N-CSR 1 form.htm ANNUAL REPORT form
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 811-6644 
 
DREYFUS MASSACHUSETTS 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:    03/31 
Date of reporting period:    03/31/2007 

FORM N-CSR

Item 1. Reports to Stockholders.

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    A Letter from the CEO 
3    Discussion of Fund Performance 
4    Fund Performance 
5    Understanding Your Fund’s Expenses 
5    Comparing Your Fund’s Expenses 
With Those of Other Funds
6    Statement of Investments 
13    Statement of Assets and Liabilities 
14    Statement of Operations 
15    Statement of Changes in Net Assets 
16    Financial Highlights 
17    Notes to Financial Statements 
23    Report of Independent Registered 
    Public Accounting Firm 
24    Important Tax Information 
25    Proxy Results 
26    Board Members Information 
29    Officers of the Fund 

FOR MORE INFORMATION 
Back Cover 

The Fund

Dreyfus Massachusetts 
Intermediate Municipal Bond Fund 

A LETTER FROM THE CEO

Dear Shareholder:

We present to you the last report for Dreyfus Massachusetts Intermediate Municipal Bond Fund, covering the 12-month period from April 1, 2006, through March 31, 2007.

Recent volatility in U.S. stock and bond markets has suggested to us that investors’ appetite for risk may be waning. Until late February 2007, the appetite for risk was relatively high, even in market sectors where the danger of fundamental deterioration was clear,such as “sub-prime”mort-gages. While overall valuation levels within the broad stock and bond markets seemed appropriate to us, prices of many lower-quality assets did not fully compensate investors for the risks they typically entail.

Heightened volatility sometimes signals a shift in the economy, but we do not believe this currently is the case.We continue to expect a midcycle economic slowdown and a monetary policy of “prolonged pause and eventual ease.”Tightness in the labor market should ease, with the unemployment rate driven somewhat higher by housing-related layoffs. While we believe there will be a gradual moderation of both CPI and PCE “core” inflation — a measure of underlying long-term inflation that generally excludes energy and food products — we expect the Fed to remain vigilant against inflation risks as it continues to closely monitor upcoming data. As always, your financial advisor can help you identify the investments that may help you potentially profit from these trends and maintain an asset allocation strategy that’s suited for your needs.

Thank you for your continued confidence and support.

2

DISCUSSION OF FUND PERFORMANCE

James Welch, Portfolio Manager

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

For the 12-month period ended March 31, 2007, the fund achieved a total return of 4.39% .1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 5.05% for the same period.2

Municipal bonds fared relatively well during the reporting period as moderating economic growth, stabilizing short-term interest rates and receding inflation concerns helped to support investor sentiment in most fixed-income market sectors.

What is the fund’s current strategy?

On April 24, 2007, the fund completed a Plan of Reorganization, following the recommendation of the Board of Directors and the subsequent approval by shareholders, which provided for the tax-free exchange of the fund’s assets in exchange for Class Z shares of Dreyfus Premier State Municipal Bond Fund, Massachusetts Series.The fund has since terminated its operations.

April 25, 2007

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-Massachusetts 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. 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 return 
    does not reflect the fees and expenses associated with operating a mutual fund. 

The Fund 3

FUND PERFORMANCE

Average Annual Total Returns    as of 3/31/07             
        1 Year    5 Years    10 Years 
Fund        4.39%    4.02%    4.50% 

† 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 Massachusetts Intermediate Municipal Bond Fund 
on 3/31/97 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 Massachusetts 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 Massachusetts 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. 

4

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 Massachusetts Intermediate Municipal Bond Fund from October 1, 2006 to March 31, 2007. 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, 2007 
 
Expenses paid per $1,000 †    $ 4.02 
Ending value (after expenses)    $1,013.90 

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, 2007 
 
Expenses paid per $1,000 †    $ 4.03 
Ending value (after expenses)    $1,020.94 
 
† Expenses are equal to the fund’s annualized expense ratio of .80%; multiplied by the average account value over the 
period, multiplied by 182/365 (to reflect the one-half year period). 

The Fund 5

STATEMENT OF INVESTMENTS 
March 31, 2007 

Long-Term Municipal    Coupon    Maturity    Principal     
Investments—101.3%    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts—78.0%                 
Boston    5.75    2/1/10    1,000,000 a    1,056,730 
Boston,                 
Convention Center Loan,                 
Special Obligation Bonds                 
(Insured; AMBAC)    5.00    5/1/16    1,750,000    1,850,380 
Boston Industrial Development                 
Financing Authority, Revenue                 
(Pilot Seafood Project) (LOC;                 
Canadian Imperial Bank)    5.88    4/1/07    950,000    950,047 
Boston Water and Sewer                 
Commission, Revenue    5.00    11/1/20    2,000,000    2,137,780 
Fall River                 
(Insured; MBIA)    5.25    6/1/10    1,000,000    1,012,560 
Holyoke Gas and Electric                 
Department, Revenue                 
(Insured; MBIA)    5.38    12/1/15    1,245,000    1,349,381 
Massachusetts                 
(Insured; AMBAC)    6.00    8/1/10    1,500,000    1,609,935 
Massachusetts                 
(Insured; FSA)    5.25    9/1/23    1,000,000    1,135,760 
Massachusetts,                 
Consolidated Loan    5.00    3/1/19    1,640,000    1,750,667 
Massachusetts,                 
Federal Highway    5.50    12/15/09    1,000,000    1,048,690 
Massachusetts,                 
Federal Highway, GAN    5.50    6/15/14    1,000,000    1,038,270 
Massachusetts Bay Transportation                 
Authority, Assessment Revenue    5.25    7/1/14    1,000,000 a    1,096,090 
Massachusetts Bay Transportation                 
Authority, General                 
Transportation System                 
(Insured; MBIA)    5.50    3/1/12    1,000,000    1,081,890 
Massachusetts Bay Transportation                 
Authority, Senior Sales Tax                 
Revenue    5.00    7/1/21    1,000,000    1,096,920 
Massachusetts Development Finance             
Agency, RRR (SEMASS System)                 
(Insured; MBIA)    5.63    1/1/14    2,000,000    2,166,680 

6

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts Educational                 
Financing Authority,                 
Education Loan Revenue                 
(Insured; AMBAC)    5.70    7/1/11    500,000    503,710 
Massachusetts Educational                 
Financing Authority,                 
Education Loan Revenue                 
(Insured; AMBAC)    5.00    1/1/13    1,440,000    1,463,731 
Massachusetts Educational                 
Financing Authority, Education                 
Loan Revenue (Insured; AMBAC)    4.70    1/1/27    5,000,000 b    5,000,000 
Massachusetts Educational                 
Financing Authority, Education                 
Loan Revenue (Insured; MBIA)    5.13    12/1/14    585,000    586,205 
Massachusetts Health and                 
Educational Facilities                 
Authority, Healthcare System                 
Revenue (Covenant Health                 
Systems Obligated Group Issue)    6.50    7/1/17    1,485,000    1,642,158 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue                 
(Hallmark Health                 
System Issue) (Insured; FSA)    5.25    7/1/10    2,055,000    2,111,101 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Harvard                 
Pilgrim Health Care Issue)                 
(Insured; FSA)    5.25    7/1/11    1,675,000    1,714,095 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Harvard                 
University Issue)    6.25    4/1/20    1,050,000    1,294,346 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Partners                 
HealthCare System Issue)                 
(Insured; MBIA)    5.13    7/1/11    1,000,000    1,013,380 

The Fund 7

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (University                 
of Massachusetts Project—Worcester             
City Campus Corporation Issue)                 
(Insured; FGIC)    5.25    10/1/11    435,000 a    462,823 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (University                 
of Massachusetts Project—Worcester             
City Campus Corporation Issue)                 
(Insured; FGIC)    5.25    10/1/14    565,000    600,533 
Massachusetts Municipal Wholesale                 
Electric Company, Power Supply                 
Project Revenue (Nuclear                 
Project Number 4 Issue)                 
(Insured; MBIA)    5.25    7/1/14    2,000,000    2,147,940 
Massachusetts Municipal Wholesale                 
Electric Company, Power Supply                 
Project Revenue (Project                 
Number 6 Issue) (Insured; MBIA)    5.25    7/1/12    1,810,000    1,938,691 
Massachusetts Water Pollution                 
Abatement Trust, Water                 
Pollution Abatement Revenue                 
(Massachusetts Water Resources                 
Authority Program)    6.00    8/1/14    1,015,000    1,076,042 
Massachusetts Water Resources                 
Authority, General Revenue                 
(Insured; MBIA)    5.25    8/1/21    1,500,000    1,660,725 
New England Educational Loan                 
Marketing Corporation, Student                 
Loan Revenue    6.90    11/1/09    2,000,000    2,104,820 
Route 3 North Transportation                 
Improvement Association, LR                 
(Insured; MBIA)    5.75    6/15/15    1,500,000    1,593,060 
Sandwich                 
(Insured; MBIA)    5.00    7/15/19    1,000,000    1,083,750 
Springfield,                 
Municipal Purpose Loan                 
(Insured; FGIC)    5.00    8/1/11    1,000,000 a    1,061,980 

8

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Related—23.3%                 
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    2,000,000 a    2,132,980 
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    2,000,000 a    2,132,980 
Guam Economic Development                 
Authority, Tobacco Settlement             
Asset-Backed Bonds    0/5.00    5/15/09    860,000 c    841,897 
Guam Economic Development                 
Authority, Tobacco Settlement             
Asset-Backed Bonds    0/5.40    5/15/15    350,000 c    347,945 
Puerto Rico Commonwealth,                 
Public Improvement    5.25    7/1/25    1,500,000    1,611,885 
Puerto Rico Commonwealth,                 
Public Improvement    5.25    7/1/26    2,000,000    2,149,180 
Puerto Rico Commonwealth,                 
Public Improvement (Insured;                 
FSA)    5.25    7/1/14    1,000,000    1,098,080 
Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue    5.00    7/1/18    1,000,000    1,065,490 
Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue (Insured; FGIC)    5.50    7/1/19    1,000,000    1,148,820 
Virgin Islands Public Finance                 
Authority, Revenue, Virgin                 
Islands Gross Receipts Taxes                 
Loan Note    5.63    10/1/10    680,000    696,436 
Virgin Islands Public Finance                 
Authority, Revenue, Virgin                 
Islands Matching Fund Loan                 
Notes (Subordinated                 
Lien/Capital Program)    5.88    10/1/18    500,000    518,585 
Virgin Islands Water and Power                 
Authority, Electric System                 
Revenue (Insured; Radian)    5.13    7/1/11    1,000,000    1,026,100 
Total Long-Term Municipal Investments             
(cost $62,411,990)                64,211,248 

The Fund 9

STATEMENT OF INVESTMENTS (continued)

Short-Term Municipal    Coupon    Maturity    Principal     
Investments—5.2%    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts;                 
Massachusetts,                 
Consolidated Loan (Liquidity                 
Facility; Dexia Credit Locale)    3.78    4/1/07    2,300,000 d    2,300,000 
Massachusetts,                 
GO (Central Artery/Ted                 
Williams Tunnel Infrastructure             
Loan Act of 2000) (Liquidity                 
Facility; Landesbank                 
Baden-Wurttemberg)    3.80    4/1/07    1,000,000 d    1,000,000 
Total Short-Term                 
Municipal Investments                 
(cost $3,300,000)                3,300,000 
 
Total Investments (cost $65,711,990)        106.5%    67,511,248 
 
Liabilities, Less Cash and Receivables        (6.5%)    (4,131,518) 
 
Net Assets            100.0%    63,379,730 
 
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 Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
d Securities payable on demand.Variable interest rate—subject to periodic change.     

10

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    PILOT    Payment in Lieu of Taxes 
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 

The Fund 11

STATEMENT OF INVESTMENTS (continued)

Summary of Combined Ratings (Unaudited)     
 
Fitch    or Moody’s    or    Standard & Poor’s    Value (%)† 
AAA    Aaa        AAA    65.5 
AA    Aa        AA    13.3 
A        A        A    5.6 
BBB    Baa        BBB    9.9 
F1    MIG1/P1        SP1/A1    4.9 
Not Rated e    Not Rated e        Not Rated e    .8 
                    100.0 
†    Based on total investments.             
e    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.             

12

STATEMENT OF ASSETS AND LIABILITIES 
March 31, 2007 

    Cost    Value 
Assets ($):         
Investments in securities—See Statement of Investments    65,711,990    67,511,248 
Cash        171,596 
Interest receivable        826,363 
Receivable for shares of Beneficial Interest subscribed        560 
Prepaid expenses        7,490 
        68,517,257 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)        31,868 
Payable for investment securities purchased        5,002,611 
Payable for shares of Beneficial Interest redeemed        51,301 
Accrued expenses        51,747 
        5,137,527 
Net Assets ($)        63,379,730 
Composition of Net Assets ($):         
Paid-in capital        61,513,820 
Accumulated undistibuted investment income—net        6,676 
Accumulated net realized gain (loss) on investments        59,976 
Accumulated net unrealized appreciation         
(depreciation) on investments        1,799,258 
Net Assets ($)        63,379,730 
Shares Outstanding         
(unlimited number of $.001 par value         
shares of Beneficial Interest authorized)        4,639,620 
Net Asset Value, offering and redemption price per share—Note 3(d) ($)    13.66 
See notes to financial statements.         

The Fund 13

STATEMENT OF OPERATIONS 
Year Ended March 31, 2007 

Investment Income ($):     
Interest Income    3,307,884 
Expenses:     
Management fee—Note 3(a)    431,606 
Shareholder servicing costs—Note 3(b)    67,932 
Auditing fees    35,415 
Legal fees    19,671 
Registration fees    11,967 
Trustees’ fees and expenses—Note 3(c)    10,065 
Custodian fees    9,649 
Prospectus and shareholders’ reports    9,122 
Loan commitment fees—Note 2    393 
Miscellaneous    17,673 
Total Expenses    613,493 
Less—reduction in management fee due to     
undertaking—Note 3(a)    (38,008) 
Less—reduction in custody fees due to     
earnings credits—Note 1(b)    (2,296) 
Net Expenses    573,189 
Investment Income—Net    2,734,695 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    288,658 
Net unrealized appreciation (depreciation) on investments    87,880 
Net Realized and Unrealized Gain (Loss) on Investments    376,538 
Net Increase in Net Assets Resulting from Operations    3,111,233 
 
See notes to financial statements.     

14

STATEMENT OF CHANGES IN NET ASSETS

        Year Ended March 31, 
    2007    2006 
Operations ($):         
Investment income—net    2,734,695    3,053,821 
Net realized gain (loss) on investments    288,658    (3,933) 
Net unrealized appreciation         
(depreciation) on investments    87,880    (886,100) 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    3,111,233    2,163,788 
Dividends to Shareholders from ($):         
Investment income—net    (2,725,068)    (3,051,033) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold    6,215,879    10,398,412 
Dividends reinvested    2,261,841    2,486,675 
Cost of shares redeemed    (23,581,077)    (20,559,687) 
Increase (Decrease) in Net Assets from         
Beneficial Interest Transactions    (15,103,357)    (7,674,600) 
Total Increase (Decrease) in Net Assets    (14,717,192)    (8,561,845) 
Net Assets ($):         
Beginning of Period    78,096,922    86,658,767 
End of Period    63,379,730    78,096,922 
Undistributed investment income—net    6,676    — 
Capital Share Transactions (Shares):         
Shares sold    456,273    750,486 
Shares issued for dividends reinvested    165,820    180,069 
Shares redeemed    (1,728,012)    (1,485,735) 
Net Increase (Decrease) in Shares Outstanding    (1,105,919)    (555,180) 
 
See notes to financial statements.         

The Fund 15

FINANCIAL HIGHLIGHTS

The following table describe 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,     
    2007    2006    2005    2004    2003 
Per Share Data ($):                     
Net asset value, beginning of period    13.59    13.75    14.23    14.15    13.47 
Investment Operations:                     
Investment income—net a    .52    .51    .49    .49    .51 
Net realized and unrealized                     
gain (loss) on investments    .07    (.16)    (.46)    .08    .69 
Total from Investment Operations    .59    .35    .03    .57    1.20 
Distributions:                     
Dividends from investment income—net    (.52)    (.51)    (.49)    (.49)    (.52) 
Dividends from net realized                     
gain on investments    —    —    (.02)    —    — 
Total Distributions    (.52)    (.51)    (.51)    (.49)    (.52) 
Net asset value, end of period    13.66    13.59    13.75    14.23    14.15 
Total Return (%)    4.39    2.52    .22    4.10    9.09 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                     
to average net assets    .85    .83    .83    .80    .76 
Ratio of net expenses                     
to average net assets    .80    .79    .80    .79    .76 
Ratio of net investment income                     
to average net assets    3.80    3.67    3.50    3.45    3.68 
Portfolio Turnover Rate    35.82    15.97    33.82    20.93    33.40 
Net Assets, end of period ($ x 1,000)    63,380    78,097    86,659    99,554    128,328 
 
a Based on average shares outstanding at each month end.                 
See notes to financial statements.                     

16

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Massachusetts 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 Massachusetts 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. Effective November 17, 2006, the fund is closed to any investments for new accounts.

On December 4, 2006, Mellon Financial and The Bank of New York Company, Inc. announced that they had entered into a definitive agreement to merge. The new company will be called The Bank of New York Mellon Corporation. As part of this transaction, Dreyfus would become a wholly-owned subsidiary of The Bank of New York Mellon Corporation.The transaction is subject to certain regulatory approvals and the approval of The Bank of New York Company, Inc.’s and Mellon Financial’s shareholders, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Mellon Financial and The Bank of New York Company, Inc. expect the transaction to be completed in the third quarter of 2007.

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.

The Fund 17

NOTES TO FINANCIAL STATEMENTS (continued)

(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 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.

On September 20, 2006, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the portfolio.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of discount and 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

18

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, if any, 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.

(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.

On July 13, 2006, the FASB released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or

The Fund 19

NOTES TO FINANCIAL STATEMENTS (continued)

expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

At March 31, 2007, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $24,102, undistributed capital gains $42,067 and unrealized appreciation $1,817,167.

The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2007 and March 31, 2006 were as follows: tax exempt income $2,725,068 and $3,051,033, respectively.

During the period ended March 31, 2007, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments, the fund decreased accumulated undistributed investment income-net by $2,951 and increased accumulated net realized gain (loss) on investments 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 at rates based on prevailing market rates in effect at the time of borrowing. During the period ended March 31, 2007, 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.The Manager had undertaken from April 1, 2006 through March 31, 2007 to reduce

20

the management fee paid by the fund, to the extent that if the fund’s aggregate annual expenses, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary expenses, exceed an annual rate of .80% of the value of the fund’s average daily net assets.The reduction in management fee, pursuant to the undertaking, amounted to $38,008 during the period ended March 31, 2007.

(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 March 31, 2007, the fund was charged $30,101 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, 2007, the fund was charged $20,945 pursuant to the transfer agency agreement.

During the period ended March 31, 2007, the fund was charged $4,089 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 $32,467, chief compliance officer fees $3,067 and transfer agency per account fees $3,405, which are offset against an expense reimbursement currently in effect in the amount of $7,071.

(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 21

NOTES TO FINANCIAL STATEMENTS (continued)

(d) A 1% redemption fee is charged and retained by the fund on 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 March 31, 2007, redemption fees charged and retained by the fund amounted to $35.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2007, amounted to $25,105,828 and $38,449,692 respectively.

At March 31, 2007, the cost of investments for federal income tax purposes was $65,694,081; accordingly, accumulated net unrealized appreciation on investments was $1,817,167, consisting of $1,825,814 gross unrealized appreciation and $8,647 gross unrealized depreciation.

NOTE 5—Plan of Reorganization:

At a meeting of the Board of Trustees of the fund held on November

8, 2006, the Board approved, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Agreement”) between the fund and Dreyfus Premier State Municipal Bond fund, Massachusetts Series. (the “Acquiring Fund”).The Agreement provides for the transfer of the fund’s assets to the Acquiring Fund in a tax-free exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the fund’s stated liabilities, the distribution of shares of the Acquiring Fund to the fund’s shareholders and the subsequent termination of the fund (the “Reorganization”). Holders of fund shares as of December 15, 2006 approved the Agreement on behalf of the fund at a special meeting of shareholders held on March 1, 2007. The Reorganization took place as of the close of business on April 24, 2007.

22

REPORT OF INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM 

Shareholders and Board of Directors 
Dreyfus Massachusetts Intermediate Municipal Bond Fund 

We have audited the accompanying statement of assets and liabilities of Dreyfus Massachusetts Intermediate Municipal Bond Fund, including the statement of investments, as of March 31, 2007, 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 March 31, 2007 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 Massachusetts Intermediate Municipal Bond Fund at March 31, 2007, 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 17, 2007 

The Fund 23

IMPORTANT TAX INFORMATION ( U n a u d i t e d )

In accordance with federal tax law, the fund hereby designates all the dividends paid from investment income-net during its fiscal year ended March 31, 2007 as “exempt-interest dividends” (not generally subject to regular federal and, for individuals who are Massachusetts residents, Massachusetts personal income taxes). 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 gains distributions (if any) paid for the 2007 calendar year on Form 1099-DIV and their portion of the fund’s exempt interest dividends paid for the 2007 calendar year on Form 1099-INT, both of which will be mailed by January 31, 2008.

24

PROXY RESULTS (Unaudited)

The fund held special meetings of shareholders on November 30, 2006 and March 1, 2007.The proposals considered at the meetings, and the results, are as follows:

    Shares 
November 30, 2006    Votes For    Authority Withheld 
To elect Board Members:         
Clifford L. Alexander,Jr. †    3,073,195    95,803 
Peggy C. Davis †    3,074,823    94,175 
Joseph S. DiMartino    3,069,429    99,569 
Ernest Kafka †    3,069,753    99,245 
Nathan Leventhal †    3,074,823    94,175 
 
† Each new Board member’s term commenced on January 1, 2007. Joseph S. DiMartino was a Board member prior 
November 30, 2006 and continues to serve as such.     
In addition to Joseph S. DiMartino, David W. Burke, Diane Dunst, Jay I. Meltzer, Daniel Rose,Warren B. 
Rudman and Sander Vanocur continue as Board members of the fund.     

        Shares     
March 1, 2007    For    Against    Abstained 
To approve an Agreement and Plan             
of Reorganization providing for the             
transfer of all of the assets of the fund             
to the Massachusetts Series             
(the “Acquiring Fund”) of Dreyfus             
Premier State Municipal Bond Fund,             
in exchange for Class Z shares of the             
Acquiring Fund having an aggregate             
net asset value equal to the value of the             
fund’s net assets and the assumption             
by the Acquiring Fund of the fund’s stated         
liabilities, and the pro rata distribution             
of those shares to the fund’s shareholders         
and subsequent termination of the fund.    2,582,035    150,019    395,823 

The Fund 25

BOARD MEMBERS INFORMATION ( U n a u d i t e d )

Joseph S. DiMartino (63) 
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 
• 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, a provider of certain outdoor-related services to homes and 
businesses, Director 

No. of Portfolios for which Board Member Serves: 186

———————

Clifford L. Alexander, Jr. (73) 
Board Member (2007) 

Principal Occupation During Past 5 Years: 
• President of Alexander & Associates, Inc., a management consulting firm ( January 1981-present) 
• Chairman of the Board of Moody’s Corporation (October 2000-October 2003) 
Other Board Memberships and Affiliations: 
• Mutual of America Life Insurance Company, Director 

No. of Portfolios for which Board Member Serves: 65

———————

David W. Burke (70) 
Board Member (1994) 

Principal Occupation During Past 5 Years: 
• Corporate Director and Trustee 
Other Board Memberships and Affiliations: 
• John F. Kennedy Library Foundation, Director 

No. of Portfolios for which Board Member Serves: 77

———————

Peggy C. Davis (64) 
Board Member (2007) 

Principal Occupation During Past 5 Years: 
• Shad Professor of Law, New York University School of Law (1983-present) 
• Writer and teacher in the fields of evidence, constitutional theory, family law, social sciences 
and the law, legal process and professional methodology and training 

No. of Portfolios for which Board Member Serves: 78

26

Diane Dunst (67) 
Board Member (1990) 

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

No. of Portfolios for which Board Member Serves: 30

———————

Ernest Kafka (74) 
Board Member (2007) 

Principal Occupation During Past 5 Years: 
• Physician engaged in private practice specializing in the psychoanalysis of adults and 
adolescents (1962-present) 
• Instructor,The New York Psychoanalytic Institute (1981-present) 
• Associate Clinical Professor of Psychiatry at Cornell Medical School (1987-2002) 

No. of Portfolios for which Board Member Serves: 30

———————

Nathan Leventhal (64) 
Board Member (2007) 

Principal Occupation During Past 5 Years: 
• Commissioner, NYC Planning Commission (March 2007-present) 
• Chairman of the Avery-Fisher Artist Program (November 1997-present) 
Other Board Memberships and Affiliations: 
• Movado Group, Inc., Director 
• Mayor’s Committee on Appointments, Chairman 

No. of Portfolios for which Board Member Serves: 30

———————

Jay I. Meltzer (79) 
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: 30

The Fund 27

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Daniel Rose (77) 
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: 39

———————

Warren B. Rudman (76) 
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 
• Boston Scientific, Director 

No. of Portfolios for which Board Member Serves: 39

———————

Sander Vanocur (79) 
Board Member (1992) 

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

No. of Portfolios for which Board Member Serves: 39

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.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

28

OFFICERS OF THE FUND ( U n a u d i t e d )

J. DAVID OFFICER, President since    JOSEPH M. CHIOFFI, Vice President and 
December 2006.    Assistant Secretary since August 2005. 
Chief Operating Officer,Vice Chairman and a    Associate General Counsel of the Manager, 
director of the Manager, and an officer of 89    and an officer of 90 investment companies 
investment companies (comprised of 186    (comprised of 202 portfolios) managed by the 
portfolios) managed by the Manager. He is 58    Manager. He is 45 years old and has been an 
years old and has been an employee of the    employee of the Manager since June 2000. 
 
Manager since April 1, 1998.    JANETTE E. FARRAGHER, Vice President 
MARK N. JACOBS, Vice President since    and Assistant Secretary since 
March 2000.    August 2005. 
Executive Vice President, Secretary and    Associate General Counsel of the Manager, 
General Counsel of the Manager, and an    and an officer of 90 investment companies 
officer of 90 investment companies (comprised    (comprised of 202 portfolios) managed by the 
of 202 portfolios) managed by the Manager.    Manager. She is 44 years old and has been an 
He is 60 years old and has been an employee    employee of the Manager since February 1984. 
 
of the Manager since June 1977.    JOHN B. HAMMALIAN, Vice President and 
MICHAEL A. ROSENBERG, Vice President    Assistant Secretary since August 2005. 
and Secretary since August 2005.    Associate General Counsel of the Manager, 
Associate General Counsel of the Manager,    and an officer of 90 investment companies 
and an officer of 90 investment companies    (comprised of 202 portfolios) managed by the 
(comprised of 202 portfolios) managed by the    Manager. He is 43 years old and has been an 
Manager. He is 47 years old and has been an    employee of the Manager since February 1991. 
 
employee of the Manager since October 1991.    ROBERT R. MULLERY, Vice President and 
JAMES BITETTO, Vice President and    Assistant Secretary since August 2005. 
Assistant Secretary since August 2005.    Associate General Counsel of the Manager, 
Associate General Counsel and Assistant    and an officer of 90 investment companies 
Secretary of the Manager, and an officer of 90    (comprised of 202 portfolios) managed by the 
investment companies (comprised of 202    Manager. He is 55 years old and has been an 
portfolios) managed by the Manager. He is 40    employee of the Manager since May 1986. 
 
years old and has been an employee of the    JEFF PRUSNOFSKY, Vice President and 
Manager since December 1996.    Assistant Secretary since August 2005. 
JONI LACKS CHARATAN, Vice President    Associate General Counsel of the Manager, 
and Assistant Secretary since    and an officer of 90 investment companies 
August 2005.    (comprised of 202 portfolios) managed by the 
Associate General Counsel of the Manager,    Manager. He is 41 years old and has been an 
and an officer of 90 investment companies    employee of the Manager since October 1990. 
(comprised of 202 portfolios) managed by the     
Manager. She is 51 years old and has been an     
employee of the Manager since October 1988.     

The Fund 29

OFFICERS OF THE FUND (Unaudited) (continued)

JAMES WINDELS, Treasurer since    JOSEPH W. CONNOLLY, Chief Compliance 
November 2001.    Officer since October 2004. 
Director – Mutual Fund Accounting of the    Chief Compliance Officer of the Manager and 
Manager, and an officer of 90 investment    The Dreyfus Family of Funds (90 investment 
companies (comprised of 202 portfolios)    companies, comprised of 202 portfolios). From 
managed by the Manager. He is 48 years old    November 2001 through March 2004, Mr. 
and has been an employee of the Manager    Connolly was first Vice-President, Mutual 
since April 1985.    Fund Servicing for Mellon Global Securities 
 
ROBERT ROBOL, Assistant Treasurer    Services. In that capacity, Mr. Connolly was 
since August 2003.    responsible for managing Mellon's Custody, 
    Fund Accounting and Fund Administration 
Senior Accounting Manager – Money Market    services to third-party mutual fund clients. He 
and Municipal Bond Funds of the Manager,    is 49 years old and has served in various 
and an officer of 90 investment companies    capacities with the Manager since 1980, 
(comprised of 202 portfolios) managed by the    including manager of the firm's Fund 
Manager. He is 43 years old and has been an    Accounting Department from 1997 through 
employee of the Manager since October 1988.    October 2001. 
 
ROBERT SVAGNA, Assistant Treasurer    WILLIAM GERMENIS, Anti-Money 
since December 2005.    Laundering Compliance Officer since 
Senior Accounting Manager – Equity Funds of    October 2002. 
the Manager, and an officer of 90 investment    Vice President and Anti-Money Laundering 
companies (comprised of 202 portfolios)    Compliance Officer of the Distributor, and the 
managed by the Manager. He is 40 µyears old    Anti-Money Laundering Compliance Officer 
and has been an employee of the Manager    of 86 investment companies (comprised of 198 
since November 1990.    portfolios) managed by the Manager. He is 36 
GAVIN C. REILLY, Assistant Treasurer    years old and has been an employee of the 
since December 2005.    Distributor since October 1998. 
Tax Manager of the Investment Accounting     
and Support Department of the Manager, and     
an officer of 90 investment companies     
(comprised of 202 portfolios) managed by the     
Manager. He is 38 years old and has been an     
employee of the Manager since April 1991.     

30

NOTES

For More Information

Dreyfus    Transfer Agent & 
Massachusetts 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 1-202-551-8090.

Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2006, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.

© 2007 Dreyfus Service Corporation

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"). Mr. 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 $30,881 in 2006 and $30,881 in 2007.

(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 2006 and $0 in 2007.

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 2006 and $0 in 2007.

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 $2,983 in 2006 and $3,261 in 2007. 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.

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 2006 and $0 in 2007.

(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 $53 in 2006 and $57 in 2007. 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 2006 and $0 in 2007.

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 $769,395 in 2006 and $722,002 in 2007.

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 MASSACHUSETTS INTERMEDIATE MUNICIPAL BOND FUND

By:    /s/ J. David Officer 
    J. David Officer 
    President
 
Date:    May 21, 2007 

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/ J. David Officer 
    J. David Officer 
    President
 
Date:    May 21, 2007 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    May 21, 2007 

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)