LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its annual reporting period on May 31, 1995, its net
asset value was $14.02, an increase of approximately $1.03 from the net asset
value as of the semi-annual report on November 30, 1994, adjusted for capital
gain distributions. The total return for the Fund's fiscal year was 7.54%.*
Income dividends of approximately $.749 per share were paid during this
period representing a distribution rate of 5.32% based on the May 31 closing
net asset value, adjusted for capital gain distributions. All dividends paid
from net investment income during this period were exempt from Federal taxes,
although certain shareholders may be subject to the Federal Alternative
Minimum Tax (AMT) on some portfolio income.
The economic environment in calendar year 1994 that resulted in the worst
bond market drop since the Depression has changed dramatically since our last
report. The Federal Reserve Board, in its efforts to control inflation and
keep the economy from overheating, raised the Federal Funds rate seven times
since February of 1994. The effect of this tightening brought long maturity
U.S. Treasury yields to approximately 8.15% in November of 1994. The change
in market perception since then has been dramatic. While many economists
continued to focus on potentially higher rates, the market began to react to
signs of a slowing economy and the fixed income markets began a strong
recovery. Indications of a slower, but not recessionary, economy have brought
fixed income markets to current levels. It is still uncertain as to whether
the economy is experiencing a soft landing, or if the effect of lower rates
will reenergize the economy. Bond yields have dropped worldwide, making it
easier for U.S. rates to stabilize. High debt levels, however, limit the
ability of the consumer to help reignite the economy; car sales remain slow,
retail sales fell in May, and consumer sentiment is flagging.
The financial markets are currently anticipating a cut in rates by the
Federal Reserve. Recent statements by the Fed's Chairman, Alan Greenspan,
have not been definitive, and we anticipate that the Fed may wait for further
evidence of a slowdown before taking action. At this juncture, we believe
that the market price of bonds in general is reflecting a market ease that
has not yet occurred, and we would expect the market to settle into a trading
range during the summer. An agreement by the President and Congress to reform
the Income Tax Code, downsize government operations, and reduce the deficit
should also contribute to a lower interest rate scenario.
Since November, the municipal market has recovered most of the loss that
it experienced during 1994. The municipal market continues to face a lack of
supply and a continuing loss of high-coupon paper due to prerefundings and
active calls. Under ordinary circumstances, these technicals would enable the
municipal market to stabilize; however, due to ongoing discussions of tax
reform, the municipal market undoubtedly will lag the Treasury market in
overall performance. Clearly the problem is the uncertainty, which will
continue until well into 1996.
During the first quarter of calendar 1994, the portfolio was positioned
with a fairly long duration: when it appeared that the Federal Reserve would
continue tightening, we began to shorten the portfolio's average life. In
hindsight, we should have taken a more defensive stance earlier than we did.
During this time, we closed out the majority of our derivative holdings and
took advantage of the availability of secondary insurance to enhance market
liquidity and improve credit quality. Later in 1994,
we began to extend the portfolio's duration, anticipating that the worst of
the market downturn was over. We expect that, going forward, the municipal
market will continue to fluctuate due to, among other things, the
uncertainties of tax reform legislation; therefore, at this juncture, we
choose to take a more conservative approach by shortening our duration and
moving to a more defensive position.
We have included a current Statement of Investments and recent financial
statements for your review. We hope that this Fund continues to help you meet
your investment objective.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 28, 1995
New York, N.Y.
* Total return represents the change during the period in a hypothetical
account with dividends reinvested.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC. MAY 31, 1995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS INTERMEDIATE
MUNICIPAL BOND FUND, INC. AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND
INDEX
In Dollars
$24,267
Lehman Brothers
10-Year Municipal
Bond Index*
$21,903
Dreyfus Intermediate Municipal Bond Fund
*Source: Lehman Brothers
<TABLE>
<CAPTION>
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FIVE YEARS ENDED TEN YEARS ENDED
MAY 31, 1995 MAY 31, 1995 MAY 31, 1995
----------------- ------------------ ------------------
7.54% 8.03% 8.16%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in the Dreyfus
Intermediate Municipal Bond Fund on 5/31/85 to a $10,000 investment made in
the Lehman Brothers 10-Year Municipal Bond Index on that date. All dividends
and capital gain distributions are reinvested.
The Fund invests primarily in municipal securities and maintains a portfolio
with a weighted-average maturity ranging between 3 and 10 years. The Fund's
performance shown in the line graph takes into account fees and expenses.
Unlike the Fund, the Lehman Brothers 10-Year Municipal Bond Index is an
unmanaged total return performance benchmark for the investment-grade,
10-year tax exempt bond market, consisting of municipal bonds with maturities
of more than 8 years and less than 12 years. The Index does not take into
account charges, fees and other expenses. The longer maturity of the Index,
and the fact that the performance of the Index does not account for fees and
expenses, each can potentially contribute to the Index outperforming the
Fund. Further information relating to Fund performance, including expense
reimbursements, if applicable, is contained in the Condensed Financial
Information section of the Prospectus and elsewhere in this report.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-98.4% AMOUNT VALUE
---------------- ----------------
<S> <C> <C>
ALASKA-1.1%
Alaska Industrial Development and Export Authority, Revolving Fund:
7.80%, 4/1/2004......................................................... $ 6,360,000 $ 7,044,845
6.375%, 4/1/2008........................................................ 3,000,000 3,164,250
Anchorage, HR, Refunding (Sisters of Providence Project) 6.50%, 10/1/1999... 2,000,000 2,113,820
Kasaan, LR 7.75%, 8/15/2005 (LOC; Sumitomo Trust and Banking) (a)........... 3,510,000 3,951,102
ARIZONA-2.0%
Greenlee County Industrial Development Authority, PCR, Refunding
(Phelps Dodge Corp. Project) 5.45%, 6/1/2009............................ 15,000,000 14,627,400
Maricopa County Industrial Development Authority, Hospital Facility Revenue
(Samaritan Health Services) 7.15%, 12/1/2004 (Insured; MBIA)............ 9,835,000 11,459,152
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems, Inc. Project) 7.25%, 10/15/2004............ 5,000,000 5,199,100
ARKANSAS-.6%
Arkansas Student Loan Authority, Revenue:
6.05%, 6/1/2002......................................................... 4,700,000 4,903,886
6.05%, 12/1/2002........................................................ 4,455,000 4,659,574
CALIFORNIA-9.3%
California Department of Veteran Affairs, Home Purchase Revenue 7.80%, 8/1/2001 5,000,000 5,365,300
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
6.40%, 12/1/2003........................................................ 6,000,000 6,387,840
6.50%, 6/1/2005......................................................... 5,500,000 5,831,870
California Public Works Board, LR:
(Community College Projects):
5.875%, 10/1/2008..................................................... 4,500,000 4,575,915
5.90%, 10/1/2009...................................................... 5,215,000 5,274,660
(University of California Projects):
5%, 6/1/2005.......................................................... 6,230,000 5,997,434
5%, 6/1/2006.......................................................... 5,730,000 5,464,013
Refunding 5.25%, 6/1/2006............................................. 6,000,000 5,926,080
Los Angeles Department of Airports, Airport Revenue, Refunding:
5.375%, 5/15/2007 (Insured; FGIC)....................................... 12,235,000 12,336,673
5.50%, 5/15/2009 (Insured; FGIC)........................................ 5,620,000 5,624,665
5.50%, 5/15/2010 (Insured; FGIC)........................................ 5,000,000 4,949,650
Los Angeles Department of Water and Power, Electric Plant Revenue, Refunding
5.125%, 11/15/2007...................................................... 7,000,000 6,864,130
Los Angeles Harbor Department, Revenue 6.40%, 8/1/2012...................... 5,420,000 5,636,421
Northern California Power Agency, Geothermal Project Number 3, Revenue,
Refunding
5.50%, 7/1/2005......................................................... 13,000,000 13,109,460
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
CALIFORNIA (CONTINUED)
Orange County Local Transportation Authority, Sales Tax Revenue
4.64%, 2/15/2006 (Insured; FGIC) (b).................................... $ 13,200,000 $ 11,350,812
Riverside County Asset Leasing Corp., Leasehold Revenue
(Riverside County Hospital Project) 6%, 6/1/2003........................ 3,000,000 3,111,720
Sacramento Municipal Utility District, Electric Revenue
5.40%, 11/15/2006 (Insured; FSA)........................................ 10,000,000 10,039,200
Sacramento Schools Insurance Authority, Revenue
(Workers Compensation Program) 5.75%, 6/1/2003.......................... 15,795,000 16,368,043
Solano County, COP, Refunding (Justice Facility and Public Buildings Project)
5.875%, 10/1/2005....................................................... 10,000,000 9,994,500
COLORADO-1.5%
Denver City and County, Airport Revenue:
7.50%, 11/15/2002....................................................... 6,080,000 6,557,523
8.75%, 11/15/2005....................................................... 14,485,000 16,470,749
CONNECTICUT-2.2%
Connecticut:
5.25%, 3/15/2007........................................................ 12,555,000 12,625,810
5.50%, 3/15/2007........................................................ 7,905,000 8,096,617
5.50%, 3/15/2008........................................................ 4,000,000 4,066,240
Connecticut Housing Finance Authority, Housing Mortgage Finance Program:
7.30%, 11/15/2003....................................................... 5,705,000 6,093,738
5.95%, 5/15/2011........................................................ 3,215,000 3,311,997
DELAWARE-.8%
Delaware River and Bay Authority, Delaware Authority Revenue 3.75%, 1/1/2004 13,565,000 12,939,925
FLORIDA-2.4%
Dade County, Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC) (c)......... 10,830,000 11,358,504
Florida School Boards Association, LR (Orange County School Board Project)
6.25%, 7/1/2005 (Insured; AMBAC)........................................ 3,250,000 3,356,632
Greater Orlando Aviation Authority, Airport Facilities Revenue 6.40%, 10/1/2004 8,940,000 9,680,500
Indian Trace Community Development District, Water and Sewer Revenue
8.50%, 4/1/1997......................................................... 995,000 1,061,108
Palm Beach County, Solid Waste IDR (Okeelanta Power L.P. Project)
6.50%, 2/15/2009........................................................ 3,600,000 3,649,392
Sarasota County School Board Financing Corp., LR, Refunding:
5%, 7/1/2007 (Insured; MBIA)............................................ 4,015,000 3,950,479
5%, 7/1/2008 (Insured; MBIA)............................................ 4,200,000 4,089,708
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
GEORGIA-1.0%
Burke County Development Authority, PCR, Refunding (Oglethorpe Power Corp.):
5%, 1/1/2007 (c)........................................................ $ 8,395,000 $ 8,122,246
5.05%, 1/1/2008......................................................... 7,695,000 7,423,674
HAWAII-2.4%
Hawaii, Airports Systems Revenue 7.50%, 7/1/2005 (Insured; FGIC)............ 3,000,000 3,391,050
Hawaii County, Refunding and Improvement 5.30%, 5/1/2005 (Insured; FGIC).... 2,000,000 2,051,080
Honolulu City and County 5.40%, 9/27/2007................................... 30,600,000 30,926,808
ILLINOIS-6.0%
Chicago O'Hare International Airport, Special Facility Revenue
(International Terminal) 7.50%, 1/1/2005................................ 2,800,000 3,084,480
Chicago School Finance Authority 5%, 6/1/2009 (Insured; MBIA) (c)........... 9,000,000 8,459,910
Hoffman Estates, Tax Increment Revenue
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland) (a).................. 5,145,000 5,506,848
Illinois:
5.60%, 6/1/2001......................................................... 3,325,000 3,453,478
5.60%, 8/1/2007......................................................... 11,925,000 12,111,984
Illinois Development Finance Authority, Community Rehabilitation
(Providers Facility Acquisition) 8.25%, 9/1/2000........................ 6,160,000 6,584,116
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999............... 1,390,000 1,542,650
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA)..................................... 4,400,000 4,593,160
(Ingalls Memorial Hospital Project) 7%, 1/1/2005 (Insured; MBIA)
(Prerefunded 1/1/2000)(d)............................................. 6,000,000 6,694,020
(Refunding - Evangelical Hospitals) 6.75%, 4/15/2007.................... 3,090,000 3,243,017
(Refunding - Westlake Community Hospital):
7.625%, 1/1/1999...................................................... 2,850,000 3,075,264
7.75%, 1/1/2004....................................................... 5,450,000 5,789,371
(Southern Illinois Hospital Services) 6.50%, 3/1/2007 (Insured; MBIA)... 4,000,000 4,307,440
(Swedish American Hospital)
7.30%, 4/1/2007 (Insured; AMBAC) (Prerefunded 4/1/2000) (d)........... 4,000,000 4,532,720
Illinois Student Assistance Commission, Student Loan Revenue:
6.30%, 3/1/2004......................................................... 2,600,000 2,761,200
6.40%, 3/1/2005......................................................... 6,300,000 6,745,410
Joliet, Gas Supply Revenue (Peoples Gas Light and Coke) 8%, 6/1/1999........ 5,000,000 5,609,800
Normal, EDR, Refunding (Dayton - Hudson Corp. Project)
6.75%, 11/1/2001........................................................ 3,400,000 3,640,210
INDIANA-6.5%
Boonville Junior High School Building Corp., First Mortgage Revenue,
Refunding
6.80%, 7/1/2005......................................................... 3,100,000 3,394,965
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
INDIANA (CONTINUED)
(CONTINUED)
Brownsburg School Building Corp., First Mortgage:
5.80%, 8/1/2008 (Insured; CGIC) (e)..................................... $ 2,650,000 $ 2,712,964
5.90%, 8/1/2009 (Insured; CGIC) (e)..................................... 2,895,000 2,962,164
Indiana Bond Bank (Special Hospital Program Hendricks) 6.90%, 4/1/2006...... 3,000,000 3,247,260
Indiana Health Facility Financing Authority, HR (Lafayette Home Hospital
Project)
5.75%, 8/1/2008......................................................... 3,000,000 3,004,110
Indiana Municipal Power Agency, Power Supply Systems Revenue, Refunding:
5.70%, 1/1/2006 (Insured; MBIA)......................................... 8,400,000 8,696,604
5.80%, 1/1/2008 (Insured; MBIA)......................................... 14,000,000 14,428,400
Indiana Transportation Finance Authority, Airport Facilities LR (United Air
Lines)
6.50%, 11/1/2007........................................................ 5,250,000 5,579,962
Indianapolis Local Public Improvement Bond Bank:
6.20%, 2/1/2003......................................................... 2,100,000 2,210,859
6.30%, 2/1/2004......................................................... 2,800,000 2,962,400
6.40%, 12/1/2005........................................................ 3,000,000 3,188,490
Knox County Hospital Association, LR 5.65%, 7/1/2008 (Insured; MBIA)........ 4,150,000 4,192,579
Logansport School Building Corp., First Mortgage
7.30%, 1/15/2007 (Prerefunded 1/15/2000) (d)............................ 4,750,000 5,353,060
Merrillville Multiple School Building Corp., First Mortgage, Refunding:
6.125%, 7/1/2001 (Insured; MBIA)........................................ 3,400,000 3,623,992
6.25%, 7/1/2002 (Insured; MBIA)......................................... 3,000,000 3,230,460
Noblesville High School Building Corp. (First Mortgage) 5.65%, 2/15/2008.... 4,060,000 4,065,846
North Montgomery Elementary School Building Corp., Refunding 6.50%, 7/1/2006 5,665,000 6,189,182
Purdue University, University Revenue (Purdue University Dormitory System)
6.90%, 7/1/2006 (Insured; AMBAC) (Prerefunded 7/1/2001) (d)............. 4,075,000 4,622,028
Robbins, RRR (Robbins Resource Recovery Partners) 8.75%, 10/15/2005......... 15,000,000 16,108,800
IOWA-1.7%
Ames, HR (Mary Greeley Medical Center Project) 6.25%, 8/15/2006 (Insured; AMBAC) 4,320,000 4,612,248
Council Bluffs, IDR, Refunding (Cargill, Inc. Project) 7%, 3/1/2007......... 4,400,000 4,818,000
Iowa Student Loan Liquidity Corp., Student Loan Revenue:
6.65%, 3/1/2003 (Insured; AMBAC)........................................ 4,900,000 5,235,209
7%, 12/1/2003 (Insured; AMBAC) (c)...................................... 10,000,000 10,982,100
KENTUCKY-1.8%
Kentucky Higher Education Student Loan Corp., Insured Student Loan Revenue,
Refunding 5.10%, 12/1/2003.............................................. 4,030,000 3,997,115
Kentucky Property and Buildings Commission, Revenue, Refunding (Project
Number 55)
6%, 9/1/2008............................................................ 12,770,000 13,487,163
Mount Sterling, LR (Kentucky League Cities Funding) 5.625%, 3/1/2003........ 10,000,000 10,155,800
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31,1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
LOUISIANA-2.9%
(CONTINUED)
Louisiana Correctional Facilities Corp., LR:
5.40%, 12/15/2001....................................................... $ 14,000,000 $ 14,434,560
5.55%, 12/15/2002....................................................... 14,000,000 14,460,600
5.60%, 12/15/2003....................................................... 5,600,000 5,787,824
Louisiana Public Facilities Authority, Revenue:
(Louisiana Association of Independent Colleges and Universities)
6.50%, 12/1/2002...................................................... 2,155,000 2,265,789
(Tulane University of Louisiana) 7.81%, 11/15/2012 (b).................. 8,065,000 8,526,318
MAINE-1.3%
Jay, PCR, Refunding (International Paper Co. Project) 4.65%, 9/1/2002....... 5,700,000 5,622,024
Maine Educational Loan Marketing Corp., Student Loan Revenue:
5.85%, 11/1/2002........................................................ 7,000,000 7,254,870
Refunding:
5.65%, 5/1/1999....................................................... 1,900,000 1,929,165
6.90%, 11/1/2003...................................................... 5,000,000 5,303,800
MASSACHUSETTS-6.5%
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Project) 7.10%, 5/15/2002....................... 5,505,000 5,710,997
Massachusetts Commonwealth:
Consolidated Loan 5.30%, 7/1/2006....................................... 30,600,000 30,649,266
Refunding:
6.40%, 8/1/2003....................................................... 3,175,000 3,463,099
5.20%, 8/1/2008 (Insured; FGIC)....................................... 5,000,000 4,962,000
5.30%, 7/1/2006....................................................... 7,295,000 7,306,745
Massachusetts Housing Finance Agency, Housing Revenue:
Refunding:
6.30%, 7/1/2007 (Insured; AMBAC)...................................... 3,190,000 3,350,808
6.35%, 7/1/2008 (Insured; AMBAC)...................................... 3,425,000 3,591,489
6.40%, 7/1/2009 (Insured; AMBAC)...................................... 3,740,000 3,912,003
Single Family 6.10%, 12/1/2010.......................................... 9,695,000 9,893,457
Massachusetts Water Resources Authority 5.10%, 12/1/2004.................... 10,000,000 9,999,900
New England Education Loan Marketing Corp., Student Loan Revenue, Refunding:
5.05%, 12/1/2002........................................................ 2,500,000 2,467,800
5.625%, 7/1/2004........................................................ 5,000,000 5,040,350
5.70%, 7/1/2005......................................................... 10,000,000 10,083,300
MICHIGAN-3.9%
Kent Hospital Finance Authority, Hospital Facility Revenue, Refunding
(Blodgett Memorial Medical Center) 7%, 7/1/2001......................... 2,500,000 2,663,550
Michigan Building Authority, Revenue 6.50%, 10/1/2005....................... 8,440,000 9,161,114
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
MICHIGAN (CONTINUED)
Michigan Higher Education Student Loan Authority, Revenue, Refunding:
5.70%, 9/1/2003......................................................... $ 2,000,000$ 2,042,660
5.80%, 9/1/2004......................................................... 3,900,000 3,994,887
Michigan Hospital Finance Authority, Revenue, Refunding:
(Genesys Health System) 8.10%, 10/1/2013................................ 10,000,000 10,802,600
(McLaren Obligated Group):
5.10%, 10/15/2005..................................................... 3,655,000 3,457,411
7%, 9/15/2007 (Prerefunded 9/15/2000) (d)............................. 3,670,000 4,142,256
7.375%, 9/15/2008 (Prerefunded 9/15/2001) (c,d)....................... 6,925,000 8,050,936
Michigan Housing Development Authority, Rental Housing Revenue 6.10%, 4/1/2002 4,500,000 4,662,000
Michigan Strategic Fund, SWDR (Genesee Power Station Project) 7.125%, 1/1/2006 7,500,000 7,807,500
Wayne State University, University Revenues, Refunding
5.40%, 11/15/2006 (Insured; AMBAC)...................................... 3,105,000 3,188,152
MISSISSIPPI-.3%
Adams County, PCR (International Paper Co. Project) 5.625%, 11/15/2006...... 5,150,000 5,242,133
MISSOURI-1.8%
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000..................................... 4,500,000 4,858,650
Saint Louis, Airport Improvement Revenue, Refunding
(Lambert - Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC) 9,675,000 10,136,401
Saint Louis Municipal Finance Corp., Leasehold Revenue, Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank) (a)................................. 5,075,000 5,139,605
5.50%, 7/15/2004 (LOC; Sanwa Bank) (a).................................. 6,835,000 6,942,241
NEBRASKA-.2%
Albion, IDR, Refunding (Cargill, Inc. Project) 7%, 12/1/2000................ 2,600,000 2,807,220
NEVADA-.8%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport) 5.95%, 7/1/2005 (Insured; AMBAC) 6,365,000 6,725,323
Washoe County Airport Authority, Airport Systems Improvement Revenue
5.60%, 7/1/2002 (Insured; MBIA)......................................... 5,000,000 5,170,800
NEW HAMPSHIRE-.4%
New Hampshire Higher Educational and Health Facilities Authority, Revenue, Refunding
(Catholic Medical Center) 8%, 7/1/2004.................................. 5,215,000 5,757,099
NEW JERSEY-2.0%
Mercer County Improvement Authority, Solid Waste Revenue, Refunding
(Resources Recovery Project) 6.50%, 4/1/2007 (Insured; FGIC)............ 7,620,000 8,244,383
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31,1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority, Waste Paper Recycling Revenue
(Marcal Paper Mills, Inc. Project):
5.75%, 2/1/2004....................................................... $ 2,815,000 $ 2,750,987
8.50%, 2/1/2010....................................................... 2,930,000 3,348,902
New Jersey Health Care Facilities Financing Authority, Revenue
(Kimball Medical Center) 8%, 7/1/1998................................... 5,810,000 6,324,069
New Jersey Sports and Exposition Authority (Sports Complex) 9%, 12/1/1995... 4,265,000 4,375,080
Orange Township 6.60%, 2/1/2007............................................. 5,600,000 6,186,096
NEW MEXICO-1.5%
New Mexico Educational Assistance Foundation, Student Loan Revenue:
6.60%, 3/1/2005......................................................... 10,980,000 11,950,083
6.70%, 3/1/2006......................................................... 9,910,000 10,606,673
NEW YORK-3.3%
Metropolitan Transportation Authority, Service Contract, Refunding,
Commuter Facilities Revenue 6.70%, 7/1/2003............................. 2,835,000 3,144,922
New York City:
7.30%, 2/1/2001......................................................... 5,000,000 5,469,000
7.50%, 2/1/2001......................................................... 3,000,000 3,308,820
7.50%, 8/15/2002........................................................ 2,000,000 2,150,100
8.25%, 11/1/2002........................................................ 2,345,000 2,573,403
New York City Industrial Development Agency:
IDR 7.625%, 11/1/2009 (LOC; Algemene Bank Nederland) (a)................ 2,120,000 2,166,640
Special Facility Revenue (Terminal One Group Association Project) 5.90%, 1/1/2006 4,680,000 4,749,592
New York State Dormitory Authority, Revenue (Consolidated City University
System)
5.70%, 7/1/2005......................................................... 13,000,000 13,097,240
New York State Energy Research and Development Authority, Service Contract
Revenue, Refunding (Western New York Nuclear Service Center) 5.20%, 4/1/2002 5,085,000 5,204,904
New York State Mortgage Agency, Homeowner Mortgage Revenue
5.75%, 10/1/2010........................................................ 3,000,000 2,996,700
Triborough Bridge and Tunnel Authority, General Purpose Revenue, Refunding
6.75%, 1/1/2009......................................................... 5,100,000 5,756,370
NORTH CAROLINA-1.3%
North Carolina Eastern Municipal Power Agency, Refunding:
Electric Revenue, Number 1 Catawba, 6%, 1/1/2004........................ 5,000,000 5,221,050
Power Systems Revenue 6%, 1/1/2006...................................... 11,955,000 11,991,343
Northampton County Industrial Facilities and Pollution Control Financing
Authority,
SWDR 8.05%, 11/1/2004................................................... 3,000,000 3,267,300
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
OHIO-1.6%
Cincinnati Student Loan Funding Corp., Student Loan Revenue:
5.85%, 8/1/2004......................................................... $ 5,500,000 $ 5,653,890
Refunding:
5.70%, 7/1/1999....................................................... 6,000,000 6,062,640
7.20%, 8/1/2003....................................................... 4,700,000 4,927,433
Franklin County, HR, Refunding (Holy Cross Health Systems):
5%, 6/1/2003............................................................ 2,650,000 2,591,938
5.10%, 6/1/2004......................................................... 2,790,000 2,725,132
5.20%, 6/1/2005......................................................... 2,930,000 2,860,852
OKLAHOMA-1.0%
Tulsa Airports Improvement Trust, General Revenue, Refunding
(Tulsa International Airport) 6.125%, 6/1/1999.......................... 5,620,000 5,915,219
Tulsa County Industrial Authority, Health Care Revenue, Refunding
(Saint Francis Hospital) 5.15%, 12/15/2018.............................. 10,000,000 9,837,200
PENNSYLVANIA-7.6%
Dauphin County General Authority, Revenue 5%, 6/1/2026 (Insured; AMBAC)..... 4,750,000 4,690,340
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004........................................................ 5,000,000 5,080,150
9.375%, 11/1/2006....................................................... 7,070,000 7,396,775
Montgomery County Higher Education and Health Authority, Revenue
(Northwestern Corp.) 8.375%, 6/1/2004................................... 3,050,000 3,203,415
Pennsylvania Convention Center Authority, Revenue, Refunding
6.25%, 9/1/2004......................................................... 4,550,000 4,698,375
Pennsylvania Economic Development Financing Authority, RRR
(Northampton Generating):
6.40%, 1/1/2009....................................................... 10,500,000 10,433,430
Refunding 6.75%, 1/1/2007............................................. 7,000,000 7,049,700
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue
7.50%, 4/1/2005 (Insured; MBIA)......................................... 10,000,000 10,996,000
Pennsylvania Intergovernmental Cooperative Authority, Special Tax Revenue
(City of Philadelphia Funding Program) 5.45%, 6/15/2008 (Insured; FGIC). 9,000,000 9,034,560
Philadelphia, Water and Wastewater Revenue, Refunding
5.50%, 6/15/2006 (Insured; MBIA)........................................ 12,750,000 13,078,567
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue:
(Community Mental Health/Retardation) 8.875%, 6/15/2009................. 13,530,000 14,547,321
(Northwestern Corp.) 8.375%, 6/1/2004................................... 2,150,000 2,302,456
Philadelphia Municipal Authority, LR, Refunding 6%, 7/15/2003............... 1,500,000 1,535,400
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
PENNSYLVANIA (CONTINUED)
Schuylkill County Industrial Development Authority, RRR, Refunding
(Schuylkill Energy Resource, Inc.) 6.50%, 1/1/2010...................... $ 10,995,000$ 10,861,851
Scranton-Lackawanna Health and Welfare Authority, Hospital Facilities Revenue
(Mercy Health Systems):
6.90%, 1/1/2003 (Insured; MBIA)....................................... 3,075,000 3,384,499
6.90%, 1/1/2004 (Insured; MBIA)....................................... 4,330,000 4,775,211
7.25%, 6/15/2005 (Insured; MBIA) (Prerefunded 6/15/2000) (d).......... 4,020,000 4,548,389
RHODE ISLAND-1.0%
Rhode Island Convention Center Authority, Revenue, Refunding
4.90%, 5/15/2004 (Insured; MBIA) (Prerefunded 10/15/2001) (d)........... 6,000,000 5,901,720
Rhode Island Housing and Mortgage Finance Corp.:
(Homeownership Opportunity) 7.30%, 10/1/2008............................ 5,000,000 5,351,200
(Refunding-Rental Housing Program):
5.65%, 10/1/2007...................................................... 2,175,000 2,144,463
5.65%, 10/1/2008...................................................... 1,350,000 1,326,334
SOUTH CAROLINA-1.0%
Charleston County, Hospital Facilities Improvement Revenue, Refunding
(Medical Society Health Project) 5.50%, 10/1/2005 (Insured; MBIA) (c)... 7,945,000 8,139,414
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC)......................................... 4,050,000 4,359,703
York County, PCR (Bowater, Inc. Project) 7.625%, 3/1/2006................... 2,900,000 3,249,421
SOUTH DAKOTA-.4%
South Dakota Student Loan Finance Corp., Student Loan Revenue, Refunding
6.45%, 8/1/2006......................................................... 6,705,000 6,940,547
TENNESSEE-1.7%
Gatlinburg, COP (Gatlinburg Convention Center):
8.75%, 12/1/1997........................................................ 545,000 597,500
9%, 12/1/2002 (Prerefunded 12/1/1997) (d)............................... 3,535,000 4,023,820
Shelby County, Refunding:
5.25%, 4/1/2006......................................................... 4,410,000 4,471,519
5.375%, 4/1/2007........................................................ 5,140,000 5,221,880
5.40%, 4/1/2008......................................................... 5,480,000 5,533,266
Sullivan County Health Educational and Housing Facilities,
Board Revenue (Holston Valley Health Care Project)
7.125%, 2/15/2005 (Insured; MBIA) (Prerefunded 2/15/2000) (d)........... 5,585,000 6,272,793
TEXAS-8.3%
Bell County Health Facilities Development Corp., Revenue
(Scott and White Memorial Hospital) 7.40%, 9/1/1999..................... 2,985,000 3,205,144
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
TEXAS (CONTINUED)
Brazos Higher Education Authority, Student Loan Revenue, Refunding:
5.40%, 6/1/2001 (c)..................................................... $ 8,250,000$ 8,338,275
5.50%, 6/1/2002......................................................... 5,000,000 5,095,850
5.60%, 6/1/2003......................................................... 4,500,000 4,595,895
Central Texas Higher Education Authority, Student Loan Revenue, Refunding
5.10%, 12/1/2003 (c).................................................... 7,000,000 6,900,460
Ennis IDC, Revenue, Refunding (Cargill, Inc. Project)
6.15%, 11/1/2003........................................................ 2,450,000 2,572,818
Gulf Coast Waste Disposal Authority, SWDR, Refunding
(Quaker Oats Co. Project) 5.70%, 5/1/2006............................... 7,210,000 7,374,316
Harris County Hospital District, Mortgage Revenue, Refunding 7.50%, 2/15/2003 (c) 7,000,000 8,025,010
Harris County Toll Road, Sub Lien Revenue, Refunding, Capital Appreciation,
Zero Coupon, 8/1/2008................................................... 8,005,000 3,872,819
Houston, Hotel Occupancy Tax Revenue:
7%, 7/1/2003 (Insured; FGIC)............................................ 4,400,000 4,910,136
7%, 7/1/2004 (Insured; FGIC)............................................ 1,525,000 1,693,314
North Central Health Facility Development Corp., Revenue 7.74%, 5/15/2008 (b) 13,000,000 13,961,220
North Texas Higher Education Authority, Student Loan Revenue:
7%, Series B, 4/1/2002 (Insured; AMBAC)................................. 4,250,000 4,608,700
7%, Series E, 4/1/2002 (Insured; AMBAC)................................. 4,250,000 4,608,700
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 6.25%, 8/1/2006 (c)..................... 5,100,000 5,466,843
South Texas Higher Education Authority, Student Loan Revenue, Refunding
5.30%, 12/1/2003........................................................ 5,350,000 5,172,433
Tarrant County Health Facilities Development Corp., Health Systems Revenue
(Harris Methodist Health Systems) 6%, 9/1/2010.......................... 7,725,000 7,927,627
Texas, Veterans Housing Assistance Fund:
6.40%, 6/1/2006......................................................... 2,240,000 2,329,690
6.50%, 6/1/2007......................................................... 3,130,000 3,258,643
6.60%, 6/1/2008......................................................... 3,675,000 3,828,358
6.70%, 6/1/2009......................................................... 4,055,000 4,226,729
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 5,056,650
Texas State College, Student Loan 5.70%, 8/1/2008........................... 5,345,000 5,418,601
Texas Water Resources Financing Authority, Revenue:
7.25%, 8/15/1997........................................................ 1,990,000 2,116,823
7.30%, 8/15/1998........................................................ 2,525,000 2,750,912
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
UTAH-2.3%
Carbon County, SWDR:
(Refunding - Sunnyside Cogeneration Project) 9%, 7/1/2006............... $ 9,750,000 $ 10,417,095
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007.................... 5,500,000 5,635,630
Salt Lake County Municipal Building Authority, LR
5.90%, 10/1/2006 (Insured; MBIA)........................................ 4,260,000 4,460,987
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC)....................................... 3,000,000 3,147,720
7.05%, 11/1/2003 (Insured; AMBAC)....................................... 5,000,000 5,477,400
6.35%, 11/1/2004 (Insured; AMBAC)....................................... 3,000,000 3,212,610
6.45%, 11/1/2005 (Insured; AMBAC)....................................... 3,000,000 3,235,440
VERMONT-.2%
Vermont Student Assistance Corp., Education Loan Revenue (Finance Program)
6.25%, 12/15/2003 (Insured; FSA)........................................ 3,500,000 3,725,890
VIRGINIA-1.1%
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation):
6.50%, 11/15/2002..................................................... 2,000,000 2,091,060
6.95%, 11/15/2002..................................................... 5,360,000 5,698,645
Virginia Housing Development Authority, Commonwealth Mortgage:
6.05%, 1/1/2004......................................................... 4,400,000 4,560,512
6.15%, 1/1/2005......................................................... 4,400,000 4,550,920
WASHINGTON-4.8%
Chelan County Public Utility District Number 1, Consolidated Revenue
(Chelan Hydroelectric):
7.55%, 7/1/2062....................................................... 6,515,000 7,109,624
5.70%, 7/1/2068....................................................... 5,650,000 5,696,330
5.70%, 7/1/2068....................................................... 1,960,000 1,968,840
Clark County Public Utility District Number 1, Electric Revenue, Refunding:
6.10%, 1/1/2002 (Insured; FGIC)......................................... 2,015,000 2,154,236
6.30%, 1/1/2004 (Insured; FGIC)......................................... 3,160,000 3,396,147
Port Seattle, Revenue 6.50%, 11/1/2005...................................... 3,000,000 3,260,880
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC) 4,000,000 4,174,280
(Refunding - Yakima Valley Memorial Hospital) 7.875%, 1/1/2003.......... 3,300,000 3,607,890
Washington Housing Finance Commission, SFMR
6.85%, 7/1/2011 (Insured: FNMA, GNMA)................................... 4,445,000 4,712,500
Washington Public Power Supply Systems, Revenue, Refunding:
(Nuclear Project Number 1):
7.70%, 7/1/2002....................................................... 16,745,000 19,348,178
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
WASHINGTON (CONTINUED)
Washington Public Power Supply Systems, Revenue, Refunding (continued):
(Nuclear Project Number 1) (continued):
7.25%, 7/1/2003....................................................... $ 2,400,000 $ 2,639,232
6.60%, 7/1/2004....................................................... 2,500,000 2,683,050
(Nuclear Project Number 2) 7.50%, 7/1/2003.............................. 5,775,000 6,470,945
(Nuclear Project Number 3) 7.375%, 7/1/2004............................. 5,500,000 6,138,880
WISCONSIN-1.9%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005.. 5,000,000 5,446,450
Milwaukee County 5.30%, 12/1/2005........................................... 3,000,000 3,032,340
Wisconsin Health and Educational Facilities Authority, Revenue, Refunding:
(Luther Hospital Project) 6.125%, 11/15/2006............................ 3,500,000 3,699,115
(Wheaton Franciscan Services, Inc.):
6%, 8/15/2006 (Insured; MBIA)......................................... 3,555,000 3,762,896
6%, 8/15/2007 (Insured; MBIA)......................................... 3,780,000 3,980,453
6.50%, 8/15/2007 (Insured; MBIA)...................................... 3,000,000 3,209,910
Wisconsin Housing and Economic Development Authority, Housing Revenue
5.30%, 11/1/2006........................................................ 7,075,000 6,833,742
----------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $1,444,252,740)................. $1,517,584,608
================
SHORT-TERM MUNICIPAL INVESTMENTS-1.6%
CALIFORNIA-1.3%
California, RAN 6.50%, 4/25/1996............................................ $ 20,000,000 $ 20,347,800
WASHINGTON-.3%
Washington Public Power Supply Systems
(Nuclear Project Number 3) 5.40% (b).................................... 4,500,000 4,500,000
----------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $24,782,576)................... $ 24,847,800
===============
TOTAL INVESTMENTS-100.0%
(cost $1,469,035,316)................................................... $1,542,432,408
===============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
CGIC Capital Guaranty Insurance Corporation LR Lease Revenue
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
EDR Economic Developement Revenue Insurance Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes
FSA Financial Security Assurance RRR Resources Recovery Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDC Industrial Development Corporation VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (F) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- -------- ------------------ --------------------
<S> <C> <C> <C>
AAA Aaa AAA 36.3%
AA Aa AA 24.0
A A A 22.2
BBB Baa BBB 7.2
BB Ba BB .4
F2 MIG2, VMIG2 & P2 SP2, A2 1.3
Not Rated(g) Not Rated(g) Not Rated(g) 8.6
-------
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) Wholly held by the custodian in a segregated account as collateral
for delayed delivery securities.
(d) 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.
(e) Purchased on a delayed delivery basis.
(f) Fitch currently provides creditworthiness information for a limited
number of investments.
(g) Securities which, while not rated by Fitch, Moody's or Standard &
Poors, have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,469,035,316)-see statement...................................
$1,542,432,408
Interest receivable..................................................... 28,917,225
Receivable for investment securities sold............................... 5,925,500
Receivable for subscriptions to Common Stock............................ 105,765
Prepaid expenses........................................................ 37,625
--------------
1,577,418,523
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 860,101
Due to Custodian........................................................ 1,266,321
Payable for investment securities purchased............................. 5,576,549
Payable for Common Stock redeemed....................................... 32,729
Accrued expenses........................................................ 172,250 7,907,950
------------ --------------
NET ASSETS..................................................................
$1,569,510,573
==============
REPRESENTED BY:
Paid-in capital.........................................................
$1,497,868,575
Accumulated net realized (loss) on investments.......................... (1,755,094)
Accumulated net unrealized appreciation on investments-Note 3........... 73,397,092
--------------
NET ASSETS at value, applicable to 111,965,447 shares outstanding
(300 million shares of $.01 par value Common Stock authorized)..........
$1,569,510,573
==============
NET ASSET VALUE, offering and redemption price per share
($1,569,510,573 / 111,965,447 shares)................................... $14.02
======
See notes to financial statements.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED MAY 31, 1995
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 98,526,547
EXPENSES:
Management fee-Note 2(a).............................................. $ 9,375,485
Shareholder servicing costs-Note 2(b)................................. 1,702,231
Custodian fees........................................................ 111,364
Professional fees..................................................... 77,060
Registration fees..................................................... 69,143
Directors' fees and expenses-Note 2(c)................................ 42,659
Prospectus and shareholders' reports.................................. 41,941
Miscellaneous......................................................... 101,126
-------------
TOTAL EXPENSES.................................................. 11,521,009
-------------
INVESTMENT INCOME-NET........................................... 87,005,538
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (1,725,706)
Net unrealized appreciation on investments.............................. 22,832,163
-------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 21,106,457
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $108,111,995
=============
See notes to financial statements.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31,
--------------------------------------
1994 1995
------------------ -----------------
OPERATIONS:
Investment income-net............................................... $ 94,163,302 $ 87,005,538
Net realized gain (loss) on investments............................. 16,989,268 (1,725,706)
Net unrealized appreciation (depreciation) on investments for the year (57,274,612) 22,832,163
----------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. 53,877,958 108,111,995
----------------- -----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... (94,921,816) (87,005,538)
Net realized gain on investments.................................... (20,390,870) (7,204,563)
----------------- -----------------
TOTAL DIVIDENDS................................................... (115,312,686) (94,210,101)
----------------- -----------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold....................................... 1,103,022,230 744,924,662
Dividends reinvested................................................ 88,406,570 69,793,688
Cost of shares redeemed............................................. (1,109,542,268) (983,235,669)
----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS. 81,886,532 (168,517,319)
----------------- -----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS....................... 20,451,804 (154,615,425)
NET ASSETS:
Beginning of year................................................... 1,703,674,194 1,724,125,998
----------------- -----------------
End of year......................................................... $ 1,724,125,998 $ 1,569,510,573
================= =================
SHARES SHARES
----------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold......................................................... 76,481,952 55,011,010
Shares issued for dividends reinvested.............................. 6,129,404 5,153,303
Shares redeemed..................................................... (77,120,425) (72,735,921)
----------------- -----------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING..................... 5,490,931 (12,571,608)
================= =================
See 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 year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED MAY 31,
------------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995
--------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $13.39 $13.67 $13.96 $14.31 $13.84
--------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net........................ .92 .89 .81 .76 .75
Net realized and unrealized gain (loss) on investments .28 .36 .66 (.31) .24
--------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS........... 1.20 1.25 1.47 .45 .99
--------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income-net......... (.92) (.88) (.81) (.76) (.75)
Dividends from net realized gain on investments -- (.08) (.31) (.16) (.06)
--------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS........................ (.92) (.96) (1.12) (.92) (.81)
--------- ------- ------- ------- -------
Net asset value, end of year................. $13.67 $13.96 $14.31 $13.84 $14.02
========= ======= ======= ======= =======
TOTAL INVESTMENT RETURN.......................... 9.30% 9.45% 10.88% 3.13% 7.54%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .69% .70% .71% .70% .73%
Ratio of net investment income to average net assets 7.53% 7.17% 5.68% 5.22% 5.52%
Portfolio Turnover Rate...................... 31.07% 48.03% 60.14% 36.27% 42.18%
Net Assets, end of year (000's Omitted)...... $1,236,870 $1,443,687 $1,703,674 $1,724,126 $1,569,511
See notes to financial statements.
</TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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 FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., 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
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 year ended May 31, 1995 was reduced by $90,000
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, brokerage, 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
year ended May 31, 1995.
(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 year ended May
31, 1995, the Fund was charged an aggregate of $709,547 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.
The Chairman of the Board receives an additional 25% of such compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $1,483,335,979 and $1,701,898,537, respectively, for the year
ended May 31, 1995, and consisted entirely of long-term and short-term
municipal investments.
At May 31, 1995, accumulated net unrealized appreciation on investments
was $73,397,092, consisting of $76,887,006 gross unrealized appreciation and
$3,489,914 gross unrealized depreciation.
At May 31, 1995, 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.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Intermediate Municipal Bond Fund, Inc., including the statement of
investments, as of May 31, 1995, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and financial highlights for each of the
years indicated therein. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of May 31, 1995 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Intermediate Municipal Bond Fund, Inc. at May 31, 1995,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
(Ernst & Young Signature Logo)
New York, New York
June 29, 1995
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended May 31, 1995:
- all the dividends paid from investment income--net are "exempt-interest
dividends" (not generally subject to regular Federal income tax), and
- the $.0624 per share paid by the Fund on December 7, 1994 represents a
long-hterm capital gain distribution.
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's taxable ordinary dividends (if
any) and capital gain distributions (if any) paid for the 1995 calendar year
on Form 1099-DIV which will be mailed by January 31, 1996.
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. 947AR955
Intermediate
Municipal
Bond Fund, Inc.
Annual Report
May 31, 1995
(Dreyfus Logo)
