LETTER TO SHAREHOLDERS
Dear Shareholder:
At the end of the six-month reporting period ended September 30, 1994,
the Fund had a net asset value per share of $12.79 representing a $.19
(1.46%) decline since the end of our last reporting period on March 31, 1994.
Income dividends of approximately $.33 per share were paid during the period,
which translates into an annualized distribution rate per share of 5.15%,
based on the September 30 closing net asset value per share of $12.79. We are
pleased to report that all dividends paid from net investment income during
this period were exempt from Federal and Connecticut State income taxes,
although certain shareholders may be subject to the Federal Alternative
Minimum Tax on some portfolio income.
During the last six months, volatility continued to punctuate the market.
Municipal rates rose 130 basis points from one year ago versus a 219 basis
point increase in the Treasury market. While the cause of the increase has
been a fear of higher inflation, highlighted by five rate hikes by the
Federal Reserve Board this year, the cause of that concern has yet to be
realized. Inflation remained steady at 2.9%, while the consensus for 1995 has
inflation approaching the 3% to 3.5% level. While there seems to be agreement
on the general direction of inflation, its magnitude remains to be seen.
In an effort to navigate through these turbulent waters, we found it
prudent to emphasize quality and attempt to maintain a commensurate level of
income. The approach was simple in theory, but achieving the result became
difficult as the available supply of Connecticut tax exempt obligations in
both the new-issue and the secondary markets rapidly dwindled. In light of
that, the Fund sought to accomplish its goal by selling lower-coupon bonds
when demand surged and replacing them with higher-coupon bonds when supply
briefly buoyed. In addition, we chose to maintain the high credit quality of
the portfolio to mitigate the wide swings normally associated with lower
quality issues. Thus, our posture will continue to capitalize on value when
appropriate and in our investors' best interest.
We will continue to prudently weigh the variables, both real and
perceived, that contribute to the volatility of the market. With this in
mind, we will transact our daily Fund business with an eye toward achieving
your investment goals. In addition, we will make our best efforts to manage
your portfolio prudently through the economic and political events that have
the potential to affect the results.
We have provided 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 as we move forward.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 17, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--99.4% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
CONNECTICUT--82.0%
Brookfield 5.75%, 9/15/2002................................................. $ 265,000 $ 272,478
Cheshire:
4.75%, 8/15/2003........................................................ 530,000 499,149
4.90%, 8/15/2004........................................................ 530,000 502,111
5%, 8/15/2005........................................................... 530,000 503,081
5.10%, 8/15/2006........................................................ 530,000 501,921
Columbia:
5.20%, 6/15/2002........................................................ 265,000 263,649
5.30%, 6/15/2003........................................................ 265,000 263,153
5.40%, 6/15/2004........................................................ 265,000 263,394
State of Connecticut:
5.65%, 5/15/1998........................................................ 2,100,000 2,160,018
5.80%, 11/15/2001....................................................... 1,000,000 1,032,870
5.80%, 11/15/2002....................................................... 1,500,000 1,543,890
5.70%, 8/15/2007........................................................ 1,500,000 1,478,385
COP(Middletown Courthouse Facilities Project):
5.90%, 12/15/2001 (Insured; MBIA)..................................... 250,000 259,473
6%, 12/15/2002 (Insured; MBIA)........................................ 750,000 780,457
Clean Water Fund Revenue:
5.375%, 2/1/2000...................................................... 250,000 252,575
5.40%, 4/1/2003....................................................... 1,000,000 991,270
5.50%, 4/1/2004....................................................... 1,245,000 1,235,015
5.40%, 6/1/2007....................................................... 1,805,000 1,718,901
Special Tax Obligation Revenue (Transit Infrastructure):
6.10%, 10/1/2001...................................................... 2,000,000 2,083,680
5.60%, 9/1/2002....................................................... 3,000,000 3,018,870
7.60%, 9/1/2007....................................................... 1,000,000 1,092,210
Refunding 5.70%, 2/15/2001............................................ 500,000 508,500
Connecticut Airport, Revenue Refunding (Bradley International Airport):
7.10%, 10/1/1995 (Insured; FGIC)........................................ 1,040,000 1,068,174
7.20%, 10/1/1997 (Insured; FGIC)........................................ 1,000,000 1,067,230
Connecticut Development Authority,
Economic Development Projects Revenue Refunding:
4.90%, 11/15/2004..................................................... 1,250,000 1,154,737
5.60%, 11/15/2004..................................................... 2,525,000 2,501,745
5%, 11/15/2005........................................................ 1,000,000 922,660
Connecticut Health & Educational Facilities Authority, Revenue:
(Fairfield University):
4.45%, 7/1/2004 (Insured; MBIA)....................................... 1,295,000 1,136,932
4.55%, 7/1/2005 (Insured; MBIA)....................................... 1,615,000 1,416,646
(The Griffin Hospital):
5.30%, 7/1/2000....................................................... 500,000 479,925
5.50%, 7/1/2001....................................................... 500,000 475,780
5.60%, 7/1/2002....................................................... 500,000 472,955
5.70%, 7/1/2003....................................................... 500,000 470,680
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
CONNECTICUT (CONTINUED)
Connecticut Health & Educational Facilities Authority, Revenue (continued):
(Lawrence and Memorial Hospital) 6.25%, 7/1/2022 (Insured; MBIA)........ $ 2,465,000 $ 2,630,278
(Manchester Memorial Hospital):
5.25%, 7/1/2004 (Insured; MBIA)....................................... 215,000 206,574
5.30%, 7/1/2005 (Insured; MBIA)....................................... 220,000 209,999
(New Britain Memorial Hospital) 7.50%, 7/1/2006......................... 1,000,000 1,013,760
(Quinnipiac College) 5.625%, 7/1/2003................................... 2,300,000 2,243,765
(Sacred Heart University) 5.35%, 7/1/2004............................... 1,000,000 956,800
(Saint Raphael Hospital) 4.80%, 7/1/2004 (Insured; AMBAC)............... 2,335,000 2,133,373
(University of Hartford):
6.20%, 7/1/2001....................................................... 750,000 759,592
6.25%, 7/1/2002....................................................... 700,000 708,078
(William W. Backus Hospital):
5.40%, 7/1/2000....................................................... 285,000 277,530
5.80%, 7/1/2004....................................................... 250,000 244,632
(Yale-New Haven Hospital):
5.40%, 7/1/1997 (Insured; MBIA)....................................... 1,000,000 1,017,020
5.60%, 7/1/1998 (Insured; MBIA)....................................... 1,000,000 1,023,300
Connecticut Higher Education Supplemental Loan Authority, Revenue
(Family Education Loan Program):
5.70%, 11/15/2004..................................................... 1,530,000 1,509,651
5.80%, 11/15/2005..................................................... 2,100,000 2,086,245
5.90%, 11/15/2006..................................................... 2,200,000 2,188,538
Connecticut Housing Finance Authority (Housing Mortgage Finance Program):
6.90%, 11/15/1998....................................................... 2,500,000 2,572,650
5.95%, 11/15/2002....................................................... 2,000,000 2,020,340
6.05%, 11/15/2002....................................................... 350,000 353,318
5.40%, 5/15/2003........................................................ 1,000,000 994,490
5.90%, 5/15/2006........................................................ 1,000,000 999,910
5.60%, 11/15/2006....................................................... 1,100,000 1,066,065
Connecticut Regional School District Number 5:
5.25%, 1/15/2004 (Insured; MBIA)........................................ 400,000 390,776
5.40%, 1/15/2005 (Insured; MBIA)........................................ 400,000 391,020
5.50%, 1/15/2006 (Insured; MBIA)........................................ 400,000 393,692
Connecticut Resources Recovery Authority,
Mid-Connecticut Systems Refunding:
5.60%, 11/15/1999..................................................... 2,500,000 2,524,225
5.75%, 11/15/2000..................................................... 2,000,000 2,026,920
Danbury:
5.10%, 8/15/2003........................................................ 815,000 795,081
5.25%, 8/15/2004........................................................ 815,000 797,755
Derby:
5.40%, 5/15/2004 (Insured; AMBAC)....................................... 420,000 415,010
5.50%, 5/15/2005 (Insured; AMBAC)....................................... 620,000 613,087
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
CONNECTICUT (CONTINUED)
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue
(Wheelabrator Lisbon Project):
5%, 1/1/2004.......................................................... $ 1,900,000 $ 1,651,879
5.15%, 1/1/2005....................................................... 1,990,000 1,737,250
5.25%, 1/1/2006....................................................... 2,145,000 1,856,004
East Hampton:
5.25%, 7/15/2004 (Insured; FGIC)........................................ 300,000 292,581
5.40%, 7/15/2005 (Insured; FGIC)........................................ 305,000 298,873
5.50%, 7/15/2006 (Insured; FGIC)........................................ 305,000 300,041
East Lyme:
5.20%, 8/1/2003......................................................... 425,000 416,428
5.60%, 8/1/2009......................................................... 415,000 396,450
Groton Town:
4.70%, 8/15/2003........................................................ 490,000 455,558
4.80%, 8/15/2004........................................................ 490,000 454,563
5%, 8/15/2005........................................................... 490,000 461,688
5%, 8/15/2006........................................................... 490,000 454,666
Guilford:
5.25%, 1/15/2004........................................................ 300,000 290,757
5.40%, 1/15/2005........................................................ 325,000 315,244
5.50%, 1/15/2006........................................................ 325,000 315,663
Refunding:
5.40%, 10/15/2001..................................................... 1,215,000 1,220,613
5.50%, 10/15/2002..................................................... 1,000,000 1,003,830
Hamden:
5.25%, 10/1/2001........................................................ 445,000 444,226
5.30%, 10/1/2002........................................................ 440,000 436,885
5.40%, 10/1/2003........................................................ 425,000 421,120
Meriden 5.50%, 11/15/2001 (Insured; MBIA)................................... 1,300,000 1,341,613
Montville 6%, 6/15/2000..................................................... 575,000 597,701
New Britain:
5.375%, 3/1/2003 (Insured; MBIA)........................................ 750,000 745,200
5.50%, 3/1/2004 (Insured; MBIA)......................................... 1,000,000 996,310
New Fairfield 4.80%, 3/15/2003 (Insured; MBIA).............................. 550,000 522,082
New Haven:
6.50%, 12/1/2002........................................................ 1,410,000 1,434,745
6.75%, 12/1/2005........................................................ 845,000 875,893
New London:
5.10%, 10/1/2002 (Insured; MBIA)........................................ 300,000 297,666
5.20%, 10/1/2003 (Insured; MBIA)........................................ 575,000 568,899
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
CONNECTICUT (CONTINUED)
New Milford:
5.20%, 8/1/2003......................................................... $ 550,000 $ 537,399
5.40%, 8/1/2006......................................................... 380,000 371,526
5.50%, 8/1/2007......................................................... 425,000 414,281
Norwalk Maritime Center Authority, Martime Center Project, Revenue Refunding:
5.40%, 2/1/2002......................................................... 635,000 637,235
5.50%, 2/1/2003......................................................... 670,000 671,715
Norwich 5.75%, 9/15/2005.................................................... 875,000 886,322
South Central Connecticut Regional Water Authority, Water Systems Revenue:
5.10%, 8/1/2000 (Insured; FGIC)......................................... 3,000,000 2,984,820
5.50%, 8/1/2003 (Insured; FGIC)......................................... 2,000,000 1,991,540
5.50%, 8/1/2004 (Insured; FGIC)......................................... 540,000 533,903
Southington:
5.40%, 9/15/2005 (Insured; MBIA)........................................ 455,000 445,786
5.50%, 9/15/2006 (Insured; MBIA)........................................ 455,000 445,245
5.60%, 9/15/2007 (Insured; MBIA)........................................ 455,000 445,154
Stamford 7.75%, 1/15/2005................................................... 1,650,000 1,932,926
Stratford:
4.60%, 11/1/2004 (Insured; FGIC)........................................ 3,500,000 3,128,125
5.625%, 11/1/2007 (Insured; FGIC)....................................... 4,365,000 4,295,335
Vernon:
5.30%, 9/15/2004 (Insured; MBIA)........................................ 360,000 354,794
5.40%, 9/15/2005 (Insured; MBIA)........................................ 360,000 355,018
5.50%, 9/15/2006 (Insured; MBIA)........................................ 360,000 355,032
Wallingford:
5.20%, 6/15/2001........................................................ 400,000 401,088
5.30%, 6/15/2002........................................................ 400,000 400,716
5.40%, 6/15/2003........................................................ 400,000 400,240
Refunding:
5.15%, 6/1/2003....................................................... 250,000 245,528
5.30%, 6/1/2004....................................................... 500,000 492,905
Waterbury, Tax Revenue Intercept Refunding:
4.90%, 4/15/2002 (Insured; FGIC)........................................ 1,650,000 1,598,404
5%, 4/15/2003 (Insured; FGIC)........................................... 2,060,000 1,991,835
West Haven:
6%, 8/15/2000........................................................... 350,000 349,815
6%, 9/1/2009............................................................ 480,000 447,293
Westport:
5.10%, 6/15/2003........................................................ 500,000 489,305
5.20%, 6/15/2004........................................................ 500,000 488,785
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
U.S. RELATED--17.4%
Commonwealth of Puerto Rico:
5.25%, 7/1/2001......................................................... $ 1,000,000 $ 990,670
5.30%, 7/1/2004 (Insured; MBIA)......................................... 5,000,000 4,899,000
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue Refunding 5.875%, 7/1/1999.............................. 1,500,000 1,540,680
Guam Government 4.70%, 11/15/2002........................................... 2,365,000 2,166,151
Guam Power Authority, Revenue 4.875%, 10/1/2001............................. 1,685,000 1,593,151
Puerto Rico Highway and Transportation Authority,
Highway Revenue Refunding 6.505%, 7/1/2004(a)........................... 5,100,000 4,570,875
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 1,800,000 1,800,936
Virgin Islands, Subordinate Tax (Insurance Claims Fund Program-
General Obligation Matching Fund) 5.65%, 10/1/2003...................... 4,000,000 3,918,080
Virgin Islands Public Finance Authority,
Revenue Refunding Matching Fund Loan Notes:
6.90%, 10/1/2001...................................................... 2,000,000 2,079,600
7%, 10/1/2002......................................................... 750,000 789,097
Virgin Islands Water and Power Authority, Water Systems Revenue
7.20%, 1/1/2002......................................................... 400,000 406,004
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $145,588,760)..................................................... $141,406,730
==============
SHORT-TERM MUNICIPAL INVESTMENTS-.6%
CONNECTICUT;
Connecticut Development Authority, Health Care Revenue, VRDN
(Corporation Independent Living Project)
3.35%, (LOC; Credit Commercial de France) (b,c) (cost $900,000)......... $ 900,000$ 900,000
--------------
--------------
TOTAL INVESTMENTS--100.0%
(cost $146,488,760)..................................................... $142,306,730
==============
</TABLE>
<TABLE>
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (D) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 34.1%
AA Aa AA 32.5
A A A 17.5
BBB Baa BBB 10.2
F1 MIG1 SP1 .6
Not Rated Not Rated Not Rated 5.1
--------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Inverse floater security - the interest rate is subject to change
periodically.
(b) Securities payable on demand. The interest rate, which is subject to
change, is based upon prime rates or an index of market interest rates.
(c) Secured by letters of credit.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) At September 30,1994, the Fund had $46,044,426 (31.7%) of net assets
invested in securities whose payment of principal and interest is
dependent upon revenues generated from city municipal projects.
See independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $146,488,760)-see statement..................................... $142,306,730
Cash.................................................................... 390,819
Interest receivable..................................................... 2,731,342
Prepaid expenses........................................................ 17,592
--------------
145,446,483
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 5,965
Payable for shares of Beneficial Interest redeemed...................... 5,000
Accrued expenses........................................................ 39,977 50,942
-------- --------------
NET ASSETS ................................................................ $145,395,541
==============
REPRESENTED BY:
Paid-in capital......................................................... $150,282,658
Accumulated net realized capital losses and distribution in excess of
net realized gain on investments...................................... (705,087)
Accumulated net unrealized (depreciation) on investments-Note 3......... (4,182,030)
--------------
NET ASSETS at value applicable to 11,365,405 outstanding shares of
Beneficial Interest, equivalent to $12.79 per share
(unlimited number of $.001 par value shares authorized)................. $145,395,541
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 3,792,712
EXPENSES:
Management fee-Note 2(a).............................................. $ 427,115
Shareholder servicing costs-Note 2(b)................................. 96,568
Auditing fees......................................................... 27,801
Trustees' fees and expenses-Note 2(c)................................. 8,148
Custodian fees........................................................ 7,581
Legal fees............................................................ 5,416
Prospectus and shareholders' reports.................................. 3,300
Registration fees..................................................... 2,294
Miscellaneous......................................................... 15,319
------------
593,542
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 415,289
------------
TOTAL EXPENSES.................................................. 178,253
------------
INVESTMENT INCOME--NET.......................................... 3,614,459
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (610,650)
Net unrealized (depreciation) on investments............................ (1,513,279)
------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (2,123,929)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 1,490,530
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT 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.............................................. $ 6,005,276 $ 3,614,459
Net realized gain (loss) on investments............................ 40,949 (610,650)
Net unrealized (depreciation) on investments for the period........ (4,214,020) (1,513,279)
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. 1,832,205 1,490,530
-------------- --------------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net......................................... (6,005,276) (3,614,459)
In excess of net realized gain on investments...................... (56,513) -
-------------- --------------
TOTAL DIVIDENDS.................................................. (6,061,789) (3,614,459)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold...................................... 122,670,991 46,073,450
Dividends reinvested............................................... 6,048,338 2,886,505
Cost of shares redeemed............................................ (59,282,445) (42,244,931)
-------------- --------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS..... 69,436,884 6,715,024
-------------- --------------
TOTAL INCREASE IN NET ASSETS................................. 65,207,300 4,591,095
NET ASSETS:
Beginning of period................................................ 75,597,146 140,804,446
-------------- --------------
End of period...................................................... $140,804,446 $145,395,541
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold........................................................ 9,054,074 3,558,734
Shares issued for dividends reinvested............................. 448,656 222,565
Shares redeemed.................................................... (4,387,812) (3,267,373)
-------------- --------------
NET INCREASE IN SHARES OUTSTANDING............................... 5,114,918 513,926
============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT 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 $13.18 $12.98
------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net............................. .58 .69 .33
Net realized and unrealized gain (loss) on investments .68 (.19) (.19)
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS................ 1.26 .50 .14
------- ------- -------
DISTRIBUTIONS:
Dividends from investment income-net.............. (.58) (.69) (.33)
Dividends in excess of net realized gain on investments - - (.01)
------- ------- -------
TOTAL DISTRIBUTIONS............................. (.58) (.70) (.33)
------- ------- -------
Net asset value, end of period.................... $13.18 $12.98 $12.79
====== ====== =======
TOTAL INVESTMENT RETURN 12.33%(2) 3.64% 2.13%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........... -- .01% .25%(2)
Ratio of net investment income to average net assets 5.21%(2) 5.07% 5.08%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager..................... 1.18%(2) .84% .58%(2)
Portfolio Turnover Rate........................... 37.94%(3) 11.47% 16.53%(3)
Net Assets, end of period (000's Omitted)......... $75,597 $140,804 $145,396
- --------------------------
(1) From May 27, 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 CONNECTICUT 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 Funds 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 Group, 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 judgement of the
Service are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, 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 CONNECTICUT 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. However, the Manager had
undertaken from April 1, 1994 through June 30, 1994, to waive receipt of the
management fee payable to it by the Fund, and thereafter, had undertaken
through October 16, 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
undertakings, amounted to $415,289 for the six months ended September 30,
1994.
The Manager has currently undertaken from October 17, 1994 through
December 31, 1994 or until such time as the net assets of the Fund exceed
$175 million, regardless of whether they remain at that level, 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 $33,595
pursuant to the Shareholder Services 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 $1,000 and an attendance fee of $250 per meeting.
Prior to August 10, 1994 the annual fee was $1,500 and attendance fee was
$500.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $36,241,418 and $32,693,624, 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 $4,182,030, consisting of $380,380 gross unrealized
appreciation and $4,562,410 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 CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS CONNECTICUT INTERMEDIATE MUNICIPAL BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Connecticut 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 4, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
November 1, 1994
(Dreyfus "D" Logo)
DREYFUS CONNECTICUT 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. 914SA949
(Dreyfus Logo)
Connecticut
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
September 30, 1994
(Dreyfus lion Logo)
