LETTER TO SHAREHOLDERS
Dear Shareholder:
When your Fund ended its semi-annual period on November 30, 1994, the
Fund closed with a net asset value of $13.05, a decrease of $.79 from the net
asset value reported in our annual letter on May 31, 1994. During the past
six months, income dividends of approximately $.38 per share were paid, which
translates into an annualized distribution rate per share of 5.79%, based on
the November 30, 1994 closing net asset value. All interest income paid to
you over the period was exempt from Federal income tax.*
During 1994, the bond markets have been affected by a strengthening
economy, fears of rising inflation and a weakening U.S. dollar. As a result
of these influences, interest rates have risen much faster this year than
most economists had anticipated. Prices of municipal bonds reached their low
points early in the second quarter, staged a modest rebound this summer, and
began sliding again through early December. In recent weeks, the market has
stabilized and rates have trended downward.
The Federal Reserve Board has tightened the Federal Funds rate six times
this year (for a 250 basis point increase overall). As of yet, we have not
seen the effect of the tightening and the economic data continues to reflect
a growing economy. We do not believe that the Fed is finished, and we
anticipate further action during the first quarter of 1995. Along with
inflation concerns, the potential inability of the Administration to function
in the new congressional environment could make investors, both foreign and
domestic, very wary.
We continue to be very cautious in our investment strategy. It had been
anticipated that the Fed's tightening policy would have translated into more
favorable economic news for the markets by this time. It still is unclear how
much further the Fed may go before the effects of its rate increases are
felt. The municipal market does have several positive factors working to its
advantage (i.e., adequate retail demand for tax exempt securities, combined
with a sharp reduction in the supply of new issues this year), and while we
view the municipal market more favorably today than we have in months, we are
wary of the strong influence exerted on it by the price volatility of taxable
securities.
After enjoying a number of years of strong market performance, it is
unsettling, to say the least, to be faced with such an uncertain environment.
Most of the year has been a series of trading cycles with the market
stabilizing, moving up, and then falling back to cheaper levels. We attempted
to use this to our advantage by selling selectively during those periods of
strength.
There are two fundamental requirements for investing in a municipal bond
fund such as this one: a desire for tax exempt income and a long-term
horizon. While the financial press focuses our attention on short-term market
swings, investors in this Fund need to maintain a longer perspective because
focusing too intently on short-term results can be detrimental. We continue
to direct our management efforts to provide a high level of tax exempt income
and to deliver strong long-term performance results. We trust that our
philosophy is in concert with yours.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 23, 1994
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, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--98.2% AMOUNT VALUE
---------------- -------------
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ALASKA--1.1%
Alaska Industrial Development and Export Authority, Revolving Fund:
7.80%, 4/1/2004......................................................... $ 6,360,000 $ 6,784,721
6.375%, 4/1/2008........................................................ 3,000,000 2,866,260
Anchorage, HR, Refunding (Sisters of Providence Project) 6.50%, 10/1/1999... 2,000,000 2,032,020
Kasaan, LR 7.75%, 8/15/2005 (LOC; Sumitomo Trust and Banking) (a)........... 3,510,000 3,724,566
ARIZONA--1.2%
Arizona State University, Revenue, Refunding 5.40%, 7/1/2003................ 2,500,000 2,344,500
Maricopa County Industrial Development Authority, Hospital Facility Revenue
(Samaritan Health Services) 7.15%, 12/1/2004 (Insured; MBIA)............ 9,835,000 10,508,599
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems, Inc. Project) 7.25%, 10/15/2004............ 5,000,000 4,879,300
ARKANSAS--.9%
Arkansas Student Loan Authority, Revenue:
6.05%, 6/1/2002......................................................... 4,700,000 4,616,810
6.05%, 12/1/2002........................................................ 4,455,000 4,372,137
Pulaski County Health Facilities Board, Revenue, Refunding
(Sisters Charity Nazareth - Saint Vincent's Infirmary):
5.80%, 11/1/2004 (Insured; MBIA)...................................... 2,000,000 1,921,240
5.90%, 11/1/2005 (Insured; MBIA)...................................... 2,000,000 1,922,160
CALIFORNIA--7.1%
California Department of Veteran Affairs, Home Purchase Revenue 7.80%, 8/1/2001 5,000,000 5,190,650
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
6.40%, 12/1/2003........................................................ 6,000,000 5,915,460
6.50%, 6/1/2005......................................................... 5,500,000 5,397,700
California Public Works Board, LR:
(Community College Projects):
5.875%, 10/1/2008..................................................... 4,500,000 4,118,715
5.90%, 10/1/2009...................................................... 5,215,000 4,707,998
(University of California Projects):
5%, 6/1/2005.......................................................... 6,230,000 5,227,904
5%, 6/1/2006.......................................................... 5,730,000 4,719,858
Refunding 5.25%, 6/1/2006............................................. 6,000,000 5,233,500
Northern California Power Agency, Geothermal Project Number 3, Revenue, Refunding
5.50%, 7/1/2005......................................................... 13,000,000 11,811,280
Orange County Local Transportation Authority, Sales Tax Revenue
4.88%, 2/15/2006 (Insured; FGIC) (b).................................... 13,200,000 9,225,084
Riverside County Asset Leasing Corp., Leasehold Revenue
(Riverside County Hospital Project) 6%, 6/1/2003........................ 3,000,000 2,833,050
Sacramento Municipal Utility District, Electric Revenue
5.40%, 11/15/2006 (Insured; FSA)........................................ 10,000,000 8,837,400
Sacramento Schools Insurance Authority, Revenue
(Workers Compensation Program) 5.75%, 6/1/2003.......................... 15,850,000 15,232,484
Solano County, COP, Refunding (Justice Facility and Public Buildings Project)
5.875%, 10/1/2005....................................................... 10,000,000 9,270,300
University of California, Housing Systems Revenues, Refunding
5.20%, 11/1/2004 (Insured; MBIA)........................................ 5,010,000 4,607,747
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- --------------
COLORADO--1.7%
Denver City and County, Airport Revenue:
7%, 11/15/1999.......................................................... $ 3,250,000 $ 3,191,825
7.50%, 11/15/2002....................................................... 6,080,000 5,999,318
8.75%, 11/15/2005....................................................... 14,485,000 15,103,654
CONNECTICUT--1.2%
Connecticut 5.25%, 3/15/2007................................................ 12,555,000 11,117,452
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
7.30%, 11/15/2003....................................................... 5,705,000 5,835,702
DELAWARE--.8%
Delaware River and Bay Authority, Delaware Authority Revenue 3.75%, 1/1/2004 13,565,000 11,840,346
DISTRICT OF COLUMBIA--.4%
District of Columbia, Refunding 5.40%, 6/1/2005............................. 5,900,000 5,074,649
FLORIDA--3.2%
Dade County, Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC)............. 10,830,000 10,320,882
Florida Local Government Finance Authority, Revenue (Governmental Unit Loan Project)
7.75%, 3/1/2000 (LOC; Sumitomo Trust and Banking) (a)................... 8,000,000 7,996,000
Florida School Boards Association, LR (Orange County School Board Project)
6.25%, 7/1/2005 (Insured; AMBAC)........................................ 3,250,000 3,234,855
Greater Orlando Aviation Authority, Airport Facilities Revenue 6.40%, 10/1/2004 8,940,000 8,893,959
Indian Trace Community Development District, Water and Sewer Revenue
8.50%, 4/1/1997......................................................... 1,430,000 1,500,313
Jacksonville Health Facilities Authority, HR, Refunding
(Baptist Medical Center Project) 7.25%, 6/1/2005 (Insured; MBIA)........ 4,000,000 4,217,600
Palm Beach County, Solid Waste IDR (Okeelanta Power LP Project)
6.50%, 2/15/2009........................................................ 3,600,000 3,282,228
Sarasota County School Board Financing Corp., LR, Refunding:
5%, 7/1/2007 (Insured; MBIA)............................................ 4,015,000 3,452,739
5%, 7/1/2008 (Insured; MBIA)............................................ 4,200,000 3,542,742
GEORGIA--1.0%
Burke County Development Authority, PCR, Refunding (Oglethorpe Power Corp.):
5%, 1/1/2007............................................................ 8,395,000 7,415,723
5.05%, 1/1/2008......................................................... 7,695,000 6,764,444
HAWAII--2.2%
Hawaii, Airports Systems Revenue 7.50%, 7/1/2005 (Insured; FGIC)............ 3,000,000 3,196,350
Hawaii County, Refunding and Improvement 5.30%, 5/1/2005 (Insured; FGIC).... 2,000,000 1,811,800
Honolulu City and County 5.40%, 9/27/2007................................... 30,600,000 26,733,078
ILLINOIS--5.6%
Chicago O'Hare International Airport, Special Facility Revenue
(International Terminal) 7.50%, 1/1/2005................................ 2,800,000 2,922,892
Chicago School Finance Authority 5%, 6/1/2009 (Insured; MBIA)............... 9,000,000 7,242,750
Hoffman Estates, Tax Increment Revenue
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland) (a).................. 5,145,000 5,344,111
Illinois:
5.60%, 6/1/2001......................................................... 3,325,000 3,245,499
5.60%, 8/1/2007......................................................... 11,925,000 10,777,576
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
ILLINOIS (CONTINUED)
Illinois Development Finance Authority, Community Rehabilitation
(Providers Facility Acquisition) 8.25%, 9/1/2000........................ $ 6,160,000 $ 6,339,749
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999............... 1,390,000 1,475,290
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA)..................................... 4,400,000 4,234,648
(Ingalls Memorial Hospital Project) 7%, 1/1/2005 (Insured; MBIA)........ 6,000,000 6,416,220
(Refunding - Evangelical Hospitals) 6.75%, 4/15/2007.................... 3,090,000 2,984,322
(Refunding - Westlake Community Hospital) 7.625%, 1/1/1999.............. 3,445,000 3,608,500
(Southern Illinois Hospital Services) 6.50%, 3/1/2007................... 4,000,000 3,999,480
(SwedishAmerican Hospital) 7.30%, 4/1/2007
(Insured; AMBAC, Prerefunded 4/1/2000) (c)............................ 4,000,000 4,334,320
Illinois Student Assistance Commission, Student Loan Revenue:
6.30%, 3/1/2004......................................................... 2,600,000 2,588,872
6.40%, 3/1/2005......................................................... 6,300,000 6,294,519
Joliet, Gas Supply Revenue (Peoples Gas Light and Coke) 8%, 6/1/1999........ 5,000,000 5,436,600
Normal, EDR, Refunding (Dayton - Hudson Corp. Project)
6.75%, 11/1/2001........................................................ 3,400,000 3,467,320
INDIANA--5.5%
Boonville Junior High School Building Corp., First Mortgage Revenue, Refunding
6.80%, 7/1/2005......................................................... 3,100,000 3,165,317
Indiana Bond Bank (Special Hospital Program Hendricks) 6.90%, 4/1/2006...... 3,000,000 3,034,530
Indiana Health Facility Financing Authority, HR (Lafayette Home Hospital Project)
5.75%, 8/1/2008......................................................... 3,000,000 2,719,650
Indiana Municipal Power Agency, Power Supply Systems Revenue:
7.158%, 1/1/2006 (b,d).................................................. 4,200,000 3,517,500
7.258%, 1/1/2007 (b,d).................................................. 6,300,000 5,166,000
7.358%, 1/1/2008 (b,d).................................................. 7,000,000 5,775,000
Indiana Transportation Finance Authority, Airport Facilities LR (United Air)
6.50%, 11/1/2007........................................................ 4,000,000 3,951,640
Indianapolis Local Public Improvement Bond Bank:
6.20%, 2/1/2003......................................................... 2,100,000 2,072,049
6.30%, 2/1/2004......................................................... 2,800,000 2,759,540
6.40%, 12/1/2005........................................................ 3,000,000 2,944,830
Knox County Hospital Association, LR 5.65%, 7/1/2008 (Insured; MBIA)........ 4,150,000 3,720,599
Logansport School Building Corp., First Mortgage
7.30%, 1/15/2007 (Prerefunded 1/15/2000) (c)............................ 4,750,000 5,143,395
Merrillville Multiple School Building Corp., First Mortgage, Refunding:
6.125%, 7/1/2001 (Insured; MBIA)........................................ 3,400,000 3,433,626
6.25%, 7/1/2002 (Insured; MBIA)......................................... 3,000,000 3,037,680
Noblesville High School Building Corp. (First Mortgage) 5.65%, 2/15/2008.... 4,060,000 3,582,503
North Montgomery Elementary School Building Corp., Refunding 6.50%, 7/1/2006 5,665,000 5,619,170
Purdue University, University Revenue (Purdue University Dormitory System)
6.90%, 7/1/2006 (Insured; AMBAC, Prerefunded 7/1/2001) (c).............. 4,075,000 4,352,304
Robbins, RRR (Robbins Resource Recovery Partners) 8.75%, 10/15/2005......... 15,000,000 15,175,350
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
IOWA--1.7%
Ames, HR (Mary Greeley Medical Center Project) 6.25%, 8/15/2006 (Insured; AMBAC) $ 4,320,000 $ 4,270,147
Council Bluffs, IDR, Refunding (Cargill, Inc. Project) 7%, 3/1/2007......... 4,400,000 4,516,732
Iowa Student Loan Liquidity Corp., Student Loan Revenue:
6.65%, 3/1/2003 (Insured; AMBAC) (e).................................... 4,900,000 4,984,770
7%, 12/1/2003 (Insured; AMBAC) (e)...................................... 10,000,000 10,230,000
KENTUCKY--1.4%
Kentucky Development Finance Authority, Revenue, Refunding
(Sisters of Charity Health):
5.75%, 11/1/1998...................................................... 1,980,000 1,964,180
6%, 11/1/1999......................................................... 1,895,000 1,879,006
6%, 11/1/2000......................................................... 2,220,000 2,188,432
6%, 11/1/2001......................................................... 1,330,000 1,301,259
Kentucky Higher Education Student Loan Corp., Insured Student Loan Revenue,
Refunding 5.10%, 12/1/2003.............................................. 4,030,000 3,618,215
Mount Sterling, LR (Kentucky League Cities Funding) 5.625%, 3/1/2003........ 10,000,000 9,477,200
LOUISIANA--3.3%
Louisiana Correctional Facilities Corp., LR:
5.40%, 12/15/2001 (b,d)................................................. 14,000,000 13,383,580
5.55%, 12/15/2002 (b,d)................................................. 14,000,000 13,328,000
5.60%, 12/15/2003 (b,d)................................................. 5,600,000 5,288,472
Louisiana Offshore Terminal Authority, Deepwater Port Revenue, Refunding
(Loop, Inc. Project) 7.45%, 9/1/2004.................................... 3,000,000 3,191,610
Louisiana Public Facilities Authority, Revenue:
(Louisiana Association of Independent Colleges and Universities)
6.50%, 12/1/2002...................................................... 2,155,000 2,152,457
(Tulane University of Louisiana) 8.22%, 11/15/2012 (b).................. 8,065,000 7,437,220
Saint Charles Parish, PCR, Refunding (Union Carbide Convertible) 7.625%, 6/1/2003 3,440,000 3,496,657
MAINE--1.3%
Jay, PCR, Refunding 4.65%, 9/1/2002......................................... 5,700,000 5,218,008
Maine Educational Loan Marketing Corp., Student Loan Revenue:
5.85%, 11/1/2002........................................................ 7,000,000 6,830,950
Refunding:
5.65%, 5/1/1999....................................................... 1,900,000 1,878,017
6.90%, 11/1/2003...................................................... 5,000,000 5,012,750
MASSACHUSETTS--3.6%
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Project) 7.10%, 5/15/2002....................... 5,800,000 5,697,166
Massachusetts Commonwealth:
6.375%, 8/1/2002........................................................ 7,750,000 7,906,628
6.40%, 8/1/2003......................................................... 3,175,000 3,225,228
Massachusetts Housing Finance Agency, Housing Revenue, Refunding:
6.30%, 7/1/2007 (Insured; AMBAC)........................................ 3,190,000 3,074,522
6.35%, 7/1/2008 (Insured; AMBAC)........................................ 3,425,000 3,283,582
6.40%, 7/1/2009 (Insured; AMBAC)........................................ 3,740,000 3,569,419
Massachusetts Water Resources Authority 5.10%, 12/1/2004.................... 10,000,000 8,731,200
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
MASSACHUSETTS (CONTINUED)
New England Education Loan Marketing Corp., Student Loan Revenue, Refunding:
6.20%, 9/1/2000......................................................... $ 5,000,000 $ 4,987,450
5.05%, 12/1/2002........................................................ 2,500,000 2,262,025
5.70%, 7/1/2005......................................................... 10,000,000 9,249,700
MICHIGAN--5.1%
Kent Hospital Finance Authority, Hospital Facility Revenue, Refunding
(Blodgett Memorial Medical Center) 7%, 7/1/2001......................... 2,500,000 2,544,500
Michigan Building Authority, Revenue 6.50%, 10/1/2005....................... 8,440,000 8,509,461
Michigan Higher Education Student Loan Authority, Revenue, Refunding:
5.70%, 9/1/2003......................................................... 2,000,000 1,884,060
5.80%, 9/1/2004......................................................... 3,900,000 3,669,744
Michigan Hospital Finance Authority, Revenue, Refunding:
(McLaren Obligated Group):
5.10%, 10/15/2005..................................................... 3,655,000 3,117,130
7%, 9/15/2007 (Prerefunded 9/15/2000) (c)............................. 3,670,000 3,940,039
7.375%, 9/15/2008 (Prerefunded 9/15/2001) (c,e)....................... 6,925,000 7,592,432
(Pontiac Osteopathic Hospital) 5.375%, 2/1/2006......................... 8,345,000 6,929,771
(Saint John's Hospital):
8.70%, 12/1/1995 (Prerefunded 12/1/1995) (c).......................... 3,035,000 3,212,335
8.80%, 12/1/1995 (Prerefunded 12/1/1995) (c).......................... 3,300,000 3,496,020
8.90%, 12/1/1995 (Prerefunded 12/1/1995) (c).......................... 3,590,000 3,806,728
9%, 12/1/1995 (Prerefunded 12/1/1995) (c)............................. 3,760,000 3,990,225
Michigan Housing Development Authority, Rental Housing Revenue 6.10%, 4/1/2002 4,500,000 4,423,995
Michigan Strategic Fund, SWDR (Genesee Power Station Project) 7.125%, 1/1/2006 7,500,000 7,221,975
Pontiac Hospital Finance Authority, HR, Refunding 5.80%, 8/1/2003........... 4,095,000 3,787,015
Wayne State University, University Revenues, Refunding:
5.40%, 11/15/2006 (Insured; AMBAC)...................................... 3,105,000 2,797,667
5.50%, 11/15/2007 (Insured; AMBAC)...................................... 3,500,000 3,139,850
MISSISSIPPI--.3%
Adams County, PCR (International Paper Co. Project) 5.625%, 11/15/2006...... 5,150,000 4,640,407
MISSOURI--2.8%
Missouri Health and Educational Facilities Authority, Health Facilities
Revenue
Refunding (Barnes - Jewish, Inc. Christian) 6%, 5/15/2008............... 11,525,000 10,796,966
Missouri Higher Education Loan Authority, Student Loan Revenue (Senior Lien)
5.625%, 2/15/2001....................................................... 4,525,000 4,380,788
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000..................................... 4,500,000 4,648,590
Saint Louis, Airport Improvement Revenue, Refunding
(Lambert - Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC) 9,675,000 9,329,603
Saint Louis Municipal Finance Corp., Leasehold Revenue, Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank) (a)................................. 5,075,000 4,683,210
5.50%, 7/15/2004 (LOC; Sanwa Bank) (a).................................. 6,835,000 6,291,276
NEBRASKA--.2%
Albion, IDR, Refunding (Cargill, Inc. Project) 7%, 12/1/2000................ 2,600,000 2,685,852
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
NEVADA--.8%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport) 5.95%, 7/1/2005 (Insured; AMBAC) $ 6,365,000 $ 6,156,228
Washoe County Airport Authority, Airport Systems Improvement Revenue
5.60%, 7/1/2002 (Insured; MBIA)......................................... 5,000,000 4,799,850
NEW HAMPSHIRE--.4%
New Hampshire Higher Educational and Health Facilities Authority, Revenue, Refunding
(Catholic Medical Center) 8%, 7/1/2004.................................. 5,215,000 5,570,402
NEW JERSEY--2.9%
Mercer County Improvement Authority, Solid Waste Revenue, Refunding
(Resources Recovery Project):
6.80%, 4/1/2005....................................................... 7,750,000 7,527,265
6.50%, 4/1/2007 (Insured; FGIC)....................................... 7,620,000 7,682,713
New Jersey Economic Development Authority, Waste Paper Recycling Revenue
(Marcal Paper Mills, Inc. Project):
5.75%, 2/1/2004....................................................... 2,815,000 2,540,622
8.50%, 2/1/2010....................................................... 2,930,000 3,128,947
New Jersey Health Care Facilities Financing Authority, Revenue:
(Elizabeth General Medical Center) 7.30%, 7/1/2002...................... 1,000,000 996,210
(Kimball Medical Center) 8%, 7/1/1998................................... 5,810,000 6,077,841
New Jersey Sports and Exposition Authority (Sports Complex) 9%, 12/1/1995... 8,180,000 8,546,791
Orange Township 6.60%, 2/1/2007............................................. 5,600,000 5,676,104
NEW MEXICO--1.4%
New Mexico Educational Assistance Foundation, Student Loan Revenue:
6.60%, 3/1/2005 (f)..................................................... 10,980,000 11,002,729
6.70%, 3/1/2006 (f)..................................................... 9,910,000 9,908,613
NEW YORK--6.1%
Metropolitan Transportation Authority, Service Contract, Refunding:
Commuter Facilities Revenue 6.70%, 7/1/2003............................. 2,835,000 2,914,068
Transport Facilities Revenue 5.45%, 7/1/2007............................ 6,405,000 5,444,378
New York City:
7.60%, 8/1/1996......................................................... 10,000,000 10,361,000
7.875%, 8/1/2000........................................................ 12,400,000 13,163,592
7.30%, 2/1/2001......................................................... 5,000,000 5,254,850
7.50%, 2/1/2001......................................................... 3,000,000 3,181,560
7.50%, 8/15/2002........................................................ 5,000,000 5,301,550
8.25%, 11/1/2002........................................................ 2,345,000 2,521,954
7%, 2/1/2005............................................................ 5,500,000 5,571,610
New York City Industrial Development Agency:
IDR 7.625%, 11/1/1999 (LOC; Algemene Bank Nederland) (a)................ 2,120,000 2,164,690
Special Facility Revenue (Terminal One Group Association Project) 5.90%, 1/1/2006 4,680,000 4,314,305
New York State Dormitory Authority, Revenue
(Consolidated City University System):
5.70%, 7/1/2005....................................................... 13,000,000 11,816,870
5.75%, 7/1/2009....................................................... 10,000,000 8,662,400
New York State Mortgage Agency, Homeowner Mortgage Revenue 5.75%, 10/1/2010. 3,000,000 2,662,500
Triborough Bridge and Tunnel Authority, General Purpose Revenue, Refunding
6.75%, 1/1/2009......................................................... 5,100,000 5,178,387
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
NORTH CAROLINA--1.4%
North Carolina Eastern Municipal Power Agency, Refunding:
Number 1 Catawba, Electric Revenue 6%, 1/1/2004........................ $ 5,000,000 $ 4,810,250
Power Systems Revenue 6%, 1/1/2006...................................... 13,455,000 12,565,759
Northampton County Industrial Facilities and Pollution Control Financing
Authority,
SWDR 8.05%, 11/1/2004................................................... 3,000,000 3,118,350
OHIO--2.0%
Cincinnati Student Loan Funding Corp., Student Loan Revenue:
5.85%, 8/1/2004......................................................... 5,500,000 5,198,600
Refunding:
5.70%, 7/1/1999....................................................... 6,000,000 5,937,780
7.20%, 8/1/2003....................................................... 4,700,000 4,824,080
Franklin County, HR, Refunding (Holy Cross Health Systems):
5%, 6/1/2003............................................................ 2,650,000 2,358,367
5.10%, 6/1/2004......................................................... 2,790,000 2,465,523
5.20%, 6/1/2005......................................................... 2,930,000 2,576,115
Portage County, PCR (General Motors Corp. Project) 4.75%, 10/1/2000......... 6,750,000 6,257,925
OKLAHOMA--1.0%
Tulsa Airports Improvement Trust, General Revenue, Refunding
(Tulsa International Airport) 6.125%, 6/1/1999.......................... 5,620,000 5,614,492
Tulsa County Industrial Authority, Health Care Revenue, Refunding
(Saint Francis Hospital) 5.15%, 12/15/2003.............................. 10,000,000 9,182,300
PENNSYLVANIA--6.9%
Dauphin County General Authority, Revenue 5%, 6/1/2026 (Insured; AMBAC) (f). 4,750,000 4,622,557
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004........................................................ 5,000,000 4,725,000
9.375%, 11/1/2006....................................................... 7,070,000 6,999,300
Montgomery County Higher Education and Health Authority, Revenue
(Northwestern Corp.) 8.375%, 6/1/2004................................... 3,050,000 3,064,243
Pennsylvania Convention Center Authority, Revenue, Refunding:
6.25%, 9/1/2004......................................................... 4,550,000 4,396,347
6.60%, 9/1/2009......................................................... 5,000,000 4,690,550
Pennsylvania Economic Development Financing Authority, RRR (Northampton
Generating)
6.40%, 1/1/2009......................................................... 10,500,000 9,263,940
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue
7.50%, 4/1/2005 (Insured; MBIA)......................................... 10,000,000 10,627,600
Philadelphia, Water and Wastewater Revenue, Refunding 5.50%, 6/15/2006...... 12,750,000 11,242,950
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue:
(Community Mental Health/Retardation) 8.875%, 6/15/2009................. 13,530,000 13,741,474
(Northwestern Corp.) 8.375%, 6/1/2004................................... 2,150,000 2,208,179
Philadelphia Municipal Authority, LR, Refunding 6%, 7/15/2003............... 1,500,000 1,444,140
Schuylkill County Industrial Development Authority, RRR, Refunding
(Schuylkill Energy Resource, Inc.) 6.50%, 1/1/2010...................... 11,460,000 10,095,687
Scranton-Lackawanna Health and Welfare Authority, Hospital Facilities Revenue
(Mercy Health Systems):
6.90%, 1/1/2003 (Insured; MBIA)....................................... 3,075,000 3,227,213
6.90%, 1/1/2004 (Insured; MBIA)....................................... 4,330,000 4,519,004
7.25%, 6/15/2005 (Insured; MBIA, Prerefunded 6/15/2000) (c)........... 4,020,000 4,355,268
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
RHODE ISLAND--.9%
Rhode Island Convention Center Authority, Revenue, Refunding
4.90%, 5/15/2004 (Insured; MBIA, Prerefunded 10/15/2001) (c)............ $ 6,000,000 $ 5,233,020
Rhode Island Housing and Mortgage Finance:
(Homeownership Opportunity) 6.40%, 10/1/2008............................ 5,170,000 4,972,403
(Refunding-Rental Housing Program):
5.65%, 10/1/2007...................................................... 2,175,000 1,968,027
5.65%, 10/1/2008...................................................... 1,350,000 1,203,714
SOUTH CAROLINA--1.4%
Charleston County, Hospital Facilities Improvement Revenue, Refunding
(Medical Society Health Project) 5.50%, 10/1/2005 (Insured; MBIA)....... 7,945,000 7,444,544
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC)......................................... 4,050,000 4,046,922
South Carolina Education Assistance Authority, Revenue (Insured - Student Loan)
6.10%, 9/1/2000......................................................... 3,390,000 3,363,727
York County, PCR (Bowater, Inc. Project) 7.625%, 3/1/2006................... 4,900,000 5,073,166
SOUTH DAKOTA--.4%
South Dakota Student Loan Finance Corp., Student Loan Revenue, Refunding
6.45%, 8/1/2006......................................................... 6,705,000 6,459,798
TENNESSEE--.7%
Gatlinburg, COP (Gatlinburg Convention Center):
8.75%, 12/1/1997........................................................ 695,000 761,762
9%, 12/1/2002 (Prerefunded 12/1/1997) (c)............................... 3,535,000 3,988,541
Sullivan County Health Educational and Housing Facilities,
Board Revenue (Holston Valley Health Care Project)
7.125%, 2/15/2002 (Insured; MBIA, Prerefunded 2/15/2000) (c)............ 5,585,000 6,008,846
TEXAS--8.8%
Bell County Health Facilities Development Corp., Revenue:
(Refunding - Central Texas Pooled Health) 4.75%, 10/1/2023.............. 8,500,000 8,207,685
(Scott and White Memorial Hospital) 7.40%, 9/1/1999..................... 2,985,000 3,130,101
Bexar County Health Facilities Development Corp., HR
(Southwest Texas Methodist Hospitals) 6.625%, 11/1/2005 (Insured; AMBAC) 3,000,000 3,000,000
Brazos Higher Education Authority, Student Loan Revenue, Refunding:
5.40%, 6/1/2001......................................................... 5,250,000 5,019,892
5.50%, 6/1/2002......................................................... 5,000,000 4,795,400
5.60%, 6/1/2003......................................................... 4,500,000 4,283,685
Central Texas Higher Education Authority, Student Loan Revenue, Refunding
5.10%, 12/1/2003........................................................ 7,000,000 6,384,490
Dallas County Utility and Reclamation District, Refunding
4.80%, 2/15/2006 (Insured; MBIA)........................................ 3,765,000 3,170,092
Gulf Coast Waste Disposal Authority, SWDR, Refunding
(Quaker Oats Co. Project) 5.70%, 5/1/2006............................... 6,210,000 5,705,500
Harris County Hospital District, Mortgage Revenue, Refunding 7.50%, 2/15/2003 7,000,000 7,540,260
Houston, Hotel Occupancy Tax Revenue:
7%, 7/1/2003 (Insured; FGIC)............................................ 4,400,000 4,594,876
7%, 7/1/2004 (Insured; FGIC)............................................ 1,525,000 1,584,200
North Central Health Facility Development Corp., Revenue 7.86%, 5/15/2008 (b) 13,000,000 12,348,440
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
TEXAS (CONTINUED)
North Texas Higher Education Authority, Student Loan Revenue:
7%, Series B, 4/1/2002 (Insured; AMBAC)................................. $ 4,250,000 $ 4,389,400
7%, Series E, 4/1/2002 (Insured; AMBAC)................................. 4,250,000 4,389,400
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 6.25%, 8/1/2006 (e)..................... 5,100,000 5,103,111
San Antonio, Electric and Gas Revenue, Refunding 5.80%, 2/1/2006............ 10,000,000 9,418,800
South Texas Higher Education Authority, Student Loan Revenue, Refunding
5.30%, 12/1/2003........................................................ 5,350,000 4,958,862
Tarrant County Health Facilities Development Corp., Health Systems Revenue
(Harris Methodist Health Systems) 6%, 9/1/2010.......................... 7,725,000 7,104,142
Texas, Veterans Housing Assistance Fund:
6.40%, 6/1/2006......................................................... 2,240,000 2,169,283
6.50%, 6/1/2007......................................................... 3,130,000 3,028,776
6.60%, 6/1/2008......................................................... 3,675,000 3,557,216
6.70%, 6/1/2009......................................................... 4,055,000 3,930,917
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 5,067,700
Texas Water Resources Financing Authority, Revenue:
7.25%, 8/15/1997........................................................ 2,000,000 2,092,860
7.30%, 8/15/1998........................................................ 2,530,000 2,677,980
UTAH--2.4%
Carbon County, SWDR:
(Refunding - Sunnyside Cogeneration Project) 9%, 7/1/2006............... 9,750,000 9,804,210
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007.................... 5,500,000 5,304,750
Salt Lake County Municipal Building Authority, LR.:
5.90%, 10/1/2006 (Insured; MBIA)........................................ 4,260,000 4,007,212
6%, 10/1/2007 (Insured; MBIA)........................................... 1,920,000 1,841,914
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC)....................................... 3,000,000 2,918,040
7.05%, 11/1/2003 (Insured; AMBAC)....................................... 5,000,000 5,127,350
6.35%, 11/1/2004 (Insured; AMBAC)....................................... 3,000,000 2,924,580
6.45%, 11/1/2005 (Insured; AMBAC)....................................... 3,000,000 2,933,280
VERMONT--.5%
Vermont Educational and Health Buildings Financing Agency, Revenue, Refunding
(Hospital Medical Center - Hospital of Vermont) 7.37%, 9/1/2007 (b)..... 4,800,000 3,938,160
Vermont Student Assistance Corp., Education Loan Revenue (Finance Program)
6.25%, 12/15/2003 (Insured; FSA)........................................ 3,500,000 3,480,785
VIRGINIA--1.1%
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation):
6.50%, 11/15/2002..................................................... 2,000,000 1,956,320
6.95%, 11/15/2002..................................................... 5,360,000 5,369,434
Virginia Housing Development Authority, Commonwealth Mortgage:
6.05%, 1/1/2004......................................................... 4,400,000 4,265,404
6.15%, 1/1/2005......................................................... 4,400,000 4,239,840
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
WASHINGTON--5.3%
Chelan County Public Utility District, Consolidated Revenue
(Chelan Hydroelectric):
7.55%, 7/1/2002....................................................... $ 6,515,000 $ 7,024,017
5.70%, 7/1/2008....................................................... 5,650,000 4,962,790
Clark County Public Utility District Number 1, Electric Revenue, Refunding:
6.10%, 1/1/2002 (Insured; FGIC)......................................... 2,015,000 2,029,810
6.30%, 1/1/2004 (Insured; FGIC)......................................... 3,160,000 3,179,624
Port Seattle, Revenue 6.50%, 11/1/2005...................................... 3,000,000 3,025,950
Tacoma, Electric Systems Revenue, Refunding 6.25%, 1/1/2011 (Insured; AMBAC) 9,550,000 9,093,987
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC) 4,000,000 3,856,840
(Refunding - Yakima Valley Memorial Hospital) 7.875%, 1/1/2003.......... 3,300,000 3,535,356
Washington Public Power Supply Systems, Revenue, Refunding:
(Nuclear Project Number 1):
7.70%, 7/1/2002....................................................... 16,745,000 18,203,155
7.25%, 7/1/2003....................................................... 2,400,000 2,517,336
6.60%, 7/1/2004....................................................... 2,500,000 2,512,800
(Nuclear Project Number 2):
7.50%, 7/1/2003....................................................... 5,775,000 6,205,642
5.375%, 7/1/2011...................................................... 6,000,000 4,919,040
(Nuclear Project Number 3) 7.375%, 7/1/2004............................. 5,500,000 5,804,315
WISCONSIN--2.2%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005.. 5,000,000 4,977,950
Milwaukee County 5.30%, 12/1/2005........................................... 3,000,000 2,685,300
Wisconsin, Refunding (Veteran Housing) 4.85%, 11/1/2006..................... 6,500,000 5,341,050
Wisconsin Health and Educational Facilities Authority, Revenue, Refunding:
(Luther Hospital Project) 6.125%, 11/15/2006............................ 3,500,000 3,377,815
(Wheaton Franciscan Services, Inc.):
6%, 8/15/2006 (Insured; MBIA)......................................... 3,555,000 3,390,830
6%, 8/15/2007 (Insured; MBIA)......................................... 3,780,000 3,561,667
6.50%, 8/15/2007 (Insured; MBIA)...................................... 3,000,000 2,999,610
Wisconsin Housing and Economic Development Authority, Housing Revenue
5.30%, 11/1/2006........................................................ 7,075,000 6,222,463
----------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $1,464,552,416)................. $1,421,841,860
==============
SHORT-TERM MUNICIPAL INVESTMENTS--1.8%
FLORIDA--.5%
Bay County Medical Center, VRDN 3.25% (g)................................... $ 8,000,000 $ 8,000,000
INDIANA--.2%
Indiana Municipal Power Agency, Power Supply Sysems Revenue 3.55% (b,d)..... 4,000,000 4,000,000
MISSISSIPPI--.1%
Perry County, PCR, Revenue, VRDN (Leaf River Forest Project)
3.20% (LOC; Credit Suisse) (a,g)........................................ 1,000,000 1,000,000
NEW YORK--.1%
New York State Job Development Authority, VRDN 3.40% (g).................... 1,000,000 1,000,000
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- -------------
PENNSYLVANIA--.1%
Allegheny County Hospital Development Authority, Revenue, VRDN
(Presbyterian University Hospital) 3.40% (LOC; PNC Bank) (a,g).......... $ 200,000 $ 200,000
WASHINGTON--.7%
Washington Public Power Supply Systems, Revenue
(Nuclear Project Number 3) 3.65% (b).................................... 10,000,000 10,000,000
WYOMING--.1%
Uinta County, PCR, VRDN (Chevron USA, Inc. Project) 3.15% (LOC; Chevron
Corp.) (a,g)................................................................ 2,000,000 2,000,000
----------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $26,200,000)................... $ 26,200,000
===============
TOTAL INVESTMENTS--100.0%
(cost $1,490,752,416)................................................... $1,448,041,860
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation LR Lease Revenue
EDR Economic Development Revenue MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance RRR Resources Recovery Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (H) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <S> <C>
AAA Aaa AAA 32.5%
AA Aa AA 24.3
A A A 20.5
BBB Baa BBB 10.8
BB Ba BB .7
C C C .3
F1 + & F1 MIG1, VMIG1 & P1 SP1 & A1 1.9
Not Rated (i) Not Rated (i) Not Rated (i) 9.0
--------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) 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.
(d) 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,
1994, these securities amounted to $50,458,552 or 3.32% of net assets.
(e) Wholly held by the custodian in a segregated account as collateral
for delayed delivery securities.
(f) Purchased on a delayed delivery basis.
(g) 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.
(h) Fitch currently provides creditworthiness information for a limited
number of investments.
(i) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Directors to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,490,752,416)--see statement.................................. $1,448,041,860
Cash.................................................................... 26,326,602
Receivable for investment securities sold............................... 63,287,792
Interest receivable..................................................... 29,325,643
Receivable for subscriptions to Common Stock............................ 53,297
Prepaid expenses........................................................ 63,680
----------------
1,567,098,874
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 678,336
Payable for investment securities purchased............................. 46,808,125
Payable for Common Stock redeemed....................................... 30,129
Accrued expenses........................................................ 213,079 47,729,669
------------- --------------
NET ASSETS ................................................................ $1,519,369,205
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,555,908,181
Accumulated undistributed net realized gain on investments.............. 6,171,580
Accumulated net unrealized (depreciation) on investments_Note 3......... (42,710,556)
----------------
NET ASSETS at value, applicable to 116,401,086 outstanding shares
of Common Stock, equivalent to $13.05 per share
(300 million shares of $.01 par value authorized)....................... $1,519,369,205
==============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 51,708,369
EXPENSES:
Management fee--Note 2(a)............................................. $ 4,905,746
Shareholder servicing costs_Note 2(b)................................. 856,447
Custodian fees........................................................ 57,099
Registration fees..................................................... 37,315
Professional fees..................................................... 35,760
Prospectus and shareholders' reports.................................. 24,651
Directors' fees and expenses_Note 2(c)................................ 16,014
Miscellaneous......................................................... 54,627
-------------
TOTAL EXPENSES.................................................. 5,987,659
-------------
INVESTMENT INCOME--NET.......................................... 45,720,710
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments--Note 3.............................. $ (1,003,595)
Net unrealized (depreciation) on investments............................ (93,275,485)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (94,279,080)
-------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(48,558,370)
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1994
1994 (UNAUDITED)
---------------- --------------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 94,163,302 $ 45,720,710
Net realized gain (loss) on investments........................... 16,989,268 (1,003,595)
Net unrealized (depreciation) on investments for the period....... (57,274,612) (93,275,485)
---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. 53,877,958 (48,558,370)
---------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................ (94,921,816) (45,720,710)
Net realized gain on investments.................................. (20,390,870) ____
---------------- ----------------
TOTAL DIVIDENDS................................................. (115,312,686) (45,720,710)
---------------- ----------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 1,103,022,230 334,542,957
Dividends reinvested.............................................. 88,406,570 34,053,723
Cost of shares redeemed........................................... (1,109,542,268) (479,074,393)
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS 81,886,532 (110,477,713)
---------------- ----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS......................... 20,451,804 (204,756,793)
NET ASSETS:
Beginning of period............................................... 1,703,674,194 1,724,125,998
---------------- ----------------
End of period..................................................... $1,724,125,998 $1,519,369,205
=============== ================
SHARES SHARES
---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 76,481,952 24,619,325
Shares issued for dividends reinvested............................ 6,129,404 2,508,878
Shares redeemed................................................... (77,120,425) (35,264,172)
---------------- ----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING................... 5,490,931 (8,135,969)
=============== ================
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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 the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
----------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------- ------- ------- ------- ------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $13.48 $13.39 $13.67 $13.96 $14.31 $13.84
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net................ .94 .92 .89 .81 .76 .38
Net realized and unrealized gain (loss)
on investments...................... (.09) .28 .36 .66 (.31) (.79)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.... .85 1.20 1.25 1.47 .45 (.41)
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net. (.94) (.92) (.88) (.81) (.76) (.38)
Dividends from net realized gain
on investments...................... -- -- (.08) (.31) (.16) --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS................. (.94) (.92) (.96) (1.12) (.92) (.38)
------- ------- ------- ------- ------- -------
Net asset value, end of period........ $13.39 $13.67 $13.96 $14.31 $13.84 $13.05
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 6.53% 9.30% 9.45% 10.88% 3.13% (6.08%)(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .71% .69% .70% .71% .70% .73%(1)
Ratio of net investment income to average
net assets.......................... 7.72% 7.53% 7.17% 5.68% 5.22% 5.54%(1)
Portfolio Turnover Rate............... 39.93% 31.07% 48.03% 60.14% 36.27% 19.84%(2)
Net Assets, end of period (000's Omitted) $1,113,691 $1,236,870 $1,443,687 $1,703,674 $1,724,126 $1,519,369
- ----------------
(1) Annualized.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(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 are readily available and
are representative of the bid side of the market in the judgment of the
Service are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
(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 applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
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, 1994 was reduced by $45,000 pursuant to the settlement of
litigation.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, and extraordinary expenses, exceed the expense limitation of any
state having jurisdiction over the Fund for any full fiscal year. The most
stringent state expense limitation applicable to the Fund presently requires
reimbursement of expenses in any full fiscal year that such expenses
(exclusive of certain expenses as described above) exceed 2 1/2% of the first
$30 million, 2% of the next $70 million and 1 1/2 % of the excess over $100
million of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. There was no expense reimbursement for the
six months ended November 30, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the six months
ended November 30, 1994, the Fund was charged an aggregate of $309,483
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $4,500 and an attendance fee of $500 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $650,280,889 and $847,567,383, respectively, for the six months
ended November 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At November 30, 1994, accumulated net unrealized depreciation on
investments was $42,710,556, consisting of $22,559,371 gross unrealized
appreciation and $65,269,927 gross unrealized depreciation.
At November 30, 1994, 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, LLP 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, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. 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, 1994 and financial highlights for each of the five years in the
period ended May 31, 1994 and in our report dated July 5, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
January 9, 1995
(Dreyfus `D' Logo)
DREYFUS INTERMEDIATE MUNICIPAL
BOND FUND, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 947SA9411
(Dreyfus Logo)
Intermediate
Municipal
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1994
(Dreyfus Lion Logo)
