-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, BfcMUvOLUKlNSB2mJUAOVY/1MNOs/eSGVDI1ClhJEMSu0JX5w+l16CISbqCSlcK6 JRszkBuj3yUt4fn0Y8S4GQ== 0000881512-94-000016.txt : 19940908 0000881512-94-000016.hdr.sgml : 19940908 ACCESSION NUMBER: 0000881512-94-000016 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19940907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: 0000 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: 94548180 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 ANNUAL REPORT LETTER TO SHAREHOLDERS Dear Shareholder: At the close of the Fund's semi-annual reporting period on June 30, 1994, the net asset value of the Fund was $13.00 per share, which was $.85 (6.14%) per share lower than the price at our fiscal year-end close on December 31, 1993. Income dividends of approximately $.33 per share were paid during this period, which translate into an annualized distribution rate per share of 5.12%, based on the June 30 closing net asset value per share of $13.00. We are pleased to report that all dividends paid from net investment income during this period were exempt from Federal income tax, although certain shareholders may be subject to the Federal alternative mimimum tax on some portfolio income. During this six-month period, our focus remained consistent with the Fund's tenets to emphasize income. The market provided opportunities to take capital gains on many of our holdings due to the scarcity of Florida bonds in the marketplace. We positioned the Fund, however, to maintain a steady level of income by purchasing in-state securities in the secondary market approximately 50 basis points ahead of the yield curve. This strategy curtailed the volatility posed by recent market swings and the amortization of high coupon cushion bonds. We believe that this strategy should bode well at least in the short term, as it provides an insulating effect in the event rates remain in the narrow trading range we have experienced thus far. In addition, the prospect of a steady flow of new issues through year-end is unlikely. To date, issuance of new municipal securities nationally is less than two thirds of last year's brisk level. Overall, the municipal bond market continues to be a favorable haven for investment given the current economic and tax picture. We continue to be well aware of the price level to which the market has escalated. To this extent, we transact our daily Fund business with an eye toward achieving your investment goals and identifying opportunities that will favorably enhance the portfolio. We will continue to make our best effort to react prudently to economic events that could affect your Fund's portfolio. We have provided a current Statement of Investments and recent financial statements for your review. We greatly appreciate your investment in the Fund and look forward to serving your investment needs in the future. Very truly yours, (Richard J. Moynihan Signature Logo) Richard J. Moynihan President July 22, 1994 New York, N.Y.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS-100.0% AMOUNT VALUE -------------- -------------- FLORIDA--92.9% Alachua County Health Facilities Authority, Health Facilities Revenue, Refunding (Santa Fe Healthcare Facilities Project) 6.875%, 11/15/2002............. $ 4,540,000 $ 4,582,540 Bay County, RRR, Refunding: 6%, 7/1/2001 (Insured; MBIA)............................................ 1,250,000 1,314,800 6.10%, 7/1/2002 (Insured; MBIA)......................................... 2,095,000 2,217,139 6.20%, 7/1/2003 (Insured; MBIA)......................................... 1,250,000 1,319,637 Boca Raton, Water and Sewer Revenue, Refunding 5.60%, 10/1/2004............. 2,000,000 2,011,280 Boynton Beach, Public Service Tax Revenue, Refunding 5.20%, 11/1/2005 (Insured; AMBAC)....................................... 1,475,000 1,424,658 Brevard County, Refunding 5.45%, 3/1/2002 (Insured; MBIA)................... 1,250,000 1,268,663 Brevard County Health Facilities Authority, Revenue: (Hospital-Holmes Regional Medical Center Project) 5.10%, 10/1/2000...... 2,000,000 1,944,580 (Refunding-Wuesthoff Memorial Hospital) 6.90%, 4/1/2002................. 2,500,000 2,695,950 Broward County: Airport Systems Revenue, Refunding 5%, 10/1/2005........................ 5,000,000 4,739,600 Gas Tax Revenue 6.50%, 9/1/2004......................................... 1,200,000 1,270,716 Broward County Health Facilities Authority, HR, Refunding (Holy Cross Hospital, Inc.) 5.20%, 6/1/2003 (Insured; AMBAC)............ 2,295,000 2,257,959 Broward County School Board, COP: 6%, 7/1/2001 (Insured; AMBAC)........................................... 1,000,000 1,045,850 6.10%, 7/1/2002 (Insured; AMBAC)........................................ 2,000,000 2,101,920 Broward County School District, Refunding: 5.70%, 2/15/2001........................................................ 3,000,000 3,081,240 5.80%, 2/15/2002........................................................ 2,000,000 2,060,640 5.30%, 2/15/2004........................................................ 6,000,000 5,897,640 6%, 2/15/2004........................................................... 3,000,000 3,108,420 Canaveral Port Authority, Revenue, Refunding: 6.10%, 6/1/2001 (Insured; FGIC)......................................... 2,000,000 2,105,740 Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)........................ 2,000,000 2,023,000 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA)......................................... 5,000,000 4,962,500 Charlotte County, Utility Revenue, Refunding 5.125%, 10/1/2004 (Insured; FGIC) 1,500,000 1,452,795 Citrus County, Hospital Board Revenue, Refunding (Citrus Memorial Hospital) 6%, 8/15/2002 (Insured; FSA)................. 1,000,000 1,044,980 Collier County School Board, COP, Refunding 5.50%, 2/15/2003 (Insured; FSA). 3,000,000 3,016,470 Coral Springs, Refunding: 5.20%, 10/1/2003........................................................ 1,190,000 1,161,749 Water and Sewer Revenue 5.50%, 9/1/2003 (Insured; FGIC)................. 1,425,000 1,444,337 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA)......................................... 2,000,000 2,070,080 6.15%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,083,120 6.75%, 10/1/2006...................................................... 2,750,000 2,898,528 Refunding 5.30%, 10/1/2002............................................ 4,000,000 3,999,640 Public Facilities Revenue, Refunding (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA)....................................... 2,750,000 2,679,242 (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................. 2,470,000 2,584,583 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED): Dade County (continued): School Board, COP (G. Holmes Braddock Senior High School) 5.125%, 8/1/2003 (Insured; MBIA)...................................... $ 1,500,000 $ 1,477,995 School District, Refunding: 5.20%, 7/15/2004 (Insured; AMBAC)..................................... 6,000,000 5,894,040 5.20%, 7/15/2005 (Insured; AMBAC)..................................... 6,425,000 6,210,148 Dade County Health Facilities Authority, HR, Refunding (North Shore Medical Center Project): 5.80%, 8/15/2000 (Insured; AMBAC)..................................... 1,650,000 1,709,119 5.90%, 8/15/2001 (Insured; AMBAC)..................................... 1,725,000 1,794,966 6%, 8/15/2002 (Insured; AMBAC)........................................ 1,760,000 1,839,165 Deerfield Beach, Water and Sewer Revenue, Refunding and Improvement 6.125%, 10/1/2003 (Insured; FGIC)....................................... 1,180,000 1,251,237 Dunedin, HR, Refunding (Mease Health Care) 5%, 11/15/2004 (Insured; MBIA)... 3,550,000 3,397,315 Duval County School District, Refunding 5.90%, 8/1/2002 (Insured; AMBAC).... 4,500,000 4,672,440 Escambia County, Sales Tax Revenue, Refunding 5.30%, 1/1/2004 (Insured; FGIC) 2,050,000 2,031,898 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA)......................................... 1,000,000 1,070,580 Refunding 6%, 7/1/2003 (Insured; MBIA).................................. 3,000,000 3,150,990 Florida, Pollution Control 5.90%, 7/1/2002.................................. 2,500,000 2,613,350 Florida Board of Education, Capital Outlay: 6.709%, 6/1/2004 (a,b).................................................. 7,000,000 6,413,750 5.90%, 6/1/2005......................................................... 1,295,000 1,324,643 6.80%, 6/1/2006......................................................... 2,900,000 3,093,140 Public Education, Refunding 5.70%, 6/1/2003............................. 3,665,000 3,741,818 Florida Division of Bond Finance Department, General Services Revenues: (Department of Natural Resources-Preservation 2000): 5.80%, 7/1/2001 (Insured; MBIA)....................................... 2,000,000 2,080,380 5.90%, 7/1/2002 (Insured; MBIA)....................................... 3,850,000 4,024,559 6.40%, 7/1/2003 (Insured; AMBAC)...................................... 3,450,000 3,719,549 6.10%, 7/1/2004 (Insured; MBIA)....................................... 2,420,000 2,543,033 (Refunding-Department of Natural Resources-Save Our Coast) 6.40%, 7/1/2005 (Insured; MBIA)....................................... 1,000,000 1,059,620 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project): 5.75%, 10/1/2000 (Insured; AMBAC)..................................... 1,000,000 1,032,980 5.80%, 10/1/2001 (Insured; AMBAC)..................................... 1,000,000 1,035,160 5.90%, 10/1/2002 (Insured; AMBAC)..................................... 1,000,000 1,039,590 6%, 10/1/2003 (Insured; AMBAC, Prerefunded 10/1/2002) (c)............. 1,000,000 1,055,740 6.10%, 10/1/2004 (Insured; AMBAC, Prerefunded 10/1/2002) (c).......... 1,000,000 1,062,340 (Refunding-Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)........ 8,565,000 8,422,564 Florida State University Financial Assistance, Educational & Athletic Facilities Improvement Revenue 4.80%, 10/1/2004 (LOC; Nationsbank of Florida) (d).................... 1,585,000 1,441,890 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED): Florida Sunshine Skyway, Revenue, Refunding: 6.10%, 7/1/2001......................................................... $ 1,650,000 $ 1,725,389 6.20%, 7/1/2002......................................................... 1,315,000 1,380,881 Florida Turnpike Authority, Turnpike Revenue 5.90%, 7/1/2005 (Insured; FGIC)......................................... 2,700,000 2,781,648 Gainesville, Utilities Systems Revenue 6.20%, 10/1/2003..................... 1,650,000 1,746,195 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.25%, 10/1/2006 (Insured; FGIC)........................................ 1,600,000 1,656,128 Refunding: 6.10%, 10/1/2002 (Insured; FGIC)...................................... 2,000,000 2,119,340 5.75%, 10/1/2003 (Insured; AMBAC)..................................... 5,000,000 5,166,100 Hernando County School District, Refunding: 6.10%, 8/1/2003 (Insured; MBIA)......................................... 2,000,000 2,115,560 5.40%, 9/1/2003 (Insured; MBIA)......................................... 1,290,000 1,297,301 5.50%, 9/1/2004 (Insured; MBIA)......................................... 1,580,000 1,590,870 Hillsborough County: Capital Improvement Revenue (County Center Project) 6.125%, 7/1/2003.... 1,150,000 1,194,701 (Refunding-Environmentally Sensitive Lands Acquisition and Protection): 5.875%, 7/1/2001...................................................... 1,295,000 1,336,194 6%, 7/1/2002.......................................................... 2,080,000 2,156,482 Utility Revenue, Refunding Zero Coupon, 8/1/2006 (Insured; MBIA)........ 2,500,000 1,215,000 Hillsborough County Aviation Authority, Revenue, Refunding (Tampa International Airport): 5.30%, 10/1/2001 (Insured; AMBAC)..................................... 3,000,000 2,999,730 5.45%, 10/1/2002 (Insured; AMBAC)..................................... 3,295,000 3,303,369 5%, 10/1/2003 (Insured; FGIC)......................................... 2,345,000 2,270,546 6.70%, 10/1/2004 (Insured; FGIC)...................................... 3,000,000 3,204,240 Hillsborough County Hospital Authority, HR, Refunding (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)....... 3,350,000 3,532,475 Hollywood, Water and Sewer Revenue 6%, 10/1/1999 (Insured; FGIC)............ 1,000,000 1,045,600 Homestead, Special Insurance Assessment Revenue (Hurricane Andrew Covered Claim) 5.125%, 3/1/2002 (Insured; MBIA)........................................ 2,300,000 2,266,190 Indian Trace Community Development District, Water and Sewer Revenue 8%, 4/1/2001 2,755,000 2,830,570 Jacksonville: Excise Taxes Revenue, Refunding 4.90%, 10/1/2003 (Insured; FGIC)........ 2,500,000 2,409,675 Guaranteed Entitlement Revenue, Refunding 5.50%, 10/1/2002 (Insured; AMBAC) 1,400,000 1,426,824 HR (University Medical Center, Inc. Project) 5.90%, 2/1/2001............ 550,000 569,558 Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA)....................................... 1,500,000 1,464,255 Jacksonville Electric Authority, Revenue: Electric Systems, Refunding 5.40%, 10/1/2004............................ 2,250,000 2,239,290 (Saint John's River): 6.40%, 10/1/2000...................................................... 5,000,000 5,335,500 Refunding: 5%, 10/1/2004..................................................... 12,275,000 11,807,077 5%, 10/1/2005..................................................... 1,425,000 1,357,626 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED): Jacksonville Health Facilities Authority, HR: (Memorial Medical Center Project) 6.20%, 5/1/2000 (Insured; MBIA)....... $ 1,000,000 $ 1,053,290 (Refunding-Daughters of Charity) 4.75%, 11/15/2003...................... 5,000,000 4,586,750 Kissimmee, Water and Sewer Revenue, Refunding: 5.40%, 10/1/2002 (Insured; AMBAC)....................................... 1,035,000 1,040,372 5.50%, 10/1/2003 (Insured; AMBAC)....................................... 1,000,000 1,006,390 Kissimmee Utility Authority, Electric System Revenue, Refunding and Improvement 5%, 10/1/2003 (Insured; FGIC)........................................... 2,000,000 1,950,680 Lake County Resource Recovery, IDR (Refunding-NRG/Recovery Group) 5.40%, 10/1/2003........................................................ 8,440,000 7,775,434 Lakeland, Electric and Water Revenue: 6.70%, 10/1/1999........................................................ 1,000,000 1,074,720 Refunding: 5.375%, 10/1/2002..................................................... 2,000,000 2,008,420 5.625%, 10/1/2005..................................................... 5,455,000 5,461,219 Lee County, Capital Improvement Revenue, Refunding 5.10%, 10/1/2003 (Insured; MBIA)........................................ 2,500,000 2,440,375 Lee County Hospital Board of Directors, HR, Refunding (Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)......... 2,730,000 2,833,167 Lee County School Board, COP 5.15%, 8/1/2006 (Insured; FSA)................. 2,750,000 2,614,425 Marion County School District, Refunding 5.25%, 8/1/2002 (Insured; FSA)..... 1,500,000 1,502,865 Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC). 745,000 784,694 Miami, Refunding 5.70%, 12/1/2004 (Insured; FGIC)........................... 6,025,000 6,167,250 Miami Beach Health Facilities Authority, HR, Refunding (Mount Sinai Medical Center Project): 5.60%, 11/15/2002..................................................... 1,100,000 1,128,743 5.70%, 11/15/2003..................................................... 1,500,000 1,543,770 Nassau County, PCR, Refunding, (ITT Rayonier, Inc. Project): 5.70%, 6/1/2001......................................................... 2,080,000 2,061,467 5.90%, 7/1/2005......................................................... 1,075,000 1,066,787 North Broward Hospital District, HR, Refunding: 6.10%, 1/1/2002 (Insured; MBIA)......................................... 2,050,000 2,163,406 6.125%, 1/1/2003 (Insured; MBIA)........................................ 2,000,000 2,113,160 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) (d)............................... 3,500,000 3,651,130 Orange County, Revenue: Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)...................... 1,000,000 1,053,030 Tourist Development Tax: 5.90%, 10/1/2000 (Insured; AMBAC)..................................... 1,900,000 1,988,597 6.15%, 10/1/2002 (Insured; AMBAC)..................................... 2,455,000 2,609,640 Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)....... 2,080,000 2,148,598 Orange County Health Facilities Authority, Revenue: (Hospital-Adventist/Sunbelt Project) 6.875%, 11/15/2004 (Insured; AMBAC) 4,000,000 4,329,880 (Hospital-Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; AMBAC) 2,000,000 2,012,880 Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............... 2,000,000 2,005,560 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED): Orlando & Orange County Expressway Authority, Florida Expressway Revenue, Refunding: 5%, 7/1/2003 (Insured; AMBAC)......................................... $ 5,000,000 $ 4,879,700 5.30%, 7/1/2005 (Insured; AMBAC)...................................... 3,500,000 3,442,775 Orlando Utilities Commission, Water and Electric Revenue: 5%, 10/1/2004........................................................... 3,055,000 2,924,674 Refunding 5.60%, 10/1/2003.............................................. 10,000,000 10,216,200 Osceola County: Gas Tax Revenue, Refunding and Improvement: 5.50%, 4/1/2003 (Insured; FGIC)....................................... 1,365,000 1,382,841 5.65%, 4/1/2004 (Insured; FGIC)....................................... 1,445,000 1,471,964 Transportation Revenue (Osceola Parkway Project) 5.375%, 4/1/2002 (Insured; MBIA)............ 1,400,000 1,413,566 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004................... 4,284,000 4,278,731 Palm Bay, Utility Revenue (Palm Bay Utility Corp. Project) 5.70%, 10/1/2003 (Insured; MBIA, Prerefunded 10/1/2002) (c)............. 1,105,000 1,153,023 Palm Beach County: Criminal Justice Facilities Revenue, Refunding 5.10%, 6/1/2003 (Insured; FGIC)....................................... 5,000,000 4,918,950 Solid Waste IDR, (Okeelanta Power LP Project) 6.375%, 2/15/2007......... 2,700,000 2,652,264 Palm Beach County School District, Refunding: 5.50%, 8/1/2000 (Insured; AMBAC)........................................ 1,200,000 1,229,820 5.60%, 8/1/2001 (Insured; AMBAC)........................................ 1,000,000 1,028,770 6%, 8/1/2006 (Insured; AMBAC)........................................... 1,000,000 1,019,630 Palm Beach County Solid Waste Authority, Revenue, Refunding and Improvement 5.75%, 12/1/2003 (Insured; MBIA)........................................ 3,865,000 3,995,366 Pasco County, Refunding: Optional Gas Tax Revenue: 5.40%, 8/1/2001 (Insured; FGIC)....................................... 2,830,000 2,875,620 5.50%, 8/1/2002 (Insured; FGIC)....................................... 1,980,000 2,017,382 Water and Sewer Revenue: 5.50%, 10/1/2002 (Insured; FGIC)...................................... 2,500,000 2,547,900 5.40%, 10/1/2003 (Insured; FGIC)...................................... 1,500,000 1,497,690 Pinellas County: Capital Improvement Revenue 5.50%, 10/1/1999............................ 7,000,000 7,146,370 Health Facilities Authority, HR (Morton Plant Health System Project) 5.10%, 11/15/2004 (Insured; MBIA)..................................... 1,600,000 1,532,720 RRR, Refunding 6.40%, 10/1/1998 (Insured; MBIA)......................... 4,465,000 4,743,482 Polk County, Capital Improvement Revenue, Refunding 6%, 12/1/2002 (Insured; MBIA)........................................... 1,900,000 1,989,281 Port Everglades Authority, Port Improvement Revenue, Refunding Zero Coupon, 9/1/2001 (Insured; FGIC)................................... 10,225,000 6,953,920 Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC).. 1,315,000 1,330,293 Reedy Creek Improvement District 5.80%, 6/1/1999 (Insured; MBIA)............ 1,500,000 1,556,310 Saint John's County Industrial Development Authority, HR (Flagler Hospital Project) 5.80%, 8/1/2003......................................................... 1,000,000 985,390 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE -------------- -------------- FLORIDA (CONTINUED): Saint Lucie County School District, Refunding 5.90%, 7/1/2002 (Insured; AMBAC)........................................ $ 1,780,000 $ 1,860,705 Saint Petersburg, Public Improvement Revenue, Refunding 6%, 2/1/2002 (Insured; MBIA)............................................ 1,500,000 1,574,340 Sarasota County, Refunding: Revenue 4.95%, 10/1/2003 (Insured; MBIA)................................ 1,400,000 1,356,446 6.25%, 10/1/2004 (Insured; FGIC)........................................ 1,505,000 1,599,288 Utilities Systems Revenue: 5.50%, 10/1/2003 (Insured; FGIC)...................................... 2,130,000 2,159,075 5.60%, 10/1/2004 (Insured; FGIC)...................................... 2,345,000 2,381,324 Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA)..... 2,500,000 2,626,600 South Broward Hospital District, HR, Refunding 5.05%, 5/1/2004 (Insured; AMBAC) 3,075,000 2,961,655 Sunrise: Public Facilities Revenue: 6.50%, 10/1/2007 (Insured; MBIA)...................................... 1,000,000 1,054,200 Refunding 6%, 10/1/2001 (Insured; MBIA)............................... 1,000,000 1,053,280 Utility System Revenue, Refunding: 5.10%, 10/1/2004 (Insured; AMBAC)..................................... 1,335,000 1,299,569 5.20%, 10/1/2005 (Insured; AMBAC)..................................... 1,395,000 1,358,953 Tallahassee, Refunding: Health Facilities Revenue: (Tallahassee Memorial Regional Medical Center-A) 5.50%, 12/1/2002 (Insured; MBIA).................................. 1,000,000 1,012,710 (Tallahassee Memorial Regional Medical Center-B) 5.50%, 12/1/2002 (Insured; MBIA).................................. 1,010,000 1,022,837 Municipal Electric Revenue: 5.50%, 10/1/2001...................................................... 1,475,000 1,493,320 5.60%, 10/1/2002 (Insured; FGIC)...................................... 1,550,000 1,579,574 5.75%, 10/1/2003...................................................... 1,000,000 1,019,290 Tampa, Revenue: Packaging Facilities, Refunding (Utilities Tax) 5.20%, 10/1/2003 (Insured; AMBAC)..................................... 2,005,000 1,985,973 Solid Waste System, Refunding 5.25%, 10/1/2006 (Insured; FGIC).......... 3,000,000 2,874,180 Water and Sewer 6.30%, 10/1/2006........................................ 4,000,000 4,155,600 Volusia County, Sales Tax Revenue, Refunding and Improvement 6.40%, 10/1/2007 (Insured; MBIA)........................................ 2,000,000 2,086,220 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,187,983 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,049,780 Volusia County School District, Refunding 6.375%, 8/1/2005 (Insured; FGIC).. 1,000,000 1,064,060 U.S. RELATED-7.1% Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003......................... 5,000,000 4,877,550 Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding: 5.875%, 7/1/1999........................................................ 4,000,000 4,140,400 5.10%, 7/1/2003......................................................... 5,000,000 4,849,400 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED) PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE -------------- -------------- U.S. RELATED (CONTINUED) Puerto Rico Electric Power Authority, Electric Revenue, Refunding: 5.50%, 7/1/2002 (Insured; FSA).......................................... $ 6,000,000 $ 6,116,580 6%, 7/1/2004 (Insured; FSA)............................................. 5,000,000 5,123,000 Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 3,100,000 3,138,657 Puerto Rico Public Buildings Authority: (Refunding-Public Education and Health Facilities) 6.50%, 7/1/2003...... 1,000,000 1,054,910 Revenue, Refunding 6.10%, 7/1/2000...................................... 2,500,000 2,615,650 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002......................................................... 1,000,000 1,024,700 -------------- TOTAL INVESTMENTS (cost $458,773,927)....................................... $ 461,737,449 ==============
SUMMARY OF ABBREVIATIONS AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue COP Certificate of Participation LOC Letter of Credit FGIC Financial Guaranty Insurance Corporation MBIA Municipal Bond Insurance Association FSA Financial Security Assurance PCR Pollution Control Revenue HR Hospital Revenue RRR Resources Recovery Revenue
SUMMARY OF COMBINED RATINGS FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE - --------- --------- -------------------- ----------------------- AAA Aaa AAA 62.0% AA Aa AA 23.5 A A A 7.7 BBB Baa BBB 6.6 BB Ba BB .2 ------ 100.0% ======
NOTES TO STATEMENT OF INVESTMENTS: (a) Inverse floater security - the interest rate is subject to change periodically. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 1994, this security amounted to $6,413,750 or 1.4% of net assets. (c) 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 tax-exempt issue and to retire the bonds in full at the earliest refunding date. (d) Secured by letters of credit. (e) Fitch currently provides creditworthiness information for a limited number of investments. See independent accountants' review report and notes to financial statements. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1994 (UNAUDITED) ASSETS: Investments in securities, at value (cost $458,773,927)-see statement..................................... $461,737,449 Interest receivable..................................................... 7,612,599 Prepaid expenses........................................................ 42,723 -------------- 469,392,771 LIABILITIES: Due to The Dreyfus Corporation.......................................... $ 119,840 Due to Custodian........................................................ 1,548,750 Payable for investment securities purchased............................. 5,021,000 Payable for shares of Beneficial Interest redeemed...................... 26,051 Accrued expenses........................................................ 159,166 6,874,807 ------------- -------------- NET ASSETS ................................................................ $462,517,964 ============== REPRESENTED BY: Paid-in capital......................................................... $459,961,479 Accumulated net realized (loss) on investments.......................... (407,037) Accumulated net unrealized appreciation on investments-Note 3........... 2,963,522 -------------- NET ASSETS at value applicable to 35,576,939 outstanding shares of Beneficial Interest, equivalent to $13.00 per share (unlimited number of $.001 par value shares authorized)................. $462,517,964 ==============
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED) INVESTMENT INCOME: INTEREST INCOME......................................................... $ 13,162,062 EXPENSES: Management fee-Note 2(a).............................................. $ 1,459,781 Shareholder servicing costs-Note 2(b)................................. 407,239 Professional fees..................................................... 29,417 Custodian fees........................................................ 24,790 Prospectus and shareholders' reports.................................. 10,343 Trustees' fees and expenses-Note 2(c)................................. 10,221 Registration fees..................................................... 440 Miscellaneous......................................................... 37,058 ------------- 1,979,289 Less-reduction in management fee due to undertakings-Note 2(a)............................................ 936,298 ------------- TOTAL EXPENSES.................................................. 1,042,991 -------------- INVESTMENT INCOME-NET........................................... 12,119,071 REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS: Net realized (loss) on investments...................................... $ (642,617) Net unrealized (depreciation) on investments............................ (31,468,923) ------------- NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS..................... (32,111,540) -------------- NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(19,992,469) ============== See independent accountants' review report and notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF CHANGES IN NET ASSETS YEAR ENDED SIX MONTHS ENDED DECEMBER 31, JUNE 30, 1994 1993 (UNAUDITED) ------------ ------------ OPERATIONS: Investment income-net................................................ $ 22,063,446 $ 12,119,071 Net realized gain (loss) on investments.............................. 618,669 (642,617) Net unrealized appreciation (depreciation) on investments for the period 27,359,058 (31,468,923) ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................... 50,041,173 (19,992,469) ------------ ------------ DIVIDENDS TO SHAREHOLDERS FROM: Investment income-net................................................ (22,063,446) (12,119,071) Net realized gain on investments..................................... (385,082) --- ------------ ------------ TOTAL DIVIDENDS.................................................... (22,448,528) (12,119,071) ------------ ------------ BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from shares sold........................................ 359,269,086 147,587,498 Dividends reinvested................................................. 16,093,950 8,478,016 Cost of shares redeemed.............................................. (197,042,056) (199,931,430) ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.............................................. 178,320,980 (43,865,916) ------------ ------------ TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 205,913,625 (75,977,456) NET ASSETS: Beginning of period.................................................. 332,581,795 538,495,420 ------------ ------------ End of period........................................................ $538,495,420 $462,517,964 ============ ============ SHARES SHARES ------------ ------------ CAPITAL SHARE TRANSACTIONS: Shares sold.......................................................... 26,644,952 11,078,685 Shares issued for dividends reinvested............................... 1,190,189 638,423 Shares redeemed...................................................... (14,661,633) (15,011,143) ------------ ------------ NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... 13,173,508 (3,294,035) ============ ============ See independent accountants' review report and 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. YEAR ENDED DECEMBER 31, SIX MONTHS ENDED ------------------------ JUNE 30, 1994 PER SHARE DATA: 1992(1) 1993 (UNAUDITED) ------ ------ ------------ Net asset value, beginning of period...................... $12.50 $12.94 $13.85 ------ ------ ------ INVESTMENT OPERATIONS: Investment income-net..................................... .69 .70 .33 Net realized and unrealized gain (loss) on investments.... .44 .92 (.85) ------ ------ ------ TOTAL FROM INVESTMENT OPERATIONS........................ 1.13 1.62 (.52) ------ ------ ------ DISTRIBUTIONS: Dividends from investment income-net...................... (.69) (.70) (.33) Dividends from net realized gain on investments........... -- (.01) -- ------ ------ ------ TOTAL DISTRIBUTIONS..................................... (.69) (.71) (.33) ------ ------ ------ Net asset value, end of period............................ $12.94 $13.85 $13.00 ====== ====== ====== TOTAL INVESTMENT RETURN 9.86%(2) 12.84% (7.62%)(2) RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets................... -- .20% .43%(2) Ratio of net investment income to average net assets...... 5.78%(2) 5.20% 4.98%(2) Decrease reflected in above expense ratios due to undertakings by the Manager.......................................... 1.00%(2) .64% .38%(2) Portfolio Turnover Rate................................... 13.01%(3) 13.48% 9.74%(3) Net Assets, end of period (000's Omitted)................. $332,582 $538,495 $462,518 (1) From January 21, 1992 (commencement of operations) to December 31, 1992. (2) Annualized. (3) Not annualized. See independent accountants' review report and notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES: The Fund is registered under the Investment Company Act of 1940 ("Act") as a non-diversified open-end management investment company. Dreyfus Service Corporation ("Distributor") acts as the exclusive distributor of the Fund's shares, which are sold to the public without a sales charge. The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation ("Manager"). (A) PORTFOLIO VALUATION: The Fund's investments 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 judgement 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, when appropriate, 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. 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 taxes. NOTE 2-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 average daily value of the Fund's net assets and is payable monthly. The Agreement provides for an expense reimbursement from the Manager should the Fund's aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and extraordinary expenses, exceed the expense limitation of any state having jurisdiction over the Fund for any full year. However, the Manager had undertaken, from January 1, 1994 through May 1, 1994, to waive receipt of the management fee payable to it by the Fund in excess of an annual rate of .20 of 1% of the Fund's average daily net assets, and thereafter had undertaken through July 7, 1994, to reduce the management fee paid DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) by the Fund, to the extent that the Fund's aggregate expenses (excluding certain expenses as described above) exceeded certain specified annual percentages of the Fund's average daily net assets. The Manager has currently undertaken from July 8, 1994 through September 30, 1994, or until such time as the net assets of the Fund exceed $500 million, regardless of whether they remain at that level to waive receipt of the management fee payable to it by the Fund in excess of an annual rate of .30 of 1% of the average daily value of the Funds net assets. The reduction in management fee, pursuant to the undertakings, amounted to $936,298 for the six months ended June 30, 1994. (B) Pursuant to 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 servicing 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 six months ended June 30, 1994, the Fund was charged an aggregate of $236,328 pursuant to the Shareholder Services Plan. (C) Certain officers and trustees of the Fund are "affiliated persons," as defined in the Act, of the Manager and/or the Distributor. Each trustee who is not an "affiliated person" receives an annual fee of $2,500 and an attendance fee of $250 per meeting. Prior to April 25,1994, the annual fee was $1,000. (D) On December 5, 1993, the Manager entered into an Agreement and Plan of Merger (the "Merger Agreement") providing for the merger of the Manager with a subsidiary of Mellon Bank Corporation ("Mellon"). Following the merger, it is planned that the Manager will be a direct subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number of contingencies, including receipt of certain regulatory approvals and approvals of the stockholders of the Manager and of Mellon. The merger is expected to occur in August 1994, but could occur later. As a result of regulatory requirements and the terms of the Merger Agreement, the Manager will seek various approvals from the Fund's shareholders before completion of the merger. Proxy materials, approved by the Fund's Board, recently have been mailed to Fund shareholders. NOTE 3-SECURITIES TRANSACTIONS: Purchases and sales of securities amounted to $53,655,584 and $95,155,842, respectively, for the six months ended June 30, 1994, and consisted entirely of municipal bonds and short-term municipal investments. At June 30, 1994, accumulated net unrealized depreciation on investments was $2,963,522 consisting of $9,231,411 gross unrealized appreciation and $6,267,889 gross unrealized depreciation. At June 30, 1994, 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 FLORIDA INTERMEDIATE MUNICIPAL BOND FUND REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS SHAREHOLDERS AND BOARD OF TRUSTEES DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND We have reviewed the accompanying statement of assets and liabilities of Dreyfus Florida Intermediate Municipal Bond Fund, including the statement of investments, as of June 30, 1994, and the related statements of operations and changes in net assets and financial highlights for the six month period ended June 30, 1994. These financial statements and financial highlights are the responsibility of the Fund's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, which will be performed for the full year with the objective of expressing an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the interim financial statements and financial highlights referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the statement of changes in net assets for the year ended December 31, 1993 and financial highlights for each of the two years in the period ended December 31, 1993 and in our report dated February 3, 1994, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights. (Ernst & Young LLP Signature Logo) New York, New York August 1, 1994 (Dreyfus Logo) Florida Intermediate Municipal Bond Fund Semi-Annual Report June 30, 1994 (Dreyfus Lion D Logo) DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND 144 Glenn Curtiss Boulevard Uniondale, NY 11556 MANAGER The Dreyfus Corporation 200 Park Avenue New York, NY 10166 CUSTODIAN The Bank of New York 110 Washington Street New York, NY 10286 TRANSFER AGENT & DIVIDEND DISBURSING AGENT The Shareholder Services Group, Inc. P.O. Box 9671 Providence, RI 02940 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in U.S.A. 740SA946 -----END PRIVACY-ENHANCED MESSAGE-----