Dreyfus Intermediate Municipal Bond Fund Inc.
01/28/2026 | Press release | Distributed by Public on 01/28/2026 14:01
Semi-Annual Report by Investment Company (Form N-CSRS)
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 Officer) (Zip Code)
Deirdre Cunnane, Esq.
240 Greenwich Street
New York, New York 10286
(Name and Address of Agent for Service)
Registrant's telephone number, including area code:
(212) 922-6400
Date of fiscal year end:
5/31
Date of reporting period:
11/30/25
ITEM 1 - Reports to Stockholders
BNY Mellon Intermediate Municipal Bond Fund, Inc.
SEMI-ANNUAL
SHAREHOLDER
REPORT
SHAREHOLDER
REPORT
November 30, 2025
Ticker - DITEX
This semi-annual shareholder report contains important information about BNY Mellon Intermediate Municipal Bond Fund, Inc. (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at bny.com/investments/literaturecenter.You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months ?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| BNY Mellon Intermediate Municipal Bond Fund, Inc. | $33 | 0.65%* |
| * |
Annualized.
|
KEY FUND STATISTICS (AS OF 11/30/25 )
|
Fund Size (Millions) |
Number of Holdings |
Portfolio Turnover |
| $358 | 191 | 14.62% |
Portfolio Holdings (as of 11/30/25 )
Sector Allocation (Based on Net Assets)
State Allocation (Based on Net Assets)
For additional information about the Fund, including its prospectus, financial information, portfolio holdings and proxy voting information, please visit bny.com/investments/literaturecenter .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0947SA1125
| Item 2. | Code of Ethics. |
Not applicable.
| Item 3. | Audit Committee Financial Expert. |
Not applicable.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6. | Investments. |
Not applicable.
BNY Mellon Intermediate Municipal Bond Fund, Inc.
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
November 30, 2025
|
Class
|
Ticker
|
|
Single Share
|
DITEX
|
Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.bny.com/investmentsand sign up for eCommunications. It's simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of Funds.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents
The Fund
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").
|
Item 7. Financial Statements and Financial Highlights for Open-End Management
Investment Companies
|
3
|
|
Schedule of Investments
|
3
|
|
Statement of Assets and Liabilities
|
10
|
|
Statement of Operations
|
11
|
|
Statement of Changes in Net Assets
|
12
|
|
Financial Highlights
|
13
|
|
Notes to Financial Statements
|
14
|
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management
Investment Companies
|
18
|
|
Item 9. Proxy Disclosures for Open-End Management Investment Companies
|
19
|
|
Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End
Management Investment Companies
|
20
|
|
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts
|
21
|
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. BNY Mellon Intermediate Municipal Bond Fund, Inc. SCHEDULE OF INVESTMENTS
November 30, 2025 (Unaudited)
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Bonds and Notes - .7%
|
|||||
|
Collateralized Municipal-Backed Securities - .7%
|
|||||
|
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2
|
3.63
|
5/20/2033
|
1,373,176
|
1,359,769
|
|
|
Washington Housing Finance Commission, Revenue Bonds (Sustainable
Certificates) Ser. A
|
3.50
|
12/20/2035
|
930,742
|
904,373
|
|
|
Total Bonds and Notes
(cost $2,542,333)
|
2,264,142
|
||||
|
|
|
|
|
|
|
|
Long-Term Municipal Investments - 98.1%
|
|||||
|
Alabama - 4.9%
|
|||||
|
Baldwin County Industrial Development Authority, Revenue Bonds (Novelis
Corporation Project) Ser. A(a),(b)
|
5.00
|
6/1/2032
|
1,000,000
|
1,022,865
|
|
|
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B
|
5.00
|
7/1/2038
|
2,975,000
|
3,059,421
|
|
|
Black Belt Energy Gas District, Revenue Bonds (Gas Project) Ser. B
|
5.00
|
10/1/2035
|
1,000,000
|
1,036,165
|
|
|
Black Belt Energy Gas District, Revenue Bonds, Refunding(a)
|
4.00
|
12/1/2031
|
1,300,000
|
1,340,645
|
|
|
Energy Southeast A Cooperative District, Revenue Bonds Ser. B
|
5.00
|
9/1/2033
|
3,425,000
|
3,553,727
|
|
|
Jefferson County, Revenue Bonds, Refunding
|
5.00
|
10/1/2038
|
2,000,000
|
2,188,363
|
|
|
Southeast Energy Authority A Cooperative District, Revenue Bonds, Ser. E
|
5.00
|
10/1/2030
|
3,000,000
|
3,230,305
|
|
|
The Lower Alabama Gas District, Revenue Bonds, Ser. A
|
5.00
|
9/1/2031
|
2,000,000
|
2,146,798
|
|
|
|
17,578,289
|
||||
|
Arizona - 1.8%
|
|||||
|
Arizona Industrial Development Authority, Revenue Bonds, Ser. A
|
5.00
|
11/1/2037
|
1,375,000
|
1,468,838
|
|
|
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp. Project)(a)
|
4.00
|
6/1/2029
|
3,225,000
|
3,274,435
|
|
|
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B
|
5.00
|
7/1/2030
|
1,500,000
|
1,600,557
|
|
|
|
6,343,830
|
||||
|
California - 5.8%
|
|||||
|
California Community Choice Financing Authority, Revenue Bonds (Sustainable Bond)
(Clean Energy Project) Ser. D(a)
|
5.00
|
7/1/2034
|
3,250,000
|
3,417,000
|
|
|
California Housing Finance Agency, Revenue Bonds
|
3.50
|
11/20/2035
|
1,390,741
|
1,382,838
|
|
|
California Municipal Finance Authority, Revenue Bonds (Cabrillo College Project) Ser.
A(b)
|
5.00
|
7/1/2035
|
4,000,000
|
4,201,113
|
|
|
California Municipal Finance Authority, Revenue Bonds, Refunding (California Baptist
University) Ser. A(b)
|
5.00
|
11/1/2035
|
1,000,000
|
1,062,836
|
|
|
California Statewide Communities Development Authority, Revenue Bonds (Loma
Linda University Medical Center Obligated Group) Ser. A(b)
|
5.00
|
12/1/2031
|
1,000,000
|
1,007,599
|
|
|
Los Angeles Department of Water & Power, Revenue Bonds, Refunding Ser. C
|
5.00
|
7/1/2036
|
1,750,000
|
2,009,191
|
|
|
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E
|
5.00
|
7/1/2033
|
1,975,000
|
2,254,374
|
|
|
San Bernardino Unified School District, COP (Insured; Assured Guaranty Corp.)
|
5.00
|
10/1/2040
|
2,800,000
|
3,145,068
|
|
|
San Francisco City & County Airport Commission-San Francisco International Airport,
Revenue Bonds, Refunding, Ser. A
|
5.00
|
5/1/2039
|
1,960,000
|
2,143,895
|
|
|
|
20,623,914
|
||||
|
Colorado - 1.4%
|
|||||
|
Colorado Health Facilities Authority, Revenue Bonds, Refunding(a),(c)
|
5.00
|
11/19/2026
|
230,000
|
235,181
|
|
|
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit
Health Obligated Group) Ser. A
|
5.00
|
8/1/2034
|
1,000,000
|
1,054,775
|
|
|
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, GO, Ser. A(b)
|
5.00
|
4/1/2035
|
2,110,000
|
2,312,586
|
|
|
Weld County School District No. RE-4, GO (Insured; State Aid Withholding) Ser. 4
|
5.00
|
12/1/2041
|
1,450,000
|
1,578,596
|
|
|
|
5,181,138
|
||||
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Long-Term Municipal Investments - 98.1% (continued)
|
|||||
|
Connecticut - 1.5%
|
|||||
|
Connecticut, GO (Sustainable Bond) Ser. F
|
5.00
|
11/15/2038
|
2,000,000
|
2,218,636
|
|
|
Connecticut Health & Educational Facilities Authority, Revenue Bonds (Covenant
Home, Inc.) Ser. B
|
5.00
|
12/1/2032
|
1,000,000
|
1,031,516
|
|
|
Stamford Housing Authority, Revenue Bonds (Mozaic Concierge Living) Ser. D
|
4.25
|
10/1/2030
|
2,000,000
|
2,019,756
|
|
|
|
5,269,908
|
||||
|
Delaware - .4%
|
|||||
|
Delaware Economic Development Authority, Revenue Bonds (ACTS Retirement-Life
Communities Obligated Group) Ser. B
|
5.00
|
11/15/2043
|
1,260,000
|
1,269,882
|
|
|
District of Columbia - .6%
|
|||||
|
District of Columbia, Revenue Bonds, Ser. A
|
5.00
|
7/1/2041
|
2,000,000
|
2,156,759
|
|
|
Florida - 3.8%
|
|||||
|
Broward County Airport System, Revenue Bonds
|
5.00
|
10/1/2036
|
2,000,000
|
2,044,081
|
|
|
Central Florida Expressway Authority, Revenue Bonds (Insured; Assured Guaranty
Corp.) Ser. D
|
5.00
|
7/1/2035
|
1,000,000
|
1,104,873
|
|
|
Florida Local Government Finance Commission, Revenue Bonds (Bridgeprep
Academy Projects) Ser. A(b)
|
5.00
|
6/15/2035
|
2,000,000
|
2,071,114
|
|
|
Florida Local Government Finance Commission, Revenue Bonds (Fleet Landing At
Nocatee Project) Ser. A(b)
|
5.50
|
11/15/2035
|
1,000,000
|
1,052,044
|
|
|
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding
(BayCare Obligated Group) Ser. C
|
5.00
|
11/15/2034
|
2,000,000
|
2,317,511
|
|
|
South Miami Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health
South Florida Obligated Group)
|
5.00
|
8/15/2031
|
1,750,000
|
1,813,452
|
|
|
Sunshine Skyway Bridge, Revenue Bonds, Ser. A
|
4.00
|
7/1/2033
|
2,500,000
|
2,563,281
|
|
|
Village Community Development District No. 15, Special Assessment Bonds(b)
|
4.00
|
5/1/2034
|
750,000
|
759,315
|
|
|
|
13,725,671
|
||||
|
Georgia - 2.3%
|
|||||
|
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A
|
5.00
|
1/1/2036
|
2,000,000
|
2,252,082
|
|
|
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A
|
5.00
|
1/1/2039
|
1,000,000
|
1,093,451
|
|
|
Main Street Natural Gas, Inc., Revenue Bonds, Ser. A
|
5.50
|
9/15/2028
|
2,530,000
|
2,671,701
|
|
|
Main Street Natural Gas, Inc., Revenue Bonds, Ser. C(a)
|
5.00
|
9/1/2030
|
2,000,000
|
2,135,230
|
|
|
|
8,152,464
|
||||
|
Hawaii - .9%
|
|||||
|
Hawaii Airports System, Revenue Bonds, Ser. A
|
5.00
|
7/1/2030
|
1,500,000
|
1,575,467
|
|
|
Hawaii Airports System, Revenue Bonds, Ser. A
|
5.00
|
7/1/2031
|
1,615,000
|
1,693,858
|
|
|
|
3,269,325
|
||||
|
Illinois - 7.7%
|
|||||
|
Chicago, GO (Chicago Recovery Plan) Ser. A
|
5.00
|
1/1/2044
|
1,000,000
|
964,797
|
|
|
Chicago, GO, Refunding, Ser. A
|
4.00
|
1/1/2035
|
3,000,000
|
2,886,071
|
|
|
Chicago Board of Education, GO, Ser. A
|
5.50
|
12/1/2038
|
1,500,000
|
1,525,533
|
|
|
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Corp.) Ser. C
|
5.00
|
12/1/2030
|
2,500,000
|
2,613,846
|
|
|
Chicago Board of Education, GO, Refunding, Ser. B
|
5.50
|
12/1/2035
|
2,000,000
|
2,072,037
|
|
|
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. C
|
5.00
|
1/1/2034
|
1,900,000
|
2,103,945
|
|
|
Chicago Park District, GO, Refunding (Personal Property Replacement) Ser. E
|
4.00
|
1/1/2034
|
1,115,000
|
1,132,379
|
|
|
Chicago Wastewater Transmission, Revenue Bonds, Refunding (Insured; Build
America Mutual) Ser. A
|
5.00
|
1/1/2041
|
1,350,000
|
1,468,697
|
|
|
Chicago Waterworks, Revenue Bonds, Refunding, Ser. A
|
5.00
|
11/1/2039
|
1,500,000
|
1,660,994
|
|
|
Cook County, Revenue Bonds, Refunding
|
5.00
|
11/15/2041
|
1,250,000
|
1,343,934
|
|
|
Illinois, GO, Ser. B
|
5.25
|
5/1/2038
|
1,250,000
|
1,359,605
|
|
|
Regional Transportation Authority, Revenue Bonds (Insured; National Public Finance
Guarantee Corp.)
|
6.50
|
7/1/2030
|
2,500,000
|
2,768,931
|
|
|
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
|
5.00
|
1/1/2034
|
1,500,000
|
1,652,240
|
|
4
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Long-Term Municipal Investments - 98.1% (continued)
|
|||||
|
Illinois - 7.7% (continued)
|
|||||
|
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A
|
5.00
|
1/1/2036
|
2,750,000
|
2,886,759
|
|
|
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build
America Mutual)
|
5.00
|
6/15/2029
|
1,000,000
|
1,062,152
|
|
|
|
27,501,920
|
||||
|
Indiana - 2.1%
|
|||||
|
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1
|
4.00
|
10/1/2036
|
1,250,000
|
1,298,142
|
|
|
Indiana Finance Authority, Revenue Bonds, Refunding (CWA Authority Project) Ser. 1
|
4.00
|
10/1/2035
|
1,500,000
|
1,572,499
|
|
|
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital & Health
Care Services Obligated Group) Ser. A
|
5.00
|
1/1/2028
|
2,440,000
|
2,445,002
|
|
|
Westfield-Washington Multi-School Building Corp., Revenue Bonds (Insured; Build
America Mutual) Ser. A
|
5.00
|
7/15/2036
|
2,000,000
|
2,282,584
|
|
|
|
7,598,227
|
||||
|
Iowa - .7%
|
|||||
|
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co. Project)(a),(c)
|
4.00
|
12/1/2032
|
1,000,000
|
1,086,992
|
|
|
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2
|
4.00
|
6/1/2034
|
500,000
|
507,154
|
|
|
PEFA, Inc., Revenue Bonds (Gas Project)(a)
|
5.00
|
9/1/2026
|
1,000,000
|
1,010,468
|
|
|
|
2,604,614
|
||||
|
Kentucky - .7%
|
|||||
|
Kentucky Public Energy Authority, Revenue Bonds, Ser. A(a)
|
4.00
|
6/1/2026
|
1,500,000
|
1,503,396
|
|
|
Kentucky Public Energy Authority, Revenue Bonds, Refunding, Ser. A1(a)
|
5.25
|
2/1/2032
|
1,000,000
|
1,085,352
|
|
|
|
2,588,748
|
||||
|
Louisiana - 1.3%
|
|||||
|
Jefferson Sales Tax District, Revenue Bonds (Insured; Assured Guaranty Corp.) Ser. B
|
4.00
|
12/1/2032
|
2,250,000
|
2,338,401
|
|
|
Parish of St. James, Revenue Bonds (Nustar Logistics LP Project)(a),(b)
|
6.10
|
6/1/2030
|
1,050,000
|
1,153,083
|
|
|
Parish of St. John, Revenue Bonds, Refunding (Marathon Oil Corp.)(a)
|
2.20
|
7/1/2026
|
1,000,000
|
993,969
|
|
|
|
4,485,453
|
||||
|
Maryland - .4%
|
|||||
|
Maryland Stadium Authority, Revenue Bonds
|
5.00
|
6/1/2036
|
1,365,000
|
1,560,352
|
|
|
Massachusetts - 1.9%
|
|||||
|
Massachusetts, GO, Ser. D
|
4.00
|
5/1/2034
|
3,500,000
|
3,613,303
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Beth Israel
Lahey Health Obligated Group) Ser. N
|
5.25
|
7/1/2044
|
3,000,000
|
3,221,598
|
|
|
|
6,834,901
|
||||
|
Michigan - 5.1%
|
|||||
|
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst
Development Project)
|
5.00
|
7/1/2039
|
1,500,000
|
1,662,392
|
|
|
Detroit Regional Convention Facility Authority, Revenue Bonds, Refunding, Ser. C
|
5.00
|
10/1/2037
|
1,250,000
|
1,381,256
|
|
|
Great Lakes Water Authority, Revenue Bonds, Refunding, Ser. B
|
5.00
|
7/1/2034
|
2,240,000
|
2,621,934
|
|
|
Great Lakes Water Authority Water Supply System, Revenue Bonds, Refunding, Ser. D
|
5.00
|
7/1/2036
|
2,000,000
|
2,021,475
|
|
|
Michigan Finance Authority, Revenue Bonds (Sustainable Bond) (Henry Ford)
|
5.00
|
2/28/2038
|
1,550,000
|
1,696,788
|
|
|
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont-Spectrum)
|
5.00
|
4/15/2034
|
1,190,000
|
1,330,229
|
|
|
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Group)
Ser. A
|
5.00
|
12/1/2034
|
2,000,000
|
2,075,872
|
|
|
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project)
|
5.00
|
6/30/2031
|
4,395,000
|
4,575,390
|
|
|
Wayne County Airport Authority, Revenue Bonds, Ser. B
|
5.25
|
12/1/2037
|
350,000
|
396,098
|
|
|
Wayne County Airport Authority, Revenue Bonds, Ser. B
|
5.25
|
12/1/2038
|
450,000
|
505,190
|
|
|
|
18,266,624
|
||||
|
Minnesota - .3%
|
|||||
|
Woodbury, Revenue Bonds, Refunding (Math & Science Academy)(b)
|
5.25
|
6/1/2045
|
1,000,000
|
945,674
|
|
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Long-Term Municipal Investments - 98.1% (continued)
|
|||||
|
Nebraska - .9%
|
|||||
|
Omaha Airport Authority, Revenue Bonds (Insured; Assured Guaranty Corp.)
|
5.00
|
12/15/2032
|
1,000,000
|
1,119,020
|
|
|
Omaha Public Power District, Revenue Bonds, Ser. A
|
5.00
|
2/1/2040
|
2,000,000
|
2,171,520
|
|
|
|
3,290,540
|
||||
|
Nevada - .9%
|
|||||
|
Clark County School District, GO, Ser. A
|
5.00
|
6/15/2039
|
1,500,000
|
1,641,180
|
|
|
North Las Vegas, GO, Refunding, Ser. B
|
5.00
|
6/1/2032
|
1,000,000
|
1,131,979
|
|
|
Reno, Revenue Bonds, Refunding (Reno Transportation Rail Access Project)
|
5.00
|
6/1/2035
|
500,000
|
527,032
|
|
|
|
3,300,191
|
||||
|
New Hampshire - .5%
|
|||||
|
New Hampshire Business Finance Authority, Revenue Bonds (Mill Creek Project,
Montgomery County)(b)
|
5.95
|
12/1/2031
|
900,000
|
899,381
|
|
|
New Hampshire Business Finance Authority, Revenue Bonds (The Wildflower
Project)(b),(d)
|
0.00
|
12/15/2033
|
1,250,000
|
767,319
|
|
|
|
1,666,700
|
||||
|
New Jersey - 3.7%
|
|||||
|
New Jersey Economic Development Authority, Revenue Bonds (Repauno Port & Rail
Terminal Project)(b)
|
6.38
|
1/1/2035
|
1,360,000
|
1,411,426
|
|
|
New Jersey Higher Education Student Assistance Authority, Revenue Bonds,
Refunding, Ser. A
|
5.00
|
12/1/2030
|
1,400,000
|
1,498,167
|
|
|
New Jersey Transportation Trust Fund Authority, Revenue Bonds
|
5.25
|
6/15/2039
|
2,500,000
|
2,769,380
|
|
|
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. BB
|
5.00
|
6/15/2038
|
1,000,000
|
1,112,292
|
|
|
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA
|
5.00
|
6/15/2038
|
1,000,000
|
1,106,157
|
|
|
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
|
5.00
|
6/1/2036
|
2,175,000
|
2,235,644
|
|
|
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A
|
5.00
|
6/1/2037
|
3,150,000
|
3,225,744
|
|
|
|
13,358,810
|
||||
|
New York - 6.2%
|
|||||
|
Albany Capital Resource Corp., Revenue Bonds, Refunding (Albany Medical Center
Hospital Project) Ser. A
|
5.00
|
5/1/2040
|
1,000,000
|
1,110,530
|
|
|
New York City, GO, Ser. A1
|
4.00
|
8/1/2037
|
2,195,000
|
2,224,145
|
|
|
New York City, GO, Ser. C
|
4.00
|
8/1/2036
|
1,250,000
|
1,270,558
|
|
|
New York City Transitional Finance Authority, Revenue Bonds, Ser. B1
|
4.00
|
8/1/2038
|
180,000
|
182,642
|
|
|
New York City Transitional Finance Authority, Revenue Bonds, Ser. B1
|
4.00
|
11/1/2043
|
650,000
|
630,906
|
|
|
New York Energy Finance Development Corp., Revenue Bonds(a)
|
5.00
|
12/1/2033
|
1,000,000
|
1,072,436
|
|
|
New York State Dormitory Authority, Revenue Bonds (Orchard Park CCRC, Inc.
Obligated Group) Ser. B1
|
3.05
|
11/15/2030
|
1,625,000
|
1,625,238
|
|
|
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines)
|
4.00
|
10/1/2030
|
2,500,000
|
2,550,581
|
|
|
New York Transportation Development Corp., Revenue Bonds (John F. Kennedy
International Air Terminal)
|
5.00
|
12/1/2035
|
3,850,000
|
4,156,939
|
|
|
New York Transportation Development Corp., Revenue Bonds (John F. Kennedy
International Airport New Terminal One Project)(Insured; Assured Guaranty Corp.)
|
6.00
|
6/30/2043
|
1,250,000
|
1,391,181
|
|
|
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport
Terminal B Redevelopment Project) Ser. A
|
5.00
|
7/1/2034
|
1,000,000
|
1,000,650
|
|
|
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond)
(Insured; Assured Guaranty Corp.)
|
4.25
|
6/30/2042
|
2,000,000
|
1,952,571
|
|
|
New York Transportation Development Corp., Revenue Bonds (Sustainable Bond)
(Insured; Assured Guaranty Corp.)
|
5.50
|
6/30/2043
|
800,000
|
842,106
|
|
|
Port Authority of New York & New Jersey, Revenue Bonds, Refunding
|
5.00
|
1/15/2035
|
2,000,000
|
2,209,641
|
|
|
|
22,220,124
|
||||
|
North Carolina - 1.0%
|
|||||
|
Charlotte Airport, Revenue Bonds, Refunding (Charlotte Douglas International) Ser. B
|
5.00
|
7/1/2038
|
1,360,000
|
1,467,006
|
|
|
North Carolina Medical Care Commission, Revenue Bonds (The United Methodist
Retirement Homes Project) Ser. B3
|
3.40
|
10/1/2029
|
1,000,000
|
1,000,509
|
|
6
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Long-Term Municipal Investments - 98.1% (continued)
|
|||||
|
North Carolina - 1.0% (continued)
|
|||||
|
North Carolina Medical Care Commission, Revenue Bonds (The United Methodist
Retirement Homes, Inc. Obligated Group) Ser. A
|
5.00
|
10/1/2039
|
500,000
|
522,407
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, Refunding
|
5.00
|
10/1/2035
|
560,000
|
592,560
|
|
|
|
3,582,482
|
||||
|
Ohio - 2.6%
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2
|
5.00
|
6/1/2034
|
3,075,000
|
3,257,624
|
|
|
Hamilton County, Revenue Bonds, Refunding (Life Enriching Communities Project)
|
5.50
|
1/1/2038
|
350,000
|
381,464
|
|
|
Ohio, Revenue Bonds (Children's Hospital Medical Center of Akron) Ser. B(a)
|
5.00
|
8/15/2032
|
1,000,000
|
1,110,760
|
|
|
Ohio, Revenue Bonds, Refunding, Ser. A
|
5.00
|
1/15/2033
|
1,650,000
|
1,760,918
|
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue
Bonds (Sustainable Bond) Ser. A
|
5.00
|
12/1/2041
|
1,500,000
|
1,667,974
|
|
|
Warren County, Revenue Bonds, Refunding (Otterbein Homes Obligated Group)
|
5.00
|
7/1/2035
|
1,075,000
|
1,187,536
|
|
|
|
9,366,276
|
||||
|
Oklahoma - .9%
|
|||||
|
Grand River Dam Authority, Revenue Bonds, Refunding, Ser. A
|
5.00
|
6/1/2042
|
2,965,000
|
3,225,092
|
|
|
Oregon - 2.1%
|
|||||
|
Oregon, GO (Article XI Q Project) Ser. A
|
5.00
|
5/1/2040
|
1,500,000
|
1,657,684
|
|
|
Oregon Facilities Authority, Revenue Bonds, Refunding (Legacy Health Project) Ser. A
|
5.00
|
6/1/2035
|
2,500,000
|
2,518,070
|
|
|
Portland Sewer System, Revenue Bonds, Ser. A
|
3.00
|
3/1/2036
|
3,500,000
|
3,433,722
|
|
|
|
7,609,476
|
||||
|
Pennsylvania - 9.9%
|
|||||
|
Clairton Municipal Authority, Revenue Bonds, Refunding, Ser. B
|
5.00
|
12/1/2030
|
1,675,000
|
1,812,408
|
|
|
Commonwealth Financing Authority, Revenue Bonds (Tobacco Master Settlement
Project)
|
5.00
|
6/1/2031
|
2,500,000
|
2,622,820
|
|
|
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding
(Pennsylvania-American Water Co.)(a)
|
2.45
|
12/3/2029
|
1,000,000
|
921,907
|
|
|
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding
(Thomas Jefferson University Obligated Group)
|
5.00
|
9/1/2032
|
1,000,000
|
1,053,673
|
|
|
Pennsylvania Economic Development Financing Authority, Revenue Bonds (The
Penndot Major Bridges)
|
5.00
|
12/31/2033
|
4,125,000
|
4,519,281
|
|
|
Pennsylvania Higher Education Assistance Agency, Revenue Bonds, Ser. A
|
5.00
|
6/1/2031
|
1,000,000
|
1,063,283
|
|
|
Philadelphia, GO, Ser. A
|
5.00
|
5/1/2033
|
3,080,000
|
3,426,012
|
|
|
Philadelphia, GO, Ser. A
|
5.00
|
8/1/2038
|
2,320,000
|
2,657,930
|
|
|
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B
|
5.00
|
7/1/2031
|
1,000,000
|
1,028,174
|
|
|
Philadelphia Authority for Industrial Development, Revenue Bonds, (Rebuild Project)
|
5.00
|
5/1/2039
|
2,250,000
|
2,539,185
|
|
|
Philadelphia Gas Works Co., Revenue Bonds, Refunding, Ser. A
|
5.00
|
8/1/2036
|
1,080,000
|
1,237,255
|
|
|
Philadelphia Housing Authority, Revenue Bonds (PHADC Acquisition Program) Ser. A
|
5.25
|
3/1/2038
|
1,500,000
|
1,674,354
|
|
|
Southeastern Pennsylvania Transportation Authority, Revenue Bonds
|
5.25
|
6/1/2039
|
1,700,000
|
1,889,402
|
|
|
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
|
4.00
|
9/1/2037
|
2,725,000
|
2,788,650
|
|
|
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
|
5.00
|
9/1/2032
|
2,000,000
|
2,112,230
|
|
|
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A
|
5.25
|
9/1/2036
|
1,250,000
|
1,421,609
|
|
|
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser.
F(c)
|
5.00
|
9/1/2026
|
10,000
|
10,178
|
|
|
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser.
F
|
5.00
|
9/1/2030
|
2,490,000
|
2,520,951
|
|
|
|
35,299,302
|
||||
|
Rhode Island - .2%
|
|||||
|
Rhode Island Health and Educational Building Corp., Revenue Bonds (Insured;
Assured Guaranty Corp.) (PRG - RI Properties LLC) Ser. A
|
5.00
|
7/1/2036
|
500,000
|
548,499
|
|
|
South Carolina - 2.2%
|
|||||
|
South Carolina Ports Authority, Revenue Bonds
|
5.00
|
7/1/2031
|
2,000,000
|
2,090,555
|
|
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Long-Term Municipal Investments - 98.1% (continued)
|
|||||
|
South Carolina - 2.2% (continued)
|
|||||
|
South Carolina Public Service Authority, Revenue Bonds, Refunding (Santee Cooper)
Ser. B
|
5.00
|
12/1/2041
|
4,500,000
|
4,891,793
|
|
|
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A
|
4.00
|
12/1/2036
|
1,000,000
|
1,018,117
|
|
|
|
8,000,465
|
||||
|
Tennessee - 1.0%
|
|||||
|
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board, Revenue Bonds (Vanderbilt University Medical Center) Ser. A
|
5.00
|
7/1/2034
|
1,000,000
|
1,136,113
|
|
|
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A
|
5.25
|
9/1/2026
|
830,000
|
840,242
|
|
|
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B
|
5.00
|
7/1/2030
|
1,350,000
|
1,458,079
|
|
|
|
3,434,434
|
||||
|
Texas - 5.6%
|
|||||
|
Garland Independent School District, GO (Insured; Permanent School Fund Guarantee
Program) Ser. A
|
5.00
|
2/15/2042
|
1,500,000
|
1,612,577
|
|
|
Georgetown Utility System, Revenue Bonds (Insured; Assured Guaranty Corp.)
|
5.00
|
8/15/2035
|
1,000,000
|
1,103,250
|
|
|
Houston Airport System, Revenue Bonds (United Airlines, Inc.) Ser. B
|
5.25
|
7/15/2033
|
3,750,000
|
4,038,801
|
|
|
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding
(Brazos Presbyterian Homes, Inc. Project)
|
5.00
|
1/1/2029
|
640,000
|
662,902
|
|
|
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds
(CHRISTUS Health Obligated Group) Ser. A(a)
|
5.00
|
7/1/2032
|
1,500,000
|
1,667,856
|
|
|
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Baylor Scott & White Health Obligated Group) Ser. A
|
5.00
|
11/15/2031
|
1,400,000
|
1,413,293
|
|
|
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds,
Refunding (Trinity Terrace Project)
|
5.00
|
10/1/2038
|
1,405,000
|
1,489,469
|
|
|
Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, Ser. B(a)
|
5.50
|
1/1/2034
|
5,465,000
|
6,211,012
|
|
|
University of Texas System Board of Regents, Revenue Bonds, Refunding, Ser. A
|
5.00
|
8/15/2037
|
1,600,000
|
1,834,050
|
|
|
|
20,033,210
|
||||
|
U.S. Related - .7%
|
|||||
|
Puerto Rico, GO, Ser. A1
|
5.63
|
7/1/2029
|
2,430,000
|
2,580,039
|
|
|
Utah - 2.3%
|
|||||
|
Intermountain Power Agency, Revenue Bonds, Ser. A
|
5.00
|
7/1/2038
|
3,000,000
|
3,275,312
|
|
|
Salt Lake City Airport, Revenue Bonds, Ser. A
|
5.00
|
7/1/2036
|
5,000,000
|
5,110,254
|
|
|
|
8,385,566
|
||||
|
Vermont - .6%
|
|||||
|
Vermont Student Assistance Corp., Revenue Bonds, Ser. A
|
5.00
|
6/15/2035
|
2,000,000
|
2,112,060
|
|
|
Virginia - 1.5%
|
|||||
|
Virginia Commonwealth Transportation Board, Revenue Bonds, Refunding (Trans
Capital Project)
|
4.00
|
5/15/2035
|
2,855,000
|
3,034,519
|
|
|
Virginia Small Business Financing Authority, Revenue Bonds, Refunding
|
5.00
|
12/31/2042
|
1,000,000
|
1,024,295
|
|
|
Winchester Economic Development Authority, Revenue Bonds, Refunding (Valley
Health System Obligated Group) Ser. A
|
5.00
|
1/1/2040
|
1,350,000
|
1,482,167
|
|
|
|
5,540,981
|
||||
|
Washington - 5.1%
|
|||||
|
King County Public Hospital District No. 1, GO, Refunding (Valley Medical Center)
|
5.00
|
12/1/2030
|
6,930,000
|
7,049,665
|
|
|
Kitsap County School District No. 100-C Bremerton, GO (Insured; School Board
Guaranty) Ser. C
|
5.00
|
12/1/2041
|
1,000,000
|
1,101,153
|
|
|
Port of Seattle, Revenue Bonds, Refunding
|
5.00
|
8/1/2041
|
1,000,000
|
1,056,700
|
|
|
Port of Seattle, Revenue Bonds, Refunding (Intermediate Lien) Ser. B
|
5.25
|
7/1/2042
|
2,500,000
|
2,724,410
|
|
|
Washington, GO, Refunding, Ser. R-2
|
4.00
|
7/1/2036
|
2,270,000
|
2,368,843
|
|
|
Washington Convention Center Public Facilities District, Revenue Bonds
|
5.00
|
7/1/2033
|
1,330,000
|
1,370,412
|
|
8
|
Description
|
|
Coupon
Rate (%)
|
Maturity
Date
|
Principal
Amount ($)
|
Value ($)
|
|
Long-Term Municipal Investments - 98.1% (continued)
|
|||||
|
Washington - 5.1% (continued)
|
|||||
|
Washington Housing Finance Commission, Revenue Bonds, Refunding (Emerald
Heights Project) Ser. A
|
5.00
|
7/1/2038
|
1,590,000
|
1,668,943
|
|
|
Washington Housing Finance Commission, Revenue Bonds, Refunding (Horizon
House Project) Ser. B3
|
4.38
|
1/1/2033
|
1,000,000
|
1,002,146
|
|
|
|
18,342,272
|
||||
|
West Virginia - .5%
|
|||||
|
West Virginia Economic Development Authority, Revenue Bonds (Commercial Metals
Company Project)(a)
|
4.63
|
5/15/2032
|
1,825,000
|
1,853,632
|
|
|
Wisconsin - 6.1%
|
|||||
|
Milwaukee, GO (Insured; Assured Guaranty Corp.) Ser. B4
|
5.00
|
4/1/2036
|
1,515,000
|
1,688,268
|
|
|
Public Finance Authority, Revenue Bonds (Heritage Bend Project)(b),(d)
|
0.00
|
12/15/2042
|
4,500,000
|
1,375,526
|
|
|
Public Finance Authority, Revenue Bonds (KU Campus Development Corp. Project)
|
5.00
|
3/1/2036
|
4,500,000
|
4,513,280
|
|
|
Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project)
|
5.00
|
11/15/2038
|
625,000
|
668,139
|
|
|
Public Finance Authority, Revenue Bonds, Refunding (Kahala Nui Project)
|
5.00
|
11/15/2039
|
650,000
|
691,025
|
|
|
Public Finance Authority, Revenue Bonds, Refunding (Lindenwood Education System)
Ser. A(b)
|
5.50
|
6/1/2040
|
1,250,000
|
1,310,438
|
|
|
Public Finance Authority, Revenue Bonds, Refunding (Triad Educational Services)
|
5.00
|
6/15/2035
|
2,225,000
|
2,365,004
|
|
|
Sheboygan Area School District, GO
|
3.00
|
3/1/2039
|
1,500,000
|
1,398,901
|
|
|
Sheboygan Area School District, GO
|
3.00
|
3/1/2040
|
1,660,000
|
1,516,315
|
|
|
Sparta Area School District, GO (Insured; Assured Guaranty Corp.)
|
3.00
|
3/1/2037
|
1,790,000
|
1,678,312
|
|
|
Sparta Area School District, GO (Insured; Assured Guaranty Corp.)
|
3.00
|
3/1/2038
|
1,800,000
|
1,661,539
|
|
|
West Allis West Milwaukee School District, GO, Ser. W
|
3.00
|
4/1/2038
|
1,000,000
|
938,834
|
|
|
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding
(Children's Hospital of Wisconsin Obligated Group)
|
5.00
|
8/15/2034
|
1,835,000
|
1,897,355
|
|
|
|
21,702,936
|
||||
|
Total Long-Term Municipal Investments
(cost $350,481,488)
|
351,410,780
|
||||
|
Total Investments(cost $353,023,821)
|
|
98.8%
|
353,674,922
|
||
|
Cash and Receivables (Net)
|
|
1.2%
|
4,466,579
|
||
|
Net Assets
|
100.0%
|
358,141,501
|
|||
|
COP-Certificate of Participation
|
|
GO-Government Obligation
|
|
(a)
|
These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
|
|
(b)
|
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 November 30, 2025, these securities amounted to $21,352,319 or 6.0% of net assets.
|
|
(c)
|
These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities
which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
|
|
(d)
|
Security issued with a zero coupon. Income is recognized through the accretion of discount.
|
See notes to financial statements.
9
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2025 (Unaudited)
|
|
Cost
|
Value
|
|
Assets ($):
|
||
|
Investments in securities-See Schedule of Investments
|
353,023,821
|
353,674,922
|
|
Cash
|
1,490,472
|
|
|
Interest receivable
|
5,342,524
|
|
|
Receivable for shares of Common Stock subscribed
|
2,733
|
|
|
Prepaid expenses
|
17,545
|
|
|
|
360,528,196
|
|
|
Liabilities ($):
|
||
|
Due to BNY Mellon Investment Adviser, Inc. and affiliates-Note 3(b)
|
163,547
|
|
|
Payable for investment securities purchased
|
2,000,000
|
|
|
Payable for shares of Common Stock redeemed
|
134,268
|
|
|
Directors' fees and expenses payable
|
5,898
|
|
|
Other accrued expenses
|
82,982
|
|
|
|
2,386,695
|
|
|
Net Assets ($)
|
358,141,501
|
|
|
Composition of Net Assets ($):
|
||
|
Paid-in capital
|
363,268,260
|
|
|
Total distributable earnings (loss)
|
(5,126,759
)
|
|
|
Net Assets ($)
|
358,141,501
|
|
|
Shares Outstanding
|
||
|
(300 million shares of $.001 par value Common Stock authorized)
|
27,891,309
|
|
|
Net Asset Value Per Share ($)
|
12.84
|
See notes to financial statements.
10
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2025 (Unaudited)
|
|
|
|
Investment Income ($):
|
|
|
Interest Income
|
6,415,612
|
|
Expenses:
|
|
|
Management fee-Note 3(a)
|
817,148
|
|
Shareholder servicing costs-Note 3(b)
|
207,988
|
|
Professional fees
|
60,858
|
|
Directors' fees and expenses-Note 3(c)
|
19,367
|
|
Registration fees
|
16,930
|
|
Shareholder and regulatory reports service fees-Note 3(b)
|
12,750
|
|
Chief Compliance Officer fees-Note 3(b)
|
8,982
|
|
Prospectus and shareholders' reports
|
8,640
|
|
Loan commitment fees-Note 2
|
4,063
|
|
Custodian fees-Note 3(b)
|
3,531
|
|
Miscellaneous
|
15,750
|
|
Total Expenses
|
1,176,007
|
|
Less-reduction in fees due to earnings credits-Note 3(b)
|
(3,531
)
|
|
Net Expenses
|
1,172,476
|
|
Net Investment Income
|
5,243,136
|
|
Realized and Unrealized Gain (Loss) on Investments-Note 4 ($):
|
|
|
Net realized gain (loss) on investments
|
(344,512
)
|
|
Net change in unrealized appreciation (depreciation) on investments
|
12,510,727
|
|
Net Realized and Unrealized Gain (Loss) on Investments
|
12,166,215
|
|
Net Increase in Net Assets Resulting from Operations
|
17,409,351
|
See notes to financial statements.
11
STATEMENT OF CHANGES IN NET ASSETS
|
|
Six Months Ended
November 30, 2025
(Unaudited)
|
Year Ended
May 31, 2025
|
|
|
||
|
Operations ($):
|
||
|
Net investment income
|
5,243,136
|
10,294,878
|
|
Net realized gain (loss) on investments
|
(344,512)
|
(1,365,433)
|
|
Net change in unrealized appreciation (depreciation) on investments
|
12,510,727
|
(653,469)
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
17,409,351
|
8,275,976
|
|
Distributions ($):
|
||
|
Distributions to shareholders
|
(5,307,380)
|
(10,273,017)
|
|
Capital Stock Transactions ($):
|
||
|
Net proceeds from shares sold
|
4,705,192
|
11,446,550
|
|
Distributions reinvested
|
4,399,117
|
8,492,353
|
|
Cost of shares redeemed
|
(28,605,294)
|
(44,054,876)
|
|
Increase (Decrease) in Net Assets from Capital Stock Transactions
|
(19,500,985)
|
(24,115,973)
|
|
Total Increase (Decrease) in Net Assets
|
(7,399,014)
|
(26,113,014)
|
|
Net Assets ($):
|
||
|
Beginning of Period
|
365,540,515
|
391,653,529
|
|
End of Period
|
358,141,501
|
365,540,515
|
|
Capital Share Transactions (Shares):
|
||
|
Shares sold
|
373,109
|
905,701
|
|
Shares issued for distributions reinvested
|
347,911
|
672,380
|
|
Shares redeemed
|
(2,264,102)
|
(3,488,379)
|
|
Net Increase (Decrease) in Shares Outstanding
|
(1,543,082)
|
(1,910,298)
|
See notes to financial statements.
12
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.
|
|
Six Months Ended
November 30, 2025
(Unaudited)
|
Year Ended May 31,
|
||||
|
|
2025
|
2024
|
2023
|
2022
|
2021
|
|
|
Per Share Data ($):
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
12.42
|
12.50
|
12.49
|
12.72
|
13.96
|
13.61
|
|
Investment Operations:
|
||||||
|
Net investment income(a)
|
.18
|
.34
|
.31
|
.27
|
.27
|
.29
|
|
Net realized and unrealized gain (loss) on
investments
|
.46
|
(.08
)
|
.02
|
(.19
)
|
(1.19
)
|
.39
|
|
Total from Investment Operations
|
.64
|
.26
|
.33
|
.08
|
(.92
)
|
.68
|
|
Distributions:
|
||||||
|
Dividends from net investment income
|
(.22
)
|
(.34
)
|
(.31
)
|
(.28
)
|
(.27
)
|
(.28
)
|
|
Dividends from net realized gain on
investments
|
-
|
-
|
(.01
)
|
(.03
)
|
(.05
)
|
(.05
)
|
|
Total Distributions
|
(.22
)
|
(.34
)
|
(.32
)
|
(.31
)
|
(.32
)
|
(.33
)
|
|
Net asset value, end of period
|
12.84
|
12.42
|
12.50
|
12.49
|
12.72
|
13.96
|
|
Total Return (%)
|
4.90
(b)
|
2.06
|
2.66
|
.69
|
(6.69
)
|
5.09
|
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
|
Ratio of total expenses to average net
assets
|
.65
(c)
|
.63
|
.71
|
.76
|
.75
|
.74
|
|
Ratio of net expenses to average net
assets(d)
|
.65
(c)
|
.63
|
.66
(e)
|
.70
(e)
|
.72
(e)
|
.74
|
|
Ratio of net investment income to average
net assets(d)
|
2.89
(c)
|
2.68
|
2.49
(e)
|
2.12
(e)
|
2.00
(e)
|
2.07
|
|
Portfolio Turnover Rate
|
14.62
(b)
|
25.19
|
19.15
|
14.58
|
8.68
|
8.59
|
|
Net Assets, end of period ($ x 1,000)
|
358,142
|
365,541
|
391,654
|
443,976
|
494,066
|
577,833
|
|
(a)
|
Based on average shares outstanding.
|
|
(b)
|
Not annualized.
|
|
(c)
|
Annualized.
|
|
(d)
|
Amount inclusive of reduction in fees due to earnings credits.
|
|
(e)
|
Amount inclusive of reduction in expenses due to undertaking.
|
See notes to financial statements.
13
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-
Significant Accounting Policies:
BNY Mellon Intermediate Municipal Bond Fund, Inc. (the "fund"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), is a diversified open-end management investment company. The fund's investment objective is to seek the maximumamount of current income exempt from federal income tax as is consistent with the preservation of capital. BNY Mellon InvestmentAdviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Insight North America LLC (the "Sub-Adviser"), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser. BNY Mellon Securities Corporation (the "Distributor"), a wholly-owned subsidiary of the Adviser, is the distributor of the fund's shares, which are sold to the public without a sales charge.
The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritativeU.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-InvestmentCompanies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of managementestimates 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 summarizedin 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 techniquesused to value the fund's investments are as follows:
The fund's Board of Directors (the "Board") has designated the Adviser as the fund's valuation designee to make all fair value determinationswith respect to the fund's portfolio investments, subject to the Board's oversight and pursuant to Rule 2a-5 under the Act.
Investments in municipal securities are valued each business day by an independent pricing service (the "Service"). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Municipal investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Adviser based on values supplied by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. The Service is engaged under the general oversight of the Adviser. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the 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
14
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamentalanalytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
The following is a summary of the inputs used as of November 30, 2025 in valuing the fund's investments:
|
|
Level 1 -
Unadjusted
Quoted Prices
|
Level 2- Other
Significant
Observable Inputs
|
Level 3-
Significant
Unobservable
Inputs
|
Total
|
|
Assets ($)
|
||||
|
Investments in Securities:†
|
||||
|
Collateralized Municipal-Backed Securities
|
-
|
2,264,142
|
-
|
2,264,142
|
|
Municipal Securities
|
-
|
351,410,780
|
-
|
351,410,780
|
|
|
-
|
353,674,922
|
-
|
353,674,922
|
|
†
|
See Schedule 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 is recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.
(c) Market Risk:The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed-income markets may negatively affect many issuers, which could adversely affect the fund. 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.
Interest Rate Risk:Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates, which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates. When interest rates fall, the fund's investments in new securities may be at lower yields and may reduce the fund's income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.
Municipal Securities Risk:The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the
15
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
United States in which the fund invests may have an impact on the fund's share price. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund.
(d) Dividends and distributions to shareholders:It is the policy of the fund to declare dividends daily from net investment income. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(e) Federal income taxes:It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended November 30, 2025, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended November 30, 2025, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended May 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The fund has an unused capital loss carryover of $6,312,402 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to May 31, 2025. The fund has $486,398 of short-term capital losses and $5,826,004 of long-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2025 was as follows: tax-exempt income $10,273,017. The tax character of current year distributions will be determined at the end of the current fiscal year.
(f) Operating segment reporting:In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.
Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments. The CODM is comprised of Senior Management and Directors of BNY Investments. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Schedule of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.
NOTE 2-
Bank Lines of Credit:
The fund participates with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank, N.A. (the "Citibank Credit Facility") and a $300 million unsecured credit facility provided by BNY (the "BNY Credit Facility"), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a "Facility").The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $120 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. 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 BNY Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended November 30, 2025, the fund did not borrow under either Facility.
16
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3-
Management Fee, Sub-Advisory Feeand 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 .45% of the value of the fund's average daily net assets and is payable monthly. The Agreement provides that if in any fiscal year the aggregate expenses of the fund (excluding taxes, brokerage commissions, interest expense and extraordinary expenses) exceed 1½% of the value of the fund's average daily net assets, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended November 30, 2025, there was no expense reimbursement pursuant to the Agreement.
Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .216% of the value of the fund's average daily net assets.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at an amount not to exceed an annual rate of .25% of the value of the fund's average daily net assets for certain allocated expenses of providing certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2025, the fund was charged $129,170 pursuant to the Shareholder Services Plan.
The fund has arrangements with BNY Mellon Transfer, Inc., (the "Transfer Agent") and The Bank of New York Mellon (the "Custodian"),both a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent and Custodian fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended November 30, 2025, the fund was charged $35,205 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determinedbased on net assets, geographic region and transaction activity. During the period ended November 30, 2025, the fund was charged $3,531 pursuant to the custody agreement. These fees were offset by earnings credits of $3,531.
The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund's check writing privilege. During the period ended November 30, 2025, the fund was charged $2,748 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended November 30, 2025, the fund was charged $8,982 for services performed by the fund's Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended November 30, 2025, the Custodian was compensated $12,750 for financial reporting and regulatory services.
The components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $133,081, Custodian fees of $700, Chief Compliance Officer fees of $3,083, Transfer Agent fees of $19,050, Checkwriting fees of $550 and Shareholder and regulatory reports service fees of $7,083.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4-
Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended November 30, 2025, amounted to $52,328,827 and $70,036,485, respectively.
At November 30, 2025, accumulated net unrealized appreciation on investments was $651,101, consisting of $4,903,441 gross unrealizedappreciation and $4,252,340 gross unrealized depreciation.
At November 30, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
17
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
18
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
A special meeting of the fund's shareholders was held on November 20, 2025 for the election of additional Board members whose terms commenced on January 1, 2026. The results were as follows:
|
|
Shares
|
|
|
|
For
|
Withheld
|
|
To elect seven Board Members to the Board of Directors of the Fund:†
|
||
|
Francine J. Bovich
|
12,850,117
|
575,897
|
|
Andrew J. Donohue
|
12,897,308
|
528,707
|
|
Joan L. Gulley
|
12,854,849
|
571,165
|
|
Alan H. Howard
|
12,904,754
|
521,260
|
|
Bradley J. Skapyak
|
12,921,565
|
504,449
|
|
Roslyn M. Watson
|
12,821,367
|
604,647
|
|
Benaree Pratt Wiley
|
12,884,957
|
541,057
|
19
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund's Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Directors' fees and expenses and Chief Compliance Officer fees, respectively. The aggregateamount of Directors' fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $28,349.
20
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At a meeting of the fund's Board of Directors (the "Board") held on October 28-29, 2025, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Insight North America LLC (the "Sub-Adviser") provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons"(as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund.The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accountingand compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser.
Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio.The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's shares with the performance of a group of retail no-load intermediate municipal debt funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all retail and institutional intermediate municipal debt funds (the "Performance Universe"), all for various periods ended September 30, 2025, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of retail no-load intermediate municipal debt funds, excluding outliers (the "Expense Universe"), the informationfor which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons.Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund's total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund's yield performance was below the Performance Group median for nine of the ten one-year periods ended September 30th and was below the Performance Universe median for five of the ten one-year periods ended September 30th. The Board discussed with representatives of the Adviser and the Sub-Adviser the reasons for the fund's underperformance versus the Performance Group and Performance Universe during certain periods under review and noted that the portfolio managers are very experienced with an impressivelong-term track record and continued to apply a consistent investment strategy. The Board also considered the relative proximity of the fund's performance to the Performance Group and/or Performance Universe medians during certain periods when the fund's performancewas below median. The Adviser also provided a comparison of the fund's calendar year total returns to the returns of the fund's benchmark indices, and it was noted that the fund's returns were above the returns of the fund's performance benchmark index in six of the ten calendar years shown.
21
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
Management Fee and Expense Ratio Comparisons.The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
The Board considered that the fund's contractual management fee was approximately equivalent to the Expense Group median contractualmanagement fee, the fund's actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund's total expenses were higher than the Expense Group median and higher than the Expense Universe median total expenses.
Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.
The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.
Analysis of Profitability and Economies of Scale.Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are satisfactoryand appropriate.
●The Board generally was satisfied with the fund's relative long-term performance and the fund's performance as compared to the fund's performance benchmark index, in light of the considerations described above.
●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
22
●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviserand the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.
23
©2026 BNY Mellon Securities Corporation Code-0947NCSRSA1125
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 13. | Portfolio Managers for Closed-End Management Investment Companies. |
Not applicable.
| Item 14. | Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no materials changes to the procedures applicable to Item 15.
| Item 16. | 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
Not applicable.
| Item 19. | Exhibits. |
(a)(1) Not applicable.
(a)(2) .
(a)(3) Not applicable.
(b) .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Intermediate Municipal Bond Fund, Inc.
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: January 22, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: January 22, 2026
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: January 22, 2026
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
Dreyfus Intermediate Municipal Bond Fund Inc. published this content on January 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 28, 2026 at 20:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]