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			811-03721
	BNY Mellon Intermediate Municipal Bond Fund, Inc.
	(Exact name of Registrant as specified in charter)
	c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286
	(Address of principal executive offices)        (Zip code)
	Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286
	(Name and address of agent for service)
Registrant's telephone number, including area code:				(212) 922-6400
Date of fiscal year end:		5/31
Date of reporting period:		11/30/23

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Intermediate Municipal Bond Fund, Inc.

SEMI-ANNUAL REPORT

November 30, 2023

IMPORTANT NOTICE – UPCOMING CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS

The Securities and Exchange Commission (the “SEC”) has adopted rule and form amendments that will result in changes to the design and delivery of annual and semi-annual fund reports (“Reports”). Beginning in July 2024, Reports will be streamlined to highlight key information. Certain information currently included in Reports, including financial statements, will no longer appear in the Reports but will be available online, delivered free of charge to shareholders upon request, and filed with the SEC.

If you previously elected to receive the fund’s Reports electronically, you will continue to do so. Otherwise, you will receive paper copies of the fund’s re-designed Reports by USPS mail in the future. If you would like to receive the fund’s Reports (and/or other communications) electronically instead of by mail, please contact your financial advisor or, if you are a direct investor, please log into your mutual fund account at www.bnymellonim.com/us and select “E-Delivery” under the Profile page. You must be registered for online account access before you can enroll in E-Delivery.

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

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

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

Contents

THE FUND

Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	5
Comparing Your Fund’s Expenses With Those of Other Funds	5
Statement of Investments	6
Statement of Assets and Liabilities	21
Statement of Operations	22
Statement of Changes in Net Assets	23
Financial Highlights	24
Notes to Financial Statements	25
Information About the Renewal of the Fund’s Management and Sub-Investment Advisory Agreements	33

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE(Unaudited)

For the period from June 1, 2023, through November 30, 2023, as provided by portfolio managers, Thomas Casey and Daniel Rabasco, of Insight North America LLC, sub-adviser.

Market and Fund Performance Overview

For the six-month period ended November 30, 2023, BNY Mellon Intermediate Municipal Bond Fund, Inc. (the “fund”) produced a total return of 1.78%.¹ In comparison, the Bloomberg Municipal Bond: 7 Year Index (6-8) (the “Index”), the fund’s benchmark, provided a total return of 2.13% for the same period.²

Municipal bonds posted gains during the period as inflation fears eased, and the pace of interest-rate hikes by the U.S. Federal Reserve (the “Fed”) eased. The fund underperformed the Index, due primarily to security selection in several sectors.

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 its goal, the fund normally invests at least 80% of its net assets, plus any borrowing for investment purposes, in municipal bonds that provide income exempt from federal 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 the BNY Mellon Investment Adviser, Inc. (“BNY Mellon”). 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 BNY Mellon. The dollar-weighted, average maturity of the fund’s portfolio generally is between three and ten years.

We focus on identifying undervalued sectors and securities, and we minimize the use of interest-rate forecasting. We select municipal bonds by using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market. We actively trade among various sectors, such as pre-refunded, general obligation and revenue, based on their apparent relative values.

Market Rebounds as Rate Hiking Approaches an End

The municipal market declined through much of the reporting period, hampered especially by an uptick in inflation in August 2023 and by the Fed’s insistence that rates would be “higher for longer.” But late in the period, the market rebounded strongly as investors began to anticipate the end of the Fed’s rate-hiking cycle.

With seven rate hikes 2022 and three more in the first half of 2023, the Fed has succeeded in reducing pricing pressures significantly. The Fed initiated just one additional increase in July 2023, raising the federal funds target rate from 5.00%−5.25% at the beginning of the period to 5.25%–5.50% by the end of the period. In October 2023, the personal consumption expenditure index, the Fed’s preferred measure of inflation, rose just 3.0% year over year, down from 4.4% in March 2023.

2

Despite the higher rates, the U.S. economy surprised investors by continuing to avoid a long-anticipated recession. Following a 2.2% expansion in the first quarter of 2023, the economy grew by 2.1% in the second quarter, and an advance estimate for the third quarter showed growth of 5.2%.

Despite the continuing decline in inflation, mutual fund investors, who make up the bulk of municipal bond investors, were reluctant to return to the market in large numbers during most of the period. But this tepid retail demand was offset in part by relatively little new issuance.

Finally, after a few difficult months, the municipal bond market rallied strongly in November 2023 as both institutional and retail investors increasingly recognized the market’s solid fundamentals and attractive yields. Historically, the municipal bond market has performed well when the Fed has ended a tightening cycle, and that appeared to be driving the market again. In addition, constrained supply and a flight to quality resulting from an uncertain geopolitical environment also provided support.

Security Selection Hindered Fund Results

The fund’s sector allocation and security selection decisions produced a mixed result. Selections were especially unfavorable in the water & sewer and health care sectors. For example, positions in Great Lakes (MI) Water Authority and in Colorado Health Care Facilities (Advent Health) were leading detractors. Underweight positioning in the public power and housing sectors produced weaker results as well.

In contrast, the fund’s slightly shorter duration was beneficial, and an overweight to revenue bonds also produced a positive effect, especially in the prepaid gas, tobacco and transportation sectors. Certain security selections added to relative results, including those in the special tax and airport sectors, where Denver International Airport bonds outperformed. Positions in California general obligation bonds were also advantageous. The fund did not make use of derivatives during the reporting period.

A Favorable Environment

We believe a range of factors bode well for the municipal bond market. Historically, the market has performed well when the Fed has ended a rate-hiking cycle, and the market appears to be at that point again. The Fed opted not to raise rates late in 2023 as inflation has continued to decline, and the Fed’s “dot plot” showing the future path of the federal funds rate indicates a reduction in rates could occur in mid-2024. Also favoring the market are the solid fundamentals, which have helped fuel the recent rebound. State and local issuers generally remain flush with cash, assisted by robust tax revenues stemming from a relatively strong economy and resilient residential real estate values. Finally, should the economy weaken in the near term, municipal bonds benefit if the stock market weakens.

As for the fund, we believe we have positioned it to withstand a potential economic slowdown. While general obligation bonds are positively correlated with the economy, revenue bonds tend to be less cyclical. Accordingly, we remain well-diversified across the

3

DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)

revenue bond sector and are positioned to benefit from its relative resilience if a downturn occurs. In that event, we also believe the market will benefit as investors again see the diversification advantages of an allocation to the municipal bond market. In addition, in light of the likelihood of Fed rate cuts, we will seek to increase the fund’s duration modestly.

December 15, 2023

¹Total return includes reinvestment of dividends. Had these charges been reflected, returns would have been lower. 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. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement which may be extended, modified or terminated at any time. Had these expenses not been absorbed, returns would have been lower.

²Source: Lipper Inc. — The Bloomberg Municipal Bond: 7 Year Index (6-8) covers the U.S. dollar-denominated, 6-8 year, tax-exempt bond market. Investors cannot invest directly in any index.

Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer’s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.

4

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 BNY Mellon Intermediate Municipal Bond Fund, Inc. from June 1, 2023 to November 30, 2023. 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
Assume actual returns for the six months ended November 30, 2023
Expenses paid per $1,000†	$3.48
Ending value (after expenses)	$1,017.80

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, 2023
Expenses paid per $1,000†		$3.49
Ending value (after expenses)		$1,021.55
†	Expenses are equal to the fund’s annualized expense ratio of .69%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

5

STATEMENT OF INVESTMENTS

November 30, 2023 (Unaudited)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - .4%
Collateralized Municipal-Backed Securities - .4%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 (cost $1,779,549)		3.63	5/20/2033	1,621,324		1,495,447
Long-Term Municipal Investments - 98.5%
Alabama - 2.6%
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B		5.00	7/1/2038	2,975,000		3,082,565
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1		4.00	10/1/2026	1,000,000	a	991,958
Black Belt Energy Gas District, Revenue Bonds, Refunding		4.00	12/1/2031	1,300,000	a	1,280,646
The Lower Alabama Gas District, Revenue Bonds (Gas Project)		4.00	12/1/2025	3,500,000	a	3,478,308
The Lower Alabama Gas District, Revenue Bonds, Ser. A		5.00	9/1/2031	2,000,000		2,079,461
					10,912,938
Arizona - .4%
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B		5.00	7/1/2030	1,500,000		1,609,012
Arkansas - .4%
Fort Smith Water & Sewer, Revenue Bonds, Refunding		5.00	10/1/2035	1,500,000		1,601,382
California - .6%
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1		3.50	11/20/2035	1,440,295		1,339,479
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A		5.00	12/1/2031	1,000,000	b	1,019,879
					2,359,358
Colorado - 4.4%
Colorado Health Facilities Authority, Revenue Bonds, Refunding		5.00	11/19/2026	2,270,000	a	2,383,047
Colorado Health Facilities Authority, Revenue Bonds, Refunding		5.00	11/19/2026	230,000	c,d	243,597
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		5.00	8/1/2034	1,000,000		1,069,444

6

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Colorado - 4.4% (continued)
Colorado Health Facilities Authority, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2030	1,750,000		1,961,189
Denver City & County Airport System, Revenue Bonds, Ser. A		5.50	11/15/2026	11,140,000		11,174,378
Weld County School District No. RE-4, GO (Insured; State Aid Withholding)		5.00	12/1/2041	1,450,000		1,604,609
					18,436,264
Connecticut - 1.5%
Connecticut, GO (Sustainable Bond) Ser. F		5.00	11/15/2038	2,000,000		2,244,402
Connecticut, GO, Ser. A		4.00	1/15/2036	3,000,000		3,086,163
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Covenant Home Inc.) Ser. B		5.00	12/1/2032	1,000,000		1,042,287
					6,372,852
District of Columbia - 1.4%
District of Columbia, Revenue Bonds, Ser. A		5.00	7/1/2041	2,000,000		2,220,882
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2027	3,500,000		3,700,886
					5,921,768
Florida - 3.0%
Broward County Airport System, Revenue Bonds		5.00	10/1/2036	2,000,000		2,079,366
Central Florida Expressway Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. D		5.00	7/1/2035	1,500,000		1,693,776
Florida Municipal Power Agency, Revenue Bonds (Requirements Power Supply Project)		5.00	10/1/2030	1,250,000		1,282,357
Hillsborough County Solid Waste & Resource Recovery, Revenue Bonds, Refunding, Ser. A		5.00	9/1/2026	1,260,000		1,320,770
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A		4.00	10/1/2036	1,700,000		1,697,847
South Miami Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		5.00	8/15/2031	1,750,000		1,837,623
Sunshine Skyway Bridge, Revenue Bonds, Ser. A		4.00	7/1/2033	2,500,000		2,569,216
					12,480,955

7

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Georgia - 2.3%
Fulton County Development Authority, Revenue Bonds, Ser. A		5.00	4/1/2036	1,350,000		1,402,819
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A		5.00	1/1/2028	2,500,000		2,593,175
Main Street Natural Gas, Revenue Bonds, Ser. A		5.50	9/15/2028	2,530,000		2,679,500
Main Street Natural Gas, Revenue Bonds, Ser. C		5.00	9/1/2030	2,000,000	a	2,090,321
The Atlanta Development Authority, Revenue Bonds, Ser. A1		5.00	7/1/2027	1,000,000		1,029,677
					9,795,492
Hawaii - .8%
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2031	1,615,000		1,711,947
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2030	1,500,000		1,590,992
					3,302,939
Illinois - 8.9%
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		5.00	12/1/2030	2,500,000		2,604,402
Chicago Board of Education, GO, Ser. A		5.50	12/1/2038	1,500,000		1,583,779
Chicago II, GO, Refunding, Ser. A		4.00	1/1/2035	3,000,000		2,903,142
Chicago II Waterworks, Revenue Bonds, Refunding		5.00	11/1/2027	2,000,000		2,085,756
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2029	4,000,000		4,029,616
Greater Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. A		5.00	12/1/2031	3,275,000		3,445,145
Illinois, GO, Ser. B		5.25	5/1/2038	1,250,000		1,372,290
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A		5.00	6/15/2030	2,600,000		2,712,380
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A		5.00	11/15/2028	1,205,000		1,235,748
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center) Ser. B		5.00	11/15/2033	2,140,000		2,163,699
Illinois Municipal Electric Agency, Revenue Bonds, Refunding, Ser. A		4.00	2/1/2035	1,750,000		1,751,739
Illinois Toll Highway Authority, Revenue Bonds, Ser. A		5.00	1/1/2042	1,110,000		1,153,987

8

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Illinois - 8.9% (continued)
Regional Transportation Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.)		6.50	7/1/2030	2,500,000		2,900,368
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		5.00	1/1/2036	2,750,000		2,933,922
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		5.00	1/1/2034	1,500,000		1,686,363
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build America Mutual)		5.00	6/15/2029	1,000,000		1,057,615
University of Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A		5.00	4/1/2032	1,655,000		1,658,749
					37,278,700
Indiana - 2.0%
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1		4.00	10/1/2036	1,250,000		1,282,012
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1		4.00	10/1/2035	1,500,000		1,560,560
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2036	3,000,000		3,094,438
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & Health Care Services Obligated Group) Ser. A		5.00	1/1/2028	2,440,000		2,471,465
					8,408,475
Iowa - 1.1%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)		4.00	12/1/2032	1,000,000	a	960,492
Iowa Finance Authority, Revenue Bonds, Refunding (UnityPoint Health) Ser. E		5.00	8/15/2032	2,280,000		2,339,798
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2		4.00	6/1/2034	500,000		503,978
PEFA, Revenue Bonds (Gas Project)		5.00	9/1/2026	1,000,000	a	1,014,663
					4,818,931
Kentucky - 2.1%
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	6/1/2026	1,500,000	a	1,475,991
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1		4.00	8/1/2030	1,000,000	a	979,583

9

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Kentucky - 2.1% (continued)
Kentucky Public Energy Authority, Revenue Bonds, Ser. B		4.00	1/1/2025	5,500,000	a	5,460,298
Louisville & Jefferson County Metropolitan Government, Revenue Bonds (Norton Healthcare Inc.) Ser. C		5.00	10/1/2026	1,000,000	a	1,037,673
					8,953,545
Louisiana - .8%
Jefferson Sales Tax District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B		4.00	12/1/2032	2,250,000		2,328,092
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)		2.20	7/1/2026	1,000,000	a	950,246
					3,278,338
Maryland - 1.4%
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. B2		5.00	7/1/2027	2,350,000	a	2,467,959
Maryland Stadium Authority, Revenue Bonds		5.00	5/1/2037	3,090,000		3,257,221
					5,725,180
Massachusetts - 2.4%
Massachusetts, GO, Ser. D		4.00	5/1/2034	3,500,000		3,623,469
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System)		5.00	7/1/2034	2,630,000		2,737,082
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2034	3,500,000		3,815,607
					10,176,158
Michigan - 3.7%
Great Lakes Water Authority Water Supply System, Revenue Bonds, Refunding, Ser. D		5.00	7/1/2036	5,000,000		5,154,391
Michigan Finance Authority, Revenue Bonds, Refunding		5.00	4/15/2034	1,190,000		1,342,286
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Corp. Obligated Group) Ser. A		5.00	12/1/2034	2,000,000		2,108,651

10

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Michigan - 3.7% (continued)
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project)		5.00	6/30/2031	4,395,000		4,601,990
Utica Community Schools, GO, Refunding (Insured; Qualified School Bond Loan Fund)		5.00	5/1/2032	940,000		1,043,300
Utica Community Schools, GO, Refunding (Insured; Qualified School Bond Loan Fund)		5.00	5/1/2031	1,000,000		1,110,123
					15,360,741
Missouri - 1.9%
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A		5.00	11/15/2035	3,705,000		3,741,094
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group)		5.00	11/15/2026	1,000,000		1,037,940
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Prairie State Project) Ser. A		5.00	12/1/2030	3,270,000		3,332,111
					8,111,145
Nebraska - 2.5%
Omaha Public Power District, Revenue Bonds, Ser. A		5.00	2/1/2040	2,000,000		2,223,799
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2038	1,000,000		1,029,744
Public Power Generation Agency, Revenue Bonds, Refunding (Whelan Energy Center Unit)		5.00	1/1/2029	4,750,000		4,819,079
Public Power Generation Agency, Revenue Bonds, Refunding (Whelan Energy Center Unit)		5.00	1/1/2030	2,250,000		2,280,820
					10,353,442
Nevada - .5%
Clark County School District, GO, Ser. A		5.00	6/15/2039	1,500,000		1,654,360
Reno, Revenue Bonds, Refunding		5.00	6/1/2035	500,000		531,322
					2,185,682
New Jersey - 4.9%
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A		4.00	6/1/2031	1,000,000		1,063,580
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2030	1,400,000		1,491,940

11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
New Jersey - 4.9% (continued)
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. B		5.00	12/1/2026	1,425,000		1,472,272
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.25	6/15/2039	2,500,000		2,809,310
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA		5.00	6/15/2038	1,000,000		1,116,739
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB		5.00	6/15/2038	1,000,000		1,122,005
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. D		5.00	1/1/2028	1,000,000		1,044,412
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. E		5.00	1/1/2031	1,250,000		1,348,182
The Camden County Improvement Authority, Revenue Bonds, Refunding (Rowan University Project) (Insured; Build America Mutual) Ser. A		5.00	7/1/2033	3,070,000		3,417,993
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2037	3,150,000		3,253,439
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2036	2,175,000		2,258,355
					20,398,227
New York - 7.3%
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Sustainable Bond) Ser. C1		5.00	11/15/2031	2,135,000		2,287,599
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D		5.00	11/15/2030	1,365,000		1,414,403
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. A		4.00	11/15/2032	500,000		542,391
New York City, GO, Ser. A1		4.00	8/1/2037	2,195,000		2,234,759
New York City, GO, Ser. C		4.00	8/1/2036	1,250,000		1,275,098
New York City, GO, Ser. F1		4.00	3/1/2038	1,000,000		1,009,737
New York City Transitional Finance Authority, Revenue Bonds, Ser. B1		4.00	11/1/2043	2,100,000		2,076,517
New York City Transitional Finance Authority, Revenue Bonds, Ser. B1		4.00	8/1/2038	2,680,000		2,690,882
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A		4.00	3/15/2039	3,420,000		3,432,339

12

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
New York - 7.3% (continued)
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)		4.00	10/1/2030	2,500,000		2,415,191
New York Transportation Development Corp., Revenue Bonds (Insured; Assured Guaranty Municipal Corp.)		5.50	6/30/2043	800,000		853,172
New York Transportation Development Corp., Revenue Bonds (JFK International Air Terminal)		5.00	12/1/2035	3,850,000		4,097,923
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A		5.00	7/1/2034	1,000,000		1,001,590
Port Authority of New York & New Jersey, Revenue Bonds, Refunding		5.00	1/15/2035	2,000,000		2,188,263
TSASC, Revenue Bonds, Refunding, Ser. A		5.00	6/1/2032	3,000,000		3,091,950
					30,611,814
North Carolina - 1.0%
Charlotte Airport, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2038	1,360,000		1,455,424
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2028	1,500,000		1,581,892
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group)		5.00	12/1/2028	1,000,000	a	1,087,183
					4,124,499
Ohio - 4.6%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2		5.00	6/1/2034	3,075,000		3,274,212
Ohio, Revenue Bonds (Cleveland Clinic Health System Obligated Group)		2.75	5/1/2028	1,500,000	a	1,469,473
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health Systems Obligated Group) Ser. A		5.00	1/1/2031	1,250,000		1,350,178
Ohio, Revenue Bonds, Refunding, Ser. A		5.00	1/15/2033	1,650,000		1,779,422
Ohio Water Development Authority, Revenue Bonds, Ser. A		5.00	12/1/2041	2,750,000		3,080,253

13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Ohio - 4.6% (continued)
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds (Sustainable Bond) Ser. B		5.00	12/1/2042	3,500,000		3,881,552
Sycamore Community School District, GO, Refunding		4.00	12/1/2030	4,115,000		4,358,890
					19,193,980
Oregon - 1.9%
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A		5.00	8/15/2033	500,000		546,205
Oregon, GO (Article XI Q Project) Ser. A		5.00	5/1/2040	1,500,000		1,684,777
Oregon Facilities Authority, Revenue Bonds, Refunding (Legacy Health Project) Ser. A		5.00	6/1/2035	2,500,000		2,563,378
Portland, Revenue Bonds, Ser. A		3.00	3/1/2036	3,500,000		3,190,159
					7,984,519
Pennsylvania - 9.1%
Commonwealth Financing Authority, Revenue Bonds		5.00	6/1/2031	2,500,000		2,666,987
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.)		2.45	12/3/2029	1,000,000	a	911,727
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. A		5.00	9/1/2032	1,000,000		1,055,687
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The Penndot Major Bridges)		5.00	12/31/2033	4,125,000		4,336,614
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A		5.00	6/1/2031	1,000,000		1,069,228
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2032	1,200,000		1,274,524
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2031	2,400,000		2,554,944
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. 3		5.00	12/1/2029	2,405,000		2,570,403
Philadelphia, GO, Ser. A		5.00	5/1/2033	3,080,000		3,440,554
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2031	1,000,000		1,047,718

14

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Pennsylvania - 9.1% (continued)
Philadelphia Water & Wastewater, Revenue Bonds, Refunding		5.00	10/1/2033	1,500,000		1,685,112
Philadelphia Water & Wastewater, Revenue Bonds, Refunding, Ser. B		4.00	7/1/2035	2,000,000		2,007,078
Southeastern Pennsylvania Transportation Authority, Revenue Bonds		5.25	6/1/2039	1,700,000		1,920,204
State Public School Building Authority, Revenue Bonds, Refunding (Harrisburg School District Project) (Insured; Assured Guaranty Municipal Corp.)		5.00	12/1/2027	1,095,000		1,153,809
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		4.00	9/1/2037	2,725,000		2,731,155
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		4.00	9/1/2035	1,500,000		1,523,138
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.00	9/1/2032	2,000,000		2,140,102
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.25	9/1/2036	1,250,000		1,414,609
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2030	2,490,000		2,591,614
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2026	10,000	d	10,569
					38,105,776
Rhode Island - 1.1%
Rhode Island Health & Educational Building Corp., Revenue Bonds		4.00	5/15/2043	5,000,000		4,770,748
South Carolina - 1.6%
Piedmont Municipal Power Agency, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2029	1,000,000		1,080,531
South Carolina Ports Authority, Revenue Bonds		5.00	7/1/2031	2,000,000		2,123,529
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A		4.00	12/1/2036	1,000,000		1,002,191
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. C		5.00	12/1/2025	2,320,000		2,346,712
					6,552,963

15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Tennessee - 1.2%
Tennessee Energy Acquisition Corp., Revenue Bonds		4.00	11/1/2025	2,000,000	a	1,987,482
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A		5.25	9/1/2026	1,505,000		1,542,749
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B		5.00	7/1/2030	1,350,000		1,458,835
					4,989,066
Texas - 8.8%
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	2/15/2034	1,500,000		1,523,164
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C		5.00	8/15/2031	2,500,000		2,515,374
Dayton Independent School District, GO (Insured; Permanent School Fund Guarantee Program)		4.00	2/15/2040	2,000,000		1,974,379
Frisco Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program)		4.00	8/15/2036	1,355,000		1,355,454
Frisco Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program)		4.00	8/15/2037	1,500,000		1,500,211
Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranteed Municipal Corp.)		5.00	8/15/2035	1,000,000		1,114,190
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2028	2,770,000		2,801,567
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2029	2,325,000		2,348,484
Houston Airport System, Revenue Bonds, Refunding (Insured; Assured Guaranteed Municipal Corp.) Ser. B		5.00	7/1/2032	1,685,000		1,957,479
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp. Project)		5.00	5/15/2032	2,000,000		2,192,520
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corp.)		5.00	5/15/2037	3,225,000		3,441,210
New Hope Cultural Educational Facilities Finance Corp., Revenue Bonds, Refunding (Children's Health System Project) Ser. A		5.00	8/15/2029	1,750,000		1,868,530

16

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Texas - 8.8% (continued)
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2031	3,000,000		3,045,665
Northwest Independent School District, GO (Insured; Permanent School Fund Guarantee Program)		4.00	2/15/2042	5,000,000		5,038,652
Plano Independent School District, GO		5.00	2/15/2043	1,000,000		1,089,742
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds (CHRISTUS Health Obligated Group) Ser. A		5.00	7/1/2032	1,500,000	a	1,645,641
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Project) Ser. A		5.00	11/15/2031	1,400,000		1,459,162
					36,871,424
U.S. Related - .6%
Puerto Rico, GO, Ser. A1		5.63	7/1/2029	2,430,000		2,571,970
Utah - 2.0%
Intermountain Power Agency, Revenue Bonds, Ser. A		5.00	7/1/2038	3,000,000		3,373,177
Salt Lake City, Revenue Bonds, Ser. A		5.00	7/1/2036	5,000,000		5,192,876
					8,566,053
Virginia - 1.0%
Virginia Commonwealth Transportation Board, Revenue Bonds, Refunding (Trans Capital Project)		4.00	5/15/2035	2,855,000		3,023,420
Virginia Small Business Financing Authority, Revenue Bonds, Refunding		5.00	12/31/2042	1,000,000		1,039,768
					4,063,188
Washington - 6.2%
Energy Northwest, Revenue Bonds, Refunding (Columbia Generating Station)		5.00	7/1/2040	1,000,000		1,101,085
Energy Northwest, Revenue Bonds, Refunding (Project 1) Ser. A		5.00	7/1/2035	4,355,000		5,028,770
King County Public Hospital District No. 1, GO, Refunding		5.00	12/1/2030	6,930,000		7,225,593
Port of Seattle, Revenue Bonds		5.00	4/1/2028	2,500,000		2,647,125
Port of Seattle, Revenue Bonds, Refunding		5.00	8/1/2041	1,000,000		1,054,853
Washington, GO, Refunding, Ser. R		4.00	7/1/2036	2,270,000		2,358,527
Washington, GO, Ser. B		5.00	2/1/2043	2,500,000		2,757,046

17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.5%(continued)
Washington - 6.2% (continued)
Washington Convention Center Public Facilities District, Revenue Bonds		5.00	7/1/2033	1,330,000		1,390,950
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald Heights Project) Ser. A		5.00	7/1/2038	1,590,000		1,618,794
Washington Housing Finance Commission, Revenue Bonds, Ser. A1		3.50	12/20/2035	963,207		886,432
					26,069,175
Wisconsin - 2.5%
Milwaukee, GO (Insured; Assured Guarantee Municipal Corp.) Ser. B4		5.00	4/1/2036	1,515,000		1,678,384
Public Finance Authority, Revenue Bonds (KU Campus Development Project)		5.00	3/1/2036	4,500,000		4,602,024
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Children's Hospital of Wisconsin Obligated Group)		5.00	8/15/2034	1,835,000		1,935,941
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (ProHealth Care Obligated Group)		5.00	8/15/2033	2,250,000		2,261,956
					10,478,305
TotalLong-Term Municipal Investments (cost $422,759,650)				412,795,004
Total Investments (cost $424,539,199)				98.9%	414,290,451
Cash and Receivables (Net)				1.1%	4,815,084
Net Assets				100.0%	419,105,535

^aThese securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

^bSecurity exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2023, these securities were valued at $1,019,879 or .24% of net assets.

^cThe Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.

^dThese 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.

18

Portfolio Summary (Unaudited) †	Value (%)
General	20.6
Medical	12.3
Airport	10.6
General Obligation	10.5
Power	10.4
School District	8.4
Transportation	8.3
Water	6.3
Tobacco Settlement	3.6
Education	2.6
Special Tax	1.1
Development	1.0
Student Loan	1.0
Multifamily Housing	.9
Nursing Homes	.6
Pollution	.3
Utilities	.3
Prerefunded	.1
	98.9

^†Based on net assets.

See notes to financial statements.

19

Summary of Abbreviations (Unaudited)
ABAG	Association of Bay Area Governments	AGC	ACE Guaranty Corporation
AGIC	Asset Guaranty Insurance Company	AMBAC	American Municipal Bond Assurance Corporation
BAN	Bond Anticipation Notes	BSBY	Bloomberg Short-Term Bank Yield Index
CIFG	CDC Ixis Financial Guaranty	COP	Certificate of Participation
CP	Commercial Paper	DRIVERS	Derivative Inverse Tax-Exempt Receipts
EFFR	Effective Federal Funds Rate	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
GAN	Grant Anticipation Notes	GIC	Guaranteed Investment Contract
GNMA	Government National Mortgage Association	GO	General Obligation
IDC	Industrial Development Corporation	LIBOR	London Interbank Offered Rate
LOC	Letter of Credit	LR	Lease Revenue
NAN	Note Anticipation Notes	MFHR	Multi-Family Housing Revenue
MFMR	Multi-Family Mortgage Revenue	MUNIPSA	Securities Industry and Financial Markets Association Municipal Swap Index Yield
OBFR	Overnight Bank Funding Rate	PILOT	Payment in Lieu of Taxes
PRIME	Prime Lending Rate	PUTTERS	Puttable Tax-Exempt Receipts
RAC	Revenue Anticipation Certificates	RAN	Revenue Anticipation Notes
RIB	Residual Interest Bonds	SFHR	Single Family Housing Revenue
SFMR	Single Family Mortgage Revenue	SOFR	Secured Overnight Financing Rate
TAN	Tax Anticipation Notes	TRAN	Tax and Revenue Anticipation Notes
TSFR	Term Secured Overnight Financing Rate	U.S. T-BILL	U.S. Treasury Bill Money Market Yield
XLCA	XL Capital Assurance

See notes to financial statements.

20

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2023 (Unaudited)

	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	424,539,199	414,290,451
Cash		297,556
Interest receivable		6,026,769
Receivable for shares of Common Stock subscribed		10,177
Prepaid expenses		20,877
		420,645,830
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		219,609
Payable for investment securities purchased		842,928
Payable for shares of Common Stock redeemed		396,412
Directors’ fees and expenses payable		8,362
Other accrued expenses		72,984
		1,540,295
Net Assets ($)		419,105,535
Composition of Net Assets ($):
Paid-in capital		432,586,997
Total distributable earnings (loss)		(13,481,462)
Net Assets ($)		419,105,535

Shares Outstanding
(300 million shares of $.001 par value Common Stock authorized)	33,364,850
Net Asset Value Per Share ($)	12.56
See notes to financial statements.

21

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2023 (Unaudited)

Investment Income ($):
Interest Income	6,643,226
Expenses:
Management fee—Note 3(a)	1,280,991
Shareholder servicing costs—Note 3(b)	216,649
Professional fees	52,642
Directors’ fees and expenses—Note 3(c)	22,347
Registration fees	16,582
Prospectus and shareholders’ reports	10,177
Chief Compliance Officer fees—Note 3(b)	10,068
Loan commitment fees—Note 2	5,174
Custodian fees—Note 3(b)	4,328
Miscellaneous	22,481
Total Expenses	1,641,439
Less—reduction in expenses due to undertaking—Note 3(a)	(106,722)
Less—reduction in fees due to earnings credits—Note 3(b)	(57,335)
Net Expenses	1,477,382
Net Investment Income	5,165,844
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	(1,539,024)
Net change in unrealized appreciation (depreciation) on investments	3,657,730
Net Realized and Unrealized Gain (Loss) on Investments	2,118,706
Net Increase in Net Assets Resulting from Operations	7,284,550
See notes to financial statements.

22

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended November 30, 2023 (Unaudited)	Year Ended May 31, 2023
Operations ($):
Net investment income	5,165,844	9,882,704
Net realized gain (loss) on investments	(1,539,024)	(2,061,754)
Net change in unrealized appreciation (depreciation) on investments	3,657,730	(5,038,223)
Net Increase (Decrease) in Net Assets Resulting from Operations	7,284,550	2,782,727
Distributions ($):
Distributions to shareholders	(5,145,347)	(11,679,365)
Capital Stock Transactions ($):
Net proceeds from shares sold	6,708,059	16,163,760
Distributions reinvested	4,256,671	9,754,038
Cost of shares redeemed	(37,974,774)	(67,110,913)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(27,010,044)	(41,193,115)
Total Increase (Decrease) in Net Assets	(24,870,841)	(50,089,753)
Net Assets ($):
Beginning of Period	443,976,376	494,066,129
End of Period	419,105,535	443,976,376
Capital Share Transactions (Shares):
Shares sold	544,764	1,286,255
Shares issued for distributions reinvested	344,361	780,474
Shares redeemed	(3,079,525)	(5,363,033)
Net Increase (Decrease) in Shares Outstanding	(2,190,400)	(3,296,304)
See notes to financial statements.

23

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the fund’s financial statements.

Six Months Ended
November 30, 2023		Year Ended May 31,
	(Unaudited)	2023	2022	2021	2020	2019
Per Share Data ($):
Net asset value, beginning of period	12.49	12.72	13.96	13.61	13.72	13.41
Investment Operations:
Net investment incomea	.15	.27	.27	.29	.31	.32
Net realized and unrealized gain (loss) on investments	.07	(.19)	(1.19)	.39	(.01)	.43
Total from Investment Operations	.22	.08	(.92)	.68	.30	.75
Distributions:
Dividends from net investment income	(.15)	(.28)	(.27)	(.28)	(.31)	(.32)
Dividends from net realized gain on investments	-	(.03)	(.05)	(.05)	(.10)	(.12)
Total Distributions	(.15)	(.31)	(.32)	(.33)	(.41)	(.44)
Net asset value, end of period	12.56	12.49	12.72	13.96	13.61	13.72
Total Return (%)	1.78b	.69	(6.69)	5.09	2.15	5.79
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.77c	.76	.75	.74	.74	.75
Ratio of net expenses to average net assets	.69c	.70	.72	.74	.74	.75
Ratio of net investment income to average net assets	2.42c	2.12	2.00	2.07	2.22	2.38
Portfolio Turnover Rate	10.72b	14.58	8.68	8.59	16.30	17.02
Net Assets, end of period ($ x 1,000)	419,106	443,976	494,066	577,833	570,421	618,044

^aBased on average shares outstanding.

^bNot annualized.

^cAnnualized.

See notes to financial statements.

24

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

BNY Mellon Intermediate Municipal Bond Fund, Inc. (the “fund”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), is a diversified open-end management investment company. The fund’s investment objective is to seek the maximum amount of current income exempt from federal income tax as is consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Insight North America LLC (the “Sub-Adviser”), an indirect wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the fund’s sub-adviser. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fundenters 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: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly.

25

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

The fund’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.

Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. 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). Municipal 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 the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the

26

value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of November 30, 2023in valuing the fund’s investments:

	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:†
Collateralized Municipal-Backed Securities	-	1,495,447	-	1,495,447
Municipal Securities	-	412,795,004	-	412,795,004

^†See Statement of Investments for additional detailed categorizations, if any.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses 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.

(c) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund.

27

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide.

Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund’s share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund.

(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from net investment income. Such dividends are paid monthly. Dividends from net realized capital gains, 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 gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(e) 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.

As of and during the period ended November 30, 2023, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended November 30, 2023, the fund did not incur any interest or penalties.

28

Each tax year in the three–year period ended May 31, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The fund has an unused capital loss carryover of $2,723,421 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to May 31, 2023. The fund has $1,094,522 of short-term capital losses and $1,628,899 of long-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2023 was as follows: tax-exempt income $10,487,939, ordinary income $68,729 and long-term capital gains $1,122,697. The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. Prior to September 27, 2023, the Citibank Credit Facility was $823.5 million with Tranche A available in an amount equal to $688.5 million and Tranche B available in an amount equal to $135 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended November 30, 2023, the fund did not borrow under the Facilities.

29

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

NOTE 3—Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement (the “Agreement”) with the Adviser, 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 Agreement provides that if in any fiscal year the aggregate expenses of the fund (excluding taxes, brokerage commissions, interest expense and extraordinary expenses) exceed 1½% of the value of the fund’s average daily net assets, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended November 30, 2023, there was no expense reimbursement pursuant to the Agreement.

The Adviser has contractually agreed, from June 1, 2023 through December 31, 2023, to waive receipt of a portion of its management fee in the amount of .05% of the value of the fund’s average daily net assets. On or after December 31, 2023, the Adviser may terminate this waiver agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $106,722 during the period ended November 30, 2023.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .288% of the value of the fund’s average daily net assets.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at 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 certain services. These services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2023, the fund was charged $121,785 pursuant to the Shareholder Services Plan.

The fund has arrangements with BNY Mellon Transfer, Inc., (the “Transfer Agent”) and The Bank of New York Mellon (the “Custodian”), both a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent and Custodian fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services

30

for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended November 30, 2023, the fund was charged $53,007 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These were offset by earnings credits of $53,007.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended November 30, 2023, the fund was charged $4,328 pursuant to the custody agreement. These fees were offset by earnings credits of $4,328.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund’s check writing privilege. During the period ended November 30, 2023, the fund was charged $3,864 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended November 30, 2023, the fund was charged $10,068 for services performed by the fund’s Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fee of $202,927, Custodian fees of $3,500, Chief Compliance Officer fees of $3,438 and Transfer Agent fees of $26,611, which are offset against an expense reimbursement currently in effect in the amount of $16,867.

(c) Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended November 30, 2023, amounted to $45,414,062 and $69,799,280, respectively.

At November 30, 2023, accumulated net unrealized depreciation on investments was $10,248,748, consisting of $2,714,419 gross unrealized appreciation and $12,963,167 gross unrealized depreciation.

31

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

At November 30, 2023, 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).

NOTE 5—Subsequent Event:

Effective January 1, 2024, the management fee has been reduced from 60bs to 45 bps.

32

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Directors (the “Board”) held on October 30-31, 2023, the Board considered the renewal of the fund’s Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the “Agreements”), pursuant to which Insight North America LLC (the “Sub-Adviser”) provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the Sub-Adviser.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s shares with the performance of a group of retail no-load intermediate municipal debt funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional intermediate municipal debt funds (the “Performance Universe”), all for various periods ended August 31, 2023, and (2) the fund’s actual and contractual management fees and total expenses with those of the

33

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds consisting of all retail no-load intermediate municipal debt funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund’s total return performance was above the Performance Group median for all periods except the one- and four-year periods when the fund’s total return performance was below the Performance Group median, and was below the Performance Universe median for all periods, except the ten-year period when the fund’s total return performance was above the Performance Universe median. The Board also considered that the fund’s yield performance was above or at the Performance Group median and above the Performance Universe median for eight of the ten one-year periods ended August 31^st. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians during certain periods under review. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for a fee waiver arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund’s total expenses were higher than the Expense Group and the Expense Universe medians total expenses. The Board noted that the Adviser agreed to reduce the contractual management fee payable by the fund to the Adviser from an annual rate of .60% to an annual rate of .45% of the value of the fund’s average daily net asset, effective January 1, 2024.

34

Representatives of the Adviser stated that the Adviser had voluntarily agreed to waive receipt of a portion of its management fee in the amount of .05% of the value of the fund’s average daily net assets.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser’s fee is paid by the Adviser, out of its fee from the fund, and not the fund.

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the fee waiver arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases

35

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

·The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are adequate and appropriate.

·The Board generally was satisfied with the fund’s relative performance.

·The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

·The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreements.

36

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37

For More Information

BNY Mellon Intermediate Municipal Bond Fund, Inc.

240 Greenwich Street

New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

Sub-Adviser

Insight North America LLC
200 Park Avenue, 7^th Floor

New York, NY 10166

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.

240 Greenwich Street

New York, NY 10286

Distributor

BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286

Ticker Symbol: DITEX

Telephone Call your financial representative or 1-800-373-9387

Mail The BNY Mellon Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request toinfo@bnymellon.com

Internet Information can be viewed online or downloaded at www.im.bnymellon.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-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.comand on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

© 2024 BNY Mellon Securities Corporation
0947SA1123

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. Investments.

(a)        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.

There have been no material changes to the procedures applicable to Item 10.

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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.

BNY Mellon Intermediate Municipal Bond Fund, Inc.

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: January 22, 2024

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/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

Date: January 22, 2024

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: January 22, 2024

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)