-----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, Macb/Zw5K1xtyAYQF/Vkeo6f9Th4A39CC8zexU68OrbPjjvHPZCHe+mGLP+21599 jUgqO6sz/189kmegfcmXOg== 0000881512-01-500006.txt : 20010903 0000881512-01-500006.hdr.sgml : 20010903 ACCESSION NUMBER: 0000881512-01-500006 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06489 FILM NUMBER: 1728923 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 pn30d740.txt SEMI-ANNUAL REPORT Dreyfus Florida Intermediate Municipal Bond Fund SEMIANNUAL REPORT June 30, 2001 (reg.tm) The views expressed herein are current to the date of this report. These views and the composition of the fund's portfolio are subject to change at any time based on market and other conditions. * Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value Contents THE FUND - -------------------------------------------------- 2 Letter from the Chairman 3 Discussion of Fund Performance 6 Statement of Investments 13 Statement of Assets and Liabilities 14 Statement of Operations 15 Statement of Changes in Net Assets 16 Financial Highlights 17 Notes to Financial Statements FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus Florida Intermediate Municipal Bond Fund LETTER FROM THE CHAIRMAN Dear Shareholder: We are pleased to present this semiannual report for Dreyfus Florida Intermediate Municipal Bond Fund, covering the six-month period from January 1, 2001 through June 30, 2001. Inside, you'll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund's portfolio manager, Monica Wieboldt. While the first half of 2001 was difficult for the U.S. economy, we have recently seen signs that improvement may be in sight. The Federal Reserve Board' s aggressive easing of monetary policy produced a 2.75 percentage-point drop in short-term interest rates during the reporting period, a move designed to help revive the economy by reducing borrowing costs for corporations and consumers. Approval of the $1.3 trillion federal tax cut should further stimulate economic growth, as should reduced inventories of products on manufacturers' shelves. Based on these and other factors, we believe that the current borderline recession may give way to renewed economic growth later this year. In our view, the implications of this economic scenario could be positive for the municipal bond market. Better economic times should help support the fiscal health of the states, cities, towns and other municipalities that issue tax-exempt bonds. Because municipal bonds tend to respond to supply-and-demand forces, a stronger economy may benefit the municipal marketplace. Of course, our economic perspective may change as new information becomes available. We encourage you to contact your financial advisor for information about ways to refine your investment strategies in the current environment. For additional market perspectives, point your web browser to www.dreyfus.com and go to the Market Commentary section. Thank you for your continued confidence and support. Sincerely, Stephen E. Canter Chairman and Chief Executive Officer The Dreyfus Corporation July 16, 2001 DISCUSSION OF FUND PERFORMANCE Monica Wieboldt, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform during the period? For the six-month reporting period ended June 30, 2001, the fund achieved a total return of 2.67%.(1) In comparison, the fund's peer group, as measured by the Lipper Florida Intermediate Municipal Debt Funds category average, achieved a total return of 2.60%, for the same period.(2) We attribute the market's and fund's good performance to a generally favorable environment for municipal bonds. Bonds with intermediate-term maturities provided especially strong returns because of high levels of demand from individual investors fleeing a declining stock market. In addition, the fund's returns were enhanced by our security selection strategy, which focused on high quality, intermediate-term bonds. We also found what we believed to be attractive opportunities for income and muted volatility in high yielding securities with relatively short maturities. What is the fund's investment approach? The fund' s objective is to seek as high a level of income exempt from federal income tax as is consistent with the preservation of capital. To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds issued by the state of Florida, its political subdivisions, authorities and corporations, the interest from which is exempt from the Florida intangibles personal property tax, managed in the intermediate maturity range. We also manage the fund for a competitive total return, which includes both current income and changes in share price. In pursuing these objectives, we first attempt to add value by selecting primarily investment-grade, intermediate-term tax-exempt bonds from Florida issuers that we believe are most likely to provide the best returns. These bonds comprise the fund's long-term core position. We augment the core position with holdings in bonds that we believe have the potential to provide both current income and capital appreciation. The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) What other factors influenced the fund's performance? Although we do not manage the fund primarily in anticipation of interest-rate trends, falling interest rates in a weakening economy represented an important driver of the fund's performance during the reporting period. When the reporting period began, slower retail sales, higher energy prices and more frequent workforce layoffs had already adversely affected economic growth and consumer confidence. The Federal Reserve Board began to take steps to stimulate economic growth in early January 2001, when it implemented the first of the reporting period' s six short-term interest-rate cuts, for a total reduction of 2.75 percentage points. In this declining interest-rate environment, prices of municipal bonds generally rose. In addition, the market was strongly influenced by supply-and- demand factors. Because of previously strong tax revenues, many Florida municipalities had less need to borrow. As a result, the supply of municipal bonds was generally lower than the same period one year earlier. At the same time, however, demand for high quality, tax-exempt securities surged from Florida residents, as they allocated a larger percentage of their assets to fixed-income securities. These factors further supported the strength of Florida municipal bond prices. Strong market conditions were especially advantageous for intermediate-term bonds, which were the focus of demand from individual investors. Robust demand for a limited supply of intermediate-term bonds caused the difference between the yields of shorter term bonds and longer term bonds to widen. This phenomenon, known as a STEEPENING OF THE YIELD CURVE, rewarded investors who were willing to incur the risks of extending their bond maturities. In this environment, we emphasized bonds in the 10- to 15-year range. In addition, we emphasized relatively higher yielding municipal bonds with short-term maturities. These securities helped us offset the risk of longer term securities, yet provided competitive levels of income. Finally, we attempted to replace seasoned bonds nearing their redemption dates with intermediate-term securities that cannot be redeemed by their issuers for several years. What is the fund's current strategy? Our strategy remains: identifying income-producing securities consistent with our efforts to preserve shareholders' capital. Accordingly we have continued to focus on high quality bonds in the 10- to 15-year maturity range. We expect intermediate-term bonds to continue to be subject to robust demand from Florida residents seeking capital preservation and competitive tax-exempt yields. In the current economic environment, which features low inflation and relatively low interest rates, our security selection strategy emphasizes income-producing securities over those that derive their returns from price changes. In our view, this strategy is potentially more likely to provide competitive returns if, as we expect, Florida municipal bond prices remain relatively stable. Of course, there is no guarantee how this strategy will affect the fund's performance. July 16, 2001 (1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR NON-FLORIDA RESIDENTS, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE FULLY TAXABLE. (2) SOURCE: LIPPER INC. The Fund STATEMENT OF INVESTMENTS June 30, 2001 (Unaudited)
STATEMENT OF INVESTMENTS Principal LONG-TERM MUNICIPAL INVESTMENTS--100.6% Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA--95.0% Alachua County Health Facilities Authority Health Facilities Revenue (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,812,999 Bay County: PCR (International Paper Co. Project) 5.10%, 9/1/2012 2,500,000 2,511,450 RRR 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,165,287 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,075,880 Brevard County Health Facilities Authority, Revenue: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,205,170 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 970,000 998,431 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,168,220 Broward County: 6.125%, 1/1/2006 1,950,000 2,020,571 Airport System Revenue: 5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,043,370 5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,404,236 RRR 6.30%, 12/1/2006 5,000,000 5,418,450 Broward County School Board, COP: 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,066,940 5.50%, 7/1/2014 (Insured; FSA) 4,715,000 5,025,766 Broward County School District: 5.30%, 2/15/2004 5,000,000 5,233,450 6%, 2/15/2004 3,000,000 3,105,390 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 1,300,000 1,352,949 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,302,263 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA,GNMA) 1,570,000 1,594,068 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,139,691 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,263,317 Coral Springs, Water and Sewer Revenue 5.50%, 9/1/2003 (Insured; FGIC) 1,000,000 1,045,650 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,099,700 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,097,000 (Miami International Airport): 5%, 10/1/2005 (Insured; FSA) 1,075,000 1,120,677 5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,143,260 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,051,110 Public Facilities Revenue (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,131,113 Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,821,757 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 4,362,267 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,435,930 Daytona Beach, Water and Sewer Revenue 5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,362,957 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,235,849 Delray Beach, Water and Sewer Revenue 5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,680,475 Duval County School District 6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,511,936 First Florida Governmental Financing Commission, Revenue 6%, 7/1/2003 (Insured; MBIA) 2,020,000 2,115,586 Florida Board of Education: Capital Outlay (Public Education): 5.50%, 6/1/2010 5,725,000 6,063,920 5.25%, 6/1/2013 2,000,000 2,074,000 Lottery Revenue: 5%, 7/1/2011 (Insured; FGIC) 2,000,000 2,084,660 5.25%, 7/1/2016 (Insured; FGIC) 1,500,000 1,536,960 Florida Department of Environmental Protection, Revenue 5.75%, 7/1/2009 (Insured; FGIC) 5,000,000 5,520,500 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project) 5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,037,560 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Florida Ports Finance Commission, Revenue (Transportation Trust Fund--Intermodal Program) 5.50%, 10/1/2016 1,745,000 1,795,134 Fort Myers, Improvement Revenue (Special Assessment--Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 965,490 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,079,400 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,823,763 Hernando County School District: 6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,100,540 5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,678,655 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 800,000 828,416 Hillsborough County, Utility Revenue: Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 4,098,550 5.50%, 8/1/2011 2,000,000 2,175,060 5.50%, 8/1/2014 3,205,000 3,468,098 Hillsborough County Hospital Authority, HR (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,480,549 Hillsborough County School Board, COP 5%, 7/1/2016 (Insured; MBIA) 2,625,000 2,627,809 Indian Trace Community Development District (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,405,747 Jacksonville, Revenue: Excise Taxes 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,062,130 Sales Tax: 5.50%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,596,015 5.50%, 10/1/2015 (Insured; AMBAC) 1,500,000 1,583,520 (River City Renaissance Project) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,507,200 Jacksonville Beach, Utilities Revenue 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,559,370 Jacksonville Electric Authority Electric System Revenue 5.40%, 10/1/2004 2,250,000 2,326,163 Lake County, Resource Recovery Industrial Development Revenue (NRG/Recovery Group) 5.85%, 10/1/2009 2,000,000 2,007,620 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,085,240 Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,646,658 Lee County, Transportation Facilities Revenue 5.50%, 10/1/2015 (Insured; AMBAC) 2,500,000 2,639,200 Martin County, Utility System Revenue: 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,090,370 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,159,636 5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,614,121 Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,458,402 Miami Beach Health Facilities Authority, HR 5.70%, 11/1/2003 (Insured; FSA, Prerefunded 11/15/2002) 1,500,000 (a) 1,585,740 Miami-Dade County School Board, COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,669,675 Miami-Dade County School District 5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,147,220 Nassau County, PCR (ITT Rayonier, Inc. Project) 5.90%, 7/1/2005 1,075,000 1,128,965 Nothern Palm Beach County Improvement District (Water Control & Improvement Unit Development) 5.75%, 8/1/2014 1,200,000 1,206,252 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,603,285 Orange County, Tourist Development Tax Revenue: 5%, 10/1/2015 (Insured; AMBAC) 1,010,000 1,019,100 5.50%, 10/1/2011 (Insured; AMBAC) 3,030,000 3,263,855 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare) 6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 2,044,916 Orange County School Board, COP 5%, 8/1/2024 (Insured; MBIA) 1,500,000 1,447,170 Orlando Utilities Commission, Water and Electric Revenue: 5.75%, 10/1/2005 2,000,000 2,166,900 5.80%, 10/1/2006 5,930,000 6,500,170 5.80%, 10/1/2007 1,175,000 1,294,709 Osceola County, Revenue: Gas Tax Improvement: 5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,420,132 5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,525,703 Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,355,614 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 2,480,000 2,543,141 Palm Beach County: Criminal Justice Facilities Revenue 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,968,335 (Land Acquisition Program) 5.375%, 6/1/2014 1,000,000 1,051,780 Public Improvement Revenue (Convention Center Project) 5.50%, 11/1/2013 1,785,000 1,912,092 Palm Beach County School Board COP 6%, 8/1/2016 (Insured; FGIC) 4,000,000 4,558,440 Palm Beach County School District 6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,042,280 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,235,530 Polk County, Capital Improvement Revenue 6%, 12/1/2002 (Insured; MBIA) 1,900,000 1,979,838 Polk County Industrial Development Authority, IDR (Cargill Fertilizer, Inc.) 5.50%, 11/1/2009 2,000,000 2,091,640 Reedy Creek Improvement District 5.25%, 6/1/2012 (Insured; MBIA) 1,485,000 1,544,742 Saint John's County Industrial Development Authority, HR (Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,039,170 Sarasota County 6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,547,757 Seminole County School District 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,623,225 Sunrise, Revenue: Public Facilities 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,115,660 Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,467,512 Tallahassee, Health Facilities Revenue (Tallahassee Memorial Regional Medical Center) 5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,034,540 Tampa, Revenue: (Alleghany Health Systems--Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,916,155 Cigarette Tax Allocation (H Lee Moffitt Cancer) 5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,107,020 Water and Sewer 6.30%, 10/1/2006 1,590,000 1,667,560 Tampa Bay, Water Utility Systems Revenue: 5.125%, 10/1/2010 (Insured; FGIC) 3,095,000 3,274,231 5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,266,248 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Volusia County, Sales Tax Improvement Revenue 6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,058,540 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,188,029 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,055,580 Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 795,000 847,764 U.S. RELATED--5.6% Childrens Trust Fund, Tobacco Settlement Revenue: 5.75%, 7/1/2013 1,000,000 1,059,420 5.75%, 7/1/2014 3,000,000 3,164,880 Puerto Rico Commonwealth 5.50%, 7/1/2013 (Insured; FGIC) 2,000,000 2,194,660 Puerto Rico Commonwealth Highway and Transportation Authority: Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,743,325 Transportation Revenue 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,585,644 Virgin Islands Public Finance Authority, Revenue: 5.625%, 10/1/2010 2,000,000 2,125,820 5.875%, 10/1/2018 500,000 494,345 Virgin Islands Water and Power Authority Water Systems Revenue 7.20%, 1/1/2002 100,000 102,155 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (cost $249,005,248) 100.6% 258,290,085 LIABILITIES, LESS CASH AND RECEIVABLES (.6%) (1,428,820) NET ASSETS 100.0% 256,861,265
The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation COP Certificate of Participation FGIC Financial Guaranty Insurance Company FNMA Federal National Mortgage Association FSA Financial Security Assurance GNMA Government National Mortgage Association HR Hospital Revenue IDR Industrial Development Revenue LOC Letter of Credit MBIA Municipal Bond Investors Assurance Insurance Corporation MFHR Multi-Family Housing Revenue PCR Pollution Control Revenue RRR Resources Recovery Revenue
Summary of Combined Ratings (Unaudited) Fitch or Moody's or Standard & Poor's Value (%) - ----------------------------------------------------------------------------------------------------------------------------------- AAA Aaa AAA 74.6 AA Aa AA 16.0 A A A 1.6 BBB Baa BBB 3.4 Not Rated( b) Not Rated (b) Not Rated( b) 4.4 100.0 (A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (B) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S, HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST. (C) AT JUNE 30, 2001, 25.9% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA. SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES June 30, 2001 (Unaudited) Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 249,005,248 258,290,085 Interest receivable 3,773,084 Receivable for investment securities sold 1,035,430 Prepaid expenses 7,351 263,105,950 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 167,217 Cash overdraft due to Custodian 2,263,127 Payable for investment securities purchased 3,741,336 Accrued expenses 73,005 6,244,685 - -------------------------------------------------------------------------------- NET ASSETS ($) 256,861,265 - ------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 246,934,688 Accumulated undistributed investment income--net 30,454 Accumulated net realized gain (loss) on investments 611,286 Accumulated net unrealized appreciation (depreciation) on investments--Note 4 9,284,837 - -------------------------------------------------------------------------------- NET ASSETS ($) 256,861,265 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value shares of Beneficial Interest authorized) 19,359,421 NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.27 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF OPERATIONS Six Months Ended June 30, 2001 (Unaudited) - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 6,664,328 EXPENSES: Management fee--Note 3(a) 776,452 Shareholder servicing costs--Note 3(b) 128,186 Trustees' fees and expenses--Note 3(c) 29,303 Professional fees 18,005 Custodian fees 15,438 Prospectus and shareholders' reports 11,452 Registration fees 4,463 Loan commitment fees--Note 2 1,315 Miscellaneous 11,708 TOTAL EXPENSES 996,322 INVESTMENT INCOME--NET 5,668,006 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 1,214,501 Net unrealized appreciation (depreciation) on investments (17,458) NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 1,197,043 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 6,865,049 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF CHANGES IN NET ASSETS Six Months Ended June 30, 2001 Year Ended (Unaudited) December 31, 2000 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 5,668,006 12,094,902 Net realized gain (loss) on investments 1,214,501 147,646 Net unrealized appreciation (depreciation) on investments (17,458) 6,834,393 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 6,865,049 19,076,941 - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): INVESTMENT INCOME--NET (5,701,096) (12,031,358) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 11,782,172 17,834,460 Dividends reinvested 3,809,193 7,944,763 Cost of shares redeemed (21,068,466) (58,812,818) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (5,477,101) (33,033,595) TOTAL INCREASE (DECREASE) IN NET ASSETS (4,313,148) (25,988,012) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 261,174,413 287,162,425 END OF PERIOD 256,861,265 261,174,413 Undistributed investment income--net 30,454 63,544 - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 886,120 1,378,959 Shares issued for dividends reinvested 287,248 615,541 Shares redeemed (1,586,393) (4,572,301) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (413,025) (2,577,801) SEE NOTES TO FINANCIAL STATEMENTS. The Fund FINANCIAL HIGHLIGHTS The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements.
Six Months Ended June 30, 2001 Year Ended December 30, ---------------------------------------------------------------- (Unaudited) 2000 1999 1998 1997 1996 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 13.21 12.85 13.59 13.64 13.45 13.62 Investment Operations: Investment income--net .29 .59 .59 .60 .60 .61 Net realized and unrealized gain (loss) on investments .06 .36 (.74) .06 .23 (.17) Total from Investment Operations .35 .95 (.15) .66 .83 .44 Distributions: Dividends from investment income--net (.29) (.59) (.59) (.60) (.60) (.61) Dividends from net realized gain on investments -- -- .00(a) (.11) (.04) -- Total Distributions (.29) (.59) (.59) (.71) (.64) (.61) Net asset value, end of period 13.27 13.21 12.85 13.59 13.64 13.45 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) 5.38(b) 7.58 (1.16) 4.98 6.35 3.35 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .77(b) .81 .81 .81 .80 .80 Ratio of net investment income to average net assets 4.38(b) 4.59 4.42 4.41 4.43 4.53 Portfolio Turnover Rate 21.66(c) 11.45 10.61 32.49 19.68 19.14 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 256,861 261,174 287,162 329,089 351,964 387,899 (A) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE. (B) ANNUALIZED. (C) NOT ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.
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, as amended (the "Act"), as a non-diversified open-end management investment company. The fund's investment objective is to provide investors with as high a level of current income exempt from Federal income tax as is consistent with the preservation of capital. The Dreyfus Corporation (the "Manager") serves as the fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation. Dreyfus Service Corporation (the " Distributor"), a wholly-owned subsidiary of the Manager, is the distributor of the fund's shares, which are sold to the public without a sales charge. The fund' s financial statements are prepared in accordance with accounting principles generally accepted in the United States, 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 (the "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 The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) income, adjusted for amortization of premiums and original issue discounts on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Under the terms of the custody agreement, the fund receives net earnings credits based on available cash balances left on deposit. The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund. (c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the " Code" ). To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. (d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all Federal income and excise taxes. The fund has an unused capital loss carryover of approximately $434,000 available for Federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to December 31, 2000. This amount is calculated based on Federal income tax regulations which may differ from financial reporting in accordance with accounting principles generally accepted in the United States. If not applied, the carryover expires in fiscal 2007. NOTE 2--Bank Line of Credit: The fund participates with other Dreyfus-managed funds in a $500 million redemption credit facility (the "Facility" ) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2001, the fund did not borrow under the Facility. NOTE 3--Management Fee and Other Transactions With Affiliates: (a) Pursuant to a management agreement ("Agreement") with the Manager, the management fee is computed at the annual rate of .60 of 1% of the value of the fund's average daily net assets and is payable monthly. (b) Under the fund' s Shareholder Service Plan, the fund reimburses the Distributor 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, 2001, the fund was charged of $54,788 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, 2001, the fund was charged $66,428 pursuant to the transfer agency agreement. The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) (c) Each Board member also serves as a Board member of other funds within the Dreyfus complex (collectively, the "Fund Group"). Each Board member who is not an "affiliated person" as defined in the Act receives an annual fee of $30,000 and an attendance fee of $4,000 for each in person meeting and $500 for telephone meetings. These fees are allocated among the funds in the Fund Group. The Chairman of the Board receives an additional 25% of such compensation. Subject to the fund's Emeritus Program Guidelines, Emeritus Board members, if any, receive 50% of the annual retainer fee and per meeting fee paid at the time the Board member achieves emeritus status. (d) A 1% redemption fee is charged and retained by the fund on shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund's exchange privilege. During the period ended June 30, 2001, redemption fees charged and retained by the fund amounted to $1,001. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended June 30, 2001, amounted to $58,503,314 and $56,024,181, respectively. At June 30, 2001, accumulated net unrealized appreciation on investments was $9,284,837, consisting of $9,470,248 gross unrealized appreciation and $185,411 gross unrealized depreciation. At June 30, 2001, 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). NOTE 5--Change in Accounting Principle: As required, effective January 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies with respect to the amortization of discount and premium on municipal securities. For the current period, there was no effect to the fund's financial statements. For More Information 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 100 Church Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. P.O. Box 9263 Boston, MA 02205-8501 Distributor Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 To obtain information: BY TELEPHONE Call 1-800-645-6561 BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144 BY E-MAIL Send your request to info@dreyfus.com ON THE INTERNET Information can be viewed online or downloaded from: http://www.dreyfus.com (c) 2001 Dreyfus Service Corporation 740SA0601 -----END PRIVACY-ENHANCED MESSAGE-----