Dreyfus
Florida Intermediate Municipal Bond Fund
SEMIANNUAL REPORT June 30, 1999
(reg.tm)
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
14 Statement of Assets and Liabilities
15 Statement of Operations
16 Statement of Changes in Net Assets
17 Financial Highlights
18 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
<PAGE>
The Fund
Dreyfus Florida Intermediate
Municipal Bond Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Florida
Intermediate Municipal Bond Fund, covering the six-month period from January 1,
1999 through June 30, 1999. Inside, you'll find valuable information about how
the fund was managed during the period, including a discussion with the fund's
portfolio manager, Stephen Kris.
The past six months have generally been rewarding for municipal bond investors.
The U.S. economy has entered its eighth year of expansion in an environment
characterized by low inflation and high levels of consumer spending. These
conditions have helped support the credit quality of many states and
municipalities.
Tax-exempt fixed-income securities provided especially attractive results
relative to taxable U.S. Treasury securities. While prices of U.S. Treasury
securities declined significantly, a lack of new issuance relative to robust
investor demand supported most municipal bond prices, which declined more
modestly. As a result, the differences in valuations between taxable and
tax-exempt bonds narrowed to more historically normal levels.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Florida Intermediate Municipal Bond
Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
<PAGE>
DISCUSSION OF FUND PERFORMANCE
Stephen Kris, Portfolio Manager
How did Dreyfus Florida Intermediate Municipal Bond Fund perform during the
period?
The fund produced a -1.27% total return(1) over the six-month period ended June
30, 1999, compared to a total return of -1.32% for the average of the Lipper
Florida Intermediate Municipal Debt Funds category.(2)
We attribute the fund's performance to our security selection strategy, which
focused on relatively higher-yielding, high-quality municipal bonds issued by
Florida, its municipalities and authorities.
What is the fund's investment approach?
Our goal is to seek as high a level of income exempt from federal income tax as
is consistent with preservation of capital. To pursue this goal, the fund
invests substantially all of its assets in a portfolio of intermediate term
municipal bonds issued by the state of Florida, its political subdivisions,
authorities and corporations, the interest from which is exempt from the Florida
intangibles personal property tax.
To achieve these objectives, we employ two primary strategies. First, we attempt
to add value by selecting investment grade, intermediate-term tax-exempt bonds
from Florida issuers that we believe are most likely to provide the highest
yields. These bonds comprise the portfolio's core position. We augment the core
position with bonds that we believe have the potential to provide both
competitive income and capital appreciation.
Second, we tactically manage the portfolio's average duration -- a measure of
sensitivity to changes in interest rates -- in anticipation of temporary
supply-and-demand changes. If we expect the supply of newly issued Florida bonds
to increase, we may reduce the portfolio' s average duration to make cash
available for the purchase of the new securities. Conversely, if we expect
demand for municipal bonds to surge at a time when we anticipate little
issuance, we may increase the
The Fund
<PAGE>
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
portfolio' s average duration to maintain current yields for as long as
practical. At other times, we try to maintain a "neutral" average duration of
about five years.
What other factors influenced the fund's performance?
Because of the need to build new schools and infrastructure to accommodate a
rapidly growing population, Florida and its municipalities have issued an ample
supply of new bonds over the past year. In contrast, most other states have had
little need to borrow in a robust economic environment, and fewer tax-exempt
bonds were issued nationally than in the same period one year ago. The supply of
Florida bonds has been easily absorbed by investors seeking to minimize their
tax liabilities, however, helping to keep Florida' s municipal bond prices
relatively stable.
In addition, the fund was affected by rising interest rates over the past six
months. Economies in Japan and Southeast Asia appear to have begun to recover,
and the growth of the U.S. economy has been stronger than most analysts
expected. This economic news raised concerns among some fixed-income investors
that inflation pressures might re-emerge. In fact, the Federal Reserve Board
increased short-term interest rates on June 30 in an attempt to forestall a
reacceleration of inflation. Because the market anticipated this change in
monetary policy before it was announced, higher short-term rates had little
effect on longer-term tax-exempt yields.
What is the fund's current strategy?
We have continued to look for the most attractive yields in Florida's investment
grade municipal bond market. This search led us to general obligation bonds
secured by Florida's tax revenues as well as facilities that provide essential
services. As of June 30, the portfolio contained a well-diversified mix of
securities. Utilities comprised the largest single industry concentration,
followed by general obligation bonds. We also owned a number of "special tax"
bonds backed by revenues generated by specific taxes on such items as gasoline.
On the other hand, we reduced our holdings of bonds issued by health care
facilities because of concerns about the current regulatory and legislative
environment.
<PAGE>
In addition, we have focused on those investment grade bonds providing
above-average levels of income, even if they were priced at slight premiums to
other bonds. That' s because higher-income bonds are in great demand from
individual investors, making them easier to sell in the secondary market should
better values become available. Accordingly, we have selectively sold some
recent purchases that carried relatively low yields, and we have retained our
holdings of older, higher-yielding bonds that have appreciated in price.
Finally, as of June 30, more than 75% of the portfolio was composed of bonds
rated double-A or higher. Because the differences in yields between
higher-quality bonds and lower-quality bonds have been narrow by historical
standards, we saw little benefit in diluting the fund's overall high quality
status.
July 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SUCH THAT UPON REDEMPTION FUND SHARES MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE
MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE FULLY
TAXABLE.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
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<TABLE>
STATEMENT OF INVESTMENTS
June 30, 1999 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--98.3% Amount ($) Value ($)
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<S> <C> <C>
FLORIDA--92.5%
Alachua County Health Facilities Authority,
Health Facilities Revenue:
(Santa Fe Health Systems Project)
6.875%, 11/15/2002 (Prerefunded 11/15/2000) 2,385,000 (a) 2,502,366
(Shands Teaching Hospital)
5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,753,108
Bay County, Refunding:
PCR (International Paper Co Project)
5.10%, 9/1/2012 2,500,000 2,426,325
RRR:
6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,207,103
6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,342,462
Boynton Beach, Utility Systems Revenue
5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,041,640
Brevard County Health Facilities Authority, Revenue:
(Holmes Regional Medical Center Project)
5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,102,030
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 2,500,000 2,615,125
Brevard County Housing Finance Authority, MFHR
(Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,234,880
Broward County:
6.125%, 1/1/2006 1,950,000 2,064,816
Airport System Revenue:
5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,002,020
5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,133,210
Broward County School Board, COP
6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,107,140
Broward County School District:
5.80%, 2/15/2002 2,000,000 2,078,900
5.30%, 2/15/2004 5,000,000 5,183,050
6%, 2/15/2004 3,000,000 3,172,650
Celebration Community Development District,
Special Assessment
5.60%, 5/1/2004 (Insured; MBIA) 3,045,000 3,151,057
Charlotte County, Utility Revenue
5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,262,066
Clay County Housing Finance Authority, Revenue
(Multi-County Program) 4.85%, 10/1/2011
(Collateralized: FNMA,GNMA) 2,075,000 2,029,848
Collier County, Capital Improvement Revenue:
5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,120,119
5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,246,793
<PAGE>
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Coral Springs, Water and Sewer Revenue
5.50%, 9/1/2003 (Insured; FGIC) 1,425,000 1,487,059
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,114,380
6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,124,440
(Miami International Airport):
5%, 10/1/2005 (Insured; FSA) 1,075,000 1,090,770
5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,104,180
5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,014,080
Public Facilities Revenue
(Jackson Memorial Hospital)
5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,097,617
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC) 2,470,000 2,581,397
Special Obligation Revenue:
(Solid Waste System)
6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,753,861
Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 3,830,258
Water and Sewer Systems Revenue
6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,339,486
Dade County Housing Finance Authority, MFMR
(Golden Lakes Apartments Project) 6%, 11/1/2032 1,000,000 1,038,930
Daytona Beach, Water and Sewer Revenue
5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,403,476
Deerfield Beach, Water and Sewer Improvement
Revenue 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,247,614
Delray Beach, Water and Sewer Revenue
5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,572,725
Duval County School District:
5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,676,940
6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,531,904
First Florida Governmental Financing Commission,
Revenue:
6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,058,700
6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,184,020
Florida, Gas Utility Revenue (Gas Project)
5%, 12/1/2008 (Insured; FSA) 2,000,000 2,023,140
Florida Board of Education, Capital Outlay:
5.50%, 1/1/2006 1,400,000 1,468,124
(Public Education):
4.90%, 6/1/2008 4,000,000 4,019,640
5%, 6/1/2009 2,500,000 2,520,325
5.50%, 6/1/2010 5,725,000 5,923,314
The Fund
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STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Florida Department of Transportation :
Revenue (Alligator Alley) 5%, 7/1/2011 1,520,000 1,516,610
(Right of Way) 5.75%, 7/1/2005 2,375,000 2,527,736
Florida Division of Bond Finance Department,
General Services Revenues
(Department of Environmental-Preservation 2000)
5.25%, 7/1/2009 (Insured; MBIA) 4,300,000 4,397,223
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project)
5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,051,890
(Saint Lucie Project)
5.40%, 10/1/2005 (Insured; FGIC) 3,500,000 3,636,185
Fort Myers, Improvement Revenue
(Special Assessment - Geo Area 24)
7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 991,482
Greater Orlando Aviation Authority,
Orlando Airport Facilities Revenue:
6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,115,320
6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 4,907,280
Halifax Hospital Medical Center, HR
5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,746,133
Hernando County School District:
6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,131,720
5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,659,111
Hialeah Gardens, IDR (Waterford Convalescent)
7.875%, 12/1/2007 965,000 1,031,710
Hillsborough County, Utility Revenue,
Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,572,700
Hillsborough County Hospital Authority, HR
(Tampa General Hospital Project)
6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,536,595
Hillsborough County Port District, Special Revenue
(Tampa Port Authority)
5.75%, 6/1/2013 (Insured; FSA) 500,000 514,535
Indian Trace Community Development District
(Water Management-Special Benefit)
5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,361,466
Jacksonville, Revenue:
District Water and Sewer
5%, 10/1/2020 (Insured; MBIA,
Prerefunded 10/1/2008) 3,000,000 (a) 3,056,550
<PAGE>
FLORIDA (CONTINUED)
Jacksonville, Revenue (continued):
Excise Taxes:
4.875%, 10/1/2007 (Insured; FGIC) 2,500,000 2,526,900
6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,082,180
Sales Tax (River City Renaissance Project)
5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,445,925
Jacksonville Beach, Utilities Revenue
5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,547,205
Jacksonville Electric Authority, Electric
Systems Revenue 5.40%, 10/1/2004 2,250,000 2,331,203
Lake County, Resource Recovery Industrial
Development Revenue
(NRG/Recovery Group) 5.85%, 10/1/2009 6,000,000 6,071,340
Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,069,250
Lakeland, Electric and Water Revenue
5.90%, 10/1/2007 2,385,000 2,570,434
Martin County, Utility System Revenue :
5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,042,050
5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,108,196
Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,431,133
Miami Beach, Water and Sewer Revenue
5.10%, 9/1/2005 (Insured; FSA) 1,500,000 1,547,520
Miami Beach Health Facilities Authority, HR
(Mount Sinai Medical Center Project)
5.70%, 11/15/2003 (Insured; FSA) 1,500,000 1,580,355
Miami-Dade County, School Board COP
5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,564,350
Nassau County, PCR (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005 1,075,000 1,129,814
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,671,605
Orange County Health Facilities Authority, HR
(Orlando Regional Healthcare):
5.50%, 11/1/2003 (Insured; MBIA) 2,000,000 2,082,260
6.25%, 10/1/2011 (Insured; MBIA) 2,500,000 2,746,150
Orlando, Capital Improvement Special Revenue
5.50%, 10/1/2003 (Prerefunded 10/1/2001) 2,000,000 (a) 2,098,480
Orlando Utilities Commission, Water and Electric Revenue:
5.60%, 10/1/2003 10,000,000 10,497,600
5.75%, 10/1/2005 2,000,000 2,133,100
5.80%, 10/1/2006 5,930,000 6,358,502
5.80%, 10/1/2007 1,175,000 1,260,399
The Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Osceola County, Revenue:
Gas Tax Improvement:
5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,420,869
5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,518,117
Transportation (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,375,439
Osceola County Industrial Development Authority,
Revenue (Community Provider Pooled
Loan Program) 8%, 7/1/2004 3,460,000 3,679,399
Palm Beach County, Revenue:
Criminal Justice Facilities, Refunding
5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,885,846
Water and Sewer 5%, 10/1/2010 (Insured; MBIA) 7,320,000 7,339,325
Palm Beach County Housing Finance Authority,
MFHR (Windsor Park Apartments Project)
5.85%, 12/1/2033 1,500,000 1,542,585
Palm Beach County School District
6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,054,700
Palm Beach County Solid Waste Authority, Revenue
5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,144,900
Pasco County, Water and Sewer Revenue:
5.50%, 10/1/2002 (Insured; FGIC) 2,500,000 2,600,375
5.40%, 10/1/2003 (Insured; FGIC) 1,500,000 1,563,585
Polk County, Capital Improvement Revenue
6%, 12/1/2002 (Insured; MBIA) 1,900,000 2,009,364
Punta Gorda, Utilities Revenue
5.50%, 1/1/2002 (Insured; AMBAC) 1,315,000 1,356,317
Saint John's County, Water and Sewer Revenue
5%, 6/1/2008 (Insured; MBIA) 1,020,000 1,033,515
Saint John's County Industrial Development Authority,
HR (Flager Hospital Project)
5.80%, 8/1/2003 1,000,000 1,031,420
Saint Lucie County School District
5.90%, 7/1/2002 (Insured; AMBAC) 1,780,000 1,865,814
Saint Petersburg, Public Improvement Revenue
6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,566,390
Sarasota County:
6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,598,626
Utilities Systems Revenue
5.60%, 10/1/2004 (Insured; FGIC) 2,345,000 2,465,932
Seminole County School District
6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,656,150
<PAGE>
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Sunrise, Revenue:
Public Facilities:
6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,143,180
6.50%, 10/1/2007 (Insured; MBIA) 1,000,000 1,087,120
Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,447,229
Tallahassee, Health Facilities Revenue
(Tallahassee Memorial Regional Medical Center)
5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,039,190
Tampa, Revenue:
(Aquarium, Inc Project) 7.25%, 5/1/2005
(Prerefunded 5/1/2002) 1,200,000 (a) 1,311,204
(Alleghany Health Systems - Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,937,165
Water and Sewer 6.30%, 10/1/2006 1,590,000 1,692,301
Tampa Bay, Water Utility Systems Revenue
5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,173,367
Tarpon Springs Health Facilities Authoriy, HR
(Helen Ellis Memorial Hospital Project)
7.50%, 5/1/2011 2,210,000 2,293,295
Volusia County, Sales Tax Improvement Revenue
6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,130,800
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College
Construction Loan Insurance Association) 1,145,000 1,201,334
6.10%, 10/15/2003 (Insured; College
Construction Loan Insurance Association) 1,000,000 1,065,390
Volusia County Special Assessment
(Bethune Beach Wastewater Project)
6.875%, 7/1/2005 795,000 841,142
NEVADA--1.3%
Clark County, Industrial Development Revenue
(Nevada Power Company Project)
5.90%, 10/1/2030 4,000,000 4,014,760
U.S. RELATED--4.5%
Puerto Rico Commonwealth
5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,172,200
Puerto Rico Commonwealth Highway and
Transportation Authority, Revenue:
Highway 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,613,250
Transportation 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,481,846
The Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED (CONTINUED)
Virgin Islands Public Finance Authority, Revenue
6%, 10/1/2004 3,000,000 3,113,130
Virgin Islands Water and Power Authority,
Water Systems Revenue
7.20%, 1/1/2002 300,000 313,533
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $288,155,493) 296,413,389
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SHORT-TERM MUNICIPAL INVESTMENTS--.3%
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FLORIDA;
Saint Lucie County, PCR, VRDN
(Florida Power & Light Co. Project) 3.70%(b)
(cost $1,000,000) 1,000,000 1,000,000
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TOTAL INVESTMENTS (cost $289,155,493) 98.6% 297,413,389
CASH AND RECEIVABLES (NET) 1.4% 4,167,049
NET ASSETS 100.0% 301,580,438
<PAGE>
Summary of Abbreviations
AMBAC American Municipal Bond Assurance LOC Letter of Credit
Corporation MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FNMA Federal National Mortgage Association PCR Pollution Control Revenue
FSA Financial Security Assurance RRR Resources Recovery Revenue
GNMA Government National Mortgage VRDN Variable Rate Demand Notes
Association
HR Hospital Revenue
IDR Industrial Development Revenue
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Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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AAA Aaa AAA 68.3
AA Aa AA 20.1
A A A 2.9
BBB Baa BBB 4.1
BB Ba BB .8
F1+ & F1 MIG1, VMIG1 & P1 SP1 & A1 .3
Not Rated(c) Not Rated(c) Not Rated(c) 3.5
100.0
(A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES
WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE
MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE.
(B )SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC
CHANGE.
(C ) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
(D )AT JUNE 30, 1999, 28.8% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 289,155,493 297,413,389
Interest receivable 4,420,914
Prepaid expenses 17,880
301,852,183
- -------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 171,866
Cash overdraft due to Custodian 33,843
Payable for shares of Beneficial Interest redeemed 10,000
Accrued expenses 56,036
271,745
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Net Assets ($) 301,580,438
- -------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 293,676,788
Accumulated net realized gain (loss) on investments (354,246)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 8,257,896
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Net Assets ($) 301,580,438
- --------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of
Beneficial Interest authorized) 22,977,070
NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.13
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
- -------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 8,127,542
EXPENSES:
Management fee--Note 3(a) 941,793
Shareholder servicing costs--Note 3(b) 238,322
Professional fees 29,508
Custodian fees 19,028
Trustees' fees and expenses--Note 3(c) 18,364
Prospectus and shareholders' reports 9,953
Registration fees 3,747
Loan commitment fees--Note 2 763
Miscellaneous 13,270
TOTAL EXPENSES 1,274,748
INVESTMENT INCOME--NET 6,852,794
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (375,611)
Net unrealized appreciation (depreciation) on investments (10,399,299)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (10,774,910)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (3,922,116)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 1999
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OPERATIONS ($):
Investment income--net 6,852,794 14,550,869
Net realized gain (loss) on investments (375,611) 2,698,862
Net unrealized appreciation (depreciation)
on investments (10,399,299) (1,349,171)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (3,922,116) 15,900,560
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (6,852,794) (14,499,533)
Net realized gain on investments -- (2,678,501)
TOTAL DIVIDENDS (6,852,794) (17,178,034)
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BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold 15,899,666 40,889,385
Dividends reinvested 4,493,304 11,540,231
Cost of shares redeemed (37,126,837) (74,027,049)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (16,733,867) (21,597,433)
TOTAL INCREASE (DECREASE) IN NET ASSETS (27,508,777) (22,874,907)
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NET ASSETS ($):
Beginning of Period 329,089,215 351,964,122
END OF PERIOD 301,580,438 329,089,215
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CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 1,179,749 2,999,101
Shares issued for dividends reinvested 334,169 846,706
Shares redeemed (2,753,858) (5,430,622)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,239,940) (1,584,815)
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Six Months Ended
June 30, 1999 Year Ended December 31,
--------------------------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 13.59 13.64 13.45 13.62 12.52 13.85
Investment Operations:
Investment income--net .29 .60 .60 .61 .62 .66
Net realized and unrealized
gain (loss) on investments (.46) .06 .23 (.17) 1.10 (1.33)
Total from Investment Operations (.17) .66 .83 .44 1.72 (.67)
Distributions:
Dividends from investment
income--net (.29) (.60) (.60) (.61) (.62) (.65)
Dividends from net realized gain
on investments -- (.11) (.04) -- -- --
Dividends in excess of net
realized gain on investments -- -- -- -- -- (.01)
Total Distributions (.29) (.71) (.64) (.61) (.62) (.66)
Net asset value, end of period 13.13 13.59 13.64 13.45 13.62 12.52
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (2.56)(a) 4.98 6.35 3.35 13.98 (4.92)
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .81(a) .81 .80 .80 .69 .48
Ratio of net investment income
to average net assets 4.37(a) 4.41 4.43 4.53 4.70 5.01
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- -- -- .08 .32
Portfolio Turnover Rate 7.36(b) 32.49 19.68 19.14 25.00 18.76
- ---------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 301,580 329,089 351,964 387,899 428,896 409,361
(A) ANNUALIZED.
(B) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Florida Intermediate Municipal Bond Fund (the "fund") is registered
under the Investment Company Act of 1940, as amended (the "Act"), as a
non-diversified open-end management investment company. The fund's investment
objective is to provide investors with as high a level of current income exempt
from Federal income tax as is consistent with the preservation of capital. The
Dreyfus Corporation (the "Manager") serves as the fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund
Services, Inc. is the distributor of the fund's shares, which are sold to the
public without a sales charge.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities are valued each business day
by an independent pricing service (the "Service") approved by the Board of
Trustees. Investments for which quoted bid prices are readily available and are
representative of the bid side of the market in the judgment of the Service are
valued at the mean between the quoted bid prices (as obtained by the Service
from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based on methods which include consideration
of: yields or prices of municipal securities of comparable quality, coupon,
maturity and type; indications as to values from dealers; and general market
conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual basis.
Securities purchased or sold on a when-
<PAGE>
issued or delayed-delivery basis may be settled a month or more after the trade
date. Under the terms of the custody agreement, the fund received net earnings
credits of $4,067 during the period ended June 30, 1999 based on available cash
balances left on deposit. Income earned under this arrangement is included in
interest income.
The fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain are normally declared and paid annually, but the
fund may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, if any, it is the policy of the fund not to distribute such
gain.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended June
30, 1999, the fund did not borrow under the Facility.
The Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
NOTE 3--Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .60 of 1% of the value of the
fund's average daily net assets and is payable monthly.
(B) Under the fund' s Shareholder Service Plan, the fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to
exceed an annual rate of .25 of 1% of the value of the fund's average daily net
assets for certain allocated expenses of providing personal services and/or
maintaining shareholder accounts. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. During the period
ended June 30, 1999, the fund was charged an aggregate of $149,515 pursuant to
the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended June 30, 1999, the fund was charged $71,503 pursuant to the transfer
agency agreement.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
(D) A 1% redemption fee is charged and retained by the fund on shares redeemed
within fifteen days following the date of issuance, including redemptions made
through the use of the fund's exchange privilege. During the period ended June
30, 1999, redemption fees retained by the fund amounted to $138.
<PAGE>
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended June 30, 1999, amounted to
$22,786,578 and $33,823,935, respectively.
At June 30, 1999, accumulated net unrealized appreciation on investments was
$8,257,896 consisting of $9,831,532 gross unrealized appreciation and $1,573,636
gross unrealized depreciation.
At June 30, 1999, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
The Fund
<PAGE>
For More Information
Dreyfus Florida Intermediate
Municipal Bond Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 740SA996
<PAGE>
