LETTER TO SHAREHOLDERS
Dear Shareholder:
At the close of the fiscal year ended March 31, 1995, the net asset value
of the Fund was $13.12 per share which was $.04 (.31%) a share higher than
the closing price as the fiscal year ended March 31, 1994. Income dividends
of approximately $.650 per share were paid during this period, which
translates into a distribution rate per share of 4.94%, based on the March 31
closing net asset value per share of $13.12. 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 (AMT) on
some portfolio income.
During the past fiscal year, the Fund saw both sides of a volatile market
with the Bond Buyer Revenue Bond Index increasing a stunning 117 basis
points.* Our method for coping with such turbulence was to sell lower coupon
bonds and to buy more yield within the higher rated categories. This strategy
placed approximately 64% of the portfolio in AAA and AA securities and helped
to cushion the negative impact of the market. By the end of 1994, the havoc
had subsided and the market began to recover.
Factors which negatively affected the performance of the Fund during the
past fiscal year included interest rate increases by the Federal Reserve
Board, inflation pressures, certain conditions in the municipal marketplace,
and the outflow of nearly 4% of the Fund's assets. By the first quarter of
1995, however, these pressures all had abated, and the market began to
recover. By the end of March, the Fund achieved a 3-month total return
ranking of 19 out of 73 funds in the Other States Intermediate Municipal Debt
Funds Category as reported by Lipper Analytical Services, Inc. For the fiscal
year ended March 31, 1995, the Fund ranked 25 out of 60 funds in the same
category.** The Fund currently is fully invested and continues to emphasize
income in accordance with the tenets of the Prospectus. Of course, past
performance is no guarantee of future results.
As we moved into 1995, new issuance became progressively less frequent,
and the secondary market's prices began moving higher. Supply continues to be
the focus of the municipal market to the extent that one has to consider
whether the market's strength is really substantive, or merely the result of
lack of supply. We lean toward the latter. To this extent, our current
strategy has been to swap out of lower coupon bonds and replace these
holdings with coupons that are 125 to 150 basis points higher. We believe
this slightly defensive posture provides a hedge which can enhance income
until the market further defines itself.
We continue to digest all of the variables, both real and perceived,
which contribute to the market's changing complexion, and we transact our
daily Fund business with an eye toward achieving our shareholders' investment
goals. As always, we continue to utilize our best efforts to prudently manage
your portfolio through the economic and political events that have the
potential to affect Fund performance. In addition, 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 forward.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 17, 1995
New York, N.Y.
* The Bond Buyer Revenue Bond Index is a weekly index published by the BOND
BUYER giving the average yield of 25 long-term revenue bonds currently
available in the marketplace.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. - The Fund's rankings reflect the
waiver of a portion of the Fund's management fee payable without which the
Fund's returns and rankings would have been lower. This Lipper Category
reflects the performance of funds which concentrate investments in 19
different states, including New Jersey. Yield, share price, and investment
return fluctuate and an investor may receive more or less than original cost
upon redemption.
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS NEW JERSEY
INTERMEDIATE
Dollars
$12,048
Lehman Brothers
10-Year Municipal
Bond Index*
$11,891
Dreyfus New Jersey Intermediate Municipal
Bond Fund
MUNICIPAL BOND FUND AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX
*Source: Lehman Brothers
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FROM INCEPTION (6/26/92)
MARCH 31, 1995 TO MARCH 31, 1995
--------- --------------
5.45% 6.47%
Past performance is not predictive of future performance.
The above graph 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 maintains a
portfolio with a weighted-average maturity ranging 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, geographically unrestricted
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. Also, unlike the Fund which
principally limits investments to New Jersey municipal obligations, the Index
is not State-specific. Further information relating to Fund performance, inclu
ding expense reimbursements, if applicable, is contained in the Condensed
Financial Information section of the Prospectus and elsewhere in this report.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-99.2% AMOUNT VALUE
------- -------
<S> <C> <C>
NEW JERSEY-76.1%
Atlantic County, General Improvement:
5.30%, 8/1/2002 (Insured; MBIA)......................................... $ 475,000 $ 480,306
5.50%, 8/1/2004 (Insured; MBIA)......................................... 380,000 384,826
Bayshore Regional Sewer Authority, Subordinated Sewer Revenue
5.10%, 5/1/2004 (Insured; MBIA)......................................... 1,110,000 1,088,233
Burlington County, Refunding 5.35%, 9/15/2003............................... 1,000,000 1,005,460
Camden County, Refunding 5.40%, 6/1/2001 (Insured; MBIA)................... 2,500,000 2,541,700
Camden County Improvement Authority, Revenue:
County Guaranteed Lease:
5.40%, 12/1/2002...................................................... 855,000 861,866
5.85%, 10/1/2006 (Insured; MBIA)...................................... 1,000,000 1,022,690
(Health Services Center) 4.80%, 12/1/2004 (Insured; AMBAC).............. 1,555,000 1,474,109
Cherry Hill Township:
General and Water Assessment 5.30%, 9/1/2002............................ 1,220,000 1,228,857
Sewer and Sewer Assessment 5.30%, 9/1/2002.............................. 150,000 151,089
Dover Township:
5.80%, 10/15/2001 (Insured; AMBAC)...................................... 1,740,000 1,817,761
5.90%, 10/15/2002 (Insured; AMBAC)...................................... 1,640,000 1,724,362
Township of East Brunswick, Refunding 4.75%, 4/1/2004....................... 1,310,000 1,251,718
East Windsor Municipal Utility Authority, Revenue, Refunding
4.80%, 12/1/2004 (Insured; AMBAC)....................................... 1,260,000 1,193,548
Essex County Improvement Authority, Revenue (Irvington County School
District)
6.10%, 10/1/2001 (Insured; FSA)......................................... 1,415,000 1,501,273
Ewing Township 5.80%, 8/1/1998 (Insured; AMBAC)............................. 500,000 517,215
Gloucester County Improvement Authority, County Guaranteed Revenue
(Governmental Leasing Program) 5.50%, 7/15/2002......................... 1,000,000 1,028,090
Gloucester Township, Refunding 5.20%, 7/15/2004 (Insured; AMBAC)............ 795,000 790,882
Hamilton Township:
General Improvement:
5.20%, 9/1/2001 (Insured; FGIC)....................................... 600,000 606,486
5.20%, 9/1/2002 (Insured; FGIC)....................................... 600,000 604,002
Sewer Utility:
5.20%, 9/1/2001 (Insured; FGIC)....................................... 450,000 454,864
5.20%, 9/1/2002 (Insured; FGIC)....................................... 450,000 453,001
Highland Park, Water and Sewer Utility:
6%, 10/15/2003.......................................................... 360,000 376,362
6%, 10/15/2004.......................................................... 470,000 488,748
Hillside Township 6.60%, 2/15/2007 (Insured; MBIA).......................... 1,000,000 1,083,120
City of Hoboken Parking Authority, Parking General Revenue, Refunding:
6.10%, 3/1/2002......................................................... 375,000 384,645
6.20%, 3/1/2003......................................................... 395,000 406,621
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
NEW JERSEY (CONTINUED)
Hudson County:
4.70%, 8/1/2002......................................................... $ 500,000 $ 469,475
4.75%, 8/1/2003......................................................... 500,000 466,595
Hudson County Improvement Authority, Solid Waste System Revenue 6.75%, 1/1/2003 3,000,000 2,981,760
Lacy Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA)........................................ 1,060,000 1,053,322
5.20%, 12/1/2004 (Insured; MBIA)........................................ 1,215,000 1,208,524
Long Branch Sewerage Authority, Revenue, Refunding:
5%, 6/1/2003 (Insured; FGIC)............................................ 610,000 602,320
5.10%, 6/1/2004 (Insured; FGIC)......................................... 690,000 681,009
Manalpan-Englishtown Regional School District Board of Education, School
5%, 5/1/2004............................................................ 1,950,000 1,916,421
Mercer County Improvement Authority, Revenue:
Refunding (Special Services School District) 5.30%, 12/15/2002.......... 845,000 856,120
Township Guaranteed Refunding (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA)....................................... 470,000 487,569
Middlesex County Utilities Authority, Solid Waste System Revenue
5.90%, 12/1/1999 (Insured; FGIC)........................................ 4,500,000 4,706,325
Township of Middletown, Refunding 4.90%, 8/1/2004........................... 1,810,000 1,739,066
Monmouth County Improvement Authority, Revenue
(Correctional Facilities - Monmouth Project) 6%, 8/1/2000............... 1,265,000 1,315,676
City of Newark Board of Education 5.875%, 12/15/2006 (Insured; MBIA)........ 1,755,000 1,824,919
State of New Jersey:
5.80%, 8/1/2001......................................................... 2,000,000 2,090,200
6.25%, 9/15/2001........................................................ 1,875,000 2,007,169
5.90%, 8/1/2002......................................................... 5,500,000 5,789,960
New Jersey Economic Development Authority:
District Heating and Cooling Revenue (Trenton-Trigen Project) 6.10%, 12/1/2004 3,375,000 3,471,424
Economic Growth Revenue:
4.80%, 10/1/2003 (LOC; National Westminister Bank) (a)................ 910,000 869,587
5%, 10/1/2005 (LOC; National Westminister Bank) (a)................... 1,375,000 1,332,416
Market Transition Facility Revenue 7%, 7/1/2004 (Insured; MBIA)......... 2,275,000 2,567,087
Waste Paper Recycling (MPMI Inc. Project) 5.75%, 2/1/2004............... 2,500,000 2,388,125
New Jersey Educational Facilities Authority, Revenue:
Higher Educational Facilities (Saint Peter's College Issue) 6%, 7/1/1998 280,000 289,831
(Institute of Advanced Study) 6.15%, 7/1/2004........................... 560,000 593,006
Refunding (Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA).............. 1,010,000 1,001,122
(Rowan College) 5.15%, 7/1/2004 (Insured; MBIA)......................... 825,000 817,748
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 1,469,447
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
NEW JERSEY (CONTINUED)
New Jersey Health Care Facilities Financing Authority, Revenue (continued):
(Deborah Heart and Lung Center Issue):
5.10%, 7/1/1999....................................................... $ 575,000 $ 564,431
5.30%, 7/1/2000....................................................... 600,000 596,502
5.60%, 7/1/2003....................................................... 1,710,000 1,699,552
5.80%, 7/1/2004....................................................... 745,000 745,596
5.90%, 7/1/2005....................................................... 790,000 795,878
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA)................. 1,630,000 1,620,122
Refunding:
(Atlantic City Medical Center Issue):
6.25%, 7/1/2000................................................... 430,000 446,073
6.30%, 7/1/2001................................................... 3,365,000 3,499,970
(Burdette Tomlin Memorial Hospital Issue) 6%, 7/1/2003 (Insured; FGIC) 1,665,000 1,748,716
(Chilton Memorial Hospital) 4.80%, 7/1/2004........................... 2,120,000 1,978,320
(Raritan Bay Medical Center Issue) 6.625%, 7/1/2005................... 2,800,000 2,717,736
(West Jersey Health System) 5.45%, 7/1/2002 (Insured; MBIA)........... 2,160,000 2,195,986
New Jersey Higher Education Assistance Authority, Student Loan Revenue:
6.80%, 7/1/2000......................................................... 900,000 954,720
(NJClass Loan Program) 5.60%, 1/1/2001.................................. 1,125,000 1,127,070
New Jersey Highway Authority, Senior Parkway Revenue, Refunding
(Garden State Parkway):
5.70%, 1/1/2002....................................................... 500,000 513,460
5.90%, 1/1/2004....................................................... 500,000 520,385
New Jersey Housing and Mortgage Finance Agency, Housing Revenue, Refunding:
6.20%, 11/1/2004........................................................ 4,000,000 4,130,960
6.60%, 11/1/2004........................................................ 3,660,000 3,853,687
New Jersey Sports and Exposition Authority:
Convention Center Luxury Tax Revenue 5.75%, 7/1/2002 (Insured; MBIA).... 2,000,000 2,081,460
Sports Complex Refunding 5%, 1/1/2006................................... 1,185,000 1,130,810
New Jersey Transportation Trust Fund Authority, Transportation System:
6%, 6/15/2001........................................................... 5,500,000 5,762,955
6.25%, 12/15/2003....................................................... 5,315,000 5,678,227
New Jersey Turnpike Authority, Turnpike Revenue:
5.70%, 1/1/2001......................................................... 1,000,000 1,025,980
5.80%, 1/1/2002......................................................... 2,230,000 2,298,729
New Jersey Wastewater Treatment Trust:
5.90%, 5/1/2003 (Insured; MBIA)......................................... 1,400,000 1,460,172
Loan Revenue 6.30%, 7/1/2005............................................ 3,595,000 3,807,716
North Brunswick Township 6.30%, 5/15/2006................................... 1,860,000 1,975,227
North Jersey District Water Supply Commission, Revenue, Refunding
(Wanaque South Project) 5.40%, 7/1/2002 (Insured; MBIA)................. 2,795,000 2,875,748
Ocean County, General Improvement:
5.25%, 9/1/2001......................................................... 1,600,000 1,626,032
5.30%, 9/1/2003......................................................... 2,115,000 2,139,936
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
NEW JERSEY (CONTINUED)
Ocean County, General Improvement (continued):
5.125%, 7/1/2004........................................................ $ 1,000,000 $ 988,680
5.65%, 7/1/2005......................................................... 1,600,000 1,638,608
Parsippany - Troy Hills Township, Refunding 6%, 4/1/2004.................... 1,630,000 1,719,177
Passaic Valley Sewer Commissioners, Sewer System, Refunding
5.70%, 12/1/1999 (Insured; AMBAC)....................................... 1,600,000 1,660,800
City of Perth Amboy Board of Education, COP, Lease Purchase Agreement
(FWB Leasecorp,Inc.) 5.60%, 12/15/2002 (Insured; FSA)................... 1,265,000 1,319,509
Pinelands Regional Board of Education, Refunding COP, Lease Purchase
Agreement
(A & R Hunt Enterprises, Inc.) 5.70%, 2/15/2003 (Insured; FSA).......... 350,000 365,991
Port Authority of New York and New Jersey (Consolidated Board 91st Series)
4.70%, 11/15/2004....................................................... 3,420,000 3,207,721
Township of Roxbury, Water and Sewer Assessment 5.05%, 8/1/2004 (Insured; AMBAC) 1,175,000 1,155,190
Rutgers State University, University Revenue, Refunding
(State University of New Jersey) 6.30%, 5/1/2005........................ 2,900,000 3,090,617
South Brunswick Township:
5.55%, 8/1/2001......................................................... 425,000 437,754
5.55%, 8/1/2002......................................................... 421,000 432,956
South Jersey Port Corp., Marine Terminal Revenue:
4.85%, 1/1/2001......................................................... 790,000 781,745
5.05%, 1/1/2003......................................................... 835,000 830,700
5.30%, 1/1/2005......................................................... 930,000 899,673
5.40%, 1/1/2006......................................................... 1,010,000 981,841
South Jersey Transportation Authority, Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA)........................................ 2,000,000 2,071,300
Stony Brook Regional Sewer Authority, Revenue, Refunding 5.55%, 12/1/2005... 1,000,000 1,008,850
Sussex County, Refunding 4.65%, 12/1/2002 (Insured; MBIA)................... 1,225,000 1,169,336
Sussex County Municipal Utilities Authority, Wastewater Facilities Revenue,
Refunding 5%, 12/1/2003 (Insured; MBIA)................................. 1,755,000 1,751,209
Trenton 5.25%, 8/1/2002 (Insured; FGIC)..................................... 1,000,000 1,009,610
Warren County Pollution Control Financing Authority, Landfill Revenue,
Refunding
5.60%, 12/1/2002........................................................ 1,765,000 1,598,437
West Morris Regional High School District Board of Education, School
5.875%, 1/15/2004....................................................... 250,000 263,020
West Windsor Township, General Improvement:
5.70%, 10/15/2002....................................................... 600,000 616,236
5.90%, 10/15/2003....................................................... 600,000 620,682
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 1,125,682
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
NEW JERSEY (CONTINUED)
Woodbridge Township:
5.65%, 8/15/2002........................................................ $ 1,320,000 $ 1,359,151
6.20%, 8/15/2007........................................................ 2,000,000 2,134,500
U.S. RELATED-23.1%
Guam Airport Authority, General Revenue 6%, 10/1/2000....................... 1,200,000 1,210,596
Guam Government:
5.75%, 8/15/1999........................................................ 6,250,000 6,251,875
4.70%, 11/15/2002....................................................... 3,000,000 2,779,590
Commonwealth of Puerto Rico, Improvement, Refunding:
5.20%, 7/1/2003......................................................... 2,195,000 2,131,564
5.20%, 7/1/2003 (Insured; MBIA)......................................... 5,000,000 5,019,550
5.30%, 7/1/2004 (Insured; MBIA)......................................... 8,000,000 8,045,760
Puerto Rico Electric Power Authority, Electric Revenue, Refunding
5.50%, 7/1/2002 (Insured; FSA).......................................... 4,560,000 4,688,455
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding:
5.875%, 7/1/1999........................................................ 500,000 513,590
5.10%, 7/1/2003......................................................... 3,000,000 2,889,960
5.30%, 7/1/2004......................................................... 10,000,000 9,610,900
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................. 1,010,000 949,794
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 2,100,000 2,102,688
Virgin Islands, Subordinated Special Tax
(Insurance Claims Fund Program / GO Matching Fund) 5.65%, 10/1/2003..... 3,600,000 3,571,272
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7%, 10/1/2002................................ 250,000 262,308
Virgin Islands Water and Power Authority, Water System Revenue 7.20%, 1/1/2002 400,000 413,504
------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $216,299,365)..................................................... $216,170,594
============
SHORT-TERM MUNICIPAL INVESTMENTS-.8%
NEW JERSEY:
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
3.85% (SBPA; Societe Generale) (b)...................................... $ 300,000 $ 300,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
4.10% (SBPA; Morgan Guaranty Trust Co.) (b)............................. 1,500,000 1,500,000
-------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $1,800,000)....................................................... $ 1,800,000
=========
TOTAL INVESTMENTS-100.0%
(cost $218,099,365)..................................................... $217,970,594
============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
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>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ----- ----- ---------------- -------------------
<S> <C> <S> <C>
AAA Aaa AAA 35.8%
AA Aa AA 26.5
A A A 22.1
BBB Baa BBB 10.5
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) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(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 notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $218,099,365)-see statement..................................... $217,970,594
Cash.................................................................... 33,242
Interest receivable..................................................... 3,343,130
Receivable for shares of Beneficial Interest subscribed................. 100
Prepaid expenses........................................................ 16,313
-------
221,363,379
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 56,070
Accrued expenses ....................................................... 108,593 164,663
----- -------
NET ASSETS ................................................................ $221,198,716
===========
REPRESENTED BY:
Paid-in capital......................................................... $227,395,190
Accumulated net realized (loss) on investments.......................... (6,067,703)
Accumulated net unrealized (depreciation) on investments-Note 3......... (128,771)
-------
NET ASSETS at value applicable to 16,866,011 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest
authorized)............................................................. $221,198,716
============
NET ASSET VALUE, offering and redemption price per share
($221,198,716 / 16,866,011 shares)...................................... $13.12
======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS YEAR ENDED MARCH 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $12,487,808
EXPENSES:
Management fee-Note 2(a).............................................. $ 1,370,404
Shareholder servicing costs-Note 2(b)................................. 396,461
Custodian fees........................................................ 179,588
Professional fees..................................................... 34,884
Prospectus and shareholders' reports.................................. 18,307
Trustees' fees and expenses-Note 2(c)................................. 17,454
Registration fees..................................................... 1,335
Miscellaneous......................................................... 44,939
------
2,063,372
Less_reduction in management fee due to
undertakings-Note 2(a)............................................ 1,030,765
------
TOTAL EXPENSES.................................................. 1,032,607
-------
INVESTMENT INCOME_NET.......................................... 11,455,201
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $(5,662,614)
Net unrealized appreciation on investments.............................. 5,265,522
------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (397,092)
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $11,058,109
==========
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,
----------------
1994 1995
------- -------
<S> <C> <C>
OPERATIONS:
Investment income_net.................................................. $ 10,216,060 $ 11,455,201
Net realized (loss) on investments...................................... (182,265) (5,662,614)
Net unrealized appreciation (depreciation) on investments for the year.. (7,304,383) 5,265,522
------- -------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 2,729,412 11,058,109
------- -------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net.................................................. (10,216,060) (11,455,201)
------- -------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 209,671,407 86,892,865
Dividends reinvested.................................................... 8,766,001 9,649,253
Cost of shares redeemed................................................. (101,855,386) (113,238,498)
------- -------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 116,582,022 (16,696,380)
-------- -------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 109,095,374 (17,093,472)
NET ASSETS:
Beginning of year....................................................... 129,196,814 238,292,188
------- -------
End of year............................................................. $238,292,188 $221,198,716
=========== ===========
SHARES SHARES
------- -------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 15,306,883 6,719,937
Shares issued for dividends reinvested.................................. 640,957 745,999
Shares redeemed......................................................... (7,460,945) (8,819,014)
------- -------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 8,486,895 (1,353,078)
========= =========
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 the Fund's financial statements.
YEAR ENDED MARCH 31,
-----------------
PER SHARE DATA: 1993(1) 1994 1995
---- ---- ----
<S> <C> <C> <C>
Net asset value, beginning of year.................................... $12.50 $13.28 $13.08
---- ---- ----
INVESTMENT OPERATIONS:
Investment income_net................................................ .60 .68 .65
Net realized and unrealized gain (loss) on investments................ .78 (.20) .04
---- ---- ----
TOTAL FROM INVESTMENT OPERATIONS.................................... 1.38 .48 .69
---- ---- ----
DISTRIBUTIONS;
Dividends from investment income_net................................. (.60) (.68) (.65)
---- ---- ----
Net asset value, end of year.......................................... $13.28 $13.08 $13.12
====== ===== =====
TOTAL INVESTMENT RETURN................................................... 13.48%(2) 3.52% 5.45%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................... -- .06% .45%
Ratio of net investment income to average net assets.................. 5.27%(2) 4.97% 5.02%
Decrease reflected in above expense ratios due to undertakings
by the Manager...................................................... 1.10%(2) .83% .45%
Portfolio Turnover Rate............................................... 32.99%(3) 5.99% 35.01%
Net Assets, end of year (000's Omitted)............................... $129,197 $238,292 $221,199
(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, 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, the Manager 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 $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.
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (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, through April 13,
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 reduction in management fee, pursuant to the undertakings, amounted to
$1,030,765 for the year ended March 31, 1995.
The Manager has currently undertaken from April 14, 1995 through June 30,
1995, 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 .40
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 year ended
March 31, 1995, the Fund was charged an aggregate of $179,573 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 $250 per meeting.
Prior to August 10, 1994, the annual fee was $1,000. 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 $109,303,812 and $129,225,538, respectively, for the year ended
March 31, 1995, and consisted entirely of long-term and short-term municipal
investments.
At March 31, 1995, accumulated net unrealized depreciation on investments
was $128,771, consisting of $2,506,041 gross unrealized appreciation and
$2,634,812 gross unrealized depreciation.
At March 31, 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
REPORT OF ERNST & YOUNG LLP, 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, 1995, 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, 1995 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,
1995, 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 and Young LLP signature logo]
New York, New York
May 4, 1995
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, 1995 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 1995 calendar year
on Form 1099-DIV which will be mailed by January 31, 1996.
[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. 751AR953
[Dreyfus logo]
New Jersey
Intermediate
Municipal
Bond Fund
Annual Report
March 31, 1995
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 | |
| | 10-YEAR |DREYFUS NEW JERSEY
| PERIOD | MUNICIPAL | INTERMEDIATE |
| | BOND INDEX * | MUNICIPAL BOND FUND |
|-----------|-----------------|---------------------|
| 6/26/92 | 10,000 | 10,000 |
| 3/31/93 | 10,898 | 10,894 |
| 3/31/94 | 11,205 | 11,277 |
| 3/31/95 | 12,048 | 11,891 |
|---------------------------------------------------|
* Source: Lehman Brothers
