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.
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, 1999. Your Fund produced a yield of 2.65%,
and, after taking into account the effect of compounding, an effective yield of
2.69%.*
ECONOMIC REVIEW
The U.S. economy remained strong in 1998 in spite of economic turmoil in Asia
and Russia. There were two main reasons: First, consumer spending was strong,
backed by healthy real wage and salary income and the wealth effect from high
asset prices. Second, technology spending was quite strong even as capital
spending in the older industries showed signs of cooling late in the year.
The Fed stood pat with an unchanged Federal Funds rate for the first nine
months of 1998, but began to ease rates on September 30. The trigger for its
doing so was a financial crisis brought on by defaults. Despite the fact that an
International Monetary Fund program was in place, Russia defaulted in midsummer.
As the prices of illiquid assets owned by leveraged hedge funds, brokerage firms
and banks dropped sharply, fear in financial circles escalated. The Fed broke
the momentum of financial stress by easing rates on three successive occasions.
The period of financial crisis was brief enough that little damage was done to
the U.S. economy in 1998, as yet another year of above-trend economic growth
with quiescent inflation was recorded.
The U.S. and Continental Europe experienced both good results and bad from the
Asian financial crisis. In this country, the housing and consumer sectors were
beneficiaries, while the industrial sector was weakened by the Asian recession.
Low inflation permitted credit to ease in both Europe and the U.S.
In 1998, the global economy survived a triple financial crisis focused on
Japan, on emerging market countries and on hyperleveraged financial
institutions. Overseas, excess capacity persists in many industries after years
of high capital spending followed by the onset of weakness in world demand.
Fortunately, the U.S. has led the world in making the transition from the
traditional industries to the new growth industries such as biotechnology,
software, hardware and the Internet. This contributed to the favorable
combination of a low unemployment rate and low inflation in the U.S., a
performance which has strengthened the forces for more efficient allocation of
capital elsewhere in the world. As 1999 began, the U.S. economy continued to
exhibit surprising strength.
MARKET ENVIRONMENT/PORTFOLIO FOCUS
Throughout the Fall, the short-term municipal market continued to feel the
effects of the diminished supply of new issuance during the summer months. The
overall lack of availability of suitable investments in the one-year range held
yields down for most of the period. As a result of the relatively flat yield
curve that existed, we utilized the commercial paper market as a means of
locking in attractive rates in the 60- to 90-day range without having to extend
out a full year.
As year-end approached, we were poised to take advantage of seasonal market
weakness and extend the Fund' s average maturity when possible. However, the
short-term municipal market's weakness in late December was slight and afforded
us less opportunity than in prior years. This, coupled with the lack of supply
of high-quality New Jersey-exempt paper, hindered our ability to extend the
Fund' s average maturity. When possible, we selectively purchased one-year notes
issued by New Jersey municipalities, which provided competitive market yields
and which met the high standards required by our internal investment guidelines.
We will continue to search for comparable one-year investment opportunities that
will lock in higher rates while providing an attractive return to the tax-exempt
investor. As always, we will structure the portfolio in an attempt to maximize
current yield while maintaining our commitment to high quality tax-exempt
investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 18, 1999
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, 1999
Principal
Tax Exempt Investments--96.6% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
New Jersey--91.9%
Atlantic County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 2.30% (LOC; Krediet Bank) (a) . . . . . . . . . . $ 4,800,000 $ 4,800,000
Burlington County, BAN:
4%, Series A, 6/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,007,414
4%, Series B, 6/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 17,019,854
3.25%, 11/4/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,929,500 8,944,187
Essex County Improvement Authority, Revenue, VRDN:
(Aces Pooled Government Loan Program) 2.45% (LOC; Banco Santander) (a) . . . . . . . . . 14,200,000 14,200,000
(County Asset Sale Project)
2.80% (Insured; AMBAC and Liquidity Facility; Morgan Guaranty Trust Co.) (a) . . . . . 10,000,000 10,000,000
Hudson County Improvement Authority, VRDN (Essential Purpose Pooled Government
Loan)
2.60% (LOC; Comerica Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,240,000 16,240,000
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program) 2.35% (LOC; Union Bank of Switzerland) (a) . . . . 23,000,000 23,000,000
New Jersey Economic Development Authority:
SWDR (Newark Recycling) 3%, 6/15/99 (LOC; Societe Generale) . . . . . . . . . . . . . . 15,000,000 15,000,000
VRDN:
Dock Facility Revenue, Refunding (Bayonne/Imtt Project)
3.15%, Series A (LOC; First Chicago Corp.) (a). . . . . . . . . . . . . . . . . . . 4,800,000 4,800,000
EDR:
(Exit 8A Limited Partnership Project) 2.65% (LOC; European American Bank) (a) . . . 6,000,000 6,000,000
(Merck and Co. Inc.) 3.20%, Series A (a) . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,000,000
Refunding:
(Foreign Trade Zone Project) 2.90% (LOC; Morgan Guaranty Trust Co.) (a) . . . . . 3,400,000 3,400,000
(Hartz & Rex Associates) 2.825%, Series B (LOC; Citibank) (a) . . . . . . . . . . 2,000,000 2,000,000
(White Horse Pike Limited Project) 2.95% (Corp. Guaranty; Household Finance Corp.) (a) . 7,600,000 7,600,000
Mortgage Facilities Revenue (Rennoc Corp. Project)
3.05% (LOC; Philadelphia National Bank) (a) . . . . . . . . . . . . . . . . . . . . 3,705,000 3,705,000
PCR, Refunding:
(Hoffman La Roche Inc.) 2.85% (LOC; Wachovia Bank of Georgia) (a) . . . . . . . . . 20,000,000 20,000,000
(Public Service Electric and Gas Co.)
2.35%, Series A (Insured; MBIA and Liquidity Facility; Union Bank of Switzerland) (a) . . 13,300,000 13,300,000
New Jersey Health Care Facilities Financing Authority, Revenue, VRDN
(Hospital Capital Asset Financing):
2.45%, Series A (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . 13,200,000 13,200,000
2.45%, Series D (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
New Jersey Sports and Exposition Authority, State Contract, VRDN
2.50%, Series C (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . . . . . 22,310,000 22,310,000
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
2.45%, Series D (Insured; FGIC and Liquidity Facility; Societe Generale) (a) . . . . . . 62,900,000 62,900,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.20%, Series 2 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . 4,250,000 4,250,000
3.15%, Series 3 (SBPA; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . 4,000,000 4,000,000
3.15%, Series 5 (Liquidity Facility; Bayerische Landesbank) (a) . . . . . . . . . . . 12,700,000 12,700,000
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
New Jersey (continued)
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(continued)
(Versatile Structure Obligation) (continued):
3.25%, Series 4 (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . . $ 18,350,000 $ 18,350,000
3.25%, Series 6 (Liquidity Facility; Bank of Nova Scotia) (a) . . . . . . . . . . . . 21,900,000 21,900,000
South Jersey Transportation Authority, BAN
2.95%, 11/3/99 (LOC; First Union National Bank of North Carolina) . . . . . . . . . . . 20,000,000 20,000,000
State of New Jersey, CP, Series A:
3.35%, 2/17/99 (Liquidity Facility: Bank of Nova Scotia and Commerzbank) . . . . . . . . 27,000,000 27,000,000
3.35%, 4/8/99 (Liquidity Facility: Bank of Nova Scotia and Commerzbank) . . . . . . . . 10,000,000 10,000,000
Township of Woodbridge, BAN 4%, 7/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . 33,000,000 33,058,857
U.S. Related--4.7%
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
2.35% (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . . . . . . . . . . 22,100,000 22,100,000
_____________
TOTAL INVESTMENTS (cost $458,785,312). . . . . . . . . . . . . . . . . . . . . . . . . . . 96.6% $458,785,312
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4% $ 16,260,787
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $475,046,099
_______ _____________
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
EDR Economic Development Revenue SBPA Standby Bond Purchase Agreement
FGIC Financial Guaranty Insurance Company SWDR Solid Waste Disposal Revenue
LOC Letter of Credit VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ _________ ___________________ _____________________
F1+/F1 VMIG1/MIG1,P1 SP1+/SP1, A1+/A1 85.3%
Not Rated (b) Not Rated (b) Not Rated (b) 14.7
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(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.
(c) At January 31, 1999, the Fund has $123,850,000 (26.1% of net assets) in
securities whose payment of principal and interest is dependent upon
revenues generated from transportation projects.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1999
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $458,785,312 $458,785,312
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 1,186,985
Receivable for investment securities sold . . . . . . . . 12,153,945
Interest receivable . . . . . . . . . . . . . . . . . . . 3,213,454
Prepaid expenses and other assets . . . . . . . . . . . . 22,284
_____________
475,361,980
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 237,221
Accrued expenses . . . . . . . . . . . . . . . . . . . . 78,660
_____________
315,881
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $475,046,099
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $475,288,420
Accumulated net realized gain (loss) on investments . . . (242,321)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $475,046,099
_____________
SHARES OUTSTANDING
(2 billion shares of $.001 par value Common Stock authorized). . . . . . . . . . . . . . . 475,288,420
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, 1999
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $16,395,835
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . $ 2,469,709
Shareholder servicing costs--Note 2(b) . . . . . . . . . 633,924
Professional fees . . . . . . . . . . . . . . . . . . . . 52,037
Custodian fees . . . . . . . . . . . . . . . . . . . . . 51,763
Directors' fees and expenses--Note 2(c) . . . . . . . . . 39,921
Prospectus and shareholders' reports . . . . . . . . . . 16,647
Registration fees . . . . . . . . . . . . . . . . . . . . 11,264
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 9,891
____________
Net Expenses . . . . . . . . . . . . . . . . . . . . . 3,285,156
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,110,679
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . . . . . (62,972)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $13,047,707
____________
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, 1999 January 31, 1998
________________ _________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,110,679 $ 15,688,191
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . (62,972) (16,731)
_____________ _____________
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . 13,047,707 15,671,460
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,110,679) (15,688,191)
_____________ _____________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 674,108,432 608,741,936
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,791,866 14,106,775
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (737,057,088) (657,825,855)
_____________ _____________
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS . . . . . . . (51,156,790) (34,977,144)
_____________ _____________
TOTAL INCREASE (DECREASE) IN NET ASSETS . . . . . . . . . . . . . . . . . . . (51,219,762) (34,993,875)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,265,861 561,259,736
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 475,046,099 $ 526,265,861
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DRYFUS 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: 1999 1998 1997 1996 1995
______ ______ ______ ______ ______
<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 . . . . . . . . . . . . . . . . . .027 .029 .027 .032 .025
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.027) (.029) (.027) (.032) (.025)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 2.69% 2.96% 2.75% 3.25% 2.55%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . .67% .64% .65% .59% .42%
Ratio of net investment income to
average net assets . . . . . . . . . . . . . . . . . 2.65% 2.92% 2.71% 3.21% 2.52%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . -- -- -- .06% .22%
Net Assets, end of period (000's Omitted) . . . . . . . . $475,046 $526,266 $561,260 $647,557 $772,913
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, 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 $38,348 during the period ended January 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 January 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).
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, 1999, the Fund was charged an aggregate of $343,852 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, 1999, the Fund was charged $196,770 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, 1999, 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, 1999 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, 1999, 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.
New York, New York
March 4, 1999
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
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, 1999 as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are New Jersey residents, New Jersey personal income taxes).
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(reg.tm)
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. 758AR991
New Jersey
Municipal Money
Market Fund, Inc.
Annual Report
January 31, 1999
