Dreyfus
Florida
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
June 30, 1997
<PAGE>
Dreyfus Florida Intermediate Municipal Bond
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Florida
Intermediate Municipal Bond Fund for its six-month reporting period ended June
30, 1997. Your Fund produced a total return of 2.20% which reflects the change
in the Fund's share price and dividends paid by the Fund during the period.*
The Fund's tax-free annualized distribution rate per share was 4.51%.**
(Some income may be subject to the Federal Alternative Minimum Tax for
certain shareholders).
Economic Review
Despite recent moderation in the rate of new job creation, the latest
reported unemployment rate was 5% in June. When the unemployment rate was last
at that level, the inflation rate was heading toward double-digit territory.
Now, inflation appears to be subdued;the Consumer Price Index rose at an annual
rate of just 1.4% for the 12-month period through May. Producer prices have
risen a minuscule 0.6% over the same time. It has been unprecedented for the
economy to have seven years of expansion, low unemployment and low inflation at
the same time.
Ever alert for signs of incipient inflation, the Federal Open Market
Committee, the policy-making arm of the Federal Reserve, has raised interest
rates just once in more than two years. That hike came in March 1997 when the
Federal Funds rate was increased by one-quarter of a percentage point to 5.50%.
(The Federal Funds rate is the rate of interest that banks charge one another
for overnight loans.) While there have been some signs that wages are
increasing (an area of particular concern to the Federal Reserve), there
have also been indications that the economy may be slowing from its torrid
first quarter pace when it surged at a 5.9% annual rate, the biggest advance
since the fourth quarter of 1987.
Indicating possible moderation in the rate of economic growth, retail sales
were in decline all spring despite record levels of consumer optimism about the
economy. The latest report on retail sales through March, April, and May showed
a decline at an annual rate of 5% over the previous three months. This marked
the first three-month decline since the fall of 1981. Yet, despite their
sluggish spending at checkout counters, consumers' confidence in the economy
continues to climb, heavily influenced by increased job security and low
inflation.
Throughout the current seven-year economic expansion, the pattern of
consumer spending has been stop-and-go, alternating between spurts of spending
and retrenchment. The 5% decline in retail sales for the three months through
May was preceded by a 15% advance over the previous three-month period. On the
production side of the economy, a survey of corporate buyers compiled by the
National Association of Purchasing Management reported that growth in factory
activity eased slightly during June. The much observed supplier-delivery
component of the survey, a measure of how quickly orders are being satisfied
and a possible sign of production bottlenecks, also fell modestly. In further
evidence of a slowing economy during the second quarter, the Commerce
Department recently reported that factory orders fell in May.
Rising incomes, low unemployment and quiescent inflation have all
contributed to a feeling of confidence, as measured by the Conference Board's
Index of Consumer Sentiment, that has been unmatched for 28 years. Many
economists feel that the optimistic consumer sentiment indicators provide a
floor to economic growth and will spur consumer spending later in the year,
particularly if the unemployment rate remains low and job security worries
recede further. We are mindful of the potent role that consumers play in the
economy - their spending accounts for about two-thirds of economic output.
So we remain alert to signs of any strain on productive capacity caused by
increases in consumer spending that might, in turn, lead to another tightening
in monetary policy by the Federal Reserve.
<PAGE>
Market Environment
Since our last letter at the end of December, 1996, the bond market has been
extremely volatile.Although long-term interest rates as measured by the 30-year
U.S. Treasury bond ended the six-month period around 6.75%,virtually unchanged
from December, the yield ranged from a low of 6.52% in mid February to a high
of 7.17% in mid April. The municipal market experienced a tighter range during
this period, owing to an increase in demand from retail (or individual)
investors as tax-exempt yields approached 6.00%. The bond market correction
from February to April was largely due to the expectation of a tightening of
monetary policy by the Federal Reserve Board's Open Market Committee which
materialized at the March Meeting in the form of a 0.25% increase in the
Federal Funds Target Rate to 5.50%. The rally in bond prices since mid April
coincided with the economic slowdown during the second quarter of 1997 and the
increasing perception that the Federal Open Market Committee may not have to
tighten policy again during the remainder of the calendar year.
In the Florida market, the combination of scarce supply and strong demand
enabled Florida tax-exempt bonds to outperform their taxable counterparts
during the six-month period. This technical dynamic was especially apparent
in April as long-maturity Florida securities traded at very rich levels versus
Treasury bonds.
Portfolio Overview
During the first half of 1997, the Fund continued to pursue the gradual
restructuring that was embarked upon in the latter half of 1996. We have looked
to replace certain holdings with securities that combine greater potential for
price appreciation and better call protection. At the same time, we remain
committed to providing shareholders with high current tax-free income by
maintaining a core of high coupon bonds which provide the Fund with much of its
income stream. These large coupon securities can also provide stability to the
Fund's net asset value during periods of extreme market volatility such as we
have experienced over the past several years. Throughout the reporting period,
further emphasis was placed on enhancing the underlying credit quality of the
holdings and, therefore, the liquidity of the portfolio whenever possible. In
conclusion, we will continue to monitor the constantly changing financial and
political landscapes and adjust our portfolio strategy accordingl
Very truly yours,
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 17, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
<TABLE>
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Dreyfus Florida Intermediate Municipal Bond Fund
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Statement of Investments June 30, 1997 (Unaudited)
Principal
Long-Term Municipal Investments--95.6% Amount Value
- ----------------------------------------------------------------------------- ------------ ----------
<S> <C> <C>
Florida--92.3%
Alachua County Health Facilities Authority, Health Facilities Revenue:
Refunding (Santa Fe Health Systems Project)
6.875%, 11/15/2002 (Prerefunded; 11/15/2000) (a)........................ $ 3,380,000 $ 3,561,743
(Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA)............... 1,700,000 1,748,841
Bay County, RRR, Refunding:
6%, 7/1/2001 (Insured; MBIA).............................................. 1,250,000 1,326,200
6.10%, 7/1/2002 (Insured; MBIA)........................................... 2,095,000 2,250,931
6.20%, 7/1/2003 (Insured; MBIA)........................................... 1,250,000 1,359,675
Boca Raton, Beach Acquisition Revenue 6.125%, 1/1/2006 (Insured; MBIA)....... 2,100,000 2,310,084
Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC)..... 1,000,000 1,036,020
Brevard County Health Facilities Authority, Revenue, Refunding
(Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA). 3,000,000 3,094,350
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002............................. 2,500,000 2,757,875
Brevard County Housing Finance Authority, MFHR, Refunding
(Windover Oaks) 6.90%, 2/1/2027........................................... 2,000,000 2,212,140
Broward County, Refunding 6.125%, 1/1/2006................................... 1,950,000 2,086,246
Broward County School Board, COP:
6%, 7/1/2001 (Insured; AMBAC)............................................. 1,000,000 1,060,960
6.10%, 7/1/2002 (Insured; AMBAC).......................................... 2,000,000 2,148,860
Broward County School District, Refunding:
5.80%, 2/15/2002.......................................................... 2,000,000 2,112,920
5.30%, 2/15/2004.......................................................... 5,000,000 5,190,400
6%, 2/15/2004............................................................. 3,000,000 3,218,370
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA)........................................... 5,730,000 6,029,851
Charlotte County, Utility Revenue, Refunding 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,255,919
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA).......................................... 1,985,000 2,126,689
5.85%, 10/1/2007 (Insured; MBIA).......................................... 2,105,000 2,262,707
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC)........................................... 1,425,000 1,495,067
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA)........................................... 2,000,000 2,140,400
6.15%, 10/1/2004 (Insured; MBIA)........................................ 2,000,000 2,156,020
Public Facilities Revenue, Refunding
(Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA)............. 2,750,000 2,836,047
School District, Refunding 4.50%, 7/15/2008 (Insured; MBIA)............... 5,000,000 4,763,200
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................... 2,470,000 2,630,130
Solid Waste System, Special Obligation Revenue, Refunding
6%, 10/1/2006 (Insured; AMBAC).......................................... 2,565,000 2,770,687
Dade County Health Facilities Authority, HR, Refunding
(North Shore Medical Center Project):
5.90%, 8/15/2001 (Insured; AMBAC)....................................... 1,725,000 1,826,533
6%, 8/15/2002 (Insured; AMBAC).......................................... 1,760,000 1,887,424
</TABLE>
<TABLE>
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<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
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Statement of Investments (continued) June 30, 1997 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------------------------------- ------------ -------------
<S> <C> <C>
Florida (continued)
Daytona Beach, Water and Sewer Revenue, Refunding
5.75%, 11/15/2008 (Insured; AMBAC)........................................ $ 2,270,000 $ 2,373,081
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC)......................................... 1,180,000 1,282,400
Duval County School District, Refunding:
5.90%, 8/1/2002 (Insured; AMBAC).......................................... 4,500,000 4,799,160
6.25%, 8/1/2005 (Insured; AMBAC).......................................... 2,400,000 2,599,224
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA)........................................... 1,000,000 1,083,320
Refunding 6%, 7/1/2003 (Insured; MBIA).................................... 3,000,000 3,231,960
Florida, Pollution Control 5.90%, 7/1/2002................................... 2,500,000 2,668,475
Florida Board of Education, Capital Outlay (Public Education):
6%, 1/1/2005.............................................................. 8,100,000 8,740,710
5.50%, 6/1/2010........................................................... 5,725,000 5,872,133
Refunding:
5.90%, 6/1/2005......................................................... 1,295,000 1,370,745
5%, 6/1/2009............................................................ 2,500,000 2,505,475
Florida Division of Bond Finance Department, General Services Revenues
(Department of Natural Resources-Preservation 2000):
5.90%, 7/1/2002 (Insured; MBIA)......................................... 3,850,000 4,097,016
6.40%, 7/1/2003 (Insured; AMBAC)........................................ 3,450,000 3,739,455
6.10%, 7/1/2004 (Insured; MBIA)......................................... 2,420,000 2,594,821
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project):
5.80%, 10/1/2001 (Insured; AMBAC)....................................... 1,000,000 1,055,470
5.90%, 10/1/2002 (Insured; AMBAC)....................................... 1,000,000 1,066,930
Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC).......... 3,500,000 3,634,680
Florida Sunshine Skyway, Revenue, Refunding:
6.10%, 7/1/2001........................................................... 1,650,000 1,752,861
6.20%, 7/1/2002........................................................... 1,315,000 1,407,813
Florida Turnpike Authority, Turnpike Revenue
5.90%, 7/1/2005 (Insured; FGIC)........................................... 2,700,000 2,856,303
Fort Myers, Improvement Revenue
(Special Assessment - Geo Area 24) 7.05%, 7/1/2005 (Prerefunded; 7/1/2003(a) 905,000 1,022,940
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.25%, 10/1/2006 (Insured; FGIC).......................................... 4,600,000 4,974,394
Refunding 6.10%, 10/1/2002 (Insured; FGIC)................................ 2,000,000 2,155,320
Gulf Breeze, Revenue (Capital Funding) 4.80%, 12/1/2017 (Insured; MBIA) (b).. 8,500,000 8,415,000
Halifax Hospital Medical Center, HR, Refunding
5%, 10/1/2010 (Insured; MBIA)............................................. 1,750,000 1,712,550
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA)........................................... 2,000,000 2,166,960
5.50%, 9/1/2004 (Insured; MBIA)........................................... 1,580,000 1,664,419
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
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Statement of Investments (continued) June 30, 1997 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
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<S> <C> <C>
Florida (continued)
Hialeah Gardens, IDR (Waterford Convalescent)
7.875%, 12/1/2007......................................................... $ 1,000,000 $ 1,057,270
Hillsborough County Aviation Authority, Revenue, Refunding
(Tampa International Airport) 5.45%, 10/1/2002 (Insured; AMBAC)........... 3,295,000 3,443,670
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)......... 3,350,000 3,605,940
Indian Trace Community Development District, Refunding
(Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA)....... 2,265,000 2,354,309
Jacksonville, Revenue, Refunding:
Excise Taxes:
4.875%, 10/1/2007 (Insured; FGIC)....................................... 2,500,000 2,507,825
6.50%, 10/1/2008 (Insured; AMBAC)....................................... 1,000,000 1,097,770
Guaranteed Entitlement 5.50%, 10/1/2002 (Insured; AMBAC).................. 1,400,000 1,469,748
Jacksonville Beach, Utilities Revenue, Refunding
5.125%, 10/1/2004 (Insured; MBIA)......................................... 1,500,000 1,541,940
Jacksonville Electric Authority, Revenue, Refunding:
Electric Systems 5.40%, 10/1/2004......................................... 2,250,000 2,341,103
(Saint John's River) 5%, 10/1/2004........................................ 5,000,000 5,101,500
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC)............................................. 2,000,000 2,052,200
Lake County, Resource Recovery Industrial Development Revenue, Refunding
(NRG/Recovery Group) 5.85%, 10/1/2009..................................... 6,000,000 6,023,520
Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC)...................... 1,000,000 1,071,970
Lakeland, Electric and Water Revenue, Refunding 5.90%, 10/1/2007............. 2,385,000 2,586,222
Lee County Hospital Board of Directors, HR, Refunding
(Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)........... 2,730,000 2,883,126
Melbourne, Water and Sewer Revenue, Refunding
6%, 10/1/2001 (Insured; FGIC)............................................. 745,000 792,941
Miami, Refunding 5.80%, 12/1/2005 (Insured; FGIC)............................ 1,340,000 1,425,170
Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA).......... 1,500,000 1,536,630
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project) 5.70%, 11/15/2003.................... 1,500,000 1,597,425
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005........................................................... 1,075,000 1,115,205
North Broward Hospital District, HR, Refunding:
6.10%, 1/1/2002 (Insured; MBIA)........................................... 2,050,000 2,184,501
6.125%, 1/1/2003 (Insured; MBIA) (Prerefunded; 1/1/2002) (a).............. 2,000,000 2,169,420
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) (c)................................. 3,500,000 3,753,295
Orange County, Revenue:
Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)........................ 1,000,000 1,073,020
Tourist Development Tax 6.15%, 10/1/2002 (Insured; AMBAC)................. 2,455,000 2,651,351
Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)......... 2,080,000 2,207,587
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
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Statement of Investments (continued) June 30, 1997 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
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<S> <C> <C>
Florida (continued)
Orange County Health Facilities Authority, HR
(Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; MBIA).......... $ 2,000,000 $ 2,100,640
Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003................ 2,000,000 2,098,360
Orlando Utilities Commission, Water and Electric Revenue, Refunding:
5.60%, 10/1/2003.......................................................... 10,000,000 10,567,900
5.75%, 10/1/2005.......................................................... 2,000,000 2,132,960
5.80%, 10/1/2006.......................................................... 5,930,000 6,361,467
5.80%, 10/1/2007.......................................................... 1,175,000 1,262,761
Osceola County, Revenue:
Gas Tax Improvement, Refunding:
5.50%, 4/1/2003 (Insured; FGIC)......................................... 1,365,000 1,432,349
5.65%, 4/1/2004 (Insured; FGIC)......................................... 1,445,000 1,526,527
Transportation (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA)......................................... 1,300,000 1,376,544
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004..................... 4,284,000 4,541,982
Palm Bay 4.25%, 3/1/2006 (Insured; MBIA)..................................... 1,000,000 945,340
Palm Beach County, Revenue:
Criminal Justice Facilities, Refunding:
5.10%, 6/1/2003 (Insured; FGIC)......................................... 5,000,000 5,166,000
5.375%, 6/1/2010 (Insured; FGIC)........................................ 1,825,000 1,877,213
Water and Sewer 5%, 10/1/2010 (Insured; MBIA)............................. 7,320,000 7,211,444
Palm Beach County School District, Refunding:
6%, 8/1/2006 (Insured; AMBAC)............................................. 1,000,000 1,062,090
6%, 8/1/2007 (Insured; AMBAC)............................................. 3,000,000 3,179,310
Palm Beach County Solid Waste Authority, Revenue, Refunding
5.50%, 10/1/2006 (Insured; AMBAC)......................................... 3,000,000 3,151,740
Pasco County, Water and Sewer Revenue, Refunding:
5.50%, 10/1/2002 (Insured; FGIC).......................................... 2,500,000 2,624,550
5.40%, 10/1/2003 (Insured; FGIC).......................................... 1,500,000 1,566,525
Polk County, Capital Improvement Revenue, Refunding
6%, 12/1/2002 (Insured; MBIA)............................................. 1,900,000 2,042,728
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC)... 1,315,000 1,372,137
Reedy Creek Improvement District:
4.90%, 6/1/2009 (Insured; AMBAC).......................................... 3,930,000 3,862,011
Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA)........................ 1,000,000 1,076,550
Saint John's County, Water and Sewer Revenue, Refunding
5%, 6/1/2008 (Insured; MBIA).............................................. 1,020,000 1,030,659
Saint John's County Industrial Development Authority, HR
(Flager Hospital Project) 5.80%, 8/1/2003................................. 1,000,000 1,015,280
Saint Lucie County School District:
4.25%, 2/1/2005 (Insured; FSA)............................................ 3,495,000 3,340,626
4.25%, 2/1/2006 (Insured; FSA)............................................ 2,945,000 2,785,322
Refunding 5.90%, 7/1/2002 (Insured; AMBAC)................................ 1,780,000 1,896,679
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
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Statement of Investments (continued) June 30, 1997 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
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<S> <C> <C>
Florida (continued)
Saint Petersburg, Public Improvement Revenue, Refunding
6%, 2/1/2002 (Insured; MBIA).............................................. $ 1,500,000 $ 1,597,020
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC).......................................... 1,505,000 1,623,699
Utilities Systems Revenue 5.60%, 10/1/2004 (Insured; FGIC)................ 2,345,000 2,478,431
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA)...... 2,500,000 2,695,525
Sunrise, Revenue:
Public Facilities:
6.20%, 10/1/2004 (Insured; MBIA)........................................ 2,000,000 2,174,740
6.50%, 10/1/2007 (Insured; MBIA)........................................ 1,000,000 1,097,770
Refunding 6%, 10/1/2001 (Insured; MBIA)................................. 1,000,000 1,064,350
Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC)............... 1,395,000 1,435,901
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center):
5.50%, Series A, 12/1/2002 (Insured; MBIA).............................. 1,010,000 1,059,288
5.50%, Series B, 12/1/2002 (Insured; MBIA).............................. 1,000,000 1,048,800
Tampa, Revenue:
(Alleghany Health Systems - Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA)........................................ 2,750,000 2,914,423
(Aquarium, Inc. Project) 7.25%, 5/1/2005 (Prerefunded; 5/1/2002) (a)...... 1,200,000 1,358,712
Water and Sewer 6.30%, 10/1/2006.......................................... 1,590,000 1,712,971
Volusia County, Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA).......................................... 2,000,000 2,172,440
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,219,700
6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,082,480
Volusia County Health Facilities Authority, Revenue, Refunding
(Health Care - John Knox) 5.75%, 6/1/2008................................. 1,540,000 1,585,230
Volusia County Special Assessment (Bethune Beach Wastewater Project):
6.60%, 7/1/2001........................................................... 1,045,000 1,059,985
6.875%, 7/1/2005.......................................................... 835,000 884,432
U.S. Related--3.3%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003.......................... 5,000,000 5,194,300
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002......................... 3,100,000 3,220,311
Puerto Rico Public Buildings Authority, Revenue, Refunding 6.10%, 7/1/2000... 2,500,000 2,618,750
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002........................................................... 600,000 621,120
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TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $318,322,113).................... $332,672,634
=============
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
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Statement of Investments (continued) June 30, 1997 (Unaudited)
Principal
Short-Term Municipal Investments--4.4% Amount Value
- ------------------------------------------------------------------------------ ------------ -------------
<S> <C> <C>
Florida;
Broward County Housing Finance Authority, MFHR, VRDN (Landings Inverrary Apartment)
4.25% (LOC; PNC Bank, Delaware) (c,d) (cost $15,300,000).................. $ 15,300,000 $ 15,300,000
-------------
TOTAL INVESTMENTS--100.0% (cost $333,622,113)................................. $347,972,634
=============
</TABLE>
Summary of Abbreviations
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<TABLE>
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue RRR Resources Recovery Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
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Fitch (e) or Moody's or Standard & Poor's Percentage of Value
- ------ -------- ---------------- ------------------
<S> <C> <C> <C>
AAA Aaa AAA 66.3%
AA Aa AA 20.6
A A A 3.7
BBB Baa BBB 2.3
F-1+ & F-1 MIG1, VMIG1 & P1 SP1 & A1 4.4
Not Rated (f) Not Rated (f) Not Rated (f) 2.7
-------
100.0%
=======
<FN>
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) Inverse floater security - the interest rate is subject to change
periodically.
(c) Secured by letters of credit.
(d) Securities payable on demand. The interest rate, which is subject to change,
is based on bank prime rates or an index of market interest rates.
(e) Fitch currently provides creditworthiness information for a limited number
of investments.
(f) 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.
(g) At June 30, 1997, 29.0% of the Fund's net assets are insured by MBIA.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
- ------------------------------------------------------------------------------
Statement of Assets and Liabilities June 30, 1997 (Unaudited)
Cost Value
------------- -------------
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments. $333,622,113 $347,972,634
Cash................................................... 405,331
Interest receivable.................................... 5,506,387
Prepaid expenses....................................... 11,411
--------------
353,895,763
--------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.......... 181,815
Payable for investment securities purchased............ 1,714,710
Payable for shares of Beneficial Interest redeemed..... 17,389
Accrued expenses....................................... 19,716
--------------
1,933,630
--------------
NET ASSETS ................................................................... $351,962,133
==============
REPRESENTED BY: Paid-in capital........................................ $337,325,816
Accumulated net realized gain (loss) on investments.... 285,796
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 .............................. 14,350,521
--------------
NET ASSETS ................................................................... $351,962,133
==============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized). 26,197,081
NET ASSET VALUE, offering and redemption price per share--Note 3(d)............. $13.44
=======
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
- ------------------------------------------------------------------------------
Statement of Operations Six Months Ended June 30, 1997 (Unaudited)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income........................................ $9,657,945
EXPENSES: Management fee--Note 3(a).............................. $1,087,234
Shareholder servicing costs--Note 3(b).................. 248,310
Professional fees...................................... 25,728
Trustees' fees and expenses--Note 3(c)................. 22,110
Custodian fees......................................... 19,186
Registration fees...................................... 7,937
Prospectus and shareholders' reports.................. 6,651
Loan commitment fees--Note 2............................ 2,389
Miscellaneous.......................................... 16,086
------------
Total Expenses................................... 1,435,631
-----------
INVESTMENT INCOME--NET.......................................................... 8,222,314
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments................ $1,177,257
Net unrealized appreciation (depreciation) on investments (1,780,898)
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......................... (603,641)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $7,618,673
============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
Six Months Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
---------------- ------------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................ $ 8,222,314 $ 17,793,933
Net realized gain (loss) on investments.............................. 1,177,257 3,318,458
Net unrealized appreciation (depreciation) on investments............ (1,780,898) (8,882,785)
--------------- ---------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 7,618,673 12,229,606
--------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................ (8,222,314) (17,898,089)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 17,156,712 92,656,622
Dividends reinvested................................................. 5,444,082 11,899,150
Cost of shares redeemed.............................................. (57,934,290) (139,884,125)
--------------- ---------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (35,333,496) (35,328,353)
--------------- ---------------
Total Increase (Decrease) in Net Assets........................ (35,937,137) (40,996,836)
NET ASSETS:
Beginning of Period.................................................. 387,899,270 428,896,106
--------------- --------------
End of Period........................................................ $351,962,133 $ 387,899,270
=============== ===============
Shares Shares
---------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 1,283,288 6,915,255
Shares issued for dividends reinvested............................... 407,668 888,707
Shares redeemed...................................................... (4,338,001) (10,440,624)
--------------- --------------
Net Increase (Decrease) in Shares Outstanding.................... (2,647,045) (2,636,662)
=============== ==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
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.
Six Months Ended Year Ended December 31,
June 30, 1997 -----------------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992(1)
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.45 $13.62 $12.52 $13.85 $12.94 $12.50
------- ------- ------- ------- ------- -------
Investment Operations:
Investment income--net............... .30 .61 .62 .66 .70 .69
Net realized and unrealized gain (loss)
on investments.................... (.01) (.17) 1.10 (1.33) .92 .44
------- ------- ------- ------- ------- -------
Total from Investment Operations. .29 .44 1.72 (.67) 1.62 1.13
------- ------- ------- ------- ------- -------
Distributions:
Dividends from investment income--net (.30) (.61) (.62) (.65) (.70) (.69)
Dividends from net realized gain
on investments.................... -- -- -- -- (.01) --
Dividends in excess of net realized gain
on investments.................... -- -- -- (.01) -- --
------- ------- ------- ------- ------- -------
Total Distributions................. (.30) (.61) (.62) (.66) (.71) (.69)
------- ------- ------- ------- ------- -------
Net asset value, end of period...... $13.44 $13.45 $13.62 $12.52 $13.85 $12.94
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN................ 4.44%(2) 3.35% 13.98% (4.92%) 12.84% 9.86%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .79%(2) .80% .69% .48% .20% --
Ratio of net investment income
to average net assets............. 4.54%(2) 4.53% 4.70% 5.01% 5.20% 5.78%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .08% .32% .64% 1.00%(2)
Portfolio Turnover Rate............. 11.29%(3) 19.14% 25.00% 18.76% 13.48% 13.01%(3)
Net Assets, end of period (000's Omitted) $351,962 $387,899 $428,896 $409,361 $538,495 $332,582
<FN>
- -----------------------
(1 From January 21, 1992 (commencement of operations) to December 31, 1992.
(2) Annualized.
(3) Not annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Florida Intermediate Municipal Bond 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 ("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
("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 ("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 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.
The Fund has an unused capital loss carryover of approximately $888,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1996. If not
applied, the carryover expires in fiscal 2003.
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("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. For the period ended June 30,
1997, the Fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management 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 Shareholder Services 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, 1997, the Fund was charged an aggregate of $147,104 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. Such compensation
amounted to $78,156 during the period ended June 30, 1997.
(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 and the Trustee Emeritus receives 50% of such compensation.
(d) A 1% redemption fee is charged on certain redemptions of Fund shares
(including redemptions through use of the Fund Exchanges service) where the
shares being redeemed were issued subsequent to a specified effective date and
the redemption or exchange occurs less than fifteen days following the date of
issuance. During the period ended June 30, 1997, redemption fees amounted to
$1,651.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended June 30, 1997 amounted
to $39,944,043 and $68,530,706, respectively.
At June 30, 1997, accumulated net unrealized appreciation on
investments was $14,350,521, consisting of $14,822,621 gross
unrealized appreciation and $472,100 gross unrealized depreciation.
At June 30, 1997, 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).
<PAGE>
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
Printed in U.S.A. 740SA976
