UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-6489
Dreyfus Florida Intermediate Municipal Bond Fund
(Exact name of Registrant as specified in charter)
c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices) (Zip code)
Mark N. Jacobs, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 922-6000
Date of fiscal year end: 12/31
Date of reporting period: 6/30/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
DREYFUS
FLORIDA INTERMEDIATE
MUNICIPAL BOND FUND
SEMIANNUAL REPORT June 30, 2003
The views expressed in this report reflect those of the portfolio manager only
through the end of the period covered and do not necessarily represent the views
of Dreyfus or any other person in the Dreyfus organization. Any such views are
subject to change at any time based upon market or other conditions and Dreyfus
disclaims any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for a Dreyfus fund are
based on numerous factors, may not be relied on as an indication of trading
intent on behalf of any Dreyfus fund.
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
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2 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
12 Statement of Assets and Liabilities
13 Statement of Operations
14 Statement of Changes in Net Assets
15 Financial Highlights
16 Notes to Financial Statements
20 Proxy Results
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Florida Intermediate
Municipal Bond Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus Florida Intermediate Municipal Bond Fund
covers the six-month period from January 1, 2003, through June 30, 2003. 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,
Scott Sprauer.
Municipal bonds continued to rally during the reporting period, with prices
driven higher by a combination of declining interest rates and robust levels of
investor demand for tax-exempt securities. If the market is able to hold these
gains through year-end, 2003 will mark the fourth consecutive calendar year of
positive performance for municipal bonds.
However, the market' s strong performance has had a downside: yields on
high-quality securities have fallen toward historical lows, and maintaining a
steady stream of current tax-exempt income has become a challenge for many
investors. Nonetheless, we remain optimistic about the prospects for municipal
bonds in the current economic environment. For example, states faced with
worsening budget problems may consider raising taxes, which we believe may make
tax-exempt securities more attractive to many investors.
Thank you for your continued confidence and support.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
July 15, 2003
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did Dreyfus Florida Intermediate Municipal Bond Fund perform relative to its
benchmark?
For the six-month period ended June 30, 2003, the fund achieved a total return
of 3.07%.(1) The Lehman Brothers 7-Year Municipal Bond Index (the "Index"), the
fund' s benchmark, achieved a total return of 3.84% for the same period.(2) In
addition, the fund is reported in the Lipper Florida Intermediate Municipal Debt
Funds category. Over the reporting period, the average total return for all
funds reported in this Lipper category was 2.57%.(3) The fund's benchmark is a
broad-based measure of overall municipal bond performance. There are no
broad-based municipal bond market indices reflective of the performance of bonds
issued by a single state. For this reason, we have also provided the fund's
Lipper category average return for comparative purposes.
The municipal bond market benefited during the reporting period primarily from
the effects of declining interest rates, which produced capital appreciation
among seasoned bonds, and strong demand from investors seeking relatively stable
investment alternatives. The fund produced lower returns than its benchmark,
mainly because the Index contains bonds from many states, not just Florida, and
does not reflect transaction fees and other expenses. However, the fund produced
higher returns than its Lipper category average, primarily because of our focus
on high-quality securities in the intermediate-term maturity range. Such bonds
were subject to particularly robust levels of investor interest.
What is the fund's investment approach?
The fund' s objective is to seek as high a level of income exempt from federal
income tax as is consistent with the preservation of capital.
To pursue this goal, the fund normally invests at least 80% of its assets in
municipal bonds issued by the state of Florida, its political subdivisions,
authorities and corporations, that provide income exempt from federal income tax
and which enable the fund' s shares to be exempt from the Florida intangible
personal property tax. The fund generally maintains a dollar-weighted average
portfolio maturity between three and ten years.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
While the fund generally intends to invest only in investment-grade securities
or the unrated equivalent as determined by Dreyfus, it does have the ability to
invest up to 20% of its net assets in bonds rated below investment grade
(" high-yield" or "junk" bonds) or the unrated equivalent as determined by
Dreyfus.
The portfolio manager may buy and sell bonds based on credit quality, market
outlook and yield potential. In selecting municipal bonds for investment, the
portfolio manager may assess the current interest-rate environment and the
municipal bond' s potential volatility in different rate environments. The
portfolio manager focuses on bonds with the potential to offer attractive
current income, typically looking for bonds that can provide consistently
attractive current yields or that are trading at competitive market prices. A
portion of the fund' s assets may be allocated to "discount" bonds, which are
bonds that sell at a price below their face value, or to "premium" bonds, which
are bonds that sell at a price above their face value. The fund's allocation to
either discount bonds or to premium bonds will change along with the portfolio
manager' s changing views of the current interest-rate and market environment.
The portfolio manager also may look to select bonds that are most likely to
obtain attractive prices when sold.
What other factors influenced the fund's performance?
The fund was positively influenced by generally favorable market conditions
during the reporting period, including declining interest rates and robust
investor demand for relatively stable fixed-income investments. As demand for a
relatively limited supply of tax-exempt securities increased, bond yields
generally fell and prices rose, contributing positively to the fund's total
return.
The persistently weak U.S. economy also created some potentially negative
influences, however. Because of lower tax revenues, most states and
municipalities faced widening budget deficits during the reporting period.
Florida bridged the budget gap for its 2004 fiscal year with a $52.3 billion
budget that includes spending cuts, elimination of a sales tax "holiday" and an
8.5% increase in state university tuition for Florida residents.
In this challenging fiscal environment, there was little trading activity in the
fund. The fund' s core, seasoned holdings of high-quality securitie generally
featured higher yields than were available in the marketplace. On the margins,
however, we tended to focus on income-oriented bonds with maturities of 10 to 15
years for new purchases. These securities, with nominal yields between 5% and
5.50%, have traditionally been considered defensive investments, because they
have tended to hold up better than other types of bonds during market declines.
In addition, we generally focused on bonds that are backed by specific revenue
streams, including fees from essential services such as water and sewer
facilities.
We have maintained the fund's average duration -- a measure of sensitivity to
changing interest rates -- at around 5.50 years, which we consider to be in the
" neutral" range relative to the fund's peer group average. This positioning is
designed to place more emphasis on our security selection strategy and less on
the potential effects of interest-rate movements. In addition, we attempted to
maintain levels of credit quality and, as of the reporting period's end, 95% of
the fund's holdings were rated double-A or better.
What is the fund's current strategy?
Despite improving investor optimism toward the end of the reporting period, we
believe that the economy so far has exhibited few signs of sustainable strength.
In addition, we remain concerned that cuts in state aid may put additional
pressure on local municipal bond issuers. We have continued to focus on
income-oriented bonds, paying close attention to underlying credit quality. At
the same time, we have attempted to remain fully invested by keeping the fund's
cash holdings at relatively low levels. In our view, these are prudent
strategies in today's economic and fiscal environments.
July 15, 2003
(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, 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. -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE LEHMAN BROTHERS 7-YEAR MUNICIPAL
BOND INDEX IS AN UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK FOR THE
INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 7-YEAR, TAX-EXEMPT BOND MARKET,
CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 6-8 YEARS. INDEX RETURNS DO NOT
REFLECT THE FEES AND EXPENSES ASSOCIATED WITH OPERATING A MUTUAL FUND.
(3) SOURCE: LIPPER INC. -- CATEGORY AVERAGE RETURNS REFLECT THE FEES AND
EXPENSES OF THE FUNDS COMPRISING THE AVERAGE.
The Fund
STATEMENT OF INVESTMENTS
June 30, 2003 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--99.2% Amount ($) Value ($)
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FLORIDA--93.1%
Alachua County Health Facilities Authority, Health
Facilities Revenue (Shands Teaching Hospital)
5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,914,302
Boynton Beach, Utility Systems Revenue
5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,135,710
Brevard County Health Facilities Authority, Revenue
(Holmes Regional Medical Center)
5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,368,670
Brevard County Housing Finance Authority, MFHR
(Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,167,140
Broward County School Board, COP:
5.375%, 7/1/2013 (Insured; FSA) 4,370,000 4,980,139
5.50%, 7/1/2014 (Insured; FSA) 4,715,000 5,434,273
Capital Projects Finance Authority, Student Housing
Revenue (Capital Projects Loan Program)
5.50%, 10/1/2016 (Insured; MBIA) 4,285,000 4,667,479
Celebration Community Development District,
Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 315,000 326,173
Charlotte County, Utility Revenue
5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,371,971
Clay County Housing Finance Authority, Revenue
(Multi-County Program) 4.85%, 10/1/2011
(Collateralized: FNMA & GNMA) 1,425,000 1,517,426
Collier County, Capital Improvement Revenue:
5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,135,245
5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,266,938
Dade County:
Special Obligation Revenue:
(Solid Waste System)
6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,918,200
Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 5,283,369
Water and Sewer Systems Revenue
6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,602,444
Deerfield Beach, Water and Sewer Improvement Revenue
6.125%, 10/1/2003 (Insured; FGIC) 680,000 688,255
Escambia County Health Facilities Authority, Revenue
(Ascension Health Credit Group) 5.25%, 11/15/2013 2,000,000 2,236,820
Florida Board of Education:
Capital Outlay (Public Education):
5.50%, 6/1/2010 5,725,000 6,394,195
5.375%, 6/1/2017 3,000,000 3,360,540
5.50%, 6/1/2018 5,000,000 5,591,750
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Florida Board of Education (continued):
Lottery Revenue:
5.25%, 7/1/2018 (Insured; FGIC) 2,500,000 2,780,900
5.25%, 7/1/2019 (Insured; FGIC) 3,675,000 4,009,241
Florida Department of Environmental Protection, Revenue:
5.75%, 7/1/2009 (Insured; FGIC) 5,100,000 6,001,476
(Florida Forever) 5.25%, 7/1/2010 (Insured; FGIC) 3,580,000 4,119,506
Florida Municipal Loan Council, Revenue:
5.25%, 5/1/2015 (Insured; MBIA) 2,025,000 2,291,530
(North Miami Beach Water)
5.375%, 8/1/2018 (Insured; MBIA) 1,990,000 2,235,646
Florida Municipal Power Agency, Revenue:
(Stanton II) 5.50%, 10/1/2015 (Insured; AMBAC) 3,635,000 4,197,407
(Tri-City) 5%, 10/1/2017 (Insured; FSA) 2,945,000 (a) 3,233,433
Florida Ports Financing Commission, Revenue
(Transportation Trust Fund--Intermodal Program)
5.50%, 10/1/2016 1,745,000 1,912,398
Fort Myers, Improvement Revenue
(Special Assessment--Geo Area 24)
7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (b) 905,136
Halifax Hospital Medical Center, HR
5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,958,705
Hialeah Gardens, IDR (Waterford Convalescent)
7.875%, 12/1/2007 615,000 627,743
Hillsborough County, Utility Revenue:
Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 4,758,900
5.50%, 8/1/2011 (Insured; AMBAC) 2,000,000 2,342,180
5.50%, 8/1/2014 (Insured; AMBAC) 3,205,000 3,833,693
Hillsborough County Industrial Development Authority
HR (Tampa General Hospital) 5.25%, 10/1/2015 3,500,000 3,634,155
Hillsborough County School Board, COP
5%, 7/1/2016 (Insured; MBIA) 2,625,000 2,848,151
Hillsborough County School District, Sales Tax Revenue
5.375%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,713,975
Indian Trace Community Development District
(Water Management--Special Benefit)
5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,431,681
Jacksonville:
Guaranteed Entitlement Revenue
(Refunding & Improvement):
5.375%, 10/1/2015 (Insured; FGIC) 2,870,000 3,281,070
5.375%, 10/1/2016 (Insured; FGIC) 3,080,000 3,484,804
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Jacksonville (continued):
Sales Tax Revenue:
5.50%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,727,970
5.50%, 10/1/2015 (Insured; AMBAC) 1,500,000 1,716,930
(River City Renaissance)
5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,689,500
Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,098,790
Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,776,617
Lee County, Transportation Facilities Revenue
5.50%, 10/1/2015 (Insured; AMBAC) 2,500,000 2,861,550
Martin County, Utility System Revenue:
5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,173,770
5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,258,841
5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,775,006
Miami:
5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,481,223
Homeland Defense/Neighborhood
5.50%, 1/1/2016 (Insured; MBIA) 7,495,000 8,509,523
Miami-Dade County, Public Service Tax Revenue
(Umsa Public Improvements)
5.50%, 4/1/2016 (Insured; AMBAC) 2,190,000 2,502,557
Miami-Dade County School Board, COP
5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,851,400
Miami-Dade County School District
5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,343,960
Northern Palm Beach County Improvement District
(Water Control & Improvement Unit Development)
5.75%, 8/1/2014 1,085,000 1,141,919
Orange County, Tourist Development Tax Revenue:
5.50%, 10/1/2011 (Insured; AMBAC) 3,030,000 3,514,042
5%, 10/1/2015 (Insured; AMBAC) 1,010,000 1,103,082
Orange County Health Facilities Authority, HR
(Orlando Regional Healthcare) 6.25%, 10/1/2011
(Insured; MBIA, Escrowed to Maturity) 1,770,000 2,203,792
Orlando Utilities Commission, Water and Electric Revenue:
5.75%, 10/1/2005 2,000,000 2,195,260
5.80%, 10/1/2006 6,030,000 6,833,317
5.80%, 10/1/2007 1,175,000 1,358,876
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program)
8%, 7/1/2004 1,335,000 1,349,818
Palm Beach County:
Criminal Justice Facilities Revenue
5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 2,111,616
(Land Acquisition Program) 5.375%, 6/1/2014 1,000,000 1,148,880
Public Improvement Revenue (Convention Center)
5.50%, 11/1/2013 (Insured; FGIC) 1,785,000 2,061,621
Palm Beach County School Board, COP:
5%, 8/1/2011 (Insured; FSA) 1,450,000 1,644,344
5.25%, 8/1/2014 (Insured; FSA) 4,500,000 5,117,625
6%, 8/1/2016 (Insured; FGIC, Prerefunded 8/1/2010) 4,000,000 (b) 4,875,640
5.50%, 8/1/2018 (Insured; FSA) 4,910,000 5,556,205
Palm Beach County Solid Waste Authority, Revenue
5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,367,800
Plant City, Utility Systems Revenue
(Improvement) 6%, 10/1/2015 (Insured; MBIA) 2,000,000 2,450,640
Plantation, Revenue (Public Improvement Projects)
5.375%, 8/15/2011 (Insured; FSA) 5,370,000 6,243,860
Seacoast Utility Authority,
Water and Sewer Utility Systems Revenue
5.25%, 3/1/2011 (Insured; FGIC) 4,010,000 4,600,192
Sunrise, Public Facilities Revenue
6.20%, 10/1/2004 (Insured; MBIA) 1,000,000 1,024,140
Tampa, Revenue:
(Allegany Health Systems--Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,848,725
Cigarette Tax Allocation (H Lee Moffitt Cancer)
5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,255,200
Tampa Bay, Water Utility Systems Revenue
5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,538,256
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University)
6.10%, 10/15/2003 (Insured; College
Construction Loan Insurance Association) 1,000,000 1,014,590
Volusia County School Board, Sales Tax Revenue
5.375%, 10/1/2015 (Insured; FSA) 4,000,000 4,572,920
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Volusia County Special Assessment
(Bethune Beach Wastewater Project)
6.875%, 7/1/2005 320,000 332,573
U.S. RELATED--6.1%
Children's Trust Fund, Tobacco Settlement Revenue:
5.75%, 7/1/2013 (Prerefunded 7/1/2010) 1,000,000 (b) 1,198,360
5.75%, 7/1/2014 (Prerefunded 7/1/2010) 3,000,000 (b) 3,595,080
Puerto Rico Commonwealth Highway and
Transportation Authority, Revenue:
Highway 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,987,700
Transportation 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,781,429
Puerto Rico Commonwealth Public Improvement
5.50%, 7/1/2013 (Insured; FSA) 2,000,000 2,390,160
Virgin Islands Public Finance Authority, Revenue
5.625%, 10/1/2010 2,000,000 2,199,160
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TOTAL INVESTMENTS (cost $227,951,530) 99.2% 247,347,228
CASH AND RECEIVABLES (NET) .8% 2,097,664
NET ASSETS 100.0% 249,444,892
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
COP Certificate of Participation
FGIC Financial Guaranty Insurance
Company
FNMA Federal National Mortgage
Association
FSA Financial Security Assurance
GNMA Government National Mortgage
Association
HR Hospital Revenue
IDR Industrial Development Revenue
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFHR Multi-Family Housing Revenue
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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AAA Aaa AAA 83.5
AA Aa AA 12.4
BBB Baa BBB 2.7
Not Rated (c) Not Rated (c) Not Rated (c) 1.4
100.0
(A) PURCHASED ON A DELAYED DELIVERY BASIS.
(B) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST
ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING
DATE.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2003 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 227,951,530 247,347,228
Cash 2,000,426
Interest receivable 3,607,311
Receivable for shares of Beneficial Interest subscribed 40,064
Prepaid expenses 7,726
253,002,755
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 139,721
Payable for investment securities purchased 3,273,662
Payable for shares of Beneficial Interest redeemed 77,035
Accrued expenses and other liabilities 67,445
3,557,863
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NET ASSETS ($) 249,444,892
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 229,282,809
Accumulated net realized gain (loss) on investments 766,385
Accumulated gross unrealized appreciation on investments 19,395,698
- --------------------------------------------------------------------------------
NET ASSETS ($) 249,444,892
- --------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
18,056,291
NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.82
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2003 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 5,489,633
EXPENSES:
Management fee--Note 3(a) 749,245
Shareholder servicing costs--Note 3(b) 148,018
Trustees' fees and expenses--Note 3(c) 22,437
Professional fees 21,022
Custodian fees 13,896
Prospectus and shareholders' reports 11,381
Registration fees 5,315
Loan commitment fees--Note 2 1,083
Miscellaneous 10,104
TOTAL EXPENSES 982,501
INVESTMENT INCOME--NET 4,507,132
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 671,955
Net unrealized appreciation (depreciation) on investments 2,569,766
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 3,241,721
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 7,748,853
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2003 Year Ended
(Unaudited) December 31, 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 4,507,132 10,098,295
Net realized gain (loss) on investments 671,955 2,045,356
Net unrealized appreciation (depreciation)
on investments 2,569,766 9,139,066
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 7,748,853 21,282,717
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (4,507,132) (10,094,653)
Net realized gain on investments -- (1,957,220)
TOTAL DIVIDENDS (4,507,132) (12,051,873)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold 6,454,215 23,598,891
Dividends reinvested 3,055,996 8,274,938
Cost of shares redeemed (18,117,267) (41,408,231)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (8,607,056) (9,534,402)
TOTAL INCREASE (DECREASE) IN NET ASSETS (5,365,335) (303,558)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 254,810,227 255,113,785
END OF PERIOD 249,444,892 254,810,227
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CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 472,110 1,755,857
Shares issued for dividends reinvested 222,777 615,666
Shares redeemed (1,321,542) (3,090,482)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (626,655) (718,959)
SEE NOTES TO FINANCIAL STATEMENTS.
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.
Six Months Ended
June 30, 2003 Year Ended December 31,
----------------------------------------------------------------
(Unaudited) 2002 2001(a) 2000 1999 1998
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PER SHARE DATA ($):
Net asset value,
beginning of period 13.64 13.15 13.21 12.85 13.59 13.64
Investment Operations:
Investment income--net .25(b) .53(b) .58(b) .59 .59 .60
Net realized and unrealized
gain (loss) on investments .18 .60 (.01) .36 (.74) .06
Total from Investment Operations .43 1.13 .57 .95 (.15) .66
Distributions:
Dividends from
investment income--net (.25) (.53) (.58) (.59) (.59) (.60)
Dividends from net realized
gain on investments -- (.11) (.05) -- .00(c) (.11)
Total Distributions (.25) (.64) (.63) (.59) (.59) (.71)
Net asset value, end of period 13.82 13.64 13.15 13.21 12.85 13.59
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TOTAL RETURN (%) 3.07(d) 8.75 4.37 7.58 (1.16) 4.98
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .79(e) .80 .78 .81 .81 .81
Ratio of net investment income
to average net assets 3.61(e) 3.96 4.33 4.59 4.42 4.41
Portfolio Turnover Rate 10.87(d) 33.26 22.97 11.45 10.61 32.49
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Net Assets, end of period
($ x 1,000) 249,445 254,810 255,114 261,174 287,162 329,089
(A) AS REQUIRED, EFFECTIVE JANUARY 1, 2001, THE FUND HAS ADOPTED THE PROVISIONS
OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND BEGAN
AMORTIZING DISCOUNT OR PERMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES ON A
DAILY BASIS. THERE WAS NO EFFECT OF THIS CHANGE FOR THE PERIOD ENDED DECEMBER
31, 2001 AND THE RATIOS WERE NOT AFFECTED BY THIS CHANGE. PER SHARE DATA
RATIOS/SUPPLEMENTAL DATA FOR PERIODS PRIOR TO JANUARY 1,2001 HAVE NOT BEEN
RESTATED TO REFLECT THIS CHANGE IN PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The 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, 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 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 wholly-owned subsidiary of Mellon Bank, N.A., which is a
wholly-owned subsidiary of Mellon Financial Corporation. Dreyfus Service
Corporation (the "Distributor" ), a wholly-owned subsidiary of the Manager, 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 accounting
principles generally accepted in the United States, 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 discount and premium on invest-
ments, 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 received net earnings credits of $2,047 during the period
ended June 30, 2003, 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, 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, if any, it is the policy of the fund not to distribute such
gain. Income and capital gain distributions are determined in accordance with
income tax regulations, which may differ from generally accepted accounting
principles.
(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 tax character of distributions paid to shareholders during the fiscal year
ended December 31, 2002 were as follows: tax exempt income $10,094,653, ordinary
income $1,954 and long-term capital gains $1,955,266. The tax character of
current year distributions will be determined at the end of the current fiscal
year.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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 based on prevailing market rates
in effect at the time of borrowings. During the period ended June 30, 2003, the
fund did not borrow under the Facility.
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 Services Plan, the fund reimburses the
Distributor an amount not to exceed an annual rate of .25 of 1% of the value of
the fund's average daily net assets for 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, 2003, the fund was charged of $85,689
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, 2003, the fund was charged $43,504 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"). 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
in proportion to each fund' s relative net assets. The Chairman of the Board
receives an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board members, if any, receive 50% of the 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, 2003, redemption fees charged and retained by the fund amounted to $1,349.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended June 30, 2003, amounted to
$27,246,734 and $26,706,566, respectively.
At June 30, 2003, accumulated net unrealized appreciation on investments was
$19,395,698, consisting of $19,449,635 gross unrealized appreciation and $53,937
gross unrealized depreciation.
At June 30, 2003, 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
PROXY RESULTS (Unaudited)
The fund held a special meeting of shareholders on December 18, 2002. The
proposal considered at the meeting, and the results, are as follows:
Shares
----------------------------------------------------------------------------
For Against Abstained
----------------------------------------------------------------------------
To amend the fund's Charter
to permit the issuance of
additional classes of shares 11,372,007 1,454,745 593,065
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.
200 Park Avenue
New York, NY 10166
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 info@dreyfus.com
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2003 Dreyfus Service Corporation 740SA0603
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Registrant's principal executive and principal financial officers
have concluded, based on their evaluation of the Registrant's disclosure
controls and procedures as of a date within 90 days of the filing date of
this report, that the Registrant's disclosure controls and procedures are
reasonably designed to ensure that information required to be disclosed by
the Registrant on Form N-CSR is recorded, processed, summarized and reported
within the required time periods and that information required to be
disclosed by the Registrant in the reports that it files or submits on Form
N-CSR is accumulated and communicated to the Registrant's management,
including its principal executive and principal financial officers, as
appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal controls over
financial reporting that occurred during the Registrant's most recently ended
fiscal half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial
officers as required by Rule 30a-2(a) under the Investment Company Act of
1940.
(b) Certification of principal executive and principal financial officers
as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Florida Intermediate Municipal Bond Fund
By: /S/STEPHEN E. CANTER
-----------------------
Stephen E. Canter
Chief Executive Officer
Date: September 3, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /S/STEPHEN E. CANTER
-----------------------
Stephen E. Canter
Chief Executive Officer
Date: September 3, 2003
By: /S/JAMES WINDELS
-----------------------
James Windels
Chief Financial Officer
Date: September 3, 2003
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal
financial officers as required by Rule 30a-2(a) under the
Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal
financial officers as required by Rule 30a-2(b) under the
Investment Company Act of 1940. (EX-99.906CERT)