-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, TNB3ihnWAMTXgjrkNJGNAdfKUSZpbyAR1QcnJ1mGKLSYEst9A92oPeQ9v+nl8bRK 6jGZGI0lUvhYmFscRky7ng== 0000881512-94-000004.txt : 19940304 0000881512-94-000004.hdr.sgml : 19940304 ACCESSION NUMBER: 0000881512-94-000004 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 40 SEC FILE NUMBER: 811-06489 FILM NUMBER: 94514182 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 PRESIDENT'S LETTER Dear Shareholder: As the Fund's fiscal year ended on December 31, 1993, the net asset value of the Fund was $13.85 per share, an increase of approximately $.92 (7.12%) from the closing price at our fiscal year-end close on December 31, 1992, adjusted for capital gain distributions. Income dividends of approximately $.70 per share were paid during this period, which translates into a distribution rate per share of 5.07%, based on the December 31 closing net asset value per share of $13.85, adjusted for capital gain distributions. We are pleased to report that all dividends paid from net investment income during this period were exempt from Federal income tax, although certain shareholders may be subject to the Federal alternative minimum tax on some portfolio income. Fiscal 1993 saw declining interest rates resulting from monetary easing and a very sluggish economy that produced the lowest inflation rate the national economy has experienced in many years. The State of Florida realized moderate growth abetted by spending for construction repairs necessitated by Hurricane Andrew. As this activity lessens in 1994, Florida expects to experience continued economic growth, albeit possibly at a slower pace. The municipal market's performance during fiscal 1993 was punctuated by a rally in August that made interest rates retreat to record lows and helped to bolster the prices of holdings in the Fund. The supply of newly issued securities in the market appeared excessive at times, but did not quell the downward movement of interest rates which traditionally would be the expected result. Despite lackluster economic growth, demand for municipal securities was more than sufficient to offset the record supply of new issues, mainly because of changes in the U.S. tax law, and municipal securities' advantageous returns when compared to taxable investments. As the Fund enters 1994, these factors should continue to produce good market performance. During the year our efforts were aimed at maintaining a high level of credit quality, while placing great emphasis on producing income. There were opportunities to take capital gains through the sale of securities, but that might have meant settling for less income as the proceeds were reinvested; however, we chose to maintain income as interest rates plunged and higher taxes loomed for many. We believe this posture accomplished several fundamental objectives in line with the precepts outlined in the Prospectus and positioned the Fund to maintain a steady level of income in the future. The municipal bond market continues to be a favorable haven for investment given the economic and tax reasons discussed above. We continue to be very alert to factors affecting the municipal market as a whole, and to transact our daily Fund business with an eye toward achieving your investment goals by identifying the opportunities that will enhance the portfolio. We will continue to utilize our best efforts to prudently react to economic and market events that could affect your Fund. Very truly yours, (Richard J. Moynihan Signature Logo) Richard J. Moynihan President January 24, 1994 New York, N.Y. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND DECEMBER 31, 1993 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] Past performance is not predictive of future performance. The above illustration compares a $10,000 investment made in the 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. To date, the Fund has invested solely in Florida municipal securities, and it has a portfolio with a weighted-average maturity of between 3 and 10 years. The Fund's performance reflects the deduction of 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, 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. Further information relating to Fund performance, including expense reimbursement, if applicable, is contained in the Condensed Financial Information section of the Prospectus and elsewhere in this report. *Source: Lehman Brothers
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS-96.3% AMOUNT VALUE FLORIDA-88.4% ------------ ------------ Alachua County Health Facilities Authority, Health Facilities Revenue, Refunding (Santa Fe Healthcare Facilities Project) 6.875%, 11/15/2002...................... $ 4,540,000 $ 4,920,543 Bay County, RRR, Refunding: 6%, 7/1/2001 (Insured; MBIA)..................................................... 1,250,000 1,387,538 6.10%, 7/1/2002 (Insured; MBIA).................................................. 2,095,000 2,348,453 6.20%, 7/1/2003 (Insured; MBIA).................................................. 1,250,000 1,412,800 Boca Raton, Water and Sewer Revenue, Refunding 5.60%, 10/1/2004.......................... 2,000,000 2,144,160 Boynton Beach, Public Service Tax Revenue, Refunding 5.20%, 11/1/2005 (Insured; AMBAC)... 1,475,000 1,545,357 Brevard County, Refunding 5.45%, 3/1/2002 (Insured; MBIA)................................ 1,250,000 1,342,675 Brevard County Health Facilities Authority, Revenue: (Hospital-Holmes Regional Medical Center Project) 5.10%, 10/1/2000............... 2,000,000 2,028,320 (Refunding-Wuesthoff Memorial Hospital) 6.90%, 4/1/2002.......................... 2,500,000 2,816,925 Broward County: Gas Tax Revenue 6.50%, 9/1/2004.................................................. 1,200,000 1,339,428 Water and Sewer Utility Revenue, Refunding 5%, 10/1/2006 (Insured; AMBAC)........ 1,000,000 1,011,000 Broward County Health Facilities Authority, HR, Refunding (Holy Cross Hospital Inc.) 5.20%, 6/1/2003 (Insured; AMBAC)...................... 2,295,000 2,422,487 Broward County School Board, COP: 6%, 7/1/2001 (Insured; AMBAC).................................................... 1,000,000 1,104,620 6.10%, 7/1/2002 (Insured; AMBAC)................................................. 2,000,000 2,229,920 Broward County School District, Refunding: 5.70%, 2/15/2001................................................................. 3,000,000 3,249,390 5.80%, 2/15/2002................................................................. 2,000,000 2,182,220 5.30%, 2/15/2004................................................................. 6,000,000 6,311,700 6%, 2/15/2004.................................................................... 3,000,000 3,301,710 Canaveral Port Authority, Revenue, Refunding: 6.10%, 6/1/2001 (Insured; FGIC).................................................. 2,000,000 2,233,160 Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)................................. 2,000,000 2,145,140 Charlotte County, Utility Revenue: 6.75%, 10/1/2004 (Insured; FGIC)................................................. 2,390,000 2,815,324 Refunding 5.125%, 10/1/2004 (Insured; FGIC)...................................... 1,500,000 1,569,960 Citrus County, Hospital Board Revenue, Refunding (Citrus Memorial Hospital) 6%, 8/15/2002 (Insured; FSA).......................... 1,000,000 1,109,170 Collier County School Board, COP, Refunding 5.50%, 2/15/2003 (Insured; FSA).............. 3,000,000 3,187,320 Coral Springs, Refunding: 5.20%, 10/1/2003................................................................. 1,190,000 1,242,634 Water and Sewer Revenue 5.50%, 9/1/2003 (Insured; FGIC).......................... 1,425,000 1,539,071 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA)............................................ 2,000,000 2,204,580 6.15%, 10/1/2004 (Insured; MBIA)......................................... 2,000,000 2,215,780 6.75%, 10/1/2006......................................................... 2,750,000 2,996,867 Refunding 5.30%, 10/1/2002............................................... 4,000,000 4,220,120 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE ------------ ------------ FLORIDA (CONTINUED) Dade County (continued): (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)...................................... $ 2,470,000 $ 2,732,783 School Board, COP (G. Holmes Braddock Senior High School) 5.125%, 8/1/2003 (Insured; MBIA). 1,500,000 1,577,040 School District, Refunding: 5.20%, 7/15/2004 (Insured; AMBAC)........................................ 6,000,000 6,284,760 5.20%, 7/15/2005 (Insured; AMBAC)........................................ 6,425,000 6,684,506 Public Facilities Revenue, Refunding (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA).............. 2,750,000 2,864,400 Water and Sewer Systems Revenue, Refunding 4.70%, 10/1/2004 (Insured; FGIC)......................................... 5,000,000 5,058,550 Dade County Health Facilities Authority, HR, Refunding: (North Shore Medical Center Project): 5.80%, 8/15/2000 (Insured; AMBAC)........................................ 1,650,000 1,799,144 5.90%, 8/15/2001 (Insured; AMBAC)........................................ 1,725,000 1,897,948 6%, 8/15/2002 (Insured; AMBAC)........................................... 1,760,000 1,952,139 Deerfield Beach, Water and Sewer Revenue, Refunding and Improvement 6.125%, 10/1/2003 (Insured; FGIC)................................................ 1,180,000 1,329,895 Delray Beach, Water and Sewer Revenue, Refunding 5.10%, 10/1/2004 (Insured; AMBAC)....... 1,500,000 1,544,940 Dunedin, HR, Refunding (Mease Health Care) 5%, 11/15/2004 (Insured; MBIA)................ 3,550,000 3,679,398 Duval County School District: 7.10%, 8/1/1999.................................................................. 1,000,000 1,108,690 Refunding 5.90%, 8/1/2002 (Insured; AMBAC)....................................... 4,500,000 4,961,070 Escambia County, Sales Tax Revenue, Refunding 5.30%, 1/1/2004 (Insured; FGIC)............ 2,050,000 2,167,362 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA).................................................. 1,000,000 1,135,030 Refunding 6%, 7/1/2003 (Insured; MBIA)........................................... 3,000,000 3,344,760 Florida, Pollution Control 5.90%, 7/1/2002............................................... 2,500,000 2,768,175 Florida Board of Education, Capital Outlay: 6.919%, 6/1/2004 (a,b)........................................................... 7,000,000 7,455,000 6.80%, 6/1/2006.................................................................. 2,900,000 3,218,449 Public Education: 5.30%, 6/1/2003.......................................................... 3,000,000 3,189,510 Refunding 5.70%, 6/1/2003................................................ 3,665,000 4,000,714 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 2,195,960 5.90%, 7/1/2002 (Insured; MBIA).......................................... 3,850,000 4,262,990 6.40%, 7/1/2003 (Insured; AMBAC)......................................... 3,450,000 3,912,783 6.10%, 7/1/2004 (Insured; MBIA).......................................... 2,420,000 2,684,917 (Refunding-Department of Natural Resources-Save Our Coast) 6.40%, 7/1/2005 (Insured; MBIA).......................................... 1,000,000 1,112,790 Florida Local Government Finance Authority, Revenue 7.75%, 3/1/2000 (LOC; Sumitomo Bank) (c)......................................... 2,000,000 2,081,020 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE ------------ ------------ FLORIDA (CONTINUED) Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project): 5.75%, 10/1/2000 (Insured; AMBAC)........................................ $ 1,000,000 $ 1,093,890 5.80%, 10/1/2001 (Insured; AMBAC)........................................ 1,000,000 1,100,650 5.90%, 10/1/2002 (Insured; AMBAC)........................................ 1,000,000 1,109,790 6%, 10/1/2003 (Insured; AMBAC)........................................... 1,000,000 1,124,060 6.10%, 10/1/2004 (Insured; AMBAC)........................................ 1,000,000 1,131,250 (Refunding-Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)................. 8,565,000 9,080,613 Florida Sunshine Skyway, Revenue, Refunding: 6.10%, 7/1/2001.................................................................. 1,650,000 1,813,169 6.20%, 7/1/2002.................................................................. 1,315,000 1,454,324 Gainesville, Utilities Systems Revenue 6.20%, 10/1/2003.................................. 1,650,000 1,855,408 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.25%, 10/1/2006 (Insured; FGIC)................................................. 1,600,000 1,762,144 Refunding: 6.10%, 10/1/2002 (Insured; FGIC)......................................... 2,000,000 2,247,640 5.75%, 10/1/2003 (Insured; AMBAC)........................................ 5,000,000 5,496,700 Hernando County School District, Refunding: 6.10%, 8/1/2003 (Insured; MBIA).................................................. 2,000,000 2,246,780 5.40%, 9/1/2003 (Insured; MBIA).................................................. 1,290,000 1,383,228 5.50%, 9/1/2004 (Insured; MBIA).................................................. 1,580,000 1,700,080 Hillsborough County: Capital Improvement Revenue (County Center Project) 6.125%, 7/1/2003............. 1,150,000 1,266,070 (Refunding-Environmentally Sensitive Lands Acquisition and Protection): 5.875%, 7/1/2001......................................................... 1,295,000 1,398,108 6%, 7/1/2002............................................................. 2,080,000 2,264,704 Utility Revenue, Refunding Zero Coupon, 8/1/2006 (Insured; MBIA)................. 2,500,000 1,338,000 Hillsborough County Aviation Authority, Revenue, (Tampa International Airport): 4.90%, 10/1/2005 (Insured; FGIC)................................................. 1,635,000 1,645,023 Refunding: 5.30%, 10/1/2001 (Insured; AMBAC)........................................ 3,000,000 3,187,590 5.45%, 10/1/2002 (Insured; AMBAC)........................................ 3,295,000 3,528,945 5%, 10/1/2003 (Insured; FGIC)............................................ 2,345,000 2,425,316 6.70%, 10/1/2004 (Insured; FGIC)......................................... 3,000,000 3,356,970 Hillsborough County Hospital Authority, HR, Refunding (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)................ 3,350,000 3,744,998 Hollywood, Water and Sewer Revenue 6%, 10/1/1999 (Insured; FGIC)......................... 1,000,000 1,096,360 Homestead, Special Insurance Assessment Revenue (Hurricane Andrew Covered Claim): 5.125%, 3/1/2002 (Insured; MBIA)......................................... 2,300,000 2,395,588 5.25%, 3/1/2003 (Insured; MBIA).......................................... 3,500,000 3,660,370 Indian Trace Community Development District, Water and Sewer Revenue 8%, 4/1/2001........ 3,035,000 3,253,732 Jacksonville: HR (University Medical Center Inc. Project) 5.90%, 2/1/2001...................... 550,000 597,053 Excise Taxes Revenue, Refunding 4.90%, 10/1/2003 (Insured; FGIC)................. 2,500,000 2,588,000 Guaranteed Entitlement Revenue, Refunding 5.50%, 10/1/2002 (Insured; AMBAC)...... 1,400,000 1,514,968 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE ------------ ------------ FLORIDA (CONTINUED) Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA)....... $ 1,500,000 $ 1,569,960 Jacksonville Electric Authority, Revenue: Electric Systems, Refunding 5.40%, 10/1/2004..................................... 2,250,000 2,384,528 (Saint John's River): 6.40%, 10/1/2000......................................................... 5,000,000 5,630,850 Refunding: 5%, 10/1/2004.................................................... 12,275,000 12,661,540 5%, 10/1/2005.................................................... 4,925,000 5,039,112 Jacksonville Health Facilities Authority, HR: (Memorial Medical Center Project) 6.20%, 5/1/2000 (Insured; MBIA)................ 1,000,000 1,108,370 (Refunding-Daughters of Charity) 4.75%, 11/15/2003............................... 5,000,000 4,999,700 Kissimmee, Water and Sewer Revenue, Refunding: 5.40%, 10/1/2002 (Insured; AMBAC)................................................ 1,035,000 1,103,993 5.50%, 10/1/2003 (Insured; AMBAC)................................................ 1,000,000 1,070,800 Kissimmee Utility Authority, Electric System Revenue, Refunding and Improvement 5%, 10/1/2003 (Insured; FGIC).................................................... 2,000,000 2,084,500 Lake County Resource Recovery, IDR (Refunding-NRG/Recovery Group) 5.40%, 10/1/2003.................................. 8,440,000 8,549,551 Lakeland, Electric and Water Revenue: 6.70%, 10/1/1999................................................................. 1,000,000 1,130,260 Refunding: 5.375%, 10/1/2002........................................................ 2,000,000 2,135,700 5.625%, 10/1/2005........................................................ 5,455,000 5,880,490 Lee County, Capital Improvement Revenue, Refunding 5.10%, 10/1/2003 (Insured; MBIA)...... 2,500,000 2,625,175 Lee County Hospital Board of Directors, HR, Refunding (Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA).................. 2,730,000 2,996,776 Lee County School Board, COP 5.15%, 8/1/2006 (Insured; FSA).............................. 2,750,000 2,822,325 Marion County School District, Refunding 5.25%, 8/1/2002 (Insured; FSA).................. 1,500,000 1,594,665 Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC).............. 745,000 829,215 Miami, Refunding 5.70%, 12/1/2004 (Insured; FGIC)........................................ 6,025,000 6,588,458 Miami Beach Health Facilities Authority, HR, Refunding (Mount Sinai Medical Center Project): 5.60%, 11/15/2002........................................................ 1,100,000 1,198,131 5.70%, 11/15/2003........................................................ 1,500,000 1,644,615 Nassau County, PCR, Refunding, (ITT Rayonier Inc. Project): 5.70%, 6/1/2001.................................................................. 2,080,000 2,215,429 5.90%, 7/1/2005.................................................................. 1,075,000 1,112,120 North Broward Hospital District, HR, Refunding: 6.10%, 1/1/2002 (Insured; MBIA).................................................. 2,050,000 2,285,770 6.125%, 1/1/2003 (Insured; MBIA)................................................. 2,000,000 2,238,340 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank)(c)......................................... 3,500,000 3,749,970 Orange County, Revenue: Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)............................... 1,000,000 1,116,620 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE ------------ ------------ FLORIDA (CONTINUED) Orange County, Revenue (continued): Tourist Development Tax: 5.90%, 10/1/2000 (Insured; AMBAC)........................................ $ 1,900,000 $ 2,095,016 6.15%, 10/1/2002 (Insured; AMBAC)........................................ 2,455,000 2,767,816 Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)................ 2,080,000 2,278,328 Orange County Health Facilities Authority, Revenue: (Hospital-Adventist/Sunbelt Project) 6.875%, 11/15/2004 (Insured; AMBAC)......... 4,000,000 4,544,520 (Hospital-Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; AMBAC)....... 2,000,000 2,145,840 Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............................ 2,000,000 2,141,600 Orlando & Orange County Expressway Authority, Florida Expressway Revenue, Refunding 5%, 7/1/2003 (Insured; AMBAC).................................................... 5,000,000 5,207,150 Orlando Utilities Commission, Water and Electric Revenue: 5%, 10/1/2004.................................................................... 3,055,000 3,165,377 Refunding 5.60%, 10/1/2003....................................................... 10,000,000 10,876,100 Osceola County: Gas Tax Revenue, Refunding and Improvement: 5.50%, 4/1/2003 (Insured; FGIC).......................................... 1,365,000 1,470,446 5.65%, 4/1/2004 (Insured; FGIC).......................................... 1,445,000 1,567,767 Transportation Revenue (Osceola Parkway Project) 5.375%, 4/1/2002 (Insured; MBIA)............... 1,400,000 1,497,468 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004............................ 4,284,000 4,391,100 Palm Bay, Utility Revenue (Palm Bay Utility Corp. Project) 5.70%, 10/1/2003 (Insured; MBIA)................................................. 1,105,000 1,210,461 Palm Beach County: Criminal Justice Facilities Revenue: 7.10%, 6/1/2004 (Insured; FGIC).......................................... 1,500,000 1,764,420 Refunding 5.10%, 6/1/2003 (Insured; FGIC)................................ 5,000,000 5,243,650 Solid Waste IDR, (Okeelanta Power LP Project) 6.375%, 2/15/2007.................. 2,700,000 2,713,932 Palm Beach County School District, Refunding: 5.50%, 8/1/2000 (Insured; AMBAC)................................................. 1,200,000 1,293,156 5.60%, 8/1/2001 (Insured; AMBAC)................................................. 1,000,000 1,086,690 6%, 8/1/2006 (Insured; AMBAC).................................................... 1,000,000 1,079,210 Palm Beach County Solid Waste Authority, Revenue, Refunding and Improvement 5.75%, 12/1/2003 (Insured; MBIA)................................................. 3,865,000 4,254,360 Pasco County, Refunding: Optional Gas Tax Revenue: 5.40%, 8/1/2001 (Insured; FGIC).......................................... 2,830,000 3,038,967 5.50%, 8/1/2002 (Insured; FGIC).......................................... 1,980,000 2,140,083 Water and Sewer Revenue: 5.50%, 10/1/2002 (Insured; FGIC)......................................... 2,500,000 2,705,300 5.40%, 10/1/2003 (Insured; FGIC)......................................... 1,500,000 1,596,930 Pinellas County: Capital Improvement Revenue 5.50%, 10/1/1999..................................... 7,610,000 8,130,144 Health Facilities Authority, HR (Morton Plant Health System Project) 5.10%, 11/15/2004 (Insured; MBIA)........................................ 1,600,000 1,656,656 RRR, Refunding 6.40%, 10/1/1998 (Insured; MBIA).................................. 4,465,000 4,966,866 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE ------------ ------------ FLORIDA (CONTINUED) Polk County, Capital Improvement Revenue, Refunding 6%, 12/1/2002 (Insured; MBIA)........ $ 1,900,000 $ 2,110,273 Port Everglades Authority, Port Improvement Revenue, Refunding Zero Coupon, 9/1/2001 (Insured; FGIC)............................................ 10,225,000 7,236,642 Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC)............... 1,315,000 1,406,156 Reedy Creek Improvement District 5.80%, 6/1/1999 (Insured; MBIA)......................... 1,500,000 1,627,965 Saint John's County Industrial Development Authority, HR (Flagler Hospital Project) 5.80%, 8/1/2003.................................................................. 1,000,000 1,047,080 Saint Lucie County School District, Refunding 5.90%, 7/1/2002 (Insured; AMBAC)................................................. 1,780,000 1,970,941 Saint Petersburg, Public Improvement Revenue, Refunding 6%, 2/1/2002 (Insured; MBIA)..... 1,500,000 1,663,845 Sarasota County, Refunding: Revenue 4.95%, 10/1/2003 (Insured; MBIA)......................................... 1,400,000 1,454,768 6.25%, 10/1/2004 (Insured; FGIC)................................................. 1,505,000 1,683,734 Utilities System Revenue: 5.50%, 10/1/2003 (Insured; FGIC)......................................... 2,130,000 2,301,657 5.60%, 10/1/2004 (Insured; FGIC)......................................... 2,345,000 2,541,910 Sarasota County School Board Financing Corp., Lease Revenue 7.20%, 7/1/2002 (Insured; MBIA).................................................. 2,000,000 2,328,640 Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA).................. 2,500,000 2,789,175 South Broward Hospital District, HR, Refunding 5.05%, 5/1/2004 (Insured; AMBAC).......... 3,075,000 3,167,127 Sunrise: Public Facilities Revenue: 6.50%, 10/1/2007 (Insured; MBIA)......................................... 1,000,000 1,124,980 Refunding 6%, 10/1/2001 (Insured; MBIA).................................. 1,000,000 1,113,040 Utility System Revenue, Refunding: 5.10%, 10/1/2004 (Insured; AMBAC)........................................ 1,335,000 1,394,474 5.20%, 10/1/2005 (Insured; AMBAC)........................................ 1,395,000 1,461,151 Tallahassee, Refunding: Health Facilities Revenue: (Tallahassee Memorial Regional Medical Center-A) 5.50%, 12/1/2002 (Insured; MBIA)................................. 1,000,000 1,075,780 (Tallahassee Memorial Regional Medical Center-B) 5.50%, 12/1/2002 (Insured; MBIA)................................. 1,010,000 1,086,538 Municipal Electric Revenue: 5.50%, 10/1/2001......................................................... 1,475,000 1,576,451 5.60%, 10/1/2002 (Insured; FGIC)......................................... 1,550,000 1,679,053 5.75%, 10/1/2003......................................................... 1,000,000 1,085,350 Tampa, Revenue: (Allegany Health System-Saint Joseph) 4.75%, 12/1/2004 (Insured; MBIA)........... 3,460,000 3,483,286 Packaging Facilities, Refunding (Utilities Tax) 5.20%, 10/1/2003 (Insured; AMBAC)........................................ 2,005,000 2,119,485 Solid Waste System, Refunding: 5%, 10/1/2004 (Insured; FGIC)............................................ 3,650,000 3,781,875 5%, 10/1/2005 (Insured; FGIC)............................................ 1,245,000 1,282,873 Water and Sewer 7.86%, 10/1/2006 (a)............................................. 4,000,000 4,802,840 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 PRINCIPAL MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE ------------ ------------ FLORIDA (CONTINUED) Volusia County, Sales Tax Revenue, Refunding and Improvement 6.40%, 10/1/2007 (Insured; MBIA)................................................. $ 2,000,000 $ 2,214,700 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,262,488 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,118,560 Volusia County School District, Refunding 6.375%, 8/1/2005 (Insured; FGIC)............... 1,000,000 1,119,140 U.S. RELATED-7.9% Commonwealth of Puerto Rico: Public Improvement 6.60%, 7/1/2004............................................... 2,500,000 2,928,675 Refunding 5.20%, 7/1/2003........................................................ 5,000,000 5,159,750 Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding: 5.875%, 7/1/1999................................................................. 4,000,000 4,291,400 5.10%, 7/1/2003.................................................................. 5,000,000 5,125,800 Puerto Rico Electric Power Authority, Electric Revenue, Refunding 5.50%, 7/1/2002 (Insured; FSA)................................................... 6,000,000 6,499,200 Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002..................................... 3,100,000 3,294,711 Puerto Rico Public Buildings Authority: (Refunding-Public Education and Health Facilities) 6.50%, 7/1/2003.......................................................... 1,000,000 1,152,740 Revenue: 6.50%, 7/1/2003.......................................................... 1,395,000 1,620,892 Refunding 6.10%, 7/1/2000................................................ 2,500,000 2,719,250 Virgin Islands Public Finance Authority, Revenue, Refunding: 6.25%, 10/1/1996................................................................. 3,400,000 3,624,910 6.50%, 10/1/1997................................................................. 2,955,000 3,227,510 6.60%, 10/1/1998................................................................. 1,430,000 1,560,402 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002.................................................................. 1,000,000 1,131,020 ------------ TOTAL MUNICIPAL BONDS (cost $480,856,724)................................................ $515,289,169 ============ SHORT-TERM MUNICIPAL INVESTMENTS-3.7% FLORIDA: Florida Housing Finance Agency, Multi-Family Housing Revenue, VRDN: (Sun Pointe Cove Apartments) 3.25% (LOC; Citibank) (c,d)......................... $ 3,100,000 $ 3,100,000 (Montgomery Meadows) 3.25% (LOC; Citibank) (c,d)................................. 3,000,000 3,000,000 Jacksonville Health Facilities Authority, Health Facilities Revenue, VRDN (HSI Support System) 4.30% (LOC; Sun Bank) (Insured; MBIA) (c,d)................. 3,000,000 3,000,000 Martin County, IDR, VRDN (Indiantown Cogeneration Project) 3.25% (LOC; Credit Suisse) (c,d)................................................. 1,000,000 1,000,000 Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN (Pooled Hospital Loan Program) 4% (LOC; Chemical Bank) (c,d)..................... 9,900,000 9,900,000 ------------ TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $20,000,000)................................ $ 20,000,000 ============ TOTAL INVESTMENTS-100.0% (cost $500,856,724).............................................................. $535,289,169 ============ DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993 SUMMARY OF ABBREVIATIONS AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit COP Certificate of Participation MBIA Municipal Bond Insurance Association FGIC Financial Guaranty Insurance Corporation PCR Pollution Control Revenue FSA Financial Security Assurance RRR Resources Recovery Revenue HR Hospital Revenue VRDN Variable Rate Demand Note IDR Industrial Development Revenue SUMMARY OF COMBINED RATINGS (UNAUDITED) FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE - --------- ------- ----------------- ------------------- AAA Aaa AAA 58.6% AA Aa AA 22.7 A A A 7.9 BBB Baa BBB 3.2 F1 MIG1 SP1 2.6 F1 P1 A1 1.1 Not Rated Not Rated Not Rated 3.9 ------ 100.0% ====== NOTES TO STATEMENT OF INVESTMENTS: (a) Inverse floater security - the interest rate is subject to change periodically. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 1993, this security amounted to $7,455,000 or 1.4% of net assets. (c) Secured by letters of credit. (d) Securities payable on demand. The interest rate, which is subject to change, is based upon bank prime rates or an index of market interest rates. (e) Fitch currently provides creditworthiness information for a limited amount of investments. See notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993 ASSETS: Investments in securities, at value (cost $500,856,724)-see statement........................................ $535,289,169 Cash............................................................................. 1,085,920 Interest receivable.............................................................. 8,283,358 Prepaid expenses................................................................. 49,623 Due from The Dreyfus Corporation................................................. 178,398 ------------ 544,886,468 LIABILITIES: Payable for investment securities purchased...................................... $ 6,161,163 Payable for shares of Beneficial Interest redeemed............................... 28,132 Accrued expenses................................................................. 201,753 6,391,048 ------------ ------------ NET ASSETS............................................................................... $538,495,420 ============ REPRESENTED BY: Paid-in capital.................................................................. $503,827,395 Accumulated undistributed net realized gain on investments....................... 235,580 Accumulated gross unrealized appreciation on investments......................... 34,432,445 ------------ NET ASSETS at value applicable to 38,870,974 shares outstanding (unlimited number of $.001 par value shares of Beneficial Interest authorized)...................................................................... $538,495,420 ============ NET ASSET VALUE, offering and redemption price per share ($538,495,420 / 38,870,974 shares)............................................... $13.85 ====== STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1993 INVESTMENT INCOME: INTEREST INCOME.................................................................. $ 22,910,976 EXPENSES: Management fee-Note 2(a)................................................. $ 2,546,400 Shareholder servicing costs-Note 2(b).................................... 735,380 Professional fees........................................................ 62,557 Prospectus and shareholders' reports..................................... 61,853 Registration fees........................................................ 56,794 Custodian fees........................................................... 45,986 Trustees' fees and expenses-Note 2(c).................................... 13,932 Miscellaneous............................................................ 51,426 ----------- 3,574,328 Less-expense reimbursement from Manager due to undertaking-Note 2(a)............................................ 2,726,798 ----------- TOTAL EXPENSES........................................... 847,530 ------------ INVESTMENT INCOME-NET.................................... 22,063,446 REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investments................................................. $ 618,669 Net unrealized appreciation on investments....................................... 27,359,058 ----------- NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.......... 27,977,727 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................................... $ 50,041,173 ============ See notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF CHANGES IN NET ASSETS YEAR ENDED DECEMBER 31, -------------------------------- 1992* 1993 ------------ ------------ OPERATIONS: Investment income-net............................................................ $ 8,265,533 $ 22,063,446 Net realized gain on investments................................................. 16,150 618,669 Net unrealized appreciation on investments for the year.......................... 7,073,387 27,359,058 ------------ ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... 15,355,070 50,041,173 ------------ ------------ DIVIDENDS TO SHAREHOLDERS FROM: Investment income-net............................................................ (8,265,533) (22,063,446) Net realized gain on investments................................................. (14,157) (385,082) ------------ ------------ TOTAL DIVIDENDS.......................................................... (8,279,690) (22,448,528) ------------ ------------ BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from shares sold.................................................... 368,886,012 359,269,086 Dividends reinvested............................................................. 5,936,181 16,093,950 Cost of shares redeemed.......................................................... (49,415,778) (197,042,056) ------------ ------------ INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............. 325,406,415 178,320,980 ------------ ------------ TOTAL INCREASE IN NET ASSETS..................................... 332,481,795 205,913,625 NET ASSETS: Beginning of year................................................................ 100,000 332,581,795 ------------ ------------ End of year...................................................................... $332,581,795 $538,495,420 ============ ============ SHARES SHARES ------------ ------------ CAPITAL SHARE TRANSACTIONS: Shares sold...................................................................... 29,102,431 26,644,952 Shares issued for dividends reinvested........................................... 465,222 1,190,189 Shares redeemed.................................................................. (3,878,187) (14,661,633) ------------ ------------ NET INCREASE IN SHARES OUTSTANDING....................................... 25,689,466 13,173,508 ============ ============ - ----------------------- * From January 21, 1992 (commencement of operations) to December 31, 1992. See notes to financial statements.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND FINANCIAL HIGHLIGHTS Contained below is per share operating performance 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 information provided in the Fund's financial statements. YEAR ENDED DECEMBER 31, ------------------------ PER SHARE DATA: 1992(1) 1993 ------- ------ Net asset value, beginning of year............................................... $12.50 $12.94 ------ ------ INVESTMENT OPERATIONS: Investment income-net............................................................ .69 .70 Net realized and unrealized gain on investments.................................. .44 .92 ------ ------ TOTAL FROM INVESTMENT OPERATIONS......................................... 1.13 1.62 ------ ------ DISTRIBUTIONS: Dividends from investment income-net............................................. (.69) (.70) Dividends from net realized gain on investments.................................. -- (.01) ------ ------ TOTAL DISTRIBUTIONS...................................................... (.69) (.71) ------ ------ Net asset value, end of year..................................................... $12.94 $13.85 ====== ====== TOTAL INVESTMENT RETURN 9.86%(2) 12.84% RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets.......................................... -- .20% Ratio of net investment income to average net assets............................. 5.78%(2) 5.20% Decrease reflected in above expense ratios due to undertaking by the Manager........................................................... 1.00%(2) .64% Portfolio Turnover Rate.......................................................... 13.01%(3) 13.48% Net Assets, end of year (000's Omitted).......................................... $332,582 $538,495 - ------------------------- (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. Dreyfus Service Corporation ("Distributor") acts as the exclusive distributor of the Fund's shares, which are sold to the public without a sales charge. The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation ("Manager"). (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 in the judgment of the Service are readily available and are representative of the bid side of the market 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, when appropriate, 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, 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 provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of income and net realized capital gain sufficient to relieve it from all, or substantially all, Federal income taxes. 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, 1993 through January 5, 1993, to reimburse all fees and expenses of the Fund and thereafter, had undertaken through September 2, 1993 to waive receipt of the management fee payable to it by the Fund. The Manager has currently undertaken through February 28, 1994 or until such time as the net assets of the Fund exceed $550 million, regardless of whether they remain at that level, to waive receipt of the management fee payable to it by the Fund in excess of DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) an annual rate of .20 of 1% of the Fund's average daily net assets. The expense reimbursement, pursuant to the undertaking, amounted to $2,726,798 for the year ended December 31, 1993. (B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the Fund's average daily net assets for servicing 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, 1993, the Fund was charged an aggregate of $456,111 pursuant to the Shareholder Services Plan. (C) Certain officers and trustees of the Fund are "affiliated persons," as defined in the Act, of the Manager and/or the Distributor. Each trustee who is not an "affiliated person" receives an annual fee of $1,000 and an attendance fee of $250 per meeting. (D) On December 5, 1993, the Manager entered into an Agreement and Plan of Merger providing for the merger of the Manager with a subsidiary of Mellon Bank Corporation ("Mellon"). Following the merger, it is planned that the Manager will be a direct subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number of contingencies, including the receipt of certain regulatory approvals and the approvals of the stockholders of the Manager and of Mellon. The merger is expected to occur in mid-1994, but could occur significantly later. Because the merger will constitute an "assignment" of the Fund's Management Agreement with the Manager under the Investment Company Act of 1940, and thus a termination of such Agreement, the Manager will seek prior approval from the Fund's Board and shareholders. NOTE 3-SECURITIES TRANSACTIONS: Purchases and sales of securities amounted to $273,258,010 and $89,384,754, respectively, for the year ended December 31, 1993, and consisted entirely of municipal bonds and short-term municipal investments. At December 31, 1993, 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, 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, 1993, 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, 1993 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, 1993, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated years, in conformity with generally accepted accounting principles. (Ernst & Young Signature Logo) New York, New York February 3, 1994 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, 1993: - - All the dividends paid from investment income-net are "exempt- interest dividends" (not subject to regular Federal income tax and, for individuals who are Florida residents, not subject to taxation by Florida). - - The $.0106 per share paid by the Fund on December 9, 1993 represents a long-term capital gain distribution. As required by Federal tax law rules, shareholders will receive notification of their portion of the Fund's taxable ordinary dividends and capital gain distributions paid for the 1993 calendar year on Form 1099- DIV which will be mailed by January 31, 1994. (Dreyfus Logo) Florida Intermediate Municipal Bond Fund Annual Report December 31, 1993 (Dreyfus Lion Logo) (Dreyfus 'D' Logo) Dreyfus Florida Intermediate Municipal Bond Fund 144 Glenn Curtiss Boulevard Uniondale, NY 11556 Manager The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Distributor Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 Custodian The Bank of New York 110 Washington Street New York, NY 10286 TRANSFER AGENT & DIVIDEND DISBURSING AGENT The Shareholder Services Group, Inc. P.O. Box 9671 Providence, RI 02940 Further information is contained in the Prospectus, which must precede or accompany this report. Printed in U.S.A. 740AR9312 EX-99.A 2 TABLE FOR GRAPH IN 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 | | 1/31/92 | 10,000 | 9,970 | | 2/28/92 | 9,985 | 9,967 | | 3/31/92 | 9,969 | 9,961 | | 4/30/92 | 10,064 | 10,032 | | 5/31/92 | 10,182 | 10,201 | | 6/30/92 | 10,359 | 10,378 | | 7/31/92 | 10,698 | 10,759 | | 8/31/92 | 10,572 | 10,588 | | 9/30/92 | 10,660 | 10,681 | | 10/31/92 | 10,551 | 10,555 | | 11/30/92 | 10,744 | 10,816 | | 12/31/92 | 10,869 | 10,935 | | 1/31/93 | 11,052 | 11,076 | | 2/28/93 | 11,456 | 11,555 | | 3/31/93 | 11,289 | 11,304 | | 4/30/93 | 11,397 | 11,424 | | 5/31/93 | 11,436 | 11,463 | | 6/30/93 | 11,662 | 11,717 | | 7/31/93 | 11,691 | 11,672 | | 8/31/93 | 11,934 | 11,961 | | 9/30/93 | 12,081 | 12,177 | | 10/30/93 | 12,100 | 12,181 | | 11/30/93 | 12,001 | 12,067 | | 12/31/93 | 12,257 | 12,339 | |-------------------------------------------------| |--------------------------------------------------------------| | DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND | |--------------------------------------------------------------| | AVERAGE ANNUAL TOTAL RETURNS ENDED ON 12/31/93 | |--------------------------------------------------------------| | | SINCE INCEPTION | | 1 YEAR | (1/21/92) | |-----------------------------|--------------------------------| | 12.84% | 11.41% | |--------------------------------------------------------------| -----END PRIVACY-ENHANCED MESSAGE-----