-----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, DE6Y0tUo0k6wg86wB0X9hldLRMmR1hEOE5CrBtRPT3ZQwOF0Ky+taAl8r+n1VAnF g5mmp2lXBaMXiiPuGxr2IQ== 0000881512-97-000003.txt : 19970311 0000881512-97-000003.hdr.sgml : 19970311 ACCESSION NUMBER: 0000881512-97-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970310 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06489 FILM NUMBER: 97553505 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129666130 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS FLORIDA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19600201 N-30D 1 ANNUAL REPORT DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND LETTER TO SHAREHOLDERS Dear Shareholder: We are pleased to provide you with this report on the Dreyfus Florida Intermediate Municipal Bond Fund. For its annual reporting period ended December 31, 1996, your Fund produced a total return of 3.35% per share.* It paid income dividends of approximately $.611 per share, exempt from Federal personal income taxes. This is equivalent to an annualized tax-free distribution rate per share of 4.50%.** Some income may be subject to the Federal Alternative Minimum Tax (AMT) for certain shareholders. THE ECONOMY Over the reporting period, the economy grew moderately, showing little evidence of accelerating inflation despite the robust pace of new job creation and the low unemployment rate. It was fear of accelerating inflation that prompted a sharp rise in long-term interest rates earlier in the year: however, by year-end, long-term rates had fallen by one half of one percent (50 basis points) from last summer's peak. Contributing to the drop in rates was the decision of the Open Market Committee of the Federal Reserve Board (the "Fed") to leave short-term interest rates unchanged. Inflation at the consumer level of the economy remains in the 3% range, which has been accompanied by a comparably benign inflation picture at the production level of the economy as well. The so-called "core" Producer Price Index (it excludes the energy and food components because of their volatility) rose just 0.1% in November and a mere 0.6% for the previous 12 months. Producers appeared to have little ability to pass on price increases to their customers, a reason cited by the Fed as evidence of the lack of rising price inflation. Despite the sanguine price environment, consumers remained wary spenders and modest borrowers, and retail sales growth has been moderate. Nevertheless, the renewed decline in mortgage rates spurred the housing market: existing home sales in November increased for the first time in six months. New housing starts also rose sharply, with the November increase the largest monthly rise since July 1995. Job growth still appears to have underlying strength: monthly increases in workers added to payrolls could also move higher. The recent unemployment rate rose slightly, but still remained near a seven-year low. Lending optimism to the prospect for continued economic growth was the report from The Conference Board - a private research group - that its Index of Leading Economic Indicators rose for the tenth consecutive month in November. An increase in this index generally correlates with economic expansion over the next three to twelve months. Manufacturing remained firm all year: both factory orders and industrial production rose moderately. Despite this overall strength in production, there were some signs of moderation at year-end. Inventories have built up and orders for durable goods - those items intended to last three or more years - declined. Last year, high employment, low inflation and moderate economic growth stayed the Fed's hand from raising interest rates. The economy is now in the sixth year of this business cycle and we remain alert to signs of the potential rekindling of inflationary pressures. MARKET ENVIRONMENT As your Fund's year concluded, some of the concerns regarding tax-exempt securities waned. The outcome of the November elections met with a generally favorable reaction in the market: a Democratic President and a Congress still controlled by the Republicans provides the right balance to ensure that the status quo is maintained. Furthermore, both the White House and the legislators on Capital Hill are earnestly talking about balancing the budget and lowering the capital gains tax rate. From the perspective of the municipal market, any lingering concerns about major tax reform should finally be put to rest as it appears that the American electorate failed to embrace the far-reaching tax overhaul plans proposed by most of the Republican Presidential hopefuls. The last year has produced far better returns for equity holders than bond owners. When viewing the lofty levels attained by most stock market indexes, one has to wonder whether the next twelve months will be as rewarding as the prior ones. Certainly, the Chairman of the Federal Reserve Board has some concerns about the current valuation levels in the stock market. Last month stocks reacted negatively to remarks by Chairman Greenspan citing the market's "irrational exuberance". While the implications for the bond markets are uncertain, at least some investors believe that any sell-off in stocks will spur investors to shift more assets to municipal bonds. THE PORTFOLIO Since mid-year 1996 we have held steadfast in our decision to maintain a somewhat aggressive position with the portfolio. During this period the tone of the municipal market was uncertain at best. We felt, however, that attempting to predict market changes would be foolhardy. As a result, we focused our efforts on balancing the portfolio with discount bonds as a counterbalance to the income-producing premium bonds already owned. This was accomplished by concentrating on the purchase of long-maturity, liquid discount bonds with good structural characteristics. The portfolio also sold a fair number of current coupon bonds with short calls. This strategy allowed the portfolio to take profits as well. Having accomplished the aforementioned goals, performance improved. We will continue to manage the portfolio utilizing this strategy as we enter 1997. The market is not currently offering any concrete signs alluding to its direction. In fact, in our opinion, it appears that the municipal market will continue to be somewhat lackluster through the first quarter of 1997, although we expect that Florida securities will continue to be sought-after by national funds, as well as by Florida bond funds. Our primary tasks which will guide our portfolio management decisions are to earn a high level of current income to the extent it is consistent with the preservation of capital while at the same time maintaining high credit quality. Included in this report is a series of detailed statements outlining the portfolio's holdings and financial condition. We hope they are informative. Please know that we greatly appreciate your continued confidence in the Funds and the Dreyfus Corporation. Very truly yours, [Richard J. Moynihan signature logo] Richard J. Moynihan Director, Municipal Portfolio Management The Dreyfus Corporation January 15, 1997 New York, N.Y. * Total return includes reinvestment of dividends and any capital gains paid. **Distribution rate per share is based upon dividends per share paid from net investment income during the period (annualized), divided by the net asset value per share at the end of the period.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND DECEMBER 31, 1996 COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX [Exhibit A: Dollars $14,297 Lehman Brothers 10-Year Municipal Bond Index* $13,821 Dreyfus Florida Intermediate Municipal Bond Fund *Source: Lehman Brothers] Average Annual Total Returns One Year Ended From Inception (1/21/92) December 31, 1996 to December 31, 1996 ______________________ ________________________ 3.35% 6.76%
Past performance is not predictive of future performance. The above graph compares a $10,000 investment made in Dreyfus Florida Intermediate Municipal Bond Fund on 1/21/92 (Inception Date) to a $10,000 investment made in the Lehman Brothers 10-Year Municipal Bond Index on that date. For comparative purposes, the value of the Index on 1/31/92 is used as the beginning value on 1/21/92. All dividends and capital gain distributions are reinvested. The Fund invests primarily in Florida municipal securities and maintains a portfolio with a weighted-average maturity ranging between 3 and 10 years. The Fund's performance shown in the line graph takes into account fees and expenses. Unlike the Fund, 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. The Index does not take into account charges, fees and other expenses and is not limited to investments principally in Florida municipal obligations. These factors can contribute to the Index potentially outperforming 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.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS DECEMBER 31, 1996 Principal Long-Term Municipal Investments-95.5% Amount Value ______ ______ Florida-90.4% Alachua County Health Facilities Authority, Health Facilities Revenue: Refunding (Santa Fe Health Systems Project) 6.875%, 11/15/2002 (Prerefunded; 11/15/2000) (a)...................... $ 3,380,000 $ 3,579,420 (Shands Teaching Hospital) 5.20%, 12/1/2007 (Insured; MBIA)............. 1,700,000 1,736,159 Bay County, RRR, Refunding: 6%, 7/1/2001 (Insured; MBIA)............................................ 1,250,000 1,332,687 6.10%, 7/1/2002 (Insured; MBIA)......................................... 2,095,000 2,261,469 6.20%, 7/1/2003 (Insured; MBIA)......................................... 1,250,000 1,367,512 Boca Raton, Beach Aquisition Revenue 6.125%, 1/1/2006 (Insured; MBIA)....... 2,100,000 2,310,294 Boynton Beach, Utility Systems Revenue 5.375%, 11/1/2008 (Insured; FGIC).... 1,000,000 1,029,960 Brevard County Health Facilities Authority, Revenue, Refunding: (Holmes Regional Medical Center Project) 5.30%, 10/1/2007 (Insured; MBIA) 3,000,000 3,060,150 (Wuesthoff Memorial Hospital) 6.90%, 4/1/2002........................... 2,500,000 2,768,950 Broward County, Refunding 6.125%, 1/1/2006.................................. 1,950,000 2,093,071 Broward County School Board, COP: 6%, 7/1/2001 (Insured; AMBAC)........................................... 1,000,000 1,066,150 6.10%, 7/1/2002 (Insured; AMBAC)........................................ 2,000,000 2,158,920 Broward County School District, Refunding: 5.80%, 2/15/2002........................................................ 2,000,000 2,119,720 5.30%, 2/15/2004........................................................ 5,000,000 5,193,300 6%, 2/15/2004........................................................... 3,000,000 3,229,230 Canaveral Port Authority, Revenue, Refunding Port Improvement 5.40%, 6/1/2002 (Insured; FGIC)........................ 2,000,000 2,090,180 Celebration Community Development District, Special Assessment 5.60%, 5/1/2004 (Insured; MBIA)......................................... 6,400,000 6,739,200 Charlotte County, Utility Revenue, Refunding 5.40%, 10/1/2008 (Insured; FGIC) 1,210,000 1,249,143 Collier County, Capital Improvement Revenue, Refunding: 5.75%, 10/1/2006 (Insured; MBIA)........................................ 1,985,000 2,127,900 5.85%, 10/1/2007 (Insured; MBIA)........................................ 2,105,000 2,257,191 Coral Springs, Water and Sewer Revenue, Refunding 5.50%, 9/1/2003 (Insured; FGIC)......................................... 1,425,000 1,499,570 Correctional Privatization Commission, COP (South Bay Correctional Facility) 5%, 8/1/2008 (Insured; MBIA).......... 2,070,000 2,052,860 Dade County: Aviation Revenue: 6%, 10/1/2003 (Insured; MBIA)......................................... 2,000,000 2,146,820 6.15%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,162,440 Public Facilities Revenue, Refunding (Jackson Memorial Hospital) 5.20%, 6/1/2004 (Insured; MBIA)........... 2,750,000 2,837,752 Resource Recovery Facilities Revenue, Refunding: 5.35%, 10/1/2008 (Insured; AMBAC)..................................... 3,000,000 3,025,800 5.50%, 10/1/2009 (Insured; AMBAC)..................................... 3,000,000 3,043,830 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 Principal Long-Term Municipal Investments (continued) Amount Value ______ ______ Florida (continued) Dade County (continued): School District, Refunding: 4.50%, 7/15/2008 (Insured; MBIA)...................................... $ 5,000,000 $ 4,709,400 4.75%, 7/15/2009 (Insured; MBIA)...................................... 2,000,000 1,904,520 (Seaport) 5.90%, 10/1/2002 (Insured; AMBAC)............................. 2,470,000 2,640,578 Dade County Health Facilities Authority, HR, Refunding (North Shore Medical Center Project): 5.90%, 8/15/2001 (Insured; AMBAC)..................................... 1,725,000 1,830,208 6%, 8/15/2002 (Insured; AMBAC)........................................ 1,760,000 1,888,128 Daytona Beach, Water and Sewer Revenue, Refunding 5.75%, 11/15/2008 (Insured; AMBAC)...................................... 2,270,000 2,365,272 Deerfield Beach, Water and Sewer Improvement Revenue, Refunding 6.125%, 10/1/2003 (Insured; FGIC)....................................... 1,180,000 1,289,020 Duval County School District, Refunding: 5.90%, 8/1/2002 (Insured; AMBAC)........................................ 4,500,000 4,817,655 6.25%, 8/1/2005 (Insured; AMBAC)........................................ 2,400,000 2,612,184 First Florida Governmental Financing Commission, Revenue: 6.30%, 7/1/2002 (Insured; MBIA)......................................... 1,000,000 1,089,130 Refunding 6%, 7/1/2003 (Insured; MBIA).................................. 3,000,000 3,248,550 Florida, Pollution Control 5.90%, 7/1/2002.................................. 2,500,000 2,678,275 Florida Board of Education, Capital Outlay, Refunding (Public Education): 5%, 6/1/2004............................................................ 12,000,000 12,279,360 5.90%, 6/1/2005......................................................... 1,295,000 1,376,973 5%, 6/1/2009............................................................ 7,780,000 7,712,236 Florida Division of Bond Finance Department, General Services Revenues: (Department of Environmental-Preservation 2000): 5.25%, 7/1/2008 (Insured; MBIA)....................................... 3,000,000 3,052,110 5.25%, 7/1/2010 (Insured; MBIA)....................................... 7,250,000 7,232,673 (Department of Natural Resources-Preservation 2000): 5.90%, 7/1/2002 (Insured; MBIA)....................................... 3,850,000 4,118,730 6.40%, 7/1/2003 (Insured; AMBAC)...................................... 3,450,000 3,768,608 6.10%, 7/1/2004 (Insured; MBIA)....................................... 2,420,000 2,610,430 Florida Municipal Power Agency, Revenue: (All-Requirements Power Supply Project): 5.80%, 10/1/2001 (Insured; AMBAC)..................................... 1,000,000 1,058,690 5.90%, 10/1/2002 (Insured; AMBAC)..................................... 1,000,000 1,069,630 Refunding (Saint Lucie Project) 5.40%, 10/1/2005 (Insured; FGIC)........ 3,500,000 3,637,760 Florida Sunshine Skyway, Revenue, Refunding: 6.10%, 7/1/2001......................................................... 1,650,000 1,760,270 6.20%, 7/1/2002......................................................... 1,315,000 1,413,914 Florida Turnpike Authority, Turnpike Revenue 5.90%, 7/1/2005 (Insured; FGIC)......................................... 2,700,000 2,866,239 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 Principal Long-Term Municipal Investments (continued) Amount Value ______ ______ Florida (continued) Fort Myers, Improvement Revenue: Refunding: 4.80%, 12/1/2004 (Insured; AMBAC)..................................... $ 1,130,000 $ 1,142,939 4.90%, 12/1/2005 (Insured; AMBAC)..................................... 1,290,000 1,306,215 5%, 12/1/2006 (Insured; AMBAC)........................................ 1,005,000 1,019,482 (Special Assessment-Geo Area 24) 7.05%, 7/1/2005........................ 950,000 1,010,164 Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue: 6.25%, 10/1/2006 (Insured; FGIC)........................................ 4,600,000 5,039,070 Refunding 6.10%, 10/1/2002 (Insured; FGIC).............................. 2,000,000 2,164,580 Hernando County School District, Refunding: 6.10%, 8/1/2003 (Insured; MBIA)......................................... 2,000,000 2,178,480 5.50%, 9/1/2004 (Insured; MBIA)......................................... 1,580,000 1,668,275 Hialeah Gardens, IDR (Waterford Convalescent) 7.875%, 12/1/2007....................................................... 1,000,000 1,051,550 Hillsborough County: Refunding (Environmentally Sensitive Lands Acquisition and Protection) 5.875%, 7/1/2001...................................................... 1,295,000 1,374,112 Revenue, Refunding (Capital Improvement Program) 5%, 8/1/2009 (Insured; FGIC) 1,730,000 1,710,053 Hillsborough County Aviation Authority, Revenue, Refunding (Tampa International Airport) 5.45%, 10/1/2002 (Insured; AMBAC)......... 3,295,000 3,448,218 Hillsborough County Hospital Authority, HR, Refunding (Tampa General Hospital Project) 6.125%, 10/1/2002 (Insured; FSA)....... 3,350,000 3,619,139 Indian Trace Community Development District, Refunding (Water Management-Special Benefit) 5.375%, 5/1/2005 (Insured; MBIA)..... 2,265,000 2,357,367 Jacksonville, Revenue, Refunding: Excise Taxes: 4.875%, 10/1/2007 (Insured; FGIC)..................................... 2,500,000 2,485,350 6.50%, 10/1/2008 (Insured; AMBAC)..................................... 1,000,000 1,095,170 Guaranteed Entitlement 5.50%, 10/1/2002 (Insured; AMBAC)................ 1,400,000 1,473,024 Jacksonville Beach, Utilities Revenue, Refunding 5.125%, 10/1/2004 (Insured; MBIA) 1,500,000 1,542,375 Jacksonville Electric Authority, Revenue Refunding: Electric Systems 5.40%, 10/1/2004....................................... 2,250,000 2,343,330 (Saint John's River) 5%, 10/1/2004...................................... 5,000,000 5,098,600 Kissimmee Utility Authority, Electric System Improvement Revenue, Refunding 5%, 10/1/2003 (Insured; FGIC)........................................... 2,000,000 2,055,180 Lake County, Resource Recovery Industrial Development Revenue, Refunding (NRG/Recovery Group) 5.85%, 10/1/2009................................... 6,000,000 5,939,400 Lake Worth, Refunding 5.80%, 10/1/2005 (Insured; AMBAC)..................... 1,000,000 1,076,230 Lakeland, Revenue: Electric and Water, Refunding 5.90%, 10/1/2007...................................................... 2,385,000 2,579,568 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 Principal Long-Term Municipal Investments (continued) Amount Value ______ ______ Florida (continued) Lakeland, Revenue (continued): Hospital Systems (Lakeland Regional Medical Center) 4.90%, 11/15/2008 (Insured; MBIA)..................................... $ 1,020,000 $ 997,407 Lee County Hospital Board of Directors, HR, Refunding (Lee Memorial Hospital Project) 5.80%, 4/1/2002 (Insured; MBIA)......... 2,730,000 2,892,653 Melbourne, Water and Sewer Revenue, Refunding 6%, 10/1/2001 (Insured; FGIC). 745,000 796,688 Miami Beach, Water and Sewer Revenue 5.10%, 9/1/2005 (Insured; FSA)......... 1,500,000 1,539,525 Miami Beach Health Facilities Authority, HR, Refunding (Mount Sinai Medical Center Project) 5.70%, 11/15/2003.................. 1,500,000 1,603,200 Nassau County, PCR, Refunding (ITT Rayonier, Inc. Project) 5.90%, 7/1/2005......................................................... 1,075,000 1,106,831 North Broward Hospital District, HR, Refunding: 6.10%, 1/1/2002 (Insured; MBIA)......................................... 2,050,000 2,194,833 6.125%, 1/1/2003 (Insured; MBIA)........................................ 2,000,000 2,156,600 Ocean Highway and Port Authority, Revenue 6.25%, 12/1/2002 (LOC; ABN Amro Bank) (b)............................... 3,500,000 3,754,835 Orange County, Revenue: Solid Waste Facility 6%, 10/1/2002 (Insured; FGIC)...................... 1,000,000 1,077,270 Tourist Development Tax 6.15%, 10/1/2002 (Insured; AMBAC)............... 2,455,000 2,663,184 Water and Wastewater, Refunding 5.80%, 10/1/2002 (Insured; AMBAC)....... 2,080,000 2,213,224 Orange County Health Facilities Authority, HR (Orlando Regional Healthcare-A) 5.50%, 11/1/2003 (Insured; MBIA)........ 2,000,000 2,106,420 Orlando, Capital Improvement Special Revenue 5.50%, 10/1/2003............... 2,000,000 2,103,160 Orlando Utilities Commission, Water and Electric Revenue, Refunding: 5.60%, 10/1/2003........................................................ 10,000,000 10,621,500 5.75%, 10/1/2005........................................................ 2,000,000 2,145,360 5.80%, 10/1/2006........................................................ 5,930,000 6,379,731 Osceola County, Revenue: Gas Tax Improvement, Refunding: 5.50%, 4/1/2003 (Insured; FGIC)....................................... 1,365,000 1,437,782 5.65%, 4/1/2004 (Insured; FGIC)....................................... 1,445,000 1,529,764 Transportation (Osceola Parkway Project) 5.90%, 4/1/2007 (Insured; MBIA)....................................... 1,500,000 1,585,515 Osceola County Industrial Development Authority, Revenue (Community Provider Pooled Loan Program) 8%, 7/1/2004................... 4,284,000 4,523,047 Osceola County School Board, COP, Refunding 5%, 6/1/2007 (Insured; AMBAC)........................................... 2,000,000 2,013,640 Palm Bay 4.25%, 3/1/2006 (Insured; MBIA).................................... 1,000,000 942,160 Palm Beach County, Revenue: Criminal Justice Facilities, Refunding: 5.10%, 6/1/2003 (Insured; FGIC)....................................... 5,000,000 5,184,300 5.375%, 6/1/2010 (Insured; FGIC)...................................... 1,825,000 1,862,559 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 Principal Long-Term Municipal Investments (continued) Amount Value ______ ______ Florida (continued) Palm Beach County, Revenue (continued): Water and Sewer 5%, 10/1/2010 (Insured; MBIA)........................... $ 7,320,000 $ 7,138,244 Palm Beach County School District, Refunding: 6%, 8/1/2006 (Insured; AMBAC)........................................... 1,000,000 1,065,030 6%, 8/1/2007 (Insured; AMBAC)........................................... 3,000,000 3,183,000 Pasco County, Refunding: Optional Gas Tax Revenue 5.50%, 8/1/2002 (Insured; FGIC)................ 1,980,000 2,081,000 Water and Sewer Revenue: 5.50%, 10/1/2002 (Insured; FGIC)...................................... 2,500,000 2,630,400 5.40%, 10/1/2003 (Insured; FGIC)...................................... 1,500,000 1,570,530 Polk County, Capital Improvement Revenue, Refunding 6%, 12/1/2002 (Insured; MBIA)........................................... 1,900,000 2,050,309 Punta Gorda, Utilities Revenue, Refunding 5.50%, 1/1/2002 (Insured; AMBAC).. 1,315,000 1,376,595 Reedy Creek Improvement District: 4.90%, 6/1/2009 (Insured; AMBAC)........................................ 3,930,000 3,821,218 Utilities Revenue 6.30%, 10/1/2003 (Insured; MBIA)...................... 1,000,000 1,083,330 Saint John's County, Water and Sewer Revenue, Refunding 5%, 6/1/2008 (Insured; MBIA)............................................ 1,020,000 1,022,162 Saint John's County Industrial Development Authority, HR (Flagler Hospital Project) 5.80%, 8/1/2003.............................. 1,000,000 1,018,980 Saint Lucie County School District: 4.25%, 2/1/2005 (Insured; FSA).......................................... 3,495,000 3,336,886 4.25%, 2/1/2006 (Insured; FSA).......................................... 2,945,000 2,775,957 Refunding 5.90%, 7/1/2002 (Insured; AMBAC).............................. 1,780,000 1,904,244 Saint Petersburg, Public Improvement Revenue, Refunding 6%, 2/1/2002 (Insured; MBIA)............................................ 1,500,000 1,604,880 Sarasota County, Refunding: 6.25%, 10/1/2004 (Insured; FGIC)........................................ 1,505,000 1,632,323 Utilities Systems Revenue: 5.50%, 10/1/2003 (Insured; FGIC)...................................... 2,130,000 2,242,400 5.60%, 10/1/2004 (Insured; FGIC)...................................... 2,345,000 2,482,909 Seminole County School District, Refunding 6%, 8/1/2003 (Insured; MBIA)..... 2,500,000 2,709,000 South Miami Health Facilities Authority, HR, Refunding (Baptist Health System) 5.15%, 10/1/2008 (Insured; MBIA)................ 1,295,000 1,300,206 Sunrise, Revenue: Public Facilities: 6.20%, 10/1/2004 (Insured; MBIA)...................................... 2,000,000 2,182,720 6.50%, 10/1/2007 (Insured; MBIA)...................................... 1,000,000 1,102,600 Refunding 6%, 10/1/2001 (Insured; MBIA)............................... 1,000,000 1,069,380 Utility System, Refunding 5.20%, 10/1/2005 (Insured; AMBAC)............. 1,395,000 1,436,892 Tallahassee, Health Facilities Revenue, Refunding (Tallahassee Memorial Regional Medical Center): 5.50%, Series A, 12/1/2002 (Insured; MBIA)............................ 1,010,000 1,060,631 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 Principal Long-Term Municipal Investments (continued) Amount Value ______ ______ Florida (continued) Tallahassee, Health Facilities Revenue, Refunding (continued): (Tallahassee Memorial Regional Medical Center) (continued): 5.50%, Series B, 12/1/2002 (Insured; MBIA)............................ $ 1,000,000 $ 1,050,130 Tampa, Revenue: (Alleghany Health Systems-Saint Mary's) 5.75%, 12/1/2007 (Insured; MBIA)...................................... 2,750,000 2,897,813 (Aquarium, Inc. Project) 7.25%, 5/1/2005................................ 1,200,000 1,372,728 Water and Sewer: 6.30%, 10/1/2006...................................................... 1,590,000 1,719,315 Refunding 5%, 10/1/2008 (Insured; FGIC)............................... 1,000,000 998,600 Volusia County, Sales Tax Improvement Revenue, Refunding 6.40%, 10/1/2007 (Insured; MBIA)........................................ 2,000,000 2,173,800 Volusia County Educational Facility Authority, Revenue (Embry-Riddle Aeronautical University): 5.875%, 10/15/2002 (Insured; College Construction Loan Insurance Association) 1,145,000 1,223,043 6.10%, 10/15/2003 (Insured; College Construction Loan Insurance Association) 1,000,000 1,087,630 Volusia County Health Facilities Authority, Revenue, Refunding (Health Care-John Knox) 5.75%, 6/1/2008................................. 1,540,000 1,585,415 Volusia County Special Assessment (Bethune Beach Wastewater Project): 6.60%, 7/1/2001......................................................... 1,045,000 1,066,527 6.875%, 7/1/2005........................................................ 880,000 920,858 U.S. Related-5.1% Puerto Rico Commonwealth, Refunding 5.20%, 7/1/2003......................... 5,000,000 5,211,100 Puerto Rico Electric Power Authority, Electric Revenue, Refunding 5.50%, 7/1/2002 (Insured; FSA).......................................... 6,000,000 6,323,820 Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 3,100,000 3,218,637 Puerto Rico Public Buildings Authority, Revenue, Refunding: 6.10%, 7/1/2000......................................................... 2,500,000 2,625,075 (Public Education and Health Facilities) 6.50%, 7/1/2003................ 1,000,000 1,100,580 Virgin Islands Water and Power Authority, Water Systems Revenue 7.20%, 1/1/2002......................................................... 700,000 730,618 ______ TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $345,835,376)................... $361,966,795 ====== Short-Term Municipal Investments-4.5% Florida-.8% Broward County Housing Finance Authority, MFHR, VRDN: (Lake Park Associates Limited Partnership) 3.85% (LOC; Keybank National Association) (b,c)....................... $ 1,500,000 $ 1,500,000 (Sanctuary Apartment Project) 3.95% (LOC; PNC Bank) (b,c)............... 1,400,000 1,400,000 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 Principal Short-Term Municipal Investments (continued) Amount Value ______ ______ U.S. Related-3.7% Puerto Rico Commonwealth Government Development Bank, Refunding, VRDN 3.75% (LOC; Credit Suisse) (b,c)........................................ $ 1,400,000 $ 1,400,000 Puerto Rico Electric Power Authority, Power Revenue 3.25% (Insured; FSA) (d)................................................ 12,600,000 12,600,000 ______ TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $16,900,000)................... $ 16,900,000 ====== TOTAL INVESTMENTS-100.0% (cost $362,735,376)................................ $378,866,795 ======
Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance COP Certificate of Participation Insurance Corporation FGIC Financial Guaranty Insurance Corporation MFHR Multi-Family Housing Revenue FSA Financial Security Assurance PCR Pollution Control Revenue HR Hospital Revenue RRR Resources Recovery Revenue IDR Industrial Development Revenue VRDN Variable Rate Demand Notes LOC Letter of Credit
Summary of Combined Ratings (Unaudited) Fitch (e) or Moody's or Standard & Poor's Percentage of Value ______ ________ ________________ __________________ AAA Aaa AAA 71.2% AA Aa AA 19.3 A A A 4.1 BBB Baa BBB 2.1 F-1+ & F-1 MIG1, VMIG1 & P1 SP1 & A1 .7 Not Rated (f) Not Rated (f) Not Rated (f) 2.6 ___ 100.0% ===
Notes to Statement of Investments: (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) Secured by letter of credit. (c) Securities payable on demand. The interest rate, which is subject to change, is based on bank prime rates or an index of market interest rates. (d) Inverse floater security-the interest rate is subject to change periodically. (e) Fitch currently provides creditworthiness information for a limited number of investments. (f) 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. (g) At December 31, 1996, 28.2% of the Fund's net assets are insured by MBIA. SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1996 Cost Value ______ ______ ASSETS: Investments in securities-See Statement of Investments $362,735,376 $378,866,795 Cash....................................... 3,838,829 Interest receivable........................ 6,005,277 Receivable for shares of Beneficial Interest subscribed 3,562 Prepaid expenses........................... 4,421 ______ 388,718,884 ______ LIABILITIES: Due to The Dreyfus Corporation and affiliates 198,912 Payable for investment securities purchased 501,377 Payable for shares of Beneficial Interest redeemed 84,634 Accrued expenses........................... 34,691 ______ 819,614 ______ NET ASSETS.................................................................. $387,899,270 ====== REPRESENTED BY: Paid-in capital............................ $372,659,312 Accumulated net realized gain (loss) on investments (891,461) Accumulated net unrealized appreciation (depreciation) on investments-Note 3...................... 16,131,419 ______ NET ASSETS.................................................................. $387,899,270 ====== SHARES OUTSTANDING (Unlimited number of $.001 par value shares of Beneficial Interest authorized)............................ 28,844,126 NET ASSET VALUE, offering and redemption price per share-Note 2(d).......... $13.45 === SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1996 INVESTMENT INCOME INCOME Interest Income............................ $20,923,493 EXPENSES: Management fee-Note 2(a)................... $ 2,352,191 Shareholder servicing costs-Note 2(b)...... 572,329 Professional fees.......................... 54,908 Custodian fees............................. 39,850 Trustees' fees and expenses-Note 2(c)...... 38,769 Prospectus and shareholders' reports....... 22,846 Registration fees.......................... 3,400 Miscellaneous.............................. 45,267 ______ Total Expenses....................... 3,129,560 ______ INVESTMENT INCOME-NET....................................................... 17,793,933 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 3: Net realized gain (loss) on investments.... $ 3,318,458 Net unrealized appreciation (depreciation) on investments (8,882,785) ______ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... (5,564,327) ______ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $12,229,606 ====== SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND STATEMENT OF CHANGES IN NET ASSETS Year Ended Year Ended December 31, 1996 December 31, 1995 ________________ ________________ OPERATIONS: Investment income-net............................................... $ 17,793,933 $ 19,639,540 Net realized gain (loss) on investments............................. 3,318,458 440,616 Net unrealized appreciation (depreciation) on investments........... (8,882,785) 34,797,540 _______ _______ Net Increase (Decrease) in Net Assets Resulting from Operations... 12,229,606 54,877,696 _______ _______ DIVIDENDS TO SHAREHOLDERS FROM: Investment income-net............................................... (17,898,089) (19,592,473) _______ _______ BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from shares sold....................................... 92,656,622 152,976,653 Dividends reinvested................................................ 11,899,150 13,179,448 Cost of shares redeemed............................................. (139,884,125) (181,906,301) _______ _______ Increase (Decrease) in Net Assets from Beneficial Interest Transactions (35,328,353) (15,750,200) _______ _______ Total Increase (Decrease) in Net Assets....................... (40,996,836) 19,535,023 NET ASSETS: Beginning of Period................................................. 428,896,106 409,361,083 _______ _______ End of Period....................................................... $ 387,899,270 $ 428,896,106 ======= ======= Undistributed investment income-net..................................... __ $ 104,156 _______ _______ Shares Shares _______ _______ CAPITAL SHARE TRANSACTIONS: Shares sold......................................................... 6,915,255 11,550,916 Shares issued for dividends reinvested.............................. 888,707 992,073 Shares redeemed..................................................... (10,440,624) (13,756,816) _______ _______ Net Increase (Decrease) in Shares Outstanding..................... (2,636,662) (1,213,827) ======= ======= SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND FINANCIAL HIGHLIGHTS Contained below is per share operating performance data for a share of Beneficial Interest outstanding, total investment return, ratios to average net assets and other supplemental data for each period indicated. This information has been derived from the Fund's financial statements. Year Ended December 31, ______________________________________________________ PER SHARE DATA: 1996 1995 1994 1993 1992(1) ___ ___ ___ ___ ___ Net asset value, beginning of period......... $13.62 $12.52 $13.85 $12.94 $12.50 ___ ___ ___ ___ ___ Investment Operations: Investment income-net........................ .61 .62 .66 .70 .69 Net realized and unrealized gain (loss) on investments............................. (.17) 1.10 (1.33) .92 .44 ___ ___ ___ ___ ___ Total from Investment Operations............. .44 1.72 (.67) 1.62 1.13 ___ ___ ___ ___ ___ Distributions: Dividends from investment income-net......... (.61) (.62) (.65) (.70) (.69) Dividends from net realized gain on investments - - - (.01) - Dividends in excess of net realized gain on investments............................. - - (.01) - - ___ ___ ___ ___ ___ Total Distributions.......................... (.61) (.62) (.66) (.71) (.69) ___ ___ ___ ___ ___ Net asset value, end of period............... $13.45 $13.62 $12.52 $13.85 $12.94 === === === === === TOTAL INVESTMENT RETURN.......................... 3.35% 13.98% (4.92%) 12.84% 9.86%(2) RATIOS/SUPPLEMENTAL DATA: Ratio of expenses to average net assets...... .80% .69% .48% .20% - Ratio of net investment income to average net assets...................... 4.53% 4.70% 5.01% 5.20% 5.78%(2) Decrease reflected in above expense ratios due to undertakings by the Manager......... - .08% .32% .64% 1.00%(2) Portfolio Turnover Rate...................... 19.14% 25.00% 18.76% 13.48% 13.01%(3) Net Assets, end of period (000's Omitted).... $387,899 $428,896 $409,361 $538,495 $332,582 (1) From January 21, 1992 (commencement of operations) to December 31, 1992. (2) Annualized. (3) Not annualized. SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND 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 ("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 ("Manager") serves as the Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutua l Fund Services, Inc. acts as the distributor of the Fund's shares, which are sold to the public without a sales charge. The Fund's financial statements are prepared in accordance with generally accepted accounting principles which may require the use of management estimates and assumptions. Actual results could differ from those estimates. (a) Portfolio valuation: The Fund's investments are valued each business day by an independent pricing service ("Service") approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. (b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of premiums and original issue discounts on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. 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. To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the Fund not to distribute such gain. (d) Federal income taxes: It is the policy of the Fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Internal Revenue Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all Federal income and excise taxes. The Fund has an unused capital loss carryover of approximately $888,000 available for Federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to December 31, 1996. If not applied, the carryover expires in fiscal 2003. DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 2-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) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed an annual rate of .25 of 1% of the value of the Fund's average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the Fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended December 31, 1996, the Fund was charged an aggregate of $346,959 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. Such compensation amounted to $166,536 during the period ended December 31, 1996. (C) Each trustee who is not an "affiliated person" as defined in the Act receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board receives an additional 25% of such compensation and the Trustee Emeritus receives 50% of such compensation. (d) A 1% redemption fee is charged on certain redemptions of Fund shares (including redemptions through use of the Exchange Privilege) where the shares being redeemed were issued subsequent to a specified effective date and the redemption or exchange occurs within a fifteen day period following the date of issuance. NOTE 3-SECURITIES TRANSACTIONS: The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 1996 amounted to $73,540,175 and $112,437,670, respectively. At December 31, 1996, accumulated net unrealized appreciation on investments was $16,131,419 consisting of $16,646,572 gross unrealized appreciation and $515,153 gross unrealized depreciation. At December 31, 1996, 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). DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND REPORT OF ERNST & YOUNG LLP, 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, 1996, 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 generally accepted auditing standards. 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. Our procedures included confirmation of securities owned as of December 31, 1996 by correspondence with the custodian and brokers. 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, 1996, 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 generally accepted accounting principles. [ERNST & YOUNG LLP signature logo] New York, New York February 3, 1997 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND IMPORTANT TAX INFORMATION (UNAUDITED) In accordance with Federal tax law, the Fund hereby designates all the dividends paid from investment income-net during the fiscal year ended December 31, 1996 as "exempt-interest dividends" (not subject to regular Federal income tax and, for individuals who are Florida residents, 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 (if any) and capital gains distributions (if any) paid for the 1996 calendar year on Form 1099-DIV which will be mailed by January 31, 1997. [Dreyfus lion "d" logo] 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 90 Washington Street New York, NY 10286 TRANSFER AGENT & DIVIDEND DISBURSING AGENT Dreyfus Transfer, Inc. P.O. Box 9671 Providence, RI 02940 Printed in U.S.A. 740AR9612 [Dreyfus logo] Florida Intermediate Municipal Bond Fund Annual Report December 31, 1996 EX-99.A 2 GRAPH IN PRESIDENT'S LTR OF ANNUAL REPORT COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX EXHIBIT A: LEHMAN BROTHERS PERIOD 10-YEAR DREYFUS FLORIDA MUNICIPAL INTERMEDIATE BOND INDEX * MUNICIPAL BOND FUND 1/21/92 10,000 10,000 12/31/92 10,869 10,935 12/31/93 12,257 12,339 12/31/94 11,672 11,732 12/31/95 13,676 13,373 12/31/96 14,297 13,821 *Source: Lehman Brothers -----END PRIVACY-ENHANCED MESSAGE-----