-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OB+0ALdfNcUOYwK9omf+n0BwKIXayfiWxILSp/yKS7R3sU5JuPX8tHxsESxHPap9 PLQCHg8uKABiInrN+o8CbA== 0000881512-98-000007.txt : 19980907 0000881512-98-000007.hdr.sgml : 19980907 ACCESSION NUMBER: 0000881512-98-000007 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980904 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06489 FILM NUMBER: 98704235 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129666130 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS FLORIDA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19600201 N-30D 1 SEMI-ANNUAL REPORT DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- LETTER TO SHAREHOLDERS Dear Shareholder: We are pleased to provide you with this report on the Dreyfus Florida Intermediate Municipal Bond Fund for the six-month reporting period ended June 30, 1998. Your Fund produced a total return, including share price changes and dividend income generated, of 1.73%,* and an annualized tax-free distribution rate per share of 4.35%.** Economic Review In recent testimony to Congress, Federal Reserve Board Chairman Alan Greenspan proclaimed the economy to be " as impressive as any I have witnessed." Indeed, the performance of the economy has been tremendous, with solid, noninflationary economic growth and a robust rate of new job creation. Accordingly, the unemployment rate hovers near its 28-year low. Not surprisingly, consumers brim with confidence: new home sales were recently at record levels, and retail sales have surged since January. The enthusiastic spending of consumers has, so far, offset the adverse effects of the economic problems in Asia. In fact, the financial crisis in the Far East has proved a boon to consumers, since lower import prices have further subdued domestic price pressures and helped keep interest rates low. Remarkably, despite the strengthening economy since the beginning of this year, inflation has waned further. With inflation under control and the economy beginning to experience a reduction in foreign demand, the Federal Reserve has been reluctant to raise interest rates for fear of further roiling Asian financial markets. The last increase in short-term rates came in March 1997 when the Federal Reserve Board Open Market Committee (the policy-making arm of The Fed) hiked the target rate for Federal Funds by one quarter of a percent to 5.5%. Even with the booming job market, wage gains have had little inflationary effect, since business spending in productivity-enhancing capital equipment has been strong throughout the economic expansion. The one soft spot in the job market has been in manufacturing: industrial production has slowed--a clear sign that Asian economic woes are being felt here--and inventories of domestic manufacturers have risen due to the reduction in foreign demand. It is widely expected that the growing trade deficit will retard second-quarter economic growth and possibly serve as a drag over the foreseeable future. This reduction in foreign demand could further moderate the rate of domestic production and consequently ease the demand for labor, thus lessening inflationary pressure resulting from wage increases. Cheaper imports have also weakened the pricing environment for U.S. manufacturers and, in consequence, acted as an additional curb to inflation. All this has been part of what Chairman Greenspan called our economy' s "virtuous cycle" where even so-called crises have proven economically beneficial. As a further example, the economic upheavals in Asia and Russia have caused nervous foreign investors to seek refuge in the U.S. bond market, causing a demand surge that has helped maintain our low interest rate environment. Yet we, along with Chairman Greenspan, are skeptical that our economy has somehow moved "beyond history," and we share his vigilance regarding signs of inflationary imbalances. Market Environment The municipal bond market has settled into a narrow, well-defined trading range which makes it increasingly difficult to advantageously sell municipal securities and reinvest the proceeds. Domestic interest rates over a broad range of maturities have remained flat for most of the year, with bond prices generally rising while interest rates generally moved lower. There are, however, more global reasons for this constraint. Primarily, substantive policies necessary to restimulate the Japanese economy have not been set into place. Due primarily to the decline in exports to Japan and other Asian countries, we believe that it is likely that the U.S. economy will slow from its current pace over the next several quarters. The State of Florida, specifically, can be characterized by sustained rapid growth, economic broadening and increasing diversification. The Florida market continues its transformation from a narrow base of agriculture and seasonal tourism into a solid service and trade economy with substantial insurance, banking and export participation. This success, however, has brought pressures for more infrastructure, educational facilities, and other needs within this fourth largest state in the nation. Financial operations have been successful, although an overdependence on the sensitive sales tax creates a vulnerability to both recession and longer-term slower growth in the taxable base. Portfolio Overview At the outset of the six-month period ended June 30, 1998, the Dreyfus Florida Intermediate Municipal Bond Fund adopted a slightly aggressive approach to its portfolio investing. The Fund focused on extending the average maturity as the new year began. By the end of the first quarter, however, it became apparent by the tone of the municipal market that its direction was unclear, and at times was fraught with uncertainty. We felt that attempting to predict the timing of the ebb and flow of these market changes would be difficult at best. As a counter-measure, we focused our efforts on identifying relative value within the secondary market. From time to time this was accomplished by buying discount bonds with slightly longer maturities to balance the higher income-producing premium bonds already held in the portfolio. This proved to be difficult to accomplish when there was a limited availability of longer-maturity, liquid, discount bonds with good structural characteristics. When desirable bonds were found, however, the portfolio sold current coupon bonds subject to short calls at a profit to provide funds for reinvestment. Going forward we will continue to manage the portfolio utilizing a conservative approach to obtain value. The Fund is currently well balanced across the intermediate coupon range. It is entirely possible that the market may again see periods of volatility, although presently we are without any concrete signs alluding to the market's direction. At present the market appears to be range-bound, but we believe the inherent strength of the portfolio will continue to benefit from the demand for Florida securities, which are well sought-after by national funds as well as other Florida bond funds. Our primary tasks, which will guide our portfolio management decisions, are to earn a high level of current income to the extent it is consistent with the preservation of capital while at the same time maintaining the Fund's high credit quality.Included in this report is a series of detailed statements outlining the portfolio's holdings and financial condition. We hope they are informative. Please know that we greatly appreciate your continued confidence in the portfolio and The Dreyfus Corporation. Very truly yours, [Richard J. Moynihan signature logo] Richard J. Moynihan Director, Municipal Portfolio Management The Dreyfus Corporation July 20, 1998 New York, N.Y. *Total return includes reinvestment of dividends and any capital gains paid. Income may be subject to state and local income taxes for non-Florida residents **Distribution rate per share is based upon dividends per share paid from net investment income during the period (annualized), divided by the net asset value per share at the end of the period. Some income may be subject to the Federal Alternative Minimum Tax (AMT) for certain shareholders. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED) Principal Long-Term Municipal Investments--98.4% Amount Value - ------------------------------------------------------- _____________ ____________ Florida--93.8% Alachua County Health Facilities Authority, Health Facilities Revenue: Refunding (Santa Fe Health Systems Project) 6.875%, 11/15/2002 (Prerefunded 11/15/2000) (a) $ 2,895,000 $ 3,063,952 (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,811,315 Bay County, Refunding: PCR (International Paper Co. Project) 5.10%, 9/1/2012 2,500,000 2,525,000 RRR: 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,256,314 6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,368,075 Boca Raton, Beach Aquisition Revenue 6.125%, 1/1/2006 (Insured; MBIA) 2,100,000 2,343,558 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,078,920 Brevard County Health Facilities Authority, Revenue, Refunding: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,206,730 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 2,500,000 2,736,700 Brevard County Housing Finance Authority, MFHR, Refunding (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,270,080 Broward County, Refunding 6.125%, 1/1/2006 1,950,000 2,106,137 Broward County School Board, COP 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,154,000 Broward County School District, Refunding: 5.80%, 2/15/2002 2,000,000 2,119,920 5.30%, 2/15/2004 5,000,000 5,281,750 6%, 2/15/2004 3,000,000 3,232,320 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 5,040,000 5,400,209 Charlotte County, Utility Revenue, Refunding 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,307,345 Collier County, Capital Improvement Revenue, Refunding: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,172,186 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,308,848 Coral Springs, Water and Sewer Revenue, Refunding 5.50%, 9/1/2003 (Insured; FGIC) 1,425,000 1,516,656 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,167,480 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,174,400 (Miami International Airport) 5%, 10/1/2005 (Insured; FSA) 1,075,000 1,115,624 Refunding: 5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,160,160 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,049,310 5.80%, 10/1/2010 (Insured; AMBAC) 510,000 551,019 Public Facilities Revenue, Refunding (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,750,000 2,891,983 (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC) 2,470,000 2,632,180 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED) Principal Long-Term Municipal Investment (continued) Amount Value - ------------------------------------------------------- _____________ ____________ Florida (continued) Dade County (continued): Special Obligation Revenue, Refunding: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) $ 2,565,000 $ 2,845,303 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 3,784,940 Zero Coupon, 10/1/2021 (Insured; AMBAC, Prerefunded 10/1/2008) (a) 14,465,000 4,193,114 Zero Coupon, 10/1/2025 (Insured; AMBAC, Prerefunded 10/1/2008) (a) 9,805,000 2,204,948 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,450,228 Daytona Beach, Water and Sewer Revenue, Refunding 5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,446,061 Deerfield Beach, Water and Sewer Improvement Revenue, Refunding 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,292,973 Delray Beach, Water and Sewer Revenue, Refunding 5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,665,100 Duval County School District, Refunding: 5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,768,695 6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,588,520 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,084,100 Refunding 6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,258,990 Florida Board of Education, Capital Outlay: 5%, 1/1/2004 1,500,000 1,561,035 5.50%, 1/1/2006 1,400,000 1,506,302 (Public Education): 6%, 1/1/2005 8,100,000 8,900,442 5.50%, 6/1/2010 5,725,000 6,113,384 Refunding: 5%, 6/1/2007 3,000,000 3,150,720 5%, 6/1/2009 2,500,000 2,614,500 Florida Department of Transportation (Right of Way): 5.75%, 7/1/2004 3,040,000 3,295,269 5.75%, 7/1/2005 2,375,000 2,591,078 Florida Division of Bond Finance Department, General Services Revenues: (Department of Environmental-Preservation 2000): 5.25%, 7/1/2009 (Insured; MBIA) 4,300,000 4,528,416 5%, 7/1/2010 (Insured; AMBAC) 5,000,000 5,148,800 Refunding (Environmental Protection-Preservation 2000) 5.25%, 7/1/2007 (Insured; FSA) 5,000,000 5,334,200 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project) 5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,073,760 Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) 3,500,000 3,711,260 Florida Sunshine Skyway, Revenue, Refunding 6.20%, 7/1/2002 1,315,000 1,405,262 Florida Turnpike Authority, Turnpike Revenue (Department of Transportation) 5.50%, 7/1/2012 (Insured; FGIC) 2,500,000 2,626,175 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED) Principal Long-Term Municipal Investment (continued) Amount Value - ------------------------------------------------------- _____________ ____________ Florida (continued) Fort Myers, Improvement Revenue (Special Assessment-Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) (a) $ 905,000 $ 1,019,645 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 5,021,636 Refunding 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,162,700 Halifax Hospital Medical Center, HR, Refunding 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,800,750 Hernando County School District, Refunding: 6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,183,880 5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,694,503 Hialeah Gardens, IDR, Refunding (Waterford Convalescent) 7.875%, 12/1/2007 1,000,000 1,093,880 Hillsborough County, Utility Revenue, Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,525,000 Hillsborough County Hospital Authority, HR, Refunding (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,618,134 Hillsborough County Port District, Special Revenue, Refunding (Tampa Port Authority) 5.75%, 6/1/2013 (Insured; FSA) 500,000 529,835 Indian Trace Community Development District, Refunding (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,412,587 Jacksonville: District Water and Sewer Revenue 5%, 10/1/2020 (Insured; MBIA, Prerefunded 10/1/2008) (a) 3,000,000 3,153,390 Excise Taxes Revenue, Refunding: 4.875%, 10/1/2007 (Insured; FGIC) 2,500,000 2,599,900 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,107,470 Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,575,090 Jacksonville Electric Authority, Revenue, Refunding: Electric Systems 5.40%, 10/1/2004 2,250,000 2,374,200 (Saint John's River) 5%, 10/1/2004 4,000,000 4,164,880 Jacksonville Port Authority, Airport Revenue, Refunding 5%, 10/1/2005 (Insured; FGIC) 2,800,000 2,884,756 Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding 5%, 10/1/2003 (Insured; FGIC) 2,000,000 2,086,560 Lake County, Resource Recovery Industrial Development Revenue, Refunding (NRG/Recovery Group) 5.85%, 10/1/2009 6,000,000 6,284,220 Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,096,780 Lakeland, Electric and Water Revenue, Refunding 5.90%, 10/1/2007 2,385,000 2,662,972 Miami, Refunding 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,469,591 Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA) 1,500,000 1,579,425 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED) Principal Long-Term Municipal Investment (continued) Amount Value - ------------------------------------------------------- _____________ ____________ Florida (continued) Miami Beach Health Facilities Authority, HR, Refunding (Mount Sinai Medical Center Project) 5.70%, 11/15/2003 (Insured; FSA) $ 1,500,000 $ 1,616,520 Miami-Dade County, School Board COP, Refunding 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,651,625 Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project) 5.90%, 7/1/2005 1,075,000 1,154,443 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) (b) 3,500,000 3,780,665 Orange County Health Facilities Authority, HR, Refunding (Orlando Regional Healthcare) 5.50%, 11/1/2003 (Insured; MBIA) 2,000,000 2,132,360 Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003 2,000,000 2,119,060 Orlando Utilities Commission, Water and Electric Revenue, Refunding: 5.60%, 10/1/2003 10,000,000 10,699,300 5.75%, 10/1/2005 2,000,000 2,183,460 5.80%, 10/1/2006 5,930,000 6,531,243 5.80%, 10/1/2007 1,175,000 1,301,195 Osceola County, Revenue: Gas Tax Improvement, Refunding: 5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,448,183 5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,550,615 Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,391,338 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 3,890,000 4,245,663 Palm Beach County, Revenue: Criminal Justice Facilities, Refunding 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,963,153 Water and Sewer 5%, 10/1/2010 (Insured; MBIA) 7,320,000 7,506,001 Palm Beach County School District, Refunding 6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,075,340 Palm Beach County Solid Waste Authority, Revenue, Refunding 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,248,760 Pasco County, Water and Sewer Revenue, Refunding: 5.50%, 10/1/2002 (Insured; FGIC) 2,500,000 2,645,650 5.40%, 10/1/2003 (Insured; FGIC) 1,500,000 1,593,030 Polk County, Capital Improvement Revenue, Refunding 6%, 12/1/2002 (Insured; MBIA) 1,900,000 2,052,874 Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC) 1,315,000 1,379,093 Reedy Creek Improvement District, Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA, Prerefunded 10/1/2001) (a) 1,000,000 1,079,010 Saint John's County, Water and Sewer Revenue, Refunding 5%, 6/1/2008 (Insured; MBIA) 1,020,000 1,069,980 Saint John's County Industrial Development Authority, HR (Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,055,220 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED) Principal Long-Term Municipal Investment (continued) Amount Value - ------------------------------------------------------- _____________ ____________ Florida (continued) Saint Lucie County School District, Refunding 5.90%, 7/1/2002 (Insured; AMBAC) $ 1,780,000 $ 1,904,297 Saint Petersburg, Public Improvement Revenue, Refunding 6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,599,495 Sarasota County, Refunding: 6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,629,343 Utilities Systems Revenue 5.60%, 10/1/2004 (Insured; FGIC) 2,345,000 2,510,299 Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,718,950 Sunrise, Revenue: Public Facilities: 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,187,660 6.50%, 10/1/2007 (Insured; MBIA) 1,000,000 1,107,470 Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,478,226 Tallahassee, Health Facilities Revenue, Refunding (Tallahassee Memorial Regional Medical Center) 5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,058,310 Tampa, Revenue: (Aquarium, Inc. Project) 7.25%, 5/1/2005 (Prerefunded 5/1/2002) (a) 1,200,000 1,347,660 Refunding (Alleghany Health Systems-Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 3,071,558 Water and Sewer 6.30%, 10/1/2006 1,590,000 1,732,003 Volusia County: Sales Tax Improvement Revenue, Refunding 6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,174,280 Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 795,000 861,422 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,225,780 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,091,970 U.S. Related--4.6% Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,245,350 Puerto Rico Commonwealth Highway and Transportation Authority Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,702,350 Puerto Rico Electric Power Authority, Power Revenue: 5%, 7/1/2006 (Insured; FSA) 2,125,000 2,224,089 5%, 7/1/2006 (Insured; MBIA) 1,175,000 1,229,790 Puerto Rico Public Finance Corporation, Commonwealth Appropriation 5%, 6/1/2009 (Insured; AMBAC) 3,000,000 3,134,760 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002 400,000 417,356 _____________ TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $303,937,190) $320,373,729 ============= DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED) Principal Short-Term Municipal Investment--1.7% Amount Value - ------------------------------------------------------- _____________ ____________ Florida--1.4% Dade County Health Facilities Authority, HR (Miami Children's Hospital Project) VRDN 4.10% (c) $ 2,300,000 $ 2,300,000 Saint Lucie County, PCR, Refunding, VRDN (Florida Power and Light Company Project) 3.75% (c) 2,400,000 2,400,000 U.S. Related--.3% Puerto Rico Electric Power Authority, Power Revenue 3.32% (Insured; FSA) (d) 1,000,000 1,000,000 _____________ TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $5,700,000) $ 5,700,000 ============= TOTAL INVESTMENTS (cost $309,637,190) 100.1% $326,073,729 ======= ============= LIABILITIES, LESS CASH AND RECEIVABLES (.1%) $ (429,191) ======= ============= NET ASSETS 100.0% $325,644,538 ======= =============
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- Summary of Abbreviations - ----------------------------------------------------------------------------- AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance COP Certificate of Participation Insurance Corporation FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue FSA Financial Security Assurance PCR Pollution Control Revenue HR Hospital Revenue RRR Resources Recovery Revenue IDR Industrial Development Revenue VRDN Variable Rate Demand Notes LOC Letter of Credit Summary of Combined Ratings - ----------------------------------------------------------------------------- Fitch (e) or Moody's or Standard & Poor's Percentage of Value _______ ________ _________________ ___________________ AAA Aaa AAA 67.1% AA Aa AA 24.0 A A A 2.4 BBB Baa BBB 2.6 F-1+ & F-1 MIGI, VMIG1 & P1 SP1 & A1 1.4 Not Rated (f) Not Rated (f) Not Rated (f) 2.5 _______ 100.0% ======= Notes to Statement of Investments: - ----------------------------------------------------------------------------- (a)Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. (b) Secured by letters of credit. (c)Securities payable on demand. The interest rate, which is subject to change, is based on bank prime rates or an index of market interest rates. (d)Inverse floater security-the interest rate is subject to change periodically. (e)Fitch currently provides creditworthiness information for a limited number of investments. (f)Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by the Manager to be of comparable quality to those rated securities in which the Fund may invest. (g) At June 30, 1998, 25.4% of the Fund's net assets are insured by MBIA. SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998 (UNAUDITED) Cost Value _____________ ____________ ASSETS: Investments in securities--See Statement of Investments $309,637,190 $326,073,729 Cash 399,976 Interest receivable 4,916,692 Prepaid expenses 49,969 _____________ 331,440,366 _____________ LIABILITIES: Due to The Dreyfus Corporation and affiliates 173,257 Payable for investment securities purchased 5,561,943 Payable for shares of Beneficial Interest redeemed 6,976 Accrued expenses 53,652 _____________ 5,795,828 _____________ NET ASSETS $325,644,538 ============= REPRESENTED BY: Paid-in capital $307,251,580 Accumulated net realized gain (loss) on investments 1,956,419 Accumulated net unrealized appreciation (depreciation) on investments--Note 4 16,436,539 _____________ NET ASSETS $325,644,538 ============= SHARES OUTSTANDING (UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) 23,984,797 NET ASSET VALUE, offering and redemption price per share--Note 3(d) $13.58 ======= SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED) INVESTMENT INCOME INCOME Interest Income $8,689,151 EXPENSES: Management fee--Note 3(a) $1,002,750 Shareholder servicing costs--Note 3(b) 292,523 Professional fees 21,089 Custodian fees 17,220 Trustees' fees and expenses--Note 3(c) 15,460 Prospectus and shareholders' reports 9,500 Registration fees 8,172 Loan commitment fees--Note 2 1,499 Miscellaneous 13,265 ___________ Total Expenses 1,381,478 ___________ INVESTMENT INCOME--NET 7,307,673 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4: Net realized gain (loss) on investments $1,955,415 Net unrealized appreciation (depreciation) on investments (3,569,827) ___________ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (1,614,412) ___________ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $5,693,261 =========== SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- STATEMENT OF CHANGES IN NET ASSETS Six Months Ended June 30, 1998 Year Ended (Unaudited) December 31, 1997 ________________ _______________ OPERATIONS: Investment income--net $ 7,307,673 $ 15,775,429 Net realized gain (loss) on investments 1,955,415 2,005,445 Net unrealized appreciation (depreciation) on investments (3,569,827) 3,874,947 _____________ _____________ Net Increase (Decrease) in Net Assets Resulting from Operations 5,693,261 21,655,821 _____________ _____________ DIVIDENDS TO SHAREHOLDERS FROM: Investment income--net (7,256,337) (15,826,765) Net realized gain on investments -- (1,112,980) _____________ _____________ Total Dividends (7,256,337) (16,939,745) _____________ _____________ BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from shares sold 18,222,692 41,255,788 Dividends reinvested 4,766,374 11,285,112 Cost of shares redeemed (47,745,574) (93,192,124) _____________ _____________ Increase (Decrease) in Net Assets from Beneficial Interest Transactions (24,756,508) (40,651,224) _____________ _____________ Total Increase (Decrease) in Net Assets (26,319,584) (35,935,148) NET ASSETS: Beginning of Period 351,964,122 387,899,270 _____________ _____________ End of Period $325,644,538 $351,964,122 ============= ============= DISTRIBUTIONS IN EXCESS OF INVESTMENT INCOME--NET -- $ (51,336) _____________ _____________ Shares Shares _____________ _____________ CAPITAL SHARE TRANSACTIONS: Shares sold 1,337,722 3,057,168 Shares issued for dividends reinvested 350,777 837,346 Shares redeemed (3,505,527) (6,936,815) _____________ _____________ Net Increase (Decrease) in Shares Outstanding (1,817,028) (3,042,301) ============= ============= SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS Contained below is per share operating performance data for a share of Beneficial Interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund's financial statements. Six Months Ended June 30, 1998 Year Ended December 31, _____________________________________________________ PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993 __________ ______ ______ ______ ______ ______ Net asset value, beginning of period $13.64 $13.45 $13.62 $12.52 $13.85 $12.94 ______ ______ ______ ______ ______ ______ Investment Operations: Investment income--net .30 .60 .61 .62 .66 .70 Net realized and unrealized gain (loss) on investments (.07) .23 (.17) 1.10 (1.33) .92 ______ ______ ______ ______ ______ ______ Total from Investment Operations .23 .83 .44 1.72 (.67) 1.62 ______ ______ ______ ______ ______ ______ Distributions: Dividends from investment income--net (.29) (.60) (.61) (.62) (.65) (.70) Dividends from net realized gain on investments -- (.04) -- -- -- (.01) Dividends in excess of net realized gain on investments -- -- -- -- (.01) -- ______ ______ ______ ______ ______ ______ Total Distributions (.29) (.64) (.61) (.62) (.66) (.71) ______ ______ ______ ______ ______ ______ Net asset value, end of period $13.58 $13.64 $13.45 $13.62 $12.52 $13.85 ====== ====== ====== ====== ====== ====== TOTAL INVESTMENT RETURN 3.49%(1) 6.35% 3.35% 13.98% (4.92%) 12.84% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets .83%(1) .80% .80% .69% .48% .20% Ratio of net investment income to average net assets 4.37%(1) 4.43% 4.53% 4.70% 5.01% 5.20% Decrease reflected in above expense ratios due to undertakings by the Manager -- -- -- .08% .32% .64% Portfolio Turnover Rate 18.14%(2) 19.68% 19.14% 25.00% 18.76% 13.48% Net Assets, end of period (000's Omitted) $325,645 $351,964 $387,899 $428,896 $409,361 $538,495 - ----------------------------- (1) Annualized. (2) Not annualized. SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: Dreyfus Florida Intermediate Municipal Bond Fund (the "Fund") is registered under the Investment Company Act of 1940 ("Act") as a non-diversified open-end management investment company. The Fund's investment objective is to provide investors with as high a level of current income exempt from Federal income tax as is consistent with the preservation of capital. The Dreyfus Corporation (" Manager" ) serves as the Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. is the distributor of 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 discounts on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Under the terms of the custodian 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. To the extent that net realized capital gain can be offset by capital loss carryovers, if any, it is the policy of the Fund not to distribute such gain. (d) Federal income taxes: It is the policy of the Fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Internal Revenue Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all Federal income and excise taxes. NOTE 2--BANK LINE OF CREDIT: The Fund participates with other Dreyfus-managed funds in a $600 million redemption credit facility (" Facility" ) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the Fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the Fund at rates based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 1998, the Fund did not borrow under the Facility. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES: (a) Pursuant to a management 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. (b) Under the Fund' s Shareholder Service Plan, the Fund reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed an annual rate of .25 of 1% of the value of the Fund's average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. 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. During the period ended June 30, 1998, the Fund was charged an aggregate of $189,252 pursuant to the Shareholder Services 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 June 30, 1998, the Fund was charged $68,977 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 $250 per meeting. The Chairman of the Board receives an additional 25% of such compensation. (d) A 1% redemption fee is charged and retained by the Fund on certain redemptions of Fund shares (including redemptions through use of the Exchange Privilege) where the shares being redeemed were issued subsequent to a specified effective date and the redemption or exchange occurs within a fifteen day period following the date of issuance. During the period ended June 30, 1998, redemption fees amounted to $283. NOTE 4--SECURITIES TRANSACTIONS: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended June 30, 1998 amounted to $59,240,850 and $64,832,178, respectively. At June 30, 1998, accumulated net unrealized appreciation on investments was $16,436,539 consisting of $16,577,913 gross unrealized appreciation and $141,374 gross unrealized depreciation. At June 30, 1998, the cost of investments for Federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments). [dreyfus lion 'd' logo] (reg.tm) [dreyfus logo] (reg.tm) DREYFUS FLORIDA 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 90 Washington Street New York, NY 10286 TRANSFER AGENT & DIVIDEND DISBURSING AGENT Dreyfus Transfer, Inc. P.O. Box 9671 Providence, RI 02940 Printed in U.S.A. 740SA986 Florida Intermediate Municipal Bond Fund Semi-Annual Report June 30, 1998 -----END PRIVACY-ENHANCED MESSAGE-----