-----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, No4q3W+lmb2a1i93z7o7TTrbJLLd58tx+dIYhEfWfLzDfWo/+9oYcpWRFtq535IL SCXsiPWhNIiaPxGc9i7xdA== 0000881512-03-000002.txt : 20030303 0000881512-03-000002.hdr.sgml : 20030303 20030303114452 ACCESSION NUMBER: 0000881512-03-000002 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030303 EFFECTIVENESS DATE: 20030303 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: 03588479 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 pn30d740.txt ANNUAL REPORT Dreyfus Florida Intermediate Municipal Bond Fund ANNUAL REPORT December 31, 2002 The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund. 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 13 Statement of Assets and Liabilities 14 Statement of Operations 15 Statement of Changes in Net Assets 16 Financial Highlights 17 Notes to Financial Statements 21 Report of Independent Auditors 22 Important Tax Information 23 Board Members Information 25 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, 2002 through December 31, 2002. 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, Scott Sprauer. In stark contrast to the stock market's overall dismal performance, tax-exempt bonds generally performed well in 2002. In an environment roiled by allegations of corporate scandal, a lackluster economy and the threat of war, investors flocked to high-quality, fixed-income securities. Declining interest rates and heightened investor demand drove prices of highly rated municipal bonds higher, and some tax-exempt bonds ended the year with yields approximating those of taxable U.S. Treasury securities. Can municipal bonds continue to produce attractive total returns in 2003? No one can know for sure. With the fiscal condition of many states and municipalities deteriorating, we believe that sector allocation and security selection will be key in 2003, requiring intensive research to find the most compelling opportunities. In the meantime, we continue to encourage you to maintain an ongoing dialogue with your financial advisor to ensure that your portfolio reflects your investment needs, long-term goals and attitudes toward risk. 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, 2003 DISCUSSION OF FUND PERFORMANCE Scott Sprauer, Portfolio Manager How did Dreyfus Florida Intermediate Municipal Bond Fund perform relative to its benchmark? For the 12-month period ended December 31, 2002, the fund achieved a total return of 8.75% .(1) The Lehman Brothers 7-Year Municipal Bond Index (the "Index"), the fund's benchmark, achieved a total return of 10.35% 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 this Lipper category was 7.75%.(3) The fund's benchmark is a broad-based measure of intermediate-maturity municipal bond performance. The Index is not geographically restricted and does not reflect any fees or expenses. There are no broad-based municipal bond market indices reflective of the performance of bonds issued by a single state. For this reason, we have also provided the fund's Lipper category average return for comparative purposes. The fund and the municipal bond market benefited during the reporting period from a number of factors, including generally lower interest rates and rising investor demand for high-quality, fixed-income securities. The fund's return trailed that of its benchmark mainly because the Index does not take into account charges and expenses and because the Index can choose securities from a national pool while the fund is limited to Florida municipal bonds. However, we are pleased that the fund provided higher returns than its Lipper category average, which is composed of similar Florida-focused intermediate funds. We attribute the fund' s positive performance relative to its Lipper category average to strength among its core holdings of high-quality, intermediate-term municipal bonds. 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 The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) in municipal bonds issued by the state of Florida, its political subdivisions, authorities and corporations, the interest from which is exempt from the Florida intangible personal property tax. The fund is managed in the intermediate-maturity range, and its average maturity doesn't 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 yield. These bonds comprise the fund's long-term core position. We augment the core position with holdings in bonds that we believe have the potential to provide both current income and capital appreciation. What other factors influenced the fund's performance? The fund was positively influenced by favorable market conditions during the reporting period, including declining interest rates and surging investor demand for relatively stable alternatives to a declining stock market. In addition, investor demand for high-quality investment alternatives was supported by non-economic factors, including concerns related to numerous corporate scandals and fears of possible war with Iraq. As demand for a relatively limited supply of tax-exempt securities increased, bond yields generally fell. Because most bond yields and prices move in opposite directions, these factors resulted in substantial levels of price appreciation, which boosted the fund's total return When the reporting period began, the yield difference between short- and long-term tax-exempt securities was relatively wide. To take advantage of higher yields, we reduced the fund's holdings of shorter-term securities in favor of bonds with longer maturities. This strategy positioned the fund well as yield differences narrowed, and longer-term yields declined more sharply than short-term yields. In the context of an intermediate-term fund such as this one, longer term securities generally fell into the 10-year maturity range. When purchasing new bonds, we typically favored securities selling either at face value or at a slight premium. Although this strategy involved giving up some yield, we believed it was a prudent course, because premium-priced bonds tend to hold their value more effectively during periods of market weakness. In addition to the benefits of capital appreciation from declining interest rates, the fund' s core holdings of high-quality, intermediate-term municipal bonds generated strong levels of current income, making us comfortable with the lower yielding, but more defensive, premium bonds. Despite the municipal bond market's strength, 2002 was a generally difficult year for most states and municipalities, including Florida. A weak economy and falling stock market caused tax revenues to decline, resulting in budget deficits for the state government and many local bond issuers. Nonetheless, Florida's fiscal condition remains relatively strong, and the major independent credit rating agencies have maintained the state's ratings in the double-A range. What is the fund's current strategy? Because of seasonal factors related to Florida's intangible tax, we reduced the fund's weighted average maturity toward year-end. We expect to reextend the fund's average weighted maturity in January by redeploying assets to intermediate-term bonds in the 10- to 15-year range, where we believe the best values currently lie. However, because interest rates are currently near historical lows and municipal bonds rallied so strongly in 2002, we are proceeding cautiously, emphasizing high levels of credit quality and choosing new purchases carefully. January 15, 2003 (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, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE FULLY TAXABLE. (2) SOURCE: LIPPER INC. -- 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. 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 PERIOD Dreyfus Lehman Brothers Florida Intermediate 7-Year Municipal Municipal Bond Fund Bond Index * 12/31/92 10,000 10,000 12/31/93 11,283 11,044 12/31/94 10,729 10,738 12/31/95 12,229 12,257 12/31/96 12,639 12,792 12/31/97 13,442 13,773 12/31/98 14,111 14,630 12/31/99 13,947 14,609 12/31/00 15,005 15,934 12/31/01 15,662 16,759 12/31/02 17,032 18,494 * Source: Lipper Inc. Comparison of change in value of $10,000 investment in Dreyfus Florida Intermediate Municipal Bond Fund and the Lehman Brothers 7-Year Municipal Bond Index - -------------------------------------------------------------------------------- Average Annual Total Returns AS OF 12/31/02 1 Year 5 Years 10 Years - -------------------------------------------------------------------------------- FUND 8.75% 4.85% 5.47% ((+)) SOURCE: LIPPER INC. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THE FUND'S PERFORMANCE SHOWN IN THE GRAPH AND TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. THE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND ON 12/31/92 TO A $10,000 INVESTMENT MADE IN THE LEHMAN BROTHERS 7-YEAR MUNICIPAL BOND INDEX (THE "INDEX") ON THAT DATE. ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS ARE REINVESTED. THE FUND INVESTS PRIMARILY IN FLORIDA MUNICIPAL SECURITIES AND ITS PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT FEES AND EXPENSES. THE INDEX IS NOT LIMITED TO INVESTMENTS PRINCIPALLY IN FLORIDA MUNICIPAL OBLIGATIONS AND DOES NOT TAKE INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES. THE INDEX, UNLIKE THE FUND, IS AN UNMANAGED, TOTAL RETURN PERFORMANCE BENCHMARK FOR THE INVESTMENT-GRADE, GEOGRAPHICALLY UNRESTRICTED 7-YEAR TAX-EXEMPT BOND MARKET, CONSISTING OF MUNICIPAL BONDS WITH MATURITIES OF 6-8 YEARS. THESE FACTORS CAN CONTRIBUTE TO THE INDEX POTENTIALLY OUTPERFORMING OR UNDERPERFORMING THE FUND. FURTHER INFORMATION RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE, IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
STATEMENT OF INVESTMENTS December 31, 2002 Principal LONG-TERM MUNICIPAL INVESTMENTS--95.7% Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA--89.9% Alachua County Health Facilities Authority, Health Facilities Revenue (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA) 1,700,000 1,921,901 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC) 1,000,000 1,135,380 Brevard County Health Facilities Authority, Revenue (Holmes Regional Medical Center) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,363,990 Brevard County Housing Finance Authority, MFHR (Windover Oaks) 6.90%, 2/1/2027 2,000,000 2,235,200 Broward County Airport System Revenue: 5.25%, 10/1/2011 (Insured; AMBAC) 1,000,000 1,076,620 5.375%, 10/1/2013 (Insured; MBIA) 8,100,000 8,681,013 Broward County School Board, COP: 5.375%, 7/1/2013 (Insured; FSA) 4,370,000 4,916,643 5.50%, 7/1/2014 (Insured; FSA) 4,715,000 5,359,965 Broward County School District 5%, 2/15/2008 5,810,000 6,485,471 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA) 620,000 640,491 Charlotte County, Utility Revenue 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,372,297 Clay County Housing Finance Authority, Revenue (Multi-County Program) 4.85%, 10/1/2011 (Collateralized: FNMA & GNMA) 1,525,000 1,595,531 Collier County, Capital Improvement Revenue: 5.75%, 10/1/2006 (Insured; MBIA) 1,985,000 2,169,526 5.85%, 10/1/2007 (Insured; MBIA) 2,105,000 2,304,301 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA) 2,000,000 2,047,620 6.15%, 10/1/2004 (Insured; MBIA) 2,000,000 2,047,320 (Miami International Airport) 5.375%, 10/1/2010 (Insured; FSA) 1,000,000 1,080,780 Special Obligation Revenue: (Solid Waste System) 6%, 10/1/2006 (Insured; AMBAC) 2,565,000 2,933,308 Zero Coupon, 10/1/2010 (Insured; AMBAC) 6,825,000 5,101,551 Water and Sewer Systems Revenue 6.25%, 10/1/2011 (Insured; FGIC) 2,115,000 2,560,292 Deerfield Beach, Water and Sewer Improvement Revenue 6.125%, 10/1/2003 (Insured; FGIC) 680,000 702,535 The Fund STATEMENT OF INVESTMENTS (CONTINUED) Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Florida Board of Education: Capital Outlay (Public Education): 5.50%, 6/1/2010 5,725,000 6,363,509 5%, 6/1/2010 4,500,000 5,006,700 5.375%, 6/1/2017 3,000,000 3,312,240 5.50%, 6/1/2018 5,000,000 5,478,900 Lottery Revenue 5.25%, 7/1/2018 (Insured; FGIC) 2,500,000 2,732,050 Florida Department of Environmental Protection, Revenue: 5.75%, 7/1/2009 (Insured; FGIC) 5,100,000 5,930,841 (Florida Forever) 5.25%, 7/1/2010 (Insured; FGIC) 3,580,000 4,060,830 Florida Municipal Loan Council, Revenue (North Miami Beach Water) 5.375%, 8/1/2018 (Insured; MBIA) 1,990,000 2,198,652 Florida Municipal Power Agency, Revenue (Stanton II) 5.50%, 10/1/2015 (Insured; AMBAC) 3,635,000 4,132,741 Florida Ports Financing Commission, Revenue (Transportation Trust Fund--Intermodal Program) 5.50%, 10/1/2016 1,745,000 1,878,999 Fort Myers, Improvement Revenue (Special Assessment--Geo Area 24) 7.05%, 7/1/2005 (Prerefunded 7/1/2003) 905,000 (a) 929,254 Halifax Hospital Medical Center, HR 5%, 10/1/2010 (Insured; MBIA) 1,750,000 1,932,123 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007 615,000 630,892 Hillsborough County, Utility Revenue: Zero Coupon, 8/1/2006 (Insured; MBIA) 5,000,000 4,627,550 5.50%, 8/1/2011 (Insured; AMBAC) 2,000,000 2,303,260 5.50%, 8/1/2014 (Insured; AMBAC) 3,205,000 3,709,980 Hillsborough County School Board, COP 5%, 7/1/2016 (Insured; MBIA) 2,625,000 2,784,049 Hillsborough County School District, Sales Tax Revenue 5.375%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,686,015 Indian Trace Community Development District (Water Management--Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA) 2,265,000 2,461,761 Jacksonville, Guaranteed Entitlement Revenue: (Refunding & Improvement): 5.375%, 10/1/2015 (Insured; FGIC) 2,870,000 3,231,505 5.375%, 10/1/2016 (Insured; FGIC) 3,080,000 3,438,728 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Jacksonville, Sales Tax Revenue: 5.50%, 10/1/2014 (Insured; AMBAC) 1,500,000 1,701,120 5.50%, 10/1/2015 (Insured; AMBAC) 1,500,000 1,690,005 (River City Renaissance Project) 5.125%, 10/1/2018 (Insured; FGIC) 2,500,000 2,588,500 Lake Worth 5.80%, 10/1/2005 (Insured; AMBAC) 1,000,000 1,111,410 Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 2,385,000 2,770,917 Lee County, Transportation Facilities Revenue 5.50%, 10/1/2015 (Insured; AMBAC) 2,500,000 2,816,675 Martin County, Utility System Revenue: 5.50%, 10/1/2011 (Insured; FGIC) 1,000,000 1,153,480 5.50%, 10/1/2012 (Insured; FGIC) 1,065,000 1,234,069 5.50%, 10/1/2013 (Insured; FGIC) 1,485,000 1,724,085 Miami: 5.80%, 12/1/2005 (Insured; FGIC) 1,340,000 1,496,606 Homeland Defense/Neighborhood 5.50%, 1/1/2016 (Insured; MBIA) 7,495,000 8,376,787 Miami-Dade County, Public Service Tax Revenue (Umsa Public Improvements) 5.50%, 4/1/2016 (Insured; AMBAC) 2,190,000 2,462,480 Miami-Dade County School Board, COP 5.25%, 8/1/2008 (Insured; AMBAC) 2,500,000 2,824,275 Miami-Dade County School District 5 5.375%, 8/1/2013 (Insured; FSA) 2,000,000 2,303,980 Northern Palm Beach County Improvement District (Water Control & Improvement Unit Development) 5.75%, 8/1/2014 1,085,000 1,124,353 Orange County, Tourist Development Tax Revenue: 5.50%, 10/1/2011 (Insured; AMBAC) 3,030,000 3,441,050 5%, 10/1/2015 (Insured; AMBAC) 1,010,000 1,075,014 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare) 6.25%, 10/1/2011 (Insured; MBIA, Escrowed to Maturity) 1,770,000 2,145,930 Orlando Utilities Commission, Water and Electric Revenue: 5.75%, 10/1/2005 2,000,000 2,219,800 5.80%, 10/1/2006 6,030,000 6,862,321 5.80%, 10/1/2007 1,175,000 1,356,773 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004 1,335,000 1,356,252 The Fund STATEMENT OF INVESTMENTS (CONTINUED) 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 2,084,260 (Land Acquisition Program) 5.375%, 6/1/2014 1,000,000 1,121,770 Public Improvement Revenue (Convention Center Project) 5.50%, 11/1/2013 (Insured; FGIC) 1,785,000 2,036,685 Palm Beach County School Board, COP: 5%, 8/1/2011 (Insured; FSA) 1,450,000 (b) 1,616,387 6%, 8/1/2016 (Insured; FGIC, Prerefunded 8/1/2010) 4,000,000 (a) 4,788,240 5.50%, 8/1/2018 (Insured; FSA) 4,910,000 5,456,237 Palm Beach County Solid Waste Authority, Revenue 5.50%, 10/1/2006 (Insured; AMBAC) 3,000,000 3,376,860 Plantation, Revenue (Public Improvement Projects) 5.375%, 8/15/2011 (Insured; FSA) 5,370,000 6,136,781 Seacoast Utility Authority, Water and Sewer Utility Systems Revenue 5.25%, 3/1/2011 (Insured; FGIC) 4,010,000 4,527,931 Sunrise, Public Facilities Revenue 6.20%, 10/1/2004 (Insured; MBIA) 1,000,000 1,024,150 Tampa, Revenue: (Alleghany Health Systems--Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA) 2,750,000 2,889,397 Cigarette Tax Allocation (H Lee Moffitt Cancer) 5%, 3/1/2008 (Insured; AMBAC) 2,000,000 2,233,360 Tampa Bay, Water Utility Systems Revenue 5.125%, 10/1/2015 (Insured; FGIC) 3,205,000 3,450,695 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University) 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,024,100 Volusia County School Board, Sales Tax Revenue 5.375%, 10/1/2015 (Insured; FSA) 4,000,000 4,503,840 Volusia County Special Assessment (Bethune Beach Wastewater Project) 6.875%, 7/1/2005 320,000 337,690 U.S. RELATED--5.8% Children's Trust Fund, Tobacco Settlement Revenue: 5.75%, 7/1/2013 (Prerefunded 7/1/2010) 1,000,000 (a) 1,174,300 5.75%, 7/1/2014 (Prerefunded 7/1/2010) 3,000,000 (a) 3,522,900 Principal LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. RELATED (CONTINUED) Puerto Rico Commonwealth Highway and Transportation Authority, Revenue: Highway 5.50%, 7/1/2013 (Insured; MBIA) 2,500,000 2,914,650 Transportation 5.25%, 7/1/2012 (Insured; MBIA) 2,440,000 2,706,350 Puerto Rico Commonwealth Public Improvement 5.50%, 7/1/2013 (Insured; FSA) 2,000,000 2,331,720 Virgin Islands Public Finance Authority, Revenue 5.625%, 10/1/2010 2,000,000 2,162,140 TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $226,992,707) 243,818,639 - ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM MUNICIPAL INVESTMENTS--3.5% - ------------------------------------------------------------------------------------------------------------------------------------ Broward County Health Facilities Authority, Revenue, VRDN (John Knox Village) 1.90% (LOC; LaSalle Bank) 7,500,000 (c) 7,500,000 Jacksonville Electric Authority, Electric Systems Revenue VRDN 1.45% (LOC; Dexia Credit) 1,500,000 (c) 1,500,000 TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $9,000,000) 9,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $235,992,707) 99.2% 252,818,639 CASH AND RECEIVABLES (NET) .8% 1,991,588 NET ASSETS 100.0% 254,810,227
The Fund STATEMENT OF INVESTMENTS (CONTINUED) Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation COP Certificate of Participation FGIC Financial Guaranty Insurance Company FNMA Federal National Mortgage Association FSA Financial Security Assurance GNMA Government National Mortgage Association HR Hospital Revenue IDR Industrial Development Revenue LOC Letter of Credit MBIA Municipal Bond Investors Assurance Insurance Corporation MFHR Multi-Family Housing Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited) Fitch or Moody's or Standard & Poor's Value (%) - ------------------------------------------------------------------------------------------------------------------------------------ AAA Aaa AAA 78.1 AA Aa AA 15.8 BBB Baa BBB 1.2 F1+,F-1 MIG1, VMG1 & P1 SP1, A1 3.5 Not Rated(d) Not Rated(d) Not Rated(d) 1.4 100.0 (A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (B) PURCHASED ON A DELAYED DELIVERY BASIS. (C) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. (D) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S, HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST. SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES December 31, 2002 Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 235,992,707 252,818,639 Cash 431,008 Interest receivable 3,452,064 Receivable for shares of Beneficial Interest subscribed 46,500 Prepaid expenses 5,983 256,754,194 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 140,814 Payable for investment securities purchased 1,704,963 Payable for shares of Beneficial Interest redeemed 14,923 Accrued expenses and other liabilities 83,267 1,943,967 - -------------------------------------------------------------------------------- NET ASSETS ($) 254,810,227 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 237,889,865 Accumulated net realized gain (loss) on investments 94,430 Accumulated gross unrealized appreciation on investments 16,825,932 - -------------------------------------------------------------------------------- NET ASSETS ($) 254,810,227 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value shares of Beneficial 18,682,946 Interest authorized) NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 13.64 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF OPERATIONS Year Ended December 31, 2002 - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 12,126,674 EXPENSES: Management fee--Note 3(a) 1,528,994 Shareholder servicing costs--Note 3(b) 301,255 Trustees' fees and expenses--Note 3(c) 51,538 Professional fees 49,641 Prospectus and shareholders' reports 30,842 Custodian fees 29,704 Registration fees 13,383 Loan commitment fees--Note 2 3,707 Miscellaneous 19,315 TOTAL EXPENSES 2,028,379 INVESTMENT INCOME--NET 10,098,295 - -------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($): Net realized gain (loss) on investments 2,045,356 Net unrealized appreciation (depreciation) on investments 9,139,066 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 11,184,422 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 21,282,717 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, ----------------------------------- 2002 2001 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 10,098,295 11,126,499 Net realized gain (loss) on investments 2,045,356 1,653,065 Net unrealized appreciation (depreciation) on investments 9,139,066 (1,615,429) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 21,282,717 11,164,135 - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net (10,094,653) (11,190,042) Net realized gain on investments (1,957,220) (1,051,912) TOTAL DIVIDENDS (12,051,873) (12,241,954) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($): Net proceeds from shares sold 23,598,891 25,306,749 Dividends reinvested 8,274,938 8,309,325 Cost of shares redeemed (41,408,231) (38,598,883) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (9,534,402) (4,982,809) TOTAL INCREASE (DECREASE) IN NET ASSETS (303,558) (6,060,628) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 255,113,785 261,174,413 END OF PERIOD 254,810,227 255,113,785 - -------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS (SHARES): Shares sold 1,755,857 1,904,403 Shares issued for dividends reinvested 615,666 624,654 Shares redeemed (3,090,482) (2,899,598) NET INCREASE (DECREASE) IN SHARES OUTSTANDING (718,959) (370,541) SEE NOTES TO FINANCIAL STATEMENTS. The Fund FINANCIAL HIGHLIGHTS The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements.
Year Ended December 31, ------------------------------------------------------------------- 2002 2001(a) 2000 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 13.15 13.21 12.85 13.59 13.64 Investment Operations: Investment income--net .53(b) .58(b) .59 .59 .60 Net realized and unrealized gain (loss) on investments .60 (.01) .36 (.74) .06 Total from Investment Operations 1.13 .57 .95 (.15) .66 Distributions: Dividends from investment income--net (.53) (.58) (.59) (.59) (.60) Dividends from net realized gain on investments (.11) (.05) -- .00(c) (.11) Total Distributions (.64) (.63) (.59) (.59) (.71) Net asset value, end of period 13.64 13.15 13.21 12.85 13.59 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) 8.75 4.37 7.58 (1.16) 4.98 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .80 .78 .81 .81 .81 Ratio of net investment income to average net assets 3.96 4.33 4.59 4.42 4.41 Portfolio Turnover Rate 33.26 22.97 11.45 10.61 32.49 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 254,810 255,114 261,174 287,162 329,089 (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 CHANGE 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.
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 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 discount and premium on invest- The Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED) ments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Under the terms of the custody agreement, the fund received net earnings credits of $12,905 during the period ended December 31, 2002, based on available cash balances left on deposit. Income earned under this arrangement is included in interest income. The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund. (C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, if any, 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. At December 31, 2002, the components of accumulated earnings on a tax basis were as follows: undistributed capital gains $94,430 and unrealized appreciation $16,825,932. The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2002 and December 31, 2001, respectively, were as follows: tax exempt income $10,094,653 and $11,190,042, ordinary income $1,954 and $1,893 and long term capital gains $1,955,266 and $1,050,019. During the period ended December 31, 2002, as a result of permanent book to tax differences, the fund increased net realized gain (loss) on investments by $637 and decreased paid-in capital by the same amount. Net assets were not affected by this reclassification. 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, 2002, 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, 2002, the fund was charged of $188,021 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 The Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED) fund. During the period ended December 31, 2002, the fund was charged $89,615 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, 2002, redemption fees charged and retained by the fund amounted to $1,852. NOTE 4--Securities Transactions: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2002, amounted to $81,629,110 and $93,022,923, respectively. At December 31, 2002, the cost of investments for federal income tax purposes was $235,992,707; accordingly, accumulated gross unrealized appreciation on investments was $16,825,932. 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, 2002, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and financial highlights for each of the years indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2002 by correspondence with the custodian and others. 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, 2002, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated years, in conformity with accounting principles generally accepted in the United States. [ERNST & YOUNG LLP SIGNATURE LOGO] New York, New York February 3, 2003 The Fund IMPORTANT TAX INFORMATION (Unaudited) In accordance with federal tax law, the fund hereby makes the following designations regarding its fiscal year ended December 31, 2002: -- all the dividends paid from investment income-net during the fiscal year ended December 31, 2002, as "exempt-interest dividends" (not subject to regular federal income tax and, for residents of Florida, not subject to taxation by Florida), and -- The fund hereby designates $.0002 per share as a long-term capital gain distribution paid on July 11, 2002 and also designates $.1051 per share as a long-term capital gain distribution paid on December 6, 2002. 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 2002 calendar year on Form 1099-DIV which will be mailed by January 31, 2003. BOARD MEMBERS INFORMATION (Unaudited) JOSEPH S. DIMARTINO (59) CHAIRMAN OF THE BOARD (1995) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Corporate Director and Trustee OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * The Muscular Dystrophy Association, Director * Levcor International, Inc., an apparel fabric processor, Director * Century Business Services, Inc., a provider of outsourcing functions for small and medium size companies, Director * The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 191 -------------- GORDON J. DAVIS (61) BOARD MEMBER (1993) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Senior Partner of LeBoeuf, Lamb, Greene & MacRae OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * Consolidated Edison, Inc., a utility company, Director * Phoenix Companies Inc., a life insurance company, Director * Board Member/Trustee for several not-for-profit groups NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 26 -------------- DAVID P. FELDMAN (63) BOARD MEMBER (1991) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Corporate Director and Trustee OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * 59 Wall Street Mutual Funds Group (11 Funds), Director * The Jeffrey Company, a private investment company, Director * QMED, a medical device company, Director NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 53 -------------- LYNN MARTIN (63) BOARD MEMBER (1994) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * J.L. Kellogg Graduate School of Management, Northwestern University, Professo * Advisor to the international accounting firm of Deloitte & Touche, LLP and Chairperson to its Council for the Advancement of Women OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * SBC Communications, Inc., Director * Ryder Systems, Inc., a supply chain and transportation management company, Director * The Proctor & Gamble Co., a consumer company, Director * TRW, Inc., an aerospace and automotive equipment company, Director NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 11 The Fund BOARD MEMBERS INFORMATION (Unaudited) (CONTINUED) DANIEL ROSE (73) BOARD MEMBER (1992) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Chairman and Chief Executive Officer of Rose Associates, Inc., a New York based real estate development and management firm OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * Baltic-American Enterprise Fund, Director * Housing Committee of the Real Estate Board of New York, Inc., Director * Harlem Educational Activities Fund, Inc., President NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 24 -------------- PHILIP L. TOIA (69) BOARD MEMBER (1997) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Retired prior to January 4, 1997,Vice Chairman, Administration and Operations of The Dreyfus Corporation NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 11 -------------- SANDER VANOCUR (75) BOARD MEMBER (1992) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * President of Old Owl Communications NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 24 -------------- ANNE WEXLER (72) BOARD MEMBER (1994) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Chairman of the Wexler Group, consultants specializing in government relations and public affairs OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * Wilshire Mutual Funds (5 funds), Director * Methanex Corporation, a methanol producing company, Director * Member of the Council of Foreign Relations * Member of the National Park Foundation NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 18 -------------- 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 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 94 investment companies (comprised of 188 portfolios) managed by the Manager. Mr. Canter also is a Board Member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 57 years old and has been an employee of the Manager since May 1995. STEPHEN R. BYERS, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2002. Chief Investment Officer, Vice Chairman and a Director of the Manager, and an officer of 94 investment companies (comprised of 188 portfolios) managed by the Manager. Mr. Byers also is an Officer, Director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 49 years old and has been an employee of the Manager since January 2000. Prior to joining the Manager, he served as an Executive Vice President-Capital Markets, Chief Financial Officer and Treasurer at Gruntal & Co., L.L.C. MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000. Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 95 investment companies (comprised of 204 portfolios) managed by the Manager. He is 56 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 200 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 95 investment companies (comprised of 204 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since July 1980. JAMES WINDELS, TREASURER SINCE NOVEMBER 2001. Director - Mutual Fund Accounting of the Manager, and an officer of 95 investment companies (comprised of 204 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since April 1985. GREGORY S. GRUBER, ASSISTANT TREASURER SINCE MARCH 2000. Senior Accounting Manager - Municipal Bond Funds of the Manager, and an officer of 29 investment companies (comprised of 57 portfolios) managed by the Manager. He is 43 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 95 investment companies (comprised of 204 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1993. WILLIAM GERMENIS, ANTI-MONEY LAUNDERING COMPLIANCE OFFICER SINCE OCTOBER 2002. Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 90 investment companies (comprised of 199 portfolios) managed by the Manager. He is 32 years old and has been an employee of the Distributor since October 1998. Prior to joining the Distributor, he was a Vice President of Compliance Data Center, Inc The Fund For More Information Dreyfus Florida Intermediate Municipal Bond Fund 200 Park Avenue New York, NY 10166 Manager The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Custodian The Bank of New York 100 Church Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. 200 Park Avenue New York, NY 10166 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) 2003 Dreyfus Service Corporation 740AR1202 -----END PRIVACY-ENHANCED MESSAGE-----