<PAGE>
Dreyfus
Intermediate
Municipal
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1996
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- --------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
For its semi-annual reporting period ended November 30, 1996, the Dreyfus
Intermediate Municipal Bond Fund, Inc. produced a total return of 5.26%.* Income
dividends exempt from Federal personal income taxes of approximately $.354 per
share** were paid, which is equivalent to an annualized tax-free distribution
rate per share of 5.04%.***
THE ECONOMY
For much of the year, investors were fearful that inflation would accelerate
should tightening labor markets lead to pressure to increase wages and,
ultimately, higher prices. This was of particular concern earlier in the year
because of the robust rate of new job growth at that time. More specifically, it
was expected that signs of any potential upsurge in inflation would cause the
Federal Reserve Board's Open Market Committee (the "Fed") to tighten monetary
policy. However, during the summer, the economy's growth rate slowed by more
than half of its 4.7% growth rate in the second quarter. The pace of job
creation also slowed, reducing the likelihood that the tightening employment
market would lead to inflation-inducing wage increases. About 150,000 jobs per
month over the past three months have been added to the employment rolls
compared to an average rate of over 250,000 during the spring and early summer
months. The unemployment rate has declined all year (the rate is now at 5.2%,
near a seven-year low), yet wage increases have remained under control. The
Employment Cost Index, a broad measure of wage and benefit growth, has risen a
modest 2.8% over the past year, about the same as the year before when the Index
increased 2.7%. Inflation has remained subdued throughout the reporting period.
The Consumer Price Index continues to show an inflation level at an annual rate
of 3%, while the Producer Price Index shows scant evidence of price pressures in
the production pipeline. The Fed has held short-term interest rates steady since
January, when it reduced its Federal Funds target rate to 5.25% from 5.5%. (The
Federal Funds rate is the rate that banks charge each other for overnight
loans.)
With both low unemployment and low inflation, measures of consumer confidence
remain high. The Index of Leading Economic Indicators, an index compiled by the
Conference Board (a private economic research group) has reached record high
levels every month since June. Retail sales show signs of moderate expansion
after having slowed over the summer when consumers paid off more credit card
debt than they borrowed. On the production side of the economy, output from the
nation's factories has slowed somewhat from its pace earlier in the year. With a
capacity utilization rate of under 83%, there appears to be little indication of
any production bottlenecks that could lead to shortages and higher prices.
MARKET ENVIRONMENT
The municipal bond market, like its taxable counterparts, has been buffeted
by unprecedented price volatility during the past year. The market continues to
focus on the periodic releases of key economic data, and this has resulted in
large and dramatic swings in bond prices and yields. The 30-year U.S. Treasury
bond fluctuated around the 7% level until mid-October when the market
established a new trading range as the Treasury bond market rallied to 6.45%.
The municipal market was able to stabilize, aided by strong retail support
reflected in strengthening demand for municipal bonds.
The decision of the Federal Reserve's Open Market Committee to maintain a
hands-off policy toward interest rates has enabled the fixed-income markets to
turn in a strong performance during the fourth quarter. Currently, the market
has settled into a trading range with a bias towards lower rates and we
anticipate that this environment will continue through year-end. Of course, past
performance is no guarantee of future results.
<PAGE>
THE PORTFOLIO
The Fund continues to focus on improving the call protection, structure and
creditworthiness of its holdings. As market perceptions changed, we moved out of
some of the defensive paper that had been purchased during earlier volatile
periods and extended our duration slightly. Opportunities to enhance yield
through the purchase of lower- rated paper are severely limited, as lack of such
supply has tightened the spread relationship to better quality paper. As of
late, we have been inclined to realize some of the gains that have resulted from
the price performance of bonds with discount coupons.
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 greatly appreciate you continued confidence in the Fund and in the
Dreyfus Corporation.
Very truly yours,
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 20, 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, for certain
shareholders to the Federal Alternative Minimum Tax (AMT).
***Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the net asset
value per share at the end of the period.
<PAGE>
<TABLE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments--97.6% Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
<S> <C> <C>
Alaska--2.1%
Alaska Industrial Development and Export Authority, Revolving Fund:
7.80%, 4/1/2004........................................................... $ 6,360,000 $ 7,012,727
6.375%, 4/1/2008.......................................................... 3,000,000 3,227,520
Alaska Housing Finance Corp., Refunding 5.75%, 12/1/2009 (Insured; MBIA)..... 13,100,000 13,342,874
Anchorage Electric Utility Revenue, Refunding:
6.50%, 12/1/2008 (Insured; MBIA).......................................... 2,755,000 3,160,949
6.50%, 12/1/2009 (Insured; MBIA).......................................... 2,910,000 3,334,249
Arizona--1.6%
Maricopa County Industrial Development Authority:
Hospital Facility Revenue (Samaritan Health Services)
7.15%, 12/1/2004 (Insured; MBIA)........................................ 9,835,000 11,425,811
Hospital Systems Revenue, Refunding (Baptist Hospital):
5.10%, 9/1/2004 (Insured; MBIA)......................................... 3,490,000 3,605,938
5.20%, 9/1/2005 (Insured; MBIA)......................................... 3,125,000 3,241,531
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems, Inc. Project) 7.25%, 10/15/2004.............. 5,000,000 5,297,900
California--5.4%
California Department of Veteran Affairs, Home Purchase Revenue 7.80%, 8/1/2001 5,000,000 5,317,650
California Health Facilities Financing Authority, Revenue, Refunding
(Sisters of Providence):
5%, 10/1/2007........................................................... 5,100,000 5,095,410
5%, 10/1/2008........................................................... 4,280,000 4,238,270
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
6.40%, 12/1/2003.......................................................... 6,000,000 6,543,060
6.50%, 6/1/2005........................................................... 5,500,000 5,984,880
California Public Works Board, LR, Refunding:
(California University Projects) 5.40%, 10/1/2011......................... 15,925,000 15,891,557
Department of Corrections-Imperial County 5.125%, 9/1/2009 (a)............ 5,750,000 5,794,505
Los Angeles, Harbor Department Revenue 6.40%, 8/1/2012....................... 5,420,000 5,831,757
Northern California Power Agency, Geothermal Project Number 3, Revenue, Refunding:
5.50%, 7/1/2005........................................................... 7,000,000 7,346,290
5.65%, 7/1/2007........................................................... 6,400,000 6,739,584
Solano County, COP, Refunding (Justice Facility and Public Buildings Project)
5.875%, 10/1/2005......................................................... 10,000,000 10,395,300
Colorado--2.3%
Arapahoe County Capital Improvement Trust Fund,
Highway Revenue, Zero Coupon, 8/31/2008................................... 20,165,000 9,927,028
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Colorado (continued):
Denver City and County, Airport Revenue:
7.50%, 11/15/2002......................................................... $ 6,080,000 $ 6,802,790
8.75%, 11/15/2005......................................................... 14,485,000 17,287,413
Connecticut--2.5%
Connecticut:
5.50%, 3/15/2008.......................................................... 4,000,000 4,143,720
5.70%, 3/15/2011.......................................................... 20,115,000 20,774,370
Connecticut, Special Revenue (Mashantucket Western Pequot Tribe) 6.50%, 9/1/2016 5,000,000 5,206,350
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
7.30%, 11/15/2003......................................................... 5,705,000 5,926,810
Delaware--.6%
Delaware River and Bay Authority, Delaware Authority Revenue 3.75%, 1/1/2004. 9,370,000 9,040,457
District of Columbia--.9%
District of Columbia, Revenue (American University) 5.50%, 10/1/2011
(Insured; AMBAC).......................................................... 5,435,000 5,476,904
Metropolitan Airports Authority, Virginia General Airport Revenue
5.75%, 10/1/2011 (Insured; MBIA).......................................... 7,250,000 7,413,343
Florida--3.6%
Dade County, Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC).............. 10,830,000 11,599,471
Dade County School Board, COP 5.375%, 5/1/2010 (Insured; AMBAC).............. 5,775,000 5,843,607
Dade County, Resource Recovery Facility Revenue, Refunding
5.20%, 10/1/2011 (Insured; AMBAC)......................................... 7,880,000 8,110,096
Florida School Boards Association, LR (Orange County School Board Project)
6.25%, 7/1/2005 (Insured; AMBAC).......................................... 3,250,000 3,392,610
Greater Orlando Aviation Authority, Airport Facilities Revenue 6.40%, 10/1/2004 8,940,000 9,800,475
Palm Beach County, Solid Waste IDR (Okeelanta Power L.P. Project)
6.50%, 2/15/2009.......................................................... 3,600,000 3,329,136
Pinellas County, RRR 5.10%, 10/1/2003 (Insured; MBIA)........................ 10,415,000 10,741,614
Georgia--.4%
Atlanta, Airport Facilities Revenue, Refunding 6%, 1/1/2007 (Insured; AMBAC). 5,780,000 6,312,338
Hawaii--.2%
Hawaii, Airports Systems Revenue 7.50%, 7/1/2005 (Insured; FGIC)............. 3,000,000 3,341,400
Illinois--5.9%
Chicago O'Hare International Airport:
Passenger Facility Charge Revenue:
5.375%, 1/1/2007 (Insured; AMBAC)....................................... 6,055,000 6,232,896
5.50%, 1/1/2008 (Insured; AMBAC)........................................ 5,000,000 5,159,000
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Illinois (continued):
Chicago O'Hare International Airport (continued):
Special Facility Revenue (International Terminal) Refunding:
7.50%, 1/1/2005 (Prerefunded 1/1/2000) (b)..............................$ 905,000 $ 1,003,338
7.50%, 1/1/2005......................................................... 1,895,000 2,059,467
Chicago Public Buildings Commission, Building Revenue
5.25%, 12/1/2003 (Insured; MBIA).......................................... 5,000,000 5,209,450
Hoffman Estates, Tax Increment Revenue
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland) (c).................... 5,145,000 5,538,129
Illinois:
5.60%, 6/1/2001........................................................... 1,000,000 1,048,140
Sales Tax Revenue:
5%, 6/15/2009........................................................... 4,370,000 4,339,760
5%, 6/15/2010........................................................... 4,610,000 4,532,045
Illinois Development Finance Authority, Community Rehabilitation
(Providers Facility Acquisition) 8.25%, 9/1/2000.......................... 3,805,000 4,037,409
Illinois Educational Facilities Authority, Revenue, Refunding
(Illinois Institute of Technology) 6.60%, 12/1/2009....................... 2,665,000 2,836,573
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999................. 895,000 960,066
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA)....................................... 4,400,000 4,714,160
(Ingalls Memorial Hospital Project) 7%, 1/1/2005 (Prerefunded 1/1/2000) (b) 6,000,000 6,575,280
(Refunding - Evangelical Hospitals) 6.75%, 4/15/2007...................... 3,090,000 3,302,437
(Southern Illinois Hospital Services) 6.50%, 3/1/2007 (Insured; MBIA)..... 4,000,000 4,389,240
(Swedish American Hospital) 7.30%, 4/1/2007
(Insured; AMBAC, Prerefunded 4/1/2000) (b).............................. 4,000,000 4,443,240
Normal, EDR, Refunding (Dayton - Hudson Corp. Project) 6.75%, 11/1/2001...... 3,400,000 3,648,948
Robbins, RRR (Robbins Resource Recovery Partners) 8.375%, 10/15/2010......... 15,000,000 15,450,000
Indiana--5.1%
Boonville Junior High School Building Corp., First Mortgage Revenue, Refunding
6.80%, 7/1/2005........................................................... 3,100,000 3,418,432
Brownsburg School Building Corp., First Mortgage:
5.80%, 8/1/2008 (Insured; CGIC)........................................... 2,650,000 2,807,887
5.90%, 8/1/2009 (Insured; CGIC)........................................... 2,895,000 3,072,319
Indiana Bond Bank (Special Hospital Program Hendricks) 6.90%, 4/1/2006....... 3,000,000 3,298,890
Indiana Health Facility Financing Authority, HR (Lafayette Home Hospital Project)
5.75%, 8/1/2008........................................................... 3,000,000 3,069,390
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Indiana (continued)
Indiana Municipal Power Agency, Power Supply Systems Revenue, Refunding
5.70%, 1/1/2006 (Insured; MBIA)........................................... $ 8,400,000 $ 8,967,084
Indiana Transportation Finance Authority, Airport Facilities LR (United Air)
6.50%, 11/1/2007.......................................................... 5,250,000 5,644,800
Indianapolis Local Public Improvement Bond Bank, Refunding:
6.20%, 2/1/2003........................................................... 2,100,000 2,264,577
6.30%, 2/1/2004........................................................... 2,800,000 3,050,320
6.40%, 12/1/2005.......................................................... 3,000,000 3,299,790
6.50%, 1/1/2011 (Insured; FSA)............................................ 6,415,000 7,285,131
Knox County Hospital Association, LR 5.65%, 7/1/2008 (Insured; MBIA)......... 4,150,000 4,297,864
Logansport School Building Corp. (First Mortgage)
7.30%, 1/15/2007 (Prerefunded 1/15/2000) (b).............................. 4,750,000 5,244,997
North Montgomery Elementary School Building Corp., Refunding (First Mortgage)
6.50%, 7/1/2006........................................................... 5,665,000 6,363,155
Plymouth, Multi-School Building Corp., Refunding
(First Mortgage-Plymouth Community School) 5.50%, 7/1/2005 (Insured; MBIA) 3,000,000 3,162,450
Purdue University, University Revenue (Purdue University Dormitory System)
6.90%, 7/1/2006 (Insured; AMBAC, Prerefunded 7/1/2001) (b)................ 4,075,000 4,554,383
Westfield, High School Building Corp. (First Mortgage)
5.45%, 7/15/2009 (Insured; AMBAC)......................................... 5,000,000 5,088,500
Iowa--1.0%
Ames, HR (Mary Greeley Medical Center Project) 6.25%, 8/15/2006
(Insured; AMBAC).......................................................... 4,320,000 4,691,779
Council Bluffs, IDR, Refunding (Cargill, Inc. Project) 7%, 3/1/2007.......... 4,400,000 4,856,808
Iowa Student Loan Liquidity Corp., Student Loan Revenue
6.65%, 3/1/2003 (Insured; AMBAC).......................................... 4,900,000 5,247,802
Kentucky--2.8%
Kenton County Airport Board, Airport Revenue
(Cincinnati/Northern Kentucky International):
5.50%, 3/1/2006 (Insured; MBIA)......................................... 1,930,000 2,000,638
5.625%, 3/1/2008 (Insured; MBIA)........................................ 3,645,000 3,759,745
5.75%, 3/1/2009 (Insured; MBIA)......................................... 3,710,000 3,843,449
Kentucky Property and Buildings Commission, Revenue, Refunding (Project Number 55)
6.25%, 9/1/2007........................................................... 9,100,000 10,234,315
6%, 9/1/2008.............................................................. 12,770,000 14,006,902
Mount Sterling, LR (Kentucky League Cities Funding 5.625%, 3/1/2003.......... 6,500,000 6,733,025
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Louisiana--3.7%
Louisiana, Refunding 6%, 8/1/2002 (d)........................................ $ 20,000,000 $ 21,526,200
Louisiana Correctional Facilities Corp., LR:
5.55%, 12/15/2002 (d)..................................................... 14,000,000 14,762,440
5.60%, 12/15/2003......................................................... 5,600,000 5,937,008
Louisiana Public Facilities Authority, Revenue:
8.20%, 11/15/2012 (e)..................................................... 4,430,000 4,888,904
8.20%, 11/15/2012 (Prerefunded 11/15/2002) (b,e).......................... 3,635,000 4,211,111
(Louisiana Association of Independent Colleges and Universities)
6.50%, 12/1/2002....................................................... 2,155,000 2,271,823
Maine--.9%
Maine Educational Loan Marketing Corp., Student Loan Revenue:
5.85%, 11/1/2002.......................................................... 7,000,000 7,327,320
Refunding 6.90%, 11/1/2003................................................ 4,565,000 5,030,584
Massachusetts--5.3%
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Project) 7.10%, 5/15/2002......................... 4,615,000 4,822,121
Massachusettes, Refunding:
6.40%, 8/1/2003........................................................... 3,175,000 3,508,534
5.20%, 8/1/2008 (Insured; FGIC)........................................... 10,000,000 9,975,100
Massachusetts, Water Pollution Abatement Revenue (New Bedford Loan Program):
5.50%, 2/1/2008........................................................... 6,950,000 7,204,994
5.60%, 2/1/2010........................................................... 8,255,000 8,471,611
Massachusetts Housing Finance Agency:
Housing Revenue, Refunding 5.85%, 12/1/2010 (Insured; MBIA)............... 9,330,000 9,604,675
Rental Revenue, Refunding:
6.30%, 7/1/2007 (Insured; AMBAC)........................................ 3,190,000 3,382,899
6.35%, 7/1/2008 (Insured; AMBAC)........................................ 3,425,000 3,613,375
6.40%, 7/1/2009 (Insured; AMBAC)........................................ 3,740,000 3,928,272
Residential Development 6.125%, 11/15/2008 (Insured; FNMA)................ 5,000,000 5,195,900
New England Education Loan Marketing Corp., Student Loan Revenue, Refunding
5.625%, 7/1/2004.......................................................... 16,350,000 16,935,821
Michigan--4.4%
Detroit, Self-Insurance 5.60%, 5/1/2001...................................... 5,260,000 5,383,610
Greater Detroit Resource Recovery Authority, Revenue, Refunding:
6.25%, 12/13/2007 (Insured; AMBAC)........................................ 7,000,000 7,754,040
Series A 6.25%, 12/13/2008 (Insured; AMBAC)............................... 5,000,000 5,540,950
Series B 6.25%, 12/13/2008 (Insured; AMBAC)............................... 7,755,000 8,612,548
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
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 $ 11,269,100
(McLaren Obligated Group):
5.10%, 10/15/2005....................................................... 2,355,000 2,346,546
7%, 9/15/2007 (Prerefunded 9/15/2000) (b)............................... 3,670,000 4,085,921
7.375%, 9/15/2008 (Prerefunded 9/15/2001) (b)........................... 6,925,000 7,942,906
Michigan Strategic Fund, SWDR (Genesee Power Station Project) 7.125%, 1/1/2006 7,500,000 7,578,675
Wayne State University, University Revenues, Refunding
5.40%, 11/15/2006 (Insured; AMBAC)........................................ 3,105,000 3,230,132
Mississippi--1.7%
Adams County, PCR (International Paper Co. Project):
5.50%, 12/1/2005.......................................................... 15,000,000 15,637,800
5.625%, 11/15/2006........................................................ 5,150,000 5,353,528
Mississippi Development Bank, Special Obligation, Refunding
(Adams County Hospital Revenue Project) 5.75%, 7/1/2010 (Insured; FSA).... 3,445,000 3,559,684
Missouri--1.9%
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000....................................... 4,500,000 4,875,615
Saint Louis, Airport Improvement Revenue, Refunding
(Lambert - Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC)
9,675,00010,376,341 Saint Louis Municipal Finance Corp., Leasehold Revenue,
Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank) (c)................................... 5,075,000 5,180,915
5.50%, 7/15/2004 (LOC; Sanwa Bank) (c).................................... 6,835,000 7,005,533
Nebraska--.2%
Albion, IDR, Refunding (Cargill, Inc. Project) 7%, 12/1/2000................. 2,600,000 2,817,022
Nevada--1.8%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport):
5.95%, 7/1/2005 (Insured; AMBAC)........................................ 6,365,000 6,888,903
5.80%, 7/1/2009 (Insured; MBIA)......................................... 4,250,000 4,442,015
Clark County, Washington Public Utility District, Electric Revenue, Refunding
6.30%, 1/1/2004 (Insured; FGIC)........................................... 3,160,000 3,407,396
Clark County School District 5.70%, 6/15/2009 (Insured; MBIA)................ 10,825,000 11,304,872
New Jersey--1.8%
Mercer County Improvement Authority, Solid Waste Revenue, Refunding
(Resources Recovery Project) 6.50%, 4/1/2007 (Insured; FGIC).............. 7,620,000 7,671,664
New Jersey Economic Development Authority, Revenue:
Clara Maass Health System 5%, 7/1/2009 (Insured; FSA) (d)................. 5,805,000 5,743,351
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
New Jersey (continued):
New Jersey Economic Development Authority, Revenue (continued):
Waste Paper Recycling (Marcal Paper Mills, Inc. Project):
5.75%, 2/1/2004......................................................... $ 2,815,000 $ 2,864,347
8.50%, 2/1/2010......................................................... 2,930,000 3,336,420
Orange Township 6.60%, 2/1/2007.............................................. 5,600,000 6,210,736
New Mexico--1.5%
New Mexico Educational Assistance Foundation, Student Loan Revenue:
6.60%, 3/1/2005........................................................... 10,980,000 11,715,331
6.70%, 3/1/2006........................................................... 9,910,000 10,647,205
New York--8.9%
New York City:
7.30%, 2/1/2001........................................................... 5,000,000 5,451,500
7.50%, 2/1/2001........................................................... 3,000,000 3,292,590
6.375%, 8/15/2009......................................................... 25,000,000 26,191,250
Refunding:
5.75%, 3/15/2007........................................................ 9,495,000 9,619,195
5.80%, 8/1/2008......................................................... 5,725,000 5,781,563
6.25%, 8/1/2009......................................................... 7,000,000 7,287,840
New York City Industrial Development Agency, IDR
7.625%, 11/1/2009 (LOC; Algemene Bank Nederland) (c)...................... 1,870,000 1,874,638
New York City Municipal Assistance Corp., Refunding 5.50%, 7/1/2000......... 10,000,000 10,423,400
New York State Dormitory Authority, Revenues, Department of Health:
5.50%, 7/1/2010........................................................... 2,000,000 1,955,020
5.625%, 7/1/2011.......................................................... 3,240,000 3,193,895
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 5,281,790
New York State Environmental Facilities Corp., PCR (State Water Revolving Fund)
3.90%, 2/15/2000.......................................................... 5,190,000 5,138,048
New York State Local Government Assistance Corp., Refunding 5%, 4/1/2009 (a). 15,000,000 14,910,300
New York State Mortgage Agency, Homeowner Mortgage Revenue 5.75%, 10/1/2010.. 3,000,000 3,056,160
New York State Urban Development Corp., Revenue, Refunding
(Correctional Facilities)
5.625%, 1/1/2007.......................................................... 20,170,000 20,357,984
Triborough Bridge and Tunnel Authority, General Purpose Revenue, Refunding
6.75%, 1/1/2009........................................................... 5,100,000 5,929,872
North Carolina--1.1%
North Carolina Eastern Municipal Power Agency, Power System Revenue, Refunding
5.50%, 1/1/2005........................................................... 10,000,000 10,450,600
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
North Carolina (continued):
North Carolina Municipal Power Agency, Electric Revenue, Refunding
(Number 1 Catawba) 6%, 1/1/2004........................................... $ 2,000,000 $ 2,125,400
Northampton County Industrial Facilities and Pollution Control Financing
Authority, SWDR
8.05%, 11/1/2004.......................................................... 3,000,000 3,258,060
Ohio--1.4%
Cincinnati Student Loan Funding Corp., Student Loan Revenue, Refunding
7.20%, 8/1/2003........................................................... 4,635,000 5,022,671
Franklin County, HR, Refunding (Holy Cross Health Systems) 6.20%, 6/1/2005... 2,930,000 3,036,945
Lorain, Hospital Improvement Revenue, Refunding
(Lakeland Community Hospital, Inc.)
6.50%, 11/15/2012......................................................... 3,860,000 4,021,502
Ohio Turnpike Commission, Turnpike Revenue:
5.50%, 2/15/2010 (Insured; MBIA).......................................... 4,435,000 4,529,554
5.60%, 2/15/2011 (Insured; MBIA).......................................... 3,150,000 3,232,310
Oklahoma--.7%
Tulsa Airports Improvement Trust, General Revenue, Refunding
(Tulsa International Airport) 6.125%, 6/1/1999............................ 3,470,000 3,618,898
Washington County Medical Authority, Revenue, Refunding
(Jane Phillips Medical Center Project) 5.50%, 11/1/2010................... 6,175,000 6,162,835
Pennsylvania--4.7%
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004.......................................................... 4,300,000 4,473,204
9.375%, 11/1/2006......................................................... 7,070,000 7,580,666
Pennsylvania Economic Development Financing Authority, RRR
(Northampton Generating):
6.40%, 1/1/2009........................................................... 10,500,000 10,475,640
Refunding 6.75%, 1/1/2007................................................. 7,000,000 7,149,240
Pennsylvania Higher Educational Facilities Authority, Health Sevices Revenue,
(University of Pennsylvania):
Series A 5.60%, 1/1/2010................................................ 10,000,000 10,269,700
Series B 5.60%, 1/1/2010................................................ 4,350,000 4,467,320
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue
(Community Mental Health/Retardation) 8.875%, 6/15/2009................... 13,030,000 14,172,992
Schuylkill County Industrial Development Authority, RRR, Refunding
(Schuylkill Energy Resource, Inc.) 6.50%, 1/1/2010........................ 1,215,000 1,163,885
Scranton-Lackawanna Health and Welfare Authority, Hospital Facilities Revenue
(Mercy Health Systems):
6.90%, 1/1/2003 (Insured; MBIA)......................................... 3,075,000 3,369,462
6.90%, 1/1/2004 (Insured; MBIA)......................................... 4,330,000 4,744,640
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Rhode Island--1.0%
Rhode Island Convention Center Authority, Revenue, Refunding
4.90%, 5/15/2004 (Insured; MBIA, Prerefunded 10/15/2001) (b).............. $ 5,000,000 $ 5,082,700
Rhode Island Housing and Mortgage Finance Corp.:
(Homeownership Opportunity) 7.30%, 10/1/2008.............................. 4,820,000 5,240,931
(Refunding-Rental Housing Program):
5.65%, 10/1/2007........................................................ 2,175,000 2,218,261
5.65%, 10/1/2008........................................................ 1,350,000 1,372,316
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 8,385,153
Oconee County , PCR, Refunding (Engelhard Corp. Project) 5.375%, 5/1/2006.... 6,000,000 6,162,660
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC) (d)....................................... 4,050,000 4,400,782
York County, PCR (Bowater, Inc. Project) 7.625%, 3/1/2006.................... 2,900,000 3,353,386
South Dakota--.5%
South Dakota Student Loan Finance Corp., Student Loan Revenue, Refunding
6.45%, 8/1/2006........................................................... 6,705,000 7,068,746
Tennessee--.7%
Gatlinburg, COP (Gatlinburg Convention Center) 8.75%, 12/1/1997.............. 380,000 398,411
Shelby County, Refunding:
5.25%, 4/1/2006........................................................... 4,410,000 4,599,806
5.375%, 4/1/2007.......................................................... 5,140,000 5,365,903
Texas--9.0%
Austin, Airport System Revenue 5.625%, 11/15/2007 (Insured; MBIA)............ 8,000,000 8,390,240
Austin, Independent School District, Refunding 5.60%, 8/1/2019............... 6,615,000 6,855,852
Brazos, Higher Education Authority Inc., Student Loan Revenue, Refunding
6.875%, 6/1/2004.......................................................... 5,020,000 5,215,730
Corpus Christi, Independent School District, Refunding 5.20%, 8/15/2009...... 5,945,000 5,984,653
Ennis, IDC, Revenue, Refunding (Cargill Inc., Project) 6.15%, 11/1/2003...... 2,450,000 2,583,745
Gulf Coast Waste Disposal Authority, SWDR, Refunding
(Quaker Oats Co. Project) 5.70%, 5/1/2006................................. 2,210,000 2,316,544
Harris County, Criminal Justice Center 5.50%, 10/1/2011...................... 3,330,000 3,386,677
Harris County Hospital District, Mortgage Revenue, Refunding
7.50%, 2/15/2003 (Insured; AMBAC)......................................... 7,000,000 8,058,750
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Texas (continued)
Houston, Hotel Occupancy Tax Revenue:
7%, 7/1/2003 (Insured; FGIC).............................................. $ 4,400,000 $ 4,896,540
7%, 7/1/2004 (Insured; FGIC).............................................. 1,525,000 1,697,096
Refunding 6%, 7/1/2005 (Insured; FSA)..................................... 5,750,000 6,243,350
North Central Health Facility Development Corp., Revenue 7.80%, 5/15/2008 (e) 13,000,000 14,362,920
North Texas Higher Education Authority, Student Loan Revenue:
7%, Series B, 4/1/2002 (Insured; AMBAC)................................... 4,250,000 4,521,235
7%, Series E, 4/1/2002 (Insured; AMBAC)................................... 4,250,000 4,521,235
Port Houston Authority, Harris County Improvement:
5.50%, 10/1/2007.......................................................... 2,600,000 2,693,730
5.50%, 10/1/2008.......................................................... 2,600,000 2,667,340
5.50%, 10/1/2009.......................................................... 2,600,000 2,643,264
5.50%, 10/1/2010.......................................................... 2,600,000 2,623,400
5.50%, 10/1/2011.......................................................... 2,600,000 2,613,520
Rio Grande Consolidated Independent School District, Public Facilities, LR
6.40%, 7/15/2003.......................................................... 4,000,000 4,127,960
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 6.25%, 8/1/2006........................... 5,100,000 5,598,372
South Texas Higher Education Authority, Student Loan Revenue, Refunding
5.30%, 12/1/2003.......................................................... 5,350,000 5,399,809
Tarrant County Health Facilities Development Corp., Health Systems Revenue
(Harris Methodist Health Systems) 6%, 9/1/2010............................ 7,725,000 7,806,499
Texas State College, Student Loan:
6%, 8/1/2005.............................................................. 2,130,000 2,314,139
6%, 8/1/2006.............................................................. 2,500,000 2,715,650
Texas Water Resources Financing Authority, Revenue 7.30%, 8/15/1998.......... 2,500,000 2,623,075
University of Texas, University Revenue Financing System 5.10%, 8/15/2013.... 8,000,000 7,853,840
Utah--2.3% Carbon County, SWDR:
(Refunding - Sunnyside Cogeneration Project) 9%, 7/1/2006................. 9,750,000 7,324,882
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007...................... 7,000,000 4,944,660
Intermountain Power Agency, Power Supply Revenue, Special Obligation
6.50%, 7/1/2010 (Insured; MBIA)........................................... 5,200,000 5,942,924
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC)......................................... 3,000,000 3,234,270
7.05%, 11/1/2003 (Insured; AMBAC)......................................... 5,000,000 5,437,850
6.35%, 11/1/2004 (Insured; AMBAC)......................................... 3,000,000 3,247,620
6.45%, 11/1/2005 (Insured; AMBAC)......................................... 3,000,000 3,261,210
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
Virginia--1.5%
Big Stone Gap Redevelopment and Housing Authority, Correctional Facility LR
(Wallens Ridge Development Project) 6%, 9/1/2007.......................... $ 4,000,000 $ 4,366,720
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation):
6.50%, 11/15/2002....................................................... 2,000,000 2,102,500
6.95%, 11/15/2002....................................................... 5,360,000 5,770,040
Virginia Housing Development Authority, Commonwealth Mortgage:
6.05%, 1/1/2004........................................................... 4,400,000 4,562,932
6.15%, 1/1/2005........................................................... 4,400,000 4,574,548
Washington--4.9%
Chelan County Public Utility District Number 1, Consolidated Revenue
(Chelan Hydroelectric) 7.55%, 7/1/2062.................................... 6,515,000 7,110,471
King & Snohomish Counties, School District No. 417 Northshore, Refunding
5.50%, 12/01/2007 (Insured; FGIC)......................................... 4,860,000 5,129,050
Port Seattle, Revenue 6.50%, 11/1/2005....................................... 3,000,000 3,263,970
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC). 4,000,000 4,282,960
(Refunding-Sisters of Providence) 5%, 10/1/2007 (Insured; AMBAC).......... 5,500,000 5,513,310
(Refunding - Yakima Valley Memorial Hospital) 7.875%, 1/1/2003............ 3,300,000 3,503,016
Washington Housing Finance Commission, SFMR
6.85%, 7/1/2011 (Insured: FNMA, GNMA)..................................... 3,460,000 3,673,447
Washington Public Power Supply Systems, Revenue, Refunding:
(Nuclear Project Number 1):
7.70%, 7/1/2002......................................................... 16,745,000 19,161,471
6.60%, 7/1/2004......................................................... 2,500,000 2,695,525
(Nuclear Project Number 2) 7.25%, 7/1/2006................................ 6,000,000 7,026,600
(Nuclear Project Number 3) 6%, 7/1/2007................................... 9,720,000 10,469,704
Wisconsin--1.8%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005... 5,000,000 5,536,200
Milwaukee County 5.30%, 12/1/2005............................................ 3,000,000 3,097,200
Wisconsin Health and Educational Facilities Authority, Revenue:
(Aurora Medical Group, Inc.) 6% 11/15/2011 (Insured; FSA)................. 3,500,000 3,794,280
Refunding:
(Luther Hospital Project) 6.125%, 11/15/2006............................ 3,500,000 3,767,925
(Wheaton Franciscan Services, Inc.) 6.50%, 8/15/2007 (Insured; MBIA).... 3,000,000 3,239,340
Wisconsin Housing and Economic Development Authority, Housing Revenue
5.30%, 11/1/2006.......................................................... 6,000,000 5,990,580
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $1,347,800,937).................. $1,417,883,496
--------------
--------------
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) November 30, 1996 (Unaudited)
Principal
Short-Term Municipal Investments--2.4% Amount Value
- ---------------------------------------------------------------------------- ------------- -----------------
California--1.0%
California Health Facilities Financing Authority, VRDN:
(Scripps Memorial Hospital) 3.40% (f)..................................... $ 1,700,000 $ 1,700,000
(Sutter Health) 3.90% (f)................................................. 2,500,000 2,500,000
Metropolitan Water District, Revenue, Refunding (California Waterworks) VRDN
3.25% (Insured; AMBAC) (f)................................................ 10,200,000 10,200,000
Florida--.5%
Broward County Housing Finance Authority, MFHR
(Lake Park Association Limited Partnership) VRDN 3.40% (LOC; Key Bank) (c,f) 6,915,000 6,915,000
Massachusetts--.3%
Massachusetts Health & Educational Facilities Authority, Revenue
(Saint Elizabeths) VRDN 3.55% (Insured; FSA) (f).......................... 4,600,000 4,600,000
Pennsylvania--.3%
Pennsylvania Energy Development Authority (B & W Ebensburg Project) VRDN
3.55% (LOC; Swiss Bank) (c,f)............................................. 4,025,000 4,025,00
Washington--.3%
Washington Public Power Supply System, Revenue, Refunding (Nuclear Project Number 1)
VRDN 3.55% (LOC; Bank of America National Trust and Savings Association) (c,f) 5,000,000 5,000,000
---------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $34,940,000).................... $ 34,940,000
---------------
---------------
TOTAL INVESTMENTS--100.0%
(cost $1,382,740,937)..................................................... $1,452,823,496
---------------
---------------
</TABLE>
<PAGE>
<TABLE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- ------------------------------------------------------------------------------
Summary of Abbreviations
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue
CGIC Capital Guaranty Insurance Company LOC Letter of Credit
COP Certificate of Participation LR Lease Revenue
EDR Economic Development Revenue MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FNMA Federal National Mortgage Association MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
GNMA Government National Mortgage Association RRR Resources Recovery Revenue
HR Hospital Revenue SFMR Single Family Mortgage Revenue
IDC Industrial Development Corporation SWDR Solid Waste Disposal Revenue
VRDN Variable Rate Demand Notes
</TABLE>
Summary of Combined Ratings (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fitch (g) or Moody's or Standard & Poor's Percentage of Value
- ------ -------- ---------------- ------------------
<S> <C> <C> <C>
AAA Aaa AAA 44.5%
AA Aa AA 18.0
A A A 21.1
BBB Baa BBB 6.9
F1+/F-1 MIG1/VMIG1, & P1 SP1, A1 1.6
Not Rated (h) Not Rated (h) Not Rated (h) 7.9
-------
100.0%
-------
-------
<FN>
Notes to Statement of Investments:
- ------------------------------------------------------------------------------
(a) Purchased on a delayed-delivery basis.
(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) Wholly held by the custodian in a segregated account as collateral for
delayed-delivery securities.
(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 and Standard & Poor's
have been determined by the Manager to be of comparable quality to those
rated securities in which the Fund may invest.
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities November 30, 1996 (Unaudited)
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of
Investments.................................... $1,382,740,937 $1,452,823,496
Interest receivable.............................. 24,731,913
Receivable for investment securities sold........ 3,414,579
Receivable from subscriptions to Common Stock.... 43,918
Prepaid expenses................................. 45,093
---------------
1,481,058,999
---------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 713,333
Cash overdraft due to Custodian.................. 1,096,132
Payable for investment securities purchased...... 20,477,039
Payable for Common Stock redeemed................ 16,448
Accrued expenses................................. 138,447
---------------
22,441,399
---------------
NET ASSETS..................................................................... $1,458,617,600
===============
REPRESENTED BY: Paid-in capital.................................. $1,376,194,050
Accumulated undistributed investment income--net.. 201,290
Accumulated net realized gain (loss) on investments 12,139,701
Accumulated net unrealized appreciation (depreciation)
on investments--Note 3.......................... 70,082,559
---------------
NET ASSETS..................................................................... $1,458,617,600
===============
SHARES OUTSTANDING
(300 million shares of $.01 par value Common Stock authorized)................. 103,346,616
NET ASSET VALUE, offering and redemption price per share--Note 2(d)............. $14.11
------
------
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Operations Six Months Ended November 30, 1996 (Unaudited)
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income.................................. $43,082,489
EXPENSES: Management fee--Note 2(a)......................... $ 4,360,551
Shareholder servicing costs--Note 2(b)............ 803,067
Custodian fees................................... 53,620
Professional fees................................ 44,151
Registration fees................................ 42,921
Prospectus and shareholders' reports............. 34,811
Directors' fees and expenses--Note 2(c).......... 33,310
Miscellaneous.................................... 43,455
-------------
Total Expenses.............................. 5,415,886
-------------
INVESTMENT INCOME--NET.......................................................... 37,666,603
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 3:
Net realized gain (loss) on investments......... $ 5,262,103
Net unrealized appreciation (depreciation) on investments 33,470,373
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS......................... 38,732,476
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $76,399,079
=============
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
Six Months Ended
November 30, 1996 Year Ended
(Unaudited) May 31, 1996
---------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................ $ 37,666,603 $ 79,130,647
Net realized gain (loss) on investments.............................. 5,262,103 11,398,825
Net unrealized appreciation (depreciation) on investments............ 33,470,373 (36,784,906)
------------------ ------------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 76,399,079 53,744,566
------------------ ------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................ (37,465,313) (79,130,647)
Net realized gain on investments..................................... -- (2,766,133)
------------------ ------------------
Total Dividends.................................................. (37,465,313) (81,896,780)
------------------ ------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 365,743,902 692,235,889
Dividends reinvested................................................. 27,342,250 60,507,179
Cost of shares redeemed.............................................. (440,742,578) (826,761,167)
------------------ ------------------
Increase (Decrease) in Net Assets from Capital Stock Transactions (47,656,426) (74,018,099)
------------------ ------------------
Total Increase (Decrease) in Net Assets ....................... (8,722,660) (102,170,313)
NET ASSETS:
Beginning of Period.................................................. 1,467,340,260 1,569,510,573
------------------ ------------------
End of Period........................................................ $1,458,617,600 $1,467,340,260
================== ==================
Undistributed investment income--net.................................... $ 201,290 --
------------------ ------------------
Shares Shares
---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 26,469,221 49,389,916
Shares issued for dividends reinvested............................... 1,968,134 4,311,276
Shares redeemed...................................................... (31,835,033) (58,922,345)
------------------ ------------------
Net Increase (Decrease) in Shares Outstanding.................... (3,397,678) (5,221,153)
================== ==================
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- -------------------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Six Months Ended Year Ended May 31,
November 30, 1996 --------------------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
----------- ------- ------- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $13.75 $14.02 $13.84 $14.31 $13.96 $13.67
------- ------- ------- ------- ------- -------
Investment Operations:
Investment income--net...................... .36 .72 .75 .76 .81 .89
Net realized and unrealized gain (loss)
on investments.......................... .35 (.24) .24 (.31) .66 .36
------- ------- ------- ------- ------- -------
Total from Investment Operations........... .71 .48 .99 .45 1.47 1.25
------- ------- ------- ------- ------- -------
Distributions:
Dividends from investment income--net....... (.35) (.72) (.75) (.76) (.81) (.88)
Dividends from net realized gain on investments -- (.03) (.06) (.16) (.31) (.08)
------- ------- ------- ------- ------- -------
Total Distributions........................ (.35) (.75) (.81) (.92) (1.12) (.96)
------- ------- ------- ------- ------- -------
Net asset value, end of period............. $14.11 $13.75 $14.02 $13.84 $14.31 $13.96
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN....................... 10.49%(1) 3.44% 7.54% 3.13% 10.88% 9.45%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.... .74%(1) .71% .73% .70% .71% .70%
Ratio of net investment income
to average net assets................... 5.13%(1) 5.14% 5.52% 5.22% 5.68% 7.17%
Portfolio Turnover Rate.................... 26.38%(2) 48.70% 42.18% 36.27% 60.14% 48.03%
Net Assets, end of period (000's Omitted).. $1,458,618 $1,467,340 $1,569,511 $1,724,126 $1,703,674 $1,443,687
<FN>
- ---------------------------------
(1) Annualized.
(2) Not annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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. acts as the distributor of the
Fund's shares which are sold to the public without a sales charge.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(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 period ended November 30, 1996 was
reduced by $45,000 pursuant to the settlement of litigation.
<PAGE>
Dreyfus Intermediate Municipal Bond Fund, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
(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 period ended November 30, 1996, the Fund was charged an aggregate of
$350,212 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such compensation
amounted to $273,746 for the period ended November 30, 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.
(D) A .10% redemption fee is charged on certain redemptions of Fund shares
(including redemptions through use of the Exchange Privilege) where the shares
being redeemed were issued subsequent to a specified effective date and the
redemption or exchange occurs less than fifteen days following the date of
issuance.
NOTE 3--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1996,
amounted to $374,708,478 and $429,751,517, respectively.
At November 30, 1996, accumulated net unrealized appreciation on investments
was $70,082,559, consisting of $74,994,006 gross unrealized appreciation and
$4,911,447 gross unrealized depreciation.
At November 30, 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).
<PAGE>
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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 947SA9611
