LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its semi-annual reporting period on May 31, 1995, the
Fund's net asset value was $12.87, which represents an increase of $1.03 from
our last reporting period on November 30, 1994. During the period, income
dividends of approximately $.331 were paid, which translates into an
annualized distribution rate per share of 5.16% based on the May 31 closing
net asset value. As has been true from the Fund's inception, all income
dividends paid were exempt from Federal and Pennsylvania State income taxes.*
The economic environment in calendar year 1994 that resulted in the worst
bond market drop since the Depression has changed dramatically since our last
report. The Federal Reserve Board, in its efforts to control inflation and
keep the economy from overheating, raised the Federal Funds rate seven times
since February of 1994. The effect of this tightening brought long-maturity
U.S. Treasury yields to approximately 8.15% in November of 1994. The change
in market perception since then has been dramatic. While many economists
continued to focus on potentially higher rates, the market began to react to
signs of a slowing economy and the fixed income markets began a strong
recovery. Indications of a slower, but not recessionary, economy have brought
fixed-income markets to current levels. It is still uncertain as to whether
the economy is experiencing a soft landing, or if the effect of lower rates
will reenergize the economy. Bond yields have dropped worldwide, making it
easier for U.S. rates to stabilize. High debt levels, however, limit the
ability of the consumer to help reignite the economy; car sales remain slow,
retail sales fell in May, and consumer sentiment is flagging.
The financial markets are currently anticipating a cut in rates by the
Federal Reserve. Recent statements by the Fed's Chairman, Alan Greenspan,
have not been definitive, and we anticipate that the Fed may wait for further
evidence of a slowdown before taking action. At this juncture, we believe
that the market price of bonds in general is reflecting a market ease that
has not yet occurred, and we would expect the market to settle into a trading
range during the summer. An agreement by the President and Congress to reform
the Income Tax Code, downsize government operations and reduce the deficit
should also contribute to a lower interest rate scenario.
The Pennsylvania economy has seen considerable improvement since the
early 1990s. A more positive economic outlook and a firm resolution by state
government to react quickly to financial problems resulted in an operating
surplus in 1994; fiscal 1995 results appear to have exceeded projections. The
most notable improvement in the local municipalities was the city of
Philadelphia. Earlier this year, Standard and Poor's revised the long-term
credit rating of the city to investment grade.
Since November, the municipal market has recovered most of the loss that
it experienced during 1994. The municipal market continues to face a lack of
supply and a continuing loss of high-coupon paper due to prerefundings and
active calls. Under ordinary circumstances, these technicals would enable the
municipal market to stabilize; however, due to ongoing discussions of tax
reform, the municipal market undoubtedly will lag the Treasury market in
overall performance. Clearly the problem is the uncertainty, which will
continue until well into 1996.
We have included a current Statement of Investments and recent financial
statements for your review. We hope that this Fund continues to help you meet
your investment objective.
Very truly yours,
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 28, 1995
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-94.5% AMOUNT VALUE
------------ ----------
<S> <C> <C>
PENNSYLVANIA-91.2%
Allegheny County Hospital Development Authority, Revenue, Refunding
(Magee Womens Hospital) 5.875%, 10/1/2002 (Insured; FGIC)............... $ 500,000 $ 528,425
Berks County, Refunding 5.60%, 11/15/2007 (Insured; FGIC)................... 545,000 555,279
Bucks County 6.05%, 3/1/2002................................................ 500,000 537,115
Cambria County, Refunding 5.875%, 8/15/2008 (Insured; FGIC)................. 700,000 727,615
Chester County Health and Education Facilities Authority, Health System
Revenue
(Main Line Health System):
4.90%, 5/15/2004...................................................... 350,000 336,252
5.40%, 5/15/2009...................................................... 500,000 478,260
Clinton County Industrial Development Authority, PCR, Refunding
(International Paper Co. Project) 5.375%, 5/1/2004...................... 500,000 503,315
Dauphin County General Authority, Revenue:
6%, 12/1/2006........................................................... 785,000 800,818
5%, 6/1/2026 (Insured; AMBAC, Prerefunded 12/1/1998) (a)................ 500,000 493,720
Delaware County Authority, HR (Crozer-Chester Medical Center)
4.75%, 12/15/2003 (Insured; MBIA)....................................... 430,000 420,256
Delaware County Industrial Development Authority, Revenue, Refunding
(Martins Run Project) 5.60%, 12/15/2002................................. 750,000 700,920
Geisinger Authority, Health System Revenue 5.375%, 7/1/2000................. 850,000 860,310
Harrisburg Authority, Water Revenue, Refunding 5.30%, 7/15/2004 (Insured; FGIC) 300,000 306,951
Lackawanna County, Refunding 4.90%, 12/1/2006 (Insured; AMBAC).............. 500,000 490,950
Lancaster Higher Education Authority, College Revenue
(Franklin and Marshall College Project) 5%, 4/15/2002 (Insured; MBIA)... 350,000 354,238
Lehigh County General Purpose Authority, Revenue (Saint Lukes Hospital
Bethlehem Project) 4.75%, 11/15/2000 (Insured; AMBAC)................... 345,000 346,470
Northeastern Hospital and Education Authority:
College Revenue (Luzerne County Community College)
6.20%, 8/15/2005 (Insured; AMBAC)..................................... 500,000 540,650
University Revenue, Refunding (Wilkes University) 5.60%, 10/1/2005...... 200,000 194,786
Penn-Trafford School District 5.90%, 5/1/2011 (Insured; MBIA)............... 500,000 513,565
Pennsylvania:
5%, 9/1/2007............................................................ 350,000 341,211
Refunding 5%, 5/1/2003.................................................. 500,000 503,550
Pennsylvania Convention Center Authority, Revenue, Refunding 6.25%, 9/1/2004 750,000 774,457
Pennsylvania Economic Development Financing Authority, RRR
(Northampton Generating Project) 6.40%, 1/1/2009........................ 500,000 496,830
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- -----------
PENNSYLVANIA (CONTINUED)
Pennsylvania Higher Educational Facilities Authority:
College and Universities Revenue (Delaware Valley College of Science and
Agriculture)
6.50%, 4/1/2008....................................................... $ 790,000 $ 855,775
Health Services Revenue (University of Pennsylvania) 5.75%, 1/1/2006.... 500,000 516,790
Pennsylvania Housing Finance Agency, Single Family Mortgage:
5.95%, 10/1/2003........................................................ 365,000 379,290
6.20%, 4/1/2005......................................................... 410,000 422,120
6.20%, 10/1/2005........................................................ 420,000 432,550
6.10%, 4/1/2006......................................................... 455,000 473,245
6.10%, 10/1/2006........................................................ 465,000 484,270
Pennsylvania Intergovernmental Cooperative Authority, Special Tax Revenue
(Philadelphia Funding Program) 5.45%, 6/15/2008 (Insured; FGIC)......... 1,000,000 1,003,840
Pennsylvania Turnpike Commission, Turnpike Revenue, Refunding:
5.35%, 12/1/2002 (Insured; FGIC)........................................ 255,000 263,907
5.45%, 12/1/2002........................................................ 500,000 516,135
Pennsylvania University 5.55%, 8/15/2007.................................... 1,000,000 1,019,390
Philadelphia:
5.70%, 11/15/2006 (Insured; FGIC)....................................... 1,000,000 1,042,720
Gas Works Revenue 4.60%, 8/1/2003 (Insured; MBIA)....................... 500,000 481,820
Water and Wastewater Revenue, Refunding:
4.25%, 6/15/1996...................................................... 500,000 501,815
5.50%, 6/15/2003 (Insured; FGIC)...................................... 1,000,000 1,039,450
5.50%, 6/15/2006...................................................... 250,000 246,337
Philadelphia Hospital and Higher Education Facilities Authority, Revenue:
(Community College) 5.90%, 5/1/2007 (Insured; MBIA)..................... 445,000 466,890
(Graduate Health System) 5.90%, 7/1/2003................................ 500,000 495,000
(Temple University) 6.50%, 11/15/2008................................... 1,000,000 1,043,790
Philadelphia Municipal Authority, LR, Refunding:
6%, 7/15/2003........................................................... 500,000 511,800
5.40%, 11/15/2006 (Insured; FGIC)....................................... 500,000 508,375
Philadelphia School District 5.75%, 7/1/2007 (Insured; MBIA)................ 600,000 622,032
Pittsburgh, Refunding 4.70%, 9/1/2001 (Insured; AMBAC)...................... 250,000 248,913
Pittsburgh Water and Sewer Authority, Water and Sewer Systems Revenue,
Refunding
4.70%, 9/1/2004 (Insured; FGIC)......................................... 300,000 293,376
Schuylkill County Industrial Development Authority, RRR, Refunding
(Schuylkill Energy Resource, Inc.) 6.50%, 1/1/2010...................... 295,000 291,428
Scranton-Lackawanna Health and Welfare Authority, Revenue
(University of Scranton Project) 5.80%, 3/1/2000........................ 500,000 508,020
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995 (UNAUDITED)
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) PRINCIPAL
AMOUNT VALUE
----------- -----------
PENNSYLVANIA (CONTINUED)
Southeastern Transportation Authority, Special Revenue
5.875%, 3/1/2009 (Insured; FGIC)........................................ $ 750,000 $ 772,523
Wilkinsburg Joint Water Authority, Water Revenue
6.15%, 8/15/2006 (Insured; AMBAC, Prerefunded 8/15/2002) (a)............ 500,000 544,155
U.S. RELATED-3.3%
Puerto Rico Commonwealth Highway and Transportation Authority,
Highway Revenue, Refunding 5%, 7/1/2002................................. 225,000 224,903
Puerto Rico Electric Power Authority, Power Revenue, Refunding:
5.90%, 7/1/2002......................................................... 250,000 263,595
6%, 7/1/2006............................................................ 225,000 236,614
Puerto Rico Housing Bank and Finance Agency, Single Family, Refunding
5%, 12/1/2002........................................................... 300,000 289,689
-------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $28,177,748).................... $28,806,500
=============
SHORT-TERM MUNICIPAL INVESTMENTS-5.5%
Allegheny County Higher Education Building Authority, Revenue, VRDN
(University of Pittsburgh) 4.10% (LOC; Fuji Bank) (b,c)................. $ 180,000 $ 180,000
Pennsylvania Higher Educational Facilities Authority, College and
University Revenues, VRDN (Temple University)
4.40% (LOC; Morgan Guaranty Trust Co.) (b,c)............................ 1,500,000 1,500,000
-------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $1,680,000).................... $ 1,680,000
=============
TOTAL INVESTMENTS-100.0%
(cost $29,857,748)...................................................... $30,486,500
=============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
HR Hospital Revenue PCR Pollution Control Revenue
LOC Letter of Credit RRR Resources Recovery Revenue
LR Lease Revenue 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 41.2%
AA Aa AA 22.3
A A A 10.0
BBB Baa BBB 12.9
BB Ba BB 4.2
F1+ & F1 VMIG1, MIG1 & P1 SP1 & A1 5.5
Not Rated (e) Not Rated (e) Not Rated (e) 3.9
-------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) 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.
(c) Secured by letter of credit.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or 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 independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $29,857,748)-see statement...................................... $30,486,500
Cash.................................................................... 994,372
Receivable for shares of Beneficial Interest subscribed................. 549,341
Interest receivable..................................................... 455,769
Prepaid expenses........................................................ 43,582
Due from The Dreyfus Corporation........................................ 2,564
-----------
32,532,128
LIABILITIES:
Payable for investment securities purchased............................. $ 507,701
Accrued expenses and other liabilities.................................. 56,387 564,088
------------ -----------
NET ASSETS ................................................................ $31,968,040
============
REPRESENTED BY:
Paid-in capital......................................................... $31,476,498
Accumulated net realized (loss) on investments.......................... (137,210)
Accumulated net unrealized appreciation on investments-Note 3........... 628,752
------------
NET ASSETS at value applicable to 2,483,388 outstanding shares of
Beneficial Interest, equivalent to $12.87 per share
(unlimited number of $.001 par value shares authorized)................. $31,968,040
============
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 725,597
EXPENSES:
Management fee-Note 2(a).............................................. $ 78,582
Shareholder servicing costs-Note 2(b)................................. 19,671
Auditing fees......................................................... 10,054
Legal fees............................................................ 7,693
Trustees' fees and expenses-Note 2(c)................................. 6,170
Organization expenses................................................. 5,537
Registration fees..................................................... 4,835
Custodian fees........................................................ 1,685
Prospectus and shareholders' reports.................................. 990
Miscellaneous......................................................... 6,320
------------
141,537
Less-expense reimbursement from Manager due to
undertakings-Note 2(a)............................................ 113,641
------------
TOTAL EXPENSES.................................................. 27,896
------------
INVESTMENT INCOME-NET........................................... 697,701
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (29,880)
Net unrealized appreciation on investments.............................. 2,200,055
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 2,170,175
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 2,867,876
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1995
1994* (UNAUDITED)
-------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 806,326 $ 697,701
Net realized (loss) on investments..................................... (107,330) (29,880)
Net unrealized appreciation (depreciation) on investments for the period (1,571,303) 2,200,055
-------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... (872,307) 2,867,876
-------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................. (806,326) (697,701)
-------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold.......................................... 35,130,538 15,348,402
Dividends reinvested................................................... 590,723 485,520
Cost of shares redeemed................................................ (11,543,635) (8,635,050)
-------------- ---------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......... 24,177,626 7,198,872
-------------- ---------------
TOTAL INCREASE IN NET ASSETS..................................... 22,498,993 9,369,047
NET ASSETS:
Beginning of period.................................................... 100,000 22,598,993
-------------- ---------------
End of period.......................................................... $ 22,598,993 $ 31,968,040
============== ===============
SHARES SHARES
-------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 2,782,274 1,230,153
Shares issued for dividends reinvested................................. 47,728 38,922
Shares reedeemed....................................................... (928,551) (695,138)
-------------- ---------------
NET INCREASE IN SHARES OUTSTANDING................................... 1,901,451 573,937
============= ===============
</TABLE>
*From December 16, 1993 (commencement of operations) to November 30, 1994.
See independent accountants' review report and notes to financial statements.
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
DREYFUS PENNSYLVANIA 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.
<TABLE>
<CAPTION>
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1995
PER SHARE DATA: 1994(1) (UNAUDITED)
--------------- -------------------
<S> <C> <C>
Net asset value, beginning of period.................................... $12.50 $11.84
------- -------
INVESTMENT OPERATIONS:
Investment income-net................................................... .61 .33
Net realized and unrealized gain (loss) on investments.................. (.66) 1.03
------- -------
TOTAL FROM INVESTMENT OPERATIONS...................................... (.05) 1.36
------- -------
DISTRIBUTIONS;
Dividends from investment income-net.................................... (.61) (.33)
------- -------
Net asset value, end of period.......................................... $11.84 $12.87
======= =======
TOTAL INVESTMENT RETURN (2)................................................. (.60%) 23.30%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets (2)............................. -- .21%
Ratio of net investment income to average net assets (2)................ 5.19% 5.33%
Decrease reflected in above expense ratios due to
undertaking by the Manager (2)........................................ 1.39% .87%
Portfolio Turnover Rate (3)............................................. 20.13% 2.16%
Net Assets, end of period (000's Omitted)............................... $22,599 $31,968
(1) From December 16, 1993 (commencement of operations) to November 30, 1994.
(2) Annualized.
(3) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS PENNSYLVANIA 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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the exclusive distributor of
the Fund's shares, which are sold to the public without a sales charge. The
Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned subsidiary of FDI Distribution Services, Inc., a provider of
mutual fund administration services, which in turn is a wholly-owned
subsidiary of FDI Holdings, Inc., the parent company of which is Boston
Institutional Group, Inc. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A.
(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, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $1,400
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
30, 1994. The
carryover does not include net realized securities losses from November 1,
1994 through November 30, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, the carryover expires in
fiscal 2002.
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 has
undertaken, from December 1, 1994 through January 2, 1995, to reimburse all
fees and expenses of the Fund, and thereafter, had undertaken through May 31,
1995, to reduce other expenses 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 expense reimbursement, pursuant to the undertakings, amounted to $113,641
for the six months ended May 31, 1995. The Manager has currently undertaken
through September 30, 1995 or until such time as the net assets of the Fund
exceed $50 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% (excluding certain expenses as described above) of
the Fund's average daily net assets.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(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 May 31, 1995, $3,000 was charged to the Fund pursuant to the
Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $12,184,596 and $6,478,982, respectively, for the six months
ended May 31, 1995, and consisted entirely of long-term and short-term
municipal investments.
At May 31, 1995, accumulated net unrealized appreciation on investments
was $628,752, consisting of $778,187 gross unrealized appreciation and
$149,435 gross unrealized depreciation.
At May 31, 1995, 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 PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS PENNSYLVANIA INTERMEDIATE MUNICIPAL BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Pennsylvania Intermediate Municipal Bond Fund, including the
statement of investments, as of May 31, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended May 31, 1995. 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 modifications 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 accepted
auditing standards, the statement of changes in net assets and financial
highlights from December 16, 1993 (commencement of operations) to November
30, 1994 and in our report dated January 5, 1995, 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
June 29, 1995
DREYFUS PENNSYLVANIA INTERMEDIATE
MUNICIPAL BOND FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
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. 105SA955
Pennsylvania
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
May 31, 1995
(Dreyfus Logo)
