Dreyfus
Florida Intermediate
Municipal Bond Fund
SEMIANNUAL REPORT June 30, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
17 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Florida Intermediate
Municipal Bond Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Florida
Intermediate Municipal Bond Fund, covering the six-month period from January 1,
2000 through June 30, 2000. Inside, you'll find valuable information about how
the fund was managed during the reporting period, including a discussion with
the fund's portfolio manager, Monica Wieboldt.
The U.S. economy grew rapidly over the past six months in an environment
characterized by high levels of consumer spending and low levels of
unemployment. Concerns that inflationary pressures might reemerge caused the
Federal Reserve Board to raise short-term interest rates three times during the
reporting period, for a total increase of 1.00 percentage points. These
interest-rate hikes contributed to a total interest-rate increase of 1.75
percentage points since late June 1999, before the current reporting period
began.
However, supply-and-demand factors unique to the municipal bond market helped
constrain price erosion. Because of robust economic growth, most municipalities
had little need to borrow during the reporting period, creating a reduced supply
of new issues. As a result, market rallies during the first quarter of 2000 and
June generally offset declines in April and May, leaving municipal bond averages
relatively unchanged during the reporting period.
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 17, 2000
DISCUSSION OF FUND PERFORMANCE
Monica Wieboldt, Portfolio Manager
How did Dreyfus Florida Intermediate Municipal Bond Fund perform during the
period?
For the six-month reporting period ended June 30, 2000 Dreyfus Florida
Intermediate Municipal Bond Fund achieved a total return of 2.48%.(1) In
comparison, the Lipper Florida Intermediate Municipal Debt Funds category
average achieved a 2.96% total return for the same period.(2)
We attribute the fund' s modest underperformance to our generally defensive
strategy in a difficult market environment. While the fund was able to avoid the
full brunt of the effects of rising interest rates by maintaining a relatively
short average duration (a measure of sensitivity to changing interest rates)
during market declines, this strategy partially limited returns during market
rallies.
What is the fund's investment approach?
The fund' s goal is to seek a high level of federally tax-exempt income as is
practical from a portfolio of municipal bonds from Florida issuers. We also
manage the fund for a competitive total return, which includes both current
income and changes in share price.
In pursuing these objectives we first attempt to add value by selecting
primarily investment grade, intermediate-term tax-exempt bonds from Florida
issuers that we believe are most likely to provide the best returns. These bonds
comprise the portfolio's long-term core position. We augment the core position
with holdings in bonds that we believe have the potential to provide both
current income and capital appreciation.
What other factors influenced the fund's performance?
The fund was influenced by changing market conditions and shifting investor
sentiment over the past six months. Although the first quarter of 2000
experienced an encouraging municipal bond market rally,
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
April and May saw a more difficult investment environment before a final rally
in June. As a result, performance on a total return basis was modestly positive
over the full six-month reporting period.
When the reporting period began on January 1, 2000 investors were relieved that
widespread Y2K-related concerns had proved largely unfounded. However, they soon
became worried that strong economic growth in U.S. and worldwide economies might
rekindle long-dormant inflationary pressures, especially given increasing wages
in a tight job market. In an attempt to ease these pressures and forestall a
reacceleration of inflation, the Federal Reserve Board (the "Fed") raised
short-term interest rates three times during the reporting period, causing most
bond prices to fall, including those of many of the fund' s holdings.
However, interest-rate-related declines were offset by positive
supply-and-demand influences. During the first half of 2000, issuance of
municipal bonds nationally declined sharply compared to the same period one year
ago. The supply of newly issued bonds from Florida issuers declined as well.
This supply reduction, combined with continued robust demand from individual
investors, helped support a rebound of municipal bond prices, from which the
fund's holdings benefited.
The fund' s performance also benefited from its relatively defensive posture
early in the reporting period, which we generally maintained through the Fed's
May 16, 2000, meeting at which it raised interest rates by 0.50 percentage
points. We maintained a relatively short average duration and when possible,
added issues with strong income characteristics and call protection when the
opportunities arose. We also increased our vigilance with regard to the credit
quality of our holdings, focusing on highly rated bonds that are backed by
specific revenues or their issuers' general taxing authority.
What is the fund's current strategy?
Although we began the reporting period with a relatively defensive strategy, we
became more aggressive in the second quarter after evidence of an economic
slowdown emerged. Encouraging inflation statistics, steady unemployment numbers
and lower rates of new home construction suggest that the Fed's policies may be
having a moderating effect on the U.S. economy. If so, the Fed may be close to
-- but not necessarily at -- the end of the current cycle of interest-rate
hikes. Furthermore, it appears that any further increases may have already been
priced into the market.
Accordingly, we began to extend the fund's average duration by selling bonds
with maturities of less than 10 years -- which were the subject of robust demand
from individual investors -- and redeploying those assets to securities in the
10- to 15-year maturity range that also provided protection from early
redemption. These longer term securities were typically issued by Florida school
districts, ports and housing facilities, and either carried insurance or strong
credit ratings.
July 17, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. INCOME MAY BE SUBJECT TO STATE AND LOCAL
TAXES FOR NON-FLORIDA RESIDENTS, AND 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 INC.
The Fund
STATEMENT OF INVESTMENTS
<TABLE>
June 30, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
Principal
LONG-TERM MUNICIPAL INVESTMENTS--99.3% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FLORIDA--93.9%
Alachua County Health Facilities Authority,
Health Facilities Revenue:
(Santa Fe Health Systems Project)
6.875%, 11/15/2002 (Prerefunded 11/15/2000) 1,825,000 (a) 1,855,824
(Shands Teaching Hospital)
5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,719,210
Bay County:
PCR (International Paper Co. Project)
5.10%, 9/1/2012 2,500,000 2,365,450
RRR:
6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,155,085
6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,311,037
Boynton Beach, Utility Systems Revenue
5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,026,950
Brevard County Health Facilities Authority, Revenue:
(Holmes Regional Medical Center Project)
5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,051,210
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 1,720,000 1,767,008
Brevard County Housing Finance Authority, MFHR
(Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,158,740
Broward County:
6.125%, 1/1/2006 1,950,000 2,023,632
Airport System Revenue:
5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 991,960
5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,001,099
Broward County School Board, COP
6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,056,960
Broward County School District:
5.30%, 2/15/2004 5,000,000 5,096,150
6%, 2/15/2004 3,000,000 3,114,570
Celebration Community Development District,
Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 2,205,000 2,243,654
Charlotte County, Utility Revenue
5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,244,364
Clay County Housing Finance Authority, Revenue
(Multi-County Program) 4.85%, 10/1/2011
(Collateralized: FNMA,GNMA) 1,575,000 1,484,516
Collier County, Capital Improvement Revenue:
5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,085,103
5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,215,449
Coral Springs, Water and Sewer Revenue
5.50%, 9/1/2003 (Insured; FGIC) 1,000,000 1,022,200
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
---------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,069,180
6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,089,920
(Miami International Airport):
5%, 10/1/2005 (Insured; FSA) 1,075,000 1,079,106
5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,076,320
5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,013,740
Public Facilities Revenue
(Jackson Memorial Hospital)
5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,059,705
Special Obligation Revenue:
(Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,715,873
Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 3,903,218
Water and Sewer Systems Revenue
6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,322,059
Dade County Housing Finance Authority, MFMR
(Golden Lakes Apartments Project) 6%, 11/1/2032 1,000,000 946,850
Daytona Beach, Water and Sewer Revenue
5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,341,845
Deerfield Beach, Water and Sewer Improvement Revenue
6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,215,860
Delray Beach, Water and Sewer Revenue
5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,552,150
Duval County School District:
5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,600,980
6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,504,088
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,029,570
6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,109,320
Florida Board of Education, Capital Outlay:
5.50%, 1/1/2006 1,400,000 1,444,506
(Public Education) :
5.50%, 6/1/2010 5,725,000 5,871,961
5.125%, 6/1/2014 1,710,000 1,668,396
Florida Department of Transportation:
Revenue (Alligator Alley) 5%, 7/1/2011 1,270,000 1,259,929
(Right of Way) 5.75%, 7/1/2005 2,375,000 2,479,120
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project)
5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,028,410
(Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) 2,500,000 2,557,375
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
---------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
Florida Ports Finance Commission, Revenue
(Transportation Trust Fund--Intermodal Program)
5.50%, 10/1/2016 1,745,000 1,727,288
Fort Myers, Improvement Revenue
(Special Assessment--Geo Area 24)
7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 961,707
Greater Orlando Aviation Authority,
Orlando Airport Facilities Revenue:
6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,065,280
6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 4,807,460
Halifax Hospital Medical Center, HR
5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,725,727
Hernando County School District:
6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,080,800
5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,626,942
Hialeah Gardens, IDR (Waterford Convalescent)
7.875%, 12/1/2007 885,000 918,170
Hillsborough County, Utility Revenue,
Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,679,000
Hillsborough County Hospital Authority, HR
(Tampa General Hospital Project)
6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,450,266
Hillsborough County Port District, Special Revenue
(Tampa Port Authority)
5.75%, 6/1/2013 (Insured; FSA) 500,000 510,400
Indian Trace Community Development District
(Water Management-Special Benefit)
5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,323,890
Jacksonville, Revenue:
Excise Taxes 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,055,090
Sales Tax (River City Renaissance Project)
5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,371,950
Jacksonville Beach, Utilities Revenue
5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,521,600
Jacksonville Electric Authority, Revenue
Electric Systems 5.40%, 10/1/2004 2,250,000 2,289,285
Lake County, Resource Recovery
Industrial Development Revenue
(NRG/Recovery Group) 5.85%, 10/1/2009 2,000,000 1,901,100
Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,047,990
Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,528,148
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
---------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
Martin County, Utility System Revenue:
5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,036,010
5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,100,912
5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,527,872
Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,406,156
Miami Beach, Water and Sewer Revenue
5.10%, 9/1/2005 (Insured; FSA) 1,500,000 1,523,370
Miami Beach Health Facilities Authority, HR
(Mount Sinai Medical Center Project)
5.70%, 11/15/2003 (Insured; FSA) 1,500,000 1,540,800
Miami-Dade County Industrial Development Authority,
Special Facility Revenue
(United Airlines, Inc.) 6.05%, 3/1/2035 2,000,000 1,991,140
Miami-Dade County School Board, COP
5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,541,875
Miami-Dade County School District
5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,031,880
Nassau County, PCR (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005 1,075,000 1,105,057
Nothern Palm Beach County Improvement District
(Water Control & Improvement Unit Development)
5.75%, 8/1/2014 1,200,000 1,134,072
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,557,715
Orange County Health Facilities Authority, HR
(Orlando Regional Healthcare):
5.50%, 11/1/2003 (Insured; MBIA) 600,000 612,486
6.25%, 10/1/2011 (Insured; MBIA) 730,000 796,883
6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 1,930,592
Orlando Utilities Commission, Water and Electric Revenue:
5.60%, 10/1/2003 5,000,000 5,139,200
5.75%, 10/1/2005 2,000,000 2,091,380
5.80%, 10/1/2006 5,930,000 6,244,942
5.80%, 10/1/2007 1,175,000 1,241,364
Osceola County, Revenue:
Gas Tax Improvement:
5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,394,020
5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,489,361
Transportation (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,344,044
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
---------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program)
8%, 7/1/2004 2,990,000 3,076,082
Palm Beach County, Revenue:
Criminal Justice Facilities
5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,874,330
Water and Sewer 5%, 10/1/2010 (Insured; MBIA) 3,820,000 3,800,021
Palm Beach County Housing Finance Authority, MFHR
(Windsor Park Apartments Project) 5.85%, 12/1/2033 1,500,000 1,379,010
Palm Beach County School Board, COP
6%, 8/1/2016 (Insured; FGIC) 4,000,000 4,209,960
Palm Beach County School District
6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,032,760
Palm Beach County Solid Waste Authority, Revenue
5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,098,130
Pasco County, Water and Sewer Revenue:
5.50%, 10/1/2002 (Insured; FGIC) 2,500,000 2,549,850
5.40%, 10/1/2003 (Insured; FGIC) 1,500,000 1,531,890
Polk County, Capital Improvement Revenue
6%, 12/1/2002 (Insured; MBIA) 1,900,000 1,962,149
Polk County Industrial Development Authority, IDR
(Cargill Fertilizer, Inc.) 5.50%, 11/1/2009 2,000,000 2,003,460
Saint John's County Industrial Development Authority, HR
(Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,012,170
Saint Lucie County School District
5.90%, 7/1/2002 (Insured; AMBAC) 1,780,000 1,825,337
Saint Petersburg, Public Improvement Revenue
6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,533,030
Sarasota County:
6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,563,289
Utilities Systems Revenue
5.60%, 10/1/2004 (Insured; FGIC) 2,345,000 2,418,469
Seminole County School District
6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,593,325
Sunrise, Revenue:
Public Facilities 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,095,320
Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,421,505
Tallahassee, Health Facilities Revenue
(Tallahassee Memorial Regional Medical Center)
5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,017,940
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
---------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
Tampa, Revenue:
(Alleghany Health Systems--Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,859,285
(Aquarium, Inc. Project)
7.25%, 5/1/2005 (Prerefunded 5/1/2002) 1,200,000 (a) 1,273,740
Cigarette Tax Allocation (H Lee Moffitt Cancer)
5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,008,080
Water and Sewer 6.30%, 10/1/2006 1,590,000 1,653,107
Tampa Bay, Water Utility Systems Revenue
5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,112,311
Tarpon Springs Health Facilities Authoriy, HR
(Helen Ellis Memorial Hospital Project) 7.50%, 5/1/2011 2,210,000 2,196,762
Volusia County, Sales Tax Improvement Revenue
6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,081,080
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction
Loan Insurance Association) 1,145,000 1,176,442
6.10%, 10/15/2003 (Insured; College Construction
Loan Insurance Association) 1,000,000 1,041,940
Volusia County Special Assessment (Bethune Beach
Wastewater Project) 6.875%, 7/1/2005 795,000 826,069
HAWAII--.6%
Hawaii Housing and Community Development Corp.
SFMR 6.10%, 7/1/2011 1,435,000 1,459,266
U.S. RELATED--4.8%
Puerto Rico Commonwealth 5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,099,400
Puerto Rico Commonwealth Highway
and Transportation Authority:
Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,597,825
Transportation Revenue 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,488,507
Virgin Islands Public Finance Authority, Revenue
5.625%, 10/1/2010 2,000,000 1,979,880
Virgin Islands Water and Power Authority,
Water Systems Revenue 7.20%, 1/1/2002 200,000 205,242
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $255,466,730) 99.3% 258,359,839
CASH AND RECEIVABLES (NET) .7% 1,946,225
NET ASSETS 100.0% 260,306,064
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
COP Certificate of Participation
FGIC Financial Guaranty
Insurance Company
FNMA Federal National Mortgage
Association
FSA Financial Security Assurance
GNMA Government National Mortgage
Association
HR Hospital Revenue
IDR Industrial Development Revenue
LOC Letter of Credit
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
RRR Resources Recovery Revenue
SFMR Single Family Mortgage Revenue
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 72.2
AA Aa AA 17.3
A A A 2.8
BBB Baa BBB 4.0
B B B .8
Not Rated(c) Not Rated(c) Not Rated(c) 2.9
100.0
(A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE
EARLIEST REFUNDING DATE.
(B) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC
CHANGE.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
(D) AT JUNE 30, 2000, 26.9% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 255,466,730 258,359,839
Interest receivable 4,017,514
Prepaid expenses 6,333
262,383,686
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 148,816
Cash overdraft due to Custodian 1,806,647
Payable for shares of Beneficial Interest redeemed 70,425
Accrued expenses 51,734
2,077,622
--------------------------------------------------------------------------------
NET ASSETS ($) 260,306,064
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 258,187,527
Accumulated net realized gain (loss) on investments (774,572)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 2,893,109
--------------------------------------------------------------------------------
NET ASSETS ($) 260,306,064
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial
Interest authorized) 20,218,231
NET ASSET VALUE, offering and redemption price per share--Note 3 (d) ($)
12.87
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 7,274,024
EXPENSES:
Management fee--Note 3(a) 801,389
Shareholder servicing costs--Note 3(b) 212,869
Professional fees 21,171
Trustees' fees and expenses--Note 3(c) 19,770
Custodian fees 9,890
Registration fees 4,243
Prospectus and shareholders' reports 2,622
Loan commitment fees--Note 2 1,104
Miscellaneous 12,021
TOTAL EXPENSES 1,085,079
INVESTMENT INCOME--NET 6,188,945
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (23,711)
Net unrealized appreciation (depreciation) on investments 425,207
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 401,496
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 6,590,441
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2000 Year Ended
(Unaudited) December 31, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 6,188,945 13,439,208
Net realized gain (loss) on investments (23,711) (747,993)
Net unrealized appreciation (depreciation)
on investments 425,207 (16,189,293)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 6,590,441 (3,498,078)
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (6,188,945) (13,439,208)
Net realized gain on investments -- (25,230)
TOTAL DIVIDENDS (6,188,945) (13,464,438)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold 8,119,340 36,382,864
Dividends reinvested 4,067,207 8,886,976
Cost of shares redeemed (39,444,404) (70,234,114)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (27,257,857) (24,964,274)
TOTAL INCREASE (DECREASE) IN NET ASSETS (26,856,361) (41,926,790)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 287,162,425 329,089,215
END OF PERIOD 260,306,064 287,162,425
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 634,567 2,759,654
Shares issued for dividends reinvested 318,054 672,359
Shares redeemed (3,084,637) (5,298,777)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (2,132,016) (1,866,764)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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, 2000 Year Ended December 31,
----------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 12.85 13.59 13.64 13.45 13.62 12.52
Investment Operations:
Investment income--net .29 .59 .60 .60 .61 .62
Net realized and unrealized
gain (loss) on investments .02 (.74) .06 .23 (.17) 1.10
Total from Investment Operations .31 (.15) .66 .83 .44 1.72
Distributions:
Dividends from investment
income--net (.29) (.59) (.60) (.60) (.61) (.62)
Dividends from net realized
gain on investments -- .00(a) (.11) (.04) -- --
Total Distributions (.29) (.59) (.71) (.64) (.61) (.62)
Net asset value, end of period 12.87 12.85 13.59 13.64 13.45 13.62
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 4.97(b) (1.16) 4.98 6.35 3.35 13.98
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .81(b) .81 .81 .80 .80 .69
Ratio of net investment income
to average net assets 4.62(b) 4.42 4.41 4.43 4.53 4.70
Decrease reflected in above
expense ratios due to
undertakings by
The Dreyfus Corporation -- -- -- -- -- .08
Portfolio Turnover Rate 5.62(c) 10.61 32.49 19.68 19.14 25.00
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 260,306 287,162 329,089 351,964 387,899 428,896
(A) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE.
(B) ANNUALIZED.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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., which is a wholly-owned
subsidiary of Mellon Financial Corporation. Effective March 22, 2000, Dreyfus
Service Corporation (" DSC"), a wholly-owned subsidiary of the Manager, became
the distributor of the fund' s shares which are sold to the public without a
sales charge. Prior to March 22, 2000, Premier Mutual Fund Services, Inc. was
the distributor.
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.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Under the terms of the custody
agreement, the fund receives net earnings credits based on available cash
balances left on deposit.
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 of 1986, as amended (the
" 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 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 $748,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1999.
This amount is calculated based on Federal income tax regulations which may
differ from financial reporting in accordance with generally accepted accounting
principles. If not applied, the carryover expires in fiscal 2007.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 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, 2000, 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 fund's Shareholder Service Plan, the fund reimburses DSC 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, 2000, the fund was charged an aggregate of
$132,388 pursuant to the Shareholder Services Plan.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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, 2000, the fund was charged $45,676 pursuant to the transfer
agency agreement.
(c) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective April 11, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $30,000 and an attendance fee of $4,000 for each in person meeting
and $500 for telephone meetings. These fees are allocated among the funds in the
Fund Group. The Chairman of the Board receives an additional 25% of such
compensation. Prior to April 11, 2000, each Board member who was not an
" affiliated person" as defined in the Act received from the fund an annual fee
of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board
received an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board members, if any, receive 50% of the fund's
annual retainer fee and per meeting fee paid at the time the Board member
achieves emeritus status.
(d) A 1% redemption fee is charged and retained by the fund on shares redeemed
within thirty days following the date of issuance, including redemptions made
through the use of the fund's exchange privilege. During the period ended June
30, 2000, redemption fees charged and retained by the fund amounted to $70.
Prior to June 1, 2000, this fee was chargeable within fifteen days following the
date of issuance of such shares.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended June 30, 2000, amounted to
$14,898,839 and $30,511,499, respectively.
At June 30, 2000, accumulated net unrealized appreciation on investments was
$2,893,109, consisting of $5,145,489 gross unrealized appreciation and
$2,252,380 gross unrealized depreciation.
At June 30, 2000, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
The Fund
For More Information
Dreyfus Florida Intermediate Municipal Bond Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 740SA006
