<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>annualreport.txt
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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
<TABLE>
<CAPTION>
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
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
FUND 1/21/92 4.37% 4.38% 5.56%
((+)) SOURCE: LEHMAN BROTHERS
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
</TABLE>
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.
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
December 31, 2001
Principal
LONG-TERM MUNICIPAL INVESTMENTS--95.8% Amount ($) Value ($)
--------------------------------------------------------------------------------------------------------------------------------
FLORIDA--90.2%
Alachua County Health Facilities Authority,
Health Facilities Revenue
(Shands Teaching Hospital)
<S> <C> <C> <C> <C>
5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,808,137
Bay County, Refunding:
PCR (International Paper Co.) 5.10%, 9/1/2012 2,500,000 2,494,125
RRR 6.10%, 7/1/2002 (Insured; MBIA) 2,095,000 2,142,661
Boynton Beach, Utility Systems Revenue
5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,069,350
Brevard County Health Facilities Authority, Revenue:
(Holmes Regional Medical Center Project)
5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,195,210
(Wuesthoff Memorial Hospital) 6.90%, 4/1/2002 970,000 982,765
Brevard County Housing Finance Authority, MFHR
(Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,151,960
Broward County:
Airport System Revenue:
5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,027,240
5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,246,367
RRR 7.859%, 12/1/2006 5,000,000 (a,b) 5,356,400
Broward County School Board, COP:
6.10%, 7/1/2002 (Insured; AMBAC) 2,000,000 2,044,520
5.50%, 7/1/2014 (Insured; FSA) 4,715,000 4,986,725
Broward County School District:
5.30%, 2/15/2004 5,000,000 5,232,550
6%, 2/15/2004 3,000,000 3,071,130
Celebration Community Development District,
Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 1,300,000 1,350,024
Charlotte County, Utility Revenue
5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,294,543
Clay County Housing Finance Authority, Revenue
(Multi-County Program) 4.85%, 10/1/2011
(Collateralized: FNMA,GNMA) 1,545,000 1,557,854
Collier County, Capital Improvement Revenue:
5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,130,838
5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,297,144
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) 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 $5,356,400 ON 2.1% OF NET ASSETS.
(C) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE
EARLIEST REFUNDING DATE.
(D) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(E) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2001
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
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.
<TABLE>
<CAPTION>
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 ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 13.21 12.85 13.59 13.64 13.45
Investment Operations:
Investment income--net .58(b) .59 .59 .60 .60
Net realized and unrealized
gain (loss) on investments (.01) .36 (.74) .06 .23
Total from Investment Operations .57 .95 (.15) .66 .83
Distributions:
Dividends from investment income--net (.58) (.59) (.59) (.60) (.60)
Dividends from net realized gain
on investments (.05) -- .00(c) (.11) (.04)
Total Distributions (.63) (.59) (.59) (.71) (.64)
Net asset value, end of period 13.15 13.21 12.85 13.59 13.64
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 4.37 7.58 (1.16) 4.98 6.35
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .78 .81 .81 .81 .80
Ratio of net investment income
to average net assets 4.33 4.59 4.42 4.41 4.43
Portfolio Turnover Rate 22.97 11.45 10.61 32.49 19.68
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ 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.
</TABLE>
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.
<TABLE>
<CAPTION>
BOARD MEMBERS INFORMATION (Unaudited)
<S> <C> <C> <C>
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
</TABLE>
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
</TEXT>
</DOCUMENT>