-----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, GGk6D31/dbVwQKVQ/mqSFfamZmEhWUQHHg5qI22g/XlLqHNjztt3YkRL0/3r8w1A Q8OgHudAwvnBkMGfPsZcHg== 0000881512-02-000007.txt : 20020415 0000881512-02-000007.hdr.sgml : 20020415 ACCESSION NUMBER: 0000881512-02-000007 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011231 FILED AS OF DATE: 20020305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06489 FILM NUMBER: 02567400 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 annualreport.txt ANNUAL REPORT Dreyfus Florida Intermediate Municipal Bond Fund ANNUAL REPORT December 31, 2001 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 Chairman 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 23 Report of Independent Auditors 24 Important Tax Information 25 Board Members Information 26 Officers of the Fund FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus Florida Intermediate Municipal Bond Fund LETTER FROM THE CHAIRMAN Dear Shareholder: We present this annual report for Dreyfus Florida Intermediate Municipal Bond Fund, covering the 12-month period from January 1, 2001 through December 31, 2001. 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. In 2001, municipal bonds generally posted higher returns than stocks for the second consecutive year. Although one of America's longest periods of economic expansion came to an end, municipal bonds generally benefited from the Federal Reserve Board's efforts to reinvigorate an ailing economy. Eleven interest-rate reductions drove short-term rates to their lowest levels in 40 years, helping to boost prices of tax-exempt bonds. 2001 also reminded investors of the importance of some fundamental principles of investing. The merit of a long-term perspective was validated when stocks and lower rated bonds rallied in the fourth quarter. The importance of diversification was underscored by the bond market's strong returns, which helped cushion the equity market's decline for investors who allocated their investments among different asset classes. Perhaps most significant, 2001 affirmed the value of objective advice from an experienced financial advisor who understands your current needs, long-term goals and attitude toward risk. With municipal bond yields ending 2001 at historically low levels, a repeat of last year' s performance seems unlikely. Nonetheless, investment opportunities may abound. Signs of economic recovery have emerged, and the equity markets have recently rallied in response to renewed investor optimism. While we can't guarantee that these encouraging trends will continue, we do believe that the straightest path to financial security in any market environment is one that includes a long-term perspective, broad diversification and professional advice from a trusted advisor. Thank you for your continued confidence and support. Sincerely, /s/ Stephen E. Canter Stephen E. Canter Chairman and Chief Executive Officer The Dreyfus Corporation January 15, 2002 DISCUSSION OF FUND PERFORMANCE Monica Wieboldt, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform relative to its benchmarks? For the 12-month period ended December 31, 2001, the fund achieved a total return of 4.37% .(1) The Lehman Brothers 7-Year Municipal Bond Index and the Lehman Brothers 10-Year Municipal Bond Index, the fund's benchmarks, achieved total returns of 5.18% and 4.62% , respectively, for the same period.(2) Additionally, the fund is reported in the Lipper Florida Intermediate Municipal Debt Funds category. Over the reporting period, the average total return for all funds reported in the category was 4.49% .(3) The fund' s benchmarks are broad-based measures of overall municipal bond performance. There are no broad-based municipal bond market indices reflective of the performance of bonds issued by a single state such as Florida. For this reason, we have also provided the fund's Lipper category average return for comparative purposes. We attribute the fund's positive overall performance to a generally favorable environment for municipal bonds, which was primarily the result of a weakening economy and high levels of demand from investors seeking investment alternatives to a declining stock market. However, the fund's return lagged modestly behind those of its benchmarks and peer group average, primarily because of its conservative security selection strategy during the reporting period. What is the fund's investment approach? The fund' s objective is to seek 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. The fund is managed in the intermediate maturity range, and its average maturity doesn't The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) exceed 10 years. We also manage the fund for a competitive total return, which includes both current income and changes in share price. When 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 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? When the reporting period began, the U.S. economy had already begun to weaken. Capital spending by businesses had fallen dramatically, the stock market was in the midst of a persistent decline and consumer confidence was falling as unemployment rose. In this environment, the Federal Reserve Board (the "Fed") attempted to stimulate renewed economic growth by reducing short-term interest rates 11 times during the reporting period. All told, the Fed reduced short-term interest rates by 4.75 percentage points during the reporting period. As interest rates and bond yields fell, municipal bond prices rose, producing attractive levels of capital appreciation. In addition, municipal bond prices were generally supported by supply-and-demand factors. Demand for high quality, tax-exempt securities surged from investors seeking investment alternatives to a declining stock market. However, these positive influences were partially offset by the September 11 terrorist attacks. Adverse economic repercussions spread to Florida, where tourism revenues plunged as vacationers canceled their travel plans. In fact, to help offset those losses, the Florida legislature recently rescinded its earlier decision to increase the exemption amount for the state's intangibles tax. In this environment of heightened market volatility and accelerating economic deterioration, we had adopted a more conservative posture even before September 11. We maintained the fund's average duration -- a measure of sensitivity to changing interest rates -- at a point that was slightly shorter than the peer group average. While the fund's holdings of bonds nearing their redemption dates also helped mute market volatility, they limited the fund's ability to fully capture the benefits of rising bond prices as interest rates declined. On the other hand, the fund benefited from our holdings of bonds in the 13- to 16-year maturity range, which is where performance was strongest in the intermediate-term maturity range. The fund also avoided potential losses by maintaining no exposure to airline bonds, which were negatively affected in the aftermath of September 11. What is the fund's current strategy? Because the economic environment remains uncertain, we intend to continue to manage the fund conservatively, with an eye toward maintaining its income stream. We have intensified our focus on credit quality, generally limiting new purchases to bonds with high credit ratings. We have also attempted to protect the fund from volatility at the long end of the maturity spectrum. Accordingly, we have continued to emphasize income-oriented bonds in the 13- to 16-year maturity range. In addition, we have reduced our holdings of bonds that are likely to be redeemed soon by their issuers. Of course, we are prepared to change our strategy and the fund's composition as market conditions evolve. January 15, 2002 (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: LEHMAN BROTHERS -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE LEHMAN BROTHERS 7-YEAR MUNICIPAL BOND INDEX IS AN UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK FOR THE INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 7-YEAR TAX-EXEMPT BOND MARKET, CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 6-8 YEARS. THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX 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. INDEX RETURNS DO NOT REFLECT THE FEES AND EXPENSES ASSOCIATED WITH OPERATING A MUTUAL FUND. (3) SOURCE: LIPPER INC. -- CATEGORY AVERAGE RETURNS REFLECT THE FEES AND EXPENSES OF THE FUNDS COMPRISING THE AVERAGE. The Fund
FUND PERFORMANCE Comparison of change in value of $10,000 investment in Dreyfus Florida Intermediate Municipal Bond Fund with the Lehman Brothers 10-Year Municipal Bond Index and the Lehman Brothers 7-Year Municipal Bond Index - -------------------------------------------------------------------------------- Average Annual Total Returns AS OF 12/31/01 Inception From Date 1 Year 5 Years Inception - ------------------------------------------------------------------------------------------------------------------------------------ FUND 1/21/92 4.37% 4.38% 5.56% ((+)) SOURCE: LEHMAN BROTHERS 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 7-YEAR MUNICIPAL BOND INDEX (THE "LEHMAN 7-YEAR INDEX") AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX (THE "LEHMAN 10-YEAR 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. THIS IS THE FIRST YEAR IN WHICH COMPARATIVE PERFORMANCE IS BEING SHOWN FOR THE LEHMAN 7-YEAR INDEX, WHICH HAS BEEN SELECTED AS THE PRIMARY INDEX FOR COMPARING THE FUND'S PERFORMANCE BASED ON THE FUND'S AND THE LEHMAN 7-YEAR INDEX'S WEIGHTED AVERAGE MATURITY ORIENTATION. PERFORMANCE FOR THE LEHMAN 10-YEAR INDEX WILL NOT BE PROVIDED IN THE NEXT ANNUAL REPORT. THE FUND INVESTS PRIMARILY IN FLORIDA MUNICIPAL SECURITIES AND ITS PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT FEES AND EXPENSES. THE LEHMAN 7-YEAR INDEX AND THE LEHMAN 10-YEAR INDEX ARE NOT LIMITED TO INVESTMENTS PRINCIPALLY IN FLORIDA MUNICIPAL OBLIGATIONS AND DO NOT TAKE INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES. THE LEHMAN 7-YEAR INDEX, UNLIKE THE FUND, IS AN UNMANAGED, TOTAL RETURN PERFORMANCE BENCHMARK FOR THE INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 7-YEAR TAX-EXEMPT BOND MARKET, CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 6-8 YEARS. THE LEHMAN 10-YEAR 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 LEHMAN 10-YEAR INDEX, CAN CONTRIBUTE TO THE INDICES 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, 2001 Principal LONG-TERM MUNICIPAL INVESTMENTS--95.8% Amount ($) Value ($) - -------------------------------------------------------------------------------------------------------------------------------- FLORIDA--90.2% Alachua County Health Facilities Authority, Health Facilities Revenue (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,808,137 Bay County, Refunding: PCR (International Paper Co.) 5.10%, 9/1/2012 2,500,000 2,494,125 RRR 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,142,661 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,069,350 Brevard County Health Facilities Authority, Revenue: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,195,210 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 970,000 982,765 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,151,960 Broward County: Airport System Revenue: 5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,027,240 5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,246,367 RRR 7.859%, 12/1/2006 5,000,000 (a,b) 5,356,400 Broward County School Board, COP: 6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,044,520 5.50%, 7/1/2014 (Insured; FSA) 4,715,000 4,986,725 Broward County School District: 5.30%, 2/15/2004 5,000,000 5,232,550 6%, 2/15/2004 3,000,000 3,071,130 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 1,300,000 1,350,024 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,294,543 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA,GNMA) 1,545,000 1,557,854 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,130,838 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,297,144 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - -------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,083,260 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,076,860 (Miami International Airport): 5%, 10/1/2005 (Insured; FSA) 1,075,000 1,117,527 5.75%, 10/1/2005 (Insured; FSA) 2,000,000 2,131,020 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,035,010 Public Facilities Revenue (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA) 2,035,000 2,136,343 Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,820,243 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 4,487,028 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,403,803 Daytona Beach, Water and Sewer Revenue 5.75%, 11/15/2008 (Insured; AMBAC) 2,270,000 2,383,568 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 1,180,000 1,229,690 Delray Beach, Water and Sewer Revenue 5.25%, 10/1/2009 (Insured; AMBAC) 2,500,000 2,663,450 Duval County School District 6.25%, 8/1/2005 (Insured; AMBAC) 2,400,000 2,505,840 First Florida Governmental Financing Commission, Revenue 6%, 7/1/2003 (Insured; MBIA) 2,020,000 2,096,114 Florida Board of Education: Capital Outlay (Public Education): 5.50%, 6/1/2010 5,725,000 6,032,662 5.25%, 6/1/2013 2,000,000 2,066,240 Lottery Revenue: 5%, 7/1/2011 (Insured; FGIC) 2,000,000 2,075,720 5.25%, 7/1/2016 (Insured; FGIC) 1,500,000 1,529,790 Florida Department of Environmental Protection, Revenue 5.75%, 7/1/2009 (Insured; FGIC) 5,000,000 5,479,050 Florida Municipal Power Agency, Revenue (All-Requirements Power Supply Project) 5.90%, 10/1/2002 (Insured; AMBAC) 1,000,000 1,031,740 Florida Ports Finance Commission, Revenue (Transportation Trust Fund--Intermodal Program) 5.50%, 10/1/2016 1,745,000 1,771,821 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - --------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Fort Myers, Improvement Revenue (Special Assessment--Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (c) 961,707 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue 6.10%, 10/1/2002 (Insured; FGIC) 2,000,000 2,064,740 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,814,365 Hernando County School District: 6.10%, 8/1/2003 (Insured; MBIA) 2,000,000 2,081,980 5.50%, 9/1/2004 (Insured; MBIA) 1,580,000 1,683,996 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 710,000 732,315 Hillsborough County, Utility Revenue: Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 4,196,300 5.50%, 8/1/2011 (Insured; AMBAC) 2,000,000 2,155,200 5.50%, 8/1/2014 (Insured; AMBAC) 3,205,000 3,433,420 Hillsborough County Hospital Authority, HR (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA) 3,350,000 3,459,780 Hillsborough County School Board, COP 5%, 7/1/2016 (Insured; MBIA) 2,625,000 2,620,984 Indian Trace Community Development District (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,413,199 Jacksonville, Revenue: Excise Taxes 6.50%, 10/1/2008 (Insured; AMBAC) 1,000,000 1,053,040 Sales Tax: 5.50%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,583,865 5.50%, 10/1/2015 (Insured; AMBAC) 1,500,000 1,571,940 (River City Renaissance Project) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,506,650 Jacksonville Electric Authority, Electric System Revenue 5.40%, 10/1/2004 2,250,000 2,313,180 Lake County, Resource Recovery Industrial Development Revenue (NRG/Recovery Group) 5.85%, 10/1/2009 2,000,000 2,002,660 Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,087,850 Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,623,262 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - -------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Lee County, Transportation Facilities Revenue 5.50%, 10/1/2015 (Insured; AMBAC) 2,500,000 2,619,900 Martin County, Utility System Revenue: 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,082,090 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,148,304 5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,599,568 Miami 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,462,463 Miami Beach Health Facilities Authority, HR (Mount Sinai Medical Center) 5.70%, 11/15/2003 (Insured; FSA, Prerefunded 11/15/2002) 1,500,000 (c) 1,581,060 Miami-Dade County School Board, COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,656,025 Miami-Dade County School District 5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,123,680 Nassau County, PCR (ITT Rayonier, Inc. ) 5.90%, 7/1/2005 860,000 901,125 Nothern Palm Beach County Improvement District (Water Control & Improvement Unit Development) 5.75%, 8/1/2014 1,145,000 1,142,401 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) 3,500,000 3,614,240 Orange County, Tourist Development Tax Revenue: 5%, 10/1/2015 (Insured; AMBAC) 1,010,000 1,015,404 5.50%, 10/1/2011 (Insured; AMBAC) 3,030,000 3,235,979 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare) 6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 2,018,597 Orange County School Board, COP 5%, 8/1/2024 (Insured; MBIA) 1,500,000 1,451,625 Orlando Utilities Commission, Water and Electric Revenue: 5.75%, 10/1/2005 2,000,000 2,171,760 5.80%, 10/1/2006 5,930,000 6,491,037 5.80%, 10/1/2007 1,175,000 1,288,987 Osceola County, Revenue, Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA) 1,300,000 1,338,753 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 1,930,000 1,971,592 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - -------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Palm Beach County: Criminal Justice Facilities Revenue 5.375%, 6/1/2010 (Insured; FGIC) 1,825,000 1,957,459 (Land Acquisition Program) 5.375%, 6/1/2014 1,000,000 1,045,810 Public Improvement Revenue (Convention Center Project) 5.50%, 11/1/2013 1,785,000 1,899,900 Palm Beach County School Board, COP 6%, 8/1/2016 (Insured; FGIC) 4,000,000 4,495,440 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,235,110 Polk County, Capital Improvement Revenue 6%, 12/1/2002 (Insured; MBIA) 1,900,000 1,974,822 Polk County Industrial Development Authority, IDR (Cargill Fertilizer, Inc.) 5.50%, 11/1/2009 2,000,000 2,068,340 Reedy Creek Improvement District 5.25%, 6/1/2012 (Insured; MBIA) 1,485,000 1,536,797 Sarasota County 6.25%, 10/1/2004 (Insured; FGIC) 1,505,000 1,542,023 Seminole County School District 6%, 8/1/2003 (Insured; MBIA) 2,500,000 2,601,150 Sunrise, Revenue: Public Facilities 6.20%, 10/1/2004 (Insured; MBIA) 2,000,000 2,100,860 Utility System 5.20%, 10/1/2005 (Insured; AMBAC) 1,395,000 1,465,615 Tallahassee, Health Facilities Revenue (Tallahassee Memorial Regional Medical Center) 5.50%, 12/1/2002 (Insured; MBIA) 1,000,000 1,034,290 Tampa, Revenue: (Alleghany Health Systems--Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,893,908 Cigarette Tax Allocation (H Lee Moffitt Cancer) 5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,100,760 Water and Sewer 6.30%, 10/1/2006 1,590,000 1,655,079 Tampa Bay, Water Utility Systems Revenue: 5.125%, 10/1/2010 (Insured; FGIC). 3,095,000 3,256,373 5.125%, 10/1/2015 (Insured; FGIC). 3,205,000 3,252,146 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,182,625 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,048,140 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - -------------------------------------------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 620,000 656,661 U.S. RELATED--5.6% Childrens Trust Fund, Tobacco Settlement Revenue: 5.75%, 7/1/2013 1,000,000 1,057,450 5.75%, 7/1/2014 3,000,000 3,155,310 Puerto Rico Commonwealth 5.50%, 7/1/2013 (Insured; FGIC) 2,000,000 2,177,100 Puerto Rico Commonwealth Highway and Transportation Authority: Highway Revenue 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,721,375 Transportation Revenue 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,569,585 Virgin Islands Public Finance Authority, Revenue: 5.625%, 10/1/2010 2,000,000 2,118,800 5.875%, 10/1/2018 500,000 491,585 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002 100,000 100,000 TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $236,578,992) 244,265,858 - ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM MUNICIPAL INVESTMENTS--2.7% - ------------------------------------------------------------------------------------------------------------------------------------ Jacksonville Electric Authority Electric System Revenue, VRDN: Series A, 1.80% 4,000,000 (d) 4,000,000 Series B, 1.80% 1,500,000 (d) 1,500,000 Saint Lucie County, PCR, VRDN (Florida Power & Light Co.) 1.75%. 1,500,000 (d) 1,500,000 TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $7,000,000) 7,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $243,578,992) 98.5% 251,265,858 CASH AND RECEIVABLES (NET) 1.5% 3,847,927 NET ASSETS 100.0% 255,113,785 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 72.9 AA Aa AA 15.6 A A A 1.2 BBB Baa BBB 3.4 F-1,F-1+ VMIG1,MIG1,P1 SP1,A1 2.8 Not Rated (e) Not Rated (e) Not Rated (e) 4.1 100.0 (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. THIS SECURITY MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT DECEMBER 31, 2001, THIS SECURITY AMOUNTED TO $5,356,400 ON 2.1% OF NET ASSETS. (C) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (D) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. (E) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S, HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF ASSETS AND LIABILITIES December 31, 2001 Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 243,578,992 251,265,858 Cash 341,087 Interest receivable 3,747,862 Prepaid expenses 7,346 255,362,153 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 157,361 Accrued expenses 91,007 248,368 - -------------------------------------------------------------------------------- NET ASSETS ($) 255,113,785 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 247,428,980 Accumulated net realized gain (loss) on investments (2,061) Accumulated net unrealized appreciation (depreciation) on investments 7,686,866 - -------------------------------------------------------------------------------- NET ASSETS ($) 255,113,785 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value shares of Beneficial Interest authorized) 19,401,905 NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.15 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF OPERATIONS Year Ended December 31, 2001 - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 13,135,757 EXPENSES: Management fee--Note 3(a) 1,552,109 Shareholder servicing costs--Note 3(b) 295,316 Trustees' fees and expenses--Note 3(c) 41,958 Professional fees 37,893 Custodian fees 29,579 Prospectus and shareholders' reports 15,966 Registration fees 9,339 Loan commitment fees--Note 2 3,903 Miscellaneous 23,195 TOTAL EXPENSES 2,009,258 INVESTMENT INCOME--NET 11,126,499 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 1,653,065 Net unrealized appreciation (depreciation) on investments (1,615,429) NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 37,636 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 11,164,135 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, ----------------------------------- 2001 2000 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 11,126,499 12,094,902 Net realized gain (loss) on investments 1,653,065 147,646 Net unrealized appreciation (depreciation) on investments (1,615,429) 6,834,393 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 11,164,135 19,076,941 - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (11,190,042) (12,031,358) Net realized gain on investments (1,051,912) -- TOTAL DIVIDENDS (12,241,954) (12,031,358) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 25,306,749 17,834,460 Dividends reinvested 8,309,325 7,944,763 Cost of shares redeemed (38,598,883) (58,812,818) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (4,982,809) (33,033,595) TOTAL INCREASE (DECREASE) IN NET ASSETS (6,060,628) (25,988,012) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 261,174,413 287,162,425 END OF PERIOD 255,113,785 261,174,413 Undistributed investment income--net -- 63,544 - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 1,904,403 1,378,959 Shares issued for dividends reinvested 624,654 615,541 Shares redeemed (2,899,598) (4,572,301) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (370,541) (2,577,801) 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, ---------------------------------------------------------------------- 2001(a) 2000 1999 1998 1997 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 13.21 12.85 13.59 13.64 13.45 Investment Operations: Investment income--net .58(b) .59 .59 .60 .60 Net realized and unrealized gain (loss) on investments (.01) .36 (.74) .06 .23 Total from Investment Operations .57 .95 (.15) .66 .83 Distributions: Dividends from investment income--net (.58) (.59) (.59) (.60) (.60) Dividends from net realized gain on investments (.05) -- .00(c) (.11) (.04) Total Distributions (.63) (.59) (.59) (.71) (.64) Net asset value, end of period 13.15 13.21 12.85 13.59 13.64 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) 4.37 7.58 (1.16) 4.98 6.35 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .78 .81 .81 .81 .80 Ratio of net investment income to average net assets 4.33 4.59 4.42 4.41 4.43 Portfolio Turnover Rate 22.97 11.45 10.61 32.49 19.68 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 255,114 261,174 287,162 329,089 351,964 (A) AS REQUIRED EFFECTIVE JANUARY 1, 2001, THE FUND HAS ADOPTED THE PROVISIONS OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND BEGAN AMORTIZING DISCOUNT OR PREMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES ON A DAILY BASIS. THERE WAS NO EFFECT OF THIS CHANGE FOR THE PERIOD ENDED DECEMBER 31, 2001 AND THE RATIOS WERE NOT AFFECTED BY THIS CHANGE. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR PERIODS PRIOR TO JANUARY 1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS IN PRESENTATION. (B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (C) 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. Dreyfus Service Corporation (the " Distributor"), a wholly-owned subsidiary of the Manager, 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 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 premium and 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, if any, it is the policy of the fund not to distribute such gain. (D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the 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 NOTES TO FINANCIAL STATEMENTS (CONTINUED) At December 31, 2001, the components of accumulated earnings on a tax basis were as follows: accumulated capital losses $2,064 and unrealized appreciation $7,686,866. In addition, the portfolio had $338 of capital losses realized after October 31, 2001 which were deferred for tax purposes to the first day of the following fiscal year. The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2001 and December 31, 2000, respectively, were as follows: ordinary income $1,893 and $0, long-term capital gains $1,050,019 and $0 and tax exempt income $11,190,042 and $12,031,358. 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, 2001, 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, 2001, the fund was charged of $141,329 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, 2001, the fund was charged $105,752 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"). 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. Subject to the fund's Emeritus Program Guidelines, Emeritus Board members, if any, receive 50% of the 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. During the period ended December 31, 2001, redemption fees charged and retained by the fund amounted to $1,837. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2001, amounted to $58,503,314 and $68,827,284, respectively. The Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED) At December 31, 2001, accumulated net unrealized appreciation on investments was $7,686,866, consisting of $8,060,769 gross unrealized appreciation and $373,903 gross unrealized depreciation. At December 31, 2001, 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). NOTE 5--Change in Accounting Principle: As required, effective January 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing discount or premium on a scientific basis for debt securities on a daily basis. Prior to January 1, 2001, the fund amortized premiums on debt securities on a scientific basis but recognized market discount upon disposition. The cumulative effect of this accounting change had no impact on total net assets of the fund based on securities held by the fund on December 31, 2000. The effect of this change for the year ended December 31, 2001 had no impact on total net assets of the fund. The statement of changes in net assets and financial highlights for prior periods have not been restated to reflect this change in presentation. 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, 2001, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two periods 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, 2001 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, 2001, 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 periods, in conformity with accounting principles generally accepted in the United States. [ERNST & YOUNG LLP SIGNATURE LOGO] New York, New York February 4, 2002 The Fund IMPORTANT TAX INFORMATION (Unaudited) For Federal tax purposes, the fund hereby designates $.0548 per share as a long-term capital gain distribution of the $.0549 per share paid on December 7, 2001. 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, 2001 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 2001 calendar year on Form 1099-DIV which will be mailed by January 31, 2002.
BOARD MEMBERS INFORMATION (Unaudited) No. of Portfolios Name (age) Principal Occupation Other Directorships for which Board Position, (held since) During Past 5 Years And Affiliations Member Serves Joseph S. DiMartino (58) o Chairman of the Board of various o Muscular Dystrophy Association 190 Chairman of the Board funds in the Dreyfus Family of Funds o Plan Vista Corporation (formerly (1995) HealthPlan Services Corporation), a provider of marketing, administrative and risk management services to health and other benefit programs o Carlyle Industries, Inc., button packager and distributor o Century Business Services,Inc., provider of various outsourcing functions for small and medium size companies o The Newark Group, privately held company providing a national network of paper recovery facilities, paperboard mills and paperboard converting plants o QuikCAT.com, Inc., private company engaged in the development of high speed movement, routing, storage and encryption of data across all modes of data transport Gordon J. Davis (60) o Senior Partner with the law firm of o Consolidated Edison, a utility company 30 Board Member (1991) LeBoeuf, Lamb, Greene & MacRae o Phoenix Home Life Insurance Company o Also a Director/Trustee for various not-for-profit fund group David P. Feldman (62) o AT&T Investment Management o 59 Wall Street Mutual Funds Group 54 Board Member (1993) Corporation, Chairman and Chief (11 Funds) Executive Officer (Retired May 1997) o The Jeffrey Company, a private investment company Lynn Martin (62) o Professor, J.L. Kellogg Graduate o Harcourt General, Inc., a publishing and 15 Board Member (1994) School of Management, Northwestern information provider company University o SBC Communications, Inc. o Advisor to the international o Ryder System, Inc., a supply chain and accounting firm of Deloitte transportation management company & Touche, LLP and chairto o The Proctor & Gamble Co., consumer its Council for the Advancement company of Women o TRW, Inc., an aerospace and automotive equipment company Daniel Rose (72) o Chairman and Chief Executive Officer of o Baltic-American Enterprise Fund, received 31 Board Member (1992) Rose Associates Inc., a New York based a Presidential appointment to serve as real estate development and Director of the Fund, which will make equity management firm investments and loans, and provide technical business assistance to new business concerns in the Baltic states o Chairman of the Housing Committee of the Real Estate Board of New York, Inc. Philip L. Toia (68) o Vice Chairman, Administration and 15 Board Member (1997) Operations of the Dreyfus Corporation a subsidiary of Mellon Bank (Retired January 1997) Sander Vanocur (74) o President of Old Owl Communications, 31 Board Member (1992) a full-service communications firm Anne Wexler (71) o Chairman of the Wexler Group, o Wilshire Mutual Funds (5 Funds) 28 Board Member (1994) consultants specializing in government o Comcast Corporation, a telecommunications relations and public affairs company o The New England Electric System o Member of the Council of Foreign Relations and National Park Foundation Once elected all Board Members serve for an indefinite term. Additional information about the Board Members, including their address is available in the Fund's Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611. Eugene McCarthy, Emeritus Board Member Rex Wilder, Emeritus Board Member
OFFICERS OF THE FUND (Unaudited) STEPHEN E. CANTER, PRESIDENT SINCE MARCH 2000. Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Manager, and an officer of 92 investment companies (comprised of 183 portfolios) managed by the Manager. Mr. Canter also is a Director and Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 56 years old, and has been an employee of the Manager since May 1995. MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000. Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 55 years old, and has been an employee of the Manager since June 1977. MICHAEL A. ROSENBERG, SECRETARY SINCE MARCH 2000. Associate General Counsel of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 42 years old, and has been an employee of the Manager since October 1991. STEVEN F. NEWMAN, ASSISTANT SECRETARY SINCE MARCH 2000. Associate General Counsel and Assistant Secretary of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 52 years old, and has been an employee of the Manager since July 1980. JAMES WINDELS, TREASURER SINCE NOVEMBER 2001. Director of Mutual Fund Treasury Accounting of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 43 years old, and has been an employee of the Manager since April 1985. GREGORY S. GRUBER, ASSISTANT TREASURER SINCE MARCH 2000. Senior Treasury Manager of the Manager, and an officer of 30 investment companies (comprising 59 portfolios) managed by the Manager. He is 42 years old, and has been an employee of the Manager since August 1981. KENNETH SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001. Mutual Funds Tax Director of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 47 years old, and has been an employee of the Manager since June 1993. 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 15 Broad Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. P.O. Box 9263 Boston, MA 02205-8501 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) 2002 Dreyfus Service Corporation 740AR1201 EX-99 3 graph740.txt GRAPH IN PRESIDENT'S LETTER Comparison of change in value of $10,000 investment in Dreyfus Florida Intermediate Municipal Bond Fund with the Lehman Brothers 10-Year Municipal Bond Index and the Lehman Brothers 7-Year Municipal Bond Index EXHIBIT A: Dreyfus Florida Lehman Brothers Lehman Brothers Intermediate 10-Year 7-Year PERIOD Municipal Municipal Municipal Bond Fund Bond Index * Bond Index * 1/21/92 10,000 10,000 10,000 12/31/92 10,935 10,869 10,779 12/31/93 12,339 12,257 11,904 12/31/94 11,732 11,672 11,574 12/31/95 13,373 13,676 13,212 12/31/96 13,821 14,297 13,788 12/31/97 14,699 15,618 14,845 12/31/98 15,431 16,674 15,769 12/31/99 15,252 16,466 15,746 12/31/00 16,409 18,238 17,175 12/31/01 17,127 19,080 18,065 * Source: Lehman Brothers -----END PRIVACY-ENHANCED MESSAGE-----