BNY Mellon Intermediate Municipal Bond Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-03721

	BNY Mellon Intermediate Municipal Bond Fund, Inc.
	(Exact name of Registrant as specified in charter)

	c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286
	(Address of principal executive offices) (Zip code)

	Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		05/31
Date of reporting period:		05/31/2021

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Intermediate Municipal Bond Fund, Inc.

ANNUAL REPORT

May 31, 2021

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

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

Contents

THE FUND

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from June 1, 2020 through May 31, 2021, as provided by Thomas Casey and Daniel Rabasco, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended May 31, 2021, BNY Mellon Intermediate Municipal Bond Fund, Inc. produced a total return of 5.09%.¹ In comparison, the Bloomberg Barclays Municipal Bond: 7-Year Index (6-8) (the “Index”), the fund’s benchmark, provided a total return of 3.49% for the same period.²

Municipal bonds rebounded from the turmoil caused by COVID-19 and the government efforts to contain it. The fund outperformed the Index, due primarily to favorable security selection asset allocation.

The Fund’s Investment Approach

The fund seeks the maximum amount of current income exempt from federal income tax as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowing for investment purposes, in municipal bonds that provide income exempt from federal income tax.

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

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

Market Recovery Continues

The municipal bond market continued to recover from unprecedented volatility that occurred early in 2020, when the COVID-19 virus spread, and government shutdowns caused the economy to slow dramatically. Policy responses from the Federal Reserve (the “Fed”) and from the federal government changed investor sentiment, which helped the municipal bond market to bounce back relatively quickly.

While new issuance dried up during the height of the crisis in the first quarter of 2020, it rebounded along with bond prices, as issuers sought to take advantage of record-low funding costs. Much of the new issuance was in taxable bonds, as low yields have made taxable issuance attractive to issuers. New issuance also increased because state and local governments sought to avoid the uncertainty associated with the election. The flood of new issues produced a somewhat negative effect on performance, as it created a glut of supply. While lower-risk bonds outperformed during the height of the crisis, lower-quality bonds rebounded strongly once monetary and fiscal policy measures were put in place.

Approval of multiple COVID-19 vaccines and passage of a federal stimulus package later in the reporting period contributed further to demand. Although the stimulus package did not include direct relief for states and municipalities, the market took a favorable view of funding for hospitals and mass transit, among other segments, as well as for consumers and small businesses.

The results of the November 2020 election also provided support. A Democrat-controlled Congress made federal relief for state and local governments more likely. It also made income-tax hikes more likely, adding to the appeal of tax-exempt municipal securities. The prospect of an increase in the corporate tax rate made municipal bonds more appealing to institutional buyers as well, and relatively high interest rates also attracted foreign investors.

Investors were also encouraged by the fiscal health of municipal issuers, which turned out to be much stronger than expected. Tax revenues remained robust because real estate and income-tax collections failed to decline as much as predicted. Progressive tax regimes proved advantageous because higher-earning, white-collar workers were largely unaffected by the pandemic. In addition, federal support to households, school systems, the transportation system and other segments bolstered the economy and prevented sales taxes from declining as much as originally feared.

Demand for municipal bonds also benefited from a federal $350 billion relief package passed later in the period. As a result, inflows to municipal bond mutual funds in 2021 have been the strongest on record. Revenue bonds generally outperformed general obligation bonds late in the period as hard-hit market segments such as transportation and hospitals recovered when investors became more confident that the end of the pandemic was likely.

Security Selection and Asset Allocation Assisted Fund Results

The fund’s performance versus the Index was enhanced primarily by favorable security selection and asset allocation. Security selections were especially beneficial in the education and special tax sectors. As for asset allocation, overweight positions in revenue bonds were advantageous, particularly in the airport, hospital and tobacco sectors. The fund’s long duration versus the Index was also somewhat beneficial.

In contrast, yield curve positioning detracted from performance slightly. While positions in the five-year and 15-year portions of the curve performed well, positions in the 10-year portion lagged. The fund did not make use of derivatives during the reporting period.

A Positive Outlook

We are relatively optimistic about the municipal bond market in the short-to-medium term. The strong economy, vaccine distribution and fiscal support from the federal government all have contributed to fundamentals that are better than expected. An increase in infrastructure spending could be beneficial since it would relieve states and municipalities of the need to issue more debt.

The supply/demand balance is also favorable. Issuance was strong in 2020, and much of it came in the taxable sector, limiting supply in the tax-exempt portion of the market. So, we view supply as manageable. Demand has been strong, and if individual and corporate tax rates are raised, the tax-exempt income offered by municipal bonds could become even more attractive.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

Inflation could become a risk since it could cause a rise in longer-term rates. But historically, municipal bonds have performed more strongly than Treasuries when long-term rates rise. Going forward, we will continue to emphasize fundamentally sound revenue bonds and look for opportunities to add incremental yield to the portfolio.

June 15, 2021

¹Total return includes reinvestment of dividends. Had these charges been reflected, returns would have been lower. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.

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

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

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

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

FUND PERFORMANCE (Unaudited)

Comparison of change in value of a $10,000 investment in BNY Mellon Intermediate Municipal Bond Fund, Inc. with a hypothetical investment of $10,000 in the Bloomberg Barclays Municipal Bond: 7 Year Index (6-8) (the “Index”)

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in BNY Mellon Intermediate Municipal Bond Fund, Inc. on 5/31/11 to a hypothetical investment of $10,000 made in 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, covers the U.S. dollar-denominated 6-8 year tax-exempt bond market. 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.


Average Annual Total Returns as of 5/31/2021
	1 Year	5 Years	10 Years
BNY Mellon Intermediate Municipal Bond Fund, Inc.	5.09%	2.89%	3.54%
Bloomberg Barclays Municipal Bond: 7 Year Index (6-8)	3.49%	3.07%	3.60%

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.

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.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Intermediate Municipal Bond Fund, Inc. from December 1, 2020 to May 31, 2021. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
Assume actual returns for the six months ended May 31, 2021


Expenses paid per $1,000^†		$3.71
Ending value (after expenses)		$1,013.20

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, 2021


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).

STATEMENT OF INVESTMENTS

May 31, 2021



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - .4%
Collateralized Municipal-Backed Securities - .4%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 (cost $1,869,326)		3.63	5/20/2033	1,703,118		1,939,128

Long-Term Municipal Investments - 98.3%
Alabama - 4.0%
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2026	1,500,000		1,715,900
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B		5.00	7/1/2038	2,975,000		3,605,784
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1		4.00	10/1/2026	1,000,000		1,165,590
Black Belt Energy Gas District, Revenue Bonds, Refunding		4.00	12/1/2031	1,300,000		1,618,303
The Birmingham Water Works Board, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2031	3,260,000		3,982,675
The Lower Alabama Gas District, Revenue Bonds (Gas Project)		4.00	12/1/2025	3,500,000		3,983,099
The Lower Alabama Gas District, Revenue Bonds, Ser. A		5.00	9/1/2031	2,000,000		2,622,410
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A		4.00	6/1/2024	3,745,000		4,116,091
					22,809,852
Arizona - 1.3%
Phoenix Civic Improvement Corp., Revenue Bonds, Refunding		5.00	7/1/2028	5,000,000		5,693,165
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B		5.00	7/1/2030	1,500,000		1,921,033
					7,614,198
Arkansas - .6%
Fort Smith Water & Sewer, Revenue Bonds, Refunding		5.00	10/1/2035	1,500,000		1,889,477
University of Arkansas, Revenue Bonds, Refunding, Ser. A		5.00	11/1/2036	1,585,000		1,805,322
					3,694,799
California - 4.1%
California, GO		5.00	10/1/2030	2,500,000		3,237,703
California, GO		5.00	11/1/2031	1,500,000		2,023,790

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
California - 4.1% (continued)
California, GO, Refunding		5.00	4/1/2033	4,645,000		6,030,439
California, GO, Refunding		5.00	8/1/2030	2,500,000		3,053,604
California Housing Finance, Revenue Bonds, Ser. 2021-1		3.50	11/20/2035	1,496,468		1,754,600
California Public Works Board, Revenue Bonds, Refunding, Ser. H		5.00	12/1/2026	1,355,000		1,566,340
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A		5.00	12/1/2031	1,000,000	^a	1,151,728
Sacramento Unified School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	7/1/2023	5,065,000	^b	5,008,054
					23,826,258
Colorado - 4.2%
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Adventist Health System Obligated Group)		5.00	11/19/2026	2,500,000		3,075,408
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		5.00	8/1/2034	1,000,000		1,265,604
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Sisters of Charity of Leavenworth Health System Obligated Group) Ser. A		5.00	1/1/2030	1,750,000		2,308,306
Denver City & County Airport System, Revenue Bonds, Ser. A		5.50	11/15/2026	15,640,000		17,550,510
					24,199,828
Connecticut - 2.9%
Connecticut, GO, Ser. A		5.00	10/15/2025	5,500,000		6,112,749
Connecticut, Revenue Bonds, Ser. A		5.00	9/1/2032	5,500,000		6,259,133
Connecticut, Revenue Bonds, Ser. A		5.00	8/1/2026	2,500,000		2,956,489
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Covenant Home) Ser. B		5.00	12/1/2032	1,000,000		1,196,471
					16,524,842
District of Columbia - 1.3%
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2027	3,500,000		4,400,565



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
District of Columbia - 1.3% (continued)
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2025	3,000,000		3,322,700
					7,723,265
Florida - 6.1%
Broward County Airport System, Revenue Bonds		5.00	10/1/2036	2,000,000		2,452,914
Broward County School District, COP, Refunding, Ser. A		5.00	7/1/2027	5,000,000		6,223,552
Citizens Property Insurance, Revenue Bonds, Ser. A1		5.00	6/1/2025	5,500,000		6,386,970
Florida Municipal Power Agency, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2024	1,480,000		1,705,838
Florida Municipal Power Agency, Revenue Bonds, Ser. A		5.00	10/1/2030	1,250,000		1,478,827
Hillsborough County Solid Waste & Resource Recovery, Revenue Bonds, Refunding, Ser. A		5.00	9/1/2026	1,260,000		1,521,025
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A		4.00	10/1/2036	1,700,000		2,030,709
Lee County Transportation Facilities, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	10/1/2024	2,500,000		2,850,199
Miami-Dade County Seaport Department, Revenue Bonds, Ser. A		5.75	10/1/2028	1,500,000		1,684,815
Orange County Convention Center, Revenue Bonds, Refunding, Ser. B		5.00	10/1/2032	3,275,000		3,960,073
South Miami Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		5.00	8/15/2031	1,750,000		2,162,921
Sunshine Skyway Bridge, Revenue Bonds, Ser. A		4.00	7/1/2033	2,500,000		2,974,655
					35,432,498
Georgia - 2.4%
Atlanta Water & Wastewater, Revenue Bonds, Refunding		5.00	11/1/2031	2,000,000		2,340,117
Fulton County Development Authority, Revenue Bonds, Ser. A		5.00	4/1/2036	1,350,000		1,623,989
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A		5.00	1/1/2028	2,500,000		3,007,826
Main Street Natural Gas, Revenue Bonds, Ser. A		5.50	9/15/2028	2,530,000		3,253,121

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Georgia - 2.4% (continued)
Main Street Natural Gas, Revenue Bonds, Ser. B, 1 Month LIBOR x.67 +.75%		0.82	9/1/2023	2,500,000	^c	2,513,984
The Atlanta Development Authority, Revenue Bonds, Ser. A1		5.00	7/1/2027	1,000,000		1,157,776
					13,896,813
Hawaii - .7%
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2031	1,615,000		2,037,309
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2030	1,500,000		1,899,133
					3,936,442
Illinois - 11.0%
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		5.00	12/1/2030	2,500,000		3,116,085
Chicago II Waterworks, Revenue Bonds, Refunding		5.00	11/1/2025	1,200,000		1,424,248
Chicago II Waterworks, Revenue Bonds, Refunding		5.00	11/1/2027	2,000,000		2,459,612
Chicago O'Hare International Airport, Revenue Bonds (Customer Facility Charge)		5.50	1/1/2026	3,300,000		3,550,827
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2023	3,530,000		3,792,122
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2029	4,000,000		4,589,275
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2035	3,000,000		3,560,187
Chicago Park District, GO, Refunding, Ser. C		5.00	1/1/2028	1,000,000		1,094,911
Chicago Park District, GO, Refunding, Ser. C		5.00	1/1/2030	2,060,000		2,242,666
Greater Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. A		5.00	12/1/2031	3,275,000		4,032,602
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A		5.00	6/15/2030	2,600,000		3,170,011
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A		5.00	11/15/2028	1,205,000		1,411,069



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Illinois - 11.0% (continued)
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center Obligated Group) Ser. B		5.00	11/15/2033	2,140,000		2,495,890
Illinois Toll Highway Authority, Revenue Bonds, Ser. A		5.00	1/1/2042	1,110,000		1,353,583
Railsplitter Tobacco Settlement Authority, Revenue Bonds		5.00	6/1/2028	2,270,000		2,727,425
Regional Transportation Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.)		6.50	7/1/2030	2,500,000		3,384,853
Regional Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		6.00	6/1/2025	2,000,000		2,316,480
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		5.00	1/1/2036	2,750,000		3,497,544
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build America Mutual)		5.00	6/15/2029	1,000,000		1,269,749
University of Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A		5.00	4/1/2032	3,655,000		4,065,942
University of Illinois, Revenue Bonds, Refunding (Auxiliary Facilities System) Ser. A		5.00	4/1/2026	7,595,000		8,205,618
					63,760,699
Indiana - 2.4%
Indiana Finance Authority, Revenue Bonds, Refunding (Butler University Project) Ser. B		5.00	2/1/2030	1,400,000		1,439,851
Indiana Finance Authority, Revenue Bonds, Refunding (Indianapolis Power & Light Co.) Ser. A		3.13	12/1/2024	1,500,000		1,620,263
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2036	3,000,000		3,626,542
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital Project) Ser. A		5.00	1/1/2028	2,440,000		2,765,217
Whiting, Revenue Bonds (BP Products North America Project)		5.00	11/1/2024	4,000,000		4,626,208
					14,078,081
Iowa - 1.0%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co.)		3.13	12/1/2022	1,115,000		1,137,558

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Iowa - 1.0% (continued)
Iowa Finance Authority, Revenue Bonds, Refunding (UnityPoint Health) Ser. E		5.00	8/15/2032	2,280,000		2,731,052
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2		4.00	6/1/2034	500,000		610,973
PEFA, Revenue Bonds (PEFA Gas Project)		5.00	9/1/2026	1,000,000		1,202,950
					5,682,533
Kentucky - 1.8%
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	4/1/2024	1,255,000		1,374,326
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	6/1/2026	1,500,000		1,733,050
Kentucky Public Energy Authority, Revenue Bonds, Ser. B		4.00	1/1/2025	5,500,000		6,122,775
Louisville County Metropolitan Government, Revenue Bonds (Norton Healthcare Obligated Group) Ser. C		5.00	10/1/2026	1,000,000		1,220,977
					10,451,128
Louisiana - .7%
Jefferson Sales Tax District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B		4.00	12/1/2032	2,250,000		2,730,857
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)		2.20	7/1/2026	1,000,000		1,042,098
					3,772,955
Maryland - 2.6%
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. B2		5.00	7/1/2027	2,350,000		2,860,040
Maryland Stadium Authority, Revenue Bonds		5.00	5/1/2037	3,090,000		3,857,660
Maryland Transportation Authority, Revenue Bonds		5.00	6/1/2024	2,490,000		2,820,404
Prince George's County, GO, Ser. A		5.00	7/15/2031	4,355,000		5,567,705
					15,105,809
Massachusetts - 3.9%
Massachusetts, GO, Ser. D		4.00	5/1/2034	3,500,000		4,231,851
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare Supply)		5.00	7/1/2034	2,630,000		3,172,285



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Massachusetts - 3.9% (continued)
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. K		5.00	7/1/2022	6,645,000		6,990,052
Massachusetts Federal Highway, GAN, Ser. A		5.00	6/15/2026	1,500,000		1,768,071
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2023	2,000,000		2,195,948
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2034	3,500,000		4,421,378
					22,779,585
Michigan - 5.4%
Great Lakes Water Authority Water Supply System, Revenue Bonds, Refunding, Ser. D		5.00	7/1/2036	5,000,000		6,011,785
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Credit Obligated Group)		5.00	8/15/2030	3,870,000		4,201,295
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Credit Obligated Group)		5.00	8/1/2025	3,180,000		3,634,770
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3		5.00	7/1/2030	1,000,000		1,141,279
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D1		5.00	7/1/2023	5,000,000		5,487,670
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) Ser. A		5.00	12/1/2034	2,000,000		2,485,769
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project)		5.00	6/30/2031	4,395,000		5,513,131
Utica Community Schools, GO, Refunding (School Building & Site Project) (Insured; Qualified School Bond Loan Fund)		5.00	5/1/2032	940,000		1,213,274

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Michigan - 5.4% (continued)
Utica Community Schools, GO, Refunding (School Building & Site Project) (Insured; Qualified School Bond Loan Fund)		5.00	5/1/2031	1,000,000		1,293,364
					30,982,337
Missouri - 2.9%
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A		5.00	11/15/2035	3,705,000		4,237,772
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Mercy Health) Ser. A		5.00	6/1/2025	3,500,000		4,116,469
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group)		5.00	11/15/2028	1,300,000		1,562,155
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group)		5.00	11/15/2026	1,000,000		1,210,158
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Iatan 2 Project) Ser. A		5.00	1/1/2032	1,550,000		1,725,903
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Prairie State Project) Ser. A		5.00	12/1/2030	3,270,000		3,841,559
					16,694,016
Nebraska - 1.6%
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2038	1,000,000		1,195,947
Public Power Generation Agency, Revenue Bonds, Refunding (Whelan Energy Center Unit)		5.00	1/1/2029	4,750,000		5,470,983
Public Power Generation Agency, Revenue Bonds, Refunding (Whelan Energy Center Unit)		5.00	1/1/2030	2,250,000		2,591,998
					9,258,928
Nevada - .2%
Las Vegas Valley Water District, GO, Refunding, Ser. D		5.00	6/1/2028	500,000		642,609
Reno, Revenue Bonds, Refunding		5.00	6/1/2035	500,000		579,950
					1,222,559



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
New Jersey - 5.3%
New Jersey, GO (COVID-19 Government Bonds) Ser. A		4.00	6/1/2030	1,000,000		1,236,174
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. NN		5.00	3/1/2028	2,250,000		2,426,660
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2029	1,400,000		1,631,835
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2031	4,000,000		4,634,066
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX		5.25	6/15/2027	2,500,000		2,941,012
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. B		5.00	12/1/2024	2,400,000		2,765,292
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. B		5.00	12/1/2026	1,425,000		1,728,065
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. D		5.00	1/1/2028	1,000,000		1,214,996
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. E		5.00	1/1/2031	1,250,000		1,546,465
The Camden County Improvement Authority, Revenue Bonds, Refunding (Rowan University Foundation Project) (Insured; Build America Mutual) Ser. A		5.00	7/1/2033	3,070,000		3,992,104
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2037	3,150,000		3,864,819
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2036	2,175,000		2,677,785
					30,659,273
New York - 4.9%
Metropolitan Transportation Authority, BAN, Ser. A1		5.00	2/1/2023	945,000		1,018,168
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B		5.00	11/15/2022	1,555,000		1,661,887
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1		5.00	11/15/2031	2,135,000		2,659,961
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D		5.00	11/15/2030	1,365,000		1,642,199

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
New York - 4.9% (continued)
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. A		4.00	11/15/2032	1,500,000		1,912,298
New York City, GO, Refunding, Ser. A1		5.00	8/1/2031	1,000,000		1,327,004
New York City, GO, Ser. B1		5.00	12/1/2031	3,750,000		4,610,660
New York City, GO, Ser. C		4.00	8/1/2036	1,250,000		1,511,938
New York City, GO, Ser. F1		4.00	3/1/2038	1,000,000		1,214,129
New York City Health & Hospitals Corp., Revenue Bonds, Refunding, Ser. A		5.00	2/15/2028	1,000,000		1,262,704
New York State Dormitory Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	10/1/2030	1,000,000		1,288,512
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C		5.00	3/15/2032	3,000,000		3,382,026
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A		5.00	7/1/2034	1,000,000		1,135,902
TSASC, Revenue Bonds, Refunding, Ser. A		5.00	6/1/2032	3,000,000		3,667,450
					28,294,838
North Carolina - .6%
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Vidant Health Obligated Group)		5.00	6/1/2025	1,500,000	^d	1,771,379
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2028	1,500,000		1,833,938
					3,605,317
Ohio - 2.2%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2		5.00	6/1/2034	3,075,000		3,984,726
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health Systems Obligated Group) Ser. A		5.00	1/1/2031	1,250,000		1,576,190
Ohio, Revenue Bonds, Refunding, Ser. A		5.00	1/15/2033	1,650,000		2,124,991



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Ohio - 2.2% (continued)
Sycamore Community School District, GO, Refunding		4.00	12/1/2030	4,115,000		5,057,666
					12,743,573
Oregon - 1.3%
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A		5.00	8/15/2033	500,000		659,886
Oregon Facilities Authority, Revenue Bonds, Refunding (Legacy Health Project) Ser. A		5.00	6/1/2035	2,500,000		2,988,293
Portland, Revenue Bonds, Ser. A		3.00	3/1/2036	3,500,000		3,957,072
					7,605,251
Pennsylvania - 7.2%
Commonwealth Financing Authority, Revenue Bonds		5.00	6/1/2031	2,500,000		3,097,645
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. B, 1 Month MUNIPSA +.42%		0.47	9/1/2022	4,000,000	^c	3,993,909
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.)		2.45	12/3/2029	1,000,000		1,085,608
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group)		5.00	9/1/2032	1,000,000		1,261,345
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. C		5.00	8/15/2025	1,700,000		2,023,098
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 114A		3.35	10/1/2026	1,750,000		1,765,368
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2029	3,405,000		4,282,871
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2030	1,595,000		1,951,601
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2031	2,400,000		3,002,342
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2032	1,200,000		1,499,376
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B		5.00	6/1/2028	3,250,000		3,917,274
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		5.00	12/1/2031	1,650,000		1,968,368

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Pennsylvania - 7.2% (continued)
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2031	1,000,000		1,225,828
Philadelphia Water & Wastewater, Revenue Bonds, Refunding		5.00	10/1/2033	1,500,000		2,011,630
State Public School Building Authority, Revenue Bonds, Refunding (Harrisburg School District Project) (Insured; Assured Guaranty Municipal Corp.)		5.00	12/1/2027	1,095,000		1,354,303
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		4.00	9/1/2035	1,500,000		1,803,412
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.00	9/1/2032	2,000,000		2,530,614
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2030	2,490,000		3,010,094
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2026	10,000	^d	12,258
					41,796,944
South Carolina - .9%
South Carolina Ports Authority, Revenue Bonds		5.00	7/1/2031	2,000,000		2,509,066
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. C		5.00	12/1/2025	2,320,000		2,678,658
					5,187,724
Tennessee - 1.5%
Greeneville Health & Educational Facilities Board, Revenue Bonds, Refunding (Ballard Health Obligated Group)		5.00	7/1/2032	2,500,000		2,688,478
Tennessee Energy Acquisition Corp., Revenue Bonds		4.00	11/1/2025	2,000,000		2,266,313
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A		5.25	9/1/2026	1,505,000		1,827,390
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B		5.00	7/1/2030	1,350,000		1,765,002
					8,547,183
Texas - 4.4%
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	2/15/2034	1,500,000		1,732,179
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A		5.00	1/1/2032	1,350,000		1,555,789



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Texas - 4.4% (continued)
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C		5.00	8/15/2031	2,500,000		2,816,140
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2028	2,770,000		3,109,441
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2029	2,325,000		2,600,267
Love Field Airport Modernization Corp., Revenue Bonds		5.00	11/1/2024	1,000,000		1,150,837
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corporation Project)		5.00	5/15/2032	2,000,000		2,562,900
New Hope Cultural Educational Facilities Finance Corp., Revenue Bonds, Refunding (Children's Health System Project) Ser. A		5.00	8/15/2029	1,750,000		2,168,477
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2031	5,000,000		5,782,660
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Project) Ser. A		5.00	11/15/2031	1,400,000		1,673,752
					25,152,442
U.S. Related - .8%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC		5.25	7/1/2036	4,400,000		4,798,684
Utah - 1.1%
Salt Lake City, Revenue Bonds, Ser. A		5.00	7/1/2036	5,000,000		6,086,032
Virginia - 1.4%
Richmond Public Utility, Revenue Bonds, Refunding		5.00	1/15/2031	4,095,000		4,919,776
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes)		5.00	7/1/2034	2,900,000		2,976,959
					7,896,735
Washington - 3.2%
Central Puget Sound Regional Transit Authority, Revenue Bonds (Green Bond) Ser. S1		5.00	11/1/2031	1,250,000		1,528,868
King County Public Hospital District No. 1, GO, Refunding (Valley Medical Center)		5.00	12/1/2030	6,930,000		8,383,959

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Washington - 3.2% (continued)
Port of Seattle, Revenue Bonds		5.00	4/1/2028	2,500,000		3,134,143
Port of Seattle, Revenue Bonds, Refunding, Ser. A		5.00	8/1/2028	2,485,000		2,624,174
Washington Convention Center Public Facilities District, Revenue Bonds		5.00	7/1/2033	1,330,000		1,599,327
Washington Housing Finance Commission, Revenue Bonds, Ser. A1		3.50	12/20/2035	1,000,000		1,164,031
					18,434,502
Wisconsin - 2.4%
Public Finance Authority, Revenue Bonds (Appalachian State University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	7/1/2059	1,400,000		1,572,583
Public Finance Authority, Revenue Bonds (KU Campus Development Project)		5.00	3/1/2036	4,500,000		5,329,375
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Children's Hospital of Wisconsin Obligated Group)		5.00	8/15/2034	1,835,000		2,274,381
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (ProHealth Care Obligated Group)		5.00	8/15/2033	2,250,000		2,560,621
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Unitypoint Health System) Ser. A		5.00	12/1/2028	1,890,000		2,179,252
					13,916,212
Total Long-Term Municipal Investments (cost $526,597,834)				568,172,135
Total Investments (cost $528,467,160)				98.7%	570,111,263
Cash and Receivables (Net)				1.3%	7,722,041
Net Assets				100.0%	577,833,304

^a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2021, these securities were valued at $1,151,728 or .2% of net assets.

^b Security issued with a zero coupon. Income is recognized through the accretion of discount.

^c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.

^d 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.


Portfolio Summary (Unaudited) ^†	Value (%)
General	16.9
Transportation	14.0
Medical	12.6
Airport	10.6
General Obligation	9.2
Education	6.6
Water	6.5
Power	5.5
School District	4.0
Tobacco Settlement	3.6
Student Loan	2.0
Development	1.5
Facilities	1.3
Special Tax	.9
Utilities	.9
Multifamily Housing	.8
Nursing Homes	.6
Prerefunded	.3
Single Family Housing	.3
Housing	.3
Pollution	.3
	98.7

^†Based on net assets.

See notes to financial statements.



Summary of Abbreviations (Unaudited)

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

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2021



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	528,467,160	570,111,263
Cash		428,515
Interest receivable		7,551,172
Receivable for investment securities sold		4,282,307
Receivable for shares of Common Stock subscribed		43,128
Prepaid expenses		24,937
		582,441,322
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		329,968
Payable for investment securities purchased		3,982,405
Payable for shares of Common Stock redeemed		187,061
Directors’ fees and expenses payable		10,360
Other accrued expenses		98,224
		4,608,018
Net Assets ($)		577,833,304
Composition of Net Assets ($):
Paid-in capital		534,413,516
Total distributable earnings (loss)		43,419,788
Net Assets ($)		577,833,304


Shares Outstanding
(300 million shares of $.001 par value Common Stock authorized)			41,378,391
Net Asset Value Per Share ($)			13.96

See notes to financial statements.

STATEMENT OF OPERATIONS

Year Ended May 31, 2021




Investment Income ($):
Interest Income					16,303,703
Expenses:
Management fee—Note 3(a)					3,483,535
Shareholder servicing costs—Note 3(b)					526,549
Professional fees					109,376
Directors’ fees and expenses—Note 3(c)					45,881
Registration fees					35,480
Loan commitment fees—Note 2					23,064
Prospectus and shareholders’ reports					22,350
Chief Compliance Officer fees—Note 3(b)					15,218
Custodian fees—Note 3(b)					9,850
Miscellaneous					34,603
Total Expenses					4,305,906
Less—reduction in fees due to earnings credits—Note 3(b)					(6,771)
Net Expenses					4,299,135
Investment Income—Net					12,004,568
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					1,551,401
Net change in unrealized appreciation (depreciation) on investments					15,161,802
Net Realized and Unrealized Gain (Loss) on Investments					16,713,203
Net Increase in Net Assets Resulting from Operations					28,717,771

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended May 31,
	2021	2020
Operations ($):
Investment income—net	12,004,568	13,395,499
Net realized gain (loss) on investments	1,551,401	3,526,643
Net change in unrealized appreciation (depreciation) on investments	15,161,802	(3,982,654)
Net Increase (Decrease) in Net Assets Resulting from Operations	28,717,771	12,939,488
Distributions ($):
Distributions to shareholders	(14,102,035)	(17,743,642)
Capital Stock Transactions ($):
Net proceeds from shares sold	38,996,435	20,410,273
Distributions reinvested	11,631,468	14,544,935
Cost of shares redeemed	(57,831,683)	(77,773,697)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(7,203,780)	(42,818,489)
Total Increase (Decrease) in Net Assets	7,411,956	(47,622,643)
Net Assets ($):
Beginning of Period	570,421,348	618,043,991
End of Period	577,833,304	570,421,348
Capital Share Transactions (Shares):
Shares sold	2,802,019	1,482,177
Shares issued for distributions reinvested	835,845	1,056,305
Shares redeemed	(4,158,404)	(5,697,375)
Net Increase (Decrease) in Shares Outstanding	(520,540)	(3,158,893)

See notes to financial statements.

FINANCIAL HIGHLIGHTS

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



	Year Ended May 31,
	2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period	13.61	13.72	13.41	13.80	14.13
Investment Operations:
Investment income—net^a	.29	.31	.32	.34	.34
Net realized and unrealized gain (loss) on investments	.39	(.01)	.43	(.29)	(.18)
Total from Investment Operations	.68	.30	.75	.05	.16
Distributions:
Dividends from investment income—net	(.28)	(.31)	(.32)	(.34)	(.34)
Dividends from net realized gain on investments	(.05)	(.10)	(.12)	(.10)	(.15)
Total Distributions	(.33)	(.41)	(.44)	(.44)	(.49)
Net asset value, end of period	13.96	13.61	13.72	13.41	13.80
Total Return (%)	5.09	2.15	5.79	.31	1.22
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.74	.74	.75	.74	.73
Ratio of net expenses to average net assets	.74	.74	.75	.74	.73
Ratio of net investment income to average net assets	2.07	2.22	2.38	2.47	2.49
Portfolio Turnover Rate	8.59	16.30	17.02	14.39	14.47
Net Assets, end of period ($ x 1,000)	577,833	570,421	618,044	644,070	732,997

^aBased on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

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

On February 10, 2021, BNY Mellon Investment Management announced its intention to realign several of its investment firms. As a result of this realignment, which is scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”), portfolio managers responsible for managing the fund’s investments who are employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, will become employees of Insight North America LLC (“INA”), which, like Mellon, is an affiliate of the Adviser, and will no longer be employees of Mellon. Consequently, effective as of the Effective Date and subject to the approval of the fund’s Board of Directors (the “Board”), the Adviser will engage INA to serve as the fund’s sub-adviser, pursuant to a sub-investment advisory agreement between the Adviser and INA. As the fund’s sub-adviser, INA will provide the day-to-day management of the fund’s investments, subject to the Adviser’s supervision and approval. It is currently anticipated that the fund’s portfolio managers who are responsible for the day-to-day management of the fund’s investments will continue to manage the fund’s investments as of the Effective Date. It is also currently anticipated that there will be no material changes to the fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increase in the management fee payable by the fund as a result of the engagement of INA as the fund’s sub-adviser. The Adviser (and not the fund) will pay INA for its sub-advisory services.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment

NOTES TO FINANCIAL STATEMENTS (continued)

company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The 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 unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. 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 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). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general oversight of the Board.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect 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 securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of May 31, 2021 in valuing the fund’s investments:

NOTES TO FINANCIAL STATEMENTS (continued)


	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments In Securities:^†
Collateralized Municipal-Backed Securities	-	1,939,128	-	1,939,128
Municipal Securities	-	568,172,135	-	568,172,135

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

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.

(c) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(d) Dividends and distributions 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.

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended May 31, 2021, 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, 2021, the fund did not incur any interest or penalties.

Each tax year in the four–year period ended May 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At May 31, 2021, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $1,042,942, undistributed ordinary income $3,942, undistributed capital gains $813,695 and unrealized appreciation $41,559,209.

The tax character of distributions paid to shareholders during the fiscal periods ended May 31, 2021 and May 31, 2020 were as follows: tax-exempt income $11,849,639 and $13,396,234, ordinary income $49,685 and $197,410, and long-term capital gains $2,202,711 and $4,149,998, respectively.

During the period ended May 31, 2021, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments, the fund increased total distributable earnings (loss) by $918,564 and decreased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued

NOTES TO FINANCIAL STATEMENTS (continued)

Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), a subsidiary of BNY Mellon and an affiliate of the Adviser, each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. Prior to September 30, 2020, the Citibank Credit Facility was $927 million with Tranche A available in an amount equal to $747 million and Tranche B available in an amount equal to $180 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended May 31, 2021, the fund did not borrow under the Facilities.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement (the “Agreement”) with the Adviser, the management fee is computed at the annual rate of .60% of the value of the fund’s average daily net assets and is payable monthly. The Agreement provides that if in any fiscal year the aggregate expenses of the

fund (excluding taxes, brokerage commissions, interest expense and extraordinary expenses) exceed 1½% of the value of the fund’s average daily net assets, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended May 31, 2021, there was no expense reimbursement pursuant to the Agreement.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at an amount not to exceed an annual rate of .25% of the value of the fund’s average daily net assets for certain allocated expenses of providing certain services. These services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. During the period ended May 31, 2021, the fund was charged $304,063 pursuant to the Shareholder Services Plan.

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 transfer agent net earnings credits, if any, as shareholder servicing costs and includes custody net earnings credits, if any, as an expense offset in the in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services inclusive of earnings credits, if any, 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, 2021, the fund was charged $139,995 for transfer agency services, inclusive of earnings credit, if any. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York 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, 2021, the fund was charged $9,850 pursuant to the custody agreement. These fees were partially offset by earnings credits of $6,771.

The fund compensates The Bank of New York Mellon under a shareholder redemption draft processing agreement for providing certain services related to the fund’s check writing privilege. During the period ended May 31, 2021, the fund was charged $7,330 pursuant to the

NOTES TO FINANCIAL STATEMENTS (continued)

agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended May 31, 2021, the fund was charged $15,218 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $294,373, custodian fees of $4,073, Chief Compliance Officer fees of $6,552 and transfer agency fees of $24,970.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended May 31, 2021, amounted to $49,174,040 and $50,966,455, respectively.

At May 31, 2021, the cost of investments for federal income tax purposes was $528,552,054; accordingly, accumulated net unrealized appreciation on investments was $41,559,209, consisting of $42,354,550 gross unrealized appreciation and $795,341 gross unrealized depreciation.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of BNY Mellon Intermediate Municipal Bond Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon Intermediate Municipal Bond Fund, Inc. (the “Fund”), including the statement of investments, as of May 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at May 31, 2021, 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 its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York
July 23, 2021

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, 2021 as “exempt-interest dividends” (not generally subject to regular federal income tax). 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 2020 calendar year on Form 1099-DIV, which will be mailed in early 2022. Also, the fund hereby reports $.0012 per share as a short-term capital gain distribution and $.0532 per share as a long-term capital gain distribution paid on December 23, 2020.

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

At a meeting of the fund’s Board of Directors held on May 10, 2021 (the “Meeting”), the Board discussed with representatives of the Adviser plans to realign Mellon Investments Corporation’s (“Mellon”) fixed-income capabilities with Insight North America LLC (“INA”) (the “Firm Realignment”), with such realignment scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”). The Adviser noted that, as a result of the Firm Realignment, the portfolio managers who are currently responsible for managing the investments of the fund as employees of Mellon in a dual employment arrangement with the Adviser, will become employees of INA as of the Effective Date. Consequently, the Adviser proposed to engage INA to serve as the fund’s sub-investment adviser, pursuant to a sub-investment advisory agreement between the Adviser and INA (the “New Sub-Advisory Agreement”), to be effective on the Effective Date. In addition, the Adviser proposed amending the Fund’s current management agreement (the “Current Management Agreement”) to more clearly reflect the Adviser’s ability to employ one or more sub-investment advisers to manage the fund on a day-to-day basis and the Adviser’s responsibility to oversee and supervise any such sub-investment adviser, and to reflect the engagement of INA as sub-investment adviser to the fund (as proposed to be amended, the “Amended Management Agreement”), to be effective on the Effective Date.

At the Meeting, the Adviser recommended the approval of the New Sub-Advisory Agreement, pursuant to which INA would serve as sub-investment adviser to the fund, and the Amended Management Agreement. The recommendation for the approval of the New Sub-Advisory Agreement and the Amended Management Agreement was based on the following considerations, among others: (i) approval of the New Sub-Advisory Agreement and the Amended Management Agreement would permit the fund’s current portfolio managers to continue to be responsible for the day-to-day management of the Fund’s portfolio after the Effective Date as employees of INA; (ii) there will be no material changes to the fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increases in the management fee payable by the fund as a result of the proposed changes to the investment advisory arrangements; and (iii) the Adviser (and not the fund) will pay INA for its sub-investment advisory services. The Board also considered the fact that the Adviser stated that it believes there are no material changes to the information the Board had previously considered at a Board meeting on November 2-3, 2020 (the “15(c) Meeting”), at which the Board re-approved the Current Management Agreement for the ensuing year, other than the information about the Firm Realignment and INA.

At the Meeting, the Board, a majority of whom are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the fund (the “Independent Directors”), considered and approved the New Sub-Advisory Agreement and the Amended Management Agreement. In determining whether to approve the New Sub-Advisory Agreement and the Amended Management Agreement, the Board considered the materials prepared by the Adviser received in advance of the Meeting

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

and other information presented at the Meeting, which included: (i) a form of the New Sub-Advisory Agreement and a form of the Amended Management Agreement; (ii) information regarding the Firm Realignment and how it is expected to enhance investment capabilities; (iii) information regarding INA; and (iv) an opinion of counsel that the proposed changes to the investment advisory arrangements would not result in an “assignment” of the Current Management Agreement under the 1940 Act and the Investment Advisers Act of 1940, as amended, and, therefore, do not require the approval of fund shareholders. The Board also considered the substance of discussions with representatives of the Adviser at the Meeting and the 15(c) Meeting.

Nature, Extent and Quality of Services to be Provided. In examining the nature, extent and quality of the services that were expected to be provided by INA to the fund under the New Sub-Advisory Agreement, the Board considered: (i) INA’s organization, qualification and background, as well as the qualifications of its personnel; (ii) the expertise of the personnel providing portfolio management services, which would remain the same after the Effective Date; and (iii) the investment strategy for the fund, which would remain the same after the Effective Date. The Board also considered the review process undertaken by the Adviser and the Adviser’s favorable assessment of the nature and quality of the sub-investment advisory services expected to be provided to the fund by INA after the Effective Date. Based on their consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the sub-investment advisory services to be provided by INA under the New Sub-Advisory Agreement, as well as INA’s ability to render such services based on its resources and the experience of the investment team, which will include the fund’s current portfolio managers, were adequate and appropriate for the fund in light of the fund’s investment objective, and supported a decision to approve the New Sub-Advisory Agreement. The Board also considered, as it related to the Amended Management Agreement, that the nature, extent and quality of the services that are provided by the Adviser are expected to remain the same, including the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the fund’s portfolio management personnel.

Investment Performance. The Board had considered the fund’s investment performance and that of the investment team managing the fund’s portfolio at the 15(c) Meeting (including comparative data provided by Broadridge Financial Solutions, Inc.). The Board considered the performance and that the same investment professionals would continue to manage the fund’s assets after the Effective Date, as factors in evaluating the services to be provided by INA under the New Sub-Advisory Agreement after the Effective Date, and determined that these factors, when viewed together with the other factors considered by the Board, supported a decision to approve the New Sub-Advisory Agreement and the Amended Management Agreement.

Costs of Services to be Provided and Profitability. The Board considered the proposed fee payable under the New Sub-Advisory Agreement, noting that the proposed fee would be paid by the Adviser and, thus, would not impact the fees paid by the fund or the Adviser’s profitability. The Board considered the fee payable to INA in relation to

the fee paid to the Adviser by the fund and the respective services provided by INA and the Adviser. The Board recognized that, because INA’s fee would be paid by the Adviser, and not the fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the fund’s Current Management Agreement, and that the Board had received and considered a profitability analysis of the Adviser and its affiliates, including INA, at the 15(c) Meeting. The Board concluded that the proposed fee payable to INA by the Adviser was appropriate and the Adviser’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the fund by the Adviser under the Amended Management Agreement and INA under the New Sub-Advisory Agreement.

Economies of Scale to be Realized. The Board recognized that, because the fee payable to INA would be paid by the Adviser, and not the fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Current Management Agreement, which had been done at the 15(c) Meeting. At the 15(c) Meeting, the Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Current Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

The Board also considered whether there were any ancillary benefits that would accrue to INA as a result of its relationship with the fund, and such ancillary benefits, if any, were determined to be reasonable.

In considering the materials and information described above, the Independent Directors received assistance from, and met separately with, their independent legal counsel, and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to the approval of investment advisory and sub-investment advisory agreements.

After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board, a majority of whom are Independent Directors, with the assistance of independent legal counsel, approved the New Sub-Advisory Agreement and Amended Management Agreement for the fund effective as of the Effective Date.

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

Effective June 1, 2019, the fund adopted a liquidity risk management program (the “Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds and exchange-traded funds but not money market funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.

The rule requires the fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. The fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.

The rule also requires the fund to classify its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days the fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those a fund does not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value. The fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.

Pursuant to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program.

Assessment of Program

In the opinion of the Program Administrator, the Program approved by the Board continues to be adequate for the fund and the Program has been implemented effectively. The Program Administrator has monitored the fund’s liquidity risk and the liquidity classification of the securities held by the fund and has determined that the Program is operating effectively.

During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Program and no material liquidity events that impacted the fund. During the period, the fund held sufficient highly liquid assets to meet fund redemptions.

Under normal expected foreseeable fund redemption forecasts and foreseeable stressed fund redemption forecasts, the Program Administrator believes that the fund maintains sufficient highly liquid assets to meet expected fund redemptions.

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (77)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Director and Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 98

———————

Joni Evans (79)

Board Member (2006)

Principal Occupation During Past 5 Years:

· Chief Executive Officer, www.wowOwow.com, an online community dedicated to women’s conversations and publications (2007-2019)

· Principal, Joni Evans Ltd. (publishing) (2006-2019)

No. of Portfolios for which Board Member Serves: 18

———————

Joan Gulley (73)

Board Member (2017)

Principal Occupation During Past 5 Years:

· Chair (June 2018-Present) and Director (2015-Present), Nantucket Atheneum

· Governor, Orchard Island Club (2016-Present)

No. of Portfolios for which Board Member Serves: 43

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Alan H. Howard (61)

Board Member (2018)

Principal Occupation During Past 5 Years:

· Managing Partner of Heathcote Advisors LLC, a financial advisory services firm (2008-Present)

· President of Dynatech/MPX Holdings LLC (2012 – 2019), a global supplier and service provider of military aircraft parts, including Board Member of two operating subsidiaries, Dynatech International LLC and Military Parts Exchange LLC (2012-2019); Chief Executive Officer of an operating subsidiary, Dynatech International LLC (2013-2019)

· Senior Advisor, Rossoff & Co., an independent investment banking firm (2013-June 2021)

Other Public Company Board Memberships During Past 5 Years:

· Movado Group, Inc., a public company that designs, sources, markets and distributes watches, Director (1997-Present)

· Diamond Offshore Drilling, Inc., a public company that provides contract drilling services, Director (March 2020-April 2021)

No. of Portfolios for which Board Member Serves: 18

———————

Robin A. Melvin (57)

Board Member (1995)

Principal Occupation During Past 5 Years:

· Trustee, Westover School, a private girls’ boarding school in Middlebury, Connecticut (2019-Present)

· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois (2014–2020); Board member, Mentor Illinois (2013-2020)

No. of Portfolios for which Board Member Serves: 77

———————

Burton N. Wallack (70)

Board Member (2006)

Principal Occupation During Past 5 Years:

President and Co-owner of Wallack Management Company, a real estate management company (1987-Present)

Mount Sinai Hospital Urology Board Member (2017-Present)

No. of Portfolios for which Board Member Serves: 18

———————

Benaree Pratt Wiley (75)

Board Member (2015)

Principal Occupation During Past 5 Years:

· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2008-Present)

· Blue Cross Blue Shield of Massachusetts Director (2004-Present)

No. of Portfolios for which Board Member Serves: 63

———————

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INTERESTED BOARD MEMBER

Gordon J. Davis (79)

Board Member (2006)

Principal Occupation During Past 5 Years:

· Partner in the law firm of Venable LLP (2012-Present)

No. of Portfolios for which Board Member Serves: 48

Gordon J. Davis is deemed to be an “interested person” (as defined under 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 BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.

William Hodding Carter III, Emeritus Board Member
Ehud Houminer, Emeritus Board Member
Hans C. Mautner, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

Vice President and Director of the Adviser since February 2021, Head of North America Product, BNY Mellon Investment Management since January 2018, Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017; He is an officer of 56 investment companies (comprised of 106 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 43 years old and has been an employee of BNY Mellon since 2005.

JAMES WINDELS, Treasurer since November 2001.

Vice President of the Adviser since September 2020, Director-BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

Chief Legal Officer of the Adviser since July 2021; Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since December 1996.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 30 years old and has been an employee of the Adviser since August 2018.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.

NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.

Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Assistant Secretary of the Adviser since 2018; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016. She is an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since May 2016.

OFFICERS OF THE FUND (Unaudited) (continued)

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager-BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 52 years old and has been an employee of the Adviser since April 1991.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2005.

Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust (56 investment companies, comprised of 121 portfolios). He also served as Chief Compliance Officer of the the Adviser from 2004 to June 2021. He is 64 years old.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 50 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 52 years old and has been an employee of the Distributor since 1997.

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For More Information

BNY Mellon Intermediate Municipal Bond Fund, Inc.

240 Greenwich Street

New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, NY 10286

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.

240 Greenwich Street

New York, NY 10286

Distributor

BNY Mellon Securities Corporation

240 Greenwich Street

New York, NY 10286


Ticker Symbol:	DITEX

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

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

E-mail Send your request to info@bnymellon.com

Internet Information can be viewed online or downloaded at www.im.bnymellon.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

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


© 2021 BNY Mellon Securities Corporation 0947AR0521

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 Alan Howard, 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”). Alan Howard 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 $35,495 in 2020 and $35,494 in 2021.

(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 $13,754 in 2020 and $13,683 in 2021. 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 2020 and $0 in 2021.

(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 $2,777 in 2020 and $1,805 in 2021. 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; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. 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 2020 and $0 in 2021.

(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 $2,029 in 2020 and $2,207 in 2021. These services consisted of 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 $0 in 2020 and $0 in 2021.

(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 $751,270 in 2020 and $2,686,546 in 2021.

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.

Item 6. Investments.

(a)                         Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

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

Item 11.

Controls and Procedures.

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

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

Item 12.

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

Not applicable.

Item 13.

Exhibits.

(a)(1) 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.

BNY Mellon Intermediate Municipal Bond Fund, Inc.

By: /s/ David DiPetrillo

         David DiPetrillo

         President (Principal Executive Officer)

Date: July 21, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ David DiPetrillo

         David DiPetrillo

         President (Principal Executive Officer)

Date: July 21, 2021

By: /s/ James Windels

         James Windels

         Treasurer (Principal Financial Officer)

Date: July 21, 2021

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)

BNY Mellon Intermediate Municipal Bond Fund (DITEX) N-CSRCertified annual shareholder report (management investment company)