LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund's semi-annual reporting period ended on June 30, 1994, its
net asset value per share was $12.98, a decrease of $1.05 per share from
$14.03 on December 31, 1993. Income dividends of approximately $.39 per share
were paid during this period, representing an annualized distribution rate
per share of 6.05% based on the closing price. We are pleased to inform you
that 100% of the income from your Fund was fully exempt from Federal and
state income taxes. Certain shareholders, however, may be subject to the
Federal Alternative Minimum Tax on some portfolio income.
The Federal Reserve Board's desire to slow growth slightly and form a
strategy to fight inflation in the future has caused the stock and bond
markets to fall sharply in the first half of 1994. The Fed can stimulate or
rein in the economy by lowering or increasing short-term interest rates, as
it did with four increases in its target for the Federal Funds rate. The Fed
Funds rate is the key short-term rate that banks charge each other for
overnight loans and recently has been adjusted upward by 125 basis points to
4.25%. It is the main interest rate the Fed is using to influence economic
activity, and it was last increased on May 17, 1994. These recent increases
were the first in five years and the financial markets have interpreted these
moves as a sign that the Federal Reserve has perceived incipient inflation
that has eluded, or was contrary to, the view of private economists and
investors.
Federal Reserve officials refuse to say precisely how much higher the Fed
Funds target would have to be raised to bring down the nation's borrowing and
spending so that the economy will grow at a rate that is considered neutral.
A neutral growth rate is defined as the fastest rate possible without feeding
inflation, and is believed to be the rate of growth equal to the economy's
underlying capacity to produce goods and services. Currently, most economists
believe that the neutral growth rate is approximately 3%. It is our opinion
that only when short-term rates have stabilized will the long-term interest
picture be stabilized as well. Your Fund's portfolio has been positioned so
that no new trades will be made that anticipate a drop in rates until more
evidence of stability occurs. We perceive this as a defensive but worthwhile
approach that will not compromise the income-producing capacity of the Fund.
Looking forward, the Federal Reserve is still signaling that more increases
in short-term rates could be on the way. If these increases materialize, we
believe that they will most likely slow economic growth as companies and
individuals pay more interest on their loans and mortgages, pre-empt the
feared inflationary condition and give us the stable interest rate
environment the markets are looking for.
However, despite Federal Reserve policy and other underlying factors such
as the international exchange rate of the dollar, inflation indicators are
weak, and the fundamentals for municipals remain positive in spite of the
potential negative tone of the overall bond market that could push yields
higher. By far the most significant positive factor for tax-exempts is
limited new supply. Through June of this year, gross issuance was 40% below
the comparable period for last year. As we go forward this year, this
phenomenon, in our view, should help support the value of your Fund.
Additionally, a large amount of municipal bond investment capital will be
returned to investors due to calls, refinancings and maturities. It is likely
that these proceeds will be reinvested in the market, providing it with
potential support. We believe that this provides a setting for municipals to
be a strongly performing sector within the fixed-income markets.
New Jersey municipals should also get some support from the positive
impact the state's new Governor has had on recent state finances. A sound
budget has been passed, along with the second phase of the new tax cut
granting a full 10% state income tax cut for couples earning up to $80,000 a
year (individuals earning $40,000 a year). Couples earning between $80,000
and $150,000 will receive a 2.5% tax cut, and those above $150,000 will
receive a 1% tax cut in their state income taxes. In addition, the recent New
Jersey Supreme Court decision allowing the state almost three years to raise
spending levels in distressed school districts in order to create parity
between districts should keep a controversial issue from invading state
finances for a while.
As is our custom, 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,
(logo signature)
Richard J. Moynihan
President
July 19, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS-99.1% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
NEW JERSEY-83.3%
Atlantic County Utilities Authority, Solid Waste System Revenue:
7%, 3/1/2008............................................................ $ 4,250,000 $ 4,194,665
7.125%, 3/1/2016........................................................ 6,650,000 6,567,806
Bedminster Township Board of Education, COP 7.125%, 9/1/2010................ 2,500,000 2,627,325
Bergen County Utilities Authority, Water Pollution Control System Revenue
5.50%, 12/15/2015 (Insured; FGIC)....................................... 5,000,000 4,598,700
Bordentown Sewer Authority, Revenue:
6%, 12/1/2020 (Insured; MBIA)........................................... 2,800,000 2,936,332
6.80%, 12/1/2025 (Insured; MBIA)........................................ 3,000,000 3,154,590
City of Camden:
Zero Coupon, 2/15/2010 (Insured; FSA)................................... 2,500,000 961,450
Zero Coupon, 2/15/2012 (Insured; FSA)................................... 4,585,000 1,536,479
Camden County Municipal Utilities Authority, Sewer Revenue
8.25%, 12/1/2017 (Insured; FGIC)........................................ 8,480,000 9,481,912
Camden County Pollution Control Financing Authority,
Solid Waste Disposal and Resource Recovery System Revenue:
7.50%, 12/1/2009...................................................... 3,335,000 3,325,262
7.50%, 12/1/2010...................................................... 13,000,000 12,959,310
Cherry Hill Township, Refunding 6.30%, 6/1/2012............................. 4,000,000 4,097,480
East Orange:
Zero Coupon, 8/1/2009 (Insured; FSA).................................. 1,000,000 397,480
Zero Coupon, 8/1/2010 (Insured; FSA).................................. 4,240,000 1,573,040
Zero Coupon, 8/1/2011 (Insured; FSA).................................. 2,500,000 864,825
Elk Township Board of Education, COP 7.375%, 12/1/2009 (Insured; MBIA)...... 2,000,000 2,195,720
Essex County Improvement Authority, Lease Revenue:
7%, 12/1/2020 (Insured; AMBAC).......................................... 4,000,000 4,463,440
(Newark) 6.60%, 4/1/2014................................................ 1,000,000 991,420
Evesham Township Board of Education, COP, Lease Purchase Agreement
6.875%, 9/1/2011 (Insured; FGIC)........................................ 3,250,000 3,452,670
Gloucester Township Municipal Utilities Authority, Revenue
5.65%, 3/1/2018 (Insured; AMBAC)........................................ 2,730,000 2,573,653
Hoboken, Union City and Weehawken Sewage Authority, Sewer Revenue
7.25%, 8/1/2019 (Insured; MBIA)......................................... 7,195,000 8,018,756
Howell Township, Refunding 6.80%, 1/1/2014 (Insured; FGIC).................. 5,000,000 5,279,100
Hudson County Improvement Authority:
Facility Lease Revenue 8.289%, 12/1/2025 (Insured; FGIC) (a,b).......... 13,835,000 12,849,256
Multi-Family Housing Revenue (Conduit Financing - Observer Park Project)
6.90%, 6/1/2022 (Insured; FNMA)....................................... 4,190,000 4,246,858
Jersey City:
Zero Coupon, 5/15/2008 (Insured; FSA)................................... 3,500,000 1,476,125
Zero Coupon, 5/15/2010 (Insured; FSA)................................... 4,745,000 1,726,658
6.60%, 5/15/2011 (Insured; FSA)......................................... 6,550,000 6,817,502
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
Keansburg Board of Education, COP 8%, 11/1/2014............................. $ 7,750,000 $ 8,937,533
Manchester Township Board of Education, COP 7.20%, 12/15/2009 (Insured; MBIA) 4,175,000 4,608,407
Mercer County Improvement Authority, Revenue, Refunding:
Insured Solid Waste (Resource Recovery Project) 6.70%, 4/1/2013 (Insured; FGIC) 11,000,000 11,478,390
Solid Waste (Resource Recovery Project) 6.80%, 4/1/2005................. 6,150,000 6,124,477
Middlesex County Utilities Authority, Sewer Revenue 6%, 8/15/2015 (Insured; AMBAC) 1,500,000 1,487,460
Monmouth County Improvement Authority, Revenue (Asbury Park Project)
7.375%, 12/1/2009....................................................... 3,000,000 3,188,580
Monroe Township Municipal Utilities Authority, Water and Sewer System Revenue
6.875%, 2/1/2017 (Insured; MBIA)........................................ 5,000,000 5,252,200
Borough of Moonachie Board of Education, COP
6.375%, 3/1/2014 (Lease Purchase Agreement; Lamington Funding Corp.).... 3,775,000 3,694,932
Mount Holly Sewage Authority, Sewer Revenue, Refunding
6%, 12/1/2016 (Insured; MBIA)........................................... 1,500,000 1,463,820
New Brunswick Parking Authority, Revenue, Refunding:
7.125%, 9/1/2015 (Insured; FGIC)........................................ 2,000,000 2,212,620
6.50%, 9/1/2019 (Insured; FGIC)......................................... 2,000,000 2,065,860
New Jersey Economic Development Authority, Revenue:
(Community Mental Health Loan Program) 8.50%, 7/1/2017.................. 7,705,000 8,040,707
District Heating and Cooling Revenue (Trigen - Trenton Project):
6.10%, 12/1/2004...................................................... 3,375,000 3,326,265
6.20%, 12/1/2007...................................................... 2,725,000 2,682,708
Economic Development:
(American Airlines Inc. Project) 7.10%, 11/1/2031..................... 2,855,000 2,813,260
First Mortgage (The Evergreens) 9.25%, 10/1/2022...................... 5,000,000 5,224,750
First Mortgage Gross (Mega Care Inc. Project) 8.625%, 8/1/2007........ 5,000,000 5,633,200
Gas Facilities (Elizabethtown Gas Co. Project) 6.75%, 10/1/2021....... 1,350,000 1,388,867
Refunding:
(Manchester Manor Project) 6.70%, 8/1/2022 (Insured; GNMA)........ 2,500,000 2,515,175
(Stolt Terminals Inc. Project) 10.50%, 1/15/2018.................. 9,440,000 10,967,864
(Tevco Inc. Project) 8.125%, 10/1/2009 (LOC; Credit Lyonnais)(c).. 2,500,000 2,720,100
Waste Paper Recycling (Marcal Paper Mills Inc. Project):
6.25%, 2/1/2009................................................... 6,605,000 6,346,348
8.50%, 2/1/2010................................................... 5,850,000 6,688,773
Water Facilities:
(American Water Co. Inc. Project) 6.50%, 4/1/2022 (Insured; FGIC). 32,800,000 33,773,832
(Elizabeth Water Project):
6.60%, 8/1/2021................................................. 6,010,000 6,091,375
6.70%, 8/1/2021................................................. 3,965,000 4,004,928
(Hackensack Water Project) 7%, 10/1/2017.......................... 1,500,000 1,578,945
New Jersey Educational Facilities Authority, Revenue:
(New Jersey Institute of Technology) 6.90%, 7/1/2009 (Insured; MBIA).... 2,000,000 2,122,600
(Seton Hall University Project):
6.85%, 7/1/2019 (Insured; BIGI)....................................... 9,050,000 9,432,091
7%, 7/1/2021.......................................................... 3,500,000 3,622,850
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
New Jersey Educational Facilities Authority, Revenue (continued):
(Trenton State College) 7.125%, 7/1/2009 (Insured; AMBAC)............... $ 4,000,000 $ 4,430,840
(Union County College) 7.25%, 7/1/2009.................................. 2,100,000 2,250,780
New Jersey Health Care Facilities Financing Authority, Revenue:
(Bridgeton and Millville Hospitals):
7.875%, 7/1/2010 (Insured; MBIA)...................................... 1,250,000 1,383,088
8%, Series C 7/1/2013 (Insured; MBIA)................................. 1,735,000 1,946,149
8%, Series D 7/1/2013 (Insured; MBIA)................................. 645,000 723,497
(Community Memorial Hospital Association) 8%, 7/1/2014 (Insured; MBIA).. 2,500,000 2,768,725
(Deborah Heart and Lung Center Issue):
6.20%, 7/1/2013....................................................... 1,250,000 1,197,400
6.30%, 7/1/2023....................................................... 2,700,000 2,578,662
(Elmer Community Hospital) 7.90%, 2/1/2007 (Insured; FHA)............... 3,100,000 3,372,273
Health System (Franciscan Sisters of the Poor - Health Systems, Inc.,
Saint Mary's
Hospital) 5.875%, 7/1/2012 (Insured; MBIA)............................ 3,250,000 2,908,652
(Hunterdon Medical Center) 7%, 7/1/2020 (Insured; AMBAC)................ 5,000,000 5,320,600
(Kennedy Memorial Hospital University Medical Center):
8.375%, 7/1/2010...................................................... 2,065,000 2,369,381
6%, 7/1/2020.......................................................... 4,115,000 3,771,932
(Kimball Medical Center) 8%, 7/1/2013................................... 13,000,000 13,806,260
(Medical Center of Ocean County) 6.75%, 7/1/2020 (Insured; FSA)......... 2,000,000 2,070,820
(Newcomb Medical Center) 7.875%, 7/1/2003............................... 2,795,000 2,932,067
(Overlook Hospital Association) 6%, 7/1/2000 (Insured; FGIC)............ 250,000 260,310
(Palisades Medical Center):
7.50%, 7/1/2006....................................................... 2,600,000 2,609,022
7.60%, 7/1/2021....................................................... 2,400,000 2,416,656
(Princeton Medical Center) 7%, 7/1/2022 (Insured; AMBAC)................ 3,375,000 3,591,405
(Raritan Bay Medical Center) 7.25%, 7/1/2014............................ 13,000,000 12,738,050
(Refunding - Atlantic City Medical Center) 6.80%, 7/1/2011.............. 2,500,000 2,573,025
(Saint Peter's Medical Center) 6%, 7/1/2021 (Insured; MBIA)............. 1,500,000 1,562,535
(Zurbrugg Memorial Hospital) 8.50%, 7/1/2012............................ 9,565,000 10,412,363
New Jersey Housing and Mortgage Finance Agency, Revenue:
Home Buyer:
7.65%, 10/1/2016 (Insured; MBIA)...................................... 1,085,000 1,111,409
8.645%, 4/1/2025 (Insured; MBIA) (a,b)................................ 9,200,000 7,992,500
7.70%, 10/1/2029 (Insured; MBIA)...................................... 6,545,000 6,770,999
Home Mortgage 8.10%, 10/1/2017 (Insured; MBIA).......................... 2,955,000 3,021,990
Multi-Family Housing, Refunding (Presidential Plaza at Newport Project)
7%, 5/1/2030 (Insured; FHA)........................................... 5,000,000 5,075,100
Rental Housing 6.75%, 11/1/2022......................................... 9,310,000 9,470,691
New Jersey Housing Finance Agency, General Resolution (Section 8) 7.10%, 11/1/2012 1,000,000 1,026,700
New Jersey Transit Corp., Lease Purchase Agreement, COP (Raymond Plaza East
Inc.)
6.50%, 10/1/2016 (Insured; FSA)......................................... 4,445,000 4,577,239
New Jersey Transportation Trust Fund Authority 5.043%, 5/15/1997 (a,b)...... 10,000,000 9,612,500
New Jersey Wastewater Treatment Trust, Loan Revenue
7.375%, 5/15/2007 (Insured; MBIA)....................................... 2,000,000 2,172,460
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
North Jersey District Water Supply Commission:
(Wanaque North Project):
6%, 11/15/2019 (Insured; MBIA)........................................ $ 3,850,000 $ 3,756,637
Refunding 6.25%, 11/15/2017 (Insured; MBIA)........................... 1,000,000 997,470
(Wanaque South Project) 6%, 7/1/2019 (Insured; MBIA).................... 2,000,000 1,971,980
Ocean County Pollution Control Financing Authority, PCR, Refunding
(Ciba Giegy Corp Project) 6%, 5/1/2020.................................. 11,700,000 11,058,255
Passaic Board of Education, COP 7.875%, 4/1/2004 (LOC; Marine Midland Bank) (c) 4,000,000 4,529,360
Passaic County Utilities Authority, Solid Waste System Revenue 7%, 11/15/2007 5,000,000 4,957,200
Port Authority of New York and New Jersey:
(Delta Airlines Inc. Project) 6.95%, 6/1/2008........................... 7,200,000 7,129,872
Revenue:
(Consolidated Board 67th Series) 6.875%, 1/1/2025..................... 3,950,000 4,238,034
(Consolidated Board 71st Series) 6.50%, 1/15/2026..................... 4,000,000 4,073,200
(Consolidated Board 73rd Series) 6.75%, 4/15/2026..................... 9,000,000 9,250,740
Special Obligation (Continental-Eastern LaGuardia Project) 9.125%,
12/1/2015 6,500,000 7,242,625
Salem County Improvement Authority, Revenue (County Correctional Facility and
Court
House) 7.125%, 5/1/2017 (Insured; AMBAC)................................ 2,000,000 2,210,060
Salem County Industrial Pollution Control Financing Authority, Revenue
(Atlantic City Electric Project) 7.375%, 4/15/2014...................... 2,575,000 2,768,640
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 4,049,960
Sayreville Housing Development Corp., Mortgage Revenue, Refunding
(Lakeview Section 8) 7.75%, 8/1/2024 (Insured; FHA)..................... 3,000,000 3,222,780
Southeast Morris County Municipal Utilities Authority, Water Revenue
6.50%, 1/1/2011 (Insured; FGIC)......................................... 1,475,000 1,520,577
Union City 6.70%, 9/1/2012 (Insured; MBIA).................................. 4,850,000 5,078,775
Union County Utilities Authority, Solid Waste System Revenue 7.20%, 6/15/2014 9,500,000 9,792,315
University of Medicine and Dentistry 7.20%, 12/1/2019....................... 5,710,000 6,221,844
Wanaque Borough Sewer Authority, Sewer Revenue, Refunding
6%, 12/1/2017 (Insured; AMBAC).......................................... 1,260,000 1,233,565
West New York Municipal Utilities Authority, Sewer Revenue, Refunding
7.30%, 12/15/2017 (Insured; FGIC)....................................... 6,250,000 7,073,813
U.S. RELATED - 15.8%
Guam Power Authority, Revenue 6.30%, 10/1/2022.............................. 3,750,000 3,588,825
Commonwealth of Puerto Rico:
7.30%, 7/1/2000......................................................... 10,850,000 12,248,023
5.50%, 7/1/2013......................................................... 4,500,000 4,064,895
Public Improvement 6.80%, 7/1/2021...................................... 4,400,000 4,876,036
Puerto Rico Electric Power Authority, Power Revenue:
7%, 7/1/2021............................................................ 10,900,000 11,880,673
Refunding 8%, 7/1/2008.................................................. 2,000,000 2,260,520
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
-------------- --------------
U.S. RELATED (CONTINUED)
Puerto Rico Highway and Transportation Authority, Highway Revenue:
6.625%, 7/1/2002........................................................ $ 510,000 $ 559,414
7.219%, 7/1/2007 (a).................................................... 11,100,000 10,059,375
7.226%, 7/1/2009 (a).................................................... 2,950,000 2,566,500
7.75%, 7/1/2016......................................................... 3,460,000 3,985,470
6.625%, Series S, 7/1/2018.............................................. 9,400,000 10,310,766
6.625%, Series T, 7/1/2018.............................................. 2,040,000 2,092,734
Puerto Rico Housing Finance Corp., MFMR
7.50%, 4/1/2022 (LOC; Government Development Bank of Puerto Rico) (c) .. 3,985,000 4,120,012
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue (Baxter Travenol Laboratories) 8%, 9/1/2012 5,000,000 5,551,350
Puerto Rico Public Buildings Authority, Guaranteed Public Education and
Health
Facilities:
6%, 7/1/2012.......................................................... 1,650,000 1,584,099
7%, 7/1/2019.......................................................... 2,000,000 2,181,020
Puerto Rico Urban Renewal and Housing Corp. 7.875%, 10/1/2004............... 2,000,000 2,238,820
University of Puerto Rico, University Revenues, Refunding 6.50%, 6/1/2013... 2,250,000 2,299,635
Virgin Islands, Matching Fund (Hugo Insurance Claims Fund Program)
7.75%, 10/1/2006........................................................ 3,685,000 4,082,869
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7.25%, 10/1/2018............................. 4,750,000 5,016,332
Virgin Islands Water and Power Authority, Electric System Revenue 7.40%, 7/1/2011 4,000,000 4,287,760
--------------
TOTAL MUNICIPAL BONDS
(cost $598,780,204)................................................... $625,915,641
==============
SHORT-TERM MUNICIPAL INVESTMENTS - .9%
NEW JERSEY:
New Jersey Economic Development Authority, Revenue, VRDN:
Economic Development (Merck and Co.) 2.70% (LOC; Bankers Trust Co.) (c,d) $ 2,000,000 $ 2,000,000
Pollution Control:
(Merck and Co.) 3.125% (d)............................................ 800,000 800,000
Refunding (Hoffman LaRoche Project) 2.875% (LOC; Bankers Trust Co.) (c,d) 2,800,000 2,800,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $5,600,000)..................................................... $ 5,600,000
==============
TOTAL INVESTMENTS-100.0%
(cost $604,380,204)................................................... $631,515,641
==============
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation GNMA Government National Mortgage Association
BIGI Bond Investors Guaranty Insurance LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Corporation MFMR Multi-Family Mortgage Revenue
FHA Federal Housing Administration PCR Pollution Control Revenue
FNMA Federal National Mortgage Association VRDN Variable Rate Demand Notes
FSA Financial Security Assurance
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 41.6%
AA Aa AA 8.1
A A A 22.2
BBB Baa BBB 13.4
BB Ba BB 2.7
F1 MIG1 SP1 .1
Not Rated (f) Not Rated (f) Not Rated (f) 11.9
------
100.0%
======
</TABLE>
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 June 30,
1994, these securities amounted to $30,454,256 or 4.8% of net assets.
(c) Secured by letters of credit.
(d) Securities 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
number of investments.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $604,380,204)-see statement..................................... $631,515,641
Cash.................................................................... 4,157,511
Interest receivable..................................................... 12,731,123
Prepaid expenses........................................................ 27,180
--------------
648,431,455
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 349,813
Payable for investment securities purchased............................. 12,906,794
Accrued expenses........................................................ 236,254 13,492,861
------------- --------------
NET ASSETS ................................................................ $634,938,594
==============
REPRESENTED BY:
Paid-in capital......................................................... $608,729,847
Accumulated net realized (loss) on investments.......................... (926,690)
Accumulated net unrealized appreciation on investments-Note 3........... 27,135,437
--------------
NET ASSETS at value applicable to 48,927,171 outstanding shares of
Common Stock, equivalent to $12.98 per share (500 million shares of
$.001 par value authorized)............................................. $634,938,594
==============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 22,132,018
EXPENSES:
Management fee-Note 2(a).............................................. $ 2,003,225
Shareholder servicing costs-Note 2(b)................................. 1,054,068
Custodian fees........................................................ 36,881
Professional fees..................................................... 25,384
Prospectus and shareholders' reports-Note 2(b)........................ 19,469
Directors' fees and expenses-Note 2(c)................................ 12,809
Registration fees..................................................... 2,342
Miscellaneous......................................................... 195,771
-------------
3,349,949
Less-reduction in shareholder servicing costs
due to undertaking-Note 2(b)...................................... 727,917
-------------
TOTAL EXPENSES.................................................. 2,622,032
--------------
INVESTMENT INCOME-NET........................................... 19,509,986
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (1,582,573)
Net unrealized (depreciation) on investments............................ (51,701,442)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (53,284,015)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (33,774,029)
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1994
1993 (UNAUDITED)
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 39,555,174 $ 19,509,986
Net realized gain (loss) on investments................................ 1,854,233 (1,582,573)
Net unrealized appreciation (depreciation) on investments for the period 41,608,187 (51,701,442)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... 83,017,594 (33,774,029)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................. (39,555,174) (19,509,986)
Net realized gain on investments....................................... (1,117,588) --
-------------- --------------
TOTAL DIVIDENDS...................................................... (40,672,762) (19,509,986)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 259,116,860 95,035,129
Dividends reinvested................................................... 32,091,573 15,094,528
Cost of shares redeemed................................................ (222,267,812) (147,721,906)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.... 68,940,621 (37,592,249)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.......................... 111,285,453 (90,876,264)
NET ASSETS:
Beginning of period.................................................... 614,529,405 725,814,858
-------------- --------------
End of period.......................................................... $725,814,858 $634,938,594
============ =============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 18,866,106 7,091,053
Shares issued for dividends reinvested................................. 2,325,735 1,131,788
Shares redeemed........................................................ (16,110,778) (11,022,696)
-------------- --------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING........................ 5,081,063 (2,799,855)
============= =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<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 period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED
JUNE 30, 1994
--------------------------------------------------
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- ------- ------ ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $12.16 $12.36 $12.47 $13.06 $13.17 $14.03
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net.................. .83 .83 .81 .80 .79 .39
Net realized and unrealized gain (loss)
on investments....................... .24 .11 .63 .31 .88 (1.05)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS..... 1.07 .94 1.44 1.11 1.67 (.66)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net... (.83) (.83) (.81) (.80) (.79) (.39)
Dividends from net realized gain on investments (.04) -- (.04) (.20) (.02) --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS.................. (.87) (.83) (.85) (1.00) (.81) (.39)
------ ------ ------ ------ ------ ------
Net asset value, end of period......... $12.36 $12.47 $13.06 $13.17 $14.03 $12.98
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 9.11% 7.94% 11.95% 8.77% 12.97% (9.58)%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .82% .77% .75% .73% .72% .79%(1)
Ratio of net investment income to average
net assets........................... 6.77% 6.74% 6.36% 6.06% 5.74% 5.84%(1)
Decrease reflected in above expense ratios
due to undertakings by the Manager.......... .25% .25% .25% .25% .25% .22%(1)
Portfolio Turnover Rate................ 34.96% 25.02% 22.53% 33.58% 6.05% 8.12%(2)
Net Assets, end of period (000's Omitted) $256,902 $350,416 $515,706 $614,529 $725,815 $634,939
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 are readily
available and are representative of the bid side of the market in the
judgment of the Service are valued at the mean between the quoted bid prices
(as obtained by the Service from dealers in such securities) and asked prices
(as calculated by the Service based upon its evaluation of the market for
such securities). Other investments (which constitute a majority of the
portfolio securities) are carried at fair value as determined by the Service,
based on methods which include consideration of: yields or prices of
municipal securities of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of 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 applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from 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 11/2% of the average value of the Fund's net
assets for any full year. There was no expense reimbursement for the six
months ended June 30, 1994.
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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 six months ended June 30, 1994, $840,791 was
charged to the Fund pursuant to the Plan, of which $727,917 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 (the "Merger Agreement") providing for the merger of the Manager
with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Merger will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved by
the Fund's Board, recently have been mailed to Fund shareholders.
NOTE 3-SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $65,935,214 and
$106,638,582, respectively, for the six months ended June 30, 1994, and
consisted entirely of municipal bonds and short-term municipal investments.
At June 30, 1994, accumulated net unrealized appreciation on investments
was $27,135,437, consisting of $33,311,331 gross unrealized appreciation and
$6,175,894 gross unrealized depreciation.
At June 30, 1994, 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.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New Jersey Municipal Bond Fund, Inc., including the statement of
investments, as of June 30, 1994, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended June 30, 1994. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
December 31, 1993 and financial highlights for each of the five years in the
period ended December 31, 1993 and in our report dated January 31, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(logo Signature)
New York, New York
August 1, 1994
(Dreyfus Logo)
New Jersey
Municipal
Bond Fund, Inc.
Semi-Annual
Report
June 30, 1994
(Dreyfus Lion D Logo)
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
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. 750SA946
Registration Mark
