Dreyfus New Jersey
Municipal Money Market Fund, Inc.
SEMIANNUAL REPORT July 31, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus New Jersey Municipal Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New Jersey
Municipal Money Market Fund, covering the six-month period from February 1, 1999
through July 31, 1999. Inside, you'll find valuable information about how the
fund was managed during the reporting period, including a discussion with the
fund's portfolio manager, Karen Hand.
Yields on tax-exempt money market securities generally rose over the reporting
period. This was due to signs of robust U.S. economic growth that became evident
early in 1999, fueling fears that inflationary pressures might re-emerge in an
overheated economy. In response to inflation concerns, the Federal Reserve
raised short-term interest rates by one-quarter of a percentage point on June
30, effectively reversing a portion of last fall's rate cuts.
However, tax-exempt money market yields generally did not rise as much as
taxable money market yields because short-term tax-exempt securities were
influenced by unique supply-and-demand factors. Strong economic conditions have
curtailed many municipalities' need to borrow over the short term, reducing the
available supply of tax-exempt money market securities. Yet, investor demand
remained strong from individuals seeking to minimize their tax liabilities. This
imbalance helped constrain the rise of tax-exempt money market yields during the
reporting period relative to most sectors of the taxable money markets.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus New Jersey Municipal Money Market Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
August 10, 1999
DISCUSSION OF FUND PERFORMANCE
Karen Hand, Portfolio Manager
How did Dreyfus New Jersey Municipal Money Market Fund perform during the
period?
For the six-month period ended July 31, 1999, the fund produced an annualized
yield of 2.34% . Taking into account the effects of compounding, the fund
provided an annualized effective yield of 2.37%.(1) The fund provided a total
return (not annualized) of 1.17%(2) compared to the Lipper New Jersey Tax-Exempt
Money Market Funds category average total return (not annualized) of 1.19% for
the same period.(3)
What is the fund's investment approach?
Our goal is to seek a high level of federal and New Jersey state tax-exempt
income while maintaining a stable $1.00 share price. We also attempt to be
especially vigilant in our efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality, tax-exempt
money market instruments from New Jersey issuers. Second, we actively manage the
fund' s average maturity in anticipation of interest rate trends and
supply-and-demand changes in New Jersey's short-term municipal marketplace.
For example, if we expect supply to increase temporarily when many
municipalities issue short-term debt at once, we may reduce the fund's average
maturity to make cash available for the purchase of higher-yielding securities.
That' s because yields tend to rise if many issuers are competing for investor
interest. If we expect demand to surge at a time when we anticipate little
issuance and, therefore, lower yields, we may increase the fund's average
maturity to maintain current yields for as long as practical. At other times, we
try to maintain an average maturity that reflects our view of short-term
interest rate trends.
Effective August 12, 1999, Ms. Jill Shaffro McGovern will assume portfolio
management responsibilities for the fund. Ms. McGovern has The Fun
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
been a member of Dreyfus' tax-exempt investment team for more than a decade, and
so I anticipate no changes in the fund's management approach.
What other factors influenced the fund's performance?
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, the Federal Reserve Board and other central banks
moved quickly to stimulate global economic growth. They did so by reducing key
short-term interest rates, which was intended to help boost economic activity.
An additional consequence was lower yields on money market securities.
The Federal Reserve Board's strategy was apparently successful: evidence emerged
in 1999 that economies in Japan and Southeast Asia had begun to recover, and the
growth of the U.S. economy was stronger than most analysts expected. In the
United States, consumer confidence was at a 30-year high, and employment was
strong, with hourly wages rising.
This positive economic news raised concerns among fixed-income investors that
inflation pressures might re-emerge. In response, the Federal Reserve Board
increased short-term interest rates on June 30, effectively offsetting a portion
of last fall's decrease. Because the market anticipated this change in monetary
policy in the weeks before it was announced, short-term tax-exempt yields rose
during the second quarter.
However, tax-exempt money market yields did not rise as much as comparable
taxable yields. That's primarily because New Jersey -- and many other states --
have enjoyed higher tax revenues during this period of economic prosperity.
What is the fund's current strategy?
We have continued to focus on very high-quality, liquid money market instruments
from a wide array of New Jersey issuers. Some of the most frequently used
instruments include Variable Rate Demand Notes (VRDNs), which are issued by
investment banks through the securiti
zation of longer-term municipal bonds. With a put feature attached to each VRDN,
of either one or seven days, we believe that VRDNs afford a high degree of
liquidity as well as high credit quality to the portfolio. Accordingly, as of
July 31, much of the fund's portfolio was composed of VRDNs. The remainder was
comprised primarily of tax-exempt commercial paper and New Jersey tax-exempt
notes.
Also as of July 31, the fund's average maturity remained at the long end of the
neutral range. By maintaining a neutral-to-long average maturity, our strategy
has been to retain the flexibility we need to capture competitive yields while
maintaining the flexibility we need to respond quickly to changing market
conditions.
August 10, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR
ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF
YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
THE FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-NEW JERSEY RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
TAX EXEMPT INVESTMENTS--99.0% Amount ($) Value ($)
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<S> <C> <C>
NEW JERSEY--94.3%
Atlantic County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
2.60% (LOC; Krediet Bank) 4,800,000 (a) 4,800,000
Bayonne Municipal Utilities Authority
(Sewer Project) 3.50%, 5/5/2000 12,000,000 12,026,487
Burlington County, BAN:
3.25%, 11/4/1999 8,929,500 8,934,555
3.50%, 6/9/2000 8,648,000 8,670,160
Essex County, TAN 3.50%, 11/18/1999 22,000,000 22,021,166
Essex County Improvement Authority:
BAN 3.50%, 3/31/2000 20,000,000 20,045,015
Revenue, VRDN:
(Aces Pooled Government Loan Program)
2.60% (LOC; Banco Santander) 14,200,000 (a) 14,200,000
(County Asset Sale Project)
3.05% (Insured; AMBAC and Liquidity Facility;
Morgan Guaranty Trust Co.) 10,000,000 (a) 10,000,000
Hudson County Improvement Authority, VRDN
(Essential Purpose Pooled Government Loan)
3.05% (LOC; Comerica Bank) 16,240,000 (a) 16,240,000
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
2.65% (LOC; The Bank of New York) 23,000,000 (a) 23,000,000
New Jersey Economic Development Authority, VRDN:
Dock Facility Revenue, Refunding (Bayonne/Imtt Project)
3.30%, Series A (LOC; First Chicago Corp.) 3,000,000 (a) 3,000,000
EDR:
(Exit 8A Limited Partnership Project)
3.05% (LOC; European American Bank) 5,700,000 (a) 5,700,000
(Merck and Co. Inc.) 3.65%, Series A (LOC; Merck and Co.) 1,000,000 (a) 1,000,000
Refunding (Hartz and Rex Associates)
3.275%, Series B (LOC; Citibank) 2,000,000 (a) 2,000,000
(White Horse Pike Limited Project)
3.40% (Corp. Guaranty; Household Finance Corp.) 7,600,000 (a) 7,600,000
Mortgage Facilities Revenue (Rennoc Corp. Project)
3.40% (LOC; First Union National Bank of North Carolina) 3,505,000 (a) 3,505,000
Natural Gas Facilities Revenue, Refunding
(New Jersey Natural Gas Co. Project)
2.60%, Series A (Insured; AMBAC and Liquidity Facility;
The Bank of New York) 4,845,000 (a) 4,845,000
PCR, Refunding:
(Hoffman La Roche Inc.)
3.20% (LOC; Wachovia Bank of Georgia) 20,000,000 (a) 20,000,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority, VRDN (continued):
PCR, Refunding (continued):
(Public Service Electric and Gas Co.)
2.60%, Series A (Insured; MBIA and Liquidity Facility;
Union Bank of Switzerland) 13,300,000 (a) 13,300,000
Water Facilities Revenue, Refunding
(United Water New Jersey Inc. Project)
3.40%, Series A (Insured; AMBAC and Liquidity Facility;
The Bank of New York) 8,200,000 (a) 8,200,000
New Jersey Health Care Facilities Financing Authority,
Revenue, VRDN
(Hospital Capital Asset Financing):
2.90%, Series A (LOC; Chase Manhattan Bank) 12,200,000 (a) 12,200,000
2.90%, Series D (LOC; Chase Manhattan Bank) 10,000,000 (a) 10,000,000
New Jersey Higher Education Assistance Authority,
Student Loan Revenue, Refunding
3.10%, Series B, 6/1/2000 (Insured; MBIA and
Liquidity Facility; Landesbank Hessen) 6,000,000 6,000,000
New Jersey Sports and Exposition Authority,
State Contract, VRDN
2.85%, Series C (Insured; MBIA and Liquidity Facility;
Credit Suisse) 25,310,000 (a) 25,310,000
New Jersey Turnpike Authority, Turnpike Revenue,
Refunding, VRDN
2.50%, Series D (Insured; FGIC and Liquidity Facility;
Societe Generale) 47,800,000 (a) 47,800,000
Patterson, BAN 4%, 6/16/2000 8,304,000 8,342,585
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.25%, Series 3 (Liquidity Facility;
Morgan Guaranty Trust Co.) 9,000,000 (a) 9,000,000
3.25%, Series 5 (Liquidity Facility;
Bayerische Landesbank) 25,850,000 (a) 25,850,000
3.30%, Series 4 (LOC; Landesbank Hessen) 27,150,000 (a) 27,150,000
3.30%, Series 6 (Liquidity Facility; Bank of Nova Scotia) 22,850,000 (a) 22,850,000
South Jersey Transportation Authority, BAN
2.95%, 11/3/1999 (LOC; First Union National Bank
of North Carolina) 20,000,000 20,000,000
Trenton, BAN 3.50%, 5/19/2000 10,000,000 10,022,996
Union County Industrial Pollution Control Financing Authority,
PCR, Refunding, VRDN
(Exxon Project) 2.90% (LOC; Exxon Corp.) 6,400,000 (a) 6,400,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED--4.7%
Commonwealth of Puerto Rico,
Government Development Bank, Refunding, VRDN
2.55% (Insured; MBIA and Liquidity Facility; Credit Suisse) 22,100,000 (a) 22,100,000
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TOTAL INVESTMENTS (cost $462,112,964) 99.0% 462,112,964
CASH AND RECEIVABLES (NET) 1.0% 4,760,931
NET ASSETS 100.0% 466,873,895
Summary of Abbreviations
AMBAC American Municipal Bond MBIA Municipal Bond Investors Assurance
Assurance Corporation Insurance Corporation
BAN Bond Anticipation Notes PCR Pollution Control Revenue
EDR Economic Development Revenue TAN Tax Anticipation Notes
FGIC Financial Guaranty Insurance Company VRDN Variable Rate Demand Notes
LOC Letter of Credit
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 88.6
Not Rated (b) Not Rated (b) Not Rated (b) 11.4
100.0
A SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
B SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S HAVE
BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
July 31, 1999 (Unaudited)
Cost Value
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<S> <C> <C>
ASSETS ($):
Investments in securities--See Statement of
Investments 462,112,964 462,112,964
Cash 2,408,756
Interest receivable 2,606,277
Prepaid expenses and other assets 36,338
467,164,335
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 229,862
Accrued expenses 60,578
290,440
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NET ASSETS ($) 466,873,895
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 467,116,216
Accumulated net realized gain (loss) on investments (242,321)
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NET ASSETS ($) 466,873,895
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SHARES OUTSTANDING
(2 billion shares of $.001 par value Common Stock authorized) 467,116,216
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
Six Months Ended July 31, 1999 (Unaudited)
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<S> <C>
INVESTMENT INCOME ($):
INTEREST INCOME 6,990,665
EXPENSES:
Management fee--Note 2(a) 1,164,376
Shareholder servicing costs--Note 2(b) 295,434
Professional fees 26,780
Custodian fees 24,014
Directors' fees and expenses--Note 2(c) 16,100
Prospectus and shareholders' reports 8,123
Registration fees 6,460
Miscellaneous 5,110
TOTAL EXPENSES 1,546,397
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations 5,444,268
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 1999 Year Ended
(Unaudited) January 31, 1999
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<S> <C> <C>
OPERATIONS ($):
Investment income--net 5,444,268 13,110,679
Net realized gain (loss) on investments -- (62,972)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 5,444,268 13,047,707
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (5,444,268) (13,110,679)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 285,708,354 674,108,432
Dividends reinvested 4,864,405 11,791,866
Cost of shares redeemed (298,744,963) (737,057,088)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS (8,172,204) (51,156,790)
TOTAL INCREASE (DECREASE) IN NET ASSETS (8,172,204) (51,219,762)
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NET ASSETS ($):
Beginning of period 475,046,099 526,265,861
END OF PERIOD 466,873,895 475,046,099
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Six Months Ended
July 31, 1999 Year Ended January 31,
----------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning
of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .012 .027 .029 .027 .032 .025
Distributions:
Dividends from investment
income--net (.012) (.027) (.029) (.027) (.032) (.025)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.36(a) 2.69 2.96 2.75 3.25 2.55
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .66(a) .67 .64 .65 .59 .42
Ratio of net investment income
to average net assets 2.34(a) 2.65 2.92 2.71 3.21 2.52
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- -- -- .06 .22
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Net Assets, end of period
($ x 1,000) 466,874 475,046 526,266 561,260 647,557 772,913
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
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, as amended (the "Act"), as a
non-diversified open-end management investment company. The fund's investment
objective is to provide investors with as high a level of current income exempt
from Federal and New Jersey income taxes as is consistent with the preservation
of capital and the maintenance of liquidity. The Dreyfus Corporation (the
" 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, 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. Under the terms of the custody agreement, the fund
received net earnings credits of $15,978 during the period ended July 31, 1999
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the fund.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends
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 of 1986, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
The fund has an unused capital loss carryover of approximately $242,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1999. 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, $17,000 expires in fiscal 2006 and $63,000 expires in
fiscal 2007.
At July 31, 1999, 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.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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 July
31, 1999, the fund was charged an aggregate of $158,258 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 July 31, 1999, the fund was charged $91,434 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.
For More Information
Dreyfus New Jersey Municipal Money Market Fund
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET
Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 758SA997
<PAGE>
