DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus New Jersey Municipal
Money Market Fund, Inc. for the six-month period ended July 31, 1997. Your
Fund produced an annualized yield of 2.91%, and after taking into account the
effect of compounding, the annualized effective yield ws 2.94%.*
THE ECONOMY
The latest government data continued to show the U.S. economy growing at
a somewhat decelerated pace, with real Gross Domestic Product (GDP) falling
to approximately 2.2% during the April-to-June quarter. In June, stronger
chain store activity was balanced by tumbling vehicle sales, while the big
three car makers sweetened sales incentive plans, signaling a belief that
demand will remain on the soft side through the summer. In fact, consumer
spending has been weak since the spring, expanding at just 0.8% in the second
quarter. Nonetheless, many economists expect growth to pick up again,
pointing to brisk capital outlays by businesses and a combination of low
interest rates, high consumer confidence, steady job gains, huge wealth
creation, and rising disposable income that should soon jump-start consumer
spending.
Meanwhile, the economy's strength continues to be complemented by a
virtual lack of inflation. With consumer prices rising just 1.4% during the
second quarter, inflation is running at its lowest pace in 34 years.
Moreover, U.S. producer prices fell a record seventh consecutive month in
July, and falling gold and oil prices have supported the view that inflation
is also moderate globally. As expected, the Federal Reserve Board's Open
Market Committee (FOMC) left interest rates alone at its July meeting, while
Fed Chairman Alan Greenspan all but ruled out a move to tighten monetary
policy anytime soon at his semi-annual testimony before the Senate on July
23. In the money market, short-term rates remained within a trading range as
market participants deemed a Fed move in August unlikely.
MARKET ENVIRONMENT/PORTFOLIO ACTIVITY
Each year, as summer approaches, the short-term municipal market
experiences volatility that is reflective of the changing patterns of supply
and demand conditions during the period. These market "technicals" require
adjustments to portfolio strategy in anticipation of conditions such as: an
increase in supply due to funds experiencing redemptions (April tax season);
a dearth of supply of high quality issues (end of June maturities); and
substantial new money market issuance (mid-July financings). Our portfolio
adjustments attempt to structure your Fund to take advantage of these
changing conditions in an effort to enhance your Fund's return, while
maintaining our commitment to high quality holdings.
In response to the expected changes in both cash flow and supply
conditions, we began preparations in early June for extending your Fund's
average maturity. By creating a calendar of upcoming New Jersey issues and by
subjecting each new issue to rigorous in-house credit review, we were
positioned to purchase those notes which we believed would be attractive
holdings for your Fund. We expect to continue to purchase notes selectively
through the coming months in seeking to maximize your Fund's current yield.
As we endeavor to accomplish this, we will continue to commit to those New
Jersey tax-exempt issues which meet our high quality investment guidelines
and which provide the appropriate level of liquidity for your Fund's needs.
Additionally, we will monitor all conditions which affect our marketplace and
adjust our investment policy where necessary to pursue competitive returns.
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
August 18, 1997
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments-100.0% Amount Value
------- -------
New Jersey-91.1%
Atlantic County Improvement Authority, Revenue, VRDN
<S> <C> <C>
(Aces Pooled Government Loan Program) 3.30% (LOC; Krediet Bank) (a,b)..... $ 4,800,000 $ 4,800,000
Township of Brick, BAN 4.50%, 3/25/98....................................... 10,365,000 10,403,737
Burlington County, BAN:
4.25%, Series A, 6/12/98.................................................. 17,000,000 17,073,411
4.40%, Series B, 6/12/98.................................................. 6,000,000 6,032,400
Township of East Brunswick, BAN 3.75%, 1/2/98............................... 19,000,000 19,023,231
Essex County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 3.25% (LOC; Banco Santander) (a,b).. 14,200,000 14,200,000
Hackensack, BAN 4.25%, 6/5/98............................................... 7,814,000 7,842,551
Hudson County Improvement Authority, VRDN (Essential Purpose Pooled
Government Loan)
3.55% (LOC: Comerica Bank and Fuji Bank) (a,b)............................ 16,240,000 16,240,000
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 3.25% (LOC; Union Bank of Switzerland) (a,b) 25,000,000 25,000,000
Morristown, BAN 4.50%, 5/6/98............................................... 9,500,000 9,534,754
New Jersey Economic Development Authority, VRDN:
EDR:
(Black Horse Pike Limited Project)
3.95% (Corp. Guaranty; Household Finance Corp.) (a)................... 5,400,000 5,400,000
(Exit 8A Limited Partnership Project) 3.60% (LOC; European American Bank) (a,b) 6,300,000 6,300,000
(Merck and Co. Inc.) 4.125%, Series A (a)............................... 1,000,000 1,000,000
Refunding:
(El Dorado Terminal) 3.15%, Series A (LOC; Dow Chemical Co.) (a,b).... 2,000,000 2,000,000
(Hartz and Rex Associates) 3.75%, Series B (LOC; Citibank) (a,b)...... 2,000,000 2,000,000
(White Horse Pike Limited Project)
3.875% (Corp. Guaranty; Household Finance Corp.) (a).................. 7,600,000 7,600,000
First Mortgage Gross Revenue:
(Cranes Mill) 3.40%, Series C (LOC; Bank of Ireland) (a,b).............. 15,000,000 15,000,000
(Franciscan Oaks Project) 3.50%, Series B (LOC; Bank of Scotland) (a,b). 3,500,000 3,500,000
PCR, Refunding:
(Hoffman La Roche Project) 3.625% (LOC; Wachovia Bank of Georgia) (a,b). 20,000,000 20,000,000
(Public Service Electric and Gas Co.)
3.20%, Series A (Insured; MBIA and Liquidity Facility; Swiss Bank Corp.) (a) 13,300,000 13,300,000
Mortgage Facilities Revenue
(Rennoc Corp. Project) 3.825% (LOC; Philadelphia National Bank) (a,b). 4,305,000 4,305,000
New Jersey Health Care Facilities Financing Authority, VRDN
(Hospital Capital Asset Financing):
3.45%, Series A (LOC; Chase Manhattan Bank) (a,b)....................... 13,200,000 13,200,000
3.45%, Series D (LOC; Chase Manhattan Bank) (a,b)....................... 12,000,000 12,000,000
New Jersey Sports and Exposition Authority, State Contract, VRDN
3.45%, Series C (Insured; MBIA and Liquidity Facility; Barclay de Zotte) (a) 35,900,000 35,900,000
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
3.20%, Series D (Insured; FGIC and Liquidity Facility; Societe Generale) (a) 55,100,000 55,100,000
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
New Jersey (continued)
<S> <C> <C>
Ocean County, BAN 4.25%, 6/19/98............................................ $ 9,287,000 $ 9,333,528
Township of Parsippany-Troy Hills, BAN 4%, 2/2/98........................... 7,300,000 7,304,599
Passaic County, BAN 4.50%, 9/26/97.......................................... 23,000,000 23,017,961
Patterson, BAN 4.50%, 5/21/98............................................... 12,008,000 12,054,269
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN:
3.20%, Series 2 (a)....................................................... 5,688,000 5,688,000
(Versatile Structure Obligation):
3.55%, Series 3 (SPBA; Morgan Guaranty Trust Co.) (a)................... 24,200,000 24,200,000
3.55%, Series 4 (LOC; Landesbank Hessen) (a,b).......................... 9,900,000 9,900,000
3.55%, Series 5 (Liquidity Facility; Bayerische Landesbank) (a)......... 21,100,000 21,100,000
State of New Jersey, G.O. Notes
5%, Series E, 7/15/98..................................................... 11,000,000 11,113,926
Township of Woodbridge, BAN 4.25%, 7/1/98................................... 20,000,000 20,079,279
U.S. Related-8.9%
Commonwealth of Puerto Rico Government Development Bank:
CP:
3.60%, 10/21/97......................................................... 5,000,000 5,000,000
3.70%, 8/11/97.......................................................... 6,000,000 6,000,000
Refunding, VRDN 3.25%, (LOC; Credit Suisse) (a,b)......................... 27,100,000 27,100,000
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue, VRDN 3.25%, Series X (LOC: Landesbank Hessen, Swiss Bank
Corp. and
Union Bank of Switzerland) (a,b).......................................... 7,775,000 7,775,000
-------
TOTAL INVESTMENTS (cost $516,421,646)....................................... $516,421,646
=======
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
Summary of Abbreviations
<S> <C> <C> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
EDR Economic Development Revenue PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company SBPA Standby Bond Purchase Agreement
GO General Obligation VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
Summary of Combined Ratings (Unaudited)
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
- -------- -------- ------------------ -------------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 72.4%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 3.7
Not Rated (f) Not Rated (f) Not Rated (f) 23.9
----
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 July 31, 1997, 35.2% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
corporations and foreign banks.
(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 and Standard &
Poor's have been determined by the Manager to be of comparable quality
to those rated securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1997 (UNAUDITED)
Cost Value
-------- ------
<S> <C> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $516,421,646 $516,421,646
Cash....................................... 426,820
Interest receivable........................ 3,782,792
Prepaid expenses........................... 8,699
--------
520,639,957
--------
LIABILITIES: Due to The Dreyfus Corporation and affiliates 237,515
Accrued expenses and other liabilities..... 118,778
--------
356,293
--------
NET ASSETS..................................................... $520,283,664
========
REPRESENTED BY: Paid-in capital............................ $520,458,523
Accumulated net realized gain (loss) on investments (174,859)
--------
NET ASSETS..................................................... $520,283,664
========
SHARES OUTSTANDING
(2 billion shares of $.001 par value Common Stock authorized)............... 520,458,523
NET ASSET VALUE, offering and redemption price per share.................... $1.00
========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1997 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income................................ $9,406,231
EXPENSES: Management fee-Note 2(a)....................... $1,335,862
Shareholder servicing costs -Note 2(b)......... 215,563
Professional fees.............................. 27,160
Custodian fees................................. 26,491
Directors' fees and expenses-Note 2(c)......... 17,750
Prospectus and shareholders' reports........... 15,000
Registration fees.............................. 10,865
Miscellaneous.................................. 6,534
------
Net Expenses........................................... 1,655,225
------
INVESTMENT INCOME-NET....................................................... 7,751,006
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (12,241)
------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $7,738,765
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 1997 Year Ended
(Unaudited) January 31, 1997
--------- ---------
OPERATIONS:
<S> <C> <C>
Investment income-net................................................... $ 7,751,006 $ 16,234,965
Net realized gain (loss) on investments................................. (12,241) (4,210)
-------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations....... 7,738,765 16,230,755
-------- --------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (7,751,006) (16,234,965)
-------- --------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 269,081,385 653,656,150
Dividends reinvested.................................................... 7,021,868 14,796,841
Cost of shares redeemed................................................. (317,067,084) (754,746,193)
-------- --------
Increase (Decrease) in Net Assets from Capital Stock Transactions..... (40,963,831) (86,293,202)
-------- --------
Total Increase (Decrease) in Net Assets............................. (40,976,072) (86,297,412)
NET ASSETS:
Beginning of Period..................................................... 561,259,736 647,557,148
-------- --------
End of Period........................................................... $ 520,283,664 $ 561,259,736
======== ========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
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.
<TABLE>
<CAPTION>
Six Months Ended
July 31, 1997 Year Ended January 31,
----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
------------ ---- ---- ---- ---- ----
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ---- ----
Investment Operations:
Investment income-net................. .014 .027 .032 .025 .021 .027
---- ---- ---- ---- ---- ----
Distributions:
Dividends from investment income-net.. (.014) (.027) (.032) (.025) (.021) (.027)
---- ---- ---- ---- ---- ----
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 2.92%* 2.75% 3.25% 2.55% 2.12% 2.68%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .62%* .65% .59% .42% .35% .32%
Ratio of net investment income
to average net assets............... 2.90%* 2.71% 3.21% 2.52% 2.10% 2.65%
Decrease reflected in above expense ratios
due to undertakings by the Manager.. - - .06% .22% .30% .32%
Net Assets, end of period (000's Omitted) $520,284 $561,260 $647,557 $772,913 $778,236 $781,600
</TABLE>
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 investors 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. is 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 per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments 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.
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 $163,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1997. If not
applied, $900 of the carryover expires in fiscal 2000, $2,300 expires in
fiscal 2002, $39,800 expires in fiscal 2003, $115,000 expires in fiscal 2004
and $5,000 expires in fiscal 2005.
At July 31, 1997, 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).
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(a) Pursuant to a management agreement with the Manager, the management
fee is computed at the annual rate of .50 of 1% of the value of the Fund's
average daily net assets and is payable monthly.
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(b) Under 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 period ended July 31, 1997,
the Fund was charged an aggregate of $97,234 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. Such
compensation amounted to $122,906 during the period ended July 31, 1997.
(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.
Registration Mark
[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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 758SA977
Registration Mark
Dreyfus logo]New Jersey
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
July 31, 1997
