Dreyfus New Jersey
Municipal Money Market Fund, Inc.
ANNUAL REPORT January 31, 2000
(reg.tm)
<PAGE>
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 Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
<PAGE>
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
17 Report of Independent Auditors
18 Important Tax Information
FOR MORE INFORMATION
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Back Cover
<PAGE>
The Fund
Dreyfus New Jersey Municipal Money Market Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus New Jersey Municipal
Money Market Fund, Inc., covering the 12-month period from February 1, 1999
through January 31, 2000. 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, Jill Shaffro.
When the reporting period began, it became apparent that international and
domestic economies were growing faster than analysts expected, giving rise to
concerns that long-dormant inflationary pressures might re-emerge. Consumers
continued to spend heavily, unemployment levels reached new lows and the stock
market continued to climb. Because unsustainable economic growth may trigger
unwanted inflationary pressures, the Federal Reserve Board raised key short-term
interest rates three times between June 30 and the end of the reporting period
in an attempt to forestall an acceleration of inflation. A fourth rate hike was
announced just a few days after the reporting period ended. These influences
contributed to higher yields for tax-exempt money market securities.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus New Jersey Municipal Money Market Fund, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
February 15, 2000
<PAGE>
DISCUSSION OF FUND PERFORMANCE
Jill Shaffro, Portfolio Manager
How did Dreyfus New Jersey Municipal Money Market Fund, Inc. perform during the
period?
For the 12-month period ended January 31, 2000, the fund achieved a tax-exempt
yield of 2.51% . Taking into account the effects of compounding, the fund
achieved an effective yield of 2.53%.(1 )
What is the fund's investment approach?
The fund' s objective is to seek a high level of federal and New Jersey state
tax-exempt income while maintaining a stable $1.00 share price. We are
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 an increase in short-term supply, we may decrease the
average maturity of the fund, which would enable us to purchase new securities
with higher yields. Yields tend to rise when there is an increase in new-issue
supply competing for investor interest. New securities are generally issued with
maturities in the one-year range, which tend to lengthen the fund's weighted
average maturity. If we anticipate limited new-issue supply, we may extend 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 and future supply-and-demand considerations.
What other factors influenced the fund's performance?
Soon after the reporting period began, it became apparent that economic growth
was greater than most investors had anticipated. The Fun
<PAGE>
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Evidence emerged that economies in Japan and Southeast Asia had begun to
recover, and the growth of the U.S. economy was robust. 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
inflationary pressures might re-emerge. In response, the Federal Reserve Board
increased short-term interest rates three times during the summer and fall of
1999. An additional rate hike occurred just after the reporting period ended,
for a total increase of 100 basis points from February 1, 1999, the start of the
reporting period, through February 15, 2000, the date of this report.
Although these interest-rate increases caused short-term tax-exempt yields to
rise throughout the reporting period, tax-exempt money market yields did not
rise as much as comparable taxable yields during much of the year. Many states
and municipalities enjoyed higher tax revenues during this period of economic
prosperity. As a result, many municipalities had less need to borrow to satisfy
their short-term obligations.
What is the fund's current strategy?
We have continued to manage the fund' s average maturity according to our
supply-and-demand expectations. Accordingly, we modestly extended the fund's
average maturity last summer to maintain competitive yields during a time of
little new issuance. We later allowed the fund's average maturity to decline
naturally as existing holdings matured, enabling us to capture higher yields
during the fourth quarter of 1999, when issuance increased. We again modestly
extended the average maturity at year-end to take advantage of market weakness
in advance of potential Y2K concerns, which ultimately proved unfounded. We
ended the reporting period with a weighted average maturity that was slightly
longer than neutral. This position was designed to maintain competitive yields
through February, typically a low-issuance month.
<PAGE>
Our security selection strategy continued to focus on very high quality, liquid
money market instruments from an array of issuers. Some of the most frequently
used instruments included Variable Rate Demand Notes (VRDNs), which affords the
fund a high degree of liquidity and credit quality. We also found attractive
opportunities in tax-exempt commercial paper during the reporting period. For
example, in September, we purchased commercial paper issued by the state of New
Jersey, which helped us extend the fund's average weighted maturity. These
securities offered high levels of liquidity, strong credit characteristics and
competitive yields. Of course, portfolio composition will change over time.
February 15, 2000
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
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. 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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY
INVESTING IN THE FUND.
The Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
STATEMENT OF INVESTMENTS
January 31, 2000
<TABLE>
<CAPTION>
Principal
TAX EXEMPT INVESTMENTS--98.8% Amount ($) Value ($)
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<S> <C> <C>
Atlantic County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
2.75% (LOC; Krediet Bank) 4,800,000 (a) 4,800,000
Bayonne Municipal Utilities Authority (Sewer Project)
3.50%, 5/5/2000 12,000,000 12,008,956
Burlington County, BAN
3.50%, 6/9/2000 8,648,000 8,657,133
Essex County Improvement Authority:
BAN 3.50%, 3/31/2000 20,000,000 20,010,929
Revenue, VRDN (County Asset Sale Project)
3.05% (Insured; AMBAC and
Liquidity Facility; Morgan Guaranty Trust Co.) 9,800,000 (a) 9,800,000
Hudson County Improvement Authority, VRDN
(Essential Purpose Pooled Government Loan)
3.20% (LOC; First Union National Bank) 16,240,000 (a) 16,240,000
Jersey City, BAN 4.75%, 1/12/2001 9,000,000 9,046,539
Middlesex County, BAN 4.50%, 1/19/2001 13,300,000 13,363,127
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
2.80% (LOC; The Bank of New York) 19,985,000 (a) 19,985,000
New Jersey Economic Development Authority:
Exempt Facilities Revenue, CP
(Chambers Cogen) 3.65%, 3/13/2000 11,100,000 11,100,000
VRDN:
EDR:
(Exit 8A Limited Partnership Project)
3.10% (LOC; European American Bank) 5,700,000 (a) 5,700,000
(Merck and Co. Inc.)
3.60%, Series A (LOC; Merck and Co.) 1,000,000 (a) 1,000,000
Refunding (Hartz and Rex Associates)
3.225%, Series B (LOC; Citibank) 2,000,000 (a) 2,000,000
(White Horse Pike Limited Project)
3.80% (Corp. Guaranty; Household Finance Corp.) 7,600,000 (a) 7,600,000
Mortgage Facilities Revenue (Rennoc Corp. Project)
3.30% (LOC; LaSalle National Bank) 3,305,000 (a) 3,305,000
Natural Gas Facilities Revenue, Refunding
(New Jersey Natural Gas Co. Project)
2.90%, 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.)
3.10% (LOC; Wachovia Bank of Georgia) 20,000,000 (a) 20,000,000
(Public Service Electric and Gas Co.)
3%, Series A (Insured; MBIA and
Liquidity Facility; Union Bank of Switzerland) 13,300,000 (a) 13,300,000
<PAGE>
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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New Jersey Economic Development Authority (continued):
School Revenue, Refunding (Blair Academy)
3.55% (LOC; First Union National Bank) 5,290,000 (a) 5,290,000
New Jersey Educational Facilities Authority, Revenue, Refunding,
VRDN (College of New Jersey)
3.10%, Series A (Insured; AMBAC and
LOC: Bank of Nova Scotia and Toronto-Dominion Bank) 22,100,000 (a) 22,100,000
New Jersey Health Care Facilities Financing Authority, Revenue:
Refunding (Virtual Health Issue)
4%, 7/1/2000 (Insured; FSA) 4,865,000 4,865,330
VRDN (Hospital Capital Asset Financing)
3%, Series A (LOC; Chase Manhattan Bank) 2,200,000 (a) 2,200,000
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, VRDN
3.05%, Series C (Insured; MBIA and LOC; Credit Suisse) 12,000,000 (a) 12,000,000
New Jersey Transportation Trust Fund Authority,
Transportation System, Prerefunded
6%, Series A, 6/15/2000
(Escrowed in; U.S. Government Securities) 5,000,000 5,038,709
New Jersey Turnpike Authority, Turnpike Revenue, Refunding,
VRDN 2.50%, Series D
(Insured; FGIC and Liquidity Facility; Societe Generale) 27,800,000 27,800,000
Patterson, BAN 4%, 6/16/2000 8,304,000 8,320,399
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.60%, Series 5 (Liquidity Facility; Bayerische Landesbank) 5,000,000 5,000,000
3.65%, Series 4 (LOC; Landesbank Hessen) 17,450,000 17,450,000
3.65%, Series 6 (Liquidity Facility; Bank of Nova Scotia) 16,700,000 16,700,000
Rahway, BAN 4.15%, 12/20/2000 9,000,000 9,017,570
State of New Jersey Transit Corporation, CP:
3.70%, Series A, 2/10/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 4,300,000 4,300,000
3.75%, Series A, 2/10/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 2,000,000 2,000,000
3.55%, Series A, 2/29/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 5,000,000 5,000,000
The Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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State of New Jersey, Transit Corp., CP (continued):
3.75%, Series A, 2/29/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 1,200,000 1,200,000
3.70%, Series A, 3/8/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 8,000,000 8,000,000
3.75%, Series A, 3/9/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 20,000,000 20,000,000
3.70%, Series A, 3/10/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 5,000,000 5,000,000
3.85%, Series A, 3/10/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 15,000,000 15,000,000
3.70%, Series A, 4/5/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 6,600,000 6,600,000
3.75%, Series A, 4/10/2000
(Liquidity Facility; Bank of Nova Scotia, Commerz Bank
and Toronto-Dominion Bank) 16,500,000 16,500,000
Trenton, BAN 3.45%, 5/19/2000 10,000,000 10,008,505
Vineland, BAN 4.25%, 5/17/2000 8,000,000 8,007,953
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TOTAL INVESTMENTS
(cost $426,160,150) 98.8% 426,160,150
CASH AND RECEIVABLES (NET) 1.2% 5,382,988
NET ASSETS 100.0% 431,543,138
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond FSA Financial Security Assurance
Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
EDR Economic Development Revenue PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance VRDN Variable Rate Demand Notes
Company
</TABLE>
Summary of Combined Ratings (Unaudited)
<TABLE>
<CAPTION>
Fitch or Moody's or Standard & Poor's Value (%)
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<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 79.0
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 8.1
Not Rated (c) Not Rated (c) Not Rated (c) 12.9
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC
CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S OR STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
January 31, 2000
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 426,160,150 426,160,150
Cash 3,268,170
Interest receivable 3,465,400
Prepaid expenses and other assets 25,436
432,919,156
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 204,882
Payable for investment securities purchased 1,102,736
Accrued expenses and other liabilities 68,400
1,376,018
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NET ASSETS ($) 431,543,138
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 431,785,459
Accumulated net realized gain (loss) on investments (242,321)
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NET ASSETS ($) 431,543,138
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SHARES OUTSTANDING
(2 billion shares of $.001 par value Common Stock authorized) 431,785,459
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS
Year Ended January 31, 2000
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INVESTMENT INCOME ($):
INTEREST INCOME 14,603,276
EXPENSES:
Management fee--Note 2(a) 2,307,099
Shareholder servicing costs--Note 2(b) 579,332
Custodian fees 47,599
Professional fees 44,667
Directors' fees and expenses--Note 2(c) 36,830
Prospectus and shareholders' reports 20,873
Registration fees 12,834
Miscellaneous 10,364
TOTAL EXPENSES 3,059,598
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations 11,543,678
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Year Ended January 31,
---------------------------
2000 1999
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OPERATIONS ($):
Investment income--net 11,543,678 13,110,679
Net realized gain (loss) from investments -- (62,972)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 11,543,678 13,047,707
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (11,543,678) (13,110,679)
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CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 529,895,068 674,108,432
Dividends reinvested 10,241,115 11,791,866
Cost of shares redeemed (583,639,144) (737,057,088)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (43,502,961) (51,156,790)
TOTAL INCREASE (DECREASE) IN NET ASSETS (43,502,961) (51,219,762)
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NET ASSETS ($):
Beginning of period 475,046,099 526,265,861
END OF PERIOD 431,543,138 475,046,099
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
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>
<CAPTION>
Year Ended January 31,
--------------------------------------------------------------------
2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .025 .027 .029 .027 .032
Distributions:
Dividends from investment income--net (.025) (.027) (.029) (.027) (.032)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.54 2.69 2.96 2.75 3.25
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .66 .67 .64 .65 .59
Ratio of net investment income
to average net assets 2.50 2.65 2.92 2.71 3.21
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- -- -- .06
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Net Assets, end of period ($ x 1,000) 431,543 475,046 526,266 561,260 647,557
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE>
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 State 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., which is a wholly-owned subsidiary
of Mellon Financial Corporation. 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 $28,702 during the period ended January 31,
2000 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
<PAGE>
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 $241,300
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 2000. If not
applied, $2,300 of the carryover expires in fiscal 2002, $40,000 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, 2000, 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
<PAGE>
NOTES TO FINANCIAL STATEMENTS (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
January 31, 2000, the fund was charged $320,451 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, 2000, the fund was charged $178,203 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.
NOTE 3--Subsequent Event:
At a meeting of the fund's Board of Directors held on January 19, 2000, the
Board approved the termination of the fund's Distribution Agreement with Premier
Mutual Fund Services Inc., and approved a new Distribution Agreement with
Dreyfus Service Corporation. The new Distribution Agreement with Dreyfus Service
Corporation is slated for effectiveness on March 16, 2000.
<PAGE>
REPORT OF 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, 2000, 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 auditing standards generally accepted
in the United States. 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, 2000 by correspondence 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, 2000, 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 accounting principles
generally accepted in the United States.
New York, New York
March 6, 2000
The Fund
<PAGE>
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, 2000 as
"exempt-interest dividends" (not subject to regular Federal and, for individuals
who are New Jersey residents, New Jersey personal income taxes).
<PAGE>
NOTES
<PAGE>
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
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(c) 2000 Dreyfus Service Corporation 758AR001
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