Fund Description

The fund was incepted in January 1992 and is managed by Dreyfus Corporation. The fund seeks to provide as high a level of income exempt from federal income tax as is consistent with the preservation of capital. The fund invests all of its assets in municipal bonds issued by the state of Florida, its political subdivisions, authorities and corporations, the interest from which is exempt from the Florida intangibles personal property tax. The fund maintains a dollar-weighted average portfolio maturity between three and ten years. While the fund generally invests only in investment grade securities or the unrated equivalent as determined by Dreyfus, it does have the ability to invest up to 20% of net assets in bonds rated below BBB/Baa. The fund is non-diversified, which means that a relatively high percentage of the fund's assets may be invested in a limited number of issuers. Therefore, its performance is more vulnerable to changes in the market value of a single issuer or a group of issuers. Dividends are distributed monthly. Capital gains are distributed once in a year.