-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PYoy8sQJepTTnZ8VJsukGcB5ggj4e5FUwULRoB+wPGzBWqg2D0FQ6s8qG3pw2FWY wNQNmLWW1g0DECrz9gtvig== 0000881512-96-000003.txt : 19960301 0000881512-96-000003.hdr.sgml : 19960301 ACCESSION NUMBER: 0000881512-96-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960229 SROS: NONE 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: 1940 Act SEC FILE NUMBER: 811-06489 FILM NUMBER: 96528844 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 N-30D 1 ANNUAL REPORT 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 fiscal year ended December 31, 1995, your Fund produced a total return of 13.98% per share.* Income dividends exempt from Federal income tax and state of Florida intangible tax of approximately $.622 per share were paid, which is equivalent to an annualized tax-free distribution rate per share of 4.58%.** THE ECONOMY Additional evidence that economic activity remained sluggish and that inflation continued to be under control moved the Federal Reserve Board to further ease the Federal Funds rate in December. (The Federal Funds rate is the rate at which the nation's banks borrow money from each other and all other short-term rates are based on it.) This was the second reduction for this important short-term rate in 1995, the first occurring in July. The latest 25 basis-point reduction in December put the rate at 5.50%. Major incentives for this additional reduction were the inflation report in November - the Consumer Price Index was flat for the first time in 4 1/2 years - and the generally slow rate of economic growth. As it did in July, the Federal Reserve left unchanged the discount rate - the rate at which the Federal Reserve lends to member banks. The discount rate remained at 5.25% throughout 1995. Signs of economic slowdown increased during the latter half of the year. Weakening retail sales and very modest industrial production lent credence to fears about the possibility of recession. Consumer spending was inhibited last year by the slow rate of new job creation, sluggish growth in wages and salaries, and the continued trend of corporate cost-related layoffs. The lethargic pace of consumer spending last year culminated in one of the worst holiday sales periods since the business slump in 1990-1991, despite steep price markdowns by retailers. Industrial production climbed modestly during the year. By November, the nation's factories operated at only 83.1% of capacity, down for the third consecutive month. This was a reflection of weakening demand and further evidence of the diminishing pressure to raise prices. Furthermore, inventories built up by year-end, another sign of slackening demand. The political stalemate in Washington over the balanced budget adds additional uncertainty to the economy; ultimately an accord will be reached and fiscal policy will likely be a restraining force on the economy. As we go forward without a budget agreement, so we believe, reductions in annually appropriated spending will tend to retard the economy. With an agreement, the combination of cuts in appropriations and other spending reductions should have the same effect. There are strong indications that inflation is under control. Until midyear 1995, fear of inflation was the overriding concern of the Federal Reserve. Now, the focus seems to have shifted to actions designed to avoid recession. In an election year, few things are less desirable for political incumbents than recession. MARKET ENVIRONMENT Municipal securities enjoyed a dramatic bull market throughout 1995. Additional Fed easing may occur in 1996 due to current weakness in the business sector, particularly if the Clinton Administration and Congress can arrive at a meaningful budget agreement. The prospect of a balanced Federal budget should be beneficial to the bond market since it may indicate a reduction in government securities issuance. A similar supply situation is present in the municipal market. Redemptions of existing municipal bonds have outpaced the rate of new issuance for two years and this is expected to continue in 1996. Overall, we remain confident in our optimistic view of the municipal bond market. At the same time, however, we are mindful of the stimulatory effect of easing monetary policy and are watchful for any signs that may ignite inflationary pressures in the economy. THE PORTFOLIO The Fund began 1995 on a cautious note after the previous year's turbulent market. A great deal of volatility surrounded the municipal market throughout the year, reflecting uncertainty associated with tax reform and the difficulty of reaching a Federal budget solution. Despite this uncertainty, the Fund's net asset value appreciated by $1.10 and closed at $13.62. This can be attributed to the Fund's discount bond holdings which saw a considerable price appreciation. This strategy benefited the Fund as the bond market assumed an uncertain tone and sporadic new issues of Florida bonds came to market at increasingly higher prices. Despite what many market makers had thought, the market continued to edge higher. Noting this trend, the Fund purchased additional discount holdings to further enhance performance and enjoyed the gains provided by an ever strengthening market. Out primary task - to earn a high level of current income to the extent consistent with preservation of capital - continues to guide our portfolio management decisions. Included in this report is a series of detailed statements about your Fund's holdings and its financial condition. We hope they are informative. Please know that we appreciate greatly your continued confidence in the Fund and in The Dreyfus Corporation. Sincerely, [Richard J. Moynihan signature logo] Richard J. Moynihan Director, Municipal Portfolio Management January 16, 1996 New York, N.Y. * Total return includes reinvestment of dividends and any capital gains paid. **Annualized distribution rate per share is based upon dividends per share paid from net investment income during the period, divided by the net asset value per share at the end of the period. Some income may be subject to the Federal Alternative Minimum Tax (AMT) for certain shareholders. Capital gains are generally subject to Federal, State and local taxes. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND DECEMBER 31, 1995 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 $13,676 Lehman Brothers 10-Year Municipal Bond Index* $13,373 Dreyfus Florida Intermediate Municipal Bond Fund *Source: Lehman Brothers AVERAGE ANNUAL TOTAL RETURNS ONE YEAR ENDED FROM INCEPTION (1/21/92) DECEMBER 31, 1995 TO DECEMBER 31, 1995 ----------- -------------------- 13.98% 7.65% Past performance is not predictive of future performance. The above graph compares a $10,000 investment made in Dreyfus Florida Intermediate Municipal Bond Fund on 1/21/92 (Inception Date) to a $10,000 investment made in the Lehman Brothers 10-Year Municipal Bond Index on that date. For comparative purposes, the value of the Index on 1/31/92 is used as the beginning value on 1/21/92. All dividends and capital gain distributions are reinvested. The Fund invests primarily in Florida municipal securities and maintains a portfolio with a weighted-average maturity ranging between 3 and 10 years. The Fund's performance shown in the line graph takes into account fees and expenses. Unlike the Fund, the Lehman Brothers 10-Year Municipal Bond Index is an unmanaged total return performance benchmark for the investment-grade, geographically unrestricted 10-year tax exempt bond market, consisting of municipal bonds with maturities of more than 8 years and less than 12 years. The Index does not take into account charges, fees and other expenses. Also, unlike the Fund which principally limits investments to Florida municipal obligations, the Index is not state specific. These factors can contribute to the Index potentially outperforming the Fund. Further information relating to Fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the Prospectus and elsewhere in this report.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS-96.9% AMOUNT VALUE _______ _______ FLORIDA-91.2% Alachua County Health Facilities Authority, Health Facilities Revenue, Refunding (Santa Fe Healthcare Facilities Project) 6.875%, 11/15/2002............. $ 3,740,000 $ 3,958,528 Bay County, RRR, Refunding: 6%, 7/1/2001 (Insured; MBIA)............................................ 1,250,000 1,358,612 6.10%, 7/1/2002 (Insured; MBIA)......................................... 2,095,000 2,306,406 6.20%, 7/1/2003 (Insured; MBIA)......................................... 1,250,000 1,392,075 Boca Raton: Beach Aquisition Revenue 6.125%, 10/1/2006.............................. 2,100,000 2,345,049 Water and Sewer Revenue, Refunding 5.60%, 10/1/2004..................... 1,000,000 1,070,490 Brevard County, Refunding 5.45%, 3/1/2002 (Insured; MBIA)................... 1,250,000 1,326,775 Brevard County Health Facilities Authority, Revenue, Refunding (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002........................... 2,500,000 2,717,000 Broward County: Gas Tax Revenue 6.50%, 9/1/2004......................................... 1,200,000 1,318,404 Refunding 6.125%, 1/1/2006.............................................. 1,950,000 2,117,758 Broward County Health Facilities Authority, Health Care Facilities Revenue (North Beach Hospital Project) 6.75%, 8/15/2006 (Insured; MBIA)......... 4,000,000 4,564,160 Broward County School Board, COP: 6%, 7/1/2001 (Insured; AMBAC)........................................... 1,000,000 1,086,890 6.10%, 7/1/2002 (Insured; AMBAC)........................................ 2,000,000 2,201,820 Broward County School District, Refunding: 5.70%, 2/15/2001........................................................ 3,000,000 3,197,670 5.80%, 2/15/2002........................................................ 2,000,000 2,154,960 5.30%, 2/15/2004........................................................ 5,000,000 5,253,850 6%, 2/15/2004........................................................... 3,000,000 3,276,540 Canaveral Port Authority, Revenue, Refunding: 6.10%, 6/1/2001 (Insured; FGIC)......................................... 2,000,000 2,184,500 Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)........................ 2,000,000 2,121,660 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA)......................................... 6,400,000 6,854,720 Citrus County, Hospital Board Revenue, Refunding (Citrus Memorial Hospital) 6%, 8/15/2002 (Insured; FSA)................. 1,000,000 1,092,560 Collier County, Capital Improvement Revenue, Refunding: 5.75%, 10/1/2006 (Insured; MBIA)........................................ 1,985,000 2,149,636 5.85%, 10/1/2007 (Insured; MBIA)........................................ 2,105,000 2,278,705 Collier County School Board, COP, Refunding 5.50%, 2/15/2003 (Insured; FSA). 3,000,000 3,164,700 Coral Springs, Water and Sewer Revenue, Refunding 5.50%, 9/1/2003 (Insured; FGIC)......................................... 1,425,000 1,525,562 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) Correctional Privatization Commission, COP (South Bay Correctional Facility) 5%, 8/1/2008.......................... $ 2,070,000 $ 2,065,115 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA)......................................... 2,000,000 2,173,960 6.15%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,189,140 Refunding 5.30%, 10/1/2002............................................ 4,000,000 4,191,480 Public Facilities Revenue, Refunding (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA)........... 2,750,000 2,870,862 School District: 5.50%, 8/1/2004....................................................... 1,900,000 2,033,342 Refunding: 5.20%, 7/15/2004 (Insured; AMBAC)................................. 6,000,000 6,264,060 5.20%, 7/15/2005 (Insured; AMBAC)................................. 3,000,000 3,107,400 (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................. 2,470,000 2,688,101 Dade County Health Facilities Authority, HR, Refunding (North Shore Medical Center Project): 5.80%, 8/15/2000 (Insured; AMBAC)..................................... 1,650,000 1,762,398 5.90%, 8/15/2001 (Insured; AMBAC)..................................... 1,725,000 1,862,914 6%, 8/15/2002 (Insured; AMBAC)........................................ 1,760,000 1,922,906 Daytona Beach, Water and Sewer Revenue, Refunding 5.75%, 11/15/2008 (Insured; AMBAC)...................................... 2,270,000 2,398,210 Deerfield Beach, Water and Sewer Improvement Revenue, Refunding 6.125%, 10/1/2003 (Insured; FGIC)....................................... 1,180,000 1,312,018 Duval County School District, Refunding: 5.90%, 8/1/2002 (Insured; AMBAC)........................................ 4,500,000 4,907,790 6.25%, 8/1/2005 (Insured; AMBAC)........................................ 2,400,000 2,649,096 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA)......................................... 1,000,000 1,112,150 Refunding 6%, 7/1/2003 (Insured; MBIA).................................. 3,000,000 3,303,000 Florida, Pollution Control 5.90%, 7/1/2002.................................. 2,500,000 2,724,150 Florida Board of Education, Capital Outlay: 5%, 6/1/2004............................................................ 12,000,000 12,412,080 5.90%, 6/1/2005......................................................... 1,295,000 1,395,362 6.80%, 6/1/2006......................................................... 2,900,000 3,202,905 Florida Division of Bond Finance Department, General Services Revenues: (Department of Natural Resources-Preservation 2000): 5.80%, 7/1/2001 (Insured; MBIA)....................................... 2,000,000 2,154,300 5.90%, 7/1/2002 (Insured; MBIA)....................................... 3,850,000 4,195,191 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) Florida Division of Bond Finance Department, General Services Revenues (continued): (Department of Natural Resources-Preservation 2000) (continued): 6.40%, 7/1/2003 (Insured; AMBAC)...................................... $ 3,450,000 $ 3,837,539 6.10%, 7/1/2004 (Insured; MBIA)....................................... 2,420,000 2,653,675 Refunding (Department of Natural Resources-Save Our Coast) 6.40%, 7/1/2005 (Insured; MBIA)....................................... 1,000,000 1,092,930 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project): 5.75%, 10/1/2000 (Insured; AMBAC)..................................... 1,000,000 1,068,120 5.80%, 10/1/2001 (Insured; AMBAC)..................................... 1,000,000 1,077,010 5.90%, 10/1/2002 (Insured; AMBAC)..................................... 1,000,000 1,088,900 6%, 10/1/2003 (Insured; AMBAC, Prerefunded 10/1/2002) (a)............. 1,000,000 1,114,930 6.10%, 10/1/2004 (Insured; AMBAC, Prerefunded 10/1/2002) (a).......... 1,000,000 1,120,740 Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)........ 7,500,000 7,904,625 Florida Sunshine Skyway, Revenue, Refunding: 6.10%, 7/1/2001......................................................... 1,650,000 1,792,956 6.20%, 7/1/2002......................................................... 1,315,000 1,439,623 Florida Turnpike Authority, Turnpike Revenue 5.90%, 7/1/2005 (Insured; FGIC)......................................... 2,700,000 2,910,762 Fort Meyers, Improvement Revenue (Special Assessment - Geo Area 24) 7.05%, 7/1/2005...................... 1,000,000 1,049,480 Gainesville, Utilities Systems Revenue 6.20%, 10/1/2003..................... 1,650,000 1,839,222 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.50%, 10/1/2005 (Insured; FGIC)........................................ 5,000,000 5,505,750 6.25%, 10/1/2006 (Insured; FGIC)........................................ 4,600,000 5,102,320 Refunding 6.10%, 10/1/2002 (Insured; FGIC).............................. 2,000,000 2,208,360 Hernando County School District, Refunding: 6.10%, 8/1/2003 (Insured; MBIA)......................................... 2,000,000 2,216,580 5.50%, 9/1/2004 (Insured; MBIA)......................................... 1,580,000 1,691,722 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007....................................................... 1,000,000 1,052,780 Hillsborough County: Capital Improvement Revenue (County Center Project): 6.125%, 7/1/2003...................................................... 1,150,000 1,256,433 6.50%, 7/1/2007....................................................... 1,000,000 1,115,570 Refunding (Environmentally Sensitive Lands Acquisition and Protection) 5.875%, 7/1/2001...................................................... 1,295,000 1,399,649 Hillsborough County Aviation Authority, Revenue, Refunding (Tampa International Airport) 5.45%, 10/1/2002 (Insured; AMBAC)......... 3,295,000 3,501,992 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) Hillsborough County Hospital Authority, HR, Refunding (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)....... $ 3,350,000 $ 3,691,465 Hollywood, Water and Sewer Revenue 6%, 10/1/1999 (Insured; FGIC)............ 1,000,000 1,069,390 Indian Trace Community Development District: Refunding (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,369,756 Water and Sewer Revenue 8%, 4/1/2001.................................... 2,425,000 2,624,650 Jacksonville: Excise Taxes Revenue, Refunding: 4.875%, 10/1/2007 (Insured; FGIC) (b)................................. 2,500,000 2,504,250 6.50%, 10/1/2008 (Insured; AMBAC)..................................... 1,000,000 1,134,190 Guaranteed Entitlement Revenue, Refunding 5.50%, 10/1/2002 (Insured; AMBAC) 1,400,000 1,497,076 HR (University Medical Center, Inc. Project) 5.90%, 2/1/2001............ 550,000 587,741 Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,566,570 Jacksonville Electric Authority, Revenue: Electric Systems, Refunding 5.40%, 10/1/2004............................ 2,250,000 2,375,888 (Saint John's River): 6.40%, 10/1/2000...................................................... 5,000,000 5,486,250 Refunding 5%, 10/1/2004............................................... 10,000,000 10,316,600 Kissimmee, Water and Sewer Revenue, Refunding: 5.40%, 10/1/2002 (Insured; AMBAC)....................................... 1,035,000 1,097,017 5.50%, 10/1/2003 (Insured; AMBAC)....................................... 1,000,000 1,067,140 Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding 5%, 10/1/2003 (Insured; FGIC)........................................... 2,000,000 2,077,320 Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC)..................... 1,000,000 1,089,940 Lakeland, Electric and Water Revenue: 6.70%, 10/1/1999........................................................ 1,000,000 1,093,020 Refunding 5.90%, 10/1/2007.............................................. 2,385,000 2,603,824 Lee County Hospital Board of Directors, HR, Refunding (Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)......... 2,730,000 2,951,540 Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC). 745,000 812,281 Miami, Refunding: 5.70%, 12/1/2004 (Insured; FGIC)........................................ 6,025,000 6,548,934 5.80%, 12/1/2005 (Insured; FGIC)........................................ 2,000,000 2,181,060 Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA)......... 1,500,000 1,553,415 Miami Beach Health Facilities Authority, HR, Refunding (Mount Sinai Medical Center Project): 5.60%, 11/15/2002..................................................... 1,100,000 1,183,963 5.70%, 11/15/2003..................................................... 1,500,000 1,628,040 Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project) 5.90%, 7/1/2005......................................................... 1,075,000 1,148,326 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) North Broward Hospital District, HR, Refunding: 6.10%, 1/1/2002 (Insured; MBIA)......................................... $ 2,050,000 $ 2,242,905 6.125%, 1/1/2003 (Insured; MBIA)........................................ 2,000,000 2,205,420 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) (c)............................... 3,500,000 3,667,685 Orange County, Revenue: Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)...................... 1,000,000 1,098,370 Tourist Development Tax: 5.90%, 10/1/2000 (Insured; AMBAC)..................................... 1,900,000 2,046,699 6.15%, 10/1/2002 (Insured; AMBAC)..................................... 2,455,000 2,717,881 Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)....... 2,080,000 2,252,848 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; AMBAC)....... 2,000,000 2,135,520 Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............... 2,000,000 2,128,900 Orlando & Orange County Expressway Authority, Florida Expressway Revenue, Refunding 5.30%, 7/1/2005 (Insured; AMBAC).. 3,500,000 3,678,675 Orlando Utilities Commission, Water and Electric Revenue, Refunding: 5.60%, 10/1/2003........................................................ 10,000,000 10,756,700 5.75%, 10/1/2005........................................................ 2,000,000 2,167,220 5.80%, 10/1/2006........................................................ 5,930,000 6,430,966 Osceola County: Gas Tax Improvement Revenue, Refunding: 5.50%, 4/1/2003 (Insured; FGIC)....................................... 1,365,000 1,456,865 5.65%, 4/1/2004 (Insured; FGIC)....................................... 1,445,000 1,557,912 Transportation Revenue (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA)....................................... 1,500,000 1,605,450 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004................... 4,284,000 4,535,428 Osceola County School Board, COP, Refunding 5%, 6/1/2007 (Insured; AMBAC)........................................... 2,000,000 2,025,120 Palm Beach County: Criminal Justice Facilities Revenue, Refunding 5.10%, 6/1/2003 (Insured; FGIC)....................................... 5,000,000 5,217,800 Water and Sewer Revenue 5%, 10/1/2007 (Insured; MBIA)................... 2,000,000 2,023,920 Palm Beach County School District, Refunding: 5.50%, 8/1/2000 (Insured; AMBAC)........................................ 1,200,000 1,269,840 5.60%, 8/1/2001 (Insured; AMBAC)........................................ 1,000,000 1,068,290 6%, 8/1/2006 (Insured; AMBAC)........................................... 1,000,000 1,086,460 6%, 8/1/2007 (Insured; AMBAC)........................................... 3,000,000 3,250,500 Pasco County, Refunding: Optional Gas Tax Revenue 5.50%, 8/1/2002 (Insured; FGIC)................ 1,980,000 2,114,402 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) Pasco County, Refunding (continued): Water and Sewer Revenue: 5.50%, 10/1/2002 (Insured; FGIC)...................................... $ 2,500,000 $ 2,673,350 5.40%, 10/1/2003 (Insured; FGIC)...................................... 1,500,000 1,590,975 Pembroke Pines (Special Assessment Number 94) 5.75%, 11/1/2005........................................................ 1,750,000 1,834,245 Polk County, Capital Improvement Revenue, Refunding 6%, 12/1/2002 (Insured; MBIA)........................................... 1,900,000 2,090,950 Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC).. 1,315,000 1,397,385 Reedy Creek Improvement District: 5.80%, 6/1/1999 (Insured; MBIA)......................................... 1,500,000 1,585,755 4.90%, 6/1/2009 (Insured; AMBAC)........................................ 3,930,000 3,889,875 Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA)...................... 1,000,000 1,103,120 Saint John's County Industrial Development Authority, HR (Flager Hospital Project) 5.80%, 8/1/2003............................... 1,000,000 1,039,720 Saint Lucie County School District, Refunding 5.90%, 7/1/2002 (Insured; AMBAC)........................................ 1,780,000 1,939,595 Saint Petersburg, Public Improvement Revenue, Refunding 6%, 2/1/2002 (Insured; MBIA)............................................ 1,500,000 1,634,850 Sarasota County, Refunding: 6.25%, 10/1/2004 (Insured; FGIC)........................................ 1,505,000 1,660,015 Utilities Systems Revenue: 5.50%, 10/1/2003 (Insured; FGIC)...................................... 2,130,000 2,281,677 5.60%, 10/1/2004 (Insured; FGIC)...................................... 2,345,000 2,527,652 Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA) (d). 2,500,000 2,754,750 South Miami Health Facilities Authority, HR, Refunding (Baptist Health System) 5.15%, 10/1/2008 (Insured; MBIA)................ 1,295,000 1,305,697 Sunrise: Public Facilities Revenue: 6.20%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,217,580 6.50%, 10/1/2007 (Insured; MBIA)...................................... 1,000,000 1,134,190 Refunding 6%, 10/1/2001 (Insured; MBIA)............................... 1,000,000 1,090,310 Utility System Revenue, Refunding 5.20%, 10/1/2005 (Insured; AMBAC)..... 1,395,000 1,455,417 Tallahassee, Health Facilities Revenue, Refunding (Tallahassee Memorial Regional Medical Center): 5.50%, Series A, 12/1/2002 (Insured; MBIA)............................ 1,010,000 1,077,811 5.50%, Series B, 12/1/2002 (Insured; MBIA)............................ 1,000,000 1,067,140 Tampa, Revenue: (Alleghany Health Systems - Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA)...................................... 2,750,000 2,928,503 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) Tampa, Revenue (continued): (Aquarium, Inc. Project) 7.25%, 5/1/2005................................ $ 1,200,000 $ 1,297,824 Water and Sewer: 6.30%, 10/1/2006...................................................... 4,000,000 4,450,880 5%,10/1/2008.......................................................... 1,000,000 1,003,900 Volusia County, Sales Tax Improvement Revenue, Refunding 6.40%, 10/1/2007 (Insured; MBIA)........................................ 2,000,000 2,230,780 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,244,924 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,105,860 Volusia County School District, Refunding 6.375%, 8/1/2005 (Insured; FGIC).. 1,000,000 1,100,290 Volusia County Special Assessment (Bethune Beach Wastewater Project): 6.60%, 7/1/2001......................................................... 1,045,000 1,078,461 6.875%, 7/1/2005........................................................ 1,000,000 1,066,040 U.S. RELATED-5.7% Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003......................... 5,000,000 5,235,450 Puerto Rico Electric Power Authority, Electric Revenue, Refunding 5.50%, 7/1/2002 (Insured; FSA).......................................... 6,000,000 6,399,540 Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding 5.875%, 7/1/1999........................................................ 4,000,000 4,212,280 Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 3,100,000 3,254,814 Puerto Rico Public Buildings Authority: Refunding (Public Education and Health Facilities) 6.50%, 7/1/2003...... 1,000,000 1,081,870 Revenue, Refunding 6.10%, 7/1/2000...................................... 2,500,000 2,679,375 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002......................................................... 900,000 952,857 --------- TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $381,621,553)................... $406,635,757 =========== SHORT-TERM MUNICIPAL INVESTMENTS-3.1% FLORIDA-2.8% Dade County, Water and Sewer Systems Revenue, VRDN 4.90% (e)................ $ 2,000,000 $ 2,000,000 Dade County Industrial Development Authority, Exempt Facilities Revenue, VRDN (Florida Power and Light Co.) 5.80% (e). 4,500,000 4,500,000 Martin County, PCR, Refunding, VRDN (Florida Power and Light Co. Project) 5% (e)............................ 1,300,000 1,300,000 Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN (Pooled Hospital Loan Program) 5.95% (LOC; Chemical Bank) (c) (e)....... 3,600,000 3,600,000 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 PRINCIPAL SHORT-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE _______ _______ FLORIDA (CONTINUED) Saint Lucie County, PCR, Refunding, VRDN (Florida Power and Light Co. Project) 5% (e)............................ $ 200,000 $ 200,000 U.S. RELATED-.3% Puerto Rico Power Authority, Power Revenue 3.65% (Insured; FSA) (f)................................................ 1,400,000 1,400,000 --------- TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $13,000,000)................... $ 13,000,000 =========== TOTAL INVESTMENTS-100.0% (cost $394,621,553)..................................................... $419,635,757 ===========
SUMMARY OF ABBREVIATIONS AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit COP Certificate of Participation MBIA Municipal Bond Investors Assurance FGIC Financial Guaranty Insurance Company Insurance Corporation FSA Financial Security Assurance PCR Pollution Control Revenue HR Hospital Revenue RRR Resources Recovery Revenue IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
SUMMARY OF COMBINED RATINGS (UNAUDITED) FITCH (G) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE - --------- ------- ----------------- ------------------- AAA Aaa AAA 66.4% AA Aa AA 21.0 A A A 4.9 BBB Baa BBB 1.9 F-1+ & F-1 MIGI, VMIG1 & P1 SP1 & A1 2.8 Not Rated (h) Not Rated (h) Not Rated (h) 3.0 ------ 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) Purchased on a delayed delivery basis. (c) Secured by letters of credit. (d) Wholly held by the custodian in a segregated account as collateral for a delayed delivery security. (e) 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. (f) Inverse floater security - the interest rate is subject to change periodically. (g) Fitch currently provides creditworthiness information for a limited number of investments. (h) Securities which, while not rated by Fitch, Moody's or Standard & Poor's, have been determined by the Fund's Manager to be of comparable quality to those rated securities in which the Fund may invest. See notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995 ASSETS: Investments in securities, at value (cost $394,621,553)-see statement..................................... $419,635,757 Cash.................................................................... 5,220,586 Interest receivable..................................................... 6,752,763 Receivable for shares of Beneficial Interest subscribed................. 100,143 Prepaid expenses........................................................ 17,654 ----------- 431,726,903 LIABILITIES: Due to The Dreyfus Corporation and subsidiaries......................... $ 223,074 Payable for investment securities purchased............................. 2,505,447 Accrued expenses and other liabilities.................................. 102,276 2,830,797 -------- ---------- NET ASSETS.................................................................. $428,896,106 =========== REPRESENTED BY: Paid-in capital......................................................... $407,987,665 Accumulated undistributed investment income-net......................... 104,156 Accumulated net realized (loss) on investments.......................... (4,209,919) Accumulated gross unrealized appreciation on investments-Note 3......... 25,014,204 --------- NET ASSETS at value applicable to 31,480,788 shares outstanding (unlimited number of $.001 par value shares of Beneficial Interest authorized)............................................................. $428,896,106 =========== NET ASSET VALUE, offering and redemption price per share ($428,896,106 / 31,480,788 shares)...................................... $13.62 ======
See notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995 INVESTMENT INCOME: INTEREST INCOME......................................................... $22,528,034 EXPENSES: Management fee-Note 2(a).............................................. $ 2,505,470 Shareholder servicing costs-Note 2(b)................................. 517,089 Professional fees..................................................... 47,273 Custodian fees........................................................ 44,382 Trustees' fees and expenses-Note 2(c)................................. 35,218 Prospectus and shareholders' reports.................................. 19,176 Registration fees..................................................... 1,188 Miscellaneous......................................................... 53,081 ------- TOTAL EXPENSES.................................................... 3,222,877 Less-reduction in management fee due to undertakings-Note 2(a)........ 334,383 ------- NET EXPENSES...................................................... 2,888,494 --------- INVESTMENT INCOME-NET............................................. 19,639,540 REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments-Note 3................................. $ 440,616 Net unrealized appreciation on investments.............................. 34,797,540 --------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 35,238,156 --------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $54,877,696 ==========
See notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF CHANGES IN NET ASSETS YEAR ENDED DECEMBER 31, --------------------------------- 1994 1995 -------- -------- OPERATIONS: Investment income-net................................................... $ 23,281,217 $ 19,639,540 Net realized gain (loss) on investments................................. (4,647,281) 440,616 Net unrealized appreciation (depreciation) on investments for the year.. (44,215,781) 34,797,540 --------- --------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... (25,581,845) 54,877,696 --------- --------- DIVIDENDS TO SHAREHOLDERS: From investment income-net.............................................. (23,224,128) (19,592,473) In excess of net realized gain on investments........................... (238,834) -- --------- --------- TOTAL DIVIDENDS....................................................... (23,462,962) (19,592,473) --------- --------- BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from shares sold........................................... 219,567,040 152,976,653 Dividends reinvested.................................................... 16,231,257 13,179,448 Cost of shares redeemed................................................. (315,887,827) (181,906,301) --------- --------- (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........ (80,089,530) (15,750,200) --------- --------- TOTAL INCREASE (DECREASE) IN NET ASSETS........................... (129,134,337) 19,535,023 NET ASSETS: Beginning of year....................................................... 538,495,420 409,361,083 --------- --------- End of year (including undistributed investment income-net: $57,089 in 1994 and $104,156 in 1995)................................. $ 409,361,083 $ 428,896,106 =========== =========== SHARES SHARES -------- -------- CAPITAL SHARE TRANSACTIONS: Shares sold............................................................. 16,724,264 11,550,916 Shares issued for dividends reinvested.................................. 1,243,406 992,073 Shares redeemed......................................................... (24,144,029) (13,756,816) -------- --------- NET (DECREASE) IN SHARES OUTSTANDING.................................. (6,176,359) (1,213,827) ======== =========
See notes to financial statements.
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 year indicated. This information has been derived from the Fund's financial statements. YEAR ENDED DECEMBER 31, ---------------------------------------------- PER SHARE DATA: 1992(1) 1993 1994 1995 ----- ---- ---- ---- Net asset value, beginning of year........................ $12.50 $12.94 $13.85 $12.52 ----- ---- ---- ---- INVESTMENT OPERATIONS: Investment income-net..................................... .69 .70 .66 .62 Net realized and unrealized gain (loss) on investments.... .44 .92 (1.33) 1.10 ----- ---- ---- ---- TOTAL FROM INVESTMENT OPERATIONS........................ 1.13 1.62 (.67) 1.72 ----- ---- ---- ---- DISTRIBUTIONS: Dividends from investment income-net...................... (.69) (.70) (.65) (.62) Dividends from net realized gain on investments........... -- (.01) -- -- Dividends in excess of net realized gain on investments... -- -- (.01) -- ----- ---- ---- ---- TOTAL DISTRIBUTIONS..................................... (.69) (.71) (.66) (.62) ----- ---- ---- ---- Net asset value, end of year.............................. $12.94 $13.85 $12.52 $13.62 === === === === TOTAL INVESTMENT RETURN....................................... 9.86%(2) 12.84% (4.92%) 13.98% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets................... -- .20% .48% .69% Ratio of net investment income to average net assets...... 5.78%(2) 5.20% 5.01% 4.70% Decrease reflected in above expense ratios due to undertakings by the Manager.......................................... 1.00%(2) .64% .32% .08% Portfolio Turnover Rate................................... 13.01%(3) 13.48% 18.76% 25.00% Net Assets, end of year (000's Omitted)................... $332,582 $538,495 $409,361 $428,896 (1) From January 21, 1992 (commencement of operations) to December 31, 1992. (2) Annualized. (3) Not annualized.
See notes to financial statements. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND NOTES TO FINANCIAL STATEMENTS NOTE 1-SIGNIFICANT ACCOUNTING POLICIES: The Fund is registered under the Investment Company Act of 1940 ("Act") as a non-diversified open-end management investment company. Premier Mutual Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's shares which are sold to the public without a sales charge. The Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned subsidiary of FDI Distribution Services, Inc., a provider of mutual fund administration services, which in turn is a wholly-owned subsidiary of FDI Holdings, Inc., the parent company of which is Boston Institutional Group, Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. (A) PORTFOLIO VALUATION: The Fund's investments are valued each business day by an independent pricing service ("Service") approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. (B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of premiums and original issue discounts on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. The Fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the Fund. (C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain are normally declared and paid annually, but the Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the Fund not to distribute such gain. (D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Internal Revenue Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all Federal income and excise taxes. The Fund has an unused capital loss carryover of approximately $4,207,000 available for Federal income tax purposes to be applied against future net securities profit, if any, realized subsequent to December 31, 1995. If not applied, $2,168,000 of the carryover expires in fiscal 2002 and $2,039,000 of the carryover expires in fiscal 2003. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES: (A) Pursuant to a management agreement ("Agreement") with the Manager, the management fee is computed at the annual rate of .60 of 1% of the average daily value of the Fund's net assets and is payable monthly. The Agreement provides for an expense reimbursement from the Manager should the Fund's aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and extraordinary expenses, exceed the expense limitation of any state having jurisdiction over the Fund for any full year. However, the Manager had undertaken, from January 1, 1995 through March 31, 1995, to waive receipt of the management fee payable to it by the Fund in excess of an annual rate of .40 of 1% of the Fund's average daily net assets, and thereafter had undertaken through July 19, 1995, to reduce the management fee paid by the Fund, to the extent that the Fund's aggregate expenses (excluding certain expenses as described above) exceeded certain specified annual percentages of the Fund's average daily net assets. The reduction in management fee, pursuant to the undertakings, amounted to $334,383 for the year ended December 31, 1995. Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the Fund. Such compensation amounted to $14,626 for the period from December 1, 1995 through December 31, 1995. (B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed an annual rate of .25 of 1% of the value of the Fund's average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the Fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the year ended December 31, 1995, the Fund was charged an aggregate of $251,509 pursuant to the Shareholder Services Plan. (C) Each trustee who is not an "affiliated person" as defined in the Act receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board receives an additional 25% of such compensation. NOTE 3-SECURITIES TRANSACTIONS: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the year ended December 31, 1995 amounted to $101,505,566 and $114,159,702, respectively. At December 31, 1995, 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, 1995, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1995 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Florida Intermediate Municipal Bond Fund at December 31, 1995, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the indicated years, in conformity with generally accepted accounting principles. [Ernst and Young LLP signature logo] New York, New York February 7, 1996 IMPORTANT TAX INFORMATION (UNAUDITED) In accordance with Federal tax law, the Fund hereby designates all the dividends paid from investment income-net during the fiscal year ended December 31, 1995 as "exempt-interest dividends" (not subject to regular Federal income tax and, for individuals who are Florida residents, not subject to taxation by Florida). As required by Federal tax law rules, shareholders will receive notification of their portion of the Fund's taxable ordinary dividends (if any) and capital gains distributions (if any) paid for the 1995 calendar year on Form 1099-DIV which will be mailed by January 31, 1996. [Dreyfus lion "d" logo] DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND 200 Park Avenue New York, NY 10166 MANAGER The Dreyfus Corporation 200 Park Avenue New York, NY 10166 CUSTODIAN The Bank of New York 90 Washington Street New York, NY 10286 TRANSFER AGENT & DIVIDEND DISBURSING AGENT Dreyfus Transfer, Inc. One American Express Plaza Providence, RI 02903 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in U.S.A. 740AR9512 [Dreyfus logo] Florida Intermediate Municipal Bond Fund Annual Report December 31, 1995 EX-99 2 TABLE FOR GRAPH IN THE PRESIDENT'S LETTER 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 | |---------------------------------------------------| *Source: Lehman Brothers -----END PRIVACY-ENHANCED MESSAGE-----