Dreyfus New Jersey Municipal Bond Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811- 5454
	Dreyfus New Jersey Municipal Bond Fund, Inc.
	(Exact name of Registrant as specified in charter)
	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)
	John Pak, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)
Registrant's telephone number, including area code:				(212) 922-6000
Date of fiscal year end:		12/31
Date of reporting period:		12/31/13

FORM N-CSR

Item 1.                         Reports to Stockholders.

Dreyfus 

New Jersey Municipal 

Bond Fund, Inc. 

ANNUAL REPORT December 31, 2013

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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value 

	Contents
	THE FUND
2	A Letter from the President
3	Discussion of Fund Performance
6	Fund Performance
8	Understanding Your Fund’s Expenses
8	Comparing Your Fund’s Expenses With Those of Other Funds
9	Statement of Investments
22	Statement of Assets and Liabilities
23	Statement of Operations
24	Statement of Changes in Net Assets
27	Financial Highlights
32	Notes to Financial Statements
44	Report of Independent Registered Public Accounting Firm
45	Important Tax Information
46	Board Members Information
48	Officers of the Fund
	FOR MORE INFORMATION
	Back Cover

Dreyfus
New Jersey Municipal
Bond Fund, Inc.

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus New Jersey Municipal Bond Fund, Inc., covering the 12-month period from January 1, 2013, through December 31, 2013. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

The year 2013 proved to be challenging for municipal bonds.Accelerating economic growth and anticipation of a more moderately accommodative monetary policy drove longer term interest rates higher and bond prices lower during the year. Municipal bonds proved particularly sensitive to these developments, as the negative effects of rising rates were exacerbated by selling pressure among investors seeking safer havens.

Nonetheless, we are cautiously optimistic regarding the municipal bond market’s prospects in 2014.We expect the domestic economy to continue to strengthen over the next year, which may support higher tax revenues and improved credit conditions for most states and municipalities. Moreover, we expect demand to recover as more income-oriented investors seek the tax advantages of municipal bonds, while attractive valuations compared to historical norms potentially could help cushion to some extent the impact of additional increases in long-term interest rates. As always, we urge you to speak with your financial adviser to identify the investment strategies that are right for you.

Thank you for your continued confidence and support.

J. Charles Cardona
President
The Dreyfus Corporation
January 15, 2014

2

DISCUSSION OF FUND PERFORMANCE

For the period of January 1, 2013, through December 31, 2013, as provided by Daniel Barton and Jeffrey Burger, Portfolio Managers

Fund and Market Performance Overview

For the 12-month period ended December 31, 2013, Dreyfus New Jersey Municipal Bond Fund’s Class A shares produced a total return of –5.18%, Class C shares returned –5.82%, Class I shares returned –4.88%, ClassY shares returned –1.96%, and Class Z shares returned –4.93%.¹ In comparison, the Barclays Municipal Bond Index, the fund’s benchmark, achieved a total return of –2.55% for the same period.²

Selling pressure stemming from investors’ concerns about actual and anticipated interest rate changes sent municipal bond prices lower during 2013.The fund lagged its benchmark, mainly due to a relatively long average duration, an emphasis on revenue-backed bonds, and overweighted exposure to Puerto Rico bonds.

The Fund’s Investment Approach

The fund seeks as high a level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital.To pursue its goal the fund normally invests at least 80% of its assets in municipal bonds that provide income exempt from federal and New Jersey state income taxes.The fund invests at least 80% of its assets in investment-grade municipal bonds or the unrated equivalent as determined by Dreyfus.The fund may invest up to 20% of its assets in municipal bonds rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by Dreyfus. The dollar-weighted average maturity of the fund’s portfolio normally exceeds 10 years.

We focus on identifying undervalued sectors and securities and minimize the use of interest rate forecasting. We select municipal bonds for the fund’s portfolio by using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market; and actively trading among various sectors, such as pre-refunded, general obligation and revenue, based on their apparent relative values. The fund seeks to invest in several of these sectors.

The Fund  3 

DISCUSSION OF FUND PERFORMANCE (continued)

Selling Pressure Sparked Declines Among Municipal Bonds

Municipal bonds struggled during 2013 with rising long-term interest rates in a recovering U.S. economy. Rebounding labor and housing markets sent long-term interest rates higher early in the year, and market volatility spiked in late May when remarks by Federal Reserve Board (the “Fed”) Chairman Ben Bernanke were widely interpreted as a signal that the central bank would soon back away from quantitative easing.This development sent longer term interest rates sharply higher in June, and bond prices declined commensurately.

In July, a bankruptcy filing by the city of Detroit intensified selling pressure in the municipal bond market, and in September, municipal bonds issued by Puerto Rico lost value after media reports detailed the U.S. territory’s fiscal and economic problems. While municipal bonds generally rallied over the final weeks of September and during October when the Fed delayed tapering its quantitative easing program, November and December saw renewed bouts of market weakness, and the Index ended the year in negative territory.

Despite the fiscal problems facing Detroit and Puerto Rico, credit conditions continued to improve for most states and municipalities in 2013. However, New Jersey’s recovery has lagged national averages, and the state has continued to struggle with unfunded pension liabilities and tax revenue shortfalls.

Puerto Rico Bonds Dampened Fund Performance

The fund’s returns were undermined by Puerto Rico bonds, which we believe were punished more severely than warranted by underlying credit fundamentals. In addition, relative performance was hurt by overweighted exposure to revenue-backed bonds, including bonds backed by New Jersey’s settlement of litigation with U.S. tobacco companies, at a time when general obligation bonds fared better. In light of steep yield differences along the market’s maturity range, we maintained a relatively long average duration. However, this strategy increased the fund’s sensitivity to rising long-term interest rates.

The fund achieved better relative results through overweighted exposure to revenue bonds backed by hospitals, education institutions, and industrial development projects.

4

Early in the year, we employed derivative instruments known as rate locks to capture the benefits of widening yield differences along the maturity spectrum.

Finding Attractive Values in a Dislocated Market

Although market volatility may persist over the near term, we believe that investors will return their focus to market and issuer fundamentals now that the Fed has begun to taper its quantitative easing program. Over the longer term, improved credit conditions and restored demand from investors seeking relief from higher taxes may help lift municipal bond valuations.

We have continued to emphasize New Jersey revenue bonds, which we regard as more attractively valued than the state’s general obligation bonds.At the same time, we have increased the fund’s positions in higher quality, highly liquid municipal bonds that can serve as a source of funds as higher yielding opportunities arise.

January 15, 2014

Bond funds are subject generally to interest rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer’s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.

1 Total return includes reinvestment of dividends and any capital gains paid and does not take into consideration the 

maximum initial sales charge in the case of Class A shares or the applicable contingent deferred sales charges imposed 

on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Class 

I, ClassY and Class Z shares are not subject to any initial or deferred sales charge. 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 reflect the absorption of certain fund expenses pursuant to an 

agreement by The Dreyfus Corporation which may be terminated after July 1, 2014. Had these expenses not been 

absorbed, the returns would have been lower. ClassY shares returns are since inception 7/1/13. 

2 SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions. 

The Barclays Municipal Bond Index is a widely accepted, unmanaged total return performance benchmark for the 

long-term, investment-grade, tax-exempt bond market. Index returns do not reflect fees and expenses associated with 

operating a mutual fund. Investors cannot invest directly in any index. 

The Fund  5 

FUND PERFORMANCE

†	Source: Lipper Inc.
††	The total return figures presented for Class I shares of the fund reflect the performance of the fund’s Class A shares
	for the period prior to 12/15/08 (the inception date for Class I shares).
	The total return figures presented for ClassY shares of the fund reflect the performance of the fund’s Class A shares
	for the period prior to 7/1/13 (the inception date for ClassY shares).

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class C, Class I and ClassY shares of Dreyfus New Jersey Municipal Bond Fund, Inc. on 12/31/03 to a $10,000 investment made in the Barclays Municipal Bond Index (the “Index”) on that date. All dividends and capital gain distributions are reinvested.

On June 18, 2013, the Board authorized the fund to offer ClassY shares, as a new class of shares, to certain investors, including certain institutional investors. On July 1, 2013, ClassY shares were offered at net asset value and are not subject to certain fees, including Distribution Plan and Shareholder Services Plan fees.

The fund invests primarily in New Jersey municipal securities and its performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes. Performance for Class Z shares will vary from the performance of Class A, Class C, Class I and ClassY shares shown above due to differences in charges and expenses.The Index is not limited to investments in New Jersey municipal obligations.The Index is an unmanaged total return performance benchmark for the long-term, investment-grade, geographically unrestricted tax-exempt bond market, calculated by using municipal bonds selected to be representative of the municipal market overall. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.These factors 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.

6

Average Annual Total Returns as of 12/31/13
	Inception							From
	Date	1 Year		5 Years		10 Years		Inception
Class A shares
with maximum sales charge (4.5%)	11/6/87	–9.43%		4.15%		2.90%		—
without sales charge	11/6/87	–5.18%		5.12%		3.37%		—
Class C shares
with applicable redemption charge †	1/7/03	–6.74%		4.33%		2.60%		—
without redemption	1/7/03	–5.82%		4.33%		2.60%		—
Class I shares	12/15/08	–4.88%		5.32%		3.47%	††	—
Class Y shares	7/1/13	–5.08%	††	5.14%	††	3.39%	††	—
Class Z shares	6/7/07	–4.93%		5.24%		—		3.54%
Barclays Municipal
Bond Index	5/31/07	–2.55%		5.89%		4.29%		4.47%	†††

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

†	The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the
	date of purchase.
††	The total return performance figures presented for Class I shares of the fund reflect the performance of the fund’s
	Class A shares for the period prior to 12/15/08 (the inception date for Class I shares).
	The total return performance figures presented for ClassY shares of the fund reflect the performance of the fund’s
	Class A shares for the period prior to 7/1/13 (the inception date for ClassY shares).
†††	The Index date is based on the life of Class Z shares. For comparative purposes, the value of the Index as of
	5/31/07 is used as the beginning value on 6/7/07 (the inception date for Class Z shares).

The Fund  7 

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus New Jersey Municipal Bond Fund, Inc. from July 1, 2013 to December 31, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended December 31, 2013 ^†††

		Class A		Class C		Class I		Class Y		Class Z
Expenses paid per $1,000††	$	4.24	$	7.97	$	3.00	$	2.98	$	3.20
Ending value (after expenses)	$	978.90	$	975.20	$	981.00	$	980.40	$	980.90

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended December 31, 2013 ^†††

		Class A		Class C		Class I		Class Y		Class Z
Expenses paid per $1,000††††	$	4.33	$	8.13	$	3.06	$	3.06	$	3.26
Ending value (after expenses)	$	1,020.92	$	1,017.14	$	1,022.18	$	1,022.18	$	1,021.98

†	From the close of business on July 1, 2013 (commencement of initial offering) to December 31, 2013
	for Class Y shares.
††	Expenses are equal to the fund’s annualized expense ratio of .85% for Class A, 1.60% for Class C, .60% for Class
	I and .64% for Class Z , multiplied by the average account value over the period, multiplied by 184/365 (to reflect
	the one-half year period). Expenses are equal to the fund’s annualized expense ratio of .60% for ClassY, multiplied
	by the average account value over the period, multiplied by 183/365 (to reflect the actual days in the period).
†††	Please note that while ClassY shares commenced operations on July 1, 2013, the hypothetical expenses paid during
	the period reflect projected activity for the full six month period for purposes of comparability.This projection
	assumes that annualized expense ratios were in effect during the period July 1, 2013 to December 31, 2013.
††††	Expenses are equal to the fund’s annualized expense ratio of .85% for Class A, 1.60% for Class C, .60% for
	Class I, .60% for ClassY and .64% for Class Z, multiplied by the average account value over the period,
	multiplied by 184/365 (to reflect the one-half year period).

8

STATEMENT OF INVESTMENTS
December 31, 2013
Long-Term Municipal	Coupon	Maturity	Principal
Investments—99.3%	Rate (%)	Date	Amount ($)		Value ($)
New Jersey—89.7%
Burlington County Bridge
Commission, EDR (The
Evergreens Project)	5.63	1/1/38	7,275,000		6,247,552
Camden County Improvement
Authority, Health Care
Redevelopment Project Revenue
(The Cooper Health System
Obligated Group Issue)	5.25	2/15/20	4,545,000		4,617,175
Camden County Improvement
Authority, Health Care
Redevelopment Project Revenue
(The Cooper Health System
Obligated Group Issue)	5.25	2/15/20	2,000,000		2,031,760
Camden County Improvement
Authority, Health Care
Redevelopment Project Revenue
(The Cooper Health System
Obligated Group Issue)	5.75	2/15/42	5,000,000		4,934,450
Delaware River Port Authority,
Revenue	5.00	1/1/30	3,500,000		3,673,635
East Orange Board of Education,
COP, LR (Insured; Assured
Guaranty Municipal Corp.)	0.00	2/1/21	685,000	a	523,717
East Orange Board of Education,
COP, LR (Insured; Assured
Guaranty Municipal Corp.)	0.00	2/1/26	745,000	a	416,649
East Orange Board of Education,
COP, LR (Insured; Assured
Guaranty Municipal Corp.)	0.00	2/1/28	2,345,000	a	1,148,909
Essex County,
General Improvement GO	5.00	8/1/23	13,200,000		14,917,716
Garden State Preservation Trust,
Revenue (Open Space and
Farmland Preservation Bonds)
(Insured; Assured Guaranty
Municipal Corp.)	5.75	11/1/28	5,000,000		5,963,450
Gloucester County Improvement
Authority, County Guaranteed
Loan Revenue (County
Capital Program)	5.00	4/1/38	7,000,000		7,177,100

The Fund  9 

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey (continued)
Gloucester Township Municipal
Utilities Authority, Sewer
Revenue (Insured; AMBAC)	5.65	3/1/18	1,560,000		1,697,810
Hudson County Improvement
Authority, Harrison Stadium
Land Acquisition Special
Obligation Revenue (Harrison
Redevelopment Project)
(Insured; National Public
Finance Guarantee Corp.)	0.00	12/15/34	3,000,000	a	1,008,600
Mercer County Improvement
Authority, County Secured Open
Space Revenue (Insured;
National Public Finance
Guarantee Corp.)	5.00	8/1/40	3,290,000		3,292,073
Middletown Township Board of
Education, GO	5.00	8/1/25	4,140,000		4,610,759
Middletown Township Board of
Education, GO	5.00	8/1/26	2,935,000		3,242,177
New Jersey Economic Development
Authority, Cigarette Tax Revenue	5.00	6/15/28	3,625,000		3,632,359
New Jersey Economic Development
Authority, Cigarette Tax
Revenue (Prerefunded)	5.75	6/15/14	1,000,000	b	1,025,570
New Jersey Economic Development
Authority, Department of
Human Services Composite
Revenue (Division of
Developmental Disabilities)	6.25	7/1/24	1,115,000		1,117,040
New Jersey Economic Development
Authority, Department of Human
Services Composite Revenue
(Division of Mental Health Services)	6.10	7/1/17	890,000		892,910
New Jersey Economic Development
Authority, EDR (Masonic
Charity Foundation of
New Jersey Project)	5.00	6/1/18	1,365,000		1,394,648
New Jersey Economic Development
Authority, Motor Vehicle
Surcharge Revenue (Insured;
National Public Finance
Guarantee Corp.)	0.00	7/1/21	2,620,000	a	1,979,279

10

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey (continued)
New Jersey Economic Development
Authority, Motor Vehicle
Surcharge Revenue (Insured;
National Public Finance
Guarantee Corp.)	0.00	7/1/20	3,350,000	a	2,692,495
New Jersey Economic Development
Authority, Private Activity
Revenue (The Goethals Bridge
Replacement Project)	5.38	1/1/43	3,500,000		3,412,185
New Jersey Economic Development
Authority, Revenue (Hillcrest
Health Service System Project)
(Insured; AMBAC)	0.00	1/1/15	1,250,000	a	1,235,200
New Jersey Economic Development
Authority, Revenue (Hillcrest
Health Service System Project)
(Insured; AMBAC)	0.00	1/1/17	5,000,000	a	4,675,400
New Jersey Economic Development
Authority, Revenue (Hillcrest
Health Service System Project)
(Insured; AMBAC)	0.00	1/1/18	2,500,000	a	2,248,350
New Jersey Economic Development
Authority, Revenue (Hillcrest
Health Service System Project)
(Insured; AMBAC)	0.00	1/1/20	6,500,000	a	5,247,320
New Jersey Economic Development
Authority, Revenue (Hillcrest
Health Service System Project)
(Insured; AMBAC)	0.00	1/1/22	6,000,000	a	4,275,780
New Jersey Economic Development
Authority, School Facilities
Construction Revenue	5.75	9/1/23	3,765,000		4,334,531
New Jersey Economic Development
Authority, School Facilities
Construction Revenue
(Insured; AMBAC)	5.50	9/1/24	10,000,000		11,570,600
New Jersey Economic
Development Authority,
School Facilities Construction
Revenue (Insured;
National Public Finance
Guarantee Corp.)	5.50	9/1/27	10,000,000		11,370,600

The Fund  11 

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
New Jersey (continued)
New Jersey Economic Development
Authority, Special Facility
Revenue (Continental
Airlines, Inc. Project)	5.25	9/15/29	8,050,000	7,364,059
New Jersey Economic Development
Authority, Water Facilities
Revenue (New Jersey—American
Water Company, Inc. Project)	5.10	6/1/23	3,000,000	3,247,830
New Jersey Economic Development
Authority, Water Facilities
Revenue (New Jersey—American
Water Company, Inc. Project)	5.60	11/1/34	6,600,000	6,972,834
New Jersey Economic Development
Authority, Water Facilities
Revenue (New Jersey—American
Water Company, Inc. Project)	5.70	10/1/39	5,000,000	5,259,250
New Jersey Educational Facilities
Authority, Revenue (Fairleigh
Dickenson University Issue)	6.00	7/1/20	4,535,000	4,598,943
New Jersey Educational Facilities
Authority, Revenue (Kean
University Issue)	5.00	9/1/21	1,500,000	1,672,845
New Jersey Educational Facilities
Authority, Revenue (Montclair
State University Issue)	5.25	7/1/38	2,000,000	2,066,900
New Jersey Educational Facilities
Authority, Revenue (New Jersey
City University Issue) (Insured;
Assured Guaranty Corp.)	5.00	7/1/35	12,165,000	12,308,060
New Jersey Educational Facilities
Authority, Revenue (New Jersey
Institute of Technology Issue)	5.00	7/1/31	2,000,000	2,074,060
New Jersey Educational Facilities
Authority, Revenue (Princeton
Theological Seminary Issue)	5.00	7/1/29	5,000,000	5,503,450
New Jersey Educational Facilities
Authority, Revenue (Public
Library Project Grant Program
Issue) (Insured; AMBAC)	5.50	9/1/17	1,500,000	1,506,390
New Jersey Educational Facilities
Authority, Revenue (Ramapo
College of New Jersey Issue)	5.00	7/1/42	3,000,000	3,047,760

12

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
New Jersey (continued)
New Jersey Educational Facilities
Authority, Revenue (Seton Hall
University Issue)	6.25	7/1/37	5,000,000	5,496,800
New Jersey Educational Facilities
Authority, Revenue (Stevens
Institute of Technology Issue)	5.00	7/1/27	5,000,000	5,072,050
New Jersey Educational Facilities
Authority, Revenue (Stevens
Institute of Technology Issue)	5.00	7/1/34	7,455,000	7,471,625
New Jersey Educational Facilities
Authority, Revenue (The
College of New Jersey Issue)
(Insured; Assured Guaranty
Municipal Corp.)	5.00	7/1/35	7,910,000	8,066,302
New Jersey Educational Facilities
Authority, Revenue (The
William Paterson University of
New Jersey Issue)	5.00	7/1/22	2,165,000	2,462,601
New Jersey Educational Facilities
Authority, Revenue (The
William Paterson University of
New Jersey Issue) (Insured;
Assured Guaranty Corp.)	5.00	7/1/38	3,745,000	3,755,449
New Jersey Health Care Facilities
Financing Authority,
Revenue (AHS Hospital
Corporation Issue)	5.00	7/1/27	5,400,000	5,596,776
New Jersey Health Care Facilities
Financing Authority, Revenue
(AtlantiCare Regional Medical
Center Issue)	5.00	7/1/22	3,975,000	4,191,955
New Jersey Health Care
Facilities Financing
Authority, Revenue
(Barnabas Health Issue)	5.63	7/1/32	3,000,000	3,111,330
New Jersey Health Care Facilities
Financing Authority, Revenue
(General Hospital Center at
Passaic, Inc. Obligated Group
Issue) (Insured; Assured
Guaranty Municipal Corp.)
(Escrowed to Maturity)	6.75	7/1/19	550,000	657,057

The Fund  13 

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey (continued)
New Jersey Health Care Facilities
Financing Authority, Revenue
(Hackensack University Medical
Center Issue)	5.00	1/1/28	2,780,000		2,828,261
New Jersey Health Care Facilities
Financing Authority, Revenue
(Hackensack University Medical
Center Issue) (Insured;
Assured Guaranty Corp.)	5.25	1/1/36	2,900,000		2,975,835
New Jersey Health Care Facilities
Financing Authority, Revenue
(Holy Name Medical Center Issue)	5.00	7/1/15	3,410,000		3,580,398
New Jersey Health Care Facilities
Financing Authority, Revenue
(Kennedy Health System
Obligated Group Issue)	5.00	7/1/31	1,525,000		1,559,434
New Jersey Health Care Facilities
Financing Authority, Revenue
(Meridian Health System
Obligated Group Issue)	5.00	7/1/23	2,500,000		2,743,800
New Jersey Health Care Facilities
Financing Authority, Revenue
(Meridian Health System
Obligated Group Issue)	5.00	7/1/26	1,000,000		1,060,000
New Jersey Health Care Facilities
Financing Authority, Revenue
(Meridian Health System
Obligated Group Issue) (Insured;
Assured Guaranty Corp.)	5.00	7/1/38	4,840,000		4,899,242
New Jersey Health Care Facilities
Financing Authority, Revenue
(Robert Wood Johnson
University Hospital Issue)	5.00	7/1/31	4,950,000		5,033,308
New Jersey Health Care Facilities
Financing Authority, Revenue
(Saint Barnabas Health Care
System Issue) (Insured; National
Public Finance Guarantee Corp.)
(Escrowed to Maturity)	0.00	7/1/23	2,280,000	a	1,704,665

14

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)	Value ($)
New Jersey (continued)
New Jersey Health Care Facilities
Financing Authority, Revenue
(Virtua Health Issue) (Insured;
Assured Guaranty Corp.)	5.50	7/1/38	5,000,000	5,141,900
New Jersey Health Care Facilities
Financing Authority, State
Contract Revenue (Hospital
Asset Transformation Program)	5.25	10/1/38	13,595,000	13,756,101
New Jersey Higher Education
Student Assistance Authority,
Student Loan Revenue	5.00	12/1/25	915,000	952,835
New Jersey Higher Education
Student Assistance Authority,
Student Loan Revenue	5.00	12/1/26	2,175,000	2,252,082
New Jersey Higher Education
Student Assistance Authority,
Student Loan Revenue (Insured;
Assured Guaranty Corp.)	5.88	6/1/21	1,335,000	1,442,868
New Jersey Highway Authority,
Revenue (Garden State Parkway)
(Escrowed to Maturity)	6.00	1/1/19	5,645,000	6,799,007
New Jersey Housing and
Mortgage Finance Agency,
Multi-Family Revenue	4.95	5/1/41	7,000,000	6,421,380
New Jersey Housing and Mortgage
Finance Agency, SFHR	5.20	10/1/25	5,345,000	5,552,012
New Jersey Housing and Mortgage
Finance Agency, SFHR	6.38	10/1/28	2,980,000	3,130,252
New Jersey Housing and Mortgage
Finance Agency, SFHR	5.25	10/1/37	620,000	658,868
New Jersey Institute of
Technology, GO	5.00	7/1/32	1,000,000	1,045,050
New Jersey Transportation
Trust Fund Authority
(Transportation System)	5.50	12/15/23	7,000,000	8,159,060
New Jersey Transportation
Trust Fund Authority
(Transportation System)	5.50	6/15/31	2,500,000	2,689,575

The Fund  15 

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey (continued)
New Jersey Transportation
Trust Fund Authority
(Transportation System)	6.00	12/15/38	6,565,000		7,350,699
New Jersey Transportation Trust
Fund Authority (Transportation
System) (Insured; AMBAC)	0.00	12/15/24	1,000,000	a	605,280
New Jersey Transportation Trust
Fund Authority (Transportation
System) (Insured; AMBAC)	5.00	12/15/32	8,000,000		8,376,880
New Jersey Transportation Trust
Fund Authority (Transportation
System) (Prerefunded)	5.00	6/15/15	4,000,000	b	4,275,960
New Jersey Transportation Trust
Fund Authority (Transportation
System) (Prerefunded)	6.00	12/15/18	1,435,000	b	1,765,136
New Jersey Turnpike Authority,
Turnpike Revenue	6.50	1/1/16	35,000		39,066
New Jersey Turnpike Authority,
Turnpike Revenue	5.00	1/1/23	3,000,000		3,419,400
New Jersey Turnpike Authority,
Turnpike Revenue	5.00	1/1/35	3,000,000		3,097,800
New Jersey Turnpike Authority,
Turnpike Revenue	5.25	1/1/40	5,420,000		5,649,429
New Jersey Turnpike Authority,
Turnpike Revenue
(Escrowed to Maturity)	6.50	1/1/16	95,000		100,831
New Jersey Turnpike Authority,
Turnpike Revenue (Insured;
Assured Guaranty
Municipal Corp.)	6.50	1/1/16	165,000		185,153
New Jersey Turnpike Authority,
Turnpike Revenue (Insured;
Assured Guaranty Municipal Corp.)	5.25	1/1/27	3,000,000		3,405,000
New Jersey Turnpike Authority,
Turnpike Revenue (Insured;
National Public Finance
Guarantee Corp.)	6.50	1/1/16	2,310,000		2,578,330

16

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey (continued)
New Jersey Turnpike Authority,
Turnpike Revenue (Insured;
National Public Finance
Guarantee Corp.)	0.11	1/1/30	5,500,000	c	4,895,000
North Hudson Sewerage Authority,
Gross Revenue Senior Lien
Lease Certificates (Master
Lease Agreement)	5.00	6/1/42	10,320,000		10,418,453
North Jersey District Water Supply
Commission, Sewer Revenue
(Wanaque South Project)
(Insured; National Public
Finance Guarantee Corp.)	6.00	7/1/19	1,340,000		1,547,204
Port Authority of New York and
New Jersey (Consolidated Bonds,
93rd Series)	6.13	6/1/94	3,000,000		3,300,750
Port Authority of New York and
New Jersey (Consolidated Bonds,
139th Series) (Insured;
National Public Finance
Guarantee Corp.)	5.00	10/1/18	11,235,000		11,930,109
Port Authority of New York and
New Jersey (Consolidated Bonds,
167th Series)	5.00	9/15/24	3,675,000		3,976,828
Port Authority of New York and
New Jersey (Consolidated Bonds,
167th Series)	5.50	9/15/26	7,600,000		8,380,292
Port Authority of New York and
New Jersey, Special Project
Revenue (JFK International Air
Terminal LLC Project)	5.00	12/1/20	2,500,000		2,696,650
Port Authority of New York and
New Jersey, Special Project
Revenue (JFK International Air
Terminal LLC Project)
(Insured; National Public
Finance Guarantee Corp.)	6.25	12/1/15	5,000,000		5,227,800

The Fund  17 

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
New Jersey (continued)
Rahway Valley Sewerage Authority,
Sewer Revenue (Insured;
National Public Finance
Guarantee Corp.)	0.00	9/1/30	7,550,000	a	3,309,618
Rutgers, The State University,
GO	5.00	5/1/39	3,450,000		3,575,960
Rutgers, The State University,
GO (Morgan Stanley
Municipal Trust Program
Residual Series 3338)	5.00	5/1/43	8,000,000	d,e	8,270,800
South Jersey Port Corporation,
Marine Terminal Revenue	5.75	1/1/23	4,000,000		4,515,600
South Jersey Port Corporation,
Marine Terminal Revenue
(Insured; Assured Guaranty Corp.)	5.75	1/1/34	2,900,000		3,083,367
South Jersey Port Corporation,
Marine Terminal Revenue
(Insured; Assured Guaranty Corp.)	5.88	1/1/39	6,000,000		6,363,000
South Jersey Transportation
Authority, Transportation
System Revenue	5.00	11/1/23	4,250,000		4,663,355
Tobacco Settlement Financing
Corporation of New Jersey,
Tobacco Settlement
Asset-Backed Bonds	4.63	6/1/26	4,000,000		3,356,840
Tobacco Settlement Financing
Corporation of New Jersey,
Tobacco Settlement
Asset-Backed Bonds	4.75	6/1/34	2,800,000		1,988,056
Tobacco Settlement Financing
Corporation of New Jersey,
Tobacco Settlement
Asset-Backed Bonds	5.00	6/1/41	13,050,000		9,219,303
U.S. Related—9.6%
Guam,
Business Privilege Tax Revenue	5.00	1/1/42	2,000,000		1,927,080

18

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
U.S. Related (continued)
Guam Power Authority,
Revenue	5.50	10/1/30	2,250,000		2,275,695
Guam Waterworks Authority,
Water and Wastewater
System Revenue	6.00	7/1/25	1,000,000		1,011,010
Puerto Rico Aqueduct and Sewer
Authority, Senior Lien Revenue	5.00	7/1/21	6,000,000		4,500,420
Puerto Rico Aqueduct and Sewer
Authority, Senior Lien Revenue	5.13	7/1/37	1,240,000		766,915
Puerto Rico Electric Power
Authority, Power Revenue	5.25	7/1/22	5,000,000		3,631,200
Puerto Rico Electric Power
Authority, Power Revenue	5.50	7/1/38	10,445,000		6,651,376
Puerto Rico Electric Power
Authority, Power Revenue	5.00	7/1/42	760,000		458,440
Puerto Rico Infrastructure
Financing Authority, Special
Tax Revenue (Insured; AMBAC)	5.50	7/1/27	4,715,000		3,857,059
Puerto Rico Public Buildings
Authority, Government
Facilities Revenue	6.25	7/1/22	2,000,000		1,564,680
Puerto Rico Sales Tax Financing
Corporation, Sales Tax Revenue
(First Subordinate Series)	5.75	8/1/37	2,990,000		2,213,437
Puerto Rico Sales Tax Financing
Corporation, Sales Tax Revenue
(First Subordinate Series)	6.00	8/1/42	11,300,000		8,444,942
Puerto Rico Sales Tax Financing
Corporation, Sales Tax Revenue
(Insured; Berkshire Hathaway
Assurance Corporation)	0.00	8/1/54	21,100,000	a	1,792,234
Puerto Rico Sales Tax Financing
Corporation, Sales Tax Revenue
(Insured; National Public
Finance Guarantee Corp.)	0.00	8/1/43	18,000,000	a	2,285,100

The Fund  19 

STATEMENT OF INVESTMENTS (continued)

Long-Term Municipal	Coupon	Maturity	Principal
Investments (continued)	Rate (%)	Date	Amount ($)		Value ($)
U.S. Related (continued)
Virgin Islands Public Finance
Authority, Revenue (Virgin Islands
Matching Fund Loan Note)	5.00	10/1/25	5,000,000		5,194,700
Virgin Islands Public Finance
Authority, Revenue (Virgin Islands
Matching Fund Loan Notes)	5.00	10/1/25	2,000,000		2,067,680
Total Investments (cost $499,013,914)			99.3	%	502,707,975
Cash and Receivables (Net)			.7	%	3,774,835
Net Assets			100.0	%	506,482,810

a Security issued with a zero coupon. Income is recognized through the accretion of discount. 

b These securities are prerefunded; the date shown represents the prerefunded date. 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. 

c Variable rate security—interest rate subject to periodic change. 

d Collateral for floating rate borrowings. 

e Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.This security may be 

resold in transactions exempt from registration, normally to qualified institutional buyers.At December 31, 2013, this 

security was valued at $8,270,800 or 1.6% of net assets. 

Portfolio Summary (Unaudited)†
	Value (%)		Value (%)
Transportation Services	22.3	Lease	3.1
Education	20.9	Utility-Electric	2.9
Health Care	18.6	Asset-Backed	2.9
Special Tax	9.5	County	2.1
Utility-Water and Sewer	4.9	Industrial	.7
Prerefunded	4.1	Other	4.2
Housing	3.1		99.3
† Based on net assets.

20

Summary of Abbreviations
ABAG	Association of Bay Area	ACA	American Capital Access
	Governments
AGC	ACE Guaranty Corporation	AGIC	Asset Guaranty Insurance Company
AMBAC	American Municipal Bond	ARRN	Adjustable Rate
	Assurance Corporation		Receipt Notes
BAN	Bond Anticipation Notes	BPA	Bond Purchase Agreement
CIFG	CDC Ixis Financial Guaranty	COP	Certificate of Participation
CP	Commercial Paper	DRIVERS	Derivative Inverse
			Tax-Exempt Receipts
EDR	Economic Development	EIR	Environmental Improvement
	Revenue		Revenue
FGIC	Financial Guaranty	FHA	Federal Housing
	Insurance Company		Administration
FHLB	Federal Home	FHLMC	Federal Home Loan Mortgage
	Loan Bank		Corporation
FNMA	Federal National	GAN	Grant Anticipation Notes
	Mortgage Association
GIC	Guaranteed Investment	GNMA	Government National Mortgage
	Contract		Association
GO	General Obligation	HR	Hospital Revenue
IDB	Industrial Development Board	IDC	Industrial Development Corporation
IDR	Industrial Development	LIFERS	Long Inverse Floating
	Revenue		Exempt Receipts
LOC	Letter of Credit	LOR	Limited Obligation Revenue
LR	Lease Revenue	MERLOTS	Municipal Exempt Receipts
			Liquidity Option Tender
MFHR	Multi-Family Housing Revenue	MFMR	Multi-Family Mortgage Revenue
PCR	Pollution Control Revenue	PILOT	Payment in Lieu of Taxes
P-FLOATS	Puttable Floating Option	PUTTERS	Puttable Tax-Exempt Receipts
	Tax-Exempt Receipts
RAC	Revenue Anticipation Certificates	RAN	Revenue Anticipation Notes
RAW	Revenue Anticipation Warrants	RIB	Residual Interest Bonds
ROCS	Reset Options Certificates	RRR	Resources Recovery Revenue
SAAN	State Aid Anticipation Notes	SBPA	Standby Bond Purchase Agreement
SFHR	Single Family Housing Revenue	SFMR	Single Family Mortgage Revenue
SONYMA	State of New York	SPEARS	Short Puttable Exempt
	Mortgage Agency		Adjustable Receipts
SWDR	Solid Waste Disposal Revenue	TAN	Tax Anticipation Notes
TAW	Tax Anticipation Warrants	TRAN	Tax and Revenue Anticipation Notes
XLCA	XL Capital Assurance
See notes to financial statements.

The Fund  21 

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2013

				Cost	Value
Assets ($):
Investments in securities—See Statement of Investments			499,013,914		502,707,975
Cash					474,605
Interest receivable					8,228,892
Receivable for shares of Common Stock subscribed					10,000
Prepaid expenses					35,140
					511,456,612
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(c)					356,530
Payable for floating rate notes issued—Note 4					4,000,000
Payable for shares of Common Stock redeemed					575,817
Interest and expense payable related
to floating rate notes issued—Note 4					2,621
Accrued expenses					38,834
					4,973,802
Net Assets ($)					506,482,810
Composition of Net Assets ($):
Paid-in capital					511,166,518
Accumulated net realized gain (loss) on investments					(8,377,769	)
Accumulated net unrealized appreciation
(depreciation) on investments					3,694,061
Net Assets ($)					506,482,810
Net Asset Value Per Share
	Class A	Class C	Class I	Class Y	Class Z
Net Assets ($)	377,985,993	8,996,523	3,449,697	961	116,049,636
Shares Outstanding	30,799,523	733,725	281,028	78.31	9,454,097
Net Asset Value
Per Share ($)	12.27	12.26	12.28	12.27	12.28
See notes to financial statements.

22

STATEMENT OF OPERATIONS
Year Ended December 31, 2013
Investment Income ($):
Interest Income	25,392,338
Expenses:
Management fee—Note 3(a)	3,403,503
Shareholder servicing costs—Note 3(c)	1,288,820
Professional fees	104,186
Distribution fees—Note 3(b)	74,565
Registration fees	59,392
Prospectus and shareholders’ reports	51,729
Directors’ fees and expenses—Note 3(d)	50,779
Custodian fees—Note 3(c)	45,400
Interest and expense related to floating rate notes issued—Note 4	12,472
Loan commitment fees—Note 2	6,039
Miscellaneous	50,416
Total Expenses	5,147,301
Less—reduction in expenses due to undertaking—Note 3(a)	(475,596	)
Less—reduction in fees due to earnings credits—Note 3(c)	(641	)
Net Expenses	4,671,064
Investment Income—Net	20,721,274
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	443,975
Net realized gain (loss) on swap transactions	45,000
Net Realized Gain (Loss)	488,975
Net unrealized appreciation (depreciation) on investments	(51,324,028	)
Net unrealized appreciation (depreciation) on swap transactions	(6,932	)
Net Unrealized Appreciation (Depreciation)	(51,330,960	)
Net Realized and Unrealized Gain (Loss) on Investments	(50,841,985	)
Net (Decrease) in Net Assets Resulting from Operations	(30,120,711	)
See notes to financial statements.

The Fund  23 

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2013		2012	a
Operations ($):
Investment income—net	20,721,274		22,581,708
Net realized gain (loss) on investments	488,975		1,919,276
Net unrealized appreciation
(depreciation) on investments	(51,330,960	)	16,276,565
Net Increase (Decrease) in Net Assets
Resulting from Operations	(30,120,711	)	40,777,549
Dividends to Shareholders from ($):
Investment income—net:
Class A	(15,176,674	)	(16,714,197	)
Class B	—		(412	)
Class C	(280,957	)	(284,662	)
Class I	(160,301	)	(133,127	)
Class Y	(20	)	—
Class Z	(4,853,058	)	(5,222,345	)
Net realized gain on investments:
Class A	(192,927	)	—
Class C	(4,657	)	—
Class I	(1,962	)	—
Class Z	(59,327	)	—
Total Dividends	(20,729,883	)	(22,354,743	)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	18,885,725		35,392,609
Class B	—		138
Class C	2,313,143		2,580,263
Class I	1,125,868		3,229,352
Class Y	1,000		—
Class Z	4,609,952		6,384,263

24

	Year Ended December 31,
	2013		2012	a
Capital Stock Transactions ($) (continued):
Dividends reinvested:
Class A	11,799,844		12,523,211
Class B	—		262
Class C	152,637		153,502
Class I	121,442		92,334
Class Z	4,001,142		4,237,919
Cost of shares redeemed:
Class A	(72,242,840	)	(47,960,219	)
Class B	—		(217, 906	)
Class C	(3,008,557	)	(1,653,583	)
Class I	(1,937,258	)	(1,472,678	)
Class Z	(20,370,190	)	(13,101,340	)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	(54,548,092	)	188,217
Total Increase (Decrease) in Net Assets	(105,398,686	)	18,610,933
Net Assets ($):
Beginning of Period	611,881,496		593,270,563
End of Period	506,482,810		611,881,496

The Fund  25 

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Year Ended December 31,
	2013		2012	a
Capital Share Transactions:
Class Ab,c
Shares sold	1,439,918		2,647,586
Shares issued for dividends reinvested	919,520		935,333
Shares redeemed	(5,671,478	)	(3,583,544	)
Net Increase (Decrease) in Shares Outstanding	(3,312,040	)	(625	)
Class Bc
Shares sold	—		10
Shares issued for dividends reinvested	—		20
Shares redeemed	—		(16,545	)
Net Increase (Decrease) in Shares Outstanding	—		(16,515	)
Class Cb
Shares sold	178,935		193,235
Shares issued for dividends reinvested	11,902		11,469
Shares redeemed	(233,308	)	(123,510	)
Net Increase (Decrease) in Shares Outstanding	(42,471	)	81,194
Class I
Shares sold	84,834		242,671
Shares issued for dividends reinvested	9,466		6,882
Shares redeemed	(150,631	)	(110,898	)
Net Increase (Decrease) in Shares Outstanding	(56,331	)	138,655
Class Y
Shares sold	78.31		—
Class Z
Shares sold	353,568		477,197
Shares issued for dividends reinvested	311,897		316,519
Shares redeemed	(1,595,462	)	(978,508	)
Net Increase (Decrease) in Shares Outstanding	(929,997	)	(184,792	)

a Effective as of the close of business on March 13, 2012, the fund no longer offers Class B shares. 

b During the period ended December 31, 2013, 73,889 Class C shares representing $993,345, were exchanged for 

73,910 Class A shares. 

c During the period ended December 31, 2012, 1,079 Class B shares representing $14,086 were automatically 

converted to 1,078 Class A shares. 

See notes to financial statements.

26

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated.All information (except portfolio turnover rate) reflects financial results for a single fund share.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.

			Year Ended December 31,
Class A Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.42		13.01		12.25		12.70		11.67
Investment Operations:
Investment income—neta	.47		.49		.53		.54		.55
Net realized and unrealized
gain (loss) on investments	(1.15	)	.41		.75		(.46	)	1.02
Total from Investment Operations	(.68	)	.90		1.28		.08		1.57
Distributions:
Dividends from investment income—net	(.46	)	(.49	)	(.52	)	(.53	)	(.54	)
Dividends from net realized
gain on investments	(.01	)	—		—		—		—
Total Distributions	(.47	)	(.49	)	(.52	)	(.53	)	(.54	)
Net asset value, end of period	12.27		13.42		13.01		12.25		12.70
Total Return (%)b	(5.18	)	6.96		10.72		.56		13.65
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.94		.96		.96		.95		.96
Ratio of net expenses
to average net assets	.85		.85		.85		.85		.85
Ratio of interest and expense related
to floating rate notes issued
to average net assets	.00	c	—		—		—		—
Ratio of net investment income
to average net assets	3.62		3.68		4.23		4.22		4.40
Portfolio Turnover Rate	11.31		12.10		9.58		18.88		17.17
Net Assets, end of period ($ x 1,000)	377,986		457,618		443,882		435,549		458,014

a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.
c	Amount represents less than .01%.

See notes to financial statements.

The Fund  27 

FINANCIAL HIGHLIGHTS (continued)

			Year Ended December 31,
Class C Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.40		13.00		12.24		12.68		11.66
Investment Operations:
Investment income—neta	.37		.39		.43		.45		.45
Net realized and unrealized
gain (loss) on investments	(1.13	)	.40		.76		(.45	)	1.02
Total from Investment Operations	(.76	)	.79		1.19		—		1.47
Distributions:
Dividends from investment income—net	(.37	)	(.39	)	(.43	)	(.44	)	(.45	)
Dividends from net realized
gain on investments	(.01	)	—		—		—		—
Total Distributions	(.38	)	(.39	)	(.43	)	(.44	)	(.45	)
Net asset value, end of period	12.26		13.40		13.00		12.24		12.68
Total Return (%)b	(5.82	)	6.09		9.90		(.13	)	12.71
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	1.72		1.74		1.73		1.72		1.72
Ratio of net expenses
to average net assets	1.60		1.60		1.60		1.60		1.60
Ratio of interest and expense related
to floating rate notes issued
to average net assets	.00	c	—		—		—		—
Ratio of net investment income
to average net assets	2.87		2.92		3.48		3.45		3.61
Portfolio Turnover Rate	11.31		12.10		9.58		18.88		17.17
Net Assets, end of period ($ x 1,000)	8,997		10,403		9,035		9,080		9,008

a	Based on average shares outstanding at each month end.
b	Exclusive of sales charge.
c	Amount represents less than .01%.

See notes to financial statements.

28

			Year Ended December 31,
Class I Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.42		13.02		12.25		12.70		11.66
Investment Operations:
Investment income—neta	.50		.50		.54		.57		.56
Net realized and unrealized
gain (loss) on investments	(1.14	)	.41		.77		(.47	)	1.04
Total from Investment Operations	(.64	)	.91		1.31		.10		1.60
Distributions:
Dividends from investment income—net	(.49	)	(.51	)	(.54	)	(.55	)	(.56	)
Dividends from net realized
gain on investments	(.01	)	—		—		—		—
Total Distributions	(.50	)	(.51	)	(.54	)	(.55	)	(.56	)
Net asset value, end of period	12.28		13.42		13.02		12.25		12.70
Total Return (%)	(4.88	)	7.04		10.97		.70		13.91
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.72		.74		.76		.72		.78
Ratio of net expenses
to average net assets	.62		.70		.70		.70		.70
Ratio of interest and expense related
to floating rate notes issued
to average net assets	.00	b	—		—		—		—
Ratio of net investment income
to average net assets	3.84		3.82		4.36		4.34		4.55
Portfolio Turnover Rate	11.31		12.10		9.58		18.88		17.17
Net Assets, end of period ($ x 1,000)	3,450		4,527		2,586		2,252		958

a	Based on average shares outstanding at each month end.
b	Amount represents less than .01%.

See notes to financial statements.

The Fund  29 

FINANCIAL HIGHLIGHTS (continued)

	Period Ended
Class Y Shares	December 31, 2013a
Per Share Data ($):
Net asset value, beginning of period	12.77
Investment Operations:
Investment income—netb	.26
Net realized and unrealized gain (loss) on investments	(.51	)
Total from Investment Operations	(.25	)
Distributions:
Dividends from investment income—net	(.25	)
Net asset value, end of period	12.27
Total Return (%)	(1.96	)c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.68	d
Ratio of net expenses to average net assets	.60	d
Ratio of interest and expense related to
floating rate notes issued to average net assets	.00	d,e
Ratio of net investment income to average net assets	4.11	d
Portfolio Turnover Rate	11.31
Net Assets, end of period ($ x 1,000)	1

a	From July 1, 2013 (commencement of initial offering) to December 31, 2013.
b	Based on average shares outstanding at each month end.
c	Not annualized.
d	Annualized.
e	Amount represents less than .01%.

See notes to financial statements.

30

			Year Ended December 31,
Class Z Shares	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.42		13.01		12.25		12.70		11.67
Investment Operations:
Investment income—neta	.49		.50		.54		.55		.56
Net realized and unrealized
gain (loss) on investments	(1.13	)	.41		.75		(.46	)	1.02
Total from Investment Operations	(.64	)	.91		1.29		.09		1.58
Distributions:
Dividends from investment income—net	(.49	)	(.50	)	(.53	)	(.54	)	(.55	)
Dividends from net realized
gain on investments	(.01	)	—		—		—		—
Total Distributions	(.50	)	(.50	)	(.53	)	(.54	)	(.55	)
Net asset value, end of period	12.28		13.42		13.01		12.25		12.70
Total Return (%)	(4.93	)	7.04		10.80		.65		13.72
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.74		.78		.78		.77		.79
Ratio of net expenses
to average net assets	.67		.78		.78		.77		.78
Ratio of interest and expense related
to floating rate notes issued
to average net assets	.00	b	—		—		—		—
Ratio of net investment income
to average net assets	3.80		3.75		4.30		4.31		4.47
Portfolio Turnover Rate	11.31		12.10		9.58		18.88		17.17
Net Assets, end of period ($ x 1,000)	116,050		139,334		137,552		135,981		148,768

a	Based on average shares outstanding at each month end.
b	Amount represents less than .01%.

See notes to financial statements.

The Fund  31 

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus New Jersey Municipal Bond Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified open-end management investment com-pany.The fund’s investment objective is to seek 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” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

At a meeting held on June 18, 2013, the fund’s Board of Directors (the “Board”) approved, effective July 1, 2013 for the fund to offer Class Y shares.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares. The fund is authorized to issue 675 million shares of $.001 par value Common Stock.The fund currently offers five classes of shares: Class A (200 million shares authorized), Class C (150 million shares authorized), Class I (150 million shares authorized), Class Y (150 million shares authorized) and Class Z (25 million shares authorized). Class A shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I and ClassY shares are offered at net asset value generally to institutional investors. Class Z shares generally are not available for new accounts. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

32

As of December 31, 2013, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Class Y shares of the fund.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions.Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

The Fund  33 

NOTES TO FINANCIAL STATEMENTS (continued)

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. 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 the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are categorized within Level 2 of the fair value hierarchy. Investments in swap transactions are valued each business day by the Service. Swaps are valued by the Service by using a swap pricing model which incorporates among other factors, default probabilities, recovery rates, credit curves of the underlying issuer and swap spreads on interest rates and are generally categorized within Level 2 of the fair value hierarchy.

34

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers.These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2013 in valuing the fund’s investments:

		Level 2—Other	Level 3—
	Level 1—	Significant	Significant
	Unadjusted	Observable	Unobservable
	Quoted Prices	Inputs	Inputs	Total
Assets ($)
Investments in Securities:
Municipal Bonds†	—	502,707,975	—	502,707,975
Liabilities ($)
Floating Rate Notes††	—	(4,000,000)	—	(4,000,000	)

†	See Statement of Investments for additional detailed categorizations.
††	Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for
	financial reporting purposes.

At December 31, 2013, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

The Fund  35 

NOTES TO FINANCIAL STATEMENTS (continued)

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium 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 or 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 gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(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 gains sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended December 31, 2013, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended December 31, 2013, the fund did not incur any interest or penalties.

36

Each tax year in the four-year period ended December 31, 2013 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2013, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $720,808, undistributed ordinary income $110,442, accumulated capital losses $9,305,327 and unrealized appreciation $4,511,177.

Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to December 31, 2013. If not applied, $97,441 of the carryover expires in fiscal year 2014, $822,282 expires in fiscal year 2015, $1,125,950 expires in fiscal year 2016 and $6,969,933 expires in fiscal year 2017.The fund has $289,721 of post enactment short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2013 and December 31, 2012 were as follows: tax-exempt income $20,471,010 and $22,354,743, and ordinary income $258,873 and $0, respectively.

During the period ended December 31, 2013, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments, the fund decreased accumulated undistributed

The Fund  37 

NOTES TO FINANCIAL STATEMENTS (continued)

investment income-net by $250,264, increased accumulated net realized gain (loss) on investments by $227,628 and increased paid-in capital by $22,636. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $265 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 9, 2013, the unsecured credit facility with Citibank, N.A. was $210 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended December 31, 2013, the fund did not borrow under the Facilities.

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 the value of the fund’s average daily net assets and is payable monthly.The Manager has contractually agreed, from January 1, 2013 through July 1, 2014, for Class A, Class C, Class I and Class Z shares and from July 1, 2013 through July 1, 2014 for ClassY shares, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .60% of the value of the fund’s average daily net assets.The reduction in expenses, pursuant to the undertaking, amounted to $475,596 during the period ended December 31, 2013.

38

During the period ended December 31, 2013, the Distributor retained $9,124 from commissions earned on sales of the fund’s Class A shares and $379 from CDSCs on redemptions of the fund’s Class C shares.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended December 31, 2013, Class C shares were charged $74,565 pursuant to the Distribution Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services.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.The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services.The Distributor determines the amounts to be paid to Service Agents. During the period ended December 31, 2013, Class A and Class C shares were charged $1,059,995 and $24,855, respectively, pursuant to the Shareholder Services Plan.

Under the Shareholder Services Plan, Class Z shares reimburse the Distributor an amount not to exceed an annual rate of .25% of the value of Class Z shares’ 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 Class Z shares and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended December 31, 2013, Class Z shares were charged $52,482 pursuant to the Shareholder Services Plan.

The Fund  39 

NOTES TO FINANCIAL STATEMENTS (continued)

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates DreyfusTransfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended December 31, 2013, the fund was charged $112,691 for transfer agency services and $6,089 for cash management services.These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $639.

The fund compensates The Bank of NewYork Mellon under a custody agreement for providing custodial services for the fund.These fees are determined based on net assets, geographic region and transaction activity. During the period ended December 31, 2013, the fund was charged $45,400 pursuant to the custody agreement.

The fund compensated The Bank of New York Mellon for performing certain cash management services related to fund subscriptions and redemptions, including shareholder redemption draft processing, under a cash management agreement that was in effect until September 30, 2013 and, beginning October 1, 2013, compensates The Bank of New York Mellon for processing shareholder redemption drafts under a shareholder draft processing agreement. During the period ended December 31, 2013, the fund was charged $3,254 pursuant to the agreements, which is included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $2.

During the period ended December 31, 2013, the fund was charged $9,093 for services performed by the Chief Compliance Officer and his staff.

40

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $259,837, Distribution Plan fees $5,808, Shareholder Services Plan fees $87,396, custodian fees $21,164, Chief Compliance Officer fees $2,299 and transfer agency fees $24,499, which are offset against an expense reimbursement currently in effect in the amount of $44,473.

(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities and swap transactions, during the period ended December 31, 2013, amounted to $63,156,392 and $108,373,093, respectively.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust.The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

The fund accounts for the transfer of bonds to the trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.

The average amount of borrowings outstanding under the inverse floater structure during the period ended December 31, 2013, was approximately $2,000,000 with a related weighted average annualized interest rate of .62%.

The Fund  41 

NOTES TO FINANCIAL STATEMENTS (continued)

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund during the period ended December 31, 2013 is discussed below.

Swap Transactions: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market or centrally cleared.The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.

For OTC swaps, the fund accrues for the interim payments on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap agreements in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as a realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swap transactions in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the agreement’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.

Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap transactions.

42

Interest Rate Swaps: Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount.The fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is included within realized gain (loss) on swap transactions in the Statement of Operations. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk. For financial reporting purposes, forward rate agreements are classified as interest rate swaps. At December 31, 2013, there were no interest rate swap agreements outstanding.

The following summarizes the average notional value of swap agreements outstanding during the period ended December 31, 2013:

	Average Notional Value ($)
Interest rate swap agreements	10,769,231

At December 31, 2013, the cost of investments for federal income tax purposes was $494,196,798; accordingly, accumulated net unrealized appreciation on investments was $4,511,177, consisting of $20,940,446 gross unrealized appreciation and $16,429,269 gross unrealized depreciation.

The Fund  43 

REPORT OF INDEPENDENT REGISTERED 

PUBLIC ACCOUNTING FIRM 

Shareholders and Board of Directors

Dreyfus New Jersey Municipal Bond Fund, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus New Jersey Municipal Bond Fund, Inc., including the statement of investments, as of December 31, 2013 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 the financial highlights for each of the periods 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 the standards of the Public Company Accounting Oversight Board (United States).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.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013 by correspondence with the custodian and others. 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 Municipal Bond Fund, Inc. at December 31, 2013, 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 periods, in conformity with U. S. generally accepted accounting principles.

New York, New York
February 27, 2014

44

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during the fiscal year ended December 31, 2013 as “exempt-interest dividends” (not subject to regular federal and, for individuals who are New Jersey residents, New Jersey personal income taxes). Also, the fund hereby reports $.0057 per share as a short-term capital gain distribution paid on March 20, 2013. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2013 calendar year on Form 1099-DIV, which will be mailed in early 2014.

The Fund  45 

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (70) 

Chairman of the Board (1995) 

Principal Occupation During Past 5Years: 

• Corporate Director and Trustee 

Other Public Company Board Memberships During Past 5Years: 

• CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small 

and medium size companies, Director (1997-present) 

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard 

mills and paperboard converting plants, Director (2000-2010) 

• Sunair Services Corporation, a provider of certain outdoor-related services to homes and 

businesses, Director (2005-2009) 

No. of Portfolios for which Board Member Serves: 141 

——————— 

Peggy C. Davis (70) 

Board Member (2012) 

Principal Occupation During Past 5Years: 

• Shad Professor of Law, New York University School of Law (1983-present) 

No. of Portfolios for which Board Member Serves: 56 

——————— 

David P. Feldman (74) 

Board Member (1991) 

Principal Occupation During Past 5Years: 

• Corporate Director and Trustee 

Other Public Company Board Memberships During Past 5Years: 

• BBH Mutual Funds Group (4 registered mutual funds), Director (1992-present) 

No. of Portfolios for which Board Member Serves: 42 

——————— 

Ehud Houminer (73) 

Board Member (2012) 

Principal Occupation During Past 5Years: 

• Executive-in-Residence at the Columbia Business School, Columbia University (1992-present) 

Other Public Company Board Memberships During Past 5Years: 

• Avnet Inc., an electronics distributor, Director (1993-2012) 

No. of Portfolios for which Board Member Serves: 66 

46

Lynn Martin (74) 

Board Member (1994) 

Principal Occupation During Past 5Years: 

• President of The Martin Hall Group LLC, a human resources consulting firm (2005-2012) 

Other Public Company Board Memberships During Past 5Years: 

• AT&T Inc., a telecommunications company, Director (1999-2012) 

• Ryder System, Inc., a supply chain and transportation management company, Director (1993-2012) 

• The Proctor & Gamble Co., a consumer products company, Director (1994-2009) 

• Constellation Energy Group Inc., Director (2003-2009) 

No. of Portfolios for which Board Member Serves: 42 

——————— 

Robin A. Melvin (50) 

Board Member (2011) 

Principal Occupation During Past 5Years: 

• Board Member, Illinois Mentoring Partnership, non-profit organization dedicated to increasing 

the quantity and quality of mentoring services in Illinois (2013-present) 

• Director, Boisi Family Foundation, a private family foundation that supports youth-serving orga- 

nizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012) 

No. of Portfolios for which Board Member Serves: 90 

——————— 

Dr. Martin Peretz (74) 

Board Member (2012) 

Principal Occupation During Past 5Years: 

• Editor-in-Chief Emeritus of The New Republic Magazine (2010-2011) (previously, 

Editor-in-Chief, 1974-2010) 

• Director of TheStreet.com, a financial information service on the web (1996-2010) 

No. of Portfolios for which Board Member Serves: 42 

——————— 

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.

Daniel Rose, Emeritus Board Member
Philip L.Toia, Emeritus Board Member
Sander Vanocur, Emeritus Board Member

The Fund  47 

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 68 investment companies (comprised of 141 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since February 1988.

JOHN PAK, Chief Legal Officer since March 2013.

Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since August 2012; from March 2005 to July 2012, Managing Director of Deutsche Bank, Deputy Global Head of Deutsche Asset Management Legal and Regional Head of Deutsche Asset Management Americas Legal. He is an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since August 2012.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 51 years old and has been an employee of the Manager since February 1984.

KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.

Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 40 years old and has been an employee of the Manager since July 1995.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 58 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since June 2000.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since February 1991.

ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 61 years old and has been an employee of the Manager since May 1986.

48

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since April 1985.

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since August 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2002.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (69 investment companies, comprised of 166 portfolios). He is 56 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

MATTHEW D. CONNOLLY, Anti-Money Laundering Compliance Officer since April 2012.

Anti-Money Laundering Compliance Officer of the Distributor since October 2011; from March 2010 to September 2011, Global Head, KYC Reviews and Director, UBS Investment Bank; until March 2010, AML Compliance Officer and Senior Vice President, Citi Global Wealth Management. He is an officer of 64 investment companies (comprised of 161 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Distributor since October 2011.

The Fund  49 

For More Information

Telephone Call your financial representative or 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.

Item 2.             Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3.             Audit Committee Financial Expert.

The Registrant's Board has determined that David P. Feldman, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC").  David P. Feldman is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4.             Principal Accountant Fees and Services.

(a)  Audit Fees.  The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $31,401 in 2012 and $32,149 in 2013.

(b)  Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $6,000 in 2012 and $8,409 in 2013. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $-0- in 2012 and $-0- in 2013.

(c)  Tax Fees.  The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,334 in 2012 and $3,841 in 2013.  These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.  The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $-0- in 2012 and $-0- in 2013.

(d)  All Other Fees.  The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $678 in 2012 and $689 in 2013.  These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $200,000 in 2012 and $-0- in 2013.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services.  Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence.  Pre-approvals pursuant to the Policy are considered annually.

(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $49,204,697 in 2012 and $50,384,343 in 2013.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

Item 5.             Audit Committee of Listed Registrants.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 6.             Investments.

(a)Not applicable.

Item 7.             Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 8.             Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.  [CLOSED-END FUNDS ONLY, beginning with reports for periods ended on and after December 31, 2005]

Item 9.             Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.  [CLOSED-END FUNDS ONLY]

Item 10.           Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11.           Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 12.           Exhibits.

(a)(1)   Code of ethics referred to in Item 2.

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3)   Not applicable.

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus New Jersey Municipal Bond Fund, Inc.

By: /s/ Bradley J. Skapyak
Bradley J. Skapyak President
Date:	February 21, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak President
Date:	February 21, 2014
By: /s/ James Windels
James Windels Treasurer
Date:	February 21, 2014

EXHIBIT INDEX

(a)(1)   Code of ethics referred to in Item 2.

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.  (EX-99.906CERT)