LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus New Jersey Municipal Money Market Fund. For the six-month period
ended July 31, 1994, the annualized yield provided by your Fund was 2.16%.
After taking into account the effect of compounding, the annualized effective
yield was 2.18%.* Income dividends of approximately $.01 per share paid
during the period were exempt from Federal and New Jersey income taxes.**
Our last letter highlighted the first of several tightening actions by
the Federal Reserve Board. The moves were designed to choke off inflationary
pressures before they had an opportunity to build significantly. During the
first phase of the Fed's move away from their accommodative stance to a more
neutral position, the rate adjustments were focused solely on the Federal
Funds rate. An even stronger and more overt move came on May 17 when the Fed
raised both the discount rate and the Federal Funds rate by 50 basis points,
to 3.50% and 4.25% respectively. At that time the markets responded in a
positive manner, apparently convinced and/or hopeful that this move signaled
the last action, for a time, by the Board. Recently, as the economic numbers
which reflected summer activity were released, evidence of continued economic
strength resulted in a unanimous vote by the Fed to duplicate their May move.
On August 16, the Board once again increased both the discount and Fed Funds
rates by 50 basis points each. While opinions may vary, most market
participants believe that no further action will be taken before the November
elections.
During the initial changes in the Federal Reserve's monetary stance, the
unease in other markets served to bolster rates in the short-term municipal
market as cash moved into municipal money markets from both equity and bond
funds. In early April, total net assets of tax exempt money market funds
reached an all-time high of over $119 billion. Changes in supply and demand
conditions (i.e., technical factors) contributed to a reversal in cash flows.
Both the impact of income tax payments in late April (with investors tapping
their money market funds) and the renewed interest in the stock and bond
markets led to declines in municipal money fund assets. Recent data indicate
net assets to be approximately $111 billion.
In recent weeks, many issuers returned to the marketplace with their
traditional summer financings. Sizeable issues, such as the $7 billion State
of California notes, helped to increase the overall supply of available
investment alternatives to buyers of municipal notes. In addition, the added
supply placed some upward pressure on rates, thereby affording the
opportunity to commit to attractively yielding issues in the one-year
maturity range. Unfortunately, as is often the case in "state- specific" marke
ts such as New Jersey, the supply of New Jersey tax exempt issues which meet
our high quality standards can be severely limited at times. The result is
often lower yields on those available issues that are suitable for
investment. However, throughout this environment your Fund continued to
provide an attractive return compared to similar taxable alternatives. Along
with the added feature of the New Jersey tax exemption, the hike in tax rates
which took place last year has made these returns even more attractive on an
after-tax basis.
We have included a current Statement of Investments and recent
financial statements for your review. We look forward to serving your
investment needs in the future.
Very truly yours,
(signature logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 26, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
** Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS JULY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
NEW JERSEY-93.3%
Atlantic City, BAN 2.75%, 10/4/94........................................... $ 9,400,000 $ 9,408,109
Atlantic County Improvement Authority, Revenue, VRDN
(Pooled Government Loan Program)
2.80% (LOC; Hong Kong Shanghai Banking Corp.) (a,b)..................... 8,800,000 8,800,000
Bergen County, BAN 2.74%, 8/31/94........................................... 15,000,000 15,000,443
Cape May County Municipal Utilities Authority, Solid Waste Revenue, RRR
(Daneco Project) 2.80%, 11/30/94 (GIC; Societe Generale)................ 18,400,000 18,400,000
Chatham Township, BAN 4.50%, 7/31/95........................................ 6091000 6,130,774
East Brunswick Township, BAN 3.25%, 1/3/95.................................. 10,000,000 10,041,518
Essex County:
BAN 2.70%, Series C, 12/13/94........................................... 16,250,000 16,267,468
TAN 4%, Series C, 12/19/94.............................................. 28,400,000 28,490,844
Essex County Improvement Authority, Revenue, VRDN
(Pooled Government Loan Program) 2.60% (LOC; Sumitomo Bank) (a,b)....... 14,200,000 14,200,000
Hackensack, BAN 3.74%, 6/9/95............................................... 5,268,000 5,270,567
Hudson County Improvement Authority, VRDN
(Essential Purpose Pooled Government Loan)
3.25% (LOC; Hong Kong Shanghai Banking Corp.) (a,b)..................... 49,040,000 49,040,000
Jersey City, Promissory Notes 3.75%, 3/10/95................................ 23,000,000 23,059,208
Middlesex County, BAN 3.48%, 6/29/95........................................ 13,900,000 13,901,141
Monmouth County Improvement Authority, Revenue, VRDN
(Pooled Government Loan Program) 2.60% (LOC; Union Bank of Switzerland) (a,b) 38,000,000 38,000,000
Morris County, BAN 3.63%, 7/6/95............................................ 42,852,000 42,855,592
New Jersey Economic Development Authority:
PCR, VRDN (Hoffman La Roche)
3%, Series 85 (LOC; Wachovia Bank of Georgia) (a,b)................... 20,000,000 20,000,000
Revenue, Exempt Facility, CP (Keystone Project):
3%, 8/18/94 (LOC; Union Bank of Switzerland) (b)...................... 11,200,000 11,200,000
3.05%, 11/18/94 (LOC; Union Bank of Switzerland) (b).................. 15,500,000 15,500,000
VRDN:
EDR:
(Exit 8A L.P. Project) 3.10% (LOC; Bank of Tokyo) (a,b)........... 7,200,000 7,200,000
(Hartz and Rex Associates) 3.30% (LOC; Bankers Trust) (a,b)....... 2,000,000 2,000,000
(Kenwood USA Corp. Project) 3.90% (LOC; The Asahi Bank) (a,b)..... 7,400,000 7,400,000
(Merck and Co. Inc.) 3.40%, Series A (a).......................... 1,000,000 1,000,000
(Polymeric Resource Corp. Project) 3.30%, Series C (LOC; Bank of Tokyo) (a,b) 1,500,000 1,500,000
Refunding:
(Black Horse Pike Limited Project)
3.40% (Guaranty by; Household Finance Corp.) (a)............ 5,400,000 5,400,000
(El Dorado Terminal) 2.75%, Series A
(Corp. Guaranty; Dow Chemical Co.) (a)...................... 4,200,000 4,200,000
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority (continued):
VRDN (continued):
First Mortgage Gross Revenue
(Franciscan Oaks Project) 2.75%, Series B (LOC; Bank of Scotland) (a,b) $ 3,500,000 $ 3,500,000
Industrial and EDR:
(Marriott Corp. Project) 2.75% (LOC; National Westminster Bank) (a,b) 17,900,000 17,900,000
(Merck and Co. Inc.) 3.15%, Series A (a).......................... 1,000,000 1,000,000
(White House Pike Limited Project) 3.40% (Guaranty by; Household Finance) (a) 7,600,000 7,600,000
Manufacturing Facilities Revenue
(Rennoc Corp. Project) 3.25% (LOC; National Bank of Philadelphia) (a,b) 5,365,000 5,365,000
New Jersey Health Care Facilities Financing Authority, Revenue, VRDN
(Hospital Capital Asset Financing):
3%, Series A (LOC; Chemical Bank) (a,b)............................... 18,700,000 18,700,000
3%, Series D (LOC; Chemical Bank) (a,b)............................... 21,000,000 21,000,000
New Jersey Housing and Mortgage Finance Agency, Revenue
2.90%, 9/29/94 (GIC; Republic National Bank of New York)................ 7,335,000 7,335,000
New Jersey Sports and Exposition Authority, State Contract, VRDN
2.70%, Series C (BPA; Industrial Bank of Japan and Insured; MBIA) (a)... 20,000,000 20,000,000
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
2.60%, Series D (Insured; FGIC and Liquidity Agreement; Societe Generale) (a) 73,500,000 73,500,000
Ocean City, BAN 2.75%, 1/4/95............................................... 7,600,000 7,612,668
Passaic County, BAN 3.75%, 4/6/95........................................... 6,700,000 6,722,033
Port Authority of New York and New Jersey:
VRDN:
Certificates Partnership 2.85% (a).................................... 12,411,000 12,411,000
Special Obligation Revenue:
(Third Installment) 2.85%, Series 3 (LOC; Deutsche Bank) (a,b).... 6,000,000 6,000,000
Versatile Structure Obligation:
2.70%, Series 2 (SBPA; Morgan Guaranty Trust Co.) (a)........... 43,400,000 43,400,000
2.85%, Series 1 (Liquidity Facility: Bank of Tokyo, Sanwa Bank
and
Sumitomo Bank) (a).......................................... 25,000,000 25,000,000
Salem County Industrial Pollution Control Financing Authority, Revenue, CP
(Philadelphia Electric Co.) 3%, Series A, 8/12/94
(LOC; Toronto Dominion Bank) (b)........................................ 11,400,000 11,400,000
Salem Municipal Port Authority, Port Development Revenue, VRDN
(South Jersey Process Technical Inc. Project) 3.40% (LOC; Bankers Trust) (a,b) 1,500,000 1,500,000
Sommerset County, BAN 2.71%, 10/28/94....................................... 22,753,000 22,753,494
Union County Industrial Pollution Control Financing Authority, PCR,
Refunding, CP
(Exxon Project):
3.15%, 9/15/94 (Corp. Guaranty; Exxon Corp.).......................... 5,500,000 5,500,000
2.80%, 10/4/94 (Corp. Guaranty; Exxon Corp.).......................... 9,100,000 9,100,000
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
U.S. RELATED_6.7%
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
2.55% (LOC: Credit Suisse and Sumitomo Bank) (a,b)...................... $ 34,000,000 $ 34,000,000
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue, VRDN 2.60%, Series X
(LOC: Landesbank, Swiss Bank Corp. and Union Bank of Switzerland) (a,b). 16,000,000 16,000,000
------------
Total Investments (cost $751,564,859)....................................... $751,564,859
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Insurance Association
BPA Bond Purchase Agreement PCR Pollution Control Revenue
CP Commercial Paper RRR Resources Recovery Revenue
EDR Economic Development Revenue SBPA Standby Bond Purchase Agreement
FGIC Financial Guaranty Insurance Corporation TAN Tax Anticipation Notes
GIC Guaranteed Investment Contract VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------------------ --------------------- -------------------
<S> <C> <C>
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 82.0%
Aaa/Aa (d) AAA/AA (d) 11.3
Not Rated (e) Not Rated (e) 6.7
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(b) Secured by letters of credit. At July 31, 1994, 40.4% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks.
(c) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings
of the issuers.
(e) Securities which, while not rated by Moody's and Standard & Poor's,
respectively, have been determined by the Fund's Board of Directors to be
of comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value_Note 1(a)........................... $751,564,859
Cash.................................................................... 19,868,143
Interest receivable..................................................... 3,642,378
Prepaid expenses........................................................ 38,257
-----------
775,113,637
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 166,572
Payable for investment securities purchased............................. 6,130,774
Accrued expenses and other liabilities.................................. 183,508 6,480,854
------------ -----------
NET ASSETS ................................................................ $768,632,783
============
REPRESENTED BY:
Paid-in capital......................................................... $768,671,554
Accumulated net realized (loss) on investments.......................... (38,771)
-----------
NET ASSETS at value applicable to 768,671,554 outstanding shares
of Common Stock, equivalent to $1.00 per share (2 billion
shares of $.001 par value authorized)................................... $768,632,783
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 9,848,532
EXPENSES:
Management fee_Note 2(a).............................................. $1,957,178
Shareholder servicing costs_-Note 2(b)................................ 409,002
Custodian fees........................................................ 40,886
Professional fees..................................................... 26,706
Prospectus and shareholders' reports.................................. 15,458
Directors' fees and expenses_Note 2(c)................................ 10,884
Registration fees..................................................... 2,518
Miscellaneous......................................................... 16,673
----------
2,479,305
Less_reduction in management fee due to
undertakings_Note 2(a)............................................ 1,078,862
----------
TOTAL EXPENSES.................................................. 1,400,443
-----------
INVESTMENT INCOME_NET...................................................... 8,448,089
NET REALIZED (LOSS) ON INVESTMENTS_Note 1(b)............................... (35,489)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 8,412,600
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1994
1994 (UNAUDITED)
------------ -------------------
<S> <C> <C>
OPERATIONS:
Investment income_net............................................... $ 16,234,966 $ 8,448,089
Net realized (loss) on investments................................... (1,731) (35,489)
--------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 16,233,235 8,412,600
--------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net............................................... (16,234,966) (8,448,089)
--------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 1,594,549,698 734,463,092
Dividends reinvested................................................. 14,863,253 7,711,907
Cost of shares redeemed.............................................. (1,612,775,419) (751,742,778)
--------------- --------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........... (3,362,468) (9,567,779)
--------------- --------------
TOTAL (DECREASE) IN NET ASSETS................................. (3,364,199) (9,603,268)
NET ASSETS:
Beginning of period.................................................. 781,600,250 778,236,051
--------------- --------------
End of period........................................................ $ 778,236,051 $768,632,783
=============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED JANUARY 31, SIX MONTHS ENDED
JULY 31, 1994
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income_net.................. .0615 .0567 .0415 .0265 .0210 .0107
Net realized and unrealized gain (loss)
on investments....................... -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS..... .0615 .0567 .0415 .0265 .0210 .0107
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income_net... (.0615) (.0567) (.0415) (.0265) (.0210) (.0107)
Dividends from net realized gain on investments -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.................. (.0615) (.0567) (.0415) (.0265) (.0210) (.0107)
------- ------- ------- ------- ------- -------
Net asset value, end of period......... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
====== ====== ======= ======= ======= =======
TOTAL INVESTMENT RETURN 6.33% 5.83% 4.22% 2.68% 2.12% 2.16%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .23% .16% .17% .32% .35% .36%*
Ratio of net investment income to
average net assets................... 6.13% 5.66% 4.14% 2.65% 2.10% 2.16%*
Decrease reflected in above expense ratios due
to undertakings by the Manager....... .42% .45% .45% .32% .30% .28%*
Net Assets, end of period (000's Omitted) $501,475 $848,608 $823,739 $781,600 $778,236 $768,633
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1_SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus Service
Corporation acted as the exclusive distributor of the Fund's shares until
August 24, 1994, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund administration
services the parent company of which is Boston Institutional Group, Inc.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Directors to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and, when appropriate, discounts on investments,
is earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, 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. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income taxes.
The Fund has an unused capital loss carryover of $3,282 available for
Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to January 31, 1994. If not applied,
$971 of the carryover expires in fiscal 2000 and $2,311 expires in fiscal
2002.
At July 31, 1994 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).
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2_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 .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. However, the Manager had
undertaken, from February 1, 1994 through August 17, 1994 to reduce the
management fee paid by the Fund, to the extent that the Fund's aggregate
expenses exceeded specified annual percentages of the Fund's average daily
net assets. The Manager has currently undertaken from August 18, 1994 to
waive receipt of the management fee payable to it by the Fund in excess of an
annual rate of .30 of 1% of the Fund's average daily net assets. The
reduction in the management fee, pursuant to the undertakings, amounted to
$1,078,862 for the six months ended July 31, 1994.
The Manager may modify the expense limitation percentages from time to
time, provided that the resulting expense reimbursement would not be less
than the amount required pursuant to the Agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the Fund's average daily net assets for servicing shareholder accounts.
The services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the Fund and
providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended July 31,
1994, the Fund was charged an aggregate of $108,123 pursuant to the
Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or Dreyfus Service Corporation.
Each director who is not an "affiliated person" receives an annual fee of
$2,500 and an attendance fee of $500 per meeting.
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New Jersey Municipal Money Market Fund, Inc., including the statement
of investments, as of July 31, 1994, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended July 31, 1994. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit in
accordance with generally accepted auditing standards, which will be
performed for the full year with the objective of expressing an opinion
regarding the financial statements and financial highlights taken as a whole.
Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
January 31, 1994 and financial highlights for each of the five years in the
period ended January 31, 1994 and in our report dated March 4, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
New York, New York
September 1, 1994
New Jersey
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
July 31, 1994
DREYFUS NEW JERSEY
MUNICIPAL MONEY MARKET FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 758SA947
Registration Mark
