lp1-591.htm - Generated by SEC Publisher for SEC Filing

N-CSR 1 lp1-591.htm ANNUAL REPORT lp1-591.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-05021

	Dreyfus Premier Short-Intermediate Municipal Bond Fund
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		3/31
Date of reporting period:		3/31/2016

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus Short-Intermediate Municipal Bond Fund


		ANNUAL REPORT March 31, 2016

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND


A Letter from the President	2
Discussion of Fund Performance	3
Fund Performance	5
Understanding Your Fund’s Expenses	7
Comparing Your Fund’s Expenses
With Those of Other Funds	7
Statement of Investments	8
Statement of Assets and Liabilities	19
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	23
Notes to Financial Statements	27
Report of Independent Registered
Public Accounting Firm	34
Important Tax Information	35
Board Members Information	36
Officers of the Fund	39

FOR MORE INFORMATION

Back Cover


	Dreyfus Short-Intermediate Municipal Bond Fund		The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Short-Intermediate Municipal Bond Fund, covering the 12-month period from April 1, 2015, through March 31, 2016. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

The reporting period was a time of varied and, at times, conflicting economic influences. On one hand, the U.S. economy continued to grow as domestic labor markets posted significant gains, housing markets recovered, and lower fuel prices put cash in consumers’ pockets. Indeed, these factors, along with low inflation, prompted the Federal Reserve Board in December 2015 to raise short-term interest rates for the first time in nearly a decade.

On the other hand, the global economy continued to disappoint, particularly in China and other emerging markets, where reduced industrial demand and declining currency values sparked substantial declines in commodity prices. These developments proved especially challenging for financial markets in August 2015 and January 2016, when stocks and high yield bonds fell sharply. However, riskier asset classes subsequently recovered a significant portion of their losses when investors’ worst fears failed to materialize.

While we are encouraged that stabilizing commodity prices and continued strength in the U.S. economy have recently supported the financial markets, we expect market volatility to persist over the foreseeable future until global economic uncertainty abates. In addition, wide differences in underlying fundamental and technical influences across various asset classes, economic sectors, and regional markets suggest that selectivity may be an important determinant of investment success over the months ahead. We encourage you to discuss the implications of our observations with your financial advisor.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona
President
The Dreyfus Corporation
April 15, 2016

DISCUSSION OF FUND PERFORMANCE

For the period of April 1, 2015, through March 31, 2016, as provided by Thomas Casey and Jeffrey Burger, Primary Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended March 31, 2016, Dreyfus Short-Intermediate Municipal Bond Fund’s Class A shares produced a total return of 0.95%, Class D shares returned 1.10%, Class I shares returned 1.20%, and Class Y shares returned 1.21%.¹ In comparison, the fund’s benchmark, the Barclays 3-Year Municipal Bond Index (the “Index”), which is not subject to fees and expenses like a mutual fund, produced a total return of 1.54% for the same period.²

Municipal bonds produced positive total returns over the reporting period amid robust demand for competitive levels of after-tax income. The fund modestly lagged its benchmark, as its holdings of higher quality, lower yielding bonds trailed market averages.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal personal income tax. The fund invests only in municipal bonds rated investment grade or the unrated equivalent as determined by Dreyfus at the time of investment. The fund invests primarily in municipal bonds with remaining maturities of five years or less and generally maintains a dollar-weighted average portfolio maturity of two to three years.

The portfolio managers focus on identifying undervalued sectors and securities, and minimizing the use of interest rate forecasting. The portfolio managers select municipal bonds by using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market. They also actively trade among various sectors, such as pre-refunded, general obligation, and revenue, based on their apparent relative values. The fund seeks to invest in several of these sectors.

Flight to Safety Supported Municipal Bonds

Municipal bonds were influenced during the reporting period by bouts of economic uncertainty. The U.S. economy grew at a robust pace early in the reporting period, but global economic instability and declining commodity prices soon made investors more cautious. Consequently, investors turned away from riskier assets and toward high-quality securities. Demand was especially robust for securities with competitive income profiles, and the after-tax yields of municipal bonds generally compared favorably with those of taxable U.S. Treasury securities.

Municipal bonds with intermediate- and long-term maturities benefited from falling long-term interest rates, and short-term securities produced positive returns even as the Federal Reserve Board (the “Fed”) raised short-term interest rates in December 2015. Supply-and-demand influences in the municipal bond market also proved favorable. New issuance volumes increased over much of 2015 when issuers rushed to refinance existing debt before the Fed’s rate hike, but the supply of newly issued securities subsequently moderated amid steady investor demand.

Municipal bonds were further supported by generally improving credit conditions as tax revenues recovered beyond pre-recession levels for most states. Pockets of fiscal instability in Puerto Rico, Illinois, Chicago, and New Jersey had little impact on the national market.

DISCUSSION OF FUND PERFORMANCE (continued)

Higher Quality Holdings Dampened Relative Results

The fund’s performance compared to its benchmark was undermined to a modest degree by its holdings of higher quality municipal bonds. Lower yielding bonds backed by essential municipal services—such as sewer systems, waterworks, and education facilities—particularly weighed on relative results.

The fund achieved better relative performance through overweighted positions in higher yielding revenue bonds and underweighted exposure to general obligation and escrowed bonds. Results were especially strong among A-rated bonds backed by hospitals, airports, pre-paid gas contracts, and the states’ settlement of litigation with U.S. tobacco companies. The fund also benefited from lack of direct exposure to municipal bonds from Puerto Rico and Illinois.

Our interest rate strategies also proved advantageous, as a slightly long average duration and an emphasis on maturities in the four- to five-year range enabled the fund to participate more fully in the benefits of falling long-term interest rates.

A Constructive Investment Posture

We remain optimistic regarding the prospects for the municipal bond market as the U.S. economy continues to grow, but we are aware of the potential risks posed by political uncertainty and rising interest rates. As of the reporting period’s end, municipal bonds continued to offer competitive yields compared to U.S. Treasury securities. While we expect one or more additional rate hikes over the remainder of 2016, they likely will be modest and gradual.

Therefore, we have retained the fund’s slightly long average duration, which is intended to help capture incrementally higher levels of current income. We also have maintained underweighted exposure to general obligation bonds and relatively heavy positions in higher yielding revenue-backed bonds. To help control risks, we have constructed a diversified portfolio, including bonds backed by essential municipal services.

April 15, 2016

Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest rate changes, and rate increases can cause price declines.

¹Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares. Had this charge been reflected, returns would have been lower. Class D, I, and Y shares are not subject to any initial or deferred sales charge. 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, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable. Return figures provided reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect until August 1, 2016, at which time it may be extended, modified, or terminated. Had these expenses not been absorbed, the fund’s returns would have been lower.

²SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. The Barclays 3-Year Municipal Bond Index is an unmanaged total return performance benchmark for the investment-grade, geographically unrestricted 3-year tax-exempt bond market, consisting of municipal bonds with maturities of 2-4 years. Index returns do not reflect the fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Short-Intermediate Municipal Bond Fund Class A shares, Class D shares, Class I and Class Y shares and the Barclays 3-Year Municipal Bond Index

^† Source: Lipper Inc.

^†† The total return figures presented for Class A shares of the fund reflect the performance of the fund’s Class D shares for the period prior to 8/3/09 (the inception date for Class A shares), adjusted to reflect the applicable sales load for this share class.

The total return figures presented for Class I shares of the fund reflect the performance of the fund’s Class D shares for the period prior to 12/15/08 (the inception date for Class I shares).

The total return figures presented for Class Y shares of the fund reflect the performance of the fund’s Class D shares for the period prior to 7/1/13 (the inception date for Class Y shares).

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class D, Class I and Class Y shares of Dreyfus Short-Intermediate Municipal Bond Fund on 3/31/06 to a $10,000 investment made in the Barclays 3-Year Municipal Bond Index (the “Index”) on that date. All dividends and capital gain distributions are reinvested.

The fund invests primarily in short-intermediate term municipal securities and maintains a portfolio with a weighted average maturity ranging between 2 and 3 years. The fund’s performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes. The Index is an unmanaged total return performance benchmark for the investment-grade, geographically unrestricted 3-year tax-exempt bond market, consisting of municipal bonds with maturities of 2-4 years. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE (continued)


Average Annual Total Returns as of 3/31/16
	Inception Date	1 Year	5 Years	10 Years
Class A shares
with maximum sales charge (2.5%)	8/3/09	-1.55%	0.76%	2.14%^†
without sales charge	8/3/09	0.95%	1.28%	2.40%^†
Class D shares	4/30/87	1.10%	1.43%	2.50%
Class I shares	12/15/08	1.20%	1.52%	2.58%^†
Class Y shares	7/1/13	1.21%	1.50%^†	2.54%^†
Barclays 3-Year Municipal Bond Index		1.54%	1.80%	3.07%

Past performance is not predictive of future performance. The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In addition to the performance of Class A shares shown with and without a maximum sales charge, the fund’s performance shown in the table takes into account all other applicable fees and expenses on all classes.

^† The total return performance figures presented for Class A shares of the fund reflect the performance of the fund’s Class D shares for the period prior to 8/3/09 (the inception date for Class A shares), adjusted to reflect the applicable sales load for this share class.

The total return performance figures presented for Class I shares of the fund reflect the performance of the fund’s Class D shares for the period prior to 12/15/08 (the inception date for Class I shares).

The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund’s Class D shares for the period prior to 7/1/13 (the inception date for Class Y shares).

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Short-Intermediate Municipal Bond Fund from October 1, 2015 to March 31, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended March 31, 2016

	Class A	Class D	Class I	Class Y
Expenses paid per $1,000^†	$ 3.71	$ 2.96	$ 2.46	$ 2.46
Ending value (after expenses)	$1,005.80	$1,006.60	$1,007.10	$1,007.10

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended March 31, 2016

	Class A	Class D	Class I	Class Y
Expenses paid per $1,000^†	$ 3.74	$ 2.98	$ 2.48	$ 2.48
Ending value (after expenses)	$1,021.30	$1,022.05	$1,022.55	$1,022.55

† Expenses are equal to the fund’s annualized expense ratio of .74% for Class A, .59% for Class D, .49% for Class I and .49% for Class Y, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

March 31, 2016



Long-Term Municipal Investments - 97.9%	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Alabama - 1.1%
Alabama Public School and College Authority, Capital Improvement Revenue	5.00	1/1/19	5,000,000		5,556,950
Arizona - 2.5%
Arizona School Facilities Board, COP	5.00	9/1/20	2,500,000		2,900,375
Phoenix Civic Improvement Corporation, Junior Lien Wastewater System Revenue	5.00	7/1/18	3,150,000		3,446,604
Phoenix Civic Improvement Corporation, Transit Excise Tax Revenue (Light Rail Project)	5.00	7/1/17	3,000,000		3,162,960
Tucson, Water System Revenue	5.00	7/1/20	3,000,000		3,480,870
				12,990,809
Arkansas - .2%
Arkansas Development Finance Authority, HR (Washington Regional Medical Center)	5.00	2/1/20	1,070,000		1,201,246
California - 1.7%
California, GO (Various Purpose)	5.00	12/1/19	3,105,000		3,563,081
California State Public Works Board, LR (Judicial Council of California) (New Stockton Courthouse)	5.00	10/1/19	1,500,000		1,709,190
North Natomas Community Facilities District Number 4, Special Tax Bonds	5.00	9/1/17	1,430,000		1,509,622
University of California Regents, General Revenue	5.00	5/15/20	1,500,000		1,746,510
				8,528,403
Colorado - .9%
City and County of Denver, Airport System Subordinate Revenue	5.00	11/15/18	1,180,000		1,294,590
Colorado Educational and Cultural Facilities Authority, Revenue (Johnson and Wales University Project)	5.00	4/1/18	2,000,000		2,150,380
Jefferson County School District Number R-1, GO	3.00	12/15/16	1,000,000		1,017,230
				4,462,200
Connecticut - .9%
Connecticut, Special Tax Obligation Revenue (Transportation Infrastructure Purposes)	4.00	9/1/18	2,750,000		2,959,935



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Connecticut - .9% (continued)
Connecticut, Special Tax Obligation Revenue (Transportation Infrastructure Purposes)	5.00	8/1/19	1,500,000		1,697,340
				4,657,275
District of Columbia - .2%
District of Columbia, Income Tax Secured Revenue	5.00	12/1/16	1,200,000		1,236,360
Florida - 7.7%
Citizens Property Insurance Corporation, Coastal Account Senior Secured Revenue	5.00	6/1/20	5,700,000		6,466,935
Citizens Property Insurance Corporation, Personal Lines Account/Commercial Lines Account Senior Secured Revenue	5.00	6/1/19	5,000,000		5,604,850
Florida Board of Education, Public Education Capital Outlay Bonds	5.00	6/1/18	3,425,000		3,739,175
Florida Department of Transportation, Turnpike Revenue	5.00	7/1/17	4,365,000		4,602,107
Florida Department of Transportation, Turnpike Revenue	5.00	7/1/19	3,270,000		3,693,923
Florida Department of Transportation, Turnpike Revenue	5.00	7/1/20	1,850,000		2,148,738
Higher Educational Facilities Financing Authority, Revenue (The University of Tampa Project)	4.00	4/1/16	1,250,000		1,250,000
Lee County, Transportation Facilities Revenue (Insured; Assured Guaranty Municipal Corp.)	5.00	10/1/19	1,200,000		1,361,136
Miami-Dade County, Aviation Revenue	4.00	10/1/17	3,725,000		3,901,788
Miami-Dade County, Aviation Revenue	5.00	10/1/20	3,100,000		3,586,855
South Florida Water Management District, COP (Master Lease Purchase Agreement)	5.00	10/1/20	1,500,000		1,754,160
Tampa, Capital Improvement Cigarette Tax Allocation Revenue (H. Lee Moffitt Cancer Center Project)	4.00	9/1/17	1,055,000		1,100,618
				39,210,285
Georgia - 4.6%
Georgia, GO	5.00	2/1/17	5,000,000		5,186,250
Gwinnett County School District, Sales Tax GO	5.00	8/1/20	4,000,000		4,682,360
Main Street Natural Gas, Inc., Gas Project Revenue (Guaranty Agreement; JPMorgan Chase Bank)	5.00	3/15/19	2,000,000		2,206,080
Municipal Electric Authority of Georgia, Revenue (Project One Subordinated Bonds)	5.00	1/1/19	2,315,000		2,567,520

STATEMENT OF INVESTMENTS (continued)



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Georgia - 4.6% (continued)
Municipal Electric Authority of Georgia, Revenue (Project One Subordinated Bonds)	5.00	1/1/20	5,475,000		6,248,563
Public Gas Partners, Inc., Gas Project Revenue (Gas Supply Pool Number 1)	5.00	10/1/16	2,800,000		2,863,476
				23,754,249
Illinois - 8.9%
Chicago, Customer Facility Charge Senior Lien Revenue (Chicago O'Hare International Airport)	5.00	1/1/18	1,105,000		1,178,074
Chicago, General Airport Senior Lien Revenue (Chicago O'Hare International Airport)	5.00	1/1/17	4,350,000		4,487,938
Chicago, Second Lien Wastewater Transmission Revenue	5.00	1/1/20	1,985,000		2,189,971
Chicago, Second Lien Water Revenue Project	4.25	11/1/18	1,050,000		1,114,166
Greater Chicago Metropolitan Water Reclamation District, GO	5.00	12/1/19	1,700,000		1,934,192
Greater Chicago Metropolitan Water Reclamation District, GO	5.00	12/1/20	1,850,000		2,158,469
Illinois, Sales Tax Revenue (Build Illinois Bonds)	5.00	6/15/17	5,570,000		5,857,579
Illinois, Sales Tax Revenue (Build Illinois Bonds) (Insured; National Public Finance Guarantee Corp.)	5.75	6/15/18	2,930,000		3,231,116
Illinois Finance Authority, Revenue (OFS Healthcare System)	5.00	11/15/20	2,405,000		2,769,622
Illinois Finance Authority, Revenue (The University of Chicago Medical Center)	5.00	8/15/16	2,105,000		2,139,901
Illinois Finance Authority, Revenue (The University of Chicago)	5.00	10/1/20	2,590,000		3,016,780
Illinois Finance Authority, Revenue (The University of Chicago)	5.00	10/1/20	1,200,000		1,397,736
Kane County Forest Preserve District, GO	4.00	12/15/16	6,000,000		6,139,860
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue	5.00	6/1/18	5,500,000		5,944,730
Springfield, Senior Lien Electric Revenue	5.00	3/1/20	2,000,000		2,272,120
				45,832,254
Indiana - .6%
Richmond Hospital Authority, Revenue (Reid Hospital Project)	5.00	1/1/20	1,000,000		1,130,070



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Indiana - .6% (continued)
Rockport, PCR (Indiana Michigan Power Company Project)	1.75	6/1/18	2,000,000		2,010,540
				3,140,610
Kansas - .5%
Kansas Department of Transportation, Highway Revenue	0.69	9/1/19	1,180,000	^a	1,169,179
Kansas Turnpike Authority, Turnpike Revenue	5.00	9/1/17	1,255,000		1,331,229
				2,500,408
Louisiana - 1.8%
East Baton Rouge Sewerage Commission, Revenue	5.00	2/1/20	1,000,000		1,146,550
Louisiana Citizens Property Insurance Corporation, Assessment Revenue	5.00	6/1/20	3,100,000		3,543,765
Tobacco Settlement Financing Corporation of Louisiana, Tobacco Settlement Asset-Backed Bonds	5.00	5/15/18	4,250,000		4,595,270
				9,285,585
Maryland - 1.2%
Maryland, GO (State and Local Facilities Loan)	5.25	8/1/20	5,000,000		5,905,850
Michigan - 5.1%
Michigan, State Trunk Line Revenue	5.00	11/15/17	3,830,000		4,094,844
Michigan Building Authority, Revenue (Facilities Program)	5.00	4/15/20	2,200,000		2,533,036
Michigan Finance Authority, Local Government Loan Program Revenue (Detroit Water and Sewerage Department, Water Supply System Revenue Senior Lien Local Project Bonds) (Insured; Assured Guaranty Municipal Corp.)	5.00	7/1/20	1,000,000		1,149,350
Michigan Finance Authority, Local Government Loan Program Revenue (School District of the City of Detroit State Qualified Unlimited Tax GO Local Project Bonds)	5.00	5/1/19	4,250,000		4,729,187
Michigan Finance Authority, Revenue (School District of the City of Detroit)	5.00	6/1/17	3,000,000		3,111,990
Michigan Finance Authority, Student Loan Revenue	5.00	11/1/19	1,600,000		1,766,304
Michigan Finance Authority, Unemployment Obligation Assessment Revenue	5.00	1/1/21	3,000,000		3,393,060
Wayne County Airport Authority, Airport Revenue (Detroit Metropolitan Wayne County Airport)	5.00	12/1/19	5,000,000		5,574,850
				26,352,621

STATEMENT OF INVESTMENTS (continued)



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Minnesota - 1.4%
Minnesota, State General Fund Appropriation Bonds	5.00	3/1/17	5,470,000		5,689,511
University of Minnesota Regents, GO	5.00	12/1/16	1,520,000		1,566,147
				7,255,658
Missouri - 1.9%
Kansas City, Sanitary Sewer System Improvement Revenue	4.00	1/1/21	1,000,000		1,133,340
Missouri Development Finance Board, Infrastructure Facilities Revenue (Branson Landing Project)	5.00	6/1/20	3,960,000		4,522,003
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue (Iatan 2 Project)	4.00	1/1/19	1,500,000		1,623,870
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue (Prairie State Project)	5.00	12/1/19	2,335,000		2,666,010
				9,945,223
Nebraska - .7%
Omaha Public Power District, Electric System Revenue	5.00	2/1/19	3,150,000		3,508,722
Nevada - 1.6%
Nevada, Highway Revenue (Motor Vehicle Fuel Tax)	4.00	12/1/17	5,000,000		5,270,850
Nevada, Unemployment Compensation Fund Special Revenue	5.00	6/1/18	2,500,000		2,682,425
				7,953,275
New Jersey - 3.0%
New Jersey Economic Development Authority, Cigarette Tax Revenue	5.00	6/15/17	2,000,000		2,068,880
New Jersey Economic Development Authority, School Facilities Construction Revenue	5.00	6/15/20	1,275,000		1,384,204
New Jersey Educational Facilities Authority, Higher Education Facilities Trust Fund Revenue	5.00	6/15/19	1,980,000		2,138,519
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Revenue	5.00	12/1/20	3,000,000		3,345,570
New Jersey Turnpike Authority, Turnpike Revenue	0.95	1/1/18	2,500,000	^a	2,491,275
New Jersey Turnpike Authority, Turnpike Revenue	5.00	1/1/19	3,720,000		4,120,421
				15,548,869



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
New Mexico - 1.4%
Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System Revenue	5.00	7/1/20	1,675,000		1,954,608
New Mexico Municipal Energy Acquisition Authority, Gas Supply Revenue	0.81	8/1/17	5,395,000	^a	5,396,672
				7,351,280
New York - 17.1%
Long Island Power Authority, Electric System General Revenue	1.19	11/1/18	2,500,000	^a	2,489,075
Metropolitan Transportation Authority, Transportation Revenue	5.00	11/15/17	1,500,000		1,605,240
Metropolitan Transportation Authority, Transportation Revenue	5.00	11/15/18	1,000,000		1,108,210
Metropolitan Transportation Authority, Transportation Revenue	5.00	11/15/19	4,330,000		4,942,522
Metropolitan Transportation Authority, Transportation Revenue	5.00	11/15/20	1,500,000		1,753,050
Metropolitan Transportation Authority, Transportation Revenue	5.00	11/15/20	1,500,000		1,753,050
Nassau County, GO (General Improvement)	5.00	1/1/20	5,000,000		5,690,650
New York City, GO	5.00	8/1/18	2,500,000		2,740,775
New York City, GO	5.00	8/1/19	5,750,000		6,507,792
New York City, GO	5.00	8/1/20	3,830,000		4,453,256
New York City Industrial Development Agency, Senior Airport Facilities Revenue (Transportation Infrastructure Properties, LLC Obligated Group)	5.00	7/1/17	2,000,000		2,088,360
New York City Transitional Finance Authority, Building Aid Revenue	5.00	7/15/20	1,500,000		1,741,350
New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue (Escrowed to Maturity)	5.00	11/1/16	955,000		979,754
New York City Transitional Finance Authority, Revenue (New York City Recovery)	5.00	11/1/17	3,550,000		3,795,163
New York State Dormitory Authority, Revenue (State University of New York Dormitory Facilities)	5.00	7/1/18	1,750,000		1,914,780
New York State Dormitory Authority, State Personal Income Tax Revenue (General Purpose)	5.00	3/15/17	5,000,000		5,212,800
New York State Dormitory Authority, State Personal Income Tax Revenue (General Purpose)	5.00	2/15/19	2,500,000		2,785,425

STATEMENT OF INVESTMENTS (continued)



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
New York - 17.1% (continued)
New York State Dormitory Authority, State Personal Income Tax Revenue (General Purpose)	5.00	2/15/19	3,535,000		3,938,591
New York State Dormitory Authority, State Sales Tax Revenue	5.00	3/15/20	4,000,000		4,618,640
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations	5.00	5/1/19	3,000,000		3,364,740
New York Transportation Development Corporation, Special Facility Revenue (Terminal One Group Association, L.P. Project)	5.00	1/1/17	5,000,000		5,157,050
New York Transportation Develpoment Corporation, Special Facility Revenue (Terminal One Group Association, L.P. Project)	5.00	1/1/19	5,000,000		5,509,500
Port Authority of New York and New Jersey, (Consolidated Bonds, 175th Series)	5.00	12/1/17	3,000,000		3,215,580
Port Authority of New York and New Jersey, (Consolidated Bonds, 185th Series)	5.00	9/1/20	3,400,000		3,934,990
Triborough Bridge and Tunnel Authority, General Revenue (MTA Bridges and Tunnels)	4.00	11/15/17	1,500,000		1,583,580
Triborough Bridge and Tunnel Authority, General Revenue (MTA Bridges and Tunnels)	0.64	12/3/19	5,000,000	^a	4,905,200
				87,789,123
North Carolina - 1.7%
Charlotte, COP (Equipment Acquisition and Public Facilities)	4.00	12/1/16	5,735,000		5,868,339
Charlotte, Water and Sewer System Revenue	5.00	7/1/20	2,400,000		2,802,816
				8,671,155
Ohio - .8%
Ohio, Common Schools GO Bonds	5.00	3/15/17	4,000,000		4,167,600
Pennsylvania - 4.1%
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue	5.00	7/1/17	10,835,000		11,427,674
Philadelphia, Gas Works Revenue	5.00	8/1/20	4,335,000		4,998,688
Philadelphia School District, GO	5.00	9/1/21	4,250,000		4,701,860
				21,128,222
Rhode Island - .5%
Tobacco Settlement Financing Corporation of Rhode Island, Tobacco Settlement Asset-Backed Bonds	5.00	6/1/20	2,020,000		2,283,065



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Tennessee - 1.4%
Tennessee Energy Acquisition Corporation, Gas Project Revenue	5.25	9/1/21	2,000,000		2,355,680
Tennessee Energy Acquisition Corporation, Gas Project Revenue (Guaranteed Agreement; Goldman Sachs Group, Inc.)	5.00	2/1/21	2,905,000		3,334,853
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds	5.00	11/1/19	1,350,000		1,541,984
				7,232,517
Texas - 15.8%
Arlington Independent School District, Unlimited Tax School Building Bonds (Permanent School Fund Guarantee Program)	5.00	2/15/19	1,295,000		1,444,223
Dallas, GO	5.00	2/15/17	5,870,000		6,096,406
Dallas and Fort Worth, Joint Revenue (Dallas/Fort Worth International Airport)	5.00	11/1/17	7,400,000		7,886,698
Dallas and Fort Worth, Joint Revenue (Dallas/Fort Worth International Airport)	5.00	11/1/18	1,000,000		1,102,640
Dallas Independent School District, Unlimited Tax Bonds (Permanent School Fund Guarantee Program)	5.00	8/15/17	1,995,000		2,114,700
Dickinson Independent School District, Unlimited Tax Bonds (Permanent School Fund Guarantee Program)	5.00	2/15/20	3,260,000		3,732,961
Harris County-Houston Sports Authority, Senior Lien Revenue	5.00	11/15/19	1,500,000		1,706,010
Houston, Combined Utility System First Lien Revenue	5.00	11/15/19	1,380,000		1,575,477
Houston, Combined Utility System First Lien Revenue	1.30	5/1/20	5,000,000	^a	4,978,750
Houston, Public Improvement GO	5.00	3/1/18	5,000,000		5,395,650
Houston, Public Improvement GO	5.00	3/1/20	2,800,000		3,199,336
Lake Travis Independent School District, Unlimited Tax School Building Bonds (Permanent School Fund Guarantee Program)	4.00	2/15/18	4,640,000		4,922,251
Love Field Airport Modernization Corporation, General Airport Revenue	5.00	11/1/20	1,000,000		1,152,200
Love Field Airport Modernization Corporation, Special Facilities Revenue (Southwest Airlines Company - Love Field Modernization Program Project)	5.00	11/1/16	2,340,000		2,394,148

STATEMENT OF INVESTMENTS (continued)



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Texas - 15.8% (continued)
Lower Colorado River Authority, Transmission Contract Revenue (Lower Colorado River Authority Transmission Services Corporation Project)	4.00	5/15/20	1,000,000		1,111,590
North Texas Tollway Authority, First Tier System Revenue	5.00	1/1/20	2,000,000		2,277,840
North Texas Tollway Authority, Second Tier System Revenue	5.00	1/1/20	1,025,000		1,161,335
Plano Independent School District, Unlimited Tax Bonds (Permanent School Fund Guarantee Program)	5.00	2/15/21	2,040,000		2,395,470
Rockwall, Improvement GO	5.00	8/1/20	4,695,000		5,450,895
Sam Rayburn Municipal Power Agency, Power Supply System Revenue	5.00	10/1/16	1,000,000		1,021,930
San Antonio, Electric and Gas Systems Junior Lien Revenue	5.00	2/1/20	6,000,000		6,900,660
San Antonio, Water System Junior Lien Revenue	5.00	5/15/19	1,000,000		1,125,050
Tarrant Regional Water District A Water Control and Improvement District, Water Revenue	5.00	3/1/17	1,360,000		1,414,577
Texas, GO (College Student Loan Bonds)	5.00	8/1/21	4,115,000		4,882,530
Texas Transportation Commission, State Highway Fund Revenue	5.00	10/1/20	3,000,000		3,518,790
Waco, Combination Tax and Revenue Certificates of Obligation	5.00	2/1/20	1,500,000		1,716,630
				80,678,747
Utah - 1.9%
Intermountain Power Agency, Subordinated Power Supply Revenue	4.00	7/1/17	7,000,000		7,290,500
Intermountain Power Agency, Subordinated Power Supply Revenue	5.00	7/1/19	2,000,000		2,256,540
				9,547,040
Virginia - 1.1%
Virginia Public School Authority, School Technology and Security Notes	5.00	4/15/18	5,000,000		5,429,450
Washington - 4.5%
Energy Northwest, Electric Revenue (Columbia Generating Station)	5.00	7/1/18	5,000,000		5,473,200
Port of Seattle, Intermediate Lien Revenue	5.00	4/1/20	3,000,000		3,430,020
Seattle, Municipal Light and Power Improvement Revenue	5.00	6/1/17	1,950,000		2,049,040
Seattle, Municipal Light and Power Revenue	5.00	4/1/20	2,000,000		2,306,540
Seattle, Water System Improvement Revenue	5.00	5/1/20	2,500,000		2,896,575



Long-Term Municipal Investments - 97.9% (continued)	Coupon Rate (%)	Maturity Date	Principal Amount ($)		Value ($)
Washington - 4.5% (continued)
Tobacco Settlement Authority of Washington, Tobbaco Settlement Revenue	5.00	6/1/18	3,650,000		3,952,950
Washington, GO (Various Purpose)	5.00	7/1/20	2,465,000		2,866,401
				22,974,726
Wisconsin - 1.1%
Public Finance Authority of Wisconsin, Lease Development Revenue (KU Campus Development Corporation - Central District Development Project)	5.00	3/1/20	2,000,000		2,295,300
Wisconsin, GO	5.00	5/1/19	3,000,000		3,375,810
				5,671,110

Total Investments (cost $496,979,419)			97.9%	501,750,887
Cash and Receivables (Net)			2.1%	10,676,833
Net Assets			100.0%	512,427,720

^a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.


Portfolio Summary (Unaudited) ^†	Value (%)
Transportation Services	21.5
Utility-Electric	14.8
Education	11.6
City	8.2
Special Tax	7.7
State/Territory	6.9
Utility-Water and Sewer	4.7
County	4.2
Lease	2.3
Health Care	1.6
Prerefunded (Escrowed to Maturity)	.2
Other	14.2
	97.9

^†Based on net assets.

See notes to financial statements.



Summary of Abbreviations

ABAG	Association of Bay Area Governments	ACA	American Capital Access
AGC	ACE Guaranty Corporation	AGIC	Asset Guaranty Insurance Company
AMBAC	American Municipal Bond Assurance Corporation	ARRN	Adjustable Rate Receipt Notes
BAN	Bond Anticipation Notes	BPA	Bond Purchase Agreement
CIFG	CDC Ixis Financial Guaranty	COP	Certificate of Participation
CP	Commercial Paper	DRIVERS	Derivative Inverse Tax-Exempt Receipts
EDR	Economic Development Revenue	EIR	Environmental Improvement Revenue
FGIC	Financial Guaranty Insurance Company	FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank	FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association	GAN	Grant Anticipation Notes
GIC	Guaranteed Investment Contract	GNMA	Government National Mortgage Association
GO	General Obligation	HR	Hospital Revenue
IDB	Industrial Development Board	IDC	Industrial Development Corporation
IDR	Industrial Development Revenue	LIFERS	Long Inverse Floating Exempt Receipts
LOC	Letter of Credit	LOR	Limited Obligation Revenue
LR	Lease Revenue	MERLOTS	Municipal Exempt Receipts Liquidity Option Tender
MFHR	Multi-Family Housing Revenue	MFMR	Multi-Family Mortgage Revenue
PCR	Pollution Control Revenue	PILOT	Payment in Lieu of Taxes
P-FLOATS	Puttable Floating Option Tax-Exempt Receipts	PUTTERS	Puttable Tax-Exempt Receipts
RAC	Revenue Anticipation Certificates	RAN	Revenue Anticipation Notes
RAW	Revenue Anticipation Warrants	RIB	Residual Interest Bonds
ROCS	Reset Options Certificates	RRR	Resources Recovery Revenue
SAAN	State Aid Anticipation Notes	SBPA	Standby Bond Purchase Agreement
SFHR	Single Family Housing Revenue	SFMR	Single Family Mortgage Revenue
SONYMA	State of New York Mortgage Agency	SPEARS	Short Puttable Exempt Adjustable Receipts
SWDR	Solid Waste Disposal Revenue	TAN	Tax Anticipation Notes
TAW	Tax Anticipation Warrants	TRAN	Tax and Revenue Anticipation Notes
XLCA	XL Capital Assurance

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2016



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	496,979,419	501,750,887
Cash		12,526,615
Interest receivable		5,590,209
Receivable for shares of Beneficial Interest subscribed		850,575
Prepaid expenses		77,531
		520,795,817
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)		228,213
Payable for investment securities purchased		6,961,136
Payable for shares of Beneficial Interest redeemed		1,064,084
Accrued expenses		114,664
		8,368,097
Net Assets ($)		512,427,720
Composition of Net Assets ($):
Paid-in capital		507,497,449
Accumulated net realized gain (loss) on investments		158,803
Accumulated net unrealized appreciation (depreciation) on investments		4,771,468
Net Assets ($)		512,427,720


Net Asset Value Per Share	Class A	Class D	Class I	Class Y
Net Assets ($)	68,147,675	307,974,755	136,235,195	70,095
Shares Outstanding	5,229,473	23,639,105	10,453,189	5,378
Net Asset Value Per Share ($)	13.03	13.03	13.03	13.03

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended March 31, 2016




Investment Income ($):
Interest Income					6,153,365
Expenses:
Management fee—Note 3(a)					2,288,787
Distribution fees—Note 3(b)					315,118
Shareholder servicing costs—Note 3(c)					281,718
Trustees’ fees and expenses—Note 3(d)					129,546
Registration fees					104,191
Professional fees					96,947
Custodian fees—Note 3(c)					36,707
Prospectus and shareholders’ reports					18,043
Loan commitment fees—Note 2					5,455
Miscellaneous					47,148
Total Expenses					3,323,660
Less—reduction in expenses due to undertaking—Note 3(a)					(610,489)
Less—reduction in fees due to earnings credits—Note 3(c)					(522)
Net Expenses					2,712,649
Investment Income—Net					3,440,716
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					614,552
Net unrealized appreciation (depreciation) on investments					1,350,901
Net Realized and Unrealized Gain (Loss) on Investments					1,965,453
Net Increase in Net Assets Resulting from Operations					5,406,169

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Year Ended March 31,
	2016	2015
Operations ($):
Investment income—net	3,440,716	3,253,932
Net realized gain (loss) on investments	614,552	2,058,269
Net unrealized appreciation (depreciation) on investments	1,350,901	(779,943)
Net Increase (Decrease) in Net Assets Resulting from Operations	5,406,169	4,532,258
Dividends to Shareholders from ($):
Investment income—net:
Class A	(361,209)	(257,320)
Class D	(2,372,786)	(2,625,595)
Class I	(706,051)	(330,488)
Class Y	(670)	(795)
Net realized gain on investments:
Class A	(174,232)	(220,747)
Class D	(807,773)	(1,715,873)
Class I	(242,138)	(208,564)
Class Y	(185)	(483)
Total Dividends	(4,665,044)	(5,359,865)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class A	39,111,327	14,198,442
Class D	50,925,958	60,289,058
Class I	156,974,903	17,002,105
Class Y	-	184,059
Dividends reinvested:
Class A	347,350	382,133
Class D	2,929,471	3,997,128
Class I	379,518	353,312
Class Y	154	425
Cost of shares redeemed:
Class A	(12,167,747)	(23,677,822)
Class D	(80,651,770)	(115,031,435)
Class I	(59,687,731)	(15,242,660)
Class Y	(25,000)	(90,184)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions	98,136,433	(57,635,439)
Total Increase (Decrease) in Net Assets	98,877,558	(58,463,046)
Net Assets ($):
Beginning of Period	413,550,162	472,013,208
End of Period	512,427,720	413,550,162

STATEMENT OF CHANGES IN NET ASSETS (continued)



	Year Ended March 31,
	2016	2015
Capital Share Transactions (Shares):
Class A
Shares sold	3,011,090	1,085,363
Shares issued for dividends reinvested	26,705	29,289
Shares redeemed	(935,894)	(1,811,300)
Net Increase (Decrease) in Shares Outstanding	2,101,901	(696,648)
Class D
Shares sold	3,914,337	4,607,926
Shares issued for dividends reinvested	225,290	306,288
Shares redeemed	(6,202,912)	(8,789,709)
Net Increase (Decrease) in Shares Outstanding	(2,063,285)	(3,875,495)
Class I^a
Shares sold	12,070,513	1,298,406
Shares issued for dividends reinvested	29,157	27,067
Shares redeemed	(4,576,467)	(1,165,903)
Net Increase (Decrease) in Shares Outstanding	7,523,203	159,570
Class Y^a
Shares sold	-	14,053
Shares issued for dividends reinvested	12	33
Shares redeemed	(1,922)	(6,874)
Net Increase (Decrease) in Shares Outstanding	(1,910)	7,212

^{aDuring the period ended March 31, 2015, 3,865 Class I shares representing $50,638 were exchanged for 3,865 Class Y shares.}

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. 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.


		Year Ended March 31,
Class A Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	13.02	13.05	13.23	13.28	13.08
Investment Operations:
Investment income—net^a	.08	.08	.11	.14	.19
Net realized and unrealized gain (loss) on investments	.04	.04	(.06)	.02	.20
Total from Investment Operations	.12	.12	.05	.16	.39
Distributions:
Dividends from investment income—net	(.08)	(.08)	(.11)	(.14)	(.19)
Dividends from net realized gain on investments	(.03)	(.07)	(.12)	(.07)	-
Total Distributions	(.11)	(.15)	(.23)	(.21)	(.19)
Net asset value, end of period	13.03	13.02	13.05	13.23	13.28
Total Return (%)^b	.95	.87	.43	1.13	3.02
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.86	.87	.84	.84	.84
Ratio of net expenses to average net assets	.74	.74	.74	.79	.84
Ratio of net investment income to average net assets	.61	.59	.82	1.06	1.47
Portfolio Turnover Rate	20.92	32.84	34.38	27.16	30.99
Net Assets, end of period ($ x 1,000)	68,148	40,721	49,911	61,862	47,011

^a Based on average shares outstanding.
^b Exclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


		Year Ended March 31,
Class D Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	13.02	13.05	13.23	13.27	13.08
Investment Operations:
Investment income—net^a	.10	.10	.13	.16	.21
Net realized and unrealized gain (loss) on investments	.04	.04	(.06)	.03	.19
Total from Investment Operations	.14	.14	.07	.19	.40
Distributions:
Dividends from investment income—net	(.10)	(.10)	(.13)	(.16)	(.21)
Dividends from net realized gain on investments	(.03)	(.07)	(.12)	(.07)	-
Total Distributions	(.13)	(.17)	(.25)	(.23)	(.21)
Net asset value, end of period	13.03	13.02	13.05	13.23	13.27
Total Return (%)	1.10	1.02	.58	1.36	3.10
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.72	.72	.70	.69	.69
Ratio of net expenses to average net assets	.59	.59	.59	.64	.69
Ratio of net investment income to average net assets	.75	.74	.97	1.22	1.61
Portfolio Turnover Rate	20.92	32.84	34.38	27.16	30.99
Net Assets, end of period ($ x 1,000)	307,975	334,580	385,943	476,785	488,869

^a Based on average shares outstanding.

See notes to financial statements.


		Year Ended March 31,
Class I Shares	2016	2015	2014	2013	2012
Per Share Data ($):
Net asset value, beginning of period	13.02	13.05	13.23	13.28	13.08
Investment Operations:
Investment income—net^a	.11	.11	.14	.18	.23
Net realized and unrealized gain (loss) on investments	.04	.04	(.06)	.01	.19
Total from Investment Operations	.15	.15	.08	.19	.42
Distributions:
Dividends from investment income—net	(.11)	(.11)	(.14)	(.17)	(.22)
Dividends from net realized gain on investments	(.03)	(.07)	(.12)	(.07)	-
Total Distributions	(.14)	(.18)	(.26)	(.24)	(.22)
Net asset value, end of period	13.03	13.02	13.05	13.23	13.28
Total Return (%)	1.20	1.12	.60	1.46	3.26
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.64	.65	.63	.61	.60
Ratio of net expenses to average net assets	.49	.49	.49	.55	.60
Ratio of net investment income to average net assets	.85	.84	1.06	1.31	1.70
Portfolio Turnover Rate	20.92	32.84	34.38	27.16	30.99
Net Assets, end of period ($ x 1,000)	136,235	38,154	36,159	30,305	31,427

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)


		Year Ended March 31,
Class Y Shares	2016		2015	2014^a
Per Share Data ($):
Net asset value, beginning of period	13.02		13.05	13.08
Investment Operations:
Investment income—net^b	.11		.11	.11
Net realized and unrealized gain (loss) on investments	.04		.04	.09
Total from Investment Operations	.15		.15	.20
Distributions:
Dividends from investment income—net	(.11)		(.11)	(.11)
Dividends from net realized gain on investments	(.03)		(.07)	(.12)
Total Distributions	(.14)		(.18)	(.23)
Net asset value, end of period	13.03		13.02	13.05
Total Return (%)	1.21		1.13	1.53^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.65		.70	.55^d
Ratio of net expenses to average net assets	.49		.49	.49^d
Ratio of net investment income to average net assets	.85		.83	1.14^d
Portfolio Turnover Rate	20.92		32.84	34.38
Net Assets, end of period ($ x 1,000)	70		95	1

^a From July 1, 2013 (commencement of initial offering) to March 31, 2014.
^b Based on average shares outstanding.
^c Not annualized.
^d Annualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Short-Intermediate Municipal Bond Fund (the “fund”) is the sole series of Dreyfus Premier Short-Intermediate Municipal Bond Fund (the “Company”), which 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 seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class A, Class D, Class I and Class Y. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class D shares are sold at net asset value per share directly by Dreyfus and through certain banks and fund supermarkets, and as a part of certain wrap-fee programs. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

NOTES TO FINANCIAL STATEMENTS (continued)

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Trustees (the “Board”). 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 the following: yields or prices of municipal securities of comparable quality, coupon,

maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of March 31, 2016 in valuing the fund’s investments:


	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 -Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:
Municipal Bonds^†	–	501,750,887	–	501,750,887

^†See Statement of Investments for additional detailed categorizations.

At March 31, 2016, there were no transfers between levels of the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized

NOTES TO FINANCIAL STATEMENTS (continued)

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.

(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 gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(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.

As of and during the period ended March 31, 2016, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended March 31, 2016, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended March 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At March 31, 2016, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $270,432, undistributed ordinary income $19,843, undistributed capital gains $138,960 and unrealized appreciation $4,771,468.

The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2016 and March 31, 2015 were as follows: tax-exempt income $3,440,716 and $3,214,198, ordinary income $184,511 and $48,323, and long-term capital gains $1,039,817 and $2,097,344, respectively.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $555 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”),

each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to January 11, 2016, the unsecured credit facility with Citibank, N.A. was $480 million and prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended March 31, 2016, the fund did not borrow under the Facilities.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management fee is computed at the annual rate of .50% of the value of the fund’s average daily net assets and is payable monthly. Dreyfus has contractually agreed, from April 1, 2015 through August 1, 2016, to waive receipt of its fees and/or assume the expenses of the fund so that the expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .49% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $610,489 during the period ended March 31, 2016.

During the period ended March 31, 2016, the Distributor retained $1,972 from commissions earned on sales of the fund’s Class A shares.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class D shares pay the Distributor for distributing its shares at an annual rate of .10% of the value of its average daily net assets. During the period ended March 31, 2016, Class D shares were charged $315,118 pursuant to the Distribution Plan.

(c) Under the Shareholder Services Plan, Class A shares pay the Distributor at an annual rate of .25% of the value of its average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended March

NOTES TO FINANCIAL STATEMENTS (continued)

31, 2016, Class A shares were charged $149,070, pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended March 31, 2016, the fund was charged $60,093 for transfer agency services and $2,771 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $522.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended March 31, 2016, the fund was charged $36,707 pursuant to the custody agreement.

The fund compensates The Bank of New York Mellon under a shareholder redemption draft processing agreement for providing certain services related to the fund’s check writing privilege. During the period ended March 31, 2016, the fund was charged $2,019 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended March 31, 2016, the fund was charged $10,522 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $216,337, Distribution Plan fees $26,062, Shareholder Services Plan fees $14,396, custodian fees $18,653, Chief Compliance Officer fees $5,294 and transfer agency fees $11,026, which are offset against an expense reimbursement currently in effect in the amount of $63,555.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2016, amounted to $199,111,824 and $93,345,319, respectively.

At March 31, 2016, the cost of investments for federal income tax purposes was $496,979,419; accordingly, accumulated net unrealized appreciation on investments was $4,771,468, consisting of $4,945,188 gross unrealized appreciation and $173,720 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees
Dreyfus Short-Intermediate Municipal Bond Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Short-Intermediate Municipal Bond Fund (the sole series comprising Dreyfus Premier Short-Intermediate Municipal Bond Fund) as of March 31, 2016, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2016 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Short-Intermediate Municipal Bond Fund at March 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

New York, New York
May 25, 2016

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during the fiscal year ended March 31, 2016 as “exempt-interest dividends” (not generally subject to regular federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2016 calendar year on Form 1099-DIV which will be mailed in early 2017. Also, the fund hereby reports $.0052 per share as a short-term capital gain distribution and $.0293 per share as a long-term capital gain distribution paid on December 23, 2015.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (72)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

No. of Portfolios for which Board Member Serves: 137

———————

Francine J. Bovich (64)

Board Member (2015)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 78

———————

Gordon J. Davis (74)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Partner in the law firm of Venable LLP (2012-present)

· Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012)

Other Public Company Board Memberships During Past 5 Years:

· Consolidated Edison, Inc., a utility company, Director (1997-2014)

· The Phoenix Companies, Inc., a life insurance company, Director (2000-2014)

No. of Portfolios for which Board Member Serves: 60

———————

Nathan Leventhal (73)

Board Member (2009)

Principal Occupation During Past 5 Years:

· President Emeritus of Lincoln Center for the Performing Arts (2001-present)

· Chairman of the Avery Fisher Artist Program (1997-2014)

· Commissioner, NYC Planning Commission (2007-2011)

Other Public Company Board Memberships During Past 5 Years:

· Movado Group, Inc., Director (2003-present)

No. of Portfolios for which Board Member Serves: 50

———————

Robin A. Melvin (52)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-present; a board member since 2013)

· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 109

———————

Roslyn M. Watson (66)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)

No. of Portfolios for which Board Member Serves: 64

———————

Benaree Pratt Wiley (69)

Board Member (2009)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)

No. of Portfolios for which Board Member Serves: 88

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INTERESTED BOARD MEMBERS

J. Charles Cardona (60)

Board Member (2014)

Principal Occupation During Past 5 Years:

· President and a Director of the Manager (2008-present), Chairman of the Distributor (2013-present; previously, Executive Vice President, 1997-2013), President of Dreyfus Institutional Services Division

No. of Portfolios for which Board Member Serves: 36

J. Charles Cardona is deemed to be an “interested person” (as defined under the Act) of the Company as a result of his affiliation with The Dreyfus Corporation.

———————

Isabel P. Dunst (69)

Board Member (2014)

Principal Occupation During Past 5 Years:

· Of Counsel to the law firm of Hogan Lovells LLP (2015-present; previously, Partner, 1990-2014)

No. of Portfolios for which Board Member Serves: 36

Isabel P. Dunst is deemed to be an “interested person” (as defined under the Act) of the Company as a result of her affiliation with Hogan Lovells LLP, which provides legal services to BNY Mellon and certain of its affiliates.

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

Whitney I. Gerard, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 65 investment companies (comprised of 137 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.

Chief Legal Officer of the Manager since June 2015; from June 2005 to June 2015, he served in various capacities with Deutsche Bank – Asset & Wealth Management Division, including as Director and Associate General Counsel, and Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. She is 60 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since June 2000.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. She is 54 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 40 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since September 1982.

OFFICERS OF THE FUND (Unaudited) (continued)

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2005.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 66 investment companies (comprised of 162 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (66 investment companies, comprised of 162 portfolios). He is 58 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016

Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 62 investment companies (comprised of 160 portfolios) managed by the Manager. She is 47 years old and has been an employee of the Distributor since 1997.

NOTES

For More Information

Dreyfus Short-Intermediate Municipal 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 Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor

MBSC Securities Corporation
200 Park Avenue
New York, NY 10166


Ticker Symbols:	Class A: DMBAX Class D: DSIBX Class I: DIMIX Class Y: DMYBX

Telephone Call your financial representative or 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (phone 1-800-SEC-0330 for information).

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.


© 2016 MBSC Securities Corporation 6219AR0316

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3. Audit Committee Financial Expert.

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Joseph S. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $33,612 in 2015 and $34,452 in 2016.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $588 in 2015 and $6,273 in 2016. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2015 and $0 in 2016.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,503 in 2015 and $4,202 in 2016. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2015 and $0 in 2016.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $487 in 2015 and $395 in 2016. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2015 and $0 in 2016.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $22,796,522 in 2015 and $19,416,233 in 2016.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Premier Short-Intermediate Municipal Bond Fund

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

Date: May 19, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

Date: May 19, 2016

By: /s/ James Windels

James Windels

Treasurer

Date: May 19, 2016

EXHIBIT INDEX

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)