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.
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DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS-100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
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
==============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
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
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
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%
======
</TABLE>
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.
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1994 (UNAUDITED)
<S> <C> <C>
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
==============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
<S> <C> <C>
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.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1994
1993 (UNAUDITED)
------------ ------------
<S> <C> <C>
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.
</TABLE>
<TABLE>
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)
------ ------ ------------
<S> <C> <C> <C>
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.
</TABLE>
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
