<PAGE>
Dreyfus
Florida
Intermediate
Municipal
Bond Fund
Semi-Annual Report
June 30, 1996
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Florida
Intermediate Municipal Bond Fund. For its semi-annual reporting period ended
June 30, 1996, your Fund paid income dividends exempt from Federal personal
income taxes of approximately $.303 per share which is equivalent to an
annualized tax-free distribution rate per share of 4.59%.* The total return
for the same period, including price fluctuations, was -0.72% per share.**
THE ECONOMY
So far this year, the economic story has been upbeat: solid growth,
strong gains in employment and low inflation. Yet along with this good news
has come the fear that the Federal Reserve Board (the "Fed") will tighten
monetary policy lest the continued economic expansion bring a resurgence in
inflation. The growth in the economy has resulted in strong gains in
employment. Over recent months, these reports of new jobs have been
accompanied by rises in long-term interest rates, a reflection of the market's
concern that inflation perceptions by the Fed would result in its acting to
cool down an economy that risks overheating. To date, the Fed has refrained
from any overt tightening moves. The Fed has cut rates three times between
last July and January of this year, and has since held the Federal Funds rate
steady at 5.25%, even as long-term rates in the bond market have risen more
than a full percentage point.
The interplay between job growth and economic growth has become the
dominant force affecting the outlook of investors for inflation and the
possibility that the Fed will raise short-term interest rates. Along with
handsome increases in new jobs have come solid gains in retail sales,
although many economists feel that heavy consumer debt burdens will act as a
constraint against any acceleration in growth. Automobile sales remain
strong, the third year in a row of steady growth for auto manufacturers. Howev
er, what investors focus on and what concerns the Fed may be two different
things. On June 19, the Fed's Beige Book, a survey of business conditions in
the 12 districts of the Federal Reserve, reported that the economy was
growing at a moderate pace and that despite the tightening labor markets
"indications of rising wages remain scattered." Recent statements by
officials of the Federal Reserve Board have suggested that "sustained
moderate growth" is the most likely path for the economy and that labor
markets, while tightening, do not yet indicate significant inflationary
pressures.
There seem to be few signs of inflation. Commodity and producer
prices remain subdued. Anecdotal reports from companies continue to attest to
their lack of ability to raise prices. Another measure of potential
inflation, delivery lead times -- one of Chairman Greenspan's favorite
indicators -- has been little changed for months. Furthermore, some of the
inflationary consequences of running large budget deficits have eased due to
the growth in the economy. Higher than expected tax payments -- a result of eco
nomic growth -- have reduced the Federal budget deficit to the $130 billion
level, the lowest since the early 1980s.
Nevertheless, there are limits to non-inflationary economic
expansion. As always, we remain watchful for signs of price pressures that
could lead to a resurgence of inflation. For now, there are few indications
of that. In fact, there also appears to be a growing consensus that the rate
of economic growth could taper off in the second half of the year due to the
effect of higher long-term interest rates on certain key sectors of the
economy like housing and consumer spending.
MARKET ENVIRONMENT
It has been said that timing is everything. That's exactly what we
have been trying to establish in our decision-making process. Since the
beginning of the year the market has had a somber tone overall.
<PAGE>
Despite a run-up from time to time, the market would reverse with
more determination. Another factor that compounded the ability to move
through this turbulence smoothly was a pronounced lack of supply,
particularly in the specialty state sectors. Nonetheless we have persevered,
finding value in the secondary market from time to time.
We have seen signs that indicate a possible correction in the stock
market. Should this occur, the strategy we discuss later should be rewarded
assuming the bond market rallies as equity investors move cash into bonds.
Much still remains to unfold: namely, any change in Fed policy, and probably
more importantly, what impact the Presidential campaign will have on the bond
market. We will monitor the tenor of these events and manage the Fund
accordingly.
THE PORTFOLIO
The first half of the year showed us just how volatile the market can
be. We began the year in a fairly defensive mode in an attempt to buffer the
market's downside potential on the Fund. This strategy benefited the Fund as
the bond market assumed an uncertain tone early on. A sporadic supply of new
issues in Florida came to the market at increasingly higher prices and lower
yields. Contrary to predictions by some Wall Street economists and market
soothsayers, the municipal market continued to edge higher. At the same time
the Fund purchased discount bonds, when available, in an attempt to capture
the gains delivered by this upward movement in the market. However, the
inherent volatility in the bond market periodically curtailed the full
benefit of owning discount bonds. We like to subscribe to a broader view of
the market and the year overall. In that context we justify the decision to
buy more discounts as a logical strategy to balance the portfolio and enhance
performance.
As the year progressed with a seesaw market rhythm, we continued with
our strategy and took profits by selling pre-refunded bonds and short-call
premium bonds in the three-to-seven-year range. Currently, our goal is to
extend the duration of the Fund with non-callable, liquid securities in order
to earn a high level of current income consistent with the preservation of
capital.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio
Management
July 15, 1996 The Dreyfus Corporation
New York, N.Y.
* Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the net asset
value per share at the end of the period. Some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders.
** Total return includes reinvestment of dividends and any capital gains
paid.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments--99.9% Amount Value
- ------------------------------------------------------------------------- ----------- -----------
<S> <C> <C>
Florida--93.9%
Alachua County Health Facilities Authority, Health Facilities Revenue:
Refunding (Santa Fe Health Systems Project)
6.875%, 11/15/2002 (Prerefunded; 11/15/2000) (a)....................... $ 3,740,000 $ 3,951,310
(Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA)............ 1,700,000 1,687,658
Bay County, RRR, Refunding:
6%, 7/1/2001 (Insured; MBIA)........................................... 1,250,000 1,323,187
6.10%, 7/1/2002 (Insured; MBIA)........................................ 2,095,000 2,239,639
6.20%, 7/1/2003 (Insured; MBIA)........................................ 1,250,000 1,348,862
Boca Raton, Revenue:
Beach Aquisition 6.125%, 1/1/2006...................................... 2,100,000 2,269,617
Water and Sewer, Refunding 5.60%, 10/1/2004............................ 1,000,000 1,038,840
Brevard County, Refunding 5.45%, 3/1/2002 (Insured; MBIA)................ 1,250,000 1,292,050
Brevard County Health Facilities Authority, Revenue, Refunding
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002.......................... 2,500,000 2,748,650
Broward County:
Gas Tax Revenue 6.50%, 9/1/2004........................................ 1,200,000 1,286,688
Refunding 6.125%, 1/1/2006............................................. 1,950,000 2,066,532
Broward County School Board, COP:
6%, 7/1/2001 (Insured; AMBAC).......................................... 1,000,000 1,058,550
6.10%, 7/1/2002 (Insured; AMBAC)....................................... 2,000,000 2,138,080
Broward County School District, Refunding:
5.70%, 2/15/2001....................................................... 3,000,000 3,122,730
5.80%, 2/15/2002....................................................... 2,000,000 2,098,020
5.30%, 2/15/2004....................................................... 5,000,000 5,098,650
6%, 2/15/2004.......................................................... 3,000,000 3,191,100
Canaveral Port Authority, Revenue, Refunding:
6.10%, 6/1/2001 (Insured; FGIC)........................................ 2,000,000 2,123,100
Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)....................... 2,000,000 2,064,820
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA)........................................ 6,400,000 6,644,032
Citrus County, Hospital Board Revenue, Refunding
(Citrus Memorial Hospital) 6%, 8/15/2002 (Insured; FSA)................ 1,000,000 1,062,200
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA)....................................... 1,985,000 2,077,997
5.85%, 10/1/2007 (Insured; MBIA)....................................... 2,105,000 2,205,198
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC)........................................ 1,425,000 1,480,019
Correctional Privatization Commission, COP
(South Bay Correctional Facility) 5%, 8/1/2008......................... 2,070,000 1,982,004
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA)........................................ 2,000,000 2,112,840
6.15%, 10/1/2004 (Insured; MBIA)..................................... 2,000,000 2,128,820
Refunding 5.30%, 10/1/2002........................................... 4,000,000 4,082,880
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments (continued) June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------- ----------- -----------
Florida (continued)
Dade County (continued):
Public Facilities Revenue, Refunding
(Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA).......... $ 2,750,000 $ 2,784,622
School District, Refunding:
5.20%, 7/15/2004 (Insured; AMBAC).................................... 6,000,000 6,086,400
5.20%, 7/15/2005 (Insured; AMBAC).................................... 3,000,000 3,025,440
4.50%, 7/15/2008 (Insured; MBIA)..................................... 5,000,000 4,512,450
4.75%, 7/15/2009 (Insured; MBIA)..................................... 2,000,000 1,831,040
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................ 2,470,000 2,618,126
Dade County Health Facilities Authority, HR, Refunding
(North Shore Medical Center Project):
5.80%, 8/15/2000 (Insured; AMBAC).................................... 1,650,000 1,722,666
5.90%, 8/15/2001 (Insured; AMBAC).................................... 1,725,000 1,817,080
6%, 8/15/2002 (Insured; AMBAC)....................................... 1,760,000 1,869,472
Daytona Beach, Water and Sewer Revenue, Refunding
5.75%, 11/15/2008 (Insured; AMBAC)..................................... 2,270,000 2,329,746
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC)...................................... 1,180,000 1,270,648
Duval County School District, Refunding:
5.90%, 8/1/2002 (Insured; AMBAC)....................................... 4,500,000 4,767,075
6.25%, 8/1/2005 (Insured; AMBAC)....................................... 2,400,000 2,581,416
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA)........................................ 1,000,000 1,079,600
Refunding 6%, 7/1/2003 (Insured; MBIA)................................. 3,000,000 3,201,990
Florida, Pollution Control 5.90%, 7/1/2002............................... 2,500,000 2,656,125
Florida Board of Education, Capital Outlay, Refunding (Public Education):
5%, 6/1/2004 .......................................................... 12,000,000 12,018,960
5.90%, 6/1/2005........................................................ 1,295,000 1,356,668
5%, 6/1/2009........................................................... 2,250,000 2,155,837
Florida Division of Bond Finance Department, General Services Revenues:
(Department of Environmental-Preservation 2000)
5.25%, 7/1/2008 (Insured; MBIA)...................................... 3,000,000 2,972,340
(Department of Natural Resources-Preservation 2000):
5.80%, 7/1/2001 (Insured; MBIA)...................................... 2,000,000 2,099,420
5.90%, 7/1/2002 (Insured; MBIA)...................................... 3,850,000 4,075,957
6.40%, 7/1/2003 (Insured; AMBAC)..................................... 3,450,000 3,740,628
6.10%, 7/1/2004 (Insured; MBIA)...................................... 2,420,000 2,580,494
Refunding (Department of Natural Resources-Save Our Coast)
6.40%, 7/1/2005 (Insured; MBIA)...................................... 1,000,000 1,067,190
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project):
5.75%, 10/1/2000 (Insured; AMBAC).................................... 1,000,000 1,042,950
5.80%, 10/1/2001 (Insured; AMBAC).................................... 1,000,000 1,049,450
5.90%, 10/1/2002 (Insured; AMBAC).................................... 1,000,000 1,057,940
Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)....... 7,500,000 7,672,275
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments (continued) June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------- ----------- -----------
Florida (continued)
Florida Sunshine Skyway, Revenue, Refunding:
6.10%, 7/1/2001........................................................ $ 1,650,000 $ 1,749,380
6.20%, 7/1/2002........................................................ 1,315,000 1,404,341
Florida Turnpike Authority, Turnpike Revenue
5.90%, 7/1/2005 (Insured; FGIC)........................................ 2,700,000 2,833,218
Fort Meyers, Improvement Revenue
(Special Assessment - Geo Area 24) 7.05%, 7/1/2005..................... 950,000 997,804
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.25%, 10/1/2006 (Insured; FGIC)....................................... 4,600,000 4,890,352
Refunding 6.10%, 10/1/2002 (Insured; FGIC)............................. 2,000,000 2,142,840
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA)........................................ 2,000,000 2,147,780
5.50%, 9/1/2004 (Insured; MBIA)........................................ 1,580,000 1,637,180
Hialeah Gardens, IDR (Waterford Convalescent)
7.875%, 12/1/2007...................................................... 1,000,000 1,036,080
Hillsborough County:
Capital Improvement Revenue (County Center Project):
6.125%, 7/1/2003..................................................... 1,150,000 1,243,185
6.50%, 7/1/2007...................................................... 1,000,000 1,100,380
Refunding (Environmentally Sensitive Lands Acquisition and Protection)
5.875%, 7/1/2001..................................................... 1,295,000 1,363,674
Hillsborough County Aviation Authority, Revenue, Refunding
(Tampa International Airport) 5.45%, 10/1/2002 (Insured; AMBAC)........ 3,295,000 3,406,635
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)...... 3,350,000 3,584,400
Hollywood, Water and Sewer Revenue 6%, 10/1/1999 (Insured; FGIC)......... 1,000,000 1,045,990
Indian Trace Community Development District:
Refunding (Water Management-Special Benefit)
5.375%, 5/1/2005 (Insured; MBIA)..................................... 2,265,000 2,296,642
Water and Sewer Revenue 8%, 4/1/2001................................... 2,100,000 2,220,687
Jacksonville, Revenue, Refunding:
Excise Taxes
4.875%, 10/1/2007 (Insured; FGIC).................................... 2,500,000 2,417,775
6.50%, 10/1/2008 (Insured; AMBAC).................................... 1,000,000 1,074,470
Guaranteed Entitlement
5.50%, 10/1/2002 (Insured; AMBAC).................................... 1,400,000 1,455,006
Jacksonville Beach, Utilities Revenue, Refunding
5.125%, 10/1/2004 (Insured; MBIA)...................................... 1,500,000 1,516,995
Jacksonville Electric Authority, Revenue:
Electric Systems, Refunding 5.40%, 10/1/2004........................... 2,250,000 2,302,245
(Saint John's River):
6.40%, 10/1/2000..................................................... 5,000,000 5,341,050
Refunding 5%, 10/1/2004.............................................. 10,000,000 9,995,900
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments (continued) June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------- ----------- -----------
Florida (continued)
Kissimmee, Water and Sewer Revenue, Refunding:
5.40%, 10/1/2002 (Insured; AMBAC)...................................... $ 1,035,000 $ 1,067,302
5.50%, 10/1/2003 (Insured; AMBAC)...................................... 1,000,000 1,035,890
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC).......................................... 2,000,000 2,017,420
Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC).................. 1,000,000 1,054,450
Lakeland Revenue:
Electric and Water, Refunding
5.90%, 10/1/2007..................................................... 2,385,000 2,515,913
Hospital Systems (Lakeland Regional Medical Center)
4.90%, 11/15/2008 (Insured; MBIA).................................... 1,020,000 961,217
Lee County Hospital Board of Directors, HR, Refunding
(Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)........ 2,730,000 2,870,595
Melbourne, Water and Sewer Revenue, Refunding
6%, 10/1/2001 (Insured; FGIC)......................................... 745,000 790,490
Miami, Refunding 5.80%, 12/1/2005 (Insured; FGIC)........................ 2,000,000 2,110,540
Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA)...... 1,500,000 1,504,800
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project):
5.60%, 11/15/2002.................................................... 1,100,000 1,149,962
5.70%, 11/15/2003.................................................... 1,500,000 1,577,745
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005........................................................ 1,075,000 1,116,044
North Broward Hospital District, HR, Refunding:
6.10%, 1/1/2002 (Insured; MBIA)........................................ 2,050,000 2,181,221
6.125%, 1/1/2003 (Insured; MBIA)....................................... 2,000,000 2,140,280
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) (b).............................. 3,500,000 3,717,980
Orange County, Revenue:
Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)..................... 1,000,000 1,066,070
Tourist Development Tax:
5.90%, 10/1/2000 (Insured; AMBAC).................................... 1,900,000 1,996,254
6.15%, 10/1/2002 (Insured; AMBAC).................................... 2,455,000 2,636,916
Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)...... 2,080,000 2,189,408
Orange County Health Facilities Authority, HR
(Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; AMBAC)...... 2,000,000 2,072,480
Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............ 2,000,000 2,069,300
Orlando & Orange County Expressway Authority,
Florida Expressway Revenue, Refunding 5.30%, 7/1/2005 (Insured; AMBAC). 3,500,000 3,561,425
Orlando Utilities Commission, Water and Electric Revenue, Refunding:
5.60%, 10/1/2003....................................................... 10,000,000 10,450,400
5.75%, 10/1/2005....................................................... 2,000,000 2,101,580
5.80%, 10/1/2006....................................................... 5,930,000 6,231,244
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments (continued) June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------- ----------- -----------
Florida (continued)
Osceola County:
Gas Tax Improvement Revenue, Refunding:
5.50%, 4/1/2003 (Insured; FGIC)...................................... $ 1,365,000 $ 1,415,096
5.65%, 4/1/2004 (Insured; FGIC)...................................... 1,445,000 1,508,912
Transportation Revenue (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA)...................................... 1,500,000 1,562,595
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004.................. 4,284,000 4,464,699
Osceola County School Board, COP, Refunding
5%, 6/1/2007 (Insured; AMBAC).......................................... 2,000,000 1,957,940
Palm Bay 4.25%, 3/1/2006 (Insured; MBIA)................................. 1,000,000 910,270
Palm Beach County:
Criminal Justice Facilities Revenue, Refunding
5.10%, 6/1/2003 (Insured; FGIC)...................................... 5,000,000 5,071,100
Water and Sewer Revenue 5%, 10/1/2007 (Insured; MBIA).................. 2,000,000 1,956,900
Palm Beach County School District, Refunding:
5.60%, 8/1/2001 (Insured; AMBAC)....................................... 1,000,000 1,041,440
6%, 8/1/2006 (Insured; AMBAC).......................................... 1,000,000 1,050,980
6%, 8/1/2007 (Insured; AMBAC).......................................... 3,000,000 3,141,720
Pasco County, Refunding:
Optional Gas Tax Revenue 5.50%, 8/1/2002 (Insured; FGIC)............... 1,980,000 2,056,072
Water and Sewer Revenue:
5.50%, 10/1/2002 (Insured; FGIC)..................................... 2,500,000 2,598,225
5.40%, 10/1/2003 (Insured; FGIC)..................................... 1,500,000 1,544,760
Polk County, Capital Improvement Revenue, Refunding
6%, 12/1/2002 (Insured; MBIA).......................................... 1,900,000 2,028,478
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC) 1,315,000 1,361,341
Reedy Creek Improvement District:
5.80%, 6/1/1999 (Insured; MBIA)........................................ 1,500,000 1,554,705
4.90%, 6/1/2009 (Insured; AMBAC)....................................... 3,930,000 3,674,039
Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA)..................... 1,000,000 1,074,220
Saint John's County, Water and Sewer Revenue, Refunding
5%, 6/1/2008 (Insured; MBIA)........................................... 1,020,000 990,971
Saint John's County Industrial Development Authority, HR
(Flager Hospital Project) 5.80%, 8/1/2003.............................. 1,000,000 1,013,260
Saint Lucie County School District:
4.25%, 2/1/2005 (Insured; FSA)......................................... 3,495,000 3,231,652
4.25%, 2/1/2006 (Insured; FSA)......................................... 2,945,000 2,682,571
Refunding 5.90%, 7/1/2002 (Insured; AMBAC)............................. 1,780,000 1,884,468
Saint Petersburg, Public Improvement Revenue, Refunding
6%, 2/1/2002 (Insured; MBIA)........................................... 1,500,000 1,589,925
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments (continued) June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------- ----------- -----------
Florida (continued)
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC)....................................... $ 1,505,000 $ 1,617,378
Utilities Systems Revenue:
5.50%, 10/1/2003 (Insured; FGIC)..................................... 2,130,000 2,213,027
5.60%, 10/1/2004 (Insured; FGIC)..................................... 2,345,000 2,446,304
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA).. 2,500,000 2,669,875
South Miami Health Facilities Authority, HR, Refunding
(Baptist Health System) 5.15%, 10/1/2008 (Insured; MBIA)............... 1,295,000 1,261,835
Sunrise, Revenue:
Public Facilities:
6.20%, 10/1/2004 (Insured; MBIA)..................................... 2,000,000 2,156,240
6.50%, 10/1/2007 (Insured; MBIA)..................................... 1,000,000 1,083,370
Refunding 6%, 10/1/2001 (Insured; MBIA).............................. 1,000,000 1,061,060
Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC)............ 1,395,000 1,409,703
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center):
5.50%, Series A, 12/1/2002 (Insured; MBIA)........................... 1,010,000 1,047,804
5.50%, Series B, 12/1/2002 (Insured; MBIA)........................... 1,000,000 1,037,430
Tampa, Revenue:
(Alleghany Health Systems - Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA)..................................... 2,750,000 2,839,705
(Aquarium, Inc. Project) 7.25%, 5/1/2005............................... 1,200,000 1,242,372
Water and Sewer:
6.30%, 10/1/2006..................................................... 1,590,000 1,698,088
Refunding 5%, 10/1/2008 (Insured; FGIC).............................. 1,000,000 963,090
Volusia County, Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA)....................................... 2,000,000 2,132,360
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002
(Insured; College Construction Loan Insurance Association)......... 1,145,000 1,210,162
6.10%, 10/15/2003
(Insured; College Construction Loan Insurance Association)......... 1,000,000 1,072,480
Volusia County Health Facilities Authority, Revenue, Refunding
(Health Care - John Knox) 5.75%, 6/1/2008.............................. 1,540,000 1,543,881
Volusia County Special Assessment (Bethune Beach Wastewater Project):
6.60%, 7/1/2001........................................................ 1,045,000 1,052,942
6.875%, 7/1/2005....................................................... 920,000 962,044
U.S. Related--6.0%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003...................... 5,000,000 5,098,450
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA)......................................... 6,000,000 6,240,720
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Investments (continued) June 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------- ----------- ------------
U.S. Related (continued)
Puerto Rico Highway and Transportation Authority, Highway Revenue,
Refunding 5.875%, 7/1/1999............................................. $ 4,000,000 $ 4,133,800
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002..................... 3,100,000 3,174,493
Puerto Rico Public Buildings Authority:
Refunding (Public Education and Health Facilities) 6.50%, 7/1/2003..... 1,000,000 1,080,470
Revenue, Refunding 6.10%, 7/1/2000..................................... 2,500,000 2,615,375
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002........................................................ 700,000 721,728
------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $369,738,452)................ $381,511,538
------------
------------
Short-Term Municipal Investments--.1%
U.S. Related
Puerto Rico Commonwealth Highway and Transportation Authority,
Highway Revenue, VRDN
3% (LOC; Union Bank of Switzerland) (b,c) (cost $200,000).............. $ 200,000 $ 200,000
------------
------------
TOTAL INVESTMENTS--100.0%
(cost $369,938,452).................................................... $381,711,538
============
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue RRR Resources Recovery Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
<S> <C> <C> <C> <C> <C>
Fitch (d) or Moody's or Standard & Poor's Percentage of Value
- --------- --------- -------------------- -----------------------
AAA Aaa AAA 68.4%
AA Aa AA 22.6
A A A 5.3
BBB Baa BBB .5
F-1+ & F-1 MIGI, VMIG1 & P1 SP1 & A1 .1
Not Rated (e) Not Rated (e) Not Rated (e) 3.1
------
100.0%
------
------
<FN>
Notes to Statement of Investments:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Secured by letters of credit.
(c) Securities payable on demand. The interest rate, which is subject to
change, is based on bank prime rates or an index of market interest rates.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or Standard & Poor's
have been determined by the Manager to be of comparable quality to those
rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Assets and Liabilities June 30, 1996 (Unaudited)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $369,938,452)--see statement.............................. $381,711,538
Interest receivable............................................... 6,473,505
Receivable for shares of Beneficial Interest subscribed........... 3,000,000
Prepaid expenses.................................................. 12,740
------------
391,197,783
LIABILITIES:
Due to The Dreyfus Corporation and affiliates..................... $ 190,535
Due to Custodian.................................................. 1,520,539
Accrued expenses and other liabilities............................ 57,915 1,768,989
---------- ------------
NET ASSETS.......................................................... $389,428,794
------------
------------
REPRESENTED BY:
Paid-in capital................................................... $380,471,295
Accumulated undistributed investment income--net.................. 97,521
Accumulated net realized (loss) on investments.................... (2,913,108)
Accumulated net unrealized appreciation on investments............ 11,773,086
------------
NET ASSETS at value applicable to 29,439,865 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).............................................. $389,428,794
------------
------------
NET ASSET VALUE, offering and redemption price per share
($389,428,794 / 29,439,865 shares)................................ $13.23
------
------
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Operations six months ended June 30, 1996 (Unaudited)
<S> <C> <C>
INVESTMENT INCOME:
Interest Income.......................................................... $ 10,682,764
Expenses:
Management fee--Note 2(a).............................................. $ 1,201,122
Shareholder servicing costs--Note 2(b)................................. 278,676
Professional fees...................................................... 29,410
Custodian fees......................................................... 20,569
Trustees' fees and expenses--Note 2(c)................................. 19,893
Prospectus and shareholders' reports................................... 9,406
Registration fees...................................................... 457
Miscellaneous.......................................................... 27,308
-----------
Total Expenses..................................................... 1,586,841
------------
INVESTMENT INCOME--NET............................................. 9,095,923
REALIZEDANDUNREALIZED(LOSS) ONINVESTMENTS:
Net realized gain on investments--Note 3................................. $ 1,296,811
Net unrealized (depreciation) on investments............................. (13,241,118)
------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS.................. (11,944,307)
------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..................... $ (2,848,384)
------------
------------
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Statement of Changes in Net Assets
Year Ended Six Months Ended
December 31, June 30, 1996
1995 (Unaudited)
-------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 19,639,540 $ 9,095,923
Net realized gain on investments.................................. 440,616 1,296,811
Net unrealized appreciation (depreciation) on investments
for the period.................................................. 34,797,540 (13,241,118)
-------------- ---------------
Net Increase (Decrease) In Net Assets Resulting
From Operations............................................... 54,877,696 (2,848,384)
-------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net............................................ (19,592,473) (9,102,558)
-------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold..................................... 152,976,653 49,346,234
Dividends reinvested.............................................. 13,179,448 6,061,718
Cost of shares redeemed........................................... (181,906,301) (82,924,322)
-------------- ---------------
(Decrease) In Net Assets From Beneficial Interest Transactions.. (15,750,200) (27,516,370)
-------------- ---------------
Total Increase (Decrease) In Net Assets....................... 19,535,023 (39,467,312)
NET ASSETS:
Beginning of period............................................... 409,361,083 428,896,106
-------------- ---------------
End of period (including undistributed investment income--net:
$104,156 in 1995 and $97,521 in 1996)........................... $ 428,896,106 $ 389,428,794
-------------- ---------------
-------------- ---------------
Shares Shares
-------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 11,550,916 3,673,577
Shares issued for dividends reinvested............................ 992,073 452,222
Shares redeemed................................................... (13,756,816) (6,166,722)
-------------- ---------------
Net (Decrease) In Shares Outstanding............................ (1,213,827) (2,040,923)
-------------- ---------------
-------------- ---------------
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Financial Highlights
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
Year Ended December 31, Six Months Ended
---------------------------------------------- June 30, 1996
PER SHARE DATA: 1992(1) 1993 1994 1995 (Unaudited)
-------- -------- -------- -------- -----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $12.50 $12.94 $13.85 $12.52 $13.62
------ ------ ------ ------ ------
Investment Operations:
Investment income--net....................... .69 .70 .66 .62 .30
Net realized and unrealized gain (loss) on
investments................................ .44 .92 (1.33) 1.10 (.39)
------ ------ ------ ------ ------
Total from Investment Operations........... 1.13 1.62 (.67) 1.72 (.09)
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net........ (.69) (.70) (.65) (.62) (.30)
Dividends from net realized gain on
investments................................ -- (.01) -- -- --
Dividends in excess of net realized gain on
investments................................ -- -- (.01) -- --
------ ------ ------ ------ ------
Total Distributions........................ (.69) (.71) (.66) (.62) (.30)
------ ------ ------ ------ ------
Net asset value, end of period............... $12.94 $13.85 $12.52 $13.62 $13.23
------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN........................ 9.86%(2) 12.84% (4.92%) 13.98% (1.44%)(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... -- .20% .48% .69% .79%(2)
Ratio of net investment income to average
net assets................................. 5.78%(2) 5.20% 5.01% 4.70% 4.53%(2)
Decrease reflected in above expense
ratios due to undertakings by
the Manager................................ 1.00%(2) .64% .32% .08% --
Portfolio Turnover Rate...................... 13.01%(3) 13.48% 18.76% 25.00% 7.16%(3)
Net Assets, end of period (000's Omitted).... $332,582 $538,495 $409,361 $428,896 $389,429
<FN>
- ---------------------
(1) From January 21, 1992 (commencement of operations) to December 31, 1992.
(2) Annualized.
(3) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Florida Intermediate Municipal Bond Fund (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal income tax as is consistent with the preservation of
capital. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutua
l Fund Services, Inc. acts as the distributor of the Fund's shares, which are
sold to the public without a sales charge.
(a) Portfolio valuation: The Fund's investments are valued each business
day by an independent pricing service ("Service") approved by the Board of
Trustees. Investments for which quoted bid prices are readily available and
are representative of the bid side of the market in the judgment of the
Service are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(c) Dividends to shareholders: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The Fund has an unused capital loss carryover of approximately $4,207,000
available for Federal income tax purposes to be applied against future net
securities profit, if any, realized subsequent to December 31, 1995. If not
applied, $2,168,000 of the carryover expires in fiscal 2002 and $2,039,000 of
the carryover expires in fiscal 2003.
NOTE 2 -- Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the value
of the Fund's average daily net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full year. There was no expense
reimbursement for the six months ended June 30, 1996.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the six months ended June 30, 1996, the Fund was charged an aggregate
of $166,456 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $85,333 during the six months ended June 30, 1996.
(c) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3 -- Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the six months ended June 30, 1996
amounted to $28,279,468 and $41,318,873, respectively.
At June 30, 1996, accumulated net unrealized appreciation on investments
was $11,773,086, consisting of $13,317,396 gross unrealized appreciation and
$1,544,310 gross unrealized depreciation.
At June 30, 1996, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
<PAGE>
Dreyfus Florida Intermediate Municipal Bond Fund
Review Report of Ernst & Young LLP, Independent Accountants
Shareholders and Board of Trustees
Dreyfus Florida Intermediate Municipal Bond Fund
We have reviewed the accompanying statement of assets and
liabilities of Dreyfus Florida Intermediate Municipal Bond Fund, including
the statement of investments, as of June 30, 1996, and the related statements
of operations and changes in net assets and financial highlights for the six
month period ended June 30, 1996. These financial statements and financial
highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
December 31, 1995 and financial highlights for each of the four years in the
period ended December 31, 1995 and in our report dated February 7, 1996, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst & Young LLP SIGNATURE LOGO]
New York, New York
August 7, 1996
<PAGE>
Dreyfus Florida Intermediate
Municipal Bond Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 071SA966
