lp1947.htm - Generated by SEC Publisher for SEC Filing

N-CSRS 1 lp1947.htm SEMI-ANNUAL REPORT lp1947.htm - Generated by SEC Publisher for SEC Filing

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-03721

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

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

	Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286
	(Name and address of agent for service)

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

Date of fiscal year end:		05/31
Date of reporting period:		11/30/20

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon Intermediate Municipal Bond Fund, Inc.

SEMIANNUAL REPORT

November 30, 2020

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

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

Contents

THE FUND


Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	5
Comparing Your Fund’s Expenses
With Those of Other Funds	5
Statement of Investments	6
Statement of Assets and Liabilities	22
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	25
Notes to Financial Statements	26
Information About the Renewal of
the Fund’s Management Agreement	33

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from June 1, 2020 through November 30, 2020, as provided by Thomas Casey and Daniel Rabasco, Portfolio Managers

Market and Fund Performance Overview

For the six-month period ended November 30, 2020, BNY Mellon Intermediate Municipal Bond Fund, Inc. produced a total return of 3.73%.¹ In comparison, the Bloomberg Barclays Municipal Bond: 7-Year Index (6-8) (the “Index”), the fund’s benchmark, provided a total return of 2.86% for the same period.²

Municipal bonds bounced back from the turmoil caused by COVID-19 and the government efforts to contain it. The fund outperformed the Index, due to duration and yield curve positioning, favorable asset allocation and positive security selections.

The Fund’s Investment Approach

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

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

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

Market Recovers, Supported by Policy Measures and an Improving Economy

The municipal bond market recovered from unprecedented volatility that occurred earlier in 2020, prior to the reporting period, when the COVID-19 virus spread, and government shutdowns caused the economy to slow dramatically. Yields on municipal bonds during that period rose in response to large outflows from municipal bond mutual funds and to some illiquidity.

To address the pandemic, the Federal Reserve (the “Fed”) made two emergency interest-rate cuts in March 2020 and launched a $500 billion Municipal Liquidity Facility (MLF) to purchase short-term municipal securities. This program, combined with the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, dramatically

changed investor sentiment, which helped the municipal bond market to bounce back relatively quickly.

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

Duration and Yield Curve Positioning, Asset Allocation and Security Selection Assisted Fund Results

The fund’s performance versus the Index was enhanced in part by a slightly longer duration, which benefited returns when interest rates declined. In addition, the fund’s overweight position in five- and 10-year bonds was advantageous, as those maturities performed well. An overweight position in revenue bonds, which outperformed largely due to their strong recovery from the turmoil caused by the COVID-19 virus, also contributed positively to performance. In addition, security selection within the transportation, special tax, and healthcare sectors provided solid results with credits such as Denver International Airport and the Chicago Metropolitan Water Authority performing particularly well.

In contrast, security selections in some sectors contributed negatively to performance. Positions in the convention center segment, in particular, detracted from returns. The fund did not make use of derivatives during the reporting period.

An Optimistic Investment Posture

We are relatively optimistic about the municipal bond market in the short-to-medium term. The fiscal condition of states and municipalities is better than projected, and they also have the ability to raise tax rates and implement fees, which should further support their fiscal health. Further out, we believe that widespread distribution of vaccines will lead to further opening of the economy, which will support continued recovery in the market over the long term.

The election results could also support the market. An increase in infrastructure spending could be beneficial, and states and municipalities are likely to receive more financial support under a Biden administration. In addition, if individual and corporate tax rates are raised, the tax-exempt income offered by municipal bonds could become even more attractive. We anticipate no change to the cap on deductibility of state and local taxes implemented in 2018, which should contribute to strong demand. The supply of tax-exempt municipal bonds should remain manageable, as most new issuance is likely to be in taxable municipals.

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

We expect to maintain the level of leverage in the fund and to keep the fund’s duration slightly long versus the benchmark, and we will continue to overweight revenue bonds and look for opportunities to add incremental yield.

December 15, 2020

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

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

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

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

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

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon Intermediate Municipal Bond Fund, Inc. from June 1, 2020 to November 30, 2020. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
Assume actual returns for the six months ended November 30, 2020


Expense paid per $1,000^†		$3.78
Ending value (after expenses)		$1,037.30

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended November 30, 2020


Expense paid per $1,000^†		$3.75
Ending value (after expenses)		$1,021.36
^†Expenses are equal to the fund’s annualized expense ratio of .74%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

November 30, 2020 (Unaudited)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - .3%
Collateralized Municipal-Backed Securities - .3%
Arizona Industrial Development Authority, Revenue Bonds, Ser. 2019-2 (cost $1,885,813)		3.63	5/20/2033	1,718,140		1,818,136

Long-Term Municipal Investments - 98.3%
Alabama - 3.6%
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2026	1,500,000		1,755,615
Birmingham-Jefferson Civic Center Authority, Special Tax Bonds, Ser. B		5.00	7/1/2038	2,975,000		3,079,631
Black Belt Energy Gas District, Revenue Bonds (Project No. 5) Ser. A1		4.00	10/1/2026	1,000,000		1,172,560
The Birmingham Water Works Board, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2031	3,260,000		4,055,244
The Lower Alabama Gas District, Revenue Bonds (Gas Project)		4.00	12/1/2025	3,500,000		4,041,205
The Lower Alabama Gas District, Revenue Bonds, Ser. A		5.00	9/1/2031	2,000,000		2,660,280
The Southeast Alabama Gas Supply District, Revenue Bonds (Project No. 2) Ser. A		4.00	6/1/2024	3,745,000		4,167,211
					20,931,746
Arizona - 1.3%
Phoenix Civic Improvement Corp., Revenue Bonds, Refunding		5.00	7/1/2028	5,000,000		5,821,100
Phoenix Civic Improvement Corp., Revenue Bonds, Ser. B		5.00	7/1/2030	1,500,000		1,908,810
					7,729,910
Arkansas - .6%
Fort Smith Water & Sewer, Revenue Bonds, Refunding		5.00	10/1/2035	1,500,000		1,889,565
University of Arkansas, Revenue Bonds, Refunding, Ser. A		5.00	11/1/2036	1,585,000		1,806,995
					3,696,560
California - 3.9%
California, GO		5.00	10/1/2030	2,500,000		3,309,750
California, GO		5.00	11/1/2031	1,500,000		2,078,865
California, GO, Refunding		5.00	8/1/2030	2,500,000		3,093,300



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
California - 3.9% (continued)
California, GO, Refunding		5.00	4/1/2033	4,645,000		6,118,069
California Public Works Board, Revenue Bonds, Refunding, Ser. H		5.00	12/1/2026	1,355,000		1,598,941
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A		5.00	12/1/2031	1,000,000	^a	1,131,270
Sacramento Unified School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	7/1/2023	5,065,000	^b	4,945,922
University of California, Revenue Bonds, Ser. Q		5.25	5/15/2023	125,000		125,506
					22,401,623
Colorado - 4.2%
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Adventist Health System Obligated Group)		5.00	11/19/2026	2,500,000		3,141,550
Colorado Health Facilities Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		5.00	8/1/2034	1,000,000		1,248,370
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Sisters of Charity of Leavenworth Health System Obligated Group) Ser. A		5.00	1/1/2030	1,750,000		2,312,118
Denver City & County Airport System, Revenue Bonds, Ser. A		5.50	11/15/2026	15,640,000		17,700,414
					24,402,452
Connecticut - 2.9%
Connecticut, GO, Ser. A		5.00	10/15/2025	5,500,000		6,228,310
Connecticut, Revenue Bonds, Ser. A		5.00	9/1/2032	5,500,000		6,340,235
Connecticut, Revenue Bonds, Ser. A		5.00	8/1/2026	2,500,000		3,011,150
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Ser. B		5.00	12/1/2032	1,000,000		1,189,010
					16,768,705
District of Columbia - 1.4%
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2027	3,500,000		4,445,455
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2025	3,000,000		3,366,240
					7,811,695

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Florida - 7.0%
Broward County Airport System, Revenue Bonds		5.00	10/1/2036	2,000,000		2,413,500
Broward County Airport System, Revenue Bonds, Ser. A		5.00	10/1/2022	3,605,000		3,881,612
Broward County School District, COP, Refunding, Ser. A		5.00	7/1/2027	5,000,000		6,338,850
Citizens Property Insurance, Revenue Bonds, Ser. A1		5.00	6/1/2025	5,500,000		6,482,960
Florida Municipal Power Agency, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2024	1,480,000		1,739,192
Florida Municipal Power Agency, Revenue Bonds, Ser. A		5.00	10/1/2030	1,250,000		1,488,738
Hillsborough County Solid Waste & Resource Recovery, Revenue Bonds, Refunding, Ser. A		5.00	9/1/2026	1,260,000		1,552,975
JEA Electric System, Revenue Bonds, Refunding, Ser. 3A		4.00	10/1/2036	1,700,000		2,050,268
Lee County Transportation Facilities, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	10/1/2024	2,500,000		2,893,325
Miami-Dade County, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2026	1,000,000		1,080,050
Miami-Dade County Seaport Department, Revenue Bonds, Ser. A		5.75	10/1/2028	1,500,000		1,702,380
Orange County Convention Center, Revenue Bonds, Refunding, Ser. B		5.00	10/1/2032	3,275,000		3,811,740
South Miami Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group)		5.00	8/15/2031	1,750,000		2,143,628
Sunshine Skyway Bridge, Revenue Bonds, Ser. A		4.00	7/1/2033	2,500,000		3,025,400
					40,604,618
Georgia - 2.4%
Atlanta Water & Wastewater, Revenue Bonds, Refunding		5.00	11/1/2031	2,000,000		2,389,660
Fulton County Development Authority, Revenue Bonds, Ser. A		5.00	4/1/2036	1,350,000		1,638,050
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Project No. 1) Ser. A		5.00	1/1/2028	2,500,000		3,053,650
Main Street Natural Gas, Revenue Bonds, Ser. A		5.50	9/15/2028	2,530,000		3,283,054



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Georgia - 2.4% (continued)
Main Street Natural Gas, Revenue Bonds, Ser. B, 1 Month LIBOR x.67 +.75%		0.85	9/1/2023	2,500,000	^c	2,504,375
The Atlanta Development Authority, Revenue Bonds, Ser. A1		5.00	7/1/2027	1,000,000		1,129,140
					13,997,929
Hawaii - .7%
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2031	1,615,000		2,012,565
Hawaii Airports System, Revenue Bonds, Ser. A		5.00	7/1/2030	1,500,000		1,879,785
					3,892,350
Illinois - 12.2%
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C		5.00	12/1/2030	2,500,000		3,106,775
Chicago II Waterworks, Revenue Bonds, Refunding		5.00	11/1/2027	2,000,000		2,459,400
Chicago II Waterworks, Revenue Bonds, Refunding		5.00	11/1/2025	1,200,000		1,432,272
Chicago O'Hare International Airport, Revenue Bonds (Customer Facility Charge)		5.50	1/1/2026	3,300,000		3,543,837
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2029	4,000,000		4,622,160
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2023	3,530,000		3,843,570
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2035	3,000,000		3,500,430
Chicago Park District, GO, Refunding, Ser. C		5.00	1/1/2028	1,000,000		1,095,470
Chicago Park District, GO, Refunding, Ser. C		5.00	1/1/2030	2,060,000		2,243,237
Cook County II, GO, Refunding, Ser. A		5.25	11/15/2033	3,500,000		3,509,975
Greater Chicago Metropolitan Water Reclamation District, GO, Refunding, Ser. A		5.00	12/1/2031	3,275,000		4,064,766
Illinois, Revenue Bonds (Insured; Build America Mutual) Ser. A		5.00	6/15/2030	2,600,000		3,159,988
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. A		5.00	11/15/2028	1,205,000		1,421,249

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Illinois - 12.2% (continued)
Illinois Finance Authority, Revenue Bonds, Refunding (Rush University Medical Center Obligated Group) Ser. B		5.00	11/15/2033	2,140,000		2,449,209
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Project) Ser. B		5.00	12/15/2028	5,000,000		5,207,950
Railsplitter Tobacco Settlement Authority, Revenue Bonds		5.00	6/1/2028	2,270,000		2,755,394
Regional Transportation Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.)		6.50	7/1/2030	2,500,000		3,424,300
Regional Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		6.00	6/1/2025	2,000,000		2,342,200
Sales Tax Securitization Corp., Revenue Bonds, Refunding, Ser. A		5.00	1/1/2036	2,750,000		3,371,170
The Illinois Sports Facilities Authority, Revenue Bonds, Refunding (Insured; Build America Mutual)		5.00	6/15/2029	1,000,000		1,269,950
University of Illinois, Revenue Bonds (Auxiliary Facilities System) Ser. A		5.00	4/1/2032	3,655,000		4,052,225
University of Illinois, Revenue Bonds, Refunding (Auxiliary Facilities System) Ser. A		5.00	4/1/2026	7,595,000		8,278,626
					71,154,153
Indiana - 2.8%
Indiana Finance Authority, Revenue Bonds (CWA Authority Project) Ser. A		5.25	10/1/2023	2,250,000		2,341,912
Indiana Finance Authority, Revenue Bonds, Refunding (Butler University Project) Ser. B		5.00	2/1/2030	1,400,000		1,452,276
Indiana Finance Authority, Revenue Bonds, Refunding (Indianapolis Power & Light Co.) Ser. A		3.13	12/1/2024	1,500,000		1,643,730
Indiana Municipal Power Agency, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2036	3,000,000		3,617,640
Richmond Hospital Authority, Revenue Bonds, Refunding (Reid Hospital Project) Ser. A		5.00	1/1/2028	2,440,000		2,784,089
Whiting, Revenue Bonds (BP Products North America Project)		5.00	11/1/2024	4,000,000		4,654,440
					16,494,087



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Iowa - .7%
Iowa Finance Authority, Revenue Bonds, Refunding (Iowa Fertilizer Co.)		3.13	12/1/2022	1,390,000		1,419,371
Iowa Finance Authority, Revenue Bonds, Refunding, Ser. E		5.00	8/15/2032	2,280,000		2,701,002
					4,120,373
Kentucky - 2.2%
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	4/1/2024	1,255,000		1,391,080
Kentucky Public Energy Authority, Revenue Bonds, Ser. A		4.00	6/1/2026	1,500,000		1,749,045
Kentucky Public Energy Authority, Revenue Bonds, Ser. B		4.00	1/1/2025	5,500,000		6,195,530
Louisville & Jefferson County Metropolitan Government, Revenue Bonds (Norton Healthcare Obligated Group) Ser. C		5.00	10/1/2026	1,000,000		1,221,520
Pikeville, Revenue Bonds, Refunding		6.25	3/1/2021	1,685,000	^d	1,710,174
Pikeville, Revenue Bonds, Refunding		6.25	3/1/2021	510,000	^d	517,619
					12,784,968
Louisiana - .7%
Jefferson Sales Tax District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B		4.00	12/1/2032	2,250,000		2,717,280
St. John the Baptist Parish, Revenue Bonds, Refunding (Marathon Oil Corp.)		2.20	7/1/2026	1,000,000		1,021,680
					3,738,960
Maryland - 1.7%
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Maryland Medical System Obligated Group) Ser. B2		5.00	7/1/2027	2,350,000		2,910,263
Maryland Stadium Authority, Revenue Bonds		5.00	5/1/2037	3,090,000		3,852,148
Maryland Transportation Authority, Revenue Bonds		5.00	6/1/2024	2,490,000		2,821,593
					9,584,004
Massachusetts - 4.0%
Massachusetts, GO, Ser. D		4.00	5/1/2034	3,500,000		4,286,975
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners HealthCare System)		5.00	7/1/2034	2,630,000		3,161,891

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Massachusetts - 4.0% (continued)
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. K		5.00	7/1/2022	6,645,000		7,076,393
Massachusetts Federal Highway, GAN, Ser. A		5.00	6/15/2026	1,500,000		1,814,205
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2023	2,000,000		2,224,760
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2034	3,500,000		4,484,970
					23,049,194
Michigan - 5.8%
Great Lakes Water Authority Water Supply System, Revenue Bonds, Refunding, Ser. D		5.00	7/1/2036	5,000,000		5,996,550
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Credit Obligated Group)		5.00	8/15/2030	3,870,000		4,289,663
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Credit Obligated Group)		5.00	8/1/2025	3,180,000		3,702,251
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3		5.00	7/1/2030	1,000,000		1,150,330
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D1		5.00	7/1/2023	5,000,000		5,598,900
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) Ser. A		5.00	12/1/2034	2,000,000		2,480,260
Michigan Hospital Finance Authority, Revenue Bonds, Refunding (Ascension Health Senior Credit Group) Ser. F		4.00	6/1/2023	2,500,000		2,723,925
Michigan Strategic Fund, Revenue Bonds (AMT-I-75 Improvement Project)		5.00	6/30/2031	4,395,000		5,434,857
Utica Community Schools, GO, Refunding (School Building & Site Project)		5.00	5/1/2032	940,000		1,224,999



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Michigan - 5.8% (continued)
Utica Community Schools, GO, Refunding (School Building & Site Project)		5.00	5/1/2031	1,000,000		1,314,970
					33,916,705
Missouri - 2.9%
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (CoxHealth Obligated Group) Ser. A		5.00	11/15/2035	3,705,000		4,311,842
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Mercy Health) Ser. A		5.00	6/1/2025	3,500,000		4,161,745
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group)		5.00	11/15/2028	1,300,000		1,575,925
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (St. Luke's Health System Obligated Group)		5.00	11/15/2026	1,000,000		1,225,430
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Iatan 2 Project) Ser. A		5.00	1/1/2032	1,550,000		1,740,557
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, Refunding (Prairie State Project) Ser. A		5.00	12/1/2030	3,270,000		3,849,117
					16,864,616
Nebraska - 1.6%
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2038	1,000,000		1,203,330
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2030	2,250,000		2,628,877
Public Power Generation Agency, Revenue Bonds, Refunding		5.00	1/1/2029	4,750,000		5,558,735
					9,390,942
Nevada - .2%
Las Vegas Valley Water District, GO, Refunding, Ser. D		5.00	6/1/2028	500,000		661,760
Reno, Revenue Bonds, Refunding		5.00	6/1/2035	500,000		571,775
					1,233,535
New Jersey - 4.8%
New Jersey, GO, Ser. A		4.00	6/1/2030	1,000,000		1,209,290

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
New Jersey - 4.8% (continued)
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. NN		5.00	3/1/2028	2,250,000		2,418,547
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2029	1,400,000		1,604,624
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. WW		5.25	6/15/2031	4,000,000		4,555,600
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. XX		5.25	6/15/2027	2,500,000		2,891,750
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. B		5.00	12/1/2024	2,400,000		2,755,872
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. E		5.00	1/1/2031	1,250,000		1,567,450
The Camden County Improvement Authority, Revenue Bonds, Refunding (Rowan University Foundation Project) (Insured; Build America Mutual) Ser. A		5.00	7/1/2033	3,070,000		4,037,388
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2037	3,150,000		3,911,607
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.00	6/1/2036	2,175,000		2,708,962
					27,661,090
New York - 4.2%
Metropolitan Transportation Authority, BAN, Ser. A1		5.00	2/1/2023	945,000		994,405
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B		5.00	11/15/2022	1,555,000		1,629,236
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1		5.00	11/15/2031	2,135,000		2,441,223
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D		5.00	11/15/2030	1,365,000		1,526,998
New York City, GO, Refunding, Ser. A1		5.00	8/1/2031	1,000,000		1,330,540
New York City, GO, Ser. B1		5.00	12/1/2031	3,750,000		4,563,675
New York City, GO, Ser. C		4.00	8/1/2036	1,250,000		1,504,625
New York City Transitional Finance Authority, Revenue Bonds (Future Tax Secured) Ser. I		5.00	5/1/2028	1,000,000		1,107,580



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
New York - 4.2% (continued)
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	10/1/2030	1,000,000		1,277,550
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C		5.00	3/15/2032	3,000,000		3,405,060
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A		5.00	7/1/2034	1,000,000		1,103,590
TSASC, Revenue Bonds, Refunding, Ser. A		5.00	6/1/2032	3,000,000		3,615,840
					24,500,322
North Carolina - .8%
North Carolina Medical Care Commission, Revenue Bonds, Refunding (Vidant Health Obligated Group)		5.00	6/1/2032	2,500,000		2,923,325
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	1/1/2028	1,500,000		1,847,160
					4,770,485
Ohio - 2.2%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. A2		5.00	6/1/2034	3,075,000		4,050,820
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health Systems Obligated Group) Ser. A		5.00	1/1/2031	1,250,000		1,584,900
Ohio, Revenue Bonds, Refunding, Ser. A		5.00	1/15/2033	1,650,000		2,111,654
Sycamore Community School District, GO, Refunding		4.00	12/1/2030	4,115,000		5,112,064
					12,859,438
Oregon - .6%
Medford Hospital Facilities Authority, Revenue Bonds, Refunding (Asante Project) Ser. A		5.00	8/15/2033	500,000		654,325
Oregon Facilities Authority, Revenue Bonds, Refunding (Legacy Health Project) Ser. A		5.00	6/1/2035	2,500,000		2,958,575
					3,612,900

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Pennsylvania - 6.6%
Commonwealth Financing Authority, Revenue Bonds		5.00	6/1/2031	2,500,000		3,173,000
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. B, 1 Month MUNIPSA +.42%		0.53	9/1/2022	4,000,000	^c	3,977,960
Luzerne County Industrial Development Authority, Revenue Bonds, Refunding (Pennsylvania-American Water Co.)		2.45	12/3/2029	1,000,000		1,103,840
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group)		5.00	9/1/2032	1,000,000		1,218,320
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. C		5.00	8/15/2025	1,700,000		2,063,596
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 114A		3.35	10/1/2026	1,750,000		1,783,093
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2030	1,595,000		1,950,254
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2029	3,405,000		4,283,388
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding		5.00	12/1/2031	2,400,000		3,002,256
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B		5.00	6/1/2028	3,250,000		3,917,875
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B		5.00	12/1/2031	1,650,000		1,971,453
Philadelphia, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2031	1,000,000		1,214,620
State Public School Building Authority, Revenue Bonds, Refunding (Harrisburg School District Project) (Insured; Assured Guaranty Municipal Corp.)		5.00	12/1/2027	1,095,000		1,356,891
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		4.00	9/1/2035	1,500,000		1,761,735
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A		5.00	9/1/2032	2,000,000		2,515,180
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2030	2,490,000		3,020,644



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Pennsylvania - 6.6% (continued)
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F		5.00	9/1/2026	10,000	^d	12,630
					38,326,735
South Carolina - .9%
South Carolina Ports Authority, Revenue Bonds		5.00	7/1/2031	2,000,000		2,497,220
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. C		5.00	12/1/2025	2,320,000		2,731,661
					5,228,881
Tennessee - 1.5%
Greeneville Health & Educational Facilities Board, Revenue Bonds, Refunding (Ballard Health Obligated Group)		5.00	7/1/2032	2,500,000		2,718,300
Tennessee Energy Acquisition Corp., Revenue Bonds		4.00	11/1/2025	2,000,000		2,296,240
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A		5.25	9/1/2026	1,505,000		1,851,301
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B		5.00	7/1/2030	1,350,000		1,752,071
					8,617,912
Texas - 5.3%
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	2/15/2034	1,500,000		1,742,655
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A		5.00	1/1/2032	1,350,000		1,576,557
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. C		5.00	8/15/2031	2,500,000		2,866,100
Dallas/Fort Worth International Airport, Revenue Bonds, Refunding, Ser. E		5.00	11/1/2022	4,000,000		4,337,600
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2029	2,325,000		2,506,280
Harris County-Houston Sports Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/15/2028	2,770,000		2,997,389
Love Field Airport Modernization Corp., Revenue Bonds		5.00	11/1/2024	1,000,000		1,153,570
Lower Colorado River Authority, Revenue Bonds, Refunding (LCRA Transmission Services Corporation Project)		5.00	5/15/2032	2,000,000		2,604,660

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Texas - 5.3% (continued)
New Hope Cultural Educational Facilities Finance Corp., Revenue Bonds, Refunding (Children's Health System Project) Ser. A		5.00	8/15/2029	1,750,000		2,199,978
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A		5.00	1/1/2031	5,000,000		5,827,800
Tarrant County College District, GO		5.00	8/15/2024	1,300,000		1,526,993
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Project) Ser. A		5.00	11/15/2031	1,400,000		1,693,860
					31,033,442
U.S. Related - .9%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC		5.25	7/1/2036	4,400,000		5,221,436
Utah - 1.0%
Salt Lake City, Revenue Bonds, Ser. A		5.00	7/1/2036	5,000,000		6,009,050
Virginia - 1.4%
Richmond Public Utility, Revenue Bonds, Refunding		5.00	1/15/2031	4,095,000		5,038,283
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes)		5.00	7/1/2034	2,900,000		3,014,695
					8,052,978
Washington - 2.9%
Central Puget Sound Regional Transit Authority, Revenue Bonds (Green Bond) Ser. S1		5.00	11/1/2031	1,250,000		1,558,750
King County Public Hospital District No. 1, GO, Refunding		5.00	12/1/2030	6,930,000		8,221,613
Port of Seattle, Revenue Bonds		5.00	4/1/2028	2,500,000		3,139,575
Port of Seattle, Revenue Bonds, Refunding, Ser. A		5.00	8/1/2028	2,485,000		2,663,299
Washington Convention Center Public Facilities District, Revenue Bonds		5.00	7/1/2033	1,330,000		1,518,528
					17,101,765
Wisconsin - 2.4%
Public Finance Authority, Revenue Bonds (Appalachian State University Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	7/1/2059	1,400,000		1,518,594



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 98.3% (continued)
Wisconsin - 2.4% (continued)
Public Finance Authority, Revenue Bonds (KU Campus Development Project)		5.00	3/1/2036	4,500,000		5,233,725
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Children's Hospital of Wisconsin Obligated Group)		5.00	8/15/2034	1,835,000		2,244,297
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (ProHealth Care Obligated Group)		5.00	8/15/2033	2,250,000		2,553,502
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2028	1,890,000		2,183,706
					13,733,824
Total Long-Term Municipal Investments (cost $530,758,191)				571,299,383
Total Investments (cost $532,644,004)				98.6%	573,117,519
Cash and Receivables (Net)				1.4%	8,334,079
Net Assets				100.0%	581,451,598

^a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2020, these securities were valued at $1,131,270 or .19% of net assets.

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

^c Variable rate security—rate shown is the interest rate in effect at period end.

^d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
General	17.3
Transportation	13.3
Medical	13.3
Airport	12.0
General Obligation	8.9
Education	6.6
Water	5.9
Power	5.5
School District	3.9
Tobacco Settlement	3.5
Student Loan	1.7
Development	1.5
Facilities	1.3
Utilities	.9
Special Tax	.8
Nursing Homes	.6
Prerefunded	.4
Multifamily Housing	.3
Single Family Housing	.3
Pollution	.3
Housing	.3
	98.6

^†Based on net assets.

See notes to financial statements.



Summary of Abbreviations (Unaudited)

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

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2020 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	532,644,004	573,117,519
Cash		1,237,338
Interest receivable		7,552,843
Receivable for shares of Common Stock subscribed		179,367
Prepaid expenses		17,440
		582,104,507
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(b)		315,017
Payable for shares of Common Stock redeemed		241,826
Directors’ fees and expenses payable		11,492
Other accrued expenses		84,574
		652,909
Net Assets ($)		581,451,598
Composition of Net Assets ($):
Paid-in capital		538,807,138
Total distributable earnings (loss)		42,644,460
Net Assets ($)		581,451,598


Shares Outstanding
(300 million shares of $.001 par value Common Stock authorized)			41,629,860
Net Asset Value Per Share ($)			13.97

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended November 30, 2020 (Unaudited)





Investment Income ($):
Interest Income					8,268,042
Expenses:
Management fee—Note 3(a)					1,739,545
Shareholder servicing costs—Note 3(b)					256,080
Professional fees					54,359
Directors’ fees and expenses—Note 3(c)					23,298
Registration fees					17,933
Loan commitment fees—Note 2					14,611
Prospectus and shareholders’ reports					11,643
Chief Compliance Officer fees—Note 3(b)					5,923
Custodian fees—Note 3(b)					5,081
Miscellaneous					17,883
Total Expenses					2,146,356
Less—reduction in fees due to earnings credits—Note 3(b)					(5,081)
Net Expenses					2,141,275
Investment Income—Net					6,126,767
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					737,790
Net change in unrealized appreciation (depreciation) on investments					13,991,214
Net Realized and Unrealized Gain (Loss) on Investments					14,729,004
Net Increase in Net Assets Resulting from Operations					20,855,771

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended November 30, 2020 (Unaudited)	Year Ended May 31, 2020
Operations ($):
Investment income—net	6,126,767	13,395,499
Net realized gain (loss) on investments	737,790	3,526,643
Net change in unrealized appreciation (depreciation) on investments	13,991,214	(3,982,654)
Net Increase (Decrease) in Net Assets Resulting from Operations	20,855,771	12,939,488
Distributions ($):
Distributions to shareholders	(6,096,799)	(17,743,642)
Capital Stock Transactions ($):
Net proceeds from shares sold	18,790,929	20,410,273
Distributions reinvested	4,940,188	14,544,935
Cost of shares redeemed	(27,459,839)	(77,773,697)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(3,728,722)	(42,818,489)
Total Increase (Decrease) in Net Assets	11,030,250	(47,622,643)
Net Assets ($):
Beginning of Period	570,421,348	618,043,991
End of Period	581,451,598	570,421,348
Capital Share Transactions (Shares):
Shares sold	1,356,092	1,482,177
Shares issued for distributions reinvested	356,319	1,056,305
Shares redeemed	(1,981,482)	(5,697,375)
Net Increase (Decrease) in Shares Outstanding	(269,071)	(3,158,893)

See notes to financial statements.

FINANCIAL HIGHLIGHTS

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



	Six Months Ended
	November 30, 2020		Year Ended May 31,
	(Unaudited)		2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period		13.61	13.72	13.41	13.80	14.13	13.87
Investment Operations:
Investment income—net^a		.15	.31	.32	.34	.34	.36
Net realized and unrealized gain (loss) on investments		.36	(.01)	.43	(.29)	(.18)	.36
Total from Investment Operations		.51	.30	.75	.05	.16	.72
Distributions:
Dividends from investment income—net		(.15)	(.31)	(.32)	(.34)	(.34)	(.36)
Dividends from net realized gain on investments		-	(.10)	(.12)	(.10)	(.15)	(.10)
Total Distributions		(.15)	(.41)	(.44)	(.44)	(.49)	(.46)
Net asset value, end of period		13.97	13.61	13.72	13.41	13.80	14.13
Total Return (%)		3.73^b	2.15	5.79	.31	1.22	5.27
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.74^c	.74	.75	.74	.73	.74
Ratio of net expenses to average net assets		.74^c	.74	.75	.74	.73	.74
Ratio of net investment income to average net assets		2.11^c	2.22	2.38	2.47	2.49	2.61
Portfolio Turnover Rate		3.69^b	16.30	17.02	14.39	14.47	13.98
Net Assets, end of period ($ x 1,000)		581,452	570,421	618,044	644,070	732,997	787,083

^aBased on average shares outstanding.

^bNot annualized.

^cAnnualized.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

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

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

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

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

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

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

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

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

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

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

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

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

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund’s Board of Directors (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

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

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

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

The following is a summary of the inputs used as of November 30, 2020 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	-	1,818,136	-	1,818,136
Municipal Securities	-	571,299,383	-	571,299,383

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

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

(c) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in

these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

As of and during the period ended November 30, 2020, 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, 2020, the fund did not incur any interest or penalties.

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

The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2020 was as follows: tax-exempt income $13,396,234, ordinary income $197,410, and long-term capital gains $4,149,998, respectively. The tax character of current year distributions will be determined at the end of the current fiscal year.

(f) New Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

NOTE 2—Bank Lines of Credit:

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

NOTE 3—Management Fee and Other Transactions with Affiliates:

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

fund (excluding taxes, brokerage commissions, interest expense and extraordinary expenses) exceed 1½% of the value of the fund’s average daily net assets, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended November 30, 2020, there was no expense reimbursement pursuant to the Agreement.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at an amount not to exceed an annual rate of .25% of the value of the fund’s average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2020, the fund was charged $146,612 pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as shareholder servicing costs and includes custody net earnings credits, if any, as an expense offset in the in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services inclusive of earnings credits, if any, for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended November 30, 2020, the fund was charged $67,213 for transfer agency services offset of any earnings credits, if any. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended November 30, 2020, the fund was charged $5,081 pursuant to the custody agreement. These fees were offset by earnings credits of $5,081.

The fund compensates The Bank of New York Mellon under a shareholder redemption draft processing agreement for providing certain services related to the fund’s check writing privilege. During the period

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

ended November 30, 2020, the fund was charged $3,666 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended November 30, 2020, the fund was charged $5,923 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $284,822, custodian fees of $3,400, Chief Compliance Officer fees of $1,935 and transfer agency fees of $24,860.

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

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, during the period ended November 30, 2020, amounted to $21,029,357 and $21,576,668, respectively.

At November 30, 2020, accumulated net unrealized appreciation on investments was $40,473,515, consisting of $41,171,147 gross unrealized appreciation and $697,632 gross unrealized depreciation.

At November 30, 2020, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund’s Board of Directors held on November 2-3, 2020, 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 (the “Agreement”). The Board members, a majority of whom are not “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. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

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

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

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, which included information comparing (1) the performance of the fund 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, 2020, 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 retail no-load intermediate municipal debt funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

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 discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was at or above the Performance Group median for all periods except the one-, three- and ten- year periods, when it was below the median, and was above the Performance Universe median for all periods except the one-year period, when it was below the median. The Board also considered that the fund’s yield performance was above the Performance Group and the Performance Universe medians for nine of the ten one-year periods ended September 30th. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s return was above the returns of the index in five of the ten calendar years shown.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. 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 higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group and Expense Universe actual management fee medians, and the fund’s total expenses were higher than the Expense Group and Expense Universe total expenses medians.

Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee.

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate

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

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

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

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

· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)

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 Agreement, 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, of the Adviser and the services provided to the fund by the 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 Agreement, 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 Agreement for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreement.

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For More Information

BNY Mellon Intermediate Municipal Bond Fund, Inc.

240 Greenwich Street
New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Custodian

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor

BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286


Ticker Symbol:	DITEX

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

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

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

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

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

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


© 2021 BNY Mellon Securities Corporation 0947SA1120

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

BNY Mellon Intermediate Municipal Bond Fund, Inc.

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: January 26, 2021

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

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: January 26, 2021

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: January 26, 2021

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)