UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM N-CSR | ||
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT | ||
INVESTMENT COMPANIES | ||
Investment Company Act file number 811-6489 | ||
Dreyfus Florida Intermediate Municipal Bond Fund | ||
(Exact name of Registrant as specified in charter) | ||
c/o The Dreyfus Corporation | ||
200 Park Avenue | ||
New York, New York 10166 | ||
(Address of principal executive offices) (Zip code) | ||
Mark N. Jacobs, Esq. | ||
200 Park Avenue | ||
New York, New York 10166 | ||
(Name and address of agent for service) | ||
Registrant's telephone number, including area code: (212) 922-6000 | ||
Date of fiscal year end: | 12/31 | |
Date of reporting period: | 12/31/05 |
Dreyfus |
Florida Intermediate |
Municipal Bond Fund |
ANNUAL REPORT December 31, 2005
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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 | Understanding Your Fund's Expenses | |
7 | Comparing Your Fund's Expenses | |
With Those of Other Funds | ||
8 | Statement of Investments | |
14 | Statement of Assets and Liabilities | |
15 | Statement of Operations | |
16 | Statement of Changes in Net Assets | |
17 | Financial Highlights | |
18 | Notes to Financial Statements | |
22 | Report of Independent Registered | |
Public Accounting Firm | ||
23 | Important Tax Information | |
24 | Board Members Information | |
26 | Officers of the Fund | |
FOR MORE INFORMATION | ||
Back Cover |
Dreyfus Florida Intermediate Municipal Bond Fund
The Fund
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LETTER FROM THE CHAIRMAN
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Florida Intermediate Municipal Bond Fund, covering the 12-month period from January 1, 2005, through December 31, 2005. 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.
Municipal bonds generally shrugged off bad news and focused on more positive factors in 2005, helping the market post its sixth consecutive calendar year of positive returns.Although short-term interest rates rose by 200 basis points due to eight consecutive increases by the Federal Reserve Board during 2005, the yield of 30-year AAA-rated general obligation bonds ended the year 22 basis points lower than where it began.Analysts generally attribute the municipal bond market's strength to low inflation and robust investor demand for tax-exempt income.
Looking forward, we expect the U.S. economy to continue its moderate expansion in 2006, while inflation should stay low and investor demand for income-producing securities should remain high. Risks in the new year include uncertainty regarding Fed policy under a new chairman and relatively rich valuations among municipal bonds compared to U.S.Treasury securities.
As always, we encourage you to speak with your financial consultant about how these and other market forces may affect your investments. Thank you for your continued confidence and support.
Sincerely,
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Stephen E. Canter Chairman and Chief Executive Officer The Dreyfus Corporation January 17, 2006 |
2
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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, 2005, the fund achieved a total return of 1.38% .1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the "Index"), the fund's benchmark, achieved a total return of 1.72% for the same period.2 In addition, the fund is reported in the Lipper Florida Intermediate Municipal Debt Funds category. Over the reporting period, the average total return for all funds reported in the Lipper category was 1.33% .3
Low inflation expectations and robust investor demand helped intermediate-term municipal bonds withstand most of the potentially eroding effects of rising short-term interest rates in 2005. Income from seasoned holdings and our emphasis on longer-term bonds helped the fund produce a higher return than its Lipper category average. However, the fund underperformed the Index, primarily due to relatively light exposure to lower-rated securities that are part of the benchmark. In addition, the benchmark's performance does not reflect fund fees and expenses.
What is the fund's investment approach?
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital.
To pursue this goal, the fund normally invests at least 80% of its assets in municipal bonds issued by the state of Florida, its political subdivisions, authorities and corporations, that provide income exempt from federal income tax and which enable the fund's shares to be exempt from the Florida intangible personal property tax. The fund generally maintains a dollar-weighted average portfolio maturity between three and 10 years.
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
While the fund generally intends to invest only in investment-grade securities or the unrated equivalent as determined by Dreyfus, it does have the ability to invest up to 20% of its net assets in bonds rated below investment grade ("high-yield" or "junk" bonds) or the unrated equivalent as determined by Dreyfus.
We may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, we may assess the current interest-rate environment and the municipal bond's potential volatility in different rate environments.We focus on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.A portion of the fund's assets may be allocated to "discount" bonds, which are bonds that sell at a price below their face value, or to "premium" bonds, which are bonds that sell at a price above their face value.The fund's allocation to either discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment.We also may look to select bonds that are most likely to obtain attractive prices when sold.
What other factors influenced the fund's performance?
Rising short-term interest rates represented a significant factor affecting the fund's performance during 2005. In its ongoing fight against inflation, the Federal Reserve Board (the "Fed") raised the overnight federal funds rate eight consecutive times, from 2.25% at the start of the year to 4.25% by the end.
Yields of municipal bonds with short maturities rose along with interest rates, eroding their value. Contrary to historical norms, however, longer-term bond yields fell slightly during the reporting period, as prices were supported by low inflation and robust investor demand. As a result, yield differences between shorter- and longer-term bonds narrowed, producing better performance at the long end of the maturity spectrum.
4
The fund also was influenced by an improving fiscal environment in Florida, including the creation of new jobs and higher sales tax receipts in the recovering economy. Due to these factors, significant budget reserves and the state's historically conservative fiscal policies, Florida's financial performance has been stronger than many other states.
In this environment, we continued to diversify the fund's holdings across its full maturity spectrum. However, we placed mild emphasis on premium-priced securities with 15- to 20-year maturities, a section of the yield curve that benefited when short-term rates rose and long-term rates fell. In addition, the fund received strong income contributions from its longstanding core holdings, which provided higher yields than were available from newly issued securities.However,these positive factors were offset to a degree by the fund's relatively high credit profile, as some lower-rated credits that are part of the benchmark rallied in 2005.
What is the fund's current strategy?
Many analysts interpreted the minutes of the Fed's December meeting as evidence that the end of the credit-tightening cycle may be approaching. Meanwhile, the U.S. economy has been sending mixed signals, including signs of weaker consumer spending. Until the outlook becomes clearer, we have maintained a generally neutral investment posture. Of course, we are prepared to adjust our strategies as market conditions change.
January 17, 2006
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. |
The Fund 5
FUND PERFORMANCE
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Average Annual Total Returns | as of 12/31/05 | |||||||
1 Year | 5 Years | 10 Years | ||||||
Fund | 1.38% | 4.17% | 4.17% |
† 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 above graph compares a $10,000 investment made in Dreyfus Florida Intermediate Municipal Bond Fund on 12/31/95 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.
6 |
U N D E R S TA N D I N G YO U R F U N D ' S E X P E N S E S ( U n a u d i t e d )
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund's prospectus or talk to your financial adviser.
Review your fund's expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Florida Intermediate Municipal Bond Fund from July 1, 2005 to December 31, 2005. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | ||
assuming actual returns for the six months ended December 31, 2005 | ||
Expenses paid per $1,000 † | $ 4.08 | |
Ending value (after expenses) | $998.90 |
COMPARING YOUR FUND'S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC's method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund's expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||
assuming a hypothetical 5% annualized return for the six months ended December 31, 2005 | ||
Expenses paid per $1,000 † | $ 4.13 | |
Ending value (after expenses) | $1,021.12 |
† Expenses are equal to the fund's annualized expense ratio of .81%; multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
The Fund 7
STATEMENT OF INVESTMENTS December 31, 2005 |
Principal | ||||
Long-Term Municipal Investments—98.0% | Amount ($) | Value ($) | ||
Florida—89.8% | ||||
Brevard County Health Facilities Authority, Revenue | ||||
(Holmes Regional Medical Center) | ||||
5.30%, 10/1/2007 (Insured; MBIA) | 3,000,000 | 3,072,330 | ||
Brevard County Housing Finance Authority, MFHR | ||||
(Windover Oaks) 6.90%, 2/1/2007 (Collateralized; FNMA) | 2,000,000 | 2,024,400 | ||
Broward County, Water and Sewer Utility Revenue | ||||
5%, 10/1/2021 | 2,000,000 | 2,134,260 | ||
Broward County School Board, COP | ||||
5.50%, 7/1/2011 (Insured; FSA) | 4,715,000 a | 5,213,517 | ||
Capital Projects Finance Authority, Student Housing | ||||
Revenue (Capital Projects Loan Program) | ||||
5.50%, 10/1/2016 (Insured; MBIA) | 4,285,000 | 4,596,477 | ||
Charlotte County, Utility Revenue | ||||
5.40%, 10/1/2008 (Insured; FGIC) | 1,210,000 | 1,253,233 | ||
Clay County Housing Finance Authority, Revenue | ||||
(Multi-County Program) 4.85%, 10/1/2011 | ||||
(Collateralized: FNMA and GNMA) | 540,000 | 555,077 | ||
Collier County, Gas Tax Revenue | ||||
5%, 6/1/2022 (Insured; AMBAC) | 3,000,000 | 3,188,610 | ||
Dade County: | ||||
Special Obligation Revenue: | ||||
(Solid Waste System) | ||||
6%, 10/1/2006 (Insured; AMBAC) | 2,565,000 | 2,616,403 | ||
Zero Coupon, 10/1/2010 (Insured; AMBAC) | 6,825,000 | 5,704,403 | ||
Water and Sewer Systems Revenue | ||||
6.25%, 10/1/2011 (Insured; FGIC) | 2,115,000 | 2,404,924 | ||
Florida, Education System, | ||||
University of Florida Housing Revenue | ||||
5%, 7/1/2022 (Insured; FGIC) | 2,055,000 | 2,196,158 | ||
Florida Board of Education: | ||||
Capital Outlay (Public Education) | ||||
5.50%, 6/1/2010 | 5,000,000 a | 5,479,500 | ||
Lottery Revenue: | ||||
5.25%, 7/1/2018 (Insured; FGIC) | 9,330,000 | 10,001,480 | ||
5.25%, 7/1/2018 (Insured; FGIC) | 2,500,000 | 2,713,900 | ||
5.25%, 7/1/2019 (Insured; FGIC) | 3,675,000 | 3,939,490 | ||
Florida Department of Environmental Protection, Revenue: | ||||
5.75%, 7/1/2009 (Insured; FGIC) | 5,100,000 | 5,502,237 | ||
(Florida Forever) 5.375%, 7/1/2017 (Insured; MBIA) | 3,450,000 | 3,771,850 | ||
Florida Municipal Loan Council, Revenue | ||||
(North Miami Beach Water) | ||||
5.375%, 8/1/2018 (Insured; MBIA) | 1,990,000 | 2,172,582 |
8 |
Principal | ||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||
Florida (continued) | ||||
Florida Municipal Power Agency, Revenue | ||||
(Stanton II) 5.50%, 10/1/2015 (Insured; AMBAC) | 3,635,000 | 4,018,456 | ||
Florida Ports Financing Commission, Revenue | ||||
(Transportation Trust Fund—Intermodal Program) | ||||
5.50%, 10/1/2016 (Insured; FGIC) | 1,745,000 | 1,851,864 | ||
Florida Turnpike Authority, Turnpike Revenue | ||||
(Department of Transportation) | ||||
5.25%, 7/1/2023 | 1,945,000 | 2,078,544 | ||
Florida Water Pollution Control Financing Corp., | ||||
Water Pollution Control Revenue 5.25%, 1/15/2021 | 2,545,000 | 2,770,080 | ||
Halifax Hospital Medical Center, HR | ||||
5%, 10/1/2010 (Insured; MBIA) | 1,750,000 | 1,828,172 | ||
Hialeah Gardens, IDR (Waterford Convalescent) | ||||
7.875%, 12/1/2007 | 275,000 | 275,239 | ||
Hillsborough County, Utility Revenue: | ||||
Zero Coupon, 8/1/2006 (Insured; MBIA) | 5,000,000 | 4,905,950 | ||
5.50%, 8/1/2014 (Insured; AMBAC) | 3,205,000 | 3,613,894 | ||
Hillsborough County Industrial Development Authority, | ||||
HR (Tampa General Hospital) 5.25%, 10/1/2015 | 3,000,000 | 3,192,720 | ||
Hillsborough County School Board, COP | ||||
5%, 7/1/2016 (Insured; MBIA) | 2,625,000 | 2,767,013 | ||
Jacksonville, Revenue: | ||||
Guaranteed Entitlement | ||||
(Refunding and Improvement) | ||||
5.375%, 10/1/2016 (Insured; FGIC) | 3,080,000 | 3,370,567 | ||
Sales Tax: | ||||
5.50%, 10/1/2014 (Insured; AMBAC) | 1,500,000 | 1,642,080 | ||
5.50%, 10/1/2015 (Insured; AMBAC) | 1,500,000 | 1,642,890 | ||
(River City Renaissance) | ||||
5.125%, 10/1/2018 (Insured; FGIC) | 2,500,000 | 2,535,550 | ||
Lakeland, Electric and Water Revenue 5.90%, 10/1/2007 | 2,385,000 | 2,493,160 | ||
Lee County, Transportation Facilities Revenue | ||||
5.50%, 10/1/2015 (Insured; AMBAC) | 2,500,000 | 2,738,150 | ||
Martin County, Utility System Revenue: | ||||
5.50%, 10/1/2012 (Insured; FGIC) | 1,065,000 | 1,182,587 | ||
5.50%, 10/1/2013 (Insured; FGIC) | 1,485,000 | 1,663,646 | ||
Miami, Homeland Defense/Neighborhood | ||||
5.50%, 1/1/2016 (Insured; MBIA) | 3,000,000 | 3,289,140 | ||
Miami-Dade County, Public Service Tax Revenue | ||||
(UMSA Public Improvements) | ||||
5.50%, 4/1/2016 (Insured; AMBAC) | 2,190,000 | 2,406,591 |
The Fund 9
STATEMENT OF INVESTMENTS (continued)
Principal | ||||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||||
Florida (continued) | ||||||
Miami-Dade County School Board, COP | ||||||
5.25%, 8/1/2008 (Insured; AMBAC) | 2,500,000 | 2,614,250 | ||||
Northern Palm Beach County Improvement District | ||||||
(Water Control and Improvement Unit Development) | ||||||
5.75%, 8/1/2009 | 875,000 | a | 916,913 | |||
Orange County, Tourist Development Tax Revenue | ||||||
5%, 10/1/2015 (Insured; AMBAC) | 1,010,000 | 1,062,247 | ||||
Orange County Health Facilities Authority, HR | ||||||
(Orlando Regional Healthcare) | ||||||
6.25%, 10/1/2011 (Insured; MBIA) | 1,770,000 | 2,016,083 | ||||
Orlando Utilities Commission, | ||||||
Water and Electric Revenue: | ||||||
5.80%, 10/1/2006 | 6,030,000 | 6,144,329 | ||||
5.80%, 10/1/2007 | 1,175,000 | 1,224,902 | ||||
Palm Beach County, Revenue: | ||||||
Criminal Justice Facilities | ||||||
5.375%, 6/1/2010 (Insured; FGIC) | 1,825,000 | 1,970,142 | ||||
Public Improvement (Convention Center) | ||||||
5.50%, 11/1/2011 (Insured; FGIC) | 1,785,000 | a | 1,966,731 | |||
Palm Beach County School Board, COP: | ||||||
6%, 8/1/2010 (Insured; FGIC) | 4,000,000 | a | 4,471,400 | |||
5.50%, 8/1/2012 (Insured; FSA) | 4,910,000 | a | 5,447,989 | |||
Polk County, Public Facilities Revenue | ||||||
5%, 12/1/2020 (Insured; MBIA) | 2,165,000 | 2,323,348 | ||||
Reedy Creek Improvement District, Ad Valorem Tax | ||||||
5%, 6/1/2022 (Insured; AMBAC) | 2,180,000 | 2,320,566 | ||||
Saint Lucie County, Sales Tax Revenue | ||||||
(Refunding and Improvement) | ||||||
5.25%, 10/1/2022 (Insured; MBIA) | 2,140,000 | 2,328,577 | ||||
Seminole County, Water and Sewer Revenue: | ||||||
5%, 10/1/2021 | 2,410,000 | 2,577,760 | ||||
5%, 10/1/2022 | 4,530,000 | 4,830,339 | ||||
Tallahassee, Energy System Revenue | ||||||
5%, 10/1/2017 (Insured; MBIA) | 2,665,000 | 2,870,498 | ||||
Tampa: | ||||||
Cigarette Tax Allocation (H Lee Moffitt Cancer) | ||||||
5%, 3/1/2008 (Insured; AMBAC) | 2,000,000 | 2,074,440 | ||||
Utility Tax and Special Revenue | ||||||
5.25%, 10/1/2021 (Insured; AMBAC) | 1,000,000 | 1,081,050 |
10 |
Principal | ||||
Long-Term Municipal Investments (continued) | Amount ($) | Value ($) | ||
Florida (continued) | ||||
Tampa Bay, Water Utility Systems Revenue | ||||
5.125%, 10/1/2008 (Insured; FGIC) | 3,205,000 a | 3,383,807 | ||
Volusia County School Board, Sales Tax Revenue | ||||
5.375%, 10/1/2015 (Insured; FSA) | 4,000,000 | 4,384,840 | ||
U.S. Related—8.2% | ||||
Children's Trust Fund of Puerto Rico, | ||||
Tobacco Settlement | ||||
Revenue, Asset Backed Bonds: | ||||
5.75%, 7/1/2010 | 1,000,000 a | 1,092,760 | ||
5.75%, 7/1/2010 | 3,000,000 a | 3,278,280 | ||
Commonwealth of Puerto Rico, Public Improvement, GO | ||||
5.50%, 7/1/2017 (Insured; XLCA) | 2,000,000 | 2,277,400 | ||
Puerto Rico Commonwealth Highway and | ||||
Transportation Authority, Revenue: | ||||
Highway 5.50%, 7/1/2013 (Insured; MBIA) | 2,500,000 | 2,769,000 | ||
Transportation 5.25%, 7/1/2012 (Insured; MBIA) | 2,440,000 | 2,572,565 | ||
Puerto Rico Public Buildings Authority, | ||||
Guaranteed Revenue (Government Facilities) | ||||
5.25%, 7/1/2020 (Insured; XLCA) | 2,000,000 | 2,250,740 | ||
Virgin Islands Public Finance Authority, Revenue | ||||
5.625%, 10/1/2010 | 1,735,000 | 1,809,258 | ||
Total Long-Term Municipal Investments | ||||
(cost $183,308,061) | 190,867,338 | |||
Short-Term Municipal Investment—.8% | ||||
Florida; | ||||
Gainesville, Utilities System Revenue | ||||
3.70% (Liquidity Facility; SunTrust Bank) | ||||
(cost $1,500,000) | 1,500,000 b | 1,500,000 | ||
Total Investments (cost $184,808,061) | 98.8% | 192,367,338 | ||
Cash and Receivables (Net) | 1.2% | 2,428,956 | ||
Net Assets | 100.0% | 194,796,294 |
The Fund 11
STATEMENT OF INVESTMENTS (continued)
![](https://capedge.com/proxy/N-CSR/0000881512-06-000001/gflimbncsrx14x1.jpg)
12 |
Summary of Combined Ratings (Unaudited) | ||||||||||
Fitch | or | Moody's | or | Standard & Poor's | Value (%)† | |||||
AAA | Aaa | AAA | 86.1 | |||||||
AA | Aa | AA | 9.9 | |||||||
A | A | A | 1.7 | |||||||
BBB | Baa | BBB | .9 | |||||||
F1 | MIG1/ P1 | SP1/A1 | .8 | |||||||
Not Rated c | Not Rated c | Not Rated c | .6 | |||||||
100.0 |
† | Based on total investments. | |
a | These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are | |
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on | ||
the municipal issue and to retire the bonds in full at the earliest refunding date. | ||
b | Securities payable on demand.Variable interest rate— subject to periodic change. | |
c | Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by the Manager to | |
be of comparable quality to those rated securities in which the fund may invest. | ||
See notes to financial statements. |
The Fund 13
STATEMENT OF ASSETS AND LIABILITIES December 31, 2005 |
Cost | Value | |||
Assets ($): | ||||
Investments in securities—See Statement of Investments | 184,808,061 | 192,367,338 | ||
Cash | 92,477 | |||
Interest receivable | 3,014,433 | |||
Receivable for shares of Beneficial Interest subscribed | 857 | |||
Prepaid expenses | 12,144 | |||
195,487,249 | ||||
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 3(b) | 107,040 | |||
Payable for shares of Beneficial Interest redeemed | 480,333 | |||
Accrued expenses | 103,582 | |||
690,955 | ||||
Net Assets ($) | 194,796,294 | |||
Composition of Net Assets ($): | ||||
Paid-in capital | 187,105,573 | |||
Accumulated undistributed investment income—net | 19,343 | |||
Accumulated net realized gain (loss) on investments | 112,101 | |||
Accumulated gross unrealized appreciation on investments | 7,559,277 | |||
Net Assets ($) | 194,796,294 | |||
Shares Outstanding | ||||
(unlimited number of $.001 par value shares of Beneficial Interest authorized) | 14,898,723 | |||
Net Asset Value, offering and redemption price per share—Note 3(d) ($) | 13.07 |
See notes to financial statements.
14 |
STATEMENT OF OPERATIONS Year Ended December 31, 2005 |
Investment Income ($): | ||
Interest Income | 9,289,863 | |
Expenses: | ||
Management fee—Note 3(a) | 1,224,515 | |
Shareholder servicing costs—Note 3(b) | 241,017 | |
Professional fees | 60,766 | |
Trustees' fees and expenses—Note 3(c) | 37,820 | |
Custodian fees | 24,283 | |
Prospectus and shareholders' reports | 15,637 | |
Registration fees | 14,559 | |
Loan commitment fees—Note 2 | 923 | |
Miscellaneous | 21,792 | |
Total Expenses | 1,641,312 | |
Investment Income—Net | 7,648,551 | |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | ||
Net realized gain (loss) on investments | 1,081,927 | |
Net unrealized appreciation (depreciation) on investments | (5,932,795) | |
Net Realized and Unrealized Gain (Loss) on Investments | (4,850,868) | |
Net Increase in Net Assets Resulting from Operations | 2,797,683 |
See notes to financial statements.
The Fund 15
STATEMENT OF CHANGES IN NET ASSETS
Year Ended December 31, | ||||
2005 | 2004 | |||
Operations ($): | ||||
Investment income—net | 7,648,551 | 8,347,122 | ||
Net realized gain (loss) on investments | 1,081,927 | (9,469) | ||
Net unrealized appreciation | ||||
(depreciation) on investments | (5,932,795) | (2,848,735) | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 2,797,683 | 5,488,918 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (7,629,208) | (8,331,786) | ||
Net realized gain on investments | (974,461) | (367,314) | ||
Total Dividends | (8,603,669) | (8,699,100) | ||
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold | 12,847,319 | 16,065,482 | ||
Dividends reinvested | 5,823,507 | 5,791,128 | ||
Cost of shares redeemed | (37,625,199) | (40,243,059) | ||
Increase (Decrease) in Net Assets | ||||
from Beneficial Interest Transactions | (18,954,373) | (18,386,449) | ||
Total Increase (Decrease) in Net Assets | (24,760,359) | (21,596,631) | ||
Net Assets ($): | ||||
Beginning of Period | 219,556,653 | 241,153,284 | ||
End of Period | 194,796,294 | 219,556,653 | ||
Undistributed investment income—net | 19,343 | — | ||
Capital Share Transactions (Shares): | ||||
Shares sold | 968,997 | 1,190,235 | ||
Shares issued for dividends reinvested | 439,784 | 430,862 | ||
Shares redeemed | (2,827,932) | (2,998,932) | ||
Net Increase (Decrease) in Shares Outstanding | (1,419,151) | (1,377,835) |
See notes to financial statements.
16 |
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, | ||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 13.45 | 13.63 | 13.64 | 13.15 | 13.21 | |||||
Investment Operations: | ||||||||||
Investment income—net a | .50 | .49 | .49 | .53 | .58 | |||||
Net realized and unrealized | ||||||||||
gain (loss) on investments | (.31) | (.16) | .04 | .60 | (.01) | |||||
Total from Investment Operations | .19 | .33 | .53 | 1.13 | .57 | |||||
Distributions: | ||||||||||
Dividends from investment income—net | (.50) | �� | (.49) | (.49) | (.53) | (.58) | ||||
Dividends from net realized | ||||||||||
gain on investments | (.07) | (.02) | (.05) | (.11) | (.05) | |||||
Total Distributions | (.57) | (.51) | (.54) | (.64) | (.63) | |||||
Net asset value, end of period | 13.07 | 13.45 | 13.63 | 13.64 | 13.15 | |||||
Total Return (%) | 1.38 | 2.49 | 4.00 | 8.75 | 4.37 | |||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses | ||||||||||
to average net assets | .80 | .79 | .79 | .80 | .78 | |||||
Ratio of net investment income | ||||||||||
to average net assets | 3.75 | 3.63 | 3.64 | 3.96 | 4.33 | |||||
Portfolio Turnover Rate | 25.86 | 12.63 | 20.68 | 33.26 | 22.97 | |||||
Net Assets, end of period ($ x 1,000) | 194,796 | 219,557 | 241,153 | 254,810 | 255,114 |
a Based on average shares outstanding at each month end. See notes to financial statements. |
The Fund 17
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 com-pany.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" or "Dreyfus") serves as the fund's investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation ("Mellon Financial"). 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 U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(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.
18
(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 accretion of discount and amortization of premium 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 has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gain can be offset by capital loss carryovers, if any, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
(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
The Fund 19
NOTES TO FINANCIAL STATEMENTS (continued)
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, 2005, the components of accumulated earnings on a tax basis were as follows: undistributed tax exempt income $70,679, undistributed capital gains $112,101 and unrealized appreciation $7,559,277.
The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2005 and December 31, 2004, respectively, were as follows: tax exempt income $7,629,208 and $8,331,786 and long-term capital gains $974,461 and $367,314.
NOTE 2—Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $350 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 borrowing. During the period ended December 31, 2005, 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 the value of the fund's average daily net assets and is payable monthly.
(b) Under the fund's Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25% 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, 2005, the fund was charged of $111,324 pursuant to the Shareholder Services Plan.
20
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended December 31, 2005, the fund was charged $71,967 pursuant to the transfer agency agreement.
During the period ended December 31, 2005, the fund was charged $3,762 for services performed by the Chief Compliance Officer.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $98,628, chief compliance officer fees $1,858 and transfer agency per account fees $6,554.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
(d) A 1% redemption fee is charged and retained by the fund on certain 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, 2005, redemption fees charged and retained by the fund amounted to $276.
NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2005, amounted to $52,482,583 and $71,812,916, respectively.
At December 31, 2005, the cost of investments for federal income tax purposes was $184,808,061; accordingly, accumulated gross unrealized appreciation on investments was $7,559,277.
The Fund 21
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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, 2005, 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 the standards of the Public Company Accounting Oversight Board (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. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2005 by correspondence with the custodian.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, 2005, 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 U.S. generally accepted accounting principles.
New York, New York February 7, 2006 |
22
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with federal tax law, the fund hereby makes the following designations regarding its fiscal year ended December 31, 2005:
- all the dividends paid from investment income-net during the fiscal year ended December 31, 2005 as "exempt-interest divi- dends" (not subject to regular federal income tax and, for residents of Florida, not subject to taxation by Florida), and
- the fund hereby designates $.0004 per share as a long-term capital gain distribution paid on July 27, 2005, and also designates $.0654 per share as a long-term capital gain distribution paid on December 16, 2005.
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 2005 calendar year on Form 1099-DIV which will be mailed by January 31, 2006.
The Fund 23
BOARD MEMBERS INFORMATION (Unaudited)
Joseph S. DiMartino (62) |
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 |
• Sunair Services Corporation, engages in the design, manufacture and sale of high frequency |
systems for long-range voice and data communications, as well as providing certain outdoor- |
related services to homes and businesses, Director |
No. of Portfolios for which Board Member Serves: 193 |
——————— |
Gordon J. Davis (64) |
Board Member (1993) |
Principal Occupation During Past 5 Years: |
• Partner in the law firm of LeBoeuf, Lamb, Greene & MacRae, LLP |
• President, Lincoln Center for the Performing Arts, Inc. (2001) |
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 (66) |
Board Member (1985) |
Principal Occupation During Past 5 Years: |
• Corporate Director and Trustee |
Other Board Memberships and Affiliations: |
• BBH 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: 58 |
——————— |
Lynn Martin (66) |
Board Member (1993) |
Principal Occupation During Past 5 Years: |
• Advisor to the international accounting firm of Deloitte & Touche, LLP and Chair to its |
Council for the Advancement of Women |
Other Board Memberships and Affiliations: |
• SBC Communications, Inc., Director |
• Ryder System, Inc., a supply chain and transportation management company, Director |
• The Proctor & Gamble Co., a consumer products company, Director |
• Constellation Energy Group, Director |
• Member of the Council of Foreign Relations |
No. of Portfolios for which Board Member Serves: 11 |
24
Daniel Rose (76) |
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,Vice Chairman and Director |
• Harlem Educational Activities Fund, Inc., Chairman |
• Housing Committee of the Real Estate Board of New York, Inc., Director |
No. of Portfolios for which Board Member Serves: 22 |
——————— |
Philip L. Toia (72) |
Board Member (1997) |
Principal Occupation During Past 5 Years: |
• Retired |
No. of Portfolios for which Board Member Serves: 11 |
——————— |
Sander Vanocur (77) |
Board Member (1992) |
Principal Occupation During Past 5 Years: |
• President, Old Owl Communications |
No. of Portfolios for which Board Member Serves: 22 |
——————— |
Anne Wexler (75) |
Board Member (1994) |
Principal Occupation During Past 5 Years: |
• Chairman of the Wexler & Walker Public Policy Associates, consultants specializing in govern- |
ment 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: 36 |
——————— |
Once elected all Board Members serve for an indefinite term.The address of the Board Members and Officers is in c/o |
The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board |
Members 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. |
The Fund 25
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 90 investment companies (comprised of 184 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 60 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 90 investment companies (comprised of 184 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 52 years old and has been an employee of the Manager since January 2000.
MARK N. JACOBS, Vice President since March 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since June 1977.
MICHAEL A. ROSENBERG, Vice President and Secretary since August 2005.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since October 1991.
JAMES BITETTO, Vice President and Assistant Secretary since August 2005.
Assistant General Counsel and Assistant Secretary of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager since December 1996.
JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. She is 50 years old and has been an employee of the Manager since October 1988.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Assistant General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2000.
JANETTE E. FARRAGHER, Vice President and Assistant Secretary since August 2005.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. She is 43 years old and has been an employee of the Manager since February 1984.
JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since February 1991.
26
ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since May 1986.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since October 1990.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1985.
ERIK D. NAVILOFF, Assistant Treasurer since August 2005.
Senior Accounting Manager – Taxable Fixed Income Funds of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 37 years old and has been an employee of the Manager since November 1992.
ROBERT ROBOL, Assistant Treasurer since August 2005.
Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since October 1988.
ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 38 years old and has been an employee of the Manager since November 1990.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 91 investment companies (comprised of 200 portfolios) managed by the Manager. He is 37 years old and has been an employee of the Manager since April 1991.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (91 investment companies, comprised of 200 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon's Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 48 years old and has served in various capacities with the Manager since 1980, including manager of the firm's Fund Accounting Department from 1997 through October 2001.
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 87 investment companies (comprised of 196 portfolios) managed by the Manager. He is 35 years old and has been an employee of the Distributor since October 1998.
The Fund 27
NOTES
For More | Information | |||
Dreyfus | Transfer Agent & | |||
Florida Intermediate | Dividend Disbursing Agent | |||
Municipal Bond Fund | ||||
Dreyfus Transfer, Inc. | ||||
200 Park Avenue | ||||
200 Park Avenue | ||||
New York, NY | 10166 | |||
New York, NY 10166 | ||||
Manager | Distributor | |||
The Dreyfus Corporation | ||||
Dreyfus Service Corporation | ||||
200 Park Avenue | ||||
200 Park Avenue | ||||
New York, NY | 10166 | |||
New York, NY 10166 | ||||
Custodian | ||||
The Bank of New York | ||||
One Wall Street | ||||
New York, NY | 10286 |
Telephone 1-800-645-6561 Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com |
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2005, is available on the SEC's website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
© 2006 Dreyfus Service Corporation 0740AR1205
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
The Registrant's Board has determined that David P. Feldman, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Feldman is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $27,195 in 2004 and
$29,480 in 2005.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $ - in 2004 and $ - in 2005.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $ - in 2004 and $ - in 2005.
Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $2,577 in 2004 and $2,725 in 2005. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various
FORM N-CSR
Item 1. Reports to Stockholders.
Item 2. Code of Ethics.
Item 3. Audit Committee Financial Expert.
Item 4. Principal Accountant Fees and Services
financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies (as applicable).
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $ 0 in 2004 and $ 0 in 2005.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were less than $ 600 in 2004 and $156 in 2005. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee were $ - in 2004 and $ - in 2005.
Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $592,101 in 2004 and $758,091 in 2005.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.
Item 5. | Audit Committee of Listed Registrants. | |||
Not applicable. | [CLOSED-END FUNDS ONLY] | |||
Item 6. | Schedule of Investments. | |||
Not applicable. | ||||
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management | |||
Investment Companies. | ||||
Not applicable. | [CLOSED-END FUNDS ONLY] | |||
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. | |||
Not applicable. | [CLOSED-END FUNDS ONLY, beginning with reports for periods ended | |||
on and after December 31, 2005] | ||||
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies and | |||
Affiliated Purchasers. | ||||
Not applicable. | [CLOSED-END FUNDS ONLY] | |||
Item 10. | Submission of Matters to a Vote of Security Holders. |
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) | Code of ethics referred to in Item 2. | |
(a)(2) | Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) | |
under the Investment Company Act of 1940. | ||
(a)(3) | Not applicable. | |
(b) | Certification of principal executive and principal financial officers as required by Rule 30a-2(b) | |
under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Florida Intermediate Municipal Bond Fund
![](https://capedge.com/proxy/N-CSR/0000881512-06-000001/formx5x1.jpg)
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
![](https://capedge.com/proxy/N-CSR/0000881512-06-000001/formx5x2.jpg)
EXHIBIT INDEX
(a)(1) | Code of ethics referred to in Item 2. | |
(a)(2) | Certifications of principal executive and principal financial officers as required by Rule 30a- | |
2(a) under the Investment Company Act of 1940. (EX-99.CERT) | ||
(b) | Certification of principal executive and principal financial officers as required by | |
Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT) |