N-CSR 1 semiforms902.htm SEMI-ANNUAL REPORT semiforms902
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
 
FORM N-CSR 
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 
INVESTMENT COMPANIES 
 
Investment Company Act file number 811-6610 
 
DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND 
(Exact name of Registrant as specified in charter) 
 
 
c/o The Dreyfus Corporation 
200 Park Avenue 
New York, New York 10166 
(Address of principal executive offices) (Zip code) 
 
Mark N. Jacobs, Esq. 
200 Park Avenue 
New York, New York 10166 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: (212) 922-6000 

Date of fiscal year end:    3/31 
Date of reporting period:    9/30/05 

FORM N-CSR

Item 1. Reports to Stockholders.

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

    Contents 
 
    THE FUND 
2    Letter from the Chairman 
3    Discussion of Fund Performance 
6    Understanding Your Fund’s Expenses 
6    Comparing Your Fund’s Expenses 
    With Those of Other Funds 
7    Statement of Investments 
16    Statement of Assets and Liabilities 
17    Statement of Operations 
18    Statement of Changes in Net Assets 
19    Financial Highlights 
20    Notes to Financial Statements 
25    Information About the Review and Approval 
    of the Fund’s Management Agreement 
    FOR MORE INFORMATION 
    Back Cover 

The Fund

Dreyfus California 
Intermediate Municipal Bond Fund 

LETTER FROM THE CHAIRMAN

  Dear Shareholder:

This semiannual report for Dreyfus California Intermediate Municipal Bond Fund covers the six-month period from April 1, 2005, through September 30, 2005. Inside, you’ll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund’s portfolio manager, Monica S.Wieboldt.

Although yields of longer-term municipal bonds recently have begun to creep upward, they remained relatively low over the past six months even as short-term interest rates rose steadily. Moderate economic growth, low inflation expectations among U.S. investors and robust investor demand appear to have supported the tax-exempt bond market, offsetting concerns related to greater new issuance volume, soaring energy prices and the Federal Reserve Board’s gradual move toward a less accommodative monetary policy.

Recent events — including sharply higher gasoline and energy prices, and Hurricane Katrina — have added a degree of uncertainty to the economic outlook, which could buoy investor sentiment in the bond market. Conversely, high energy and commodity prices could lead to greater inflation concerns, which may discourage some fixed-income investors.As always, we encourage you to discuss these and other matters with your financial advisor.

Thank you for your continued confidence and support.

2

DISCUSSION OF FUND PERFORMANCE

Monica S. Wieboldt, Senior Portfolio Manager

  How did Dreyfus California Intermediate Municipal Bond Fund
perform relative to its benchmark?

For the six-month period ended September 30, 2005, the fund achieved a total return of 2.16% .1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), a national municipal index and the fund’s benchmark index, achieved a total return of 2.22% for the same period.2 In addition, the average total return for all funds reported in the Lipper California Intermediate Municipal Debt Funds category was 1.91% .3

We attribute the reporting period’s results to the resilience of longer-term bonds, which retained most of their value despite rising short-term interest rates. The fund’s return was roughly in line with its benchmark and slightly higher than its Lipper category average, primarily due to the fund’s focus on securities toward the longer end of its maturity range.

What is the fund’s investment approach?

The fund’s goal is to seek as high a level of federal and California state tax-exempt income as is consistent with the preservation of capital.To pursue its goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal and California state personal income taxes. The dollar-weighted average maturity of the fund’s portfolio ranges between three and 10 years. Although the fund currently intends to invest only in investment-grade municipal bonds, or the unrated equivalent as determined by Dreyfus, it has the ability to invest up to 20% of its assets in municipal bonds of below investment-grade credit quality.

We may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, we may

The Fund 3
  DISCUSSION OF FUND PERFORMANCE (continued)

assess the current interest-rate environment and the municipal bond’s potential volatility in different rate environments. We focus on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices. A portion of the fund’s assets may be allocated to “discount” bonds, which are bonds that sell at a price below their face value, or to “premium” bonds, which are bonds that sell at a price above their face value.The fund’s allocation to either discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment. We also may look to select bonds that are most likely to obtain attractive prices when sold.

What other factors influenced the fund’s performance?

The fund was affected by changing investor expectations for economic growth and inflation. When the reporting period began, the Federal Reserve Board (the “Fed”) already had become more concerned about inflation due, in part, to soaring energy prices. Consequently, the Fed continued to raise short-term interest rates, driving the overnight federal funds rate from 2.75% to 3.75% by the reporting period’s end.

Contrary to historical norms, however, longer-term bond yields fell slightly during the reporting period, as their prices were supported by low inflation and robust investor demand for U.S. fixed-income securities. As a result, yield differences between shorter- and longer-term bonds narrowed, producing better performance at the long end of the maturity spectrum.

An improving credit environment in California also influenced the fund.The state enjoyed higher levels of private-sector employment and personal income during the reporting period, which helped support tax revenues and economic growth. In addition, the supply of newly issued bonds in California declined compared to the same period one year ago, while demand from individual investors remained robust. These factors helped California municipal bonds generally produce higher returns than bonds in the national municipal bond market.

4

In this environment, the fund achieved strong results from its focus on bonds with maturities in the 10- to 20-year range and a corresponding de-emphasis on shorter-term maturities. In addition, the fund benefited from its holdings of California’s general obligation bonds, which rebounded as the state’s fiscal condition improved, as well as good total-return performance among high yield issues, as investors looked to enhance income. The fund’s overall credit quality remained high, with approximately 65% of the fund’s holdings rated “triple-A.” This emphasis on high-quality securities contributed positively to the fund’s performance during the reporting period, but not as strongly as its lower-rated holdings which generally outperformed “triple-A” and “double-AA” securities during the reporting period.

What is the fund’s current strategy?

Yield differences between short- and longer-term bonds have narrowed well beyond historical norms, making further yield curve-related gains potentially more difficult to achieve. In addition, the economic outlook has become more uncertain in the aftermath of hurricanes Katrina and Rita.Accordingly, we have adopted a more cautious investment posture, reducing the fund’s emphasis on longer-term bonds in favor of a more benchmark-neutral stance. In addition, we have intensified our focus on higher-quality securities from well-known issuers that appeal to individual investors, helping to ensure liquidity.

October 17, 2005
1    Total return includes reinvestment of dividends and any capital gains paid. Past performance is no 
    guarantee of future results. Share price, yield and investment return fluctuate such that upon 
    redemption, fund shares may be worth more or less than their original cost. Income may be subject 
    to state and local taxes for non-California residents, and some income may be subject to the federal 
    alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. 
    Return figures provided reflect the absorption of certain fund expenses by The Dreyfus 
    Corporation pursuant to an undertaking in effect that may be extended, terminated or modified at 
    any time. Had these expenses not been absorbed, the fund’s return would have been lower. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital 
    gain distributions.The Lehman Brothers 7-Year Municipal Bond Index is an unmanaged total 
    return performance benchmark for the investment-grade, geographically unrestricted 7-year tax- 
    exempt bond market, consisting of municipal bonds with maturities of 6-8 years. Index returns do 
    not reflect the fees and expenses associated with operating a mutual fund. 
3    Source: Lipper Inc. 

The Fund 5

UNDERSTANDING YOUR FUND’S EXPENSES(Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

  Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus California Intermediate Municipal Bond Fund from April 1, 2005 to September 30, 2005. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment 
assuming actual returns for the six months ended September 30, 2005 
 
Expenses paid per $1,000 †    $ 3.90 
Ending value (after expenses)    $1,021.60 

  COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment 
assuming a hypothetical 5% annualized return for the six months ended September 30, 2005 
 
Expenses paid per $1,000 †    $ 3.90 
Ending value (after expenses)    $1,021.21 
 
† Expenses are equal to the fund’s annualized expense ratio of .77%, multiplied by the average account value over the 
period, multiplied by 183/365 (to reflect the one-half year period). 

6
STATEMENT OF INVESTMENTS
September 30, 2005 (Unaudited)
    Principal     
Long-Term Municipal Investments—96.0%    Amount ($)    Value ($) 
California—83.0%         
ABAG Finance Authority for Nonprofit Corporations:         
COP (Episcopal Homes Foundation) 5.25%, 7/1/2010    3,500,000    3,638,075 
Revenue (San Diego Hospital Association)         
5.375%, 3/1/2021    4,000,000    4,218,520 
Alameda Corridor Transportation Authority, Revenue         
5.125%, 10/1/2016 (Insured; MBIA)    2,000,000    2,152,960 
Alameda County, COP         
5.375%, 12/1/2012 (Insured; MBIA)    2,000,000    2,215,580 
Alameda Unified School District (Alameda County)         
Zero Coupon, 8/1/2018 (Insured; FSA)    2,000,000    1,132,500 
Alta Loma School District         
Zero Coupon, 8/1/2015 (Insured; FGIC)    1,000,000    661,480 
Burbank, Wastewater Treatment Revenue:         
5%, 6/1/2018 (Insured; AMBAC)    895,000    956,254 
5%, 6/1/2019 (Insured; AMBAC)    945,000    1,006,831 
California, GO:         
5%, 6/1/2016    2,000,000    2,158,140 
(Various Purpose) 5%, 6/1/2011    2,000,000    2,149,780 
(Veterans) 5.35%, 12/1/2016    2,000,000    2,098,160 
California Department of Water Resources, Revenue:         
Power Supply 5.125%, 5/1/2019 (Insured; FGIC)    2,000,000    2,137,900 
Water (Central Valley Project):         
5.50%, 12/1/2011    225,000 a    252,083 
5.50%, 12/1/2015    1,275,000    1,408,697 
5%, 12/1/2016 (Insured; MBIA)    1,750,000    1,900,622 
Systems 5.50%, 12/1/2015 (Insured; FGIC)    2,000,000    2,285,740 
California Health Facilities Financing Authority, Revenue:         
(Cedars-Sinai Medical Center)         
5%, 11/15/2019    2,000,000    2,097,940 
(Health Facility—Adventist Health Systems):         
5%, 3/1/2017    870,000    910,838 
5%, 3/1/2018    1,000,000    1,044,350 
(Stanford Hospital and Clinics)         
5%, 11/15/2017    2,000,000    2,106,980 
California Infrastructure and Economic Development Bank,     
Revenue:         
(Bay Area Toll Bridges—1st Lien)         
5.25%, 7/1/2017 (Insured; FSA)    2,000,000    2,193,040 
(Workers Compensation Relief)         
5%, 10/1/2015 (Insured; AMBAC)    2,000,000    2,164,280 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
California (continued)         
California Pollution Control Financing Authority, PCR         
(Atlantic Richfield Project) 5%, 4/1/2008    2,850,000    2,981,897 
(San Diego Gas and Electric Co.)         
5.90%, 6/1/2014 (Insured; MBIA)    2,000,000    2,307,160 
California Public Works Board, LR:         
(Department of Health Services—Richmond Lab):         
5%, 11/1/2019 (Insured; XLCA)    1,680,000    1,793,081 
5%, 11/1/2020 (Insured; XLCA)    1,275,000    1,357,582 
(Department of Mental Health—Coalinga)         
5.50%, 6/1/2018    2,500,000    2,761,700 
California Statewide Communities Development Authority:     
Apartment Development Revenue         
(Irvine Apartment Communities) 5.05%, 5/15/2008    2,000,000    2,055,920 
COP, Revenue (Huntington Memorial Hospital)         
5.50%, 7/1/2006 (Insured; Connie Lee)    2,000,000 a    2,079,100 
MFHR (Equity Residential) 5.20%, 6/15/2009    2,000,000    2,106,140 
Revenue:         
(California Endowment) 5.25%, 7/1/2020    2,280,000    2,488,871 
(Huntington Memorial Hospital) 5%, 7/1/2017    3,000,000    3,176,700 
(Kaiser Permanente) 3.90%, 7/1/2014    2,000,000    1,963,380 
Capistrano Unified School District,         
Community Facilities District Special Tax         
5%, 9/1/2019 (Insured; FGIC)    3,545,000    3,795,312 
Carson Redevelopment Agency         
(Area Number 1—Tax Allocation)         
5.50%, 10/1/2013 (Insured; MBIA)    1,000,000    1,125,540 
Cathedral City, Limited Obligation Improvement         
Cove Improvement District Number 2004-2         
5%, 9/2/2021    1,050,000    1,040,298 
Central California Joint Powers Health Financing         
Authority, COP (Community Hospitals of         
Central California) 6%, 2/1/2020    1,000,000    1,061,590 
Central Unified School District, COP         
(Financing Project) 2%, 2/1/2006 (Insured; AMBAC)    1,000,000    995,640 
Contra Costa Water Authority,         
Water Treatment Revenue         
5%, 10/1/2016 (Insured; FGIC)    1,000,000    1,074,260 
Corona Redevelopment Agency, Tax Allocation         
(Merged Downtown Amended)         
5%, 9/1/2016 (Insured; FGIC)    1,000,000    1,073,980 
Eastern Municipal Water District, Water and Sewer Revenue,     
COP 5.375%, 7/1/2017 (Insured; FGIC)    2,000,000    2,181,240 

8
    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
California (continued)         
El Segundo Unified School District         
5.25%, 9/1/2017 (Insured; FGIC)    1,145,000    1,260,828 
Elsinore Valley Municipal Water District, COP         
5.375%, 7/1/2015 (Insured; FGIC)    1,000,000    1,122,530 
Escondido Unified School District         
5.25%, 8/1/2016 (Insured; FSA)    1,795,000    1,966,710 
Foothill/Eastern Transportation Corridor Agency,         
Toll Road Revenue:         
7.05%, 1/1/2010    2,000,000    2,313,660 
5.25%, 1/15/2012 (Insured; MBIA)    4,550,000    4,930,608 
5.125%, 1/15/2019 (Insured; MBIA)    2,000,000    2,146,840 
Fountain Valley School District, COP         
2.50%, 11/1/2006 (Insured; AMBAC)    2,000,000    1,984,160 
Golden State Tobacco Securitization Corp.,         
Tobacco Settlement Revenue         
(Enhanced-Asset Backed):         
5.75%, 6/1/2008    3,500,000 a    3,742,375 
5%, 6/1/2019    2,420,000    2,510,484 
Hartnell Community College District         
5.25%, 8/1/2016 (Insured; MBIA)    1,880,000    2,079,919 
Lancaster Financing Authority, Tax Allocation Revenue         
(Project Number 5 and 6 Redevelopment Projects)         
5%, 2/1/2016 (Insured; MBIA)    1,065,000    1,153,917 
Lincoln Special Tax,         
Community Facilities District No. 2003         
5.65%, 9/1/2019    1,250,000    1,315,375 
Los Angeles Community College District         
5.50%, 8/1/2011 (Insured; MBIA)    1,845,000 a    2,059,610 
Los Angeles County Metropolitan Transportation Authority,     
Sales Tax Revenue 5%, 7/1/2017 (Insured; FGIC)    1,450,000    1,548,542 
Los Angeles County Public Works Financing Authority, LR         
(Master Refunding Project)         
5%, 12/1/2008 (Insured; MBIA)    2,000,000    2,120,500 
Los Angeles Unified School District:         
5.50%, 7/1/2012 (Insured; MBIA)    2,850,000    3,201,861 
5.25%, 7/1/2014 (Insured; MBIA)    1,000,000    1,105,360 
5.75%, 7/1/2015 (Insured; MBIA)    3,000,000    3,476,820 
5%, 7/1/2017 (Insured; MBIA)    2,000,000    2,153,240 
5%, 7/1/2019 (Insured; FGIC)    2,000,000    2,152,540 
Marin Municipal Water District, COP (Financing Project)         
5%, 7/1/2016 (Insured; AMBAC)    1,545,000    1,659,824 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
California (continued)         
Metropolitan Water District of Southern California,         
Waterworks Revenue 5.25%, 3/1/2011    3,000,000 a    3,319,170 
Midpeninsula Regional Open Space District         
Financing Authority, Revenue         
Zero Coupon, 9/1/2015 (Insured; AMBAC)    2,825,000    1,861,986 
Milpitas Redevelopment Agency, Tax Allocation         
(Redevelopment Project Area Number 1):         
5.25%, 9/1/2017 (Insured; MBIA)    2,000,000    2,171,740 
5.25%, 9/1/2018 (Insured; MBIA)    1,000,000    1,083,750 
Modesto Irrigation District, COP (Capital Improvements)         
5.25%, 7/1/2016 (Insured; FSA)    1,370,000    1,487,889 
North Orange County Community College District         
5%, 8/1/2019 (Insured; MBIA)    1,000,000    1,076,810 
Orange County Community Facilities District, Special Tax:         
(Number 03-1 Ladera Ranch):         
5.25%, 8/15/2019    1,100,000    1,123,034 
5.30%, 8/15/2020    1,450,000    1,481,262 
(Number 04-1 Ladera Ranch) 4.875%, 8/15/2021    2,355,000    2,333,051 
Oxnard Financing Authority, Wastewater Revenue         
5%, 6/1/2016 (Insured; FGIC)    1,000,000    1,076,650 
Palomar Pomerado Health (Election of 2004)         
5%, 8/1/2019 (Insured; AMBAC)    1,985,000    2,129,131 
Pasadena Area Community College District         
(Election of 2002) 5%, 6/1/2017 (Insured; FGIC)    1,170,000    1,256,065 
Port of Oakland, Revenue         
5%, 11/1/2013 (Insured; MBIA)    1,000,000    1,065,010 
Rancho Water District 5.50%, 8/1/2008 (Insured; FSA)    1,670,000    1,784,879 
Riverside County Public Financing Authority,         
Tax Allocation Revenue (Redevelopment Projects)         
5.25%, 10/1/2018 (Insured; XLCA)    1,275,000    1,380,965 
Riverside Improvement Board, Act 1915         
(Canyon Springs Assessment):         
4%, 9/2/2010    1,230,000    1,235,154 
4.25%, 9/2/2011    1,000,000    1,011,200 
Sacramento City Unified School District (Election of 1999)     
5.25%, 7/1/2020 (Insured; FSA)    2,435,000    2,658,070 
Sacramento County, Special Tax         
(Community Facilities District Number 1):         
5.20%, 12/1/2007    1,110,000    1,140,259 
5.40%, 12/1/2009    1,220,000    1,273,497 

10
    Principal         
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
California (continued)             
Sacramento County Sanitation District             
Financing Authority, Revenue 5.50%, 12/1/2014    4,000,000        4,428,760 
San Diego County, COP (Burnham Institute)             
5.70%, 9/1/2011    3,700,000        3,905,350 
San Diego Housing Authority, MFHR             
(Island Village Apartments)             
5.10%, 7/1/2012 (Collateralized; FHLMC)    1,085,000        1,150,925 
San Diego Unified School District (Election of 1998)             
5.25%, 7/1/2016 (Insured; FSA)    1,465,000        1,620,993 
San Francisco City and County Redevelopment Agency,             
Community Facilities District Number 6             
(Mission Bay South Public Improvements):             
Zero Coupon, 8/1/2018    445,000        222,180 
Zero Coupon, 8/1/2021    500,000        202,965 
San Mateo County Community College District             
(Election of 2001) 5%, 9/1/2020 (Insured; MBIA)    2,000,000        2,143,460 
San Mateo Redevelopment Agency (Tax Allocation)             
5.10%, 8/1/2014    1,835,000        1,930,934 
San Mateo Union High School District             
5%, 9/1/2021 (Insured; FSA)    2,545,000        2,709,687 
Santa Clara Unified School District 5.50%, 7/1/2016    1,870,000        2,059,861 
South Orange County Public Financing Authority,             
Special Tax Revenue (Foothill Area)             
5.25%, 8/15/2017 (Insured; FGIC)    2,000,000        2,184,360 
South Placer Wastewater Authority,             
Wastewater Revenue             
5.50%, 11/1/2010 (Insured; FGIC)    1,000,000    a    1,117,050 
Southeast Resource Recovery Facilities Authority, LR:             
4%, 12/1/2007 (Insured; AMBAC)    1,000,000        1,023,110 
5.25%, 12/1/2017 (Insured; AMBAC)    1,000,000        1,085,960 
Sunnyvale, Solid Waste Revenue             
5.50%, 10/1/2015 (Insured; AMBAC)    1,695,000        1,833,278 
Truckee-Donner Public Utility District, COP:             
4.50%, 1/1/2008 (Insured; ACA)    1,500,000        1,534,275 
4.50%, 1/1/2009 (Insured; ACA)    1,685,000        1,731,860 
University of California, General Revenues             
5%, 5/15/2015 (Insured; FSA)    1,280,000        1,390,400 
Whittier Union High School District, GO             
Zero Coupon, 8/1/2011 (Insured MBIA)    2,000,000    b    1,616,340 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
U.S. Related—13.0%         
Children’s Trust Fund of Puerto Rico,         
Tobacco Settlement Revenue:         
5.75%, 7/1/2010    1,000,000 a    1,107,600 
5.75%, 7/1/2010    3,000,000 a    3,322,800 
Guam, LOR (Section 30)         
5.50%, 12/1/2010 (Insured; FSA)    3,000,000    3,312,660 
Puerto Rico Commonwealth (Public Improvement):         
5.75%, 7/1/2008 (Insured; MBIA)    2,000,000    2,142,800 
5.50%, 7/1/2013 (Insured; FSA)    2,000,000    2,258,560 
Puerto Rico Electric Power Authority, Power Revenue:         
5.75%, 7/1/2010 (Insured; FSA)    2,000,000 a    2,227,640 
5%, 7/1/2022 (Insured; MBIA)    2,945,000    3,167,171 
Puerto Rico Highway and Transportation Authority,         
Highway Revenue 6.25%, 7/1/2016 (Insured; FSA)    3,000,000    3,633,270 
Puerto Rico Industrial Tourist Educational,         
Medical and Environmental Control Facilities         
Financing Authority, Industrial Revenue         
(Guaynabo Warehouse) 4.35%, 7/1/2006    1,170,000    1,179,091 
Puerto Rico Public Buildings Authority, Revenue         
(Government Facility) 5.50%, 7/1/2016    1,500,000    1,678,950 
Puerto Rico Public Finance Corp.         
(Commonwealth Appropriation)         
5.25%, 2/1/2012 (Insured; AMBAC)    1,500,000    1,637,970 
Virgin Islands Public Finance Authority, Revenue:         
5.625%, 10/1/2010    2,000,000    2,096,140 
5.875%, 10/1/2018    1,000,000    1,049,700 
Virgin Islands Water and Power Authority, Electric Systems     
5.125%, 7/1/2011 (Insured; Radian)    1,000,000    1,048,100 
Total Long-Term Municipal Investments         
(cost $213,819,442)        220,019,616 

12
    Principal     
Short-Term Municipal Investments—2.6%    Amount ($)    Value ($) 
California—.9%         
California Department of Water Resources,         
Power Supply Revenue 2.65% (LOC; Bank of New York)    2,000,000 c    2,000,000 
U.S. Related—1.7%         
Puerto Rico Government Development Bank, CP         
3.45%, 1/30/2006    4,000,000    4,000,760 
Total Short-Term Municipal Investments         
(cost $6,000,000)        6,000,760 
Total Investments (cost $219,819,442)    98.6%    226,020,376 
Cash and Receivables (Net)    1.4%    3,250,585 
Net Assets    100.0%    229,270,961 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Abbreviations         
 
ACA    American Capital Access    GNMA    Government National Mortgage 
AGIC    Asset Guaranty Insurance Company        Association 
AMBAC    American Municipal Bond    GO    General Obligation 
    Assurance Corporation    HR    Hospital Revenue 
ARRN    Adjustable Rate Receipt Notes    IDB    Industrial Development Board 
BAN    Bond Anticipation Notes    IDC    Industrial Development Corporation 
BIGI    Bond Investors Guaranty Insurance    IDR    Industrial Development Revenue 
BPA    Bond Purchase Agreement    LOC    Letter of Credit 
CGIC    Capital Guaranty Insurance    LOR    Limited Obligation Revenue 
    Company    LR    Lease Revenue 
CIC    Continental Insurance Company    MBIA    Municipal Bond Investors Assurance 
CIFG    CDC Ixis Financial Guaranty        Insurance Corporation 
CMAC    Capital Market Assurance    MFHR    Multi-Family Housing Revenue 
    Corporation    MFMR    Multi-Family Mortgage Revenue 
COP    Certificate of Participation    PCR    Pollution Control Revenue 
CP    Commercial Paper    RAC    Revenue Anticipation Certificates 
EDR    Economic Development Revenue    RAN    Revenue Anticipation Notes 
EIR    Environmental Improvement    RAW    Revenue Anticipation Warrants 
    Revenue    RRR    Resources Recovery Revenue 
FGIC    Financial Guaranty Insurance    SAAN    State Aid Anticipation Notes 
    Company    SBPA    Standby Bond Purchase Agreement 
FHA    Federal Housing Administration    SFHR    Single Family Housing Revenue 
FHLB    Federal Home Loan Bank    SFMR    Single Family Mortgage Revenue 
FHLMC    Federal Home Loan Mortgage    SONYMA    State of New York Mortgage Agency 
    Corporation    SWDR    Solid Waste Disposal Revenue 
FNMA    Federal National Mortgage    TAN    Tax Anticipation Notes 
    Association    TAW    Tax Anticipation Warrants 
FSA    Financial Security Assurance    TRAN    Tax and Revenue Anticipation Notes 
GAN    Grant Anticipation Notes    XLCA    XL Capital Assurance 
GIC    Guaranteed Investment Contract         

14
Summary of Combined Ratings (Unaudited)     
 
Fitch    or Moody’s    or Standard & Poor’s    Value (%) † 
AAA    Aaa    AAA    63.8 
AA    Aa    AA    6.3 
A        A    A    11.5 
BBB    Baa    BBB    9.7 
F1    MIG1/ P1    SP1/A1    2.7 
Not Rated d    Not Rated d    Not Rated d    6.0 
                100.0 
 
†    Based on total investments.         
a    These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are 
    collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on 
    the municipal issue and to retire the bonds in full at the earliest refunding date.     
b    Purchased on a delayed delivery basis.         
c    Securities payable on demand.Variable interest rate—subject to periodic change.     
d    Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to 
    be of comparable quality to those securities in which the fund may invest.     
See notes to financial statements.         

The Fund 15
  STATEMENT OF ASSETS AND LIABILITIES
September 30, 2005 (Unaudited)
    Cost    Value 
Assets ($):         
Investments in securities—See Statement of Investments    219,819,442    226,020,376 
Cash        1,824,776 
Interest receivable        2,738,073 
Receivable for shares of Beneficial Interest subscribed        515,058 
Prepaid expenses        7,826 
        231,106,109 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)        125,559 
Payable for investment securities purchased        1,625,920 
Payable for shares of Beneficial Interest redeemed        32,248 
Accrued expenses        51,421 
        1,835,148 
Net Assets ($)        229,270,961 
Composition of Net Assets ($):         
Paid-in capital        222,730,435 
Accumulated net realized gain (loss) on investments        339,592 
Accumulated net unrealized appreciation         
(depreciation) on investments        6,200,934 
Net Assets ($)        229,270,961 
Shares Outstanding         
(unlimited number of $.001 par value shares of Beneficial Interest authorized)    16,271,979 
Net Asset Value, offering and redemption price per share—Note 3 (d) ($)    14.09 

  See notes to financial statements.
16
STATEMENT OF OPERATIONS
Six Months Ended September 30, 2005 (Unaudited)
Investment Income ($):     
Interest income    4,738,786 
Expenses:     
Management fee—Note 3(a)    675,610 
Shareholder servicing costs—Note 3(b)    106,661 
Professional fees    31,005 
Custodian fees    14,044 
Trustees’ fees and expenses—Note 3(c)    11,317 
Prospectus and shareholders’ reports    10,092 
Registration fees    6,585 
Loan commitment fees—Note 2    597 
Miscellaneous    14,683 
Total Expenses    870,594 
Less—reduction in custody fees due to     
earnings credits—Note 1(b)    (328) 
Net Expenses    870,266 
Investment Income—Net    3,868,520 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    429,388 
Net unrealized appreciation (depreciation) on investments    534,069 
Net Realized and Unrealized Gain (Loss) on Investments    963,457 
Net Increase in Net Assets Resulting from Operations    4,831,977 

See notes to financial statements.
The Fund 17

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    September 30, 2005    Year Ended 
    (Unaudited)    March 31, 2005 
Operations ($):         
Investment income—net    3,868,520    7,284,736 
Net realized gain (loss) on investments    429,388    890,097 
Net unrealized appreciation         
(depreciation) on investments    534,069    (6,440,945) 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    4,831,977    1,733,888 
Dividends to Shareholders from ($):         
Investment income—net    (3,868,520)    (7,282,109) 
Net realized gain on investments    (131,313)    (1,778,010) 
Total Dividends    (3,999,833)    (9,060,119) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold    23,180,311    40,487,567 
Dividends reinvested    2,982,974    6,836,689 
Cost of shares redeemed    (19,001,614)    (42,916,604) 
Increase (Decrease) in Net Assets         
from Beneficial Interest Transactions    7,161,671    4,407,652 
Total Increase (Decrease) in Net Assets    7,993,815    (2,918,579) 
Net Assets ($):         
Beginning of Period    221,277,146    224,195,725 
End of Period    229,270,961    221,277,146 
Capital Share Transactions (Shares):         
Shares sold    1,634,215    2,848,207 
Shares issued for dividends reinvested    210,006    481,612 
Shares redeemed    (1,337,777)    (3,037,883) 
Net Increase (Decrease) in Shares Outstanding    506,444    291,936 

  See notes to financial statements.
18
  FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.

    Six Months Ended                     
    September 30, 2005        Year Ended March 31,     
        (Unaudited)    2005    2004    2003    2002 a    2001 
Per Share Data ($):                         
Net asset value,                         
beginning of period    14.04    14.49    14.55    13.88    13.97    13.40 
Investment Operations:                         
Investment income—net    .24b    .48b    .52b    .56b    .58b    .58 
Net realized and unrealized                         
gain (loss) on investments    .06    (.33)    .07    .68    (.09)    .57 
Total from Investment Operations    .30    .15    .59    1.24    .49    1.15 
Distributions:                         
Dividends from                         
investment income—net    (.24)    (.48)    (.52)    (.57)    (.58)    (.58) 
Dividends from net realized                         
gain on investments    (.01)    (.12)    (.13)    —    —    — 
Total Distributions    (.25)    (.60)    (.65)    (.57)    (.58)    (.58) 
Net asset value, end of period    14.09    14.04    14.49    14.55    13.88    13.97 
Total Return (%)    2.16c    1.05    4.20    9.09    3.46    8.79 
Ratios/Supplemental Data (%):                         
Ratio of total expenses                         
to average net assets    .77d    .77    .76    .76    .76    .76 
Ratio of net expenses                         
to average net assets    .77d    .77    .76    .76    .76    .76 
Ratio of net investment income                         
to average net assets    3.44d    3.37    3.61    3.91    4.15    4.28 
Portfolio Turnover Rate    15.12c    39.63    38.95    21.56    21.04    31.35 
Net Assets, end of period                         
($ x 1,000)    229,271    221,277    224,196    220,393    197,339    179,693 
 
a    As required, effective April 1, the fund has adopted the provisions of the AICPA Audit and Accounting Guide for 
    Investment Companies and began accreting discount or amortizing premium on a scientific basis for debt 
    securities.The effect of this change for the period ended March 31, 2002 was to increase net investment income per 
    share and decrease net realized and unrealized gain (loss) on investments per share by less than $.01 and increase the 
    ratio of net investment income to average net assets from 4.14% to 4.15%. Per share data and ratios/supplemental 
    data for periods prior to April 1, 2001 have not been restated to reflect this change in presentation.     
b    Based on average shares outstanding at each month end.                 
c    Not annualized.                         
d    Annualized.                         
See notes to financial statements.                         

The Fund 19

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

Dreyfus California Intermediate Municipal Bond Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified open-end management investment company.The fund’s investment objective is to provide investors with as high a level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital.The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold to the public without a sales charge.

The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial

20

futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.

The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.

(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, 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 of 1986, as amended (the “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. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

The Fund 21

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(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 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 tax character of distributions paid to shareholders during the fiscal year ended March 31, 2005 were as follows: tax exempt income $7,282,109, ordinary income $163,868 and long-term capital gains $1,614,142. The tax character of current year distributions will be determined at the end of the current fiscal year.

  NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the “Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended September 30, 2005, the fund did not borrow under the Facility.

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to a management agreement with the Manager, the management fee is computed at the annual rate of .60% of the value of the fund’s average daily net assets and is payable monthly.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25% of the value of the fund’s average daily net assets for certain allocated

22

expenses of providing personal services and/or maintaining shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended September 30, 2005, the fund was charged $46,460 pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended September 30, 2005, the fund was charged $34,973 pursuant to the transfer agency agreement.

During the period ended September 30, 2005, the fund was charged $1,847 for services performed by the Chief Compliance Officer.

The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $112,874, shareholder servicing fees $1,000, chief compliance officer fees $929 and transfer agency per account fees $10,756.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

(d) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund’s exchange privilege. During the period ended September 30, 2005, redemption fees charged and retained by the fund amounted to $2.

The Fund 23

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

  NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended September 30, 2005, amounted to $42,913,766 and $32,899,071, respectively.

At September 30, 2005, accumulated net unrealized appreciation on investments was $6,200,934, consisting of $6,836,472 gross unrealized appreciation and $635,538 gross unrealized depreciation.

At September 30, 2005, 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).

24
INFORMATION ABOUT THE REVIEW AND APPROVAL
OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the Board of Trustees held on August 10, 2005, the Board considered the re-approval for an annual period of the fund’s Management Agreement, pursuant to which the Manager provides the fund with investment advisory and administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Manager.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board members received a presentation from representatives of the Manager regarding services provided to the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent, and quality of the services provided to the fund pursuant to its Management Agreement.The Manager’s representatives reviewed the fund’s distribution of accounts and the relationships the Manager has with various intermediaries and the different needs of each. The Manager’s representatives noted the diversity of distribution of the fund as well as among the funds in the Dreyfus fund complex, and the Manager’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each of the fund’s distribution channels.The Board members also reviewed the number of shareholder accounts in the fund, as well as the fund’s asset size.

The Board members also considered the Manager’s research and portfolio management capabilities and that the Manager also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board members also considered the Manager’s extensive administrative, accounting, and compliance infrastructure.

Comparative Analysis of the Fund’s Performance, Management Fee, and Expense Ratio. The Board members reviewed the fund’s performance, management fee, and expense ratio and placed significant emphasis on comparisons to a group of comparable funds, and to Lipper category averages, as applicable.The group of comparable funds

The Fund 25
  INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE
FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

was previously approved by the Board for this purpose, and was prepared using a Board-approved selection methodology that was based, in part, on selecting non-affiliated funds reported in the same Lipper category (the “California Intermediate Municipal Debt Funds” category) as the fund. The Board members discussed the results of the comparisons for various periods ended June 30, 2005, and noted that, with respect to yield performance, the fund outperformed the Lipper category averages for the 1-year, 3-year, 5-year, and 10-year periods. With respect to total return performance, the Board members noted that the fund outperformed the Comparison Group and Lipper category averages for each reported time period, and ranked in the first quartile of the Comparison Group and Lipper categories for the 3-year and 5-year periods.The Board members also discussed the fund’s management fee and expense ratio and reviewed the range of management fees and expense ratios for the funds in the Comparison Group. The fund’s management fee was higher than the majority of the fees of the Comparison Group funds. The Board also noted that the fund’s total expense ratio was higher than the Comparison Group average and lower than the Lipper category average.

The Manager’s representatives noted that there were no similarly managed mutual funds, institutional separate accounts, or wrap fee accounts managed by the Manager or its affiliates with similar investment objectives, policies, and strategies (and, as to mutual funds, reported in the same Lipper category) as the fund.

Analysis of Profitability and Economies of Scale. The Manager’s representatives reviewed the dollar amount of expenses allocated and profit received by the Manager and the method used to determine such expenses and profit.The Board received and considered information prepared by an independent consulting firm regarding the Manager’s approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex.The Manager’s representatives stated that the methodology had also been reviewed by an independent registered public accounting firm which,

26

like the consultant, found the methodology to be reasonable.The consulting firm also analyzed where any economies of scale might emerge in connection with the management of the fund.The Board members evaluated the analysis in light of the relevant circumstances for the fund, and the extent to which economies of scale would be realized as the fund grows and whether fee levels reflect economies of scale for the benefit of fund investors.The Board noted that it appeared that the benefits of any economies of scale also would be appropriately shared with shareholders through increased investment in fund management and administration resources. The Board members also considered potential benefits to the Manager from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading the fund’s portfolio.

It was noted that the Board members should consider the Manager’s profitability with respect to the fund as part of their evaluation of whether the fee under the Management Agreement bears a reasonable relationship to the mix of services provided by the Manager, including the nature, extent, and quality of such services and that a discussion of economies of scale is predicated on increasing assets and that, if a fund’s assets had been decreasing, the possibility that the Manager may have realized any economies of scale would be less.The Board members also discussed the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. It was noted that the profitability percentage for managing the fund was not unreasonable given the fund’s overall performance and generally superior service levels provided.

At the conclusion of these discussions, each Board member expressed the opinion that he or she had been furnished with sufficient information to make an informed business decision with respect to continuation of the fund’s Management Agreement. Based on their discussions and considerations as described above, the Board members made the following conclusions and determinations.

The Fund 27
  INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE
FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)
  • The Board concluded that the nature, extent, and quality of the ser- vices provided by the Manager are adequate and appropriate.
  • The Board was satisfied with the fund’s performance.
  • The Board concluded that the fee paid to the Manager by the fund was reasonable in light of comparative performance and expense and advisory fee information, costs of the services provided, and profits to be realized and benefits derived or to be derived by the Manager from its relationship with the fund.
  • The Board determined that the economies of scale which may accrue to the Manager and its affiliates in connection with the man- agement of the fund had been adequately considered by the Manager in connection with the management fee rate charged to the fund, and that, to the extent in the future it were to be deter- mined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

The Board members considered these conclusions and determinations, along with the information received on a routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined that re-approval of the fund’s Management Agreement was in the best interests of the fund and its shareholders.

28
For More    Information 
 
Dreyfus    Transfer Agent & 
California Intermediate    Dividend Disbursing Agent 
Municipal Bond Fund    Dreyfus Transfer, Inc. 
200 Park Avenue    200 Park Avenue 
New York, NY 10166    New York, NY 10166 
Manager    Distributor 
The Dreyfus Corporation    Dreyfus Service Corporation 
200 Park Avenue    200 Park Avenue 
New York, NY 10166    New York, NY 10166 
Custodian     
The Bank of New York     
One Wall Street     
New York, NY 10286     
 
 
Telephone 1-800-645-6561     

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2005, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.

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Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

DREYFUS CALIFORNIA INTERMEDIATE MUNICIPAL BOND FUND

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    November 29, 2005 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    Chief Executive Officer 
 
Date:    November 29, 2005 
 
By:    /s/James Windels 
James Windels
    Chief Financial Officer 
 
Date:    November 29, 2005 

  EXHIBIT INDEX

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

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