LETTER TO SHAREHOLDERS
Dear Shareholder:
At the end of the 6-month reporting period ended September 30, 1994, the
Fund had a net asset value per share of $12.95 representing a $.13 (.99%)
decline since the end of our last reporting period on March 31, 1994. Income
dividends of approximately $.33 per share were paid during the period, which
translates into an annualized distribution rate per share of 5.06%, based on
the September 30 closing net asset value per share of $12.95. We are pleased
to report that all dividends paid from the net investment income during this
period were exempt from Federal and State of New Jersey income taxes,
although certain shareholders may be subject to the Federal Alternative
Minimum Tax on some portfolio income.
During the 6-month period, volatility continued to punctuate the market.
Municipal rates rose 130 basis points from one year ago versus 219 basis
points in the Treasury market. While the cause of the increase has been a
fear of higher inflation, which prompted five rate hikes by the Federal
Reserve Board this year, the cause of that concern has yet to be realized.
Inflation remained steady at 2.9%, but the consensus for 1995 has inflation
pegged in the 3% to 3.5% range. While there seems to be agreement on the
direction of inflation, its magnitude remains to be seen.
In order to navigate through these turbulent waters, we found it prudent
to emphasize quality and attempt to maintain a steady level of income. The
approach was simple in theory, but achieving the result became difficult as
the available supply of New Jersey tax exempt obligations in both the
new-issue market and the secondary market dried up rapidly. In light of that
fact, the Fund sought to accomplish its goal by selling lower-coupon bonds
when they were in demand, and replacing them with higher-yielding bonds when
their supply became ample. In addition, while this could have been done
handily by lowering the overall quality of the portfolio, we chose to
maintain a high quality portfolio, with most bonds rated AAA and AA. As we
move forward, our posture will be to capitalize on value in the market,
working to boost the portfolio's yield when it is prudent to do so.
We are well aware of the variables, both real and perceived, that
contribute to the volatility in the market, all the while continuing to
transact our daily Fund business with an eye toward achieving your investment
goals. We will continue to make our best effort to manage your portfolio
prudently through the economic and political events that have the potential
to affect results.
We have provided a current Statement of Investments and recent financial
statements for your review. We greatly appreciate your investment in the Fund
and look forward to serving your investment needs as we move ahead.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 17, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
NEW JERSEY-78.6%
Atlantic County, General Improvement:
5.30%, 8/1/2002 (Insured; MBIA)......................................... $ 475,000 $ 474,962
5.50%, 8/1/2004 (Insured; MBIA)......................................... 380,000 379,966
Bayshore Regional Sewer Authority, Subordinated Sewer Revenue
5.10%, 5/1/2004 (Insured; MBIA)......................................... 1,110,000 1,065,223
Burlington County, Refunding:
5.35%, 9/15/2003........................................................ 1,000,000 988,080
Solid Waste Utility 4.70%, 3/15/2004.................................... 2,000,000 1,822,440
Camden County:
5%, 2/1/2007 (Insured; FGIC)............................................ 2,515,000 2,289,581
Refunding:
5.50%, 8/1/1998 (Insured; MBIA)....................................... 1,000,000 1,027,710
5.25%, 6/1/2000 (Insured; MBIA)....................................... 1,000,000 1,004,300
5.40%, 6/1/2001 (Insured; MBIA)....................................... 2,500,000 2,522,075
Camden County Improvement Authority, Revenue:
County Guaranteed Lease:
5.40%, 12/1/2002...................................................... 855,000 850,469
5.85%, 10/1/2006 (Insured; MBIA)...................................... 1,000,000 1,000,850
(Health Services Center) 4.80%, 12/1/2004 (Insured; AMBAC).............. 1,555,000 1,427,692
Cape May Municipal Utilities Authority, Sewer Revenue, Refunding
5.60%, 1/1/2003 (Insured; AMBAC)........................................ 1,010,000 1,023,211
Cherry Hill Township:
General and Water Assessment 5.30%, 9/1/2002............................ 1,220,000 1,219,939
Sewer and Sewer Assessment 5.30%, 9/1/2002.............................. 150,000 149,992
Dover Township:
5.80%, 10/15/2001 (Insured; AMBAC)...................................... 1,740,000 1,806,033
5.90%, 10/15/2002 (Insured; AMBAC)...................................... 1,640,000 1,708,060
Township of East Brunswick, Refunding 4.75%, 4/1/2004....................... 1,310,000 1,211,488
East Windsor Municipal Utility Authority, Revenue, Refunding
4.80%, 12/1/2004 (Insured; AMBAC)....................................... 1,260,000 1,157,297
Township of Egg Harbor Board of Education, School
4.75%, 2/15/2004 (Insured; FSA)......................................... 2,275,000 2,086,971
Essex County Improvement Authority, Revenue (Irvington County School
District)
6.10%, 10/1/2001 (Insured; FSA)......................................... 1,415,000 1,493,193
Ewing Township 5.80%, 8/1/1998 (Insured; AMBAC)............................. 500,000 519,240
Gloucester County Improvement Authority:
County Guaranteed Revenue (Governmental Leasing Program) 5.50%, 7/15/2002 1,000,000 998,650
Guaranteed Solid Waste Revenue, Refunding (Landfill Project) 5.60%, 9/1/2002 1,830,000 1,859,115
Gloucester Township, Refunding 5.20%, 7/15/2004 (Insured; AMBAC)............ 795,000 774,712
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
Hamilton Township:
General Improvement:
5.20%, 9/1/2001 (Insured; FGIC)....................................... $ 600,000 $ 600,660
5.20%, 9/1/2002 (Insured; FGIC)....................................... 600,000 595,746
Sewer Utility:
5.20%, 9/1/2001 (Insured; FGIC)....................................... 450,000 450,495
5.20%, 9/1/2002 (Insured; FGIC)....................................... 450,000 446,810
Highland Park, Water and Sewer Utility:
6%, 10/15/2003.......................................................... 360,000 371,642
6%, 10/15/2004.......................................................... 470,000 482,845
City of Hoboken Parking Authority, Parking General Revenue, Refunding:
6.10%, 3/1/2002......................................................... 375,000 380,813
6.20%, 3/1/2003......................................................... 395,000 401,379
Hudson County:
4.70%, 8/1/2002......................................................... 500,000 464,460
4.75%, 8/1/2003......................................................... 500,000 459,985
Hudson County Improvement Authority, Solid Waste System Revenue 6.75%, 1/1/2003 3,000,000 2,963,520
Lacy Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA)........................................ 1,060,000 1,033,415
5.20%, 12/1/2004 (Insured; MBIA)........................................ 1,215,000 1,183,106
Long Branch Sewerage Authority, Revenue, Refunding:
5%, 6/1/2003 (Insured; FGIC)............................................ 610,000 590,364
5.10%, 6/1/2004 (Insured; FGIC)......................................... 690,000 666,947
Manalpan-Englishtown Regional School District Board of Education, School
5%, 5/1/2004............................................................ 1,950,000 1,864,219
Mercer County Improvement Authority, Revenue:
Refunding (Special Services School District) 5.30%, 12/15/2002.......... 845,000 844,924
Township Guaranteed Refunding (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA)....................................... 470,000 482,573
Middlesex County Utilities Authority, Solid Waste System Revenue
5.90%, 12/1/1999 (Insured; FGIC)........................................ 4,500,000 4,653,135
Township of Middletown, Refunding 4.90%, 8/1/2004........................... 1,810,000 1,689,038
Monmouth County Improvement Authority, Revenue
(Correctional Facilities - Monmouth Project) 6%, 8/1/2000............... 1,265,000 1,312,691
City of Newark Board of Education 5.875%, 12/15/2006 (Insured; MBIA)........ 1,755,000 1,754,052
State of New Jersey:
5.80%, 8/1/2001......................................................... 2,000,000 2,069,280
6.25%, 9/15/2001........................................................ 1,875,000 1,988,662
5.90%, 8/1/2002......................................................... 5,500,000 5,708,890
Refunding,
5.50%, 2/15/2004...................................................... 5,000,000 4,985,150
New Jersey Building Authority, State Building Revenue, Refunding 4.70%, 6/15/2006 1,265,000 1,120,170
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority:
District Heating and Cooling Revenue (Trenton-Trigen Project) 6.10%, 12/1/2004 $ 3,375,000 $ 3,334,534
Economic Growth, Revenue:
4.80%, 10/1/2003 (LOC; National Westminister Bank) (a)................ 1,000,000 938,850
5%, 10/1/2005 (LOC; National Westminister Bank) (a)................... 1,500,000 1,436,085
Waste Paper Recycling (MPMI Inc. Project) 5.75%, 2/1/2004............... 2,500,000 2,435,100
New Jersey Educational Facilities Authority, Revenue:
Higher Educational Facilities (Saint Peter's College Issue) 6%, 7/1/1998 280,000 288,033
(Institute of Advanced Study) 6.15%, 7/1/2004........................... 560,000 584,444
(Princeton University) 5.50%, 7/1/2004.................................. 2,255,000 2,254,775
Refunding (Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA).............. 1,010,000 980,528
(Rowan College) 5.15%, 7/1/2004 (Insured; MBIA)......................... 825,000 800,926
New Jersey Health Care Facilities Financing Authority, Revenue:
(Allegany Health System - Our Lady of Lourdes Medical Center Issue):
4.80%, 7/1/2005 (Insured; MBIA)....................................... 1,580,000 1,423,059
(Deborah Heart and Lung Center Issue):
5.10%, 7/1/1999....................................................... 575,000 562,649
5.30%, 7/1/2000....................................................... 600,000 590,088
5.60%, 7/1/2003....................................................... 1,710,000 1,669,131
5.80%, 7/1/2004....................................................... 745,000 729,191
5.90%, 7/1/2005....................................................... 790,000 774,081
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA)................. 1,630,000 1,590,554
Refunding:
(Atlantic City Medical Center Issue):
6.25%, 7/1/2000................................................... 430,000 438,458
6.30%, 7/1/2001................................................... 3,365,000 3,429,305
(Burdette Tomlin Memorial Hospital Issue) 6%, 7/1/2003 (Insured; FGIC) 1,665,000 1,726,722
(Chilton Memorial Hospital) 4.80%, 7/1/2004........................... 2,120,000 1,928,161
(Raritan Bay Medical Center Issue) 6.625%, 7/1/2005................... 2,800,000 2,756,404
(West Jersey Health System) 5.45%, 7/1/2002 (Insured; MBIA)........... 2,160,000 2,167,927
New Jersey Higher Education Assistance Authority, Student Loan Revenue:
6.80%, 7/1/2000......................................................... 950,000 1,004,103
(NJClass Loan Program) 5.60%, 1/1/2001.................................. 1,180,000 1,165,746
New Jersey Highway Authority, Senior Parkway Revenue, Refunding
(Garden State Parkway):
5.70%, 1/1/2002....................................................... 500,000 508,555
5.90%, 1/1/2004....................................................... 500,000 513,570
New Jersey Housing and Mortgage Finance Agency, Housing Revenue, Refunding:
6.20%, 11/1/2004........................................................ 4,000,000 4,044,520
6.60%, 11/1/2004........................................................ 3,660,000 3,654,620
New Jersey Sports and Exposition Authority:
Convention Center Luxury Tax Revenue 5.75%, 7/1/2002 (Insured; MBIA).... 2,000,000 2,061,540
Sports Complex Refunding 5%, 1/1/2006................................... 1,185,000 1,096,244
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
New Jersey Transportation Trust Fund Authority, Transportation System:
5.60%, 6/15/1998........................................................ $ 1,000,000 $ 1,028,160
6%, 6/15/2001........................................................... 5,500,000 5,708,175
6.25%, 12/15/2003....................................................... 3,000,000 3,151,710
New Jersey Turnpike Authority, Turnpike Revenue:
5.40%, 1/1/1999......................................................... 1,000,000 1,013,540
5.70%, 1/1/2001......................................................... 1,000,000 1,014,580
5.80%, 1/1/2002......................................................... 2,230,000 2,277,365
New Jersey Wastewater Treatment Trust, Loan Revenue 6.30%, 7/1/2005......... 3,595,000 3,760,514
North Brunswick Township 6.30%, 5/15/2006................................... 1,860,000 1,945,709
North Jersey District Water Supply Commission, Revenue, Refunding
(Wanaque South Project):
5.40%, 7/1/2002 (Insured; MBIA)....................................... 2,795,000 2,830,049
5.50%, 7/1/2003 (Insured; MBIA)....................................... 2,250,000 2,277,833
Ocean County, General Improvement:
5.25%, 9/1/2001......................................................... 1,600,000 1,605,440
5.25%, 9/1/2002......................................................... 2,115,000 2,105,419
5.30%, 9/1/2003......................................................... 2,115,000 2,092,708
5.125%, 7/1/2004........................................................ 1,000,000 962,760
5.125%, 7/1/2005........................................................ 2,100,000 1,997,226
5.65%, 7/1/2005......................................................... 2,100,000 2,098,110
5.65%, 7/1/2007......................................................... 1,840,000 1,802,206
Parsippany - Troy Hills Township, Refunding 6%, 4/1/2004.................... 1,630,000 1,698,248
City of Passaic Board of Education 5.40%, 4/1/2002.......................... 1,255,000 1,264,726
Passaic Valley Sewer Commissioners, Sewer System, Refunding
5.70%, 12/1/1999 (Insured; AMBAC)....................................... 1,600,000 1,658,448
City of Perth Amboy Board of Education, COP, Lease Purchase Agreement
(FWB Leasecorp,Inc.) 5.60%, 12/15/2002 (Insured; FSA)................... 1,265,000 1,299,193
Pinelands Regional Board of Education, Refunding COP, Lease Purchase
Agreement
(A & R Hunt Enterprises, Inc.) 5.70%, 2/15/2003 (Insured; FSA).......... 350,000 359,345
Port Authority of New York and New Jersey (Consolidated Board 91st Series)
4.70%, 11/15/2004....................................................... 3,420,000 3,105,394
Township of Roxbury, Water and Sewer Assessment 5.05%, 8/1/2004 (Insured; AMBAC) 1,175,000 1,129,974
Rutgers State University, University Revenue, Refunding
(State University of New Jersey) 6.30%, 5/1/2005........................ 2,900,000 3,051,003
South Brunswick Township:
5.55%, 8/1/2001......................................................... 425,000 434,414
5.55%, 8/1/2002......................................................... 421,000 428,182
South Jersey Port Corp., Marine Terminal Revenue:
4.85%, 1/1/2001......................................................... 790,000 770,534
5.05%, 1/1/2003......................................................... 835,000 813,758
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
South Jersey Port Corp., Marine Terminal Revenue (continued):
5.30%, 1/1/2005......................................................... $ 930,000 $ 889,508
5.40%, 1/1/2006......................................................... 1,010,000 962,298
South Jersey Transportation Authority, Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA)........................................ 2,000,000 2,039,080
Stony Brook Regional Sewer Authority, Revenue, Refunding 5.55%, 12/1/2005... 1,000,000 987,640
Sussex County, Refunding 4.65%, 12/1/2002 (Insured; MBIA)................... 1,225,000 1,141,822
Sussex County Municipal Utilities Authority, Wastewater Facilities Revenue,
Refunding 5%, 12/1/2003 (Insured; MBIA)................................. 1,755,000 1,707,703
Trenton 5.25%, 8/1/2002 (Insured; FGIC)..................................... 1,000,000 996,750
Warren County Pollution Control Financing Authority, Landfill Revenue,
Refunding
5.60%, 12/1/2002........................................................ 1,765,000 1,744,385
West Morris Regional High School District Board of Education, School
5.875%, 1/15/2004....................................................... 250,000 257,838
West Orange:
5.40%, 9/1/2001......................................................... 880,000 888,034
5.40%, 9/1/2002......................................................... 880,000 881,074
West Windsor Township, General Improvement:
5.70%, 10/15/2002....................................................... 600,000 609,642
5.90%, 10/15/2003....................................................... 600,000 613,842
West Windsor-Plainsboro Regional Board of Education, Refunding COP, Lease
Purchase Agreement (Lamington Funding Corp.) 5.50%, 3/15/2003 (Insured; MBIA) 1,115,000 1,107,529
Woodbridge Township:
5.65%, 8/15/2002........................................................ 1,320,000 1,342,955
6.20%, 8/15/2007........................................................ 2,000,000 2,021,880
U.S. RELATED -21.4%
Guam Government:
5.75%, 8/15/1999........................................................ 7,000,000 6,962,410
4.70%, 11/15/2002....................................................... 3,000,000 2,747,760
Guam Airport Authority, General Revenue 6%, 10/1/2000....................... 1,200,000 1,203,876
Commonwealth of Puerto Rico, Improvement, Refunding:
5.20%, 7/1/2003......................................................... 2,195,000 2,118,131
5.20%, 7/1/2003 (Insured; MBIA)......................................... 5,000,000 4,906,650
5.30%, 7/1/2004 (Insured; MBIA)......................................... 9,000,000 8,818,200
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA).......................................... 4,560,000 4,616,954
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding:
5.875%, 7/1/1999........................................................ 500,000 513,560
5.10%, 7/1/2003......................................................... 3,000,000 2,858,730
6.505%, 7/1/2004 (b).................................................... 5,000,000 4,481,250
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
U.S. RELATED (CONTINUED)
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental
Control
Facilities Financing Authority, Higher Education Revenue
(Polytechnic University of Puerto Rico) 5.40%, 8/1/2003................. $ 1,010,000 $ 958,490
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 2,100,000 2,101,092
Puerto Rico Public Buildings Authority, Guaranteed Public Education and
Health
Facilities, Refunding 5.40%, 7/1/2004................................... 5,000,000 4,853,700
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program / GO
Matching Fund) 5.65%, 10/1/2003......................................... 3,900,000 3,820,128
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7%, 10/1/2002................................ 250,000 263,032
Virgin Islands Water and Power Authority, Water System Revenue 7.20%, 1/1/2002 400,000 406,004
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $245,725,320)..................................................... $240,820,793
==============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation GO General Obligation
COP Certificate of Participation LOC Letter of Credit
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FSA Financial Security Assurance
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 35.1%
AA Aa AA 31.1
A A A 20.1
BBB Baa BBB 9.7
Not Rated Not Rated Not Rated 4.0
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
See independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $245,725,320)-see statement..................................... $240,820,793
Interest receivable..................................................... 3,681,715
Receivable for investment securities sold............................... 1,051,157
Prepaid expenses........................................................ 23,698
--------------
245,577,363
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 19,813
Due to Custodian........................................................ 7,219,268
Accrued expenses ....................................................... 104,493 7,343,574
------------ ------------
NET ASSETS ................................................................ $238,233,789
--------------
--------------
REPRESENTED BY:
Paid-in capital......................................................... $246,585,814
Accumulated net realized (loss) on investments.......................... (3,447,498)
Accumulated net unrealized (depreciation) on investments-Note 3......... (4,904,527)
--------------
NET ASSETS at value applicable to 18,399,188 outstanding shares of
Beneficial Interest, equivalent to $12.95 per share
(unlimited number of $.001 par value shares authorized)................. $238,233,789
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 6,374,133
EXPENSES:
Management fee-Note 2(a).............................................. $ 717,075
Shareholder servicing costs-Note 2(b)................................. 212,634
Professional fees..................................................... 15,326
Custodian fees........................................................ 12,372
Prospectus and shareholders' reports.................................. 9,170
Trustees' fees and expenses-Note 2(c)................................. 6,398
Registration fees..................................................... 723
Miscellaneous......................................................... 55,854
------------
1,029,552
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 639,151
------------
TOTAL EXPENSES.................................................. 390,401
------------
INVESTMENT INCOME-NET........................................... 5,983,732
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $(3,042,409)
Net unrealized appreciation on investments.............................. 489,766
------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (2,552,643)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 3,431,089
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MARCH 31, SEPTEMBER 30, 1994
1994 (UNAUDITED)
--------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 10,216,060 $ 5,983,732
Net realized (loss) on investments................................... (182,265) (3,042,409)
Net unrealized appreciation (depreciation) on investments for the period (7,304,383) 489,766
--------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 2,729,412 3,431,089
--------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (10,216,060) (5,983,732)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 209,671,407 53,529,118
Dividends reinvested................................................. 8,766,001 5,082,911
Cost of shares redeemed.............................................. (101,855,386) (56,117,785)
--------------- ---------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... 116,582,022 2,494,244
--------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 109,095,374 (58,399)
NET ASSETS:
Beginning of period.................................................. 129,196,814 238,292,188
--------------- ---------------
End of period........................................................ $ 238,292,188 $ 238,233,789
=============== ===============
SHARES SHARES
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 15,306,883 4,091,849
Shares issued for dividends reinvested............................... 640,957 387,924
Shares redeemed...................................................... (7,460,945) (4,299,674)
--------------- ---------------
NET INCREASE IN SHARES OUTSTANDING................................. 8,486,895 180,099
=============== ===============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest 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 MARCH 31, SIX MONTHS ENDED
---------------------- SEPTEMBER 30, 1994
PER SHARE DATA: 1993(1) 1994 (UNAUDITED)
------- ------- -----------------
<S> <C> <C> <C>
Net asset value, beginning of period.............. $12.50 $13.28 $13.08
------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net............................. .60 .68 .33
Net realized and unrealized gain (loss) on investments .78 (.20) (.13)
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS................ 1.38 .48 .20
------- ------- -------
DISTRIBUTIONS;
Dividends from investment income-net.............. (.60) (.68) (.33)
------- ------- -------
Net asset value, end of period.................... $13.28 $13.08 $12.95
------- ------- -------
------- ------- -------
TOTAL INVESTMENT RETURN 13.48%(2) 3.52% 3.03%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........... -- .06% .33%(2)
Ratio of net investment income to average net assets 5.27%(2) 4.97% 5.01%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager..................... 1.10%(2) .83% .53%(2)
Portfolio Turnover Rate........................... 32.99%(3) 5.99% 24.11%(3)
Net Assets, end of period (000's Omitted)......... $129,197 $238,292 $238,234
- ------------------------
(1) From May 27, 1992 (commencement of operations) to March 31, 1993.
(2) Annualized.
(3) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, Dreyfus became a direct subsidiary of
Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(A) PORTFOLIO VALUATION: The Fund's investments are valued each business
day by an independent pricing service ("Service") approved by the Board of
Trustees. 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 original issue 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 daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, 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 and
excise taxes.
The Fund has an unused capital loss carryover of approximately $5,400
available for Federal income tas purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through March 31, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, the carryover expires in
fiscal 2002.
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. However, the Manager had
undertaken from April 1, 1994 through May 1, 1994 to waive receipt of the
management fee payable to it by the Fund, and thereafter, had undertaken
through October 16, 1994 to reduce the management fee paid by the Fund, to
the extent that the Fund's aggregate expenses (excluding certain expenses as
described above) exceeded specified annual percentages of the Fund's average
daily net assets. The reduction in management fee, pursuant to the
undertakings, amounted to $639,151 for the six months ended September 30,
1994.
The Manager has currently undertaken from October 17, 1994 through
December 31, 1994, or until such time as the net assets of the Fund exceed
$325 million, regardless of whether they remain at that level, to waive
receipt of the management fee payable to it by the Fund in excess of an
annual rate of .20 of 1% of the Fund's average net assets.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. 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 six months
ended September 30, 1994, the Fund was charged an aggregate of $92,901
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994 certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $1,500 and an attendance fee of $500 per meeting.
Prior to August 10, 1994, the annual fee was $1,000 and the attendance fee
was $250.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $73,121,489 and $68,189,312, respectively, for the six months
ended September 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At September 30, 1994, accumulated net unrealized depreciation on
investments was $4,904,527,consisting of $793,272 gross unrealized
appreciation and $5,697,799 gross unrealized depreciation.
At September 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 INTERMEDIATE MUNICIPAL BOND FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New Jersey Intermediate Municipal Bond Fund, including the statement
of investments as of September 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended September 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
March 31, 1994 and financial highlights for each of the two years in the
period ended March 31, 1994 and in our report dated May 6, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(ERNST & YOUNG LLP, SIGNATURE LOGO)
New York, New York
November 7, 1994
(Dreyfus Lion "D" Logo)
DREYFUS NEW JERSEY INTERMEDIATE
MUNICIPAL BOND FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 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. 751SA949
(Dreyfus Logo)
New Jersey
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
September 30, 1994
