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 811-4237
Dreyfus Insured Municipal Bond Fund, Inc.
(Exact name of Registrant as specified in charter)
c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices) (Zip code)
Mark N. Jacobs, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 922-6000
Date of fiscal year end: 4/30
Date of reporting period: 4/30/03
PAGE
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus Insured Municipal
Bond Fund, Inc.
ANNUAL REPORT April 30, 2003
The views expressed in this report reflect those of the portfolio manager only
through the end of the period covered and do not necessarily represent the views
of Dreyfus or any other person in the Dreyfus organization. Any such views are
subject to change at any time based upon market or other conditions and Dreyfus
disclaims any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for a Dreyfus fund are
based on numerous factors, may not be relied on as an indication of trading
intent on behalf of any Dreyfus fund.
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
- --------------------------------------------------
2 Letter from the Chairman
3 Discussion of Fund Performance
6 Fund Performance
7 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
17 Notes to Financial Statements
22 Report of Independent Auditors
23 Important Tax Information
24 Board Members Information
26 Officers of the Fund
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Insured Municipal
Bond Fund, Inc.
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This annual report for Dreyfus Insured Municipal Bond Fund, Inc. covers the
12-month period from May 1, 2002, through April 30, 2003. Inside, you'll find
valuable information about how the fund was managed during the reporting period,
including a discussion with the fund's portfolio manager, Scott Sprauer.
We have recently seen what we believe are encouraging signs of stability in the
U.S. financial markets. Perhaps most important, the war in Iraq ended quickly,
without disruptions in oil supplies or major incidents of terrorism. Many major
stock market indices have posted modest gains since the start of 2003,
suggesting greater investor optimism. At the same time, yield differences
between U.S. Treasury securities and corporate bonds have moved closer to
historical norms as many companies have strengthened their balance sheets.
Of course, problems and concerns remain. In the U.S. economy, unemployment has
risen to multiyear highs and corporations remain reluctant to spend. Positive
factors appear to outweigh negative ones, however, and we believe that the U.S.
economy is on the path to recovery.
What are the implications for your investments? We are generally optimistic
about the stock market, although security selection should remain a key factor.
We continue to favor areas of the bond market that are more credit-sensitive and
believe municipal bonds may benefit if state and local tax rates rise. Your
financial advisor can help you to ensure that your portfolio reflects your
investment needs, long-term goals and attitudes toward risk.
Thank you for your continued confidence and support.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
May 15, 2003
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did Dreyfus Insured Municipal Bond Fund, Inc. perform relative to its
benchmark?
For the 12-month period ended April 30, 2003, the fund achieved a total return
of 7.98% .(1) The Lehman Brothers Municipal Bond Index, the fund's benchmark,
achieved a total return of 8.49% for the same period.(2) In addition, the fund
is reported in the Lipper Insured Municipal Debt Funds category. Over the
reporting period, the average total return for all funds reported in the
category was 8.31%.(3)
The insured sector of the municipal bond market generally benefited from lower
interest rates and robust investor demand for high-quality, fixed-income
securities. The fund's return trailed that of its benchmark, primarily because
the Index is composed of many types of municipal bonds, not just insured ones,
and does not reflect fees and expenses.
What is the fund's investment approach?
The fund seeks as high a level of current income exempt from federal income tax
as is consistent with the preservation of capital. To pursue this goal, the fund
normally invests substantially all of its assets in investment grade municipal
bonds that provide income exempt from federal personal income tax. These bonds
will be insured as to the timely payment of principal and interest by recognized
insurers of municipal bonds, such as Ambac Assurance Corporation, Financial
Guaranty Insurance Company, Financial Security Assurance, Inc. and MBIA
Insurance Corporation. The dollar-weighted average maturity of the fund's
portfolio normally exceeds ten years, but the fund is not subject to any
maturity restrictions.
The portfolio manager may buy and sell bonds based on credit quality, market
outlook and yield potential. In selecting municipal bonds for investment, the
portfolio manager may assess the current interest rate environment and a
municipal bond' s potential volatility in different rate environments. The
portfolio manager focuses on bonds with
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
the potential to offer attractive current income, typically looking for bonds
that can provide consistently attractive current yields or that are trading at
competitive market prices. A portion of the fund's assets may be allocated to
" discount" bonds, which are bonds that sell at a price below their face value,
or to "premium" bonds, which are bonds that sell at a price above their face
value. The fund's allocation either to discount bonds or to premium bonds will
change along with the portfolio manager's changing views of the current interest
rate and market environments. The portfolio manager may also look to select
bonds that are most likely to obtain attractive prices when sold.
What other factors influenced the fund's performance?
The fund was positively influenced by generally favorable market conditions
during the reporting period, including declining interest rates and surging
investor demand for relatively stable fixed-income investments. First, the fund
benefited from falling interest rates, especially in November 2002, when the
Federal Reserve Board reduced short-term interest rates by 50 basis points to
1.25% . Second, investor demand was supported by concerns related to numerous
corporate scandals and rising geopolitical tensions that culminated in the war
with Iraq. As demand for a relatively limited supply of tax-exempt securities
increased, bond yields generally fell and prices rose, boosting the fund's total
return.
The persistently weak U.S. economy also created some potentially negative
influences for municipal bonds. Because of lower tax revenues, many states and
municipalities faced widening budget deficits during the reporting period.
Various states have attempted to bridge their budget gaps by reducing spending,
raising taxes and tapping rainy day funds. Nonetheless, rising fiscal pressures
caused the major, independent rating agencies to downgrade the credit ratings of
several states during the reporting period.
Because of the more challenging fiscal environment, we have attempted to improve
further the fund's underlying credit quality. Although the fund's holdings are
insured by third-party municipal bond insurance companies, the market recently
has differentiated between bonds whose issuers are fiscally strong and those
whose fiscal condition may be
weaker.(4) Accordingly, in making purchases during the reporting period, we have
favored bonds backed by revenues from essential services facilities, such as
water and sewer plants. In addition, we have attempted to ensure that the fund
is well diversified across the insurance companies that underwrite protection of
the bonds' principal and interest payments.
We have maintained the fund's average duration at points that are roughly in
line with the fund's Lipper category average. This position is designed to place
emphasis on our security selection strategy and reduce the potential effects of
changes in interest rates. What's more, we have attempted to capture trading
opportunities by identifying bonds that, in our view, may be mispriced
temporarily because of short-term market factors. Our strategy has been to look
to sell these bonds at a profit, to offset losses, when their intrinsic values
have been realized.
What is the fund's current strategy?
We continue to maintain a relatively defensive posture, including an intent
focus on underlying credit quality. At the same time, we have attempted to
manage risks by adjusting the fund's overall portfolio characteristics --
geographical concentrations, average duration and other factors -- to mirror
more closely those of the benchmark. In our view, these have been prudent
strategies in today's uncertain economic environment.
May 15, 2003
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE
WORTH MORE OR LESS THAN THEIR ORIGINAL COST. INCOME MAY BE SUBJECT TO STATE
AND LOCAL TAXES, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE
MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF ANY, ARE FULLY
TAXABLE.
(2) SOURCE: LIPPER INC. -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE LEHMAN BROTHERS MUNICIPAL BOND
INDEX IS A WIDELY ACCEPTED, UNMANAGED TOTAL RETURN PERFORMANCE BENCHMARK
FOR THE LONG-TERM, INVESTMENT-GRADE, TAX-EXEMPT BOND MARKET. HOWEVER, THE
BONDS IN THE INDEX GENERALLY ARE NOT INSURED. INDEX RETURNS DO NOT REFLECT
THE FEES AND EXPENSES ASSOCIATED WITH OPERATING A MUTUAL FUND.
(3) SOURCE: LIPPER INC. -- CATEGORY AVERAGE RETURNS REFLECT THE FEES AND
EXPENSES OF THE FUNDS COMPRISING THE AVERAGE.
(4) PORTFOLIO INSURANCE EXTENDS TO THE REPAYMENT OF PRINCIPAL AND PAYMENT OF
INTEREST IN THE EVENT OF DEFAULT. IT DOES NOT EXTEND TO THE MARKET VALUE OF
THE PORTFOLIO SECURITIES OR THE VALUE OF THE FUND'S SHARES.
The Fund
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus Insured Municipal
Bond Fund, Inc. and the Lehman Brothers Municipal Bond Index
- --------------------------------------------------------------------------------
Average Annual Total Returns AS OF 4/30/03
1 Year 5 Years 10 Years
- ------------------------------------------------------------------------------------------------------------------------------------
FUND 7.98% 5.48% 4.99%
Comparison of change in value of $10,000 investment in
Dreyfus Insured Municipal Bond Fund, Inc. and
the Lehman Brothers Municipal Bond Index
EXHIBIT A:
Dreyfus Lehman
Insured Brothers
PERIOD Municipal Municipal
Bond Bond
Fund, Inc. Index *
4/30/93 10,000 10,000
4/30/94 9,926 10,216
4/30/95 10,359 10,895
4/30/96 10,833 11,762
4/30/97 11,509 12,541
4/30/98 12,465 13,708
4/30/99 13,312 14,660
4/30/00 12,986 14,525
4/30/01 14,214 16,032
4/30/02 15,078 17,154
4/30/03 16,281 18,611
* Source: Lipper Inc.
((+)) SOURCE: LIPPER INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THE FUND'S PERFORMANCE
SHOWN IN THE GRAPH AND TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES THAT A
SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS INSURED MUNICIPAL
BOND FUND, INC. ON 4/30/93 TO A $10,000 INVESTMENT MADE IN THE LEHMAN BROTHERS
MUNICIPAL BOND INDEX (THE "INDEX") ON THAT DATE. ALL DIVIDENDS AND CAPITAL GAIN
DISTRIBUTIONS ARE REINVESTED.
THE FUND INVESTS PRIMARILY IN MUNICIPAL SECURITIES WHICH ARE INSURED AS TO THE
TIMELY PAYMENT OF PRINCIPAL AND INTEREST BY RECOGNIZED ISSUERS OF MUNICIPAL
SECURITIES. THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT
ALL APPLICABLE FEES AND EXPENSES. THE INDEX, UNLIKE THE FUND, IS AN UNMANAGED
TOTAL RETURN PERFORMANCE BENCHMARK FOR THE LONG-TERM, INVESTMENT-GRADE
TAX-EXEMPT BOND MARKET, CALCULATED BY USING MUNICIPAL BONDS SELECTED TO BE
REPRESENTATIVE OF THE MUNICIPAL MARKET OVERALL; HOWEVER, THE BONDS IN THE INDEX
ARE GENERALLY NOT INSURED. THE INDEX ALSO DOES NOT TAKE INTO ACCOUNT CHARGES,
FEES AND OTHER EXPENSES. ALL OF THESE FACTORS CAN CONTRIBUTE TO THE INDEX
POTENTIALLY OUTPERFORMING OR UNDERPERFORMING THE FUND. FURTHER INFORMATION
RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE,
IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE
IN THIS REPORT. NEITHER FUND SHARES NOR THE MARKET VALUE OF ITS PORTFOLIO
SECURITIES ARE INSURED.
STATEMENT OF INVESTMENTS
April 30, 2003
Principal
LONG-TERM MUNICIPAL INVESTMENTS--95.0% Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA--.7%
Auburn University General Fee Revenue
5.75%, 6/1/2017 (Insured; MBIA) 1,000,000 1,129,060
ALASKA--3.2%
Alaska International Airports System, Revenue
5.75%, 10/1/2020 (Insured; AMBAC) 4,500,000 5,035,995
CALIFORNIA--9.6%
California Department of Water Resource,
Power Supply Revenue 5.50%, 5/1/2014
(Insured; AMBAC) 5,000,000 5,701,200
Contra Costa Water Authority,
Water Treatment Revenue:
5%, 10/1/2017 (Insured; FGIC) 3,175,000 3,436,303
5%, 10/1/2018 (Insured; FGIC) 3,335,000 3,582,290
San Diego Unified School District
Zero Coupon, 7/1/2015 (Insured; FGIC) 3,990,000 2,339,576
DELAWARE--3.5%
Delaware Economic Development Authority,
Water Revenue (United Water Delaware Inc. Project)
6.20%, 6/1/2025 (Insured; AMBAC) 5,000,000 5,468,600
DISTRICT OF COLUMBIA--.8%
District of Columbia, Revenue
(Gonzaga College High School Issue)
5.50%, 7/1/2017 (Insured; FSA) 1,205,000 1,332,814
FLORIDA--5.1%
Escambia County Health Facilities Authority,
Health Facility Revenue (Florida Health
Care Facility Loan) 5.95%, 7/1/2020
(Insured; AMBAC) 4,300,000 4,713,402
Florida Housing Finance Agency, SFMR
6.65%, 7/1/2026 (Insured; MBIA) 455,000 471,435
Tampa Bay Water, Utility System
Improvement Revenue 5.25%, 10/1/2019
(Insured; FGIC) 2,575,000 2,784,914
GEORGIA--4.0%
Cobb-Marietta Coliseum and Exhibit Hall Authority,
Revenue 5.625%, 10/1/2026
(Insured; MBIA) 5,400,000 6,235,056
IDAHO--1.4%
Boise State University, Revenue
5.375%, 4/1/2022 (Insured; FGIC) 2,000,000 2,166,280
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--4.1%
Metropolitan Pier and Exposition Authority,
Dedicated State Tax Revenue
(McCormick Place Expansion Project):
6.50%, 6/15/2027 (Insured; FGIC)
(Prerefunded 6/15/2003) 6,260,000 (a) 6,427,330
6.50%, 6/15/2027 (Insured; FGIC) 115,000 117,999
INDIANA--2.4%
Indiana Educational Facilities Authority,
Educational Facilities Revenue
(Butler University Project)
5.50%, 2/1/2026 (Insured; MBIA) 3,500,000 3,723,160
MASSACHUSETTS--1.5%
Massachusetts Education Loan Authority,
Education Loan Revenue
7.65%, 1/1/2004 (Insured; MBIA) 250,000 252,090
Massachusetts Housing Finance Agency,
Housing Revenue (Rental-Mortgage)
6.50%, 7/1/2025 (Insured; AMBAC) 1,000,000 1,045,620
Massachusetts Port Authority, Special
Facilities Revenue (US Air Project)
5.75%, 9/1/2016 (Insured; MBIA) 1,000,000 1,049,020
MICHIGAN--1.0%
Michigan Housing Development Authority, LOR
(Greenwood Villa Project)
6.50%, 9/15/2007 (Insured; FSA) 1,500,000 1,537,845
MISSOURI--1.7%
The City of Saint Louis, Airport Revenue
(Airport Development Program)
5.625%, 7/1/2019 (Insured; MBIA) 2,500,000 2,768,650
NEW JERSEY--6.4%
New Jersey Economic Development Authority, PCR
(Public Service Electric and Gas Co.)
6.40%, 5/1/2032 (Insured; MBIA) 7,600,000 8,065,956
New Jersey Health Care Facilities Financing Authority,
Revenue (Jersey Shore Medical Center):
6.25%, 7/1/2021 (Insured; AMBAC) 70,000 74,966
6.25%, 7/1/2021 (Insured; AMBAC)
(Prerefunded 7/1/2004) 30,000 (a) 32,369
New Jersey Housing and Mortgage Finance Agency,
Revenue Home Buyer 6.20%, 10/1/2025
(Insured; MBIA) 1,825,000 1,881,301
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK--4.9%
Metropolitan Transportation Authority:
State Service Contract 5.50%, 1/1/2020
(Insured; MBIA) 2,000,000 2,208,060
Transportation Revenue 5.50%, 11/15/2019
(Insured; AMBAC) 5,000,000 5,571,050
NORTH DAKOTA--2.3%
Mercer County, PCR (Montana-Dakota Utilities Co.
Project) 6.65%, 6/1/2022 (Insured; FGIC) 3,500,000 3,584,595
OHIO--1.5%
Ohio Turnpike Commission, Turnpike Revenue
5.50%, 2/15/2017 (Insured; FGIC) 1,995,000 2,320,105
RHODE ISLAND--2.9%
Rhode Island Housing and Mortgage Finance Corp.,
SFMR 9.30%, 7/1/2004 (Insured; FGIC) 10,000 10,057
Rhode Island Port Authority and Economic
Development Corp., Airport Revenue
6.625%, 7/1/2024 (Insured; FSA) 4,250,000 4,543,973
SOUTH CAROLINA--1.1%
University of South Carolina, Athletic Facilities
Revenue 5.50%, 5/1/2022 (Insured; AMBAC) 1,575,000 1,719,160
TENNESSEE--3.2%
Clarksville, Water, Sewer and Gas Revenue
5.25%, 2/1/2017 (Insured; FSA) 1,830,000 2,069,016
Putnam County 5.25%, 4/1/2020 (Insured; FGIC) 2,645,000 2,970,282
TEXAS--7.7%
Board of Regents of Texas Tech University System,
Revenue Financing System
5.50%, 8/15/2018 (Insured; MBIA) 2,550,000 2,822,034
Brownsville Housing Finance Corp., SFMR
(Mortgage-Multiple Originators and
and Services) 9.625%, 12/1/2011
(Insured; FGIC) 140,000 140,172
City of San Antonio, Water System Revenue:
5.50%, 5/15/2019 (Insured; FSA) 1,000,000 1,102,080
5.50%, 5/15/2020 (Insured; FSA) 2,500,000 2,737,425
Houston Area Water Corp., City of Houston
Contract Revenue (Northeast Water Purification
Plant Project) 5.25%, 3/1/2023
(Insured; FGIC) 2,470,000 2,600,910
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS (CONTINUED)
Texas Turnpike Authority (Central Texas
Turnpike System) Revenue 5.50%, 8/15/2039
(Insured; AMBAC) 2,500,000 2,668,200
VIRGINIA--7.2%
Upper Occoquan Sewer Authority, Regional
Sewer Revenue 5.15%, 7/1/2020
(Insured; MBIA) 5,210,000 5,787,164
Virginia College Building Authority, Educational
Facilities Revenue (Washington and Lee
University) 5.25%, 1/1/2026 (Insured; MBIA) 5,000,000 5,548,100
WASHINGTON--14.0%
Energy Northwest, Electric Revenue (Project
Number 1) 5.75%, 7/1/2017 (Insured; MBIA) 5,000,000 5,667,900
King County, Sewer Revenue
6.125%, 1/1/2033 (Insured; MBIA)
(Prerefunded 1/1/2005) 5,000,000 (a) 5,492,700
Washington, MFMR:
(Gilman Meadows Project) 7.40% 1/1/2030
(Insured; FSA) 3,000,000 3,163,650
(Mallard Cove Project 1) 7.40%, 1/1/2030
(Insured; FSA) 780,000 822,549
(Mallard Cove Project 2) 7.40%, 1/1/2030
(Insured; FSA) 2,680,000 2,826,194
Yakima-Tieton Irrigation District, Revenue
6.20%, 6/1/2019 (Insured; FSA) 4,000,000 4,095,760
WEST VIRGINIA--4.8%
West Virginia:
Zero Coupon, 11/1/2026 (Insured; FGIC) 5,450,000 1,590,964
6.50%, 11/1/2026 (Insured; FGIC) 2,600,000 3,119,454
West Virginia Building Commission, LR
(West Virginia Regional Jail)
5.375%, 7/1/2021 (Insured; AMBAC) 2,505,000 2,806,527
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $140,026,560) 149,361,312
Principal
SHORT-TERM MUNICIPAL INVESTMENTS--1.8% Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--.9%
Massachusetts Health and Educational
Facilities Authority, Revenue, VRDN
(Capital Asset Program)
1.30% (Insured; MBIA) 1,500,000 (b) 1,500,000
PENNSYLVANIA--.9%
Allegheny County, Industrial Development Authority,
Health and Housing Facilities Revenue,
VRDN (Longword) 1.40% (Insured; AGIC) 1,400,000 (b) 1,400,000
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $2,900,000) 2,900,000
TOTAL INVESTMENTS (cost $142,926,560) 96.8% 152,261,312
CASH AND RECEIVABLES (NET) 3.2% 4,989,135
NET ASSETS 100.0% 157,250,447
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Summary of Abbreviations
AGIC Asset Guaranty Insurance
Company
AMBAC American Municipal Bond
Assurance Corporation
FGIC Financial Guaranty Insurance
Company
FSA Financial Security Assurance
LOR Limited Obligation Revenue
LR Lease Revenue
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFMR Multi-Family Mortgage Revenue
PCR Pollution Control Revenue
SFMR Single Family Mortgage Revenue
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 98.1
F1 MIG1/P1 SP1/A1 1.9
100.0
(A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT AT THE
EARLIEST REFUNDING DATE.
(B) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(C) AT APRIL 30, 2003, 34.7% OF THE FUND'S NET ASSETS ARE INSURED BY MBIA.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2003
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 142,926,560 152,261,312
Cash 2,822,863
Interest receivable 2,447,716
Prepaid expenses 25,223
157,557,114
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 94,859
Payable for shares of Common Stock redeemed 151,432
Accrued expenses 60,376
306,667
NET ASSETS ($) 157,250,447
COMPOSITION OF NET ASSETS ($):
Paid-in capital 147,618,819
Accumulated net realized gain (loss) on investments 296,876
Accumulated net unrealized appreciation
(depreciation) on investments 9,334,752
NET ASSETS ($) 157,250,447
SHARES OUTSTANDING
(300 million shares of $.001 par value Common Stock authorized) 8,568,014
NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 18.35
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended April 30, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 8,165,030
EXPENSES:
Management fee--Note 3(a) 935,377
Service plan fees and prospectus--Note 3(b) 314,231
Shareholder servicing costs--Note 3(b) 88,154
Professional fees 50,254
Directors' fees and expenses--Note 3(c) 27,630
Registration fees 25,102
Custodian fees 19,983
Shareholders' reports 13,653
Loan commitment fees--Note 2 2,097
Miscellaneous 11,671
TOTAL EXPENSES 1,488,152
Less--reduction in management fee due to
undertaking--Note 3(a) (160,937)
NET EXPENSES 1,327,215
INVESTMENT INCOME--NET 6,837,815
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 749,867
Net unrealized appreciation (depreciation) on investments 4,577,298
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 5,327,165
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 12,164,980
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended April 30,
-----------------------------------
2003 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 6,837,815 6,991,720
Net realized gain (loss) on investments 749,867 805,592
Net unrealized appreciation (depreciation)
on investments 4,577,298 1,458,691
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 12,164,980 9,256,003
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (6,804,530) (6,940,489)
Net realized gain on investments (784,314) (500,147)
TOTAL DIVIDENDS (7,588,844) (7,440,636)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 50,140,657 13,150,806
Dividends reinvested 5,342,922 5,179,614
Cost of shares redeemed (54,624,843) (22,662,686)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS 858,736 (4,332,266)
TOTAL INCREASE (DECREASE) IN NET ASSETS 5,434,872 (2,516,899)
NET ASSETS ($):
Beginning of Period 151,815,575 154,332,474
END OF PERIOD 157,250,447 151,815,575
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 2,761,014 731,573
Shares issued for dividends reinvested 293,891 288,046
Shares redeemed (2,997,216) (1,259,375)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 57,689 (239,756)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Year Ended April 30,
-------------------------------------------------------------------
2003 2002(a) 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 17.84 17.64 16.93 18.24 17.88
Investment Operations:
Investment income--net .80(b) .81(b) .86 .86 .84
Net realized and unrealized
gain (loss) on investments .59 .25 .71 (1.32) .36
Total from Investment Operations 1.39 1.06 1.57 (.46) 1.20
Distributions:
Dividends from investment income--net (.79) (.80) (.86) (.85) (.84)
Dividends from net realized
gain on investments (.09) (.06) -- -- --
Total Distributions (.88) (.86) (.86) (.85) (.84)
Net asset value, end of period 18.35 17.84 17.64 16.93 18.24
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 7.98 6.08 9.45 (2.45) 6.80
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .85 .85 .85 .85 .85
Ratio of net investment income
to average net assets 4.39 4.50 4.91 4.99 4.60
Decrease reflected in above
expense ratios due to undertakings
by The Dreyfus Corporation .10 .10 .10 .11 .10
Portfolio Turnover Rate 45.87 58.16 6.97 12.36 32.27
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 157,250 151,816 154,332 156,432 180,603
(A) AS REQUIRED EFFECTIVE MAY 1, 2001, THE FUND HAS ADOPTED THE PROVISIONS OF
THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND BEGAN
AMORTIZING DISCOUNT OR PERMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES ON
A DAILY BASIS. THE EFFECT OF THIS CHANGE FOR THE PERIOD ENDED APRIL 30,
2002, WAS TO INCREASE NET INVESTMENT INCOME PER SHARE BY $.01, DECREASE NET
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS PER SHARE BY $.01 AND
INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS FROM
4.46% TO 4.50%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR PERIODS
PRIOR TO MAY 1, 2001, HAVE NOT BEEN RESTATED TO REFLECT THIS CHANGE IN
PRESENTATION.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Insured Municipal Bond Fund, Inc. (the "fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified
open-end management investment company. The fund's investment objective is to
provide investors with as high a level of current income exempt from federal
income tax as is consistent with the preservation of capital. The Dreyfus
Corporation (the "Manager") serves as the fund's investment adviser. The Manager
is a wholly-owned subsidiary of Mellon Bank, N.A., which is a wholly-owned
subsidiary of Mellon Financial Corporation. Dreyfus Service Corporation (the
"Distributor"), a wholly-owned subsidiary of the Manager, is the distributor of
the fund's shares, which are sold to the public without a sales charge.
The fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States, which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(a) Portfolio valuation: Investments in securities are valued each business day
by an independent pricing service (the "Service") approved by the Board of
Directors. Investments for which quoted bid prices are readily available and are
representative of the bid side of the market in the judgment of the Service are
valued at the mean between the quoted bid prices (as obtained by the Service
from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based on methods which include consideration
of: yields or prices of municipal securities of comparable quality, coupon,
maturity and type; indications as to values from dealers; and general market
conditions.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of discount and premium on invest
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
ments, 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. Under the terms of the custody
agreement, the fund received net earnings credits of $8,609 during the period
ended April 30, 2003, based on available cash balances left on deposit. Income
earned under this arrangement is included in interest income.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain, if any, are normally declared and paid annually,
but the fund may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
"Code"). To the extent that net realized capital gain can be offset by capital
loss carryovers, if any, it is the policy of the fund not to distribute such
gain.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all federal income and excise taxes.
At April 30, 2003, the components of accumulated earnings on a tax basis were as
follows: undistributed ordinary income $265,470, undistributed capital gains
$31,406 and unrealized appreciation $9,413,905.
The tax character of distributions paid to shareholders during the fiscal
periods ended April 30, 2003 and April 30, 2002, were as follows: tax exempt
income $6,804,530 and $6,940,489, ordinary income $238,902 and $3,451 and
long-term capital gains $545,412 and $496,696, respectively.
During the period ended April 30, 2003, as a result of permanent book to tax
differences, the fund decreased accumulated undistributed investment income-net
by $33,285, increased accumulated net realized gain (loss) on investments by
$34,810 and decreased paid-in capital by $1,525. Net assets were not affected by
this reclassification.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund based on prevailing market rates
in effect at the time of borrowings. During the period ended April 30, 2003, the
fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .60 of 1% of the value of the
fund's average daily net assets and is payable monthly. The Agreement provides
that if in any full year the aggregate expenses of the fund, exclusive of taxes,
brokerage fees, commitment fees, interest on borrowings and extraordinary
expenses, exceed 1 1_2% of the value of the fund's average net assets, the fund
may deduct from the payments to be made to the Manager, or the Manager will bear
such excess. The Manager had undertaken from May 1, 2002 through April 30, 2003
to reduce the management fee paid by the fund, to the extent that if the fund's
aggregate annual expenses (exclusive of certain expenses as described above)
exceed an annual rate of .85 of 1% of the value of the fund's average daily net
assets. The reduction in management fee, pursuant to the undertaking, amounted
to $160,937 during the period ended April 30, 2003.
(b) Under the Service Plan (the "Plan") adopted pursuant to Rule 12b-1 under the
Act, the fund pays the Distributor in respect of payments made to certain
Service Agents (a securities dealer, financial institution or other industry
professional) for distributing the fund's shares, servicing shareholder and for
advertising and marketing relating to the fund. The Plan provides for payments
to be made at an aggregate annual rate of .20 of 1% of the value of the fund's
average daily
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
net assets. The Distributor may pay one or more Service Agents a fee in respect
of fund shares owned by shareholders with whom the Service Agent is the dealer
or holder of record. The Distributor determines the amounts, if any, to be paid
to Service Agents under the Plan and the basis on which such payments are made.
The fees payable under the Plan are payable without regard to actual expenses
incurred. The Plan also separately provides for the fund to bear the costs of
preparing, printing and distributing certain of the fund's prospectuses and
statements of additional information and costs associated with implementing and
operating the Plan, not to exceed the greater of $100,000 or .005 of 1% of the
value of the fund's average daily net assets for any full fiscal year. During
the period ended April 30, 2003, the fund was charged $314,231 pursuant to the
Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended April 30, 2003, the fund was charged $59,707 pursuant to the transfer
agency agreement.
(c) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Each Board member who is not
an "affiliated person" as defined in the Act receives an annual fee of $30,000
and an attendance fee of $4,000 for each in-person meeting and $500 for
telephone meetings. These fees are allocated among the funds in the Fund Group
in proportion to each fund's relative net assets. The Chairman of the Board
receives an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board members, if any, receive 50% of the fund's
annual retainer fee and per meeting fee paid at the time the Board member
achieves emeritus status.
(d) A .10% redemption fee is charged and retained by the fund on shares redeemed
within thirty days following the date of issuance, including redemptions made
through the use of fund's exchange privilege. During the period ended April 30,
2003, redemption fees charged and retained by the fund amounted to $3,096.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended April 30, 2003, amounted to
$68,894,049 and $69,443,363, respectively.
At April 30, 2003, the cost of investments for federal income tax purposes was
$142,847,407; consisting of $9,413,905 gross unrealized appreciation.
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors Dreyfus Insured Municipal Bond Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus
Insured Municipal Bond Fund, Inc., including the statement of investments, as of
April 30, 2003, and the related statement of operations for the year then ended,
the statement of changes in net assets for each of the two years in the period
then ended, and financial highlights for each of the years indicated therein.
These financial statements and financial highlights are the responsibility of
the fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of April 30, 2003 by correspondence with the
custodian. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Insured Municipal Bond Fund, Inc. at April 30, 2003, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the indicated years, in conformity with accounting principles generally accepted
in the United States.
New York, New York
June 6, 2003
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with federal tax law, the fund hereby makes the following
designations regarding its fiscal year ended April 30, 2003:
-- all the dividends paid from investment income-net are "exempt-interest
dividends" (not generally subject to regular federal income tax), and
-- the fund hereby designates $.0637 per share as a long-term capital gain
distribution of the $.0916 per share paid on December 6, 2002.
As required by federal tax law rules, shareholders will receive notification of
their portion of the fund's taxable ordinary dividends (if any) and capital gain
distributions (if any) paid for the 2003 calendar year on Form 1099-DIV which
will be mailed by January 31, 2004.
The Fund
BOARD MEMBERS INFORMATION (Unaudited)
JOSEPH S. DIMARTINO (59)
CHAIRMAN OF THE BOARD (1995)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Corporate Director and Trustee
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* The Muscular Dystrophy Association, Director
* Levcor International, Inc., an apparel fabric processor, Director
* Century Business Services, Inc., a provider of outsourcing functions for small
and medium size companies, Director
* The Newark Group, a provider of a national market of paper recovery
facilities, paperboard mills and paperboard converting plants, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 191
--------------
DAVID W. BURKE (67)
BOARD MEMBER (1994)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Corporate Director and Trustee.
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* John F. Kennedy Library Foundation, Director
* U.S.S. Constitution Museum, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 87
--------------
WILLIAM HODDING CARTER III (68)
BOARD MEMBER (1988)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* President and Chief Executive Officer of the John S. and James L. Knight
Foundation (1998-present)
* President and Chairman of MainStreet TV (1985-1998)
* Knight Professor in Journalism at the University of Maryland (1995-1998)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Independent Sector, Director
* The Century Foundation, Director
* The Enterprise Corp. of the Delta, Director
* Foundation of the Mid-South, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 7
--------------
EHUD HOUMINER (62)
BOARD MEMBER (1996)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Professor and Executive-in-Residence at the Columbia Business School, Columbia
University
* Principal of Lear, Yavitz and Associates, a management consulting firm, from
1996 through 2001
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Avnet Inc., an electronics distributor, Director
* Super Sol Limited, an Israeli supermarket chain, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 25
RICHARD C. LEONE (63)
BOARD MEMBER (1976)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* President of The Century Foundation (formerly, The Twentieth Century Fund,
Inc.), a tax exempt research foundation engaged in the study of economic,
foreign policy and domestic issues
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 7
--------------
HANS C. MAUTNER (65)
BOARD MEMBER (1978)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Vice Chairman and a Director of Simon Property Group, a real estate investment
company, (1998-present)
* Chairman of Simon Global Limited, a real estate company (1998-present)
* Chairman, Chief Executive Officer and a Trustee of Corporate Property
Investors, which merged into Simon Property Group in 1998 (1997-1998)
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 7
--------------
ROBIN A. PRINGLE (39)
BOARD MEMBER (1995)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Senior Vice President of Mentor/National Mentoring Partnership, a national
non-profit organization that is leading the movement to connect America's
young people with caring adult mentors
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 7
--------------
JOHN E. ZUCCOTTI (65)
BOARD MEMBER (1984)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Chairman of Brookfield Financial Properties, Inc.
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 7
--------------
ONCE ELECTED ALL BOARD MEMBERS SERVE FOR AN INDEFINITE TERM. ADDITIONAL
INFORMATION ABOUT THE BOARD MEMBERS, INCLUDING THEIR ADDRESS IS AVAILABLE IN THE
FUND'S STATEMENT OF ADDITIONAL INFORMATION WHICH CAN BE OBTAINED FROM DREYFUS
FREE OF CHARGE BY CALLING THIS TOLL FREE NUMBER: 1-800-554-4611.
The Fund
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, PRESIDENT SINCE MARCH 2000.
Chairman of the Board, Chief Executive Officer and Chief Operating Officer
of the Manager, and an officer of 95 investment companies (comprised of 191
portfolios) managed by the Manager. Mr. Canter also is a Board member and, where
applicable, an Executive Committee Member of the other investment management
subsidiaries of Mellon Financial Corporation, each of which is an affiliate of
the Manager. He is 57 years old and has been an employee of the Manager since
May 1995.
STEPHEN R. BYERS, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2002.
Chief Investment Officer, Vice Chairman and a Director of the Manager, and
an officer of 95 investment companies (comprised of 191 portfolios) managed by
the Manager. Mr. Byers also is an Officer, Director or an Executive Committee
Member of certain other investment management subsidiaries of Mellon Financial
Corporation, each of which is an affiliate of the Manager. He is 49 years old
and has been an employee of the Manager since January 2000. Prior to joining the
Manager, he served as an Executive Vice President-Capital Markets, Chief
Financial Officer and Treasurer at Gruntal & Co., L.L.C.
MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and
an officer of 96 investment companies (comprised of 207 portfolios) managed by
the Manager. He is 57 years old and has been an employee of the Manager since
June 1977.
JOHN B. HAMMALIAN, SECRETARY SINCE MARCH 2000.
Associate General Counsel of the Manager, and an officer of 37 investment
companies (comprised of 46 portfolios) managed by the Manager. He is 38 years
old and has been an employee of the Manager since February 1991.
STEVEN F. NEWMAN, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel and Assistant Secretary of the Manager, and an
officer of 96 investment companies (comprised of 207 portfolios) managed by the
Manager. He is 53 years old and has been an employee of the Manager since July
1980.
MICHAEL A. ROSENBERG, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of the Manager, and an officer of 93 investment
companies (comprised of 200 portfolios) managed by the Manager. He is 43 years
old and has been an employee of the Manager since October 1991.
JAMES WINDELS, TREASURER SINCE NOVEMBER 2001.
Director - Mutual Fund Accounting of the Manager, and an officer of 96
investment companies (comprised of 207 portfolios) managed by the Manager. He is
44 years old and has been an employee of the Manager since April 1985.
GREGORY S. GRUBER, ASSISTANT TREASURER SINCE MARCH 2000.
Senior Accounting Manager - Municipal Bond Funds of the Manager, and an
officer of 29 investment companies (comprised of 58 portfolios) managed by the
Manager. He is 44 years old and has been an employee of the Manager since August
1981.
KENNETH SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001.
Mutual Funds Tax Director of the Manager, and an officer of 96 investment
companies (comprised of 207 portfolios) managed by the Manager. He is 48 years
old and has been an employee of the Manager since June 1993.
WILLIAM GERMENIS, ANTI-MONEY LAUNDERING COMPLIANCE OFFICER SINCE SEPTEMBER 2002
Vice President and Anti-Money Laundering Compliance Officer of the
Distributor, and the Anti-Money Laundering Compliance Officer of 91 investment
companies (comprised of 202 portfolios) managed by the Manager. He is 32 years
old and has been an employee of the Distributor since October 1998. Prior to
joining the Distributor, he was a Vice President of Compliance Data Center, Inc.
The Fund
NOTES
For More Information
Dreyfus
Insured Municipal
Bond Fund, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to info@dreyfus.com
ON THE INTERNET Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 2003 Dreyfus Service Corporation 306AR0403
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. [RESERVED]
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the Disclosure Controls and Procedures (as
defined in Rule 30a-2(c) under the Investment Company Act of 1940, the
"Disclosure Controls") as of a date within 90 days prior to the filing date
(the "Filing Date") of this Form N-CSR (the "Report"), the Disclosure
Controls are effectively designed to ensure that information required to be
disclosed by the Registrant in the Report is recorded, processed, summarized
and reported by the Filing Date, including ensuring that information required
to be disclosed in the Report is accumulated and communicated to the
Registrant's management, including the Registrant's principal executive
officer and principal financial officer, as appropriate to allow timely
decisions regarding required disclosure.
(b) There were no significant changes in the Registrant's internal controls
or in other factors that could significantly affect these controls subsequent
to the date of their evaluation, and there were no corrective actions with
regard to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b)(1) Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2 under the Investment Company Act
of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Insured Municipal Bond Fund, Inc.
By: /s/Stephen E. Canter
Stephen E. Canter
President
Date: June 26, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /S/ STEPHEN E. CANTER
Stephen E. Canter
Chief Executive Officer
Date: June 26, 2003
By: /S/ JAMES WINDELS
James Windels
Chief Financial Officer
Date: June 26, 2003
EXHIBIT INDEX
(b)(1) Certifications of principal executive officer and
principal financial officer as required by Rule 30a-2 under the
Investment Company Act of 1940.
(b)(2) Certification of principal executive officer and
principal financial officer as required by Section 906 of the
Sarbanes-Oxley Act of 2002.