Dreyfus
New York Tax Exempt
Intermediate
Bond Fund
SEMIANNUAL REPORT
November 30, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
Contents
THE FUND
- --------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
17 Notes to Financial Statements
FOR MORE INFORMATION
- ---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus New York
Tax Exempt Intermediate
Bond Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New York Tax Exempt
Intermediate Bond Fund, covering the six-month period from June 1, 1999 through
November 30, 1999. Inside, you'll find valuable information about how the fund
was managed during the reporting period, including a discussion with the fund's
portfolio manager, Monica Wieboldt.
When the reporting period began, evidence had emerged that the U.S. economy was
growing strongly in an environment characterized by high levels of consumer
spending and low levels of unemployment. Concerns that inflationary pressures
might re-emerge caused the Federal Reserve Board to raise short-term interest
rates three times during the summer and fall of 1999. Higher interest rates led
to some erosion of municipal bond prices, especially toward the end of the
reporting period.
Municipal bonds were also adversely affected by supply-and-demand
considerations. Recently, however, these technical influences have caused the
yields of tax-exempt bonds to rise to very attractive levels compared to the
after-tax yields of taxable bonds of comparable maturity and credit quality.
This is especially true for investors in the higher federal income tax brackets
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus New York Tax Exempt Intermediate Bond
Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
December 15, 1999
DISCUSSION OF FUND PERFORMANCE
Monica Wieboldt, Portfolio Manager
How did Dreyfus New York Tax Exempt Intermediate Bond Fund perform?
The fund achieved a -1.34% total return over the six-month reporting period.(1)
In comparison, the Lipper New York Intermediate Municipal Debt Funds Category
Average, the Lipper category in which the fund is reported, achieved a -1.24%
total return for the same period.(2)
We attribute the fund's negative return over the past six months to a declining
municipal bond market and a rising interest-rate environment. The fund's modest
relative underperformance of the Lipper average can be attributed, in part, to
some of the corporate-related issues, such as waste recovery facilities which
have experienced heightened volatility amid industry-specific turmoil. We have
carefully re-evaluated the credit quality of these issuers, and we believe that
it remains sound.
What is the fund's investment approach?
The fund's primary objective is to seek as high a level of federal and New York
state tax-exempt income as is practical from a diversified portfolio of
municipal bonds, keeping an average maturity of 3-10 years. In addition, we seek
to maximize total return.
To achieve these objectives, we attempt to add value by selecting
investment-grade tax-exempt bonds in the maturity ranges that we believe are
most likely to provide the highest yields. These bonds comprise the portfolio's
long-term core position. We augment the core position with bonds that we believe
have the potential to provide both current income and the potential for capital
appreciation.
What other factors influenced the portfolio's performance?
The portfolio was adversely affected by rising interest rates over the past six
months. When the reporting period began on June 1, 1999, The Fun
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
investors had become concerned that stronger than expected economic growth, low
unemployment and rising commodities prices might rekindle long-dormant inflation
pressures. In fact, in an attempt to forestall a potential reacceleration of
inflation, the Federal Reserve Board raised short-term interest rates three
times during the summer and fall of 1999, causing most bond prices to fall
New York' s economy has also remained strong, reducing some issuers' need to
borrow in the municipal bond marketplace. Demand for New York municipal bonds
has remained strong from individuals seeking to manage their income tax
liabilities, while participation from institutional investors such as insurance
companies has slowed. As a result, prices of New York municipal bonds are
trading at national levels and currently offer attractive relative values
compared to historical norms.
Municipal bond prices fell faster for this reason and because of differing
supply-and-demand influences. For a variety of reasons, institutional investors
such as insurance companies and hedge funds participated less in the tax-exempt
market over the past year, which reduced overall demand and drove municipal bond
prices down significantly. One result has been municipal bonds -- including
those from New York issuers -- are currently offering tax-exempt yields that
compare very favorably with taxable yields after adjusting for taxes. Of course,
this yield increase comes at the cost of having achieved a negative total
return.
What is the portfolio's current strategy?
During this time period yields have continued to rise across all fixed-income
markets. The effects of the Federal Reserve rate hikes will take time to work
through the economy and cause the desired slowdown. Since the interest-rate
environment remains uncertain, we opted to focus a greater part of recent
investments on current coupon paper within the 10 year-sector. The need for
market liquidity remains important and insured paper continues to be a large
part of any new issuance.
In addition, we took advantage of opportunities to include a limited position in
bonds that, in our opinion, were punished more severely than circumstances
warranted during the reporting period. Some bonds selling at a discount to their
face values were attractively priced, providing the potential to produce capital
appreciation and maintain the fund's income stream when interest rates decline
from prevailing levels. Of course, there can be no guarantee when the municipal
market might recover, or how the fund might perform in the future. We have also
maintained a cash reserve to take advantage of new opportunities if, as we
expect, year-end and Y2K-related concerns temporarily produce attractive values
in the municipal bond market.
December 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION FUND SHARES MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. INCOME MAY BE SUBJECT TO STATE AND LOCAL
TAXES FOR NON-NEW YORK RESIDENTS, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL
ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE
FULLY TAXABLE. RETURN FIGURES PROVIDED REFLECT THE ABSORPTION OF FUND EXPENSES
BY THE DREYFUS CORPORATION PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE
EXTENDED, TERMINATED OR MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT BEEN
ABSORBED, THE FUND'S RETURNS WOULD HAVE BEEN LOWER.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
STATEMENT OF INVESTMENTS
November 30, 1999 (Unaudited)
<TABLE>
Principal
LONG-TERM MUNICIPAL INVESTMENTS--98.9% Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NEW YORK--94.3%
Albany Parking Authority, Parking Revenue
6.50%, 11/1/2004 1,000,000 1,050,960
Battery Park City Authority, Revenue
5.125%, 11/1/2005 3,830,000 3,896,297
Buffalo Municipal Water Finance Authority,
Water System Revenue
5.50%, 7/1/2005 (Insured; FSA) 1,200,000 1,243,356
Cattaraugus County Industrial Development Agency,
Civic Facility Revenue (St. Bonaventure University Project):
5%, Series A, 9/15/2009 745,000 708,093
5%, Series B, 9/15/2009 1,055,000 1,002,735
5%, Series A, 9/15/2010 740,000 696,621
5%, Series B, 9/15/2010 1,110,000 1,044,932
5%, Series A, 9/15/2011 825,000 767,456
5%, Series B, 9/15/2011 1,160,000 1,079,090
5%, 9/15/2012 1,225,000 1,124,268
City University of New York, COP (John Jay College)
5.75%, 8/15/2004 5,000,000 5,160,450
Franklin Solid Waste Management Authority,
Solid Waste System Revenue
6%, 6/1/2005 (Prerefunded 6/1/2003) 1,515,000 (a) 1,608,991
Huntington Housing Authority, Senior Housing Facility Revenue
(Gurwin Jewish Senior Residences) 5.50%, 5/1/2009 2,660,000 2,521,228
Long Island Power Authority, Electric System General Revenue:
5.25%, 12/1/2002 3,100,000 3,151,119
5%, 4/1/2008 (Insured; MBIA) 3,000,000 2,988,690
Metropolitan Transportation Authority
Transit Facilities Revenue:
5.50%, 7/1/2008 (Insured; MBIA) 4,380,000 4,458,665
5.625%, 7/1/2010 (Insured; MBIA) 4,895,000 5,004,697
5.125%, 7/1/2014 (Insured; FSA) 5,650,000 5,376,483
Nassau County, General Improvement
5.10%, 11/1/2011 (Insured; AMBAC) 3,725,000 3,657,354
Nassau County Health Care Corp.,
Health System Revenue 6%, 8/1/2012 (Insured; FSA) 4,000,000 4,179,000
New York City:
5.75%, 8/1/2002 (Insured; MBIA) 3,630,000 3,750,334
6.25%, 8/1/2009 3,070,000 3,269,642
6.25%, 8/1/2009 4,790,000 5,094,500
5.90%, 8/1/2010 5,000,000 5,196,450
5.125%, 8/1/2012 (Insured; FGIC) 4,250,000 4,145,323
4.875%, 8/1/2014 (Insured; FGIC) 3,345,000 3,061,980
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
New York City Housing Authority, Multi-Family Revenue
5.20%, 7/1/2004 (Insured; AMBAC) 2,275,000 2,272,224
New York City Industrial Development Agency,
Industrial Development Revenue
(Field Hotel Associates L.P. JFK Project)
5.80%, 11/1/2013 6,000,000 5,671,200
New York City Transitional Finance Authority,
Revenue (Future Tax Secured):
5.25%, 11/15/2013 3,000,000 2,931,780
5%, 11/1/2015 (Insured; FGIC) 4,000,000 3,697,160
New York City Industrial Development Agency,
Civic Facility Revenue (College of Aeronautics Project):
5.10%, 5/1/2008 500,000 482,110
5.25%, 5/1/2010 555,000 532,606
5.30%, 5/1/2011 585,000 558,769
New York State:
COP 5%, 3/1/2003 2,870,000 2,889,631
COP 4.40%, 8/1/2003 2,355,000 2,321,323
5.50%, 8/15/2006 4,300,000 4,451,876
5.40%, 10/1/2008 1,430,000 1,461,489
New York State Dormitory Authority, Revenue:
(Carmel Richmond Nursing Home)
5%, 7/1/2015 (LOC: Allied Irish Bank PLC) 2,000,000 1,777,840
(City University):
5.70%, 7/1/2005 3,500,000 3,603,355
5.25%, 7/1/2006 (Insured; FGIC) 3,000,000 3,071,070
5.75%, 7/1/2009 8,085,000 8,272,895
(Cornell University) 5.40%, 7/1/2009 4,000,000 4,089,400
(Department of Health):
5.50%, 7/1/2005 1,000,000 1,021,370
6%, 7/1/2005 2,500,000 2,613,600
6%, 7/1/2006 2,350,000 2,458,241
(Highland Community Development Corp.)
5.50%, 7/1/2001 (LOC; Marine Midland Bank) 4,660,000 4,702,639
Lease (Court Facilities--Westchester County) 5%, 8/1/2010 6,320,000 6,219,575
(Mental Health Services Facilities):
6%, 8/15/2006 3,320,000 3,482,846
6%, 2/15/2007 5,640,000 5,899,214
(Schools Program):
5.25%, 7/1/2009 2,475,000 2,446,463
5.25%, 7/1/2010 2,720,000 2,675,474
5.25%, 7/1/2011 1,435,000 1,397,891
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenue (continued):
Secured Hospital:
(Bronx-Lebanon Hospital Center)
5.10%, 2/15/2012 2,475,000 2,394,662
(Interfaith Medical Center)
5.375%, 2/15/2012 3,340,000 3,243,708
(State Service Contract--Albany County):
5.10%, 4/1/2010 2,310,000 2,241,416
5.25%, 4/1/2011 1,210,000 1,179,169
(State University Educational Facilities):
6.10%, 5/15/2005 (Prerefunded 5/15/2003) 2,630,000 (a) 2,809,734
6.10%, 5/15/2008 (Prerefunded 5/15/2004) 2,000,000 (a) 2,153,560
(Terence Cardinal Cooke Health) 4.50%, 7/1/2010 3,500,000 3,302,880
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 5,450,136
5.40%, 4/1/2005 (Insured; CMAC) 2,000,000 2,054,340
New York State Environmental Facilities Corp., PCR:
Special Obligation:
(Riverbank State Park) 7.10%, 4/1/2002 1,130,000 1,197,325
(State Park Infrastructure) 5.75%, 3/15/2008 2,475,000 2,511,828
(State Water Revolving Fund):
6.20%, 3/15/2004 1,700,000 1,790,508
6.35%, 6/15/2006 (Prerefunded 6/15/2004) 1,195,000 (a) 1,293,110
New York State Housing Finance Agency, Revenue:
(Housing Mortgage Project)
5.875%, 11/1/2010 (Insured; FSA) 3,930,000 4,044,049
(Service Contract Obligation):
5.25%, 3/15/2011 3,465,000 3,362,783
5.25%, 9/15/2011 3,610,000 3,500,184
New York State Local Government Assistance Corp.:
5.125%, 4/1/2013 (Insured; MBIA) 4,000,000 3,875,760
5.375%, 4/1/2014 3,000,000 2,926,620
New York State Medical Care Facilities Finance Agency, Revenue
(Hospital and Nursing Home)
5.875%, 2/15/2008 (Insured; FHA) 2,000,000 2,074,560
New York State Mortgage Agency,
Revenue (Homeowner Mortgage):
6.15%, 10/1/2001 1,225,000 1,247,026
5.20%, 10/1/2008 1,320,000 1,317,492
5.30%, 10/1/2009 2,645,000 2,622,835
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
New York State Thruway Authority:
(Emergency Highway Reconditioning and Preservation)
6%, 1/1/2002 (Insured; FSA) 2,000,000 2,062,420
General Revenue:
5.70%, 1/1/2008 (Insured; FGIC)(Prerefunded 1/1/2005) 3,000,000 (a) 3,182,250
(Highway and Bridge Trust Fund):
5.25%, 4/1/2009 (Insured; FGIC) 4,500,000 4,557,645
5.30%, 4/1/2010 (Insured; AMBAC) 1,680,000 1,696,666
5.25%, 4/1/2014 (Insured; FGIC) 4,425,000 4,296,719
Service Contract Revenue (Local Highway and Bridge):
5.625%, 4/1/2007 3,315,000 3,394,693
5.90%, 4/1/2007 7,000,000 7,284,270
New York State Urban Development Corp.
Project (Onondaga County Convention):
6.25%, 1/1/2007 1,725,000 1,830,587
6.25%, 1/1/2008 1,830,000 1,942,417
6.25%, 1/1/2009 1,950,000 2,064,524
6.25%, 1/1/2010 2,065,000 2,171,761
Niagara Falls, City School District COP
High School Facility:
5.625%, 6/15/2010 1,735,000 1,720,686
5.625%, 6/15/2013 2,045,000 2,005,123
Oneida County Public Improvement
Zero Coupon, 4/15/2014 (Insured; AMBAC) 1,000,000 442,060
Onondaga County Industrial Development Agency, PCR
(Anheuser-Busch Co. Inc. Project) 6.625%, 8/1/2006 4,000,000 4,301,120
Orange County Industrial Development Agency,
Life Care Community Revenue (The Glen Arden Inc. Project):
4.90%, 1/1/2002 285,000 282,697
5%, 1/1/2003 220,000 217,378
5.10%, 1/1/2004 425,000 417,873
5.20%, 1/1/2005 225,000 219,964
5.30%, 1/1/2006 250,000 243,503
5.35%, 1/1/2007 225,000 217,753
Port Authority of New York and New Jersey:
(Construction-119th Series)
5.75%, 9/15/2011 (Insured; FGIC) 3,500,000 3,617,915
Special Project Bonds
(JFK International Air Terminal LLC Project)
6.25%, 12/1/2011 (Insured; MBIA) 5,500,000 5,952,045
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
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.) 2,000,000 2,260,300
Scotia Housing Authority, Revenue
(Coburg Village, Inc. Project):
5%, 1/1/2001 130,000 129,900
5.10%, 7/1/2001 135,000 134,653
5.10%, 1/1/2002 135,000 134,305
5.20%, 7/1/2002 145,000 144,243
5.20%, 1/1/2003 145,000 143,882
5.30%, 7/1/2003 150,000 148,821
5.30%, 1/1/2004 155,000 153,242
5.35%, 7/1/2004 155,000 152,903
5.35%, 1/1/2005 160,000 157,120
5.40%, 7/1/2005 165,000 161,787
5.40%, 1/1/2006 170,000 166,019
5.45%, 7/1/2006 175,000 170,632
5.45%, 1/1/2007 180,000 174,726
5.50%, 7/1/2007 185,000 179,287
5.50%, 1/1/2008 190,000 183,008
5.55%, 7/1/2008 195,000 187,498
Suffolk County Industrial Development Agency:
IDR (Nissequoque Cogen Partners Facility) 4.875%, 1/1/2008 2,250,000 2,126,070
Solid Waste Disposal Facility Revenue 7.04%, 10/1/2005 4,590,000 (b) 4,899,825
Suffolk County Judicial Facilities Agency,
Service Agreement Revenue
(John P Cohalan Complex) 5%, 4/15/2016 (Insured; AMBAC) 2,720,000 2,501,203
Suffolk County Water Authority, Waterworks Revenue
5.10%, 6/1/2003 (Insured; MBIA) 3,545,000 3,611,504
Syracuse:
COP (Syracuse Hancock International Airport)
6.50%, 1/1/2004 1,045,000 1,093,101
Public Improvement:
5.70%, 6/15/2004 (Prerefunded 6/15/2002) 1,850,000 (a) 1,936,894
5.70%, 6/15/2005 (Prerefunded 6/15/2002) 1,830,000 (a) 1,915,955
Syracuse Industrial Development Agency, Pilot Revenue
5.125%, 10/15/2002 (LOC; ABN AMRO Bank) 2,405,000 2,421,715
Triborough Bridge & Tunnel Authority,
Special Obligation 5.125%, 1/1/2015 (Insured; MBIA) 3,000,000 2,837,010
TSASC Inc.,Tabacco Flexible Amortization Bonds:
5.25%, 7/15/2011 2,675,000 2,639,369
5.375%, 7/15/2012 2,440,000 2,406,889
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
United Nations Development Corp. (Senior Lien):
5.30%, 7/1/2010 1,175,000 1,158,949
5.30%, 7/1/2011 910,000 889,407
Westchester County Industrial Development Agency, RRR:
Equity (Westchester Resco Co. Project) 5.50%, 7/1/2009 2,650,000 2,411,818
(Resco Co. Project) 5.50%, 7/1/2006 2,850,000 2,945,133
(Westchester Resco Co. Project) 5.125%, 7/1/2006 1,000,000 1,008,290
Yonkers
GO:
5%, 9/1/2009 (Insured; FGIC) 1,040,000 1,025,336
5%, 9/1/2010 (Insured; FGIC) 1,165,000 1,138,869
5%, 9/1/2011 (Insured; FGIC) 1,000,000 968,400
5.25%, 12/1/2015 (Insured; AMBAC) 2,110,000 1,999,520
U.S. RELATED--4.6%
Commonwealth of Puerto Rico
Improvement 5.375%, 7/1/2005 2,250,000 2,314,305
Puerto Rico Telephone Authority, Revenue
6.363%, 1/25/2007 (Insured; MBIA) (Prerefunded 1/1/2003) 3,925,000 (a,b) 4,180,125
Virgin Islands Public Finance Authority, Revenue
Fund Loan Notes, Senior Lien 5.50%, 10/1/2004 3,000,000 3,058,350
Virgin Islands Water and Power Authority, Electric System:
5.125%, 7/1/2004 1,455,000 1,465,272
5.125%, 7/1/2011 4,230,000 4,132,329
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $327,521,469) 98.9% 328,824,473
CASH AND RECEIVABLES (NET) 1.1% 3,763,932
NET ASSETS 100.0% 332,588,405
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond GO General Obligation
Assurance Corporation IDR Industrial Development
CMAC Capital Market Revenue
Assurance Corporation LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors
FGIC Financial Guaranty Assurance Insurance
Insurance Company Corporation
FHA Federal Housing Administration PCR Pollution Control Revenue
FSA Financial Security Assurance RRR Resources Recovery Revenue
Summary of Combined Ratings
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 39.2
AA Aa AA 12.8
A A A 35.6
BBB Baa BBB 7.5
Not Rated (c) Not Rated (c) Not Rated (c) 4.9
100.0
A BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE
EARLIEST REFUNDING DATE.
B INVERSE FLOATER SECURITY--THE INTEREST RATE IS SUBJECT TO CHANGE
PERIODICALLY
C SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 327,521,469 328,824,473
Interest receivable 5,262,513
Prepaid expenses 5,750
334,092,736
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 196,472
Due to Distributor 18,044
Cash overdraft due to Custodian 1,226,314
Payable for shares of Beneficial Interest redeemed 2,197
Accrued expenses 61,304
1,504,331
- --------------------------------------------------------------------------------
NET ASSETS ($) 332,588,405
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 330,212,916
Accumulated undistributed investment income--net
Accumulated net realized gain (loss) on investments 1,072,485
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 1,303,004
- --------------------------------------------------------------------------------
NET ASSETS ($) 332,588,405
- --------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
18,828,996
NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($)
17.66
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended November 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 9,143,394
EXPENSES:
Management fee--Note 3(a) 1,044,342
Shareholder servicing costs--Note 3(b) 530,977
Trustees' fees and expenses--Note 3(c) 18,164
Custodian fees 17,716
Professional fees 13,394
Prospectus and shareholders' reports--3(b) 8,102
Registration fees 3,758
Loan commitment fees--Note 2 2,221
Miscellaneous 17,061
TOTAL EXPENSES 1,655,735
Less--reduction in management fee due to
undertaking--Note 3(a) (261,057)
NET EXPENSES 1,394,678
INVESTMENT INCOME--NET 7,748,716
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (1,097,560)
Net unrealized appreciation (depreciation) on investments (11,598,991)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (12,696,551)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (4,947,835)
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1999 Year Ended
(Unaudited) May 31, 1999
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 7,748,716 15,924,901
Net realized gain (loss) on investments (1,097,560) 4,083,315
Net unrealized appreciation (depreciation)
on investments (11,598,991) (6,345,358)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (4,947,835) 13,662,858
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (7,878,461) (15,879,865)
Net realized gain on investments -- (4,150,285)
TOTAL DIVIDENDS (7,878,461) (20,030,150)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold 19,045,478 68,623,498
Dividends reinvested 6,403,546 16,485,740
Cost of shares redeemed (46,560,819) (77,696,631)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (21,111,795) 7,412,607
TOTAL INCREASE (DECREASE) IN NET ASSETS (33,938,091) 1,045,315
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 366,526,496 365,481,181
END OF PERIOD 332,588,405 366,526,496
Undistributed investment income--net -- 129,745
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 1,064,209 3,675,854
Shares issued for dividends reinvested 359,800 882,130
Shares redeemed (2,608,620) (4,167,561)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,184,611) 390,423
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Six Months Ended
November 30, 1999 Year Ended May 31,
----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 18.31 18.62 18.06 17.83 18.05 17.71
Investment Operations:
Investment income--net .41 .80 .82 .83 .85 .86
Net realized and unrealized
gain (loss) on investments (.64) (.10) .65 .41 (.22) .34
Total from Investment Operations (.23) .70 1.47 1.24 .63 1.20
Distributions:
Dividends from investment
income--net (.42) (.80) (.82) (.83) (.85) (.86)
Dividends from net realized
gain on investments -- (.21) (.09) (.18) -- --
Total Distributions (.42) (1.01) (.91) (1.01) (.85) (.86)
Net asset value, end of period 17.66 18.31 18.62 18.06 17.83 18.05
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (2.67)(a) 3.75 8.25 7.12 3.52 7.04
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .80(a) .80 .80 .80 .84 .96
Ratio of net investment income
to average net assets 4.45(a) 4.28 4.44 4.64 4.69 4.91
Decrease reflected in above
expense ratios due to
undertakings by the Manager .15(a) .14 .15 .16 .12 --
Portfolio Turnover Rate 19.29(b) 33.08 42.40 45.29 47.48 29.78
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of
period ($ x 1,000) 332,588 366,526 365,481 357,530 365,148 359,199
A ANNUALIZED.
B NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of the
fund's shares, which are sold to the public without a sales charge.
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 dis The Fun
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
counts 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.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "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, 1999, 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 from June 1,
1999 to November 30, 1999 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 $261,057 during the period ended November 30, 1999
(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, The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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,
1999, the fund was charged $436,918 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, 1999, the fund was charged $59,620 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 shares redeemed
within fifteen days of their issuance, including on redemptions through the use
of the fund' s exchange privilege. During the period ended November 30, 1999,
redemption fees retained by the fund amounted to $55.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended November 30, 1999, amounted to
$66,073,583 and $86,024,372, respectively.
At November 30, 1999, accumulated net unrealized appreciation on investments was
$1,303,004, consisting of $6,252,533 gross unrealized appreciation and
$4,949,529 gross unrealized depreciation.
At November 30, 1999, 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).
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 705SA9911
