LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund's semi-annual reporting period ended June 30, 1995, the net
asset value of the Fund was $13.25 per share, which was $.73 (5.83%) per
share higher than the closing price on December 31, 1994. Income dividends of
approximately $.316 per share were paid during this period, which translates
into an annualized distribution rate of 4.78% per share, based on the June
30, 1995 net asset value per share of $13.25.
We are pleased to report that all dividends paid from net investment
income during the period were exempt from Federal income tax, although
certain shareholders may be subject to the Federal Alternative Minimum Tax
(AMT) on some portfolio income.
The Fund began calendar 1995 on a cautious note after 1994's turbulent
market. During the recent six-month period, the 10-year Treasury bond yield
declined 163 basis points, to 6.20% from 7.83%. The Fund took advantage of
what we perceived to be the fixed-income market's pending improvement by
retaining discount bonds early in the first quarter of 1995. Subsequently, as
the market began to waffle in anticipation of further Federal Reserve Board
action and speculation on possible Federal income tax law changes, the Fund
sold discount bonds and invested the proceeds in defensive coupon bonds. This
strategy benefited the Fund when the bond market assumed an uncertain tone,
and new issues of bonds came to market sporadically at increasingly higher
prices.
At this time, we believe the prospect of a continued market rally seems
somewhat unlikely, since much of the 1995 advance in bond prices appears to
be largely behind us. Considering the aforementioned scenario, the Fund is
substantially invested and, in our opinion, strategically positioned to seek
to achieve your investment goals by identifying opportunities that will
favorably enhance the portfolio as we move forward.
We have included a current Statement of Investments and recent financial
statements for your review. We 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
Director, Municipal Portfolio Management
The Dreyfus Corporation
July 21, 1995
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-99.8% AMOUNT VALUE
------- -------
<S> <C> <C>
FLORIDA-94.0%
Alachua County Health Facilities Authority, Health Facilities Revenue,
Refunding
Refunding (Santa Fe Healthcare Facilities Project) 6.875%, 11/15/2002...... $ 4,155,000 $ 4,276,741
Bay County, RRR, Refunding:
6%, 7/1/2001 (Insured; MBIA)............................................ 1,250,000 1,334,137
6.10%, 7/1/2002 (Insured; MBIA)......................................... 2,095,000 2,254,052
6.20%, 7/1/2003 (Insured; MBIA)......................................... 1,250,000 1,354,788
Boca Raton:
Beach Aquisition Revenue 6.125%, 10/1/2006.............................. 2,100,000 2,268,924
Water and Sewer Revenue, Refunding 5.60%, 10/1/2004..................... 1,000,000 1,038,710
Brevard County, Refunding 5.45%, 3/1/2002 (Insured; MBIA)................... 1,250,000 1,295,813
Brevard County Health Facilities Authority, Revenue, Refunding
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002........................... 2,500,000 2,703,675
Broward County:
Gas Tax Revenue 6.50%, 9/1/2004......................................... 1,200,000 1,287,432
Refunding 6.125%, 1/1/2006.............................................. 1,950,000 2,068,560
Broward County Health Facilities Authority, Health Care Facilities Revenue
(North Beach Hospital Project) 6.75%, 8/15/2006 (Insured; MBIA)......... 4,000,000 4,381,960
Broward County School Board, COP:
6%, 7/1/2001 (Insured; AMBAC)........................................... 1,000,000 1,067,310
6.10%, 7/1/2002 (Insured; AMBAC)........................................ 2,000,000 2,139,580
Broward County School District, Refunding:
5.70%, 2/15/2001........................................................ 3,000,000 3,142,050
5.80%, 2/15/2002........................................................ 2,000,000 2,107,580
5.30%, 2/15/2004........................................................ 5,000,000 5,079,200
6%, 2/15/2004........................................................... 3,000,000 3,190,590
Canaveral Port Authority, Revenue, Refunding:
6.10%, 6/1/2001 (Insured; FGIC)......................................... 2,000,000 2,152,740
Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)........................ 2,000,000 2,069,860
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA)......................................... 5,000,000 5,172,050
Citrus County, Hospital Board Revenue, Refunding
(Citrus Memorial Hospital) 6%, 8/15/2002 (Insured; FSA)................. 1,000,000 1,064,180
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA)........................................ 1,985,000 2,071,764
5.85%, 10/1/2007 (Insured; MBIA)........................................ 2,105,000 2,194,715
Collier County School Board, COP, Refunding 5.50%, 2/15/2003 (Insured; FSA). 3,000,000 3,083,520
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC)......................................... 1,425,000 1,480,903
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA)......................................... $ 2,000,000 $ 2,101,960
6.15%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,116,860
6.75%, 10/1/2006...................................................... 2,750,000 2,989,608
Refunding 5.30%, 10/1/2002............................................ 4,000,000 4,067,040
Public Facilities Revenue, Refunding (Jackson Memorial Hospital)
5.20%, 6/1/2004 (Insured; MBIA)....................................... 2,750,000 2,787,070
School District, Refunding:
5.20%, 7/15/2004 (Insured; AMBAC)..................................... 6,000,000 6,070,560
5.20%, 7/15/2005 (Insured; AMBAC)..................................... 3,000,000 3,014,580
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................. 2,470,000 2,633,415
Dade County Health Facilities Authority, HR, Refunding
(North Shore Medical Center Project):
5.80%, 8/15/2000 (Insured; AMBAC)..................................... 1,650,000 1,731,708
5.90%, 8/15/2001 (Insured; AMBAC)..................................... 1,725,000 1,823,618
6%, 8/15/2002 (Insured; AMBAC)........................................ 1,760,000 1,872,957
Daytona Beach, Water and Sewer Revenue, Refunding
5.75%, 11/15/2008 (Insured; AMBAC)...................................... 2,270,000 2,317,625
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC)....................................... 1,180,000 1,275,379
Duval County School District, Refunding:
5.90%, 8/1/2002 (Insured; AMBAC)........................................ 4,500,000 4,794,120
6.25%, 8/1/2005 (Insured; AMBAC)........................................ 2,400,000 2,586,936
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA)......................................... 1,000,000 1,087,700
Refunding 6%, 7/1/2003 (Insured; MBIA).................................. 3,000,000 3,212,190
Florida, Pollution Control 5.90%, 7/1/2002.................................. 2,500,000 2,661,900
Florida Board of Education, Capital Outlay:
5%, 6/1/2004............................................................ 12,000,000 11,973,840
5.90%, 6/1/2005......................................................... 1,295,000 1,358,300
6.80%, 6/1/2006......................................................... 2,900,000 3,190,203
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 2,106,420
5.90%, 7/1/2002 (Insured; MBIA)....................................... 3,850,000 4,099,326
6.40%, 7/1/2003 (Insured; AMBAC)...................................... 3,450,000 3,764,122
6.10%, 7/1/2004 (Insured; MBIA)....................................... 2,420,000 2,588,335
Refunding (Department of Natural Resources-Save Our Coast)
6.40%, 7/1/2005 (Insured; MBIA)....................................... 1,000,000 1,072,550
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project):
5.75%, 10/1/2000 (Insured; AMBAC)..................................... $ 1,000,000 $ 1,050,180
5.80%, 10/1/2001 (Insured; AMBAC)..................................... 1,000,000 1,055,030
5.90%, 10/1/2002 (Insured; AMBAC)..................................... 1,000,000 1,061,580
6%, 10/1/2003 (Insured; AMBAC, Prerefunded 10/1/2002) (a)............. 1,000,000 1,092,010
6.10%, 10/1/2004 (Insured; AMBAC, Prerefunded 10/1/2002) (a).......... 1,000,000 1,098,090
Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)........ 7,500,000 7,649,775
Florida Sunshine Skyway, Revenue, Refunding:
6.10%, 7/1/2001......................................................... 1,650,000 1,758,058
6.20%, 7/1/2002......................................................... 1,315,000 1,409,969
Florida Turnpike Authority, Turnpike Revenue
5.90%, 7/1/2005 (Insured; FGIC)......................................... 2,700,000 2,835,945
Gainesville, Utilities Systems Revenue 6.20%, 10/1/2003..................... 1,650,000 1,785,861
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.50%, 10/1/2005 (Insured; FGIC)........................................ 5,000,000 5,365,750
6.25%, 10/1/2006 (Insured; FGIC)........................................ 4,600,000 4,919,333
Refunding 6.10%, 10/1/2002 (Insured; FGIC).............................. 2,000,000 2,156,220
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA)......................................... 2,000,000 2,155,780
5.50%, 9/1/2004 (Insured; MBIA)......................................... 1,580,000 1,635,063
Hillsborough County:
Capital Improvement Revenue (County Center Project):
6.125%, 7/1/2003...................................................... 1,150,000 1,216,596
6.50%, 7/1/2007....................................................... 1,000,000 1,087,600
Refunding (Environmentally Sensitive Lands Acquisition and Protection):
5.875%, 7/1/2001...................................................... 1,295,000 1,366,160
6%, 7/1/2002.......................................................... 2,080,000 2,177,864
Hillsborough County Aviation Authority, Revenue, Refunding
(Tampa International Airport):
5.30%, 10/1/2001 (Insured; AMBAC)..................................... 2,000,000 2,056,560
5.45%, 10/1/2002 (Insured; AMBAC)..................................... 3,295,000 3,408,282
6.70%, 10/1/2004 (Insured; FGIC)...................................... 3,000,000 3,225,960
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)....... 3,350,000 3,599,776
Hollywood, Water and Sewer Revenue 6%, 10/1/1999 (Insured; FGIC)............ 1,000,000 1,057,390
Indian Trace Community Development District:
Water and Sewer Revenue 8%, 4/1/2001.................................... 2,425,000 2,557,696
Refunding (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,314,286
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
Jacksonville:
Excise Taxes Revenue, Refunding 6.50%, 10/1/2008 (Insured; AMBAC)....... $ 1,000,000 $ 1,086,950
Guaranteed Entitlement Revenue, Refunding 5.50%, 10/1/2002 (Insured; AMBAC) 1,400,000 1,459,304
HR (University Medical Center, Inc. Project) 5.90%, 2/1/2001............ 550,000 576,840
IDR, Refunding (TTX Company Project) 5.40%, 3/1/2001.................... 2,300,000 2,324,403
Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,511,415
Jacksonville Electric Authority, Revenue:
Electric Systems, Refunding 5.40%, 10/1/2004............................ 2,250,000 2,302,425
(Saint John's River):
6.40%, 10/1/2000...................................................... 5,000,000 5,383,900
Refunding 5%, 10/1/2004............................................... 10,000,000 9,962,600
Kissimmee, Water and Sewer Revenue, Refunding:
5.40%, 10/1/2002 (Insured; AMBAC)....................................... 1,035,000 1,067,458
5.50%, 10/1/2003 (Insured; AMBAC)....................................... 1,000,000 1,033,380
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC)........................................... 2,000,000 2,011,940
Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC)..................... 1,000,000 1,053,220
Lakeland, Electric and Water Revenue:
6.70%, 10/1/1999........................................................ 1,000,000 1,085,000
Refunding 5.90%, 10/1/2007.............................................. 2,385,000 2,499,361
Lee County Hospital Board of Directors, HR, Refunding
(Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)......... 2,730,000 2,885,637
Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC). 745,000 796,882
Miami, Refunding:
5.70%, 12/1/2004 (Insured; FGIC)........................................ 6,025,000 6,329,202
5.80%, 12/1/2005 (Insured; FGIC)........................................ 2,000,000 2,092,220
Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA)......... 500,000 498,980
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project):
5.60%, 11/15/2002..................................................... 1,100,000 1,154,043
5.70%, 11/15/2003..................................................... 1,500,000 1,580,475
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project):
5.70%, 6/1/2001......................................................... 2,080,000 2,088,174
5.90%, 7/1/2005......................................................... 1,075,000 1,082,235
North Broward Hospital District, HR, Refunding:
6.10%, 1/1/2002 (Insured; MBIA)......................................... 2,050,000 2,196,165
6.125%, 1/1/2003 (Insured; MBIA)........................................ 2,000,000 2,149,660
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) (b)............................... 3,500,000 3,594,395
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------- -------
FLORIDA (CONTINUED)
Orange County, Revenue:
Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)...................... $ 1,000,000 $ 1,072,050
Tourist Development Tax:
5.90%, 10/1/2000 (Insured; AMBAC)..................................... 1,900,000 2,015,748
6.15%, 10/1/2002 (Insured; AMBAC)..................................... 2,455,000 2,654,199
Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)....... 2,080,000 2,195,523
Orange County Health Facilities Authority, HR:
(Adventist/Sunbelt Project) 6.875%, 11/15/2004 (Insured; AMBAC)......... 4,000,000 4,358,880
(Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; AMBAC)....... 2,000,000 2,067,340
Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............... 2,000,000 2,058,600
Orlando & Orange County Expressway Authority,
Florida Expressway Revenue, Refunding
5.30%, 7/1/2005 (Insured; AMBAC)........................................ 3,500,000 3,547,460
Orlando Utilities Commission, Water and Electric Revenue, Refunding
5.60%, 10/1/2003........................................................ 10,000,000 10,442,000
5.75%, 10/1/2005........................................................ 2,000,000 2,092,840
5.80%, 10/1/2006........................................................ 5,930,000 6,193,648
Osceola County:
Gas Tax Improvement Revenue, Refunding:
5.50%, 4/1/2003 (Insured; FGIC)....................................... 1,365,000 1,416,297
5.65%, 4/1/2004 (Insured; FGIC)....................................... 1,445,000 1,508,710
Transportation Revenue
(Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA)............. 1,500,000 1,557,975
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004................... 4,284,000 4,397,055
Palm Beach County:
Criminal Justice Facilities Revenue, Refunding
5.10%, 6/1/2003 (Insured; FGIC)....................................... 5,000,000 5,061,500
Solid Waste IDR (Okeelanta Power LP Project) 6.375%, 2/15/2007.......... 2,700,000 2,723,571
Palm Beach County School District, Refunding:
5.50%, 8/1/2000 (Insured; AMBAC)........................................ 1,200,000 1,249,524
5.60%, 8/1/2001 (Insured; AMBAC)........................................ 1,000,000 1,047,650
6%, 8/1/2006 (Insured; AMBAC)........................................... 1,000,000 1,051,980
6%, 8/1/2007 (Insured; AMBAC)........................................... 3,000,000 3,139,620
Pasco County, Refunding:
Optional Gas Tax Revenue 5.50%, 8/1/2002 (Insured; FGIC)................ 1,980,000 2,062,328
Water and Sewer Revenue:
5.50%, 10/1/2002 (Insured; FGIC)...................................... 2,500,000 2,605,900
5.40%, 10/1/2003 (Insured; FGIC)...................................... 1,500,000 1,540,035
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
Pinellas County:
Capital Improvement Revenue 5.50%, 10/1/1999............................ $ 4,000,000 $ 4,172,600
RRR, Refunding 6.40%, 10/1/1998 (Insured; MBIA)......................... 4,465,000 4,764,557
Polk County, Capital Improvement Revenue, Refunding
6%, 12/1/2002 (Insured; MBIA)........................................... 1,900,000 2,029,827
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC).. 1,315,000 1,359,960
Reedy Creek Improvement District:
5.80%, 6/1/1999 (Insured; MBIA)......................................... 1,500,000 1,576,155
Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA)...................... 1,000,000 1,080,790
Saint John's County Industrial Development Authority, HR
(Flagler Hospital Project) 5.80%, 8/1/2003.............................. 1,000,000 1,001,850
Saint Lucie County School District, Refunding
5.90%, 7/1/2002 (Insured; AMBAC)........................................ 1,780,000 1,895,273
Saint Petersburg, Public Improvement Revenue, Refunding
6%, 2/1/2002 (Insured; MBIA)............................................ 1,500,000 1,599,660
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC)........................................ 1,505,000 1,624,377
Utilities Systems Revenue:
5.50%, 10/1/2003 (Insured; FGIC)...................................... 2,130,000 2,214,241
5.60%, 10/1/2004 (Insured; FGIC)...................................... 2,345,000 2,444,475
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA)..... 2,500,000 2,678,200
Sunrise:
Public Facilities Revenue:
6.20%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,156,380
6.50%, 10/1/2007 (Insured; MBIA)...................................... 1,000,000 1,086,320
Refunding 6%, 10/1/2001 (Insured; MBIA)............................... 1,000,000 1,069,640
Utility System Revenue, Refunding 5.20%, 10/1/2005 (Insured; AMBAC)..... 1,395,000 1,403,147
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center):
5.50%, Series A, 12/1/2002 (Insured; MBIA)............................ 1,010,000 1,048,542
5.50%, Series B, 12/1/2002 (Insured; MBIA)............................ 1,000,000 1,038,160
Tampa, Revenue:
(Alleghany Health Systems - Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA)...................................... 2,750,000 2,816,962
(Aquarium, Inc. Project) 7.25%, 5/1/2005................................ 1,200,000 1,263,612
Water and Sewer 6.30%, 10/1/2006........................................ 4,000,000 4,245,360
Volusia County, Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA)........................................ 2,000,000 2,142,220
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) $ 1,145,000 $ 1,212,658
6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,073,830
Volusia County School District, Refunding 6.375%, 8/1/2005 (Insured; FGIC).. 1,000,000 1,079,290
Volusia County Special Assessment (Bethune Beach Wastewater Project):
6.60%, 7/1/2001......................................................... 1,045,000 1,047,038
6.875%, 7/1/2005........................................................ 1,000,000 1,003,210
U.S. RELATED-5.8%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003......................... 5,000,000 5,094,950
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA).......................................... 6,000,000 6,272,640
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding
5.875%, 7/1/1999........................................................ 4,000,000 4,177,200
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 3,100,000 3,114,601
Puerto Rico Public Buildings Authority:
Refunding (Public Education and Health Facilities) 6.50%, 7/1/2003...... 1,000,000 1,071,040
Revenue, Refunding 6.10%, 7/1/2000...................................... 2,500,000 2,629,000
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002......................................................... 900,000 930,573
----------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $389,254,749)................... $403,961,005
============
SHORT-TERM MUNICIPAL INVESTMENTS-.2%
U.S. RELATED;
Puerto Rico Power Authority, Power Revenue
5% (Insured: FSA) (c) (cost $1,000,000)................................. $ 1,000,000 $ 1,000,000
============
TOTAL INVESTMENTS-100.0%
(cost $390,254,749)..................................................... $404,961,005
============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue RRR Resources Recovery Revenue
IDR Industrial Development Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (d) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------- ------- ----------------- -------------------
<S> <C> <C> <C>
AAA Aaa AAA 65.5%
AA Aa AA 23.7
A A A 5.6
BBB Baa BBB 1.8
Not Rated (e) Not Rated (e) Not Rated (e) 3.4
-----
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(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) Secured by letters of credit.
(c) Inverse floater security - the interest rate is subject to change
periodically.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Manager to be of comparable
quality to those rated securities in which the Fund may invest.
See independent accountant's review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $390,254,749)-see statement..................................... $404,961,005
Cash.................................................................... 198,799
Interest receivable..................................................... 6,757,691
Prepaid expenses........................................................ 30,139
----------
411,947,634
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 203,405
Accrued expenses and other liabilities.................................. 129,441 332,846
------------ ----------
NET ASSETS.................................................................. $411,614,788
============
REPRESENTED BY:
Paid-in capital......................................................... $402,291,773
Accumulated net realized capital losses and distributions
in excess of net realized gain on investments......................... (5,383,241)
Accumulated net unrealized appreciation on investments-Note 3........... 14,706,256
----------
NET ASSETS at value applicable to 31,058,459 outstanding shares of
Beneficial Interest, equivalent to $13.25 per share
(unlimited number of $.001 par value shares authorized)................. $411,614,788
============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 11,400,428
EXPENSES:
Management fee-Note 2(a).............................................. $ 1,248,345
Shareholder servicing costs-Note 2(b)................................. 283,862
Professional fees..................................................... 29,147
Custodian fees........................................................ 22,423
Trustees' fees and expenses-Note 2(c)................................. 18,764
Prospectus and shareholders' reports.................................. 10,846
Registration fees..................................................... 854
Miscellaneous......................................................... 27,549
-----------
1,641,790
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 319,963
-----------
TOTAL EXPENSES.................................................. 1,321,827
----------
INVESTMENT INCOME-NET.......................................... 10,078,601
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (732,706)
Net unrealized appreciation on investments.............................. 24,489,592
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 23,756,886
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 33,835,487
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1995
1994 (UNAUDITED)
-------- ----------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 23,281,217 $ 10,078,601
Net realized (loss) on investments................................ (4,647,281) (732,706)
Net unrealized appreciation (depreciation) on investments for the period (44,215,781) 24,489,592
-------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. (25,581,845) 33,835,487
-------- ----------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net........................................ (23,224,128) (10,135,690)
In excess of net realized gain on investments..................... (238,834) ---
-------- ----------
TOTAL DIVIDENDS................................................. (23,462,962) (10,135,690)
-------- ----------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold..................................... 219,567,040 85,578,743
Dividends reinvested.............................................. 16,231,257 6,788,462
Cost of shares redeemed........................................... (315,887,827) (113,813,297)
-------- ----------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.. (80,089,530) (21,446,092)
-------- ----------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (129,134,337) 2,253,705
NET ASSETS:
Beginning of period............................................... 538,495,420 409,361,083
-------- ----------
End of period (including undistributed investment income-net;
$57,089 in 1994)................................................ $ 409,361,083 $ 411,614,788
============= =============
SHARES SHARES
-------- ----------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 16,724,264 6,550,970
Shares issued for dividends reinvested............................ 1,243,406 518,042
Shares redeemed................................................... (24,144,029) (8,705,168)
-------- ------------
NET (DECREASE) IN SHARES OUTSTANDING............................ (6,176,359) (1,636,156)
============= =============
</TABLE>
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.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30, 1995
---------------------- ------------
PER SHARE DATA: 1992(1) 1993 1994 (UNAUDITED)
------ ---- ---- ------
<S> <C> <C> <C> <C>
Net asset value, beginning of period.................. $12.50 $12.94 $13.85 $12.52
------ ----- ------ ------
INVESTMENT OPERATIONS:
Investment income-net................................. .69 .70 .66 .31
Net realized and unrealized gain (loss) on investments .44 .92 (1.33) .74
------ ---- ----- ------
TOTAL FROM INVESTMENT OPERATIONS.................... 1.13 1.62 (.67) 1.05
------ ------ ---- ------
DISTRIBUTIONS:
Dividends from investment income-net.................. (.69) (.70) (.65) (.32)
Dividends from net realized gain on investments....... - (.01) - -
Dividends in excess of net realized gain on investments - - (.01) -
------ ---- ---- ------
TOTAL DISTRIBUTIONS................................. (.69) (.71) (.66) (.32)
------ ---- ----- -------
Net asset value, end of period........................ $12.94 $13.85 $12.52 $13.25
===== ====== ====== ======
TOTAL INVESTMENT RETURN................................... 9.86%(2) 12.84% (4.92%) 16.94%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............... - .20% .48% .64%(2)
Ratio of net investment income to average net assets.. 5.78%(2) 5.20% 5.01% 4.84%(2)
Decrease reflected in above expense ratios due to undertakings
by the Manager...................................... 1.00%(2) .64% .32% .15%(2)
Portfolio Turnover Rate............................... 13.01%(3) 13.48% 18.76% 18.18%(3)
Net Assets, end of period (000's Omitted)............. $332,582 $538,495 $409,361 $411,615
(1) From January 21, 1992 (commencement of operations) to December 31, 1992.
(2) Annualized.
(3) Not annualized.
</TABLE>
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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of Fund's
shares which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(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 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.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain
of its public bodies and municipalities may affect the ability of issuers
within the state to pay interest on, or repay principal of, municipal
obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund has an unused capital loss carryover of approximately $2,168,000
available for Federal income tax purposes to be applied against future net
securities profit, if any, realized subsequent to December 31, 1994. The
carryover does not include net realized securities losses from November 1,
1994 through December 31, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, the carryover expires in
fiscal 2002.
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, 1995 through March 31, 1995, to waive receipt of
the management fee payable to it by the Fund in excess of an annual rate of
.40 of 1% of the Fund's average daily net assets, and thereafter had
undertaken through July 19, 1995, to reduce the management fee paid 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 reduction in management fee,
pursuant to the undertakings, amounted to $319,963 for the six months ended
June 30, 1995.
(B) Pursuant to 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 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, 1995, the Fund was charged an
aggregate of $161,871 pursuant to the Shareholder Services Plan.
(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.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $124,218,501 and $145,441,769, respectively, for the six months
ended June 30, 1995, and consisted entirely of long-term and short-term
municipal investments.
At June 30, 1995, accumulated net unrealized appreciation on investments
was $14,706,256, consisting of $15,015,593 gross unrealized appreciation and
$309,337 gross unrealized depreciation.
At June 30, 1995, 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, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended June 30, 1995. 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, 1994 and financial highlights for each of the three years in the
period ended December 31, 1994 and in our report dated February 3, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
July 26, 1995
[Dreyfus lion "d" logo]
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
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. 740SA956
[Dreyfus logo]
Florida
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
June 30, 1995
