N-CSR 1 semiform.htm SEMI-ANNUAL REPORT semiform
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:    11/30/06 

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    A Letter from the CEO 
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 
28    Statement of Assets and Liabilities 
29    Statement of Operations 
30    Statement of Changes in Net Assets 
31    Financial Highlights 
32    Notes to Financial Statements 
38    Proxy Results 
FOR MORE INFORMATION
    Back Cover 

Dreyfus Intermediate Municipal

Bond Fund, Inc.

The Fund

A LETTER FROM THE CEO
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, 2006, through November 30, 2006.

Although reports of declining housing prices have raised some economic concerns, we believe that neither a domestic recession nor a major shortfall in global growth is likely.A stubbornly low unemployment rate suggests that labor market conditions remain strong, and stimulative monetary policies over the last several years have left a legacy of ample financial liquidity worldwide.These and other factors should continue to support further economic expansion, but at a slower rate than we saw earlier this year.

The U.S. bond market also appears to be expecting a slower economy, as evidenced by an “inverted yield curve” at the end of November, in which yields of two-year U.S.Treasury securities were lower than the overnight federal funds rate.This anomaly may indicate that short-term interest rates have peaked, while the Federal Reserve Board remains “on hold” as it assesses new releases of economic data. As always, we encourage you to discuss the implications of these and other matters with your financial advisor.

For information about how the fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.

Thank you for your continued confidence and support.

Thomas F. Eggers
Chief Executive Officer
The Dreyfus Corporation
December 15, 2006
2

DISCUSSION OF FUND PERFORMANCE

Monica S. Wieboldt, Senior Portfolio Manager

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

For the six-month period ended November 30, 2006, the fund achieved a total return of 3.80% .1 The Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 3.89% for the same period.2 In addition, the average total return for all funds reported in the Lipper Intermediate Municipal Debt Funds category was 3.48% .3

Municipal bonds generally rallied over the reporting period as slowing U.S. economic growth helped ease inflation fears.The fund produced a return that was generally in line with that of its benchmark, and higher than its Lipper category average, due primarily to the fund’s relatively long average duration and contributions from corporate-backed municipal bonds.

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?

Municipal bond prices declined sharply in May 2006, after unexpectedly hawkish comments from members of the Federal Reserve Board (the “Fed”) caused investors to revise upward their inflation and interest-rate expectations in an environment of robust economic growth and resurgent energy prices. In fact, by the end of June, the Fed had hiked the overnight federal funds rate to 5.25% in its ongoing inflation-fighting effort.

Investor sentiment soon began to improve, however, as a softening housing market and moderating employment gains over the summer indicated that the U.S. economy was slowing.The Fed lent credence to this view when it refrained in August, September and October from raising short-term interest rates after more than two years of steady rate hikes. Municipal bonds generally rallied as investors first anticipated and then reacted to the Fed’s pause, causing yield differences between shorter- and longer-term bonds to narrow toward historical lows.

In addition, municipal bond prices were supported by favorable supply-and-demand influences. Most states and municipalities took in more tax revenue than originally projected, enabling them to record budget surpluses and reducing their need to borrow. Consequently, the supply of newly issued bonds declined compared to the same period one year earlier, while investor demand remained robust.

4

For most of the reporting period, the fund’s longer-than-average duration enabled it to participate more fully in the market rally. In addition, the fund benefited from its holdings of non-callable bonds, performance of “specialty state” issues such as California, and lower-rated investment-grade credits.The fund’s holdings of tax exempt corporate-backed bonds

— debt securities that are backed by corporations or other legal entities 
— also performed well as investors reached for additional yield. 

What is the fund’s current strategy?

Recent economic data continues to indicate that U.S. economic growth is moderating with relatively little risk of recession.This suggests to us that the Fed is likely to remain on hold for the foreseeable future, and market volatility could become more subdued. Moreover, with yield differences near historical lows along the market’s maturity and quality spectrums, we expect to see fewer opportunities in the longer end of the market’s maturity range.Accordingly, we recently have begun to reduce the fund’s average duration toward a market-neutral position and we expect to maintain an emphasis on higher-quality, income-oriented securities. Of course, portfolio strategy and composition may change as market and economic conditions dictate.

December 15, 2006
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. 
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. 

The Fund 5

U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a d i t e d )

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, 2006 to November 30, 2006. 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, 2006

Expenses paid per $1,000 †    $ 4.04 
Ending value (after expenses)    $1,038.00 

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, 2006

Expenses paid per $1,000 †    $ 4.00 
Ending value (after expenses)    $1,021.11 

† Expenses are equal to the fund’s annualized expense ratio of .79%, 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, 2006 (Unaudited)
Long-Term Municipal    Coupon    Maturity    Principal     
Investments—101.0%    Rate (%)    Date    Amount ($)    Value ($) 

Alabama—2.1%
Huntsville Health Care Authority,                 
Revenue (Insured; MBIA)    5.00    6/1/13    1,600,000    1,718,000 
Jefferson County,                 
Limited Obligation School Warrants    5.50    1/1/21    7,500,000    8,263,275 
Jefferson County,                 
Limited Obligation School Warrants    5.25    1/1/23    5,500,000    5,939,725 
McIntosh Industrial Development                 
Board, Environmental Facilities                 
Revenue (Ciba Specialty                 
Chemicals Corp. Project)    4.65    6/1/08    375,000    378,562 
Alaska—4.4%                 
Alaska International Airports,                 
Revenue (Insured; AMBAC)    5.50    10/1/11    2,560,000    2,776,960 
Alaska International Airports,                 
Revenue (Insured; AMBAC)    5.50    10/1/12    1,620,000    1,780,186 
Alaska Student Loan Corp.,                 
Student Loan Revenue                 
(Insured; AMBAC)    6.00    7/1/16    6,380,000    6,835,149 
Anchorage                 
(Insured; FGIC)    5.88    12/1/10    2,365,000 a    2,571,725 
Anchorage                 
(Insured; FGIC)    5.88    12/1/10    1,500,000 a    1,631,115 
Anchorage,                 
Electric Utility Revenue                 
(Insured; MBIA)    6.50    12/1/08    2,755,000    2,909,969 
Anchorage,                 
Electric Utility Revenue                 
(Insured; MBIA)    6.50    12/1/09    2,910,000    3,150,308 
Anchorage,                 
GO (Schools) (Insured; FGIC)    5.25    9/1/18    2,000,000    2,185,500 
Anchorage,                 
LR, Correctional Facility                 
(Insured; FSA)    5.88    2/1/10    3,175,000 a    3,397,695 
Northern Tobacco Securitization                 
Corp., Tobacco Settlement                 
Asset-Backed Bonds    6.00    6/1/10    4,745,000 a    5,117,435 
Northern Tobacco Securitization                 
Corp., Tobacco Settlement                 
Asset-Backed Bonds    6.20    6/1/10    1,920,000 a    2,044,704 

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

California—7.2%
ABAG Finance Authority for                 
Nonprofit Corp., Revenue (San                 
Diego Hospital Association)    5.13    3/1/18    1,000,000    1,065,170 
California,                 
GO    5.00    8/1/22    5,000,000    5,364,900 
California,                 
GO (Various Purpose)    5.00    6/1/16    5,000,000    5,457,900 
California Health Facilities                 
Financing Authority, Revenue                 
(Cedars-Sinai Medical Center)    5.00    11/15/19    1,500,000    1,598,715 
California Infrastructure and                 
Economic Development Bank, Bay                 
Area Toll Bridges Seismic                 
Retrofit Revenue (First Lien)                 
(Insured; FSA)    5.25    7/1/13    3,300,000 a    3,648,216 
California State Public Works                 
Board, LR (Department of Mental                 
Health-Coalinga State Hospital)    5.50    6/1/18    3,000,000    3,357,420 
California Statewide Communities                 
Development Authority, MFHR                 
(Equity Residential/Skylark                 
Apartments)    5.20    6/15/09    3,000,000    3,098,280 
California Statewide Communities                 
Development Authority, Revenue                 
(Huntington Memorial Hospital)    5.00    7/1/17    2,895,000    3,102,456 
Elsinore Valley Municipal Water                 
District, COP (Insured; FGIC)    5.38    7/1/16    3,295,000    3,762,626 
Foothill/Eastern Transportation                 
Corridor Agency, Toll Road Revenue    7.00    1/1/08    5,000,000    5,190,400 
Golden State Tobacco                 
Securitization Corp., Enhanced                 
Tobacco Settlement                 
Asset-Backed Bonds    5.75    6/1/08    6,950,000 a    7,178,516 
Golden State Tobacco                 
Securitization Corp., Enhanced                 
Tobacco Settlement                 
Asset-Backed Bonds    5.00    6/1/19    2,000,000    2,067,160 
Los Angeles County Public Works                 
Financing Authority, Revenue                 
(Regional Park and Open                 
Space District)    5.00    10/1/07    3,635,000 a    3,717,551 

8
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

California (continued)
Los Angeles County Public Works             
Financing Authority, Revenue                 
(Regional Park and Open                 
Space District)    5.00    10/1/19    1,915,000    1,954,660 
Palomar Pomerado Health,                 
GO (Insured; AMBAC)    5.00    8/1/20    2,130,000    2,316,354 
Tobacco Securitization Authority                 
of Southern California, Tobacco             
Settlement Asset-Backed Bonds             
(San Diego County Tobacco                 
Asset Securitization Corp.)    4.75    6/1/25    2,500,000    2,541,800 
Colorado—.7%                 
El Paso County School District                 
(Number 11 Colorado Springs)    6.25    12/1/09    1,000,000    1,076,560 
El Paso County School District                 
(Number 11 Colorado Springs)    6.50    12/1/10    2,000,000    2,219,140 
El Paso County School District                 
(Number 11 Colorado Springs)    6.50    12/1/11    2,040,000    2,314,625 
Connecticut—.1%                 
Mashantucket Western Pequot Tribe,             
Special Revenue    5.60    9/1/09    1,000,000 b    1,030,130 
District of Columbia—1.2%                 
District of Columbia                 
(Insured; MBIA)    6.00    6/1/12    3,280,000    3,668,942 
District of Columbia,                 
Revenue (Howard University                 
Issue) (Insured; AMBAC)    5.00    10/1/21    2,545,000    2,766,339 
District of Columbia,                 
Revenue (Howard University                 
Issue) (Insured; AMBAC)    5.00    10/1/22    2,660,000    2,886,818 
Florida—4.1%                 
Collier County,                 
Gas Tax Revenue                 
(Insured; AMBAC)    5.25    6/1/19    2,190,000    2,386,574 
Florida Hurricane Catastrophe Fund             
Finance Corporation, Revenue    5.00    7/1/12    5,000,000    5,363,000 
Hillsborough County Industrial                 
Development Authority, PCR                 
(Tampa Electric Co. Project)    5.10    10/1/13    5,000,000    5,252,150 

The Fund 9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Florida (continued)
Lee County Industrial Development             
Authority, Healthcare Facilities                 
Revenue (Cypress Cove at                 
Healthpark Florida, Inc. Project)    4.75    10/1/08    1,155,000    1,156,063 
Miami-Dade County School Board,                 
COP (Master Lease Purchase                 
Agreement) (Insured; FGIC)    5.00    8/1/15    5,000,000    5,420,800 
Miami-Dade County School Board,                 
COP (Master Lease Purchase                 
Agreement) (Insured; FGIC)    5.25    10/1/17    5,000,000    5,490,650 
Palm Beach County School Board,                 
COP (Insured; AMBAC)    5.38    8/1/14    4,000,000    4,455,760 
Polk County,                 
Utility System Revenue                 
(Insured; FGIC)    5.25    10/1/18    2,000,000    2,187,520 
Georgia—3.0%                 
Athens Housing Authority,                 
Student Housing LR (UGAREF                 
East Campus Housing, LLC                 
Project) (Insured; AMBAC)    5.25    12/1/15    2,560,000    2,769,971 
Athens Housing Authority,                 
Student Housing LR (UGAREF                 
East Campus Housing, LLC                 
Project) (Insured; AMBAC)    5.25    12/1/16    2,700,000    2,913,921 
Atlanta,                 
Water and Wastewater Revenue             
(Insured; FSA)    5.25    11/1/15    5,000,000    5,541,400 
Milledgeville and Baldwin County                 
Development Authority, Revenue             
(Georgia College and State                 
University Foundation Property                 
III, LLC Student Housing                 
System Project)    6.00    9/1/10    1,275,000    1,361,483 
Milledgeville and Baldwin County                 
Development Authority, Revenue             
(Georgia College and State                 
University Foundation Property                 
III, LLC Student Housing                 
System Project)    5.25    9/1/19    1,710,000    1,835,924 

10
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Georgia (continued)
Municipal Electric Authority of                 
Georgia (Combustion Turbine                 
Project) (Insured; MBIA)    5.25    11/1/12    2,735,000    2,978,907 
Municipal Electric Authority of                 
Georgia (Combustion Turbine                 
Project) (Insured; MBIA)    5.25    11/1/16    5,000,000    5,416,750 
Hawaii—.4%                 
Kuakini Health System,                 
Special Purpose Revenue    5.50    7/1/12    2,575,000    2,754,581 
Illinois—3.7%                 
Chicago Housing Authority,                 
Revenue (Capital Program)    5.00    7/1/09    2,500,000    2,590,925 
Chicago Housing Authority,                 
Revenue (Capital Program)    5.25    7/1/10    2,420,000    2,554,383 
Chicago O’Hare International                 
Airport, General Airport Third                 
Lien Revenue (Insured; CIFG)    5.50    1/1/15    6,450,000    7,165,563 
Chicago O’Hare International                 
Airport, Second Lien Passenger                 
Facility Charge Revenue                 
(Insured; AMBAC)    5.25    1/1/10    3,095,000    3,229,013 
Chicago Park District,                 
GO Limited Tax Park (Insured; FGIC)    5.50    7/1/11    4,005,000 a    4,335,372 
Chicago Park District,                 
GO Limited Tax Park (Insured; FGIC)    5.50    1/1/20    1,300,000    1,398,683 
Illinois Health Facilities                 
Authority, Revenue (The                 
Passavant Memorial Area                 
Hospital Association Project)    5.65    10/1/16    4,850,000    5,170,148 
Metropolitan Pier and Exposition                 
Authority, Dedicated State Tax                 
Revenue (McCormick Place                 
Expansion Project)                 
(Insured; MBIA)    0/5.55    6/15/21    2,500,000 c    2,123,625 
Indiana—2.0%                 
Indiana Health Facility Financing                 
Authority, HR (Clarian Health                 
Partners, Inc.)    5.50    2/15/07    3,000,000 a    3,071,280 

The Fund 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Indiana (continued)
Indiana Health Facility Financing                 
Authority, HR (Clarian Health                 
Partners, Inc.)    5.50    2/15/07    5,000,000 a    5,118,800 
Indianapolis Local Public Improvement             
Bond Bank (Insured; FSA)    6.50    1/1/11    6,415,000    7,122,254 
Kansas—1.9%                 
Wyandotte County/Kansas City                 
Unified Government, Tax-Exempt                 
Sales Tax Special Obligation Revenue             
(Redevelopment Project Area B)    4.75    12/1/16    3,800,000    3,948,124 
Wyandotte County/Kansas City                 
Unified Government, Utility                 
System Revenue (Insured; AMBAC)    5.65    9/1/18    9,130,000    10,636,176 
Kentucky—.5%                 
Ashland,                 
PCR (Ashland Inc. Project)    5.70    11/1/09    4,000,000    4,235,800 
Louisiana—.3%                 
Morehouse Parish,                 
PCR (International Paper                 
Co. Project)    5.25    11/15/13    2,000,000    2,141,100 
Maine—.5%                 
Maine Housing Authority,                 
Mortgage Purchase    4.75    11/15/21    4,100,000    4,212,873 
Massachusetts—3.2%                 
Massachusetts,                 
Consolidated Loan    5.00    12/1/10    3,000,000    3,162,690 
Massachusetts Bay Transportation                 
Authority, Sales Tax Revenue    5.50    7/1/17    5,000,000    5,770,400 
Massachusetts Bay Transportation                 
Authority, Senior Sales                 
Tax Revenue    5.25    7/1/19    2,500,000    2,861,250 
Massachusetts Industrial Finance                 
Agency, RRR (Ogden                 
Haverhill Project)    5.35    12/1/10    3,000,000    3,134,100 
Massachusetts Water Resource                 
Authority, General Revenue                 
(Insured; MBIA)    5.25    8/1/19    8,420,000    9,497,255 

12
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Michigan—3.7%
Detroit Local Development Finance                 
Authority, Tax Increment Revenue    5.20    5/1/10    5,745,000    5,853,810 
Greater Detroit Resource Recovery                 
Authority, RRR (Insured; AMBAC)    6.25    12/13/08    7,755,000    8,159,113 
Michigan Building Authority,                 
Revenue (State Police                 
Communications System)    5.25    10/1/13    1,945,000    2,143,429 
Michigan Hospital Finance                 
Authority, Revenue (Oakwood                 
Obligation Group)    5.50    11/1/11    3,500,000    3,758,895 
Michigan Hospital Finance                 
Authority, Revenue (Sparrow                 
Obligation Group)    5.25    11/15/11    2,500,000    2,652,875 
Michigan Hospital Finance                 
Authority, Revenue (Sparrow                 
Obligation Group)    5.75    11/15/16    3,250,000    3,514,160 
Michigan Municipal Bond Authority,                 
Revenue (Drinking Water                 
Revolving Fund)    5.25    10/1/09    2,370,000 a    2,481,911 
Minnesota—1.2%                 
Lakeville Independent School                 
District Number 194, GO                 
(Insured; FSA)    5.00    2/1/18    5,000,000    5,359,650 
Saint Paul Housing and                 
Redevelopment Authority,                 
Hospital Facility Revenue                 
(HealthEast Project)    5.00    11/15/17    3,000,000    3,087,000 
Saint Paul Housing and                 
Redevelopment Authority,                 
Hospital Facility Revenue                 
(HealthEast Project)    5.75    11/15/21    1,000,000    1,101,760 
Mississippi—.9%                 
Mississippi Development Bank,                 
Special Obligation Revenue                 
(Madison County Highway                 
Construction Project)                 
(Insured; FGIC)    5.00    1/1/22    5,000,000    5,400,900 

The Fund 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Mississippi (continued)
Walnut Grove Correctional                 
Authority, COP (Insured; AMBAC)    5.50    11/1/07    1,855,000    1,887,963 
Missouri—1.6%                 
Missouri Development Finance                 
Board, Infrastructure                 
Facilities Revenue (Branson                 
Landing Project)    6.00    6/1/20    3,160,000    3,704,152 
Missouri Health and Educational                 
Facilities Authority, Revenue                 
(SSM Health Care)    5.00    6/1/07    2,940,000    2,959,816 
Saint Louis,                 
Airport Revenue (Airport                 
Development Program)                 
(Insured; MBIA)    5.50    7/1/10    1,435,000    1,530,141 
Saint Louis,                 
Airport Revenue (Airport                 
Development Program)                 
(Insured; MBIA)    5.50    7/1/10    1,565,000    1,667,680 
Saint Louis,                 
Airport Revenue (Airport                 
Development Program)                 
(Insured; MBIA)    5.63    7/1/11    2,500,000 a    2,719,350 
Nevada—1.4%                 
Director of the State of Nevada                 
Department of Business and                 
Industry, SWDR (Republic                 
Services, Inc. Project)    5.63    6/1/18    5,000,000    5,567,500 
Washoe County,                 
Water Facility Revenue (Sierra                 
Pacific Power Co. Project)    5.00    7/1/09    5,000,000    5,063,300 
New Hampshire—.5%                 
New Hampshire Higher Educational                 
and Health Facilities                 
Authority, HR (The Cheshire                 
Medical Center Issue)    5.13    7/1/18    4,125,000    4,214,100 
New Jersey—3.5%                 
Bayonne,                 
TAN    5.00    12/11/06    1,500,000    1,500,090 

14
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New Jersey (continued)
Camden County Improvement                 
Authority, Health Care                 
Redevelopment Project Revenue                 
(The Cooper Health System                 
Obligated Group Issue)    5.25    2/15/20    3,000,000    3,191,970 
Casino Reinvestment Development                 
Authority, Revenue                 
(Insured; MBIA)    5.25    6/1/19    5,000,000    5,507,700 
New Jersey Economic Development                 
Authority, Cigarette                 
Tax Revenue    5.38    6/15/15    3,300,000    3,592,149 
New Jersey Economic Development                 
Authority, Cigarette Tax Revenue    5.50    6/15/16    1,000,000    1,105,950 
New Jersey Educational Facilities                 
Authority, Revenue (Rider                 
University) (Insured; Radian)    5.00    7/1/10    1,880,000    1,948,846 
New Jersey Educational Facilities                 
Authority, Revenue (Rider                 
University) (Insured; Radian)    5.00    7/1/11    1,970,000    2,059,714 
New Jersey Health Care Facilities                 
Financing Authority, Revenue                 
(South Jersey Hospital Issue)    6.00    7/1/12    3,425,000    3,709,515 
New Jersey Turnpike Authority,                 
Revenue (Insured; MBIA)    5.63    1/1/10    3,910,000 a    4,152,694 
New Mexico—.6%                 
Jicarilla,                 
Apache Nation Revenue    5.00    9/1/11    1,500,000    1,552,560 
Jicarilla,                 
Apache Nation Revenue    5.00    9/1/13    2,905,000    3,041,971 
New York—7.8%                 
Long Island Power Authority,                 
Electric System General                 
Revenue (Insured; MBIA)    5.80    9/1/15    3,000,000 d    2,990,850 
New York City    5.00    4/1/20    2,500,000    2,685,700 
New York City    5.00    4/1/22    5,110,000    5,470,817 
New York City                 
(Insured; FSA)    5.00    6/1/16    3,395,000    3,716,269 

The Fund 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (American                 
Airlines, Inc. John F. Kennedy                 
International Airport Project)    7.13    8/1/11    2,000,000    2,135,000 
New York City Industrial                 
Development Agency, Special                 
Facility Revenue (American                 
Airlines, Inc. John F. Kennedy                 
International Airport Project)    7.50    8/1/16    3,500,000    4,059,370 
New York State Dormitory                 
Authority, FHA-Insured                 
Mortgage HR (The Long Island                 
College Hospital)    6.00    8/15/15    5,100,000    5,689,968 
New York State Dormitory                 
Authority, Revenue (State                 
University Educational Facilities)    5.50    5/15/10    2,000,000    2,122,820 
New York State Local Government                 
Assistance Corporation    5.25    4/1/16    3,425,000    3,815,792 
New York State Local Government                 
Assistance Corporation                 
(Insured; FSA)    5.25    4/1/16    2,200,000    2,461,668 
New York State Power Authority,                 
Revenue (Insured; FGIC)    5.00    11/15/18    1,225,000    1,341,167 
New York State Thruway Authority,                 
Local Highway and Bridge                 
Service Contract Revenue    5.50    4/1/12    3,950,000    4,320,233 
New York State Thruway Authority,                 
Local Highway and Bridge                 
Service Contract Revenue                 
(Insured; XLCA)    5.50    4/1/13    5,000,000    5,457,200 
New York State Thruway Authority,                 
Second General Highway and                 
Bridge Trust Fund (Insured; AMBAC)    6.27    4/1/18    5,000,000 b,e    5,471,275 
New York State Urban Development                 
Corp., Corporate Purpose                 
Subordinate Lien    5.13    7/1/19    2,000,000    2,160,160 
New York State Urban Development                 
Corp., State Personal Income                 
Tax Revenue (State Facilities                 
and Equipment)    5.25    3/15/11    1,565,000    1,670,278 

16
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
Tobacco Settlement Financing Corp.             
of New York, Asset-Backed                 
Revenue Bonds (State                 
Contingency Contract Secured)    5.50    6/1/18    4,000,000    4,354,480 
North Carolina—5.1%                 
North Carolina Eastern Municipal                 
Power Agency, Power                 
System Revenue    5.13    1/1/14    3,000,000    3,194,790 
North Carolina Eastern Municipal                 
Power Agency, Power                 
System Revenue    5.00    1/1/21    1,200,000    1,344,204 
North Carolina Eastern Municipal                 
Power Agency, Power System                 
Revenue (Insured; AMBAC)    5.00    1/1/20    5,000,000    5,431,200 
North Carolina Eastern Municipal                 
Power Agency, Power System                 
Revenue (Insured; AMBAC)    5.25    1/1/20    5,000,000    5,538,300 
North Carolina Medical Care                 
Commission, FHA Insured                 
Mortgage Revenue (Morehead                 
Memorial Hospital Project)                 
(Insured; FSA)    5.00    11/1/20    5,000,000    5,374,650 
North Carolina Medical Care                 
Commission, Retirement                 
Facilities First Mortgage                 
Revenue (The United Methodist                 
Retirement Homes Project)    4.75    10/1/13    1,000,000    1,016,870 
North Carolina Medical Care                 
Commission, Retirement                 
Facilities First Mortgage                 
Revenue (The United Methodist                 
Retirement Homes Project)    5.13    10/1/19    1,250,000    1,292,537 
North Carolina Municipal Power                 
Agency Number 1, Catawba                 
Electric Revenue (Insured; FSA)    5.25    1/1/16    2,540,000    2,759,913 
North Carolina Municipal Power                 
Agency Number 1, Catawba                 
Electric Revenue (Insured; FSA)    5.25    1/1/17    10,000,000    10,845,900 
Raleigh Durham Airport Authority,                 
Airport Revenue (Insured; FGIC)    5.25    11/1/12    2,365,000    2,546,774 

The Fund 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Ohio—2.0%
Cuyahoga County,                 
Revenue (Cleveland Clinic                 
Health System)    5.50    1/1/14    4,000,000    4,394,000 
Cuyahoga County,                 
Revenue (Cleveland Clinic                 
Health System)    6.00    1/1/17    5,000,000    5,649,400 
Knox County,                 
Hospital Facilities Revenue                 
(Knox Community Hospital)                 
(Insured; Radian)    5.00    6/1/12    1,500,000    1,561,560 
Ohio Higher Educational Facility                 
Commission, Higher Educational             
Facility Revenue (Xavier                 
University Project)                 
(Insured; CIFG)    5.25    5/1/20    3,230,000    3,572,219 
Oklahoma—.1%                 
Oklahoma Development Finance                 
Authority, LR (Oklahoma State             
System Higher Education)    4.00    6/1/08    1,060,000    1,066,996 
Oregon—1.8%                 
Gilliam County,                 
SWDR    4.15    5/1/09    3,400,000    3,396,804 
Tri-County Metropolitan                 
Transportation District,                 
Payroll Tax and Grant Receipt                 
Revenue (Insured; MBIA)    4.00    5/1/14    4,000,000    4,032,800 
Washington County Unified Sewerage             
Agency, Senior Lien Sewer                 
Revenue (Insured; FGIC)    5.75    10/1/12    5,670,000    6,326,756 
Pennsylvania—5.5%                 
Allegheny County,                 
Airport Revenue (Pittsburgh                 
International Airport)                 
(Insured; MBIA)    5.75    1/1/11    5,000,000    5,375,400 
Allegheny County Industrial                 
Development Authority, PCR                 
(Duquesne Light Company                 
Project) (Insured; AMBAC)    4.05    9/1/11    2,000,000    2,045,220 
Delaware River Joint Toll Bridge                 
Commission, Bridge Revenue    5.25    7/1/13    2,500,000    2,734,525 
 
 
 
18                 

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Pennsylvania (continued)
Delaware Valley Regional Finance                 
Authority, Local Government                 
Revenue    5.75    7/1/17    6,830,000    7,888,172 
Erie County Hospital Authority,                 
Revenue (Hamot Health                 
Foundation) (Insured; AMBAC)    5.38    5/15/10    2,340,000    2,393,422 
Erie County Industrial Development                 
Authority, EIR (International                 
Paper Co. Project)    5.25    9/1/10    2,100,000    2,183,454 
Montgomery County Higher Education             
and Health Authority, HR                 
(Abington Memorial Hospital)                 
(Insured; AMBAC)    6.10    6/1/12    5,000,000    5,599,100 
Pennsylvania Higher Educational                 
Facilities Authority (UPMC                 
Health System)    6.25    1/15/15    3,660,000    4,046,789 
Philadelphia,                 
GO (Insured; XLCA)    5.25    2/15/13    5,535,000    6,027,504 
Sayre Health Care Facilities                 
Authority, Revenue (Guthrie                 
Health Issue)    6.00    12/1/12    2,000,000    2,201,980 
State Public School Building                 
Authority, School LR (Colonial                 
Intermediate Unit) (Insured; FGIC)    5.25    5/15/19    2,175,000    2,404,745 
Rhode Island—1.7%                 
Rhode Island Health and                 
Educational Building Corp.,                 
Health Facilities Revenue                 
(Saint Antoine Residence                 
Issue) (LOC; Allied Irish Bank)    5.50    11/15/09    2,095,000    2,163,339 
Rhode Island Health and                 
Educational Building Corp.,                 
Hospital Financing Revenue                 
(Lifespan Obligation Group                 
Issue) (Insured; MBIA)    5.75    5/15/07    5,000,000 a    5,148,400 
Rhode Island Health and                 
Educational Building Corp.,                 
Hospital Financing Revenue                 
(Lifespan Obligation Group                 
Issue) (Insured; MBIA)    5.75    5/15/08    560,000    576,570 

The Fund 19

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Rhode Island (continued)
Rhode Island Health and                 
Educational Building Corp.,                 
Revenue (Roger Williams                 
University) (Insured; Radian)    5.00    11/15/21    1,360,000    1,432,162 
Rhode Island Student Loan                 
Authority, Student Loan                 
Program Revenue                 
(Insured; AMBAC)    4.80    12/1/21    3,600,000    3,751,020 
South Carolina—3.4%                 
Anderson County,                 
IDR (Federal Paper Board                 
Company, Inc. Project)    4.75    8/1/10    4,520,000    4,580,206 
Berkeley County School District,                 
Installment Purchase Revenue                 
(Securing Assets for Education)    5.25    12/1/21    9,395,000    9,973,544 
Charleston Educational Excellence                 
Financing Corp., Installment                 
Purchase Revenue (Charleston                 
County School District, South                 
Carolina Project)    5.25    12/1/21    5,000,000    5,466,650 
Dorchester County School District                 
Number 2, Installment Purchase                 
Revenue (Growth Remedy                 
Opportunity Without Tax Hike)    5.25    12/1/21    5,000,000    5,362,500 
Hilton Head Island Public                 
Facilities Corp., COP                 
(Insured; AMBAC)    5.00    3/1/13    1,065,000    1,144,981 
Tennessee—2.9%                 
Johnson City Health and                 
Educational Facility Board, HR                 
(Medical Center Hospital                 
Improvement) (Insured; MBIA)    5.13    7/1/11    6,720,000    6,994,646 
Tennessee Energy Acquisition                 
Corporation, Gas Project Revenue    5.25    9/1/18    10,000,000    11,217,300 
Tennessee Housing Development                 
Agency (Homeownership Program)    5.20    7/1/10    1,815,000    1,880,159 
Tennessee Housing Development                 
Agency (Homeownership Program)    5.30    7/1/11    2,140,000    2,218,452 

20
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Texas—9.6%
Alliance Airport Authority Inc.,                 
Special Facilities Revenue                 
(Federal Express Corp. Project)    5.81    4/1/21    8,870,000 b,e    9,073,478 
Austin Convention Enterprises, Inc.,             
Convention Center Hotel                 
Second Tier Revenue    6.00    1/1/17    1,935,000 f    2,095,508 
Austin Convention Enterprises, Inc.,             
Convention Center Hotel                 
Second Tier Revenue    6.00    1/1/18    1,125,000 f    1,217,385 
Austin Convention Enterprises, Inc.,             
Convention Center Hotel                 
Second Tier Revenue    6.00    1/1/20    1,555,000 f    1,668,655 
Bexar County,                 
Revenue (Venue Project)                 
(Insured; MBIA)    5.75    8/15/13    5,000,000    5,366,150 
Cities of Dallas and Fort Worth,                 
Dallas/Fort Worth                 
International Airport,                 
Facility Improvement Corp.,                 
Revenue (Bombardier Inc.)    6.15    1/1/16    4,000,000    4,043,760 
Cypress-Fairbanks Independent                 
School District, Tax                 
Schoolhouse (Permanent                 
School Fund Guaranteed)    6.75    2/15/10    1,700,000 a    1,863,744 
Gulf Coast Waste Disposal                 
Authority, Bayport Area System             
Revenue (Insured; AMBAC)    5.00    10/1/14    2,065,000    2,246,059 
Harris County Health Facilities                 
Development Corp., HR                 
(Memorial Hermann Hospital                 
System) (Insured; FSA)    5.50    6/1/12    8,295,000    9,025,790 
Houston,                 
Airport System Special Facilities             
Revenue (Continental Airlines, Inc.             
Terminal E Project)    6.75    7/1/21    5,000,000    5,369,800 
Houston,                 
Combined Utility System, First                 
Lien Revenue (Insured; FSA)    5.25    11/15/17    5,000,000    5,648,650 

The Fund 21

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Texas (continued)
Houston,                 
Combined Utility System, First                 
Lien Revenue (Insured; MBIA)    5.25    5/15/12    2,750,000    2,972,282 
Lewisville,                 
Combination Tax and Revenue                 
Certificates of Obligation                 
(Insured; MBIA)    5.25    2/15/20    1,230,000    1,339,040 
Lower Colorado River Authority,                 
Transmission Contract Revenue             
(LCRA Transmission Services                 
Corp. Project) (Insured; FGIC)    5.00    5/15/20    4,200,000    4,395,174 
Port of Corpus Christi Industrial                 
Development Corp., Revenue                 
(Valero Refining and Marketing                 
Company Project)    5.13    4/1/09    2,250,000    2,338,515 
Port of Corpus Christi Industrial                 
Development Corp., Revenue                 
(Valero Refining and Marketing                 
Company Project)    5.40    4/1/18    1,500,000    1,545,420 
Tarrant County Health Facilities                 
Development Corp., Health                 
Resources System Revenue                 
(Insured; MBIA)    5.75    2/15/14    5,000,000    5,623,850 
Tarrant County Health Facilities                 
Development Corp., Health                 
System Revenue (Harris                 
Methodist Health System)    6.00    9/1/10    7,725,000    8,226,044 
Texas Municipal Power Agency,                 
Revenue (Insured; AMBAC)    0.00    9/1/09    170,000    154,013 
Utah—2.0%                 
Jordanelle Special Service                 
District (Special Assessment                 
Improvement District)    8.00    10/1/11    3,865,000    4,011,174 
Orem,                 
Sales Tax Revenue                 
(Insured; AMBAC)    5.00    4/15/18    3,325,000    3,536,304 
Utah Building Ownership Authority,             
LR (State Facilities Master                 
Lease Program)    5.00    5/15/17    2,950,000    3,173,610 

22
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Utah (continued)
Utah County,                 
EIR (USX Corp. Project)    5.05    11/1/11    4,480,000    4,756,774 
Virginia—2.5%                 
Arlington County Industrial                 
Development Authority, RRR                 
(Ogden Martin System of                 
Alexandria/Arlington Inc.                 
Project) (Insured; FSA)    5.38    1/1/12    2,530,000    2,607,797 
Greater Richmond Convention Center             
Authority, Hotel Tax Revenue                 
(Convention Center                 
Expansion Project)    6.00    6/15/10    2,000,000 a    2,179,000 
Henrico County Economic                 
Development Authority,                 
Residential Care Facility                 
Mortgage Revenue (Westminster             
Canterbury of Richmond)    5.00    10/1/21    1,000,000    1,041,350 
Peninsula Ports Authority,                 
Revenue (Port Facility-CSX                 
Transportation Project)    6.00    12/15/12    4,150,000    4,550,683 
Tobacco Settlement Financing Corp.             
of Virginia, Tobacco                 
Settlement Asset-Backed Bonds    4.00    6/1/13    5,605,000    5,586,896 
Tobacco Settlement Financing Corp.             
of Virginia, Tobacco                 
Settlement Asset-Backed Bonds    5.25    6/1/19    3,000,000    3,162,930 
Washington—5.5%                 
Energy Northwest,                 
Columbia Generating Station                 
Electric Revenue    5.00    7/1/23    5,000,000    5,405,050 
Energy Northwest,                 
Wind Project Revenue    5.60    1/1/07    2,530,000 a    2,609,923 
Franklin County,                 
GO (Pasco School District                 
Number 1) (Insured; FSA)    5.25    12/1/19    5,000,000    5,439,750 
Goat Hill Properties,                 
LR (Government Office Building                 
Project) (Insured; MBIA)    5.25    12/1/20    2,710,000    2,960,404 

The Fund 23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

Washington (continued)
Port of Seattle,                 
Limited Tax GO (Insured; FSA)    5.00    11/1/16    5,000,000    5,337,450 
Seattle, Municipal Light and Power             
Improvements Revenue                 
(Insured; FSA)    5.25    3/1/10    50,000    52,606 
Seattle, Municipal Light and Power             
Improvements Revenue                 
(Insured; FSA)    6.75    3/1/10    13,000,000 b,e    13,677,430 
Washington    5.75    10/1/12    20,000    21,644 
Washington    5.75    10/1/12    2,305,000    2,464,690 
Washington,                 
Various Purpose GO    5.50    7/1/09    2,000,000 a    2,098,260 
Washington Housing Finance                 
Commission (Single Family                 
Program) (Collateralized:                 
FHLMC, FNMA and GNMA)    5.75    12/1/37    2,000,000 f    2,155,020 
West Virginia—.4%                 
West Virginia Economic Development             
Authority, LR (Department of                 
Environmental Protection)    5.50    11/1/22    2,895,000    3,202,362 
Wisconsin—.5%                 
Wisconsin Health and Educational             
Facilities Authority, Revenue                 
(Aurora Medical Group, Inc.                 
Project) (Insured; FSA)    6.00    11/15/11    3,500,000    3,866,240 
U.S. Related—1.5%                 
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    2,500,000    2,691,875 
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    5,000,000 a    5,383,750 

24
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

  U.S. Related (continued)
Children’s Trust Fund of Puerto                 
Rico, Tobacco Settlement                 
Asset-Backed Bonds    5.75    7/1/10    3,300,000 a    3,553,275 
Total Long-Term Municipal Investments                 
(cost $759,455,212)                780,859,442 
 
Short-Term Municipal                 
Investment—.5%                 
U.S. Related;                 
Government Development Bank of                 
Puerto Rico, CP                 
(cost $4,000,000)    4.05    1/22/07    4,000,000    3,999,320 
 
Total Investments (cost $763,455,212)            101.5%    784,858,762 
Liabilities, Less Cash and Receivables            (1.5%)    (11,629,682) 
Net Assets            100.0%    773,229,080 

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 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, 2006, these 
securities amounted to $29,252,313 or 3.8% of net assets. 
c Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
d Variable rate security—interest rate subject to periodic change. 
e Collateral for floating rate borrowings. 
f Purchased on a delayed delivery basis. 

The Fund 25

STATEMENT OF INVESTMENTS (Unaudited) (continued)

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

26
Summary of Combined Ratings (Unaudited)     
 
Fitch    or Moody’s    or    Standard & Poor’s    Value (%) † 
AAA    Aaa        AAA    53.9 
AA    Aa        AA    14.8 
A        A        A    12.2 
BBB    Baa        BBB    12.5 
BB    Ba        BB    2.6 
B        B        B    .8 
Not Ratedg    Not Ratedg        Not Ratedg    3.2 
                    100.0 
 
†    Based on total investments.             
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.             

The Fund 27

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2006 (Unaudited)

    Cost    Value 
Assets ($):         
Investments in securities—See Statement of Investments    763,455,212    784,858,762 
Interest receivable        12,553,437 
Receivable for shares of Common Stock subscribed        35,514 
Prepaid expenses and other assets        58,277 
        797,505,990 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 3(b)        420,889 
Payable for floating rate notes issued        13,435,000 
Cash overdraft due to Custodian        1,917,193 
Payable for investment securities purchased        7,122,815 
Payable for shares of Common Stock redeemed        1,175,984 
Interest and related expenses payable        80,849 
Accrued expenses        124,180 
        24,276,910 
Net Assets ($)        773,229,080 
Composition of Net Assets ($):         
Paid-in capital        756,493,246 
Accumulated undistibuted investment income—net        666 
Accumulated net realized gain (loss) on investments        (4,668,382) 
Accumulated net unrealized appreciation         
(depreciation) on investments        21,403,550 
Net Assets ($)        773,229,080 
Shares Outstanding         
(300 million shares of $.001 par value Common Stock authorized)    57,574,241 
Net Asset Value, offering and redemption price per share—Note 3(d) ($)    13.43 

See notes to financial statements.
28
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2006 (Unaudited)
Investment Income ($):     
Interest Income    17,574,734 
Expenses:     
Management fee—Note 3(a)    2,343,091 
Shareholder servicing costs—Note 3(b)    398,982 
Interest and related expenses    181,133 
Professional fees    37,756 
Custodian fees    33,150 
Directors’ fees and expenses—Note 3(c)    25,347 
Propspectus and shareholders’ reports    22,257 
Registration fees    13,922 
Loan commitment fees—Note 2    2,635 
Miscellaneous    32,231 
Total Expenses    3,090,504 
Less—reduction in management fee     
due to undertaking—Note 3(a)    (6,025) 
Less—reduction in custody fees due to     
earnings credits—Note 1(b)    (3,315) 
Net Expenses    3,081,164 
Investment Income—Net    14,493,570 
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments    880,825 
Net unrealized appreciation (depreciation) on investments    13,865,514 
Net Realized and Unrealized Gain (Loss) on Investments    14,746,339 
Net Increase in Net Assets Resulting from Operations    29,239,909 

See notes to financial statements.

The Fund 29

STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    November 30, 2006    Year Ended 
    (Unaudited)    May 31, 2006 
Operations ($):         
Investment income—net    14,493,570    30,847,491 
Net realized gain (loss) on investments    880,825    2,705,421 
Net unrealized appreciation         
(depreciation) on investments    13,865,514    (23,272,865) 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    29,239,909    10,280,047 
Dividends to Shareholders from ($):         
Investment income—net    (14,492,904)    (30,843,247) 
Capital Stock Transactions ($):         
Net proceeds from shares sold    14,417,660    32,995,777 
Dividends reinvested    10,873,459    22,893,560 
Cost of shares redeemed    (56,186,080)    (118,987,218) 
Increase (Decrease) in Net Assets from         
Capital Stock Transactions    (30,894,961)    (63,097,881) 
Total Increase (Decrease) in Net Assets    (16,147,956)    (83,661,081) 
Net Assets ($):         
Beginning of Period    789,377,036    873,038,117 
End of Period    773,229,080    789,377,036 
Undistributed investment income—net    666    — 
Capital Share Transactions (Shares):         
Shares sold    1,086,633    2,475,627 
Shares issued for dividends reinvested    818,077    1,717,414 
Shares redeemed    (4,234,346)    (8,932,879) 
Net Increase (Decrease) in Shares Outstanding    (2,329,636)    (4,739,838) 

See notes to financial statements.
30
FINANCIAL HIGHLIGHTS

The following table describe the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.

    Six Months Ended                     
    November 30, 2006        Year Ended May 31,     
        (Unaudited)    2006    2005    2004    2003    2002 
Per Share Data ($):                         
Net asset value,                         
beginning of period    13.18    13.51    13.28    13.91    13.42    13.51 
Investment Operations:                         
Investment income—net a    .25    .49    .50    .52    .57    .64 
Net realized and unrealized                         
gain (loss) on investments    .25    (.33)    .23    (.63)    .49    (.09) 
Total from Investment Operations .50    .16    .73    (.11)    1.06    .55 
Distributions:                         
Dividends from                         
investment income—net    (.25)    (.49)    (.50)    (.52)    (.57)    (.64) 
Net asset value, end of period    13.43    13.18    13.51    13.28    13.91    13.42 
Total Return (%)    3.80b    1.23    5.59    (.81)    8.09    4.14 
Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .79c    .74    .73    .74    .74    .74 
Ratio of net expenses                         
to average net assets    .79c    .74    .73    .74    .74    .74 
Ratio of net investment income                     
to average net assets    3.71c    3.70    3.70    3.86    4.23    4.74 
Portfolio Turnover Rate    14.84b    28.51    37.33    35.07    41.30    27.32 
Net Assets, end of period                         
($ x 1,000)    773,229    789,377    873,038    904,217    1,047,752    1,057,999 
 
a    Based on average shares outstanding at each month end.                 
b    Not annualized.                         
c    Annualized.                         
See notes to financial statements.                         

The Fund 31

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” or “Dreyfus”) 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.

On December 4, 2006, Mellon Financial and The Bank of New York Company, Inc. announced that they had entered into a definitive agreement to merge. The new company will be called The Bank of New York Mellon Corporation. As part of this transaction, Dreyfus would become a wholly-owned subsidiary of The Bank of New York Mellon Corporation. The transaction is subject to certain regulatory approvals and the approval of The Bank of New York Company, Inc.’s and Mellon Financial’s shareholders, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Mellon Financial and The Bank of New York Company, Inc. expect the transaction to be completed in the third quarter of 2007.

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.

32

(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 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.

On September 20, 2006, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

(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 33

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Inverse floaters purchased after January 1, 1997 in the agency market are accounted for as financing transactions in accordance with FASB 140 “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.”

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.

On July 13, 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the

34

applicable tax authority.Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

The fund has an unused capital loss carryover of $5,569,111 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to May 31, 2006. If not applied, the carryover expires in fiscal 2011.

The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2006 were as follows: tax exempt income $30,843,247. 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, 2006, 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. The Manager has undertaken from June 1, 2006 through November 30, 2006 to reduce the management fee paid by the fund, to the extent that

The Fund 35

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

the fund’s aggregate annual expenses, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary expenses, exceed an annual rate of .75% of the value of the fund’s average daily net assets.The reduction in management fee, pursuant to the undertaking, amounted to $6,025 during the period ended November 30, 2006.

(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, 2006, the fund was charged $204,420 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, 2006, the fund was charged $127,207 pursuant to the transfer agency agreement.

During the period ended November 30, 2006, the fund was charged $2,044 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 $381,210, shareholder services plan fees $1,000, chief compliance officer fees $1,704 and transfer agency per account fees $43,000, which are offset against an expense reimbursement currently in effect in the amount of $6,025.

(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.

36

(d) A .10% redemption fee is charged and retained by the fund on certain shares redeemed within thirty days following the date of their issuance, including redemptions made through the use of the fund’s exchange privilege. During the period ended November 30, 2006, redemption fees charged and retained by the fund amounted to $1.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended November 30, 2006, amounted to $113,709,311 and $132,732,954, respectively.

At November 30, 2006, accumulated net unrealized appreciation on investments was $21,403,550, consisting of $21,995,285 gross unrealized appreciation and $591,735 gross unrealized depreciation.

At November 30, 2006, 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 37

PROXY RESULTS (Unaudited)

The fund held a special meeting of shareholders on September 20, 2006.The proposal considered at the meeting, and the results, are as follows:

        Shares     
    Votes For        Authority Withheld 
To elect additional Board Members:             
Hodding Carter III †    31,912,191        1,295,352 
Ehud Houminer †    31,951,288        1,256,255 
Richard C. Leone †    32,059,963        1,147,579 
Hans C. Mautner †    32,073,055        1,134,488 
Robin A. Melvin †    32,033,158        1,174,385 
John E. Zuccotti †    32,016,284        1,191,259 

† Each new Board member’s term commenced on January 1, 2007. 
In addition Joseph S. DiMartino, David W. Burke, Gordon J. Davis, Joni Evans,Arnold S. Hiatt and Burton N. 
Wallack continue as Board members of the fund. 

38

NOTES

For    More    Information 

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 
One Wall Street 
New York, NY 10286 

Transfer Agent & 
Dividend Disbursing Agent 
Dreyfus Transfer, Inc. 
200 Park Avenue 
New York, NY 10166 
 
Distributor 
Dreyfus Service Corporation 
200 Park Avenue 
New York, NY 10166 

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 1-202-551-8090.

Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2006, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.

© 2007 Dreyfus Service Corporation

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.

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.

-2-

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) The Registrant has revised its internal control over financial reporting with respect to investments in certain inverse floater structures to account for such investments as secured borrowings and to report the related income and expense.

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/ J. David Officer 
    J. David Officer 
    President 
 
Date:    January 29, 2007 

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.

-3-

By:    /s/ J. David Officer 
    J. David Officer 
    President 
 
Date:    January 29, 2007 
 
By:    /s/ James Windels 
    James Windels
    Treasurer 
 
Date:    January 29, 2007 

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)

-4-