DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS NEW JERSEY
INTERMEDIATE MUNICIPAL BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL
BOND INDEX
(EXHIBIT A)
Past performance is not predictive of future performance.
The above illustration compares a $10,000 investment made in the
Dreyfus New Jersey Intermediate Municipal Bond Fund on 6/26/92
(Inception Date) to a $10,000 investment made in the Lehman Brothers 10-
Year Municipal Bond Index on that date. For comparative purposes, the
value of the Index on 6/30/92 is used as the beginning value on 6/26/92.
All dividends and capital gain distributions are reinvested.
The Fund invests primarily in New Jersey municipal securities and has a
portfolio with a weighted-average maturity of between 3 and 10 years.
The Fund's performance takes into account fees and expenses. Unlike the
Fund, the Lehman Brothers 10-Year Municipal Bond Index is an unmanaged
total return performance benchmark for the investment-grade 10-year tax
exempt bond market, consisting of municipal bonds with maturities of
more than 8 years and less than 12 years. The Index does not take into
account charges, fees and other expenses. Further information relating to
Fund performance, including expense reimbursements, if applicable, is
contained in the Condensed Financial Information section of the
Prospectus and elsewhere in this report.
* Source: Lehman Brothers
PRESIDENT'S LETTER
Dear Shareholder:
For the fiscal year ended March 31, 1994, the net asset value of your
Fund was $13.08 per share. This was $.20 a share lower than the closing
price at our fiscal year-end close on March 31, 1993. Income dividends of
approximately $.68 per share were paid during this period, which translate
into a distribution rate per share of 5.21%, based on the March 31 closing
net asset value per share. We are pleased to report that all dividends paid
from the net investment income during this period were exempt from
Federal and New Jersey State income taxes, although certain shareholders
may be subject to the Federal Alternative Minimum Tax on some portfolio
income.
The sustained market correction substantially increased volatility
in both U.S. and international financial markets. In early February and
again in late March, the Federal Reserve Board tightened short-term
interest rates in advance of possible higher levels of inflation. As a
result, short-term interest rates rose approximately 75 basis points and
long-term yields increased approximately 115 basis points, overall. These
events contributed to the net decline in your Fund's share price over the
period. Additionally, it is anticipated that further rate hikes will be
forthcoming, should the economy continue to signal an unacceptable rate
of growth. This factor, coupled with political uncertainty, will influence
both the bond and equity markets and may leave these markets in a
volatile position.
The rise in bond yields has dramatically curtailed the supply of new
issues in the municipal market and precluded any near-term prospect of
refunding the last marginal candidates. As for demand, with top marginal
Federal tax rates alone at nearly 40% and municipal bond yields
substantially higher than just a few months ago, investment opportunities
will once again be present when concerns over inflation subside and
interest rates stabilize.
Our current investment strategy is to maintain a defensive posture
in an effort to offset near-term volatility in the market. To this end, we
seized the opportunity to sell lower coupon bonds and raise cash to
position the Fund to capitalize on higher yields once interest rates
stabilize. It is our hope at present to purchase higher-yielding securities
while maintaining a high level of credit quality. Some economists predict
that rates may turn lower again as we approach year-end; this remains to
be seen. We will attempt to capture higher yields through the second and
third quarters assuming the market plays out as indicated. We will,
however, monitor market changes very closely and adjust our strategy to
accommodate your investment goals.
It is our intention to continue to focus our efforts on the potential
for additional market volatility and manage the portfolio with an eye
toward navigating it through these difficult times. We will attempt to
identify opportunities that will favorably enhance the portfolio and help
to appreciate your investment in the Fund. A current Statement of
Investments and recent financial statements are provided for your review.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
April 15, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS-100.0% AMOUNT VALUE
------------ ------------
<S> <C> <C>
NEW JERSEY-80.3%
Atlantic County, General Improvement:
5.30%, 8/1/2002 (Insured; MBIA)............................................ $ 670,000 $ 676,425
5.50%, 8/1/2004 (Insured; MBIA)............................................ 380,000 383,618
Bayshore Regional Sewerage Authority, Subordinated Sewer Revenue:
5%, 5/1/2003 (Insured; MBIA)............................................... 1,060,000 1,030,564
5.10%, 5/1/2004 (Insured; MBIA) 1,110,000 1,076,755
Bergen County Utilities Authority, Water PCR 5.375%, 12/15/2001 (Insured; FGIC) 1,000,000 1,021,090
Burlington County, Refunding:
5.20%, 9/15/2002........................................................... 2,680,000 2,663,652
5.35%, 9/15/2003........................................................... 1,000,000 997,030
Solid Waste Utility, Refunding 4.70%, 3/15/2004............................ 2,000,000 1,852,440
Camden County:
5%, 2/1/2007 (Insured; FGIC)............................................... 2,515,000 2,356,077
Refunding:
5.50%, 8/1/1998 (Insured; MBIA)........................................ 1,000,000 1,034,920
5.25%, 6/1/2000 (Insured; MBIA)........................................ 1,000,000 1,006,460
5.40%, 6/1/2001 (Insured; MBIA)........................................ 2,500,000 2,539,850
Camden County Improvement Authority, Revenue:
County Guaranteed Lease 5.40%, 12/1/2002................................... 855,000 856,103
(Health Services Center) 4.80%, 12/1/2004 (Insured; AMBAC)................. 1,555,000 1,457,175
Cape May Municipal Utilities Authority, Refunding:
Sewer Revenue:
5.60%, 1/1/2003 (Insured; AMBAC)....................................... 1,010,000 1,035,159
4.60%, 1/1/2004 (Insured; FGIC)........................................ 2,500,000 2,290,975
Solid Waste Revenue 5.10%, 8/1/2004 (Insured; AMBAC)....................... 3,075,000 3,016,729
Cherry Hill Township:
General and Water Assessment 5.30%, 9/1/2002............................... 1,220,000 1,233,139
Sewer and Sewer Assessment 5.30%, 9/1/2002................................. 150,000 151,616
Cumberland County, General Improvement 4.60%, 9/15/2004 (Insured; FSA)......... 1,545,000 1,426,236
Delaware River and Bay Authority, Revenue, Refunding 4.60%, 1/1/2005.......... 2,000,000 1,811,320
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, Refunding
6.25%, 7/1/2012 (Insured; FGIC)............................................ 500,000 504,420
Dover Township:
5.80%, 10/15/2001 (Insured; AMBAC)......................................... 1,740,000 1,820,927
5.90%, 10/15/2002 (Insured; AMBAC)......................................... 1,640,000 1,725,231
Township of East Brunswick, Refunding 4.75%, 4/1/2004.......................... 1,310,000 1,231,348
East Windsor Municipal Utility Authority, Revenue, Refunding
4.80%, 12/1/2004 (Insured; AMBAC).......................................... 1,260,000 1,176,890
Township of Egg Harbor Board of Education, School
4.75%, 2/15/2004 (Insured; FSA)............................................ 2,275,000 2,128,081
Essex County Improvement Authority, Revenue (Irvington County School District)
6.10%, 10/1/2001 (Insured; FSA)............................................ 1,415,000 1,508,008
Ewing Township 5.80%, 8/1/1998 (Insured; AMBAC)................................ 500,000 523,090
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW JERSEY (CONTINUED)
Gloucester County Improvement Authority:
County Guaranteed Revenue (Governmental Leasing Program) 5.50%, 7/15/2002.. $ 1,000,000 $ 994,000
Guaranteed Solid Waste Revenue, Refunding (Landfill Project)
5.60%, 9/1/2002........................................................ 1,830,000 1,876,775
Gloucester Township, Refunding 5.20%, 7/15/2004 (Insured; AMBAC)............... 795,000 786,207
Hamilton Township:
General Improvement:
5.20%, 9/1/2001 (Insured; FGIC)........................................ 600,000 605,850
5.20%, 9/1/2002 (Insured; FGIC)........................................ 600,000 602,406
Sewer Utility:
5.20%, 9/1/2001 (Insured; FGIC)........................................ 450,000 454,388
5.20%, 9/1/2002 (Insured; FGIC)........................................ 450,000 451,804
Highland Park, Water and Sewer Utility:
6%, 10/15/2003............................................................. 360,000 374,022
6%, 10/15/2004............................................................. 470,000 484,782
City of Hoboken Parking Authority, Parking General Revenue, Refunding:
6.10%, 3/1/2002............................................................ 375,000 379,658
6.20%, 3/1/2003............................................................ 395,000 401,079
Hudson County:
4.70%, 8/1/2002............................................................ 500,000 470,750
4.75%, 8/1/2003 500,000 466,345
Hudson County Improvement Authority, Solid Waste System Revenue 6.75%, 1/1/2003 3,000,000 3,114,240
Lacy Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA)........................................... 1,060,000 1,048,775
5.20%, 12/1/2004 (Insured; MBIA)........................................... 1,215,000 1,201,210
Long Branch Sewerage Authority, Revenue, Refunding:
5%, 6/1/2003 (Insured; FGIC)............................................... 610,000 599,404
5.10%, 6/1/2004 (Insured; FGIC)............................................ 690,000 677,083
Manalapan-Englishtown Regional School District Board of Education, School:
5%, 5/1/2004............................................................... 1,950,000 1,886,879
5%, 5/1/2007............................................................... 2,270,000 2,120,203
Mercer County Improvement Authority, Revenue:
Refunding (Special Services School District) 5.30%, 12/15/2002............. 845,000 854,320
Township Guaranteed Refunding (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA)........................................ 470,000 487,334
Middlesex County Utilities Authority, Solid Waste System Revenue
5.90%, 12/1/1999 (Insured; FGIC)........................................... 4,500,000 4,729,005
Township of Middletown, Refunding 4.90%, 8/1/2004.............................. 1,810,000 1,719,645
State of New Jersey:
6.25%, 9/15/2001........................................................... 1,875,000 2,003,681
Refunding:
5.40%, 2/15/2003....................................................... 5,000,000 5,031,150
5.50%, 2/15/2004....................................................... 5,000,000 5,037,500
New Jersey Building Authority, State Building Revenue, Refunding:
4.60%, 6/15/2005........................................................... 2,920,000 2,649,666
4.70%, 6/15/2006........................................................... 1,265,000 1,146,432
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (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 $ 3,241,890
Economic Growth, Revenue:
4.80%, 10/1/2003 (LOC; National Westminister Bank) (a)................. 1,000,000 936,870
5%, 10/1/2005 (LOC; National Westminister Bank) (a).................... 1,500,000 1,410,930
Waste Paper Recycling (MPMI Inc. Project) 5.75%, 2/1/2004.................. 2,500,000 2,363,575
New Jersey Educational Facilities Authority, Revenue:
Higher Educational Facilities (Saint Peter's College Issue) 6%, 7/1/1998... 280,000 291,925
(Institute of Advanced Study) 6.15%, 7/1/2004.............................. 560,000 589,355
Refunding (Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA)................. 1,010,000 994,911
(Rowan College) 5.15%, 7/1/2004 (Insured; MBIA)............................ 825,000 812,675
New Jersey Health Care Facilities Financing Authority, Revenue:
(Allegany Health System - Our Lady of Lourdes Medical Center Issue):
4.70%, 7/1/2004 (Insured; MBIA)........................................ 1,720,000 1,576,432
4.80%, 7/1/2005 (Insured; MBIA)........................................ 1,580,000 1,449,397
(Deborah Heart and Lung Center Issue):
5.10%, 7/1/1999........................................................ 575,000 555,870
5.30%, 7/1/2000........................................................ 600,000 582,234
5.60%, 7/1/2003........................................................ 1,710,000 1,670,790
5.80%, 7/1/2004........................................................ 745,000 712,473
5.90%, 7/1/2005........................................................ 790,000 752,649
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA).................... 1,630,000 1,613,293
Refunding:
(Atlantic City Medical Center Issue):
6.25%, 7/1/2000.................................................... 430,000 448,662
6.30%, 7/1/2001.................................................... 3,365,000 3,517,670
(Burdette Tomlin Memorial Hospital Issue) 6%, 7/1/2003 (Insured; FGIC). 1,665,000 1,736,811
(Chilton Memorial Hospital) 4.80%, 7/1/2004............................ 2,120,000 1,992,058
(West Jersey Health System) 5.45%, 7/1/2002 (Insured; MBIA)............ 2,160,000 2,182,658
New Jersey Higher Education Assistance Authority, Student Loan Revenue:
6.80%, 7/1/2000............................................................ 1,010,000 1,070,327
(NJClass Loan Program) 5.60%, 1/1/2001..................................... 1,180,000 1,169,262
New Jersey Highway Authority, Senior Parkway Revenue, Refunding
(Garden State Parkway):
4.60%, 1/1/2002........................................................ 1,000,000 947,980
5.70%, 1/1/2002........................................................ 500,000 512,210
4.80%, 1/1/2004........................................................ 4,790,000 4,514,958
5.90%, 1/1/2004........................................................ 500,000 517,940
New Jersey Housing and Mortgage Finance Agency, Housing Revenue, Refunding:
4.65%, 4/1/2003 (Insured; MBIA)............................................ 1,040,000 968,104
4.75%, 4/1/2004 (Insured; MBIA)............................................ 1,095,000 1,015,744
6.20%, 11/1/2004........................................................... 4,000,000 4,124,560
6.60%, 11/1/2004........................................................... 3,660,000 3,694,624
New Jersey Sports and Exposition Authority:
Convention Center Luxury Tax Revenue 5.75%, 7/1/2002 (Insured; MBIA)....... 2,000,000 2,081,000
Sports Complex Refunding:
5%, 1/1/2005........................................................... 1,750,000 1,674,050
5%, 1/1/2006........................................................... 1,185,000 1,123,297
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW JERSEY (CONTINUED)
New Jersey Transportation Trust Fund Authority, Transportation System
5.60%, 6/15/1998........................................................... $ 1,000,000 $ 1,034,290
New Jersey Turnpike Authority, Turnpike Revenue:
5.40%, 1/1/1999............................................................ 1,000,000 1,015,790
5.70%, 1/1/2001............................................................ 1,000,000 1,017,250
5.80%, 1/1/2002............................................................ 2,230,000 2,289,206
North Jersey District Water Supply Commission, Revenue, Refunding
(Wanaque South Project):
5.40%, 7/1/2002 (Insured; MBIA)........................................ 2,795,000 2,869,571
5.50%, 7/1/2003 (Insured; MBIA)........................................ 2,250,000 2,317,185
Ocean County, General Improvement:
5.25%, 9/1/2001............................................................ 1,600,000 1,616,560
5.25%, 9/1/2002............................................................ 2,115,000 2,124,898
5.30%, 9/1/2003............................................................ 2,115,000 2,118,003
5.125%, 7/1/2004........................................................... 1,000,000 978,480
5.125%, 7/1/2005........................................................... 2,100,000 2,039,541
5.125%, 7/1/2007........................................................... 2,300,000 2,184,103
Parsippany - Troy Hills Township, Refunding 6%, 4/1/2004....................... 1,630,000 1,711,223
City of Passaic Board of Education 5.40%, 4/1/2002............................. 1,255,000 1,277,226
Passaic Valley Sewer Commissioners, Sewer System, Refunding
5.70%, 12/1/1999 (Insured; AMBAC).......................................... 1,600,000 1,665,744
City of Perth Amboy Board of Education, COP, Lease Purchase Agreement
(FWB Leasecorp, Inc.) 5.60%, 12/15/2002 (Insured; FSA)..................... 1,265,000 1,317,928
Pinelands Regional Board of Education, Refunding COP, Lease Purchase Agreement
(A & R Hunt Enterprises, Inc.) 5.70%, 2/15/2003 (Insured; FSA)............. 350,000 365,064
Port Authority of New York and New Jersey:
(Consolidated Board 82nd Series) 4.60%, 10/1/2005.......................... 1,775,000 1,620,344
(Consolidated Board 91st Series) 4.70%, 11/15/2004......................... 3,420,000 3,194,040
Refunding 5.20%, 8/1/2002 2,000,000 2,007,900
Township of Roxbury, Water and Sewer Assessment 5.05%, 8/1/2004 (Insured; AMBAC) 1,175,000 1,148,116
South Brunswick Township:
5.55%, 8/1/2001............................................................ 425,000 438,116
5.55%, 8/1/2002............................................................ 421,000 432,548
South Jersey Port Corp., Marine Terminal Revenue:
4.85%, 1/1/2001............................................................ 790,000 763,337
5.05%, 1/1/2003............................................................ 835,000 804,748
5.30%, 1/1/2005............................................................ 930,000 901,700
5.40%, 1/1/2006............................................................ 1,010,000 977,326
South Jersey Transportation Authority, Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA)........................................... 2,000,000 2,069,000
Sussex County, Refunding 4.65%, 12/1/2002 (Insured; MBIA)...................... 1,225,000 1,161,165
Sussex County Municipal Utilities Authority, Wastewater Facilities Revenue, Refunding
5%, 12/1/2003 (Insured; MBIA).............................................. 1,755,000 1,740,293
Trenton 5.25%, 8/1/2002 (Insured; FGIC)........................................ 1,000,000 1,007,300
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
------------ ------------
NEW JERSEY (CONTINUED)
Warren County Pollution Control Financing Authority, Landfill Revenue, Refunding
5.60%, 12/1/2002........................................................... $ 1,765,000 $ 1,786,586
West Morris Regional High School District Board of Education, School
5.875%, 1/15/2004.......................................................... 250,000 261,217
West Orange:
5.40%, 9/1/2001............................................................ 880,000 894,458
5.40%, 9/1/2002............................................................ 880,000 890,032
West Windsor Township, General Improvement:
5.70%, 10/15/2002.......................................................... 600,000 613,194
5.90%, 10/15/2003.......................................................... 600,000 617,394
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 1,116,528
Woodbridge Township:
5.65%, 8/15/2002........................................................... 1,320,000 1,351,706
General Improvement Refunding 4.55%, 9/15/2004............................. 1,125,000 1,010,959
Sewer Utilities Refunding 4.65%, 9/15/2005................................. 1,000,000 898,870
U.S. RELATED -19.7%
Guam Airport Authority, General Revenue 6%, 10/1/2000.......................... 1,200,000 1,210,752
Guam Government 4.70%, 11/15/2002.............................................. 3,000,000 2,775,180
Commonwealth of Puerto Rico:
Improvement, Refunding:
5.20%, 7/1/2003........................................................ 7,195,000 6,976,416
5.30%, 7/1/2004........................................................ 9,000,000 8,711,190
Public Improvement 5.25%, 7/1/2001......................................... 2,000,000 1,981,080
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA)............................................. 4,560,000 4,665,746
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding:
5.875%, 7/1/1999........................................................... 500,000 514,455
5.10%, 7/1/2003............................................................ 3,000,000 2,877,120
6.93%, 7/1/2004 (b)........................................................ 5,000,000 4,762,500
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.................... 1,010,000 960,975
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................... 2,100,000 2,107,791
Puerto Rico Public Buildings Authority, Guaranteed Public Education and Health
Facilities, Refunding 5.40%, 7/1/2004...................................... 5,000,000 4,866,600
Virgin Islands, Subordinated Special Tax (Insurance Claims Fund Program / GO
Matching Fund) 5.65%, 10/1/2003............................................ 3,900,000 3,819,036
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7%, 10/1/2002................................... 250,000 253,400
Virgin Islands Water and Power Authority, Water System Revenue 7.20%, 1/1/2002. 400,000 415,896
------------
TOTAL INVESTMENTS
(cost $243,978,474)........................................................ $238,584,181
============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation GO General Obligation
COP Certificate of Participation LOC Letter of Credit
FGIC Financial Guaranty Insurance Corporation MBIA Municipal Bond Insurance Association
FSA Financial Security Assurance PCR Pollution Control Revenue
</TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- - --------- ------- ----------------- -------------------
AAA Aaa AAA 33.4%
AA Aa AA 29.0
A A A 27.8
BBB Baa BBB 6.9
Not Rated Not Rated Not Rated 2.9
------
100.0%
======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letter of credit.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) Fitch currently provides creditworthiness information for a limited amount
of investments.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1994
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $243,978,474)-see statement...................................... $238,584,181
Interest receivable........................................................ 3,615,819
Receivable for investment securities sold.................................. 2,895,592
Receivable for shares of Beneficial Interest sold.......................... 10,600
Prepaid expenses........................................................... 25,539
Due from The Dreyfus Corporation........................................... 480,638
------------
245,612,369
LIABILITIES:
Due to Custodian........................................................... $7,158,660
Payable for shares of Beneficial Interest redeemed......................... 13,100
Accrued expenses........................................................... 148,421 7,320,181
---------- ------------
NET ASSETS..................................................................... $238,292,188
============
REPRESENTED BY:
Paid-in capital............................................................ $244,091,570
Accumulated net realized (loss) on investments............................. (405,089)
Accumulated net unrealized (depreciation) on investments-Note 3............ (5,394,293)
------------
NET ASSETS at value applicable to 18,219,089 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized) $238,292,188
============
NET ASSET VALUE, offering and redemption price per share
($238,292,188 / 18,219,089 shares)......................................... $13.08
======
STATEMENT OF OPERATIONS YEAR ENDED MARCH 31, 1994
INVESTMENT INCOME:
INTEREST INCOME............................................................ $ 10,347,377
EXPENSES:
Management fee-Note 2(a)............................................... $1,233,243
Shareholder servicing costs-Note 2(b).................................. 421,231
Registration fees...................................................... 38,852
Auditing fees.......................................................... 26,987
Custodian fees......................................................... 22,210
Legal fees............................................................. 17,933
Prospectus and shareholders' reports................................... 17,929
Trustees' fees and expenses-Note 2(c).................................. 10,995
Organization expenses.................................................. 6,883
Miscellaneous.......................................................... 48,935
----------
1,845,198
Less-expense reimbursement from Manager due to
undertakings-Note 2(a)............................................. 1,713,881
----------
TOTAL EXPENSES................................................. 131,317
------------
INVESTMENT INCOME-NET.......................................... 10,216,060
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3.................................. $ (182,265)
Net unrealized (depreciation) on investments............................... (7,304,383)
----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS.............. (7,486,648)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $ 2,729,412
============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MARCH 31,
---------------------------
1993* 1994
------------ ------------
OPERATIONS:
<S> <C> <C>
Investment income-net...................................................... $ 2,485,167 $ 10,216,060
Net realized (loss) on investments......................................... (222,824) (182,265)
Net unrealized appreciation (depreciation) on investments for the year..... 1,910,090 (7,304,383)
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... 4,172,433 2,729,412
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net...................................................... (2,485,167) (10,216,060)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold.............................................. 178,848,301 209,671,407
Dividends reinvested....................................................... 2,118,659 8,766,001
Cost of shares redeemed.................................................... (53,557,412) (101,855,386)
------------ ------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........... 127,409,548 116,582,022
------------ ------------
TOTAL INCREASE IN NET ASSETS....................................... 129,096,814 109,095,374
NET ASSETS:
Beginning of year.......................................................... 100,000 129,196,814
------------ ------------
End of year................................................................ $129,196,814 $238,292,188
============ ============
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold................................................................ 13,693,850 15,306,883
Shares issued for dividends reinvested..................................... 161,488 640,957
Shares redeemed............................................................ (4,131,144) (7,460,945)
------------ ------------
NET INCREASE IN SHARES OUTSTANDING..................................... 9,724,194 8,486,895
============ ============
- - -------------------
* From May 27, 1992 (commencement of operations) to March 31, 1993.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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 year indicated.
This information has been derived from information provided in the Fund's financial statements.
YEAR ENDED MARCH 31,
---------------------------
PER SHARE DATA: 1993(1) 1994
------ ------
<S> <C> <C>
Net asset value, beginning of year......................................... $12.50 $13.28
------ ------
INVESTMENT OPERATIONS:
Investment income-net...................................................... .60 .68
Net realized and unrealized gain (loss) on investments..................... .78 (.20)
------ ------
TOTAL FROM INVESTMENT OPERATIONS....................................... 1.38 .48
------ ------
DISTRIBUTIONS;
Dividends from investment income-net....................................... (.60) (.68)
------ ------
Net asset value, end of year............................................... $13.28 $13.08
====== ======
TOTAL INVESTMENT RETURN 13.48%(2) 3.52%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................................... -- .06%
Ratio of net investment income to average net assets....................... 5.27%(2) 4.97%
Decrease reflected in above expense ratios due to undertakings by the Manager 1.10%(2) .83%
Portfolio Turnover Rate.................................................... 32.99%(3) 5.99%
Net Assets, end of year (000's Omitted).................................... $129,197 $238,292
- - ---------------------
(1) From May 27, 1992 (commencement of operations) to March 31, 1993.
(2) Annualized.
(3) Not annualized.
See notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
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 exclusive
distributor of the Fund's shares, which are sold to the public without a
sales charge. 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
Board of Trustees. 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 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 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.
The Fund has an unused capital loss carryover of approximately $5,400
available for Federal income tax 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 qpplied, the carryover expires in
fiscal 2002.
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 DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL
BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Manager had undertaken from April 1, 1993 through January 11, 1994 to
reimburse all fees and expenses of the Fund and thereafter, had undertaken
through April 30, 1994, or until such time as the net assets of the Fund
exceed $275 million, regardless of whether they remain at that level, to
waive receipt of the management fee payable to it by the Fund. In addition,
from January 12, 1994 through February 9, 1994 the Manager
voluntarily assumed other expenses of the Fund. The expense
reimbursement, pursuant to the undertakings and the voluntary assumption
of other expenses amounted to $1,713,881 for the year ended March 31,
1994.
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 the Distributor 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
year ended March 31, 1994, the Fund was charged an aggregate of
$228,688 pursuant to the Shareholder Services Plan.
(C) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $1,000 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 Manager 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 shareholders of the Manager and of Mellon. The merger
is expected to occur in mid-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 board
and shareholders before completion of the merger. Shareholder approval
will be solicited by a proxy statement.
NOTE 3-SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $165,600,992 and
$43,594,397, respectively, for the year ended March 31, 1994, and
consisted entirely of municipal bonds and short-term municipal
investments.
At March 31, 1994, accumulated net unrealized depreciation on
investments was $5,394,293, consisting of $1,639,388 gross unrealized
appreciation and $7,033,681 gross unrealized depreciation.
At March 31, 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
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
We have audited the accompanying statement of assets and liabilities
of Dreyfus New Jersey Intermediate Municipal Bond Fund, including the
statement of investments, as of March 31, 1994, 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 March 31, 1994 by correspondence
with the custodian. 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 Intermediate Municipal Bond Fund at March
31, 1994, 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 SIGNATURE LOGO)
New York, New York
May 6, 1994
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended
March 31, 1994 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are New Jersey residents, New Jersey
personal income taxes).
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's taxable ordinary dividends (if
any) and capital gain distributions (if any) paid for the 1994 calendar year
on Form 1099-DIV which will be mailed by January 31, 1995.
(Dreyfus Logo)
New Jersey
Intermediate
Municipal
Bond Fund
Annual Report
March 31, 1994
(Dreyfus Lion Photo)
(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
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. 751AR943
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS NEW JERS
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX
EXHIBIT A:
____________________________________________________
| | | |
| | LEHMAN BROTHERS | |
| PERIOD | 10-YEAR | DREYFUS NEW JERSEY |
| | MUNICIPAL | INTERMEDIATE |
| | BOND INDEX * | MUNICIPAL BOND FUND |
|-----------|-----------------|---------------------|
| 6/26/92 | 10,000 | 10,000 |
| 6/30/92 | 10,000 | 10,024 |
| 7/31/92 | 10,328 | 10,406 |
| 8/31/92 | 10,206 | 10,232 |
| 9/30/92 | 10,291 | 10,277 |
| 10/31/92 | 10,186 | 10,122 |
| 11/30/92 | 10,372 | 10,426 |
| 12/31/92 | 10,493 | 10,547 |
| 1/31/93 | 10,669 | 10,704 |
| 2/28/93 | 11,060 | 11,097 |
| 3/31/93 | 10,898 | 10,894 |
| 4/30/93 | 11,002 | 11,005 |
| 5/31/93 | 11,040 | 11,039 |
| 6/30/93 | 11,258 | 11,313 |
| 7/31/93 | 11,287 | 11,284 |
| 8/31/93 | 11,520 | 11,543 |
| 9/30/93 | 11,662 | 11,733 |
| 10/30/93 | 11,681 | 11,745 |
| 11/30/93 | 11,586 | 11,670 |
| 12/31/93 | 11,833 | 11,863 |
| 1/31/94 | 11,978 | 12,023 |
| 2/28/94 | 11,650 | 11,674 |
| 3/31/94 | 11,205 | 11,277 |
|---------------------------------------------------|
|--------------------------------------------------------|
| DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND |
|--------------------------------------------------------|
| AVERAGE ANNUAL TOTAL RETURNS ENDED ON 3/31/94 |
|--------------------------------------------------------|
| | SINCE INCEPTION |
| 1 YEAR | (6/26/92) |
|-----------------------------|--------------------------|
| 3.52% | 7.05% |
|--------------------------------------------------------|
