PRESIDENT'S LETTER
Dear Shareholder:
As your Fund's annual reporting period ended on December 31, 1993, the
net asset value per share was $14.03, an increase of approximately $.88
per share from $13.17 on December 31, 1992, adjusted for capital gain
distributions. Income dividends of approximately $.79 per share were
paid during the period, representing a distribution rate per share of
5.62% based on the closing net asset value per share, adjusted for
capital gain distributions. We are pleased to inform you that 100% of
the income from your Fund was fully exempt from Federal and New Jersey
State income taxes. Some shareholders may be subject to the Federal
Alternative Minimum Tax on some portfolio income.
The municipal bond market turned in a strong performance in 1993 and
compared well with taxable investments, including the Standard & Poor's
500 Composite Stock Price Index. Driven by refunding volume, issuance
for the year reached a record $290 billion. This exceeded last year's
volume by more than 20% but was easily handled by the market as bond
funds, flush with cash, became the market's leading investors. Contrary
to the national trend, the State of New Jersey, its authorities and
localities had a substantial decrease in issuance, partially due to a
drop in health care financing during the time new legislation was
pending for health care providers. This scarcity also helped give local
market prices a lift during flat or uneven trading sessions. Many
analysts expect 1994 to produce a market with more traditional supply
configurations.
The broader economy, for the first time in twenty years, has pulled
itself out of recession without the benefit of a significant tax cut or
a burst of new Federal government spending. Although the recovery has
been less generous to some areas of the country than to others, and has
left several regions with no growth and relatively high unemployment,
achieving the present non-inflationary growth pattern is a substantial
national economic accomplishment. It is testimony to the potent tool of
monetary policy and declining interest rates for three years. These
declining rates have helped the total return of your Fund by creating
capital gains. It appears that 1994 might not offer the same kind of
capital gains potential that was available in previous years, but we
believe that inflation-adjusted, after-tax returns in the municipal
sector will be quite good.
The question of economic growth has left its mark on the State of New
Jersey politically. In November, voters elected a new governor who has a
pro-business agenda and plans to deliver on previously proclaimed state
income tax relief. The plan entails three consecutive yearly income tax
cuts of 10%, the first starting retroactively on January 1, 1994. This
date is important because it will divide the critical state aid to local
governments into two fiscal years, making this change an easier
transition for them. Without the change, local governments stand to lose
funding, and local taxes may be increased to compensate for the
shortfalls. Additionally, the needed solution to next year's budget gap
will test the new governor's tax plans in the near future. We will
monitor any tax changes in the state and comment on them in our letters
to you. New Jersey municipal securities continue to show strong credit
trends. Many of them easily qualify for, and receive, bond insurance,
further enhancing the value of the portfolio.
Municipal bonds frequently have call provisions whereby the issuer
can, on very short notice, redeem its bonds before they mature. While
the Fund does not hold many bonds that are subject to this type of
redemption, many individual investors are experiencing such calls. The
reinvestment of these proceeds back into the tax exempt market can
provide added market support in coming months. We are monitoring this
phenomenon closely along with other important market trends.
We have included a current Statement of Investments and recent
financial statements for your review and hope the Fund continues to meet
your investment criteria.
Very truly yours,
Richard J. Moynihan
President
December 31, 1993
New York, N.Y.
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC. DECEMBER 31, 1993
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS NEW
JERSEY MUNICIPAL BOND FUND, INC.
AND THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
(See Exhibit A)
Past performance is not predictive of future performance.
The above illustration compares a $10,000 investment made in the Dreyfus
New Jersey Municipal Bond Fund on 11/6/87 (Inception Date) to a $10,000
investment made in the Lehman Brothers Municipal Bond Index on that
date. For comparative purposes, the value of the Index on 10/31/87 is
used as the beginning value on 11/6/87. All dividends and capital gain
distributions are reinvested.
The Fund invests primarily in New Jersey municipal securities and its
performance takes into account fees and expenses. Unlike the Fund, the
Lehman Brothers Municipal Bond Index is an unmanaged total return
performance benchmark for the long-term, investment-grade tax exempt
bond market, calculated by using municipal bonds selected as
representative of the market. The Index does not take into account
charges, fees and other expenses. Further information relating to Fund
performance, including expense reimbursement, if applicable, is
contained in the Condensed Financial Information section of the
Prospectus and elsewhere in this Report.
asterisk Source: Lehman Brothers
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS DECEMBER 31, 1993
MUNICIPAL BONDS--99.5% PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
NEW JERSEY--85.0%
Atlantic County Utilities Authority, Solid Waste System Revenue:
7%, 3/1/2008....................................................................... $ 4,250,000 $ 4,618,305
7.125%, 3/1/2016................................................................... 6,650,000 7,088,434
Bedminster Township Board of Education, COP 7.125%, 9/1/2010......................... 2,500,000 2,732,600
Bergen County Utilities Authority, Water Pollution Control System Revenue
5.50%, 12/15/2015 (Insured; FGIC).................................................. 5,000,000 5,101,350
Bordentown Sewer Authority, Revenue:
6%, 12/1/2020 (Insured; MBIA)...................................................... 2,800,000 3,099,684
6.80%, 12/1/2025 (Insured; MBIA)................................................... 3,000,000 3,386,970
City of Camden:
Zero Coupon, 2/15/2010 (Insured; FSA).............................................. 2,500,000 1,075,650
Zero Coupon, 2/15/2012 (Insured; FSA).............................................. 4,585,000 1,748,765
Camden County Municipal Utilities Authority, Sewer Revenue
8.25%, 12/1/2017 (Insured; FGIC)................................................... 8,480,000 9,892,259
Camden County Pollution Control Financing Authority, Solid Waste Disposal and Resource
Recovery System Revenue:
7.50%, 12/1/2009................................................................. 3,335,000 3,612,972
7.50%, 12/1/2010................................................................. 13,000,000 14,083,550
Cherry Hill Township, Refunding 6.30%, 6/1/2012...................................... 4,000,000 4,485,640
Delaware River and Bay Authority, Revenue
5%, 1/1/2017....................................................................... 5,000,000 4,912,750
East Orange:
Zero Coupon, 8/1/2009 (Insured; FSA)............................................... 1,000,000 445,930
Zero Coupon, 8/1/2010 (Insured; FSA)............................................... 4,240,000 1,780,842
Zero Coupon, 8/1/2011 (Insured; FSA)............................................... 2,500,000 989,700
Elk Township Board of Education, COP 7.375%, 12/1/2009 (Insured; MBIA)............... 2,000,000 2,300,360
Essex County Improvement Authority, Lease Revenue:
7%, 12/1/2020 (Insured; AMBAC)..................................................... 4,000,000 4,736,680
Refunding 5.50%, 12/1/2020 (Insured; AMBAC)........................................ 2,500,000 2,548,025
Evesham Township Board of Education, COP, Lease Purchase Agreement
6.875%, 9/1/2011 (Insured; FGIC)................................................... 3,250,000 3,705,163
Gloucester Township Municipal Utilities Authority, Revenue
5.65%, 3/1/2018 (Insured; AMBAC)................................................... 2,730,000 2,964,944
Hoboken, Union City and Weehawken Sewage Authority, Sewer Revenue
7.25%, 8/1/2019 (Insured; MBIA).................................................... 7,195,000 8,442,037
Howell Township, Refunding 6.80%, 1/1/2014 (Insured; FGIC)........................... 5,000,000 5,661,900
Hudson County Improvement Authority:
Facility Lease Revenue 8.739%, 12/1/2025 (Insured; FGIC) (a,b)..................... 13,835,000 15,529,788
Multi-Family Housing Revenue (Conduit Financing - Observer Park Project)
6.90%, 6/1/2022 (Insured; FNMA).................................................. 4,190,000 4,488,202
Jersey City:
Zero Coupon, 5/15/2008 (Insured; FSA).............................................. 3,500,000 1,699,530
Zero Coupon, 5/15/2010 (Insured; FSA).............................................. 4,745,000 2,047,467
6.60%, 5/15/2011 (Insured; FSA).................................................. 6,550,000 7,292,967
Keansburg Board of Education, COP 8%, 11/1/2014...................................... 7,750,000 9,407,570
Manchester Township Board of Education, COP 7.20%, 12/15/2009 (Insured; MBIA)........ 4,175,000 4,851,016
Mercer County Improvement Authority, Revenue, Refunding:
Insured Solid Waste (Resource Recovery Project) 6.70%, 4/1/2013 (Insured; FGIC).... 11,000,000 12,380,720
Solid Waste (Resource Recovery Project) 6.80%, 4/1/2005............................ 6,150,000 6,798,025
Middlesex County Utilities Authority, Sewer Revenue 6%, 8/15/2015 (Insured; AMBAC)... 1,500,000 1,562,986
Monmouth County Improvement Authority, Revenue (Asbury Park Project)
7.375%, 12/1/2009.................................................................. 3,000,000 3,363,960
Monroe Township Municipal Utilities Authority, Water and Sewer System Revenue
6.875%, 2/1/2017 (Insured; MBIA)................................................... 5,000,000 5,785,900
Borough of Moonachie Board of Education, COP
6.375%, 3/1/2014 (Lease Purchase Agreement; Lamington Funding Corp.)............... 3,775,000 3,951,179
Mount Holly Sewage Authority, Sewer Revenue, Refunding 6%, 12/1/2016 (Insured; MBIA). 1,500,000 1,574,355
New Brunswick Housing and Urban Development Authority, Lease Revenue
5.75%, 7/1/2024 (Insured; MBIA).................................................... 3,500,000 3,642,730
New Brunswick Parking Authority, Revenue, Refunding:
7.125%, 9/1/2015 (Insured; FGIC)................................................... 2,000,000 2,330,140
6.50%, 9/1/2019 (Insured; FGIC).................................................... 2,000,000 2,242,300
New Jersey Economic Development Authority, Revenue:
(Community Mental Health Loan Program) 8.50%, 7/1/2017............................. 7,705,000 8,414,939
District Heating and Cooling Revenue (Trigen - Trenton Project):
6.10%, 12/1/2004................................................................. 3,375,000 3,458,093
6.20%, 12/1/2007................................................................. 2,725,000 2,847,979
Economic Development:
(American Airlines Inc. Project) 7.10%, 11/1/2031................................ 2,855,000 3,125,511
First Mortgage (The Evergreens) 9.25%, 10/1/2022................................. 5,000,000 5,384,000
First Mortgage Gross (Mega Care Inc. Project) 8.625%, 8/1/2007................... 5,000,000 5,901,100
Gas Facilities (Elizabethtown Gas Co. Project) 6.75%, 10/1/2021.................. 1,350,000 1,460,282
Refunding:
(Manchester Manor Project) 6.70%, 8/1/2022 (Insured; GNMA)..................... 2,500,000 2,711,175
(Stolt Terminals Inc. Project) 10.50%, 1/15/2018............................... 9,440,000 .. 11,427,498
(Tevco Inc. Project) 8.125%, 10/1/2009 (LOC; Credit Lyonnais)(c)............... 2,500,000 2,809,275
Waste Paper Recycling (Marcal Paper Mills Inc. Project) 8.50%, 2/1/2010.......... 5,850,000 7,107,399
Water Facilities:
(American Water Co. Inc. Project) 6.50%, 4/1/2022 (Insured; FGIC).............. 34,800,000 38,602,596
(Elizabeth Water Project):
6.60%, 8/1/2021.............................................................. 6,010,000 6,514,179
6.70%, 8/1/2021.............................................................. 3,965,000 4,321,969
(Hackensack Water Project) 7%, 10/1/2017....................................... 1,500,000 1,639,335
New Jersey Educational Facilities Authority, Revenue:
(New Jersey Institute of Technology) 6.90%, 7/1/2009 (Insured; MBIA)............... 2,000,000 2,247,220
(Seton Hall University Project):
6.85%, 7/1/2019 (Insured; MBIA).................................................. 9,050,000 10,137,629
7%, 7/1/2021..................................................................... 3,500,000 3,876,740
(Trenton State College):
7.125%, 7/1/2009 (Insured; AMBAC)................................................ 4,000,000 4,660,880
Refunding 6%, 7/1/2019 (Insured; AMBAC).......................................... 7,000,000 7,554,470
(Union County College) 7.25%, 7/1/2009............................................. 2,100,000 2,390,493
New Jersey Health Care Facilities Financing Authority, Revenue:
(Allegany Health System - Our Lady of Lourdes Medical Center):
5.125%, 7/1/2013 (Insured; MBIA)................................................. 4,000,000 3,973,120
5.20%, 7/1/2018 (Insured; MBIA).................................................. 4,250,000 4,226,668
(Bridgeton and Millville Hospitals):
7.875%, 7/1/2010 (Insured; MBIA)................................................. 1,250,000 1,453,938
8%, Series C 7/1/2013 (Insured; MBIA)............................................ 1,735,000 2,027,642
8%, Series D 7/1/2013 (Insured; MBIA)............................................ 645,000 753,792
(Centrastate Medical Center) 6%, 7/1/2021 (Insured; AMBAC)......................... 7,000,000 7,357,420
(Chilton Memorial Hospital) 5%, 7/1/2013........................................... 2,375,000 2,247,605
(Community Medical Center) 6%, 7/1/2019 (Insured; MBIA)............................ 5,870,000 6,112,020
(Community Memorial Hospital Association) 8%, 7/1/2014 (Insured; MBIA)............. 2,500,000 2,858,525
(Deborah Heart and Lung Center Issue):
6.20%, 7/1/2013.................................................................. 1,250,000 1,299,975
6.30%, 7/1/2023.................................................................. 2,700,000 2,798,253
(Elmer Community Hospital) 7.90%, 2/1/2007 (Insured; FHA).......................... 3,100,000 3,485,795
Health System (Franciscan Sisters of the Poor - Health Systems, Inc., Saint Mary's
Hospital) 5.875%, 7/1/2012 (Insured; MBIA)....................................... 3,250,000 3,223,805
(Hunterdon Medical Center) 7%, 7/1/2020 (Insured; AMBAC)........................... 5,000,000 5,757,250
(Kennedy Memorial Hospital University Medical Center):
8.375%, 7/1/2010................................................................. 2,065,000 2,471,020
6%, 7/1/2020..................................................................... 4,115,000 4,204,584
(Kimball Medical Center) 8%, 7/1/2013.............................................. 13,000,000 14,644,370
(Medical Center of Ocean County) 6.75%, 7/1/2020 (Insured; FSA).................... 2,000,000 2,253,680
(Newcomb Medical Center) 7.875%, 7/1/2003.......................................... 2,795,000 3,159,077
(Overlook Hospital Association) 6%, 7/1/2000 (Insured; FGIC)....................... 250,000 268,573
(Palisades Medical Center):
7.50%, 7/1/2006.................................................................. 2,600,000 2,613,078
7.60%, 7/1/2021.................................................................. 2,400,000 2,410,296
(Princeton Medical Center) 7%, 7/1/2022 (Insured; AMBAC)........................... 3,375,000 3,886,144
(Refunding - Atlantic City Medical Center) 6.80%, 7/1/2011......................... 2,500,000 2,772,375
(Saint Barnabas' Medical Center) 6%, 7/1/2023 (Insured; MBIA)...................... 5,250,000 5,466,458
(Saint Peter's Medical Center) 6%, 7/1/2021 (Insured; MBIA)........................ 1,500,000 1,654,410
(Society of the Valley Hospital) 6%, 7/1/2014 (Insured; MBIA)...................... 2,500,000 2,614,025
(Zurbrugg Memorial Hospital) 8.50%, 7/1/2012....................................... 9,565,000 10,620,306
New Jersey Highway Authority, Senior Parkway Revenue, Refunding (Garden State Parkway)
5.75%, 1/1/2019.................................................................... 5,000,000 5,141,850
New Jersey Housing and Mortgage Finance Agency, Revenue:
Home Buyer:
7.65%, 10/1/2016 (Insured; MBIA)................................................. 1,085,000 1,131,818
7%, 4/1/2025 (Insured; MBIA)..................................................... 3,800,000 4,071,282
7.70%, 4/1/2025 (Insured; MBIA) (a,b)............................................ 9,200,000 9,522,000
5.50%, 10/1/2026 (Insured; MBIA)................................................. 2,500,000 2,469,800
7.70%, 10/1/2029 (Insured; MBIA)................................................. 7,570,000 8,341,383
Home Mortgage 8.10%, 10/1/2017 (Insured; MBIA)..................................... 2,955,000 3,148,493
Multi-Family Housing, Refunding (Presidential Plaza at Newport Project)
7%, 5/1/2030 (Insured; FHA)...................................................... 5,000,000 5,578,350
Rental Housing 6.75%, 11/1/2022.................................................... 9,310,000 10,084,313
New Jersey Housing Finance Agency, General Resolution (Section 8) 7.10%, 11/1/2012... 1,000,000 1,097,720
New Jersey Sports and Exposition Authority, State Contract 6%, 3/1/2021.............. 4,575,000 4,812,534
New Jersey Transit Corp., Lease Purchase Agreement, COP (Raymond Plaza East Inc.)
6.50%, 10/1/2016 (Insured; FSA).................................................... 4,445,000 5,079,968
New Jersey Wastewater Treatment Trust, Loan Revenue
7.375%, 5/15/2007 (Insured; MBIA).................................................. 2,000,000 2,282,720
North Jersey District Water Supply Commission:
(Wanaque North Project):
6%, 11/15/2019 (Insured; MBIA)................................................... 3,850,000 4,092,550
Refunding 6.25%, 11/15/2017 (Insured; MBIA)...................................... 1,000,000 1,092,640
(Wanaque South Project) 6%, 7/1/2019 (Insured; MBIA)............................... 2,000,000 2,270,740
Ocean County Pollution Control Financing Authority, PCR, Refunding
(Ciba Geigy Corp. Project) 6%, 5/1/2020............................................ 11,700,000 12,255,048
Passaic Board of Education, COP 7.875%, 4/1/2004 (LOC; Marine Midland Bank) (c)...... 4,000,000 4,756,320
Passaic County Utilities Authority, Solid Waste System Revenue 7%, 11/15/2007........ 5,000,000 5,451,300
Port Authority of New York and New Jersey:
(Delta Airlines Inc. Project) 6.95%, 6/1/2008...................................... 7,200,000 7,643,376
Revenue:
(Consolidated Board 67th Series) 6.875%, 1/1/2025................................ 3,950,000 4,473,138
(Consolidated Board 71st Series) 6.50%, 1/15/2026................................ 4,000,000 4,365,560
(Consolidated Board 73rd Series) 6.75%, 4/15/2026................................ 9,000,000 10,172,970
Special Obligation (Continental-Eastern LaGuardia Project) 9.125%, 12/1/2015..... 6,500,000 7,725,965
Rutgers State University 7%, 5/1/2019 ............................................... 4,525,000 5,206,329
Salem County Improvement Authority, Revenue (County Correctional Facility and Court
House) 7.125%, 5/1/2017 (Insured; AMBAC)........................................... 2,000,000 2,322,380
Salem County Industrial Pollution Control Financing Authority, Revenue
(Atlantic City Electric Project) 7.375%, 4/15/2014................................. 2,575,000 2,875,966
Salem County Pollution Control Financing Authority, Waste Disposal Revenue
(E.I. Dupont de Nemours and Co.-Chambers Works Project):
6.50%, 11/15/2021................................................................ 4,000,000 4,377,280
6.125%, 7/15/2022................................................................ 6,750,000 7,150,207
Sayreville Housing Development Corp., Mortgage Revenue, Refunding (Lakeview Section 8)
7.75%, 8/1/2024 (Insured; FHA)..................................................... 3,000,000 3,265,440
Southeast Morris County Municipal Utilities Authority, Water Revenue
6.50%, 1/1/2011 (Insured; FGIC).................................................... 1,475,000 1,630,745
Union City 6.70%, 9/1/2012 (Insured; MBIA)........................................... 4,850,000 5,557,227
Union County Utilities Authority, Solid Waste System Revenue 7.20%, 6/15/2014........ 9,500,000 10,611,405
University of Medicine and Dentistry 7.20%, 12/1/2019................................ 5,710,000 6,519,906
Wanaque Borough Sewer Authority, Sewer Revenue, Refunding
6%, 12/1/2017 (Insured; AMBAC)..................................................... 1,260,000 1,366,293
West New York Municipal Utilities Authority, Sewer Revenue, Refunding
7.30%, 12/15/2017 (Insured; FGIC).................................................. 6,250,000 7,497,313
U.S. RELATED--14.5%
Guam Power Authority, Revenue 6.30%, 10/1/2022....................................... 3,750,000 3,955,725
Commonwealth of Puerto Rico:
5.50%, 7/1/2013.................................................................... 12,000,000 12,100,920
7.30%, 7/1/2020.................................................................... 10,850,000 12,957,178
Public Improvement 6.80%, 7/1/2021................................................. 4,400,000 5,217,432
Puerto Rico Electric Power Authority, Power Revenue:
7%, 7/1/2021....................................................................... 10,900,000 12,412,484
Refunding 8%, 7/1/2008............................................................. 2,000,000 2,335,180
Puerto Rico Highway and Transportation Authority, Highway Revenue:
7.75%, 7/1/2016.................................................................... 3,460,000 4,219,954
6.625%, Series S, 7/1/2018......................................................... 9,400,000 11,020,936
6.625%, Series T, 7/1/2018........................................................ 2,550,000 2,816,348
Refunding 5%, 7/1/2022............................................................ 5,000,000 4,702,500
Puerto Rico Housing Finance Corp., MFMR
7.50%, 4/1/2022 (LOC; Government Development Bank of Puerto Rico)(c) ............. 3,985,000 4,281,922
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue (Baxter Travenol Laboratories) 8%, 9/1/2012.......... 5,000,000 5,864,550
Puerto Rico Public Buildings Authority, Guaranteed Public Education and Health
Facilities:
6%, 7/1/2012.................................................................... 1,650,000 1,694,385
7%, 7/1/2019.................................................................... 2,000,000 2,283,720
Puerto Rico Urban Renewal and Housing Corp. 7.875%, 10/1/2004....................... 2,000,000 2,358,760
University of Puerto Rico, University Revenues, Refunding 6.50%, 6/1/2013........... 2,250,000 2,412,495
Virgin Islands, Matching Fund (Hugo Insurance Claims Fund Program)
7.75%, 10/1/2006.................................................................. 3,685,000 4,278,690
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7.25%, 10/1/2018....................................... 4,750,000 5,358,428
Virgin Islands Water and Power Authority, Electric System Revenue
7.40%, 7/1/2011................................................................... 4,000,000 4,636,400
------------
TOTAL MUNICIPAL BONDS
(cost $643,083,768)............................................................... $721,920,647
============
SHORT-TERM MUNICIPAL INVESTMENTS--.5%
New Jersey:
New Jersey Economic Development Authority, Revenue:
Economic Development, Refunding VRDN (Dow Chemical - Eldorado Terminal) 3.15% (d).. $ 2,600,000 $ 2,600,000
Pollution Control VRDN (Merck and Co.) 3.50% (d)................................... 800,000 800,000
------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $3,400,000).................................................................. $ 3,400,000
============
TOTAL INVESTMENTS--100.0%
(cost $646,483,768)................................................................ $725,320,647
============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation GNMA Government National Mortgage Association
COP Certificate of Participation LOC Letter of Credit
FGIC Financial Guaranty Insurance Corporation MBIA Municipal Bond Insurance Association
FHA Federal Housing Administration MFMR Multi-Family Mortgage Revenue
FNMA Federal National Mortgage Association PCR Pollution Control Revenue
FSA Financial Security Assurance VRDN Variable Rate Demand Notes
</TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (E) or MOODY'S or STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
AAA Aaa AAA 46.1%
AA Aa AA 9.5
A A A 20.8
BBB Baa BBB 13.1
BB Ba BB 2.5
F1 MIG1 SP1 .1
F1 P1 A1 .4
Not Rated Not Rated Not Rated 7.5
------
100.0%
======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Inverse floater security--the interest rate is subject to change
periodically.
(b) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At
December 31, 1993, these securities amounted to $25,051,788 or 3.5%
of net assets.
(c) Secured by letter of credit.
(d) Security payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market
interest rates.
(e) Fitch currently provides creditworthiness information for a limited
amount of investments.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $646,483,768)--see statement............................................ $725,320,647
Interest receivable............................................................. 13,957,008
Receivable for shares of Common Stock subscribed................................ 28,000
Prepaid expenses................................................................ 31,362
------------
739,337,017
LIABILITIES:
Due to The Dreyfus Corporation.................................................. $ 367,453
Payable for investment securities purchased..................................... 11,369,015
Payable for shares of Common Stock redeemed..................................... 2,834
Accrued expenses and other liabilities.......................................... 1,782,857 13,522,159
----------- ------------
NET ASSETS........................................................................ $725,814,858
============
REPRESENTED BY:
Paid-in capital................................................................. $646,322,096
Accumulated undistributed net realized gain on investments...................... 655,883
Accumulated net unrealized appreciation on investments-Note 3................... 78,836,879
------------
NET ASSETS at value applicable to 51,727,026 shares outstanding
(500 million shares of $.001 par value Common Stock authorized)................. $725,814,858
============
NET ASSET VALUE, offering and redemption price per share
($725,814,858 divide 51,727,026 shares)......................................... $14.03
======
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1993
INVESTMENT INCOME:
INTEREST INCOME................................................................. $ 44,534,401
EXPENSES:
Management fee--Note 2(a)..................................................... $ 4,137,876
Shareholder servicing costs--Note 2(b)........................................ 2,144,307
Custodian fees................................................................ 75,664
Professional fees............................................................. 60,303
Prospectus and shareholders' reports--Note 2(b)............................... 28,078
Directors' fees and expenses--Note 2(c)....................................... 25,963
Registration fees............................................................. 17,951
Miscellaneous................................................................. 213,200
-----------
6,703,342
Less--reduction in shareholder servicing costs
due to undertaking-Note 2(b)................................................ 1,724,115
-----------
TOTAL EXPENSES............................................................ 4,979,227
------------
INVESTMENT INCOME--NET.................................................... 39,555,174
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3........................................ $ 1,854,233
Net unrealized appreciation on investments...................................... 41,608,187
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS........................... 43,462,420
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............................. $ 83,017,594
============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
--------------------------------
1992 1993
------------ ------------
OPERATIONS:
<S> <C> <C>
Investment income--net.......................................................... $ 34,677,755 $ 39,555,174
Net realized gain on investments................................................ 7,915,444 1,854,233
Net unrealized appreciation on investments for the year......................... 6,008,516 41,608,187
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... 48,601,715 83,017,594
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net.......................................................... (34,677,755) (39,555,174)
Net realized gain on investments................................................ (9,048,084) (1,117,588)
------------ ------------
TOTAL DIVIDENDS............................................................... (43,725,839) (40,672,762)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold................................................... 267,423,236 259,116,860
Dividends reinvested............................................................ 35,501,982 32,091,573
Cost of shares redeemed......................................................... (208,977,387) (222,267,812)
------------ ------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........................ 93,947,831 68,940,621
------------ ------------
TOTAL INCREASE IN NET ASSETS................................................ 98,823,707 111,285,453
NET ASSETS:
Beginning of year............................................................... 515,705,698 614,529,405
------------ ------------
End of year..................................................................... $614,529,405 $725,814,858
============ ============
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold..................................................................... 20,366,852 18,866,106
Shares issued for dividends reinvested.......................................... 2,706,388 2,325,735
Shares redeemed................................................................. (15,903,493) (16,110,778)
------------ ------------
NET INCREASE IN SHARES OUTSTANDING............................................ 7,169,747 5,081,063
============ ============
See notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share
of Common Stock outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from information provided in the Fund's
financial statements.
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
PER SHARE DATA: 1989 1990 1991 1992 1993
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.................... $12.16 $12.36 $12.47 $13.06 $13.17
------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net................................ .83 .83 .81 .80 .79
Net realized and unrealized gain on investments....... .24 .11 .63 .31 .88
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.................... 1.07 .94 1.44 1.11 1.67
------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income--net................. (.83) (.83) (.81) (.80) (.79)
Dividends from net realized gain on investments....... (.04) -- (.04) (.20) (.02)
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS................................. (.87) (.83) (.85) (1.00) (.81)
------ ------ ------ ------ ------
Net asset value, end of year.......................... $12.36 $12.47 $13.06 $13.17 $14.03
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN................................. 9.11% 7.94% 11.95% 8.77% 12.97%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............... 82% .77% .75% .73% .72%
Ratio of net investment income to average net assets.. 6.77% 6.74% 6.36% 6.06% 5.74%
Decrease reflected in above expense ratios due to
undertakings by the Manager......................... 25% .25% .25% .25% .25%
Portfolio Turnover Rate............................... 34.96% 25.02% 22.53% 33.58% 6.05%
Net Assets, end of year (000's Omitted)............. $256,902 $350,416 $515,706 $614,529 $725,815
See notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-diversified open-end management investment company.
Dreyfus Service Corporation ("Distributor") acts as the distributor of
the Fund's shares, which are sold to the public without a sales load.
The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
(A) PORTFOLIO VALUATION: The Fund's investments are valued each
business day by an independent pricing service ("Service") approved by
the Fund's Board of Directors. Investments for which quoted bid prices
in the judgment of the Service are readily available and are
representative of the bid side of the market are valued at the mean
between the quoted bid prices (as obtained by the Service from dealers
in such securities) and asked prices (as calculated by the Service based
upon its evaluation of the market for such securities). Other
investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities
of comparable quality, coupon, maturity and type; indications as to
values from dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss
from securities transactions are recorded on the identified cost basis.
Interest income, adjusted for amortization of premiums and, when
appropriate, discounts 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.
The Fund follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state
and certain of its public bodies and municipalities may affect the
ability of issuers within the state to pay interest on, or repay
principal of, municipal obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends from investment income-net on each business day. Such
dividends are paid monthly. Dividends from net realized capital gain 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. To the extent that net realized capital gain
can be offset by capital loss carryovers, if any, it is the policy of
the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized
capital gain sufficient to relieve it from all, or substantially all,
Federal income taxes.
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the
average daily value of the Fund's net assets and is payable monthly. The
Agreement provides for an expense reimbursement from the Manager should
the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage and extraordinary expenses, exceed 1-1/2% of the
average value of the Fund's net assets for any full year. There was no
expense reimbursement for the year ended December 31, 1993.
(B) The Fund has adopted a Service Plan (the "Plan") pursuant to which
the Fund pays the Distributor, at an annual rate of .25 of 1% of the
value of the Fund's average daily net assets, for costs and expenses in
connection with advertising, marketing and distributing the Fund's
shares and for servicing shareholder accounts. The Distributor may make
payments to one or more Service Agents (a securities dealer, financial
institution, or other industry professional) based on the value of the
Fund's shares owned by clients of the Service Agent. The Plan also
separately provides for the Fund to bear the costs of preparing,
printing and distributing certain of the Fund's prospectuses and
statements of additional information and costs associated with
implementing and operating the Plan, not to exceed the greater of
$100,000 or .005 of 1% of the Fund's average daily net assets for any
full year. During the year ended December 31, 1993, $1,734,949 was
charged to the Fund pursuant to the Plan, of which $1,724,115 was waived
pursuant to an undertaking by the Manager.
(C) Certain officers and directors of the Fund are "affiliated
persons," as defined in the Act, of the Manager and/or the Distributor.
Each director who is not an "affiliated person" receives an annual fee
of $2,500 and an attendance fee of $250 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including the receipt of certain regulatory
approvals and the approvals of the stockholders of the Manager and of
Mellon. The merger is expected to occur in mid-1994, but could occur
significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company Act
of 1940, and thus a termination of such Agreement, the Manager will seek
prior approval from the Fund's Board and shareholders.
NOTE 3-SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $123,664,079 and
$62,574,448, respectively, for the year ended December 31, 1993, and
consisted entirely of municipal bonds and short-term municipal
investments.
At December 31, 1993, accumulated net unrealized appreciation on
investments was $78,836,879, consisting of $78,934,980 gross unrealized
appreciation and $98,101 gross unrealized depreciation.
At December 31, 1993, 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).
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
We have audited the accompanying statement of assets and liabilities
of Dreyfus New Jersey Municipal Bond Fund, Inc., including the statement
of investments, as of December 31, 1993, and the related statement of
operations for the year then ended, the statement of changes in net
assets for each of the two years in the period then ended, and financial
highlights for each of the years indicated therein. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1993 by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Dreyfus New Jersey Municipal Bond Fund, Inc. at
December 31, 1993, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the
indicated years, in conformity with generally accepted accounting
principles.
Ernst & Young
New York, New York
January 31, 1994
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the
following designations regarding its fiscal year ended December 31,
1993:
--All the dividends paid from investment income-net are "exempt-
interest dividends" (not subject to regular Federal and, for
individuals who are New Jersey residents, New Jersey personal income
taxes).
--The $.0217 per share paid by the Fund on December 14, 1993
represents a long-term capital gain distribution.
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's capital gain distribution
paid for the 1993 calendar year on Form 1099-DIV which will be mailed by
January 31, 1994.
DREYFUS NEW JERSEY MUNICIPAL
BOND FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 75OAR9312
New Jersey
Municipal
Bond Fund, Inc.
Annual Report
December 31, 1993
(Dreyfus Lion Logo)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
AND THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
EXHIBIT A:
_________________________________________________
| | |
| | | |
| PERIOD | LEHMAN BROTHERS |DREYFUS NEW JERSEY|
| | MUNICIPAL | MUNICIPAL BOND |
| | BOND INDEX * | FUND |
|-----------|-----------------|------------------|
| 11/6/87 | 10,000 | 10,000 |
| 12/31/87 | 10,410 | 10,226 |
| 3/31/88 | 10,768 | 10,596 |
| 6/30/88 | 10,977 | 10,887 |
| 9/30/88 | 11,258 | 11,185 |
| 12/31/88 | 11,468 | 11,514 |
| 3/31/89 | 11,544 | 11,619 |
| 6/30/89 | 12,227 | 12,181 |
| 9/30/89 | 12,236 | 12,185 |
| 12/31/89 | 12,705 | 12,562 |
| 3/31/90 | 12,762 | 12,631 |
| 6/30/90 | 13,060 | 12,951 |
| 9/30/90 | 13,068 | 13,021 |
| 12/31/90 | 13,631 | 13,560 |
| 3/31/91 | 13,939 | 13,809 |
| 6/30/91 | 14,237 | 14,125 |
| 9/30/91 | 14,790 | 14,703 |
| 12/31/91 | 15,286 | 15,181 |
| 3/31/92 | 15,332 | 15,217 |
| 6/30/92 | 15,913 | 15,830 |
| 9/30/92 | 16,337 | 16,237 |
| 12/31/92 | 16,634 | 16,513 |
| 3/31/93 | 17,251 | 17,134 |
| 6/30/93 | 17,816 | 17,848 |
| 9/30/93 | 18,418 | 18,521 |
| 12/31/93 | 18,677 | 18,654 |
|------------------------------------------------|
|-------------------------------------------------------------|
| DREYFUS NEW JERSEY MUNICIPAL BOND FUND |
|-------------------------------------------------------------|
| AVERAGE ANNUAL TOTAL RETURNS ENDED ON 12/31/93 |
|-------------------------------------------------------------|
| | | SINCE INCEPTION |
| 1 YEAR | 5 YEAR | (11/6/87) |
|-----------|-----------------|-------------------------------|
| 12.97%| 10.13%| 10.66% |
|-------------------------------------------------------------|
