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 the six-month reporting period ended June
30, 1998. Your Fund produced a total return, including share price changes and
dividend income generated, of 1.73%,* and an annualized tax-free distribution
rate per share of 4.35%.**
Economic Review
In recent testimony to Congress, Federal Reserve Board Chairman Alan Greenspan
proclaimed the economy to be " as impressive as any I have witnessed." Indeed,
the performance of the economy has been tremendous, with solid,
noninflationary economic growth and a robust rate of new job creation.
Accordingly, the unemployment rate hovers near its 28-year low. Not
surprisingly, consumers brim with confidence: new home sales were recently at
record levels, and retail sales have surged since January. The enthusiastic
spending of consumers has, so far, offset the adverse effects of the economic
problems in Asia. In fact, the financial crisis in the Far East has proved a
boon to consumers, since lower import prices have further subdued domestic
price pressures and helped keep interest rates low. Remarkably, despite the
strengthening economy since the beginning of this year, inflation has waned
further. With inflation under control and the economy beginning to experience a
reduction in foreign demand, the Federal Reserve has been reluctant to raise
interest rates for fear of further roiling Asian financial markets. The last
increase in short-term rates came in March 1997 when the Federal Reserve Board
Open Market Committee (the policy-making arm of The Fed) hiked the target rate
for Federal Funds by one quarter of a percent to 5.5%.
Even with the booming job market, wage gains have had little inflationary
effect, since business spending in productivity-enhancing capital equipment has
been strong throughout the economic expansion. The one soft spot in the job
market has been in manufacturing: industrial production has slowed--a clear sign
that Asian economic woes are being felt here--and inventories of domestic
manufacturers have risen due to the reduction in foreign demand. It is widely
expected that the growing trade deficit will retard second-quarter economic
growth and possibly serve as a drag over the foreseeable future. This reduction
in foreign demand could further moderate the rate of domestic production and
consequently ease the demand for labor, thus lessening inflationary pressure
resulting from wage increases. Cheaper imports have also weakened the pricing
environment for U.S. manufacturers and, in consequence, acted as an additional
curb to inflation. All this has been part of what Chairman Greenspan called our
economy' s "virtuous cycle" where even so-called crises have proven economically
beneficial. As a further example, the economic upheavals in Asia and Russia have
caused nervous foreign investors to seek refuge in the U.S. bond market, causing
a demand surge that has helped maintain our low interest rate environment. Yet
we, along with Chairman Greenspan, are skeptical that our economy has somehow
moved "beyond history," and we share his vigilance regarding signs of
inflationary imbalances.
Market Environment
The municipal bond market has settled into a narrow, well-defined trading
range which makes it increasingly difficult to advantageously sell municipal
securities and reinvest the proceeds. Domestic interest rates over a broad range
of maturities have remained flat for most of the year, with bond prices
generally rising while interest rates generally moved lower. There are, however,
more global reasons for this constraint. Primarily, substantive policies
necessary to restimulate the Japanese economy have not been set into place. Due
primarily to the decline in exports to Japan and other Asian countries, we
believe that it is likely that the U.S. economy will slow from its current pace
over the next several quarters.
The State of Florida, specifically, can be characterized by sustained rapid
growth, economic broadening and increasing diversification. The Florida market
continues its transformation from a narrow base of agriculture and seasonal
tourism into a solid service and trade economy with substantial insurance,
banking and export participation. This success, however, has brought pressures
for more infrastructure, educational facilities, and other needs within this
fourth largest state in the nation. Financial operations have been successful,
although an overdependence on the sensitive sales tax creates a vulnerability to
both recession and longer-term slower growth in the taxable base.
Portfolio Overview
At the outset of the six-month period ended June 30, 1998, the Dreyfus Florida
Intermediate Municipal Bond Fund adopted a slightly aggressive approach to its
portfolio investing. The Fund focused on extending the average maturity as the
new year began. By the end of the first quarter, however, it became apparent by
the tone of the municipal market that its direction was unclear, and at times
was fraught with uncertainty. We felt that attempting to predict the timing of
the ebb and flow of these market changes would be difficult at best. As a
counter-measure, we focused our efforts on identifying relative value within the
secondary market. From time to time this was accomplished by buying discount
bonds with slightly longer maturities to balance the higher income-producing
premium bonds already held in the portfolio. This proved to be difficult to
accomplish when there was a limited availability of longer-maturity, liquid,
discount bonds with good structural characteristics. When desirable bonds were
found, however, the portfolio sold current coupon bonds subject to short calls
at a profit to provide funds for reinvestment.
Going forward we will continue to manage the portfolio utilizing a
conservative approach to obtain value. The Fund is currently well balanced
across the intermediate coupon range. It is entirely possible that the market
may again see periods of volatility, although presently we are without any
concrete signs alluding to the market's direction. At present the market appears
to be range-bound, but we believe the inherent strength of the portfolio will
continue to benefit from the demand for Florida securities, which are well
sought-after by national funds as well as other 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 the Fund's 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 portfolio and The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
July 20, 1998
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid.
Income may be subject to state and local income taxes for non-Florida residents
**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. Some income may be subject to the Federal
Alternative Minimum Tax (AMT) for certain shareholders.
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.4% Amount Value
- -------------------------------------------------------
_____________ ____________
Florida--93.8%
Alachua County Health Facilities Authority, Health Facilities Revenue:
Refunding (Santa Fe Health Systems Project)
<S> <C> <C>
6.875%, 11/15/2002 (Prerefunded 11/15/2000) (a) $ 2,895,000 $ 3,063,952
(Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,811,315
Bay County, Refunding:
PCR (International Paper Co. Project) 5.10%, 9/1/2012 2,500,000 2,525,000
RRR:
6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,256,314
6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,368,075
Boca Raton, Beach Aquisition Revenue 6.125%, 1/1/2006 (Insured; MBIA) 2,100,000 2,343,558
Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,078,920
Brevard County Health Facilities Authority, Revenue, Refunding:
(Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,206,730
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 2,500,000 2,736,700
Brevard County Housing Finance Authority, MFHR, Refunding
(Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,270,080
Broward County, Refunding 6.125%, 1/1/2006 1,950,000 2,106,137
Broward County School Board, COP 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,154,000
Broward County School District, Refunding:
5.80%, 2/15/2002 2,000,000 2,119,920
5.30%, 2/15/2004 5,000,000 5,281,750
6%, 2/15/2004 3,000,000 3,232,320
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA) 5,040,000 5,400,209
Charlotte County, Utility Revenue, Refunding 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,307,345
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,172,186
5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,308,848
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC) 1,425,000 1,516,656
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,167,480
6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,174,400
(Miami International Airport)
5%, 10/1/2005 (Insured; FSA) 1,075,000 1,115,624
Refunding:
5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,160,160
5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,049,310
5.80%, 10/1/2010 (Insured; AMBAC) 510,000 551,019
Public Facilities Revenue, Refunding
(Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,750,000 2,891,983
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC) 2,470,000 2,632,180
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investment (continued) Amount Value
- -------------------------------------------------------
_____________ ____________
Florida (continued)
Dade County (continued):
Special Obligation Revenue, Refunding:
(Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) $ 2,565,000 $ 2,845,303
Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 3,784,940
Zero Coupon, 10/1/2021 (Insured; AMBAC, Prerefunded 10/1/2008) (a) 14,465,000 4,193,114
Zero Coupon, 10/1/2025 (Insured; AMBAC, Prerefunded 10/1/2008) (a) 9,805,000 2,204,948
Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,450,228
Daytona Beach, Water and Sewer Revenue, Refunding
5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,446,061
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,292,973
Delray Beach, Water and Sewer Revenue, Refunding
5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,665,100
Duval County School District, Refunding:
5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,768,695
6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,588,520
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,084,100
Refunding 6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,258,990
Florida Board of Education, Capital Outlay:
5%, 1/1/2004 1,500,000 1,561,035
5.50%, 1/1/2006 1,400,000 1,506,302
(Public Education):
6%, 1/1/2005 8,100,000 8,900,442
5.50%, 6/1/2010 5,725,000 6,113,384
Refunding:
5%, 6/1/2007 3,000,000 3,150,720
5%, 6/1/2009 2,500,000 2,614,500
Florida Department of Transportation (Right of Way):
5.75%, 7/1/2004 3,040,000 3,295,269
5.75%, 7/1/2005 2,375,000 2,591,078
Florida Division of Bond Finance Department, General Services Revenues:
(Department of Environmental-Preservation 2000):
5.25%, 7/1/2009 (Insured; MBIA) 4,300,000 4,528,416
5%, 7/1/2010 (Insured; AMBAC) 5,000,000 5,148,800
Refunding (Environmental Protection-Preservation 2000)
5.25%, 7/1/2007 (Insured; FSA) 5,000,000 5,334,200
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project)
5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,073,760
Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) 3,500,000 3,711,260
Florida Sunshine Skyway, Revenue, Refunding 6.20%, 7/1/2002 1,315,000 1,405,262
Florida Turnpike Authority, Turnpike Revenue
(Department of Transportation) 5.50%, 7/1/2012 (Insured; FGIC) 2,500,000 2,626,175
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investment (continued) Amount Value
- -------------------------------------------------------
_____________ ____________
Florida (continued)
Fort Myers, Improvement Revenue
(Special Assessment-Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) (a) $ 905,000 $ 1,019,645
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 5,021,636
Refunding 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,162,700
Halifax Hospital Medical Center, HR, Refunding
5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,800,750
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,183,880
5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,694,503
Hialeah Gardens, IDR, Refunding (Waterford Convalescent)
7.875%, 12/1/2007 1,000,000 1,093,880
Hillsborough County, Utility Revenue, Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,525,000
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,618,134
Hillsborough County Port District, Special Revenue, Refunding
(Tampa Port Authority) 5.75%, 6/1/2013 (Insured; FSA) 500,000 529,835
Indian Trace Community Development District, Refunding
(Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,412,587
Jacksonville:
District Water and Sewer Revenue
5%, 10/1/2020 (Insured; MBIA, Prerefunded 10/1/2008) (a) 3,000,000 3,153,390
Excise Taxes Revenue, Refunding:
4.875%, 10/1/2007 (Insured; FGIC) 2,500,000 2,599,900
6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,107,470
Jacksonville Beach, Utilities Revenue, Refunding
5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,575,090
Jacksonville Electric Authority, Revenue, Refunding:
Electric Systems 5.40%, 10/1/2004 2,250,000 2,374,200
(Saint John's River) 5%, 10/1/2004 4,000,000 4,164,880
Jacksonville Port Authority, Airport Revenue, Refunding
5%, 10/1/2005 (Insured; FGIC) 2,800,000 2,884,756
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC) 2,000,000 2,086,560
Lake County, Resource Recovery Industrial Development Revenue, Refunding
(NRG/Recovery Group) 5.85%, 10/1/2009 6,000,000 6,284,220
Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,096,780
Lakeland, Electric and Water Revenue, Refunding 5.90%, 10/1/2007 2,385,000 2,662,972
Miami, Refunding 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,469,591
Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA) 1,500,000 1,579,425
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investment (continued) Amount Value
- -------------------------------------------------------
_____________ ____________
Florida (continued)
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project) 5.70%, 11/15/2003 (Insured; FSA) $ 1,500,000 $ 1,616,520
Miami-Dade County, School Board COP, Refunding
5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,651,625
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005 1,075,000 1,154,443
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) (b) 3,500,000 3,780,665
Orange County Health Facilities Authority, HR, Refunding
(Orlando Regional Healthcare) 5.50%, 11/1/2003 (Insured; MBIA) 2,000,000 2,132,360
Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003 2,000,000 2,119,060
Orlando Utilities Commission, Water and Electric Revenue, Refunding:
5.60%, 10/1/2003 10,000,000 10,699,300
5.75%, 10/1/2005 2,000,000 2,183,460
5.80%, 10/1/2006 5,930,000 6,531,243
5.80%, 10/1/2007 1,175,000 1,301,195
Osceola County, Revenue:
Gas Tax Improvement, Refunding:
5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,448,183
5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,550,615
Transportation (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,391,338
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004 3,890,000 4,245,663
Palm Beach County, Revenue:
Criminal Justice Facilities, Refunding 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,963,153
Water and Sewer 5%, 10/1/2010 (Insured; MBIA) 7,320,000 7,506,001
Palm Beach County School District, Refunding 6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,075,340
Palm Beach County Solid Waste Authority, Revenue, Refunding
5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,248,760
Pasco County, Water and Sewer Revenue, Refunding:
5.50%, 10/1/2002 (Insured; FGIC) 2,500,000 2,645,650
5.40%, 10/1/2003 (Insured; FGIC) 1,500,000 1,593,030
Polk County, Capital Improvement Revenue, Refunding
6%, 12/1/2002 (Insured; MBIA) 1,900,000 2,052,874
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC) 1,315,000 1,379,093
Reedy Creek Improvement District, Utilities Revenue
6.30%, 10/1/2003 (Insured; MBIA, Prerefunded 10/1/2001) (a) 1,000,000 1,079,010
Saint John's County, Water and Sewer Revenue, Refunding
5%, 6/1/2008 (Insured; MBIA) 1,020,000 1,069,980
Saint John's County Industrial Development Authority, HR
(Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,055,220
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investment (continued) Amount Value
- -------------------------------------------------------
_____________ ____________
Florida (continued)
Saint Lucie County School District, Refunding 5.90%, 7/1/2002 (Insured; AMBAC) $ 1,780,000 $ 1,904,297
Saint Petersburg, Public Improvement Revenue, Refunding
6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,599,495
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,629,343
Utilities Systems Revenue 5.60%, 10/1/2004 (Insured; FGIC) 2,345,000 2,510,299
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,718,950
Sunrise, Revenue:
Public Facilities:
6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,187,660
6.50%, 10/1/2007 (Insured; MBIA) 1,000,000 1,107,470
Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,478,226
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center)
5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,058,310
Tampa, Revenue:
(Aquarium, Inc. Project) 7.25%, 5/1/2005 (Prerefunded 5/1/2002) (a) 1,200,000 1,347,660
Refunding (Alleghany Health Systems-Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 3,071,558
Water and Sewer 6.30%, 10/1/2006 1,590,000 1,732,003
Volusia County:
Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,174,280
Special Assessment (Bethune Beach Wastewater Project)
6.875%, 7/1/2005 795,000 861,422
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,225,780
6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,091,970
U.S. Related--4.6%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,245,350
Puerto Rico Commonwealth Highway and Transportation Authority
Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,702,350
Puerto Rico Electric Power Authority, Power Revenue:
5%, 7/1/2006 (Insured; FSA) 2,125,000 2,224,089
5%, 7/1/2006 (Insured; MBIA) 1,175,000 1,229,790
Puerto Rico Public Finance Corporation, Commonwealth Appropriation
5%, 6/1/2009 (Insured; AMBAC) 3,000,000 3,134,760
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002 400,000 417,356
_____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $303,937,190) $320,373,729
=============
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Short-Term Municipal Investment--1.7% Amount Value
- -------------------------------------------------------
_____________ ____________
Florida--1.4%
Dade County Health Facilities Authority, HR
(Miami Children's Hospital Project) VRDN 4.10% (c) $ 2,300,000 $ 2,300,000
Saint Lucie County, PCR, Refunding, VRDN
(Florida Power and Light Company Project) 3.75% (c) 2,400,000 2,400,000
U.S. Related--.3%
Puerto Rico Electric Power Authority, Power Revenue
3.32% (Insured; FSA) (d) 1,000,000 1,000,000
_____________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $5,700,000) $ 5,700,000
=============
TOTAL INVESTMENTS (cost $309,637,190) 100.1% $326,073,729
======= =============
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) $ (429,191)
======= =============
NET ASSETS 100.0% $325,644,538
======= =============
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
FGIC Financial Guaranty Insurance Company 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
Summary of Combined Ratings
- -----------------------------------------------------------------------------
Fitch (e) or Moody's or Standard & Poor's Percentage of Value
_______ ________ _________________ ___________________
AAA Aaa AAA 67.1%
AA Aa AA 24.0
A A A 2.4
BBB Baa BBB 2.6
F-1+ & F-1 MIGI, VMIG1 & P1 SP1 & A1 1.4
Not Rated (f) Not Rated (f) Not Rated (f) 2.5
_______
100.0%
=======
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)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 June 30, 1998, 25.4% of the Fund's net assets are insured by MBIA.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998 (UNAUDITED)
Cost Value
_____________ ____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $309,637,190 $326,073,729
Cash 399,976
Interest receivable 4,916,692
Prepaid expenses 49,969
_____________
331,440,366
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 173,257
Payable for investment securities purchased 5,561,943
Payable for shares of Beneficial Interest redeemed 6,976
Accrued expenses 53,652
_____________
5,795,828
_____________
NET ASSETS $325,644,538
=============
REPRESENTED BY: Paid-in capital $307,251,580
Accumulated net realized gain (loss) on investments 1,956,419
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 16,436,539
_____________
NET ASSETS $325,644,538
=============
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) 23,984,797
NET ASSET VALUE, offering and redemption price per share--Note 3(d) $13.58
=======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income $8,689,151
EXPENSES: Management fee--Note 3(a) $1,002,750
Shareholder servicing costs--Note 3(b) 292,523
Professional fees 21,089
Custodian fees 17,220
Trustees' fees and expenses--Note 3(c) 15,460
Prospectus and shareholders' reports 9,500
Registration fees 8,172
Loan commitment fees--Note 2 1,499
Miscellaneous 13,265
___________
Total Expenses 1,381,478
___________
INVESTMENT INCOME--NET 7,307,673
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments $1,955,415
Net unrealized appreciation (depreciation) on investments (3,569,827)
___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (1,614,412)
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $5,693,261
===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1998 Year Ended
(Unaudited) December 31, 1997
________________ _______________
OPERATIONS:
<S> <C> <C>
Investment income--net $ 7,307,673 $ 15,775,429
Net realized gain (loss) on investments 1,955,415 2,005,445
Net unrealized appreciation (depreciation) on investments (3,569,827) 3,874,947
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations 5,693,261 21,655,821
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net (7,256,337) (15,826,765)
Net realized gain on investments -- (1,112,980)
_____________ _____________
Total Dividends (7,256,337) (16,939,745)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold 18,222,692 41,255,788
Dividends reinvested 4,766,374 11,285,112
Cost of shares redeemed (47,745,574) (93,192,124)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (24,756,508) (40,651,224)
_____________ _____________
Total Increase (Decrease) in Net Assets (26,319,584) (35,935,148)
NET ASSETS:
Beginning of Period 351,964,122 387,899,270
_____________ _____________
End of Period $325,644,538 $351,964,122
============= =============
DISTRIBUTIONS IN EXCESS OF INVESTMENT INCOME--NET -- $ (51,336)
_____________ _____________
Shares Shares
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold 1,337,722 3,057,168
Shares issued for dividends reinvested 350,777 837,346
Shares redeemed (3,505,527) (6,936,815)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding (1,817,028) (3,042,301)
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
Six Months Ended
June 30, 1998 Year Ended December 31,
_____________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.64 $13.45 $13.62 $12.52 $13.85 $12.94
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net .30 .60 .61 .62 .66 .70
Net realized and unrealized gain (loss)
on investments (.07) .23 (.17) 1.10 (1.33) .92
______ ______ ______ ______ ______ ______
Total from Investment Operations .23 .83 .44 1.72 (.67) 1.62
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.29) (.60) (.61) (.62) (.65) (.70)
Dividends from net realized gain on investments -- (.04) -- -- -- (.01)
Dividends in excess of net realized gain
on investments -- -- -- -- (.01) --
______ ______ ______ ______ ______ ______
Total Distributions (.29) (.64) (.61) (.62) (.66) (.71)
______ ______ ______ ______ ______ ______
Net asset value, end of period $13.58 $13.64 $13.45 $13.62 $12.52 $13.85
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 3.49%(1) 6.35% 3.35% 13.98% (4.92%) 12.84%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .83%(1) .80% .80% .69% .48% .20%
Ratio of net investment income
to average net assets 4.37%(1) 4.43% 4.53% 4.70% 5.01% 5.20%
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- -- .08% .32% .64%
Portfolio Turnover Rate 18.14%(2) 19.68% 19.14% 25.00% 18.76% 13.48%
Net Assets, end of period (000's Omitted) $325,645 $351,964 $387,899 $428,896 $409,361 $538,495
- -----------------------------
(1) Annualized.
(2) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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 Mutual Fund Services, Inc. is the
distributor of Fund' s shares, which are sold to the public without a sales
charge.
The Fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities are valued each business
day by an independent pricing service ("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. Under the terms of the custodian
agreement, the Fund receives net earnings credits based on available cash
balances left on deposit.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(c) Dividends to shareholders: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain 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, if any,
it is the policy of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the 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.
NOTE 2--BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (" Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended June
30, 1998, the Fund did not borrow under the Facility.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(a) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .60 of 1% of the value of the Fund's average
daily net assets and is payable monthly.
(b) Under the Fund' s Shareholder Service Plan, the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's average daily net
assets for certain allocated expenses of providing personal services and/or
maintaining shareholder accounts. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the Fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. During the period
ended June 30, 1998, the Fund was charged an aggregate of $189,252 pursuant to
the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the period
ended June 30, 1998, the Fund was charged $68,977 pursuant to the transfer
agency agreement.
(c) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
(d) A 1% redemption fee is charged and retained by the Fund on 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. During the period ended June 30, 1998,
redemption fees amounted to $283.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended June 30, 1998 amounted
to $59,240,850 and $64,832,178, respectively.
At June 30, 1998, accumulated net unrealized appreciation on investments was
$16,436,539 consisting of $16,577,913 gross unrealized appreciation and $141,374
gross unrealized depreciation.
At June 30, 1998, 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 lion 'd' logo] (reg.tm)
[dreyfus logo] (reg.tm)
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. 740SA986
Florida Intermediate
Municipal Bond
Fund
Semi-Annual
Report
June 30, 1998
