18.06 $17.83 $18.05 $17.71 $18.06
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .41 .82 .83 .85 .86 .88
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . .21 .65 .41 (.22) .34 (.31)
______ ______ ______ ______ ______ ______
Total from Investment Operations . . . . . . . . .62 1.47 1.24 .63 1.20 .57
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . (.41) (.82) (.83) (.85) (.86) (.89)
Dividends from net realized gain on investments . . -- (.09) (.18) -- -- (.03)
______ ______ ______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . (.41) (.91) (1.01) (.85) (.86) (.92)
______ ______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . $18.83 $18.62 $18.06 $17.83 $18.05 $17.71
______ ______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 6.68%(1) 8.25% 7.12% 3.52% 7.04% 3.11%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . .80%(1) .80% .80% .84% .96% .89%
Ratio of net investment income
to average net assets . . . . . . . . . . . . 4.27%(1) 4.44% 4.64% 4.69% 4.91% 4.81%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . .15%(1) .15% .16% .12% -- .08%
Portfolio Turnover Rate . . . . . . . . . . . . . 19.08%(2) 42.40% 45.29% 47.48% 29.78% 20.19%
Net Assets, end of period (000's Omitted) . . . . $375,352 $365,481 $357,530 $365,148 $359,199 $392,143
- -----------------------------
(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, as amended (the "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 (the "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. Under the terms of the custody
agreement, the Fund receives net earnings credits based on available cash
balances left on deposit.
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 of 1986, as
amended (the "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 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)
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, 1998, the Fund did not borrow under the Facility.
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 daily net
assets, the Fund may deduct from payments to be made to the Manager, or the
Manager will bear such excess expense. The Manager had undertaken through
November 30, 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) exceeded 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 $271,300 during the period ended November 30, 1998.
(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, 1998, the Fund was charged $464,220 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, 1998, the Fund was charged $63,687 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.
DREYFUS NEW YORK TAX EXEMPT INTERMEDIATE BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(D) A 1% redemption fee is charged and retained by the Fund (including on
redemptions through the use of the Fund Exchanges privilege) on shares redeemed
within fifteen days of their issuance. During the period ended November 30,
1998, redemption fees retained by the Fund amounted to $32.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1998
amounted to $79,831,208 and $69,562,088, respectively.
At November 30, 1998, accumulated net unrealized appreciation on investments
was $21,170,954, consisting of $21,288,496 gross unrealized appreciation and
$117,542 gross unrealized depreciation.
At November 30, 1998, 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).
[reg.tm logo]
(reg.tm)
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. 705SA9811
New York
Tax Exempt
Intermediate
Bond Fund
Semi-Annual
Report
November 30, 1998
