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<SEC-DOCUMENT>0000881512-99-000002.txt : 19990302
<SEC-HEADER>0000881512-99-000002.hdr.sgml : 19990302
ACCESSION NUMBER: 0000881512-99-000002
CONFORMED SUBMISSION TYPE: N-30D
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 19981231
FILED AS OF DATE: 19990301
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
CENTRAL INDEX KEY: 0000881512
STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000]
IRS NUMBER: 133641181
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: N-30D
SEC ACT:
SEC FILE NUMBER: 811-06489
FILM NUMBER: 99553179
BUSINESS ADDRESS:
STREET 1: 200 PARK AVE
STREET 2: DREYFUS CORP
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2129666130
MAIL ADDRESS:
STREET 1: C/O DREYFUS CORP
STREET 2: 200 PARK AVENUE, 8TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: DREYFUS FLORIDA INSURED MUNICIPAL BOND FUND
DATE OF NAME CHANGE: 19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<DESCRIPTION>ANNUAL REPORT
<TEXT>
YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
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 12-month period ended December 31,
1998. Your Fund produced a total return, including share price changes and
dividend income generated, of 4.98%*, and a tax-free distribution rate per share
of 4.38%.**
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year, but world economic weakness generated powerful enough disinflationary
forces that the Fed acted instead to ease credit beginning in September. After
many years of subpar economic growth, continental Europe moved into a sustained
economic expansion. The overall European economy benefited as interest rates in
peripheral countries such as Spain and Italy fell, approaching the lower levels
established by Germany, on the eve of currency unification. Unlike the U.S.,
Europe has substantial excess capacity of productive plant and labor. In Asia,
weak economies were pervasive as a result of a financial crisis. The Latin
American economies weakened in turn as the financial stresses spread throughout
that region. On balance, there was a substantial weakening of the world economy
over the course of 1998, moderated mainly by the American consumer's role as
"spender of last resort."
A main influence on the U.S. economy during the year was the foreign financial
crisis and consequent cooling of the world economy. The positive effects hit
first. Actual inflation and expected inflation dropped, causing a decline in
long-term Treasury bond yields and mortgage rates. This caused a boom in
housing. The fall in inflation left more of the growth in consumer income with
which to buy goods and services. Thus, consumers benefited from a combination of
good growth in income after inflation, a strong labor market, and increases in
the prices of assets they owned, including bonds, stocks and real estate. In a
sense, 1998 was a year of disinflationary boom in the U.S., as above-trend
economic growth coincided with negligible inflation.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports.
Evidence of a weaker world economy accumulated during 1998 as the financial
stresses continued. A worsened financial crisis occurred between the Russian
default in mid-August and the fallout from the Long Term Capital Management
hedge fund crisis through early October. However, energetic steps were taken to
stabilize the Japanese banks, design a support package for Brazil, ease monetary
policy, and help overinvested financial institutions rebuild their cash
reserves. Indications of a calming of financial fears were evident in the final
months of the year. In any case, there appears to have been a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
The global economy survived a triple financial crisis in 1998 from Japan,
emerging market countries and overextended financial institutions. Excess
capacity persists in many worldwide industries after years of high capital
spending followed by the onset of a worldwide weakening in demand. Fortunately,
the U.S. has led the world in making the transition from the old manufacturing
industries to the new growth industries, such as biotechnology, software,
computer hardware and the Internet. This contributed to the favorable
combination of low unemployment and low inflation in the U.S., and may yet lead
toward more efficient allocation of capital elsewhere in the world.
As 1998 ended, interest rates set by central banks remained in a downtrend in
most parts of the world, including Europe and the U.S. A similar trend had even
begun in many emerging countries, as the stresses of financial crisis relaxed.
MARKET ENVIRONMENT
In calendar year 1998, municipal prices moved upward on a nearly uninterrupted
track from month to month. The environment for fixed-income securities was
constructive generally, and that was reflected in municipal prices. The positive
atmosphere was largely attributable to continued low inflation and low interest
rates contained within a strong U.S. economy. Other factors at work included the
emphatic movement toward lower rates created by the flight-to-quality buying of
U.S. Treasury securities which began with the unfolding global currency and
economic crises. Municipal interest rates trended downward along with
Treasuries' , although not to the same extent. During the year, buyers of
municipals were given comfort from a credit standpoint by the continued strength
of the U.S. economy, whose fiscal benefits extended to the treasuries of states,
cities, and beyond. A good measure of the willingness of investors to buy
municipals, and the ease with which municipalities felt new debt could be sold
even in a lower interest rate environment, can be seen in the near
record-breaking volume of new bonds issued during the year. A total of $284
billion in bonds was issued in 1998, just $8 billion less than in the
record-breaking year of 1993. The issuance of new bonds is not usually evenly
dispersed across the country, and in 1998 it was often difficult to locate
desirable paper to purchase in several states. That sizeable new issue calendar,
combined with global events and the effects of a dramatic stock market,
occasionally made for volatile trading sessions. As Treasury prices escalated in
the face of global turmoil, municipal yields vis-a-vis Treasury yields became
increasingly attractive. Historically, when long-term municipals yielded 80% to
85% of the yields available on Treasuries with comparable maturities, they were
considered to be good values. For much of 1998, the ratio hovered near 100%, and
even today is at 95%. The environment for municipal bonds still appears to be
positive: the dollar value of new issues in 1999 will likely be less than in
1998, while the continued favorable comparison of municipal yields vis-a-vis
Treasury yields, combined with the built-in tax advantages of municipal bonds,
should continue to command buyers' attention.
PORTFOLIO OVERVIEW
In 1998, the Dreyfus Florida Intermediate Municipal Bond Fund took a more
aggressive investment approach with the portfolio. The Fund focused on extending
its average maturity to approximately eight years to obtain additional yield,
yet maintain neutral duration relative to its Lehman Brothers Index benchmark.
It was an appropriate approach given the unclear direction of the municipal bond
market, which see-sawed between periods of declines and periods of price
appreciation. An additional tactic which we employed to manage market volatility
focused on identifying relative value within the secondary market. For example,
from time to time we bought 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
in the marketplace of longer-maturity, liquid, discount bonds with good
structural characteristics. On the occasions when desirable bonds were found,
the portfolio sold current coupon bonds with short call features at a profit to
provide funds for reinvestment.
Going forward, we will continue to manage the portfolio utilizing a
constructive 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 currently we are without any
concrete signs alluding to the market's direction. Recently, municipal bond
yields have fluctuated in a narrow trading range between 5.05% and 5.25%, 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 that you
find them informative. Please know that we greatly appreciate your continued
confidence in the Fund and The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 15, 1999
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, divided by the net asset value per share at
the end of the period, adjusted for any capital gain distributions. Some income
may be subject to the Federal Alternative Minimum Tax (AMT) for certain
shareholders.
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND DECEMBER 31, 1998
- -----------------------------------------------------------------------------
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
Dollars
$16,674
Lehman Brothers 10-Year Municipal Bond Index*
$15,431
Dreyfus Florida Intermediate Municipal Bond Fund
*Source: Lehman Brothers
Average Annual Total Returns
- -----------------------------------------------------------------------------
One Year Ended Five Years Ended From Inception (1/21/92)
December 31, 1998 December 31, 1998 to December 31, 1998
___________________ ___________________ ________________________
<S> <C> <C> <C>
4.98% 4.57% 6.44%
- ------------------------
</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.
The Lehman Brothers 10-Year Municipal Bond Index is not limited to investments
principally in Florida municipal obligations and does not take into account
charges, fees and other expenses. The Lehman Brothers 10-Year Municipal Bond
Index, unlike the Fund, 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. These
factors, coupled with the potentially longer maturity of the Index, can
contribute to the Index potentially outperforming or underperforming 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>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS DECEMBER 31, 1998
Principal
Long-Term Municipal Investments--96.7% Amount Value
- ------------------------------------------------------- ____________ _____________
<S> <C> <C>
Florida--92.4%
Alachua County Health Facilities Authority, Health Facilities Revenue:
Refunding (Santa Fe Health Systems Project)
6.875%, 11/15/2002 (Prerefunded 11/15/2000) (a) . . . . . . . . . . . . . . . . . . $ 2,385,000 $ 2,544,437
(Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . 1,700,000 1,839,349
Bay County, Refunding:
PCR (International Paper Co. Project) 5.10%, 9/1/2012 . . . . . . . . . . . . . . . . . 2,500,000 2,579,950
RRR:
6.10%, 7/1/2002 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,095,000 2,261,573
6.20%, 7/1/2003 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250,000 1,371,400
Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) . . . . . . . . . 1,000,000 1,099,040
Brevard County Health Facilities Authority, Revenue, Refunding:
(Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) . . . . . . . 3,000,000 3,246,180
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,742,275
Brevard County Housing Finance Authority, MFHR, Refunding
(Windover Oaks) 6.90%, 2/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,278,080
Broward County, Refunding:
6.125%, 1/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,950,000 2,112,825
Airport Systems Revenue 5.375%, 10/1/2013 (Insured; MBIA) . . . . . . . . . . . . . . . 8,100,000 8,573,283
Broward County School Board, COP 6.10%, 7/1/2002 (Insured; AMBAC). . . . . . . . . . . . . 2,000,000 2,159,020
Broward County School District, Refunding:
5.80%, 2/15/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,128,140
5.30%, 2/15/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,346,600
6%, 2/15/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,244,860
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,040,000 5,453,230
Charlotte County, Utility Revenue, Refunding 5.40%, 10/1/2008 (Insured; FGIC). . . . . . . 1,210,000 1,331,121
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,985,000 2,193,346
5.85%, 10/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,105,000 2,330,909
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425,000 1,528,569
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,177,480
6.15%, 10/1/2004 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,180,060
(Miami International Airport):
5%, 10/1/2005 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,075,000 1,130,180
Refunding:
5.75%, 10/1/2005 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,190,260
5.375%, 10/1/2010 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,071,440
Refunding 5.80%, 10/1/2010 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . 510,000 559,123
Public Facilities Revenue, Refunding
(Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) . . . . . . . . . . . . 2,035,000 2,161,658
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 2,470,000 2,635,218
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
Florida (continued)
Dade County (continued):
Special Obligation Revenue, Refunding:
(Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) . . . . . . . . . . . . . . . . $ 2,565,000 $ 2,871,133
Zero Coupon, 10/1/2010 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 6,825,000 3,990,509
Zero Coupon, 10/1/2015 (Insured; AMBAC, Prerefunded 10/1/2008) (a) . . . . . . . . 9,605,000 4,294,299
Zero Coupon, 10/1/2021 (Insured; AMBAC, Prerefunded 10/1/2008) (a) . . . . . . . . 14,465,000 4,373,927
Zero Coupon, 10/1/2025 (Insured; AMBAC, Prerefunded 10/1/2008) (a) . . . . . . . . 9,805,000 2,299,959
Zero Coupon, 10/1/2030 (Insured; AMBAC, Prerefunded 10/1/2008) (a) . . . . . . . . 14,755,000 2,493,152
Zero Coupon, 10/1/2032 (Insured; AMBAC, Prerefunded 10/1/2008) (a) . . . . . . . . 6,000,000 891,180
Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) . . . . . . . . . . . 2,115,000 2,495,362
Dade County Housing Finance Authority, MFMR
(Golden Lakes Apartments Project) 6%, 11/1/2032 . . . . . . . . . . . . . . . . . . . . 1,000,000 1,054,520
Daytona Beach, Water and Sewer Revenue, Refunding
5.75%, 11/15/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,270,000 2,463,699
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,180,000 1,300,820
Delray Beach, Water and Sewer Revenue, Refunding
5.25%, 10/1/2009 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,711,075
Duval County School District, Refunding:
5.90%, 8/1/2002 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,786,965
6.25%, 8/1/2005 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400,000 2,596,992
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,085,680
Refunding 6%, 7/1/2003 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,272,670
Florida, Gas Utility Revenue (Gas Project) 5%, 12/1/2008 (Insured; FSA). . . . . . . . . . 3,000,000 3,209,760
Florida Board of Education, Capital Outlay:
5.50%, 1/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,000 1,527,568
(Public Education):
5.50%, 6/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,725,000 6,225,880
Refunding:
4.90%, 6/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,255,700
5%, 6/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,665,300
Florida Department of Transportation (Right of Way) 5.75%, 7/1/2005. . . . . . . . . . . . 2,375,000 2,625,847
Florida Division of Bond Finance Department, General Services Revenues
(Department of Environmental-Preservation 2000):
5.25%, 7/1/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000 4,604,096
5%, 7/1/2010 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,250,700
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project)
5.90%, 10/1/2002 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,078,230
Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) . . . . . . . . . . . 3,500,000 3,730,440
Florida Sunshine Skyway, Revenue, Refunding 6.20%, 7/1/2002. . . . . . . . . . . . . . . . 1,315,000 1,404,657
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Principal
Long-Term Municipal Investments (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 $ 1,024,931
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.25%, 10/1/2006 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600,000 5,029,318
Refunding 6.10%, 10/1/2002 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,169,480
Halifax Hospital Medical Center, HR, Refunding
5%, 10/1/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750,000 1,841,665
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,191,240
5.50%, 9/1/2004 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,580,000 1,715,864
Hialeah Gardens, IDR, Refunding (Waterford Convalescent)
7.875%, 12/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 965,000 1,049,370
Hillsborough County, Utility Revenue, Zero Coupon, 8/1/2006 (Insured; MBIA). . . . . . . . 5,000,000 3,659,050
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) . . . . . . . . . . . 3,350,000 3,628,753
Hillsborough County Port District, Special Revenue, Refunding
(Tampa Port Authority) 5.75%, 6/1/2013 (Insured; FSA) . . . . . . . . . . . . . . . . . 500,000 540,275
Indian Trace Community Development District, Refunding
(Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) . . . . . . . . . . 2,265,000 2,447,853
Jacksonville:
District Water and Sewer Revenue
5%, 10/1/2020 (Insured; MBIA, Prerefunded 10/1/2008) (a) . . . . . . . . . . . . . 3,000,000 3,215,010
Excise Taxes, Revenue, Refunding:
4.875%, 10/1/2007 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,650,525
6.50%, 10/1/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,111,210
Jacksonville Beach, Utilities Revenue, Refunding
5.125%, 10/1/2004 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,589,940
Jacksonville Electric Authority, Revenue, Refunding
Electric Systems 5.40%, 10/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,384,392
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,109,080
Lake County, Resource Recovery Industrial Development Revenue, Refunding
(NRG/Recovery Group) 5.85%, 10/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,246,780
Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC). . . . . . . . . . . . . . . . . . 1,000,000 1,111,740
Lakeland, Electric and Water Revenue, Refunding 5.90%, 10/1/2007 . . . . . . . . . . . . . 2,385,000 2,704,924
Miami, Refunding 5.80%, 12/1/2005 (Insured; FGIC). . . . . . . . . . . . . . . . . . . . . 1,340,000 1,485,028
Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA). . . . . . . . . . . . 1,500,000 1,604,880
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project) 5.70%, 11/15/2003 (Insured; FSA) . . . . . . . . . 1,500,000 1,628,730
Miami-Dade County, School Board COP, Refunding
5.25%, 8/1/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,701,775
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
Florida (continued)
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project)
5.90%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,075,000 $ 1,162,129
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,772,230
Orange County Health Facilities Authority, HR, Refunding
(Orlando Regional Healthcare) 5.50%, 11/1/2003 (Insured; MBIA) . . . . . . . . . . . . 2,000,000 2,147,360
Orlando, Capital Improvement Special Revenue
5.50%, 10/1/2003 (Prerefunded 10/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,137,240
Orlando Utilities Commission, Water and Electric Revenue, Refunding:
5.60%, 10/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,804,200
5.75%, 10/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,217,600
5.80%, 10/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,930,000 6,634,899
5.80%, 10/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,175,000 1,325,153
Osceola County, Revenue:
Gas Tax Improvement, Refunding:
5.50%, 4/1/2003 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,365,000 1,459,335
5.65%, 4/1/2004 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,445,000 1,565,340
Transportation (Osceola Parkway Project)
5.90%, 4/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000 1,406,483
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004 . . . . . . . . . . . . . . . . . 3,460,000 3,757,422
Palm Beach County, Revenue:
Criminal Justice Facilities, Refunding 5.375%, 6/1/2010 (Insured; FGIC) . . . . . . . . 1,825,000 2,004,105
Water and Sewer 5%, 10/1/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . 7,320,000 7,667,993
Palm Beach County Housing Finance Authority, MFHR
(Windsor Park Apartments Project) 5.85%, 12/1/2033 . . . . . . . . . . . . . . . . . . 1,500,000 1,564,680
Palm Beach County School District, Refunding 6%, 8/1/2006 (Insured; AMBAC) . . . . . . . . 1,000,000 1,080,360
Palm Beach County Solid Waste Authority, Revenue, Refunding
5.50%, 10/1/2006 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,276,240
Pasco County, Water and Sewer Revenue, Refunding:
5.50%, 10/1/2002 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,661,025
5.40%, 10/1/2003 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,607,700
Polk County, Capital Improvement Revenue, Refunding
6%, 12/1/2002 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900,000 2,061,158
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC) . . . . . . . . 1,315,000 1,386,786
Reedy Creek Improvement District, Utilities Revenue
6.30%, 10/1/2003 (Insured; MBIA, Prerefunded 10/1/2001) (a) . . . . . . . . . . . . . . 1,000,000 1,080,870
Saint John's County, Water and Sewer Revenue, Refunding
5%, 6/1/2008 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,020,000 1,087,391
Saint John's County Industrial Development Authority, HR
(Flager Hospital Project) 5.80%, 8/1/2003 . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,061,250
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
Florida (continued)
Saint Lucie County School District, Refunding 5.90%, 7/1/2002 (Insured; AMBAC) . . . . . . $ 1,780,000 $ 1,910,652
Saint Petersburg, Public Improvement Revenue, Refunding
6%, 2/1/2002 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,604,160
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,505,000 1,630,141
Utilities Systems Revenue 5.60%, 10/1/2004 (Insured; FGIC) . . . . . . . . . . . . . . 2,345,000 2,524,111
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA). . . . . . . . . . 2,500,000 2,731,075
Sunrise, Revenue:
Public Facilities:
6.20%, 10/1/2004 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,197,920
6.50%, 10/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,111,210
Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC) . . . . . . . . . . . . . . 1,395,000 1,496,082
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center)
5.50%, 12/1/2002 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,064,100
Tampa, Revenue:
(Aquarium, Inc. Project) 7.25%, 5/1/2005 (Prerefunded 5/1/2002) (a) . . . . . . . . . . 1,200,000 1,349,232
Health Systems (Catholic Health East) 5%, 11/15/2009 (Insured; MBIA) . . . . . . . . . 1,000,000 1,059,700
Refunding (Alleghany Health Systems - Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,750,000 2,989,168
Water and Sewer 6.30%, 10/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,590,000 1,739,063
Tampa Bay, Water Utility Systems Revenue, Refunding 5.125%, 10/1/2015 (Insured; FGIC). . . 3,205,000 3,309,130
Volusia County, Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,174,060
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) . . . 1,145,000 1,231,173
6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) . . . 1,000,000 1,097,170
Volusia County Special Assessment (Bethune Beach Wastewater Project)
6.875%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795,000 858,791
U.S. Related--4.3%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003 (Insured; FSA) . . . . . . . . . . . . 5,000,000 5,311,500
Puerto Rico Commonwealth Highway and Transportation Authority:
Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . 2,500,000 2,769,800
Transportation Revenue 5.25%, 7/1/2012 (Insured; MBIA) . . . . . . . . . . . . . . . . 2,440,000 2,617,730
Virgin Islands Public Finance Authority, Revenue, Refunding 6%, 10/1/2004. . . . . . . . . 3,000,000 3,147,270
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000 416,744
_____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $299,483,275). . . . . . . . . . . . . . . . . $318,140,470
_____________
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1998
Principal
Short-Term Municipal Investments--1.5% Amount Value
- ------------------------------------------------------- ____________ _____________
Florida:
Broward County, IDR, VRDN (Rex Three, Inc. Project) 3.70% (b). . . . . . . . . . . . . . . $ 2,815,000 $ 2,815,000
Dade County Health Facilities Authority, HR,VRDN
(Miami Children's Hospital Project) 4% (b) . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,000,000
Jacksonville, PCR, Refunding, VRDN
(Florida Power and Light Company Project) 4% (b) . . . . . . . . . . . . . . . . . . . 100,000 100,000
_____________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $4,915,000) . . . . . . . . . . . . . . . . . $ 4,915,000
_____________
TOTAL INVESTMENTS (cost $304,398,275). . . . . . . . . . . . . . . . . . . . . . . . . . . 98.2% $323,055,470
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8% $ 6,033,745
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $329,089,215
_______ _____________
Summary of Abbreviations
- -----------------------------------------------------------------------------
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 MFMR Multi-Family Mortgage Revenue
HR Hospital Revenue PCR Pollution Control Revenue
IDR Industrial Development Revenue RRR Resources Recovery Revenue
LOC Letter of Credit VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_____ ________ __________________ ____________________
AAA Aaa AAA 69.9%
AA Aa AA 19.5
A A A 3.2
BBB Baa BBB 2.6
F1+ & F1 MIG1, VMIG1 & P1 SP1 & A1 1.5
Not Rated (c) Not Rated (c) Not Rated (c) 3.3
_______
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) Securities payable on demand. Variable interest rate--subject to periodic
change.
(c) Securities which, while not rated by Fitch, Moody's and Standard & Poor's
have been determined by the Manager to be of comparable quality to those
rated securities in which the Fund may invest.
(d) At December 31, 1998, 27.5% 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 DECEMBER 31, 1998
Cost Value
____________ ____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $304,398,275 $323,055,470
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 1,669,152
Interest receivable . . . . . . . . . . . . . . . . . . . 4,499,130
Receivable for shares of Beneficial Interest subscribed . . 103,876
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 27,240
_____________
329,354,868
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 187,164
Accrued expenses . . . . . . . . . . . . . . . . . . . . 78,489
_____________
265,653
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $329,089,215
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $310,410,655
Accumulated net realized gain (loss) on investments . . . 21,365
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 18,657,195
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $329,089,215
_____________
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 24,217,010
NET ASSET VALUE, offering and redemption price per share--Note 3(d). . . . . . . . . . . . $13.59
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $17,227,774
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . $ 1,978,648
Shareholder servicing costs--Note 3(b) . . . . . 522,754
Professional fees . . . . . . . . . . . . . . . . 42,551
Trustees' fees and expenses--Note 3(c) . . . . . 36,854
Custodian fees . . . . . . . . . . . . . . . . . 31,712
Prospectus and shareholders' reports . . . . . . 24,041
Registration fees . . . . . . . . . . . . . . . . 12,605
Loan commitment fees--Note 2 . . . . . . . . . . 1,146
Miscellaneous . . . . . . . . . . . . . . . . . . 26,594
____________
Total Expenses . . . . . . . . . . . . . . . . 2,676,905
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,550,869
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $ 2,698,862
Net unrealized appreciation (depreciation)
on investments . . . . . . . . . . . . . . . . (1,349,171)
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 1,349,691
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $15,900,560
____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
December 31, 1998 December 31, 1997
_________________ _________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,550,869 $ 15,775,429
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 2,698,862 2,005,445
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . (1,349,171) 3,874,947
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 15,900,560 21,655,821
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,499,533) (15,826,765)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . (2,678,501) (1,112,980)
_____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,178,034) (16,939,745)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 40,889,385 41,255,788
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,540,231 11,285,112
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74,027,049) (93,192,124)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . . (21,597,433) (40,651,224)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . (22,874,907) (35,935,148)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351,964,122 387,899,270
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $329,089,215 $351,964,122
_____________ _____________
Shares Shares
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,999,101 3,057,168
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . 846,706 837,346
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,430,622) (6,936,815)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . (1,584,815) (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.
Year Ended December 31,
____________________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
_______ _______ _______ _______ _______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . $13.64 $13.45 $13.62 $12.52 $13.85
_______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .60 .60 .61 .62 .66
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . . .06 .23 (.17) 1.10 (1.33)
_______ _______ _______ _______ _______
TOTAL FROM INVESTMENT OPERATIONS . . . . . . . . .66 .83 .44 1.72 (.67)
_______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.60) (.60) (.61) (.62) (.65)
Dividends from net realized gain on investments . (.11) (.04) -- -- --
Dividends in excess of net realized gain on investments -- -- -- -- (.01)
_______ _______ _______ _______ _______
TOTAL DISTRIBUTIONS . . . . . . . . . . . . . . . (.71) (.64) (.61) (.62) (.66)
_______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $13.59 $13.64 $13.45 $13.62 $12.52
_______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 4.98% 6.35% 3.35% 13.98% (4.92%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .81% .80% .80% .69% .48%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . 4.41% 4.43% 4.53% 4.70% 5.01%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . -- -- -- .08% .32%
Portfolio Turnover Rate . . . . . . . . . . . . 32.49% 19.68% 19.14% 25.00% 18.76%
Net Assets, end of period (000's Omitted) . . . $329,089 $351,964 $387,899 $428,896 $409,361
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, as amended (the "Act"), as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income exempt
from Federal income tax as is consistent with the preservation of capital. The
Dreyfus Corporation (the "Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A. 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 custody
agreement, the Fund received net earnings credits of $13,924 during the period
ended December 31, 1998 based on available cash balances left on deposit. Income
earned under this arrangement is included in interest income.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the "Code"). To the extent that net realized capital gain can be offset
by capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
December 31, 1998, the Fund did not borrow under the Facility.
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .60 of 1% of the value of the
Fund's average daily net assets and is payable monthly.
(B) Under the Fund's Shareholder Services Plan, the Fund reimburses 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, 1998, the Fund was charged an aggregate of $314,866 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 December 31, 1998, the Fund was charged $124,734 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 shares redeemed
within fifteen days following the date of issuance, including redemptions made
through the use of the Fund Exchange privilege. During the period ended December
31, 1998, redemption fees retained by the Fund amounted to $293.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended December 31, 1998
amounted to $104,430,771 and $115,775,001, respectively.
At December 31, 1998, accumulated net unrealized appreciation on investments
was $18,657,195 consisting of $18,950,427 gross unrealized appreciation and
$293,232 gross unrealized depreciation.
At December 31, 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 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, 1998, 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 and financial highlights. Our procedures included confirmation of
securities owned as of December 31, 1998 by correspondence with the custodian.
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, 1998, 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.
New York, New York
February 1, 1999
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended December 31, 1998:
--all the dividends paid from investment income-net are "exempt-interest
dividends" (not subject to
regular Federal income tax and, for residents of Florida, not subject to
taxation by Florida), and
--the Fund hereby designates $.1137 per share as a long-term capital gain
distribution of the $.1138 per share paid on December 9, 1998 and also
designates $.0002 per share as a long-term capital gain distribution paid on
July 7, 1998.
As required by Federal tax law rules, shareholders will receive notification
of their portion of the Fund's taxable ordinary dividends and capital gains
distributions paid for the 1998 calendar year on Form 1099-DIV which will be
mailed by January 31, 1999.
[reg.tm 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. 740AR9812
Florida Intermediate
Municipal Bond
Fund
Annual Report
December 31, 1998
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<DESCRIPTION>GRAPH IN THE PRESIDENT'S LETTER OF THE ANNUAL REP.
<TEXT>
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
12/31/97 15,618 14,699
12/31/98 16,674 15,431
*Source: Lehman Brothers
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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