-----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, B5wbVquF3d6M5EZtVl1jdVhyLWqqih3r4gPFz8Qh5E/4nhcUIbhYOVvKkSX4Emwl OB6sBXL67ob6I8izN/5PVw== 0000881512-99-000005.txt : 19990902 0000881512-99-000005.hdr.sgml : 19990902 ACCESSION NUMBER: 0000881512-99-000005 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990630 FILED AS OF DATE: 19990901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06489 FILM NUMBER: 99704275 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129666130 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS FLORIDA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19600201 N-30D 1 SEMI-ANNUAL REPORT Dreyfus Florida Intermediate Municipal Bond Fund SEMIANNUAL REPORT June 30, 1999 (reg.tm) The views expressed herein are current to the date of this report. These views and the composition of the fund's portfolio are subject to change at any time based on market and other conditions. * Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value Year 2000 Issues (Unaudited) The fund could be adversely affected if the computer systems used by The Dreyfus Corporation and the fund's other service providers do not properly process and calculate date-related information from and after January 1, 2000. The Dreyfus Corporation is working to avoid Year 2000-related problems in its systems and to obtain assurances from other service providers that they are taking similar steps. In addition, issuers of securities in which the fund invests may be adversely affected by Year 2000-related problems. This could have an impact on the value of the fund's investments and its share price. Contents THE FUND - -------------------------------------------------- 2 Letter from the President 3 Discussion of Fund Performance 6 Statement of Investments 14 Statement of Assets and Liabilities 15 Statement of Operations 16 Statement of Changes in Net Assets 17 Financial Highlights 18 Notes to Financial Statements FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus Florida Intermediate Municipal Bond Fund LETTER FROM THE PRESIDENT Dear Shareholder: We are pleased to present this semiannual report for Dreyfus Florida Intermediate Municipal Bond Fund, covering the six-month period from January 1, 1999 through June 30, 1999. Inside, you'll find valuable information about how the fund was managed during the period, including a discussion with the fund's portfolio manager, Stephen Kris. The past six months have generally been rewarding for municipal bond investors. The U.S. economy has entered its eighth year of expansion in an environment characterized by low inflation and high levels of consumer spending. These conditions have helped support the credit quality of many states and municipalities. Tax-exempt fixed-income securities provided especially attractive results relative to taxable U.S. Treasury securities. While prices of U.S. Treasury securities declined significantly, a lack of new issuance relative to robust investor demand supported most municipal bond prices, which declined more modestly. As a result, the differences in valuations between taxable and tax-exempt bonds narrowed to more historically normal levels. We appreciate your confidence over the past six months, and we look forward to your continued participation in Dreyfus Florida Intermediate Municipal Bond Fund. Sincerely, Stephen E. Canter President and Chief Investment Officer The Dreyfus Corporation July 15, 1999 DISCUSSION OF FUND PERFORMANCE Stephen Kris, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform during the period? The fund produced a -1.27% total return(1) over the six-month period ended June 30, 1999, compared to a total return of -1.32% for the average of the Lipper Florida Intermediate Municipal Debt Funds category.(2) We attribute the fund's performance to our security selection strategy, which focused on relatively higher-yielding, high-quality municipal bonds issued by Florida, its municipalities and authorities. What is the fund's investment approach? Our goal is to seek as high a level of income exempt from federal income tax as is consistent with preservation of capital. To pursue this goal, the fund invests substantially all of its assets in a portfolio of intermediate term municipal bonds issued by the state of Florida, its political subdivisions, authorities and corporations, the interest from which is exempt from the Florida intangibles personal property tax. To achieve these objectives, we employ two primary strategies. First, we attempt to add value by selecting investment grade, intermediate-term tax-exempt bonds from Florida issuers that we believe are most likely to provide the highest yields. These bonds comprise the portfolio's core position. We augment the core position with bonds that we believe have the potential to provide both competitive income and capital appreciation. Second, we tactically manage the portfolio's average duration -- a measure of sensitivity to changes in interest rates -- in anticipation of temporary supply-and-demand changes. If we expect the supply of newly issued Florida bonds to increase, we may reduce the portfolio' s average duration to make cash available for the purchase of the new securities. Conversely, if we expect demand for municipal bonds to surge at a time when we anticipate little issuance, we may increase the The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) portfolio' s average duration to maintain current yields for as long as practical. At other times, we try to maintain a "neutral" average duration of about five years. What other factors influenced the fund's performance? Because of the need to build new schools and infrastructure to accommodate a rapidly growing population, Florida and its municipalities have issued an ample supply of new bonds over the past year. In contrast, most other states have had little need to borrow in a robust economic environment, and fewer tax-exempt bonds were issued nationally than in the same period one year ago. The supply of Florida bonds has been easily absorbed by investors seeking to minimize their tax liabilities, however, helping to keep Florida' s municipal bond prices relatively stable. In addition, the fund was affected by rising interest rates over the past six months. Economies in Japan and Southeast Asia appear to have begun to recover, and the growth of the U.S. economy has been stronger than most analysts expected. This economic news raised concerns among some fixed-income investors that inflation pressures might re-emerge. In fact, the Federal Reserve Board increased short-term interest rates on June 30 in an attempt to forestall a reacceleration of inflation. Because the market anticipated this change in monetary policy before it was announced, higher short-term rates had little effect on longer-term tax-exempt yields. What is the fund's current strategy? We have continued to look for the most attractive yields in Florida's investment grade municipal bond market. This search led us to general obligation bonds secured by Florida's tax revenues as well as facilities that provide essential services. As of June 30, the portfolio contained a well-diversified mix of securities. Utilities comprised the largest single industry concentration, followed by general obligation bonds. We also owned a number of "special tax" bonds backed by revenues generated by specific taxes on such items as gasoline. On the other hand, we reduced our holdings of bonds issued by health care facilities because of concerns about the current regulatory and legislative environment. In addition, we have focused on those investment grade bonds providing above-average levels of income, even if they were priced at slight premiums to other bonds. That' s because higher-income bonds are in great demand from individual investors, making them easier to sell in the secondary market should better values become available. Accordingly, we have selectively sold some recent purchases that carried relatively low yields, and we have retained our holdings of older, higher-yielding bonds that have appreciated in price. Finally, as of June 30, more than 75% of the portfolio was composed of bonds rated double-A or higher. Because the differences in yields between higher-quality bonds and lower-quality bonds have been narrow by historical standards, we saw little benefit in diluting the fund's overall high quality status. July 15, 1999 (1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. 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 ANALYTICAL SERVICES, INC. The Fund STATEMENT OF INVESTMENTS June 30, 1999 (Unaudited) Principal LONG-TERM MUNICIPAL INVESTMENTS--98.3% Amount ($) Value ($) - ---------------------------------------------------------------------------------------------------------------------------------- FLORIDA--92.5% Alachua County Health Facilities Authority, Health Facilities Revenue: (Santa Fe Health Systems Project) 6.875%, 11/15/2002 (Prerefunded 11/15/2000) 2,385,000 (a) 2,502,366 (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,753,108 Bay County, Refunding: PCR (International Paper Co Project) 5.10%, 9/1/2012 2,500,000 2,426,325 RRR: 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,207,103 6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,342,462 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,041,640 Brevard County Health Facilities Authority, Revenue: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,102,030 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 2,500,000 2,615,125 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,234,880 Broward County: 6.125%, 1/1/2006 1,950,000 2,064,816 Airport System Revenue: 5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,002,020 5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,133,210 Broward County School Board, COP 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,107,140 Broward County School District: 5.80%, 2/15/2002 2,000,000 2,078,900 5.30%, 2/15/2004 5,000,000 5,183,050 6%, 2/15/2004 3,000,000 3,172,650 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 3,045,000 3,151,057 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,262,066 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA,GNMA) 2,075,000 2,029,848 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,120,119 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,246,793 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Coral Springs, Water and Sewer Revenue 5.50%, 9/1/2003 (Insured; FGIC) 1,425,000 1,487,059 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,114,380 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,124,440 (Miami International Airport): 5%, 10/1/2005 (Insured; FSA) 1,075,000 1,090,770 5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,104,180 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,014,080 Public Facilities Revenue (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,097,617 (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC) 2,470,000 2,581,397 Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,753,861 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 3,830,258 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,339,486 Dade County Housing Finance Authority, MFMR (Golden Lakes Apartments Project) 6%, 11/1/2032 1,000,000 1,038,930 Daytona Beach, Water and Sewer Revenue 5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,403,476 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,247,614 Delray Beach, Water and Sewer Revenue 5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,572,725 Duval County School District: 5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,676,940 6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,531,904 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,058,700 6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,184,020 Florida, Gas Utility Revenue (Gas Project) 5%, 12/1/2008 (Insured; FSA) 2,000,000 2,023,140 Florida Board of Education, Capital Outlay: 5.50%, 1/1/2006 1,400,000 1,468,124 (Public Education): 4.90%, 6/1/2008 4,000,000 4,019,640 5%, 6/1/2009 2,500,000 2,520,325 5.50%, 6/1/2010 5,725,000 5,923,314 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Florida Department of Transportation : Revenue (Alligator Alley) 5%, 7/1/2011 1,520,000 1,516,610 (Right of Way) 5.75%, 7/1/2005 2,375,000 2,527,736 Florida Division of Bond Finance Department, General Services Revenues (Department of Environmental-Preservation 2000) 5.25%, 7/1/2009 (Insured; MBIA) 4,300,000 4,397,223 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project) 5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,051,890 (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) 3,500,000 3,636,185 Fort Myers, Improvement Revenue (Special Assessment - Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 991,482 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,115,320 6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 4,907,280 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,746,133 Hernando County School District: 6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,131,720 5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,659,111 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 965,000 1,031,710 Hillsborough County, Utility Revenue, Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,572,700 Hillsborough County Hospital Authority, HR (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,536,595 Hillsborough County Port District, Special Revenue (Tampa Port Authority) 5.75%, 6/1/2013 (Insured; FSA) 500,000 514,535 Indian Trace Community Development District (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,361,466 Jacksonville, Revenue: District Water and Sewer 5%, 10/1/2020 (Insured; MBIA, Prerefunded 10/1/2008) 3,000,000 (a) 3,056,550 FLORIDA (CONTINUED) Jacksonville, Revenue (continued): Excise Taxes: 4.875%, 10/1/2007 (Insured; FGIC) 2,500,000 2,526,900 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,082,180 Sales Tax (River City Renaissance Project) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,445,925 Jacksonville Beach, Utilities Revenue 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,547,205 Jacksonville Electric Authority, Electric Systems Revenue 5.40%, 10/1/2004 2,250,000 2,331,203 Lake County, Resource Recovery Industrial Development Revenue (NRG/Recovery Group) 5.85%, 10/1/2009 6,000,000 6,071,340 Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,069,250 Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,570,434 Martin County, Utility System Revenue : 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,042,050 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,108,196 Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,431,133 Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA) 1,500,000 1,547,520 Miami Beach Health Facilities Authority, HR (Mount Sinai Medical Center Project) 5.70%, 11/15/2003 (Insured; FSA) 1,500,000 1,580,355 Miami-Dade County, School Board COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,564,350 Nassau County, PCR (ITT Rayonier, Inc. Project) 5.90%, 7/1/2005 1,075,000 1,129,814 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,671,605 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare): 5.50%, 11/1/2003 (Insured; MBIA) 2,000,000 2,082,260 6.25%, 10/1/2011 (Insured; MBIA) 2,500,000 2,746,150 Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003 (Prerefunded 10/1/2001) 2,000,000 (a) 2,098,480 Orlando Utilities Commission, Water and Electric Revenue: 5.60%, 10/1/2003 10,000,000 10,497,600 5.75%, 10/1/2005 2,000,000 2,133,100 5.80%, 10/1/2006 5,930,000 6,358,502 5.80%, 10/1/2007 1,175,000 1,260,399 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ---------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Osceola County, Revenue: Gas Tax Improvement: 5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,420,869 5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,518,117 Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,375,439 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 3,460,000 3,679,399 Palm Beach County, Revenue: Criminal Justice Facilities, Refunding 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,885,846 Water and Sewer 5%, 10/1/2010 (Insured; MBIA) 7,320,000 7,339,325 Palm Beach County Housing Finance Authority, MFHR (Windsor Park Apartments Project) 5.85%, 12/1/2033 1,500,000 1,542,585 Palm Beach County School District 6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,054,700 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,144,900 Pasco County, Water and Sewer Revenue: 5.50%, 10/1/2002 (Insured; FGIC) 2,500,000 2,600,375 5.40%, 10/1/2003 (Insured; FGIC) 1,500,000 1,563,585 Polk County, Capital Improvement Revenue 6%, 12/1/2002 (Insured; MBIA) 1,900,000 2,009,364 Punta Gorda, Utilities Revenue 5.50%, 1/1/2002 (Insured; AMBAC) 1,315,000 1,356,317 Saint John's County, Water and Sewer Revenue 5%, 6/1/2008 (Insured; MBIA) 1,020,000 1,033,515 Saint John's County Industrial Development Authority, HR (Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,031,420 Saint Lucie County School District 5.90%, 7/1/2002 (Insured; AMBAC) 1,780,000 1,865,814 Saint Petersburg, Public Improvement Revenue 6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,566,390 Sarasota County: 6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,598,626 Utilities Systems Revenue 5.60%, 10/1/2004 (Insured; FGIC) 2,345,000 2,465,932 Seminole County School District 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,656,150 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ---------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Sunrise, Revenue: Public Facilities: 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,143,180 6.50%, 10/1/2007 (Insured; MBIA) 1,000,000 1,087,120 Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,447,229 Tallahassee, Health Facilities Revenue (Tallahassee Memorial Regional Medical Center) 5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,039,190 Tampa, Revenue: (Aquarium, Inc Project) 7.25%, 5/1/2005 (Prerefunded 5/1/2002) 1,200,000 (a) 1,311,204 (Alleghany Health Systems - Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,937,165 Water and Sewer 6.30%, 10/1/2006 1,590,000 1,692,301 Tampa Bay, Water Utility Systems Revenue 5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,173,367 Tarpon Springs Health Facilities Authoriy, HR (Helen Ellis Memorial Hospital Project) 7.50%, 5/1/2011 2,210,000 2,293,295 Volusia County, Sales Tax Improvement Revenue 6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,130,800 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,201,334 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,065,390 Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 795,000 841,142 NEVADA--1.3% Clark County, Industrial Development Revenue (Nevada Power Company Project) 5.90%, 10/1/2030 4,000,000 4,014,760 U.S. RELATED--4.5% Puerto Rico Commonwealth 5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,172,200 Puerto Rico Commonwealth Highway and Transportation Authority, Revenue: Highway 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,613,250 Transportation 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,481,846 The Fund STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ---------------------------------------------------------------------------------------------------------------------------------- U.S. RELATED (CONTINUED) Virgin Islands Public Finance Authority, Revenue 6%, 10/1/2004 3,000,000 3,113,130 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002 300,000 313,533 TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $288,155,493) 296,413,389 - ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM MUNICIPAL INVESTMENTS--.3% - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA; Saint Lucie County, PCR, VRDN (Florida Power & Light Co. Project) 3.70%(b) (cost $1,000,000) 1,000,000 1,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (cost $289,155,493) 98.6% 297,413,389 CASH AND RECEIVABLES (NET) 1.4% 4,167,049 NET ASSETS 100.0% 301,580,438 Summary of Abbreviations AMBAC American Municipal Bond Assurance LOC Letter of Credit Corporation MBIA Municipal Bond Investors Assurance COP Certificate of Participation Insurance Corporation FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue FNMA Federal National Mortgage Association PCR Pollution Control Revenue FSA Financial Security Assurance RRR Resources Recovery Revenue GNMA Government National Mortgage VRDN Variable Rate Demand Notes Association HR Hospital Revenue IDR Industrial Development Revenue - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- Summary of Combined Ratings (Unaudited) Fitch or Moody's or Standard & Poor's Value (%) - ---------------------------------------------------------------------------------------------------------------------------------- AAA Aaa AAA 68.3 AA Aa AA 20.1 A A A 2.9 BBB Baa BBB 4.1 BB Ba BB .8 F1+ & F1 MIG1, VMIG1 & P1 SP1 & A1 .3 Not Rated(c) Not Rated(c) Not Rated(c) 3.5 100.0 (A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (B )SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC CHANGE. (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. (D )AT JUNE 30, 1999, 28.8% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA. SEE NOTES TO FINANCIAL STATEMENTS.
The Fund STATEMENT OF ASSETS AND LIABILITIES June 30, 1999 (Unaudited) Cost Value - ------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 289,155,493 297,413,389 Interest receivable 4,420,914 Prepaid expenses 17,880 301,852,183 - ------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 171,866 Cash overdraft due to Custodian 33,843 Payable for shares of Beneficial Interest redeemed 10,000 Accrued expenses 56,036 271,745 - ------------------------------------------------------------------------------- Net Assets ($) 301,580,438 - ------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 293,676,788 Accumulated net realized gain (loss) on investments (354,246) Accumulated net unrealized appreciation (depreciation) on investments--Note 4 8,257,896 - -------------------------------------------------------------------------------- Net Assets ($) 301,580,438 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value shares of Beneficial Interest authorized) 22,977,070 NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.13 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF OPERATIONS Six Months Ended June 30, 1999 (Unaudited) - ------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 8,127,542 EXPENSES: Management fee--Note 3(a) 941,793 Shareholder servicing costs--Note 3(b) 238,322 Professional fees 29,508 Custodian fees 19,028 Trustees' fees and expenses--Note 3(c) 18,364 Prospectus and shareholders' reports 9,953 Registration fees 3,747 Loan commitment fees--Note 2 763 Miscellaneous 13,270 TOTAL EXPENSES 1,274,748 INVESTMENT INCOME--NET 6,852,794 - ------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments (375,611) Net unrealized appreciation (depreciation) on investments (10,399,299) NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (10,774,910) NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (3,922,116) SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF CHANGES IN NET ASSETS Six Months Ended June 30, 1999 Year Ended (Unaudited) December 31, 1999 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 6,852,794 14,550,869 Net realized gain (loss) on investments (375,611) 2,698,862 Net unrealized appreciation (depreciation) on investments (10,399,299) (1,349,171) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (3,922,116) 15,900,560 - ------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (6,852,794) (14,499,533) Net realized gain on investments -- (2,678,501) TOTAL DIVIDENDS (6,852,794) (17,178,034) - ------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 15,899,666 40,889,385 Dividends reinvested 4,493,304 11,540,231 Cost of shares redeemed (37,126,837) (74,027,049) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (16,733,867) (21,597,433) TOTAL INCREASE (DECREASE) IN NET ASSETS (27,508,777) (22,874,907) - ------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 329,089,215 351,964,122 END OF PERIOD 301,580,438 329,089,215 - ------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 1,179,749 2,999,101 Shares issued for dividends reinvested 334,169 846,706 Shares redeemed (2,753,858) (5,430,622) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,239,940) (1,584,815) 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, 1999 Year Ended December 31, -------------------------------------------------------------- (Unaudited) 1998 1997 1996 1995 1994 - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE DATA ($): Net asset value, beginning of period 13.59 13.64 13.45 13.62 12.52 13.85 Investment Operations: Investment income--net .29 .60 .60 .61 .62 .66 Net realized and unrealized gain (loss) on investments (.46) .06 .23 (.17) 1.10 (1.33) Total from Investment Operations (.17) .66 .83 .44 1.72 (.67) Distributions: Dividends from investment income--net (.29) (.60) (.60) (.61) (.62) (.65) Dividends from net realized gain on investments -- (.11) (.04) -- -- -- Dividends in excess of net realized gain on investments -- -- -- -- -- (.01) Total Distributions (.29) (.71) (.64) (.61) (.62) (.66) Net asset value, end of period 13.13 13.59 13.64 13.45 13.62 12.52 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN (%) (2.56)(a) 4.98 6.35 3.35 13.98 (4.92) - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .81(a) .81 .80 .80 .69 .48 Ratio of net investment income to average net assets 4.37(a) 4.41 4.43 4.53 4.70 5.01 Decrease reflected in above expense ratios due to undertakings by the Manager -- -- -- -- .08 .32 Portfolio Turnover Rate 7.36(b) 32.49 19.68 19.14 25.00 18.76 - --------------------------------------------------------------------------------------------------------------------------------- Net Assets, end of period ($ x 1,000) 301,580 329,089 351,964 387,899 428,896 409,361 (A) ANNUALIZED. (B) NOT 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 current income exempt from Federal income tax as is consistent with the preservation of capital. The Dreyfus Corporation (the "Manager") serves as the fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. 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 generally accepted accounting principles which may require the use of management estimates and assumptions. Actual results could differ from those estimates. (A) PORTFOLIO VALUATION: Investments in securities are valued each business day by an independent pricing service (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 premiums and original issue discounts on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when- issued or delayed-delivery basis may be settled a month or more after the trade date. Under the terms of the custody agreement, the fund received net earnings credits of $4,067 during the period ended June 30, 1999 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 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. (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. NOTE 2--Bank Line of Credit: The fund participates with other Dreyfus-managed funds in a $600 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 at rates based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 1999, the fund did not borrow under the Facility. The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) NOTE 3--Management Fee and Other Transactions With Affiliates: (A) Pursuant to a management agreement ("Agreement") with the Manager, the management fee is computed at the annual rate of .60 of 1% of the value of the fund's average daily net assets and is payable monthly. (B) Under the fund' s Shareholder Service Plan, the fund reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed an annual rate of .25 of 1% of the value of the fund's average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended June 30, 1999, the fund was charged an aggregate of $149,515 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, 1999, the fund was charged $71,503 pursuant to the transfer agency agreement. (C) Each trustee who is not an "affiliated person" as defined in the Act receives from the fund an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board receives an additional 25% of such compensation. (D) A 1% redemption fee is charged and retained by the fund on shares redeemed within fifteen days following the date of issuance, including redemptions made through the use of the fund's exchange privilege. During the period ended June 30, 1999, redemption fees retained by the fund amounted to $138. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended June 30, 1999, amounted to $22,786,578 and $33,823,935, respectively. At June 30, 1999, accumulated net unrealized appreciation on investments was $8,257,896 consisting of $9,831,532 gross unrealized appreciation and $1,573,636 gross unrealized depreciation. At June 30, 1999, 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 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 90 Washington Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. P.O. Box 9671 Providence, RI 02940 Distributor Premier Mutual Fund Services, Inc. 60 State Street Boston, MA 02109 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) 1999 Dreyfus Service Corporation 740SA996 -----END PRIVACY-ENHANCED MESSAGE-----