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 the six-month period ended September 30,
1997. Your Fund produced a total return, including share price changes and
dividend income generated, of 5.12%,* and an annualized tax-free distribution
rate per share of 4.33%.**
THE ECONOMY
Virtually ideal economic conditions prevailed over the reporting period.
Robust growth in the first half of 1997, the lowest unemployment rate since
the early 1970s and measures of inflation at 30-year lows combined to spur
consumer confidence to record high ground. Businesses were similarly
optimistic: government reports showed that business investment in new
equipment during the reporting period was at its fastest pace in 14 years.
The question is, how long can this favorable economic scenario continue
before inflation rekindles or, more to the point, before the Federal Reserve
Board (the "Fed") embarks on a policy of monetary restraint to dampen
possible future inflationary excess? Traditionally, the Fed has acted to
contain inflation long before it could spread throughout the economy, and Fed
Chairman Alan Greenspan is a staunch inflation-fighter. Yet there are few
traditional signs of potential inflationary excess to battle against. The
upward creep of factory operating rates in response to surging industrial
production is one, the tight labor market is another. With the unemployment
rate so low, there is concern that employers will eventually raise wages to
attract workers, resulting in higher prices as increased labor costs are
passed along to consumers. So far, there has been a remarkable absence of
wage and price pressures.
There are few signs that broader measures of inflation are accelerating.
The economy grew at a 4.1% rate over the first six months of this year, a
pace that in other times would have resulted in rumblings of inflationary
pressures. Until its modest rise in September, the Producer Price Index had
an unprecedented series of seven straight monthly declines. The Consumer
Price Index rose at a 1.6% annual rate for the first eight months of the
year, a rate less than half the 3.3% rise for the comparable period in 1996.
Because of the lack of inflation, the Fed has been willing to tolerate
strong economic growth without tightening monetary policy. The Federal Open
Market Committee (FOMC), the policy-making arm of the Fed, has raised
interest rates just once in more than two years, a period roughly coinciding
with the surge of growth in the economy. The last increase in short-term
interest rates came on March 25, 1997 when the FOMC increased the Federal
Funds rate by a modest one-quarter of a percentage point to 5.50%. (The
Federal Funds rate is the rate of interest that banks charge one another for
overnight loans.)
In addition, the Fed expected some slowdown throughout the 18-month
economic resurgence, yet demand remained strong throughout. However, the
latest revision of the second-quarter economic growth rate showed a
considerable buildup in business inventories. A rise in inventories could
trigger a subsequent slowdown in the economy if companies cut production in
order to work off unsold backlogs. Nevertheless, it is possible that the
inherent momentum in the economy combined with more vigorous consumer spending
in the third quarter (retail sales showed renewed strength over the summer)
could absorb these inventories without a reduction in output. We continue to
remain alert for future changes of monetary policy by the Fed, particularly
the possibility of a tightening if economic growth continues strong
throughout the rest of this year.
MARKET ENVIRONMENT
The municipal market has benefited from the same improving trends as did
the broader fixed-income markets. This has occurred despite a 25 basis-point
increase in the Federal Funds rate in March and recent commentary by Fed
Chairman Alan Greenspan concerning another potential move. Yields on bonds in
the maturity range that pertains to
your Fund are currently lower than yields on bonds previously purchased and
held in the Fund's present portfolio. The intermediate sector of the
municipal market continues to show strength and is now at cyclically rich
levels compared to U.S. Treasury securities for the year. Recent issuance of
new municipal bond debt has increased; however, supply in the intermediate
maturity range has been less than that for longer maturity ranges. It appears
that the intermediate sector is less vulnerable to a technical correction
from either oversupply or excessive demand. This characteristic of
performance has helped support the bond prices in your Fund, and furthermore
provides some apparent downside protection.
PORTFOLIO OVERVIEW
Many current new issue offerings are not as structurally attractive as
the majority of the positions held in the portfolio. Also, very few new
issues came to market in the recent quarter. Fortunately, we have not been
under pressure to invest during this recent low interest-rate environment.
The Fund is largely invested, and portfolio holdings are seasoned, creating
an investment vehicle aimed at producing high current income. This
facilitates lower volatility, a potential asset if Fed action is taken. In
the coming months, as securities move closer to maturity, we plan to replace
those short-lived holdings with more advantageous positions in order to
maintain the integrity of the portfolio.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 20, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid. Income is subject to state and local taxes for non-New Jersey
residents.
** Distribution rate per share is based upon dividends per share paid from
net investment income during the period (annualized), divided by the net
asset value per share at the end of the period. Some income may be subject to
the Federal Alternative minimum tax (AMT) for certain shareholders.
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments-100.0% Amount Value
------- -------
New Jersey-90.7%
Bayshore Regional Sewer Authority, Subordinated Sewer Revenue:
<S> <C> <C>
5.10%, 5/1/2004 (Insured; MBIA)........................................... $ 1,110,000 $ 1,152,679
5.30%, 4/1/2008 (Insured; MBIA)........................................... 1,000,000 1,050,980
5.40%, 4/1/2009 (Insured; MBIA)........................................... 1,000,000 1,049,380
Brick Township Municipal Utilities Authority, Water and Sewer Revenue,
Refunding
5.10%, 12/1/2009 (Insured; FGIC).......................................... 1,500,000 1,530,645
Burlington County:
5.20%, 10/1/2009.......................................................... 2,000,000 2,042,340
Refunding 5.35%, 9/15/2003................................................ 1,000,000 1,045,060
Camden County Improvement Authority, Revenue:
County Guaranteed Lease:
5.40%, 12/1/2002........................................................ 855,000 897,724
5.85%, 10/1/2006 (Insured; MBIA)........................................ 1,000,000 1,091,180
(Health Services Center) 4.80%, 12/1/2004 (Insured; AMBAC)................ 1,555,000 1,588,961
Camden County Municipal Utilities Authority, County Agreement Sewer Revenue,
Refunding:
5.50%, 7/15/2005 (Insured; FGIC)........................................ 1,000,000 1,064,360
5%, 7/15/2009 (Insured; FGIC)........................................... 2,000,000 2,021,460
Cherry Hill Township:
General and Water Assessment 5.30%, 9/1/2002.............................. 1,220,000 1,275,730
Sewer and Sewer Assessment 5.30%, 9/1/2002................................ 150,000 156,852
Delaware River and Bay Authority, Revenue 5.10%, 1/1/2009 (Insured; FGIC)... 815,000 833,231
Dover Township:
5.80%, 10/15/2001 (Insured; AMBAC)........................................ 1,740,000 1,845,775
5.90%, 10/15/2002 (Insured; AMBAC)........................................ 1,640,000 1,761,606
Township of East Brunswick, Refunding 4.75%, 4/1/2004....................... 1,310,000 1,338,663
Essex County Improvement Authority, Revenue:
(Irvington County School District) 6.10%, 10/1/2001 (Insured; FSA)........ 1,415,000 1,515,805
Lease, Refunding (County Jail and Youth House Project)
5%, 12/1/2009 (Insured; AMBAC).......................................... 1,575,000 1,593,727
Gloucester Township, Refunding 5.20%, 7/15/2004 (Insured; AMBAC)............ 795,000 831,936
Hamilton Township:
General Improvement 5.20%, 9/1/2002 (Insured; FGIC)....................... 600,000 625,044
Sewer Utility 5.20%, 9/1/2002 (Insured; FGIC)............................. 450,000 468,783
Highland Park, Water and Sewer Utility:
6%, 10/15/2003............................................................ 360,000 387,425
6%, 10/15/2004............................................................ 470,000 504,174
Hillside Township 6.60%, 2/15/2007 (Insured; MBIA).......................... 1,000,000 1,103,580
City of Hoboken Parking Authority, Parking General Revenue, Refunding:
6.10%, 3/1/2002........................................................... 375,000 397,324
6.20%, 3/1/2003........................................................... 395,000 423,527
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
------- -------
New Jersey (continued)
Hudson County:
<S> <C> <C>
4.75%, 8/1/2003........................................................... $ 500,000 $ 505,175
Vocational School Improvement 5.05%, 10/1/2008 (Insured; FSA)............. 1,010,000 1,043,603
Hudson County Improvement Authority, Solid Waste System Revenue
6.75%, 1/1/2003........................................................... 3,000,000 3,078,300
Hunterdon County, General Improvement:
4.25%, 12/15/2006......................................................... 1,600,000 1,559,424
4.25%, 12/15/2007......................................................... 1,600,000 1,543,312
Jersey City, Water Refunding:
5.20%, 10/1/2008 (Insured; AMBAC)......................................... 1,565,000 1,620,730
5.30%, 10/1/2009 (Insured; AMBAC)......................................... 1,295,000 1,338,654
Lacy Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA).......................................... 1,060,000 1,104,880
5.20%, 12/1/2004 (Insured; MBIA).......................................... 1,215,000 1,271,097
Long Branch Sewerage Authority, Revenue, Refunding:
5%, 6/1/2003 (Insured; FGIC).............................................. 610,000 630,935
5.10%, 6/1/2004 (Insured; FGIC)........................................... 690,000 715,999
Manalapan-Englishtown Regional School District Board of Education (School
Bonds)
5%, 5/1/2004.............................................................. 1,950,000 2,016,202
Mercer County Improvement Authority, Revenue:
Refunding (Special Services School District) 5.30%, 12/15/2002............ 845,000 886,008
Township Guaranteed Refunding (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA)......................................... 470,000 497,946
Middlesex County Utilities Authority, Sewer Revenue, Refunding
5%, 9/15/2008 (Insured; FGIC)............................................. 1,000,000 1,022,020
Township of Middletown, Refunding 4.90%, 8/1/2004........................... 1,810,000 1,858,526
Monmouth County 5.10%, 10/1/2010............................................ 2,600,000 2,646,904
City of Newark Board of Education 5.875%, 12/15/2006 (Insured; MBIA)........ 1,755,000 1,917,250
State of New Jersey:
5.80%, 8/1/2001........................................................... 2,000,000 2,117,240
5.90%, 8/1/2002........................................................... 2,000,000 2,146,380
New Jersey Economic Development Authority:
District Heating and Cooling Revenue (Trenton-Trigen Project)
6.10%, 12/1/2004........................................................ 3,375,000 3,596,096
Economic Growth Revenue:
4.80%, 10/1/2003 (LOC; National Westminster Bank) (a)................... 730,000 746,221
5%, 10/1/2005 (LOC; National Westminster Bank) (a)...................... 1,135,000 1,170,855
Market Transition Facility Revenue 7%, 7/1/2004 (Insured; MBIA)........... 2,275,000 2,602,827
Waste Paper Recycling (MPMI Inc. Project) 5.75%, 2/1/2004................. 2,500,000 2,586,975
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
------- -------
New Jersey (continued)
New Jersey Educational Facilities Authority, Revenue:
College and University:
<S> <C> <C>
(Institute of Advanced Study) 6.15%, 7/1/2004........................... $ 560,000 $ 599,077
Refunding:
(Princeton Theological):
4.70%, 7/1/2010..................................................... 880,000 868,314
4.80%, 7/1/2011..................................................... 920,000 912,438
4.875%, 7/1/2012.................................................... 965,000 961,410
(Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA)...................... 1,010,000 1,051,370
(Rowan College) 5.15%, 7/1/2004 (Insured; MBIA)....................... 825,000 858,792
(University of Medicine and Dentistry) 5%, 12/1/2004 (Insured; AMBAC). 5,090,000 5,263,060
Higher Educational Facilities Trust Fund:
5.125%, 9/1/2006 (Insured; AMBAC)....................................... 2,775,000 2,892,882
5.125%, 9/1/2009 (Insured; AMBAC)....................................... 2,000,000 2,044,400
New Jersey Health Care Facilities Financing Authority, Health Care Revenue:
(Allegany Health System-Our Lady of Lourdes Medical Center Issue)
4.80%, 7/1/2005 (Insured; MBIA)......................................... 1,580,000 1,609,593
(Deborah Heart and Lung Center Issue):
5.60%, 7/1/2003......................................................... 1,710,000 1,772,620
5.80%, 7/1/2004......................................................... 745,000 778,257
5.90%, 7/1/2005......................................................... 790,000 831,996
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA)................... 1,630,000 1,691,516
Refunding:
(Atlantic City Medical Center Issue) 6.30%, 7/1/2001.................... 3,365,000 3,577,702
(Burdette Tomlin Memorial Hospital Issue) 6%, 7/1/2003 (Insured; FGIC).. 1,665,000 1,788,593
(Chilton Memorial Hospital) 4.80%, 7/1/2004............................. 1,620,000 1,629,639
(Raritan Bay Medical Center Issue) 6.625%, 7/1/2005..................... 2,800,000 2,976,932
(Robert Wood Johnson University Center) 5%, 7/1/2008 (Insured; MBIA).... 1,500,000 1,527,390
(Saint Joseph's Hospital and Medical Center)
5.15%, 7/1/2006 (Insured; Connie Lee)................................. 2,555,000 2,642,100
(West Jersey Health System) 5.45%, 7/1/2002 (Insured; MBIA)............. 2,160,000 2,267,503
New Jersey Higher Education Assistance Authority, Student Loan Revenue:
6.80%, 7/1/2000........................................................... 700,000 733,152
(NJClass Loan Program) 5.60%, 1/1/2001.................................... 965,000 985,439
New Jersey Highway Authority, Senior Parkway Revenue, Refunding
(Garden State Parkway):
5.70%, 1/1/2002......................................................... 500,000 526,905
5.90%, 1/1/2004......................................................... 500,000 536,265
New Jersey Housing and Mortgage Finance Agency, Housing Revenue, Refunding:
6.20%, 11/1/2004.......................................................... 4,000,000 4,248,960
6.60%, 11/1/2004.......................................................... 3,660,000 3,933,658
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax
Revenue
5.75%, 7/1/2002 (Insured; MBIA)........................................... 2,000,000 2,127,740
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
------- -------
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Transportation System:
<S> <C> <C>
6.25%, 12/15/2003......................................................... $ 5,315,000 $ 5,866,431
5.125%, 6/15/2007 (Insured; AMBAC)........................................ 2,500,000 2,599,675
4.875%, 12/15/2008 (Insured; MBIA)........................................ 3,000,000 3,037,290
New Jersey Turnpike Authority, Turnpike Revenue:
5.70%, 1/1/2001 (Insured; AMBAC).......................................... 1,000,000 1,046,020
5.80%, 1/1/2002 (Insured; AMBAC).......................................... 2,230,000 2,357,690
New Jersey Wastewater Treatment Trust:
5.90%, 5/01/2003 (Insured; MBIA).......................................... 1,400,000 1,507,968
Loan Revenue 6.30%, 7/1/2005.............................................. 3,595,000 3,875,410
North Brunswick Township 6.30%, 5/15/2006................................... 1,860,000 2,026,117
North Hudson Sewer Authority, Sewer Revenue 5.25%, 8/1/2010 (Insured; FGIC). 3,825,000 3,913,625
North Jersey District Water Supply Commission, Revenue, Refunding
(Wanaque South Project) 5.40%, 7/1/2002 (Insured; MBIA)................... 2,795,000 2,931,815
Northeast Monmouth County Regional Sewer Authority, Sewer Revenue, Refunding
5%, 11/1/2010 (Insured; MBIA)............................................. 2,250,000 2,267,055
Ocean County, General Improvement:
7.50%, 10/15/2001......................................................... 550,000 617,787
5.30%, 9/1/2003........................................................... 2,115,000 2,228,935
5.125%, 7/1/2004.......................................................... 1,000,000 1,040,700
5.65%, 7/1/2005........................................................... 1,600,000 1,728,960
Parsippany-Troy Hills Township, Refunding 6%, 4/1/2004...................... 1,630,000 1,776,097
City of Perth Amboy Board of Education, COP, Lease Purchase Agreement
(FWB Leasecorp,Inc.) 5.60%, 12/15/2002 (Insured; FSA)..................... 1,265,000 1,343,949
Pinelands Regional Board of Education, Refunding COP, Lease Purchase
Agreement
(A & R Hunt Enterprises, Inc.) 5.70%, 2/15/2003 (Insured; FSA)............ 350,000 373,100
Port Authority of New York and New Jersey:
(Consolidated Board 91st Series) 4.70%, 11/15/2004........................ 1,500,000 1,525,365
(Consolidated Board 101st Series) 5.25%, 9/15/2006 (Insured; MBIA)........ 1,000,000 1,043,530
Township of Roxbury, Water and Sewer Assessment 5.05%, 8/1/2004 (Insured; AMBAC)........ 1,175,000 1,219,603
Rutgers State University, University Revenue, Refunding
(State University of New Jersey) 6.30%, 5/1/2005.......................... 2,900,000 3,163,813
South Jersey Port Corp., Marine Terminal Revenue:
5.05%, 1/1/2003........................................................... 835,000 850,155
5.30%, 1/1/2005........................................................... 930,000 957,835
5.40%, 1/1/2006........................................................... 1,010,000 1,046,986
South Jersey Transportation Authority, Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA).......................................... 2,000,000 2,113,200
South River School District 5%, 12/1/2008 (Insured; FGIC)................... 1,100,000 1,135,112
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
------- -------
New Jersey (continued)
<S> <C> <C>
Southern Regional High School District 5.50%, 9/1/2011 (Insured; MBIA)...... $ 1,600,000 $ 1,661,600
Sussex County Municipal Utilities Authority, Wastewater Facilities Revenue,
Refunding
5%, 12/1/2003 (Insured; MBIA)............................................. 1,755,000 1,819,882
Trenton 5.25%, 8/1/2002 (Insured; FGIC)..................................... 1,000,000 1,043,240
Warren County Pollution Control Financing Authority, Landfill Revenue,
Refunding
5.60%, 12/1/2002.......................................................... 1,765,000 1,724,529
Washington Township Board of Education 5.10%, 2/1/2007 (Insured; MBIA)...... 3,100,000 3,223,535
West Deptford Township, Refunding 5.20%, 3/1/2011 (Insured; AMBAC).......... 2,000,000 2,033,720
West Morris Regional High School District Board of Education, School
5.875%, 1/15/2004......................................................... 250,000 270,770
West Windsor Township, General Improvement:
5.70%, 10/15/2002......................................................... 600,000 628,794
5.90%, 10/15/2003......................................................... 600,000 630,954
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 1,175,020
Western Monmouth Utilities Authority, Revenue, Refunding
5.15%, 2/1/2008 (Insured; AMBAC).......................................... 1,000,000 1,035,160
Woodbridge Township:
5.65%, 8/15/2002.......................................................... 1,320,000 1,399,332
6.20%, 8/15/2007.......................................................... 2,000,000 2,143,000
U.S. Related-9.3%
Commonwealth of Puerto Rico, Improvement, Refunding:
5.20%, 7/1/2003........................................................... 2,195,000 2,278,147
5.30%, 7/1/2004 (Insured; MBIA)........................................... 8,000,000 8,449,600
Puerto Rico Highway and Transportation Authority, Highway Revenue, Refunding
5.10%, 7/1/2003 (Insured; MBIA)........................................... 3,000,000 3,131,850
Puerto Rico Municipal Finance Agency 5.60%, 7/1/2002........................ 2,100,000 2,199,981
Virgin Islands, Subordinated Special Tax
(Insurance Claims Fund Program/ GO Matching Fund) 5.65%, 10/1/2003........ 3,180,000 3,326,280
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes) 7%, 10/1/2002.................................. 250,000 274,437
Virgin Islands Water and Power Authority, Water System Revenue 7.20%, 1/1/2002 300,000 315,039
-------
TOTAL INVESTMENTS
(cost $204,974,102)....................................................... $213,818,306
=======
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation GO General Obligation
COP Certificate of Participation LOC Letter of Credit
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FSA Financial Security Assurance Insurance Corporation
Summary of Combined Ratings (Unaudited)
Fitch (b) or Moody's or Standard & Poor's Percentage of Value
- -------- -------- ----------------- ------------------
AAA Aaa AAA 57.5%
AA Aa AA 17.1
A A A 15.1
BBB Baa BBB 5.1
BB Ba BB .8
Not Rated (c) Not Rated (c) Not Rated (c) 4.4
----
100.0%
====
Notes to Statement of Investments:
(a) Secured by letter of credit.
(b) Fitch currently provides creditworthiness information for a limited
number of investments.
(c) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
(d) At September 30, 1997, 26.1% of the Fund's net assets are insured by
MBIA.
SEE NOTES TO FINANCIAL STATMENTS.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1997 (UNAUDITED)
Cost Value
-------- --------
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $204,974,102 $213,818,306
Receivable for shares of Beneficial Interest subscribed 13,650
Interest receivable........................ 3,235,244
Prepaid expenses........................... 2,837
--------
217,070,037
--------
LIABILITIES: Due to The Dreyfus Corporation and affiliates 114,975
Cash overdraft due to Custodian............ 1,308,518
Accrued expenses........................... 54,388
--------
1,477,881
--------
NET ASSETS.................................................................. $215,592,156
========
REPRESENTED BY: Paid-in capital............................ $211,761,458
Accumulated net realized gain (loss) on investments (5,013,506)
Accumulated net unrealized appreciation (depreciation) on
investments-Note 4......................... 8,844,204
--------
NET ASSETS.................................................................. $215,592,156
========
SHARES OUTSTANDING
(unlimited number of $.001 par vaue shares of Beneficial Interest authorized) 15,698,086
NET ASSET VALUE, offering and redemption price per share-Note 3(d).......... $13.73
====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income............................ $ 5,566,003
EXPENSES: Management fee-Note 3(a)................... $ 647,525
Shareholder servicing costs-Note 3(b)...... 114,672
Professional fees.......................... 21,794
Custodian fees............................. 10,583
Trustees' fees and expenses-Note 3(c)...... 10,431
Prospectus and shareholders' reports....... 10,115
Registration fees.......................... 1,569
Loan commitment fees-Note 2................ 932
Miscellaneous.............................. 14,623
-------
Total Expenses....................... 832,244
-------
INVESTMENT INCOME-NET....................................................... 4,733,759
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments.... $ 8,295
Net unrealized appreciation (depreciation) on investments 6,119,643
-------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 6,127,938
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $10,861,697
=======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
September 30, 1997 Year Ended
(Unaudited) March 31, 1997
---------- --------
OPERATIONS:
<S> <C> <C>
Investment income-net.................................................... $ 4,733,759 $ 9,883,642
Net realized gain (loss) on investments.................................. 8,295 940,342
Net unrealized appreciation (depreciation) on investments................ 6,119,643 (2,476,956)
------- -------
Net Increase (Decrease) in Net Assets Resulting from Operations........ 10,861,697 8,347,028
------- -------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................... (4,733,759) (9,938,876)
------- -------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold............................................ 12,981,954 40,305,583
Dividends reinvested..................................................... 3,979,962 8,420,257
Cost of shares redeemed.................................................. (23,847,733) (59,817,875)
------- -------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (6,885,817) (11,092,035)
------- -------
Total Increase (Decrease) in Net Assets............................ (757,879) (12,683,883)
NET ASSETS:
Beginning of Period...................................................... 216,350,035 229,033,918
------- -------
End of Period............................................................ $215,592,156 $216,350,035
======= =======
Shares Shares
------- -------
CAPITAL SHARE TRANSACTIONS:
Shares sold.............................................................. 955,837 3,006,720
Shares issued for dividends reinvested................................... 292,835 627,323
Shares redeemed.......................................................... (1,759,251) (4,460,526)
------- -------
Net Increase (Decrease) in Shares Outstanding.......................... (510,579) (826,483)
======= =======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Benficial 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.
Six Months Ended
September 30, 1997 Year Ended March 31,
----------------------------------------------------
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993(1)
------------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $13.35 $13.44 $13.12 $13.08 $13.28 $12.50
---- ---- ---- ---- ---- ----
Investment Operations:
Investment income-net................. .30 .59 .60 .65 .68 .60
Net realized and unrealized gain (loss)
on investments...................... .38 (.08) .32 .04 (.20) .78
---- ---- ---- ---- ---- ----
Total from Investment Operations...... .68 .51 .92 .69 .48 1.38
---- ---- ---- ---- ---- ----
Distributions:
Dividends from investment income-net.. (.30) (.60) (.60) (.65) (.68) (.60)
---- ---- ---- ---- ---- ----
Net asset value, end of period........ $13.73 $13.35 $13.44 $13.12 $13.08 $13.28
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 10.21%(2) 3.84% 7.09% 5.45% 3.52% 13.48%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .77%(2) .78% .72% .45% .06% -
Ratio of net investment income
to average net assets............... 4.39%(2) 4.43% 4.47% 5.02% 4.97% 5.27%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. - - .06% .45% .83% 1.10%(2)
Portfolio Turnover Rate............... .27%(3) 14.60% 13.69% 35.01% 5.99% 32.99%(3)
Net Assets, end of period (000's Omitted) $215,592 $216,350 $229,034 $221,199 $238,292 $129,197
(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 (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New Jersey Intermediate Municipal Bond Fund (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal and New Jersey income taxes as is consistent with the
preservation of capital. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A. Premier Mutual Fund Services, Inc. is the distributor of the Fund's
shares, which are sold to the public without a sales charge.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities (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 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
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 $4,913,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 1997. If not
applied, $2,452,000 of the carryover expires in fiscal 2003 and $2,461,000
expires in fiscal 2004.
NOTE 2-BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. For the period ended
September 30, 1997, the Fund did not borrow under the Facility.
NOTE 3-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(a) Pursuant to a management agreement with the Manager, the management
fee is computed at the annual rate of .60 of 1% of the value of the Fund's
average daily net assets and is payable monthly. The Manager has undertaken
from April 1, 1997 through March 31,1998 to reduce the management fee paid by
the Fund, to the extent that the Fund's aggregate annual expenses, exclusive
of taxes, brokerage, interest on borrowings, commitment fees and
extraordinary expenses, exceed an annual rate of .80 of 1% of the value of
the Fund's average daily net assets. There was no expense reimbursement for
the period ended September 30, 1997.
(b) Under the 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 period ended September 30, 1997, the Fund was charged $46,000
pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the
period ended September 30, 1997, the Fund was charged $54,106 pursuant to the
transfer agency agreement.
(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.
(d) A 1% redemption fee is charged on certain redemptions of Fund shares
(including redemptions through use of the Fund Exchanges service) where the
shares being redeemed were issued subsequent to a specified effective date
and the redemption or exchange occurs less than fifteen days following the
date of issuance. During the period ended September 30, 1997, redemption fees
amounted to $76.
DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 4-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended September 30, 1997,
amounted to $2,750,062 and $574,860, respectively.
At September 30, 1997, accumulated net unrealized appreciation on
investments was $8,844,204, consisting of $8,919,489 gross unrealized
appreciation and $75,285 gross unrealized depreciation.
At September 30, 1997, 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).
Registration Mark
[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
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 751SA979
Registration Mark
[Dreyfus logo]
New Jersey
Intermediate
Municipal
Bond Fund
Semi-Annual
Report
September 30, 1997
