New Jersey Intermediate Municipal Bond Fund
Semi-Annual Report
September 30, 1995
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus New Jersey
Intermediate Municipal Bond Fund. For its semi-annual reporting period ended
September 30, 1995, your Fund produced a total return of 9.42% based on share
price changes and dividends.* Income dividends exempt from Federal and State
of New Jersey personal income taxes of approximately $.305 per share were
paid.** This is equivalent to an annualized tax-free distribution rate per
share of 4.52%.***
The Federal Reserve Board relaxed its policy of monetary restraint when
it lowered the Fed Funds rate on July 6, 1995. This reduction ended the
upward pressure on short-term rates which had prevailed since the beginning
of the reporting period. (Despite the monetary restraint that existed,
long-term rates had begun to decline early in the year.) The Fed's policy of
restraint had been based on concern about inflation given the strong economic
news then prevailing. But in July these same reports indicated a significant
weakening trend in the economy. The July decrease in the Fed Funds rate
signaled that economic growth issues outweighed, for a time, Fed fears of a
resurgence of inflation.
THE ECONOMY
Economic reports earlier in the year indicated lagging home and auto
sales and a decline in new home construction. Furthermore, rising business
inventories (a frequent harbinger of a business slowdown) and weakening
retail sales lent additional credibility to the case for easier credit
conditions. By midyear, jobless claims were also on the rise and corporate
cost reduction programs continued to increase layoffs. But after the Fed
Funds rate was lowered, economic signals became mixed, and inflationary expect
ations, subdued. Accordingly, interest rates have stabilized.
More recently, however, economic strength has been reflected in some of
the indicators released. Inflation is moderate, but various sectors of the
economy such as consumer spending and housing appear to be picking up. While
it is expected that the stronger numbers will forestall any immediate easing
by the Federal Reserve Board, one should not rule out the possibility of
another Fed move before year end.
A word about inflation: Despite strong economic growth at the beginning
of the reporting period, inflation remained in check. We believe a
continuation of this moderating trend for prices appears likely, particularly
if the economy remains sluggish. This could be good news for bond prices
since easing inflation can result in falling interest rates. Declining
interest rates, often a corollary to slow business conditions, cause bond
prices to rise. Of course, there is no guarantee how the bond market will
perform at any time.Although we strive to maintain a high level of current
tax exempt income for the Fund, we are always very concerned with credit
quality, so we are mindful of the potential erosion in bond quality if the
economy slips back into a recession. We follow a policy that stresses strong
credit quality in the portfolio, a policy that seeks to protect bond values
and income streams. As you know, we manage the portfolio with a long-term
perspective, aware that market conditions can change rapidly.
MARKET ENVIRONMENT
The municipal bond market, buffeted by six interest rate hikes by the
Federal Reserve Board in 1994, recovered strongly in 1995. Weaker than
expected December sales figures caused rates to tumble, and this decline
persisted throughout the remainder of the reporting period. This summer's
rate cut confirmed what declining long-term interest rates had indicated all
year: Business conditions were weaker than monetary policymakers had thought.
If economic conditions remain sluggish, and Congress is able to
arrive at an acceptable budget accord, further Fed easing seems likely. We
believe this indicates a rather favorable outlook for bond markets in
general. We are certainly pleased by the good performance of late by the bond
market and by the Fund; however, we are wary that this bond market strength
may be counting too much on continued low inflation. Thus, while we remain
fully invested in this improving market, we are alert to the stimulating
effects of easing monetary policy and are watchful for any signs of
rekindling inflation.
The prospect of tax reform appears to be limiting enthusiasm for tax
exempt securities. Since April, when serious flat tax
and consumption tax proposals began to surface, the municipal rally has
lagged, resulting in an increase in municipal yields as a percentage of
comparable taxable bond yields. Today, long-term municipal bonds are yielding
nearly 90% of U.S. Treasuries, which is a greater yield ratio than existed
before the onset of talk about tax reform. While it could be years before an
actual change in the tax code is adopted, the market's reaction so early in
the proposal cycle suggests that the ultimate legislation, if any, may have a
less radical effect on the market than feared.
THE PORTFOLIO
At the beginning of this year, your Fund had pursued a somewhat defensive
posture due to the lingering uncertainty wrought by 1994. It did so by
purchasing bonds with coupons some 50 to 75 basis points ahead of the market.
As the year progressed the market began gradually to show signs of
improvement, albeit with a tenuous overtone, and pushed discount holdings up
to profitable levels. Our strategy aided performance at a time when the
supply of both new issues and secondary offerings dried up and the market
continued to forge ahead. Through this period, cash flow remained meager and
did not exacerbate the lack of new bond issuance.
Our primary tasks _ to protect principal, maintain liquidity and
distribute a high level of current tax exempt income to you _ continue to
motivate our portfolio management decisions. The high level of volatility
exhibited by the market in recent years underscores the need to maintain a
disciplined and long-term focus.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 16, 1995
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders
***Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the net asset
value per share at the end of the period.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-99.3% AMOUNT VALUE
_______ _______
<S> <C> <C>
NEW JERSEY-76.3%
Atlantic County, General Improvement:
5.30%, 8/1/2002 (Insured; MBIA)......................................... $ 475,000 $492,561
5.50%, 8/1/2004 (Insured; MBIA)......................................... 380,000 394,159
Bayshore Regional Sewer Authority, Subordinated Sewer Revenue
5.10%, 5/1/2004 (Insured; MBIA)......................................... 1,110,000 1,129,247
Burlington County, Refunding 5.35%, 9/15/2003............................... 1,000,000 1,039,990
Camden County, Refunding 5.40%, 6/1/2001 (Insured; MBIA).................... 2,500,000 2,601,200
Camden County Improvement Authority, Revenue:
County Guaranteed Lease:
5.40%, 12/1/2002...................................................... 855,000 886,806
5.85%, 10/1/2006 (Insured; MBIA)...................................... 1,000,000 1,054,800
(Health Services Center) 4.80%, 12/1/2004 (Insured; AMBAC).............. 1,555,000 1,541,254
Cherry Hill Township:
General and Water Assessment 5.30%, 9/1/2002............................ 1,220,000 1,264,957
Sewer and Sewer Assessment 5.30%, 9/1/2002.............................. 150,000 155,528
Dover Township:
5.80%, 10/15/2001 (Insured; AMBAC)...................................... 1,740,000 1,860,391
5.90%, 10/15/2002 (Insured; AMBAC)...................................... 1,640,000 1,770,068
Township of East Brunswick, Refunding 4.75%, 4/1/2004....................... 1,310,000 1,303,646
East Windsor Municipal Utility Authority, Revenue, Refunding
4.80%, 12/1/2004 (Insured; AMBAC)....................................... 1,260,000 1,251,608
Essex County Improvement Authority, Revenue (Irvington County School
District)
6.10%, 10/1/2001 (Insured; FSA)......................................... 1,415,000 1,533,747
Ewing Township 5.80%, 8/1/1998 (Insured; AMBAC)............................. 500,000 521,845
Gloucester County Improvement Authority, County Guaranteed Revenue
(Governmental Leasing Program) 5.50%, 7/15/2002......................... 1,000,000 1,036,280
Gloucester Township, Refunding 5.20%, 7/15/2004 (Insured; AMBAC)............ 795,000 820,408
Hamilton Township:
General Improvement:
5.20%, 9/1/2001 (Insured; FGIC)....................................... 600,000 622,230
5.20%, 9/1/2002 (Insured; FGIC)....................................... 600,000 622,188
Sewer Utility:
5.20%, 9/1/2001 (Insured; FGIC)....................................... 450,000 466,672
5.20%, 9/1/2002 (Insured; FGIC)....................................... 450,000 466,641
Highland Park, Water and Sewer Utility:
6%, 10/15/2003.......................................................... 360,000 386,255
6%, 10/15/2004.......................................................... 470,000 501,763
Hillside Township 6.60%, 2/15/2007 (Insured; MBIA).......................... 1,000,000 1,103,870
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW JERSEY (CONTINUED)
City of Hoboken Parking Authority, Parking General Revenue, Refunding:
6.10%, 3/1/2002......................................................... $ 375,000 $ 392,584
6.20%, 3/1/2003......................................................... 395,000 416,065
Hudson County:
4.70%, 8/1/2002......................................................... 500,000 493,645
4.75%, 8/1/2003......................................................... 500,000 490,990
Hudson County Improvement Authority, Solid Waste System Revenue
6.75%, 1/1/2003......................................................... 3,000,000 3,028,620
Lacey Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA)........................................ 1,060,000 1,091,323
5.20%, 12/1/2004 (Insured; MBIA)........................................ 1,215,000 1,255,180
Long Branch Sewerage Authority, Revenue, Refunding:
5%, 6/1/2003 (Insured; FGIC)............................................ 610,000 623,206
5.10%, 6/1/2004 (Insured; FGIC)......................................... 690,000 706,953
Manalapan-Englishtown Regional School District Board of Education (School
Bonds)
5%, 5/1/2004............................................................ 1,950,000 1,979,835
Mercer County Improvement Authority, Revenue:
Refunding (Special Services School District) 5.30%, 12/15/2002.......... 845,000 882,467
Township Guaranteed Refunding (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA)....................................... 470,000 499,380
Middlesex County Utilities Authority, Solid Waste System Revenue
5.90%, 12/1/1999 (Insured; FGIC)........................................ 4,500,000 4,777,290
Township of Middletown, Refunding 4.90%, 8/1/2004........................... 1,810,000 1,811,158
Monmouth County Improvement Authority, Revenue
(Correctional Facilities - Monmouth Project) 6%, 8/1/2000............... 1,265,000 1,338,699
City of Newark Board of Education 5.875%, 12/15/2006 (Insured; MBIA)........ 1,755,000 1,871,427
State of New Jersey:
5.80%, 8/1/2001......................................................... 2,000,000 2,136,280
6.25%, 9/15/2001........................................................ 1,875,000 2,048,944
5.90%, 8/1/2002......................................................... 5,500,000 5,931,750
New Jersey Economic Development Authority:
District Heating and Cooling Revenue (Trenton-Trigen Project)
6.10%, 12/1/2004...................................................... 3,375,000 3,718,237
Economic Growth Revenue:
4.80%, 10/1/2003 (LOC; National Westminister Bank) (a)................ 910,000 920,247
5%, 10/1/2005 (LOC; National Westminister Bank) (a)................... 1,375,000 1,398,829
Market Transition Facility Revenue 7%, 7/1/2004 (Insured; MBIA)......... 2,275,000 2,632,653
Waste Paper Recycling (MPMI Inc. Project) 5.75%, 2/1/2004............... 2,500,000 2,519,525
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW JERSEY (CONTINUED)
New Jersey Educational Facilities Authority, Revenue:
Higher Educational Facilities (Saint Peter's College Issue) 6%, 7/1/1998 $ 280,000 $ 288,988
(Institute of Advanced Study) 6.15%, 7/1/2004........................... 560,000 603,008
Refunding (Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA).............. 1,010,000 1,038,583
(Rowan College) 5.15%, 7/1/2004 (Insured; MBIA)......................... 825,000 848,347
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 1,552,129
(Deborah Heart and Lung Center Issue):
5.10%, 7/1/1999....................................................... 575,000 570,503
5.30%, 7/1/2000....................................................... 600,000 599,946
5.60%, 7/1/2003....................................................... 1,710,000 1,729,118
5.80%, 7/1/2004....................................................... 745,000 755,639
5.90%, 7/1/2005....................................................... 790,000 814,735
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA)................. 1,630,000 1,676,113
Refunding:
(Atlantic City Medical Center Issue):
6.25%, 7/1/2000................................................... 430,000 450,791
6.30%, 7/1/2001................................................... 3,365,000 3,546,744
(Burdette Tomlin Memorial Hospital Issue) 6%, 7/1/2003 (Insured; FGIC) 1,665,000 1,791,374
(Chilton Memorial Hospital) 4.80%, 7/1/2004........................... 2,120,000 2,031,999
(Raritan Bay Medical Center Issue) 6.625%, 7/1/2005................... 2,800,000 2,836,708
(West Jersey Health System) 5.45%, 7/1/2002 (Insured; MBIA)........... 2,160,000 2,256,466
New Jersey Higher Education Assistance Authority, Student Loan Revenue:
6.80%, 7/1/2000......................................................... 900,000 959,490
(NJClass Loan Program) 5.60%, 1/1/2001.................................. 1,125,000 1,148,467
New Jersey Highway Authority, Senior Parkway Revenue, Refunding
(Garden State Parkway):
5.70%, 1/1/2002....................................................... 500,000 525,680
5.90%, 1/1/2004....................................................... 500,000 534,445
New Jersey Housing and Mortgage Finance Agency, Housing Revenue, Refunding:
6.20%, 11/1/2004........................................................ 4,000,000 4,239,000
6.60%, 11/1/2004........................................................ 3,660,000 3,898,888
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax
Revenue
5.75%, 7/1/2002 (Insured; MBIA)......................................... 2,000,000 2,135,680
New Jersey Transportation Trust Fund Authority, Transportation System:
6%, 6/15/2001........................................................... 5,500,000 5,893,800
6.25%, 12/15/2003....................................................... 5,315,000 5,847,563
5.125%, 6/15/2007 (Insured; AMBAC)...................................... 2,500,000 2,490,000
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW JERSEY (CONTINUED)
New Jersey Turnpike Authority, Turnpike Revenue:
5.70%, 1/1/2001......................................................... $ 1,000,000 $ 1,046,950
5.80%, 1/1/2002......................................................... 2,230,000 2,351,535
New Jersey Wastewater Treatment Trust:
5.90%, 5/1/2003 (Insured; MBIA)......................................... 1,400,000 1,499,666
Loan Revenue 6.30%, 7/1/2005............................................ 3,595,000 3,885,656
North Brunswick Township 6.30%, 5/15/2006................................... 1,860,000 2,019,458
North Jersey District Water Supply Commission, Revenue, Refunding
(Wanaque South Project) 5.40%, 7/1/2002 (Insured; MBIA)................. 2,795,000 2,951,576
Ocean County, General Improvement:
5.25%, 9/1/2001......................................................... 1,600,000 1,665,088
7.50%, 10/15/2001....................................................... 550,000 636,141
5.30%, 9/1/2003......................................................... 2,115,000 2,205,141
5.125%, 7/1/2004........................................................ 1,000,000 1,025,090
5.65%, 7/1/2005......................................................... 1,600,000 1,694,576
Parsippany - Troy Hills Township, Refunding 6%, 4/1/2004.................... 1,630,000 1,768,827
Passaic Valley Sewer Commissioners, Sewer System, Refunding
5.70%, 12/1/1999 (Insured; AMBAC)....................................... 1,600,000 1,686,480
City of Perth Amboy Board of Education, COP, Lease Purchase Agreement
(FWB Leasecorp,Inc.) 5.60%, 12/15/2002 (Insured; FSA)................... 1,265,000 1,356,219
Pinelands Regional Board of Education, Refunding COP, Lease Purchase
Agreement
(A & R Hunt Enterprises, Inc.) 5.70%, 2/15/2003 (Insured; FSA).......... 350,000 375,644
Port Authority of New York and New Jersey:
(Consolidated Board 91st Series) 4.70%, 11/15/2004...................... 3,420,000 3,360,082
(Consolidated Board 101st Series) 5.25%, 9/15/2006 (Insured; MBIA)...... 1,000,000 1,004,110
Township of Roxbury, Water and Sewer Assessment 5.05%, 8/1/2004 (Insured; AMBAC) 1,175,000 1,200,121
Rutgers State University, University Revenue, Refunding
(State University of New Jersey) 6.30%, 5/1/2005........................ 2,900,000 3,166,539
South Brunswick Township:
5.55%, 8/1/2001......................................................... 425,000 447,988
5.55%, 8/1/2002......................................................... 421,000 442,084
South Jersey Port Corp., Marine Terminal Revenue:
4.85%, 1/1/2001......................................................... 790,000 778,071
5.05%, 1/1/2003......................................................... 835,000 820,521
5.30%, 1/1/2005......................................................... 930,000 931,265
5.40%, 1/1/2006......................................................... 1,010,000 1,009,121
South Jersey Transportation Authority, Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA)........................................ 2,000,000 2,128,880
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW JERSEY (CONTINUED)
Stony Brook Regional Sewer Authority, Revenue, Refunding 5.55%, 12/1/2005... $ 1,000,000 $ 1,042,980
Sussex County, Refunding 4.65%, 12/1/2002 (Insured; MBIA)................... 1,225,000 1,228,626
Sussex County Municipal Utilities Authority, Wastewater Facilities Revenue,
Refunding
5%, 12/1/2003 (Insured; MBIA)........................................... 1,755,000 1,810,704
Trenton 5.25%, 8/1/2002 (Insured; FGIC)..................................... 1,000,000 1,039,490
Warren County Pollution Control Financing Authority, Landfill Revenue,
Refunding
5.60%, 12/1/2002........................................................ 1,765,000 1,688,523
West Morris Regional High School District Board of Education, School
5.875%, 1/15/2004....................................................... 250,000 269,965
West Windsor Township, General Improvement:
5.70%, 10/15/2002....................................................... 600,000 629,196
5.90%, 10/15/2003....................................................... 600,000 631,896
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 1,158,117
Woodbridge Township:
5.65%, 8/15/2002........................................................ 1,320,000 1,395,266
6.20%, 8/15/2007........................................................ 2,000,000 2,123,100
U.S. RELATED -23.0%
Guam Airport Authority, General Revenue 6%, 10/1/2000....................... 1,200,000 1,235,964
Guam Government:
5.75%, 8/15/1999........................................................ 6,250,000 6,399,687
4.70%, 11/15/2002....................................................... 3,000,000 2,888,940
Commonwealth of Puerto Rico, Improvement, Refunding:
5.20%, 7/1/2003......................................................... 2,195,000 2,235,454
5.20%, 7/1/2003 (Insured; MBIA)......................................... 5,000,000 5,170,350
5.30%, 7/1/2004 (Insured; MBIA)......................................... 8,000,000 8,299,920
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA).......................................... 4,560,000 4,801,042
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding:
5.875%, 7/1/1999........................................................ 500,000 524,525
5.10%, 7/1/2003......................................................... 3,000,000 3,036,150
5.30%, 7/1/2004 ........................................................ 10,000,000 10,068,700
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................. 1,010,000 998,496
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 2,100,000 2,166,444
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
U.S. RELATED (CONTINUED)
Virgin Islands, Subordinated Special Tax
(Insurance Claims Fund Program/ GO Matching Fund) 5.65%, 10/1/2003...... $ 3,600,000 $3,693,096
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7%, 10/1/2002................................ 250,000 268,257
Virgin Islands Water and Power Authority, Water System Revenue
7.20%, 1/1/2002......................................................... 400,000 416,748
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TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $219,054,240)..................................................... $225,536,070
===========
SHORT-TERM MUNICIPAL INVESTMENT-.7%
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
4.05%, (SBPA; Societe Generale, Insured; FGIC) (b)
(cost $1,700,000)....................................................... $ 1,700,000 $ 1,700,000
===========
TOTAL INVESTMENTS-100.0%
(cost $220,754,240)..................................................... $227,236,070
===========
</TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation
LOC Letter of Credit
COP Certificate of Participation
MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company
Insurance Corporation
FSA Financial Security Assurance
SBPA Standby Bond Purchase Agreement
GO General Obligation
VRDN Variable Rate Demand Notes
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ----- ------- ------------------ -------------------
<S> <C> <C> <C>
AAA Aaa AAA 36.9%
AA Aa AA 25.9
A A A 21.0
BBB Baa BBB 10.4
BB Ba BB .7
F1 Mig1 SP1 .8
Not Rated (d) Not Rated (d) Not Rated (d) 4.3
___-
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Security payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) Securities which, while not rated by Fitch, Moody's or Standard and
Poor's, have been determined by the Manager 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>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $220,754,240)-see statement..................................... $227,236,070
Interest receivable..................................................... 3,390,784
Prepaid expenses........................................................ 13,855
-------
230,640,709
============
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 121,549
Due to Custodian........................................................ 520,934
Payable for investment securities purchased............................. 995,552
Accrued expenses........................................................ 93,646 1,731,681
------ ------------
NET ASSETS ................................................................ $228,909,028
============
REPRESENTED BY:
Paid-in capital......................................................... $228,474,410
Accumulated undistributed investment income-net......................... 27,210
Accumulated net realized (loss) on investments.......................... (6,074,422)
Accumulated net unrealized appreciation on investments-Note 3........... 6,481,830
-------
NET ASSETS at value applicable to 16,944,861 outstanding shares of
Beneficial Interest, equivalent to $13.51 per share
(unlimited number of $.001 par value shares authorized)................. $228,909,028
============
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $5,913,950
EXPENSES:
Management fee-Note 2(a).............................................. $ 675,434
Shareholder servicing costs-Note 2(b)................................. 134,194
Professional fees..................................................... 25,031
Prospectus and shareholders' reports.................................. 16,619
Trustees' fees and expenses-Note 2(c)................................. 11,050
Custodian fees........................................................ 8,036
Registration fees..................................................... 553
Miscellaneous......................................................... 22,717
_____
893,634
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 141,807
_____
TOTAL EXPENSES.................................................. 751,827
-------
INVESTMENT INCOME-NET........................................... 5,162,123
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (6,719)
Net unrealized appreciation on investments.............................. 6,610,601
________
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 6,603,882
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 11,766,005
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MARCH 31, SEPTEMBER 30, 1995
1995 (UNAUDITED)
-------- --------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................ $ 11,455,201 $ 5,162,123
Net realized (loss) on investments............................... (5,662,614) (6,719)
Net unrealized appreciation on investments for the period........ 5,265,522 6,610,601
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... 11,058,109 11,766,005
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................ (11,455,201) (5,134,913)
---------- -----------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold.................................... 86,892,865 23,733,074
Dividends reinvested............................................. 9,649,253 4,373,885
Cost of shares redeemed.......................................... (113,238,498) (27,027,739)
------------ -----------
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS........................... (16,696,380) 1,079,220
------------ -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS.................. (17,093,472) 7,710,312
NET ASSETS:
Beginning of period.............................................. 238,292,188 221,198,716
------------ ----------
End of period (including undistributed investment income-net;
$27,210 on September 30, 1995)................................. $ 221,198,716 $ 228,909,028
============= ==============
SHARES SHARES
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Shares sold...................................................... 6,719,937 1,775,329
Shares issued for dividends reinvested........................... 745,999 326,983
Shares redeemed.................................................. (8,819,014) (2,023,462)
--------- ---------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING.................. (1,353,078) 78,850
============= ==============
</TABLE>
See independent accountants' review report and notes to financial statements.
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.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 1995
YEAR ENDED MARCH 31, (UNAUDITED)
----------------------------- ------------------
PER SHARE DATA: 1993(1) 1994 1995
------ ---- ----
<S> <C> <C> <C> <C>
Net asset value, beginning of period............ $12.50 $13.28 $13.08 $13.12
_____ _____ _____ _____
INVESTMENT OPERATIONS:
Investment income-net........................... .60 .68 .65 .31
Net realized and unrealized gain (loss) on investments .78 (.20) .04 .38
_____ _____ _____ _____
TOTAL FROM INVESTMENT OPERATIONS.............. 1.38 .48 .69 .69
_____ _____ _____ _____
DISTRIBUTIONS;
Dividends from investment income-net............ (.60) (.68) (.65) (.30)
_____ _____ _____ _____
Net asset value, end of period.................. $13.28 $13.08 $13.12 $13.51
====== ====== ====== ======
TOTAL INVESTMENT RETURN............................. 13.48%(2) 3.52% 5.45% 10.65%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......... - .06% .45% .67%(2)
Ratio of net investment income to average net assets 5.27%(2) 4.97% 5.02% 4.57%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager............ 1.10%(2) .83% .45% .13%(2)
Portfolio Turnover Rate......................... 32.99%(3) 5.99% 35.01% .54%(3)
Net Assets, end of period (000's Omitted)....... $129,197 $238,292 $221,199 $228,909
(1) From May 27, 1992 (commencement of operations) to March 31, 1993.
(2) Annualized.
(3) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial
statements.
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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(A) PORTFOLIO VALUATION: The Fund's investments (excluding options and
financial futures on municipal and U.S. Treasury securities) 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. Options
and financial futures on municipal and U.S. treasury securities are valued at
the last sales price on the securities exchange on which such securities are
primarily traded or at the last sales price on the national securities market
on each business day. Investments not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices. Bid price is
used when no asked price is available.
(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.
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund has an unused capital loss carryover of approximately $3,346,700
available for Federal income tax purposes to be
applied against future net securities profits, if any, realized subsequent to
March 31, 1995. The carryover does not include net realized securities losses
from November 1, 1994 through March 31, 1995 which are treated, for Federal
income tax purposes, as arising in fiscal 1996. If not applied, $5,400 of the
carryover expires in fiscal 2002 and $3,341,300 expires in fiscal 2003.
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, 1995 through July 6, 1995 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 Manager has currently
undertaken from July 7, 1995 through March 31, 1996 to reduce the management
fee paid by or reimburse such excess expenses of the Fund, to the extent that
the Fund's aggregate annual expenses (exclusive of certain expenses as
described above) exceed an annual rate of .80 of 1% of the average daily
value of the Fund's net assets. The reduction in management fee, pursuant to
the undertakings, amounted to $141,807 for the six months ended September 30,
1995.
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, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining 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, 1995, the Fund was charged an
aggregate of $36,201 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $16,602,551 and $13,783,815, respectively, for the year ended
September 30, 1995, and consisted entirely of long-term and short-term
municipal investments.
At September 30, 1995, accumulated net unrealized appreciation on
investments was $6,481,830, consisting of $6,907,645 gross unrealized
appreciation and $425,815 gross unrealized depreciation.
At September 30, 1995, 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, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended September 30, 1995. 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 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, 1995 and financial highlights for each of the three years in the
period ended March 31, 1995 and in our report dated May 4, 1995, 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, 1995
[Dreyfus lion "d" logo"
DREYFUS NEW JERSEY INTERMEDIATE
MUNICIPAL BOND FUND
200 Park Avenue
New York, NY 10166
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. 751SA959
[Dreyfus logo]
