Dreyfus
New Jersey Intermediate
Municipal Bond Fund
SEMIANNUAL REPORT September 30, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
17 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus New Jersey
Intermediate Municipal Bond Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New Jersey
Intermediate Municipal Bond Fund, covering the six-month period from April 1,
2000 through September 30, 2000. Inside, you'll find valuable information about
how the fund was managed during the reporting period, including a discussion
with the fund's portfolio manager, Joseph Darcy.
Despite some modest fluctuations because of changing economic conditions,
municipal bond prices rose modestly over the past six months with a rally in the
municipal bond market. Most sectors of the municipal bond market have also
benefited from slowing economic growth as well. Additionally, the moderating
effects of the Federal Reserve Board's (the "Fed") interest-rate hikes during
the first half of 2000 helped the Fed to achieve its goal of slowing the U.S.
economy. Other factors such as higher energy prices and a weak euro also served
to slow economic growth.
In general, the overall investment environment that prevailed in the second half
of the 1990s had provided returns well above their long-term averages,
establishing unrealistic expectations for some investors. We believe that as the
risks of the stock market have become more apparent, the relative stability and
income potential of municipal bonds can make them an attractive investment as
part of a well-balanced portfolio.
For more information about the economy and financial markets, we encourage you
to visit the Market Commentary section of our website at www.dreyfus.com. Or, to
speak with a Dreyfus customer service representative, call us at 1-800-782-6620
Thank you for investing in Dreyfus New Jersey Intermediate Municipal Bond Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
October 16, 2000
DISCUSSION OF FUND PERFORMANCE
Joseph Darcy, Portfolio Manager
How did Dreyfus New Jersey Intermediate Municipal Bond Fund perform during the
period?
The fund produced a 3.14% total return over the six-month reporting period ended
September 30, 2000.(1) This compares to a total return of 3.08% for the Lipper
Other States Intermediate Municipal Debt Funds category average.(2)
We attribute our performance to our relatively defensive duration management
strategy, particularly at the start of the reporting period when the municipal
bond market rallied after several months of disappointing performance. Although
we began to increase the fund's average duration -- a measure of sensitivity to
changing interest rates -- soon thereafter, a lack of supply in the New Jersey
market constrained our ability to extend the fund's average duration to the
extent that we would have preferred.
What is the fund's investment approach?
The fund' s objective is to seek as high a level of income exempt from federal
and New Jersey state income taxes as is consistent with the preservation of
capital. We also seek to provide a competitive total return consistent with this
income objective.
In pursuing these goals, we employ two primary strategies. First, we evaluate
interest-rate trends and supply-and-demand factors in the bond market. Based on
that assessment, we select the individual intermediate-term, tax-exempt bonds
that we believe are most likely to provide the highest returns with the least
risk. We look at such criteria as the bond' s yield, price, age, the
creditworthiness of its issuer and any provisions for early redemption
Second, we actively manage the portfolio's average duration in anticipation of
temporary supply-and-demand changes. If we expect the supply of newly issued
bonds to increase temporarily, we may reduce the portfolio's average duration to
make cash available for the purchase The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
of higher yielding securities. Conversely, if we expect demand for municipal
bonds to surge at a time when we anticipate little issuance, we may increase the
portfolio' s average duration to maintain current yields for as long as
practical.
What other factors influenced the fund's performance?
The fund was positively influenced over the past six months by favorable
economic and market conditions. When the reporting period began on April 1,
2000, the U.S. economy continued to grow strongly, raising concerns that
long-dormant inflationary pressures might reemerge. In response, the Federal
Reserve Board (the "Fed" ) raised short-term interest rates once during the
reporting period. However, signs soon emerged that the Fed's previous rate hikes
were having the desired effect of slowing the economy. Fewer housing starts,
moderating growth and little change in the core inflation rate may suggest that
the Fed's restrictive monetary policies could be near an end.
In addition, the continuing strength of the U.S. economy helped keep municipal
bond yields relatively low compared to taxable bonds. New Jersey enjoyed higher
tax revenues, curtailing the state's need to borrow and resulting in a reduced
supply of securities compared to the same period in 1999. At the same time,
demand for municipal bonds has been strong from individuals seeking to protect
wealth. When demand rises and supply falls, prices of existing bonds tend to
move higher.
In this environment, we maintained our focus on high quality, income-oriented
securities that would not be subject to early redemption by their issuers over
the next several years. However, because of the reduced supply of New Jersey
bonds, we were unable to find enough securities that met our criteria. This
prevented us from extending the fund's average duration as much as we would have
liked during the market rally. However, our shorter than average position helped
the fund weather occasional downturns -- such as the one that occurred in April
and May -- more effectively than many of our peers.
What is the fund's current strategy?
We have continued to gradually extend the fund's average duration as investment
opportunities arise in high quality, call-protected securities providing
competitive levels of income. In addition, as part of our risk management
strategy, we have increased the level of diversification within the fund by
reducing certain large positions and redeploying those assets to a variety of
other market sectors, including essential services bonds from several local
issuers.
In our view, slower economic growth and dissipating inflation concerns should
benefit the municipal bond market overall. However, should the economy slow,
some issuers may have more difficulty meeting their revenue projections, which
could adversely affect their credit ratings. Accordingly, we have continued to
focus on high quality, income-oriented bonds in an effort to balance our income
objectives with the need for capital preservation.
October 16, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. INCOME MAY BE SUBJECT TO STATE AND LOCAL
TAXES FOR NON-NEW JERSEY RESIDENTS, AND SOME INCOME MAY BE SUBJECT TO THE
FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS. CAPITAL GAINS, IF
ANY, ARE FULLY TAXABLE. RETURN FIGURES PROVIDED REFLECT THE ABSORPTION OF FUND
EXPENSES BY THE DREYFUS CORPORATION PURSUANT TO AN UNDERTAKING IN EFFECT THAT
MAY BE EXTENDED, TERMINATED OR MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT BEEN
ABSORBED, THE FUND'S RETURN WOULD HAVE BEEN LOWER.
(2) SOURCE: LIPPER INC.
The Fund
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STATEMENT OF INVESTMENTS
September 30, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
Principal
LONG-TERM MUNICIPAL INVESTMENTS--98.0% Amount ($) Value ($)
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NEW JERSEY--93.1%
Atlantic City Board of Education
5.50%, 12/1/2008 (Insured; FSA , Guaranteed;
School Board Reserve Fund) 1,250,000 1,312,362
Atlantic County Utilities Authority, Sewer Revenue
5%, 1/15/2009 (Insured; AMBAC) 2,760,000 2,801,924
Bayshore Regional Sewer Authority, Subordinated Sewer Revenue:
5.10%, 5/1/2004 (Insured; MBIA) 1,110,000 1,131,612
5.30%, 4/1/2008 (Insured; MBIA) 1,000,000 1,035,980
5.40%, 4/1/2009 (Insured; MBIA) 1,000,000 1,039,030
Brick Township Municipal Utilities Authority, Water and Sewer
Revenue 5.10%, 12/1/2009 (Insured; FGIC) 1,500,000 1,532,565
Burlington County:
5.35%, 9/15/2003 1,000,000 1,016,800
5.20%, 10/1/2009 2,000,000 2,030,660
Camden County Improvement Authority, Revenue
County Guaranteed Lease:
5.40%, 12/1/2002 855,000 871,493
5.85%, 10/1/2006 (Insured; MBIA) 1,000,000 1,058,330
Camden County Municipal Utilities Authority,
County Agreement Sewer Revenue
5%, 7/15/2009 (Insured; FGIC) 3,200,000 3,233,728
Dover Township 5.90%, 10/15/2002 (Insured; AMBAC) 1,640,000 1,688,232
Freehold Regional High School:
5.50%, 3/1/2009
(Insured; FGIC, Guaranteed; School Board Reserve Fund) 1,450,000 1,526,255
5.50%, 3/1/2010
(Insured; FGIC, Guaranteed; School Board Reserve Fund) 2,460,000 2,593,972
Greenwich Township Board of Education
5%, 1/15/2011 (Insured; FSA) 1,015,000 1,022,633
Hillside Township:
6.60%, 2/15/2007 (Insured; MBIA) (Prerefunded 2/15/2002) 705,000 (a) 738,847
6.60%, 2/15/2007 (Insured; MBIA) 295,000 308,048
City of Hoboken Parking Authority, Parking General Revenue:
6.10%, 3/1/2002 375,000 382,046
6.20%, 3/1/2003 395,000 407,988
Hudson County, Vocational School Improvement
5.05%, 10/1/2008 (Insured; FSA) 1,010,000 1,027,624
Hudson County Improvement Authority:
Facility Lease Revenue (Hudson County Lease Project)
5.25%, 10/1/2012 (Insured; FGIC) 3,195,000 3,250,976
Solid Waste System Revenue
6.75%, 1/1/2003 3,000,000 3,077,550
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
Jersey City:
Public Improvement 5.25%, 9/1/2010 (Insured; MBIA) 1,605,000 1,664,626
Water 5.20%, 10/1/2008 (Insured; AMBAC) 1,565,000 1,614,063
Lacey Municipal Utilities Authority, Water Revenue:
5.10%, 12/1/2003 (Insured; MBIA) 800,000 815,528
5.20%, 12/1/2004 (Insured; MBIA) 1,215,000 1,245,788
Manalapan-Englishtown Regional School District Board of Education
(School Bonds) 5%, 5/1/2004 1,950,000 1,982,877
Mercer County Improvement Authority, Revenue, Township
Guaranteed (Hamilton Board of Education Lease Project)
5.70%, 6/1/2002 (Insured; MBIA) 470,000 479,372
Middlesex County Utilities Authority, Sewer Revenue:
5%, 9/15/2008 (Insured; FGIC) 1,000,000 1,014,950
6.25%, 8/15/2010 (Insured; MBIA) 1,500,000 1,630,515
Monmouth County 5.10%, 10/1/2010 2,600,000 2,652,910
Monmouth County Improvement Authority, Revenue
(Correctional Facilities) 5%, 8/1/2009 1,500,000 1,523,715
City of Newark Board of Education
5.875%, 12/15/2006 (Insured; MBIA) 1,755,000 1,866,197
State of New Jersey 5.50%, 8/1/2011 3,100,000 3,250,753
New Jersey Economic Development Authority, Revenue:
District Heating and Cooling (Trenton-Trigen Project)
6.10%, 12/1/2004 2,885,000 2,903,147
Market Transition Facility Revenue
7%, 7/1/2004 (Insured; MBIA) 2,275,000 2,462,369
(Transportation Project Sublease)
5.25%, 5/1/2011 (Insured; FSA) 2,210,000 2,272,278
(Trenton Office Complex)
5.25%, 6/15/2009 (Insured; FSA) 1,900,000 1,960,819
Waste Paper Recycling (MPMI Inc. Project)
5.75%, 2/1/2004 2,040,000 2,026,169
New Jersey Educational Facilities Authority, Revenue:
College and University:
(Capital Improvement Fund):
5%, 9/1/2009 1,400,000 1,424,654
5%, 9/1/2013 (Insured; FSA) 1,250,000 1,235,313
(Institute of Advanced Study)
6.15%, 7/1/2004 (Prerefunded 7/1/2001) 560,000 (a) 572,891
(Princeton University):
5.125%, 7/1/2012 1,550,000 1,570,073
5.25%, 7/1/2014 2,885,000 2,905,570
(Ramapo College) 5.15%, 7/1/2004 (Insured; MBIA) 1,010,000 1,031,503
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Educational Facilities Authority, Revenue (continued):
College and University (continued):
(Saint Peter's College) 5%, 7/1/2008 2,200,000 2,146,430
(Seton Hall University) 5.25%, 7/1/2006 (Insured; AMBAC) 2,030,000 2,097,457
(University of Medicine and Dentistry)
5%, 12/1/2004 (Insured; AMBAC) 4,790,000 4,880,818
Higher Educational Facilities Trust Fund:
5.125%, 9/1/2006 (Insured; AMBAC) 2,775,000 2,846,068
5.125%, 9/1/2009 (Insured; AMBAC) 2,000,000 2,038,420
New Jersey Environmental Infrastructure Trust,
Waste Water Treatment
5%, 9/1/2007 1,820,000 1,857,801
New Jersey Health Care Facilities Financing Authority,
Health Hospital and Nursing Home Revenue:
(Burdette Tomlin Memorial Hospital Issue)
6%, 7/1/2003 (Insured; FGIC) 1,665,000 1,714,850
(Deborah Heart and Lung Center Issue):
5.60%, 7/1/2003 1,710,000 1,689,754
5.80%, 7/1/2004 745,000 736,537
5.90%, 7/1/2005 790,000 780,275
(Mountainside Hospital) 5.10%, 7/1/2003 (Insured; MBIA) 1,630,000 1,653,912
(Rahway Hospital Obligated Group Issue) 5%, 8/1/2008 2,000,000 1,662,520
(Raritan Bay Medical Center Issue) 6.625%, 7/1/2005 2,800,000 2,756,628
(Robert Wood Johnson University Center):
5%, 7/1/2008 (Insured; MBIA) 1,500,000 1,518,645
5.375%, 7/1/2013 2,000,000 1,976,220
(Saint Joseph's Hospital and Medical Center)
5.15%, 7/1/2006 (Insured; Connie Lee) 2,555,000 2,606,407
(West Jersey Health System)
5.45%, 7/1/2002 (Insured; MBIA) 2,160,000 2,195,748
New Jersey Higher Education Assistance Authority,
Student Loan Revenue
(NJClass Loan Program) 5.60%, 1/1/2001 695,000 696,404
New Jersey Highway Authority, Senior Parkway Revenue
(Garden State Parkway):
5.70%, 1/1/2002 500,000 507,665
5.90%, 1/1/2004 500,000 517,815
New Jersey Housing and Mortgage Finance Agency, Revenue
Home Buyer 5%, 4/1/2005 (Insured; MBIA) 2,000,000 2,019,260
New Jersey Sports and Exposition Authority,
Convention Center Luxury Tax
Revenue 5.75%, 7/1/2002 (Insured; MBIA) 2,000,000 2,044,140
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Transportation Trust Fund Authority,
Transportation System:
5.125%, 6/15/2007 (Insured; AMBAC) 1,870,000 1,918,938
5.50%, 6/15/2009 3,225,000 3,382,767
New Jersey Turnpike Authority, Turnpike Revenue
5.75%, 1/1/2010 (Insured; MBIA) 3,000,000 3,209,580
New Jersey Wastewater Treatment Trust:
5.90%, 5/1/2003 (Insured; MBIA) (Prerefunded 5/1/2002) 1,400,000 (a) 1,457,190
Loan Revenue:
6.30%, 7/1/2005 50,000 51,612
6.30%, 7/1/2005 (Prerefunded 7/1/2001) 3,545,000 (a) 3,664,289
North Brunswick Township 6.30%, 5/15/2006
(Prerefunded 5/15/2002) 1,860,000 (a) 1,942,863
North Hudson Sewer Authority, Sewer Revenue
5.25%, 8/1/2010 (Insured; FGIC) 3,825,000 3,929,805
North Jersey District Water Supply Commission, Revenue
(Wanaque South Project) 5.40%, 7/1/2002 (Insured; MBIA) 2,795,000 2,841,285
Northeast Monmouth County Regional Sewer Authority,
Sewer Revenue
5%, 11/1/2010 (Insured; MBIA) 2,250,000 2,276,010
Ocean County, General Improvement:
5.65%, 7/1/2005 1,600,000 1,676,112
5%, 9/1/2012 1,300,000 1,299,363
5%, 9/1/2013 1,200,000 1,187,016
Parsippany--Troy Hills Township 6%, 4/1/2004 1,630,000 1,708,207
Passaic County Utilities Authority, SWDR:
5%, 3/1/2007 1,300,000 1,306,383
5%, 3/1/2008 1,195,000 1,197,486
City of Perth Amboy Board of Education, COP,
Lease Purchase Agreement
(FWB Leasecorp, Inc.) 5.60%, 12/15/2002 (Insured; FSA) 1,265,000 1,296,423
Pinelands Regional Board of Education, COP,
Lease Purchase Agreement
(A & R Hunt Enterprises, Inc.)
5.70%, 2/15/2003 (Insured; FSA) 350,000 359,866
Port Authority of New York and New Jersey,
(Consolidated Board 101st Series)
5.25%, 9/15/2006 (Insured; MBIA) 1,000,000 1,024,890
Township of Roxbury, Water and Sewer Assessment
5.05%, 8/1/2004 (Insured; AMBAC) 1,175,000 1,199,346
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY (CONTINUED)
Rutgers State University, University Revenue
(State University of New Jersey) 6.30%, 5/1/2005 2,900,000 3,027,600
South Brunswick Township Board of Education
5.625%, 12/1/2010 (Insured; FGIC , Guaranteed; School
Board Reserve Fund) 1,820,000 1,933,677
South Jersey Port Corp., Marine Terminal Revenue:
5.30%, 1/1/2005 930,000 941,393
5.40%, 1/1/2006 1,010,000 1,023,877
South Jersey Transportation Authority,
Transportation System Revenue
5.50%, 11/1/2002 (Insured; MBIA) 2,000,000 2,043,160
Southern Regional High School District
5.50%, 9/1/2011 (Insured; MBIA) 1,600,000 1,650,832
Sussex County Municipal Utilities Authority,
Wastewater Facilities Revenue
5%, 12/1/2003 (Insured; MBIA) 1,755,000 1,770,233
Trenton 5.125%, 1/15/2013 (Insured; FGIC) 1,000,000 1,002,860
Warren County Pollution Control Financing Authority,
Landfill Revenue
5.60%, 12/1/2002 1,765,000 1,710,409
West Deptford Township 5.20%, 3/1/2011 (Insured; AMBAC) 2,000,000 2,040,000
West Morris Regional High School District
Board of Education, School
5.875%, 1/15/2004 250,000 260,512
West Windsor Township, General Improvement:
5.70%, 10/15/2002 600,000 606,318
5.90%, 10/15/2003 600,000 606,372
West Windsor-Plainsboro Regional Board of Education, COP,
Lease Purchase Agreement (Lamington Funding Corp.)
5.50%, 3/15/2003 (Insured; MBIA) 1,115,000 1,141,336
Western Monmouth Utilities Authority, Revenue
5.15%, 2/1/2008 (Insured; AMBAC) 1,000,000 1,021,880
Woodbridge Township:
5.65%, 8/15/2002 1,320,000 1,347,086
6.20%, 8/15/2007 2,000,000 2,098,900
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED --4.9%
Commonwealth of Puerto Rico, Improvement
5.30%, 7/1/2004 (Insured; MBIA) 5,000,000 5,186,300
Virgin Islands, Subordinated Special Tax
(Insurance Claims Fund Program/ GO Matching Fund)
5.65%, 10/1/2003 (Prerefunded 10/1/2001) 2,080,000 (a) 2,106,229
Virgin Islands Public Finance Authority, Revenue:
(Matching Fund Loan Notes)
7%, 10/1/2002 250,000 263,158
(Senior Lien Fund) 5.50%, 10/1/2008 (Insured; ACA) 1,500,000 1,533,585
Virgin Islands Water and Power Authority,
Water System Revenue
7.20%, 1/1/2002 200,000 203,994
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TOTAL INVESTMENTS (cost $181,408,504) 98.0% 184,587,651
CASH AND RECEIVABLES (NET) 2.0% 3,793,922
NET ASSETS 100.0% 188,381,573
</TABLE>
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
ACA American Capital Access
AMBAC American Municipal Bond
Assurance Corporation
COP Certificate of Participation
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
MBIA Municipal Bond Investors Assurance
Insurance Corporation
SWDR Solid Waste Disposal Revenue
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Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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AAA Aaa AAA 66.0
AA Aa AA 17.2
A (a) A 4.9
BBB Baa BBB 7.2
B B B .9
Not Rated (b) Not Rated( b) Not Rated (b) 3.8
100.0
(A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST
ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING
DATE.
(B) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2000 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 181,408,504 184,587,651
Cash 933,303
Interest receivable 2,663,885
Receivable for investment securities sold 268,900
Receivable for shares of Beneficial Interest subscribed 100,500
Prepaid expenses 3,596
188,557,835
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 120,036
Payable for shares of Beneficial Interest redeemed 1,522
Accrued expenses 54,704
176,262
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NET ASSETS ($) 188,381,573
-------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 189,075,479
Accumulated undistributed investment income--net 22,338
Accumulated net realized gain (loss) on investments (3,895,391)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 3,179,147
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NET ASSETS ($) 188,381,573
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
14,013,927
NET ASSET VALUE, offering and redemption price per share-Note 3(d) ($) 13.44
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended September 30, 2000 (Unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 4,902,524
EXPENSES:
Management fee--Note 3(a) 564,370
Shareholder servicing costs--Note 3(b) 145,340
Professional fees 19,203
Trustees' fees and expenses--Note 3(c) 12,041
Prospectus and shareholders' reports 9,933
Custodian fees 9,611
Registration fees 2,344
Loan commitment fees--Note 2 328
Miscellaneous 11,098
TOTAL EXPENSES 774,268
Less--reduction in management fee due to
undertaking--Note 3(a) (21,446)
NET EXPENSES 752,822
INVESTMENT INCOME--NET 4,149,702
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 105,634
Net unrealized appreciation (depreciation) on investments 1,554,981
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 1,660,615
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,810,317
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
September 30, 2000 Year Ended
(Unaudited) March 31, 2000
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OPERATIONS ($):
Investment income--net 4,149,702 8,877,598
Net realized gain (loss) on investments 105,634 (250,638)
Net unrealized appreciation (depreciation)
on investments 1,554,981 (8,956,344)
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM OPERATIONS 5,810,317 (329,384)
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (4,127,364) (8,877,598)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold 15,117,119 31,359,177
Dividends reinvested 3,437,429 7,476,960
Cost of shares redeemed (20,560,473) (58,590,997)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (2,005,925) (19,754,860)
TOTAL INCREASE (DECREASE) IN NET ASSETS (322,972) (28,961,842)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 188,704,545 217,666,387
END OF PERIOD 188,381,573 188,704,545
Undistributed investment income--net 22,338 --
-------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 1,130,973 2,324,426
Shares issued for dividends reinvested 257,482 554,651
Shares redeemed (1,537,796) (4,345,890)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (149,341) (1,466,813)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
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Six Months Ended
September 30, 2000 Year Ended March 31,
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(Unaudited) 2000 1999 1998 1997 1996
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PER SHARE DATA ($):
Net asset value,
beginning of period 13.32 13.93 13.83 13.35 13.44 13.12
Investment Operations:
Investment income--net .30 .59 .59 .59 .59 .60
Net realized and unrealized
gain (loss) on investments .11 (.61) .10 .48 (.08) .32
Total from Investment Operations .41 (.02) .69 1.07 .51 .92
Distributions:
Dividends from investment
income--net (.29) (.59) (.59) (.59) (.06) (.60)
Net asset value, end of period 13.44 13.32 13.93 13.83 13.35 13.44
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TOTAL RETURN (%) 6.26(a) (.09) 5.04 8.18 3.84 7.09
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .80(a) .79 .80 .78 .78 .72
Ratio of net investment income
to average net assets 4.41(a) 4.38 4.21 4.34 4.43 4.47
Decrease reflected in above
expense ratios due to
undertakings by The
Dreyfus Corporation .02(a) .04 .04 .03 -- .06
Portfolio Turnover Rate 10.49(b) 16.95 18.81 6.90 14.60 13.69
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Net Assets, end of period
($ x 1,000) 188,382 188,705 217,666 215,843 216,350 229,034
(A) ANNUALIZED.
(B) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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, 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 state 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., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
the Manager, 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 pri The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
marily 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.
The fund has an unused capital loss carryover of approximately $4,001,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 2000. If not
applied, $1,289,000 of the carryover expires in fiscal 2003, $2,461,000 expires
in fiscal 2004 and $251,000 expires in fiscal 2008.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 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
September 30, 2000, 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, 2000 through September 30, 2000 to reduce the management fee paid by the
fund, to the extent that the fund's aggregate annual expenses, exclusive of
taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary
expenses, exceeded 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 $21,446, during the period ended September 30, 2000.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an
amount not to exceed an annual rate of .25 of 1% of the value of the fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining share The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
holder 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, 2000,
the fund was charged $85,000 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, 2000, the fund was charged $41,724 pursuant to the transfer
agency agreement.
(c) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective August 2, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $25,000 and an attendance fee of $4,000 for each in person meeting
and $500 for telephone meetings. These fees are allocated among the funds in the
Fund Group. The Chairman of the Board receives an additional 25% of such
compensation. Prior to August 2, 2000, each Board member who was not an
" affiliated person" as defined in the Act received from the fund an annual fee
of $1,500 and an attendance fee of $250 per meeting. The Chairman of the Board
received an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board members, if any, receive 50% of the fund's
annual retainer fee and per meeting fee paid at the time the Board member
achieves emeritus status.
(d) A 1% redemption fee is charged and retained by the fund on shares redeemed
within thirty days following the date of issuance, including redemptions made
through the use of the fund's exchange privilege. Prior to June 1, 2000, this
fee was chargeable within fifteen days following the date of issuance of such
shares. During the period ended September 30, 2000, redemption fees retained by
the fund amounted to $664.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended September 30, 2000, amounted to
$22,079,243 and $19,114,099, respectively.
At September 30, 2000, accumulated net unrealized appreciation on investments
was $3,179,147, consisting of $3,769,419 gross unrealized appreciation and
$590,272 gross unrealized depreciation.
At September 30, 2000, 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).
The Fund
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 751SA009
