-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PAQ5ETdcRX62B5SZRriv+iewrr8mSNLBOX+LVWZnmJ8ThS6RUCQuGUtOyu9Z0IC1 fcDgnGtDp4AbRjAL7CASdA== 0000881512-00-000003.txt : 20000308 0000881512-00-000003.hdr.sgml : 20000308 ACCESSION NUMBER: 0000881512-00-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06489 FILM NUMBER: 562318 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129666130 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS FLORIDA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19600201 N-30D 1 ANNUAL REPORT Dreyfus Florida Intermediate Municipal Bond Fund ANNUAL REPORT December 31, 1999 (reg.tm) The views expressed herein are current to the date of this report. These views and the composition of the fund's portfolio are subject to change at any time based on market and other conditions. * Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value Year 2000 Issues (Unaudited) The fund could be adversely affected if the computer systems used by Dreyfus and the fund's other service providers do not properly process and calculate date-related information from and after January 1, 2000. Dreyfus has taken steps designed to avoid year 2000-related problems in its systems and to monitor the readiness of other service providers. In addition, issuers of securities in which the fund invests may be adversely affected by year 2000-related problems. This could have an impact on the value of the fund's investments and its share price. Contents THE FUND - -------------------------------------------------- 2 Letter from the President 3 Discussion of Fund Performance 6 Fund Performance 7 Statement of Investments 15 Statement of Assets and Liabilities 16 Statement of Operations 17 Statement of Changes in Net Assets 18 Financial Highlights 19 Notes to Financial Statements 23 Report of Independent Auditors 24 Important Tax Information FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus Florida Intermediate Municipal Bond Fund LETTER FROM THE PRESIDENT Dear Shareholder: We are pleased to present this annual report for Dreyfus Florida Intermediate Municipal Bond Fund, covering the 12-month period from January 1, 1999 through December 31, 1999. Inside, you'll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund's portfolio manager, Monica Wieboldt. When the reporting period began, investors were concerned that global economic weakness might cause a slowdown in the U.S. economy. As it turned out, these fears were unfounded. In fact, it became apparent early in the year that international and domestic economies were growing faster than analysts expected, giving rise to concerns that long-dormant inflationary pressures might re-emerge. Consumers continued to spend heavily, unemployment levels reached new lows and the stock market continued to climb. Because unsustainable economic growth may trigger unwanted inflationary pressures, the Federal Reserve Board raised key short-term interest rates three times between June 30 and year-end in an attempt to forestall an acceleration of inflation. The tax-exempt money markets were also affected by their own unique influences. Because the robust economy has reduced the need for municipalities to issue short-term debt, the supply of short-term municipal notes has declined amid steady demand. As a result, tax-exempt money market yields actually ended 1999 at a lower level than where they began. In contrast, taxable money market yields generally rose throughout the year. We appreciate your confidence over the past year, and we look forward to your continued participation in Dreyfus Florida Intermediate Municipal Bond Fund Sincerely, Stephen E. Canter President and Chief Investment Officer The Dreyfus Corporation January 14, 2000 DISCUSSION OF FUND PERFORMANCE Monica Wieboldt, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform during the period? The fund produced a -1.16% total return over the 12-month reporting period.(1) In comparison, the fund's peer group, as measured by the Lipper Florida Intermediate Municipal Debt Funds category average, provided a -1.70% total return.(2) We attribute the fund's modestly negative absolute returns over the past 12 months to a declining municipal bond market and a rising interest-rate environment. The fund's favorable relative performance is primarily the result of our duration management strategy, in which we generally shortened the fund's duration -- a measure of sensitivity to changing interest rates -- toward the short end of its range. What is the fund's investment approach? Our primary goal is to seek as high a level of income exempt from federal income tax consistent with the preservation of capital by investing in municipal bonds issued by the state of Florida. A secondary goal is to maximize total return, which includes both current income and changes in share price. To achieve these objectives, we attempt to add value by selecting primarily investment-grade, intermediate-term tax-exempt bonds from Florida issuers in the maturity ranges that we believe are most likely to provide the best returns. These bonds comprise the fund's long-term core position. We augment the core position with holdings in bonds that we believe have the potential to provide both current income and capital appreciation. What other factors influenced the fund's performance? The fund was adversely affected by rising interest rates during 1999. Just before the reporting period began, investors were concerned about the potentially adverseeconomic effects of the global currency The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) and credit crisis. In response, the Federal Reserve Board reduced short-term interest rates during the fall of 1998 in an attempt to stimulate global economic growth. Its strategy apparently was effective, because overseas economies began to recover early in 1999, and the growth of the U.S. economy was stronger than most analysts expected. Municipal bond yields and prices stabilized in this environment. In the second through fourth quarters of 1999, however, strong economic growth in both domestic and overseas markets raised concerns among fixed-income investors that inflationary pressures might re-emerge. In response, the Federal Reserve Board increased short-term interest rates three times during the summer and fall of 1999 in an attempt to forestall a reacceleration of inflation. This change in monetary policy caused prices of most bonds to fall. Municipal bond prices generally fell faster than prices of taxable U.S. Treasury securities, however, because of supply-and-demand influences. For a variety of reasons, institutional investors such as insurance companies and hedge funds participated less in the tax-exempt market over the past year, which reduced overall demand and drove municipal bond yields higher. As a result, municipal bonds -- including those from Florida issuers -- are currently offering tax-exempt yields that compare very favorably with taxable yields after adjusting for taxes. What is the fund's current strategy? Because corporate and institutional investors were less active participants in the municipal bond market for most of 1999 compared to previous years, we have focused on those securities that we believe appeal most to individual investors, who have provided the market' s primary source of demand. This strategy has generally enabled us to lock in attractive yields as they became available. In addition, our focus on these relatively liquid, "retail-friendly" bonds has helped us obtain relatively attractive prices when selling into the secondary market. Within the Florida marketplace, we have emphasized general obligation bonds, which are secured by state or local tax revenues, as well as bonds issued by school districts and utilities. We have generally maintained the fund's average duration toward the short end of its range. This strategy is intended to help the fund avoid the full effect of rising interest rates, which tend to erode bond prices. This strategy should provide us with the flexibility to react to opportunities that often present themselves during periods of market weakness. January 14, 2000 (1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE FULLY TAXABLE. (2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. The Fund FUND PERFORMANCE 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 - -------------------------------------------------------------------------------- Average Annual Total Returns AS OF 12/31/99 Inception From Date 1 Year 5 Years Inception - ------------------------------------------------------------------------------------------------------------------------------------ FUND 1/21/92 (1.16)% 5.39% 5.45%
(+) SOURCE: LIPPER ANALYTICAL SERVICES, INC. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND ON 1/21/92 (INCEPTION DATE) TO A $10,000 INVESTMENT MADE IN THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX ON THAT DATE. FOR COMPARATIVE PURPOSES, THE VALUE OF THE INDEX ON 1/31/92 IS USED AS THE BEGINNING VALUE ON 1/21/92. ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS ARE REINVESTED. THE FUND INVESTS PRIMARILY IN FLORIDA MUNICIPAL SECURITIES AND MAINTAINS A PORTFOLIO WITH A WEIGHTED-AVERAGE MATURITY RANGING BETWEEN 3 AND 10 YEARS. THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT FEES AND EXPENSES. THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX IS NOT LIMITED TO INVESTMENTS PRINCIPALLY IN FLORIDA MUNICIPAL OBLIGATIONS AND DOES NOT TAKE INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES. THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX, UNLIKE THE FUND, IS AN UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK FOR THE INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 10-YEAR TAX-EXEMPT BOND MARKET, CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 9-12 YEARS. THESE FACTORS, COUPLED WITH THE POTENTIALLY LONGER MATURITY OF THE INDEX, CAN CONTRIBUTE TO THE INDEX POTENTIALLY OUTPERFORMING OR UNDERPERFORMING THE FUND. FURTHER INFORMATION RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE, IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE IN THIS REPORT. STATEMENT OF INVESTMENTS December 31, 1999 Principal LONG-TERM MUNICIPAL INVESTMENTS--95.2% Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA--90.9% Alachua County Health Facilities Authority, Health Facilities Revenue: (Santa Fe Health Systems Project) 6.875%, 11/15/2002 (Prerefunded 11/15/2000) 1,825,000 (a) 1,879,330 (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,715,402 Bay County, Refunding: PCR (International Paper Co. Project) 5.10%, 9/1/2012 2,500,000 2,347,100 RRR: 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,168,178 6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,318,888 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,023,430 Brevard County Health Facilities Authority, Revenue: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,045,450 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 2,500,000 2,569,750 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,163,820 Broward County: 6.125%, 1/1/2006 1,950,000 2,035,703 Airport System Revenue: 5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 977,220 5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 7,854,408 Broward County School Board, COP 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,071,100 Broward County School District: 5.80%, 2/15/2002 2,000,000 2,051,740 5.30%, 2/15/2004 5,000,000 5,109,100 6%, 2/15/2004 3,000,000 3,131,460 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 2,995,000 3,056,757 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,240,589 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA,GNMA) 1,575,000 1,467,743 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,081,967 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,209,934 Coral Springs, Water and Sewer Revenue 5.50%, 9/1/2003 (Insured; FGIC) 1,000,000 1,027,100 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,081,640 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,098,680 (Miami International Airport): 5%, 10/1/2005 (Insured; FSA) 1,075,000 1,075,978 5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,077,020 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,000,890 Public Facilities Revenue (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,062,757 (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC) 2,470,000 2,549,163 Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,713,206 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 3,796,133 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,299,491 Dade County Housing Finance Authority, MFMR (Golden Lakes Apartments Project) 6%, 11/1/2032 1,000,000 950,540 Daytona Beach, Water and Sewer Revenue 5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,333,787 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,226,492 Delray Beach, Water and Sewer Revenue 5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,529,675 Duval County School District: 5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,628,070 6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,514,168 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,037,110 6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,131,910 Florida, Gas Utility Revenue (Gas Project) 5%, 12/1/2008 (Insured; FSA) 2,000,000 1,993,800 Florida Board of Education, Capital Outlay: 5.50%, 1/1/2006 1,400,000 1,442,840 (Public Education) 5.50%, 6/1/2010 5,725,000 5,826,161 Florida Department of Transportation Revenue (Alligator Alley) 5%, 7/1/2011 1,520,000 1,483,018 (Right of Way) 5.75%, 7/1/2005 2,375,000 2,484,677 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project) 5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,035,360 (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) 3,500,000 3,579,310 Principal LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Fort Myers, Improvement Revenue (Special Assessment - Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 969,744 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,080,740 6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 4,827,746 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,715,385 Hernando County School District: 6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,096,300 5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,631,966 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 885,000 919,940 Hillsborough County, Utility Revenue Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,576,000 Hillsborough County Hospital Authority, HR (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,480,282 Hillsborough County Port District, Special Revenue (Tampa Port Authority) 5.75%, 6/1/2013 (Insured; FSA) 500,000 504,020 Hillsborough County School Board 5.75%, 7/1/2025 (Insured; MBIA) 2,000,000 1,946,560 Indian Trace Community Development District (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,325,271 Jacksonville, Revenue: District Water and Sewer 5%, 10/1/2020 (Insured; MBIA, Prerefunded 10/1/2008) 3,000,000 (a) 2,954,910 Excise Taxes 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,062,500 Sales Tax (River City Renaissance Project) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,275,150 Jacksonville Beach, Utilities Revenue 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,521,960 Jacksonville Electric Authority, Electric Systems Revenue 5.40%, 10/1/2004 2,250,000 2,288,453 Lake County, Resource Recovery Industrial Development Revenue (NRG/Recovery Group) 5.85%, 10/1/2009 6,000,000 5,716,740 Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,050,160 Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,518,011 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Martin County, Utility System Revenue : 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,024,720 Martin County, Utility System Revenue (continued): 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,085,949 5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,501,305 Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,408,742 Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA) 1,500,000 1,522,140 Miami Beach Health Facilities Authority, HR (Mount Sinai Medical Center Project) 5.70%, 11/15/2003 (Insured; FSA) 1,500,000 1,553,250 Miami-Dade County School Board, COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,526,200 Nassau County, PCR (ITT Rayonier, Inc. Project) 5.75%, 8/1/2014 1,075,000 1,106,100 Northern Palm Beach County Improvement District (Water Control & Improvement Unit Development) 5.90%, 7/1/2005 1,200,000 1,110,300 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,609,550 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare): 5.50%, 11/1/2003 (Insured; MBIA) 600,000 615,300 5.50%, 11/1/2003 (Insured; MBIA, Prerefunded 11/1/2002) 1,400,000 (a) 1,455,720 6.25%, 10/1/2011 (Insured; MBIA) 730,000 785,370 6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 1,912,273 Orlando Utilities Commission, Water and Electric Revenue: 5.60%, 10/1/2003 10,000,000 10,338,300 5.75%, 10/1/2005 2,000,000 2,095,340 5.80%, 10/1/2006 5,930,000 6,236,581 5.80%, 10/1/2007 1,175,000 1,236,993 Osceola County, Revenue: Gas Tax Improvement: 5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,401,800 5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,494,116 Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,344,993 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 2,990,000 3,068,488 Principal LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Palm Beach County, Revenue: Criminal Justice Facilities 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,853,433 Water and Sewer 5%, 10/1/2010 (Insured; MBIA) 7,320,000 7,222,498 Palm Beach County Housing Finance Authority, MFHR (Windsor Park Apartments Project) 5.85%, 12/1/2033 1,500,000 1,388,160 Palm Beach County School District 6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,037,580 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,089,970 Pasco County, Water and Sewer Revenue: 5.50%, 10/1/2002 (Insured; FGIC) 2,500,000 2,562,825 5.40%, 10/1/2003 (Insured; FGIC) 1,500,000 1,539,600 Polk County, Capital Improvement Revenue 6%, 12/1/2002 (Insured; MBIA) 1,900,000 1,976,209 Punta Gorda, Utilities Revenue 5.50%, 1/1/2002 (Insured; AMBAC) 1,315,000 1,340,261 Saint John's County Industrial Development Authority, HR (Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,015,910 Saint Lucie County School District 5.90%, 7/1/2002 (Insured; AMBAC) 1,780,000 1,837,672 Saint Petersburg, Public Improvement Revenue 6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,544,445 Sarasota County: 6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,572,665 Utilities Systems Revenue 5.60%, 10/1/2004 (Insured; FGIC) 2,345,000 2,425,152 Seminole County School District 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,612,200 Sunrise, Revenue: Public Facilities: 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,106,840 6.50%, 10/1/2007 (Insured; MBIA) 1,000,000 1,065,980 Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,422,649 Tallahassee, Health Facilities Revenue (Tallahassee Memorial Regional Medical Center) 5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,024,400 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ Tampa, Revenue: (Alleghany Health Systems - Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,852,245 (Aquarium, Inc. Project) 7.25%, 5/1/2005 (Prerefunded 5/1/2002) 1,200,000 (a) 1,285,764 Cigarette Tax Allocation (H. Lee Moffitt Cancer) 5%, 3/1/2008 (Insured; AMBAC) 2,000,000 1,997,480 Water and Sewer 6.30%, 10/1/2006 1,590,000 1,663,108 Tampa Bay, Water Utility Systems Revenue 5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 2,997,412 FLORIDA (CONTINUED) Tarpon Springs Health Facilities Authoriy, HR (Helen Ellis Memorial Hospital Project) 7.50%, 5/1/2011 2,210,000 2,213,249 Volusia County, Sales Tax Improvement Revenue 6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,094,900 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,183,472 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,048,870 Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 795,000 833,764 U.S. RELATED--4.3% Puerto Rico Commonwealth 5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,106,500 Puerto Rico Commonwealth Highway and Transportation Authority: Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,532,125 Transportation Revenue 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,430,045 Virgin Islands Public Finance Authority, Revenue 5.625%, 10/1/2010 2,000,000 1,973,660 Virgin Islands Water and Power Authority Water Systems Revenue 7.20%, 1/1/2002 300,000 308,605 TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $271,085,159) 273,553,061 Principal SHORT-TERM MUNICIPAL INVESTMENTS--2.6% Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ Jacksonville PCR, VRDN (Florida Power & Light Co. Project) 4% 1,000,000 (b) 1,000,000 Pinellas County Health Facilities Authority (Pooled Hospital Loan Program) 2.30% 2,300,000 (b) 2,300,000 Putnam County Development Authority, PCR, VRDN (Florida Power & Light Co. Project) 4.50% 400,000 (b) 400,000 Saint Lucie County, SWDR, VRDN (Florida Power & Light Co. Project) 5% 3,700,000 (b) 3,700,000 TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $7,400,000) 7,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $278,485,159) 97.8% 280,953,061 CASH AND RECEIVABLES (NET) 2.2% 6,209,364 NET ASSETS 100.0% 287,162,425 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation COP Certificate of Participation FGIC Financial Guaranty Insurance Company FNMA Federal National Mortgage Association FSA Financial Security Assurance GNMA Government National Mortgage Association HR Hospital Revenue IDR Industrial Development Revenue LOC Letter of Credit MBIA Municipal Bond Investors Assurance Insurance Corporation MFHR Multi-Family Housing Revenue MFMR Multi-Family Mortgage Revenue PCR Pollution Control Revenue RRR Resources Recovery Revenue SWDR Solid Waste Disposal Revenue VRDN Variable Rate Demand Notes Summary of Combined Ratings (Unaudited) Fitch or Moody's or Standard & Poor's Value (%) - ------------------------------------------------------------------------------------------------------------------------------------ AAA Aaa AAA 70.4 AA Aa AA 17.9 A A A 2.9 BBB Baa BBB 3.5 BB Ba BB .8 F1+ & F1 MIG1, VMIG1 & P1 SP1 & A1 1.8 Not Rated(c) Not Rated(c) Not Rated(c) 2.7 100.0 (A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (B) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. (C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST. (D) AT DECEMBER 31, 1999, 27.7% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA.
SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF ASSETS AND LIABILITIES December 31, 1999 Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 278,485,159 280,953,061 Cash 2,188,867 Interest receivable 4,251,645 Prepaid expenses 4,014 287,397,587 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 139,558 Payable for shares of Beneficial Interest redeemed 9,923 Accrued expenses 85,681 235,162 - -------------------------------------------------------------------------------- NET ASSETS ($) 287,162,425 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 285,445,384 Accumulated net realized gain (loss) on investments (750,861) Accumulated net unrealized appreciation (depreciation) on investments--Note 4 2,467,902 - -------------------------------------------------------------------------------- NET ASSETS ($) 287,162,425 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value Beneficial Interest authorized) 22,350,24 NET ASSET VALUE, offering and redemption price per share--Note 3(d)($) 12.85 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF OPERATIONS Year Ended December 31, 1999 - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 15,895,273 EXPENSES: Management fee--Note 3(a) 1,822,672 Shareholder servicing costs--Note 3(b) 459,337 Professional fees 42,361 Trustees' fees and expenses--Note 3(c) 36,550 Custodian fees 33,162 Prospectus and shareholders' reports 24,297 Registration fees 9,487 Loan commitment fees--Note 2 2,658 Miscellaneous 25,541 TOTAL EXPENSES 2,456,065 INVESTMENT INCOME--NET 13,439,208 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments (747,993) Net unrealized appreciation (depreciation) on investments (16,189,293) NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (16,937,286) NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (3,498,078) SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, ----------------------------------- 1999 1998 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 13,439,208 14,550,869 Net realized gain (loss) on investments (747,993) 2,698,862 Net unrealized appreciation (depreciation) on investments (16,189,293) (1,349,171) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (3,498,078) 15,900,560 - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (13,439,208) (14,499,533) Net realized gain on investments (25,230) (2,678,501) TOTAL DIVIDENDS (13,464,438) (17,178,034) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 36,382,864 40,889,385 Dividends reinvested 8,886,976 11,540,231 Cost of shares redeemed (70,234,114) (74,027,049) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (24,964,274) (21,597,433) TOTAL INCREASE (DECREASE) IN NET ASS (41,926,790) (22,874,907) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 329,089,215 351,964,122 END OF PERIOD 287,162,425 329,089,215 - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 2,759,654 2,999,101 Shares issued for dividends reinvested 672,359 846,706 Shares redeemed (5,298,777) (5,430,622) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,866,764) (1,584,815) SEE NOTES TO FINANCIAL STATEMENTS. The Fund FINANCIAL HIGHLIGHTS The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements. Year Ended December 31, -------------------------------------------- 1999 1998 1997 1996 1995 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 13.59 13.64 13.45 13.62 12.52 Investment Operations: Investment income--net .59 .60 .60 .61 .62 Net realized and unrealized gain (loss) on investments (.74) .06 .23 (.17) 1.10 Total from Investment Operations (.15) .66 .83 .44 1.72 Distributions: Dividends from investment income--net (.59) (.60) (.60) (.61) (.62) Dividends from net realized gain on investments .00(a) (.11) (.04) -- -- Total Distributions (.59) (.71) (.64) (.61) (.62) Net asset value, end of period 12.85 13.59 13.64 13.45 13.62 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) (1.16) 4.98 6.35 3.35 13.98 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .81 .81 .80 .80 .69 Ratio of net investment income to average net assets 4.42 4.41 4.43 4.53 4.70 Decrease reflected in above expense ratios due to undertakings by The Dreyfus Corporation -- -- -- -- .08 Portfolio Turnover Rate 10.61 32.49 19.68 19.14 25.00 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 287,162 329,089 351,964 387,899 428,896
SEE NOTES TO FINANCIAL STATEMENTS (A) AMOUNT REPRESENTS LESS THAN $.01. NOTES TO FINANCIAL STATEMENTS NOTE 1--Significant Accounting Policies: Dreyfus Florida Intermediate Municipal Bond Fund (the "fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a non-diversified open-end management investment company. The fund's investment objective is to provide investors with as high a level of current income exempt from Federal income tax as is consistent with the preservation of capital. The Dreyfus Corporation (the "Manager") serves as the fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation. Premier Mutual Fund Services, Inc. is the distributor of the fund's shares, which are sold to the public without a sales charge. The fund' s financial statements are prepared in accordance with generally accepted accounting principles which may require the use of management estimates and assumptions. Actual results could differ from those estimates. (A) PORTFOLIO VALUATION: Investments in securities are valued each business day by an independent pricing service (the "Service") approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. (B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of premiums and original The Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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. Under the terms of the custody agreement, the fund received net earnings credits of $9,071 during the period ended December 31, 1999 based on available cash balances left on deposit. Income earned under this arrangement is included in interest income. 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 of 1986, as amended (the " Code" ). To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. (D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all Federal income and excise taxes. The fund has an unused capital loss carryover of approximately $748,000 available for Federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to December 31, 1999. This amount is calculated based on Federal income tax regulations which may differ from financial reporting in accordance with generally accepted accounting principles. If not applied, the carryover expires in fiscal 2007. NOTE 2--Bank Line of Credit: The fund participates with other Dreyfus-managed funds in a $500 million redemption credit facility (the "Facility" ) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund at rates based on prevailing market rates in effect at the time of borrowings. During the period ended December 31, 1999, the fund did not borrow under the Facility. NOTE 3--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 value of the fund's average daily net assets and is payable monthly. (B) Under the fund' s Shareholder Service Plan, the fund reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed an annual rate of .25 of 1% of the value of the fund's average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended December 31, 1999, the fund was charged an aggregate of $280,885 pursuant to the Shareholder Services Plan. The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended December 31, 1999, the fund was charged $132,128 pursuant to the transfer agency agreement. The Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED) (C) Each trustee who is not an "affiliated person" as defined in the Act receives from the fund an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board receives an additional 25% of such compensation and the Trustee Emeritus receives 50% of such compensation. (D) A 1% redemption fee is charged and retained by the fund on shares redeemed within fifteen days following the date of issuance, including redemptions made through the use of the fund' s exchange privilege. During the period ended December 31, 1999, redemption fees retained by the fund amounted to $140. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 1999, amounted to $31,447,077 and $59,185,342, respectively. At December 31, 1999, accumulated net unrealized appreciation on investments was $2,467,902, consisting of $5,937,392 gross unrealized appreciation and $3,469,490 gross unrealized depreciation. At December 31, 1999, 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). REPORT OF 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, 1999, 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 auditing standards generally accepted in the United States. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 1999 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, 1999, 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 accounting principles generally accepted in the United States. [Ernst And Young LLP signature logo] New York, New York February 4, 2000 The 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, 1999: --all the dividends paid from investment income-net are "exempt-interest dividends" (not subject to regular Federal income tax and, for residents of Florida, not subject to taxation by Florida), and --the fund hereby designates $.0011 per share as a long-term capital gain paid on July 15, 1999. As required by Federal tax law rules, shareholders will receive notification of their portion of the fund' s taxable ordinary dividends and capital gains distributions paid for the 1999 calendar year on form 1099-DIV which will be mailed by January 31, 2000. For More Information 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 100 Church Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. P.O. Box 9671 Providence, RI 02940 Distributor Premier Mutual Fund Services, Inc. 60 State Street Boston, MA 02109 To obtain information: BY TELEPHONE Call 1-800-645-6561 BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144 BY E-MAIL Send your request to info@dreyfus.com ON THE INTERNET Information can be viewed online or downloaded from: http://www.dreyfus.com (c) 2000 Dreyfus Service Corporation 740AR9912 EX-99.A 2 GRAPH IN THE PRESIDENT'S LETTER OF THE ANNUAL REP. COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX EXHIBIT A: LEHMAN BROTHERS PERIOD 10-YEAR DREYFUS FLORIDA MUNICIPAL INTERMEDIATE BOND INDEX * MUNICIPAL BOND FUND 1/21/92 10,000 10,000 12/31/92 10,869 10,935 12/31/93 12,257 12,339 12/31/94 11,672 11,732 12/31/95 13,676 13,373 12/31/96 14,297 13,821 12/31/97 15,618 14,699 12/31/98 16,674 15,431 12/31/99 16,466 15,252 *Source: Lipper Analytical Services, Inc. -----END PRIVACY-ENHANCED MESSAGE-----