DREYFUS INTERMEDIATE MUNICIPAL BOND FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
For its annual reporting period ended May 31, 1996, the Dreyfus
Intermediate Municipal Bond Fund, Inc. produced a total return of 3.44%.*
Income dividends exempt from Federal personal income taxes of approximately
$.724 per share** were paid which is equivalent to an annualized tax-free
distribution rate per share of 5.24%.***
THE ECONOMY
Recent economic reports show that the economy continues to recover from
its year-end 1995 pause. Spurred by a surge in consumer and business
spending, the annualized Gross Domestic Product grew at a moderate 2.3%
during the first quarter of this year. Suggesting further strength, a major
forecasting index, the Index of Leading Economic Indicators, extended its
string of increases for the third consecutive month in April, the first such
advance since late 1993. Despite a sharp jump in energy prices, inflation
remained in check. For the 12 months ended in May, consumer prices rose 2.9%.
Giving further evidence of moderating prices, a survey released in May by the
National Business Council revealed greater difficulty for major industrial
companies to raise prices now than six months ago.
Despite the relatively benign level of inflation, the economy's expansion
has sparked concerns that the Federal Reserve Board could raise short-term
interest rates. In reaction to this possibility, long-term rates have risen
since the beginning of the year. So far, the Fed has refrained from
tightening monetary policy, apparently interpreting economic data to mean
that the economy remains on a path of moderate growth unaccompanied by a
surge in inflation. However, the strong May employment data has caused some
investors to fear that the Fed will not remain inactive for long. There is
now a greater consensus view that the Fed will tighten credit eventually in
order to prevent unacceptable levels of price inflation from coming on the
heels of economic growth.
Consumers, who account for over two-thirds of our country's Gross
Domestic Product (GDP), are vital contributors to economic growth. So far,
they have continued to spend, setting aside concerns about job security and
stagnating real wages in favor of current consumption. New-home sales, an
important component of consumer spending, continued to post gains throughout
the reporting period, and retail sales in general rose 6% over the year ended
April 30. Additional encouragement to consumers occurred when the Labor
Department recently reported a continuation of the declining trend in
first-time jobless claims.
On the corporate side of the economy, capacity utilization inched higher
and is now at 83.2%. While still well below the peak level (85.1%) for this
economic expansion which was reached over a year ago, further growth in this
indicator may result in shortages that could produce higher prices. Following
the GM strike-induced slowdown in March, industrial production has risen,
bringing the year-over-year gain to a solid 3.3% through May.
We remain alert to early signs of growing inflationary pressures that
might cause the Federal Reserve to raise interest rates. To date, prices are
still being kept under control. However, we are especially watchful regarding
the potential buildup in wage pressures given the rising trend in both
corporate output and capacity utilization.
MARKET ENVIRONMENT
Since our last report in November 1995, tax exempt bond yields are
approximately 50 basis points higher, reflecting the weakening in bond prices
in response to the strengthening domestic economy. With long-term
U.S.Government bond yields currently in excess of 7%, and municipal bonds
offering 6% (tax exempt), some investors are now beginning to take notice.
The market is trying to anticipate what the Federal Reserve will do in light
of the strong economic numbers during the first half of the year. It is
the general consensus that should the Fed act sooner rather than later to
undo the easing moves undertaken last winter, the economy will slow and bond
prices will rally. With the Presidential election looming on the horizon,
politics could play a role in any Fed decision to change policy.
The technical picture of the municipal bond market looks very encouraging
at this time. Seasonally, we are now approaching a very heavy period for bond
maturities and redemptions; with a moderate calendar of new issues, there
will be fewer bonds available for reinvestment. This fact is currently
reflected in the better price performance of tax exempts relative to taxable
securities.
THE PORTFOLIO
The fixed-income market has experienced considerable volatility since
January. On an after-tax basis, the municipal market
has offered very attractive returns when compared to the Treasury market. In
January, 15-year AAA general obligation bonds yielded approximately 88% of
comparable Treasuries: that has since corrected, and we have returned to
ratios of approximately 81%, which represent an historically more typical
relationship. This volatility occurred for several reasons, including the
strong appeal of the stock market for investors' dollars; the continued
fallout from the default of Orange County, California (AAA, prior to
default); and the ongoing concern over tax reform. Past performance is no
guarantee of future results.
After strong bond market performance in 1995, anticipation of a stronger
economy increased market volatility during the first quarter of 1996. This
increased volatility proved somewhat unfavorable to your Fund's performance
due to the longer maturity of the Fund's portfolio securities compared to
other funds in its category. As a result, the Fund took a more defensive
posture. This was achieved partly by taking advantage of the tight quality
spread relationships and moving from lower-rated to better-rated paper when
the spread to higher quality compressed. The Fund currently holds a higher
percentage of AAA paper than previously, primarily due to the large amount of
issuance that has come to the market with bond insurance. Insured bonds now
represent almost 50% of the new issuance. In order to provide more liquidity
in the portfolio, we have added more specialty state paper (such as CT, TX,
etc.) for which there is an ongoing demand.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 14, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Some income may be subject to State and local taxes and to the Federal
Alternative Minimum Tax (AMT) for certain shareholders.
*** Annualized distribution rate per share is based upon dividends per
share paid from net investment income during the period, divided by the net
asset value per share at the end of the period, adjusted for capital gain
distributions.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC. MAY 31, 1996
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
[Exhibit A:
Dollars
$22,197
Lehman Brothers 10-Year
Municipal Bond Index*
$20,143
Dreyfus Intermediate
Municipal Bond Fund
*Source: Lehman Brothers]
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FIVE YEARS ENDED TEN YEARS ENDED
MAY 31, 1996 MAY 31, 1996 MAY 31, 1996
__________ __________ _____________
<S> <C> <C>
3.44% 6.84% 7.25%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Intermediate
Municipal Bond Fund, Inc. on 5/31/86 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 which can contribute to the Index
potentially outperforming the Fund. Further information relating to Fund
performance, including expense reimbursements, if applicable, is contained in
the Financial Highlights section of the Prospectus and elsewhere in this
report.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-96.8% AMOUNT VALUE
________ ________
<S> <C> <C>
ALASKA-1.2%
Alaska Industrial Development and Export Authority, Revolving Fund:
7.80%, 4/1/2004......................................................... $ 6,360,000 $ 6,977,747
6.375%, 4/1/2008........................................................ 3,000,000 3,138,750
Anchorage, HR, Refunding (Sisters of Providence Project) 6.50%, 10/1/1999... 2,000,000 2,101,540
Anchorage, Electric Utility Revenue, Refunding:
6.50%, 12/1/2008 (Insured; MBIA)........................................ 2,755,000 3,026,588
6.50%, 12/1/2009 (Insured; MBIA)........................................ 2,910,000 3,189,127
ARIZONA-1.6%
Maricopa County Industrial Development Authority:
Hospital Facility Revenue (Samaritan Health Services)
7.15%, 12/1/2004 (Insured; MBIA)...................................... 9,835,000 11,244,454
Hospital Systems Revenue, Refunding (Baptist Hospital):
5.10%, 9/1/2004 (Insured; MBIA)....................................... 3,490,000 3,497,887
5.20%, 9/1/2005 (Insured; MBIA)....................................... 3,125,000 3,132,719
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems, Inc. Project) 7.25%, 10/15/2004............ 5,000,000 5,141,300
CALIFORNIA-6.0%
California Department of Veteran Affairs, Home Purchase Revenue 7.80%, 8/1/2001 5,000,000 5,353,150
California Health Facilities Financing Authority, Revenue, Refunding
(Sisters of Providence):
5%, 10/1/2007......................................................... 5,100,000 4,833,066
5%, 10/1/2008......................................................... 4,280,000 4,006,037
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
6.40%, 12/1/2003........................................................ 6,000,000 6,339,540
6.50%, 6/1/2005......................................................... 5,500,000 5,749,755
California Public Works Board, LR (Community College Projects):
5.875%, 10/1/2008....................................................... 4,500,000 4,522,050
5.90%, 10/1/2009........................................................ 5,215,000 5,209,733
Los Angeles Department of Airports, Airport Revenue, Refunding
5.375%, 5/15/2007 (Insured; FGIC) (a)................................... 4,235,000 4,231,400
Los Angeles Department of Water and Power, Electric Plant Revenue, Refunding
5.125%, 11/15/2007...................................................... 7,000,000 6,846,280
Los Angeles Harbor Department, Revenue 6.40%, 8/1/2012...................... 5,420,000 5,596,638
Northern California Power Agency, Geothermal Project Number 3, Revenue,
Refunding
5.50%, 7/1/2005......................................................... 7,000,000 7,059,360
Riverside County Asset Leasing Corp., Leasehold Revenue
(Riverside County Hospital Project) 6%, 6/1/2003........................ 3,000,000 3,044,460
Sacramento Schools Insurance Authority, Revenue
(Workers Compensation Program) 5.75%, 6/1/2003.......................... 15,665,000 15,899,035
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
CALIFORNIA (CONTINUED)
Solano County, COP, Refunding (Justice Facility and Public Buildings Project)
5.875%, 10/1/2005....................................................... $ 10,000,000 $ 10,058,200
COLORADO-2.2%
Arapahoe County Capital Improvement Trust Fund,
Highway Revenue, Zero Coupon, 8/31/2008................................. 20,165,000 8,941,564
Denver City and County, Airport Revenue:
7.50%, 11/15/2002....................................................... 6,080,000 6,701,862
8.75%, 11/15/2005....................................................... 14,485,000 17,077,091
CONNECTICUT-2.6%
Connecticut:
5.50%, 3/15/2007........................................................ 7,905,000 7,994,880
5.50%, 3/15/2008........................................................ 4,000,000 4,017,600
5.70%, 3/15/2011........................................................ 20,115,000 20,202,701
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
7.30%, 11/15/2003....................................................... 5,705,000 5,876,663
DELAWARE-.7%
Delaware River and Bay Authority, Delaware Authority Revenue 3.75%, 1/1/2004 11,370,000 10,481,093
DISTRICT OF COLUMBIA-.5%
Metropolitan Airports Authority, Virginia General Airport Revenue
5.75%, 10/1/2011 (Insured; MBIA)........................................ 7,250,000 7,111,960
FLORIDA-3.2%
Dade County, Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC)............. 10,830,000 11,302,621
Dade County School Board, COP 5.375%, 5/1/2010 (Insured; AMBAC)............. 5,775,000 5,625,774
Dade County School District, Refunding 4.50%, 7/15/2008 (Insured; MBIA)..... 10,000,000 9,004,000
Florida School Boards Association, LR (Orange County School Board Project)
6.25%, 7/1/2005 (Insured; AMBAC)........................................ 3,250,000 3,343,860
Greater Orlando Aviation Authority, Airport Facilities Revenue 6.40%, 10/1/2004 8,940,000 9,585,826
Indian Trace Community Development District, Water and Sewer Revenue
8.50%, 4/1/1997......................................................... 542,000 557,279
Palm Beach County, Solid Waste IDR (Okeelanta Power L.P. Project)
6.50%, 2/15/2009........................................................ 3,600,000 3,555,216
Sarasota County School Board Financing Corp., LR, Refunding
5%, 7/1/2008 (Insured; MBIA)............................................ 4,200,000 3,996,594
GEORGIA-.2%
Appling County Development Authority, PCR (Power Co. Plant Hatch Project)
5%, 9/1/2005 (Insured; AMBAC)........................................... 3,000,000 2,963,730
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
HAWAII-.2%
Hawaii, Airports Systems Revenue 7.50%, 7/1/2005 (Insured; FGIC)............ $ 3,000,000 $ 3,275,610
ILLINOIS-5.5%
Chicago O'Hare International Airport, Special Facility Revenue
Refunding (International Terminal):
7.50%, 1/1/2005 (Prerefunded 1/1/2000) (b)............................ 905,000 999,627
7.50%, 1/1/2005....................................................... 1,895,000 2,057,174
Chicago Public Buildings Commission, Building Revenue
5.25%, 12/1/2003 (Insured; MBIA)........................................ 5,000,000 5,072,700
Hoffman Estates, Tax Increment Revenue
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland) (c).................. 5,145,000 5,471,399
Illinois:
5.60%, 6/1/2001......................................................... 1,000,000 1,033,400
Sales Tax Revenue:
5%, 6/15/2009......................................................... 4,370,000 4,100,677
5%, 6/15/2010......................................................... 4,610,000 4,281,999
Illinois Development Finance Authority, Community Rehabilitation
(Providers Facility Acquisition) 8.25%, 9/1/2000........................ 4,655,000 4,915,866
Illinois Educational Facilities Authority, Revenue, Refunding
(Illinois Institute of Technology) 6.60%, 12/1/2009..................... 2,665,000 2,722,671
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999............... 1,150,000 1,231,845
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA)..................................... 4,400,000 4,565,044
(Ingalls Memorial Hospital Project) 7%, 1/1/2005 (Prerefunded 1/1/2000) (b) 6,000,000 6,558,840
(Refunding - Evangelical Hospitals) 6.75%, 4/15/2007.................... 3,090,000 3,201,116
(Refunding - Westlake Community Hospital):
7.625%, 1/1/1999...................................................... 2,210,000 2,337,959
7.75%, 1/1/2004....................................................... 5,450,000 5,795,203
(Southern Illinois Hospital Services) 6.50%, 3/1/2007 (Insured; MBIA)... 4,000,000 4,284,760
(Swedish American Hospital)
7.30%, 4/1/2007 (Insured; AMBAC, Prerefunded 4/1/2000) (b)............ 4,000,000 4,433,040
Normal, EDR, Refunding (Dayton - Hudson Corp. Project) 6.75%, 11/1/2001..... 3,400,000 3,596,214
Robbins, RRR (Robbins Resource Recovery Partners) 8.75%, 10/15/2005......... 15,000,000 14,100,000
INDIANA-5.1%
Boonville Junior High School Building Corp., First Mortgage Revenue,
Refunding
6.80%, 7/1/2005......................................................... 3,100,000 3,358,726
Brownsburg School Building Corp., First Mortgage:
5.80%, 8/1/2008 (Insured; CGIC)......................................... $ 2,650,000 $ 2,695,315
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
INDIANA (CONTINUED)
Brownsburg School Building Corp., First Mortgage (continued):
5.90%, 8/1/2009 (Insured; CGIC)......................................... $ 2,895,000 $ 2,951,655
East Chicago Elementary School Building Corp., Refunding
(First Mortgage) 6.25%, 7/5/2008........................................ 2,000,000 2,061,520
Indiana Bond Bank (Special Hospital Program Hendricks) 6.90%, 4/1/2006...... 3,000,000 3,227,970
Indiana Health Facility Financing Authority, HR (Lafayette Home Hospital
Project)
5.75%, 8/1/2008......................................................... 3,000,000 3,000,750
Indiana Municipal Power Agency, Power Supply Systems Revenue, Refunding
5.70%, 1/1/2006 (Insured; MBIA) (a)..................................... 8,400,000 8,667,960
Indiana Transportation Finance Authority, Airport Facilities LR (United Air)
6.50%, 11/1/2007........................................................ 5,250,000 5,557,965
Indianapolis Local Public Improvement Bond Bank, Refunding:
6.20%, 2/1/2003......................................................... 2,100,000 2,214,429
6.30%, 2/1/2004......................................................... 2,800,000 2,972,480
6.40%, 2/1/2005......................................................... 3,000,000 3,200,910
6.50%, 1/1/2011 (Insured; FSA).......................................... 6,415,000 6,981,508
Knox County Hospital Association, LR 5.65%, 7/1/2008 (Insured; MBIA)........ 4,150,000 4,169,920
Logansport School Building Corp. (First Mortgage)
7.30%, 1/15/2007 (Prerefunded 1/15/2000) (b)............................ 4,750,000 5,241,388
North Montgomery Elementary School Building Corp., Refunding (First Mortgage)
6.50%, 7/1/2006......................................................... 5,665,000 6,188,106
Plymouth, Multi-School Building Corp., Refunding
(First Mortgage-Plymouth Community School) 5.50%, 7/1/2005 (Insured; MBIA) 3,000,000 3,061,080
Purdue University, University Revenue (Purdue University Dormitory System)
6.90%, 7/1/2006 (Insured; AMBAC, Prerefunded 7/1/2001) (b).............. 4,075,000 4,526,429
Westfield, High School Building Corp. (First Mortgage)
5.45%, 7/15/2009 (Insured; AMBAC)....................................... 5,000,000 4,900,600
IOWA-1.0%
Ames, HR (Mary Greeley Medical Center Project) 6.25%, 8/15/2006 (Insured; AMBAC) 4,320,000 4,582,440
Council Bluffs, IDR, Refunding (Cargill, Inc. Project) 7%, 3/1/2007......... 4,400,000 4,778,224
Iowa Student Loan Liquidity Corp., Student Loan Revenue
6.65%, 3/1/2003 (Insured; AMBAC)........................................ 4,900,000 5,259,268
KENTUCKY-2.0%
Kenton County Airport Board, Airport Revenue
(Cincinnati/Northern Kentucky International):
5.50%, 3/1/2006 (Insured; MBIA)....................................... 2,930,000 2,925,341
5.625%, 3/1/2008 (Insured; MBIA)...................................... 3,645,000 3,609,170
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
KENTUCKY (CONTINUED)
Kentucky Property and Buildings Commission, Revenue, Refunding (Project Number 55):
6.25%, 9/1/2007......................................................... $ 9,100,000 $ 9,828,637
6%, 9/1/2008............................................................ 12,770,000 13,372,999
LOUISIANA-3.5%
Louisiana, Refunding 6%, 8/1/2002 (d)....................................... 20,000,000 21,113,600
Louisiana Correctional Facilities Corp., LR:
5.55%, 12/15/2002....................................................... 14,000,000 14,432,460
5.60%, 12/15/2003....................................................... 5,600,000 5,773,320
Louisiana Public Facilities Authority, Revenue:
8.20%, 11/15/2012 (e)................................................... 4,430,000 4,701,205
8.20%, 11/15/2012 (Prerefunded 11/15/2002) (b,e)........................ 3,635,000 4,110,167
(Louisiana Association of Independent Colleges and Universities) 6.50%, 12/1/2002 2,155,000 2,222,796
MAINE-.8%
Maine Educational Loan Marketing Corp., Student Loan Revenue:
5.85%, 11/1/2002........................................................ 7,000,000 7,176,190
Refunding 6.90%, 11/1/2003.............................................. 5,000,000 5,342,900
MASSACHUSETTS-3.7%
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Project) 7.10%, 5/15/2002....................... 4,615,000 4,733,282
Massachusetts Commonwealth, Refunding 6.40%, 8/1/2003....................... 3,175,000 3,442,684
Massachusetts Housing Finance Agency, Housing Revenue:
Refunding 5.85%, 12/1/2010 (Insured; MBIA) (a).......................... 9,330,000 9,360,976
Refunding (Rental):
6.30%, 7/1/2007 (Insured; AMBAC)...................................... 3,190,000 3,332,593
6.35%, 7/1/2008 (Insured; AMBAC)...................................... 3,425,000 3,567,103
6.40%, 7/1/2009 (Insured; AMBAC)...................................... 3,740,000 3,877,482
Single Family 6.10%, 12/1/2010.......................................... 9,695,000 9,787,781
New England Educational Loan Marketing Corp., Student Loan Revenue, Refunding
5.625%, 7/1/2004........................................................ 16,350,000 16,417,525
MICHIGAN-4.8%
Detroit, Self-Insurance 5.60%, 5/1/2001..................................... 5,260,000 5,288,877
Greater Detroit Resource Recovery Authority, Revenue, Refunding:
6.25%, 12/13/2007 (Insured; AMBAC)...................................... 5,000,000 5,290,700
6.25%, Series A, 12/13/2008 (Insured; AMBAC)............................ 5,000,000 5,262,100
6.25%, Series B, 12/13/2008 (Insured; AMBAC)............................ 7,755,000 8,161,517
Kent Hospital Finance Authority, Hospital Facility Revenue, Refunding
(Blodgett Memorial Medical Center) 7%, 7/1/2001......................... 2,500,000 2,659,625
Michigan Building Authority, Revenue 6.50%, 10/1/2005....................... 8,440,000 9,070,890
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
MICHIGAN (CONTINUED)
Michigan Hospital Finance Authority, Revenue, Refunding:
(Genesys Health System) 8.10%, 10/1/2013................................ $ 10,000,000 $ 10,862,700
(McLaren Obligated Group):
5.10%, 10/15/2005..................................................... 2,355,000 2,244,127
7%, 9/15/2007 (Prerefunded 9/15/2000) (b)............................. 3,670,000 4,057,992
7.375%, 9/15/2008 (Prerefunded 9/15/2001) (b)......................... 6,925,000 7,866,731
Michigan Strategic Fund, SWDR (Genesee Power Station Project) 7.125%, 1/1/2006 7,500,000 7,724,850
Wayne State University, University Revenues, Refunding
5.40%, 11/15/2006 (Insured; AMBAC)...................................... 3,105,000 3,146,328
MISSISSIPPI-.4%
Adams County, PCR (International Paper Co. Project) 5.625%, 11/15/2006...... 5,150,000 5,289,411
MISSOURI-2.7%
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000..................................... 4,500,000 4,828,365
Saint Louis, Airport Improvement Revenue, Refunding
(Lambert - Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC) 9,675,000 10,095,669
Saint Louis Municipal Finance Corp., Leasehold Revenue, Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank) (c)................................. 5,075,000 5,002,478
5.50%, 7/15/2004 (LOC; Sanwa Bank) (c).................................. 6,835,000 6,733,569
5.85%, 7/15/2009 (LOC; Sanwa Bank) (c).................................. 13,310,000 13,111,548
NEBRASKA-.2%
Albion, IDR, Refunding (Cargill, Inc. Project) 7%, 12/1/2000................ 2,600,000 2,789,722
NEVADA-2.3%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport):
5.95%, 7/1/2005 (Insured; AMBAC)...................................... 6,365,000 6,683,314
5.80%, 7/1/2009 (Insured; MBIA)....................................... 4,250,000 4,262,155
Clark County School District:
6%, 6/15/2007 (Insured; FGIC)........................................... 11,020,000 11,540,805
5.70%, 6/15/2009 (Insured; MBIA)........................................ 10,825,000 10,935,956
NEW HAMPSHIRE-.4%
New Hampshire Higher Educational and Health Facilities Authority, Revenue,
Refunding
(Catholic Medical Center) 8%, 7/1/2004.................................. 5,215,000 5,607,950
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 7,660,386
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority, Revenue:
Clara Maass Health System 5%, 7/1/2009 (Insured; FSA)................... $ 5,805,000 $5,425,934
Waste Paper Recycling (Marcal Paper Mills, Inc. Project):
5.75%, 2/1/2004....................................................... 2,815,000 2,809,567
8.50%, 2/1/2010....................................................... 2,930,000 3,254,615
New Jersey Health Care Facilities Financing Authority, Revenue
(Kimball Medical Center) 8%, 7/1/1998................................... 4,525,000 4,748,128
Orange Township 6.60%, 2/1/2007............................................. 5,600,000 6,036,520
NEW MEXICO-1.6%
New Mexico Educational Assistance Foundation, Student Loan Revenue:
6.60%, 3/1/2005......................................................... 10,980,000 11,365,508
6.70%, 3/1/2006......................................................... 9,910,000 10,315,121
Santa Fe, Utility Revenue, Refunding 5.35%, 6/1/2011(Insured; AMBAC)........ 2,250,000 2,169,338
NEW YORK-8.2%
Metropolitan Transportation Authority, Service Contract, Refunding,
Commuter Facilities Revenue 6.70%, 7/1/2003............................. 2,835,000 2,979,642
New York City:
4.75%, 8/15/1998........................................................ 20,000,000 20,073,400
7.30%, 2/1/2001......................................................... 5,000,000 5,367,600
7.50%, 2/1/2001......................................................... 3,000,000 3,244,950
6%, 2/15/2009........................................................... 8,500,000 8,271,095
6.375%, 8/15/2009....................................................... 25,000,000 25,086,250
New York City Industrial Development Agency, IDR
7.625%, 11/1/2009 (LOC; Algemene Bank Nederland) (c).................... 2,060,000 2,083,690
New York City Municipal Assistance Corp., Refunding 5.50%, 7/1/2000........ 10,000,000 10,310,500
New York State Dormitory Authority, Revenues, Department of Health:
5.50, 7/1/2010.......................................................... 2,000,000 1,859,000
5.625, 7/1/2011......................................................... 3,240,000 3,028,849
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 5,175,411
New York State Environmental Facilities Corp., PCR (State Water Revolving
Fund)
3.90%, 2/15/2000........................................................ 5,190,000 5,032,328
New York State Mortgage Agency, Homeowner Mortgage Revenue 5.75%, 10/1/2010. 3,000,000 3,001,950
New York State Urban Development Corp., Revenue, Refunding
(Correctional Facilities) 5.625%, 1/1/2007.............................. 20,170,000 19,521,333
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
NEW YORK (CONTINUED)
Triborough Bridge and Tunnel Authority, General Purpose Revenue, Refunding
6.75%, 1/1/2009......................................................... $ 5,100,000 $ 5,670,690
NORTH CAROLINA-.4%
North Carolina Eastern Municipal Power Agency Number 1, Catawba Electric
Revenue,
Refunding 6%, 1/1/2004................................................. 2,000,000 2,063,720
Northampton County Industrial Facilities and Pollution Control Financing
Authority,
SWDR 8.05%, 11/1/2004................................................... 3,000,000 3,255,150
OHIO-.9%
Cincinnati Student Loan Funding Corp., Student Loan Revenue, Refunding
7.20%, 8/1/2003......................................................... 4,635,000 4,922,741
Franklin County, HR, Refunding (Holy Cross Health Systems):
5%, 6/1/2003............................................................ 2,650,000 2,647,668
5.10%, 6/1/2004......................................................... 2,790,000 2,787,294
5.20%, 6/1/2005......................................................... 2,930,000 2,926,865
OKLAHOMA-1.1%
Tulsa Airports Improvement Trust, General Revenue, Refunding
(Tulsa International Airport) 6.125%, 6/1/1999.......................... 4,995,000 5,193,451
Tulsa Industrial Authority, HR, Refunding (Saint John Medical Center)
5.375%, 2/15/2011....................................................... 12,000,000 11,481,720
OREGON-.7%
Klamath Falls, Electric Revenue (Salt Caves Hydroelectric) 4.50%, 5/1/2023.. 10,000,000 10,010,200
PENNSYLVANIA-8.4%
Dauphin County General Authority, Revenue 5%, 6/1/2026 (Insured; AMBAC)..... 4,750,000 4,825,762
Delaware County Healthcare Authority, Revenue, Refunding (Mercy Health Corp.)
6%, 11/15/2007.......................................................... 7,250,000 7,051,132
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004........................................................ 4,665,000 4,783,351
9.375%, 11/1/2006....................................................... 7,070,000 7,508,552
Pennsylvania, Refunding 5.375%, 11/15/2004 (Insured; FGIC) (d).............. 14,575,000 14,942,727
Pennsylvania Economic Development Financing Authority, RRR
(Northampton Generating):
6.40%, 1/1/2009....................................................... 10,500,000 10,184,895
Refunding 6.75%, 1/1/2007............................................. 7,000,000 7,036,190
Pennsylvania Higher Educational Facilities Authority, Health Sevices Revenue
(University of Pennsylvania):
5.60%, Series A, 1/1/2010............................................. 10,000,000 9,901,100
5.60%, Series B, 1/1/2010............................................. 4,350,000 4,306,979
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
PENNSYLVANIA (CONTINUED)
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue
(Community Mental Health/Retardation) 8.875%, 6/15/2009................. $ 13,290,000 $ 14,187,341
Pittsburgh, Refunding 5%, 3/1/2008 (Insured; FGIC) (a)...................... 18,150,000 17,287,694
Schuylkill County Industrial Development Authority, RRR, Refunding
(Schuylkill Energy Resource, Inc.) 6.50%, 1/1/2010...................... 10,690,000 10,533,178
Scranton-Lackawanna Health and Welfare Authority, Hospital Facilities Revenue
(Mercy Health Systems):
6.90%, 1/1/2003 (Insured; MBIA)....................................... 3,075,000 3,300,644
6.90%, 1/1/2004 (Insured; MBIA)....................................... 4,330,000 4,647,735
7.25%, 6/15/2005 (Insured; MBIA, Prerefunded 6/15/2000) (b)........... 4,020,000 4,454,160
RHODE ISLAND-.9%
Rhode Island Convention Center Authority, Revenue, Refunding
4.90%, 5/15/2004 (Insured; MBIA, Prerefunded 10/15/2001) (b)............ 5,000,000 4,922,650
Rhode Island Housing and Mortgage Finance Corp.:
(Homeownership Opportunity) 7.30%, 10/1/2008............................ 4,820,000 4,992,074
(Refunding-Rental Housing Program):
5.65%, 10/1/2007...................................................... 2,175,000 2,176,305
5.65%, 10/1/2008...................................................... 1,350,000 1,345,140
SOUTH CAROLINA-1.5%
Charleston County, Hospital Facilities Improvement Revenue, Refunding
(Medical Society Health Project) 5.50%, 10/1/2005 (Insured; MBIA)....... 7,945,000 8,110,018
Oconee County , PCR, Refunding (Engelhard Corp. Project) 5.375%, 5/1/2006 (d) 6,000,000 5,912,340
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC)......................................... 4,050,000 4,341,924
York County, PCR (Bowater, Inc. Project) 7.625%, 3/1/2006................... 2,900,000 3,266,038
SOUTH DAKOTA-.5%
South Dakota Student Loan Finance Corp., Student Loan Revenue, Refunding
6.45%, 8/1/2006......................................................... 6,705,000 6,862,299
TENNESSEE-1.1%
Gatlinburg, COP (Gatlinburg Convention Center) 8.75%, 12/1/1997............. 380,000 405,711
Shelby County, Refunding:
5.25%, 4/1/2006......................................................... 4,410,000 4,418,070
5.375%, 4/1/2007........................................................ 5,140,000 5,162,976
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) (b)............ 5,585,000 6,143,221
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
TEXAS-7.2%
Austin, Airport System Revenue 5.625%, 11/15/2007 (Insured; MBIA)........... $ 8,000,000 $ 8,019,840
Bell County Health Facilities Development Corp., Revenue
(Scott and White Memorial Hospital) 7.40%, 9/1/1999..................... 2,985,000 3,182,040
Ennis, IDC, Revenue, Refunding (Cargill Inc., Project) 6.15%, 11/1/2003..... 2,450,000 2,541,263
Gulf Coast Waste Disposal Authority, SWDR, Refunding
(Quaker Oats Co. Project) 5.70%, 5/1/2006............................... 7,210,000 7,312,094
Harris County Hospital District, Mortgage Revenue, Refunding
7.50%, 2/15/2003 (Insured; AMBAC)....................................... 7,000,000 7,922,040
Houston, Hotel Occupancy Tax Revenue:
7%, 7/1/2003 (Insured; FGIC)............................................ 4,400,000 4,837,008
7%, 7/1/2004 (Insured; FGIC)............................................ 1,525,000 1,676,463
North Central Health Facility Development Corp., Revenue 7.94%, 5/15/2008 (e) 13,000,000 14,094,340
North Texas Higher Education Authority, Student Loan Revenue:
7%, Series B, 4/1/2002 (Insured; AMBAC)................................. 4,250,000 4,439,125
7%, Series E, 4/1/2002 (Insured; AMBAC)................................. 4,250,000 4,439,125
Port Houston Authority, Harris County Improvement:
5.50%, 10/1/2007........................................................ 2,600,000 2,576,028
5.50%, 10/1/2008........................................................ 2,600,000 2,551,900
5.50%, 10/1/2009........................................................ 2,600,000 2,525,692
5.50%, 10/1/2010........................................................ 2,600,000 2,502,526
5.50%, 10/1/2011........................................................ 2,600,000 2,485,678
Rio Grande Consolidated Independent School District, Public Facilities, LR
6.40%, 7/15/2003........................................................ 4,000,000 3,890,720
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 6.25%, 8/1/2006......................... 5,100,000 5,474,289
South Texas Higher Education Authority, Student Loan Revenue, Refunding
5.30%, 12/1/2003........................................................ 5,350,000 5,222,135
Tarrant County Health Facilities Development Corp., Health Systems Revenue
(Harris Methodist Health Systems) 6%, 9/1/2010.......................... 7,725,000 7,750,570
Texas, Veterans Housing Assistance Fund:
6.40%, 6/1/2006......................................................... 140,000 138,174
6.50%, 6/1/2007......................................................... 195,000 191,703
6.60%, 6/1/2008......................................................... 225,000 220,736
6.70%, 6/1/2009......................................................... 250,000 245,922
Texas State College, Student Loan:
6%, 8/1/2005............................................................ 2,130,000 2,244,871
6%, 8/1/2006............................................................ 2,500,000 2,625,950
5.70%, 8/1/2008......................................................... 5,345,000 5,259,427
Texas Water Resources Financing Authority, Revenue 7.30%, 8/15/1998......... 2,525,000 2,655,896
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
UTAH-3.3%
Carbon County, SWDR:
(Refunding - Sunnyside Cogeneration Project) 9%, 7/1/2006............... $ 9,750,000 $ 8,135,302
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007.................... 7,000,000 5,437,740
Intermountain Power Agency, Power Supply Revenue, Special Obligation
6.50%, 7/1/2010 (Insured; MBIA)......................................... 5,200,000 5,648,812
Salt Lake County Municipal Building Authority, LR
5.90%, 10/1/2006 (Insured; MBIA)........................................ 4,260,000 4,437,983
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC)....................................... 3,000,000 3,146,520
7.05%, 11/1/2003 (Insured; AMBAC)....................................... 5,000,000 5,364,750
6.35%, 11/1/2004 (Insured; AMBAC)....................................... 3,000,000 3,161,520
6.45%, 11/1/2005 (Insured; AMBAC)....................................... 3,000,000 3,134,310
5.70%, 11/1/2007........................................................ 5,750,000 5,776,680
5.75%, 11/1/2008........................................................ 4,750,000 4,754,845
VIRGINIA-1.4%
Big Stone Gap Redevelopment and Housing Authority, Correctional Facility LR
(Wallens Ridge Development Project) 6%, 9/1/2007........................ 4,000,000 4,194,840
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation):
6.50%, 11/15/2002..................................................... 2,000,000 2,051,720
6.95%, 11/15/2002..................................................... 5,360,000 5,649,494
Virginia Housing Development Authority, Commonwealth Mortgage:
6.05%, 1/1/2004......................................................... 4,400,000 4,531,956
6.15%, 1/1/2005......................................................... 4,400,000 4,552,900
WASHINGTON-4.5%
Chelan County Public Utility District Number 1, Consolidated Revenue
(Chelan Hydroelectric) 7.55%, 7/1/2062.................................. 6,515,000 7,009,163
Clark County Public Utility District Number 1, Electric Revenue, Refunding:
6.10%, 1/1/2002 (Insured; FGIC)......................................... 2,015,000 2,133,280
6.30%, 1/1/2004 (Insured; FGIC)......................................... 3,160,000 3,365,274
King & Snohomish Counties, School District No. 417 Northshore, Refunding
5.50%, 12/1/2007 (Insured; FGIC)........................................ 4,860,000 4,919,924
Port Seattle, Revenue 6.50%, 11/1/2005...................................... 3,000,000 3,221,100
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC) (a) 4,000,000 4,148,720
(Refunding-Sisters of Providence) 5%, 10/1/2007 (Insured; AMBAC)........ 5,500,000 5,229,840
(Refunding - Yakima Valley Memorial Hospital) 7.875%, 1/1/2003.......... 3,300,000 3,556,806
Washington Housing Finance Commission, SFMR
6.85%, 7/1/2011 (Insured: FNMA, GNMA)................................... 4,445,000 4,612,086
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
WASHINGTON (CONTINUED)
Washington Public Power Supply Systems, Revenue, Refunding:
(Nuclear Project Number 1):
7.70%, 7/1/2002....................................................... $ 16,745,000 $ 18,690,769
6.60%, 7/1/2004....................................................... 2,500,000 2,645,875
(Nuclear Project Number 2) 7.25%, 7/1/2006.............................. 6,000,000 6,637,440
WISCONSIN-2.3%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005.. 5,000,000 5,431,200
Milwaukee County 5.30%, 12/1/2005........................................... 3,000,000 3,022,110
Wisconsin Health and Educational Facilities Authority, Revenue:
(Aurora Medical Group, Inc.) 6% 11/15/2011 (Insured; FSA)............... 3,500,000 3,549,245
Refunding:
(Luther Hospital Project) 6.125%, 11/15/2006.......................... 3,500,000 3,663,065
(Wheaton Franciscan Services, Inc.):
6%, 8/15/2006 (Insured; MBIA)..................................... 3,555,000 3,723,187
6%, 8/15/2007 (Insured; MBIA)..................................... 3,780,000 3,966,845
6.50%, 8/15/2007 (Insured; MBIA).................................. 3,000,000 3,183,510
Wisconsin Housing and Economic Development Authority, Housing Revenue
5.30%, 11/1/2006........................................................ 7,075,000 6,864,307
_______
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $1,392,578,864)................. $1,429,188,000
=======
SHORT-TERM MUNICIPAL INVESTMENTS-3.2%
ARIZONA-.3%
Arizona Educational Loan Marketing Corp., Educational Loan Revenue, VRDN
3.75%, 12/1/2008 (f).................................................... $ 5,000,000 $ 5,000,000
DELAWARE-.5%
Delaware Economic Development Authority, Gas Facilities Revenue
(Delmarva Power & Light) VRDN 3.90% (f)................................. 6,900,000 6,900,000
IOWA-1.7%
Iowa Finance Authority, SWDR (Cedar River Paper Co. Project) VRDN
3.75% (LOC; Swiss Bank Corp.) (c,f)..................................... 25,000,000 25,000,000
MASSACHUSETTS-.1%
Massachusetts Health & Educational Facilities Authority, Revenue
(Saint Elizabeths) VRDN 3.58% (Insured; FSA) (f)........................ 2,000,000 2,000,000
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1996
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
________ ________
MICHIGAN-.6%
Monroe County Economic Development Corp., LOR, Refunding (Detroit Edison)
VRDN 3.60% (LOC; Barclays Bank of New York) (c,f)....................... $ 9,000,000 $ 9,000,000
_______
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $47,896,950)................... $ 47,900,000
=======
TOTAL INVESTMENTS-100.0%
(cost $1,440,475,814)................................................... $1,477,088,000
=======
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
CGIC Capital Guaranty Insurance Company LOR Limited Obligation Revenue
COP Certificate of Participation LR Lease Revenue
EDR Economic Development Revenue MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FNMA Federal National Mortgage Association PCR Pollution Control Revenue
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 (G) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- ------- ------------------ -------------------
<S> <C> <S> <C>
AAA Aaa AAA 40.2%
AA Aa AA 20.2
A A A 19.0
BBB Baa BBB 8.8
F1 MIG1, VMIG1 & P1 SP1, A1 3.8
Not Rated (h) Not Rated (h) Not Rated (h) 8.0
___
100.0%
====
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Wholly held by the custodian in a segregated account as collateral
for delayed-delivery or when-issued securities.
(b) 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.
(c) Secured by letters of credit.
(d) Purchased on a delayed-delivery or when-issued basis.
(e) Inverse floater security-the interest rate is subject to change
periodically.
(f) 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.
(g) Fitch currently provides creditworthiness information for a limited
number of investments.
(h) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Manager to be of comparable quality
to those rated securities in which the Fund may invest.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS OF LIABILITIES MAY 31, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,440,475,814)-see statement.................................. $1,477,088,000
Interest receivable..................................................... 24,716,579
Receivable for investment securities sold............................... 8,883,316
Receivable for subscriptions to Common Stock............................ 79,599
Prepaid expenses........................................................ 54,261
_______
1,510,821,755
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 834,112
Payable for investment securities purchased............................. 42,252,828
Payable for Common Stock redeemed....................................... 23,179
Accrued expenses and other liabilities.................................. 371,376
_____
43,481,495
_______
NET ASSETS.................................................................. $1,467,340,260
=======
REPRESENTED BY:
Paid-in capital......................................................... $1,423,850,476
Accumulated undistributed net realized gain on investments.............. 6,877,598
Accumulated net unrealized appreciation on investments-Note 3........... 36,612,186
_______
NET ASSETS at value applicable to 106,744,294 shares outstanding
(300 million shares of $.01 par value Common Stock authorized).......... $1,467,340,260
=======
NET ASSET VALUE, offering and redemption price per share
($1,467,340,260 / 106,744,294 shares)................................... $13.75
=======
See notes to financial statements.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED MAY 31, 1996
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 90,029,614
EXPENSES:
Management fee-Note 2(a).............................................. $ 9,116,572
Shareholder servicing costs-Note 2(b)................................. 1,305,040
Custodian fees........................................................ 108,491
Prospectus and shareholders' reports.................................. 92,663
Registration fees..................................................... 71,320
Professional fees..................................................... 66,699
Directors' fees and expenses-Note 2(c)................................ 57,942
Miscellaneous......................................................... 80,240
______
TOTAL EXPENSES.................................................... 10,898,967
______
INVESTMENT INCOME-NET............................................. 79,130,647
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $ 11,398,825
Net unrealized (depreciation) on investments............................ (36,784,906)
______
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (25,386,081)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 53,744,566
======
See notes to financial statements.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31,
--------------------------------------
1996 1995
_______ _______
OPERATIONS:
Investment income-net................................................... $ 79,130,647 $ 87,005,538
Net realized gain (loss) on investments................................. 11,398,825 (1,725,706)
Net unrealized appreciation (depreciation) on investments for the year.. (36,784,906) 22,832,163
_______ _______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 53,744,566 108,111,995
_______ _______
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (79,130,647) (87,005,538)
Net realized gain on investments........................................ (2,766,133) (7,204,563)
_______ _______
TOTAL DIVIDENDS....................................................... (81,896,780) (94,210,101)
_______ _______
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................... 692,235,889 744,924,662
Dividends reinvested.................................................... 60,507,179 69,793,688
Cost of shares redeemed................................................. (826,761,167) (983,235,669)
_______ _______
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.............. (74,018,099) (168,517,319)
_______ _______
TOTAL (DECREASE) IN NET ASSETS.................................... (102,170,313) (154,615,425)
NET ASSETS:
Beginning of year....................................................... 1,569,510,573 1,724,125,998
_______ _______
End of year............................................................. $1,467,340,260 $1,569,510,573
======= =======
SHARES SHARES
_______ _______
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 49,389,916 55,011,010
Shares issued for dividends reinvested.................................. 4,311,276 5,153,303
Shares redeemed......................................................... (58,922,345) (72,735,921)
_______ _______
NET (DECREASE) IN SHARES OUTSTANDING.................................. (5,221,153) (12,571,608)
======= =======
</TABLE>
See notes to financial statements.
<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: 1996 1995 1994 1993 1992
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $14.02 $13.84 $14.31 $13.96 $13.67
---- ---- ---- ---- ----
INVESTMENT OPERATIONS:
Investment income-net........................ .72 .75 .76 .81 .89
Net realized and unrealized gain (loss) on investments (.24) .24 (.31) .66 .36
---- ---- ---- ---- ----
TOTAL FROM INVESTMENT OPERATIONS........... .48 .99 .45 1.47 1.25
---- ---- ---- ---- ----
DISTRIBUTIONS:
Dividends from investment income-net......... (.72) (.75) (.76) (.81) (.88)
Dividends from net realized gains on investments (.03) (.06) (.16) (.31) (.08)
---- ---- ---- ---- ----
TOTAL DISTRIBUTIONS........................ (.75) (.81) (.92) (1.12) (.96)
---- ---- ---- ---- ----
Net asset value, end of year................. $13.75 $14.02 $13.84 $14.31 $13.96
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN.......................... 3.44% 7.54% 3.13% 10.88% 9.45%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .71% .73% .70% .71% .70%
Ratio of net investment income to average net assets 5.14% 5.52% 5.22% 5.68% 7.17%
Portfolio Turnover Rate...................... 48.70% 42.18% 36.27% 60.14% 48.03%
Net Assets, end of year (000's Omitted)...... $1,467,340 $1,569,511 $1,724,126 $1,703,674 $1,443,687
</TABLE>
See notes to financial statements.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Intermediate Municipal Bond Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a diversified open-end
management investment company. The Fund's investment objective is to provide
the maximum amount of current income exempt from Federal income tax as is
consistent with the preservation of capital. The Dreyfus Corporation
("Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. (the
"Distributor") acts as the distributor of the Fund's shares, which are sold
to the public without a sales charge.
(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 value
of the Fund's average daily 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 year ended
May 31, 1996 was reduced by $90,000 pursuant to the settlement of litigation.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 21\2% of the first
$30 million, 2% of the next $70 million and 11\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, 1996.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended May 31, 1996, the Fund was charged an aggregate of
$444,480 pursuant to the Shareholder Services Plan.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $282,656 for the period from
December 1, 1995 through May 31, 1996.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund 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,
excluding short-term securities, during the year ended May 31, 1996, amounted
to $716,030,164 and $780,096,457, respectively.
At May 31, 1996, accumulated net unrealized appreciation on investments
was $36,612,186, consisting of $48,336,870 gross unrealized appreciation and
$11,724,684 gross unrealized depreciation.
At May 31, 1996, 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, 1996, 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, 1996 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, 1996,
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 and Young LLP signature logo]
New York, New York
July 1, 1996
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended May 31, 1996:
- all the dividends paid from investment income-net are "exempt-interest
dividends" (not generally subject to regular Federal income tax), and
- the Fund hereby designates $.0176 per share as a long-term capital gain
distribution of the $.0254 per share paid on December 6, 1995.
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 1996 calendar year
on Form 1099-DIV which will be mailed by January 31, 1997.
[Dreyfus lion "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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 947AR965
[Dreyfus logo]
Intermediate
Municipal
Bond Fund, Inc.
Annual Report
May 31, 1996
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
EXHIBIT A:
______________________________________________________________
| | | DREYFUS |
| | LEHMAN BROTHERS | INTERMEDIATE |
| PERIOD | 10-YEAR MUNICIPAL | MUNICIPAL |
| | BOND INDEX * | BOND FUND |
|---------------- | ------------------- | ------------------|
| 5/31/86 | 10,000 | 10,000 |
| 5/31/87 | 10,856 | 10,732 |
| 5/31/88 | 11,768 | 11,453 |
| 5/31/89 | 12,924 | 12,425 |
| 5/31/90 | 13,874 | 13,236 |
| 5/31/91 | 15,317 | 14,467 |
| 5/31/92 | 16,741 | 15,835 |
| 5/31/93 | 18,803 | 17,558 |
| 5/31/94 | 19,448 | 18,108 |
| 5/31/95 | 21,195 | 19,473 |
| 5/31/96 | 22,197 | 20,143 |
|-------------------------------------------------------------|
*Source: Lehman Brothers
