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) | |
| | |
| John Pak, 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: | 5/31/14 | |
| | | | | | |
FORM N-CSR
Item 1. Reports to Stockholders.
Dreyfus
Intermediate Municipal
Bond Fund, Inc.
ANNUAL REPORT May 31, 2014
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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 President |
3 | Discussion of Fund Performance |
6 | Fund Performance |
7 | Understanding Your Fund’s Expenses |
7 | Comparing Your Fund’s Expenses |
With Those of Other Funds |
8 | Statement of Investments |
27 | Statement of Assets and Liabilities |
28 | Statement of Operations |
29 | Statement of Changes in Net Assets |
30 | Financial Highlights |
31 | Notes to Financial Statements |
39 | Report of Independent Registered |
| Public Accounting Firm |
40 | Important Tax Information |
41 | Board Members Information |
44 | Officers of the Fund |
|
FOR MORE INFORMATION |
|
| Back Cover |
Dreyfus Intermediate Municipal
Bond Fund, Inc.
The Fund
A LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Intermediate Municipal Bond Fund, Inc., covering the 12-month period from June 1, 2013, through May 31, 2014. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
In the wake of heightened market volatility over much of 2013, municipal bonds generally stabilized over the first five months of 2014, enabling them to post positive total returns, on average, for the reporting period overall.Although concerns regarding a shift to a more moderately accommodative monetary policy initially roiled fixed income markets, investors later took the Federal Reserve Board’s actions in stride. Moreover, investor demand rebounded while the supply of newly issued securities ebbed, and most states and municipalities saw improved credit conditions in the recovering U.S. economy.
We remain cautiously optimistic regarding the municipal bond market’s prospects over the months ahead.We expect the domestic economy to continue to strengthen, which could support higher tax revenues for most states and municipalities.We also anticipate rising demand for a limited supply of securities as more income-oriented investors seek the tax advantages of municipal bonds. As always, we encourage you to discuss our observations with your financial advisor to assess their potential impact on your investments.
Thank you for your continued confidence and support.
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J. Charles Cardona
President
The Dreyfus Corporation
June 16, 2014
2
DISCUSSION OF FUND PERFORMANCE
For the period from June 1, 2013, through May 31, 2014, as provided by Steven Harvey, Portfolio Manager
Fund and Market Performance Overview
For the 12-month period ended May 31, 2014, Dreyfus Intermediate Municipal Bond Fund, Inc. achieved a total return of 2.99%.1 The Barclays 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 3.13% for the same period.2
Heightened market volatility over the reporting period’s first half was followed by rallies as long-term interest rates moderated, investor demand rebounded, the supply of newly issued securities declined, and credit conditions improved.The fund lagged its benchmark, mainly due to weakness among Puerto Rico bonds owned by the fund.
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 substantially all of its net 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 The Dreyfus Corporation (“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 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.
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
Most Municipal Bonds Rebounded from Earlier Weakness
Like many other financial assets, municipal bonds generally lost value at the start of the reporting period in the wake of news that the Federal Reserve Board (the “Fed”) would soon back away from its quantitative easing program. The resulting market turbulence sparked a flight of capital from the municipal bond market, sending long-term bond prices lower and yields higher. Selling pressure was particularly severe among lower rated and longer term securities.
Municipal bonds generally stabilized in the fall, and the first five months of 2014 witnessed a market recovery amid weaker-than-expected economic data stemming from unusually harsh winter weather. Municipal bond prices also were supported by favorable supply-and-demand dynamics when investor demand recovered and less refinancing activity produced a reduced supply of newly issued securities.
The economic rebound resulted in better underlying credit conditions for most issuers as tax revenues increased, enabling many states to achieve budget surpluses and replenish reserves. However, credit concerns lingered with regard to two issuers: The City of Detroit filed for bankruptcy protection during the summer of 2013, and in September, municipal bonds issued by Puerto Rico lost value after media reports detailed the U.S. territory’s fiscal challenges.
Puerto Rico Bonds Undermined Relative Performance
During the summer of 2013, we responded to pronounced market weakness by taking advantage of newly attractive valuations among lower rated and longer dated municipal bonds. As part of this repositioning, we reduced the fund’s holdings of AAA-rated securities and added to credits that, in our judgment, were punished more severely than warranted by their underlying fundamentals. New positions included Illinois general obligation bonds and revenue bonds backed by A-rated hospitals, airports, and the states’ settlement of litigation with U.S. tobacco companies. We also reduced the fund’s holdings of bonds with maturities of three years and less in favor of bonds with 10- to 15-year maturities.These strategies supported the fund’s relative performance when the municipal bond market rallied over the reporting period’s second half.
However, the benefits of a more constructive investment posture were more than offset by weakness among the fund’s holdings of Puerto Rico securities, which were hurt
4
by publicity surrounding the U.S. territory’s economic challenges and unsustainable pension liabilities.We took advantage of periodic rebounds during 2014 to reduce the fund’s exposure to Puerto Rico bonds at relatively attractive prices.
Adapting to a Changing Market Environment
We already have seen evidence of a stronger U.S. recovery in warmer spring weather, including a strengthening labor market and improved investor confidence. In addition, we believe that recently positive market trends have been driven, in part, by investors returning their focus to market and issuer fundamentals now that the Fed is tapering its quantitative easing program, which we expect to continue.
We have redeployed proceeds from recent sales of Puerto Rico bonds to longer term securities with strong income characteristics. We also have maintained a relatively long average duration in order to capture higher levels of current income and in anticipation of narrower yield differences along the market’s maturity spectrum.
June 16, 2014
Bond funds 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 involve increased credit and liquidity risks compared with investment grade bonds and are considered speculative in terms of the issuer’s ability to pay interest and repay principal on a timely basis.
The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate with the underlying instruments or the fund’s other instruments.
|
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. |
2 SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. |
The Barclays 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. |
The Fund 5
FUND PERFORMANCE
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Comparison of change in value of $10,000 investment in Dreyfus Intermediate Municipal Bond
Fund, Inc. and the Barclays 7-Year Municipal Bond Index
| | | | | | |
Average Annual Total Returns as of 5/31/14 | | | | | | |
| 1 | Year | 5 Years | | 10 Years | |
Fund | 2.99 | % | 4.94 | % | 4.21 | % |
Barclays 7-Year Municipal Bond Index | 3.13 | % | 5.11 | % | 4.95 | % |
|
† Source: Lipper Inc. |
Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not |
reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
The above graph compares a $10,000 investment made in Dreyfus Intermediate Municipal Bond Fund, Inc. on |
5/31/04 to a $10,000 investment made in the Barclays 7-Year Municipal Bond Index (the “Index”) on that date.All |
dividends and capital gain distributions are reinvested. |
The fund invests primarily in municipal securities and maintains a portfolio with a weighted average maturity ranging |
between 3 and 10 years.The fund’s performance shown in the line graph above takes into account fees and expenses.The |
Index, unlike the fund, 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.These factors can |
contribute to the Index potentially outperforming or underperforming the fund. Unlike a mutual fund, the Index is not |
subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to |
fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the |
prospectus and elsewhere in this report. |
6
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Intermediate Municipal Bond Fund, Inc. from December 1, 2013 to May 31, 2014. 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 May 31, 2014 |
| | |
Expenses paid per $1,000† | $ | 3.78 |
Ending value (after expenses) | $ | 1,048.10 |
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 May 31, 2014 |
| | |
Expenses paid per $1,000† | $ | 3.73 |
Ending value (after expenses) | $ | 1,021.24 |
|
† Expenses are equal to the fund’s annualized expense ratio of .74%, multiplied by the average account value over the |
period, multiplied by 182/365 (to reflect the one-half year period). |
The Fund 7
| | | | | |
STATEMENT OF INVESTMENTS | | | | |
May 31, 2014 | | | | | |
|
|
|
|
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments—98.7% | Rate (%) | Date | Amount ($) | | Value ($) |
Alabama—3.3% | | | | | |
Alabama Port Authority, | | | | | |
Docks Facilities Revenue | | | | | |
(Insured; National Public | | | | | |
Finance Guarantee Corp.) | 5.00 | 10/1/22 | 5,000,000 | | 5,433,850 |
Birmingham Water Works Board, | | | | | |
Water Revenue (Insured; | | | | | |
Assured Guaranty Corp.) | 5.00 | 1/1/17 | 6,310,000 | | 6,998,105 |
Jefferson County, | | | | | |
Limited Obligation | | | | | |
School Warrants | 5.25 | 1/1/17 | 5,050,000 | | 5,075,200 |
Jefferson County, | | | | | |
Limited Obligation | | | | | |
School Warrants | 5.25 | 1/1/19 | 2,150,000 | | 2,160,578 |
University of Alabama Board of | | | | | |
Trustees, General Revenue (The | | | | | |
University of Alabama) | 5.00 | 7/1/24 | 6,025,000 | | 7,187,162 |
Alaska—.5% | | | | | |
Alaska Industrial Development and | | | | | |
Export Authority, Revolving | | | | | |
Fund Revenue | 5.25 | 4/1/24 | 3,780,000 | | 4,315,210 |
Arizona—2.1% | | | | | |
Phoenix Civic Improvement | | | | | |
Corporation, Junior Lien | | | | | |
Wastewater System Revenue | 5.00 | 7/1/28 | 5,000,000 | | 5,960,650 |
Pima County, | | | | | |
Sewer System Revenue | | | | | |
Obligations (Insured; Assured | | | | | |
Guaranty Municipal Corp.) | 5.00 | 7/1/23 | 3,250,000 | | 3,762,720 |
Pima County Industrial Development | | | | | |
Authority, Education Revenue | | | | | |
(American Charter Schools | | | | | |
Foundation Project) | 5.13 | 7/1/15 | 1,400,000 | | 1,406,902 |
Salt River Project Agricultural | | | | | |
Improvement and Power | | | | | |
District, Salt River Project | | | | | |
Electric System Revenue | 5.00 | 12/1/27 | 4,500,000 | | 5,345,910 |
California—15.5% | | | | | |
Arcadia Unified School District, | | | | | |
GO (Insured; Assured Guaranty | | | | | |
Municipal Corp.) | 0.00 | 8/1/20 | 1,635,000 | a | 1,303,487 |
8
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
California (continued) | | | | | |
Bay Area Toll Authority, | | | | | |
San Francisco Bay Area | | | | | |
Subordinate Lien Toll | | | | | |
Bridge Revenue | 5.00 | 4/1/27 | 1,750,000 | | 2,046,502 |
Bay Area Toll Authority, | | | | | |
San Francisco Bay Area Toll | | | | | |
Bridge Revenue | 5.00 | 4/1/22 | 3,500,000 | | 4,271,575 |
Bay Area Toll Authority, | | | | | |
San Francisco Bay Area Toll | | | | | |
Bridge Revenue | 5.25 | 4/1/24 | 6,000,000 | | 7,129,560 |
California, | | | | | |
GO (Various Purpose) | 5.25 | 10/1/20 | 18,060,000 | | 21,372,385 |
California, | | | | | |
GO (Various Purpose) | 5.25 | 3/1/22 | 1,250,000 | | 1,512,687 |
California, | | | | | |
GO (Various Purpose) | 5.00 | 9/1/23 | 2,500,000 | | 3,003,600 |
California, | | | | | |
GO (Various Purpose) | 5.63 | 4/1/25 | 3,500,000 | | 4,173,680 |
California Health Facilities | | | | | |
Financing Authority, | | | | | |
Revenue (Providence | | | | | |
Health and Services) | 6.25 | 10/1/24 | 3,500,000 | | 4,180,785 |
California Health Facilities | | | | | |
Financing Authority, Revenue | | | | | |
(Sutter Health) | 5.25 | 8/15/22 | 3,000,000 | | 3,501,180 |
California Housing Finance Agency, | | | | | |
Home Mortgage Revenue | | | | | |
(Insured; FGIC) | 4.40 | 2/1/18 | 3,300,000 | | 3,398,835 |
California Housing Finance Agency, | | | | | |
Home Mortgage Revenue | | | | | |
(Insured; FGIC) | 4.40 | 8/1/18 | 3,310,000 | | 3,399,767 |
California State Public Works | | | | | |
Board, LR (Judicial Council of | | | | | |
California) (Various Judicial | | | | | |
Council Projects) | 5.00 | 3/1/26 | 1,500,000 | | 1,748,865 |
California State University | | | | | |
Trustees, Systemwide Revenue | 5.00 | 11/1/22 | 5,000,000 | | 6,022,300 |
Clovis Unified School District, | | | | | |
GO (Insured; National Public | | | | | |
Finance Guarantee Corp.) | 0.00 | 8/1/22 | 10,415,000 | a | 8,155,674 |
The Fund 9
STATEMENT OF INVESTMENTS (continued)
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
California (continued) | | | | | |
Coast Community College District, | | | | | |
GO (Insured; National Public | | | | | |
Finance Guarantee Corp.) | 0.00 | 8/1/20 | 1,855,000 | a | 1,615,501 |
Los Angeles Department of | | | | | |
Airports, Subordinate Revenue | | | | | |
(Los Angeles International Airport) | 5.25 | 5/15/25 | 1,845,000 | | 2,125,182 |
Los Angeles Harbor Department, | | | | | |
Revenue | 5.00 | 8/1/19 | 1,425,000 | | 1,666,067 |
Orange County Transportation | | | | | |
Authority, Senior Lien Toll | | | | | |
Road Revenue (91 Express Lanes) | 5.00 | 8/15/28 | 2,500,000 | | 2,870,300 |
Sacramento City Unified School | | | | | |
District, GO (Insured; Assured | | | | | |
Guaranty Municipal Corp.) | 0.00 | 7/1/23 | 5,065,000 | a | 3,664,325 |
San Diego County Water Authority, | | | | | |
Water Revenue | 5.00 | 5/1/28 | 5,000,000 | | 5,769,600 |
San Diego Public Facilities | | | | | |
Financing Authority, | | | | | |
Subordinated Water Revenue | | | | | |
(Payable Solely from Subordinated | | | | | |
Installment Payments Secured by | | | | | |
Net System Revenues of the | | | | | |
Water Utility Fund) | 5.00 | 8/1/28 | 2,000,000 | | 2,335,940 |
San Diego Public Facilities | | | | | |
Financing Authority, | | | | | |
Water Revenue | 5.00 | 8/1/24 | 7,560,000 | | 8,902,429 |
Southern California Public Power | | | | | |
Authority, Revenue (Canyon | | | | | |
Power Project) | 5.00 | 7/1/23 | 5,000,000 | | 5,848,050 |
Southern California Public Power | | | | | |
Authority, Revenue (Windy | | | | | |
Point/Windy Flats Project) | 5.00 | 7/1/23 | 1,850,000 | | 2,208,641 |
Tobacco Securitization Authority | | | | | |
of Southern California, | | | | | |
Tobacco Settlement | | | | | |
Asset-Backed Bonds (San Diego | | | | | |
County Tobacco Asset | | | | | |
Securitization Corporation) | 4.75 | 6/1/25 | 1,350,000 | | 1,331,235 |
Tuolumne Wind Project Authority, | | | | | |
Revenue (Tuolumne | | | | | |
Company Project) | 5.00 | 1/1/22 | 2,000,000 | | 2,270,560 |
10
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
California (continued) | | | | | |
University of California Regents, | | | | | |
General Revenue | 5.25 | 5/15/23 | 2,500,000 | | 2,849,075 |
University of California Regents, | | | | | |
General Revenue | 5.00 | 5/15/24 | 5,000,000 | | 6,118,050 |
Colorado—4.1% | | | | | |
City and County of Denver, | | | | | |
Airport System | | | | | |
Subordinate Revenue | 5.50 | 11/15/26 | 15,640,000 | | 18,412,503 |
Colorado Health Facilities | | | | | |
Authority, Revenue (Catholic | | | | | |
Health Initiatives) | 6.00 | 10/1/23 | 5,355,000 | | 6,296,463 |
E-470 Public Highway Authority, | | | | | |
Senior Revenue (Insured; | | | | | |
National Public Finance | | | | | |
Guarantee Corp.) | 0.00 | 9/1/18 | 3,000,000 | a | 2,703,270 |
Regional Transportation District | | | | | |
of Colorado, COP (Lease | | | | | |
Purchase Agreement) | 5.00 | 6/1/25 | 5,000,000 | | 5,748,800 |
Connecticut—1.3% | | | | | |
Connecticut, | | | | | |
Special Tax Obligation | | | | | |
Revenue (Transportation | | | | | |
Infrastructure Purposes) | 5.00 | 1/1/30 | 7,130,000 | | 8,210,908 |
Connecticut Health and Educational | | | | | |
Facilities Authority, Revenue | | | | | |
(Wesleyan University Issue) | 5.00 | 7/1/26 | 1,000,000 | | 1,173,280 |
Connecticut Health and Educational | | | | | |
Facilities Authority, Revenue | | | | | |
(Wesleyan University Issue) | 5.00 | 7/1/27 | 1,000,000 | | 1,170,150 |
District of Columbia—2.5% | | | | | |
District of Columbia, | | | | | |
HR (Children’s Hospital | | | | | |
Obligated Group Issue) | | | | | |
(Insured; Assured Guaranty | | | | | |
Municipal Corp.) | 5.25 | 7/15/18 | 2,000,000 | | 2,194,320 |
District of Columbia, | | | | | |
Income Tax Secured Revenue | 5.00 | 12/1/25 | 2,500,000 | | 2,910,925 |
District of Columbia Water and | | | | | |
Sewer Authority, Public | | | | | |
Utility Subordinate Lien Revenue | 5.00 | 10/1/27 | 5,980,000 | | 7,023,510 |
The Fund 11
STATEMENT OF INVESTMENTS (continued)
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
District of Columbia (continued) | | | | |
Metropolitan Washington Airports | | | | |
Authority, Airport System Revenue | 5.00 | 10/1/25 | 3,000,000 | 3,492,600 |
Washington Metropolitan Area | | | | |
Transit Authority, Gross | | | | |
Revenue Transit Bonds | 5.25 | 7/1/23 | 3,725,000 | 4,338,657 |
Florida—9.2% | | | | |
Bay County, | | | | |
Sales Tax Revenue | | | | |
(Insured; AMBAC) | 5.00 | 9/1/24 | 2,375,000 | 2,589,724 |
Brevard County, | | | | |
Local Option Fuel Tax Revenue | | | | |
(Insured; National Public | | | | |
Finance Guarantee Corp.) | 5.00 | 8/1/23 | 1,260,000 | 1,317,519 |
Broward County, | | | | |
Airport System Revenue | 5.00 | 10/1/22 | 3,605,000 | 4,205,449 |
Broward County, | | | | |
Port Facilities Revenue | 5.00 | 9/1/21 | 4,340,000 | 5,026,848 |
Citizens Property Insurance | | | | |
Corporation, Coastal Account | | | | |
Senior Secured Revenue | 5.00 | 6/1/19 | 3,000,000 | 3,497,130 |
Citizens Property Insurance | | | | |
Corporation, High-Risk Account | | | | |
Senior Secured Revenue | 5.25 | 6/1/17 | 7,500,000 | 8,493,075 |
Citizens Property Insurance | | | | |
Corporation, Personal Lines | | | | |
Account/Commercial Lines | | | | |
Account Senior Secured Revenue | 5.00 | 6/1/21 | 5,000,000 | 5,883,700 |
Collier County School Board, | | | | |
COP (Master Lease Program | | | | |
Agreement) (Insured; Assured | | | | |
Guaranty Municipal Corp.) | 5.25 | 2/15/20 | 3,500,000 | 4,126,745 |
Collier County School Board, | | | | |
COP (Master Lease Program | | | | |
Agreement) (Insured; Assured | | | | |
Guaranty Municipal Corp.) | 5.25 | 2/15/22 | 2,000,000 | 2,393,860 |
Hillsborough County, | | | | |
GO (Unincorporated Area Parks | | | | |
and Recreation Program) | | | | |
(Insured; National Public | | | | |
Finance Guarantee Corp.) | 5.00 | 7/1/22 | 1,155,000 | 1,396,233 |
12
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
Florida (continued) | | | | | |
Jacksonville Aviation Authority, | | | | | |
Revenue (Insured; AMBAC) | 5.00 | 10/1/19 | 3,220,000 | | 3,525,449 |
Jacksonville Economic Development | | | | | |
Commission, Health Care Facilities | | | | | |
Revenue (Florida Proton | | | | | |
Therapy Institute Project) | 6.00 | 9/1/17 | 1,825,000 | b | 2,063,272 |
Lakeland, | | | | | |
Energy System Revenue | | | | | |
(Insured; Assured Guaranty | | | | | |
Municipal Corp.) | 5.00 | 10/1/18 | 6,250,000 | | 7,251,813 |
Miami-Dade County, | | | | | |
Seaport Revenue | 5.75 | 10/1/28 | 1,500,000 | | 1,763,475 |
Miami-Dade County, | | | | | |
Subordinate Special | | | | | |
Obligation Revenue | 5.00 | 10/1/26 | 1,000,000 | | 1,132,700 |
Miami-Dade County, | | | | | |
Transit System Sales Surtax | | | | | |
Revenue (Insured; XLCA) | 5.00 | 7/1/24 | 2,330,000 | | 2,535,762 |
Miami-Dade County, | | | | | |
Water and Sewer System Revenue | 5.38 | 10/1/24 | 5,000,000 | | 5,776,300 |
Miami-Dade County School Board, | | | | | |
COP (Master Lease Purchase | | | | | |
Agreement) (Insured; FGIC) | 5.25 | 10/1/17 | 5,000,000 | | 5,076,250 |
Orlando Utilities Commission, | | | | | |
Utility System Revenue | 5.00 | 10/1/23 | 2,500,000 | | 2,880,400 |
Orlando-Orange County Expressway | | | | | |
Authority, Revenue (Insured; | | | | | |
Assured Guaranty Municipal Corp.) | 5.00 | 7/1/17 | 2,105,000 | | 2,381,892 |
Palm Bay, | | | | | |
Educational Facilities Revenue | | | | | |
(Patriot Charter School Project) | 6.75 | 7/1/22 | 3,000,000 | c | 900,180 |
Georgia—1.5% | | | | | |
Atlanta, | | | | | |
Water and Wastewater Revenue | 6.00 | 11/1/20 | 3,000,000 | | 3,728,280 |
DeKalb County, | | | | | |
Water and Sewerage Revenue | 5.25 | 10/1/25 | 4,000,000 | | 4,984,680 |
Municipal Electric Authority of | | | | | |
Georgia, Revenue (Project One | | | | | |
Subordinated Bonds) | 5.75 | 1/1/19 | 2,660,000 | | 3,156,276 |
The Fund 13
STATEMENT OF INVESTMENTS (continued)
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Hawaii—.9% | | | | |
Hawaii, | | | | |
Airports System Revenue | 5.00 | 7/1/18 | 6,000,000 | 6,863,820 |
Idaho—.2% | | | | |
Idaho Health Facilities Authority, | | | | |
Revenue (Trinity Health | | | | |
Credit Group) | 6.13 | 12/1/28 | 1,450,000 | 1,699,270 |
Illinois—10.4% | | | | |
Chicago, | | | | |
Customer Facility Charge | | | | |
Senior Lien Revenue (Chicago | | | | |
O’Hare International Airport) | 5.50 | 1/1/26 | 3,300,000 | 3,800,247 |
Chicago, | | | | |
General Airport Senior Lien | | | | |
Revenue (Chicago O’Hare | | | | |
International Airport) | 5.00 | 1/1/18 | 4,250,000 | 4,811,170 |
Chicago, | | | | |
General Airport Senior Lien | | | | |
Revenue (Chicago O’Hare | | | | |
International Airport) | 5.00 | 1/1/23 | 3,530,000 | 4,082,516 |
Chicago, | | | | |
GO (Insured; Assured Guaranty | | | | |
Municipal Corp.) | 5.00 | 1/1/17 | 2,500,000 | 2,563,575 |
Chicago, | | | | |
GO (Insured; National Public | | | | |
Finance Guarantee Corp.) | 5.00 | 1/1/20 | 1,450,000 | 1,604,294 |
Chicago, | | | | |
GO (Project and Refunding Series) | 5.00 | 1/1/27 | 3,500,000 | 3,763,305 |
Chicago, | | | | |
GO (Project and Refunding | | | | |
Series) (Insured; Assured | | | | |
Guaranty Municipal Corp.) | 5.00 | 1/1/26 | 1,720,000 | 1,769,777 |
Cook County Community High School | | | | |
District Number 219, GO | | | | |
(Insured; Assured Guaranty | | | | |
Municipal Corp.) | 5.00 | 12/1/24 | 2,020,000 | 2,266,622 |
Illinois, | | | | |
GO | 5.25 | 7/1/28 | 6,500,000 | 7,194,525 |
Illinois, | | | | |
GO (Insured; Assured Guaranty | | | | |
Municipal Corp.) | 5.00 | 8/1/20 | 4,900,000 | 5,674,788 |
14
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Illinois (continued) | | | | |
Illinois, | | | | |
Sales Tax Revenue | 5.00 | 6/15/18 | 1,700,000 | 1,968,362 |
Illinois Finance Authority, | | | | |
Revenue (Advocate Health | | | | |
Care Network) | 5.00 | 6/1/28 | 9,005,000 | 10,237,785 |
Illinois Toll Highway Authority, | | | | |
Toll Highway Senior Revenue | 5.00 | 1/1/25 | 5,000,000 | 5,671,550 |
Metropolitan Pier and Exposition | | | | |
Authority, Dedicated State Tax | | | | |
Revenue (McCormick Place | | | | |
Expansion Project) (Insured; | | | | |
National Public Finance | | | | |
Guarantee Corp.) | 5.55 | 6/15/21 | 2,500,000 | 2,763,550 |
Railsplitter Tobacco Settlement | | | | |
Authority, Tobacco | | | | |
Settlement Revenue | 5.00 | 6/1/18 | 2,290,000 | 2,606,455 |
Railsplitter Tobacco Settlement | | | | |
Authority, Tobacco | | | | |
Settlement Revenue | 5.25 | 6/1/21 | 3,300,000 | 3,901,623 |
Railsplitter Tobacco Settlement | | | | |
Authority, Tobacco | | | | |
Settlement Revenue | 5.50 | 6/1/23 | 2,750,000 | 3,230,370 |
Railsplitter Tobacco Settlement | | | | |
Authority, Tobacco | | | | |
Settlement Revenue | 6.00 | 6/1/28 | 2,385,000 | 2,796,913 |
University of Illinois Board of | | | | |
Trustees, Auxiliary Facilities | | | | |
System Revenue | | | | |
(University of Illinois) | 5.00 | 4/1/26 | 7,595,000 | 8,775,795 |
University of Illinois Board of | | | | |
Trustees, Auxiliary Facilities | | | | |
System Revenue | | | | |
(University of Illinois) | 5.00 | 4/1/32 | 3,655,000 | 4,109,353 |
Indiana—2.1% | | | | |
Indiana Finance Authority, | | | | |
Educational Facilities Revenue | | | | |
(Butler University Project) | 5.00 | 2/1/30 | 1,400,000 | 1,512,238 |
Indiana Finance Authority, | | | | |
First Lien Wastewater Utility | | | | |
Revenue (CWA Authority Project) | 5.25 | 10/1/23 | 2,500,000 | 2,987,700 |
The Fund 15
STATEMENT OF INVESTMENTS (continued)
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Indiana (continued) | | | | |
Indianapolis, | | | | |
Gas Utility Distribution | | | | |
System Second Lien Revenue | | | | |
(Insured; Assured Guaranty | | | | |
Municipal Corp.) | 5.00 | 8/15/23 | 3,500,000 | 3,953,810 |
Indianapolis, | | | | |
Thermal Energy System First | | | | |
Lien Revenue (Insured; Assured | | | | |
Guaranty Municipal Corp.) | 5.00 | 10/1/18 | 7,700,000 | 8,825,278 |
Iowa—.3% | | | | |
Iowa Finance Authority, | | | | |
State Revolving Fund Revenue | 5.00 | 8/1/24 | 2,000,000 | 2,366,100 |
Kansas—1.2% | | | | |
Wyandotte County/Kansas City | | | | |
Unified Government, Utility | | | | |
System Revenue (Insured; AMBAC) | 5.65 | 9/1/18 | 9,130,000 | 9,705,555 |
Kentucky—1.5% | | | | |
Kentucky Municipal Power Agency, | | | | |
Power System Revenue (Prairie | | | | |
State Project) (Insured; | | | | |
National Public Finance | | | | |
Guarantee Corp.) | 5.25 | 9/1/19 | 2,000,000 | 2,225,320 |
Kentucky Public Transportation | | | | |
Infrastructure Authority, | | | | |
Subordinate Toll Revenue, BAN | | | | |
(Downtown Crossing Project) | 5.00 | 7/1/17 | 6,250,000 | 6,988,563 |
Pikeville, | | | | |
Hospital Improvement | | | | |
Revenue (Pikeville Medical | | | | |
Center, Inc. Project) | 6.25 | 3/1/23 | 2,195,000 | 2,571,245 |
Louisiana—2.6% | | | | |
Louisiana State University Board | | | | |
of Supervisors and | | | | |
Agricultural and Mechanical | | | | |
College, Auxiliary Revenue | 5.00 | 7/1/25 | 2,000,000 | 2,254,160 |
Tobacco Settlement Financing | | | | |
Corporation of Louisiana, | | | | |
Tobacco Settlement | | | | |
Asset-Backed Bonds | 5.00 | 5/15/27 | 17,500,000 | 18,677,925 |
16
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Maryland—.4% | | | | |
Maryland Economic Development | | | | |
Corporation, EDR (Transportation | | | | |
Facilities Project) | 5.38 | 6/1/25 | 1,500,000 | 1,625,745 |
Maryland Health and Higher | | | | |
Educational Facilities Authority, | | | | |
Revenue (The Johns | | | | |
Hopkins Health System | | | | |
Obligated Group Issue) | 5.00 | 7/1/24 | 1,155,000 | 1,361,953 |
Massachusetts—5.6% | | | | |
Massachusetts, | | | | |
Federal Highway Grant | | | | |
Anticipation Notes | | | | |
(Accelerated Bridge Program) | 5.00 | 6/15/23 | 3,250,000 | 3,949,530 |
Massachusetts, | | | | |
GO (Consolidated Loan) | 5.00 | 4/1/24 | 7,500,000 | 8,907,225 |
Massachusetts College Building | | | | |
Authority, Revenue | 5.00 | 5/1/27 | 1,800,000 | 2,128,374 |
Massachusetts Development Finance | | | | |
Agency, Revenue (Bentley | | | | |
University Issue) | 5.00 | 7/1/23 | 2,550,000 | 2,823,539 |
Massachusetts Development Finance | | | | |
Agency, Revenue (Partners | | | | |
HealthCare System Issue) | 5.00 | 7/1/25 | 1,000,000 | 1,157,890 |
Massachusetts Development Finance | | | | |
Agency, Revenue (Tufts Medical | | | | |
Center Issue) | 5.50 | 1/1/22 | 2,990,000 | 3,427,856 |
Massachusetts Educational | | | | |
Financing Authority, | | | | |
Education Loan | | | | |
Revenue (Issue K) | 5.00 | 7/1/22 | 6,645,000 | 7,526,592 |
Massachusetts School Building | | | | |
Authority, Senior Dedicated | | | | |
Sales Tax Revenue | 5.00 | 10/15/23 | 2,500,000 | 2,989,200 |
Massachusetts School Building | | | | |
Authority, Senior Dedicated | | | | |
Sales Tax Revenue | 5.00 | 8/15/24 | 5,000,000 | 6,013,850 |
Massachusetts School Building | | | | |
Authority, Senior Dedicated | | | | |
Sales Tax Revenue | 5.00 | 8/15/28 | 5,000,000 | 5,857,000 |
The Fund 17
STATEMENT OF INVESTMENTS (continued)
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Michigan—2.5% | | | | |
Detroit, | | | | |
Sewage Disposal System Senior | | | | |
Lien Revenue (Insured; Assured | | | | |
Guaranty Municipal Corp.) | 5.25 | 7/1/19 | 1,635,000 | 1,680,780 |
Detroit, | | | | |
Water Supply System Senior | | | | |
Lien Revenue (Insured; Assured | | | | |
Guaranty Municipal Corp.) | 5.00 | 7/1/22 | 5,000,000 | 5,033,700 |
Detroit, | | | | |
Water Supply System Senior | | | | |
Lien Revenue (Insured; | | | | |
National Public Finance | | | | |
Guarantee Corp.) | 5.00 | 7/1/18 | 1,750,000 | 1,768,078 |
Detroit School District, | | | | |
School Building and Site | | | | |
Improvement Bonds (GO— | | | | |
Unlimited Tax) (Insured; FGIC) | 6.00 | 5/1/19 | 2,965,000 | 3,486,366 |
Michigan, | | | | |
GO (Environmental Program) | 5.00 | 11/1/19 | 2,000,000 | 2,374,180 |
Wayne County Airport Authority, | | | | |
Airport Revenue (Detroit | | | | |
Metropolitan Wayne | | | | |
County Airport) | 5.00 | 12/1/18 | 2,500,000 | 2,835,975 |
Wayne County Airport Authority, | | | | |
Junior Lien Airport Revenue | | | | |
(Detroit Metropolitan Wayne | | | | |
County Airport) (Insured; | | | | |
National Public Finance | | | | |
Guarantee Corp.) | 5.00 | 12/1/22 | 2,500,000 | 2,741,375 |
Minnesota—.7% | | | | |
Minneapolis-Saint Paul | | | | |
Metropolitan Airports | | | | |
Commission, Subordinate | | | | |
Airport Revenue (Insured; | | | | |
National Public Finance | | | | |
Guarantee Corp.) | 5.00 | 1/1/25 | 5,000,000 | 5,511,300 |
Missouri—1.0% | | | | |
Kansas City, | | | | |
General Improvement | | | | |
Airport Revenue | 5.00 | 9/1/19 | 4,000,000 | 4,646,800 |
18
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
Missouri (continued) | | | | | |
Missouri Development Finance | | | | | |
Board, Infrastructure | | | | | |
Facilities Revenue (Branson | | | | | |
Landing Project) | 6.00 | 6/1/20 | 3,160,000 | | 3,521,946 |
Nevada—2.1% | | | | | |
Clark County, | | | | | |
Airport System Revenue | 5.00 | 7/1/22 | 3,300,000 | | 3,737,745 |
Clark County School District, | | | | | |
Limited Tax GO | 5.00 | 6/15/25 | 4,950,000 | | 5,513,062 |
Director of the State of Nevada | | | | | |
Department of Business and | | | | | |
Industry, SWDR (Republic | | | | | |
Services, Inc. Project) | 5.63 | 6/1/18 | 5,000,000 | | 5,572,450 |
Las Vegas Valley Water District, | | | | | |
Limited Tax GO (Additionally | | | | | |
Secured by Southern | | | | | |
Nevada Water Authority | | | | | |
Pledged Revenues) | 5.00 | 6/1/25 | 2,100,000 | | 2,450,091 |
New Hampshire—.6% | | | | | |
New Hampshire Business Finance | | | | | |
Authority, PCR (The United | | | | | |
Illuminating Company Project) | | | | | |
(Insured; AMBAC) | 0.30 | 10/1/33 | 5,000,000 | d | 4,550,000 |
New Jersey—2.0% | | | | | |
Camden County Improvement | | | | | |
Authority, Health Care | | | | | |
Redevelopment Project Revenue | | | | | |
(The Cooper Health System | | | | | |
Obligated Group Issue) | 5.25 | 2/15/20 | 3,000,000 | | 3,085,020 |
Casino Reinvestment Development | | | | | |
Authority, Revenue (Insured; | | | | | |
National Public Finance | | | | | |
Guarantee Corp.) | 5.25 | 6/1/19 | 5,000,000 | | 5,157,150 |
New Jersey Higher Education | | | | | |
Student Assistance Authority, | | | | | |
Student Loan Revenue (Insured; | | | | | |
Assured Guaranty Corp.) | 5.88 | 6/1/21 | 130,000 | | 135,472 |
Rutgers, The State University, | | | | | |
GO | 5.00 | 5/1/29 | 6,840,000 | | 7,976,261 |
The Fund 19
STATEMENT OF INVESTMENTS (continued)
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
New Mexico—1.1% | | | | | |
New Mexico Hospital Equipment | | | | | |
Loan Council, Hospital System | | | | | |
Revenue (Presbyterian | | | | | |
Healthcare Services) | 6.00 | 8/1/23 | 7,500,000 | | 8,778,075 |
New York—5.5% | | | | | |
Long Island Power Authority, | | | | | |
Electric System General | | | | | |
Revenue (Insured; National | | | | | |
Public Finance Guarantee Corp.) | 2.27 | 9/1/15 | 3,000,000 | d | 3,036,870 |
New York City, | | | | | |
GO | 5.00 | 8/1/20 | 2,655,000 | | 3,169,592 |
New York City, | | | | | |
GO | 5.00 | 3/1/25 | 3,300,000 | | 3,952,146 |
New York City, | | | | | |
GO | 5.00 | 8/1/25 | 3,510,000 | | 4,133,622 |
New York City, | | | | | |
GO | 5.00 | 8/1/28 | 5,000,000 | | 5,711,650 |
New York City, | | | | | |
GO (Prerefunded) | 5.00 | 4/1/15 | 5,000 | e | 5,203 |
New York City, | | | | | |
GO (Prerefunded) | 5.00 | 4/1/15 | 10,000 | e | 10,405 |
New York City, | | | | | |
GO (Prerefunded) | 5.00 | 8/1/16 | 50,000 | e | 55,104 |
New York City Health and | | | | | |
Hospitals Corporation, | | | | | |
Health System Revenue | 5.00 | 2/15/22 | 4,385,000 | | 4,975,923 |
New York City Industrial | | | | | |
Development Agency, Senior | | | | | |
Airport Facilities Revenue | | | | | |
(Transportation Infrastructure | | | | | |
Properties, LLC Obligated Group) | 5.00 | 7/1/20 | 3,035,000 | | 3,387,272 |
New York City Transitional Finance | | | | | |
Authority, Future Tax Secured | | | | | |
Subordinate Revenue | 5.00 | 5/1/28 | 4,400,000 | | 5,158,648 |
New York State Dormitory | | | | | |
Authority, Revenue (New York | | | | | |
University Hospitals Center) | 5.25 | 7/1/24 | 500,000 | | 537,040 |
New York State Dormitory | | | | | |
Authority, State Personal Income | | | | | |
Tax Revenue (General Purpose) | 5.25 | 2/15/21 | 2,500,000 | | 2,960,025 |
20
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
New York (continued) | | | | | |
New York State Dormitory | | | | | |
Authority, State Personal | | | | | |
Income Tax Revenue | | | | | |
(General Purpose) | 5.00 | 2/15/25 | 3,925,000 | | 4,767,030 |
Suffolk Tobacco Asset | | | | | |
Securitization Corporation, | | | | | |
Tobacco Settlement | | | | | |
Asset-Backed Bonds | 5.38 | 6/1/28 | 810,000 | | 761,765 |
Triborough Bridge and Tunnel | | | | | |
Authority, General Revenue | | | | | |
(MTA Bridges and Tunnels) | 5.00 | 1/1/19 | 1,500,000 | | 1,756,155 |
North Carolina—1.7% | | | | | |
North Carolina, | | | | | |
Capital Improvement Limited | | | | | |
Obligation Bonds | 5.00 | 5/1/30 | 4,000,000 | | 4,535,200 |
North Carolina Eastern Municipal | | | | | |
Power Agency, Power System | | | | | |
Revenue (Escrowed to Maturity) | 5.00 | 1/1/21 | 1,200,000 | | 1,428,924 |
North Carolina Medical Care | | | | | |
Commission, Retirement | | | | | |
Facilities First Mortgage | | | | | |
Revenue (The United Methodist | | | | | |
Retirement Homes Project) | 5.13 | 10/1/19 | 1,250,000 | | 1,280,425 |
Wake County Industrial Facilities | | | | | |
and Pollution Control Financing | | | | | |
Authority, PCR (Carolina Power | | | | | |
and Light Company Project) | | | | | |
(Insured; AMBAC) | 0.14 | 10/1/22 | 6,500,000 | d | 6,036,875 |
Ohio—.4% | | | | | |
Montgomery County, | | | | | |
Revenue (Miami Valley Hospital) | 5.75 | 11/15/22 | 2,970,000 | | 3,504,511 |
Pennsylvania—3.9% | | | | | |
Allegheny County Airport | | | | | |
Authority, Airport Revenue | | | | | |
(Pittsburgh International | | | | | |
Airport) (Insured; FGIC) | 5.00 | 1/1/19 | 3,395,000 | | 3,876,750 |
Chester County Industrial | | | | | |
Development Authority, | | | | | |
Revenue (Avon Grove | | | | | |
Charter School Project) | 5.65 | 12/15/17 | 485,000 | | 512,189 |
The Fund 21
STATEMENT OF INVESTMENTS (continued)
| | | | |
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 | 7,754,167 |
Erie Higher Education Building | | | | |
Authority, College Revenue | | | | |
(Mercyhurst College Project) | 5.13 | 3/15/23 | 2,045,000 | 2,201,667 |
Montgomery County Higher Education | | | | |
and Health Authority, HR | | | | |
(Abington Memorial Hospital | | | | |
Obligated Group) | 5.00 | 6/1/21 | 6,585,000 | 7,653,877 |
Pennsylvania Intergovernmental | | | | |
Cooperation Authority, Special | | | | |
Tax Revenue (City of | | | | |
Philadelphia Funding Program) | 5.00 | 6/15/17 | 4,000,000 | 4,519,800 |
Pennsylvania Turnpike Commission, | | | | |
Turnpike Revenue | 5.00 | 12/1/27 | 1,800,000 | 2,049,570 |
Philadelphia Authority for | | | | |
Industrial Development, | | | | |
Revenue (Independence | | | | |
Charter School Project) | 5.38 | 9/15/17 | 1,405,000 | 1,476,557 |
Philadelphia School District, | | | | |
GO | 5.00 | 9/1/17 | 1,160,000 | 1,295,882 |
South Carolina—.7% | | | | |
Piedmont Municipal Power Agency, | | | | |
Electric Revenue | 5.00 | 1/1/20 | 5,000,000 | 5,827,800 |
Texas—4.4% | | | | |
Austin, | | | | |
Electric Utility System Revenue | 5.00 | 11/15/23 | 1,550,000 | 1,828,736 |
Dallas-Fort Worth International | | | | |
Airport Facility Improvement | | | | |
Corporation, Revenue | | | | |
(Learjet Inc. Project) | 6.15 | 1/1/16 | 4,000,000 | 4,000,000 |
Harris County Metropolitan | | | | |
Transit Authority, Sales and | | | | |
Use Tax Revenue | 5.00 | 11/1/27 | 2,500,000 | 2,886,625 |
Houston, | | | | |
Combined Utility System First | | | | |
Lien Revenue | 5.00 | 11/15/20 | 2,725,000 | 3,275,368 |
Houston, | | | | |
Combined Utility System First | | | | |
Lien Revenue | 5.00 | 11/15/29 | 2,500,000 | 2,890,975 |
22
| | | | | |
Long-Term Municipal | Coupon | Maturity | Principal | | |
Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
Texas (continued) | | | | | |
Love Field Airport Modernization | | | | | |
Corporation, Special Facilities | | | | | |
Revenue (Southwest | | | | | |
Airlines Company—Love Field | | | | | |
Modernization Program Project) | 5.00 | 11/1/15 | 2,840,000 | | 2,995,348 |
North Texas Tollway Authority, | | | | | |
First Tier System Revenue | 6.00 | 1/1/23 | 3,000,000 | | 3,440,700 |
San Antonio, | | | | | |
Municipal Drainage Utility | | | | | |
System Revenue | 5.00 | 2/1/28 | 5,000,000 | | 5,889,400 |
San Antonio, | | | | | |
Water System Revenue | 5.00 | 5/15/29 | 1,355,000 | | 1,525,852 |
Texas, | | | | | |
GO (College Student Loan Bonds) | 5.50 | 8/1/19 | 3,500,000 | | 4,226,320 |
Texas Water Development Board, | | | | | |
State Revolving Fund | | | | | |
Subordinate Lien Revenue | 5.00 | 7/15/23 | 2,000,000 | | 2,364,800 |
Virginia—.5% | | | | | |
Virginia College Building | | | | | |
Authority, Educational Facilities | | | | | |
Revenue (21st Century College | | | | | |
and Equipment Programs) | 5.00 | 2/1/22 | 3,000,000 | | 3,627,060 |
Washington—4.4% | | | | | |
Energy Northwest, | | | | | |
Electric Revenue (Columbia | | | | | |
Generating Station) | 5.00 | 7/1/21 | 3,410,000 | | 3,737,087 |
Energy Northwest, | | | | | |
Electric Revenue (Columbia | | | | | |
Generating Station) | 5.00 | 7/1/23 | 735,000 | | 804,516 |
Energy Northwest, | | | | | |
Electric Revenue | | | | | |
(Columbia Generating | | | | | |
Station) (Prerefunded) | 5.00 | 7/1/16 | 1,590,000 | e | 1,746,170 |
Energy Northwest, | | | | | |
Electric Revenue | | | | | |
(Columbia Generating | | | | | |
Station) (Prerefunded) | 5.00 | 7/1/16 | 4,265,000 | e | 4,683,908 |
Port of Seattle, | | | | | |
Intermediate Lien Revenue | 5.00 | 2/1/18 | 2,500,000 | | 2,848,000 |
Port of Seattle, | | | | | |
Intermediate Lien Revenue | 5.00 | 8/1/28 | 2,485,000 | | 2,830,067 |
The Fund 23
STATEMENT OF INVESTMENTS (continued)
| | | | |
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Washington (continued) | | | | |
Port of Seattle, | | | | |
Limited Tax GO | 5.75 | 12/1/25 | 830,000 | 993,020 |
Port of Tacoma, | | | | |
Limited Tax GO (Insured; | | | | |
Assured Guaranty Municipal Corp.) | 5.00 | 12/1/20 | 3,025,000 | 3,448,954 |
Seattle, | | | | |
Drainage and Wastewater | | | | |
Improvement Revenue | 5.00 | 9/1/27 | 5,025,000 | 5,836,638 |
Washington, | | | | |
GO (Various Purpose) | 5.00 | 2/1/22 | 2,500,000 | 2,974,150 |
Washington, | | | | |
Motor Vehicle Fuel Tax GO | 5.00 | 2/1/24 | 4,315,000 | 5,232,067 |
West Virginia—.2% | | | | |
West Virginia University Board of | | | | |
Governors, University | | | | |
Improvement Revenue (West | | | | |
Virginia University Projects) | 5.00 | 10/1/22 | 1,475,000 | 1,756,651 |
Wisconsin—.3% | | | | |
Wisconsin Health and Educational | | | | |
Facilities Authority, | | | | |
Health Facilities Revenue | | | | |
(UnityPoint Health) | 5.00 | 12/1/28 | 1,890,000 | 2,173,991 |
U.S. Related—1.5% | | | | |
Puerto Rico Commonwealth, | | | | |
Public Improvement GO | 5.25 | 7/1/23 | 1,500,000 | 1,181,025 |
Puerto Rico Highways and | | | | |
Transportation Authority, | | | | |
Transportation Revenue | 5.50 | 7/1/24 | 1,750,000 | 928,778 |
Puerto Rico Public Buildings | | | | |
Authority, Government | | | | |
Facilities Revenue | | | | |
(Insured; XLCA) | 5.25 | 7/1/20 | 2,000,000 | 1,714,640 |
Puerto Rico Sales Tax Financing | | | | |
Corporation, Sales Tax Revenue | | | | |
(First Subordinate Series) | 5.50 | 8/1/21 | 8,000,000 | 7,915,440 |
Total Long-Term Municipal Investments | | | |
(cost $745,370,148) | | | | 792,841,591 |
24
| | | | | | |
Short-Term Municipal | Coupon | Maturity | Principal | | | |
Investment—.1% | Rate (%) | Date | Amount ($) | | | Value ($) |
Michigan; | | | | | | |
University of Michigan Regents, | | | | | | |
General Revenue | | | | | | |
(cost $500,000) | 0.03 | 6/2/14 | 500,000 | f | | 500,000 |
|
Total Investments (cost $745,870,148) | | | 98.8 | % | | 793,341,591 |
Cash and Receivables (Net) | | | 1.2 | % | | 9,978,683 |
Net Assets | | | 100.0 | % | | 803,320,274 |
|
a Security issued with a zero coupon. Income is recognized through the accretion of discount. |
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.This security may be |
resold in transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2014, this |
security was valued at $2,063,272 or .3% of net assets. |
c Non-income producing—security in default. |
d Variable rate security—interest rate subject to periodic change. |
e 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. |
f Variable rate demand note—rate shown is the interest rate in effect at May 31, 2014. Maturity date represents the |
next demand date, or the ultimate maturity date if earlier. |
| | | |
Portfolio Summary (Unaudited)† | | |
|
| Value (%) | | Value (%) |
Transportation Services | 21.6 | Pollution Control | 2.0 |
Education | 13.4 | Housing | 1.3 |
Utility-Water and Sewer | 11.7 | County | 1.1 |
Special Tax | 9.8 | Prerefunded | 1.1 |
Health Care | 8.2 | Industrial | 1.0 |
Utility-Electric | 7.5 | Resource Recovery | 1.0 |
City | 5.4 | Asset-Backed | .3 |
State/Territory | 2.9 | Other | 8.1 |
Lease | 2.4 | | 98.8 |
† Based on net assets.
The Fund 25
STATEMENT OF INVESTMENTS (continued)
| | | |
Summary of Abbreviations | | |
|
ABAG | Association of Bay Area | ACA | American Capital Access |
| Governments | | |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
| Assurance Corporation | | Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse |
| | | Tax-Exempt Receipts |
EDR | Economic Development | EIR | Environmental Improvement |
| Revenue | | Revenue |
FGIC | Financial Guaranty | FHA | Federal Housing |
| Insurance Company | | Administration |
FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
| Loan Bank | | Corporation |
FNMA | Federal National | GAN | Grant Anticipation Notes |
| Mortgage Association | | |
GIC | Guaranteed Investment | GNMA | Government National Mortgage |
| Contract | | Association |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development | LIFERS | Long Inverse Floating |
| Revenue | | Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
| | | Liquidity Option Tender |
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
| Tax-Exempt Receipts | | |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Options Certificates | 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 | SPEARS | Short Puttable Exempt |
| Mortgage Agency | | Adjustable Receipts |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance | | |
|
See notes to financial statements. | | |
26
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2014
| | |
| Cost | Value |
Assets ($): | | |
Investments in securities—See Statement of Investments | 745,870,148 | 793,341,591 |
Interest receivable | | 10,336,424 |
Receivable for shares of Common Stock subscribed | | 464,250 |
Prepaid expenses and other assets | | 47,656 |
| | 804,189,921 |
Liabilities ($): | | |
Due to The Dreyfus Corporation and affiliates—Note 3(b) | | 471,652 |
Cash overdraft due to Custodian | | 140,546 |
Payable for shares of Common Stock redeemed | | 251,444 |
Accrued expenses | | 6,005 |
| | 869,647 |
Net Assets ($) | | 803,320,274 |
Composition of Net Assets ($): | | |
Paid-in capital | | 754,928,976 |
Accumulated undistributed investment income—net | | 62,050 |
Accumulated net realized gain (loss) on investments | | 857,805 |
Accumulated net unrealized appreciation | | |
(depreciation) on investments | | 47,471,443 |
Net Assets ($) | | 803,320,274 |
Shares Outstanding | | |
(300 million shares of $.001 par value Common Stock authorized) | | 57,558,741 |
Net Asset Value, offering and redemption price per share ($) | | 13.96 |
|
See notes to financial statements. | | |
The Fund 27
STATEMENT OF OPERATIONS
Year Ended May 31, 2014
| | |
Investment Income ($): | | |
Interest Income | 30,036,162 | |
Expenses: | | |
Management fee—Note 3(a) | 4,961,894 | |
Shareholder servicing costs—Note 3(b) | 733,386 | |
Professional fees | 101,279 | |
Custodian fees—Note 3(b) | 64,971 | |
Directors’ fees and expenses—Note 3(c) | 56,366 | |
Registration fees | 44,559 | |
Prospectus and shareholders’ reports | 28,881 | |
Loan commitment fees—Note 2 | 8,019 | |
Miscellaneous | 63,357 | |
Total Expenses | 6,062,712 | |
Less—reduction in fees due to earnings credits—Note 3(b) | (777 | ) |
Net Expenses | 6,061,935 | |
Investment Income—Net | 23,974,227 | |
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): | | |
Net realized gain (loss) on investments | 4,239,311 | |
Net unrealized appreciation (depreciation) on investments | (8,872,526 | ) |
Net Realized and Unrealized Gain (Loss) on Investments | (4,633,215 | ) |
Net Increase in Net Assets Resulting from Operations | 19,341,012 | |
|
See notes to financial statements. | | |
28
STATEMENT OF CHANGES IN NET ASSETS
| | | | |
| | | Year Ended May 31, | |
| 2014 | | 2013 | |
Operations ($): | | | | |
Investment income—net | 23,974,227 | | 25,579,148 | |
Net realized gain (loss) on investments | 4,239,311 | | 8,442,447 | |
Net unrealized appreciation | | | | |
(depreciation) on investments | (8,872,526 | ) | (11,906,619 | ) |
Net Increase (Decrease) in Net Assets | | | | |
Resulting from Operations | 19,341,012 | | 22,114,976 | |
Dividends to Shareholders from ($): | | | | |
Investment income—net | (23,631,959 | ) | (25,311,916 | ) |
Net realized gain on investments | (9,202,475 | ) | (4,586,403 | ) |
Total Dividends | (32,834,434 | ) | (29,895,319 | ) |
Capital Stock Transactions ($): | | | | |
Net proceeds from shares sold | 35,518,818 | | 117,453,239 | |
Dividends reinvested | 26,371,198 | | 23,374,566 | |
Cost of shares redeemed | (198,836,543 | ) | (124,816,462 | ) |
Increase (Decrease) in Net Assets | | | | |
from Capital Stock Transactions | (136,946,527 | ) | 16,011,343 | |
Total Increase (Decrease) in Net Assets | (150,439,949 | ) | 8,231,000 | |
Net Assets ($): | | | | |
Beginning of Period | 953,760,223 | | 945,529,223 | |
End of Period | 803,320,274 | | 953,760,223 | |
Undistributed investment income—net | 62,050 | | — | |
Capital Share Transactions (Shares): | | | | |
Shares sold | 2,595,906 | | 8,226,551 | |
Shares issued for dividends reinvested | 1,937,805 | | 1,635,697 | |
Shares redeemed | (14,561,136 | ) | (8,741,511 | ) |
Net Increase (Decrease) in Shares Outstanding | (10,027,425 | ) | 1,120,737 | |
|
See notes to financial statements. | | | | |
The Fund 29
FINANCIAL HIGHLIGHTS
The following table describes 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.
| | | | | | | | | | |
| | | Year Ended May 31, | | | |
| 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
Per Share Data ($): | | | | | | | | | | |
Net asset value, beginning of period | 14.11 | | 14.23 | | 13.53 | | 13.52 | | 13.06 | |
Investment Operations: | | | | | | | | | | |
Investment income—neta | .40 | | .38 | | .44 | | .48 | | .49 | |
Net realized and unrealized | | | | | | | | | | |
gain (loss) on investments | (.00 | )b | (.05 | ) | .70 | | .00 | b | .45 | |
Total from Investment Operations | .40 | | .33 | | 1.14 | | .48 | | .94 | |
Distributions: | | | | | | | | | | |
Dividends from investment income—net | (.39 | ) | (.38 | ) | (.44 | ) | (.47 | ) | (.48 | ) |
Dividends from net realized | | | | | | | | | | |
gain on investments | (.16 | ) | (.07 | ) | — | | — | | — | |
Total Distributions | (.55 | ) | (.45 | ) | (.44 | ) | (.47 | ) | (.48 | ) |
Net asset value, end of period | 13.96 | | 14.11 | | 14.23 | | 13.53 | | 13.52 | |
Total Return (%) | 2.99 | | 2.28 | | 8.53 | | 3.65 | | 7.42 | |
Ratios/Supplemental Data (%): | | | | | | | | | | |
Ratio of total expenses | | | | | | | | | | |
to average net assets | .73 | | .73 | | .76 | | .75 | | .75 | |
Ratio of net expenses | | | | | | | | | | |
to average net assets | .73 | | .73 | | .76 | | .75 | | .75 | |
Ratio of net investment income | | | | | | | | | | |
to average net assets | 2.90 | | 2.65 | | 3.17 | | 3.53 | | 3.68 | |
Portfolio Turnover Rate | 22.74 | | 20.26 | | 15.11 | | 21.46 | | 13.22 | |
Net Assets, end of period ($ x 1,000) | 803,320 | | 953,760 | | 945,529 | | 858,152 | | 862,443 | |
a Based on average shares outstanding at each month end.
b Amount represents less than $.01 per share.
See notes to financial statements.
30
NOTES TO FINANCIAL STATEMENTS
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 seek 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”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold to the public without a sales charge.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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 Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. 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 fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: 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 unad-
The Fund 31
NOTES TO FINANCIAL STATEMENTS (continued)
justed 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. 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:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund’s Board of Directors (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). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as deter-
32
mined 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. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the 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 restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
The following is a summary of the inputs used as of May 31, 2014 in valuing the fund’s investments:
| | | | |
| | Level 2—Other | Level 3— | |
| Level 1— | Significant | Significant | |
| Unadjusted | Observable | Unobservable | |
| Quoted Prices | Inputs | Inputs | Total |
Assets ($) | | | | |
Investments in Securities: | | | |
Municipal Bonds† | — | 792,441,411 | 900,180 | 793,341,591 |
† See Statement of Investments for additional detailed categorizations.
The Fund 33
NOTES TO FINANCIAL STATEMENTS (continued)
At May 31, 2014, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
| |
| Municipal Bonds ($) |
Balance as of 5/31/2013 | 899,520 |
Realized gain (loss) | — |
Change in unrealized appreciation (depreciation) | 660 |
Purchases | — |
Sales | — |
Transfers into Level 3 | — |
Transfers out of Level 3 | — |
Balance as of 5/31/2014 | 900,180 |
The amount of total gains (losses) for the period | |
included in earnings attributable to the change | |
in unrealized gains (losses) relating to | |
investments still held at 5/31/2014 | 660 |
(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) 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 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.
34
(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.
As of and during the period ended May 31, 2014, 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 May 31, 2014, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended May 31, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At May 31, 2014, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $703,810 and unrealized appreciation $48,658,952. In addition, the fund had $329,704 of capital losses realized after October 31, 2013, which were deferred for tax purposes to the first day of the following fiscal year.
The tax character of distributions paid to shareholders during the fiscal periods ended May 31, 2014 and May 31, 2013 were as follows: tax-exempt income $23,547,971 and $25,311,916, ordinary income $447,267 and $781,667, and long-term capital gains $8,839,196 and $3,801,736, respectively.
During the period ended May 31, 2014, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments and dividend reclassification, the fund decreased accumulated undistributed investment income-net by $280,218, increased accumulated net realized gain (loss) on investments by $178,384 and
The Fund 35
NOTES TO FINANCIAL STATEMENTS (continued)
increased paid-in capital by $101,834. Net assets and net asset value per share were not affected by this reclassification.
NOTE 2—Bank Lines of Credit:
The fund participates with other Dreyfus-managed funds in a $265 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 9, 2013, the unsecured credit facility with Citibank, N.A. was $210 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each 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 May 31, 2014, the fund did not borrow under the Facilities.
NOTE 3—Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee is computed at the annual rate of .60% of the value of the fund’s average daily net assets and is payable monthly.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25% of the value of the fund’s average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquires regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended May 31, 2014, the fund was charged $404,593 pursuant to the Shareholder Services Plan.
36
The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
The fund compensates DreyfusTransfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency 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 May 31, 2014, the fund was charged $218,682 for transfer agency services and $10,058 for cash management services.These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $777.
The fund compensates The Bank of NewYork Mellon 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 May 31, 2014, the fund was charged $64,971 pursuant to the custody agreement.
The fund compensated The Bank of New York Mellon for performing certain cash management services related to fund subscriptions and redemptions, including shareholder redemption draft processing, under a cash management agreement that was in effect until September 30, 2013 and, beginning October 1, 2013, compensates The Bank of New York Mellon for processing shareholder redemption drafts under a shareholder draft processing agreement. During the period ended May 31, 2014, the fund was charged $6,026 pursuant to the agreements, which is included in Shareholder servicing costs in the Statement of Operations.
The Fund 37
NOTES TO FINANCIAL STATEMENTS (continued)
During the period ended May 31, 2014, the fund was charged $9,157 for services performed by the Chief Compliance Officer and his staff.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $408,094, custodian fees $21,868, Chief Compliance Officer fees $1,472 and transfer agency fees $40,218.
(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.
NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2014, amounted to $186,903,582 and $326,234,814, respectively.
At May 31, 2014, the cost of investments for federal income tax purposes was $744,682,639; accordingly, accumulated net unrealized appreciation on investments was $48,658,952, consisting of $52,970,863 gross unrealized appreciation and $4,311,911 gross unrealized depreciation.
38
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Shareholders and Board of Directors
Dreyfus Intermediate Municipal Bond Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus Intermediate Municipal Bond Fund, Inc., including the statement of investments, as of May 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2014 by correspondence with the custodian and others.We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Intermediate Municipal Bond Fund, Inc. at May 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
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New York, New York
July 25, 2014
The Fund 39
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during the fiscal year ended May 31, 2014 as “exempt-interest dividends” (not generally subject to regular federal income tax), except $83,988 that is being reported as an ordinary income distribution for reporting purposes. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2014 calendar year on Form 1099-DIV, which will be mailed in early 2015. Also, the fund hereby reports $.0061 per share as a short-term capital gain distribution and $.1508 per share as a long-term capital gain distribution paid on December 19, 2013.
40
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Joseph S. DiMartino (70) Chairman of the Board (1995)
Principal Occupation During Past 5Years:
• Corporate Director and Trustee
Other Public Company Board Memberships During Past 5Years:
CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)
The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000-2010)
Sunair Services Corporation, a provider of certain outdoor-related services to homes and businesses, Director (2005-2009)
No. of Portfolios for which Board Member Serves: 146
———————
William Hodding Carter III (79) Board Member (1988)
Principal Occupation During Past 5Years:
• Professor of Leadership & Public Policy, University of North Carolina, Chapel Hill (2006-present)
No. of Portfolios for which Board Member Serves: 24
———————
Joni Evans (72)
Board Member (2006)
Principal Occupation During Past 5Years:
Chief Executive Officer, www.wowOwow.com an online community dedicated to women’s conversations and publications (2007-present)
Principal, Joni Evans Ltd. (publishing) (2006-present)
No. of Portfolios for which Board Member Serves: 24
———————
Ehud Houminer (73)
Board Member (1994)
Principal Occupation During Past 5Years:
• Executive-in-Residence at the Columbia Business School, Columbia University (1992-present)
Other Public Company Board Membership During Past 5Years:
• Avnet Inc., an electronics distributor, Director (1993-2012)
No. of Portfolios for which Board Member Serves: 66
The Fund 41
BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
Richard C. Leone (74)
Board Member (1980)
Principal Occupation During Past 5Years:
Senior Fellow of The Century Foundation (formerly,The Twentieth Century Fund, Inc.), a tax exempt research foundation engaged in the study of economic, foreign policy and domestic issues
President—The Century Foundation (1989-2011)
No. of Portfolios for which Board Member Serves: 24
———————
Hans C. Mautner (76)
Board Member (1980)
Principal Occupation During Past 5Years:
President—International Division and an Advisory Director of Simon Property Group, a real estate investment company (1998-2010)
Chairman and Chief Executive Officer of Simon Global Limited, a real estate company (1999-2010)
No. of Portfolios for which Board Member Serves: 24
———————
Robin A. Melvin (50)
Board Member (1995)
Principal Occupation During Past 5Years:
Board Member, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois (2013-present)
Director, Boisi Family Foundation, a private family foundation that supports youth-serving orga- nizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)
No. of Portfolios for which Board Member Serves: 113
———————
Burton N. Wallack (63)
Board Member (2006)
Principal Occupation During Past 5Years:
No. of Portfolios for which Board Member Serves: 24
———————
John E. Zuccotti (76)
Board Member (1980)
Principal Occupation During Past 5Years:
Chairman of Brookfield Properties, Inc. (1996-present)
Senior Counsel of Weil, Gotshal & Manges, LLP (1997-present)
Other Public Company Board Membership During Past 5Years:
• Wellpoint, Inc., a health benefits company, Director (2005-2010)
No. of Portfolios for which Board Member Serves: 24
42
INTERESTED BOARD MEMBER
Gordon J. Davis (72)
Board Member (2006)
Principal Occupation During Past 5Years:
Other Public Company Board Memberships During Past 5Years:
Consolidated Edison, Inc., a utility company, Director (1997-present)
The Phoenix Companies, Inc., a life insurance company, Director (2000-present)
No. of Portfolios for which Board Member Serves: 59
Gordon J. Davis is deemed to be an “interested person” (as defined in the Act) of the fund as a result of his affiliation with Venable LLP, which provides legal services to the fund.
———————
Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.
Arnold S. Hiatt, Emeritus Board Member
The Fund 43
OFFICERS OF THE FUND (Unaudited)
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44
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The Fund 45
For More Information
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Ticker Symbol: DITEX
Telephone 1-800-DREYFUS
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request to info@dreyfus.com
Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund files its complete schedule of portfolio holdings with the Securities and Exchange
Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The
fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be
reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on
the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for
the most recent 12-month period ended June 30 is available on the SEC’s website at
http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.
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© 2014 MBSC Securities Corporation |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Ehud Houminer, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Houminer is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $32,149 in 2013 and $32,792 in 2014.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $6,000 in 2013 and $6,120 in 2014. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2013 and $0 in 2014.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,040 in 2013 and $4,249 in 2014. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2013 and $0 in 2014.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2013 and $2,315 in 2014. These services included a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $200,000 in 2013 and $0 in 2014.
(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $49,714,645 in 2013 and $40,974,357 in 2014.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable. [CLOSED-END FUNDS ONLY, beginning with reports for periods ended on and after December 31, 2005]
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 10. Submission of Matters to a Vote of Security Holders.
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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of ethics referred to in Item 2.
(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/ Bradley J. Skapyak
Bradley J. Skapyak,
President
Date:July 21, 2014
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/ Bradley J. Skapyak
Bradley J. Skapyak,
President
Date: July 21, 2014
By: /s/ James Windels
James Windels,
Treasurer
Date:July 21, 2014
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(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)