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 12-month period ended January 31, 1998. Your
Fund produced a yield of 2.92%, and after taking into account the effect of
compounding, the effective yield was 2.96%.*
The Economy
While the Federal Reserve Board's January "beige book" report on regional
economic conditions found the beginnings of an Asian slowdown effect across
the country, the U.S. economy still evidenced considerable vibrancy during
the recent reporting period. Real Gross Domestic Product (GDP) growth
remained steady at 3.1% in the third quarter of 1997 and positive year-end
data had analysts projecting fourth-quarter GDP growth at an even stronger
3.7%. In November, the Commerce Department reported a gain in personal income
of 0.8%, the biggest since June 1996 and the thirteenth consecutive monthly
increase. Disposable, or after-tax, income also increased in November, by
0.7%. Meanwhile, employment during October, November and December rose at the
fastest pace since 1994. Consumer confidence was on the rise, too, soaring to
134.5 in December - its highest point in nearly three decades. Still, the
impact of the economic deterioration in Asia has led many analysts to
anticipate less robust U.S. growth ahead as slower export growth and currency
declines take their toll.
It appears that fallout from the Asian crisis may also further tame U.S.
inflation, as Asian currency devaluations translate into lower import product
prices and pressure on U.S. companies to keep their prices in line - and
competitive. In fact, the 1997 U.S. inflation rate is already historically
low at 1.7%, the lowest level since the 1960s. Producer prices continued to
fall in December for the ninth straight month, dropping 1.2% during 1997.
Consumer prices have been rising slightly, however, at about a 1.8% rate in
1997. That is because service prices, influenced by tight labor markets, make
up slightly more than half the consumer price index. While the Federal
Reserve Board (the "Fed") has made no change to interest rates since March
1997, many analysts now believe the Fed may ease rates if U.S. growth slows
too much. Interest rates on money market securities dropped in January, as
year-end upward pressures subsided and market sentiment began to factor in
the possibility of a Fed interest-rate ease later this year.
Market Environment/Portfolio Activity
While the Fed remained quiet over the summer months, market technicals
(i.e., supply/demand) played a major role in the short-term municipal market.
Supply of one-year notes dissipated as many securities matured in late June
and early July. This increase in investable cash marketwide placed temporary
downward pressure on yields. In the weeks to follow, issuers returned to the
market with their summer financings, alleviating the supply and demand
imbalance. While much of that new supply was comprised of national and
California-exempt issuances, there were several attractive buying
opportunities for the Fund.
As year-end approached, we saw a temporary rise in short-term rates as a
result of corporate seasonal "window dressing." In addition, dealers priced
securities at attractive levels in order to minimize their year-end
inventory. The overall decrease in demand for securities that resulted caused
yields to rise temporarily. However, assets flowed back into the tax-exempt
money funds in early January, thereby putting downward pressure on rates.
During this time period, yields on tax-exempt money market funds fluctuated
in response to these supply and demand imbalances. By mid-January, the market
stabilized and normal trading patterns, for the most part, returned. However,
high quality New Jersey issues continue to be in short supply, which limits
the potential for extending your Fund's average maturity. We will continue to
seek out appropriate buying opportunities in the New Jersey market in the
weeks ahead, as we monitor potential Fed activity and any other significant
changes in the municipal money market. For all new investments, we will
continue to
meet the high credit quality standards which we require, and to provide a
significant level of liquidity, commensurate with the needs of each Fund.
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 this 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 18, 1998
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Principal
Tax Exempt Investments-100.0% Amount Value
______________ ______________
<S> <C> <C>
New Jersey-95.8%
Atlantic County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 3.20% (LOC; Krediet Bank) (a,b)..... $ 4,800,000 $ 4,800,000
Township of Brick, BAN 4.50%, 3/25/98....................................... 10,365,000 10,373,535
Burlington County, BAN:
4.25%, Series A, 6/12/98.................................................. 17,000,000 17,030,529
4.40%, Series B, 6/12/98.................................................. 6,000,000 6,013,474
Township of East Brunswick, BAN 4%, 1/7/99.................................. 15,782,200 15,831,743
Essex County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 3.30% (LOC; Banco Santander) (a,b).. 14,200,000 14,200,000
Hackensack, BAN 4.25%, 6/5/98............................................... 7,814,000 7,825,495
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
Jersey City, BAN 4.25%, 1/15/99............................................. 6,500,000 6,528,405
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 3.20% (LOC; Union Bank of Switzerland) (a,b)......... 25,000,000 25,000,000
Morristown, BAN 4.50%, 5/6/98............................................... 9,500,000 9,511,751
New Brunswick 4.125%, 7/31/98............................................... 6,195,000 6,205,073
New Jersey Economic Development Authority
SWDR (Newark Recycling) 3.95%, 12/15/98 (LOC; Societe Generale) (b)....... 18,000,000 18,000,000
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) 3.50% (LOC; Bank of Tokyo-Mitsubishi) (a,b)......... 6,300,000 6,300,000
(Merck and Co. Inc.) 3.95%, Series A (a).............................. 1,000,000 1,000,000
Refunding (Hartz and Rex Associates) 3.575%, Series B (LOC; Citibank) (a,b)......... 2,000,000 2,000,000
(White Horse Pike Limited Project)
3.70% (Corp. Guaranty; Household Finance Corp.) (a)................. 7,600,000 7,600,000
Mortgage Facilities Revenue
(Rennoc Corp) 3.55% (LOC; Philadelphia National Bank) (a,b)........... 4,105,000 4,105,000
PCR, Refunding:
(Hoffman La Roche Project) 3.35% (LOC; Wachovia Bank of Georgia) (a,b) 20,000,000 20,000,000
(Public Service Electric and Gas Co.)
3.30%, Series A (Insured; MBIA and Liquidity Facility; Swiss Bank Corp.) (a)......... 13,300,000 13,300,000
New Jersey Health Care Facilities Financing Authority, VRDN
(Hospital Capital Asset Financing):
3.35%, Series A (LOC; Chase Manhattan Bank) (a,b)....................... 13,200,000 13,200,000
3.35%, Series D (LOC; Chase Manhattan Bank) (a,b)....................... 12,000,000 12,000,000
New Jersey Sports and Exposition Authority, State Contract, VRDN
3.35%, Series C (Insured; MBIA and Liquidity Facility; Credit Suisse) (a). 34,800,000 34,800,000
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
3.20%, Series D (Insured; FGIC and Liquidity Facility; Societe Generale) (a) 68,800,000 68,800,000
Ocean County, BAN 4.25%, 6/19/98............................................ 9,287,000 9,333,528
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
______________ ______________
<S> <C> <C>
New Jersey (continued)
Township of Parsippany-Troy Hills, BAN 4%, 2/2/98........................... 7,300,000 7,300,025
Patterson, BAN 4.50%, 5/21/98............................................... $ 12,008,000 $ 12,025,213
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 2 (LOC; Morgan Guaranty Trust Co.) (a,b).................. 4,800,000 4,800,000
3.60%, Series 3 (LOC; Morgan Guaranty Trust Co.) (a,b).................. 16,100,000 16,100,000
3.60%, Series 5 (Liquidity Facility; Bayerische Landesbank) (a)......... 36,100,000 36,100,000
3.65%, Series 4 (LOC; Landesbank Hessen) (a,b).......................... 17,900,000 17,900,000
State of New Jersey, GO Notes
5%, Series E, 7/15/98..................................................... 11,000,000 11,053,689
Township of Woodbridge, BAN:
4.25%, 7/1/98............................................................. 20,000,000 20,035,604
4.25%, 7/31/98............................................................ 22,000,000 22,042,175
U.S. Related-4.2%
Commonwealth of Puerto Rico, Government Development Bank, VRDN, Refunding
3.25%, (Insured; MBIA and Liquidity Facility; Credit Suisse) (a).......... 22,100,000 22,100,000
_____________
Total Investments (cost $530,543,239)....................................... $530,543,239
=============
Summary of Abbreviations
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
EDR Economic Development Revenue Insurance Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
GO General Obligation SWDR Solid Waste Disposal Revenue
LOC Letter of Credit VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
_______ _________ ___________________ _____________________
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 76.9%
AAA/AA (d) Aaa/Aa (d) AAA/AA (d) 3.6
Not Rated (e) Not Rated (e) Not Rated (e) 19.5
_______
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, 1998, 33.2% of the
Fund's net assets are backed by letters of credit issued by domestic banks
and foreign banks.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) Notes which are not F, MIG or SP rated are represented by bond ratings
of the issuers.
(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.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1998
Cost Value
______________ ____________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $530,543,239 $530,543,239
Interest receivable........................ 5,128,368
Prepaid expenses........................... 49,532
_____________
535,721,139
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 217,834
Cash overdraft due to Custodian............ 2,613,647
Payable for investment securities purchased 6,528,405
Accrued expenses........................... 95,392
_____________
9,455,278
_____________
NET ASSETS.................................................................. $526,265,861
=============
REPRESENTED BY: Paid-in capital............................ $526,445,210
Accumulated net realized gain (loss) on investments (179,349)
_____________
NET ASSETS.................................................................. $526,265,861
=============
SHARES OUTSTANDING
(2 BILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED)............... 526,445,210
NET ASSET VALUE, offering and redemption price per share.................... $1.00
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income................................ $19,118,751
EXPENSES: Management fee-Note 2(a)....................... $ 2,685,055
Shareholder servicing costs-Note 2(b).......... 545,819
Custodian fees................................. 52,881
Professional fees.............................. 51,626
Directors' fees and expenses-Note 2(c)......... 38,223
Prospectus and shareholders' reports........... 25,158
Registration fees.............................. 19,138
Miscellaneous.................................. 12,660
____________
Net Expenses............................................... 3,430,560
____________
INVESTMENT INCOME-NET ............................................... 15,688,191
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (16,731)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $15,671,460
============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
January 31, 1998 January 31, 1997
_________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 15,688,191 $ 16,234,965
Net realized gain (loss) on investments................................. (16,731) (4,210)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations....... 15,671,460 16,230,755
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (15,688,191) (16,234,965)
_____________ _____________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 608,741,936 653,656,150
Dividends reinvested.................................................... 14,106,775 14,796,841
Cost of shares redeemed................................................. (657,825,855) (754,746,193)
_____________ _____________
Increase (Decrease) in Net Assets from Capital Stock Transactions..... (34,977,144) (86,293,202)
_____________ _____________
Total Increase (Decrease) in Net Assets............................. (34,993,875) (86,297,412)
NET ASSETS:
Beginning of Period..................................................... 561,259,736 647,557,148
_____________ _____________
End of Period........................................................... $526,265,861 $561,259,736
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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,
______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
Investment Operations:
Investment income-net........................ . .029 .027 .032 .025 .021
______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net......... (.029) (.027) (.032) (.025) (.021)
______ ______ ______ ______ ______
Net asset value, end of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.......................... 2.96% 2.75% 3.25% 2.55% 2.12%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... . .64% .65% .59% .42% .35%
Ratio of net investment income
to average net assets...................... 2.92% 2.71% 3.21% 2.52% 2.10%
Decrease reflected in above expense ratios
due to undertakings by the Manager......... - - .06% .22% .30%
Net Assets, end of period (000's Omitted).... $526,266 $561,260 $647,557 $772,913 $778,236
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 investors with as high a level of current income
exempt from Federal and New Jersey income taxes as is 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 in securities 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 $179,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1998. 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,
$4,000 expires in fiscal 2005 and $17,000 expires in fiscal 2006.
At January 31, 1998, 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 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.
(b) Under the 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 January 31, 1998, the Fund was charged $278,689 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 January 31, 1998, the Fund was charged $237,985 pursuant to the
transfer agency agreement.
(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, 1998, 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 and the financial highlights. Our procedures
included confirmation of securities owned as of January 31, 1998 by correspond
ence with the custodian and brokers. 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, 1998, 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 & YOUNG LLP signature logo]
New York, New York
March 6, 1998
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, 1998 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are New Jersey residents, New Jersey
personal income taxes).
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. 758AR981
New Jersey
Municipal Money
Market Fund, Inc.
Annual Report
January 31, 1998
Registration Mark
[Dreyfus logo]
