-----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, SxU+qnx4r2wFD7ourfd33DEr1k9nrFO1N4ODNWYlrZiFSa1fRClYttA2fI3tV1rL SWcvZyGKHZKZWlhI8Xtyhw== 0000881512-03-000008.txt : 20030903 0000881512-03-000008.hdr.sgml : 20030903 20030903154850 ACCESSION NUMBER: 0000881512-03-000008 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030903 EFFECTIVENESS DATE: 20030903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-06489 FILM NUMBER: 03879169 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-CSR 1 coverpagencsr.txt SEMI-ANNUAL REPORT 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 811-6489 Dreyfus Florida 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) Mark N. Jacobs, Esq. 200 Park Avenue New York, New York 10166 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 922-6000 Date of fiscal year end: 12/31 Date of reporting period: 6/30/03 FORM N-CSR ITEM 1. REPORTS TO STOCKHOLDERS. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND SEMIANNUAL REPORT June 30, 2003 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 - -------------------------------------------------- 2 Letter from the Chairman 3 Discussion of Fund Performance 6 Statement of Investments 12 Statement of Assets and Liabilities 13 Statement of Operations 14 Statement of Changes in Net Assets 15 Financial Highlights 16 Notes to Financial Statements 20 Proxy Results FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus Florida Intermediate Municipal Bond Fund LETTER FROM THE CHAIRMAN Dear Shareholder: This semiannual report for Dreyfus Florida Intermediate Municipal Bond Fund covers the six-month period from January 1, 2003, through June 30, 2003. 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, Scott Sprauer. Municipal bonds continued to rally during the reporting period, with prices driven higher by a combination of declining interest rates and robust levels of investor demand for tax-exempt securities. If the market is able to hold these gains through year-end, 2003 will mark the fourth consecutive calendar year of positive performance for municipal bonds. However, the market' s strong performance has had a downside: yields on high-quality securities have fallen toward historical lows, and maintaining a steady stream of current tax-exempt income has become a challenge for many investors. Nonetheless, we remain optimistic about the prospects for municipal bonds in the current economic environment. For example, states faced with worsening budget problems may consider raising taxes, which we believe may make tax-exempt securities more attractive to many investors. Thank you for your continued confidence and support. Sincerely, /s/ Stephen E. Canter Stephen E. Canter Chairman and Chief Executive Officer The Dreyfus Corporation July 15, 2003 DISCUSSION OF FUND PERFORMANCE Scott Sprauer, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform relative to its benchmark? For the six-month period ended June 30, 2003, the fund achieved a total return of 3.07%.(1) The Lehman Brothers 7-Year Municipal Bond Index (the "Index"), the fund' s benchmark, achieved a total return of 3.84% for the same period.(2) In addition, the fund is reported in the Lipper Florida Intermediate Municipal Debt Funds category. Over the reporting period, the average total return for all funds reported in this Lipper category was 2.57%.(3) The fund's benchmark is a broad-based measure of overall municipal bond performance. There are no broad-based municipal bond market indices reflective of the performance of bonds issued by a single state. For this reason, we have also provided the fund's Lipper category average return for comparative purposes. The municipal bond market benefited during the reporting period primarily from the effects of declining interest rates, which produced capital appreciation among seasoned bonds, and strong demand from investors seeking relatively stable investment alternatives. The fund produced lower returns than its benchmark, mainly because the Index contains bonds from many states, not just Florida, and does not reflect transaction fees and other expenses. However, the fund produced higher returns than its Lipper category average, primarily because of our focus on high-quality securities in the intermediate-term maturity range. Such bonds were subject to particularly robust levels of investor interest. 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 at least 80% of its assets in municipal bonds issued by the state of Florida, its political subdivisions, authorities and corporations, that provide income exempt from federal income tax and which enable the fund' s shares to be exempt from the Florida intangible personal property tax. The fund generally maintains a dollar-weighted average portfolio maturity between three and ten years. The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) While the fund generally intends to invest only in investment-grade securities or the unrated equivalent as determined by Dreyfus, it does have the ability to invest up to 20% of its net assets in bonds rated below investment grade (" high-yield" or "junk" bonds) or the unrated equivalent as determined by Dreyfus. The portfolio manager may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, the portfolio manager may assess the current interest-rate environment and the municipal bond' s potential volatility in different rate environments. The portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices. A portion of the fund' s assets may be allocated to "discount" bonds, which are bonds that sell at a price below their face value, or to "premium" bonds, which are bonds that sell at a price above their face value. The fund's allocation to either discount bonds or to premium bonds will change along with the portfolio manager' s changing views of the current interest-rate and market environment. The portfolio manager also may look to select bonds that are most likely to obtain attractive prices when sold. What other factors influenced the fund's performance? The fund was positively influenced by generally favorable market conditions during the reporting period, including declining interest rates and robust investor demand for relatively stable fixed-income investments. As demand for a relatively limited supply of tax-exempt securities increased, bond yields generally fell and prices rose, contributing positively to the fund's total return. The persistently weak U.S. economy also created some potentially negative influences, however. Because of lower tax revenues, most states and municipalities faced widening budget deficits during the reporting period. Florida bridged the budget gap for its 2004 fiscal year with a $52.3 billion budget that includes spending cuts, elimination of a sales tax "holiday" and an 8.5% increase in state university tuition for Florida residents. In this challenging fiscal environment, there was little trading activity in the fund. The fund' s core, seasoned holdings of high-quality securitie generally featured higher yields than were available in the marketplace. On the margins, however, we tended to focus on income-oriented bonds with maturities of 10 to 15 years for new purchases. These securities, with nominal yields between 5% and 5.50%, have traditionally been considered defensive investments, because they have tended to hold up better than other types of bonds during market declines. In addition, we generally focused on bonds that are backed by specific revenue streams, including fees from essential services such as water and sewer facilities. We have maintained the fund's average duration -- a measure of sensitivity to changing interest rates -- at around 5.50 years, which we consider to be in the " neutral" range relative to the fund's peer group average. This positioning is designed to place more emphasis on our security selection strategy and less on the potential effects of interest-rate movements. In addition, we attempted to maintain levels of credit quality and, as of the reporting period's end, 95% of the fund's holdings were rated double-A or better. What is the fund's current strategy? Despite improving investor optimism toward the end of the reporting period, we believe that the economy so far has exhibited few signs of sustainable strength. In addition, we remain concerned that cuts in state aid may put additional pressure on local municipal bond issuers. We have continued to focus on income-oriented bonds, paying close attention to underlying credit quality. At the same time, we have attempted to remain fully invested by keeping the fund's cash holdings at relatively low levels. In our view, these are prudent strategies in today's economic and fiscal environments. July 15, 2003 (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, 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. -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE LEHMAN BROTHERS 7-YEAR MUNICIPAL BOND INDEX IS AN UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK FOR THE INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 7-YEAR, TAX-EXEMPT BOND MARKET, CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 6-8 YEARS. INDEX RETURNS DO NOT REFLECT THE FEES AND EXPENSES ASSOCIATED WITH OPERATING A MUTUAL FUND. (3) SOURCE: LIPPER INC. -- CATEGORY AVERAGE RETURNS REFLECT THE FEES AND EXPENSES OF THE FUNDS COMPRISING THE AVERAGE. The Fund
STATEMENT OF INVESTMENTS June 30, 2003 (Unaudited) Principal LONG-TERM MUNICIPAL INVESTMENTS--99.2% Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA--93.1% Alachua County Health Facilities Authority, Health Facilities Revenue (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,914,302 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,135,710 Brevard County Health Facilities Authority, Revenue (Holmes Regional Medical Center) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,368,670 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,167,140 Broward County School Board, COP: 5.375%, 7/1/2013 (Insured; FSA) 4,370,000 4,980,139 5.50%, 7/1/2014 (Insured; FSA) 4,715,000 5,434,273 Capital Projects Finance Authority, Student Housing Revenue (Capital Projects Loan Program) 5.50%, 10/1/2016 (Insured; MBIA) 4,285,000 4,667,479 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 315,000 326,173 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,371,971 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA & GNMA) 1,425,000 1,517,426 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,135,245 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,266,938 Dade County: Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,918,200 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 5,283,369 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,602,444 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 680,000 688,255 Escambia County Health Facilities Authority, Revenue (Ascension Health Credit Group) 5.25%, 11/15/2013 2,000,000 2,236,820 Florida Board of Education: Capital Outlay (Public Education): 5.50%, 6/1/2010 5,725,000 6,394,195 5.375%, 6/1/2017 3,000,000 3,360,540 5.50%, 6/1/2018 5,000,000 5,591,750 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Florida Board of Education (continued): Lottery Revenue: 5.25%, 7/1/2018 (Insured; FGIC) 2,500,000 2,780,900 5.25%, 7/1/2019 (Insured; FGIC) 3,675,000 4,009,241 Florida Department of Environmental Protection, Revenue: 5.75%, 7/1/2009 (Insured; FGIC) 5,100,000 6,001,476 (Florida Forever) 5.25%, 7/1/2010 (Insured; FGIC) 3,580,000 4,119,506 Florida Municipal Loan Council, Revenue: 5.25%, 5/1/2015 (Insured; MBIA) 2,025,000 2,291,530 (North Miami Beach Water) 5.375%, 8/1/2018 (Insured; MBIA) 1,990,000 2,235,646 Florida Municipal Power Agency, Revenue: (Stanton II) 5.50%, 10/1/2015 (Insured; AMBAC) 3,635,000 4,197,407 (Tri-City) 5%, 10/1/2017 (Insured; FSA) 2,945,000 (a) 3,233,433 Florida Ports Financing Commission, Revenue (Transportation Trust Fund--Intermodal Program) 5.50%, 10/1/2016 1,745,000 1,912,398 Fort Myers, Improvement Revenue (Special Assessment--Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (b) 905,136 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,958,705 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 615,000 627,743 Hillsborough County, Utility Revenue: Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 4,758,900 5.50%, 8/1/2011 (Insured; AMBAC) 2,000,000 2,342,180 5.50%, 8/1/2014 (Insured; AMBAC) 3,205,000 3,833,693 Hillsborough County Industrial Development Authority HR (Tampa General Hospital) 5.25%, 10/1/2015 3,500,000 3,634,155 Hillsborough County School Board, COP 5%, 7/1/2016 (Insured; MBIA) 2,625,000 2,848,151 Hillsborough County School District, Sales Tax Revenue 5.375%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,713,975 Indian Trace Community Development District (Water Management--Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,431,681 Jacksonville: Guaranteed Entitlement Revenue (Refunding & Improvement): 5.375%, 10/1/2015 (Insured; FGIC) 2,870,000 3,281,070 5.375%, 10/1/2016 (Insured; FGIC) 3,080,000 3,484,804 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Jacksonville (continued): Sales Tax Revenue: 5.50%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,727,970 5.50%, 10/1/2015 (Insured; AMBAC) 1,500,000 1,716,930 (River City Renaissance) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,689,500 Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,098,790 Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,776,617 Lee County, Transportation Facilities Revenue 5.50%, 10/1/2015 (Insured; AMBAC) 2,500,000 2,861,550 Martin County, Utility System Revenue: 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,173,770 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,258,841 5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,775,006 Miami: 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,481,223 Homeland Defense/Neighborhood 5.50%, 1/1/2016 (Insured; MBIA) 7,495,000 8,509,523 Miami-Dade County, Public Service Tax Revenue (Umsa Public Improvements) 5.50%, 4/1/2016 (Insured; AMBAC) 2,190,000 2,502,557 Miami-Dade County School Board, COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,851,400 Miami-Dade County School District 5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,343,960 Northern Palm Beach County Improvement District (Water Control & Improvement Unit Development) 5.75%, 8/1/2014 1,085,000 1,141,919 Orange County, Tourist Development Tax Revenue: 5.50%, 10/1/2011 (Insured; AMBAC) 3,030,000 3,514,042 5%, 10/1/2015 (Insured; AMBAC) 1,010,000 1,103,082 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare) 6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 2,203,792 Orlando Utilities Commission, Water and Electric Revenue: 5.75%, 10/1/2005 2,000,000 2,195,260 5.80%, 10/1/2006 6,030,000 6,833,317 5.80%, 10/1/2007 1,175,000 1,358,876 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 1,335,000 1,349,818 Palm Beach County: Criminal Justice Facilities Revenue 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 2,111,616 (Land Acquisition Program) 5.375%, 6/1/2014 1,000,000 1,148,880 Public Improvement Revenue (Convention Center) 5.50%, 11/1/2013 (Insured; FGIC) 1,785,000 2,061,621 Palm Beach County School Board, COP: 5%, 8/1/2011 (Insured; FSA) 1,450,000 1,644,344 5.25%, 8/1/2014 (Insured; FSA) 4,500,000 5,117,625 6%, 8/1/2016 (Insured; FGIC, Prerefunded 8/1/2010) 4,000,000 (b) 4,875,640 5.50%, 8/1/2018 (Insured; FSA) 4,910,000 5,556,205 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,367,800 Plant City, Utility Systems Revenue (Improvement) 6%, 10/1/2015 (Insured; MBIA) 2,000,000 2,450,640 Plantation, Revenue (Public Improvement Projects) 5.375%, 8/15/2011 (Insured; FSA) 5,370,000 6,243,860 Seacoast Utility Authority, Water and Sewer Utility Systems Revenue 5.25%, 3/1/2011 (Insured; FGIC) 4,010,000 4,600,192 Sunrise, Public Facilities Revenue 6.20%, 10/1/2004 (Insured; MBIA) 1,000,000 1,024,140 Tampa, Revenue: (Allegany Health Systems--Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,848,725 Cigarette Tax Allocation (H Lee Moffitt Cancer) 5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,255,200 Tampa Bay, Water Utility Systems Revenue 5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,538,256 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University) 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,014,590 Volusia County School Board, Sales Tax Revenue 5.375%, 10/1/2015 (Insured; FSA) 4,000,000 4,572,920 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 320,000 332,573 U.S. RELATED--6.1% Children's Trust Fund, Tobacco Settlement Revenue: 5.75%, 7/1/2013 (Prerefunded 7/1/2010) 1,000,000 (b) 1,198,360 5.75%, 7/1/2014 (Prerefunded 7/1/2010) 3,000,000 (b) 3,595,080 Puerto Rico Commonwealth Highway and Transportation Authority, Revenue: Highway 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,987,700 Transportation 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,781,429 Puerto Rico Commonwealth Public Improvement 5.50%, 7/1/2013 (Insured; FSA) 2,000,000 2,390,160 Virgin Islands Public Finance Authority, Revenue 5.625%, 10/1/2010 2,000,000 2,199,160 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $227,951,530) 99.2% 247,347,228 CASH AND RECEIVABLES (NET) .8% 2,097,664 NET ASSETS 100.0% 249,444,892
Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation COP Certificate of Participation FGIC Financial Guaranty Insurance Company FNMA Federal National Mortgage Association FSA Financial Security Assurance GNMA Government National Mortgage Association HR Hospital Revenue IDR Industrial Development Revenue MBIA Municipal Bond Investors Assurance Insurance Corporation MFHR Multi-Family Housing Revenue
Summary of Combined Ratings (Unaudited) Fitch or Moody's or Standard & Poor's Value (%) - ------------------------------------------------------------------------------------------------------------------------------------ AAA Aaa AAA 83.5 AA Aa AA 12.4 BBB Baa BBB 2.7 Not Rated (c) Not Rated (c) Not Rated (c) 1.4 100.0
(A) PURCHASED ON A DELAYED DELIVERY BASIS. (B) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S, HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST. SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF ASSETS AND LIABILITIES June 30, 2003 (Unaudited) Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 227,951,530 247,347,228 Cash 2,000,426 Interest receivable 3,607,311 Receivable for shares of Beneficial Interest subscribed 40,064 Prepaid expenses 7,726 253,002,755 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 139,721 Payable for investment securities purchased 3,273,662 Payable for shares of Beneficial Interest redeemed 77,035 Accrued expenses and other liabilities 67,445 3,557,863 - -------------------------------------------------------------------------------- NET ASSETS ($) 249,444,892 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 229,282,809 Accumulated net realized gain (loss) on investments 766,385 Accumulated gross unrealized appreciation on investments 19,395,698 - -------------------------------------------------------------------------------- NET ASSETS ($) 249,444,892 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value shares of Beneficial Interest authorized) 18,056,291 NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.82 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF OPERATIONS Six Months Ended June 30, 2003 (Unaudited) - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 5,489,633 EXPENSES: Management fee--Note 3(a) 749,245 Shareholder servicing costs--Note 3(b) 148,018 Trustees' fees and expenses--Note 3(c) 22,437 Professional fees 21,022 Custodian fees 13,896 Prospectus and shareholders' reports 11,381 Registration fees 5,315 Loan commitment fees--Note 2 1,083 Miscellaneous 10,104 TOTAL EXPENSES 982,501 INVESTMENT INCOME--NET 4,507,132 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 671,955 Net unrealized appreciation (depreciation) on investments 2,569,766 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 3,241,721 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 7,748,853 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF CHANGES IN NET ASSETS Six Months Ended June 30, 2003 Year Ended (Unaudited) December 31, 2002 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 4,507,132 10,098,295 Net realized gain (loss) on investments 671,955 2,045,356 Net unrealized appreciation (depreciation) on investments 2,569,766 9,139,066 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 7,748,853 21,282,717 - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (4,507,132) (10,094,653) Net realized gain on investments -- (1,957,220) TOTAL DIVIDENDS (4,507,132) (12,051,873) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 6,454,215 23,598,891 Dividends reinvested 3,055,996 8,274,938 Cost of shares redeemed (18,117,267) (41,408,231) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (8,607,056) (9,534,402) TOTAL INCREASE (DECREASE) IN NET ASSETS (5,365,335) (303,558) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 254,810,227 255,113,785 END OF PERIOD 249,444,892 254,810,227 - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 472,110 1,755,857 Shares issued for dividends reinvested 222,777 615,666 Shares redeemed (1,321,542) (3,090,482) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (626,655) (718,959) SEE NOTES TO FINANCIAL STATEMENTS. 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, 2003 Year Ended December 31, ---------------------------------------------------------------- (Unaudited) 2002 2001(a) 2000 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 13.64 13.15 13.21 12.85 13.59 13.64 Investment Operations: Investment income--net .25(b) .53(b) .58(b) .59 .59 .60 Net realized and unrealized gain (loss) on investments .18 .60 (.01) .36 (.74) .06 Total from Investment Operations .43 1.13 .57 .95 (.15) .66 Distributions: Dividends from investment income--net (.25) (.53) (.58) (.59) (.59) (.60) Dividends from net realized gain on investments -- (.11) (.05) -- .00(c) (.11) Total Distributions (.25) (.64) (.63) (.59) (.59) (.71) Net asset value, end of period 13.82 13.64 13.15 13.21 12.85 13.59 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) 3.07(d) 8.75 4.37 7.58 (1.16) 4.98 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .79(e) .80 .78 .81 .81 .81 Ratio of net investment income to average net assets 3.61(e) 3.96 4.33 4.59 4.42 4.41 Portfolio Turnover Rate 10.87(d) 33.26 22.97 11.45 10.61 32.49 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 249,445 254,810 255,114 261,174 287,162 329,089
(A) AS REQUIRED, EFFECTIVE JANUARY 1, 2001, THE FUND HAS ADOPTED THE PROVISIONS OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND BEGAN AMORTIZING DISCOUNT OR PERMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES ON A DAILY BASIS. THERE WAS NO EFFECT OF THIS CHANGE FOR THE PERIOD ENDED DECEMBER 31, 2001 AND THE RATIOS WERE NOT AFFECTED BY THIS CHANGE. PER SHARE DATA RATIOS/SUPPLEMENTAL DATA FOR PERIODS PRIOR TO JANUARY 1,2001 HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN PRESENTATION. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE. (D) NOT ANNUALIZED. (E) ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS. The 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, 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 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 wholly-owned 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 income, adjusted for amortization of discount and premium on invest- ments, 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 received net earnings credits of $2,047 during the period ended June 30, 2003, based on available cash balances left on deposit. Income earned under this arrangement is included in interest income. 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, 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 gain can be offset by capital loss carryovers, if any, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. (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 tax character of distributions paid to shareholders during the fiscal year ended December 31, 2002 were as follows: tax exempt income $10,094,653, ordinary income $1,954 and long-term capital gains $1,955,266. The tax character of current year distributions will be determined at the end of the current fiscal year. The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) 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, 2003, 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 Services 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, 2003, the fund was charged of $85,689 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, 2003, the fund was charged $43,504 pursuant to the transfer agency agreement. (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 in proportion to each fund' s relative net assets. 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, 2003, redemption fees charged and retained by the fund amounted to $1,349. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended June 30, 2003, amounted to $27,246,734 and $26,706,566, respectively. At June 30, 2003, accumulated net unrealized appreciation on investments was $19,395,698, consisting of $19,449,635 gross unrealized appreciation and $53,937 gross unrealized depreciation. At June 30, 2003, 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). The Fund PROXY RESULTS (Unaudited) The fund held a special meeting of shareholders on December 18, 2002. The proposal considered at the meeting, and the results, are as follows:
Shares ---------------------------------------------------------------------------- For Against Abstained ---------------------------------------------------------------------------- To amend the fund's Charter to permit the issuance of additional classes of shares 11,372,007 1,454,745 593,065
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. 200 Park Avenue New York, NY 10166 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) 2003 Dreyfus Service Corporation 740SA0603 ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. [RESERVED] ITEM 9. 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 controls over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 10. EXHIBITS. (a)(1) Not applicable. (a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (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 Florida Intermediate Municipal Bond Fund By: /S/STEPHEN E. CANTER ----------------------- Stephen E. Canter Chief Executive Officer Date: September 3, 2003 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/STEPHEN E. CANTER ----------------------- Stephen E. Canter Chief Executive Officer Date: September 3, 2003 By: /S/JAMES WINDELS ----------------------- James Windels Chief Financial Officer Date: September 3, 2003 EXHIBIT INDEX (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) EX-99 3 ncsr302certs.txt CERTIFICATION RULE 302 [EX-99.CERT] Exhibit (a)(2) SECTION 302 CERTIFICATIONS I, Stephen E. Canter, certify that: 1. I have reviewed this report on Form N-CSR of Dreyfus Florida Intermediate Municipal Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /S/STEPHEN E. CANTER ----------------------- Stephen E. Canter Chief Executive Officer Date: September 3, 2003 SECTION 302 CERTIFICATIONS I, James Windels, certify that: 1. I have reviewed this report on Form N-CSR of Dreyfus Florida Intermediate Municipal Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /S/JAMES WINDELS ----------------------- James Windels Chief Financial Officer Date: September 3, 2003 EX-99 4 ncsr906cert.txt CERTIFICATION SECTION 906 [EX-99.906 CERT] Exhibit (b) SECTION 906 CERTIFICATIONS In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. By: /S/STEPHEN E. CANTER ----------------------- Stephen E. Canter Chief Executive Officer Date: September 3, 2003 By: /S/JAMES WINDELS ----------------------- James Windels Chief Financial Officer Date: September 3, 2003 THIS CERTIFICATE IS FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM N-CSR AND SHALL NOT BE DEEMED "FILED" FOR PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, OR OTHERWISE SUBJECT TO THE LIABILITY OF THAT SECTION, AND SHALL NOT BE DEEMED TO BE INCORPORATED BY REFERENCE INTO ANY FILING UNDER THE SECURITIES ACT OF 1933 OR THE EXCHANGE ACT OF 1934. -----END PRIVACY-ENHANCED MESSAGE-----