PRESIDENT'S LETTER
Dear Shareholder:
At the end of your Fund's semi-annual reporting period on November 30,
1993, each share had a net asset value of $14.60, which represents an increase
of $.29 from our last reporting period. During the six-month period, dividends
of approximately $.39 per share were paid, which translates into an annualized
distribution rate per share of 5.26% based on the November 30 closing net
asset value. As has been true from the Fund's inception, all interest income
paid to you has been exempt from Federal income tax.*
The municipal market's performance during the period was laudable:
volatility was restrained; price performance was reasonably good; and interest
rates, while generally lower than experienced during 1992, were rewarding when
viewed from an historical perspective. Supply, as reflected in the volume of
newly-issued securities, was high throughout the year. This might have caused
interest rates to move upward, but that did not happen.
Recent economic numbers indicate that we are at the beginning of a
recovery. We do not anticipate that this will be a robust recovery; however,
we do feel that the market may experience some volatility during the first
quarter of 1994. The intermediate sector has provided the investor with an
attractive return during the past year. The heavy supply of municipal issuance
has provided us with many opportunities to take advantage of the flattening
yield curve and the relative attractiveness of municipals compared to
Treasuries.
The current investment climate continues to be favorable for municipal
securities and investors in these instruments. We have your goals in mind and
we will continue to act and react as economic events occur which could have an
effect on your Fund's portfolio.
Very truly yours,
Richard J. Moynihan
President
December 22, 1993
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
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DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS-96.9% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
ALASKA-.7%
Alaska Industrial Development and Export Authority, Revolving Fund
7.80%, 4/1/2004............................................................ $ 6,360,000 $ 7,356,548
Anchorage, HR, Refunding (Sisters of Providence Project) 6.50%, 10/1/1999...... 2,000,000 2,187,040
Kasaan, Lease Revenue 7.75%, 8/15/2005 (LOC; Sumitomo Trust Co.) (a)........... 3,510,000 3,999,013
ARIZONA-1.8%
Arizona State University, Revenue, Refunding 5.40%, 7/1/2003................... 3,940,000 4,107,450
Arizona Transportation Board, Highway Revenue 6.50%, 7/1/2007.................. 5,000,000 5,500,800
Maricopa County Industrial Development Authority:
Health Facility Revenue (Mercy Health Systems):
8.90%, 7/1/1998........................................................ 2,335,000 2,548,676
9%, 7/1/2000........................................................... 2,775,000 3,033,130
Hospital Facilities Revenue, Refunding (Samaritan Health Services)
7.15%, 12/1/2004 (Insured; MBIA)....................................... 9,835,000 11,617,004
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems Inc. Project) 7.25%, 10/15/2004................ 5,000,000 5,292,050
ARKANSAS-1.0%
Arkansas Student Loan Authority, Revenue:
6.05%, 6/1/2002............................................................ 4,700,000 5,065,378
6.05%, 12/1/2002........................................................... 4,455,000 4,933,645
Pulaski County Health Facilities Board, Revenue, Refunding
(Sisters Charity Nazareth - Saint Vincent's Infirmary):
5.80%, 11/1/2004 (Insured; MBIA)....................................... 3,405,000 3,637,800
5.90%, 11/1/2005 (Insured; MBIA)....................................... 3,410,000 3,654,395
CALIFORNIA-6.1%
California Department of Veteran Affairs, Home Purchase Revenue
7.80%, 8/1/2001............................................................ 5,000,000 5,381,950
California Higher Education Loan Authority Inc., Student Loan Revenue, Refunding
6.40%, 12/1/2003........................................................... 6,000,000 6,435,060
California Public Works Board, Lease Revenue (University of California Projects):
5%, 6/1/2005............................................................... 6,230,000 6,170,815
5%, 6/1/2006............................................................... 5,730,000 5,625,542
Refunding 5.25%, 6/1/2006.................................................. 6,000,000 6,065,820
Northern California Power Agency, Geothermal Project Number 3, Revenue, Refunding
5.50%, 7/1/2005............................................................ 13,000,000 13,421,200
Riverside County Asset Leasing Corp., Leasehold Revenue
(Riverside County Hospital Project) 6%, 6/1/2003........................... 5,000,000 5,281,500
Sacramento Municipal Utility District, Electric Revenue
5.26%, 11/15/2006 (Insured; FSA)........................................... 20,000,000 20,549,000
Sacramento Schools Insurance Authority, Revenue:
(Liability Program) 5.70%, 6/1/2003........................................ 13,815,000 13,855,616
(Workers Compensation Program) 5.75%, 6/1/2003............................. 15,960,000 17,332,560
San Diego, Port Facilities Revenue, Refunding
(National Steel and Shipbuilding Co.) 6.60%, 12/1/2002..................... 3,400,000 3,630,486
University of California, Housing System Revenues, Refunding
5.20%, 11/1/2004 (Insured; MBIA)........................................... 6,010,000 6,191,502
COLORADO-1.3%
Colorado Student Obligation Bond Authority, Student Loan Revenue
6.55%, 12/1/2002........................................................... 6,050,000 6,672,363
Denver City and County, Airport Revenue 8.75%, 11/15/2005...................... 14,485,000 17,248,448
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
CONNECTICUT-.3%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
7.30%, 11/15/2003.......................................................... $ 5,705,000 $ 6,363,072
DELAWARE-1.0%
Delaware River and Bay Authority, Delaware Authority Revenue 3.75%, 1/1/2004... 18,130,000 17,815,263
DISTRICT OF COLUMBIA-1.6%
District of Columbia:
5.75%, 6/1/2006............................................................ 12,485,000 12,708,107
Refunding:
9.10%, 6/1/1997........................................................ 3,875,000 4,279,899
5.625%, 6/1/2002....................................................... 11,000,000 11,475,640
FLORIDA-4.8%
Dade County, Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC)................ 10,830,000 11,577,920
Florida Local Government Finance Authority, Revenue (Governmental Unit Loan Project)
7.75%, 3/1/2000 (LOC; Sumitomo Bank) (a) 8,000,000 8,324,080
Florida School Boards Association Inc., Lease Revenue
(Orange County School Board Project) 6.25%, 7/1/2005 (Insured; AMBAC)...... 3,250,000 3,432,487
Florida Turnpike Authority, Turnpike Revenue:
5.90%, 7/1/1999 (Insured; FGIC)............................................ 3,400,000 3,662,208
5.90%, 7/1/2000 (Insured; FGIC)............................................ 3,600,000 3,892,824
5.90%, 7/1/2001 (Insured; FGIC)............................................ 3,800,000 4,115,666
5.90%, 7/1/2002 (Insured; FGIC)............................................ 4,000,000 4,332,760
5.90%, 7/1/2003 (Insured; FGIC)............................................ 4,200,000 4,534,320
5.90%, 7/1/2004 (Insured; FGIC)............................................ 4,500,000 4,829,985
Greater Orlando Aviation Authority, Airport Facilities Revenue 6.40%, 10/1/2004 8,940,000 9,939,850
Hillsborough County Industrial Development Authority, Revenue
(Allegany Health Systems - J. Knox Village) 6%, 12/1/2006 (Insured; MBIA).. 3,615,000 3,882,076
Indian Trace Community Development District, Water and Sewer Revenue
8.50%, 4/1/1997............................................................ 1,840,000 2,036,972
Jacksonville Health Facilities Authority, HR, Refunding
(Baptist Medical Center Project) 7.25%, 6/1/2005 (Insured; MBIA)........... 4,000,000 4,557,760
Lake County Resources Recovery, IDR, Refunding (NRG/Recovery Group)
5.65%, 10/1/2005........................................................... 9,085,000 9,083,637
Sarasota County School Board Financing Corp., Lease Revenue, Refunding:
5%, 7/1/2007 (Insured; MBIA)............................................... 4,015,000 3,995,206
5%, 7/1/2008 (Insured; MBIA)............................................... 4,200,000 4,131,498
GEORGIA-.3%
Clayton County Housing Authority, MFHR (Chase Village Apartment Projects)
8.50%, 12/1/1997 (Guaranteed; FNMA)........................................ 3,230,000 3,247,442
Warren County Development Authority, IDR (Health-Tex and Chesebrough-Pond's)
9.375%, 7/1/1994........................................................... 2,200,000 2,281,004
HAWAII-1.2%
Hawaii County, Refunding and Improvement 5.30%, 5/1/2005 (Insured; FGIC)....... 2,000,000 2,053,380
Hawaii State, Airports Systems Revenue 7.50%, 7/1/2005 (Insured; FGIC)......... 3,000,000 3,450,480
Honolulu City and County 7.92%, 9/27/2007 (b).................................. 15,300,000 16,141,500
ILLINOIS-5.9%
Chicago O'Hare International Airport, Special Facility Revenue
(International Terminal) 7.50%, 1/1/2005................................... 2,800,000 3,137,176
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
ILLINOIS (CONTINUED)
Chicago School Finance Authority, Refunding 6.20%, 6/1/2003 (Insured; FGIC).... $ 12,630,000 $ 13,875,444
Fairview Heights, Economic Development Revenue (Fairview Heights Association Project)
8.375%, 12/1/1995 (LOC; Sovran Bank) (a)................................... 1,600,000 1,638,352
Hoffman Estates, Tax Increment Revenue
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland) (a)..................... 5,145,000 5,813,233
Illinois Development Finance Authority, Community Rehabilitation
(Providers Facility Acquisition) 8.25%, 9/1/2000........................... 6,160,000 6,820,660
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999.................. 1,610,000 1,829,588
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA)...................................... 4,400,000 4,705,272
(Ingalls Memorial Hospital Project) 7%, 1/1/2005 (Insured; MBIA)........... 6,000,000 6,772,260
(Refunding - Evangelical Hospitals) 6.75%, 4/15/2007....................... 3,090,000 3,321,163
(Refunding - Westlake Community Hospital) 7.625%, 1/1/1999................. 3,995,000 4,438,445
(Southern Illinois Hospital Services) 6.50%, 3/1/2007...................... 4,000,000 4,380,280
(SwedishAmerican Hospital) 7.30%, 4/1/2007 (Insured; AMBAC)................ 4,000,000 4,597,200
Illinois Housing Development Authority, Multi-Family Housing:
6.65%, 7/1/2001............................................................ 1,430,000 1,506,319
6.75%, 7/1/2002............................................................ 1,090,000 1,148,620
Illinois State 5.60%, 6/1/2001................................................. 3,325,000 3,523,104
Illinois Student Assistance Commission, Student Loan Revenue:
6.30%, 3/1/2004............................................................ 2,600,000 2,758,938
6.40%, 3/1/2005 6,300,000 6,683,355
Joliet, Gas Supply Revenue (Peoples Gas Light and Coke) 8%, 6/1/1999........... 5,000,000 5,802,400
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax Revenue
(McCormick Place Expansion Project):
5.60%, 6/15/2001....................................................... 10,235,000 10,854,013
5.75%, 6/15/2002....................................................... 9,545,000 10,187,665
Normal, Economic Development Revenue, Refunding (Dayton-Hudson Corp. Project)
6.75%, 11/1/2001........................................................... 3,400,000 3,741,054
INDIANA-4.6%
Boonville Junior High School Building Corp., First Mortgage Revenue, Refunding
6.80%, 7/1/2005 3,100,000 3,459,135
Indiana Bond Bank (Special Hospital Program Hendricks) 6.90%, 4/1/2006......... 3,000,000 3,301,050
Indiana Health Facility Financing Authority, HR (Lafayette Home Hospital Project)
5.75%, 8/1/2008............................................................ 3,000,000 3,046,650
Indiana Municipal Power Agency, Power Supply Systems Revenue:
8.539%, 1/1/2006 (b,c)..................................................... 4,200,000 4,541,250
8.639%, 1/1/2007 (b,c)..................................................... 6,300,000 6,780,375
8.739%, 1/1/2008 (b,c)..................................................... 7,000,000 7,498,750
Indiana Secondary Market Educational Loans Inc., Education Loan Revenue
5.30%, 9/1/1999............................................................ 10,000,000 10,303,500
Indiana Transportation Finance Authority, Airport Facilities Lease Revenue
(United Air) 6.50%, 11/1/2007.............................................. 4,000,000 4,301,040
Indianapolis Local Public Improvement Bond Bank:
6.20%, 2/1/2003............................................................ 2,100,000 2,254,560
6.30%, 2/1/2004............................................................ 2,800,000 3,017,308
6.40%, 12/1/2005........................................................... 3,000,000 3,242,910
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
INDIANA (CONTINUED)
Knox County Hospital Association, Lease Revenue
5.65%, 7/1/2008 (Insured; MBIA)............................................ $ 4,150,000 $ 4,259,850
Logansport School Building Corp., First Mortgage 7.30%, 1/15/2007.............. 4,750,000 5,559,257
Merrillville Multiple School Building Corp., First Mortgage, Refunding:
6.125%, 7/1/2001 (Insured; MBIA)........................................... 3,400,000 3,712,766
6.25%, 7/1/2002 (Insured; MBIA)............................................ 3,000,000 3,307,440
Noblesville High School Building Corp. (First Mortgage) 5.65%, 2/15/2008....... 4,060,000 4,089,841
North Montgomery Elementary School Building Corp., Refunding 6.50%, 7/1/2006... 5,665,000 6,008,242
Purdue University, University Revenue (Purdue University Dormitory Systems)
6.90%, 7/1/2006 (Insured; AMBAC)........................................... 4,075,000 4,698,557
IOWA-1.4%
Ames, HR (Mary Greeley Medical Center Project)
6.25%, 8/15/2006 (Insured; AMBAC).......................................... 4,320,000 4,701,931
Council Bluffs, IDR, Refunding (Cargill Inc. Project) 7%, 3/1/2007............. 4,400,000 4,800,268
Iowa Student Loan Liquidity Corp., Student Loan Revenue:
6.65%, 3/1/2003 (Insured; AMBAC)........................................... 4,900,000 5,613,783
7%, 12/1/2003 (Insured; AMBAC)............................................. 10,000,000 10,768,600
KENTUCKY-1.6%
Kentucky Development Finance Authority, Revenue, Refunding
(Sisters of Charity Health):
5.75%, 11/1/1998....................................................... 1,980,000 2,101,493
6%, 11/1/1999.......................................................... 1,895,000 2,042,204
6%, 11/1/2000.......................................................... 2,220,000 2,403,638
6%, 11/1/2001.......................................................... 1,330,000 1,443,170
Kentucky Higher Education Student Loan Corp., Insured Student Loan Revenue, Refunding
5.10%, 12/1/2003........................................................... 7,530,000 7,524,051
Kentucky Housing Corp., Housing Revenue 5.15%, 7/1/2007........................ 3,500,000 3,486,280
Mount Sterling, Lease Revenue (Kentucky League Cities Funding)
5.625%, 3/1/2003........................................................... 10,000,000 10,375,000
LOUISIANA-4.1%
Bastrop Industrial Development Board Inc., PCR, Refunding (International Paper Co. Project)
6.90%, 3/1/2007............................................................ 10,000,000 10,989,300
Jefferson Sales Tax District, Special Sales Tax Revenue, Refunding
8%, 7/1/1997............................................................... 6,000,000 6,828,420
Louisiana Correctional Facilities Corp., Lease Revenue:
7.939%, 12/15/2001 (b,c)................................................... 7,000,000 7,612,500
8.239%. 12/15/2002 (b,c)................................................... 7,000,000 7,726,250
8.339%, 12/15/2003 (b,c)................................................... 2,800,000 3,087,000
Louisiana Offshore Terminal Authority, Deepwater Port Revenue, Refunding
(Loop Inc. Project) 7.45%, 9/1/2004........................................ 3,000,000 3,411,240
Louisiana Public Facilities Authority:
Revenue:
(Louisiana Association of Independent Colleges and Universities)
6.50%, 12/1/2002.................................................. 2,155,000 2,422,242
(Tulane University of Louisiana) 9.55%, 11/15/2012 (b)................. 8,065,000 9,210,553
Special Insurance Assessment Revenue, Refunding
4.60%, 10/1/2002 (Insured; FSA)........................................ 6,750,000 6,638,895
Louisiana State 6.40%, 5/1/2006 (Insured; MBIA)................................ 9,755,000 10,671,092
New Orleans, Limited Tax - Drainage System Revenue 9.70%, 12/1/1996............ 2,000,000 2,052,260
Saint Charles Parish, PCR, Refunding (Union Carbide Convertible)
7.625%, 6/1/2003........................................................... 3,440,000 3,823,319
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
MAINE-1.1%
Maine Educational Loan Marketing Corp., Student Loan Revenue, Refunding:
5.65%, 5/1/1999............................................................ $ 1,900,000 $ 1,990,915
5.80%, 5/1/2000............................................................ 2,925,000 3,089,736
6.90%, 11/1/2003........................................................... 5,000,000 5,390,550
Maine Municipal Bond Bank, Refunding 5.20%, 11/1/2005.......................... 9,000,000 9,058,050
MARYLAND-.3%
Prince Georges County, Refunding (Consolidated Public Improvement):
5%, 10/1/2003.............................................................. 2,750,000 2,792,515
5.10%, 10/1/2004........................................................... 2,100,000 2,136,582
MASSACHUSETTS-5.0%
Boston, Refunding 5%, 2/1/2001................................................. 2,500,000 2,555,725
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Project) 7.10%, 5/15/2002.......................... 5,800,000 6,220,674
Commonwealth of Massachusetts:
6.375%, 8/1/2002........................................................... 7,750,000 8,595,060
6.40%, 8/1/2003............................................................ 3,175,000 3,527,679
Consolidated Loan 6.50%, 6/1/2001 (Insured; FGIC).......................... 3,205,000 3,581,203
Massachusetts Water Resources Authority:
5.10%, 12/1/2004........................................................... 10,000,000 10,041,700
6.60%, 12/1/2004........................................................... 7,000,000 7,771,540
6.70%, 12/1/2005........................................................... 4,235,000 4,895,999
Refunding 5.10%, 3/1/2002.................................................. 13,575,000 13,820,843
New England Education Loan Marketing Corp., Student Loan Revenue, Refunding:
4.75%, 12/1/1999........................................................... 12,500,000 12,480,375
6.20%, 9/1/2000............................................................ 5,000,000 5,369,400
5.05%, 12/1/2002........................................................... 2,500,000 2,517,950
5.70%, 7/1/2005............................................................ 10,000,000 10,134,800
MICHIGAN-4.0%
Dickinson County Economic Development Corp., Solid Waste Disposal Revenue, Refunding
(Champion International) 6.55%, 3/1/2007................................... 8,000,000 8,397,280
Kent Hospital Finance Authority, Hospital Facility Revenue, Refunding
(Blodgett Memorial Medical Center) 7%, 7/1/2001............................ 2,500,000 2,772,375
Michigan Building Authority, Revenue 6.50%, 10/1/2005.......................... 8,440,000 9,302,568
Michigan Higher Education Student Loan Authority, Revenue, Refunding:
5.70%, 9/1/2003............................................................ 2,000,000 2,075,540
5.80%, 9/1/2004............................................................ 3,900,000 4,061,148
Michigan Hospital Finance Authority, Revenue, Refunding:
(Mclaren Obligated Group):
5.10%, 10/15/2005...................................................... 3,655,000 3,654,708
7%, 9/15/2007.......................................................... 3,670,000 4,241,676
7.375%, 9/15/2008...................................................... 6,925,000 8,252,799
(Saint John's Hospital):
8.70%, 12/1/1996....................................................... 3,035,000 3,410,126
8.80%, 12/1/1997....................................................... 3,300,000 3,714,216
8.90%, 12/1/1998....................................................... 3,590,000 4,047,510
9%, 12/1/1999.......................................................... 3,760,000 4,246,394
(Sisters of Mercy Health Corp.) 9.75%, 7/1/1994............................ 3,095,000 3,180,793
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
MICHIGAN (CONTINUED)
Michigan Housing Development Authority, Rental Housing Revenue 6.10%, 4/1/2002. $ 4,500,000 $ 4,606,425
Wayne State University, University Revenues, Refunding:
5.40%, 11/15/2006 (Insured; AMBAC)......................................... 3,105,000 3,211,346
5.50%, 11/15/2007 (Insured; AMBAC)......................................... 3,500,000 3,601,465
MISSISSIPPI-.6%
Adams County, PCR (International Paper Co. Project) 5.625%, 11/15/2006......... 5,150,000 5,225,859
Mississippi Higher Education Assistance Corp., Student Loan Revenue
5.60%, 9/1/2004............................................................ 5,500,000 5,561,435
MISSOURI-1.8%
Missouri Higher Education Loan Authority, Student Loan Revenue (Senior Lien)
5.625%, 2/15/2001.......................................................... 4,525,000 4,685,638
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000........................................ 4,500,000 5,006,565
Saint Louis, Airport Revenue, Refunding and Improvement
(Lambert - Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC). 9,675,000 10,298,457
Saint Louis Municipal Finance Corp., Leasehold Revenue, Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank) (a).................................... 5,075,000 5,210,858
5.50%, 7/15/2004 (LOC; Sanwa Bank) (a)..................................... 6,835,000 7,050,986
MONTANA-.5%
Montana Higher Education Student Assistance Corp., Student Loan Revenue:
5.05%, 12/1/2000........................................................... 3,500,000 3,532,830
5.15%, 12/1/2001........................................................... 3,000,000 3,031,320
5.25%, 12/1/2002........................................................... 2,000,000 2,017,120
NEBRASKA-1.1%
Albion, IDR, Refunding (Cargill Inc. Project) 7%, 12/1/2000.................... 2,600,000 2,892,682
Nebraska Higher Education Loan Program Inc., Revenue 5.90%, 6/1/2003........... 10,650,000 10,977,807
Nebraska Public Power District, Power Supply Systems Revenue 5.90%, 1/1/2007... 6,000,000 6,313,980
NEVADA-1.9%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport) 5.95%, 7/1/2005 (Insured; AMBAC) 6,365,000 6,839,256
Clark County School District, Refunding:
5.30%, 5/1/2004 (Insured; FGIC)............................................ 7,905,000 8,121,202
5.375%, 5/1/2005 (Insured; FGIC)........................................... 8,315,000 8,539,588
Reno, Refunding:
5.40%, 4/1/2006 (Insured; FGIC)............................................ 3,055,000 3,117,047
5.50%, 4/1/2007 (Insured; FGIC)............................................ 3,235,000 3,300,412
Washoe County Airport Authority, Airport Systems Improvement Revenue
5.60%, 7/1/2002 (Insured; MBIA)............................................ 5,000,000 5,267,700
NEW HAMPSHIRE-.3%
New Hampshire Higher Educational and Health Facilities Authority, Revenue, Refunding
(Catholic Medical Center) 8%, 7/1/2004..................................... 5,215,000 5,877,722
NEW JERSEY-2.6%
Mercer County Improvement Authority, Solid Waste Revenue, Refunding
(Resources Recovery Project):
6.80%, 4/1/2005........................................................ 7,750,000 8,430,372
6.50%, 4/1/2007 (Insured; FGIC)........................................ 7,620,000 8,360,054
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority, Waste Paper Recycling Revenue
(Marcal Paper Mills Inc. Project) 8.50%, 2/1/2010.......................... $ 2,930,000 $ 3,538,122
New Jersey Health Care Facilities Financing Authority, Revenue:
(Elizabeth General Medical Center) 7.30%, 7/1/2002......................... 3,235,000 3,604,308
(Kimball Medical Center) 8%, 7/1/1998...................................... 6,970,000 7,852,681
New Jersey Sports and Exposition Authority (Sports Complex) 9%, 12/1/1995...... 8,180,000 9,026,057
Orange Township 6.60%, 2/1/2007................................................ 5,600,000 6,245,120
NEW YORK-6.1%
Metropolitan Transportation Authority, Service Contract, Refunding:
Commuter Facilities Revenue:
6.625%, 7/1/2002....................................................... 2,370,000 2,588,727
6.70%, 7/1/2003........................................................ 2,835,000 3,329,622
Transport Facilities Revenue 5.45%, 7/1/2007............................... 6,405,000 6,302,072
New York City:
7.875%, 8/1/2000........................................................... 12,400,000 13,714,648
7.30%, 2/1/2001............................................................ 5,000,000 5,596,450
7.50%, 2/1/2001............................................................ 3,000,000 3,414,720
6.25%, 10/1/2001........................................................... 5,685,000 6,071,239
7.50%, 8/15/2002........................................................... 5,000,000 5,559,100
8.25%, 11/1/2002........................................................... 2,345,000 2,680,288
7%, 2/1/2005............................................................... 5,500,000 6,114,625
Refunding:
7.60%, 8/1/1996........................................................ 10,000,000 10,904,200
5.75%, 8/1/2003........................................................ 8,945,000 9,036,239
New York City Industrial Development Agency, IDR
7.625%, 11/1/1999 (LOC; Algemene Bank Nederland) (a)....................... 2,200,000 2,505,206
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue
7.20%, 6/15/1999........................................................... 5,825,000 6,525,049
New York State, COP:
6.70%, 3/1/1997............................................................ 4,725,000 5,182,238
6.70%, 9/1/1997............................................................ 2,910,000 3,228,354
New York State Dormitory Authority, Revenue (State University Educational Facilities):
7.625%, 5/15/2005.......................................................... 3,000,000 3,587,730
Refunding 7.25%, 5/15/2003................................................. 11,995,000 13,831,075
NORTH CAROLINA-1.3%
North Carolina Municipal Power Agency, Revenue, Number 1 Catawba Electric
6%, 1/1/2004............................................................... 5,000,000 5,355,200
Northampton County Industrial Facilities and Pollution Control Financing Authority,
Solid Waste Disposal Revenue 8.05%, 11/1/2004.............................. 3,000,000 3,337,920
Northern Carolina Eastern Municipal Power Agency, Power Systems Revenue, Refunding
6%, 1/1/2006............................................................... 13,455,000 14,411,112
OHIO-1.8%
Cincinnati Student Loan Funding Corp., Student Loan Revenue:
5.85%, 8/1/2004............................................................ 9,500,000 9,861,380
Refunding:
5.70%, 7/1/1999........................................................ 6,000,000 6,339,720
7.20%, 8/1/2003........................................................ 4,700,000 5,175,405
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
OHIO (CONTINUED)
Ohio State University, Revenue, Refunding (General Receipts):
5.15%, 12/1/2000........................................................... $ 2,185,000 $ 2,266,806
5.30%, 12/1/2001........................................................... 3,045,000 3,178,036
Portage County, PCR (General Motors Corp. Project) 4.75%, 10/1/2000............ 6,750,000 6,723,675
OKLAHOMA-.3%
Tulsa Airports Improvement Trust, General Revenue, Refunding
(Tulsa International Airport) 6.125%, 6/1/1999............................. 6,070,000 6,430,861
PENNSYLVANIA-8.6%
Geisinger Authority, Health Systems Revenue 7.375%, 7/1/2002................... 5,000,000 5,645,500
Lehigh County, Refunding 5%, 11/15/2006 (Insured; FGIC)........................ 3,505,000 3,455,615
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004........................................................... 5,000,000 5,427,200
9.375%, 11/1/2006.......................................................... 7,070,000 8,071,748
Montgomery County Higher Education and Health Authority, Revenue
(Northwestern Corp.) 8.375%, 6/1/2004...................................... 3,240,000 3,510,475
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue
7.50%, 4/1/2005 (Insured; MBIA)............................................ 10,000,000 11,559,500
Pennsylvania Intergovernmental Cooperative Authority, Special Tax Revenue
(Philadelphia Funding Program):
5.75%, 6/15/1999 (Insured; FGIC)....................................... 8,000,000 8,546,080
5.15%, 6/15/2005 (Insured; FGIC)....................................... 14,890,000 14,876,599
Pennsylvania State:
5.50%, 7/1/2001............................................................ 5,715,000 6,055,957
COP, Refunding 5.20%, 7/1/2005 (Insured; AMBAC)............................ 15,000,000 15,194,700
Philadelphia, Revenue:
Water and Sewer 7.35%, 9/1/2004............................................ 5,530,000 6,479,280
Water and Wastewater, Refunding 5.50%, 6/15/2006........................... 13,000,000 13,339,950
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue:
(Community Mental Health/Retardation) 8.875%, 6/15/2009.................... 13,750,000 15,157,313
(Graduate Health Systems Obligation Group) 7%, 7/1/2005.................... 10,670,000 11,522,960
(Northwestern Corp.) 8.375%, 6/1/2004...................................... 2,290,000 2,474,940
(Refunding - Temple University Hospital) 6.50%, 11/15/2008................. 6,000,000 6,218,160
Philadelphia Municipal Authority, Lease Revenue, Refunding 6%, 7/15/2003....... 2,000,000 1,995,480
Scranton-Lackawanna Health and Welfare Authority, Hospital Facilities Revenue
(Mercy Health Systems):
6.90%, 1/1/2003 (Insured; MBIA)........................................ 3,075,000 3,409,960
6.90%, 1/1/2004 (Insured; MBIA)........................................ 4,330,000 4,806,517
7.25%, 6/15/2005 (Insured; MBIA)....................................... 4,020,000 4,691,461
Somerset County General Authority, Commonwealth Lease Revenue
6.70%, 10/15/2003 (Insured; FGIC).......................................... 3,010,000 3,431,942
RHODE ISLAND-1.2%
Rhode Island Convention Center Authority, Revenue, Refunding
4.90%, 5/15/2004 (Insured; MBIA)........................................... 6,000,000 5,975,580
Rhode Island Housing and Mortgage Finance Corp., Refunding (Rental Housing Program):
5.65%, 10/1/2007........................................................... 2,175,000 2,218,174
5.65%, 10/1/2008........................................................... 1,350,000 1,371,074
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
RHODE ISLAND (CONTINUED)
Rhode Island Student Loan Authority, Student Loan Revenue, Refunding
6.85%, 12/1/2002........................................................... $ 11,500,000 $ 12,991,550
SOUTH CAROLINA-2.2%
Charleston County, Hospital Facilities Revenue, Refunding and Improvement
(Medical Society Health Project) 5.50%, 10/1/2005 (Insured; MBIA).......... 7,945,000 8,216,957
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC)............................................ 4,050,000 4,431,713
Richland County, PCR, Refunding (Union Camp Corp. Project) 5.875%, 11/1/2002... 8,000,000 8,720,560
South Carolina Education Assistance Authority, Revenue (Insured-Student Loan)
6.10%, 9/1/2000............................................................ 5,390,000 5,655,134
York County, PCR (Bowater Inc. Project):
7.625%, 3/1/2006........................................................... 6,900,000 7,595,658
Refunding 6.85%, 4/1/2001.................................................. 4,900,000 5,345,165
TENNESSEE-.9%
Gatlinburg, COP (Gatlinburg Convention Center):
8.75%, 12/1/1997........................................................... 840,000 930,846
9%, 12/1/2002.............................................................. 3,535,000 4,253,595
McMinn County Industrial Development Board, PCR, Refunding (Bowater Inc. Project)
6.85%, 4/1/2001............................................................ 3,900,000 4,254,315
Sullivan County Health Educational and Housing Facilities, Board Revenue
(Holston Valley Health Care Project) 7.125%, 2/15/2002 (Insured; MBIA)..... 5,585,000 6,492,004
TEXAS-8.3%
Austin, Utility Systems Revenue, Refunding 5.375%, 11/15/2005.................. 8,495,000 8,673,395
Bell County Health Facilities Development Corp., Revenue:
(Refunding - Central Texas Pooled Health) 4.75%, 10/1/1998................. 15,000,000 15,031,950
(Scott and White Memorial Hospital) 7.40%, 9/1/1999........................ 2,985,000 3,307,499
Bexar County Health Facilities Development Corp., HR
(Southwest Texas Methodist Hospitals) 6.625%, 11/1/2005 (Insured; AMBAC)... 3,000,000 3,364,350
Brazos Higher Education Authority Inc., Student Loan Revenue, Refunding:
5.40%, 6/1/2001............................................................ 5,250,000 5,330,797
5.50%, 6/1/2002............................................................ 5,000,000 5,033,650
5.60%, 6/1/2003............................................................ 4,500,000 4,536,180
Central Texas Higher Education Authority Inc., Student Loan Revenue, Refunding
5.10%, 12/1/2003........................................................... 7,000,000 6,999,860
Cypress-Fairbanks Independent School District, Unlimited Tax, Refunding
8.50%, 2/1/1998............................................................ 3,000,000 3,185,850
Dallas County Utility and Reclamation District, Refunding
4.80%, 2/15/2006 (Insured; MBIA)........................................... 3,765,000 3,730,437
Dallas-Fort Worth Regional Airport, Revenue, Refunding
(Dallas-Fort Worth International Airport) 4.70%, 11/1/2000 (Insured; MBIA). 3,310,000 3,344,887
Harris County, Senior Lien Revenue (Toll Roads):
Multiple Mode 8%, 8/15/1999................................................ 1,055,000 1,188,679
Refunding 8%, 8/15/1999.................................................... 1,180,000 1,326,084
Harris County Hospital District, Mortgage Revenue, Refunding 7.50%, 2/15/2003.. 7,000,000 8,232,700
Houston, Revenue, Hotel Occupancy Tax:
7%, 7/1/2003 (Insured; FGIC)............................................... 4,400,000 4,986,740
7%, 7/1/2004 (Insured; FGIC) 1,525,000 1,728,359
North Central Health Facility Development Corp., Revenue 9.35%, 5/15/2008 (b).. 13,000,000 14,782,560
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
TEXAS (CONTINUED)
North Texas Higher Education Authority Inc., Student Loan Revenue:
5.05%, 4/1/1999............................................................ $ 5,255,000 $ 5,308,391
7%, Series B, 4/1/2002 (Insured; AMBAC).................................... 4,250,000 4,608,913
7%, Series E, 4/1/2002 (Insured; AMBAC).................................... 4,250,000 4,608,913
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 9.28%, 8/1/2006 (b)........................ 5,100,000 5,868,366
Sam Rayburn Municipal Power Agency, Power Supply Systems Revenue, Refunding:
5.75%, 10/1/1999........................................................... 4,730,000 4,859,697
6.50%, 10/1/2005........................................................... 7,325,000 7,691,103
South Texas Higher Education Authority Inc., Student Loan Revenue, Refunding
5.30%, 12/1/2003........................................................... 5,350,000 5,345,774
Texas Department of Housing and Community Affairs, Multi-Family Revenue, Refunding
(Dallas Association) 6.25%, 12/1/1995
(LOC; Phoenix Mutual Life Insurance Co.) (a)............................... 5,000,000 5,254,150
Texas State, College Student Loan 6.50%, 8/1/2007.............................. 6,860,000 7,159,096
Texas Water Resources Financing Authority, Revenue:
7.25%, 8/15/1997........................................................... 2,000,000 2,240,060
7.30%, 8/15/1998........................................................... 2,540,000 2,883,408
UTAH-1.7%
Carbon County, Solid Waste Disposal Revenue:
(Refunding - Sunnyside Cogeneration Project) 9%, 7/1/2006.................. 9,750,000 10,569,975
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007....................... 5,500,000 5,591,905
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC).......................................... 3,000,000 3,270,660
7.05%, 11/1/2003 (Insured; AMBAC).......................................... 5,000,000 5,392,250
6.35%, 11/1/2004 (Insured; AMBAC).......................................... 3,000,000 3,230,070
6.45%, 11/1/2005 (Insured; AMBAC).......................................... 3,000,000 3,223,800
VERMONT-1.0%
Vermont Educational and Health Buildings Financing Agency, Revenue, Refunding
(Hospital Medical Center-Hospital of Vermont) 10.21%, 9/1/2007 (b)......... 4,800,000 5,261,616
Vermont Student Assistance Corp., Education Loan Revenue (Finance Program):
6.25%, 6/15/2003 (Insured; FSA)............................................ 3,200,000 3,549,184
6.25%, 12/15/2003 (Insured; FSA)........................................... 3,500,000 3,795,925
Refunding:
6.25%, 6/15/1998 (Insured; AMBAC)...................................... 3,250,000 3,467,425
6.35%, 6/15/1999 (Insured; AMBAC) 2,500,000 2,640,475
VIRGINIA-.4%
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation) 6.95%, 11/15/2002......... 5,360,000 5,716,654
Fairfax Industrial Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation) 6.50%, 11/15/2002......... 2,000,000 2,067,220
WASHINGTON-4.2%
Chelan County Public Utility District, Consolidated Revenue 7.55%, 7/1/2002.... 6,515,000 7,798,650
Clark County Public Utility District Number 1, Electric Revenue, Refunding:
6.10%, 1/1/2002 (Insured; FGIC) 2,015,000 2,195,786
6.20%, 1/1/2003 (Insured; FGIC) 3,375,000 3,687,997
6.30%, 1/1/2004 (Insured; FGIC) 3,160,000 3,454,891
Port Seattle, Revenue 6.50%, 11/1/2005 3,000,000 3,324,660
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
---------- -----
WASHINGTON (CONTINUED)
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC).. $ 4,000,000 $ 4,258,800
(Refunding - Yakima Valley Memorial Hospital) 7.875%, 1/1/2003............. 3,300,000 3,696,528
(Sisters of Providence Hospital) 7.50%, 10/1/1994.......................... 1,805,000 1,863,825
Washington Public Power Supply Systems, Revenue, Refunding:
(Nuclear Project Number 1):
7.70%, 7/1/2002........................................................ 16,745,000 20,431,579
7.25%, 7/1/2003........................................................ 2,400,000 2,760,840
6.60%, 7/1/2004........................................................ 2,500,000 2,769,100
(Nuclear Project Number 2) 7.50%, 7/1/2003................................. 5,775,000 6,716,094
(Nuclear Project Number 3) 7.375%, 7/1/2004................................ 5,500,000 6,208,290
Washington State 6.20%, 2/1/2006............................................... 7,500,000 8,081,625
WEST VIRGINIA-.2%
Kanawha County, PCR (Union Carbide Corp.) 7.35%, 8/1/2004...................... 2,600,000 2,905,916
WISCONSIN-1.5%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005..... 5,000,000 5,256,250
Milwaukee County 5.30%, 12/1/2005.............................................. 3,000,000 3,066,750
Wisconsin Health and Educational Facilities Authority, Revenue, Refunding
(Wheaton Franciscan Services Inc.):
6%, 8/15/2006 (Insured; MBIA).......................................... 3,555,000 3,820,132
6%, 8/15/2007 (Insured; MBIA).......................................... 3,780,000 4,038,930
6.50%, 8/15/2007 (Insured; MBIA)....................................... 3,000,000 3,265,170
Wisconsin Housing and Economic Development Authority, Housing Revenue
5.30%, 11/1/2006........................................................... 7,075,000 7,054,907
U.S. RELATED-.3%
Puerto Rico Municipal Finance Agency 5.70%, 7/1/2003........................... 5,000,000 5,327,100
--------------
TOTAL MUNICIPAL BONDS (cost $1,630,446,138).................................... $1,760,211,367
==============
SHORT-TERM MUNICIPAL INVESTMENTS-3.1%
FLORIDA-.6%
Florida Housing Finance Agency, MFHR, VRDN (Monterey Meadows Apartments)
2.20% (LOC; Citibank) (a,d)................................................ $ 5,200,000 $ 5,200,000
Hillsborough County Industrial Development Authority, PCR, Refunding, VRDN
(Tampa Electric Co. Gannon) 1.90% (d)...................................... 1,400,000 1,400,000
Jacksonville Health Facilities Authority, HR, VRDN
(Baptist Medical Center Project) 2.10% (d)................................. 1,000,000 1,000,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 2% (LOC; Chemical Bank) (a,d)............... 3,000,000 3,000,000
LOUISIANA-.1%
Louisiana Public Facilities Authority, Revenue, VRDN (Kenner Hotel Limited)
2%, (LOC; Swiss Bank Corp.) (a,d).......................................... 2,775,000 2,775,000
MICHIGAN-.1%
University of Michigan, University HR, Refunding, VRDN 1.90% (d)............... 2,000,000 2,000,000
MINNESOTA-.2%
Cloquet, PCR, VRDN (Potlatch Corp. Project) 2.35% (LOC; Credit Suisse) (a,d)... 2,900,000 2,900,000
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
MISSISSIPPI-.3%
Jackson County, Port Facility Revenue, Refunding, VRDN
(Chevron USA Inc. Project) 1.90% (d)....................................... $ 5,000,000 $ 5,000,000
OHIO-.1%
Columbus, Sewer Revenue, VRDN 2.25% (LOC; Sanwa Bank) (a,d).................... 2,000,000 2,000,000
OKLAHOMA-1.3%
Tulsa Industrial Authority, HR, VRDN (Hillcrest Medical Center Project)
2.30% (LOC; Sumitomo Bank) (a,d)........................................... 23,500,000 23,500,000
PENNSYLVANIA-.3%
Pennsylvania Higher Educational Facilities Authority, College and University Revenues,
VRDN (Temple University) 1.90% (LOC; Morgan Guaranty Trust Co.) (a,d)...... 5,700,000 5,700,000
TEXAS-.1%
Harris County Industrial Development Corp. PCR, VRDN (Exxon Project) 1.85% (d). 1,100,000 1,100,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $55,575,000)...................... $ 55,575,000
==============
TOTAL INVESTMENTS-100.0%
(cost $1,686,021,138)...................................................... $1,815,786,367
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue
COP Certificate of Participation LOC Letter of Credit
FGIC Financial Guaranty Insurance Corporation MBIA Municipal Bond Insurance Association
FNMA Federal National Mortgage Association MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
HR Hospital Revenue VRDN Variable Rate Demand Notes
</TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
AAA Aaa AAA 34.0%
AA Aa AA 17.0
A A A 29.5
BBB Baa BBB 10.9
BB Ba BB .1
F1 MIG1 SP1 2.1
F1 P1 A1 .8
Not Rated Not Rated Not Rated 5.6
------
100.0%
======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30,
1993, these securities amounted to $37,246,125 or 2.1% of net assets.
(d) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
(e) Fitch currently provides creditworthiness information for a limited amount
of investments.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $1,686,021,138)-see statement.................................... $1,815,786,367
Interest receivable........................................................ 32,993,490
Receivable for investment securities sold.................................. 14,725,750
Receivable for subscriptions to Common Stock............................... 26,402
Prepaid expenses........................................................... 118,322
--------------
1,863,650,331
LIABILITIES:
Due to The Dreyfus Corporation............................................. $ 925,582
Due to Custodian........................................................... 32,006,597
Payable for investment securities purchased................................ 25,149,210
Payable for Common Stock redeemed.......................................... 72,647
Accrued expenses........................................................... 191,931 58,345,967
-------------- --------------
NET ASSETS $1,805,304,364
==============
REPRESENTED BY:
Paid-in capital............................................................ $1,651,639,166
Accumulated undistributed net realized gain on investments................. 23,899,969
Accumulated net unrealized appreciation on investments-Note 3.............. 129,765,229
--------------
NET ASSETS at value applicable to 123,670,942 outstanding shares
of Common Stock, equivalent to $14.60 per share
(300 million shares of $.01 par value authorized).......................... $1,805,304,364
==============
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1993 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME............................................................ $ 53,318,126
EXPENSES:
Management fee-Note 2(a)............................................... $ 5,322,922
Shareholder servicing costs-Note 2(b).................................. 754,195
Custodian fees......................................................... 62,042
Registration fees...................................................... 41,597
Professional fees...................................................... 37,477
Prospectus and shareholders' reports................................... 24,399
Directors' fees and expenses-Note 2(c)................................. 15,828
Miscellaneous.......................................................... 55,850
--------------
TOTAL EXPENSES..................................................... 6,314,310
--------------
INVESTMENT INCOME-NET.............................................. 47,003,816
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3.................................... $ 13,323,192
Net unrealized appreciation on investments................................. 21,925,688
--------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.................... 35,248,880
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $ 82,252,696
==============
See independent accountants' revew report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1993
1993 (UNAUDITED)
-------------- --------------
OPERATIONS:
<S> <C> <C>
Investment income-net...................................................... $ 89,875,527 $ 47,003,816
Net realized gain on investments........................................... 24,522,877 13,323,192
Net unrealized appreciation on investments for the period.................. 49,296,286 21,925,688
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... 163,694,690 82,252,696
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net...................................................... (89,601,667) (47,762,330)
Net realized gain on investments........................................... (34,098,804) __
-------------- --------------
TOTAL DIVIDENDS........................................................ (123,700,471) (47,762,330)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.............................................. 728,261,302 561,721,371
Dividends reinvested....................................................... 96,230,044 36,224,401
Cost of shares redeemed.................................................... (604,498,167) (530,805,968)
-------------- --------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS................. 219,993,179 67,139,804
-------------- --------------
TOTAL INCREASE IN NET ASSETS....................................... 259,987,398 101,630,170
NET ASSETS:
Beginning of period........................................................ 1,443,686,796 1,703,674,194
-------------- --------------
End of period (including undistributed investment income-net;
$758,514 on May 31, 1993).............................................. $1,703,674,194 $1,805,304,364
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold................................................................ 51,329,355 38,412,977
Shares issued for dividends reinvested..................................... 6,821,407 2,478,245
Shares redeemed............................................................ (42,551,885) (36,266,404)
-------------- --------------
NET INCREASE IN SHARES OUTSTANDING..................................... 15,598,877 4,624,818
============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net assets
and other supplemental data for each period indicated. This information has been
derived from information provided in the Fund's financial statements.
<TABLE>
<CAPTION>
YEAR ENDED MAY 31, SIX MONTHS ENDED
--------------------------------------------------NOVEMBER 30, 1993
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------ ------ ------ ------ ------ -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $13.36 $13.48 $13.39 $13.67 $13.96 $14.31
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net................... .97 .94 .92 .89 .81 .38
Net realized and unrealized gain
(loss) on investments................. .12 (.09) .28 .36 .66 .30
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS...... 1.09 .85 1.20 1.25 1.47 .68
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net.... (.97) (.94) (.92) (.88) (.81) (.39)
Dividends from net realized gain on
investments........................... -- -- -- (.08) (.31) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS................... (.97) (.94) (.92) (.96) (1.12) (.39)
------ ------ ------ ------ ------ ------
Net asset value, end of period.......... $13.48 $13.39 $13.67 $13.96 $14.31 $14.60
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 8.48% 6.53% 9.30% 9.45% 10.88% 9.55%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets................................ .71% .71% .69% .70% .71% .71%(1)
Ratio of net investment income to
average net assets.................... 7.98% 7.72% 7.53% 7.17% 5.68% 5.25%(1)
Portfolio Turnover Rate................. 33.58% 39.93% 31.07% 48.03% 60.14% 17.66%(2)
Net Assets, end of period
(000's Omitted)....................... $1,056,046 $1,113,691 $1,236,870 $1,443,687 $1,703,674 $1,805,304
- ---------------
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act") as
a diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the exclusive distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor
is a wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
(A) PORTFOLIO VALUATION: The Fund's investments are valued each business
day by an independent pricing service ("Service") approved by the Board of
Directors. Investments for which quoted bid prices in the judgment of the
Service are readily available and are representative of the bid side of the
market are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods which
include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions
are recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of premiums and, when appropriate, discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery basis
may be settled a month or more after the trade date.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To the
extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the provisions available to certain investment
companies, as defined in applicable sections of the Internal Revenue Code, and
to make distributions of income and net realized capital gain sufficient to
relieve it from all, or substantially all, Federal income taxes.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. However, pursuant
to the court approved settlement of previously disclosed litigation,
commencing October 15, 1988 the Manager has agreed to make payments to the
Fund for 10 years, ranging from $0 to $1 million per year depending upon
average daily net assets of the Fund. The management fee for the six months
ended November 30, 1993 was reduced by $45,000 pursuant to the settlement of
litigation.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage and extraordinary expenses, exceed 1-1/2% of the average
value of the Fund's net assets for any full fiscal year. There was no expense
reimbursement for the six months ended November 30, 1993.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing shareholder
accounts. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended November 30,
1993, the Fund was charged an aggregate of $253,485 pursuant to the
Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each director
who is not an "affiliated person" receives an annual fee of $4,500 and an
attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan of
Merger providing for the merger of the Manager with a subsidiary of Mellon
Bank Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will retain its
New York headquarters and will be a separate subsidiary within the Mellon
organization. It is expected that the Manager's management team and mutual
fund managers will remain in place, and the Dreyfus mutual funds will be
operated in the same manner as they are currently.
Following the merger, the Manager will be either a direct or indirect
subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank, N.A.
Closing of this merger is subject to a number of contingencies, including the
receipt of certain regulatory approvals and the approvals of the stockholders
of the Manager and of Mellon. The merger is expected to occur in mid-1994, but
could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company Act of
1940, and thus a termination of such Agreement, the Manager will seek prior
approval from the Fund's Board and shareholders.
NOTE 3-SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $1,054,281,236 and
$951,967,681, respectively, for the six months ended November 30, 1993, and
consisted entirely of municipal bonds and short-term municipal investments.
At November 30, 1993, accumulated net unrealized appreciation on
investments was $129,765,229, consisting of $130,348,342 gross unrealized
appreciation and $583,113 gross unrealized depreciation.
At November 30, 1993, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Intermediate Municipal Bond Fund, Inc., including the statement of
investments, as of November 30, 1993, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended November 30, 1993. These financial statements and financial highlights
are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which will
be performed for the full year with the objective of expressing an opinion
regarding the financial statements and financial highlights taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial
statements and financial highlights referred to above for them to be in
conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of changes in net assets for the year ended May 31,
1993 and financial highlights for each of the five years in the period ended
May 31, 1993 and in our report dated July 12, 1993, we expressed an
unqualified opinion on such statement of changes in net assets and financial
highlights.
Ernst & Young
New York, New York
January 4, 1994
(Dreyfus Lion Logo)
Dreyfus
Intermediate
Municipal
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1993
(Dreyfus Lion "D" Logo)
DREYFUS INTERMEDIATE
MUNICIPAL BOND FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 947SA9311
