DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus
Intermediate Municipal Bond Fund, Inc. for the six-month period ended
November 30, 1997. Your Fund produced a total return, including share price
changes and dividend income, of 4.37%.* The Fund's tax-free annualized
distribution rate per share was 4.98%.**
ECONOMIC REVIEW
Almost everything went right for the U.S. economy over the reporting
period. In its seventh year of expansion, the economy showed no sign of an
upsurge in inflation resulting from tightening labor markets. With the
unemployment rate at its lowest level in almost a decade, investors had been
concerned that wage gains might result in higher levels of inflation and
cause the Federal Reserve Board (the "Fed") to again raise interest rates.
Given the longevity of our economic recovery, the Fed's monetary policymakers
apparently were hoping that a cyclical easing in the economic growth rate
would help dampen any incipient inflationary pressure. Recent turmoil in the
financial markets of Asia and Latin America has raised prospects for a
slowdown in U.S. exports as those nations shore up their financial systems.
If this were to occur, the diminished demand for U.S. goods overseas could be
a drag on domestic economic growth. What is all but certain is that the Fed
is reluctant to further unsettle world financial markets by raising interest
rates over the near term.
Indicators of future economic conditions showed high levels of consumer
optimism and pointed toward continued growth. Consumers' spirits have been
lifted by an unemployment rate at a quarter-century low (4.7% at the end of
the reporting period), and core inflation, which excludes food and energy
price changes, at the 2% level. The Conference Board, a business-sponsored
research group, recently reported that its Consumer Confidence Index hit a
new high for this economic expansion. Since consumers account for two thirds
of all economic activity, their confidence in the economy is an important
indicator of future conditions. Another important index of future economic
conditions, the Index of Leading Economic Indicators (also a Conference Board
index), implied continued growth. Government reports of personal income and
consumer spending showed healthy rates of increase as well.
The production side of the economy continued its robust advance.
Industrial output rose consistently, and while the factory utilization rate
(a potential harbinger of production bottlenecks and price pressures) also
increased, there was little evidence of producer-generated inflation.
Additional good news regarding inflation came from the report that the
productivity of U.S. workers rose at its fastest pace in five years during
the third quarter of 1997. This increase in worker efficiency helped push down
unit labor costs and eased concerns that labor costs, despite the tight
labor market, would lead to higher inflation.
The interplay between worker productivity and worker wage increases does
much in determining the future course of inflation. We continue to monitor
that closely, along with developments in the international financial arena.
The recent international turbulence underscored the close economic
relationships that exist among all countries, particularly in this age of
multinational companies and pervasive global capitalism.
MARKET ENVIRONMENT
The investment landscape has changed considerably since our last
communication to Shareholders. The U.S. economy continues to expand as
exhibited by strengthening employment, personal income and consumer
confidence data. Normally, the fixed income markets would be bracing for
higher interest rates in anticipation of a Fed tightening of monetary policy.
The Asian financial crisis will, at least temporarily, keep the monetary
authority from taking any actions that could exacerbate the problems abroad. I
t is still too soon to predict the depth and worldwide impact of the Asian
turmoil. Certainly, there will be some economic slowing both in the U.S. and
internationally. The markets have concluded that the fallout from
developments in Asia will have the same effect as a Fed interest rate hike,
as evidenced by the sharp drop in long-term interest rates since the onset of
the Asian problems.
The climate is still favorable for fixed income investments-and
particularly for tax-free bonds. Prices of commodities, including oil and
gold, continue to fall. Such activity is considered a harbinger of still
lower bond yields. A slowing economy could benefit bonds at the expense of
stocks. Many investment strategists are increasing their recommended
holdings of bonds while reducing exposure to equities.
Municipal investors may benefit in terms of total return. Interest rates
have fallen steadily during the last six months and are now more than fifty
basis points (one-half of 1%) lower than they were one year ago. This
performance is all the more compelling in view of a surge in new bond
issuance during 1997. Most of the new-issue sales have occurred in recent
months due largely to the considerable drop in rates: issuers have seized
this opportunity to fund both new infrastructure projects as well as
refinance their outstanding, higher interest rate bonds. We anticipate that
there will be a significant slowdown in the pace of debt issuance. This could
be occurring just when investor purchases should increase. Our reasoning is
largely influenced by the expectation of further economic weakness and the
positive impact it might have on bonds. Of course, if interest rates begin
to rise, negative effects might be felt.
PORTFOLIO OVERVIEW
Over the reporting period, the intermediate sector of the market has
provided the investor with an attractive return. Some of the more
significant changes in the municipal market occurred in spread relationships
and the flattening of the yield curve. Currently, investors are receiving
approximately 96% of long-term yields (15-year vs. 30-year) without being
exposed to long-term volatility.*** In the ongoing quest for yield,
lower-rated issues have become expensive when compared to higher-quality paper
, and names that were previously viewed as yield providers have been some of
the best-performing issues during this period. Over the past six months, as
the anticipated inflation pressure abated, we moved more of the portfolio
into a structure that would be positioned to potentially take advantage of an
improving market. Issues such as discount coupons and zeroes proved to be
better market performers in a lower rate environment. In the third quarter,
issuance picked up significantly and provided an opportunity to enhance the
portfolio with specialty state paper that, because of heavy supply, came to
the market at national levels.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Very truly yours,
[Richard J. Moynihan SIGNATURE LOGO]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 18, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**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. Some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders. Income is
subject to state and local taxes.
*** Yields fluctuate and there can be no guarantee that any particular
tax-exempt yield can be achieved.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments-97.1% Amount Value
_______________________________________________________________________________ _____________ _______________
<S> <C> <C>
Alabama-.3%
Bay Minette Industrial Development Board, IDR, Refunding (Coltec Industries,
Inc)
6.25%, 2/15/2009.......................................................... $ 4,505,000 $ 4,705,202
Alaska-3.3%
Alaska Industrial Development and Export Authority, Revolving Fund:
7.80%, 4/1/2004........................................................... 6,360,000 6,939,014
6.375%, 4/1/2008.......................................................... 3,000,000 3,250,260
Alaska Housing Finance Corp., Refunding:
5.75%, 12/1/2009 (Insured; MBIA).......................................... 13,100,000 13,559,548
5.30%, 12/1/2012 (Insured; MBIA) (a)...................................... 2,500,000 2,502,325
Alaska Student Loan Corp., Student Loan Revenue:
5.45%, 7/1/2009 (Insured; AMBAC).......................................... 1,500,000 1,542,225
5.60%, 7/1/2011 (Insured; AMBAC).......................................... 4,700,000 4,845,700
5.70%, 7/1/2013 (Insured; AMBAC).......................................... 5,990,000 6,170,299
Anchorage, Electric Utility Revenue, Refunding:
6.50%, 12/1/2008 (Insured; MBIA).......................................... 2,755,000 3,187,673
6.50%, 12/1/2009 (Insured; MBIA).......................................... 2,910,000 3,371,962
Arizona-1.5%
Maricopa County Industrial Development Authority:
Hospital Facility Revenue, Refunding (Samaritan Health Services)
7.15%, 12/1/2004 (Insured; MBIA)........................................ 9,835,000 11,407,813
Hospital Systems Revenue, Refunding (Baptist Hospital)
5.20%, 9/1/2005 (Insured; MBIA)......................................... 3,125,000 3,275,031
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems, Inc. Project) 7.25%, 10/15/2004.............. 5,000,000 5,398,750
California-5.0%
California, Refunding 5.25%, 6/1/2011....................................... 12,445,000 12,758,241
California, Department of Veteran Affairs, Home Purchase Revenue 7.80%, 8/1/2001.. 5,000,000 5,194,550
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
6.40%, 12/1/2003.......................................................... 6,000,000 6,452,220
6.50%, 6/1/2005........................................................... 5,500,000 6,080,305
California Student Loan Marketing Corp., Student Loan Revenue:
Series III-D-1, 6.70%, 7/1/2008........................................... 2,500,000 2,669,300
Series III-D-2, 6.75%, 7/1/2008........................................... 2,500,000 2,678,675
Contra Costa County, COP, Refunding (Merrithew Memorial Hospital Project)
5.25%, 11/1/2010 (Insured; MBIA).......................................... 5,400,000 5,563,998
Los Angeles, Harbor Department Revenue 6.40%, 8/1/2012...................... 5,420,000 5,882,326
San Joaquin Hills, Transportation Corridor Agency,Toll Road Revenue,
Refunding
Zero Coupon, 1/15/2006 (Insured; MBIA).................................... 14,745,000 10,162,991
Solano County, COP, Refunding (Justice Facility and Public Buildings Project)
5.875%, 10/1/2005......................................................... 10,000,000 10,462,800
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Colorado-4.2%
Arapahoe County Capital Improvement Trust Fund, Highway Revenue
Zero Coupon, 8/31/2008 (Prerefunded 8/31/2005) (b)........................ $ 20,165,000 $ 11,732,400
Denver City and County, Airport Revenue:
7.50%, 11/15/2002......................................................... 6,080,000 6,801,878
8.75%, 11/15/2005......................................................... 10,645,000 12,335,107
8.75%, 11/15/2005 (Prerefunded 11/15/2001) (b)............................ 3,840,000 4,520,218
E-470 Public Highway Authority, Revenue, Refunding
Zero Coupon, 9/1/2010 (Insured; MBIA)..................................... 30,000,000 15,798,600
El Paso County School District (Number 11 Colorado Springs):
6.25%, 12/1/2009.......................................................... 1,000,000 1,137,060
6.50%, 12/1/2010.......................................................... 2,000,000 2,319,820
6.50%, 12/1/2011.......................................................... 2,040,000 2,374,805
Connecticut-1.0%
Connecticut:
5.50%, 3/15/2008.......................................................... 4,000,000 4,190,400
Special Revenue (Mashantucket Western Pequot Tribe):
6.50%, 9/1/2006 (c)..................................................... 5,000,000 5,575,000
5.60%, 9/1/2009 (c)..................................................... 1,000,000 1,032,100
5.70%, 9/1/2012 (c)..................................................... 2,400,000 2,453,448
District of Columbia-.9%
District of Columbia, Revenue (American University) 5.50%, 10/1/2011 (Insured; AMBA.... 5,435,000 5,584,299
Metropolitan Airports Authority, Virginia General Airport Revenue
5.75%, 10/1/2011 (Insured; MBIA) (d)...................................... 5,750,000 6,021,228
Florida-3.8%
Dade County:
Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC)........................ 10,830,000 11,642,142
Resource Recovery Facility Revenue, Refunding
5.20%, 10/1/2005 (Insured; AMBAC)....................................... 7,880,000 8,219,470
Florida School Boards Association, LR (Orange County School Board Project)
6.25%, 7/1/2005 (Insured; AMBAC) (Prerefunded 7/1/2000) (b)............... 3,250,000 3,425,305
Greater Orlando Aviation Authority, Airport Facilities Revenue
6.40%, 10/1/2004 (Insured; FGIC).......................................... 8,940,000 9,796,631
Jacksonville Electric Authority, Revenue, Refunding (St. Johns River Power
Park)
5.50%, 10/1/2006.......................................................... 6,000,000 6,437,820
Jacksonville Health Facilities Authority, HR (Charity Obligation Group):
5%, 8/15/2010 (Insured; MBIA)............................................. 2,780,000 2,801,879
5.20%, 8/15/2013 (Insured; MBIA).......................................... 2,500,000 2,527,150
Palm Beach County, Solid Waste IDR (Okeelanta Power L.P. Project)
6.50%, 2/15/2009 (e)...................................................... 3,600,000 1,926,000
Pinellas County, RRR 5.10%, 10/1/2003 (Insured; MBIA)....................... 4,915,000 5,071,100
Georgia-.5%
Atlanta, Airport Facilities Revenue, Refunding 6%, 1/1/2007 (Insured; AMBAC) 5,780,000 6,366,439
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Hawaii-1.0%
Hawaii 5.80%, 10/1/2005..................................................... $ 9,000,000 $ 9,735,660
Hawaii, Airports System Revenue 7.50%, 7/1/2005 (Insured; FGIC)............. 3,000,000 3,272,670
Illinois-6.3%
Arlington Heights, MFHR (Brook Run Association, L.P. Project)
5.05%, 12/1/2007 (Insured; FGIC).......................................... 4,000,000 4,001,120
Carol Stream, First Mortgage Revenue, Refunding (Windsor Park Manor Project):
5.50%, 12/1/1998.......................................................... 520,000 522,085
6.50%, 12/1/2007.......................................................... 3,000,000 3,068,370
Chicago Building Acquisition, COP 5.25% 1/1/2012 (Insured; FSA)............. 4,460,000 4,461,739
Chicago O'Hare International Airport:
Passenger Facility Charge Revenue 5.50%, 1/1/2008 (Insured; AMBAC)........ 5,000,000 5,281,250
Special Facility Revenue, Refunding (International Terminal):
7.50%, 1/1/2005 (Prerefunded 1/1/2000) (c).............................. 905,000 981,608
7.50%, 1/1/2005......................................................... 1,895,000 2,038,148
Hoffman Estates, Tax Increment Revenue
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland) (Prerefunded 11/15/2000)(b,f)... 5,145,000 5,721,960
Illinois Development Finance Authority, Revenue (Community Rehabilitation)
Providers Facility Acquisition:
8.25%, 9/1/2000......................................................... 2,910,000 3,146,626
Refunding:
5.60%, 7/1/2003....................................................... 1,485,000 1,549,984
5.60%, 7/1/2004....................................................... 1,000,000 1,038,980
5.90%, 7/1/2009....................................................... 1,325,000 1,389,064
Illinois Educational Facilities Authority, Revenue, Refunding
(Illinois Institute of Technology) 6.60%, 12/1/2009....................... 2,665,000 2,947,170
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999................. 620,000 649,152
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA)....................................... 4,400,000 4,736,600
(Evangelical Hospital):
6.75%, 4/15/2007........................................................ 2,035,000 2,295,521
6.75%, 4/15/2007 (Prerefunded 4/15/2002) (b)............................ 1,055,000 1,172,189
(Ingalls Memorial Hospital Project)
7%, 1/1/2005 (Insured; MBIA) (Prerefunded 1/1/2000) (b)................. 6,000,000 6,454,680
(Southern Illinois Hospital Services) 6.50%, 3/1/2007 (Insured; MBIA)..... 4,000,000 4,345,080
(Swedish American Hospital) 7.30%, 4/1/2007
(Insured; AMBAC) ( Prerefunded 4/1/2000) (b)............................ 4,000,000 4,352,160
Illinois Student Assistance Commission, Student Loan Revenue 5.75%, 3/1/2007 3,365,000 3,524,501
Normal, EDR, Refunding (Dayton-Hudson Corp. Project) 6.75%, 11/1/2001....... 3,400,000 3,662,548
Robbins, RRR (Robbins Resource Recovery Partners):
8.375%, 10/15/2010........................................................ 8,000,000 8,263,840
Refunding 4.90%, 10/15/2017............................................... 10,000,000 10,021,000
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Indiana-8.7%
Boonville Junior High School Building Corp., First Mortgage Revenue,
Refunding
6.80%, 7/1/2005........................................................... $ 3,100,000 $ 3,448,657
Brownsburg School Building Corp., First Mortgage Revenue:
5.80%, 8/1/2008 (Insured; FSA)............................................ 2,650,000 2,847,849
5.90%, 8/1/2009 (Insured; FSA)............................................ 2,895,000 3,119,073
Central High School Building Corp., First Mortgage Revenue, Refunding
5.50%, 8/1/2009 (Insured; AMBAC).......................................... 3,960,000 4,161,841
Indiana Bond Bank (Special Hospital Program Hendricks) 6.90%, 4/1/2006...... 3,000,000 3,305,280
Indiana Development Finance Authority, PCR, Refunding
(Inland Steel Company Project Number 13):
5.75%, 10/1/2011........................................................ 10,900,000 11,071,893
7.25%, 11/1/2011........................................................ 10,330,000 11,577,451
Indiana Health Facility Financing Authority, HR:
Refunding (Clarian Health Partners Inc.):
5.50%, 2/15/2010........................................................ 3,000,000 3,087,060
5.50%, 2/15/2011........................................................ 5,000,000 5,123,700
(Charity Obligation Group) 5%, 11/1/2026.................................. 12,000,000 11,999,520
Indiana Municipal Power Agency, Power Supply Systems Revenue, Refunding
5.70%, 1/1/2006 (Insured; MBIA)........................................... 8,400,000 9,053,352
Indiana Transportation Finance Authority, Airport Facilities LR (United Air):
6.50%, 11/1/2007.......................................................... 2,575,000 2,823,488
6.50%, 11/1/2007 (Prerefunded 11/1/2002) (b).............................. 2,675,000 2,970,053
Indianapolis Local Public Improvement Bond Bank, Refunding:
6.20%, 2/1/2003........................................................... 2,100,000 2,267,034
6.30%, 2/1/2004........................................................... 2,800,000 3,065,720
6.40%, 2/1/2005........................................................... 3,000,000 3,328,530
6.50%, 1/1/2011 (Insured; FSA)............................................ 6,415,000 7,404,642
Knox County Hospital Association, LR 5.65%, 7/1/2008 (Insured; MBIA)........ 4,150,000 4,354,637
Logansport School Building Corp., First Mortgage Revenue
7.30%, 1/15/2007 (Prerefunded 1/15/2000) (b).............................. 4,750,000 5,138,313
North Montgomery Elementary School Building Corp., First Mortgage Revenue,
Refunding
6.50%, 7/1/2006........................................................... 5,665,000 6,404,339
Plymouth, Multi-School Building Corp., Refunding
(First Mortgage-Plymouth Community School) 5.50%, 7/1/2005 (Insured; MBIA) (d).... 3,000,000 3,185,040
Purdue University, University Revenue (Purdue University Dormitory System)
6.90%, 7/1/2006 (Insured; AMBAC) (Prerefunded 7/1/2001) (b)............... 4,075,000 4,506,094
Westfield, High School Building Corp., First Mortgage Revenue
5.45%, 7/15/2009 (Insured; AMBAC) (d)..................................... 5,000,000 5,201,000
Iowa-1.3%
Ames, HR, Refunding (Mary Greeley Medical Center Project)
6.25%, 8/15/2006 (Insured; AMBAC)......................................... 4,320,000 4,694,112
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Iowa (continued)
Council Bluffs, IDR, Refunding (Cargill, Inc. Project) 7%, 3/1/2007......... $ 4,400,000 $ 4,885,848
Iowa, Student Loan Liquidity Corp., Student Loan Revenue:
6.35%, 3/1/2001(Insured; Guaranteed Student Loans)........................ 3,400,000 3,553,238
6.65%, 3/1/2003 (Insured; Guaranteed Student Loans)....................... 4,900,000 5,173,175
Kentucky-1.2%
Jefferson County Health Facilities, Revenue, Refunding (Alliant Health
Systems):
5%, 10/1/2011 (Insured; MBIA)............................................. 3,155,000 3,139,225
5%, 10/1/2013 (Insured; MBIA)............................................. 2,510,000 2,469,388
Kenton County Airport Board, Airport Revenue (Cincinnati/Northern Kentucky
International)
5.75%, 3/1/2009 (Insured; MBIA)........................................... 3,710,000 3,946,179
Mount Sterling, LR (Kentucky League Cities Funding) 5.625%, 3/1/2003........ 6,500,000 6,806,020
Louisiana-.8%
Louisiana Public Facilities Authority, Revenue:
7.97%, 11/15/2012 (g)..................................................... 4,430,000 4,906,314
7.97%, 11/15/2012 (Prerefunded 11/15/2002) (b,g).......................... 3,635,000 4,155,423
(Louisiana Association of Independent Colleges and Universities) 6.50%, 12/1/2002... 2,155,000 2,260,207
Maine-.3%
Maine Educational Loan Marketing Corp., Student Loan Revenue, Refunding
6.90%, 11/1/2003.......................................................... 4,330,000 4,546,933
Massachusetts-3.3%
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Co. Project) 7.10%, 5/15/2002..................... 3,825,000 4,077,144
Massachusetts, Municipal Wholesale Electric Supply System Revenue, Refunding
6.75%, 7/1/2008........................................................... 5,000,000 5,423,700
Massachusettes, Refunding 6.40%, 8/1/2003................................... 3,175,000 3,495,612
Massachusetts, Water Pollution Abatement Revenue (New Bedford Loan Program)
5.50%, 2/1/2008........................................................... 6,950,000 7,341,772
Massachusetts Housing Finance Agency:
Housing Revenue, Refunding:
6.30%, 7/1/2007 (Insured; AMBAC)........................................ 3,190,000 3,345,544
6.35%, 7/1/2008 (Insured; AMBAC)........................................ 3,425,000 3,592,620
6.40%, 7/1/2009 (Insured; AMBAC)........................................ 3,740,000 4,012,197
Residential Development 6.125%, 11/15/2008 (Insured; FNMA)................ 5,000,000 5,267,200
Massachusetts Turnpike Authority, Metropolitan Highway Systems Revenue
5%, 1/1/2013 (Insured; MBIA).............................................. 8,310,000 8,248,755
Michigan-5.6%
Detroit, Self-Insurance 5.60%, 5/1/2001..................................... 1,260,000 1,301,076
Detriot Local Development Finance Authority, Refunding:
5.25%, 5/1/2006........................................................... 2,570,000 2,659,179
5.20%, 5/1/2010........................................................... 5,745,000 5,785,158
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Michigan (continued)
Greater Detroit Resource Recovery Authority, Revenue, Refunding:
Series A 6.25%, 12/13/2008 (Insured; AMBAC)............................... $ 11,000,000 $ 12,445,290
Series B 6.25%, 12/13/2008 (Insured; AMBAC)............................... 7,755,000 8,773,929
Michigan Hospital Finance Authority, Revenue, Refunding:
(Genesys Health System) 8.10%, 10/1/2013.................................. 10,000,000 11,848,800
(McLaren Obligated Group):
7%, 9/15/2007 (Prerefunded 9/15/2000) (b)............................... 3,670,000 4,011,237
7.375%, 9/15/2008 (Prerefunded 9/15/2001) (b)........................... 6,925,000 7,792,633
Michigan Strategic Fund:
LOR (WMX Technologies, Inc. Project) 6%, 12/1/2013........................ 10,500,000 11,023,425
SWDR (Genesee Power Station Project) 7.125%, 1/1/2006..................... 7,500,000 7,978,275
Wayne State University, University Revenues, Refunding
5.40%, 11/15/2006 (Insured; AMBAC)........................................ 3,105,000 3,255,282
Mississippi-.3%
Mississippi Development Bank, Special Obligation, Refunding
(Adams County Hospital Revenue Project) 5.75%, 7/1/2010 (Insured; FSA).... 3,445,000 3,638,609
Missouri-2.5%
Joplin Industrial Development Authority, Revenue, Refunding (Catholic Health
Initiatives):
5.50%, 12/1/2009.......................................................... 3,185,000 3,314,311
5.625%, 12/1/2010......................................................... 3,340,000 3,485,023
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000....................................... 4,500,000 4,850,370
Saint Louis, Airport Improvement Revenue, Refunding
(Lambert-Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC).. 9,675,000 10,407,301
Saint Louis Municipal Finance Corp., Leasehold Revenue, Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank) (f)................................... 5,075,000 5,247,499
5.50%, 7/15/2004 (LOC; Sanwa Bank) (f).................................... 6,835,000 7,111,407
Nebraska-.2%
Albion, IDR, Refunding (Cargill, Inc. Project) 7%, 12/1/2000................ 2,600,000 2,802,436
Nevada-.8%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport):
5.95%, 7/1/2005 (Insured; AMBAC)........................................ 6,365,000 6,956,118
5.80%, 7/1/2009 (Insured; MBIA)......................................... 4,250,000 4,529,692
New Jersey-.9%
New Jersey Economic Development Authority, Waste Paper Recycling Revenue
(Marcal Paper Mills, Inc. Project):
5.75%, 2/1/2004......................................................... 2,815,000 2,926,221
8.50%, 2/1/2010......................................................... 2,930,000 3,437,124
Orange Township 6.60%, 2/1/2007 (Insured; FSA).............................. 5,600,000 6,164,928
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
New Mexico-1.5%
New Mexico Educational Assistance Foundation, Student Loan Revenue:
6.60%, 3/1/2005........................................................... $ 9,690,000 $ 10,598,438
6.70%, 3/1/2006........................................................... 8,750,000 9,553,687
New York-9.1%
City University of New York, COP, Refunding (John Jay College) 5.75%, 8/15/2004... 5,970,000 6,319,842
New York City:
7.30%, 2/1/2001........................................................... 5,000,000 5,420,250
7.50%, 2/1/2001........................................................... 3,000,000 3,269,730
5.10%, 6/1/2002........................................................... 4,825,000 4,932,067
5.25%, 8/1/2011........................................................... 3,930,000 3,906,970
Refunding:
5.80%, 8/1/2008......................................................... 5,725,000 6,060,943
6.25%, 8/1/2009......................................................... 7,000,000 7,625,870
6.375%, 8/15/2009....................................................... 25,000,000 27,112,500
New York State Dormitory Authority, Revenues (Department of Health):
5.50%, 7/1/2010........................................................... 2,000,000 2,048,280
5.625%, 7/1/2011.......................................................... 3,240,000 3,337,589
Mental Health Service Facilities, Refunding 6%, 8/15/2006................. 6,940,000 7,539,685
New York State Energy, Research and Development Authority,
Service Contract Revenue, Refunding (Western New York Nuclear Service
Center
Project) 5.20%, 4/1/2002 (Insured; CapMac)................................ 5,085,000 5,256,059
New York State Local Government Assisstance Corp., Refunding
5%, 4/1/2009 (Insured; AMBAC)............................................. 15,000,000 15,180,450
New York State Thruway Authority, Service Contract Revenue (Local Highway and
Bridge):
5.75%, 4/1/2006........................................................... 5,625,000 5,964,581
Refunding 5.10%, 4/1/2008................................................. 5,000,000 5,035,650
New York State Urban Development Corp., Revenue (Correctional Facilities):
5.25%, 1/1/2010........................................................... 4,520,000 4,538,622
5.25%, 1/1/2011........................................................... 4,760,000 4,759,762
Triborough Bridge and Tunnel Authority, General Purpose Revenue, Refunding
6.75%, 1/1/2009........................................................... 5,100,000 5,980,923
North Carolina-3.8%
North DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
North Carolina (continued)
Carolina Eastern Municipal Power Agency, Power System Revenue,
Refunding:
5%, 1/1/2002.............................................................. 4,860,000 4,913,509
5.125%, 1/1/2003.......................................................... 7,320,000 7,425,994
7%, 1/1/2008.............................................................. 4,115,000 4,673,323
6.125%, 1/1/2009.......................................................... 7,425,000 7,850,304
North Carolina Medical Care Commission, Health Care Facilities Revenue
(First Mortgage-Deerfield) 5.30%, 11/1/2004............................... 5,840,000 5,898,809
North Carolina Municipal Power Agency, Electric Revenue, Refunding (Number 1
Catawba):
6.00%, 1/1/2004........................................................... 2,000,000 2,129,720
5.25%, 1/1/2009........................................................... 5,000,000 5,060,600
5.50%, 1/1/2010........................................................... 10,000,000 10,261,700
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
North Carolina (continued)
Northampton County Industrial Facilities and Pollution Control Financing
Authority, SWDR
(Champion International Project) 8.05%, 11/1/2004......................... $ 3,000,000 $ 3,227,220
Ohio-1.5%
Cincinnati Student Loan Funding Corp., Student Loan Revenue, Refunding
7.20%,8/1/2003............................................................ 3,210,000 3,423,593
Cleveland, Airport Systems Revenue:
5.50%, 1/1/2005 (Insured; FSA) (a)........................................ 1,000,000 1,051,730
5.125%, 1/1/2010 (Insured; FSA) (a)....................................... 1,700,000 1,704,488
Franklin County, HR, Refunding (Holy Cross Health Systems)
5.20%, 6/1/2005 (Insured; MBIA)........................................... 2,930,000 3,065,132
Lorain, Hospital Improvement Revenue, Refunding (Lakeland Community Hospital,
Inc.)
6.50%, 11/15/2012......................................................... 3,860,000 4,368,632
Montgomery County, HR, Refunding (Grandview Hospital and Medical Center):
5.25%, 12/1/2003.......................................................... 2,250,000 2,291,130
5.25%, 12/1/2004.......................................................... 2,250,000 2,283,570
5.375%, 12/1/2005......................................................... 2,400,000 2,446,896
Oklahoma-.6%
Tulsa Airports Improvement Trust, General Revenue, Refunding (Tulsa
International Airport)
6.125%, 6/1/1999.......................................................... 1,845,000 1,894,077
Washington County Medical Authority, Revenue, Refunding
(Jane Phillips Medical Center Project) 5.50%, 11/1/2010 (Insured; Connie Lee) 6,175,000 6,360,374
Pennsylvania-5.3%
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004.......................................................... 3,905,000 4,086,504
9.375%, 11/1/2006......................................................... 6,615,000 7,244,087
Pennsylvania, COP, Refunding 5.40%, 7/1/2009 (Insured; AMBAC) (d)........... 5,000,000 5,143,900
Pennsylvania Economic Development Financing Authority, RRR (Northampton
Generating):
6.40%, 1/1/2009........................................................... 10,500,000 10,896,060
Refunding 6.75%, 1/1/2007................................................. 7,000,000 7,483,140
Pennsylvania Higher Educational Facilities Authority, Health Services
Revenue, Refunding
(University of Pennsylvania):
Series A 5.60%, 1/1/2010................................................ 10,000,000 10,495,900
Series B 5.60%, 1/1/2010................................................ 4,350,000 4,565,717
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue
(Community Mental Health/Retardation) 8.875%, 6/15/2009................... 12,745,000 13,997,069
Scranton-Lackawanna Health and Welfare Authority, Hospital Facilities Revenue
(Mercy Health Systems):
6.90%, 1/1/2003 (Insured; MBIA) (Prerefunded 1/1/2000) (b).............. 3,075,000 3,301,935
6.90%, 1/1/2004 (Insured; MBIA) (Prerefunded 1/1/2000) (b,d)............ 4,330,000 4,649,554
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Rhode Island-1.5%
Rhode Island Health and Educational Building Corp., Hospital Financing
Revenue, Refunding
(Lifespan Obligation Group):
5.75%, 5/15/2007 (Insured; MBIA)........................................ $ 4,805,000 $ 5,180,319
5.75%, 5/15/2008 (Insured; MBIA)........................................ 5,560,000 5,976,166
Rhode Island Housing and Mortgage Finance Corp.:
(Homeownership Opportunity) 7.30%, 10/1/2008.............................. 4,820,000 5,305,663
(Refunding-Rental Housing Program):
5.65%, 10/1/2007........................................................ 2,175,000 2,233,943
5.65%, 10/1/2008........................................................ 1,350,000 1,380,794
South Carolina-2.3%
Charleston County, Health Facilities Revenue (Episcopal Church Project) 5.40%, 4/1/2004 (a).. 5,000,000 5,045,200
Charleston County, Hospital Facilities Improvement Revenue, Refunding
(Medical Society Health Project) 5.50%, 10/1/2005 (Insured; MBIA)......... 7,945,000 8,453,798
Charleston County, RRR, Refunding (Foster Wheeler) 5%, 1/1/2007 (Insured AMBAC) 2,685,000 2,703,419
Lexington County Health Services District Inc., HR, Refunding
5%, 11/1/2012 (Insured; FSA).............................................. 1,710,000 1,663,488
Oconee County, PCR, Refunding (Engelhard Corp. Project) 5.375%, 5/1/2006.... 6,000,000 6,242,880
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC)........................................... 4,050,000 4,389,371
York County, PCR (Bowater, Inc. Project) 7.625%, 3/1/2006................... 2,900,000 3,414,518
South Dakota-.5%
South Dakota Student Loan Finance Corp., Student Loan Revenue, Refunding
6.45%, 8/1/2006........................................................... 6,705,000 7,148,268
Tennessee-0%
Gatlinburg, COP (Gatlinburg Convention Center) 8.75%, 12/1/1997............. 185,000 185,074
Texas-7.9%
Austin, Independent School District, Refunding 5.60%, 8/1/2019.............. 6,615,000 6,991,195
Ennis IDC, Revenue, Refunding (Cargill Inc., Project) 6.15%, 11/1/2003...... 2,450,000 2,625,616
Gulf Coast Waste Disposal Authority, SWDR, Refunding (Quaker Oats Co.
Project)
5.70%, 5/1/2006........................................................... 2,210,000 2,336,213
Harris County Health Facilities Development Corp., HR, Refunding
(Memorial Hospital System Project) 6%, 6/1/2008 (Insured; MBIA)........... 3,000,000 3,277,530
Harris County Hospital District, Mortgage Revenue, Refunding
7.50%, 2/15/2003 (Insured; AMBAC)......................................... 7,000,000 7,885,990
Houston, Hotel Occupancy Tax Revenue:
7%, 7/1/2003 (Insured; FGIC) (Prerefunded 7/1/2001) (b)................... 4,400,000 4,804,272
7%, 7/1/2004 (Insured; FGIC) (Prerefunded 7/1/2001) (b)................... 1,525,000 1,665,117
Refunding 6%, 7/1/2005 (Insured; FSA)..................................... 5,750,000 6,291,478
North Central Health Facility Development Corp., Revenue (Baylor Healthcare
System)
7.52%, 5/15/2008 (g)...................................................... 13,000,000 14,246,960
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Texas (continued)
North Texas Higher Education Authority, Student Loan Revenue:
Series B 7%, 4/1/2002 (Insured; AMBAC).................................... $ 4,250,000 4,487,447
Series E 7%, 4/1/2002 (Insured; AMBAC).................................... 4,250,000 4,487,447
Port Houston Authority, Harris County, Refunding
Zero Coupon, 10/1/2006.................................................... 3,625,000 2,381,190
Rio Grande Consolidated Independent School District, Public Facilities LR
6.40%, 7/15/2003.......................................................... 4,000,000 4,122,240
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 6.25%, 8/1/2006 (Insured; MBIA)........... 5,100,000 5,550,432
San Antonio, Electric and Gas Revenue, Refunding 5.80%, 2/1/2006............ 8,500,000 9,201,080
South Texas Higher Education Authority, Student Loan Revenue, Refunding
5.30%, 12/1/2003.......................................................... 5,350,000 5,422,706
Tarrant County Health Facilities Development Corp., Health Systems Revenue:
(Harris Methodist Health Systems) 6%, 9/1/2010............................ 7,725,000 8,486,376
(Refunding-Health Resources Systems) 5.75%, 2/15/2014 (Insured; MBIA)..... 5,000,000 5,340,900
Texas State College, Student Loan:
6%, 8/1/2005.............................................................. 2,130,000 2,329,474
6%, 8/1/2006.............................................................. 2,500,000 2,745,975
Texas Water Resources Financing Authority, Revenue 7.30%, 8/15/1998......... 2,445,000 2,495,538
Utah-2.8%
Carbon County, SWDR:
(Refunding-Sunnyside Cogeneration Project) 9%, 7/1/2006 (d)............... 9,750,000 5,850,000
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007 (d).................. 7,000,000 4,200,000
Intermountain Power Agency, Power Supply Revenue, Special Obligation
6.50%, 7/1/2010 (Insured; MBIA)........................................... 5,200,000 6,006,520
Utah Associated Municipal, Power System Revenue, Refunding
(Hunter Project) 5.50%, 7/1/2012 (Insured, AMBAC)......................... 8,000,000 8,001,920
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC)......................................... 3,000,000 3,147,810
7.05%, 11/1/2003 (Insured; AMBAC) (d)..................................... 5,000,000 5,319,350
6.35%, 11/1/2004 (Insured; AMBAC) (d)..................................... 3,000,000 3,176,880
6.45%, 11/1/2005 (Insured; AMBAC)......................................... 3,000,000 3,190,020
Virginia-1.6%
Big Stone Gap Redevelopment and Housing Authority, Correctional Facility LR
(Wallens Ridge Development Project) 6%, 9/1/2007.......................... 4,000,000 4,315,160
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation):
6.50%, 11/15/2002....................................................... 2,000,000 2,076,580
6.95%, 11/15/2002....................................................... 5,360,000 5,680,367
Virginia Housing Development Authority, Commonwealth Mortgage:
6.05%, 1/1/2004........................................................... 4,400,000 4,577,276
6.15%, 1/1/2005........................................................... 4,400,000 4,595,712
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30,1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_______________________________________________________________________________ _____________ _______________
Washington-3.2%
Clark County, Public Utility District, Electric Revenue, Refunding
6.30%, 1/1/2004 (Insured; FGIC)........................................... $ 3,160,000 $ 3,382,116
King County, 5.20%, 12/1/2003............................................... 2,525,000 2,641,478
Port Seattle, Revenue 6.50%, 11/1/2005...................................... 3,000,000 3,261,810
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC) (d) 4,000,000 4,302,440
(Refunding-Sisters of Providence) 5.40%, 10/1/2010 (Insured; AMBAC)....... 3,000,000 3,087,480
(Refunding-Yakima Valley Memorial Hospital) 7.875%, 1/1/2003 (Prefunded 1/1/1998) (b).. 3,300,000 3,377,682
Washington Housing Finance Commission, SFMR
6.85%, 7/1/2011 (Insured; FNMA, GNMA)..................................... 3,390,000 3,621,571
Washington, Public Power Supply Systems Revenue, Refunding:
(Nuclear Project Number 1) 6.60%, 7/1/2004................................ 2,500,000 2,714,375
(Nuclear Project Number 1) 7.25%, 7/1/2006 (Insured; FSA)................. 6,000,000 7,079,340
(Nuclear Project Number 1) 6%, 7/1/2007 (Insured; AMBAC).................. 9,720,000 10,646,802
Wisconsin-1.8%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005.. 5,000,000 5,588,700
Wisconsin Health and Educational Facilities Authority, Revenue:
(Aurora Medical Group, Inc.) 6%, 11/15/2011 (Insured; FSA)................ 3,500,000 3,897,250
(Luther Hospital Project) 6.125%,11/15/2006............................... 3,500,000 3,768,380
Refunding:
(Aurora Health Care Inc.):
5%, 8/15/2009 (Insured; MBIA)......................................... 4,335,000 4,357,585
5%, 8/15/2010 (Insured; MBIA)......................................... 3,955,000 3,951,005
(Wheaton Franciscan Services, Inc.) 6.50%, 8/15/2007 (Insured; MBIA).... 3,000,000 3,253,710
_______________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $1,258,245,638)................. $1,325,519,668
===============
Short-Term Municipal Investments-2.9%
California-1.1%
California Pollution Control Financing Authority, PCR, Refunding (Pacific Gas
and Electric)
VRDN 3.70% (LOC; Bank of America) (f,h)................................... $ 14,470,000 $ 14,470,000
Florida-1.2%
Jacksonville, PCR, Refunding (Florida Power and Light Company Project) VRDN 3.75% (h)... 8,700,000 8,700,000
Pinellas County, Health Facilities Authority Revenue, Refunding
(Pooled Hospital Loan Program) VRDN 3.80% (LOC; Chase Manhattan Bank) (f,h).... 8,000,000 8,000,000
North Carolina-.6%
Wake County Industrial Facilities and Pollution Control Finance Authority,
Revenue
(Carolina Power and Light Company) VRDN 4%, (LOC; Sumitomo Bank) (f,h).... 8,400,000 8,400,000
_______________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $39,570,000)................... $ 39,570,000
===============
TOTAL INVESTMENTS-100.0%
(cost $1,297,815,638)..................................................... $ 1,365,089,668
===============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
Summary of Abbreviations
_________________________________________________________________________________________________________________
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
CGIC Capital Guaranty Insurance 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 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 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)
_________________________________________________________________________________________________________________
<S> <C> <C> <C>
Fitch (i) or Moody's or Standard & Poor's Percentage of Value
________ _________________ ___________________
AAA Aaa AAA 43.1%
AA Aa AA 15.8
A A A 16.5
BBB Baa BBB 10.7
BB Ba BB 1.7
F1+,F-1 MIG1, VMIG1 & P1 SP1,A1 2.9
Not Rated (j) Not Rated (j) Not Rated (j) 9.3
_______
100.0%
=======
</TABLE>
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) Security exempt from registration under Rule 144A of the
Securities Act of 1933. This security may be resold in transactions exempt
from registration normally to qualified institutional buyers. At November
30, 1997, these securities amounted to $9,060,548 or .7% of the net assets.
(d) Wholly held by the custodian in a segregated account as collateral
for delayed-delivery securities.
(e) Non-income accruing security.
(f) Secured by letters of credit.
(g) Inverse floater security-the interest rate is subject to change
periodically.
(h) 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.
(i) Fitch currently provides creditworthiness information for a
limited number of investments.
(j) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1997 (UNAUDITED)
Cost Value
_______________ _______________
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments..... $1,297,815,638 $1,365,089,668
Interest receivable........................ 21,435,306
Receivable for shares of Common Stock subscribed...... 60,092
Prepaid expenses........................... 68,411
_______________
1,386,653,477
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates......... 591,460
Cash overdraft due to Custodian............ 760,726
Payable for investment securities purchased...... 7,963,670
Payable for shares of Common Stock redeemed...... 549,983
Accrued expenses........................... 139,727
_______________
10,005,566
_______________
NET ASSETS.................................................................. $1,376,647,911
===============
REPRESENTED BY: Paid-in capital............................ $1,296,453,918
Accumulated undistributed investment income-net..... 366,752
Accumulated net realized gain (loss) on investments....... 12,553,211
Accumulated net unrealized appreciation (depreciation)
on investments-Note 4.................. 67,274,030
_______________
NET ASSETS.................................................................. $1,376,647,911
===============
SHARES OUTSTANDING
(300 million shares of $.01 par value Common Stock authorized).............. 97,612,978
NET ASSET VALUE, offering and redemption price per share-Note 3(d).......... $14.10
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1997 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income............................ $39,600,897
EXPENSES: Management fee-Note 3(a)................... $ 4,102,288
Shareholder servicing costs-Note 3(b)...... 712,207
Custodian fees............................. 48,660
Directors' fees and expenses-Note 3(c)..... 35,054
Registration fees.......................... 30,529
Prospectus and shareholders' reports....... 28,735
Professional fees.......................... 27,911
Loan commitment fees-Note 2................ 5,196
Miscellaneous.............................. 31,634
_______________
Total Expenses....................... 5,022,214
_______________
INVESTMENT INCOME-NET....................................................... 34,578,683
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments.... $ 9,764,518
Net unrealized appreciation (depreciation) on investments 15,235,150
_________________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 24,999,668
_______________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $59,578,351
===============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1997 Year Ended
(Unaudited) May 31, 1997
_________________ _______________
OPERATIONS:
Investment income-net........................................... $ 34,578,683 $ 73,193,732
Net realized gain (loss) on investments.............................. 9,764,518 7,267,584
Net unrealized appreciation (depreciation) on investments............ 15,235,150 15,426,694
_________________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations.... 59,578,351 95,888,010
_________________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................ (34,402,269) (73,003,394)
Net realized gain on investments..................................... ----- (11,356,489)
_________________ _______________
Total Dividends.................................................... (34,402,269) (84,359,883)
_________________ _______________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................ 101,092,932 444,191,569
Dividends reinvested................................................. 24,975,795 62,367,051
Cost of shares redeemed.............................................. (162,171,519) (597,852,386)
_________________ _______________
Increase (Decrease) in Net Assets from Capital Stock Transactions.. (36,102,792) (91,293,766)
_________________ _______________
Total Increase (Decrease) in Net Assets.......................... (10,926,710) (79,765,639)
NET ASSETS:
Beginning of Period.................................................. 1,387,574,621 1,467,340,260
_________________ _______________
End of Period........................................................ $1,376,647,911 $1,387,574,621
================= ===============
Undistributed investment income-net.................................... $ 366,752 $ 190,338
_________________ _______________
Shares Shares
_________________ _______________
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 7,201,663 32,137,077
Shares issued for dividends reinvested............................... 1,775,757 4,494,575
Shares redeemed...................................................... (11,556,026) (43,184,362)
_________________ _______________
Net Increase (Decrease) in Shares Outstanding...................... (2,578,606) (6,552,710)
================= ===============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of Common Stock outstanding, total investment
return, ratios to average net assets and other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Six Months Ended
November 30, 1997 Year Ended May 31,
_________________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $13.85 $13.75 $14.02 $13.84 $14.31 $13.96
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net ....... .35 .71 .72 .75 .76 .81
Net realized and unrealized gain (loss)
on investments............. .25 .20 (.24) .24 (.31) .66
______ ______ ______ ______ ______ ______
Total from Investment Operations.... .60 .91 .48 .99 .45 1.47
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net.... (.35) (.70) (.72) (.75) (.76) (.81)
Dividends from net realized
gain on investments........ .- (.11) (.03) (.06) (.16) (.31)
______ ______ ______ ______ ______ ______
Total Distributions.......... (.35) (.81) (.75) (.81) (.92) (1.12)
______ ______ ______ ______ ______ ______
Net asset value, end of period.... $14.10 $13.85 $13.75 $14.02 $13.84 $14.31
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.......... 8.72%(1) 6.80% 3.44% 7.54% 3.13% 10.88%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... .73%(1) .73% .71% .73% .70% .71%
Ratio of net investment income to
average net assets......... 5.03%(1) 5.10% 5.14% 5.52% 5.22% 5.68%
Portfolio Turnover Rate...... 24.51%(2) 46.67% 48.70% 42.18% 36.27% 60.14%
Net Assets, end of period (000's Omitted).. $1,376,648 $1,387,575 1,467,340 $1,569,511 $1,724,126 $1,703,674
(1) Annualized.
(2) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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. is 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: Investments in securities 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--BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. For the period ended
November 30, 1997, the Fund did not borrow under the Facility.
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(a) Pursuant to a management 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, 1997 was reduced by $45,000 pursuant to the
settlement of litigation.
(b) Under the 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, 1997, the Fund was charged $309,014
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. During the
period ended November 30, 1997, the Fund was charged $254,941 pursuant to the
transfer agency agreement.
(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 and retained by the Fund on certain
redemptions of Fund shares (including redemptions through use of the Fund
Exchanges service) where the shares being redeemed were issued subsequent to
a specified effective date and the redemption or exchange occurs fifteen days
following the date of issuance. During the period ended November 30, 1997,
redemption fees amounted to $21,801.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1997,
amounted to $328,927,365 and $351,129,720, respectively.
At November 30, 1997, accumulated net unrealized appreciation on
investments was $67,274,030, consisting of $75,746,709 gross unrealized
appreciation and $8,472,679 gross unrealized depreciation.
At November 30, 1997, 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.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Registration Mark
[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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 947SA9711
Intermediate
Municipal Bond
Fund, Inc.
Semi-Annual
Report
November 30, 1997
Registration Mark
[Dreyfus logo]
