DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND, N-30D, 1999-06-03

DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
N-30D, 1999-06-03

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Dreyfus New Jersey Intermediate Municipal Bond Fund

Annual Report

March 31, 1999

<PAGE>
Year 2000 Issues (Unaudited)

The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund's other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could
have an impact on the value of the fund's investments and its share price.
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Letter to Shareholders

Dear Shareholder:

We are pleased to provide you with this report on Dreyfus New Jersey
Intermediate Municipal Bond Fund for the 12-month period ended March 31, 1999.
Your fund produced a total return, including share price changes and dividend
income generated, of 5.04%,* and a tax-free distribution rate per share of
4.21%.**

Economic Review

The economy in the period ended March 31, 1999 had several persistent
themes. These included weakness in the world economy, strength in the U.S.
economy, pervasive disinflation and multiple rounds of central bank easing,
which lowered interest rates in many parts of the world.

Weakness in the world economy started in Asia with economic and financial
stresses throughout most of the continent. While China was able to generate
economic expansion by government spending, economic declines occurred in most
of the rest of Asia. The most severe phase of these crises occurred when Asian
currencies dropped and short-term interest rates rose there as well. Then
Latin America began to weaken, particularly Brazil. Tentative signs of a
bottoming in Asia had emerged by the end of your fund's fiscal period;
however, Brazil had not yet turned the corner.

Europe was full of optimism about the benefits of currency unification into
the Euro as of year-end 1998. The reality was that economic growth in Europe
began the last year at a modest pace and showed signs of stagnation in early
1999. Even so, the new European central bank postponed the reduction in
interest rates at the beginning of 1999, probably because of a desire to build
anti-inflationary credibility. The bank finally eased in April of this year.

The U.S. economy proved to be a superperformer during the period, growing
at an above-trend rate despite the economic weakness overseas. A major reason
for this was that the negative effects of foreign economic weakness on the
traditional industrial sector were offset by positive effects elsewhere in the
economy. Low inflation and low interest rates stimulated the housing and
consumer sectors, while the technology sector continued to expand.

The Federal Reserve eased monetary policy three times beginning on
September 30, 1998, lowering the federal funds rate from 5.50% to 4.75%. This
was not because of any shortfall in U.S. economic growth. Rather, it was a
response to a financial crisis linked to the Russian default and the financial
problems of a major hedge fund. Despite widespread fears, the U.S. economy
never did slow. Long-term interest rates declined into early October, when
fears of financial crisis, deflation and possible economic recession were at
their greatest. However, those rates then drifted higher as the financial
stresses eased and the feared economic slowdown did not materialize.

Market Environment

Moderating economic growth in the U.S., a negligible rate of inflation, and
relatively low interest rates continue to foster a positive atmosphere for
municipal bonds. As measured by commonly accepted indexes, municipal bond
yields have moved very little over the last six-month period, compared to
yields of U.S. Treasury bonds. Treasuries, of course, were affected uniquely
because of the safe haven they provided during the economic and currency
collapses of several foreign countries; lately there has been some liquidation
of Treasuries as recovery in several foreign nations began, thus their price
movements have been more volatile.

Municipal yields continue to be historically generous vis--vis Treasury
bond yields, and that lends support to current price levels. Presently,
municipal bonds with maturities of 20 years and longer provide federally tax-
free yields that exceed 90% of the taxable yields provided by Treasury bonds
with comparable maturities. Also helping to firm up price levels of municipal
bonds is a shortage of supply in the new-issue market. So far in 1999, newly
marketed issues amount to just 77% of 1998's volume. Some reduction in 1999 is
expected when compared to 1998, when a number of refundings helped to swell
that year's total issuance to $284 billion, but at this time new issues are
running somewhat behind expectations for 1999.

<PAGE>
Demand continues to be sparked by the after-tax benefits of municipal bond
ownership, recognized mainly by individuals and crossover buyers, the latter
being buyers who commonly operate in both taxable and tax-exempt markets,
depending on yield ratios and after-tax benefits. Institutional demand is not
especially strong right now, and that demand is very specific, centering on
coupon, maturity and several technical features. With supply and demand well
balanced, and no discernible indications of rising inflation and higher
interest rates, it appears that the municipal environment will continue to be
hospitable.

Portfolio Focus

In the 12 months ended March 31, 1999, the Dreyfus New Jersey Intermediate
Municipal Bond Fund assumed a relatively pragmatic approach with its
portfolio. From the beginning of the reporting period, the fund focused on
maintaining its average maturity at approximately seven years. By the end of
the second fiscal quarter, it was apparent that the municipal market was
operating within a narrow range. Attempting to predict the timing of the ebb
and flow of these market changes would be difficult at best. We focused our
efforts on buying discount bonds and also purchasing higher-coupon municipal
securities. This approach allowed the fund to assume characteristics more in
tune with the market environment. These efforts were the prime contributors to
the fund's relative performance over the period.

We will continue to manage the fund utilizing a conservative approach to
balance these market factors, with an emphasis on providing income to our
shareholders. The fund is currently well balanced across its coupon and
maturity range and is positioned to continue to perform well in the current
market environment. It is entirely possible that the market may again see
periods of volatility, although at present, the bond market has had a positive
tone marked by a reduced supply of new bond issuance. To this extent, the fund
is benefiting from increased demand for New Jersey securities, which are
sought by national funds, as well as other New Jersey bond funds.

The primary tasks that will guide our fund management decisions are to earn
a high level of current income, to the extent it is consistent with the
preservation of capital, while maintaining the fund's high credit quality.
Included in this report is a series of detailed statements outlining the
fund's holdings and financial condition. We hope they are informative. Please
know that we greatly appreciate your continued confidence in the fund and the
Dreyfus Corporation.
Very truly yours,

/s/Richard J. Moynihan

Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 19, 1999
New York, N.Y.

* Total return includes reinvestment of dividends and any capital gains
paid. Income may be subject to state and local income taxes for non-New
Jersey residents. Some income may be subject to the federal Alternative
Minimum Tax (AMT) for certain shareholders.
** 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.
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund March 31, 1999
- -------------------------------------------------------------------------------
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
*Source: Lehman Brothers
<TABLE>
<CAPTION>
Average Annual Total Returns
One Year Ended Five Years Ended From Inception (6/26/92)
March 31, 1999 March 31, 1999 to March 31, 1999
-------------------- -------------------- --------------------------
<S> <C> <C> <C>
5.04% 5.91% 6.21%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in 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 shown in the line graph takes into account fees and
expenses. The Lehman Brothers 10-Year Municipal Bond Index is not limited to
investments principally in New Jersey municipal obligations and does not take
into account charges, fees and other expenses. The Lehman Brothers 10-Year
Municipal Bond Index, unlike the Fund, 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 9-12 years. These factors, coupled with the potentially longer maturity of
the Index, can contribute to the Index potentially outperforming or
underperforming the Fund. Further information relating to Fund performance,
including expense reimbursements, if applicable, is contained in the Financial
Highlights section of the Prospectus and elsewhere in this report.

<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments--97.2% Amount Value
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
New Jersey--91.1%
Atlantic County Utilities Authority, Sewer Revenue, Refunding
5%, 1/15/2009 (Insured; AMBAC).............................................. $ 2,760,000 $ 2,891,514
Bayshore Regional Sewer Authority, Subordinated Sewer Revenue:
5.10%, 5/1/2004 (Insured; MBIA)............................................. 1,110,000 1,171,638
5.30%, 4/1/2008 (Insured; MBIA)............................................. 1,000,000 1,078,220
5.40%, 4/1/2009 (Insured; MBIA)............................................. 1,000,000 1,079,160
Brick Township Municipal Utilities Authority, Water and Sewer Revenue, Refunding
5.10%, 12/1/2009 (Insured; FGIC)............................................ 1,500,000 1,579,665
Burlington County:
5.20%, 10/1/2009............................................................ 2,000,000 2,072,180
Refunding 5.35%, 9/15/2003.................................................. 1,000,000 1,050,560
Camden County Improvement Authority, Revenue:
County Guaranteed Lease:
5.40%, 12/1/2002...................................................... 855,000 903,615
5.85%, 10/1/2006 (Insured; MBIA)...................................... 1,000,000 1,099,570
(Health Services Center) 4.80%, 12/1/2004 (Insured; AMBAC).................. 1,555,000 1,626,670
Camden County Municipal Utilities Authority, County Agreement Sewer Revenue,
Refunding:
5.50%, 7/15/2005 (Insured; FGIC)...................................... 1,000,000 1,082,900
5%, 7/15/2009 (Insured; FGIC)......................................... 3,200,000 3,333,056
Cherry Hill Township, Sewer and Sewer Assessment 5.30%, 9/1/2002............... 1,370,000 1,440,829
Delaware River and Bay Authority, Revenue 5.10%, 1/1/2009 (Insured; FGIC)...... 815,000 859,336
Dover Township 5.90%, 10/15/2002 (Insured; AMBAC).............................. 1,640,000 1,760,474
Township of East Brunswick, Refunding 4.75%, 4/1/2004.......................... 1,310,000 1,362,858
Essex County Improvement Authority, Revenue Lease Refunding (County Jail
and Youth House Project) 5%, 12/1/2009 (Insured; AMBAC)..................... 1,575,000 1,649,293
Gloucester Township, Refunding 5.20%, 7/15/2004 (Insured; AMBAC)............... 795,000 845,284
Greenwich Township Board of Education 5%, 1/15/2011 (Insured; FSA)............. 1,015,000 1,043,643
Hamilton Township:
General Improvement 5.20%, 9/1/2002 (Insured; FGIC)......................... 600,000 626,592
Sewer Utility 5.20%, 9/1/2002 (Insured; FGIC)............................... 450,000 469,944
Highland Park, Water and Sewer Utility:
6%, 10/15/2003.............................................................. 360,000 385,034
6%, 10/15/2004.............................................................. 470,000 501,622
Hillside Township 6.60%, 2/15/2007 (Insured; MBIA)............................. 1,000,000 1,094,550
City of Hoboken Parking Authority, Parking General Revenue, Refunding:
6.10%, 3/1/2002............................................................. 375,000 396,187
6.20%, 3/1/2003............................................................. 395,000 424,127
Hudson County:
4.75%, 8/1/2003............................................................. 500,000 514,660
Vocational School Improvement 5.05%, 10/1/2008 (Insured; FSA)............... 1,010,000 1,066,550
Hudson County Improvement Authority, Solid Waste System Revenue
6.75%, 1/1/2003............................................................. 3,000,000 3,218,220
</TABLE>

<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
New Jersey (continued)
Jackson Township School District 4.625%, 12/15/2008 (Insured; FSA)............. $ 1,325,000 $ 1,359,304
Jersey City, Water Refunding:
5.20%, 10/1/2008 (Insured; AMBAC)........................................... 1,565,000 1,669,495
5.30%, 10/1/2009 (Insured; AMBAC)........................................... 1,295,000 1,382,115
Lacy Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA)............................................ 1,060,000 1,120,452
5.20%, 12/1/2004 (Insured; MBIA)............................................ 1,215,000 1,295,494
Long Branch Sewerage Authority, Revenue, Refunding:
5%, 6/1/2003 (Insured; FGIC)................................................ 610,000 639,012
5.10%, 6/1/2004 (Insured; FGIC)............................................. 690,000 728,868
Manalapan-Englishtown Regional School District Board of Education (School Bonds)
5%, 5/1/2004............................................................... 1,950,000 2,051,205
Mercer County Improvement Authority, Revenue, Refunding:
(Special Services School District) 5.30%, 12/15/2002...................... 845,000 892,413
Township Guaranteed (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA)....................................... 470,000 498,035
Middlesex County Utilities Authority, Sewer Revenue, Refunding
5%, 9/15/2008 (Insured; FGIC)............................................... 1,000,000 1,051,700
Township of Middletown, Refunding 4.90%, 8/1/2004.............................. 1,810,000 1,897,640
Monmouth County 5.10%, 10/1/2010............................................... 2,600,000 2,720,952
Monmouth County Improvement Authority, Revenue, Refunding
(Correctional Facilities) 5%, 8/1/2009...................................... 1,500,000 1,574,880
City of Newark Board of Education 5.875%, 12/15/2006 (Insured; MBIA)........... 1,755,000 1,937,397
State of New Jersey 5.90%, 8/1/2002............................................ 2,000,000 2,140,640
New Jersey Economic Development Authority, Revenue:
District Heating and Cooling (Trenton-Trigen Project)
6.10%, 12/1/2004...................................................... 3,245,000 3,451,869
Economic Growth Revenue:
4.80%, 10/1/2003 (LOC; National Westminster Bank)..................... 550,000 566,016
5%, 10/1/2005 (LOC; National Westminster Bank)........................ 890,000 927,309
Market Transition Facility Revenue 7%, 7/1/2004 (Insured; MBIA)............. 2,275,000 2,599,165
(Trenton Office Complex) 5.25%, 6/15/2009 (Insured; FSA).................... 2,500,000 2,674,100
Waste Paper Recycling (MPMI Inc. Project) 5.75%, 2/1/2004................... 2,500,000 2,561,750
New Jersey Educational Facilities Authority, Revenue:
College and University:
(Institute of Advanced Study) 6.15%, 7/1/2004 (Prerefunded 7/1/2001) (a) 560,000 596,546
Refunding:
(Princeton Theological):
4.70%, 7/1/2010........................................... 880,000 901,173
4.80%, 7/1/2011........................................... 920,000 942,025
4.875%, 7/1/2012.......................................... 965,000 988,411
(Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA)................ 1,010,000 1,070,095
(Saint Peter's College) 5%, 7/1/2008............................ 2,200,000 2,238,984
(Rowan College) 5.15%, 7/1/2004 (Insured; MBIA)....................... 825,000 874,088
(University of Medicine and Dentistry) 5%, 12/1/2004 (Insured; AMBAC). 5,090,000 5,375,905
</TABLE>

<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
New Jersey (continued)
New Jersey Educational Facilities Authority, Revenue (continued):
Higher Educational Facilities Trust Fund:
5.125%, 9/1/2006 (Insured; AMBAC)..................................... $ 2,775,000 $ 2,954,320
5.125%, 9/1/2009 (Insured; AMBAC...................................... 2,000,000 2,108,920
New Jersey Environmental Infrastructure Trust, Waste Water Treatment
5%, 9/1/2007................................................................ 1,820,000 1,921,611
New Jersey Health Care Facilities Financing Authority, Health Hospital and Nursing
Home Revenue:
(Deborah Heart and Lung Center Issue):
5.60%, 7/1/2003................................................. 1,710,000 1,766,533
5.80%, 7/1/2004................................................. 745,000 775,821
5.90%, 7/1/2005................................................. 790,000 829,634
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA)............... 1,630,000 1,710,718
Refunding:
(Burdette Tomlin Memorial Hospital Issuqe) 6%, 7/1/2003 (Insured; FGIC) 1,665,000 1,775,623
(Rahway Hospital Obligated Group Issue) 5%, 8/1/2008............ 2,000,000 2,037,540
(Raritan Bay Medical Center Issue) 6.625%, 7/1/2005............. 2,800,000 2,918,580
(Robert Wood Johnson University Center) 5%, 7/1/2008 (Insured; MBIA) . 1,500,000 1,572,390
(Saint Joseph's Hospital and Medical Center)
5.15%, 7/1/2006 (Insured; Connie Lee)..................... 2,555,000 2,704,365
(West Jersey Health System) 5.45%, 7/1/2002 (Insured; MBIA)..... 2,160,000 2,274,286
New Jersey Higher Education Assistance Authority, Student Loan Revenue:
6.80%, 7/1/2000............................................................. 565,000 585,668
(NJClass Loan Program) 5.60%, 1/1/2001...................................... 850,000 872,244
New Jersey Highway Authority, Senior Parkway Revenue, Refunding
(Garden State Parkway):
5.70%, 1/1/2002....................................................... 500,000 525,820
5.90%, 1/1/2004....................................................... 500,000 534,970
New Jersey Housing and Mortgage Finance Agency, Housing Revenue, Refunding:
6.20%, 11/1/2004............................................................ 4,000,000 4,267,400
6.60%, 11/1/2004............................................................ 3,660,000 3,918,506
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Revenue
5.75%, 7/1/2002 (Insured; MBIA)............................................. 2,000,000 2,125,280
New Jersey Transportation Trust Fund Authority, Transportation System:
5.125%, 6/15/2007 (Insured; AMBAC).......................................... 2,500,000 2,658,050
4.875%, 12/15/2008 (Insured; MBIA).......................................... 3,000,000 3,144,030
New Jersey Wastewater Treatment Trust:
5.90%, 5/01/2003 (Insured; MBIA) (Prerefunded 5/1/2002) (a)................. 1,400,000 1,515,430
Loan Revenue:
6.30%, 7/1/2005....................................................... 50,000 53,643
6.30%, 7/1/2005 (Prerefunded 7/1/2001) (a)............................ 3,545,000 3,818,107
North Brunswick Township 6.30%, 5/15/2006 (Prerefunded 5/15/2002) (a).......... 1,860,000 2,024,629
North Hudson Sewer Authority, Sewer Revenue 5.25%, 8/1/2010 (Insured; FGIC).... 3,825,000 4,047,079
North Jersey District Water Supply Commission, Revenue, Refunding
(Wanaque South Project) 5.40%, 7/1/2002 (Insured; MBIA)..................... 2,795,000 2,942,129
</TABLE>

<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Investments March 31, 1999
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
New Jersey (continued)
Northeast Monmouth County Regional Sewer Authority, Sewer Revenue, Refunding
5%, 11/1/2010 (Insured; MBIA)............................................... $ 2,250,000 $ 2,347,155
Ocean County, General Improvement:
5.30%, 9/1/2003............................................................. 2,115,000 2,249,429
5.125%, 7/1/2004............................................................ 1,000,000 1,058,320
5.65%, 7/1/2005............................................................. 1,600,000 1,747,840
4.50%, 12/1/2009............................................................ 1,225,000 1,243,093
Parsippany--Troy Hills Township, Refunding 6%, 4/1/2004........................ 1,630,000 1,786,072
Passaic County Utilities Authority, SWDR, Refunding:
5%, 3/1/2007................................................................ 1,300,000 1,345,643
5%, 3/1/2008................................................................ 1,195,000 1,231,208
City of Perth Amboy Board of Education, COP, Lease Purchase Agreement
(FWB Leasecorp,Inc.) 5.60%, 12/15/2002 (Insured; FSA)....................... 1,265,000 1,349,021
Pinelands Regional Board of Education, Refunding COP, Lease Purchase Agreement
(A & R Hunt Enterprises, Inc.) 5.70%, 2/15/2003 (Insured; FSA).............. 350,000 374,304
Port Authority of New York and New Jersey:
(Consolidated Board 101st Series) 5.25%, 9/15/2006 (Insured; MBIA).......... 1,000,000 1,067,920
(Consolidated Board 116th Series) 5%, 10/1/2016............................. 9,950,000 10,015,073
Township of Roxbury, Water and Sewer Assessment 5.05%, 8/1/2004 (Insured; AMBAC) 1,175,000 1,241,470
Rutgers State University, University Revenue, Refunding
(State University of New Jersey) 6.30%, 5/1/2005............................ 2,900,000 3,154,388
South Jersey Port Corp., Marine Terminal Revenue:
5.05%, 1/1/2003............................................................. 835,000 862,997
5.30%, 1/1/2005............................................................. 930,000 977,114
5.40%, 1/1/2006............................................................. 1,010,000 1,063,106
South Jersey Transportation Authority, Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA)............................................ 2,000,000 2,122,120
South River School District 5%, 12/1/2008 (Insured; FGIC)...................... 1,100,000 1,162,546
Southern Regional High School District 5.50%, 9/1/2011 (Insured; MBIA)......... 1,600,000 1,719,712
Sussex County Municipal Utilities Authority, Wastewater Facilities Revenue, Refunding
5%, 12/1/2003 (Insured; MBIA)............................................... 1,755,000 1,847,646
Warren County Pollution Control Financing Authority, Landfill Revenue, Refunding
5.60%, 12/1/2002............................................................ 1,765,000 1,745,497
Washington Township Board of Education 5.10%, 2/1/2007 (Insured; MBIA)......... 3,100,000 3,287,612
West Deptford Township, Refunding 5.20%, 3/1/2011 (Insured; AMBAC)............. 2,000,000 2,098,080
West Morris Regional High School District Board of Education, School
5.875%, 1/15/2004........................................................... 250,000 272,102
West Windsor Township, General Improvement:
5.70%, 10/15/2002........................................................... 600,000 627,156
5.90%, 10/15/2003........................................................... 600,000 628,944
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 1,182,937
</TABLE>

U.S. Related--6.1%
Commonwealth of Puerto Rico, Improvement, Refunding
5.30%, 7/1/2004 (Insured; MBIA)............................................. 8,000,000 8,556,000
Virgin Islands, Subordinated Special Tax
(Insurance Claims Fund Program/GO Matching Fund)
5.65%, 10/1/2003 (Prerefunded 10/1/2001) (a)................................ 2,480,000 2,584,061
Virgin Islands Public Finance Authority, Revenue, Refunding
(Matching Fund Loan Notes):
7%, 10/1/2002......................................................... 250,000 277,155
5.50%, 10/1/2008...................................................... 1,500,000 1,575,855
Virgin Islands Water and Power Authority, Water System Revenue 7.20%, 1/1/2002. 200,000 212,008
-------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $200,824,653)......................................................... $211,405,163
-------------
-------------
Short-Term Municipal Investments--1.3%
- -------------------------------------------------------------------------------
New Jersey;
New Jersey Economic Development Authority, Economic Development Revenue, VRDN
(El Dorado Terminal) 3.10% (b).............................................. $ 1,900,000 $ 1,900,000
Port Authority of New York and New Jersey, Special Obligation Revenue,
VRDN 3.20% (SBPA; Morgan Guaranty Trust Co.) (b)............................ 1,000,000 1,000,000
-------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $2,900,000)........................................................... $ 2,900,000
-------------
-------------
TOTAL INVESTMENTS
(cost $203,724,653)......................................................... 98.5% $214,305,163
------ -------------
------ -------------
CASH AND RECEIVABLES (NET)..................................................... 1.5% $ 3,361,224
------ -------------
------ -------------
NET ASSETS..................................................................... 100.0% $ 217,666,387
------ -------------
------ -------------
</TABLE>
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Summary of Abbreviations
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
FGIC Financial Guaranty Insurance Company SBPA Standby Bond Purchase Agreement
FSA Financial Security Assurance SWDR Solid Waste Disposal Revenue
GO General Obligation VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>

Summary of Combined Ratings (Unaudited)
- -------------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
- ---- ------- ----------------- ------------------
AAA Aaa AAA 55.6%
AA Aa AA 19.0
A A A 11.5
BBB Baa BBB 6.3
B B B .8
F1 Mig1 SP1 1.4
Not Rated (c) Not Rated (c) Not Rated (c) 5.4
-------
100.0%
-------
-------
Notes to Statement of Investments:
- -------------------------------------------------------------------------------
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Securities payable on demand. Variable interest rate--subject to periodic
change.
(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.

See notes to financial statements.
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
----------- -----------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments..... $203,724,653 $214,305,163
Cash........................................................ 459,416
Interest receivable......................................... 3,159,043
Receivable for shares of Beneficial Interest subscribed..... 151,000
Prepaid expenses............................................ 36,460
-------------
218,111,082
-------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates............... 129,904
Payable for shares of Beneficial Interest redeemed.......... 222,000
Accrued expenses............................................ 92,791
-------------
444,695
-------------
NET ASSETS..................................................................... $217,666,387
-------------
-------------
REPRESENTED BY: Paid-in capital............................................. $210,836,264
Accumulated net realized gain (loss) on investments......... (3,750,387)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4................................ 10,580,510
-------------
NET ASSETS..................................................................... $217,666,387
-------------
-------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized). 15,630,081

NET ASSET VALUE, offering and redemption price per share--Note 3(d)............ $13.93
-------
-------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Statement of Operations Year Ended March 31, 1999

<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME

INCOME Interest Income ............................................ $10,831,630

EXPENSES: Management fee--Note 3(a)................................... $ 1,297,660
Shareholder servicing costs--Note 3(b)...................... 391,557
Professional fees........................................... 35,520
Trustees' fees and expenses--Note 3(c)...................... 24,968
Prospectus and shareholders' reports........................ 22,786
Custodian fees.............................................. 21,246
Loan commitment fees--Note 2................................ 1,271
Registration fees........................................... 1,077
Miscellaneous............................................... 23,498
------------
Total Expenses........................................ 1,819,583
Less--reduction in management fee due to
undertaking--Note 3(a).................................. (92,317)
------------
Net Expenses.......................................... 1,727,266
------------
INVESTMENT INCOME--NET......................................................... 9,104,364

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments..................... $ 781,232
Net unrealized appreciation (depreciation) on investments... 765,583
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........................ 1,546,815
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $10,651,179
------------
------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
Statement of Changes in Net Assets
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended Year Ended
March 31, 1999 March 31, 1998
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net...................................................... $ 9,104,364 $ 9,343,274
Net realized gain (loss) on investments..................................... 781,232 490,182
Net unrealized appreciation (depreciation) on investments................... 765,583 7,090,366
------------- ------------
Net Increase (Decrease) in Net Assets Resulting from Operations......... 10,651,179 16,923,822
------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net...................................................... (9,104,364) (9,343,274)
------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold............................................... 33,844,941 28,645,141
Dividends reinvested........................................................ 7,659,276 7,823,118
Cost of shares redeemed..................................................... (41,227,453) (44,556,034)
------------- ------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions.. 276,764 (8,087,775)
------------- ------------
Total Increase (Decrease) in Net Assets............................ 1,823,579 (507,227)
NET ASSETS:
Beginning of Period......................................................... 215,842,808 216,350,035
------------- ------------
End of Period............................................................... $217,666,387 $215,842,808
------------- ------------
------------- ------------
Shares Shares
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold................................................................. 2,430,570 2,087,924
Shares issued for dividends reinvested...................................... 549,536 570,892
Shares redeemed............................................................. (2,961,601) (3,255,905)
------------- ------------
Net Increase (Decrease) in Shares Outstanding......................... 18,505 (597,089)
------------- ------------
------------- ------------
</TABLE>
See notes to financial statements.
<PAGE>
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>
Year Ended March 31,
------------------------------------------------------
PER SHARE DATA: 1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period...... $13.83 $13.35 $13.44 $13.12 $13.08
------ ------ ------ ------ ------
Investment Operations:
Investment income--net.................... .59 .59 .59 .60 .65
Net realized and unrealized gain (loss)
on investments...................... .10 .48 (.08) .32 .04
------ ------ ------ ------ ------
Total from Investment Operations,......... .69 1.07 .51 .92 .69
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net..... (.59) (.59) (.60) (.60) (.65)
------ ------ ------ ------ ------
Net asset value, end of period............ $13.93 $13.83 $13.35 $13.44 $13.12
------ ------ ------ ------ ------
------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN...................... 5.04% 8.18% 3.84% 7.09% 5.45%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... .80% .78% .78% .72% .45%
Ratio of net investment income
to average net assets............... 4.21% 4.34% 4.43% 4.47% 5.02%
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .04% .03% -- .06% .45%
Portfolio Turnover Rate................... 18.81% 6.90% 14.60% 13.69% 35.01%
Net Assets, end of period (000's Omitted). $217,666 $215,843 $216,350 $229,034 $221,199

</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS

NOTE 1--Significant Accounting Policies:

Dreyfus New Jersey Intermediate Municipal Bond Fund (the "Fund") is
registered under the Investment Company Act of 1940, as amended (the "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 (the "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. Under the terms of the
custody agreement, the Fund receives net earnings credits based on available
cash balances left on deposit.

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 of
1986, as amended (the "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 Code, and to
make distributions of income and net realized capital gain sufficient to
relieve it from substantially all Federal income and excise taxes.

<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)

The Fund has an unused capital loss carryover of approximately $3,750,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 1999. If not
applied, $1,289,000 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 (the "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. During the period ended
March 31, 1999, 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 had undertaken from
April 1, 1998 through March 31, 1999 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. The reduction in management fee, pursuant to the
undertaking, amounted to $92,317, during the period ended March 31, 1999.

(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 March 31, 1999, the Fund was charged $256,812 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 March 31, 1999, the Fund was charged $95,544 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 and retained by the Fund on shares
redeemed within fifteen days following the date of issuance, including
redemptions made through the use of the Fund Exchange privilege.

NOTE 4--Securities Transactions:

The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended March 31, 1999,
amounted to $40,380,690 and $40,035,721, respectively.

At March 31, 1999, accumulated net unrealized appreciation on investments
was $10,580,510, consisting of $10,608,927 gross unrealized appreciation and
$28,417 gross unrealized depreciation.

At March 31, 1999, 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).
<PAGE>
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, 1999, 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 and financial highlights. Our procedures included
confirmation of securities owned as of March 31, 1999 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, 1999, 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.

/s/Ernst & Young L.L.P.
New York, New York
May 4, 1999
<PAGE>
Dreyfus New Jersey Intermediate Municipal Bond Fund
- -------------------------------------------------------------------------------
Important Tax Information (Unaudited)

In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during its fiscal year ended March
31, 1999 as "exempt-interest dividends" (not generally 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 1999 calendar year
on Form 1099-DIV which will be mailed by January 31, 2000.

<PAGE>
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. 751AR993

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS NEW JERSEY INTERMEDIATE MUNICIPAL BOND FUND
AND THE LEHMAN BROTHERS 10-YEAR MUNICIPAL BOND INDEX

EXHIBIT A:

LEHMAN BROTHERS
PERIOD 10-YEAR DREYFUS NEW JERSEY
MUNICIPAL INTERMEDIATE
BOND INDEX * MUNICIPAL BOND FUND

6/26/92 10,000 10,000
3/31/93 10,898 10,894
3/31/94 11,205 11,277
3/31/95 12,048 11,891
3/31/96 13,116 12,734
3/31/97 13,800 13,224
3/31/98 15,233 14,305
3/31/99 16,188 15,027

* Source: Lehman Brothers