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 Premier 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)
Mark N. Jacobs, 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: 6/30/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus Premier
New Jersey Municipal
Bond Fund, Inc.
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY
SEMIANNUAL REPORT June 30, 2003
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 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
17 Financial Highlights
19 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Premier
New Jersey Municipal
Bond Fund, Inc.
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus Premier New Jersey Municipal Bond Fund, Inc.
covers the six-month period from January 1, 2003, through June 30, 2003. Inside,
you' ll find valuable information about how the fund was managed during the
reporting period, including a discussion with the fund's portfolio manager, W.
Michael Petty.
Municipal bonds continued to rally during the reporting period, with prices
driven higher by a combination of declining interest rates and robust levels of
investor demand for tax-exempt securities. If the market is able to hold these
gains through year-end, 2003 will mark the fourth consecutive calendar year of
positive performance for municipal bonds.
However, the market's strong performance has had a downside: yields on
high-quality securities have fallen toward historical lows, and maintaining a
steady stream of current tax-exempt income has become a challenge for many
investors. Nonetheless, we remain optimistic about the prospects for municipal
bonds in the current economic environment. For example, states faced with
worsening budget problems may consider raising taxes, which we believe may make
tax-exempt securities more attractive to many investors.
Thank you for your continued confidence and support.
Sincerely,
/s/Stephen E. Canter
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
July 15, 2003
DISCUSSION OF FUND PERFORMANCE
W. Michael Petty, Portfolio Manager
How did Dreyfus Premier New Jersey Municipal Bond Fund, Inc. perform relative to
its benchmark?
For the six-month period ended June 30, 2003, the fund's Class A shares achieved
a total return of 3.87%. Between their inception on January 7, 2003 and the end
of the fund's reporting period on June 30, 2003, the fund achieved total returns
of 4.41% for Class B shares and 4.26% for Class C shares.(1) In comparison, the
Lehman Brothers Municipal Bond Index, the fund's benchmark, achieved a total
return of 3.81% for the six-month reporting period.(2) In addition, the fund is
reported in the Lipper New Jersey Municipal Debt Funds category. Over the
reporting period, the average total return for all funds reported in this Lipper
category was 3.15%.(3) The fund's benchmark is a broad-based measure of overall
municipal bond performance. There are no broad-based municipal bond market
indices reflective of the performance of bonds issued by a single state. For
this reason, we have also provided the fund's Lipper category average return for
comparative purposes.
We attribute the fund's generally positive performance during the reporting
period primarily to the effects of falling interest rates amid steadily robust
demand for tax-exempt securities. The fund produced higher returns than its
benchmark and Lipper category average, mainly because of our focus on
high-quality securities at a time when some lower-quality, corporate-backed
bonds performed relatively poorly.
What is the fund's investment approach?
The fund seeks as high a level of current income exempt from federal and New
Jersey income taxes as is consistent with the preservation of capital.
To pursue this goal, the fund normally invests at least 80% of its assets in
municipal bonds that provide income exempt from federal and New Jersey personal
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
dollar-weighted average maturity of the fund's portfolio normally exceeds ten
years.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
The portfolio manager may buy and sell bonds based on credit quality, market
outlook and yield potential. In selecting municipal bonds for investment, the
portfolio manager may assess the current interest-rate environment and the
municipal bond's potential volatility in different rate environments. The
portfolio manager focuses on bonds with the potential to offer attractive
current income, typically looking for bonds that can provide consistently
attractive current yields or that are trading at competitive market prices. A
portion of the fund's assets may be allocated to "discount" bonds, which are
bonds that sell at a price below their face value, or to "premium" bonds, which
are bonds that sell at a price above their face value. The fund's allocation to
either discount bonds or to premium bonds will change along with the portfolio
manager's changing views of the current interest-rate and market environment.
The portfolio manager also may look to select bonds that are most likely to
obtain attractive prices when sold.
What other factors influenced the fund's performance?
The fund was positively influenced by favorable market conditions, which were
generally the result of a weak economy, falling interest rates and investor
demand for high-quality, fixed-income securities.
In addition, the fund benefited by reducing its investments in certain
securities. Most notably, by late February, we had sold the fund's holdings of
bonds backed by New Jersey's portion of the states' settlement of litigation
against the nation's tobacco companies. By doing so, we avoided the damage done
to tobacco-related bonds in the wake of an Illinois court ruling against leading
tobacco company Altria Corp., formerly Philip Morris.
The fund's performance was also influenced by the relative scarcity of newly
issued bonds in New Jersey. Because of the lack of availability of New Jersey
bonds that we considered attractive, we increased the fund's holdings of Puerto
Rico bonds. Income from bonds issued by U.S. territories, such as Puerto Rico,
are exempt from federal and state taxes for New Jersey residents as long as they
do not exceed certain limitations. Puerto Rico bonds comprised up to 9.5% of the
fund's assets during the reporting period, well below the maximum level for tax
exemption.
In those instances when New Jersey bonds meeting our criteria became available,
we focused primarily on high-quality, income-oriented bonds selling at a modest
premium to their face values. Bonds with these characteristics historically have
held more of their value during periods of market weakness than other types of
municipal securities. At times, we purchased income-oriented, premium-priced
bonds to replace bonds that we sold after they had appreciated significantly
above their purchase prices. The fund's performance also benefited from owning
securities which were sensitive to declining interest rates while simultaneously
providing generous levels of tax-free income.
What is the fund's current strategy?
Because of ongoing fiscal pressures in New Jersey stemming from the weak
economy, we have continued to maintain a generally conservative investment
posture. We have maintained the fund's average duration in a range that
generally is in line with its Lipper category average. This position is designed
to emphasize our security selection strategy and lessen the effects of
interest-rate movements. As of the reporting period's end, more than 86% of the
fund's holdings were rated single-A or better. In our view, these are prudent
strategies in today's unsettled economic and fiscal environments.
July 15, 2003
(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 B AND CLASS C SHARES.
HAD THESE CHARGES BEEN REFLECTED, RETURNS WOULD HAVE BEEN LOWER. 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. PERFORMANCE FIGURES PROVIDED
REFLECT THE ABSORPTION OF FUND EXPENSES BY THE DREYFUS CORPORATION PURSUANT
TO AN AGREEMENT IN WHICH SHAREHOLDERS ARE GIVEN AT LEAST 90 DAYS' NOTICE,
AT WHICH TIME IT MAY BE EXTENDED, TERMINATED OR MODIFIED. HAD THESE
EXPENSES NOT BEEN ABSORBED, THE FUND'S RETURNS WOULD HAVE BEEN LOWER.
(2) SOURCE: LIPPER INC. -- REFLECTS REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE LEHMAN BROTHERS 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.
(3) SOURCE: LIPPER INC. -- CATEGORY AVERAGE RETURNS REFLECT THE FEES AND
EXPENSES OF THE FUNDS COMPRISING THE AVERAGE.
The Fund
STATEMENT OF INVESTMENTS
June 30, 2003 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--97.6% Amount ($) Value ($)
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NEW JERSEY--87.4%
Atlantic County Utilities Authority,
Solid Waste System Revenue:
7%, 3/1/2008 5,385,000 5,124,204
7.125%, 3/1/2016 13,250,000 12,485,607
Bayshore Regional Sewer Authority, Sewer Revenue
5.50%, 4/1/2012 (Insured; MBIA)
(Prerefunded 4/1/2006) 2,000,000 (a) 2,256,500
Bergen County Housing Development Corp., Mortgage
(Park Ridge) 5.95%, 7/1/2025 (Insured; MBIA) 1,160,000 1,180,776
Bordentown Sewer Authority, Revenue
5.375%, 12/1/2020 (Insured; FGIC) 3,880,000 4,267,263
Burlington County Bridge Commission, Lease Revenue
County Guaranteed (Government Leasing Project)
5.25%, 8/15/2021 1,000,000 1,080,040
Carteret Board of Education, COP
6%, 1/15/2024 (Insured, MBIA) 440,000 509,023
City of Camden:
Zero Coupon, 2/15/2010 (Insured; FSA) 2,500,000 2,024,625
Zero Coupon, 2/15/2012 (Insured; FSA) 4,585,000 3,377,036
Delaware River and Bay Authority, Revenue:
5%, 1/1/2027 (Insured; MBIA) 3,220,000 3,395,587
5.75%, 1/1/2029 (Insured; AMBAC) 5,000,000 5,597,450
East Orange:
Zero Coupon, 8/1/2010 (Insured; FSA) 4,240,000 3,390,092
Zero Coupon, 8/1/2011 (Insured; FSA) 2,500,000 1,900,900
East Orange Board of Education, COP, LR:
Zero Coupon, 2/1/2021 (Insured; FSA) 1,060,000 474,339
Zero Coupon, 2/1/2026 (Insured; FSA) 1,845,000 627,152
Zero Coupon, 2/1/2028 (Insured; FSA) 2,845,000 878,934
Essex County Improvement Authority, LR
(County Correctional Facility Project)
6%, 10/1/2025 (Insured; FGIC) 10,000,000 11,583,000
Gloucester Township Municipal Utilities Authority, Sewer
Revenue 5.65%, 3/1/2018 (Insured; AMBAC) 2,530,000 3,028,764
Hudson County, COP (Correctional Facilities)
5%, 12/1/2021 (Insured; MBIA) 8,460,000 9,107,021
Hudson County Improvement Authority:
MFHR (Conduit Financing--Observer Park Project)
6.90%, 6/1/2022 (Insured; FNMA) 4,190,000 4,260,434
Jersey City:
Zero Coupon, 5/15/2010 (Insured; FSA) 4,745,000 3,820,769
6%, 10/1/2008 (Insured; AMBAC) 2,490,000 2,941,263
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
Mercer County Improvement Authority, Revenue
(County Courthouse Project) 5.75%, 11/1/2017 500,000 572,410
Middlesex County Improvement Authority, Revenue:
Lease (Perth Amboy Municipal Complex Project):
5.375%, 3/15/2020 (Insured; FGIC) 1,645,000 1,828,895
5.375%, 3/15/2021 (Insured; FGIC) 1,730,000 1,914,574
Utility System (Perth Amboy Project):
Zero Coupon 9/1/2020 (Insured; AMBAC) 5,000,000 2,330,800
Zero Coupon 9/1/2022 (Insured; AMBAC) 5,000,000 2,065,650
State of New Jersey:
6%, 7/15/2010 (Insured; MBIA) 7,400,000 8,887,548
6%, 5/1/2016 (Prerefunded 5/1/2010) 3,695,000 (a) 4,461,084
New Jersey Building Authority,
State Building Revenue:
5.25%, 12/15/2020 (Insured; FSA) 2,000,000 2,184,520
5%, 12/15/2021 (Insured; FSA) 1,000,000 1,063,100
New Jersey Economic Development Authority, Revenue:
(Department of Human Services):
6.10%, 7/1/2017 4,285,000 4,911,553
6.25%, 7/1/2024 1,355,000 1,548,941
District Heating and Cooling
(Trigen--Trenton District Energy Co. L.P. Project):
6.10%, 12/1/2004 1,425,000 1,436,927
6.20%, 12/1/2007 2,725,000 2,740,778
Economic Development
(Masonic Charity Foundation of New Jersey):
5.875%, 6/1/2018 2,750,000 3,140,170
5.50%, 6/1/2021 1,920,000 2,099,923
6%, 6/1/2025 1,000,000 1,133,470
5.25%, 6/1/2032 1,100,000 1,169,674
(Tevco Inc. Project)
8.125%, 10/1/2009 (LOC; Credit Lyonnais) 2,500,000 2,503,650
First Mortgage (The Evergreens):
6%, 10/1/2017 650,000 653,354
6%, 10/1/2022 700,000 686,546
Health, Hospital and Nursing Home
(Hillcrest Health Service):
Zero Coupon, 1/1/2012 (Insured; AMBAC) 1,000,000 742,340
Zero Coupon, 1/1/2013 (Insured; AMBAC) 1,000,000 706,810
Zero Coupon, 1/1/2015 (Insured; AMBAC) 3,250,000 2,057,282
Zero Coupon, 1/1/2017 (Insured; AMBAC) 5,000,000 2,820,600
Zero Coupon, 1/1/2018 (Insured; AMBAC) 2,500,000 1,334,600
Zero Coupon, 1/1/2020 (Insured; AMBAC) 6,500,000 3,096,080
Zero Coupon, 1/1/2022 (Insured; AMBAC) 6,000,000 2,533,200
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority,
Revenue (continued):
Local or Guaranteed Housing,
First Mortgage (Fellowship Village):
5.50%, 1/1/2018 2,950,000 2,963,599
5.50%, 1/1/2025 3,000,000 2,902,710
(Morris Hall / Saint Lawrence Inc. Project)
5.50%, 4/1/2027 (LOC; Corestates Bank) 3,000,000 3,144,330
(School Facilities Construction)
9.21%, 6/15/2018 (Insured; AMBAC) 5,000,000 (b,c) 5,973,150
State Lease (State Office Buildings Project):
6%, 6/15/2014 (Insured; AMBAC) 2,425,000 2,842,221
6.125%, 6/15/2018 (Insured; AMBAC) 7,535,000 8,848,652
Waste Paper Recycling (Marcal Paper Mills Inc. Project):
6.25%, 2/1/2009 6,605,000 6,571,447
8.50%, 2/1/2010 4,595,000 4,879,522
New Jersey Educational Facilities Authority, Revenue:
(Fairleigh Dickinson University)
5.25%, 7/1/2032 (Insured; ACA) 3,500,000 3,591,770
(Public Library Project)
5%, 9/1/2022 (Insured; AMBAC) 5,500,000 5,799,530
(Rowan University)
5.75%, 7/1/2030 (Insured; FGIC) 15,405,000 17,275,013
New Jersey Environmental Infrastructure Trust
5.25%, 9/1/2018 4,070,000 4,483,553
New Jersey Health Care Facilities Financing Authority,
Health, Hospital and Nursing Home Revenue:
(Atlantic City Medical Center):
6%, 7/1/2012 3,000,000 3,443,760
6.25%, 7/1/2017 5,000,000 5,600,600
(General Hospital Center at Passaic)
6.75%, 7/1/2019 (Insured; FSA) 550,000 718,052
(Raritan Bay Medical Center) 7.25%, 7/1/2014 4,110,000 4,262,070
(Saint Barnabas Health)
Zero Coupon, 7/1/2023 (Insured; MBIA) 6,000,000 2,343,780
(Saint Elizabeth Hospital Obligated Group):
6%, 7/1/2014 2,500,000 2,619,700
6%, 7/1/2020 7,770,000 7,900,924
(Somerset Medical Center) 5.50%, 7/1/2033 2,500,000 2,502,850
New Jersey Higher Education Assistance Authority, Student
Loan Revenue 6.125%, 6/1/2017 (Insured; MBIA) 600,000 661,806
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Highway Authority, Revenue (Garden State
Parkway) 6%, 1/1/2019 6,645,000 8,233,221
New Jersey Housing and Mortgage Finance Agency, Revenue:
Home Buyer
5.75%, 4/1/2018 (Insured; MBIA) 1,650,000 1,740,833
Multi-Family Housing:
5.70%, 5/1/2020 (Insured; FSA) 3,505,000 3,768,401
5.75%, 5/1/2025 (Insured; FSA) 1,180,000 1,256,452
5.65%, 5/1/2040 (Insured; AMBAC, Guaranteed; FHA) 5,250,000 5,469,975
(Presidential Plaza at Newport Project)
7%, 5/1/2030 (Insured; FHA) 4,000,000 4,113,000
New Jersey Transit Corp., Lease Purchase Agreement, COP:
Federal Transit Administration Grants
5.75%, 9/15/2014 (Insured; AMBAC) 5,000,000 5,797,250
(Raymond Plaza East Inc.)
6.50%, 10/1/2016 (Insured; FSA) 3,945,000 4,657,191
New Jersey Transportation Trust Fund Authority
(Transportation System):
7%, 6/15/2012 (Insured; MBIA) 3,745,000 4,847,790
7%, 6/15/2012
(Insured; MBIA) (Prerefunded 6/15/2012) 2,255,000 (a) 2,941,580
8.402%, 6/15/2014 12,750,000 (b,c) 16,572,450
5%, 6/15/2016 (Insured; FSA) 20,610,000 23,557,230
5.75%, 6/15/2017 6,000,000 7,218,420
5.75%, 6/15/2018 6,000,000 7,214,760
10.523%, 12/15/2018 4,500,000 (b,c) 6,628,050
10.523%, 12/15/2019 4,000,000 (b,c) 5,891,600
5.75%, 6/15/2020 7,000,000 8,377,600
New Jersey Turnpike Authority, Turnpike Revenue:
6.50%, 1/1/2016 (Insured; FSA) 1,220,000 1,529,750
6.50%, 1/1/2016 (Insured; MBIA) 22,665,000 28,506,224
5%, 1/1/2030 (Insured; AMBAC) 5,000,000 5,267,550
North Hudson Sewer Authority, Sewer Revenue
5.25%, 8/1/2019 (Insured; FGIC) 1,000,000 1,098,000
North Jersey District Water Supply Commission,
Sewer Revenue (Wanaque South Project)
6%, 7/1/2019 (Insured; MBIA) 2,000,000 2,454,420
Ocean County Pollution Control
Financing Authority, PCR
(Ciba Geigy Corp. Project) 6%, 5/1/2020 10,000,000 10,234,200
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
Port Authority of New York and New Jersey:
Port, Airport, and Marina Improvements Revenue:
(Consolidated Bond 119th Series)
5.50%, 9/15/2016 (Insured; FGIC) 4,650,000 5,044,181
(Consolidated Bond 121st Series)
5.375%, 10/15/2035 (Insured; MBIA) 14,950,000 15,929,674
(Consolidated Bond 124th Series)
5%, 8/1/2019 1,000,000 1,026,650
(Consolidated Bond 127th Series)
5%, 12/15/2021 (Insured; AMBAC) 4,300,000 4,474,881
Special Obligation Revenue
(JFK International Air Terminal)
6.25%, 12/1/2015 (Insured; MBIA) 5,000,000 5,938,400
Rahway, COP 5.625%, 2/15/2020 (Insured; MBIA) 600,000 673,116
Rahway Redevelopment Agency,
Public Library Revenue
5%, 10/15/2022 (Insured; FGIC) 4,300,000 4,575,974
Union County Improvement Authority, Revenue:
(Correctional Facility Project) 5%, 6/15/2022 3,155,000 3,342,975
Lease (Madison Redevelopment Project)
5%, 3/1/2034 (Insured; FSA) 7,845,000 8,226,502
Union County Utilities Authority, Solid Waste
Revenue (Ogden Martin)
5.375%, 6/1/2020 (Insured; AMBAC) 4,990,000 5,179,271
University of Medicine and Dentistry
5.50%, 12/1/2027 (Insured; AMBAC) 15,425,000 17,105,400
West Deptford Township
5.50%, 9/1/2019 (Insured; FGIC) 1,800,000 2,014,074
West Orange Board of Education, COP
6%, 10/1/2024 (Insured; MBIA) 500,000 579,940
Western Monmouth Utilities Authority, Sewer Revenue
5.60%, 2/1/2014 (Insured; AMBAC) 2,190,000 2,358,849
U.S. RELATED--10.2%
Children's Trust Fund of Puerto Rico, Tobacco
Settlement Revenue 5.75%, 7/1/2012
(Prerefunded 7/1/2010) 3,000,000 (a) 3,595,080
Commonwealth of Puerto Rico
5.65%, 7/1/2015 (Insured; MBIA) 2,000,000 2,417,380
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED (CONTINUED)
Puerto Rico Highway and Transportation Authority,
Highway Revenue:
9.253%, 7/1/2007 11,100,000 (b) 11,768,664
9.024%, 7/1/2009 2,950,000 (b) 3,127,708
Transportation Revenue 5.75%, 7/1/2041 17,000,000 18,812,030
Puerto Rico Housing Bank and Finance Agency,
SFMR (Affordable Housing Mortgage)
6.25%, 4/1/2029 (Guaranteed; FNMA, GNMA) 270,000 281,310
Puerto Rico Infrastructure Financing Authority
5.50%, 10/1/2032 10,000,000 11,022,600
Virgin Islands Public Finance Authority, Revenues,
Gross Receipts Taxes Loan Note:
6.375%, 10/1/2019 2,000,000 2,317,500
6.50%, 10/1/2024 3,000,000 3,448,500
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $493,938,451) 543,900,903
SHORT-TERM MUNICIPAL INVESTMENTS--2.1%
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New Jersey Economic Development Authority,
EDR, VRDN (Foreign Trade Zone Project)
1% (LOC; J.P. Morgan Chase & Co.) 3,100,000 (d) 3,100,000
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
.90% (SBPA; J.P. Morgan Chase & Co.) 5,000,000 (d) 5,000,000
.94% (SBPA; Bayerische Landesbank) 3,500,000 (d) 3,500,000
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $11,600,000) 11,600,000
TOTAL INVESTMENTS
(cost $505,538,451) 99.7% 555,500,903
CASH AND RECEIVABLES (NET) .3% 1,479,270
NET ASSETS 100.0% 556,980,173
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
ACA American Capital Access
AMBAC American Municipal Bond Assurance
Corporation
COP Certificate of Participation
EDR Economic Development Revenue
FGIC Financial Guaranty Insurance
Company
FHA Federal Housing Administration
FNMA Federal National Mortgage
Association
FSA Financial Security Assurance
GNMA Government National Mortgage
Association
LOC Letter of Credit
LR Lease Revenue
MBIA Municipal Bond Investors Assurance
Insurance Corporation
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
SBPA Standby Bond Purchase Agreement
SFMR Single-Family Mortgage Revenue
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------------
AAA Aaa AAA 64.8
AA Aa AA 7.3
A A A 12.6
BBB Baa BBB 5.8
B B B .9
F1 MIG1/P1 SP1/A1 2.1
Not Rated (e) Not Rated (e) Not Rated (e) 6.5
100.0
(A) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE
EARLIEST REFUNDING DATE.
(B) INVERSE FLOATER SECURITY--THE INTEREST RATE IS SUBJECT TO CHANGE
PERIODICALLY.
(C) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT
OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2003,
THESE SECURITIES AMOUNTED TO $35,065,250 OR 6.3% OF NET ASSETS.
(D) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(E) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2003 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 505,538,451 555,500,903
Interest receivable 7,515,470
Receivable for shares of Common Stock subscribed 47,828
Prepaid expenses 31,706
563,095,907
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 346,576
Cash overdraft due to Custodian 40,776
Payable for investment securities purchased 5,256,600
Payable for shares of Common Stock redeemed 379,309
Accrued expenses 92,473
6,115,734
NET ASSETS ($) 556,980,173
COMPOSITION OF NET ASSETS ($):
Paid-in capital 513,707,026
Accumulated undistributed investment income--net 922,008
Accumulated net realized gain (loss) on investments (7,611,313)
Accumulated net unrealized appreciation
(depreciation) on investments 49,962,452
- --------------------------------------------------------------------------------
NET ASSETS ($) 556,980,173
NET ASSET VALUE PER SHARE
Class A Class B Class C
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets ($) 555,658,286 688,057 633,830
Shares Outstanding 41,249,119 51,117 47,081
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 13.47 13.46 13.46
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2003 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 14,514,036
EXPENSES:
Management fee--Note 3(a) 1,658,022
Shareholder servicing costs--Note 3(c) 746,805
Professional fees 60,997
Directors' fees and expenses--Note 3(d) 47,962
Custodian fees 28,464
Registration fees 25,639
Service fees and prospectus--Note 3(b) 22,716
Prospectus and shareholders' reports 9,243
Distribution fees--Note 3(b) 1,364
Loan commitment fees--Note 2 2,386
Miscellaneous 18,767
TOTAL EXPENSES 2,622,365
Less--reduction in management fee due to
undertaking--Note 3(a) (239,034)
NET EXPENSES 2,383,331
INVESTMENT INCOME--NET 12,130,705
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (4,684,189)
Net unrealized appreciation (depreciation) on investments 13,966,781
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 9,282,592
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 21,413,297
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2003 Year Ended
(Unaudited)(a) December 31, 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 12,130,705 26,476,504
Net realized gain (loss) on investments (4,684,189) 3,581,447
Net unrealized appreciation (depreciation)
on investments 13,966,781 17,131,448
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 21,413,297 47,189,399
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (12,028,965) (26,332,728)
Class B shares (5,962) --
Class C shares (2,331) --
Net realized gain on investments:
Class A shares -- (51,351)
TOTAL DIVIDENDS (12,037,258) (26,384,079)
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 25,883,488 69,282,793
Class B shares 751,559 --
Class C shares 636,707 --
Dividends reinvested:
Class A shares 8,693,264 19,060,688
Class B shares 3,255 --
Class C shares 1,653 --
Cost of shares redeemed:
Class A shares (47,104,115) (95,446,664)
Class B shares (75,490) --
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (11,209,679) (7,103,183)
TOTAL INCREASE (DECREASE) IN NET ASSETS (1,833,640) 13,702,137
NET ASSETS ($):
Beginning of Period 558,813,813 545,111,676
END OF PERIOD 556,980,173 558,813,813
Undistributed investment income--net 922,008 --
The Fund
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
June 30, 2003 Year Ended
(Unaudited)(a) December 31, 2002
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A
Shares sold 1,945,889 5,324,020
Shares issued for dividends reinvested 651,602 1,461,316
Shares redeemed (3,533,434) (7,336,504)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (935,943) (551,168)
CLASS B
Shares sold 56,611 --
Shares issued for dividends reinvested 242 --
Shares redeemed (5,736) --
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 51,117 --
CLASS C
Shares sold 46,958 --
Shares issued for dividends reinvested 123 --
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 47,081 --
(A) THE FUND CHANGED TO A THREE CLASS FUND ON JANUARY 7, 2003. THE EXISTING
SHARES WERE REDESIGNATED CLASS A SHARES AND THE FUND COMMENCED OFFERING
CLASS B AND CLASS C SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
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.
Six Months Ended
June 30, 2003 Year Ended December 31,
--------------------------------------------------------------
CLASS A SHARES (Unaudited)(a) 2002 2001(b) 2000 1999 1998
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 13.25 12.76 12.86 12.15 13.37 13.35
Investment Operations:
Investment income--net .29(c) .62(c) .63(c) .63 .64 .65
Net realized and unrealized
gain (loss) on investments .22 .49 (.10) .71 (1.18) .11
Total from Investment Operations .51 1.11 .53 1.34 (.54) .76
Distributions:
Dividends from
investment income--net (.29) (.62) (.63) (.63) (.64) (.65)
Dividends from net realized
gain on investments -- (.00)(d) (.00)(d) -- (.04) (.09)
Total Distributions (.29) (.62) (.63) (.63) (.68) (.74)
Net asset value, end of period 13.47 13.25 12.76 12.86 12.15 13.37
TOTAL RETURN (%) 3.87(e,f) 8.88 4.19 11.29 (4.24) 5.82
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .86(g) .85 .86 .85 .89 .90
Ratio of net investment income
to average net assets 4.39(g) 4.77 4.87 5.13 4.94 4.86
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation .09(g) .09 .08 .10 .05 .04
Portfolio Turnover Rate 10.98(f) 33.10 28.39 27.91 37.02 36.69
Net Assets, end of period
($ x 1,000) 555,658 558,814 545,112 524,284 526,379 606,388
(A) THE FUND COMMENCED OFFERING THREE CLASSES OF SHARES ON JANUARY 7, 2003. THE
EXISTING SHARES WERE REDESIGNATED CLASS A SHARES.
(B) AS REQUIRED, EFFECTIVE JANUARY 1, 2001, THE FUND HAS ADOPTED THE PROVISIONS
OF THE AICPA AUDIT AND ACCOUNTING GUIDE FOR INVESTMENT COMPANIES AND BEGAN
AMORTIZING DISCOUNT OR PREMIUM ON A SCIENTIFIC BASIS FOR DEBT SECURITIES ON
A DAILY BASIS. THE EFFECT OF THIS CHANGE FOR THE PERIOD ENDED DECEMBER 31,
2001 WAS TO INCREASE NET INVESTMENT INCOME PER SHARE AND DECREASE NET
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS PER SHARE BY LESS THAN
$.01 AND INCREASE THE RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS
FROM 4.86% TO 4.87%. PER SHARE DATA AND RATIOS/SUPPLEMENTAL DATA FOR
PERIODS PRIOR TO JANUARY 1, 2001 HAVE NOT BEEN RESTATED TO REFLECT THIS
CHANGE IN PRESENTATION.
(C) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(D) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE.
(E) EXCLUSIVE OF SALES CHARGE. (F) NOT ANNUALIZED. (G) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended
June 30, 2003
(Unaudited)(a)
-----------------------
Class B Class C
- --------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 13.13 13.13
Investment Operations:
Investment income--net(b) .24 .17
Net realized and unrealized
gain (loss) on investments .33 .39
Total from Investment Operations .57 .56
Distributions:
Dividends from investment income--net (.24) (.23)
Net asset value, end of period 13.46 13.46
- --------------------------------------------------------------------------------
TOTAL RETURN (%)(C,D) 4.41 4.26
- --------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets(e) 1.36 1.58
Ratio of net investment income
to average net assets(e) 3.68 3.23
Decrease reflected in above expense ratios
due to undertakings by The Dreyfus Corporation(e) .13 .13
Portfolio Turnover Rate(d) 10.98 10.98
Net Assets, end of period ($ x 1,000) 688 634
(A) FROM JANUARY 7, 2003 (COMMENCEMENT OF INITIAL OFFERING) TO JUNE 30, 2003.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
(E) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Premier 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 company. The fund's investment
objective is to provide investors with as high a level of current income exempt
from federal and New Jersey personal income taxes, as is consistent with the
preservation of capital. The Dreyfus Corporation (the "Manager") serves as the
fund's investment adviser. The Manager is a wholly-owned subsidiary of Mellon
Bank, N.A, which is a wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
the Manager, is the distributor of the fund's shares.
On October 22, 2002, the Board of Director's approved, effective January 7,
2003, a change of the fund's name from "Dreyfus New Jersey Municipal Bond Fund,
Inc." to "Dreyfus Premier New Jersey Municipal Bond Fund, Inc." Existing shares
were redesignated as Class A shares and the fund began offering Class B and
Class C shares. The fund is authorized to issue 500 million shares of $.001 par
value Common Stock. The fund currently offers three classes of shares: Class A
(200 million shares authorized) , Class B (150 million shares authorized) and
Class C (150 million shares authorized). Class A shares are subject to a sales
charge imposed at the time of purchase, Class B shares are subject to a
contingent deferred sales charge ("CDSC") imposed on Class B share redemptions
made within six years of purchase and Class C shares are subject to a CDSC
imposed on Class C shares redeemed within one year of purchase. Class B shares
automatically convert to Class A shares after six years. Other differences
between the classes include the services offered to and the expenses borne by
each class and certain voting rights.
The fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States, which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
The Fund
NOTES TO FINANCIAL STATEMENTS) (Unaudited) (CONTINUED)
(A) PORTFOLIO VALUATION: Investments in securities are valued each business day
by an independent pricing service (the "Service") approved by the fund's Board
of Directors. Investments for which quoted bid prices are readily available and
are representative of the bid side of the market in the judgment of the Service
are valued at the mean between the quoted bid prices (as obtained by the Service
from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based on methods which include consideration
of: yields or prices of municipal securities of comparable quality, coupon,
maturity and type; indications as to values from dealers; and general market
conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of discount and 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. Under the terms of the custody agreement, the fund
received net earnings credits of $8,044 during the period ended June 30, 2003
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends
from investment income-net on each business day. Such dividends are paid
monthly. Dividends from net realized capital gain, if any, are normally declared
and paid annually, but the fund may make distributions on a more frequent basis
to comply with the distribution
requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the fund not to distribute such gain. Income and
capital gain distributions are determined in accordance with income tax
regulations, which may differ from generally accepted accounting principles.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all federal income and excise taxes.
The fund has an unused capital loss carryover of $2,903,519 available for
federal income tax purposes to be applied against future net securities profits,
if any, realized subsequent to December 31, 2002. If not applied, $92,395 of the
carryover expires in fiscal 2007 and $2,811,124 expires in fiscal 2008. Based on
certain provisions in the Internal Revenue Code, various limitations regarding
the future utilization of these carryforwards, brought forward as a result of
the fund's merger with Dreyfus Premier State Municipal Bond Fund, New Jersey
Series may apply.
The tax character of distributions paid to shareholders during the fiscal year
ended December 31, 2002 was as follows: tax exempt income $26,332,728 and
ordinary income $51,351. The tax character of current year distributions will be
determined at the end of the current fiscal year.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund based on prevailing market rates
in effect at the time of borrowings. During the period ended June 30, 2003, the
fund did not borrow under the Facility.
The Fund
NOTES TO FINANCIAL STATEMENTS) (Unaudited) (CONTINUED)
NOTE 3--Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a Management Agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .60 of 1% of the value of the
fund's average daily net assets and is payable monthly. The Manager has
undertaken from January 7, 2003, until such time as they give shareholders at
least 90 days' notice to the contrary, if the aggregate expenses of the fund,
exclusive of taxes, brokerage commissions, interest expense, commitment fees,
extraordinary expenses, Shareholder services fees and Rule 12b-1 fees, but
including the management fee, exceed .60 of 1% of the value of the fund's
average daily net assets, the fund may deduct from the payments to be made to
the Manager under the Agreement, or the Manager will bear such excess expense.
The reduction in management fee, pursuant to the undertaking, amounted to
$239,034 during the period ended June 30, 2003.
During the period ended June 30, 2003, the Distributor retained $18,625 from
commissions earned on sales of the fund's Class A shares and $3,001 from
contingent deferred sales charges on redemptions of the fund's Class B shares.
(B) From January 1, 2003 through January 6, 2003, under the Service Plan adopted
pursuant to Rule 12b-1 under the Act, the fund paid the Distributor for
distributing the fund's shares, servicing shareholder accounts and for
advertising and marketing relating to the fund. The Service Plan provided for
payments to be made at an annual aggregate rate of .25 of 1% of the value of the
fund's average daily net assets. The Distributor determined the amounts, if any,
to be paid to Service Agents (a securities dealer, financial institution or
other industry professional) under the Service Plan and the basis on which such
payments were made. The fees payable under the Service Plan were payable without
regard to actual expenses incurred. The Service Plan also separately provided
for the fund to bear the costs of preparing, printing and distributing certain
of the fund's prospectuses and statements of additional information and costs
associated with implementing and operating the Service Plan, not to exceed the
greater of $100,000 or .005 of 1% of
the value of the fund's average daily net assets for any full fiscal year. From
January 1, 2003 through January 6, 2003, the fund was charged $22,716 pursuant
to the Service Plan.
Effective January 7, 2003, under the Distribution Plan (the "Plan") adopted
pursuant to Rule 12b-1 under the Act, Class B and Class C shares pay the
Distributor for distributing their shares at an annual rate of .50 of 1% of the
value of the average daily net assets of Class B shares and .75 of 1% of the
value of the average daily net assets of Class C shares. During the period ended
June 30, 2003, Class B and Class C shares were charged $817 and $547,
respectively, pursuant to the Plan.
(C) Effective January 7, 2003, under the Shareholder Services Plan, Class A,
Class B and Class C shares pay the Distributor at an annual rate of .25 of 1% of
the value of the 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 (a
securities dealer, financial institution or other industry professional) in
respect of these services. The Distributor determines the amounts to be paid to
Service Agents. During the period ended June 30, 2003, Class A, Class B and
Class C shares were charged $667,577, $409 and $182, respectively, pursuant to
the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended June 30, 2003, the fund was charged $40,533 pursuant to the transfer
agency agreement.
(D) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Each Board member who is not
an "affiliated person" as defined in the Act receives an annual fee of $30,000
and an attendance fee of $4,000 for each in-person meeting and $500 for
telephone meetings. These fees
The Fund
NOTES TO FINANCIAL STATEMENTS) (Unaudited) (CONTINUED)
are allocated among the funds in the Fund Group in proportion to each fund's
relative net assets. The Chairman of the Board receives an additional 25% of
such compensation. Subject to the fund's Emeritus Program Guidelines, Emeritus
Board members, if any, receive 50% of the annual retainer fee and per meeting
fee paid at the time the Board member achieves emeritus status.
(E) A 1% redemption fee was charged and retained by the fund on shares redeemed
within thirty days following the date of issuance, including redemptions made
through the use of the fund's exchange privilege until January 6, 2003. During
the period January 1, 2003 through January 6, 2003, redemption fees charged and
retained by the fund amounted to $150.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended June 30, 2003, amounted to
$59,031,118 and $70,004,077, respectively.
At June 30, 2003, accumulated net unrealized appreciation on investments was
$49,962,452, consisting of $50,486,318 gross unrealized appreciation and
$523,866 gross unrealized depreciation.
At June 30, 2003, the cost of investments for federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
For More Information
Dreyfus Premier
New Jersey Municipal
Bond Fund, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE
Call your financial
representative or
1-800-554-4611
BY MAIL Write to:
The Dreyfus Premier Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
(c) 2003 Dreyfus Service Corporation 750SA0603
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. 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 controls over
financial reporting that occurred during the Registrant's most recently ended
fiscal half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial
officers as required by Rule 30a-2(a) under the Investment Company Act of
1940.
(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 Premier New Jersey Municipal Bond Fund, Inc.
By: /S/STEPHEN E. CANTER
-----------------------
Stephen E. Canter
Chief Executive Officer
Date: September 3, 2003
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/STEPHEN E. CANTER
-----------------------
Stephen E. Canter
Chief Executive Officer
Date: September 3, 2003
By: /S/JAMES WINDELS
-----------------------
James Windels
Chief Financial Officer
Date: September 3, 2003
EXHIBIT INDEX
(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)