N-CSR 1 form-947.htm SEMI-ANNUAL REPORT form-947
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM N-CSR 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 
INVESTMENT COMPANIES 
Investment Company Act file number 811-3721 

DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC. 
(Exact name of Registrant as specified in charter)

c/o The Dreyfus Corporation 
200 Park Avenue 
New York, New York 10166 
(Address of principal executive offices) (Zip code) 
 
Mark N. Jacobs, Esq. 
200 Park Avenue 
New York, New York 10166 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: (212) 922-6000 

Date of fiscal year end:    5/31 
Date of reporting period:    11/30/05 

        FORM N-CSR 
Item 1.    Reports to Stockholders.     

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents
 
    THE FUND 
2    Letter from the Chairman 
3    Discussion of Fund Performance 
6    Understanding Your Fund’s Expenses 
6    Comparing Your Fund’s Expenses 
With Those of Other Funds
7    Statement of Investments 
22    Statement of Assets and Liabilities 
23    Statement of Operations 
24    Statement of Changes in Net Assets 
25    Financial Highlights 
26    Notes to Financial Statements 
FOR MORE INFORMATION
    Back Cover 

Dreyfus Intermediate Municipal

Bond Fund, Inc.

The Fund

LETTER FROM THE CHAIRMAN

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Intermediate Municipal Bond Fund, Inc., covering the six-month period from June 1, 2005, through November 30, 2005. Inside, you’ll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund’s portfolio manager, Monica S.Wieboldt.

The U.S. economy demonstrated remarkable resiliency over the past six months, expanding at a steady pace despite the headwinds of soaring energy prices, higher interest rates and the dislocations caused by the Gulf Coast hurricanes. Although yields of longer-term municipal bonds recently have begun to creep upward, low inflation expectations among U.S. investors, improving fiscal conditions and robust investor demand have helped them withstand the potentially eroding effects of rising short-term interest rates.

As the end of 2005 approaches, the U.S. economy and financial markets may be reaching an inflection point. Investors’ reactions to a change in leadership at the Federal Reserve Board and the effects of higher fuel prices on the rate of inflation may set the tone for the U.S. fixed-income markets in 2006.As always, we encourage you to discuss these and other market forces with your financial advisor.

Thank you for your continued confidence and support.

The Dreyfus Corporation December 15, 2005

2

DISCUSSION OF FUND PERFORMANCE

Monica S. Wieboldt, Senior Portfolio Manager

How did Dreyfus Intermediate Municipal Bond Fund, Inc. 
perform relative to its benchmark? 

For the six-month period ended November 30, 2005, the fund achieved a total return of 0.05% .1 The Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of –0.09% for the same period.2 In addition, the average total return for all funds reported in the Lipper Intermediate Municipal Debt Funds category was –0.02% .3

Short-term interest rates rose, and yield differences between shorter-and longer-term municipal bonds narrowed over the reporting period, mildly eroding prices of intermediate-term municipal bonds.The fund produced slightly higher returns than its Lipper category average and the Index, which we attribute to our yield-curve strategy and relatively strong contributions from higher-yielding holdings.

What is the fund’s investment approach?

The fund seeks the maximum amount of current income exempt from federal income tax as is consistent with the preservation of capital. To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal personal income tax.

The fund invests at least 80% of its assets in municipal bonds rated A or higher, or the unrated equivalent as determined by Dreyfus. The fund may invest up to 20% of its assets in municipal bonds rated below A, including bonds rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by Dreyfus. The dollar-weighted average maturity of the fund’s portfolio ranges between three and 10 years.

We may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, we may

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

assess the current interest-rate environment and the municipal bond’s potential volatility in different rate environments. We focus on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices. A portion of the fund’s assets may be allocated to “discount” bonds, which are bonds that sell at a price below their face value, or to “premium” bonds, which are bonds that sell at a price above their face value.The fund’s allocation to either discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment.We also may look to select bonds that are most likely to obtain attractive prices when sold.

What other factors influenced the fund’s performance?

The fund was affected by rising short-term interest rates in an environment of stronger-than-expected economic growth. In fact, the Federal Reserve Board (the “Fed”) continued to raise short-term interest rates at each of four meetings of its Federal Open Market Committee (“FOMC”) during the reporting period, driving the overnight federal funds rate from 3% to 4% by the reporting period’s end.

Unlike most previous periods of Fed tightening, however, longer-term bond yields remained remarkably stable. Despite soaring energy prices, investors’ inflation expectations remained persistently low due to signs that many manufacturers were unable to pass along higher commodities prices to their customers.As a result, the difference between short-and longer-term yields narrowed, benefiting bonds toward the longer end of the maturity spectrum.

The fund also was influenced by an improving credit environment for most states and municipalities, which enjoyed higher levels of private-sector employment and personal income, helping to support tax revenues during the reporting period. Although the national supply of newly issued bonds remained high as issuers took advantage of relatively low borrowing costs, investor demand was strong in the growing economy.

Because rising short-term interest rates hurt prices of shorter-term municipal bonds, new purchases focused on the longer end of the

4

intermediate-term range. In addition, the fund benefited from relative strength among higher-yielding securities, such as bonds issued to finance health care facilities, as well as tobacco bonds and corporate-related issues, as investors searched for additional income. Some of the fund’s holdings also were “pre-refunded” during the reporting period by issuers seeking to reduce their borrowing costs, further bolstering the fund’s performance.

What is the fund’s current strategy?

Although the Fed may be approaching the end of the current credit-tightening cycle, we believe that additional rate hikes are likely at upcoming FOMC meetings, and we have maintained the fund’s focus on securities toward the longer end of the intermediate-term range. However, because yield differences between higher- and lower-rated credits recently have narrowed beyond historical norms, we have begun to shift away from lower-rated securities toward higher-quality bonds, including those backed by bond insurers or revenues from essential services facilities.4

December 15, 2005

1    Total return includes reinvestment of dividends and any capital gains paid. Past performance is no 
    guarantee of future results. Share price, yield and investment return fluctuate such that upon 
    redemption, fund shares may be worth more or less than their original cost. Income may be subject 
    to state and local taxes, and some income may be subject to the federal alternative minimum tax 
    (AMT) for certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects 
    the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an undertaking 
    in effect that may be modified, extended or terminated at any time. Had these expenses not been 
    absorbed, the fund’s return would have been lower. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital 
    gain distributions.The Lehman Brothers 7-Year Municipal Bond Index is an unmanaged total 
    return performance benchmark for the investment-grade, geographically unrestricted 7-year tax- 
    exempt bond market, consisting of municipal bonds with maturities of 6-8 years. Index returns do 
    not reflect fees and expenses associated with operating a mutual fund. 
3    Source: Lipper Inc. 
4    Portfolio insurance extends to the repayment of principal and payment of interest in the event 
    of default. It does not extend to the market value of the portfolio securities or the value of the 
    fund’s shares. 

The Fund 5

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Intermediate Municipal Bond Fund, Inc. from June 1, 2005 to November 30, 2005. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment assuming actual returns for the six months ended November 30, 2005

Expenses paid per $1,000 †    $ 3.71 
Ending value (after expenses)    $1000.50 

COMPARING YOUR FUND’S EXPENSES 
WITH THOSE OF OTHER FUNDS (Unaudited) 

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment assuming a hypothetical 5% annualized return for the six months ended November 30, 2005

Expenses paid per $1,000 †    $ 3.75 
Ending value (after expenses)    $1021.36 

† Expenses are equal to the fund’s annualized expense ratio of .74%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

6
STATEMENT OF INVESTMENTS 
November 30, 2005 (Unaudited) 

    Principal         
Long-Term Municipal Investments—97.8%    Amount ($)    Value ($) 
Alabama—1.8%             
Jefferson County, Limited Obligation School Warrants:         
5.50%, 1/1/2021    7,500,000        8,066,475 
5.25%, 1/1/2023    5,500,000        5,780,610 
McIntosh Industrial Development Board, EIR             
4.65%, 6/1/2008    1,075,000        1,092,813 
Alaska—5.2%             
Alaska International Airports, Revenue:             
5.50%, 10/1/2011 (Insured; AMBAC)    2,560,000        2,796,954 
5.50%, 10/1/2012 (Insured; AMBAC)    1,620,000        1,782,292 
Alaska Student Loan Corp., Student Loan Revenue:             
5.60%, 7/1/2011 (Insured; AMBAC)    4,700,000        4,839,449 
5.70%, 7/1/2013 (Insured; AMBAC)    5,990,000        6,176,349 
6%, 7/1/2016 (Insured; AMBAC)    6,380,000        6,829,535 
Anchorage:             
5.875%, 12/1/2010 (Insured; FGIC)    2,365,000    a    2,616,967 
5.875%, 12/1/2010 (Insured; FGIC)    1,500,000    a    1,659,810 
Electric Utility Revenue:             
6.50%, 12/1/2008 (Insured; MBIA)    2,755,000        2,992,591 
6.50%, 12/1/2009 (Insured; MBIA)    2,910,000        3,228,616 
5.875%, 2/1/2010 (Insured; FSA)    3,175,000    a    3,466,687 
Northern Tobacco Securitization Corp.,             
Tobacco Settlement Revenue:             
6%, 6/1/2013    4,745,000        4,960,423 
6.20%, 6/1/2022    2,060,000        2,138,836 
Arizona—.3%             
Glendale Municipal Property Corp., Excise Tax Revenue         
5%, 7/1/2017 (Insured; AMBAC)    2,160,000        2,294,244 
Arkansas—.2%             
Springdale, Sales and Use Tax Revenue             
4%, 7/1/2016 (Insured; MBIA)    1,725,000        1,714,650 
California—8.8%             
ABAG Finance Authority for Nonprofit Corp.,             
Revenue (San Diego Hospital Association)             
5.125%, 3/1/2018    1,000,000        1,037,870 
Alameda County Unified School District             
Zero Coupon, 8/1/2018 (Insured; FSA)    3,785,000        2,135,232 
California, GO             
Various Purpose:             
5%, 3/1/2014 (Insured; FGIC)    10,000,000        10,792,700 
5%, 6/1/2016    5,000,000        5,341,050 
5%, 8/1/2022    5,000,000        5,231,900 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
California (continued)         
California Health Facilities Financing Authority,         
Revenue (Cedars Sinai Medical Center)         
5%, 11/15/2019    1,500,000    1,561,470 
California Infrastructure and Economic Development,         
Bank Revenue (Bay Area Toll Bridges—1st Lien)         
5.25%, 7/1/2017 (Insured; FSA)    3,300,000    3,574,230 
California Pollution Control Financing Authority,         
PCR (San Diego Gas and Electric Co.)         
5.90%, 6/1/2014 (Insured; MBIA)    2,100,000    2,394,462 
California Public Works Board, LR         
(Department of Mental Health—Coalinga)         
5.50%, 6/1/2018    3,000,000    3,246,360 
California Statewide Community Development Authority:         
MFHR (Equity Residential) 5.20%, 6/15/2009    3,000,000    3,124,170 
Revenue (Huntington Memorial Hospital) 5%, 7/1/2017    2,895,000    3,037,637 
Elsinore Valley Municipal Water District, COP         
5.375%, 7/1/2016 (Insured; FGIC)    3,295,000    3,648,257 
Foothill/Eastern Transportation Corridor Agency,         
Toll Road Revenue         
0/7%, 1/1/2008    5,000,000 b    5,382,900 
Golden State Tobacco Securitization Corp.,         
Tobacco Settlement Revenue:         
5.75%, 6/1/2008    6,950,000 a    7,346,914 
5.75%, 6/1/2008    1,735,000 a    1,834,086 
5%, 6/1/2019    2,000,000    2,083,680 
Los Angeles County Public Works Financing Authority,         
Revenue (Regional Park and Open Space District):         
5%, 10/1/2007    3,635,000 a    3,787,234 
5%, 10/1/2019    1,915,000    1,987,808 
Palomar Pomerado Health, GO         
5%, 8/1/2020 (Insured; AMBAC)    2,130,000    2,256,330 
San Francisco Bay Area Rapid Transit District, Sales         
Tax Revenue 5%, 7/1/2018 (Insured; MBIA)    3,000,000    3,213,360 
Colorado—1.3%         
Denver City and County, Airport Revenue         
5%, 11/15/2008 (Insured; XLCA)    5,000,000    5,180,500 
El Paso County School District         
(Number 11 Colorado Springs):         
6.25%, 12/1/2009    1,000,000    1,103,770 
6.50%, 12/1/2010    2,000,000    2,270,320 
6.50%, 12/1/2011    2,040,000    2,353,385 

8

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Connecticut—.1%         
Mashantucket Western Pequot Tribe,         
Special Revenue 5.60%, 9/1/2009    1,000,000 c    1,051,580 
District of Columbia—.4%         
District of Columbia 6%, 6/1/2012 (Insured; MBIA)    3,280,000    3,700,365 
Florida—3.1%         
Broward County, Airport System Revenue         
(Convertible Lien) 5.25%         
10/1/2011 (Insured; AMBAC)    1,525,000    1,593,976 
Capital Projects Finance Authority, Student Housing         
Revenue (Capital Projects Loan Program)         
5.50%, 10/1/2015 (Insured; MBIA)    4,060,000    4,347,245 
Collier County, Gas Tax Revenue         
5.25%, 6/1/2019 (Insured; AMBAC)    2,190,000    2,360,053 
Hillsborough County Industrial Development Authority,         
PCR (Tampa Electric Co. Project)         
5.10%, 10/1/2013    5,000,000    5,187,050 
Miami-Dade County School Board, COP         
5.25%, 10/1/2017 (Insured; FGIC)    5,000,000    5,412,700 
Palm Beach County School Board, COP         
5.375%, 8/1/2014 (Insured; AMBAC)    4,000,000    4,427,760 
Polk County, Utility System Revenue         
5.25%, 10/1/2018 (Insured; FGIC)    2,000,000    2,162,440 
Georgia—2.1%         
Athens Housing Authority, Student Housing LR         
(Ugaref East Campus Housing):         
5.25%, 12/1/2015 (Insured; AMBAC)    2,560,000    2,745,190 
5.25%, 12/1/2016 (Insured; AMBAC)    2,700,000    2,888,190 
Milledgeville-Baldwin County Development         
Authority, Revenue (Georgia College         
and State University Foundation):         
6%, 9/1/2010    1,275,000    1,376,617 
5.25%, 9/1/2019    1,710,000    1,779,751 
Municipal Electric Authority of Georgia         
(Combustion Turbine Project):         
5.25%, 11/1/2012 (Insured; MBIA)    2,735,000    2,983,776 
5.25%, 11/1/2016 (Insured; MBIA)    5,000,000    5,409,850 
Hawaii—.3%         
Kuakini Health System, Special Purpose Revenue         
5.50%, 7/1/2012    2,575,000    2,690,411 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Illinois—3.4%         
Chicago Housing Authority, Revenue (Capital Program):         
5%, 7/1/2009    2,500,000    2,600,875 
5.25%, 7/1/2010    2,420,000    2,559,537 
Chicago O’Hare International Airport, Revenue:         
(Second Lien) 5.25%, 1/1/2010 (Insured; AMBAC)    3,095,000    3,256,683 
(Third Lien) 5.50%, 1/1/2015 (Insured; CIFG)    6,450,000    7,082,229 
Chicago Park District, GO Limited Tax Park         
5.50%, 1/1/2020 (Insured; FGIC)    5,305,000    5,731,310 
Illinois Health Facilities Authority, Revenue         
(Passavant Memorial Area Hospital Association)         
5.65%, 10/1/2016    4,850,000    5,168,839 
Metropolitan Pier and Exposition Authority,         
Dedicated State Tax Revenue (McCormick         
Place) 0/5.55%, 6/15/2021 (Insured; MBIA)    2,500,000 b    1,932,750 
Indiana—1.9%         
Indiana Health Facility Financing Authority,         
HR (Clarian Health Partners, Inc.):         
5.50%, 2/15/2007    3,000,000 a    3,134,520 
5.50%, 2/15/2007    5,000,000 a    5,224,200 
Indianapolis Local Public Improvement Bond Bank         
6.50%, 1/1/2011 (Insured; FSA)    6,415,000    7,254,852 
Kansas—1.7%         
Wyandotte County/Kansas City Unified Government:         
Tax-Exempt Sales Tax Special Obligation         
Revenue (Redevelopment Project Area B)         
4.75%, 12/1/2016    3,800,000    3,883,524 
Utility System Revenue         
5.65%, 9/1/2018 (Insured; AMBAC)    9,130,000    10,410,117 
Kentucky—.5%         
Ashland, PCR (Ashland, Inc.) 5.70%, 11/1/2009    4,000,000    4,308,160 
Maine—.5%         
Maine Finance Authority, SWDR         
(Waste Management, Inc. Project) 4.65%, 2/1/2016    3,980,000    3,898,609 
Massachusetts—5.2%         
Boston Water and Sewer Commission, Revenue         
5%, 11/1/2020    5,760,000    6,110,669 
Massachusetts, Consolidated Loan         
5%, 12/1/2010    3,000,000    3,193,530 
Massachusetts Bay Transportation Authority,         
Sales Tax Revenue 5.50%, 7/1/2017    5,000,000    5,642,750 

10

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Massachusetts (continued)         
Massachusetts Municipal Wholesale Electric Co.,         
Power Supply System Revenue         
(Project Number 6) 5.25%, 7/1/2015 (Insured; MBIA)    4,000,000    4,296,120 
Massachusetts Water Resource Authority:         
5.25%, 8/1/2019 (Insured; MBIA)    8,420,000    9,289,870 
5%, 8/1/2022 (Insured; MBIA)    9,875,000    10,498,804 
University of Massachusetts Building         
Authority, Project Revenue 5.25%,         
11/1/2013 (Insured; AMBAC)    3,500,000 a    3,847,165 
Michigan—4.2%         
Detroit Local Development Finance Authority         
5.20%, 5/1/2010    5,745,000    5,906,664 
Greater Detroit Resource Recovery Authority, Revenue         
6.25%, 12/13/2008 (Insured; AMBAC)    7,755,000    8,350,662 
Michigan Building Authority, Revenue         
(State Police Communications System)         
5.25%, 10/1/2013    1,945,000    2,135,182 
Michigan Hospital Finance Authority, Revenue:         
7.495%, 11/15/2007    5,750,000 c,d    6,134,215 
(Oakwood Obligation Group)         
5.50%, 11/1/2011    3,500,000    3,786,230 
(Sparrow Obligation Group):         
5.25%, 11/15/2011    2,500,000    2,677,850 
5.75%, 11/15/2016    3,250,000    3,517,865 
Michigan Municipal Bond Authority, Revenue         
(Drinking Water Revolving Fund)         
5.25%, 10/1/2009    2,370,000 a    2,523,268 
Minnesota—1.1%         
Lakeville Independent School District Number 194, GO         
5%, 2/1/2018 (Insured; FSA)    5,000,000    5,295,950 
Saint Paul Housing and Redevelopment Authority,         
Hospital Facility Revenue (HealthEast Project):         
5%, 11/15/2017    3,000,000    2,970,420 
5.75%, 11/15/2021    1,000,000    1,061,870 
Mississippi—.5%         
Mississippi Higher Education Assistance Corp.,         
Student Loan Revenue 5.30%, 9/1/2008    2,390,000    2,440,477 
Walnut Grove Correctional Authority, COP         
5.50%, 11/1/2007 (Insured; AMBAC)    1,855,000    1,927,512 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal         
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Missouri—2.3%             
Joplin Industrial Development Authority, Revenue             
(Catholic Health Initiatives):             
5.50%, 12/1/2009    3,185,000        3,323,834 
5.625%, 12/1/2010    3,340,000        3,491,937 
Missouri Development Finance Board,             
Infrastructure Facilities Revenue (Branson             
Landing Project) 6%, 6/1/2020    3,160,000        3,601,010 
Missouri Health and Educational             
Facilities Authority, Revenue             
(SSM Health Care) 5%, 6/1/2007    2,940,000        3,002,622 
Saint Louis, Airport Revenue             
(Airport Development Program):             
5.50%, 7/1/2010 (Insured; MBIA)    1,565,000        1,692,031 
5.50%, 7/1/2010 (Insured; MBIA)    1,435,000        1,556,530 
5.625%, 7/1/2011 (Insured; MBIA)    2,500,000    a    2,750,700 
Nevada—1.3%             
Director of the State of Nevada Department of Business             
and Industry, SWDR (Republic Services, Inc. Project)             
5.625%, 6/1/2018    5,000,000        5,416,350 
Washoe County, Water Facility Revenue             
(Sierra Pacific Power Co.)             
5%, 7/1/2009    5,000,000        5,058,950 
New Jersey—4.7%             
Casino Reinvestment Development Authority,             
Revenue 5.25%, 6/1/2019 (Insured; MBIA)    5,000,000        5,373,400 
New Jersey Economic Development Authority:             
Cigarette Tax Revenue:             
5.375%, 6/15/2015    3,300,000        3,525,885 
5.50%, 6/15/2016    1,000,000        1,075,790 
School Facilities Revenue (Construction 2001)             
5.25%, 6/15/2010 (Insured; AMBAC)    10,030,000        10,742,230 
New Jersey Educational Facilities Authority, Revenue:             
(Rider University):             
5%, 7/1/2010 (Insured; Radian)    1,880,000        1,964,807 
5%, 7/1/2011 (Insured; Radian)    1,970,000        2,068,185 
(Rowan University) 5.25%, 7/1/2016 (Insured; MBIA)    2,000,000        2,175,540 
New Jersey Health Care Facilities             
Financing Authority, Revenue             
(South Jersey Hospital) 6%, 7/1/2012    3,425,000        3,782,570 
New Jersey Turnpike Authority, Revenue             
5.625%, 1/1/2010 (Insured MBIA)    3,910,000    a    4,230,620 

12

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
New Jersey (continued)         
Union County Utilities Authority, Solid Waste Revenue         
(Ogden Martin) 5.50%, 6/1/2008 (Insured; AMBAC)    4,000,000    4,175,960 
New Mexico—1.4%         
Jicarilla, Apache Nation Revenue:         
5%, 9/1/2011    1,500,000    1,573,800 
5%, 9/1/2013    2,905,000    3,040,605 
Las Cruces, Joint Utility Improvement Revenue         
5.50%, 7/1/2016 (Insured; MBIA)    7,000,000    7,357,630 
New York—7.0%         
New York City:         
6.25%, 8/1/2006    530,000 a    548,619 
6.25%, 8/1/2009    1,470,000    1,518,657 
5%, 6/1/2016 (Insured; FSA)    3,395,000    3,645,924 
5%, 4/1/2020    2,500,000    2,604,925 
5%, 4/1/2022    5,110,000    5,296,771 
New York City Industrial Development Agency,         
Special Facility Revenue (American Airlines, Inc.         
John F. Kennedy International Airport Project):         
7.125%, 8/1/2011    1,000,000    986,180 
7.50%, 8/1/2016    1,500,000    1,460,505 
New York State Dormitory Authority, Revenues         
(Lenox Hill Hospital Obligation Group)         
5.50%, 7/1/2011    1,000,000    1,033,400 
New York State Local Government         
Assistance Corporation:         
5.25%, 4/1/2016    3,425,000    3,725,646 
5.25%, 4/1/2016 (Insured; FSA)    2,200,000    2,408,384 
New York State Thruway Authority:         
Highway and Bridge Trust Fund         
6.666%, 4/1/2018 (Insured; AMBAC)    2,500,000 c,d    2,854,725 
Service Contract Revenue (Local Highway and Bridge):     
5.50%, 4/1/2012    3,950,000    4,343,420 
5.50%, 4/1/2013 (Insured; XLCA)    5,000,000    5,450,850 
New York State Urban Development Corp.:         
Corporate Purpose 5.125%, 7/1/2019    2,000,000    2,113,660 
Correctional and Youth Facilities Service Contract         
Revenue (Empire State Development Corp.)         
5.25%, 1/1/2009    8,575,000    8,970,993 
Personal Income Tax 5.25%, 3/15/2011    1,565,000    1,683,095 
Tobacco Settlement Financing Corp. of New York,         
Revenue 5.50%, 6/1/2018    4,000,000    4,325,120 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
New York (continued)         
Triborough Bridge and Tunnel Authority, Revenue         
6.75%, 1/1/2009    5,100,000    5,406,612 
North Carolina—3.4%         
North Carolina Eastern Municipal Power Agency,         
Power System Revenue:         
5.125%, 1/1/2014    3,000,000    3,167,520 
5%, 1/1/2021    1,200,000    1,295,400 
North Carolina Medical Care Commission, Revenue:         
(FHA Insured Mortgage—Morehead Memorial Hospital)         
5%, 11/1/2020 (Insured FSA)    5,000,000    5,256,700 
Retirement Facilities         
(The United Methodist Retirement Homes Project):         
4.75%, 10/1/2013    1,000,000    1,007,230 
5.125%, 10/1/2019    1,250,000    1,273,612 
North Carolina Municipal Power Agency,         
Electric Revenue (Number 1 Catawba):         
5.25%, 1/1/2016 (Insured; FSA)    2,540,000    2,722,804 
5.25%, 1/1/2017 (Insured; FSA)    10,000,000    10,707,000 
Raleigh Durham Airport Authority, Airport Revenue         
5.25%, 11/1/2012 (Insured; FGIC)    2,365,000    2,557,393 
Ohio—2.0%         
Cuyahoga County, Revenue         
(Cleveland Clinic Health System):         
5.50%, 1/1/2014    4,000,000    4,318,480 
6%, 1/1/2017    5,000,000    5,517,800 
Knox County, Hospital Facilities Revenue         
(Knox Community Hospital)         
5%, 6/1/2012 (Insured; Radian)    1,500,000    1,582,335 
Ohio, GO (Common Schools Capital Facilities)         
5.75%, 6/15/2009    5,000,000 a    5,383,500 
Oklahoma—.3%         
Oklahoma Development Finance Authority, LR         
(Oklahoma State System Higher Education):         
4%, 6/1/2007    1,020,000    1,028,548 
4%, 6/1/2008    1,060,000    1,072,264 
Oregon—1.2%         
Gilliam County, SWDR         
4.15%, 5/1/2009    3,400,000    3,405,610 

  14
    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Oregon (continued)         
Washington County Unified Sewer Agency,         
Sewer Revenue 5.75%, 10/1/2012 (Insured; FGIC)    5,670,000    6,366,106 
Pennsylvania—8.2%         
Allegheny County, Airport Revenue (Pittsburgh         
International Airport) 5.75%, 1/1/2011    5,000,000    5,354,950 
Allegheny County Industrial Development Authority,         
PCR 4.05%, 9/1/2011 (Insured; AMBAC)    4,000,000    4,084,240 
Carbon County Industrial Development Authority, RRR         
(Panther Creek Partners Project) 6.65%, 5/1/2010    8,925,000    9,562,602 
Delaware County Industrial Development Authority         
(Resource Recovery Facility) 6.10%, 7/1/2013    8,000,000    8,428,480 
Delaware River Joint Toll Bridge Commission,         
Bridge Revenue 5.25%, 7/1/2013    2,500,000    2,712,875 
Delaware Valley Regional Finance Authority,         
Local Government Revenue 5.75%, 7/1/2017    6,830,000    7,676,169 
Erie County Hospital Authority, Revenue         
(Hamot Health Foundation)         
5.375%, 5/15/2010 (Insured; AMBAC)    2,340,000    2,434,606 
Erie County Industrial Development Authority,         
EIR (International Paper Co. Project)         
5.25%, 9/1/2010    2,100,000    2,190,300 
Montgomery County Higher Education and Health         
Authority, HR (Abington Memorial)         
6.10%, 6/1/2012 (Insured; AMBAC)    5,000,000    5,636,550 
Montgomery County Industrial Development         
Authority, Mortgage Revenue (Whitemarsh         
Continuing Care) 6%, 2/1/2021    5,000,000    5,210,600 
Pennsylvania Higher Educational Facilities Authority         
(UPMC Health System) 6.25%, 1/15/2015    3,660,000    4,049,058 
Rose Tree Media School District         
5.25%, 2/1/2018 (Insured; FSA)    5,900,000    6,401,736 
Sayre Health Care Facilities Authority, Revenue         
(Guthrie Health) 6%, 12/1/2012    2,000,000    2,210,120 
State Public School Building Authority, School         
LR (Colonial Intermediate         
Unit) 5.25%, 5/15/2019 (Insured; FGIC)    2,175,000    2,361,441 

The Fund 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Rhode Island—1.2%         
Rhode Island Health and Educational Building Corp.:         
Health Facilities Revenue (San Antoine)         
5.50%, 11/15/2009    2,725,000    2,850,977 
Hospital Financing Revenue         
(Lifespan Obligation Group)         
5.75%, 5/15/2008 (Insured; MBIA)    5,560,000    5,843,616 
Revenue (Roger Williams University)         
5%, 11/15/2021 (Insured; Radian)    1,360,000    1,394,054 
South Carolina—2.8%         
Anderson County, IDR (Federal Paper Board)         
4.75%, 8/1/2010    4,520,000    4,574,330 
Berkeley County School District, Installment         
Purchase Revenue (Securing Assets for Education)         
5.25%, 12/1/2021    9,395,000    9,780,853 
Charleston, COP (Public Facilities Corp.)         
5%, 9/1/2015    2,145,000    2,290,238 
Dorchester County School District Number 002,         
Installment Purpose Revenue (Growth Remedy         
Opportunity Tax Hike) 5.25%, 12/1/2021    5,000,000    5,244,900 
Hilton Head Island Public Facilities Corp., COP         
5%, 3/1/2013 (Insured; AMBAC)    1,065,000    1,139,848 
Tennessee—2.2%         
Chattanooga Health Educational and Housing Facility         
Board, Revenue (CDFI Phase I LLC Project)         
5%, 10/1/2015    1,490,000    1,523,018 
Johnson City Health and Educational Facility Board, HR         
(Medical Center Hospital Improvement)         
5.125%, 7/1/2011 (Insured; MBIA)    6,720,000    7,047,264 
The Health, Educational and Housing Facility         
Board of Shelby County, Revenue (Baptist         
Memorial Health Care) 5%, 10/1/2008    5,000,000    5,163,700 
Tennessee Housing Development Agency,         
(Homeownership Program):         
5.20%, 7/1/2010    1,815,000    1,893,426 
5.30%, 7/1/2011    2,140,000    2,231,678 
Texas—7.2%         
Bexar County, Revenue (Venue)         
5.75%, 8/15/2013 (Insured; MBIA)    5,000,000    5,446,100 
Cypress—Fairbanks Independent School District,         
Schoolhouse (Permanent School Fund Guaranteed)         
6.75%, 2/15/2010    1,700,000 a    1,911,854 

16

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Texas (continued)         
Dallas—Fort Worth International Airport, Revenue         
Facility Improvement Corp.         
(Bombardier Inc.) 6.15%, 1/1/2016    4,000,000    4,071,440 
Gulf Coast Waste Disposal Authority,         
Revenue (Bayport Area System)         
5%, 10/1/2014 (Insured; AMBAC)    2,065,000    2,216,530 
Harris County Health Facilities Development Corp., HR         
(Memorial Hermann Hospital System)         
5.50%, 6/1/2012 (Insured; FSA)    8,295,000    9,047,356 
Houston, Combined Utility System, First Lien Revenue:         
5.25%, 5/15/2012 (Insured; MBIA)    2,750,000    2,981,825 
5.25%, 11/15/2017 (Insured; FSA)    5,000,000    5,506,800 
Lewisville,         
Combination Tax and Revenue Certificates of         
Obligation 5.25%, 2/15/2020 (Insured; MBIA)    1,230,000    1,321,906 
Lower Colorado River Authority,         
Transmission Contract Revenue         
(LCRA Transmission Services Corp. Project)         
5%, 5/15/2010 (Insured; FGIC)    4,200,000    4,352,964 
Port Corpus Christi Industrial Development Corp.,         
Revenue (Valero):         
5.125%, 4/1/2009    2,250,000    2,365,515 
5.40%, 4/1/2018    1,500,000    1,567,515 
San Antonio, Electric and Gas Revenue         
5%, 2/1/2018    5,000,000    5,216,800 
Tarrant County Health Facilities Development Corp.,         
Health Systems Revenue:         
(Harris Methodist Health Systems) 6%, 9/1/2010    7,725,000    8,405,650 
(Health Resources Systems)         
5.75%, 2/15/2014 (Insured; MBIA)    5,000,000    5,575,300 
Texas Municipal Power Agency, Revenue         
Zero Coupon, 9/1/2009 (Insured; AMBAC)    170,000    148,165 
Utah—2.9%         
Carbon County, SWDR         
(Sunnyside Cogeneration-A) 6.375%, 8/15/2011    8,450,000    8,415,101 
Jordanelle Special Service District         
(Special Assessment Improvement District)         
8%, 10/1/2011    4,475,000    4,693,246 
Orem, Sales Tax Revenue 5%, 4/15/2015         
(Insured; AMBAC)    3,325,000    3,511,865 

The Fund 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

    Principal     
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Utah (continued)         
Utah Building Ownership Authority, LR         
(State Facilities Master Lease Program)         
5%, 5/15/2017    2,950,000    3,121,896 
Utah County, EIR (USX Corporation Project)         
5.05%, 11/1/2011    4,480,000    4,707,226 
Virginia—2.8%         
Arlington County Industrial Development Authority, RRR         
(Ogden Martin System of Alexandria/Arlington         
Inc. Project) 5.375%, 1/1/2012 (Insured; FSA)    2,530,000    2,640,890 
Greater Richmond Convention Center Authority,         
Hotel Tax Revenue (Convention Center         
Expansion Project) 6%, 6/15/2010    2,000,000 a    2,218,480 
Peninsula Ports Authority, Revenue         
(Port Facility—CSX Transportation Project)         
6%, 12/15/2012    4,150,000    4,615,879 
Tobacco Settlement Financing Corp. of Virginia:         
4%, 6/1/2013    6,590,000    6,558,302 
5.25%, 6/1/2019    3,000,000    3,032,430 
Virginia College Building Authority, Educational         
Facilities Revenue (Hampden—Sydney College         
Project) 5%, 9/1/2016    1,000,000    1,028,400 
York County Industrial Development Authority,         
PCR (Virginia Electric and Power Co.)         
5.50%, 7/1/2009    2,750,000    2,827,192 
Washington—1.9%         
Energy Northwest, Revenue (Wind Project)         
5.60%, 1/1/2007    2,530,000 a    2,664,900 
Goat Hill Properties, LR (Government         
Office Building Project) 5.25%, 12/1/2020         
(Insured; MBIA)    2,710,000    2,909,917 
Seattle Municipal Light and Power, Revenue:         
5.25%, 3/1/2010 (Insured; FSA)    50,000    53,300 
7.336%, 3/1/2010 (Insured; FSA)    6,500,000 c,d    7,358,130 
Washington:         
5.75%, 10/1/2012    20,000    21,958 
5.75%, 10/1/2012    2,305,000    2,534,347 
West Virginia—.4%         
West Virginia Economic Development Authority, LR         
(Department of Environmental Protection)         
5.50%, 11/1/2022    2,895,000    3,165,046 

18

    Principal         
Long-Term Municipal Investments (continued)    Amount ($)    Value ($) 
Wisconsin—.6%             
Racine, SWDR (Republic Services Project)             
3.25%, 4/1/2009    1,000,000        973,100 
Wisconsin Health and Educational Facilities Authority,             
Revenue (Aurora Medical Group, Inc.)             
6%, 11/15/2011 (Insured; FSA)    3,500,000        3,908,625 
U.S. Related—1.4%             
The Childrens Trust Fund of Puerto Rico,             
Tobacco Settlement Revenue:             
5.75%, 7/1/2010    2,500,000        2,734,675 
5.75%, 7/1/2010    5,000,000    a    5,469,350 
5.75%, 7/1/2010    3,300,000    a    3,609,771 
Total Long-Term Municipal Investments             
(cost $799,321,602)            812,755,307 
    Principal         
Short-Term Municipal Investments—1.3%    Amount ($)    Value ($) 
Florida—.1%             
Putnam County Development Authority, PCR             
(Florida Power and Light Co. Project) 3%    500,000    e    500,000 
Maryland—.2%             
Maryland Economic Development Corp.,             
Multi-Modal Revenue (United States             
Pharmacopeial Project) 2.98% (Insured;             
AMBAC and Liquidity Facility; Bank of America)    1,500,000    e    1,500,000 
Michigan—.3%             
Detroit, Water Supply System Revenue             
3.09% (Insured; MBIA and Liquidity Facility; Bank One)    2,725,000    e    2,725,000 
Texas—.7%             
Harris County Health Facilities Development Corp.,             
Revenue (The Methodist Hospital System) 3%    6,000,000    e    6,000,000 
Total Short-Term Municipal Investments             
(cost $10,725,000)            10,725,000 
 
Total Investments (cost $810,046,602)    99.1%        823,480,307 
Cash and Receivables (Net)    .9%        7,234,620 
Net Assets    100.0%        830,714,927 

The Fund 19

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Abbreviations         
 
ACA    American Capital Access    GIC    Guaranteed Investment Contract 
AGC    ACE Guaranty Corporation    GNMA    Government National Mortgage 
AGIC    Asset Guaranty Insurance Company        Association 
AMBAC    American Municipal Bond    GO    General Obligation 
    Assurance Corporation    HR    Hospital Revenue 
ARRN    Adjustable Rate Receipt Notes    IDB    Industrial Development Board 
BAN    Bond Anticipation Notes    IDC    Industrial Development Corporation 
BIGI    Bond Investors Guaranty Insurance    IDR    Industrial Development Revenue 
BPA    Bond Purchase Agreement    LOC    Letter of Credit 
CGIC    Capital Guaranty Insurance    LOR    Limited Obligation Revenue 
    Company    LR    Lease Revenue 
CIC    Continental Insurance Company    MBIA    Municipal Bond Investors Assurance 
CIFG    CDC Ixis Financial Guaranty        Insurance Corporation 
CMAC    Capital Market Assurance    MFHR    Multi-Family Housing Revenue 
    Corporation    MFMR    Multi-Family Mortgage Revenue 
COP    Certificate of Participation    PCR    Pollution Control Revenue 
CP    Commercial Paper    RAC    Revenue Anticipation Certificates 
EDR    Economic Development Revenue    RAN    Revenue Anticipation Notes 
EIR    Environmental Improvement    RAW    Revenue Anticipation Warrants 
    Revenue    RRR    Resources Recovery Revenue 
FGIC    Financial Guaranty Insurance    SAAN    State Aid Anticipation Notes 
    Company    SBPA    Standby Bond Purchase Agreement 
FHA    Federal Housing Administration    SFHR    Single Family Housing Revenue 
FHLB    Federal Home Loan Bank    SFMR    Single Family Mortgage Revenue 
FHLMC    Federal Home Loan Mortgage    SONYMA    State of New York Mortgage Agency 
    Corporation    SWDR    Solid Waste Disposal Revenue 
FNMA    Federal National Mortgage    TAN    Tax Anticipation Notes 
    Association    TAW    Tax Anticipation Warrants 
FSA    Financial Security Assurance    TRAN    Tax and Revenue Anticipation Notes 
GAN    Grant Anticipation Notes    XLCA    XL Capital Assurance 

  20
Summary of Combined Ratings (Unaudited)     
 
Fitch or    Moody’s    or Standard & Poor’s    Value (%)† 
AAA    Aaa    AAA    51.3 
AA    Aa    AA    15.0 
A        A    A    13.8 
BBB    Baa    BBB    12.9 
BB        Ba    BB    1.6 
B        B    B    .3 
F1        MIG1/P1    SP1/A1    1.1 
Not Rated f    Not Rated f    Not Rated f    4.0 
                100.0 
 
†    Based on total investments.         
a    These securities are prerefunded; the date shown represents the prerefunded date. 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    Zero coupon until a specified date, at which time the stated coupon rate becomes effective until maturity. 
c    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, 2005, these 
    securities amounted to $17,398,650 or 2.1% of net assets.     
d    Inverse floater security—the interest rate is subject to change periodically.     
e    Securities payable on demand.Variable interest rate—subject to periodic change.     
f    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.         

The Fund 21

STATEMENT OF ASSETS AND LIABILITIES 
November 30, 2005 (Unaudited) 

    Cost    Value 
Assets ($):         
Investments in securities—See Statement of Investments    810,046,602    823,480,307 
Interest receivable        13,703,188 
Receivable for shares of Common Stock subscribed        3,863 
Prepaid expenses        14,665 
        837,202,023 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates        459,309 
Cash overdraft due to Custodian        287,095 
Payable for investment securities purchased        5,464,604 
Payable for shares of Common Stock redeemed        198,878 
Accrued expenses        77,210 
        6,487,096 
Net Assets ($)        830,714,927 
Composition of Net Assets ($):         
Paid-in capital        823,100,740 
Accumulated undistributed investment income—net        149,604 
Accumulated net realized gain (loss) on investments        (5,969,122) 
Accumulated net unrealized appreciation         
(depreciation) on investments        13,433,705 
Net Assets ($)        830,714,927 
Shares Outstanding         
(300 million shares of $.001 par value Common Stock authorized)    62,602,428 
Net Asset Value, offering and redemption price per share—Note 3(d) ($)    13.27 

See notes to financial statements.
22
STATEMENT OF OPERATIONS 
Six Months Ended November 30, 2005 (Unaudited) 

Investment Income ($):     
Interest Income    18,867,363 
Expenses:     
Management fee—Note 3(a)    2,564,296 
Shareholder servicing costs—Note 3(b)    450,093 
Custodian fees    36,569 
Professional fees    30,952 
Directors’ fees and expenses—Note 3(c)    21,405 
Prospectus and shareholders’ reports    14,885 
Registration fees    12,579 
Loan commitment fees—Note 2    2,635 
Miscellaneous    28,410 
Total Expenses    3,161,824 
Less—reduction in custody fees due to     
earnings credits—Note 1(b)    (20,415) 
Net Expenses    3,141,409 
Investment Income—Net    15,725,954 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    2,305,410 
Net unrealized appreciation (depreciation) on investments    (17,268,690) 
Net Realized and Unrealized Gain (Loss) on Investments    (14,963,280) 
Net Increase in Net Assets Resulting from Operations    762,674 

See notes to financial statements.

The Fund 23

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    November 30, 2005    Year Ended 
    (Unaudited)    May 31, 2005 
Operations ($):         
Investment income—net    15,725,954    33,122,188 
Net realized gain (loss) on investments    2,305,410    6,019,863 
Net unrealized appreciation         
(depreciation) on investments    (17,268,690)    9,115,808 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    762,674    48,257,859 
Dividends to Shareholders from ($):         
Investment income—net    (15,722,097)    (33,363,442) 
Capital Stock Transactions ($):         
Net proceeds from shares sold    15,283,679    51,829,030 
Dividends reinvested    11,679,366    24,633,027 
Cost of shares redeemed    (54,326,812)    (122,535,096) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    (27,363,767)    (46,073,039) 
Total Increase (Decrease) in Net Assets    (42,323,190)    (31,178,622) 
Net Assets ($):         
Beginning of Period    873,038,117    904,216,739 
End of Period    830,714,927    873,038,117 
Undistributed investment income—net    149,604    — 
Capital Share Transactions (Shares):         
Shares sold    1,139,549    3,840,582 
Shares issued for dividends reinvested    871,515    1,826,980 
Shares redeemed    (4,052,351)    (9,087,026) 
Net Increase (Decrease) in Shares Outstanding    (2,041,287)    (3,419,464) 

See notes to financial statements.
24

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 wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, 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 U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “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. Options and financial

26

futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

(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 accretion of discount and amortization of premium 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.

The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

(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, if any, 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, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

(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.

The Fund 27

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund has an unused capital loss carryover of $8,274,532 available for federal income taxes to be applied against future net securities profits, if any, realized subsequent to May 31, 2005. If not applied, the carryover expires in fiscal 2011.

The tax character of all distributions paid to shareholders during the fiscal year ended May 31, 2005 was as follows: tax exempt income $33,363,442. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 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 based on prevailing market rates in effect at the time of borrowing. During the period ended November 30, 2005, the fund did not borrow under the Facility.

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .60% of the value of the fund’s average daily net assets and is payable monthly.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25% 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 inquires regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2005, the fund was charged $237,057 pursuant to the Shareholder Services Plan.

28

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, 2005, the fund was charged $143,653 pursuant to the transfer agency agreement.

During the period ended November 30, 2005, the fund was charged $1,854 for services performed by the Chief Compliance Officer.

The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $409,761, chief compliance officer fees $1,548 and transfer agency per account fees $48,000.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

(d) A .10% redemption fee is charged and retained by the fund on certain shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund’s exchange privilege.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended November 30, 2005, amounted to $126,191,747 and $160,269,623, respectively.

At November 30, 2005, accumulated net unrealized appreciation on investments was $13,433,705, consisting of $16,972,923 gross unrealized appreciation and $3,539,218 gross unrealized depreciation.

At November 30, 2005, 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).

The Fund 29

For More    Information 
 
Dreyfus Intermediate    Transfer Agent & 
Muncipal Bond Fund, Inc.    Dividend Disbursing Agent 
200 Park Avenue    Dreyfus Transfer, Inc. 
New York, NY 10166    200 Park Avenue 
Manager    New York, NY 10166 
The Dreyfus Corporation    Distributor 
200 Park Avenue    Dreyfus Service Corporation 
New York, NY 10166    200 Park Avenue 
Custodian    New York, NY 10166 
The Bank of New York     
One Wall Street     
New York, NY 10286     
 
 
Telephone 1-800-645-6561     

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 
E-mail Send your request to info@dreyfus.com 
Internet Information can be viewed online or downloaded at: http://www.dreyfus.com 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2005, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.

Item 2.    Code of Ethics. 
    Not applicable. 
Item 3.    Audit Committee Financial Expert. 
    Not applicable. 
Item 4.    Principal Accountant Fees and Services. 
    Not applicable. 
Item 5.    Audit Committee of Listed Registrants. 
    Not applicable. 
Item 6.    Schedule of Investments. 
    Not applicable. 
Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management 
    Investment Companies. 
    Not applicable. 
Item 8.    Portfolio Managers of Closed-End Management Investment Companies. 
    Not applicable. 
Item 9.    Purchases of Equity Securities by Closed-End Management Investment Companies and 
    Affiliated Purchasers. 
    Not applicable. [CLOSED-END FUNDS ONLY] 
Item 10.    Submission of Matters to a Vote of Security Holders. 

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.

Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1)    Not applicable. 
(a)(2)    Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) 
under the Investment Company Act of 1940. 
(a)(3)    Not applicable. 
(b)    Certification of principal executive and principal financial officers as required by Rule 30a-2(b) 
under the Investment Company Act of 1940. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.

By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    President 
 
Date:    January 27, 2006 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 
1940, this Report has been signed below by the following persons on behalf of the Registrant and in the 
capacities and on the dates indicated. 
 
By:    /s/ Stephen E. Canter 
    Stephen E. Canter 
    Chief Executive Officer 
 
Date:    January 27, 2006 
 
By:    /s/ James Windels 
    James Windels 
    Chief Financial Officer 
 
Date:    January 27, 2006 
 
EXHIBIT INDEX
 
    (a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a- 
    2(a) under the Investment Company Act of 1940. (EX-99.CERT) 
 
    (b) Certification of principal executive and principal financial officers as required by Rule 30a- 
    2(b) under the Investment Company Act of 1940. (EX-99.906CERT)