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
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DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1993
PRINCIPAL
MUNICIPAL BONDS-96.3% AMOUNT VALUE
FLORIDA-88.4% ------------ ------------
<S> <C> <C>
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.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993
ASSETS:
<S> <C> <C>
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.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
--------------------------------
1992* 1993
------------ ------------
OPERATIONS:
<S> <C> <C>
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.
</TABLE>
<TABLE>
<CAPTION>
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
------- ------
<S> <C> <C>
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.
</TABLE>
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
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% |
|--------------------------------------------------------------|
