DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus New Jersey
Municipal Money Market Fund, Inc. For its annual reporting period ended
January 31, 1996, your Fund produced a yield of 3.20% per share. Income
dividends of approximately $.032 per share were paid during the period.
Reinvesting these dividends and calculating the effect of compounding
resulted in an effective yield of 3.25%.* These dividends were exempt from
Federal and State of New Jersey personal income taxes, although some income
may be subject to the Federal Alternative Minimum Tax (AMT) for certain
shareholders.
THE ECONOMY
On January 31, 1996, the last day of the Fund's reporting period, the
Federal Reserve Board once again lowered the Federal Funds rate another
quarter of a point to 5.25%. The Federal Reserve also reduced the Discount
Rate, the rate that the Fed charges banks for loans, to 5.0%. The reduction
in interest rates was a continuation of the easing monetary policy of the
Fed, a stance that has prevailed since last July.
Mounting evidence that economic growth was indeed slowing, combined with
favorable inflation reports, indicated that the threat of recession
outweighed near-term worry of a resurgence in price inflation. The Consumer
Price Index rose only 2.5% in 1995, the lowest rate in nearly a decade. It
also marked the fifth consecutive year that the CPI was in the 3% or less
range. The consumer sector of the economy was of increasing concern to
economic policy makers. The consumer sector comprises two thirds of the
nation's economic activity, and retail sales reports in December revealed the
worst holiday season since the 1990-91 recession. Personal income growth
remained sluggish. The Conference Board, an independent business group,
reported that the Board's index of consumer confidence declined sharply in
January as consumers worried about Federal budget negotiations and the recent
flurry of layoff announcements by major corporations.
Industrial production was only moderate. Output of the nation's factories
crept up 0.1% in December. The annual rate of production slowed to 0.8% in
the fourth quarter of 1995, compared with 3.2% for the previous three months.
For the full calendar year, output rose 3.2%, little more than half the 5.9%
rate in 1994.
There were strong indications that inflation was under control. Until
midyear 1995, fear of inflation was the overriding concern of the Federal
Reserve. Now the focus seems to have shifted to actions designed to avoid
recession. Since last July, the Fed has moved three times to lower interest
rates. Should more signs of economic weakness emerge, it is likely that
short-term interest rates will continue to be lowered.
MARKET ENVIRONMENT
The short-term municipal market certainly is influenced by any Federal
Reserve Board decision to lower interest rates; however, market technicals
(i.e., supply/demand) were the overriding factor affecting the yields that
prevailed throughout this period. By Fall 1995, rates on short-term issues
had settled into a trading range. A steady interchange of variable rate
demand notes (VRDNs) between corporate holders and municipal money market
funds kept rates on these securities attractive, which resulted in an
inverted yield curve (rates on shorter maturities were higher than rates on
longer note issues) during most of the season. Despite the Fed's easing move
in early December, its second rate reduction of the year, rates on VRDNs
trended even higher toward year-end. That was a seasonal occurrence (as prior
years have demonstrated) which reverses dramatically in January as cash returns
to the money market arena. The "January effect" leads to a high increase in
demand for VRDNs and, accordingly, a substantial yield drop on these issues as
well. The unusually large asset inflows abated by late January, thereby
lessening the high demand for VRDNs and serving to restore stability to
short-term yields.
In previous years, the impact on yield levels in January has been
substantial-lower rates have been sustained through most of the month and
into February. This year's drop in rates was less pronounced. We attribute
this aberration to the unresolved issues surrounding tax reform. This
uncertainty prompted remarketing agents to price VRDNs at more attractive
yields, which, of course, enhanced your Fund's overall performance.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and longer-term notes through most
of the period. Our investment strategy involved lengthening the portfolio's
maturity, when possible, in order to lock in rates that we felt would
outperform variable rate notes early in 1996.
The commercial paper and one-year note markets provided the primary means
for us to extend, while seeking to maintain a competitive yield. However, our
success in achieving the desired average maturity was limited due to a
scarcity of high quality New Jersey-exempt issues from which to choose. As a
result, your Fund's current average maturity still leaves room to extend
should a change in market or supply conditions warrant.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 15, 1996
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly. Income may be subject to state and local taxes for non-resident
shareholders.
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DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS JANUARY 31, 1996
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
NEW JERSEY-93.8%
Atlantic County, BAN 4.375%, 11/13/96....................................... $ 18,375,000 $ 18,448,920
Atlantic County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
2.85% (LOC; Hong Kong Shanghai Banking Corp.) (a,b)..................... 8,800,000 8,800,000
Burlington County, BAN 3.75%, 6/14/96....................................... 25,500,000 25,525,876
Cherry Hill Township, BAN 3.49%, 3/13/96.................................... 24,169,000 24,170,307
Essex County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 2.90% (LOC; Sumitomo Bank) (a,b).. 14,200,000 14,200,000
Hackensack, BAN 4%, 6/7/96.................................................. 7,949,000 7,955,906
Hudson County Improvement Authority, VRDN (Essential Purpose Pooled
Government Loan) 3.10% (LOC; Hong Kong Shanghai Banking Corp.) (a,b).... 49,040,000 49,040,000
Middlesex County, BAN 3.625%, 6/27/96....................................... 19,400,000 19,401,392
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
2.80% (LOC; Union Bank of Switzerland) (a,b)............................ 29,000,000 29,000,000
New Jersey Economic Development Authority:
Revenue:
Exempt Facility, CP (Keystone Project)
3.50%, 4/10/96 (LOC; Union Bank of Switzerland) (b)............... 15,500,000 15,500,000
Thermal Energy Facilities (Thermal Energy Limited Partnership)
3.70%, 4/30/96 (Escrowed in; U.S. Treasury Securities)............ 2,000,000 2,000,000
VRDN:
EDR:
(Black Horse Pike Limited Project)
3.60% (Corp. Guaranty; Household Finance Corp.) (a)............. 3,400,000 3,400,000
(El Dorado Terminal) Refunding
3.90%, Series A (Corp. Guaranty; Dow Chemical Co.) (a).......... 13,700,000 13,700,000
(Exit 8A Limited Partnership Project) 3.30% (LOC; Bank of Tokyo) (a,b) 6,900,000 6,900,000
(Hartz and Rex Associates) 3.225% (LOC; Bankers Trust) (a,b)...... 2,000,000 2,000,000
(Merck and Co. Inc.) 3.60%, Series A (a).......................... 1,000,000 1,000,000
(White Horse Pike Limited Project)
3.60% (Corp. Guaranty; Household Finance Corp.) (a)............. 7,600,000 7,600,000
First Mortgage Gross Revenue
(Franciscan Oaks Project) 3.15%, Series B (LOC; Bank of Scotland) (a,b) 3,500,000 3,500,000
Industrial and EDR
(Marriott Corp. Project) 2.90% (LOC; National Westminster Bank) (a,b) 17,000,000 17,000,000
Manufacturing Facilities Revenue
(Rennoc Corp. Project) 3.30% (LOC; National Bank of Philadelphia) (a,b) 4,905,000 4,905,000
PCR (Hoffman La Roche Project) 3.10% (LOC; Bankers Trust) (a,b)....... 20,000,000 20,000,000
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1996
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW JERSEY (CONTINUED)
New Jersey Health Care Facilities Financing Authority, VRDN
(Hospital Capital Asset Financing):
2.90%, Series A (LOC; Chemical Bank) (a,b)............................ $ 10,200,000 $10,200,000
2.90%, Series D (LOC; Chemical Bank) (a,b)............................ 21,000,000 21,000,000
New Jersey Sports and Exposition Authority, State Contract, VRDN
2.85%, Series C (BPA; Industrial Bank of Japan and Insured; MBIA) (a)... 31,000,000 31,000,000
New Jersey Transportation Trust Fund Authority, Refunding (Transportation
Systems):
4.50%, Series B, 6/15/96................................................ 23,565,000 23,616,051
5%, Series A, 6/15/96................................................... 24,790,000 24,900,990
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
2.80%, Series D (Insured; FGIC and LOC; Societe Generale) (a,b)......... 60,900,000 60,900,000
Passaic County, BAN 4.125%, 9/27/96......................................... 21,000,000 21,024,958
Port Authority of New York and New Jersey:
CP 3.40%, 2/16/96 (Liquidity Facility; Bank of Nova Scotia)............. 6,535,000 6,535,000
VRDN:
Certificates Partnership 3.20% (a).................................... 5,688,000 5,688,000
Special Obligation Revenue:
(Third Installment) 3.15%, Series 3 (LOC; Deutsche Bank) (a,b).... 22,900,000 22,900,000
Versatile Structure Obligation:
3.50%, Series 2 (LOC; Morgan Guaranty Trust Co.) (a,b).......... 21,200,000 21,200,000
3.55%, Series 3 (SBPA; Morgan Guaranty Trust Co.) (a)........... 9,300,000 9,300,000
Salem County Industrial Pollution Control Financing Authority, Revenue, CP
(Philadelphia Electric Co.)
3.50%, Series A, 4/10/96 (LOC; Toronto Dominion Bank) (b)............... 10,600,000 10,600,000
Woodbridge Township, BAN:
3.69%, 7/3/96........................................................... 20,000,000 20,001,180
3.89%, 8/2/96........................................................... 19,958,500 19,959,461
U.S. RELATED-6.2%
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
2.85% (LOC; Credit Suisse) (a,b)........................................ 33,300,000 33,300,000
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue, VRDN 2.85%, Series X (LOC: Landesbank,
Swiss Bank Corp. and Union Bank of Switzerland) (a,b)................... 6,700,000 6,700,000
_______
TOTAL INVESTMENTS (cost $642,873,041)....................................... $642,873,041
=======
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<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
EDR Economic Development Revenue SBPA Standby Bond Purchase Agreement
FGIC Financial Guaranty Insurance Company VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
<S> <C> <C> <C>
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ _____ __________ ____________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 75.9%
F2 VMIG2/MIG2, P2 SP2, A2 2.9
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 6.9
Not Rated (f) Not Rated (f) Not Rated (f) 14.3
____
100.0%
====
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 January 31, 1996, 55.2% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and government agencies.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's 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.
(g) At January 31, 1996, the Fund had $165,740,041 (25.6% of net assets)
invested in securities whose payment of principal and interest is
dependent upon revenues generated from industry projects.
See notes to financial statements.
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<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $642,873,041
Cash.................................................................... 434,932
Interest receivable..................................................... 4,695,302
Prepaid expenses........................................................ 78,813
_______
648,082,088
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 290,126
Accrued expenses and other liabilities.................................. 234,814 524,940
______ ______
NET ASSETS ................................................................ $647,557,148
=======
REPRESENTED BY:
Paid-in capital......................................................... $647,715,556
Accumulated net realized (loss) on investments.......................... (158,408)
_______
NET ASSETS at value applicable to 647,715,556 shares outstanding
(2 billion shares of $.001 par value Common Stock authorized)........... $647,557,148
=======
NET ASSET VALUE, offering and redemption price per share
($647,557,148 / 647,715,556 shares)..................................... $1.00
=======
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1996
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 26,856,374
EXPENSES:
Management fee-Note 2(a).............................................. $3,534,755
Shareholder servicing costs-Note 2(b)................................. 756,506
Custodian fees........................................................ 78,147
Professional fees..................................................... 73,035
Directors' fees and expenses-Note 2(c)................................ 41,027
Prospectus and shareholders' reports.................................. 30,890
Registration fees..................................................... 5,157
Miscellaneous......................................................... 24,746
_____
TOTAL EXPENSES.................................................... 4,544,263
Less-reduction in management fee due to undertaking-Note 2(a)......... 390,745
_____
NET EXPENSES...................................................... 4,153,518
_______
INVESTMENT INCOME-NET....................................................... 22,702,856
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (105,913)
_______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 22,596,943
=======
See notes to financial statements.
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<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31,
______________________________________
1995 1996
_________ _________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 19,580,377 $ 22,702,856
Net realized (loss) on investments................................ (49,213) (105,913)
_________ _________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 19,531,164 22,596,943
_________ _________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................. (19,580,377) (22,702,856)
_________ _________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 1,408,301,004 1,018,590,073
Dividends reinvested.............................................. 17,751,331 20,668,702
Cost of shares redeemed........................................... (1,431,326,369) (1,164,508,518)
_________ _________
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (5,274,034) (125,249,743)
_________ _________
TOTAL (DECREASE) IN NET ASSETS.............................. (5,323,247) (125,355,656)
NET ASSETS:
Beginning of year................................................. 778,236,051 772,912,804
_________ _________
End of year....................................................... $ 772,912,804 $ 647,557,148
========== =========
See notes to financial statements.
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<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 year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED JANUARY 31,
______________________________________________________________
PER SHARE DATA: 1992 1993 1994 1995 1996
____ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year..........$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____ ____ ____ ____ ____
INVESTMENT OPERATIONS;
Investment income-net........................ .042 .027 .021 .025 .032
____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net......... (.042) (.027) (.021) (.025) (.032)
____ ____ ____ ____ ____
Net asset value, end of year............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____ ____ ____ ____ ____
____ ____ ____ ____ ____
TOTAL INVESTMENT RETURN.......................... 4.22% 2.68% 2.12% 2.55% 3.25%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .17% .32% .35% .42% .59%
Ratio of net investment income to average
net assets................................. 4.14% 2.65% 2.10% 2.52% 3.21%
Decrease reflected in above expense ratios
due to undertakings by the Manager......... .45% .32% .30% .22% .06%
Net Assets, end of year (000's Omitted)......$823,739 $781,600 $778,236 $772,913 $647,557
See notes to financial statements.
</TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New Jersey Municipal Money Market Fund, Inc. (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide an investor with as high a level of current income
exempt from Federal and New Jersey income taxes consistent with the
preservation of capital and the maintenance of liquidity. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services,
Inc. (the "Distributor") acts as the distributor of the Fund's shares, which
are sold to the public without a sales charge.
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. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(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 original issue 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. Cost of investments represents amortized cost.
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 and
excise taxes.
The Fund has an unused capital loss carryover of approximately $158,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1996. If not
applied, $900 of the carryover expires in fiscal 2000, $2,300 expires in
fiscal 2002, $39,800 expires in fiscal 2003 and $115,000 expires in fiscal
2004.
At January 31, 1996, 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 (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, 1995 through July 20, 1995 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 reduction in the management fee, pursuant to the undertaking,
amounted to $390,745 for the year ended January 31, 1996.
Effective December 1, 1995, 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. Such compensation amounted to $41,005 for the period from
December 1, 1995 through January 31, 1996.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended January 31, 1996, the Fund was charged an aggregate of
$306,123 pursuant to the Shareholder Services Plan.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus New Jersey Municipal Money Market Fund, Inc., including the statement
of investments, as of January 31, 1996, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended, and financial highlights
for each of the years indicated therein. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of January 31, 1996 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus New Jersey Municipal Money Market Fund, Inc. at January
31, 1996, the results of its operations for the year then ended, the changes
in its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
March 4, 1996
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended
January 31, 1996 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are New Jersey residents, New Jersey
personal income taxes).
[Dreyfus lion "d" logo]
DREYFUS NEW JERSEY
MUNICIPAL MONEY MARKET 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
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 758AR9601
[Dreyfus logo]
New Jersey
Municipal
Money Market
Fund, Inc.
Annual Report
January 31, 1996
