N-CSR 1 formncsra902.htm ANNUAL REPORT formncsra902
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:    3/31/06 

        FORM N-CSR 
Item 1.    Reports to Stockholders.     

Dreyfus     
California    Intermediate 
Municipal    Bond Fund 

  ANNUAL REPORT March 31, 2006

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

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

Contents
 
    THE FUND 
2    Letter from the Chairman 
3    Discussion of Fund Performance 
6    Fund Performance 
7    Understanding Your Fund’s Expenses 
7    Comparing Your Fund’s Expenses 
With Those of Other Funds
8    Statement of Investments 
20    Statement of Assets and Liabilities 
21    Statement of Operations 
22    Statement of Changes in Net Assets 
23    Financial Highlights 
24    Notes to Financial Statements 
29    Report of Independent Registered 
    Public Accounting Firm 
30    Important Tax Information 
31    Board Members Information 
33    Officers of the Fund 
FOR MORE INFORMATION
    Back Cover 

The Fund

Dreyfus California Intermediate 
Municipal Bond Fund 

LETTER FROM THE CHAIRMAN

Dear Shareholder:

We are pleased to present this annual report for Dreyfus California Intermediate Municipal Bond Fund, covering the 12-month period from April 1, 2005, through March 31, 2006.

Although short-term interest rates continued to rise steadily over the past six months, municipal bond yields fell modestly, supporting their prices, primarily due to robust investor demand for a more limited supply of newly issued securities. However, longer-maturity bonds generally fared better than short- and intermediate-term securities. As a result, yield differences between two-year and 30-year high-grade municipal bonds narrowed to slightly more than half a percentage point as of the end of the reporting period, which was steeper than the U.S. Treasury yield curve but still considerably narrower than historical norms.

Recent economic data have been mixed and inflation appeared to remain contained at the end of the first quarter, conditions that could continue to support longer-term bond prices. In addition, our chief economist, Richard Hoey, currently expects continued economic growth, with any slack in consumer spending likely to be taken up by corporate capital investment, exports and non-residential construction. However, if yield differences among tax-exempt bonds widen and move closer to historical averages, shorter maturities may begin to fare better than longer maturities.As always, we encourage you to talk with your financial advisor to discuss investment options and portfolio allocations that may be suitable for you in this environment.

For more information about how the fund performed, as well as information on market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.

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 12-month period ended March 31, 2006, the fund achieved a total return of 2.75% .1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 2.63% 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 2.45% .3

The fund produced a higher return than its benchmark and Lipper category average, primarily due to our focus on longer-maturity bonds. Zero-coupon and lower-rated bonds also contributed positively to the fund’s performance.

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 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

The Fund 3

  DISCUSSION OF FUND PERFORMANCE (continued)

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 reporting period generally continued to be characterized by rising short-term interest rates and surprisingly stable longer-term rates. The Federal Reserve Board (the “Fed”) implemented eight more increases in the overnight federal funds rate, driving it to 4.75% by the reporting period’s end. Short-term municipal bond yields rose along with the Fed’s interest-rate target. Longer-term bond yields climbed less than short-term yields, contributing to a further narrowing of yield differences (known as “spreads”) between the short and long ends of the market’s maturity range. In fact, the market ended the reporting period with a spread of just 88 basis points between high-grade municipal bonds with two-year maturities and similarly rated 30-year municipal bonds.

In addition, the fund’s results were influenced by supply-and-demand factors. The steadily growing U.S. economy benefited California and most other states, helping to reduce unemployment and boost corporate and personal incomes. Consequently, California enjoyed higher tax revenues, which helped reduce budget pressures.At the same time, demand for California securities remained robust from individual and institutional investors, putting downward pressure on yields and supporting prices.

In this environment, we generally maintained strategy of emphasized bonds with maturities toward the longer end of the range. Conversely, we maintained relatively light exposure to securities in the two- to five-year area. These strategies enabled the fund to participate more fully in strength among longer-term bonds while maintaining an

4

appropriate weighted average maturity for an intermediate-term fund. In addition, the fund benefited from our security selection strategy, in which we allocated a portion of the fund’s assets to higher-yielding bonds. These securities gained value when investors seeking higher levels of tax-exempt income apparently became more willing in the strengthening economy to assume the credit risks that lower-rated bonds typically entail. In addition, the fund received strong contributions from zero-coupon bonds and bonds that were “pre-refunded” by their issuers during the reporting period.

What is the fund’s current strategy?

Although some analysts have forecast the impending end of the Fed’s credit tightening campaign, recent strong economic data suggest to us that some additional rate-hikes may be expected over the months ahead. Therefore, if the yield curve continues to flatten, we may shift our focus toward shorter-term maturities. Such an environment could enable us to reduce the fund’s average duration without a significant impact on income. However, we are carefully watching the economy and market conditions in California, and we are prepared to adjust our strategies when we see more definite evidence that short-term interest rates have peaked.

April 17, 2006
1    Total return includes reinvestment of dividends and any capital gains paid. Past performance is no 
    guarantee of future results. Share price, yield and investment return fluctuate such that upon 
    redemption, fund shares may be worth more or less than their original cost. Income may be subject 
    to state and local taxes 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 figure provided reflects 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

FUND PERFORMANCE

Average Annual Total Returns    as of 3/31/06             
        1 Year    5 Years    10 Years 
Fund        2.75%    4.08%    4.78% 

† Source: Lipper Inc. 
Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not 
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 
The above graph compares a $10,000 investment made in Dreyfus California Intermediate Municipal Bond Fund on 
3/31/96 to a $10,000 investment made in the Lehman Brothers 7-Year Municipal Bond Index (the “Index”) on that 
date. All dividends and capital gain distributions are reinvested. 
The fund invests primarily in California municipal securities and maintains a portfolio with a weighted average maturity 
ranging between 3 and 10 years.The fund’s performance shown in the line graph takes into account fees and expenses. 
The Index is not limited to investments principally in California municipal obligations and does not take into account 
charges, fees and other expenses.The Index, unlike the fund, is an unmanaged, total return performance benchmark for 
the investment-grade, geographically unrestricted 7-year tax-exempt bond market, consisting of municipal bonds with 
maturities of 6-8 years.These factors can contribute to the Index potentially outperforming or underperforming the fund. 
Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the 
Financial Highlights section of the prospectus and elsewhere in this report. 

6

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 October 1, 2005 to March 31, 2006. 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 March 31, 2006 
 
Expenses paid per $1,000 †    $ 3.80 
Ending value (after expenses)    $1,005.80 

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 March 31, 2006 
 
Expenses paid per $1,000 †    $ 3.83 
Ending value (after expenses)    $1,021.14 
 
† Expenses are equal to the fund’s annualized expense ratio of .76%, multiplied by the average account value over the 
period, multiplied by 182/365 (to reflect the one-half year period). 

The Fund 7

STATEMENT OF INVESTMENTS 
March 31, 2006 

Long-Term Municipal    Coupon    Maturity    Principal     
Investments—95.2%    Rate (%)    Date    Amount ($)    Value ($) 
California—82.1%                 
ABAG Finance Authority for                 
Nonprofit Corporations, COP                 
(Episcopal Homes Foundation)    5.25    7/1/10    3,500,000    3,592,295 
ABAG Finance Authority for                 
Nonprofit Corporations,                 
Revenue (San Diego                 
Hospital Association)    5.38    3/1/21    4,000,000    4,194,120 
Alameda Corridor Transportation                 
Authority, Revenue                 
(Insured; MBIA)    5.13    10/1/16    2,000,000    2,112,720 
Alameda County,                 
COP (Insured; MBIA)    5.38    12/1/12    2,000,000    2,176,240 
Burbank,                 
Wastewater Treatment                 
Revenue (Insured; AMBAC)    5.00    6/1/18    895,000    942,435 
Burbank,                 
Wastewater Treatment                 
Revenue (Insured; AMBAC)    5.00    6/1/19    945,000    992,420 
California,                 
Economic Recovery Bonds    5.25    1/1/10    3,000,000    3,166,080 
California,                 
Economic Recovery Bonds    5.00    7/1/12    1,750,000    1,871,275 
California,                 
Economic Recovery Bonds    5.25    7/1/14    2,000,000    2,179,220 
California,                 
GO    5.00    8/1/22    2,000,000    2,085,480 
California,                 
GO (Various Purpose)    5.00    6/1/11    2,000,000    2,108,640 
California,                 
GO (Various Purpose)    5.00    6/1/16    2,000,000    2,118,560 
California,                 
GO (Veterans)    5.35    12/1/16    2,000,000    2,072,160 
California Department of Water                 
Resources, Power Supply                 
Revenue (Insured; FGIC)    5.13    5/1/12    2,000,000 a    2,168,560 
California Department of Water                 
Resources, Water System                 
Revenue (Central Valley Project)    5.50    12/1/11    225,000 a    245,979 
California Department of Water                 
Resources, Water System                 
Revenue (Central Valley Project)    5.50    12/1/15    1,275,000    1,378,352 

8

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
California Department of Water                 
Resources, Water System                 
Revenue (Central Valley                 
Project) (Insured; FGIC)    5.50    12/1/15    2,000,000    2,241,500 
California Department of Water                 
Resources, Water System                 
Revenue (Central Valley                 
Project) (Insured; MBIA)    5.00    12/1/16    1,750,000    1,869,997 
California Health Facilities                 
Financing Authority, Revenue                 
(Cedars-Sinai Medical Center)    5.00    11/15/19    2,000,000    2,078,100 
California Health Facilities                 
Financing Authority, Revenue                 
(Health Facility-Adventist                 
Health Systems)    5.00    3/1/17    870,000    899,232 
California Health Facilities                 
Financing Authority, Revenue                 
(Health Facility-Adventist                 
Health Systems)    5.00    3/1/18    1,000,000    1,031,920 
California Health Facilities                 
Financing Authority, Revenue                 
(Stanford Hospital and Clinics)    5.00    11/15/17    2,000,000    2,079,000 
California Infrastructure and                 
Economic Development Bank,                 
Revenue (Bay Area Toll                 
Bridges-1st Lien) (Insured; FSA)    5.25    7/1/17    2,000,000    2,160,440 
California Pollution Control                 
Financing Authority, PCR                 
(San Diego Gas and Electric Co.)                 
(Insured; MBIA)    5.90    6/1/14    2,000,000    2,262,400 
California Public Works Board,                 
LR (Department of Health                 
Services-Richmond Lab)                 
(Insured; XLCA)    5.00    11/1/19    1,680,000    1,768,133 
California Public Works Board,                 
LR (Department of Health                 
Services-Richmond Lab)                 
(Insured; XLCA)    5.00    11/1/20    1,275,000    1,338,826 
California Public Works Board,                 
LR (Department of Mental                 
Health-Coalinga)    5.50    6/1/18    2,500,000    2,734,325 

The Fund 9

  STATEMENT OF INVESTMENTS (continued)
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
California Public Works Board,                 
LR (University of California                 
Research Projects)                 
(Insured; MBIA)    5.25    11/1/17    1,000,000    1,087,620 
California Statewide Communities                 
Development Authority,                 
Apartment Development Revenue             
(Irvine Apartment Communities)    5.05    5/15/08    2,000,000    2,028,280 
California Statewide Communities                 
Development Authority, COP,                 
Revenue (Huntington Memorial                 
Hospital) (Insured; Connie Lee)    5.50    7/1/06    2,000,000 a    2,049,760 
California Statewide Communities                 
Development Authority, MFHR                 
(Equity Residential)    5.20    6/15/09    2,000,000    2,065,400 
California Statewide Communities                 
Development Authority, Revenue             
(California Endowment)    5.25    7/1/20    2,280,000    2,454,557 
California Statewide Communities                 
Development Authority,                 
Revenue (Huntington                 
Memorial Hospital)    5.00    7/1/17    3,000,000    3,133,050 
Capistrano Unified School                 
District, Community Facilities                 
District Special Tax                 
(Insured; FGIC)    5.00    9/1/19    3,545,000    3,742,386 
Carson Redevelopment Agency                 
(Area Number 1-Tax                 
Allocation) (Insured; MBIA)    5.50    10/1/13    1,000,000    1,105,920 
Cathedral City,                 
Limited Obligation Improvement                 
Cove Improvement District                 
Number 2004-2    5.00    9/2/21    1,040,000    1,047,769 
Central California Joint Powers                 
Health Financing Authority,                 
COP (Community Hospitals of                 
Central California)    6.00    2/1/20    1,000,000    1,052,150 
Contra Costa County,                 
MFHR (Pleasant Hill BART Transit             
Village Apartments Project)    3.95    12/20/07    2,500,000    2,496,425 

10
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
Corona Redevelopment Agency,                 
Tax Allocation (Merged                 
Downtown Amended)                 
(Insured; FGIC)    5.00    9/1/16    1,000,000    1,062,170 
Eastern Municipal Water District,                 
Water and Sewer Revenue, COP             
(Insured; FGIC)    5.38    7/1/17    2,000,000    2,135,280 
El Monte City School District,                 
GO (Insured; FGIC)    5.00    5/1/17    1,900,000    2,027,338 
El Segundo Unified School District             
(Insured; FGIC)    5.25    9/1/17    1,145,000    1,235,352 
Elsinore Valley Municipal Water                 
District, COP (Insured; FGIC)    5.38    7/1/15    1,000,000    1,103,340 
Escondido Unified School District                 
(Insured; FSA)    5.25    8/1/16    1,795,000    1,935,692 
Foothill/Eastern Transportation                 
Corridor Agency,                 
Toll Road Revenue    7.05    1/1/10    2,000,000    2,240,240 
Foothill/Eastern Transportation                 
Corridor Agency, Toll Road                 
Revenue (Insured; MBIA)    5.25    1/15/12    4,550,000    4,835,376 
Foothill/Eastern Transportation                 
Corridor Agency, Toll Road                 
Revenue (Insured; MBIA)    5.13    1/15/19    2,000,000    2,104,420 
Fountain Valley School District,                 
COP (Insured; AMBAC)    2.50    11/1/06    2,000,000    1,981,800 
Golden State Tobacco                 
Securitization Corp., Enhanced                 
Tobacco Settlement                 
Asset-Backed Bonds    5.75    6/1/08    3,500,000 a    3,657,150 
Golden State Tobacco                 
Securitization Corp., Enhanced                 
Tobacco Settlement                 
Asset-Backed Bonds    5.00    6/1/19    2,420,000    2,486,453 
Hartnell Community College                 
District (Insured; MBIA)    5.25    8/1/16    1,880,000    2,048,147 
Lincoln Special Tax,                 
Community Facilities                 
District No. 2003    5.65    9/1/19    1,250,000    1,311,038 

The Fund 11

  STATEMENT OF INVESTMENTS (continued)
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
Los Angeles Community College                 
District (Insured; MBIA)    5.50    8/1/11    1,845,000 a    2,009,703 
Los Angeles County Metropolitan                 
Transportation Authority,                 
Sales Tax Revenue                 
(Insured; FGIC)    5.00    7/1/17    1,450,000    1,522,906 
Los Angeles County Public Works                 
Financing Authority, LR                 
(Master Refunding Project)                 
(Insured; MBIA)    5.00    12/1/08    2,000,000    2,075,040 
Los Angeles Unified School                 
District (Insured; FGIC)    5.00    7/1/19    2,000,000    2,120,680 
Los Angeles Unified School                 
District (Insured; MBIA)    5.50    7/1/12    2,850,000    3,131,238 
Los Angeles Unified School                 
District (Insured; MBIA)    5.25    7/1/14    1,000,000    1,085,470 
Los Angeles Unified School                 
District (Insured; MBIA)    5.75    7/1/15    3,000,000    3,411,090 
Marin Municipal Water District,                 
COP (Financing Project)                 
(Insured; AMBAC)    5.00    7/1/16    1,545,000    1,639,739 
Metropolitan Water District of                 
Southern California,                 
Waterworks Revenue    5.25    3/1/11    3,000,000 a    3,247,440 
Midpeninsula Regional Open Space             
District Financing Authority,                 
Revenue (Insured; AMBAC)    0.00    9/1/15    2,825,000    1,897,185 
Milpitas Redevelopment Agency, Tax             
Allocation (Redevelopment                 
Project Area Number 1)                 
(Insured; MBIA)    5.25    9/1/17    2,000,000    2,145,480 
Milpitas Redevelopment Agency, Tax             
Allocation (Redevelopment                 
Project Area Number 1)                 
(Insured; MBIA)    5.25    9/1/18    1,000,000    1,070,560 
Modesto Irrigation District,                 
COP (Capital Improvements)                 
(Insured; FSA)    5.25    7/1/16    1,370,000    1,469,832 
North Orange County Community                 
College District (Insured; MBIA)    5.00    8/1/19    1,000,000    1,060,790 

12
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
Orange County Community Facilities             
District, Special Tax (Number                 
03-1 Ladera Ranch)    5.25    8/15/19    1,100,000    1,147,355 
Orange County Community Facilities             
District, Special Tax (Number                 
03-1 Ladera Ranch)    5.30    8/15/20    1,450,000    1,516,004 
Orange County Community Facilities             
District, Special Tax (Number                 
04-1 Ladera Ranch)    4.88    8/15/21    2,355,000    2,355,589 
Oxnard Financing Authority,                 
Wastewater Revenue                 
(Insured; FGIC)    5.00    6/1/16    1,000,000    1,060,700 
Pasadena Area Community College             
District (Election of 2002)                 
(Insured; FGIC)    5.00    6/1/17    1,170,000    1,236,386 
Port of Oakland,                 
Revenue (Insured; MBIA)    5.00    11/1/13    1,000,000    1,049,370 
Rancho Water District                 
(Insured; FSA)    5.50    8/1/08    1,670,000    1,745,200 
Riverside County Public Financing             
Authority, Tax Allocation                 
Revenue (Redevelopment                 
Projects) (Insured; XLCA)    5.25    10/1/18    1,275,000    1,368,458 
Riverside Improvement Board, Act             
1915 (Canyon Springs                 
Assessment)    4.00    9/2/10    1,230,000    1,221,365 
Riverside Improvement Board, Act             
1915 (Canyon Springs                 
Assessment)    4.25    9/2/11    1,000,000    998,290 
Sacramento City Unified School                 
District (Election of 1999)                 
(Insured; FSA)    5.25    7/1/20    2,435,000    2,621,424 
Sacramento County,                 
Special Tax (Community                 
Facilities District Number 1)    5.20    12/1/07    1,110,000    1,129,358 
Sacramento County,                 
Special Tax (Community                 
Facilities District Number 1)    5.40    12/1/09    1,220,000    1,263,957 

The Fund 13

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
Sacramento County Sanitation                 
District Financing                 
Authority, Revenue    5.50    12/1/14    4,000,000    4,331,960 
San Diego County,                 
COP (Burnham Institute)    5.70    9/1/09    3,700,000 a    3,944,866 
San Diego County,                 
COP (Burnham Institute for                 
Medical Research)    5.00    9/1/12    1,260,000    1,306,519 
San Diego Housing Authority,                 
MFHR (Island Village Apartments)             
(Collateralized; FHLMC)    5.10    7/1/12    1,025,000    1,074,261 
San Diego Unified School District                 
(Election of 1998) (Insured; FSA)    5.25    7/1/16    1,465,000    1,594,506 
San Francisco Bay Area Rapid                 
Transit District, Sales Tax                 
Revenue (Insured; MBIA)    5.00    7/1/18    2,000,000    2,126,980 
San Francisco City and County                 
Public Utilities Commission,                 
San Francisco Water Revenue                 
(Insured; FSA)    5.00    11/1/18    2,000,000    2,136,300 
San Francisco City and County                 
Redevelopment Agency,                 
Community Facilities District                 
Number 6 (Mission Bay South                 
Public Improvements)    0.00    8/1/18    445,000    228,307 
San Francisco City and County                 
Redevelopment Agency,                 
Community Facilities District                 
Number 6 (Mission Bay South                 
Public Improvements)    0.00    8/1/21    500,000    210,735 
San Mateo County Community College             
District (Election of 2001)                 
(Insured; MBIA)    5.00    9/1/20    2,000,000    2,112,580 
San Mateo Redevelopment Agency                 
(Tax Allocation)    5.10    8/1/14    1,835,000    1,910,767 
San Mateo Union High School                 
District (Insured; FSA)    5.00    9/1/21    2,545,000    2,676,017 
Santa Clara Unified School District    5.50    7/1/16    1,870,000    2,016,758 

14
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
South Orange County Public                 
Financing Authority, Special                 
Tax Revenue (Foothill Area)                 
(Insured; FGIC)    5.25    8/15/17    2,000,000    2,161,360 
South Placer Wastewater Authority,             
Wastewater Revenue                 
(Insured; FGIC)    5.50    11/1/10    1,000,000 a    1,089,630 
Southeast Resource Recovery                 
Facilities Authority, LR                 
(Insured; AMBAC)    4.00    12/1/07    1,000,000    1,009,040 
Southeast Resource Recovery                 
Facilities Authority, LR                 
(Insured; AMBAC)    5.25    12/1/17    1,000,000    1,070,600 
Sunnyvale,                 
Solid Waste Revenue                 
(Insured; AMBAC)    5.50    10/1/15    1,695,000    1,807,226 
Truckee-Donner Public Utility                 
District, COP (Insured; ACA)    4.50    1/1/08    1,500,000    1,515,885 
Truckee-Donner Public Utility                 
District, COP (Insured; ACA)    4.50    1/1/09    1,685,000    1,706,854 
U.S. Related—13.1%                 
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    1,000,000 a    1,080,890 
Childrens’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    3,000,000 a    3,242,670 
Guam,                 
LOR (Section 30) (Insured; FSA)    5.50    12/1/10    3,000,000    3,231,600 
Puerto Rico Commonwealth,                 
Public Improvement    5.00    7/1/08    2,500,000    2,547,475 
Puerto Rico Commonwealth,                 
Public Improvement                 
(Insured; MBIA)    5.75    7/1/08    2,000,000    2,092,240 
Puerto Rico Electric Power                 
Authority, Power Revenue                 
(Insured; FSA)    5.75    7/1/10    2,000,000 a    2,178,920 

The Fund 15

  STATEMENT OF INVESTMENTS (continued)
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Related (continued)                 
Puerto Rico Electric Power                 
Authority, Power Revenue                 
(Insured; MBIA)    5.00    7/1/22    2,745,000    2,906,324 
Puerto Rico Highway and                 
Transportation Authority,                 
Highway Revenue (Insured; FSA)    6.25    7/1/16    3,000,000    3,542,040 
Puerto Rico Industrial Tourist                 
Educational, Medical and                 
Environmental Control                 
Facilities Financing                 
Authority, Industrial Revenue                 
(Guaynabo Warehouse)    4.35    7/1/06    1,170,000    1,171,123 
Puerto Rico Public Buildings                 
Authority, Revenue                 
(Government Facility)    5.50    7/1/16    1,500,000    1,626,465 
Puerto Rico Public Finance Corp.                 
(Commonwealth Appropriation)    5.75    2/1/12    2,000,000    2,147,880 
Puerto Rico Public Finance Corp.                 
(Commonwealth Appropriation)                 
(Insured; AMBAC)    5.25    2/1/12    1,500,000    1,605,300 
Virgin Islands Public Finance                 
Authority, Revenue (Virgin                 
Islands Gross Receipts                 
Taxes Loan Note)    5.63    10/1/10    1,695,000    1,748,782 
Virgin Islands Water and Power                 
Authority, Electric Systems                 
(Insured; Radian)    5.13    7/1/11    1,000,000    1,034,370 
Total Long-Term Municipal Investments             
(cost $215,476,430)                219,083,361 

16
Short-Term Municipal    Coupon    Maturity    Principal     
Investments—3.3%    Rate (%)    Date    Amount ($)    Value ($) 
California—2.4%                 
California Pollution Control                 
Financing Authority, PCR                 
(Pacific Gas and Electric                 
Corp.) (LOC; Bank One)    3.07    4/1/06    3,100,000 b    3,100,000 
California Statewide Communities             
Development Authority, Revenue             
(University Retirement                 
Community at Davis Project)             
(Insured; Radian Bank and Liquidity             
Facility; Bank of America)    3.08    4/1/06    2,400,000 b    2,400,000 
U.S. Related—.9%                 
Government Development Bank of             
Puerto Rico, CP    3.80    6/15/06    2,000,000    1,999,160 
Total Short-Term Municipal Investments             
(cost $7,500,000)                7,499,160 
 
Total Investments (cost $222,976,430)        98.5%    226,582,521 
 
Cash and Receivables (Net)            1.5%    3,339,799 
 
Net Assets            100.0%    229,922,320 
 
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are 
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on 
the municipal issue and to retire the bonds in full at the earliest refunding date.     
b Securities payable on demand.Variable interest rate—subject to periodic change.     

The Fund 17

STATEMENT OF INVESTMENTS (continued)

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

18
Summary of Combined Ratings (Unaudited)     
 
Fitch    or Moody’s    or    Standard & Poor’s    Value (%) † 
AAA    Aaa        AAA    60.4 
AA    Aa        AA    7.3 
A        A        A    12.3 
BBB    Baa        BBB    11.2 
F1    MIG1/P1        SP1/A1    2.4 
Not Ratedc    Not Ratedc        Not Rated c    6.4 
                    100.0 
 
†    Based on total investments.             
c    Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to 
    be of comparable quality to those rated securities in which the fund may invest.     
See notes to financial statements.             

The Fund 19

STATEMENT OF ASSETS AND LIABILITIES 
March 31, 2006 

    Cost    Value 
Assets ($):         
Investments in securities—See Statement of Investments    222,976,430    226,582,521 
Cash        753,574 
Interest receivable        2,629,597 
Receivable for shares of Beneficial Interest subscribed        229,570 
Prepaid expenses        9,079 
        230,204,341 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)        130,567 
Payable for shares of Beneficial Interest redeemed        93,011 
Accrued expenses        58,443 
        282,021 
Net Assets ($)        229,922,320 
Composition of Net Assets ($):         
Paid-in capital        226,362,552 
Accumulated net realized gain (loss) on investments        (46,323) 
Accumulated net unrealized appreciation         
(depreciation) on investments        3,606,091 
Net Assets ($)        229,922,320 
Shares Outstanding         
(unlimited number of $.001 par value shares of Beneficial Interest authorized)    16,530,881 
Net Asset Value, offering and redemption price per share—Note 3(d) ($)    13.91 
 
See notes to financial statements.         

20

STATEMENT OF OPERATIONS 
Year Ended March 31, 2006 

Investment Income ($):     
Interest Income    9,533,445 
Expenses:     
Management fee—Note 3(a)    1,355,812 
Shareholder servicing costs—Note 3(b)    201,261 
Professional fees    61,161 
Custodian fees    26,617 
Trustees’ fees and expenses—Note 3(c)    25,069 
Prospectus and shareholders’ reports    17,681 
Registration fees    11,890 
Loan commitment fees—Note 2    1,663 
Miscellaneous    28,799 
Total Expenses    1,729,953 
Less—reduction in custody fee due to     
earnings credits—Note 1(b)    (6,081) 
Net Expenses    1,723,872 
Investment Income—Net    7,809,573 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    345,840 
Net unrealized appreciation (depreciation) on investments    (2,060,774) 
Net Realized and Unrealized Gain (Loss) on Investments    (1,714,934) 
Net Increase in Net Assets Resulting from Operations    6,094,639 
 
See notes to financial statements.     

The Fund 21

STATEMENT OF CHANGES IN NET ASSETS

        Year Ended March 31, 
    2006    2005 
Operations ($):         
Investment income—net    7,809,573    7,284,736 
Net realized gain (loss) on investments    345,840    890,097 
Net unrealized appreciation         
(depreciation) on investments    (2,060,774)    (6,440,945) 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    6,094,639    1,733,888 
Dividends to Shareholders from ($):         
Investment income—net    (7,809,573)    (7,282,109) 
Net realized gain on investments    (435,184)    (1,778,010) 
Total Dividends    (8,244,757)    (9,060,119) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold    46,028,549    40,487,567 
Dividends reinvested    6,210,455    6,836,689 
Cost of shares redeemed    (41,443,712)    (42,916,604) 
Increase (Decrease) in Net Assets         
from Beneficial Interest Transactions    10,795,292    4,407,652 
Total Increase (Decrease) in Net Assets    8,645,174    (2,918,579) 
Net Assets ($):         
Beginning of Period    221,277,146    224,195,725 
End of Period    229,922,320    221,277,146 
Capital Share Transactions (Shares):         
Shares sold    3,264,789    2,848,207 
Shares issued for dividends reinvested    440,607    481,612 
Shares redeemed    (2,940,050)    (3,037,883) 
Net Increase (Decrease) in Shares Outstanding    765,346    291,936 
 
See notes to financial statements.         

22

FINANCIAL HIGHLIGHTS

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

        Year Ended March 31,     
    2006    2005    2004    2003    2002 
Per Share Data ($):                     
Net asset value, beginning of period    14.04    14.49    14.55    13.88    13.97 
Investment Operations:                     
Investment income—net a    .49    .48    .52    .56    .58 
Net realized and unrealized                     
gain (loss) on investments    (.10)    (.33)    .07    .68    (.09) 
Total from Investment Operations    .39    .15    .59    1.24    .49 
Distributions:                     
Dividends from investment income—net    (.49)    (.48)    (.52)    (.57)    (.58) 
Dividends from net realized                     
gain on investments    (.03)    (.12)    (.13)    —    — 
Total Distributions    (.52)    (.60)    (.65)    (.57)    (.58) 
Net asset value, end of period    13.91    14.04    14.49    14.55    13.88 
Total Return (%)    2.75    1.05    4.20    9.09    3.46 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                     
to average net assets    .76    .77    .76    .76    .76 
Ratio of net expenses                     
to average net assets    .76    .77    .76    .76    .76 
Ratio of net investment income                     
to average net assets    3.46    3.37    3.61    3.91    4.15 
Portfolio Turnover Rate    25.78    39.63    38.95    21.56    21.04 
Net Assets, end of period ($ x 1,000)    229,922    221,277    224,196    220,393    197,339 
 
a Based on average shares outstanding at each month end.                 
See notes to financial statements.                     

The Fund 23

NOTES TO FINANCIAL STATEMENTS

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

24

general market conditions. Options and financial 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 25

  NOTES TO FINANCIAL STATEMENTS (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.

At March 31, 2006, the components of accumulated earnings on a tax basis were as follows: undistributed tax exempt income $58,837 and unrealized appreciation $3,606,091. In addition, the fund had $46,323 of capital losses realized after October 31, 2005, which were deferred for tax purposes to the first day of the current fiscal year.

The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2006 and March 31, 2005 were as follows: tax exempt income $7,809,573 and $7,282,109, ordinary income $0 and $163,868 and long-term capital gains $435,184 and $1,614,142 respectively.

During the period ended March 31, 2006, as a result of permanent book to tax differences primarily due to the tax treatment for excess distribution adjustment, the fund increased accumulated net realized gain (loss) on investments by $1,504 and decreased paid-in capital by the same amount. Net assets were not affected by this reclassification.

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 March 31, 2006, the fund did not borrow under the Facility.

26

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 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 March 31, 2006, the fund was charged $89,768 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 March 31, 2006, the fund was charged $70,403 pursuant to the transfer agency agreement.

During the period ended March 31, 2006, the fund was charged $3,784 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 $116,972, chief compliance officer fees $1,910 and transfer agency per account fees $11,685.

(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.

The Fund 27

  NOTES TO FINANCIAL STATEMENTS (continued)

(d) A 1% redemption fee is charged and retained by the fund on certain shares redeemed within thirty days following the date of issuance, subject to exceptions, including redemptions made through the use of the fund’s exchange privilege. During the period ended March 31, 2006, redemption fees charged and retained by the fund amounted to $3.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2006, amounted to $68,276,064 and $56,010,254, respectively.

At March 31, 2006, the cost of investments for federal income tax purposes was $222,976,430; accordingly, accumulated net unrealized appreciation on investments was $3,606,091, consisting of $4,713,414 gross unrealized appreciation and $1,107,323 gross unrealized depreciation.

28

REPORT OF INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM 

Shareholders and Board of Trustees 
Dreyfus California Intermediate Municipal Bond Fund 

We have audited the accompanying statement of assets and liabilities of Dreyfus California Intermediate Municipal Bond Fund, including the statement of investments, as of March 31, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years indicated therein.These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2006 by correspondence with the custodian.We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus California Intermediate Municipal Bond Fund at March 31, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated years, in conformity with U.S. generally accepted accounting principles.

New York, New York 
May 4, 2006 

The Fund 29

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby makes the following designations regarding its fiscal year ended March 31, 2006:

—all the dividends paid from investment income-net during its fiscal year ended March 31, 2006 as “exempt-interest dividends” (not generally subject to regular federal and, for individuals who are California residents, California personal income taxes), and

—the fund hereby designates $.0083 per share as a long-term capital gain distribution paid on July 27, 2005, and also designates $.0189 per share as a long-term capital gain distribution paid on December 16, 2005.

As required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any) and capital gain distributions (if any) paid for the 2006 calendar year on Form 1099-DIV which will be mailed by January 31, 2007.

30

BOARD MEMBERS INFORMATION (Unaudited)

Joseph S. DiMartino (62) 
Chairman of the Board (1995) 

Principal Occupation During Past 5 Years: 
• Corporate Director and Trustee 

Other Board Memberships and Affiliations:

  • The Muscular Dystrophy Association, Director
  • Levcor International, Inc., an apparel fabric processor, Director
  • Century Business Services, Inc., a provider of outsourcing functions for small and medium size companies, Director
  • The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director
  • Sunair Services Corporation, engages in the design, manufacture and sale of high frequency systems for long-range voice and data communications, as well as provides certain outdoor- related services to homes and businesses, Director

No. of Portfolios for which Board Member Serves: 185

———————
David W. Burke (69) 
Board Member (1994) 

Principal Occupation During Past 5 Years: 
• Corporate Director and Trustee 

Other Board Memberships and Affiliations:

  • John F. Kennedy Library Foundation, Director
  • U.S.S. Constitution Museum, Director

No. of Portfolios for which Board Member Serves: 79

———————
Diane Dunst (66) 
Board Member (1990) 

Principal Occupation During Past 5 Years: 
• President, Huntting House Antiques 

No. of Portfolios for which Board Member Serves: 9

———————
Jay I. Meltzer (77) 
Board Member (1991) 

Principal Occupation During Past 5 Years:

  • Physician, Internist and Specialist in Clinical Hypertension
  • Clinical Professor of Medicine at Columbia University & College of Physicians and Surgeons
  • Faculty Associate, Center for Bioethics, Columbia

No. of Portfolios for which Board Member Serves: 9

The Fund 31

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Daniel Rose (76) 
Board Member (1992) 

Principal Occupation During Past 5 Years:

  • Chairman and Chief Executive Officer of Rose Associates, Inc., a New York based real estate development and management firm

Other Board Memberships and Affiliations:

  • Baltic-American Enterprise Fund,Vice Chairman and Director
  • Harlem Educational Activities Fund, Inc., Chairman
  • Housing Committee of the Real Estate Board of New York, Inc., Director

No. of Portfolios for which Board Member Serves: 18

———————
Warren B. Rudman (75) 
Board Member (1993) 

Principal Occupation During Past 5 Years:

  • Of Counsel to (from January 1993 to December 31, 2003, Partner in) the law firm Paul, Weiss, Rifkind,Wharton & Garrison LLP

Other Board Memberships and Affiliations:

  • Collins & Aikman Corporation, Director
  • Allied Waste Corporation, Director
  • Raytheon Company, Director
  • Boston Scientific, Director

No. of Portfolios for which Board Member Serves: 18

———————
Sander Vanocur (78) 
Board Member (1992) 

Principal Occupation During Past 5 Years: 
• President, Old Owl Communications 

No. of Portfolios for which Board Member Serves: 18

———————

Once elected all Board Members serve for an indefinite term.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611.

Rosalind Gersten Jacobs, Emeritus Board Member

32

OFFICERS OF THE FUND (Unaudited)

STEPHEN E. CANTER, President since 
March 2000. 

Chairman of the Board and Chief Executive Officer of the Manager, and an officer of 90 investment companies (comprised of 185 portfolios) managed by the Manager. Mr. Canter also is a Board member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 60 years old and has been an employee of the Manager since May 1995.

STEPHEN R. BYERS, Executive Vice 
President since November 2002. 

Chief Investment Officer,Vice Chairman and a director of the Manager, and an officer of 90 investment companies (comprised of 185 portfolios) managed by the Manager. Mr. Byers also is an officer, director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 52 years old and has been an employee of the Manager since January 2000.

MARK N. JACOBS, Vice President since 
March 2000. 

Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since June 1977.

MICHAEL A. ROSENBERG, Vice President 
and Secretary since August 2005. 

Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since October 1991.

JAMES BITETTO, Vice President and 
Assistant Secretary since August 2005. 

Assistant General Counsel and Assistant Secretary of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President 
and Assistant Secretary since 
August 2005. 

Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. She is 50 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and 
Assistant Secretary since August 2005. 

Assistant General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2000.

JANETTE E. FARRAGHER, Vice President 
and Assistant Secretary since 
August 2005. 

Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. She is 43 years old and has been an employee of the Manager since February 1984.

JOHN B. HAMMALIAN, Vice President and 
Assistant Secretary since August 2005. 

Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since February 1991.

The Fund 33

OFFICERS OF THE FUND (Unaudited) (continued)

ROBERT R. MULLERY, Vice President and 
Assistant Secretary since August 2005. 

Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since May 1986.

JEFF PRUSNOFSKY, Vice President and 
Assistant Secretary since August 2005. 

Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since 
November 2001. 

Director – Mutual Fund Accounting of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1985.

ERIK D. NAVILOFF, Assistant Treasurer 
since August 2005. 

Senior Accounting Manager – Taxable Fixed Income Funds of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 37 years old and has been an employee of the Manager since November 1992.

ROBERT ROBOL, Assistant Treasurer 
since August 2005. 

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since October 1988.

ROBERT SVAGNA, Assistant Treasurer 
since August 2005. 

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager since November 1990.

GAVIN C. REILLY, Assistant Treasurer 
since December 2005. 

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 91 investment companies (comprised of 201 portfolios) managed by the Manager. He is 37 years old and has been an employee of the Manager since April 1991.

JOSEPH W. CONNOLLY, Chief Compliance 
Officer since October 2004. 

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (91 investment companies, comprised of 201 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 48 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

WILLIAM GERMENIS, Anti-Money 
Laundering Compliance Officer since 
October 2002. 

Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 87 investment companies (comprised of 197 portfolios) managed by the Manager. He is 35 years old and has been an employee of the Distributor since October 1998.

34

NOTES

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.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3. Audit Committee Financial Expert.

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Joseph S. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $29,480 in 2005 and $30,881 in 2006.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2005 and $0 in 2006.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2005 and $0 in 2006.

Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $2,725 in 2005 and $3,025 in 2006. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

-2-

The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2005 and $0 in 2006.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $149 in 2005 and $168 in 2006. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee were $0 in 2005 and $0 in 2006.

Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $605,451 in 2005 and $769,395 in 2006.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.

Item 5.    Audit Committee of Listed Registrants. 
    Not applicable. 
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.

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits. 
(a)(1)    Code of ethics referred to in Item 2. 
(a)(2)    Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) 
under the Investment Company Act of 1940. 
(a)(3)    Not applicable. 
(b)    Certification of principal executive and principal financial officers as required by Rule 30a-2(b) 
under the Investment Company Act of 1940. 

SIGNATURES

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

Dreyfus California Intermediate Municipal Bond Fund

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    May 26, 2006 

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.

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    Chief Executive Officer 
 
Date:    May 26, 2006 
 
By:    /s/ James Windels 
    James Windels
    Chief Financial Officer 
 
Date:    May 26, 2006 

    EXHIBIT INDEX 
(a)(1)    Code of ethics referred to in Item 2. 
(a)(2)    Certifications of principal executive and principal financial officers as required by Rule 30a- 
2(a) under the Investment Company Act of 1940. (EX-99.CERT) 
(b)    Certification of principal executive and principal financial officers as required by Rule 30a- 
2(b) under the Investment Company Act of 1940. (EX-99.906CERT)