LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its semi-annual reporting period on September 30,
1994, its net asset value was $12.95 per share. Income dividends of
approximately $.34 per share were paid during this period, representing an
annualized distribution rate per share of 5.17%, based on the September 30,
1994 net asset value. All dividends paid from net investment income during
this period were exempt from Federal and State of California income taxes,
although certain shareholders may be subject to the Federal Alternative
Minimum Tax on some portfolio income.
The municipal market continued its decline over the reporting period as
the economy continued to grow and inflationary fears increased. While some
acceleration in economic growth had been expected, the robust rate
experienced over the past several months surprised most economists and market
participants alike. Most had anticipated that the higher interest rates
engendered by the Federal Reserve Board's tighter monetary policy, which
began in the first quarter of this year, would slow economic expansion.
A wide array of economic indexes are showing growth at levels that have
proven to be accurate forecasters of upward inflationary trends in past
recoveries. As an example, consumer spending rebounded in August as retail
sales rose by almost a full percentage point. In addition, job gains remain
strong, and jobless claims continue to go lower while capacity utilization
rates have risen rapidly and are now near the peak level of the last cycle.
Lastly, commodity prices continue on a volatile, but upward, path. Overall,
these data suggest that strong upward growth will continue into the fourth
quarter of this year, and will put further pressure on the Federal Reserve to
tighten credit again before year-end.
Our strategy in this environment includes continued caution. We believe
that interest rates will peak over the next several months and that inflation
will continue to be subdued. We have raised our cash position in order to
limit portfolio volatility and to be prepared to add to our long positions at
the lower prices we anticipate may develop before year-end.
The California economy has shown some improvement over the reporting
period, but continues to lag the national economic improvement. The State's
budget difficulties are continuing, military base closings remain a major
issue, and immigration policies will come under increasing scrutiny over the
next several months. We are monitoring these situations very carefully to
detect early on their possible influence on portfolio structure as we go
forward.
We have included a current Statement of Investments and recent financial
statements for your review. We greatly appreciate your investment in the Fund
and look forward to serving your investment needs in the future.
Very truly yours,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 14, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-92.5% AMOUNT VALUE
----------- ------------
<S> <C> <C>
CALIFORNIA-84.4%
Alameda County, COP (Capital Projects) 6%, 6/1/2000......................... $ 500,000 $ 508,100
State of California, GO:
6%, 9/1/2001............................................................ 2,000,000 2,082,460
6.20%, 9/1/2002......................................................... 500,000 525,800
6.40%, 2/1/2006 (Insured; MBIA)......................................... 5,000,000 5,263,200
California Department of Water Resources, Water Systems Revenue
(Central Valley Project) 5.90%, 12/1/2005............................... 1,175,000 1,199,945
California Health Facilities Financing Authority, Revenue:
(Adventist Health System / West) 6.40%, 3/1/2002 (Insured; MBIA)........ 500,000 531,775
(Catholic Healthcare West):
4.50%, 7/1/2002....................................................... 2,500,000 2,299,150
4.70%, 7/1/2003....................................................... 2,500,000 2,308,250
(Downey Community College):
5.00%, 5/15/2001...................................................... 2,250,000 2,158,200
5.10%, 5/15/2002...................................................... 2,500,000 2,378,150
5.20%, 5/15/2003...................................................... 2,500,000 2,364,250
(Marin General Hospital):
5.50%, 8/1/2001 (Insured; FSA)........................................ 1,580,000 1,603,226
5.60%, 8/1/2002 (Insured; FSA)........................................ 1,670,000 1,696,303
5.70%, 8/1/2003 (Insured; FSA)........................................ 1,760,000 1,787,914
Refunding (Saint Francis Memorial Hospital) 5.75%, 11/1/2003............ 1,130,000 1,109,581
California Housing Finance Agency, Revenue:
(Home Mortgage) 5.80%, 8/1/2003......................................... 1,135,000 1,117,203
(Multi-Unit Rental Housing) 6.50%, 8/1/2005............................. 500,000 508,290
California Pollution Control Financing Authority, Revenue:
Pollution Control (Laidlaw, Inc.) 6.50%, 5/1/2002 (LOC; Bank of America) (a) 1,500,000 1,517,610
Solid Waste Disposal (North County Recycling Center)
6.20%, 7/1/2002 (LOC; Union Bank of Switzerland) (a).................. 2,000,000 2,020,580
California Public Capital Improvements Financing Authority, Revenue
(Joint Powers Agency-Pooled Projects) 8.25%, 3/1/1998................... 360,000 391,136
California Public Works Board, LR:
(Community Colleges) 5.90%, 9/1/1998.................................... 1,975,000 2,014,934
(Department of Corrections-Calipatria) 6.10%, 9/1/2003 (Insured; MBIA).. 1,000,000 1,046,100
Refunding:
(Department of Corrections Del Norte) 4.50%, 12/1/2001................ 12,845,000 11,861,587
(Department of Corrections State Prisons):
5%, 12/1/2001..................................................... 5,000,000 4,853,100
(Susanville) 5%, 6/1/2005......................................... 3,000,000 2,710,890
(Various Universities of California Projects) 5.10%, 6/1/2004......... 3,070,000 2,842,636
(Secretary of State) 6.10%, 12/1/2004 (Insured; AMBAC).................. 6,100,000 6,376,757
(Various University of California Projects ) 5.90%, 12/1/2003 (Insured; AMBAC) 1,000,000 1,032,770
California Statewide Community Development Authority, LR
(Oakland Convention Centers Project) 6%, 10/1/2004 (Insured; AMBAC)..... 2,700,000 2,800,683
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- ------------
CALIFORNIA (CONTINUED)
Central Coast Water Authority, Revenue (Water Project)
6.15%, 10/1/2005 (Insured; AMBAC)....................................... $ 2,000,000 $ 2,066,340
Central Valley Financing Authority, Cogeneration Project Revenue
(Carson Ice General Project) 5.70%, 7/1/2003............................ 2,000,000 1,967,880
Clovis Unified School District, Refunding 4.70%, 8/1/1997................... 3,000,000 2,992,710
Contra Costa County, COP (Merrithew Memorial Hospital Replacement)
6.20%, 11/1/2001........................................................ 1,145,000 1,149,465
Daly City, COP, Refunding:
5.30%, 6/1/2001 (Insured; MBIA)......................................... 1,170,000 1,167,309
5.30%, 6/1/2002 (Insured; MBIA)......................................... 1,230,000 1,216,187
Desert Sands, Unified School District, COP 4.75%, 3/1/2001.................. 7,030,000 6,609,958
East Bay Municipal Utility District, Water Systems Revenue, Refunding:
6%, 6/1/2004............................................................ 1,365,000 1,404,189
6%, 6/1/2005............................................................ 560,000 571,883
6.10%, 6/1/2006......................................................... 2,000,000 2,040,760
Encinitas Union School District, COP (Measure B Capital Projects):
4.875%, 9/1/2000........................................................ 1,000,000 964,820
5%, 9/1/2001............................................................ 1,000,000 964,250
Escondido Joint Powers Financing Authority, LR (Escondido Civic Center
Project)
6%, 9/1/2005 (Insured; AMBAC)........................................... 1,400,000 1,437,828
Fairfield Public Financing Authority, Revenue
(Fairfield Redevelopment Projects):
4.70%, 8/1/2002 (Insured; CGIC)....................................... 1,525,000 1,432,326
4.80%, 8/1/2003 (Insured; CGIC)....................................... 1,910,000 1,784,246
Fontana Redevelopment Agency, Tax Allocation, Refunding
(Jurupa Hills Redevelopment Project) 6.90%, 10/1/2002................... 435,000 448,881
Garden Grove Agency, Community Development, Tax Allocation, Refunding
(Garden Grove Community Project):
5.20%, 10/1/2001...................................................... 1,225,000 1,190,725
5.30%, 10/1/2002...................................................... 1,285,000 1,244,805
Industry Urban Development Agency, Tax Allocation, Refunding
(Civic Recreation Project No. 1) 5.40%, 5/1/2002 (Insured; MBIA)........ 2,500,000 2,502,950
Long Beach, COP (Fleet Services Project) 6.10%, 5/1/2001.................... 500,000 521,680
Long Beach Harbor, Revenue:
4.50%, 5/15/2001........................................................ 5,000,000 4,672,450
4.50%, 5/15/2002........................................................ 5,240,000 4,806,442
City of Los Angeles:
(Judgment Obligation):
5%, 8/1/2001.......................................................... 4,400,000 4,297,700
5%, 8/1/2002.......................................................... 3,000,000 2,894,220
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- ------------
CALIFORNIA (CONTINUED)
City of Los Angeles (continued):
Revenue:
Home Mortgage 9.875%, 12/1/2004....................................... $ 110,000 $ 113,586
Mortgage, Refunding:
5.75%, 7/1/2002 (Insured; MBIA)................................... 1,000,000 1,005,480
5%, 1/1/2005 (Insured; MBIA)...................................... 1,025,000 976,651
Wastewater System:
5.90%, 6/1/2003 (Insured; AMBAC).................................. 1,000,000 1,031,370
6%, 6/1/2004 (Insured; AMBAC)..................................... 1,000,000 1,036,260
Los Angeles Convention and Exhibition Center Authority, LR, Refunding
4.90%, 8/15/2005 (Insured; MBIA)........................................ 2,190,000 2,015,895
Los Angeles County Capital Asset Leasing Corporation, Leasehold Revenue,
Refunding
5.75%, 12/1/2004 (Insured; AMBAC)....................................... 2,600,000 2,595,788
Los Angeles County, COP:
(Edmund D. Edelman Children's Court):
5.80%, 4/1/2001 (Insured; AMBAC)...................................... 500,000 515,815
6%, 4/1/2003 (Insured; AMBAC)......................................... 500,000 518,855
(Hospital Information System-LAC-USU Medical Center) 5.90%, 12/1/1997... 400,000 409,168
(Marina Del Ray) 5.50%, 7/1/1997........................................ 5,155,000 5,141,391
(Multiple Capital Facilities Project II) 7%, 3/1/2003................... 1,000,000 1,059,720
Los Angeles County Metropolitan Transportation Authority, Refunding,
Sales Tax Revenue 5.50%, 7/1/2009....................................... 8,000,000 7,404,560
Los Angeles County Transportation Commission:
COP 5%, 7/1/1996........................................................ 1,500,000 1,509,255
Sales Tax Revenue, Refunding:
5.75%, 7/1/2001 (Insured; FGIC)....................................... 1,250,000 1,287,175
6%, 7/1/2004 (Insured; FGIC).......................................... 2,000,000 2,072,960
Martinez Unified School District, Refunding:
5.25%, 8/1/2001......................................................... 1,030,000 1,015,982
5.50%, 8/1/2003......................................................... 1,170,000 1,156,217
5.75%, 8/1/2004......................................................... 1,240,000 1,245,307
Mojave Water Agency (Improvement District M-Morongo Basin):
5.875%, 9/1/1999........................................................ 690,000 694,747
6%, 9/1/2000............................................................ 730,000 735,022
New Haven Unified School District, COP, Refunding 5.15%, 7/1/2000........... 4,090,000 4,023,088
Northern California Power Agency, Public Power Revenue, Refunding:
(Geothermal Project) 5.50%, 7/1/2005
(GIC: Bayerische Landesbank and Sanwa Bank)........................... 5,000,000 4,849,650
(Hydroelectric Power Project):
5.75%, 7/1/2001 (Insured; MBIA)....................................... 1,210,000 1,245,985
5.80%, 7/1/2002 (Insured; MBIA)....................................... 570,000 586,410
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- ------------
CALIFORNIA (CONTINUED)
Oakland Redevelopment Agency, Refunding
(Central District Redevelopment-Senior Tax Allocation):
5.65%, 2/1/2003 (Insured; AMBAC)...................................... $ 1,500,000 $ 1,517,745
5.75%, 2/1/2004 (Insured; AMBAC)...................................... 1,500,000 1,521,495
Pasadena, COP, Refunding (Capital Project):
5.90%, 1/1/2002......................................................... 250,000 251,877
6%, 1/1/2003............................................................ 400,000 403,576
Port Oakland, Revenue:
Port:
5.50%, 11/1/1999 (Insured; MBIA)...................................... 1,000,000 1,024,860
6.10%, 11/1/2003 (Insured; MBIA)...................................... 1,245,000 1,303,216
Special Facilities (Mitsui O.S.K. Lines Ltd.)
6.40%, 1/1/2003 (LOC; Industrial Bank of Japan) (a)................... 1,000,000 1,003,040
Riverside County:
Asset Leasing Corp., Leasehold Revenue (Riverside County Hospital
Project)
5.90%, 6/1/2002....................................................... 3,000,000 2,932,920
Housing Authority, MFHR, Refunding (El Dorado Apartments Project)
5.40%, 6/1/2003....................................................... 7,600,000 7,559,340
Transportation Commission, Sales Tax Revenue:
5.30%, 6/1/2002 (Insured; AMBAC)...................................... 2,500,000 2,487,350
5.40%, 6/1/2003 (Insured; AMBAC)...................................... 4,000,000 3,969,640
Sacramento County, MFHR (Parcwood Apartments) 4.90%, 9/1/1997............... 2,000,000 2,002,680
Sacramento Municipal Utility District, Electric Revenue (Registered Inflos)
7.52%, 11/15/2005 (b)................................................... 10,000,000 9,150,000
San Bernardino County, COP (West Valley Detention Center)
5.90%, 11/1/2001 (Insured; MBIA)........................................ 1,000,000 1,040,390
San Diego, Port Facilities Revenue, Refunding (National Steel and
Shipbuilding Co.)
6.60%, 12/1/2002........................................................ 1,500,000 1,496,655
San Diego County Water Authority, Water Revenue, COP, Refunding:
5.30%, 5/1/2002 (Insured; FGIC)......................................... 3,000,000 2,985,060
5.40%, 5/1/2003 (Insured; FGIC)......................................... 2,000,000 1,985,000
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue,
Subordinated Notes
4.60%, 7/1/1997 (Insured; AMBAC)........................................ 2,000,000 2,000,860
San Francisco City and County, Sewer Revenue, Refunding
5.60%, 10/1/2003 (Insured; AMBAC)....................................... 3,000,000 3,025,290
San Francisco City and County Airports Commission, International Airport
Revenue
Refunding 6.20%, 5/1/2004............................................... 500,000 525,395
San Francisco Unified School District, COP, Refunding 5.70%, 9/1/2003 (Insured; MBIA) 1,000,000 1,014,570
San Joaquin County, COP (General Hospital Project):
5.70%, 9/1/2001......................................................... 2,250,000 2,215,845
5.80%, 9/1/2002......................................................... 2,250,000 2,210,715
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- ------------
CALIFORNIA (CONTINUED)
San Jose, MFHR 9.409%, 4/1/2002 (b)......................................... $ 6,000,000 $ 5,835,000
San Jose Redevelopment Agency, Tax Allocation, Refunding
(Merged Redevelopment Project) 4.60%, 8/1/2001 (Insured; MBIA).......... 3,500,000 3,308,900
City of Santa Cruz, COP, Refunding (1992 Refunding Project):
5.875%, 5/1/1998........................................................ 500,000 511,355
6%, 5/1/1999............................................................ 500,000 513,335
Santa Maria Redevelopment Agency, Revenue, Refunding
(Town Center and West Side Parking Facilities) 4.625%, 6/1/2001 (Insured; FSA) 2,665,000 2,528,925
Sierra View Local Hospital District, Health Facility Revenue:
5.80%, 3/1/2002 (Guaranteed by; State of California).................... 500,000 490,495
5.90%, 3/1/2003 (Guaranteed by; State of California).................... 755,000 739,062
Southern California Public Power Authority, Transmission Project Revenue,
Refunding
(Southern Transmission Project) 5.625%, 7/1/2003........................ 1,800,000 1,811,556
Southern California Rapid Transit District, Revenue
(Special Benefit Assessment District No. A1) 5.60%, 9/1/2003 (Insured; AMBAC) 3,000,000 3,024,960
Watsonville Mammoth Lakes, COP 7.50%, 6/1/1999.............................. 65,000 65,146
U.S. RELATED-8.1%
Commonwealth of Puerto Rico:
5.40%, 7/1/2003......................................................... 3,000,000 2,941,770
Refunding, Improvement 5.10%, 7/1/2002.................................. 2,000,000 1,934,100
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue, Refunding 5.875%, 7/1/1999............................. 1,500,000 1,540,680
Guam Airport Authority, Revenue 5.80%, 10/1/1999............................ 1,705,000 1,706,603
Puerto Rico Housing Bank and Finance Agency, Single Family, Refunding
(Commonwealth Appreciation) 5.125%, 12/1/2004........................... 6,000,000 5,558,820
Puerto Rico Public Buildings Authority, Guaranteed Public Education and
Health Facilities:
5.30%, 7/1/2003......................................................... 7,000,000 6,788,530
6.60%, 7/1/2004 (Prerefunded 7/1/2002) (c).............................. 500,000 546,165
Virgin Islands Public Finance Authority, Revenue, Refunding 6.60%, 10/1/1998 1,530,000 1,588,186
------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $264,022,762)................... $258,568,028
============
SHORT-TERM MUNICIPAL INVESTMENTS-7.5%
CALIFORNIA:
California Pollution Control Financing Authority, PCR, VRDN
(Shell Oil Co.) 3.60% (Guaranteed; Shell Oil Co.) (d)................... $ 6,000,000 $ 6,000,000
Sacramento County, COP, VRDN (Center and Court House Project)
3.35% (LOC; Union Bank of Switzerland) (a,d)............................ 5,000,000 5,000,000
City and County of San Francisco, TRAN 4.25%, 7/15/1995..................... 10,000,000 9,969,500
------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $21,018,483)................... $ 20,969,500
============
TOTAL INVESTMENTS-100.0% (cost $285,041,245)................................ $279,537,528
============
</TABLE>
<TABLE>
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
CGIC Capital Guaranty Insurance Corporation LR Lease Revenue
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
GIC Guaranteed Investment Contract TRAN Tax and Revenue Anticipation Notes
GO General Obligation VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- ------- ----------------- ---------------------
<S> <C> <C> <C>
AAA Aaa AAA 39.9%
AA Aa AA 15.1
A A A 30.3
BBB Baa BBB 4.8
F1 MIG1 SP1 7.5
Not Rated (f) Not Rated (f) Not Rated (f) 2.4
----
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security-the interest rate is subject to change
periodically.
(c) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(d) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(e) Fitch currently provides creditworthiness information for a limited
number of investments.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $285,041,245)-see statement..................................... $279,537,528
Cash.................................................................... 2,327,663
Interest receivable..................................................... 4,398,495
Prepaid expenses........................................................ 34,689
------------
286,298,375
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $23,774
Payable for shares of Beneficial Interest redeemed...................... 6,891
Accrued expenses and other liabilities.................................. 86,964 117,629
------- ------------
NET ASSETS ................................................................ $286,180,746
============
REPRESENTED BY:
Paid-in capital......................................................... $294,235,689
Accumulated net realized capital losses and distributions in excess of
net realized gain on investments...................................... (2,551,226)
Accumulated net unrealized (depreciation) on investments-Note 3......... (5,503,717)
------------
NET ASSETS at value applicable to 22,090,481 outstanding shares of
Beneficial Interest, equivalent to $12.95 per share
(unlimited number of $.001 par value shares authorized)................. $286,180,746
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $7,706,217
EXPENSES:
Management fee-Note 2(a).............................................. $ 858,989
Shareholder servicing costs-Note 2(b)................................. 194,032
Professional fees..................................................... 23,241
Custodian fees........................................................ 21,110
Trustees' fees and expenses-Note 2(c)................................. 11,888
Prospectus and shareholders' reports.................................. 5,897
Registration fees..................................................... 3,196
Miscellaneous......................................................... 19,363
----------
1,137,716
Less-reduction in management fee due to undertakings-Note 2(a)........ 754,488
----------
TOTAL EXPENSES.................................................... 383,228
---------
INVESTMENT INCOME-NET............................................. 7,322,989
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $(2,523,720)
Net unrealized (depreciation) on investments............................ (561,609)
----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (3,085,329)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $4,237,660
===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MARCH 31, SEPTEMBER 30, 1994
1994 (UNAUDITED)
-------------- ------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 13,486,373 $ 7,322,989
Net realized (loss) on investments................................... (18,793) (2,523,720)
Net unrealized (depreciation) on investments for the period.......... (9,616,969) (561,609)
-------------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 3,850,611 4,237,660
-------------- ------------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net........................................... (13,486,373) (7,322,989)
In excess of net realized gain on investments........................ (6,314) --
-------------- ------------
TOTAL DIVIDENDS.................................................... (13,492,687) (7,322,989)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 282,941,979 80,655,374
Dividends reinvested................................................. 10,372,642 5,423,438
Cost of shares redeemed.............................................. (151,024,758) (90,176,112)
-------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 142,289,863 (4,097,300)
-------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 132,647,787 (7,182,629)
NET ASSETS:
Beginning of period.................................................. 160,715,588 293,363,375
-------------- ------------
End of period........................................................ $ 293,363,375 $ 286,180,746
============ =============
SHARES SHARES
-------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 20,646,813 6,156,079
Shares issued for dividends reinvested............................... 758,642 414,185
Shares redeemed...................................................... (11,042,081) (6,909,655)
-------------- ------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... 10,363,374 (339,391)
============ =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CALIFORNIA 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.
SIX MONTHS ENDED
YEAR ENDED MARCH 31, SEPTEMBER 30, 1994
-------------------------- ------------------
PER SHARE DATA: 1993(1) 1994 (UNAUDITED)
-------------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period....................... $12.50 $13.32 $13.08
------ ------ --------
INVESTMENT OPERATIONS:
Investment income-net...................................... .70 .72 .34
Net realized and unrealized gain (loss) on investments..... .82 (.24) (.13)
------ ------ --------
TOTAL FROM INVESTMENT OPERATIONS......................... 1.52 .48 .21
------ ------ --------
DISTRIBUTIONS:
Dividends from investment income-net....................... (.70) (.72) (.34)
Dividends in excess of net realized gain on investments.... -- -- --
------ ------ --------
TOTAL DISTRIBUTIONS...................................... (.70) (.72) (.34)
------ ------ --------
Net asset value, end of period............................. $13.32 $13.08 $12.95
====== ====== =======
TOTAL INVESTMENT RETURN 13.20%(2) 3.52% 3.13%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... -- .04% .27%(2)
Ratio of net investment income to average net assets....... 5.61%(2) 5.25% 5.11%(2)
Decrease reflected in above expense ratios due to undertakings
by the Manager........................................... .99%(2) .78% .53%(2)
Portfolio Turnover Rate.................................... 6.74%(3) 6.32% 3.35%(3)
Net Assets, end of period (000's Omitted).................. $160,716 $293,363 $286,181
(1) From April 20, 1992 (commencement of operations) to March 31, 1993.
(2) Annualized.
(3) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open- end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Service, Inc. (the "Distributor")
was engaged as the Fund's distributor. The Distributor, located at One
Exchange Place, Boston, Massachusetts 02109, is a wholly-owned subsidiary of
Institutional Administration Services, Inc., a provider of mutual fund
administration services, the parent company of which is Boston Institutional
Groups, Inc.
(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, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the 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.
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (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 average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. The most stringent state
expense limitation applicable to the Fund presently requires reimbursement of
expenses in any full fiscal year that such expenses (excluding certain
expenses as described above) exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million of the
average value of the Fund's net assets in accordance with California "blue
sky" regulations. However, the Manager had undertaken, from April 1, 1994
through October 10, 1994, to reduce the management fee paid by the Fund, to
the extent that the Fund's aggregate expenses (excluding certain expenses as
described above) exceeded specified annual percentages of the Fund's average
daily net assets. The reduction in management fee, pursuant to the undertaking
s, amounted to $754,488 for the six months ended September 30, 1994.
The Manager has currently undertaken from October 11, 1994 through
December 31, 1994 or until such time as the net assets of the Fund exceed
$375 million, regardless of whether they remain at that level, whichever
occurs sooner, to waive receipt of the management fee payable to it by the
Fund in excess of an annual rate of .15 of 1% of the average daily value of
the Funds' net assets.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
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 six months
ended September 30, 1994, the Fund was charged an aggregate of $80,818
pursuant to the Shareholder Service Plan.
(C) Prior to August 24, 1994 certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $1,500 and an attendance fee of $250 per meeting.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $65,118,440 and $69,654,862, respectively, for the six months
ended September 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At September 30, 1994, accumulated net unrealized depreciation on
investments was $5,503,717, consisting of $1,588,423 gross unrealized
appreciation and $7,092,140 gross unrealized depreciation.
At September 30, 1994, 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 CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus California Intermediate Municipal Bond Fund, including the statement
of investments, as of September 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended September 30, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modification that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepting
auditing standards, the statement of changes in net assets for the year ended
March 31, 1994 and financial highlights for each of the two years in the
period ended March 31, 1994 and in our report dated May 5, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
New York, New York
November 1, 1994
DREYFUS CALIFORNIA INTERMEDIATE
MUNICIPAL BOND FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
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
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 902SA949
California
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
September 30, 1994
