YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report for Dreyfus Intermediate
Municipal Bond Fund, Inc. for the six-month period ended November 30, 1998. Your
Fund produced a total return, including share price changes and dividend income
generated, of 3.02%,* and an annualized tax-free distribution rate per share of
4.76%.**
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. began the period with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower levels established by Germany, on the eve of
currency unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for commodity
exporting countries throughout the world. The effect on Europe and the U.S. has
been to lower expectations of profit growth and drive down bond yields. Monetary
policy has begun to ease in both the U.S. and Europe.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT
Prices moved higher during the reporting period as various classes of
investors found municipal bonds appealing, despite the extent to which equities
vied for investors' attention for most of the period. Low inflation and low
interest rates helped create and maintain a bond-friendly atmosphere. Not to be
overlooked, either, is the improved fiscal posture enjoyed by many states and
municipalities, the result of several years of strong economic growth that
enhanced the creditworthiness of many municipal securities' issuers, and gave
added comfort to investors. The dollar value of newly issued bonds so far in
1998 has surpassed the volume experienced in all but a few previous years. At
$255 billion, it is approximately 29% above the same period last year, but
nonetheless, a dearth of appropriate bonds persists in several states.
Fortunately, the market has absorbed the new issuance without inordinate
volatility in the process. Municipal yields have been, and continue to be, very
favorably aligned vis-a-vis U.S. Treasury Bonds. Historically, longer-term
municipals have been viewed as being good values when their yields approached
80% to 85% of the yields available on comparable Treasuries. Presently, most
measures place the ratio well in excess of 90%. The environment for municipal
bonds still appears to be positive, particularly with the Federal Reserve
Board's Open Market Committee signaling explicitly, by recent cuts in the target
rate for Federal Funds, its preference for lower interest rates.
PORTFOLIO FOCUS
The market has gone through several cycles during the past six months, from
subdued volatility to substantial volatility with strong intraday movements.
During the periods of low volatility (earlier in the period) we found it
advantageous to maintain previously purchased full coupon positions since the
greater part of the Fund's investment performance during that time was derived
mainly from income rather than principal value changes. Quality spreads in the
municipal market have tightened significantly from historic levels as rates have
moved downward. One sector of the market that has underperformed includes issues
that have underlying corporate credits that are tied to economic cycles. The
portfolio holds a small percentage in this type of paper, and it has been a drag
on the overall performance. The improvement in the fiscal health of many
municipalities has translated into investment rating upgrades and strong trading
demand. The Fund has benefited from its holdings in specialty state paper such
as New York and California. Over the past few months, we weighted a portion of
the portfolio in paper that is expected to react positively to the anticipated
drop in interest rates. The longer end of the intermediate curve has continued
to be an attractive alternative to the higher yielding long market, which is of
greater volatility; many new issues in this maturity range have been vied for by
both intermediate and traditional long buyers.
Included in this report is a series of detailed financial statements, which
outline the portfolio' s current holdings and its financial condition. We hope
that you find them informative.
Very truly yours
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
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.
<TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.4% Amount Value
- ----------------------------------------------------- _______________ _______________
<S> <C> <C>
Alabama--.8%
Bay Minette Industrial Development Board, IDR, Refunding
(Coltec Industries, Inc.) 6.50%, 2/15/2009 . . . . . . . . . . . . . . . . . . . . $ 4,505,000 $ 4,759,307
McIntosh Industrial Development Board, EIR, Refunding 4.65%, 6/1/2008. . . . . . . . . 5,500,000 5,599,440
Alaska--2.8%
Alaska Industrial Development and Export Authority, Revolving Fund
6.375%, 4/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,260,520
Alaska Housing Finance Corp., Refunding:
5.75%, 12/1/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 12,280,000 13,065,429
5.30%, 12/1/2012 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,599,375
Alaska Student Loan Corp., Student Loan Revenue:
5.60%, 7/1/2011 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 4,700,000 5,011,563
5.70%, 7/1/2013 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 5,990,000 6,418,525
Anchorage, Electric Utility Revenue, Refunding:
6.50%, 12/1/2008 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,755,000 3,249,688
6.50%, 12/1/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,910,000 3,459,495
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 11,414,108
Hospital Systems Revenue, Refunding (Baptist Hospital)
5.20%, 9/1/2005 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . 3,125,000 3,345,750
Mesa Industrial Development Authority, Industrial Revenue
(TRW Vehicle Safety Systems, Inc. Project) 7.25%, 10/15/2004 . . . . . . . . . . . 5,000,000 5,412,950
California--5.2%
California, Veterans:
5.35%, 12/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,284,900
5.40%, 12/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,163,400
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
6.40%, 12/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,534,180
6.50%, 6/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 6,037,570
California Student Loan Marketing Corp., Student Loan Revenue:
6.70%, 7/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,664,650
6.75%, 7/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,747,850
California Statewide Community Development Administration
5.10%, 5/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,252,160
Los Angeles Harbor Department, Revenue 6.40%, 8/1/2012 . . . . . . . . . . . . . . . . 5,420,000 5,950,889
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue, Refunding
Zero Coupon, 1/15/2006 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . 14,745,000 11,030,735
Solano County, COP, Refunding (Justice Facility and Public Buildings Project)
5.875%, 10/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,494,700
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Colorado--3.7%
Colorado Health Facilities Authority, Revenue (Sisters of Charity-Levenworth)
5%, 12/1/2014 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000 $ 2,015,440
Denver City and County, Airport Revenue:
7.50%, 11/15/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,080,000 6,713,171
8.75%, 11/15/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,840,000 4,449,600
8.75%, 11/15/2005 (Prerefunded 11/15/2001) (a) . . . . . . . . . . . . . . . . . . 10,645,000 12,098,468
E-470 Public Highway Authority, Revenue, Refunding
Zero Coupn, 9/1/2010 Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 17,720,700
El Paso County School District (Number 11 Colorado Springs):
6.25%, 12/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,171,910
6.50%, 12/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,410,240
6.50%, 12/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,040,000 2,482,313
Connecticut--.7%
Connecticut,
Special Revenue (Mashantucket Western Pequot Tribe):
6.50%, 9/1/2006 (Escrowed to Maturity) (b) . . . . . . . . . . . . . . . . . . 2,475,000 2,860,209
6.50%, 9/1/2006 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,525,000 2,861,052
5.60%, 9/1/2009 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,053,440
5.70%, 9/1/2012 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400,000 2,514,816
District of Columbia--1.7%
District of Columbia, Revenue (American University) 5.50%, 10/1/2011 (Insured; AMBAC). 5,435,000 5,804,417
Metropolitan Airports Authority, General Airport Revenue
5.75%, 10/1/2011 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 5,750,000 6,273,423
Washington D.C. Convention Center Authority, Dedicated Tax Revenue:
5.25%, 10/1/2013 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,198,750
5.25%, 10/1/2014 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,166,800
Florida--3.7%
Dade County:
Aviation Revenue 5.90%, 10/1/2005 (Insured; AMBAC) . . . . . . . . . . . . . . . . 10,830,000 11,700,515
Resource Recovery Facility Revenue, Refunding
5.20%, 10/1/2005 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . 7,880,000 8,399,056
Florida Board of Education, Capital Outlay, Refunding
5.125%, 6/1/2008 (Public Education) . . . . . . . . . . . . . . . . . . . . . . . . 6,975,000 7,315,241
Florida School Boards Association, LR (Orange County School Board Project)
6.25%, 7/1/2005 (Insured; AMBAC, Prerefunded 7/1/2000) (a) . . . . . . . . . . . . 3,250,000 3,393,520
Greater Orlando Aviation Authority, Airport Facilities Revenue
6.40%, 10/1/2004 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . 8,940,000 9,845,711
Jacksonville Health Facilities Authority, HR (Charity Obligation Group)
5.20%, 8/15/2013 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 2,150,000 2,249,868
Palm Beach County, Solid Waste IDR (Okeelanta Power L.P. Project)
6.50%, 2/15/2009 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600,000 2,880,000
Pinellas County, RRR 5.10%, 10/1/2003 (Insured; MBIA). . . . . . . . . . . . . . . . . 2,915,000 3,065,706
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Georgia--.5%
Atlanta, Airport Facilities Revenue, Refunding 6%, 1/1/2007 (Insured; AMBAC) . . . . . $ 5,780,000 $ 6,514,291
Hawaii--.2%
Hawaii, Airports System Revenue 7.50%, 7/1/2005 (Insured; FGIC). . . . . . . . . . . . 3,000,000 3,224,220
Illinois--5.9%
Arlington Heights, MFHR (Brook Run Association, L.P. Project)
5.05%, 12/1/2007 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,003,000
Carol Stream, First Mortgage Revenue, Refunding (Windsor Park Manor Project):
5.50%, 12/1/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,000 520,021
6.50%, 12/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,224,670
Chicago Building Acquisition, COP 5.25% 1/1/2012 (Insured; FSA). . . . . . . . . . . . 4,460,000 4,691,563
Chicago O'Hare International Airport:
Passenger Facility Charge Revenue 5.50%, 1/1/2008 (Insured; AMBAC) . . . . . . . . 5,000,000 5,435,350
Special Facility Revenue, Refunding (International Terminal)
7.50%, 1/1/2005 (Prerefunded 1/1/2000) (a) . . . . . . . . . . . . . . . . . . 905,000 961,698
Hoffman Estates, Tax Increment Revenue (Area Economic Development Project):
7.50%, 11/15/2003 (LOC; Union Bank of Switzerland, Prerefunded 11/15/2000)(a) . . . 5,145,000 5,632,437
Refunding 5.25%, 11/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,337,800
Illinois Development Finance Authority,
Providers Facility Acquisition Revenue (Community Rehabilitation):
8.25%, 9/1/2000 (Escrowed to Maturity) . . . . . . . . . . . . . . . . . . . . 995,000 1,036,949
8.25%, 9/1/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945,000 1,019,050
5%, 7/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,765,000 2,807,609
Refunding:
5.60%, 7/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485,000 1,545,588
5.60%, 7/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,043,620
5.90%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,325,000 1,412,198
Illinois Educational Facilities Authority, Revenue, Refunding:
(Illinois Institute of Technology) 6.60%, 12/1/2009 . . . . . . . . . . . . . . . . 2,665,000 3,006,360
(MJH Education Assistance):
5%, 9/1/2013 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,008,970
4.05%, 9/1/2023 (Insured; AMBAC) (d) . . . . . . . . . . . . . . . . . . . . . 4,000,000 3,998,080
Illinois Health Facilities Authority, Revenue:
(Catholic Health Co. Addolorata Project) 7.625%, 7/1/1999 . . . . . . . . . . . . . 320,000 327,683
(Central Dupage Health Wyndemere Retirement Community)
6.125%, 11/1/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 4,400,000 4,766,080
(Evangelical Hospital):
6.75%, 4/15/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,035,000 2,322,505
6.75%, 4/15/2007 (Prerefunded 4/15/2002) (a) . . . . . . . . . . . . . . . . . 1,055,000 1,172,126
(Southern Illinois Hospital Services) 6.50%, 3/1/2007
(Insured; MBIA, Prerefunded 3/1/2002) (a) . . . . . . . . . . . . . . . . . . . 4,000,000 4,407,360
(Swedish American Hospital) 7.30%, 4/1/2007
(Insured; AMBAC, Prerefunded 4/1/2000) (a) . . . . . . . . . . . . . . . . . . 4,000,000 4,274,640
Illinois Student Assistance Commission, Student Loan Revenue 5.75%, 3/1/2007 . . . . . 3,365,000 3,517,468
Normal, EDR, Refunding (Dayton-Hudson Corp. Project) 6.75%, 11/1/2001. . . . . . . . . 3,400,000 3,621,578
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Indiana--8.1%
Boonville Junior High School Building Corp., First Mortgage Revenue, Refunding
6.80%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,100,000 $ 3,423,392
Brownsburg School Building Corp., First Mortgage Revenue:
5.80%, 8/1/2008 (Insured; FSA, Prerefunded 2/1/2005) (a) . . . . . . . . . . . . . 2,650,000 2,952,170
5.90%, 8/1/2009 (Insured; FSA, Prerefunded 2/1/2005) (a) . . . . . . . . . . . . . 2,895,000 3,240,807
Central High School Building Corp., First Mortgage, Refunding
5.50%, 8/1/2009 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,960,000 4,323,686
Indiana Bond Bank (Hendricks Special Hospital Program) 6.90%, 4/1/2006 . . . . . . . . 3,000,000 3,305,670
Indiana Development Finance Authority, PCR, Refunding
(Inland Steel Company Project Number 13):
5.75%, 10/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,500,000 11,309,675
7.25%, 11/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,330,000 11,135,224
Indiana Health Facility Financing Authority, HR, Refunding (Clarian Health
Partners, Inc.):
5.50%, 2/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,226,620
5.50%, 2/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,348,200
Indiana Municipal Power Agency, Power Supply Systems Revenue, Refunding
5.70%, 1/1/2006 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,400,000 9,227,064
Indiana Transportation Finance Authority, Airport Facilities LR (United Air):
6.50%, 11/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,575,000 2,834,560
6.50%, 11/1/2007 (Prerefunded 11/1/2002) (a) . . . . . . . . . . . . . . . . . . . 2,675,000 2,989,580
Indianapolis Local Public Improvement Bond Bank, Refunding:
6.20%, 2/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100,000 2,277,345
6.30%, 2/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,800,000 3,084,564
6.40%, 2/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,361,290
6.50%, 1/1/2011 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,415,000 7,617,235
Knox County Hospital Association, LR 5.65%, 7/1/2008 (Insured; MBIA) . . . . . . . . . 4,150,000 4,423,444
Logansport School Building Corp., First Mortgage Revenue
7.30%, 1/15/2007 (Prerefunded 1/15/2000) (a) . . . . . . . . . . . . . . . . . . . 4,750,000 5,043,028
North Montgomery Elementary School Building Corp., First Mortgage Revenue,
Refunding
6.50%, 7/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,665,000 6,337,436
Plymouth, Multi-School Building Corp., Refunding
(First Mortgage-Plymouth Community School) 5.50%, 7/1/2005 (Insured; MBIA) . . . . 3,000,000 3,251,850
Westfield High School Building Corp., First Mortgage Revenue:
5.45%, 7/15/2009 (Insured; AMBAC, Prerefunded 7/15/2002) (a) . . . . . . . . . . . 5,000,000 5,499,600
Refunding 5.25%, 7/5/2013 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . 3,000,000 3,120,510
Iowa--1.4%
Ames, HR, Refunding (Mary Greeley Medical Center Project)
6.25%, 8/15/2006 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 4,320,000 4,740,336
Council Bluffs, IDR, Refunding (Cargill, Inc. Project) 7%, 3/1/2007. . . . . . . . . . 4,400,000 4,854,080
Iowa Student Loan Liquidity Corp., Student Loan Revenue:
6.35%, 3/1/2001 (Insured; Guaranteed Student Loans) . . . . . . . . . . . . . . . . 3,400,000 3,559,018
6.65%, 3/1/2003 (Insured; Guaranteed Student Loans) . . . . . . . . . . . . . . . . 4,900,000 5,314,148
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Kentucky--1.9%
Carrolton and Henderson Public Energy Authority, Gas Revenue (Kentucky Trust)
5%, 1/1/2006 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,000,000 $ 10,476,200
Jefferson County, Health Facilities Revenue, Refunding (Alliant Health Systems)
5%, 10/1/2011 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,155,000 3,257,474
Kenton County Airport Board, Airport Revenue (Cincinnati/Northern Kentucky
International)
5.75%, 3/1/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,710,000 4,044,086
Mount Sterling, LR (Kentucky League Cities Funding) 5.625%, 3/1/2003 . . . . . . . . . 6,500,000 6,898,970
Louisiana--.9%
Louisiana Public Facilities Authority, Revenue:
8.72%, 11/15/2012 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,430,000 4,914,421
8.72%, 11/15/2012 (Prerefunded 11/15/2002) (a,e) . . . . . . . . . . . . . . . . . 3,635,000 4,127,906
(Louisiana Association of Independent Colleges and Universities) 6.50%, 12/1/2002 . 2,155,000 2,321,991
Maine--.3%
Maine Educational Loan Marketing Corp., Student Loan Revenue, Refunding
6.90%, 11/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,195,000 4,426,438
Maryland--.8%
Maryland Health and Higher Educational Facilities Authority, Revenue, Refunding
(John Hopkins University) 5.125%, 7/1/2013 . . . . . . . . . . . . . . . . . . . . 9,915,000 10,374,461
Massachusetts--2.5%
Boston Industrial Development Financing Authority, Sewage Facility Revenue
(Harbor Electric Energy Co. Project) 7.10%, 5/15/2002 . . . . . . . . . . . . . . . 3,125,000 3,338,187
Massachusetts, Refunding 6.40%, 8/1/2003 . . . . . . . . . . . . . . . . . . . . . . . 3,175,000 3,502,184
Massachusetts, Water Pollution Abatement Revenue (New Bedford Loan Program)
5.50%, 2/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,950,000 7,530,812
Massachusetts Housing Finance Agency:
Housing Revenue, Refunding:
6.30%, 7/1/2007 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . 3,040,000 3,264,200
6.35%, 7/1/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . 3,265,000 3,505,369
6.40%, 7/1/2009 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . 3,565,000 3,857,758
Residential Development 6.125%, 11/15/2008 (Collateralized; FNMA) . . . . . . . . . 5,000,000 5,320,900
Massachusetts Industrial Finance Agency, RRR, Refunding
(Ogden Haverhill Project) 5.45%, 12/1/2012 . . . . . . . . . . . . . . . . . . . . 2,825,000 2,871,810
Michigan--5.3%
Detroit Local Development Finance Authority, Refunding:
5.25%, 5/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,570,000 2,732,835
5.20%, 5/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,745,000 6,042,648
Greater Detroit Resource Recovery Authority, Revenue, Refunding:
6.25%, Series A, 12/13/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . 11,000,000 12,718,750
6.25%, Series B, 12/13/2008 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . 7,755,000 8,966,719
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (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 (Prerefunded 10/1/2005) (a) . . . . . . . $ 10,000,000 $ 12,565,700
(McLaren Obligated Group) 7.375%, 9/15/2008 (Prerefunded 9/15/2001) (a) . . . . . . 6,925,000 7,727,815
Michigan Strategic Fund:
LOR (WMX Technologies, Inc. Project) 6%, 12/1/2013 . . . . . . . . . . . . . . . . 8,500,000 8,935,540
SWDR (Genesee Power Station Project) 7.125%, 1/1/2006 . . . . . . . . . . . . . . . 7,500,000 8,020,650
Wayne State University, University Revenues, Refunding
5.40%, 11/15/2006 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . 3,105,000 3,310,489
Mississippi--.3%
Mississippi Development Bank, Special Obligation, Refunding
(Adams County HR Project) 5.75%, 7/1/2010 (Insured; FSA) . . . . . . . . . . . . . 3,445,000 3,758,667
Missouri--2.6%
Joplin Industrial Development Authority, Revenue, Refunding (Catholic Health
Initiatives):
5.50%, 12/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,185,000 3,431,392
5.625%, 12/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,340,000 3,616,084
Phelps City Industrial Development Authority, Industrial Revenue, Refunding
(Excel Corp. Project) 7%, 12/1/2000 . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,780,080
Saint Louis, Airport Improvement Revenue, Refunding
(Lambert-Saint Louis International Airport) 6%, 7/1/2005 (Insured; FGIC) . . . . . 9,675,000 10,447,452
Saint Louis Municipal Finance Corp., Leasehold Revenue, Refunding:
5.375%, 7/15/2003 (LOC; Sanwa Bank, Ltd.) . . . . . . . . . . . . . . . . . . . . . 5,075,000 5,336,109
5.50%, 7/15/2004 (LOC; Sanwa Bank, Ltd.) . . . . . . . . . . . . . . . . . . . . . 6,835,000 7,261,641
Montana--.2%
Montana Health Facilities Authority, Revenue (Sisters of Charity-Levenworth)
5%, 12/1/2014 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250,000 3,291,080
Nebraska--.2%
Albion, IDR, Refunding (Cargill, Inc. Project) 7%, 12/1/2000 . . . . . . . . . . . . . 2,600,000 2,768,714
Nevada--.9%
Clark County, Passenger Facility Charge Revenue
(Las Vegas McCarran International Airport):
5.95%, 7/1/2005 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . 6,365,000 7,070,560
5.80%, 7/1/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . 4,250,000 4,649,373
New Jersey--2.0%
New Jersey Building Authority, Building Revenue, Refunding 5%, 6/15/2009 . . . . . . . 8,900,000 9,244,074
New Jersey Economic Development Authority:
LR
(Bergen County Administration Complex):
5%, 11/15/2008 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 1,840,000 1,935,588
5%, 11/15/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 1,935,000 2,026,293
5%, 11/15/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,041,060
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
New Jersey (continued)
New Jersey Economic Development Authority (continued):
Waste Paper Recycling Revenue
(Marcal Paper Mills, Inc. Project):
5.75%, 2/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,815,000 $ 2,910,429
8.50%, 2/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,930,000 3,438,150
Orange Township 6.60%, 2/1/2007 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . 5,600,000 6,182,232
New Mexico--1.4%
New Mexico Educational Assistance Foundation, Student Loan Revenue:
6.60%, 3/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,205,000 9,907,342
6.70%, 3/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,315,000 8,922,244
New York--9.6%
City University of New York, COP, Refunding (John Jay College) 5.75%, 8/15/2004. . . . 5,970,000 6,428,675
Long Island Power Authority, Electric System Revenue:
4.25%, 4/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,043,440
5%, 4/1/2012 (Insured; MBIA) (d) . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,232,050
5%, 4/1/2012 (Insured; MBIA) (d) . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,223,450
New York City:
7.30%, 2/1/2001 (Escrowed To Maturity) . . . . . . . . . . . . . . . . . . . . . . 4,410,000 4,746,130
7.30%, 2/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590,000 631,920
7.50%, 2/1/2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,225,270
5.25%, 8/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,930,000 4,094,392
Refunding:
5.80%, 8/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,725,000 6,257,998
6.25%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,926,590
6.375%, 8/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,750,000 22,275,433
6.375%, 8/15/2009 (Prerefunded 8/15/2005) (a) . . . . . . . . . . . . . . . . . 5,250,000 6,025,478
5%, 8/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,074,550
New York State Dormitory Authority, Revenues:
(City University System) 5.125%, 7/1/2010 . . . . . . . . . . . . . . . . . . . . . 4,365,000 4,542,961
(Department of Health):
5.50%, 7/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,132,600
5.625%, 7/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,240,000 3,480,667
Mental Health Service Facilities, 6%, 8/15/2006 . . . . . . . . . . . . . . . . . . 6,940,000 7,680,220
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 5,296,892
New York State Thruway Authority, Service Contract Revenue (Local Highway and
Bridge)
5.75%, 4/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,625,000 6,120,225
New York State Urban Development Corp., Revenue (Correctional Facilities)
5.25%, 1/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,520,000 4,734,338
Niagara Falls City School District, COP (High School Facility),
5.625%, 6/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,835,000 1,970,992
5.625%, 6/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,935,000 2,074,591
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
Triborough Bridge and Tunnel Authority, General Purpose Revenue, Refunding
6.75%, 1/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,100,000 $ 6,115,920
North Carolina--3.7%
North Carolina Eastern Municipal Power Agency, Power System Revenue, Refunding:
5%, 1/1/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,860,000 4,969,836
5.125%, 1/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,320,000 7,541,064
7%, 1/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,115,000 4,765,252
6.125%, 1/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,425,000 8,175,890
North Carolina Medical Care Commission, Health Care Facilities Revenue
(First Mortgage-Deerfield) 5.30%, 11/1/2004 . . . . . . . . . . . . . . . . . . . . 5,840,000 5,979,518
North Carolina Municipal Power Agency, Electric Revenue, Refunding (Number 1
Catawba):
6%, 1/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,158,500
5.25%, 1/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,241,200
5.50%, 1/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,707,000
Ohio--2.5%
Cincinnati Student Loan Funding Corp., Student Loan Revenue, Refunding
7.20%, 8/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,865,000 1,930,126
Cleveland, Airport Systems Revenue:
5.50%, 1/1/2005 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,072,750
5.125%, 1/1/2010 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 1,780,070
Cuyahoga County, HR, Refunding (Metrohealth System)
5.25%, 2/15/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 5,160,000 5,509,126
Franklin County, HR, Refunding (Holy Cross Health Systems)
5.20%, 6/1/2005 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,930,000 3,126,984
Lorain, Hospital Improvement Revenue, Refunding (Lakeland Community Hospital,
Inc.)
6.50%, 11/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,860,000 4,431,396
Montgomery County, HR, Refunding (Grandview Hospital and Medical Center):
5.25%, 12/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,231,775
5.25%, 12/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,232,315
5.375%, 12/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400,000 2,381,784
Ohio Air Quality Development Authority, PCR, Refunding (Cleveland)
4.60%, 10/1/2030 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,085,000 3,059,765
Ohio Water Development Authority, Pollution Control Facilities Revenue,
Refunding
(Cleveland Electric) 4.60%, 10/1/2030 (d) . . . . . . . . . . . . . . . . . . . . . 6,000,000 5,950,920
Oklahoma--.5%
Washington County Medical Authority, Revenue, Refunding
(Jane Phillips Medical Center Project) 5.50%, 11/1/2010 (Insured; Connie Lee) . . . 6,175,000 6,610,832
Pennsylvania--5.7%
Erie County Hospital Authority, Revenue, Refunding
(Hamot Health Foundation) 5.375%, 5/15/2010 (Insured; AMBAC) . . . . . . . . . . . 2,340,000 2,493,481
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Pennsylvania (continued)
Lehigh County General Purpose Authority, Revenue (Wiley House):
8.65%, 11/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,475,000 $ 3,711,300
9.375%, 11/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,115,000 6,974,830
Pennsylvania, COP, Refunding 5.40%, 7/1/2009 (Insured; AMBAC). . . . . . . . . . . . . 5,000,000 5,164,600
Pennsylvania Economic Development Financing Authority, RRR (Northampton
Generating):
6.40%, 1/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,500,000 11,129,895
6.50%, 1/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,128,940
Refunding 6.75%, 1/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,637,490
Pennsylvania Higher Educational Facilities Authority, Health Services Revenue,
Refunding
(University of Pennsylvania):
5.60%, Seies A, 1/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,629,100
5.60%, Series B, 1/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,350,000 4,623,659
Philadelphia Airport Revenue, Refunding (Philadelphia Airport System)
5.375%, 6/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,770,000 7,201,317
Philadelphia Hospitals and Higher Education Facilities Authority, Revenue
(Community Mental Health/Retardation) 8.875%, 6/15/2009 . . . . . . . . . . . . . . 12,430,000 13,716,381
Rhode Island--1.9%
Central Falls Detention Facility Corp., Detention Facility Revenue, Refunding
(Donald W. Wyatt Detention):
5.25%, 1/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,230,000 1,285,953
5.25%, 1/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,290,000 1,345,173
5.25%, 1/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,360,000 1,408,634
5.25%, 1/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,430,000 1,472,442
Rhode Island Health and Educational Building Corp., Hospital Financing Revenue,
Refunding
(Lifespan Obligation Group):
5.75%, 5/15/2007 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 4,805,000 5,307,123
5.75%, 5/15/2008 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 5,560,000 6,155,921
Rhode Island Housing and Mortgage Finance Corp.:
(Homeownership Opportunity) 7.30%, 10/1/2008 . . . . . . . . . . . . . . . . . . . 4,680,000 5,183,287
(Refunding-Rental Housing Program):
5.65%, 10/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,175,000 2,278,443
5.65%, 10/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350,000 1,410,453
South Carolina--2.4%
Charleston County, Health Facilities Revenue (Espiscopal Church Project) 5.40%, 4/1/2004 . 5,000,000 5,078,800
Charleston County, Hospital Facilities Improvement Revenue, Refunding
(Medical Society Health Project) 5.50%, 10/1/2005 (Insured; MBIA) . . . . . . . . . 7,945,000 8,623,980
Charleston County, RRR, Refunding (Foster Wheeler) 5%, 1/1/2007 (Insured; AMBAC) . . . 2,685,000 2,824,298
Lexington County Health Services District Inc., HR, Refunding
5%, 11/1/2012 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,710,000 1,744,593
Oconee County, PCR, Refunding (Engelhard Corp. Project) 5.375%, 5/1/2006 . . . . . . . 6,000,000 6,447,180
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
South Carolina (continued)
Piedmont Municipal Power Agency, Electric Revenue, Refunding
6.25%, 1/1/2004 (Insured; FGIC, Escrowed To Maturity) . . . . . . . . . . . . . . . $ 585,000 $ 648,554
6.25%, 1/1/2004 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,465,000 3,744,626
York County, PCR (Bowater, Inc. Project) 7.625%, 3/1/2006. . . . . . . . . . . . . . . 2,900,000 3,406,775
Tennessee--.5%
Johnson City Health and Educational Facility Board, HR, Refunding
(Medical Center Hospital Improvement) 5.125%, 7/1/2011 (Insured; MBIA) . . . . . . 6,720,000 7,040,880
Texas--7.8%
Austin Independent School District, Refunding
5.60%, 8/1/2009 (Prerefunded 8/1/2006) (a) . . . . . . . . . . . . . . . . . . . . 4,590,000 5,049,964
5.60%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,025,000 2,194,472
Cass County Industrial Development Corp., PCR, Refunding
(International Paper Co.) 5.35%, 4/1/2012 . . . . . . . . . . . . . . . . . . . . . 3,750,000 3,956,850
Ennis IDC, Revenue, Refunding (Cargill, Inc., Project) 6.15%, 11/1/2003. . . . . . . . 2,450,000 2,626,278
Gulf Coast Waste Disposal Authority, SWDR, Refunding (Quaker Oats Co. Project)
5.70%, 5/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,210,000 2,409,806
Harris County Health Facilities Development Corp., HR, Refunding:
(Memorial Hermann Hospital System Project) 5.50%, 6/1/2012 (Insured; FSA) . . . . . 8,795,000 9,524,633
(Memorial Hospital System Project) 6%, 6/1/2008 (Insured; MBIA) . . . . . . . . . . 3,000,000 3,368,280
Harris County Hospital District, Mortgage Revenue, Refunding
7.50%, 2/15/2003 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,658,490
Houston, Hotel Occupancy Tax Revenue:
7%, 7/1/2003 (Insured; FGIC, Prerefunded 7/1/2001) (a) . . . . . . . . . . . . . . 4,400,000 4,763,264
7%, 7/1/2004 (Insured; FGIC, Prerefunded 7/1/2001) (a) . . . . . . . . . . . . . . 1,525,000 1,650,904
North Central Health Facility Development Corp., Revenue (Baylor Healthcare
System):
8.72%, 5/15/2008 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,750,000 12,919,595
8.72%, 5/15/2008 (Prerefunded 5/15/2002) (a,e) . . . . . . . . . . . . . . . . . . 1,250,000 1,390,100
North Texas Higher Education Authority, Student Loan Revenue:
7%, Series B, 4/1/2002 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 4,250,000 4,489,403
7%, Series E, 4/1/2002 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 4,250,000 4,489,403
Port Corpus Christi Authority, Nueces County General Revenue, Refunding (Union
Pacific)
5.125%, 11/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,243,408
Port Houston Authority, Harris County, Refunding
Zero Coupon, 10/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,625,000 2,607,281
Rio Grande Consolidated Independent School District, Public Facilities LR
6.40%, 7/15/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,133,400
Rio Grande Valley Health Facilities Development Corp., HR, Refunding
(Valley Baptist Medical Center) 6.25%, 8/1/2006 (Insured; MBIA) . . . . . . . . . . 5,100,000 5,592,405
South Texas Higher Education Authority, Student Loan Revenue, Refunding
5.30%, 12/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400,000 3,559,698
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Texas (continued)
Tarrant County Health Facilities Development Corp., Health Systems Revenue:
(Harris Methodist Health Systems) 6%, 9/1/2010 . . . . . . . . . . . . . . . . . . $ 7,725,000 $ 8,434,464
(Refunding-Health Resources Systems) 5.75%, 2/15/2014 (Insured; MBIA) . . . . . . . 5,000,000 5,539,600
Texas State College, Student Loan:
6%, 8/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,130,000 2,359,337
6%, 8/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,791,425
Utah--2.0%
Carbon County, SWDR:
(Refunding-Sunnyside Cogeneration Project) 9%, 7/1/2006 (c) . . . . . . . . . . . . 9,750,000 5,851,950
(Sunnyside Cogeneration Association) 7.50%, 7/1/2007 (c) . . . . . . . . . . . . . 7,000,000 4,201,400
Intermountain Power Agency, Power Supply Revenue, Special Obligation
6.50%, 7/1/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200,000 6,164,444
Utah Board of Regents, Student Loan Revenue:
6.25%, 11/1/2003 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,241,590
6.35%, 11/1/2004 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,259,860
6.45%, 11/1/2005 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,269,190
Virginia--1.6%
Big Stone Gap Redevelopment and Housing Authority, Correctional Facility LR
(Wallens Ridge Development Project) 6%, 9/1/2007 . . . . . . . . . . . . . . . . . 4,000,000 4,492,240
Fairfax County Economic Development Authority, Educational Facilities Revenue
(George Mason University Educational Foundation):
6.50%, 11/15/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,158,160
6.95%, 11/15/2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,360,000 5,675,811
Virginia Housing Development Authority, Commonwealth Mortgage:
6.05%, 1/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,400,000 4,625,940
6.15%, 1/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,400,000 4,654,672
Washington--2.8%
Clark County, Public Utility District, Electric Revenue, Refunding
6.30%, 1/1/2004 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,160,000 3,376,618
King County, 5.20%, 12/1/2003. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,525,000 2,679,353
Washington Health Care Facilities Authority, Revenue:
(Childrens Hospital and Medical Center) 6.125%, 10/1/2007 (Insured; FGIC) . . . . . 4,000,000 4,407,920
(Refunding-Sisters of Providence) 5.40%, 10/1/2010 (Insured; AMBAC) . . . . . . . . 3,000,000 3,190,590
Washington Housing Finance Commission, SFMR
6.85%, 7/1/2011 (Insured; FNMA, GNMA) . . . . . . . . . . . . . . . . . . . . . . . 3,150,000 3,386,975
Washington, Public Power Supply Systems Revenue, Refunding (Nuclear Project
Number 1):
6.60%, 7/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,705,800
7.25%, 7/1/2006 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 7,154,400
6%, 7/1/2007 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,720,000 10,914,005
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ----------------------------------------------------- _______________ _______________
Wisconsin--1.9%
Carlton, PCR, Refunding (Wisconsin Public Service Corp.) 6.125%, 10/1/2005 . . . . . . $ 5,000,000 $ 5,433,850
Wisconsin Health and Educational Facilities Authority, Revenue:
(Aurora Medical Group, Inc.) 6%, 11/15/2011 (Insured; FSA) . . . . . . . . . . . . 3,500,000 4,035,430
(Luther Hospital Project) 6.125%, 11/15/2006 . . . . . . . . . . . . . . . . . . . 3,500,000 3,785,950
Refunding:
(Aurora Health Care, Inc.):
5%, 8/15/2009 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 4,335,000 4,537,965
5%, 8/15/2010 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 3,955,000 4,109,364
(Wheaton Franciscan Services, Inc.) 6.50%, 8/15/2007 (Insured; MBIA) . . . . . 3,000,000 3,258,780
_______________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS (cost $1,231,604,081). . . . . . . . . . . . . . $1,309,441,583
_______________
Short-Term Municipal Investments--.8%
- -----------------------------------------------------
Florida--.4%
Dade County Health Facility Authority, HR, VRDN
(Miami Children's Hospital Project) 3.30% (LOC; Barnett Bank, National Association) (f) . . $ 3,100,000 $ 3,100,00
Hillsborough County Industrial Development Authority, PCR, Refunding, VRDN
(Tampa Electric Company Gannon) 3.25% (f) . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,500,000
Michigan--.2%
Michigan Strategic Fund, LOR, Refunding
(Detroit Edison Company) 3.25% (LOC; Barclay's Bank PLC) (f) . . . . . . . . . . . 2,000,000 2,000,000
Texas--.2%
Harris County Industrial Development Corp., PCR, Refunding, VRDN
(Shell Oil Company Project) 3.35% (f) . . . . . . . . . . . . . . . . . . . . . . . 2,900,000 2,900,000
_______________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS (cost $10,500,000). . . . . . . . . . . . . . . $ 10,500,000
_______________
TOTAL INVESTMENTS (cost $1,242,104,081). . . . . . . . . . . . . . . . . . . . . . . . 99.2% $1,319,941,583
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8% $ 11,224,730
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,331,166,313
_______ _______________
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation LOR Limited Obligation Revenue
EDR Economic Development Revenue LR Lease Revenue
EIR Environment Improvement 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
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ ________ __________________ ____________________
AAA Aaa AAA 47.0%
AA Aa AA 16.1
A A A 15.7
BBB Baa BBB 9.9
BB Ba BB .7
B B B 1.7
F1+, F-1 MIG1, VMIG1 & P1 SP1, A1 .8
Not Rated (g) Not Rated (g) Not Rated (g) 8.1
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a)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.
(b)Securities exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At November 30,
1998, these securities amounted to $9,289,517 or .7% of the net assets.
(c)Non-income producing security; interest payments in default.
(d)Purchase on a delayed delivery basis.
(e)Inverse floater security--the interest rate is subject to change
periodically.
(f)Securities payable on demand. Variable interest rate--subject to periodic
change.
(g)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>
<TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998 (UNAUDITED)
Cost Value
_______________ _______________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $1,242,104,081 $1,319,941,583
Interest receivable . . . . . . . . . . . . . . . . . . . 20,899,999
Receivable for investment securities sold . . . . . . . . 3,645,401
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 263,953
_______________
1,344,750,936
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 819,366
Payable for investment securities purchased . . . . . . . 12,000,777
Payable for shares of Common Stock redeemed . . . . . . . 74,535
Accrued expenses . . . . . . . . . . . . . . . . . . . . 689,945
_______________
13,584,623
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,331,166,313
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $1,240,620,093
Accumulated net realized gain (loss) on investments . . . 12,708,718
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 77,837,502
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,331,166,313
_______________
SHARES OUTSTANDING
(300 MILLION SHARES OF $.01 PAR VALUE COMMON STOCK AUTHORIZED) . . . . . . . . . . . . . . 93,654,158
NET ASSET VALUE, offering and redemption price per share--Note 3(d). . . . . . . . . . . . $14.21
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest income . . . . . . . . . . . . . . . . . $36,912,328
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . $ 3,990,923
Shareholder servicing costs--Note 3(b) . . . . . 1,002,498
Custodian fees . . . . . . . . . . . . . . . . . 47,061
Professional fees . . . . . . . . . . . . . . . . 31,392
Registration fees . . . . . . . . . . . . . . . . 28,851
Prospectus and shareholders' reports . . . . . . 26,621
Directors' fees and expenses--Note 3(c) . . . . . 22,486
Loan commitment fees--Note 2 . . . . . . . . . . 3,315
Miscellaneous . . . . . . . . . . . . . . . . . . 29,095
____________
Total Expenses . . . . . . . . . . . . . . . . 5,182,242
Less--reduction in management fee due to
undertaking--Note 3(a) . . . . . . . . . . . . (183,836)
____________
Net Expenses . . . . . . . . . . . . . . . . . 4,998,406
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,913,922
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $ 4,834,440
Net unrealized appreciation (depreciation) on
investments . . . . . . . . . . . . . . . . . 2,917,867
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 7,752,307
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $39,666,229
____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1998 Year Ended
(Unaudited) May 31, 1998
__________________ ______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,913,922 $ 67,354,397
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 4,834,440 16,826,858
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 2,917,867 22,880,755
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 39,666,229 107,062,010
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,264,286) (67,194,371)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . -- (11,741,273)
_______________ _______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,264,286) (78,935,644)
_______________ _______________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 67,004,064 201,091,675
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,495,467 58,183,925
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (113,260,435) (328,451,313)
_______________ _______________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . (22,760,904) (69,175,713)
_______________ _______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . (15,358,961) (41,049,347)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,346,525,274 1,387,574,621
_______________ _______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,331,166,313 $1,346,525,274
_______________ _______________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . -- $ 350,364
_______________ _______________
Shares Shares
_______________ _______________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,725,776 14,280,929
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . 1,654,814 4,133,183
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,985,463) (23,346,665)
_______________ _______________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . (1,604,873) (4,932,553)
_______________ _______________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<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
November 30, 1998 Year Ended May 31,
____________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
____________________ _______ _______ _______ _______ _______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . $14.14 $13.85 $13.75 $14.02 $13.84 $14.31
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . .34 .69 .71 .72 .75 .76
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . .07 .41 .20 (.24) .24 (.31)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . .41 1.10 .91 .48 .99 .45
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . (.34) (.69) (.70) (.72) (.75) (.76)
Dividends from net realized gain on
investments . . . . . . . . . . . . . . -- (.12) (.11) (.03) (.06) (.16)
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . (.34) (.81) (.81) (.75) (.81) (.92)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . $14.21 $14.14 $13.85 $13.75 $14.02 $13.84
_______ _______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . 6.02%(1) 8.04% 6.80% 3.44% 7.54% 3.13%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . .75%(1) .74% .73% .71% .73% .70%
Ratio of net investment income
to average net assets . . . . . . . . . 4.77%(1) 4.91% 5.10% 5.14% 5.52% 5.22%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . .03%(1) .01% -- -- -- --
Portfolio Turnover Rate . . . . . . . . . . 9.13%(2) 40.27% 46.67% 48.70% 42.18% 36.27%
Net Assets, end of period (000's Omitted) . . $1,331,166 $1,346,525 $1,387,575 $1,467,340 $1,569,511 $1,724,126
- -----------------------------
(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, as amended (the "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 (the "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. Under the terms of the custody
agreement, the Fund received net earnings credits of $14,479 during the period
ended November 30, 1998 based on available cash balances left on deposit. Income
earned under this arrangement is included in interest income.
(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 of 1986, as
amended (the "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 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 (the "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. During the period ended
November 30, 1998, the Fund did not borrow under the Facility.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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, 1998 was reduced by $25,750
pursuant to the settlement of litigation. This arrangement terminated on October
31, 1998.
The Manager had undertaken from June 1, 1998 through November 30, 1998 to
reduce the management fee paid by the Fund, to the extent that the Fund's
aggregate annual expenses, exclusive of taxes, brokerage, interest on
borrowings, commitment fees and extraordinary expenses, exceeded an annual rate
of .75 of 1% of the value of the Fund's average daily net assets. The reduction
in management fee, pursuant to the undertaking, amounted to $183,836 during the
period ended November 30, 1998.
(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, 1998, the Fund was charged $640,819 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, 1998, the Fund was charged $275,545 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 (including on
redemptions through use of the Fund Exchanges privilege) on shares redeemed
within fifteen days of their issuance. During the period ended November 30,
1998, redemption fees retained by the Fund amounted to $6,479.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1998,
amounted to $119,854,404 and $137,170,711, respectively.
At November 30, 1998, accumulated net unrealized appreciation on investments
was $77,837,502, consisting of $85,998,724 gross unrealized appreciation and
$8,161,222 gross unrealized depreciation.
At November 30, 1998, 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).
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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. 947SA9811
Intermediate
Municipal Bond
Fund, Inc.
Semi-Annual
Report
November 30, 1998
