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 annual reporting period ended
December 31, 1996, your Fund produced a total return of 3.35% per share.* It
paid income dividends of approximately $.611 per share, exempt from Federal
personal income taxes. This is equivalent to an annualized tax-free
distribution rate per share of 4.50%.** Some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders.
THE ECONOMY
Over the reporting period, the economy grew moderately, showing little
evidence of accelerating inflation despite the robust pace of new job
creation and the low unemployment rate. It was fear of accelerating inflation
that prompted a sharp rise in long-term interest rates earlier in the year:
however, by year-end, long-term rates had fallen by one half of one percent
(50 basis points) from last summer's peak. Contributing to the drop in rates
was the decision of the Open Market Committee of the Federal Reserve Board
(the "Fed") to leave short-term interest rates unchanged.
Inflation at the consumer level of the economy remains in the 3% range,
which has been accompanied by a comparably benign inflation picture at the
production level of the economy as well. The so-called "core" Producer Price
Index (it excludes the energy and food components because of their
volatility) rose just 0.1% in November and a mere 0.6% for the previous 12
months. Producers appeared to have little ability to pass on price increases
to their customers, a reason cited by the Fed as evidence of the lack of
rising price inflation.
Despite the sanguine price environment, consumers remained wary spenders
and modest borrowers, and retail sales growth has been moderate.
Nevertheless, the renewed decline in mortgage rates spurred the housing
market: existing home sales in November increased for the first time in six
months. New housing starts also rose sharply, with the November increase the
largest monthly rise since July 1995. Job growth still appears to have
underlying strength: monthly increases in workers added to payrolls could
also move higher. The recent unemployment rate rose slightly, but still
remained near a seven-year low.
Lending optimism to the prospect for continued economic growth was the
report from The Conference Board - a private research group - that its Index
of Leading Economic Indicators rose for the tenth consecutive month in
November. An increase in this index generally correlates with economic
expansion over the next three to twelve months. Manufacturing remained firm
all year: both factory orders and industrial production rose moderately.
Despite this overall strength in production, there were some signs of
moderation at year-end. Inventories have built up and orders for durable
goods - those items intended to last three or more years - declined.
Last year, high employment, low inflation and moderate economic growth
stayed the Fed's hand from raising interest rates. The economy is now in the
sixth year of this business cycle and we remain alert to signs of the
potential rekindling of inflationary pressures.
MARKET ENVIRONMENT
As your Fund's year concluded, some of the concerns regarding tax-exempt
securities waned. The outcome of the November elections met with a generally
favorable reaction in the market: a Democratic President and a Congress still
controlled by the Republicans provides the right balance to ensure that the
status quo is maintained. Furthermore, both the White House and the
legislators on Capital Hill are earnestly talking about balancing the budget
and lowering the capital gains tax rate. From the perspective of the
municipal market, any lingering concerns about major tax reform should
finally be put to rest as it appears that the American electorate failed to
embrace the far-reaching tax overhaul plans proposed by most of the
Republican Presidential hopefuls.
The last year has produced far better returns for equity holders than
bond owners. When viewing the lofty levels attained by most stock market
indexes, one has to wonder whether the next twelve months will be as
rewarding as the prior ones. Certainly, the Chairman of the Federal Reserve
Board has some concerns about the current valuation levels in the stock
market. Last month stocks reacted negatively to remarks by Chairman Greenspan
citing the market's "irrational exuberance". While the implications for the
bond markets are uncertain, at least some investors believe that any sell-off
in stocks will spur investors to shift more assets to municipal bonds.
THE PORTFOLIO
Since mid-year 1996 we have held steadfast in our decision to maintain a
somewhat aggressive position with the portfolio. During this period the tone
of the municipal market was uncertain at best. We felt, however, that
attempting to predict market changes would be foolhardy. As a result, we
focused our efforts on balancing the portfolio with discount bonds as a
counterbalance to the income-producing premium bonds already owned. This was
accomplished by concentrating on the purchase of long-maturity, liquid
discount bonds with good structural characteristics.
The portfolio also sold a fair number of current coupon bonds with short
calls. This strategy allowed the portfolio to take profits as well. Having
accomplished the aforementioned goals, performance improved.
We will continue to manage the portfolio utilizing this strategy as we
enter 1997. The market is not currently offering any concrete signs alluding
to its direction. In fact, in our opinion, it appears that the municipal
market will continue to be somewhat lackluster through the first quarter of
1997, although we expect that Florida securities will continue to be
sought-after by national funds, as well as by Florida bond funds.
Our primary tasks which will guide our portfolio management decisions are
to earn a high level of current income to the extent it is consistent with
the preservation of capital while at the same time maintaining high credit
quality. Included in this report is a series of detailed statements outlining
the portfolio's holdings and financial condition. We hope they are
informative. Please know that we greatly appreciate your continued confidence
in the Funds and the Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 15, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
**Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the net asset
value per share at the end of the period.
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND DECEMBER 31, 1996
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS FLORIDA
INTERMEDIATE MUNICIPAL BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL
BOND INDEX
[Exhibit A:
Dollars
$14,297
Lehman Brothers 10-Year Municipal Bond Index*
$13,821
Dreyfus Florida
Intermediate Municipal
Bond Fund
*Source: Lehman Brothers]
Average Annual Total Returns
One Year Ended From Inception (1/21/92)
December 31, 1996 to December 31, 1996
______________________ ________________________
<S> <C>
3.35% 6.76%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Florida
Intermediate Municipal Bond Fund on 1/21/92 (Inception Date) to a $10,000
investment made in the Lehman Brothers 10-Year Municipal Bond Index on that
date. For comparative purposes, the value of the Index on 1/31/92 is used as
the beginning value on 1/21/92. All dividends and capital gain distributions
are reinvested.
The Fund invests primarily in Florida municipal securities and maintains a
portfolio with a weighted-average maturity ranging between 3 and 10 years.
The Fund's performance shown in the line graph takes into account fees and
expenses. Unlike the Fund, the Lehman Brothers 10-Year Municipal Bond Index
is an unmanaged total return performance benchmark for the investment-grade,
geographically unrestricted 10-year tax exempt bond market, consisting of
municipal bonds with maturities of 9-12 years. The Index does not take into
account charges, fees and other expenses and is not limited to investments
principally in Florida municipal obligations. These factors can contribute to
the Index potentially outperforming the Fund. Further information relating to
Fund performance, including expense reimbursements, if applicable, is
contained in the Financial Highlights section of the Prospectus and elsewhere
in this report.
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1996
Principal
Long-Term Municipal Investments-95.5% Amount Value
______ ______
<S> <C> <C>
Florida-90.4%
Alachua County Health Facilities Authority, Health Facilities Revenue:
Refunding (Santa Fe Health Systems Project)
6.875%, 11/15/2002 (Prerefunded; 11/15/2000) (a)...................... $ 3,380,000 $ 3,579,420
(Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA)............. 1,700,000 1,736,159
Bay County, RRR, Refunding:
6%, 7/1/2001 (Insured; MBIA)............................................ 1,250,000 1,332,687
6.10%, 7/1/2002 (Insured; MBIA)......................................... 2,095,000 2,261,469
6.20%, 7/1/2003 (Insured; MBIA)......................................... 1,250,000 1,367,512
Boca Raton, Beach Aquisition Revenue 6.125%, 1/1/2006 (Insured; MBIA)....... 2,100,000 2,310,294
Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC).... 1,000,000 1,029,960
Brevard County Health Facilities Authority, Revenue, Refunding:
(Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,060,150
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002........................... 2,500,000 2,768,950
Broward County, Refunding 6.125%, 1/1/2006.................................. 1,950,000 2,093,071
Broward County School Board, COP:
6%, 7/1/2001 (Insured; AMBAC)........................................... 1,000,000 1,066,150
6.10%, 7/1/2002 (Insured; AMBAC)........................................ 2,000,000 2,158,920
Broward County School District, Refunding:
5.80%, 2/15/2002........................................................ 2,000,000 2,119,720
5.30%, 2/15/2004........................................................ 5,000,000 5,193,300
6%, 2/15/2004........................................................... 3,000,000 3,229,230
Canaveral Port Authority, Revenue, Refunding
Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)........................ 2,000,000 2,090,180
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA)......................................... 6,400,000 6,739,200
Charlotte County, Utility Revenue, Refunding 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,249,143
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA)........................................ 1,985,000 2,127,900
5.85%, 10/1/2007 (Insured; MBIA)........................................ 2,105,000 2,257,191
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC)......................................... 1,425,000 1,499,570
Correctional Privatization Commission, COP
(South Bay Correctional Facility) 5%, 8/1/2008 (Insured; MBIA).......... 2,070,000 2,052,860
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA)......................................... 2,000,000 2,146,820
6.15%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,162,440
Public Facilities Revenue, Refunding
(Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA)........... 2,750,000 2,837,752
Resource Recovery Facilities Revenue, Refunding:
5.35%, 10/1/2008 (Insured; AMBAC)..................................... 3,000,000 3,025,800
5.50%, 10/1/2009 (Insured; AMBAC)..................................... 3,000,000 3,043,830
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
______ ______
Florida (continued)
Dade County (continued):
School District, Refunding:
4.50%, 7/15/2008 (Insured; MBIA)...................................... $ 5,000,000 $ 4,709,400
4.75%, 7/15/2009 (Insured; MBIA)...................................... 2,000,000 1,904,520
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................. 2,470,000 2,640,578
Dade County Health Facilities Authority, HR, Refunding
(North Shore Medical Center Project):
5.90%, 8/15/2001 (Insured; AMBAC)..................................... 1,725,000 1,830,208
6%, 8/15/2002 (Insured; AMBAC)........................................ 1,760,000 1,888,128
Daytona Beach, Water and Sewer Revenue, Refunding
5.75%, 11/15/2008 (Insured; AMBAC)...................................... 2,270,000 2,365,272
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC)....................................... 1,180,000 1,289,020
Duval County School District, Refunding:
5.90%, 8/1/2002 (Insured; AMBAC)........................................ 4,500,000 4,817,655
6.25%, 8/1/2005 (Insured; AMBAC)........................................ 2,400,000 2,612,184
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA)......................................... 1,000,000 1,089,130
Refunding 6%, 7/1/2003 (Insured; MBIA).................................. 3,000,000 3,248,550
Florida, Pollution Control 5.90%, 7/1/2002.................................. 2,500,000 2,678,275
Florida Board of Education, Capital Outlay, Refunding (Public Education):
5%, 6/1/2004............................................................ 12,000,000 12,279,360
5.90%, 6/1/2005......................................................... 1,295,000 1,376,973
5%, 6/1/2009............................................................ 7,780,000 7,712,236
Florida Division of Bond Finance Department, General Services Revenues:
(Department of Environmental-Preservation 2000):
5.25%, 7/1/2008 (Insured; MBIA)....................................... 3,000,000 3,052,110
5.25%, 7/1/2010 (Insured; MBIA)....................................... 7,250,000 7,232,673
(Department of Natural Resources-Preservation 2000):
5.90%, 7/1/2002 (Insured; MBIA)....................................... 3,850,000 4,118,730
6.40%, 7/1/2003 (Insured; AMBAC)...................................... 3,450,000 3,768,608
6.10%, 7/1/2004 (Insured; MBIA)....................................... 2,420,000 2,610,430
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project):
5.80%, 10/1/2001 (Insured; AMBAC)..................................... 1,000,000 1,058,690
5.90%, 10/1/2002 (Insured; AMBAC)..................................... 1,000,000 1,069,630
Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)........ 3,500,000 3,637,760
Florida Sunshine Skyway, Revenue, Refunding:
6.10%, 7/1/2001......................................................... 1,650,000 1,760,270
6.20%, 7/1/2002......................................................... 1,315,000 1,413,914
Florida Turnpike Authority, Turnpike Revenue
5.90%, 7/1/2005 (Insured; FGIC)......................................... 2,700,000 2,866,239
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
______ ______
Florida (continued)
Fort Myers, Improvement Revenue:
Refunding:
4.80%, 12/1/2004 (Insured; AMBAC)..................................... $ 1,130,000 $ 1,142,939
4.90%, 12/1/2005 (Insured; AMBAC)..................................... 1,290,000 1,306,215
5%, 12/1/2006 (Insured; AMBAC)........................................ 1,005,000 1,019,482
(Special Assessment-Geo Area 24) 7.05%, 7/1/2005........................ 950,000 1,010,164
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.25%, 10/1/2006 (Insured; FGIC)........................................ 4,600,000 5,039,070
Refunding 6.10%, 10/1/2002 (Insured; FGIC).............................. 2,000,000 2,164,580
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA)......................................... 2,000,000 2,178,480
5.50%, 9/1/2004 (Insured; MBIA)......................................... 1,580,000 1,668,275
Hialeah Gardens, IDR (Waterford Convalescent)
7.875%, 12/1/2007....................................................... 1,000,000 1,051,550
Hillsborough County:
Refunding (Environmentally Sensitive Lands Acquisition and Protection)
5.875%, 7/1/2001...................................................... 1,295,000 1,374,112
Revenue, Refunding (Capital Improvement Program) 5%, 8/1/2009 (Insured; FGIC) 1,730,000 1,710,053
Hillsborough County Aviation Authority, Revenue, Refunding
(Tampa International Airport) 5.45%, 10/1/2002 (Insured; AMBAC)......... 3,295,000 3,448,218
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)....... 3,350,000 3,619,139
Indian Trace Community Development District, Refunding
(Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA)..... 2,265,000 2,357,367
Jacksonville, Revenue, Refunding:
Excise Taxes:
4.875%, 10/1/2007 (Insured; FGIC)..................................... 2,500,000 2,485,350
6.50%, 10/1/2008 (Insured; AMBAC)..................................... 1,000,000 1,095,170
Guaranteed Entitlement 5.50%, 10/1/2002 (Insured; AMBAC)................ 1,400,000 1,473,024
Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,542,375
Jacksonville Electric Authority, Revenue Refunding:
Electric Systems 5.40%, 10/1/2004....................................... 2,250,000 2,343,330
(Saint John's River) 5%, 10/1/2004...................................... 5,000,000 5,098,600
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC)........................................... 2,000,000 2,055,180
Lake County, Resource Recovery Industrial Development Revenue, Refunding
(NRG/Recovery Group) 5.85%, 10/1/2009................................... 6,000,000 5,939,400
Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC)..................... 1,000,000 1,076,230
Lakeland, Revenue:
Electric and Water, Refunding
5.90%, 10/1/2007...................................................... 2,385,000 2,579,568
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
______ ______
Florida (continued)
Lakeland, Revenue (continued):
Hospital Systems (Lakeland Regional Medical Center)
4.90%, 11/15/2008 (Insured; MBIA)..................................... $ 1,020,000 $ 997,407
Lee County Hospital Board of Directors, HR, Refunding
(Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)......... 2,730,000 2,892,653
Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC). 745,000 796,688
Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA)......... 1,500,000 1,539,525
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project) 5.70%, 11/15/2003.................. 1,500,000 1,603,200
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005......................................................... 1,075,000 1,106,831
North Broward Hospital District, HR, Refunding:
6.10%, 1/1/2002 (Insured; MBIA)......................................... 2,050,000 2,194,833
6.125%, 1/1/2003 (Insured; MBIA)........................................ 2,000,000 2,156,600
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) (b)............................... 3,500,000 3,754,835
Orange County, Revenue:
Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)...................... 1,000,000 1,077,270
Tourist Development Tax 6.15%, 10/1/2002 (Insured; AMBAC)............... 2,455,000 2,663,184
Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)....... 2,080,000 2,213,224
Orange County Health Facilities Authority, HR
(Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; MBIA)........ 2,000,000 2,106,420
Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............... 2,000,000 2,103,160
Orlando Utilities Commission, Water and Electric Revenue, Refunding:
5.60%, 10/1/2003........................................................ 10,000,000 10,621,500
5.75%, 10/1/2005........................................................ 2,000,000 2,145,360
5.80%, 10/1/2006........................................................ 5,930,000 6,379,731
Osceola County, Revenue:
Gas Tax Improvement, Refunding:
5.50%, 4/1/2003 (Insured; FGIC)....................................... 1,365,000 1,437,782
5.65%, 4/1/2004 (Insured; FGIC)....................................... 1,445,000 1,529,764
Transportation (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA)....................................... 1,500,000 1,585,515
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004................... 4,284,000 4,523,047
Osceola County School Board, COP, Refunding
5%, 6/1/2007 (Insured; AMBAC)........................................... 2,000,000 2,013,640
Palm Bay 4.25%, 3/1/2006 (Insured; MBIA).................................... 1,000,000 942,160
Palm Beach County, Revenue:
Criminal Justice Facilities, Refunding:
5.10%, 6/1/2003 (Insured; FGIC)....................................... 5,000,000 5,184,300
5.375%, 6/1/2010 (Insured; FGIC)...................................... 1,825,000 1,862,559
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
______ ______
Florida (continued)
Palm Beach County, Revenue (continued):
Water and Sewer 5%, 10/1/2010 (Insured; MBIA)........................... $ 7,320,000 $ 7,138,244
Palm Beach County School District, Refunding:
6%, 8/1/2006 (Insured; AMBAC)........................................... 1,000,000 1,065,030
6%, 8/1/2007 (Insured; AMBAC)........................................... 3,000,000 3,183,000
Pasco County, Refunding:
Optional Gas Tax Revenue 5.50%, 8/1/2002 (Insured; FGIC)................ 1,980,000 2,081,000
Water and Sewer Revenue:
5.50%, 10/1/2002 (Insured; FGIC)...................................... 2,500,000 2,630,400
5.40%, 10/1/2003 (Insured; FGIC)...................................... 1,500,000 1,570,530
Polk County, Capital Improvement Revenue, Refunding
6%, 12/1/2002 (Insured; MBIA)........................................... 1,900,000 2,050,309
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC).. 1,315,000 1,376,595
Reedy Creek Improvement District:
4.90%, 6/1/2009 (Insured; AMBAC)........................................ 3,930,000 3,821,218
Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA)...................... 1,000,000 1,083,330
Saint John's County, Water and Sewer Revenue, Refunding
5%, 6/1/2008 (Insured; MBIA)............................................ 1,020,000 1,022,162
Saint John's County Industrial Development Authority, HR
(Flagler Hospital Project) 5.80%, 8/1/2003.............................. 1,000,000 1,018,980
Saint Lucie County School District:
4.25%, 2/1/2005 (Insured; FSA).......................................... 3,495,000 3,336,886
4.25%, 2/1/2006 (Insured; FSA).......................................... 2,945,000 2,775,957
Refunding 5.90%, 7/1/2002 (Insured; AMBAC).............................. 1,780,000 1,904,244
Saint Petersburg, Public Improvement Revenue, Refunding
6%, 2/1/2002 (Insured; MBIA)............................................ 1,500,000 1,604,880
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC)........................................ 1,505,000 1,632,323
Utilities Systems Revenue:
5.50%, 10/1/2003 (Insured; FGIC)...................................... 2,130,000 2,242,400
5.60%, 10/1/2004 (Insured; FGIC)...................................... 2,345,000 2,482,909
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA)..... 2,500,000 2,709,000
South Miami Health Facilities Authority, HR, Refunding
(Baptist Health System) 5.15%, 10/1/2008 (Insured; MBIA)................ 1,295,000 1,300,206
Sunrise, Revenue:
Public Facilities:
6.20%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,182,720
6.50%, 10/1/2007 (Insured; MBIA)...................................... 1,000,000 1,102,600
Refunding 6%, 10/1/2001 (Insured; MBIA)............................... 1,000,000 1,069,380
Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC)............. 1,395,000 1,436,892
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center):
5.50%, Series A, 12/1/2002 (Insured; MBIA)............................ 1,010,000 1,060,631
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996
Principal
Long-Term Municipal Investments (continued) Amount Value
______ ______
Florida (continued)
Tallahassee, Health Facilities Revenue, Refunding (continued):
(Tallahassee Memorial Regional Medical Center) (continued):
5.50%, Series B, 12/1/2002 (Insured; MBIA)............................ $ 1,000,000 $ 1,050,130
Tampa, Revenue:
(Alleghany Health Systems-Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA)...................................... 2,750,000 2,897,813
(Aquarium, Inc. Project) 7.25%, 5/1/2005................................ 1,200,000 1,372,728
Water and Sewer:
6.30%, 10/1/2006...................................................... 1,590,000 1,719,315
Refunding 5%, 10/1/2008 (Insured; FGIC)............................... 1,000,000 998,600
Volusia County, Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA)........................................ 2,000,000 2,173,800
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,223,043
6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,087,630
Volusia County Health Facilities Authority, Revenue, Refunding
(Health Care-John Knox) 5.75%, 6/1/2008................................. 1,540,000 1,585,415
Volusia County Special Assessment (Bethune Beach Wastewater Project):
6.60%, 7/1/2001......................................................... 1,045,000 1,066,527
6.875%, 7/1/2005........................................................ 880,000 920,858
U.S. Related-5.1%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003......................... 5,000,000 5,211,100
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA).......................................... 6,000,000 6,323,820
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 3,100,000 3,218,637
Puerto Rico Public Buildings Authority, Revenue, Refunding:
6.10%, 7/1/2000......................................................... 2,500,000 2,625,075
(Public Education and Health Facilities) 6.50%, 7/1/2003................ 1,000,000 1,100,580
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002......................................................... 700,000 730,618
______
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $345,835,376)................... $361,966,795
======
Short-Term Municipal Investments-4.5%
Florida-.8%
Broward County Housing Finance Authority, MFHR, VRDN:
(Lake Park Associates Limited Partnership)
3.85% (LOC; Keybank National Association) (b,c)....................... $ 1,500,000 $ 1,500,000
(Sanctuary Apartment Project) 3.95% (LOC; PNC Bank) (b,c)............... 1,400,000 1,400,000
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996
Principal
Short-Term Municipal Investments (continued) Amount Value
______ ______
U.S. Related-3.7%
Puerto Rico Commonwealth Government Development Bank, Refunding, VRDN
3.75% (LOC; Credit Suisse) (b,c)........................................ $ 1,400,000 $ 1,400,000
Puerto Rico Electric Power Authority, Power Revenue
3.25% (Insured; FSA) (d)................................................ 12,600,000 12,600,000
______
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $16,900,000)................... $ 16,900,000
======
TOTAL INVESTMENTS-100.0% (cost $362,735,376)................................ $378,866,795
======
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
FGIC Financial Guaranty Insurance Corporation MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue RRR Resources Recovery Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
<S> <C> <C> <C>
Fitch (e) or Moody's or Standard & Poor's Percentage of Value
______ ________ ________________ __________________
AAA Aaa AAA 71.2%
AA Aa AA 19.3
A A A 4.1
BBB Baa BBB 2.1
F-1+ & F-1 MIG1, VMIG1 & P1 SP1 & A1 .7
Not Rated (f) Not Rated (f) Not Rated (f) 2.6
___
100.0%
===
</TABLE>
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 letter 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) Inverse floater security-the interest rate is subject to change
periodically.
(e) Fitch currently provides creditworthiness information for a limited
number of investments.
(f) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
(g) At December 31, 1996, 28.2% of the Fund's net assets are insured by
MBIA.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1996
Cost Value
______ ______
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $362,735,376 $378,866,795
Cash....................................... 3,838,829
Interest receivable........................ 6,005,277
Receivable for shares of Beneficial Interest subscribed 3,562
Prepaid expenses........................... 4,421
______
388,718,884
______
LIABILITIES: Due to The Dreyfus Corporation and affiliates 198,912
Payable for investment securities purchased 501,377
Payable for shares of Beneficial Interest redeemed 84,634
Accrued expenses........................... 34,691
______
819,614
______
NET ASSETS.................................................................. $387,899,270
======
REPRESENTED BY: Paid-in capital............................ $372,659,312
Accumulated net realized gain (loss) on investments (891,461)
Accumulated net unrealized appreciation (depreciation)
on investments-Note 3...................... 16,131,419
______
NET ASSETS.................................................................. $387,899,270
======
SHARES OUTSTANDING
(Unlimited number of $.001 par value shares of Beneficial Interest authorized)............................ 28,844,126
NET ASSET VALUE, offering and redemption price per share-Note 2(d).......... $13.45
===
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1996
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income............................ $20,923,493
EXPENSES: Management fee-Note 2(a)................... $ 2,352,191
Shareholder servicing costs-Note 2(b)...... 572,329
Professional fees.......................... 54,908
Custodian fees............................. 39,850
Trustees' fees and expenses-Note 2(c)...... 38,769
Prospectus and shareholders' reports....... 22,846
Registration fees.......................... 3,400
Miscellaneous.............................. 45,267
______
Total Expenses....................... 3,129,560
______
INVESTMENT INCOME-NET....................................................... 17,793,933
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 3:
Net realized gain (loss) on investments.... $ 3,318,458
Net unrealized appreciation (depreciation) on investments (8,882,785)
______
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... (5,564,327)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $12,229,606
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
December 31, 1996 December 31, 1995
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 17,793,933 $ 19,639,540
Net realized gain (loss) on investments............................. 3,318,458 440,616
Net unrealized appreciation (depreciation) on investments........... (8,882,785) 34,797,540
_______ _______
Net Increase (Decrease) in Net Assets Resulting from Operations... 12,229,606 54,877,696
_______ _______
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... (17,898,089) (19,592,473)
_______ _______
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold....................................... 92,656,622 152,976,653
Dividends reinvested................................................ 11,899,150 13,179,448
Cost of shares redeemed............................................. (139,884,125) (181,906,301)
_______ _______
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (35,328,353) (15,750,200)
_______ _______
Total Increase (Decrease) in Net Assets....................... (40,996,836) 19,535,023
NET ASSETS:
Beginning of Period................................................. 428,896,106 409,361,083
_______ _______
End of Period....................................................... $ 387,899,270 $ 428,896,106
======= =======
Undistributed investment income-net..................................... __ $ 104,156
_______ _______
Shares Shares
_______ _______
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 6,915,255 11,550,916
Shares issued for dividends reinvested.............................. 888,707 992,073
Shares redeemed..................................................... (10,440,624) (13,756,816)
_______ _______
Net Increase (Decrease) in Shares Outstanding..................... (2,636,662) (1,213,827)
======= =======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
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,
______________________________________________________
PER SHARE DATA: 1996 1995 1994 1993 1992(1)
___ ___ ___ ___ ___
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $13.62 $12.52 $13.85 $12.94 $12.50
___ ___ ___ ___ ___
Investment Operations:
Investment income-net........................ .61 .62 .66 .70 .69
Net realized and unrealized gain (loss)
on investments............................. (.17) 1.10 (1.33) .92 .44
___ ___ ___ ___ ___
Total from Investment Operations............. .44 1.72 (.67) 1.62 1.13
___ ___ ___ ___ ___
Distributions:
Dividends from investment income-net......... (.61) (.62) (.65) (.70) (.69)
Dividends from net realized gain on investments - - - (.01) -
Dividends in excess of net realized gain
on investments............................. - - (.01) - -
___ ___ ___ ___ ___
Total Distributions.......................... (.61) (.62) (.66) (.71) (.69)
___ ___ ___ ___ ___
Net asset value, end of period............... $13.45 $13.62 $12.52 $13.85 $12.94
=== === === === ===
TOTAL INVESTMENT RETURN.......................... 3.35% 13.98% (4.92%) 12.84% 9.86%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .80% .69% .48% .20% -
Ratio of net investment income
to average net assets...................... 4.53% 4.70% 5.01% 5.20% 5.78%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager......... - .08% .32% .64% 1.00%(2)
Portfolio Turnover Rate...................... 19.14% 25.00% 18.76% 13.48% 13.01%(3)
Net Assets, end of period (000's Omitted).... $387,899 $428,896 $409,361 $538,495 $332,582
(1) From January 21, 1992 (commencement of operations) to December 31, 1992.
(2) Annualized.
(3) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS
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.
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: 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.
The Fund has an unused capital loss carryover of approximately $888,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1996. If not
applied, the carryover expires in fiscal 2003.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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.
(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 period ended December 31, 1996, the Fund was charged an aggregate
of $346,959 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 $166,536 during the period ended December 31, 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 and the Trustee Emeritus receives 50% of such compensation.
(d) A 1% redemption fee is charged on certain redemptions of Fund shares
(including redemptions through use of the Exchange Privilege) where the
shares being redeemed were issued subsequent to a specified effective date
and the redemption or exchange occurs within a fifteen day period following
the date of issuance.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended December 31, 1996
amounted to $73,540,175 and $112,437,670, respectively.
At December 31, 1996, accumulated net unrealized appreciation on
investments was $16,131,419 consisting of $16,646,572 gross unrealized
appreciation and $515,153 gross unrealized depreciation.
At December 31, 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).
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
Shareholders and Board of Trustees
Dreyfus Florida Intermediate Municipal Bond Fund
We have audited the accompanying statement of assets and liabilities of
Dreyfus Florida Intermediate Municipal Bond Fund, including the statement of
investments, as of December 31, 1996, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1996 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Florida Intermediate Municipal Bond Fund at December 31,
1996, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
[ERNST & YOUNG LLP signature logo]
New York, New York
February 3, 1997
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended
December 31, 1996 as "exempt-interest dividends" (not subject to regular
Federal income tax and, for individuals who are Florida residents, not
subject to taxation by Florida).
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's taxable ordinary dividends (if
any) and capital gains distributions (if any) paid for the 1996 calendar year
on Form 1099-DIV which will be mailed by January 31, 1997.
[Dreyfus lion "d" logo]
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. 740AR9612
[Dreyfus logo]
Florida
Intermediate
Municipal
Bond Fund
Annual Report
December 31, 1996
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX
EXHIBIT A:
LEHMAN BROTHERS
PERIOD 10-YEAR DREYFUS FLORIDA
MUNICIPAL INTERMEDIATE
BOND INDEX * MUNICIPAL BOND FUND
1/21/92 10,000 10,000
12/31/92 10,869 10,935
12/31/93 12,257 12,339
12/31/94 11,672 11,732
12/31/95 13,676 13,373
12/31/96 14,297 13,821
*Source: Lehman Brothers
