-----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, RQ4kYjAOm8GduQ4O+EKxdKQ8tB984bOm2C7aMI+O33Xm7JQuNnzcx4iN1iR2tw8h eN4kJX5jW6ZlOvqgtR+Avg== 0000881512-01-000002.txt : 20010308 0000881512-01-000002.hdr.sgml : 20010308 ACCESSION NUMBER: 0000881512-01-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010306 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: 1562171 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 0001.txt ANNUAL REPORT Dreyfus Florida Intermediate Municipal Bond Fund ANNUAL REPORT December 31, 2000 (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 Contents THE FUND - -------------------------------------------------- 2 Letter from the President 3 Discussion of Fund Performance 6 Fund Performance 7 Statement of Investments 14 Statement of Assets and Liabilities 15 Statement of Operations 16 Statement of Changes in Net Assets 17 Financial Highlights 18 Notes to Financial Statements 22 Report of Independent Auditors 23 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, 2000 through December 31, 2000. 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. Municipal bonds generally provided attractive returns in 2000. In contrast, other bond and major stock market indices declined sharply during that period. In our view, this performance disparity provides ample evidence that diversification is an important component of most investment strategies. The stock and high yield bond markets have recently provided a stark reminder that overconcentration in any single type of security or asset class carries risks that can be diminished through diversification. While the start of a new year is almost always a good time to review your investment strategies, recent market events may have altered the way your assets are apportioned among various asset classes, market-capitalization ranges and investment styles. You may wish to consider rebalancing your portfolio while stock prices are relatively low to help achieve your long-term financial goals. We encourage you to contact your financial advisor for more information about ways to refine your investment strategies for the coming year. To speak with a Dreyfus customer service representative call 1-800-782-6620, or visit our website at www.dreyfus.com. Thank you for your confidence and support in 2000, and we look forward to working with you in 2001. Sincerely, Stephen E. Canter President and Chief Investment Officer The Dreyfus Corporation January 16, 2001 DISCUSSION OF FUND PERFORMANCE Monica Wieboldt, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform during the period? For the 12-month reporting period ended December 31, 2000, the fund achieved a 7.58% total return and income dividends of $0.5882 per share.(1) In comparison, the fund's peer group, as measured by the Lipper Florida Intermediate Municipal Debt Funds category average, achieved a 8.31% total return for the same period.(2) We attribute the fund' s solid absolute performance to a relatively strong investment environment for municipal bonds, especially during the second half of the year. The market rally was driven primarily by signs of an economic slowdown in the U.S., as well as positive supply-and-demand factors affecting Florida municipal bonds. The fund's relative underperformance is primarily the result of the fund' s weighting in short maturity, high-coupon paper. Although this provides an attractive income stream, income-oriented bonds such as these generally do not respond aggressively to upward price movements compared to longer term discount paper. What is the fund's investment approach? The fund seeks as high a level of income exempt from federal income tax as is consistent with the preservation of capital. To pursue this goal, the fund normally invests substantially 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. We also manage the fund for a competitive total return, which includes both current income and changes in share price. In pursuing these objectives, we first attempt to add value by selecting primarily investment-grade, intermediate-term tax-exempt bonds from Florida issuers that we believe are most likely to provide the best The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) 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? Favorable economic and market conditions positively influenced the fund over the past year. When the reporting period began, the U.S. economy was growing strongly, raising concerns that long-dormant inflationary pressures might reemerge. The Federal Reserve Board (the "Fed") responded during the first five months of the year by raising short-term interest rates, with the latest and largest rate hike coming in May. Its goal was to relieve inflationary pressures by reducing the rate of economic growth. In fact, it soon became apparent that the Fed's strategy was effective. By midsummer, signs of an economic slowdown began to appear. Municipal bond yields subsequently declined modestly and prices rose when the Fed did not raise interest rates further at its meetings in June, August, October, November and December of 2000. In fact, in light of fewer housing starts, moderating growth and little change in the core inflation rate, investors began to anticipate a reversal of the Fed' s restrictive monetary policies, leading to potentially lower short-term interest rates. In addition, the strength of the local economy helped keep Florida municipal bond yields relatively low compared to bonds from other states. Florida and its municipalities enjoyed higher tax revenues, resulting in a reduced supply of securities compared to the same period one year earlier. At the same time that the supply of new bonds was falling, demand was strong from Florida residents and financial institutions seeking to protect their wealth from heightened volatility in the stock market. In this environment, liquidity -- the ease with which securities can be bought and sold -- became an even more important factor. As the market rose, we strove to protect prevailing yields by shifting some assets from shorter term securities to modest premium coupon bonds in the 10- to 15-year range that we believed had the potential to benefit as interest rates fell. The market has turned in a strong performance and we would expect some retrenchment before it can move forward again. What is the fund's current strategy? After the market' s substantial rally and in light of evidence of a continuing economic slowdown, we have recently backed off of our relatively aggressive posture, preferring instead to adopt a more conservative approach. This shift included the sale of lower quality bonds and the purchase of insured bonds and bonds rated single-A or better. January 16, 2001 (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. INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR NON-FLORIDA RESIDENTS, AND 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 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 12/31/00 Inception From Date 1 Year 5 Years Inception - ------------------------------------------------------------------------------ FUND 1/21/92 7.58% 4.18% 5.69% (+) SOURCE: LIPPER 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 $10,000 INVESTMENT MADE IN THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX ON THAT DATE. FOR COMPARATIVE PURPOSES, THE VALUE OF THE INDEX ON 1/31/92 IS USED AS THE BEGINNING VALUE ON 1/21/92. ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS ARE REINVESTED. THE FUND INVESTS PRIMARILY IN FLORIDA MUNICIPAL SECURITIES AND MAINTAINS A PORTFOLIO WITH A WEIGHTED-AVERAGE MATURITY RANGING BETWEEN 3 AND 10 YEARS. THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT FEES AND EXPENSES. THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX IS NOT LIMITED TO INVESTMENTS PRINCIPALLY IN FLORIDA MUNICIPAL OBLIGATIONS AND DOES NOT TAKE INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES. THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX, UNLIKE THE FUND, IS AN UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK FOR THE INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 10-YEAR TAX-EXEMPT BOND MARKET, CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 9-12 YEARS. THESE FACTORS, COUPLED WITH THE POTENTIALLY LONGER MATURITY OF THE INDEX, CAN CONTRIBUTE TO THE INDEX POTENTIALLY OUTPERFORMING OR UNDERPERFORMING THE FUND. FURTHER INFORMATION RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE, IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
STATEMENT OF INVESTMENTS December 31, 2000 Principal LONG-TERM MUNICIPAL INVESTMENTS--97.5% Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA--91.4% Alachua County Health Facilities Authority, Health Facilities Revenue (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,792,259 Bay County, Refunding: PCR (International Paper Co. Project) 5.10%, 9/1/2012 2,500,000 2,498,725 RRR: 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,157,892 6.20%, 7/1/2003 (Insured; MBIA) 1,250,000 1,312,875 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,071,330 Brevard County Health Facilities Authority, Revenue: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,176,760 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 1,720,000 1,754,555 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,179,620 Broward County: 6.125%, 1/1/2006 1,950,000 2,023,398 Airport System Revenue: 5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,043,300 5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,398,080 Broward County School Board, COP 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,059,140 Broward County School District: 5.30%, 2/15/2004 5,000,000 5,176,450 6%, 2/15/2004 3,000,000 3,118,500 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 2,120,000 2,173,106 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,297,047 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA,GNMA) 1,575,000 1,577,914 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,128,635 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,260,749 Coral Springs, Water and Sewer Revenue 5.50%, 9/1/2003 (Insured; FGIC) 1,000,000 1,034,390 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,084,940 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,096,620 (Miami International Airport): 5%, 10/1/2005 (Insured; FSA) 1,075,000 1,104,423 5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,117,640 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,050,360 Public Facilities Revenue (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,101,463 Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,792,541 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,446,251 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 4,282,415 Daytona Beach, Water and Sewer Revenue 5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,372,876 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,227,153 Delray Beach, Water and Sewer Revenue 5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,672,525 Duval County School District: 5.90%, 8/1/2002 (Insured; AMBAC) 4,500,000 4,628,160 6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,522,160 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA) 1,000,000 1,028,690 6%, 7/1/2003 (Insured; MBIA) 3,000,000 3,137,220 Florida Board of Education: Capital Outlay 5.50%, 1/1/2006 1,400,000 1,484,308 Lottery Revenue 5.25%, 7/1/2016 (Insured; FGIC) 1,500,000 1,545,810 (Public Education): 5.50%, 6/1/2010 5,725,000 6,069,416 5.25%, 6/1/2013 2,000,000 2,082,060 Florida Department of Environmental Protection, Revenue 5.75%, 7/1/2009 (Insured; FGIC) 5,000,000 5,513,800 Florida Department of Transportation (Right of Way) 5.75%, 7/1/2005 2,375,000 2,533,222 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project) 5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,031,330 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ---------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Florida Municipal Power Agency, Revenue (continued): (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC) 2,500,000 2,598,525 Florida Ports Finance Commission, Revenue (Transportation Trust Fund--Intermodal Program) 5.50%, 10/1/2016 1,745,000 1,804,278 Fort Myers, Improvement Revenue (Special Assessment--Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 966,956 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,068,820 6.25%, 10/1/2006 (Insured; FGIC) 4,600,000 4,825,124 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,817,112 Hernando County School District: 6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,096,960 5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,655,982 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 800,000 831,224 Hillsborough County, Utility Revenue, Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 3,923,600 Hillsborough County Hospital Authority, HR (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,461,522 Hillsborough County Port District, Special Revenue (Tampa Port Authority) 5.75%, 6/1/2013 (Insured; FSA) 500,000 524,415 Indian Trace Community Development District (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,377,208 Jacksonville, Revenue: Excise Taxes 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,057,400 Sales Tax (River City Renaissance Project) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,518,425 Jacksonville Beach, Utilities Revenue 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,551,600 Jacksonville Electric Authority, Electric System Revenue 5.40%, 10/1/2004 2,250,000 2,318,130 Lake County, Resource Recovery Industrial Development Revenue (NRG/Recovery Group) 5.85%, 10/1/2009 2,000,000 2,020,000 Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,072,030 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,611,623 Martin County, Utility System Revenue: 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,092,030 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,160,818 5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,615,012 Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,439,629 Miami Beach Health Facilities Authority, HR 5.70%, 11/1/2003 (Insured; FSA, Prerefunded 11/15/2002) 1,500,000 (a) 1,571,925 Miami-Dade County School Board, COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,649,800 Miami-Dade County School District 5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,147,780 Nassau County, PCR (ITT Rayonier, Inc. Project) 5.90%, 7/1/2005 1,075,000 1,123,794 Nothern Palm Beach County Improvement District (Water Control & Improvement Unit Development) 5.75%, 8/1/2014 1,200,000 1,189,344 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,589,390 Orange County, Tourist Development Tax Revenue 5%, 10/1/2015 (Insured; AMBAC) 1,010,000 1,021,706 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare): 5.50%, 11/1/2003 (Insured; MBIA) 600,000 621,528 6.25%, 10/1/2011 (Insured; MBIA) 730,000 837,587 6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 2,034,119 Orlando Utilities Commission, Water and Electric Revenue: 5.60%, 10/1/2003 5,000,000 5,199,150 5.75%, 10/1/2005 2,000,000 2,139,800 5.80%, 10/1/2006 5,930,000 6,427,527 5.80%, 10/1/2007 1,175,000 1,284,862 Osceola County, Revenue: Gas Tax Improvement: 5.50%, 4/1/2003 (Insured; FGIC) 1,365,000 1,407,015 5.65%, 4/1/2004 (Insured; FGIC) 1,445,000 1,511,297 Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,351,662 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 2,480,000 2,550,878 Palm Beach County, Revenue: Criminal Justice Facilities 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,964,612 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Palm Beach County School Board, COP 6%, 8/1/2016 (Insured; FGIC) 4,000,000 4,431,320 Palm Beach County School District 6%, 8/1/2006 (Insured; AMBAC) 1,000,000 1,036,240 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,193,410 Polk County, Capital Improvement Revenue 6%, 12/1/2002 (Insured; MBIA) 1,900,000 1,967,963 Polk County Industrial Development Authority, IDR (Cargill Fertilizer, Inc.) 5.50%, 11/1/2009 2,000,000 2,100,480 Saint John's County Industrial Development Authority, HR (Flager Hospital Project) 5.80%, 8/1/2003 1,000,000 1,024,880 Saint Lucie County School District 5.90%, 7/1/2002 (Insured; AMBAC) 1,780,000 1,828,167 Saint Petersburg, Public Improvement Revenue 6%, 2/1/2002 (Insured; MBIA) 1,500,000 1,531,500 Sarasota County 6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,557,269 Seminole County School District 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,615,125 Sunrise, Revenue: Public Facilities 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,103,000 Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,458,152 Tallahassee, Health Facilities Revenue (Tallahassee Memorial Regional Medical Center) 5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,025,310 Tampa, Revenue: (Alleghany Health Systems--Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,909,610 (Aquarium, Inc. Project) 7.25%, 5/1/2005 (Prerefunded 5/1/2002) 1,200,000 (a) 1,269,696 Cigarette Tax Allocation (H Lee Moffitt Cancer) 5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,092,420 Water and Sewer 6.30%, 10/1/2006 1,590,000 1,658,402 Tampa Bay, Water Utility Systems Revenue 5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,278,875 Tarpon Springs Health Facilities Authoriy, HR (Helen Ellis Memorial Hospital Project) 7.50%, 5/1/2011 2,210,000 2,275,770 Volusia County, Sales Tax Improvement Revenue 6.40%, 10/1/2007 (Insured; MBIA) 2,000,000 2,071,680 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,180,232 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,051,010 Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 795,000 836,968 U.S. RELATED--6.1% Childrens' Trust Fund, Tobacco Settlement Revenue 5.75%, 7/1/2014 3,000,000 3,162,780 Puerto Rico Commonwealth 5.20%, 7/1/2003 (Insured; FSA) 5,000,000 5,159,150 Puerto Rico Commonwealth Highway and Transportation Authority: Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,756,000 Transportation Revenue 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,604,261 Virgin Islands Public Finance Authority, Revenue 5.625%, 10/1/2010 2,000,000 2,075,840 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002 200,000 203,138 TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $245,348,660) 254,650,955 - ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM MUNICIPAL INVESTMENTS--.8% - ----------------------------------------------------------------------------------------------------------------------------------- Jacksonville Electric Authority, Electric System Revenue VRDN 5% 1,000,000 (b) 1,000,000 Palm Beach County, Water & Sewer Revenue, VRDN 5.05% (LOC; Santanoer Global Bank USA) 600,000 (b) 600,000 Putnam County Development Authority, PCR, VRDN (Florida Power & Light Co.) 4.10% 400,000 (b) 400,000 TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $2,000,000) 2,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (cost $247,348,660) 98.3% 256,650,955 CASH AND RECEIVABLES (NET) 1.7% 4,523,458 NET ASSETS 100.0% 261,174,413
Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation COP Certificate of Participation FGIC Financial Guaranty Insurance Company FNMA Federal National Mortgage Association FSA Financial Security Assurance GNMA Government National Mortgage Association HR Hospital Revenue IDR Industrial Development Revenue LOC Letter of Credit MBIA Municipal Bond Investors Assurance Insurance Corporation MFHR Multi-Family Housing Revenue PCR Pollution Control Revenue RRR Resources Recovery Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited) Fitch or Moody's or Standard & Poor's Value (%) - ------------------------------------------------------------------------------------------------------------------------------------ AAA Aaa AAA 71.2 AA Aa AA 19.2 A A A 1.9 BBB Baa BBB 3.4 B B B .9 F-1+, F-1 VMIG1, MIG1, P1 SP1, A1 .7 Not Rated(c) Not Rated(c) Not Rated(c) 2.7 100.0
(A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (B) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE SUBJECT TO PERIODIC CHANGE. (C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST. (D) AT DECEMBER 31, 2000, 26.0% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA. SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF ASSETS AND LIABILITIES December 31, 2000 Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 247,348,660 256,650,955 Cash 750,313 Interest receivable 4,002,448 Receivable for shares of Beneficial Interest subscribed 5,907 Prepaid expenses 3,356 261,412,979 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 164,302 Accrued expenses 74,264 238,566 - -------------------------------------------------------------------------------- NET ASSETS ($) 261,174,413 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 252,411,789 Accumulated undistributed investment income--net 63,544 Accumulated net realized gain (loss) on investments (603,215) Accumulated net unrealized appreciation (depreciation) on investments--Note 4 9,302,295 - -------------------------------------------------------------------------------- NET ASSETS ($) 261,174,413 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value Beneficial Interest authorized) 19,772,446 NET ASSET VALUE, offering and redemption ($) price per share--Note 3(d) 13.21 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF OPERATIONS Year Ended December 31, 2000 - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 14,234,142 EXPENSES: Management fee--Note 3(a) 1,582,634 Shareholder servicing costs--Note 3(b) 402,538 Trustees' fees and expenses--Note 3(c) 45,108 Professional fees 41,739 Custodian fees 23,021 Prospectus and shareholders' reports 9,763 Registration fees 9,026 Loan commitment fees--Note 2 1,873 Miscellaneous 23,538 TOTAL EXPENSES 2,139,240 INVESTMENT INCOME--NET 12,094,902 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 147,646 Net unrealized appreciation (depreciation) on investments 6,834,393 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 6,982,039 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 19,076,941 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, ---------------------------------- 2000 1999 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 12,094,902 13,439,208 Net realized gain (loss) on investments 147,646 (747,993) Net unrealized appreciation (depreciation) on investments 6,834,393 (16,189,293) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 19,076,941 (3,498,078) - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (12,031,358) (13,439,208) Net realized gain on investments -- (25,230) TOTAL DIVIDENDS (12,031,358) (13,464,438) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 17,834,460 36,382,864 Dividends reinvested 7,944,763 8,886,976 Cost of shares redeemed (58,812,818) (70,234,114) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (33,033,595) (24,964,274) TOTAL INCREASE (DECREASE) IN NET ASSETS (25,988,012) (41,926,790) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 287,162,425 329,089,215 END OF PERIOD 261,174,413 287,162,425 Undistributed investment income--net 63,544 -- - ------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 1,378,959 2,759,654 Shares issued for dividends reinvested 615,541 672,359 Shares redeemed (4,572,301) (5,298,777) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (2,577,801) (1,866,764) SEE NOTES TO FINANCIAL STATEMENTS. 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, ------------------------------------------------------------------ 2000 1999 1998 1997 1996 - ----------------------------------------------------------------------------------------------------------------------------------- PER SHARE DATA ($): Net asset value, beginning of period 12.85 13.59 13.64 13.45 13.62 Investment Operations: Investment income--net .59 .59 .60 .60 .61 Net realized and unrealized gain (loss) on investments .36 (.74) .06 .23 (.17) Total from Investment Operations .95 (.15) .66 .83 .44 Distributions: Dividends from investment income--net (.59) (.59) (.60) (.60) (.61) Dividends from net realized gain on investments -- .00(a) (.11) (.04) -- Total Distributions (.59) (.59) (.71) (.64) (.61) Net asset value, end of period 13.21 12.85 13.59 13.64 13.45 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL RETURN (%) 7.58 (1.16) 4.98 6.35 3.35 - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .81 .81 .81 .80 .80 Ratio of net investment income to average net assets 4.59 4.42 4.41 4.43 4.53 Portfolio Turnover Rate 11.45 10.61 32.49 19.68 19.14 - ----------------------------------------------------------------------------------------------------------------------------------- Net Assets, end of period ($ x 1,000) 261,174 287,162 329,089 351,964 387,899 (A) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE. SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 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. Effective March 22, 2000, Dreyfus Service Corporation (the "Distributor" ), a wholly-owned subsidiary of the Manager, became the distributor of the fund's shares which are sold to the public without a sales charge. Prior to March 22, 2000, Premier Mutual Fund Services, Inc. was the distributor. The fund' s financial statements are prepared in accordance with accounting principles generally accepted in the United States, 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 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 receives net earnings credits based on available cash balances left on deposit. 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 $434,000 available for Federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to December 31, 2000. This amount is calculated based on Federal income tax regulations which may differ from financial reporting in accordance with accounting principles generally accepted in the United States. If not applied, the carryover expires in fiscal 2007. The Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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 based on prevailing market rates in effect at the time of borrowings. During the period ended December 31, 2000, 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 the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the fund's average daily net assets for 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, 2000, the fund was charged of $250,172 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, 2000, the fund was charged $89,381 pursuant to the transfer agency agreement. (c) Each Board member also serves as a Board member of other funds within the Dreyfus complex (collectively, the "Fund Group"). Effective April 11, 2000, each Board member who is not an "affiliated person" as defined in the Act receives an annual fee of $30,000 and an attendance fee of $4,000 for each in person meeting and $500 for telephone meetings. These fees are allocated among the funds in the Fund Group. The Chairman of the Board receives an additional 25% of such compensation. Prior to April 11, 2000, each Board member who was not an " affiliated person" as defined in the Act received from the fund an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board received an additional 25% of such compensation. Subject to the fund's Emeritus Program Guidelines, Emeritus Board members, if any, receive 50% of the fund's annual retainer fee and per meeting fee paid at the time the Board member achieves emeritus status. (d) A 1% redemption fee is charged and retained by the fund on shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund's exchange privilege. Prior to June 1, 2000, this fee was chargeable within fifteen days following the date of issuance. During the period ended December 31, 2000, redemption fees charged and retained by the fund amounted to $604. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2000, amounted to $29,753,494 and $55,673,875, mrespectively. At December 31, 2000, accumulated net unrealized appreciation on investments was $9,302,295, consisting of $9,360,161 gross unrealized appreciation and $57,866 gross unrealized depreciation. At December 31, 2000, 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). The Fund 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, 2000, 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, 2000 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, 2000, 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 & YOUNG SIGNATURE LOGO] New York, New York February 1, 2001 IMPORTANT TAX INFORMATION (Unaudited) In accordance with Federal tax law, the fund hereby designates all the dividends paid from investment income-net during the fiscal year ended December 31, 2000 as "exempt-interest dividends" (not subject to regular Federal income tax and, for residents of Florida, not subject to taxation by Florida). 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 2000 calendar year on Form 1099-DIV which will be mailed by January 31, 2001. The Fund Notes 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 Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 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) 2001 Dreyfus Service Corporation 740AR0012 EX-99 2 0002.txt GRAPH IN PRESIDENT'S LTR OF ANNUAL REPORT 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: PERIOD Dreyfus Lehman Brothers Florida Intermediate 10-Year Municipal Municipal Bond Fund Bond Index* 1/21/92 10,000 10,000 12/31/92 10,935 10,869 12/31/93 12,339 12,257 12/31/94 11,732 11,672 12/31/95 13,373 13,676 12/31/96 13,821 14,297 12/31/97 14,699 15,618 12/31/98 15,431 16,674 12/31/99 15,252 16,466 12/31/00 16,409 18,238 *Source: Lipper Inc. -----END PRIVACY-ENHANCED MESSAGE-----