LETTER TO SHAREHOLDERS
Dear Shareholder:
In the year ended December 31, 1994, the net asset value of the Fund was
$12.52 per share, which was approximately $1.32 (9.55%) lower than the
closing price at our fiscal year-end on December 31, 1993, adjusted for
capital gain distributions of $.0068. Income dividends of approximately $.65
per share were paid during this period, which translate into an annualized
distribution rate per share of 5.23%, based on the December 31 closing net
asset value per share of $12.52, adjusted for capital gain distributions. As
you know, all dividends paid from the net investment income during this
period were exempt from Federal income tax.*
The performance of the Fund over the past year reflected the impact of a
municipal bond market that was characterized as the worst in 25 years.
Operating amidst the turbulence, we were able to mitigate the full impact of
the downdraft by purchasing higher coupon bonds very early in the year and
selling less attractive lower coupon issues. We also purchased high quality
insured and AA-rated essential service revenue bonds and general obligation
bonds that are intrinsically less volatile in this type of market
environment. This strategy allowed the Fund to take a more defensive stance
and aided in the preservation of income. By using this approach we gave up
less yield and, in our opinion, have positioned the Fund to recoup in 1995 a
portion of the losses realized in 1994 by selectively selling additional
holdings at higher prices. We believe this may be possible given the strong
demand in an extremely sparse new-issue market.
As we move into the New Year, the likelihood of continued economic
growth, rising inflation and additional Fed tightening appears to be on the
horizon. With these expectations, we will cautiously approach the first
quarter with the intent of bolstering income by substituting current holdings
with higher coupons while maintaining quality as such bonds become available.
While January has a tendency to be a quiet month in the financial markets, we
expect activity to advance as we move through the first quarter.
Our shareholders' best interests are always our first priority, so we
will continue to make our best efforts to prudently identify opportunities
and capitalize on sound investments to help achieve your investment goals.
A current Statement of Investments and recent financial statements have
been provided for your consideration. We greatly appreciate your investment
in the Fund and look forward to serving your investment needs in the future.
Very truly yours,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 16, 1995
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders. Capital gains, if any, are generally subject to
Federal, State and local taxes.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
DECEMBER 31, 1994
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)
*Source: Lehman Brothers
<TABLE>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FROM INCEPTION (1/21/92)
DECEMBER 31, 1994 TO DECEMBER 31, 1994
--------------------- ---------------------------
<S> <C> <C>
(4.92%) 5.58%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Florida
Intermediate Municipal Bond Fund on 1/21/92 (Inception Date) to a $10,000
investment made in the Lehman Brothers 10-Year Municipal Bond Index on that
date. For comparative purposes the value of the Index on 1/31/92 is used as
the beginning value on 1/21/92. All dividends and capital gain distributions
are reinvested.
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 reimbursements, if applicable, is contained in
the Condensed Financial Information section of the Prospectus and elsewhere
in this report.
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--95.5% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
FLORIDA--88.8%
Alachua County Health Facilities Authority, Health Facilities Revenue,
Refunding
(Santa Fe Healthcare Facilities Project) 6.875%, 11/15/2002............. $ 4,155,000 $ 4,090,016
Bay County, RRR, Refunding:
6%, 7/1/2001 (Insured; MBIA)............................................ 1,250,000 1,280,350
6.10%, 7/1/2002 (Insured; MBIA)......................................... 2,095,000 2,153,283
6.20%, 7/1/2003 (Insured; MBIA)......................................... 1,250,000 1,281,500
Boca Raton, Water and Sewer Revenue, Refunding 5.60%, 10/1/2004............. 1,000,000 969,960
Boynton Beach, Public Service Tax Revenue, Refunding
5.20%, 11/1/2005 (Insured; AMBAC)....................................... 1,475,000 1,357,531
Brevard County, Refunding 5.45%, 3/1/2002 (Insured; MBIA)................... 1,250,000 1,226,663
Brevard County Health Facilities Authority, Revenue, Refunding
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002........................... 2,500,000 2,596,725
Broward County:
Airport Systems Revenue, Refunding 5%, 10/1/2005........................ 3,000,000 2,700,540
Gas Tax Revenue 6.50%, 9/1/2004......................................... 1,200,000 1,233,348
Broward County Health Facilities Authority, HR, Refunding
(Holy Cross Hospital, Inc.) 5.20%, 6/1/2003 (Insured; AMBAC)............ 2,295,000 2,169,096
Broward County School Board, COP:
6%, 7/1/2001 (Insured; AMBAC)........................................... 1,000,000 1,018,280
6.10%, 7/1/2002 (Insured; AMBAC)........................................ 2,000,000 2,043,380
Broward County School District, Refunding:
5.70%, 2/15/2001........................................................ 3,000,000 2,995,170
5.80%, 2/15/2002........................................................ 2,000,000 2,000,980
5.30%, 2/15/2004........................................................ 5,000,000 4,722,850
6%, 2/15/2004........................................................... 3,000,000 3,020,670
Canaveral Port Authority, Revenue, Refunding:
6.10%, 6/1/2001 (Insured; FGIC)......................................... 2,000,000 2,047,780
Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)........................ 2,000,000 1,954,560
Celebration Community Development District, Special Assessment
5.60%, 5/1/2004 (Insured; MBIA)......................................... 5,000,000 4,858,150
Citrus County, Hospital Board Revenue, Refunding
(Citrus Memorial Hospital) 6%, 8/15/2002 (Insured; FSA)................. 1,000,000 1,015,790
Collier County, Capital Improvement Revenue, Refunding:
5.75%, 10/1/2006 (Insured; MBIA)........................................ 1,985,000 1,938,452
5.85%, 10/1/2007 (Insured; MBIA)........................................ 2,105,000 2,053,133
Collier County School Board, COP, Refunding 5.50%, 2/15/2003 (Insured; FSA). 3,000,000 2,913,780
Coral Springs, Water and Sewer Revenue, Refunding
5.50%, 9/1/2003 (Insured; FGIC)......................................... 1,425,000 1,391,327
Dade County:
Aviation Revenue:
6%, 10/1/2003 (Insured; MBIA)......................................... 2,000,000 1,995,740
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Dade County (continued):
Aviation Revenue (continued):
6.15%, 10/1/2004 (Insured; MBIA)...................................... $ 2,000,000 $ 2,005,580
6.75%, 10/1/2006...................................................... 2,750,000 2,838,660
Refunding 5.30%, 10/1/2002............................................ 4,000,000 3,856,800
Public Facilities Revenue, Refunding (Jackson Memorial Hospital)
5.20%, 6/1/2004 (Insured; MBIA)....................................... 2,750,000 2,591,380
School District, Refunding:
5.20%, 7/15/2004 (Insured; AMBAC)..................................... 6,000,000 5,646,600
5.20%, 7/15/2005 (Insured; AMBAC)..................................... 6,425,000 5,923,529
(Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................. 2,470,000 2,506,531
Dade County Health Facilities Authority, HR, Refunding
(North Shore Medical Center Project):
5.80%, 8/15/2000 (Insured; AMBAC)..................................... 1,650,000 1,663,233
5.90%, 8/15/2001 (Insured; AMBAC)..................................... 1,725,000 1,745,562
6%, 8/15/2002 (Insured; AMBAC)........................................ 1,760,000 1,787,790
Deerfield Beach, Water and Sewer Improvement Revenue, Refunding
6.125%, 10/1/2003 (Insured; FGIC)....................................... 1,180,000 1,213,241
Dunedin, HR, Refunding (Mease Health Care) 5%, 11/15/2004 (Insured; MBIA)... 3,550,000 3,238,594
Duval County School District, Refunding 5.90%, 8/1/2002 (Insured; AMBAC).... 4,500,000 4,537,980
First Florida Governmental Financing Commission, Revenue:
6.30%, 7/1/2002 (Insured; MBIA)......................................... 1,000,000 1,039,300
Refunding 6%, 7/1/2003 (Insured; MBIA).................................. 3,000,000 3,057,930
Florida, Pollution Control 5.90%, 7/1/2002.................................. 2,500,000 2,536,250
Florida Board of Education, Capital Outlay:
4.23%, 6/1/2004 (a,b)................................................... 7,000,000 5,713,750
5.90%, 6/1/2005......................................................... 1,295,000 1,290,934
6.80%, 6/1/2006......................................................... 2,900,000 3,021,887
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 2,021,540
5.90%, 7/1/2002 (Insured; MBIA)....................................... 3,850,000 3,905,825
6.40%, 7/1/2003 (Insured; AMBAC)...................................... 3,450,000 3,601,490
6.10%, 7/1/2004 (Insured; MBIA)....................................... 2,420,000 2,469,804
(Refunding-Department of Natural Resources-Save Our Coast)
6.40%, 7/1/2005 (Insured; MBIA)....................................... 1,000,000 1,020,850
Florida Housing Finance Agency, Refunding
(Plantation Colony Apartments - B) 5.70%, 10/1/2004..................... 1,250,000 1,171,300
Florida Municipal Power Agency, Revenue:
(All-Requirements Power Supply Project):
5.75%, 10/1/2000 (Insured; AMBAC)..................................... 1,000,000 1,005,720
5.80%, 10/1/2001 (Insured; AMBAC)..................................... 1,000,000 1,005,430
5.90%, 10/1/2002 (Insured; AMBAC)..................................... 1,000,000 1,008,550
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Florida Municipal Power Agency, Revenue (continued):
(All-Requirements Power Supply Project) (continued):
6%, 10/1/2003 (Insured; AMBAC, Prerefunded 10/1/2002) (c)............. $ 1,000,000 $ 1,027,600
6.10%, 10/1/2004 (Insured; AMBAC, Prerefunded 10/1/2002) (c).......... 1,000,000 1,033,790
(Refunding-Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)........ 8,565,000 8,057,695
Florida Sunshine Skyway, Revenue, Refunding:
6.10%, 7/1/2001......................................................... 1,650,000 1,675,591
6.20%, 7/1/2002......................................................... 1,315,000 1,338,631
Florida Turnpike Authority, Turnpike Revenue
5.90%, 7/1/2005 (Insured; FGIC)......................................... 2,700,000 2,679,156
Gainesville, Utilities Systems Revenue 6.20%, 10/1/2003..................... 1,650,000 1,692,339
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue:
6.25%, 10/1/2006 (Insured; FGIC)........................................ 1,600,000 1,611,408
Refunding 6.10%, 10/1/2002 (Insured; FGIC).............................. 2,000,000 2,056,920
Hernando County School District, Refunding:
6.10%, 8/1/2003 (Insured; MBIA)......................................... 2,000,000 2,052,220
5.40%, 9/1/2003 (Insured; MBIA)......................................... 1,290,000 1,248,720
5.50%, 9/1/2004 (Insured; MBIA)......................................... 1,580,000 1,529,266
Hillsborough County:
Capital Improvement Revenue (County Center Project):
6.125%, 7/1/2003...................................................... 1,150,000 1,157,176
6.50%, 7/1/2007....................................................... 1,000,000 1,015,560
(Refunding-Environmentally Sensitive Lands Acquisition and Protection):
5.875%, 7/1/2001...................................................... 1,295,000 1,289,134
6%, 7/1/2002.......................................................... 2,080,000 2,077,504
Hillsborough County Aviation Authority, Revenue, Refunding
(Tampa International Airport):
5.30%, 10/1/2001 (Insured; AMBAC)..................................... 2,000,000 1,929,440
5.45%, 10/1/2002 (Insured; AMBAC)..................................... 3,295,000 3,187,550
6.70%, 10/1/2004 (Insured; FGIC)...................................... 3,000,000 3,126,630
Hillsborough County Hospital Authority, HR, Refunding
(Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)....... 3,350,000 3,429,428
Hollywood, Water and Sewer Revenue 6%, 10/1/1999 (Insured; FGIC)............ 1,000,000 1,018,880
Indian Trace Community Development District, Water and Sewer Revenue 8%, 4/1/2001 2,755,000 2,778,610
Jacksonville:
Guaranteed Entitlement Revenue, Refunding 5.50%, 10/1/2002 (Insured; AMBAC) 1,400,000 1,377,348
HR (University Medical Center, Inc. Project) 5.90%, 2/1/2001............ 550,000 553,030
IDR, Refunding (TTX Company Project) 5.40%, 3/1/2001.................... 2,300,000 2,232,955
Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,399,800
Jacksonville Electric Authority, Revenue:
Electric Systems, Refunding 5.40%, 10/1/2004............................ 2,250,000 2,144,790
(Saint John's River):
6.40%, 10/1/2000...................................................... 5,000,000 5,187,650
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Jacksonville Electric Authority, Revenue (continued):
(Saint John's River) (continued):
Refunding:
5%, 10/1/2004..................................................... $ 12,275,000 $ 11,241,445
5%, 10/1/2005..................................................... 1,425,000 1,284,823
Jacksonville Health Facilities Authority, HR:
(Memorial Medical Center Project) 6.20%, 5/1/2000 (Insured; MBIA)....... 1,000,000 1,027,250
Refunding (Daughters of Charity) 4.75%, 11/15/2003...................... 4,205,000 3,706,497
Kissimmee, Water and Sewer Revenue, Refunding:
5.40%, 10/1/2002 (Insured; AMBAC)....................................... 1,035,000 1,004,312
5.50%, 10/1/2003 (Insured; AMBAC)....................................... 1,000,000 969,530
Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding
5%, 10/1/2003 (Insured; FGIC)........................................... 2,000,000 1,867,740
Lakeland, Electric and Water Revenue:
6.70%, 10/1/1999........................................................ 1,000,000 1,047,350
Refunding:
5.625%, 10/1/2005..................................................... 5,455,000 5,256,383
5.90%, 10/1/2007...................................................... 2,385,000 2,337,705
Lee County Hospital Board of Directors, HR, Refunding
(Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)......... 2,730,000 2,748,973
Lee County School Board, COP 5.15%, 8/1/2006 (Insured; FSA)................. 2,750,000 2,490,400
Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC). 745,000 763,588
Miami, Refunding:
5.70%, 12/1/2004 (Insured; FGIC)........................................ 6,025,000 5,946,193
5.80%, 12/1/2005 (Insured; FGIC)........................................ 2,000,000 1,963,460
Miami Beach Health Facilities Authority, HR, Refunding
(Mount Sinai Medical Center Project):
5.60%, 11/15/2002..................................................... 1,100,000 1,090,947
5.70%, 11/15/2003..................................................... 1,500,000 1,490,610
Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project):
5.70%, 6/1/2001......................................................... 2,080,000 2,002,499
5.90%, 7/1/2005......................................................... 1,075,000 1,007,243
North Broward Hospital District, HR, Refunding:
6.10%, 1/1/2002 (Insured; MBIA)......................................... 2,050,000 2,103,915
6.125%, 1/1/2003 (Insured; MBIA)........................................ 2,000,000 2,052,720
Ocean Highway and Port Authority, Revenue
6.25%, 12/1/2002 (LOC; ABN Amro Bank) (d)............................... 3,500,000 3,478,230
Orange County, Revenue:
Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)...................... 1,000,000 1,022,880
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Orange County, Revenue (continued):
Tourist Development Tax:
5.90%, 10/1/2000 (Insured; AMBAC)..................................... $ 1,900,000 $ 1,936,841
6.15%, 10/1/2002 (Insured; AMBAC)..................................... 2,455,000 2,532,480
Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)....... 2,080,000 2,082,350
Orange County Health Facilities Authority, Revenue:
(Hospital-Adventist/Sunbelt Project) 6.875%, 11/15/2004 (Insured; AMBAC) 4,000,000 4,212,800
(Hospital-Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; AMBAC) 2,000,000 1,938,660
Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............... 2,000,000 1,932,460
Orlando & Orange County Expressway Authority, Florida Expressway Revenue,
Refunding 5.30%, 7/1/2005 (Insured; AMBAC).............................. 3,500,000 3,287,760
Orlando Utilities Commission, Water and Electric Revenue:
5%, 10/1/2004........................................................... 3,055,000 2,805,132
Refunding 5.60%, 10/1/2003.............................................. 10,000,000 9,856,400
Osceola County:
Gas Tax Improvement Revenue, Refunding
5.50%, 4/1/2003 (Insured; FGIC)....................................... 1,365,000 1,333,933
5.65%, 4/1/2004 (Insured; FGIC)....................................... 1,445,000 1,421,389
Transportation Revenue
(Osceola Parkway Project) 5.375%, 4/1/2002 (Insured; MBIA)............ 1,400,000 1,366,652
Osceola County Industrial Development Authority, Revenue
(Community Provider Pooled Loan Program) 8%, 7/1/2004................... 4,284,000 4,189,666
Palm Beach County:
Criminal Justice Facilities Revenue, Refunding
5.10%, 6/1/2003 (Insured; FGIC)....................................... 5,000,000 4,721,450
Solid Waste IDR (Okeelanta Power LP Project) 6.375%, 2/15/2007.......... 2,700,000 2,527,767
Palm Beach County School District, Refunding:
5.50%, 8/1/2000 (Insured; AMBAC)........................................ 1,200,000 1,195,380
5.60%, 8/1/2001 (Insured; AMBAC)........................................ 1,000,000 997,760
6%, 8/1/2006 (Insured; AMBAC)........................................... 1,000,000 1,000,650
6%, 8/1/2007 (Insured; AMBAC)........................................... 3,000,000 2,976,300
Pasco County, Refunding:
Optional Gas Tax Revenue:
5.40%, 8/1/2001 (Insured; FGIC)....................................... 2,830,000 2,785,286
5.50%, 8/1/2002 (Insured; FGIC)....................................... 1,980,000 1,948,597
Water and Sewer Revenue:
5.50%, 10/1/2002 (Insured; FGIC)...................................... 2,500,000 2,459,550
5.40%, 10/1/2003 (Insured; FGIC)...................................... 1,500,000 1,441,215
Pinellas County:
Capital Improvement Revenue 5.50%, 10/1/1999............................ 4,000,000 4,004,560
RRR, Refunding 6.40%, 10/1/1998 (Insured; MBIA)......................... 4,465,000 4,623,552
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Polk County, Capital Improvement Revenue, Refunding 6%, 12/1/2002 (Insured;
MBIA).......................................................................... $ 1,900,000 $ 1,932,167
Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC).. 1,315,000 1,288,121
Reedy Creek Improvement District:
5.80%, 6/1/1999 (Insured; MBIA)......................................... 1,500,000 1,521,465
Utilities Revenue, 6.30%, 10/1/2003 (Insured; MBIA)..................... 1,000,000 1,035,160
Saint John's County Industrial Development Authority, HR (Flagler Hospital
Project)
5.80%, 8/1/2003......................................................... 1,000,000 956,950
Saint Lucie County School District, Refunding
5.90%, 7/1/2002 (Insured; AMBAC)........................................ 1,780,000 1,805,810
Saint Petersburg, Public Improvement Revenue,
Refunding 6%, 2/1/2002 (Insured; MBIA).................................. 1,500,000 1,531,965
Sarasota County, Refunding:
6.25%, 10/1/2004 (Insured; FGIC)........................................ 1,505,000 1,550,797
Utilities Systems Revenue:
5.50%, 10/1/2003 (Insured; FGIC)...................................... 2,130,000 2,079,285
5.60%, 10/1/2004 (Insured; FGIC)...................................... 2,345,000 2,293,152
Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA)..... 2,500,000 2,548,500
Sunrise:
Public Facilities Revenue:
6.50%, 10/1/2007 (Insured; MBIA)...................................... 1,000,000 1,027,100
Refunding 6%, 10/1/2001 (Insured; MBIA)............................... 1,000,000 1,024,950
Utility System Revenue, Refunding:
5.10%, 10/1/2004 (Insured; AMBAC)..................................... 1,335,000 1,242,458
5.20%, 10/1/2005 (Insured; AMBAC)..................................... 1,395,000 1,294,309
Tallahassee, Health Facilities Revenue, Refunding
(Tallahassee Memorial Regional Medical Center):
5.50%, Series A, 12/1/2002 (Insured; MBIA)............................ 1,010,000 987,164
5.50%, Series B, 12/1/2002 (Insured; MBIA)............................ 1,000,000 977,390
Tampa, Revenue:
(Alleghany Health Systems - Saint Mary's)
5.75%, 12/1/2007 (Insured; MBIA)...................................... 2,750,000 2,643,273
Solid Waste System, Refunding 5.25%, 10/1/2006 (Insured; FGIC).......... 3,000,000 2,761,950
Water and Sewer 6.30%, 10/1/2006........................................ 4,000,000 4,060,600
Volusia County, Sales Tax Improvement Revenue, Refunding
6.40%, 10/1/2007 (Insured; MBIA)........................................ 2,000,000 2,036,580
Volusia County Educational Facility Authority, Revenue
(Embry-Riddle Aeronautical University):
5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,153,049
6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,018,950
Volusia County School District, Refunding 6.375%, 8/1/2005 (Insured; FGIC).. 1,000,000 1,032,930
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
U.S. RELATED--6.7%
Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003......................... $ 5,000,000 $ 4,762,150
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA).......................................... 6,000,000 5,931,120
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding:
5.875%, 7/1/1999........................................................ 4,000,000 4,009,520
5.10%, 7/1/2003......................................................... 5,000,000 4,542,700
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 3,100,000 2,983,440
Puerto Rico Public Buildings Authority:
(Refunding-Public Education and Health Facilities) 6.50%, 7/1/2003...... 1,000,000 1,022,680
Revenue, Refunding 6.10%, 7/1/2000...................................... 2,500,000 2,516,275
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002......................................................... 1,000,000 1,001,620
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $394,204,114)................... $384,420,778
=============
SHORT-TERM MUNICIPAL INVESTMENTS--4.5%
FLORIDA:
Florida Municipal Power Agency, Revenue, CP (Pooled Loan Project)
5%, 1/4/1995 (LOC; Morgan Guaranty Trust Co.) (d)....................... $ 2,585,000 $ 2,585,000
Gainesville, Utility Revenue, CP (Pooled Loan Project)
5%, 1/3/1995 (LOC: Bank of America and Sun Bank) (d).................... 1,900,000 1,900,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project) 5.65% (e).................................. 5,800,000 5,800,000
Martin County, SWDR, VRDN
(Florida Power and Light Co. Project) 5.30% (e)......................... 1,000,000 1,000,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 6.05% (LOC; Chemical Bank) (d,e)......... 6,900,000 6,900,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $18,185,000)................... $ 18,185,000
=============
TOTAL INVESTMENTS--100.0%
(cost $412,389,114)..................................................... $402,605,778
=============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
FSA Financial Security Assurance SWDR Solid Waste Disposal Revenue
HR Hospital Revenue VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (F) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 61.4%
AA Aa AA 22.4
A A A 7.3
BBB Baa BBB 1.8
F1+ & F1 MIG1, VMIG1 & P1 SP1 & A1 4.5
Not Rated (g) Not Rated (g) Not Rated (g) 2.6
--------
100.0%
========
</TABLE>
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,
1994, this security amounted to $5,713,750 or 1.4% of net assets.
(c) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(d) Secured by letters of credit.
(e) 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.
(f) Fitch currently provides creditworthiness information for a limited
number of investments.
(g) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Manager to be of comparable
quality to those rated securities in which the Fund may invest.
See notes to financial statements.
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $412,389,114)_see statement..................................... $402,605,778
Interest receivable..................................................... 7,006,449
Receivable for shares of Beneficial Interest subscribed................. 159,000
Prepaid expenses........................................................ 30,870
-----------
409,802,097
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $139,070
Due to Custodian........................................................ 66,620
Accrued expenses and other liabilities.................................. 235,324 441,014
---------- ------------
NET ASSETS ................................................................ $409,361,083
=============
REPRESENTED BY:
Paid-in capital......................................................... $423,737,865
Accumulated undistributed investment income-net......................... 57,089
Accumulated net realized capital losses and distributions
in excess of net realized gain on investments_Note 1(c)............... (4,650,535)
Accumulated net unrealized (depreciation) on investments_Note 3......... (9,783,336)
-------------
NET ASSETS at value applicable to 32,694,615 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest
authorized)............................................................. $409,361,083
=============
NET ASSET VALUE, offering and redemption price per share
($409,361,083 / 32,694,615 shares)...................................... $12.52
======
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 25,497,341
EXPENSES:
Management fee_Note 2(a).............................................. $ 2,789,984
Shareholder servicing costs_Note 2(b)................................. 738,849
Custodian fees........................................................ 47,459
Professional fees..................................................... 41,680
Trustees' fees and expenses_Note 2(c)................................. 21,980
Prospectus and shareholders' reports.................................. 18,913
Registration fees..................................................... 1,132
Miscellaneous......................................................... 66,452
--------------
3,726,449
Less_reduction in management fee due to
undertakings_Note 2(a)............................................ 1,510,325
--------------
TOTAL EXPENSES.................................................. 2,216,124
--------------
INVESTMENT INCOME--NET.......................................... 23,281,217
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $ (4,647,281)
Net unrealized (depreciation) on investments............................ (44,215,781)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (48,863,062)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(25,581,845)
=============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
--------------------------------
1993 1994
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net.................................................. $ 22,063,446 $ 23,281,217
Net realized gain (loss) on investments................................. 618,669 (4,647,281)
Net unrealized appreciation (depreciation) on investments for the year.. 27,359,058 (44,215,781)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 50,041,173 (25,581,845)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS:
From investment income--net............................................. (22,063,446) (23,224,128)
From net realized gain on investments................................... (385,082) --
In excess of net realized gain on investments........................... -- (238,834)
-------------- --------------
TOTAL DIVIDENDS....................................................... (22,448,528) (23,462,962)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 359,269,086 219,567,040
Dividends reinvested.................................................... 16,093,950 16,231,257
Cost of shares redeemed................................................. (197,042,056) (315,887,827)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 178,320,980 (80,089,530)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 205,913,625 (129,134,337)
NET ASSETS:
Beginning of year....................................................... 332,581,795 538,495,420
-------------- --------------
End of year (including undistributed investment income-net;
$57,089 in 1994)...................................................... $538,495,420 $409,361,083
============= ============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 26,644,952 16,724,264
Shares issued for dividends reinvested.................................. 1,190,189 1,243,406
Shares redeemed......................................................... (14,661,633) (24,144,029)
-------------- --------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 13,173,508 (6,176,359)
============= ============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED DECEMBER 31,
---------------------------------
PER SHARE DATA: 1992(1) 1993 1994
------- ------ ------
<S> <C> <C> <C>
Net asset value, beginning of year.................................... $12.50 $12.94 $13.85
------- ------ ------
INVESTMENT OPERATIONS:
Investment income--net................................................ .69 .70 .66
Net realized and unrealized gain (loss) on investments................ .44 .92 (1.33)
------- ------ ------
TOTAL FROM INVESTMENT OPERATIONS.................................... 1.13 1.62 (.67)
------- ------ ------
DISTRIBUTIONS:
Dividends from investment income--net................................. (.69) (.70) (.65)
Dividends from net realized gain on investments....................... -- (.01) --
Dividends in excess of net realized gain on investments............... -- -- (.01)
------- ------ ------
TOTAL DISTRIBUTIONS................................................. (.69) (.71) (.66)
------- ------ ------
Net asset value, end of year.......................................... $12.94 $13.85 $12.52
====== ====== =======
TOTAL INVESTMENT RETURN 9.86%(2) 12.84% (4.92%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................... -- .20% .48%
Ratio of net investment income to average net assets.................. 5.78%(2) 5.20% 5.01%
Decrease reflected in above expense ratios due to undertakings
by the Manager...................................................... 1.00%(2) .64% .32%
Portfolio Turnover Rate............................................... 13.01%(3) 13.48% 18.76%
Net Assets, end of year (000's Omitted)............................... $332,582 $538,495 $409,361
(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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(A) PORTFOLIO VALUATION: The Fund's investments are valued each business
day by an independent pricing service ("Service") approved by the Board of
Trustees. Investments for which quoted bid prices are readily available and
are representative of the bid side of the market in the judgement of the
Service are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain
of its public bodies and municipalities may affect the ability of issuers
within the state to pay interest on, or repay principal of, municipal
obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
Dividends in excess of net realized gain on investments for financial
statement purposes result primarily from distributions of realized gain
necessary to satisfy tax requirements.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an unused capital loss carryover of approximately $2,168,000
available for Federal income tax purposes to be applied against future net
securities profit, if any, realized subsequent to December 31, 1994. The
carryover does not include net realized securities losses from November 1,
1994 through December 31, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, the carryover expires in
fiscal 2002.
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, 1994 through May 1, 1994, to waive receipt of the
management fee payable to it by the Fund in excess of an annual rate of .20
of 1% of the Fund's average daily net assets, and thereafter had undertaken
through October 17, 1994, to reduce the management fee paid by the Fund, to
the extent that the Fund's aggregate expenses (excluding certain expenses as
described above) exceeded certain specified annual percentages of the Fund's
average daily net assets. The Manager has currently undertaken from October
18, 1994 through March 31, 1995, or until such time as the net assets of the
Fund exceed $500 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 an
annual rate of .40 of 1% of the average daily value of the Fund's net assets.
The reduction in management fee, pursuant to undertakings, amounted to
$1,510,325 for the year ended December 31, 1994.
(B) Pursuant to the Fund's Shareholder Service Plan, the Fund reimburses
Dreyfus Service Corporation 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, 1994, the Fund was charged an aggregate of $419,379 pursuant
to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
Prior to April 25, 1994, the annual fee was $1,000.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $125,583,056 and $209,493,995, respectively, for the year ended
December 31, 1994, and consisted entirely of long-term and short-term
municipal investments.
At December 31, 1994, accumulated net unrealized depreciation on
investments was $9,783,336 consisting of $2,629,054 gross unrealized
appreciation and $12,412,390 gross unrealized depreciation.
At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus Florida Intermediate Municipal Bond Fund, including the statement of
investments, as of December 31, 1994, 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, 1994 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Florida Intermediate Municipal Bond Fund at December 31,
1994, and the results of its operations for the year then ended, the changes
in its net assets for each of the two years in the period then ended and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
(Logo Signature)
New York, New York
February 3, 1995
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, 1994:
_ 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), and
_ the $.0068 per share paid by the Fund on September 1, 1994
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 capital gain distributions paid
for the 1994 calendar year on Form 1099-DIV which will be mailed by January
31, 1995.
DREYFUS FLORIDA INTERMEDIATE
MUNICIPAL BOND FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
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. 740AR9412
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX
EXHIBIT A:
____________________________________________________
| | | |
| | LEHMAN BROTHERS| |
| PERIOD | 10-YEAR | DREYFUS FLORIDA |
| | MUNICIPAL | INTERMEDIATE |
| | BOND INDEX * |MUNICIPAL BOND FUND|
|----------- | ---------------|-------------------|
| 1/21/92 | 10,000 | 10,000 |
| 12/31/92 | 10,869 | 10,935 |
| 12/31/93 | 12,257 | 12,339 |
| 12/31/94 | 11,672 | 11,732 |
|---------------------------------------------------|
*Source: Lehman Brothers
