Dreyfus New Jersey
Municipal Money Market Fund, Inc.
SEMIANNUAL REPORT July 31, 2000
(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
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
11 Statement of Assets and Liabilities
12 Statement of Operations
13 Statement of Changes in Net Assets
14 Financial Highlights
15 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus New Jersey Municipal Money Market Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New Jersey
Municipal Money Market Fund, Inc., covering the six-month period from February
1, 2000 through July 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.
Tighter monetary policy adversely affected most, but not all, sectors of the
money markets over the past six months. This was primarily a result of efforts
by the Federal Reserve Board (the "Fed") to forestall potential inflationary
pressures in a fast-growing economy. The Fed raised short-term interest rates
three times during the reporting period, following three interest-rate hikes
implemented in the months before the reporting period began.
In addition, tax-exempt money market investments were strongly influenced by
their own supply-and-demand factors. This included a sharp reduction in demand
for tax-exempt money market instruments during the income-tax season. In April,
these forces helped yields on one-year municipal notes reach their highest
levels in more than nine years.
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,
Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
August 15, 2000
DISCUSSION OF FUND PERFORMANCE
Jill Shaffro, Portfolio Manager
How did Dreyfus New Jersey Municipal Money Market Fund, Inc. perform during the
period?
For the six-month period ended July 31, 2000, the fund produced an annualized
yield of 3.21% . Taking into account the effects of compounding, the fund
provided an annualized effective yield of 3.26%.(1)
We attribute the fund' s performance to rising interest rates and a strong
economic environment. The latter enabled New Jersey issuers to reduce their
borrowing activity, thereby reducing the supply of new tax-exempt money market
securities available to New Jersey investors and putting downward pressure on
tax-exempt money market yields.
What is the fund's investment approach?
The fund' s objective is to seek 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 fund also seeks to maintain a
stable $1.00 share price.
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 generally are issued with
maturities in the one-year The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
range and tend to lengthen the fund' s weighted average maturity. If we
anticipate limited new-issue supply, we may extend the portfolio's average
maturity to maintain current yields for as long as practicable. 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?
The fund was positively influenced over the past six months by robust U.S.
economic growth, rising interest rates and seasonal supply-and-demand factors.
When the reporting period began on February 1, 2000, it had become apparent that
the U.S. economy was growing strongly. Consumer confidence reached a 30-year
high, oil prices were bouncing back from the previous year' s lows, and
unemployment remained low. These economic forces raised concerns that
long-dormant inflationary pressures might reemerge. In response, the Federal
Reserve Board (the "Fed") raised short-term interest rates three times during
the reporting period. When added to the three rate hikes implemented before the
reporting period began, the Fed had raised interest rates a total of 1.75
percentage points since June 1999.
Tax-exempt money markets continued to be influenced by the strong U.S. and New
Jersey economies throughout the reporting period. In general, this helped keep
state-specific tax-exempt money market yields relatively low compared to taxable
money market instruments for much of the reporting period. New Jersey and many
of its municipalities experienced higher tax revenues during the period and, as
a result, their need to borrow was curtailed which resulted in a reduced supply
of securities.
Despite the lack of new supply, seasonal supply-and-demand factors helped push
tax-exempt money market yields temporarily higher in April and May as taxpayers
sold shares of municipal money market funds to pay their income tax obligations.
We took advantage of the temporary yield increase by extending the fund's
average maturity as much as practical to lock in prevailing high yields.
What is the fund's current strategy?
Our primary strategy has been to maintain a longer average weighted maturity for
the fund than that of most other New Jersey tax-exempt money market funds. This
maturity management strategy was designed to help us lock in what we believe are
attractive yields amid a declining supply of newly issued securities. Although
our ability to do so has been constrained by market illiquidity caused by the
reduced supply of new securities, we were able to end the reporting period with
an average maturity that is slightly longer than the average for our peer group
In addition, we took advantage of the temporary high yields during tax season in
April and May to adjust the mix of assets in the portfolio. We attempted to
increase our holdings of municipal notes and commercial paper, both of which
have been in short supply. However, portfolio composition is subject to change
at any time.
August 15, 2000
(1) ANNUALIZED 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 THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
The Fund
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
Principal
TAX EXEMPT INVESTMENTS--99.7% Amount ($) Value ($)
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NEW JERSEY--94.7%
Atlantic County Improvement Authority, Revenues
VRDN (Pooled Government Loan Program)
<S> <C> <C>
3.90% (LOC; Krediet Bank) 4,800,000 (a) 4,800,000
Bayonne Municipal Utilities Authority, Sewer Revenue
(Sewer Project) 4.75%, 2/1/2001 10,000,000 10,009,606
Burlington County, BAN
4.50%, Series A, 2/8/2001 3,000,000 3,006,012
Clifton, BAN 4.75%, 3/29/2001 3,000,000 3,009,633
Essex County Improvement Authority, Revenues
VRDN (County Asset Sale Project)
4% (Insured; AMBAC and
Liquidity Facility; Morgan Guaranty Trust Co.) 12,000,000 (a) 12,000,000
Hudson County Improvement Authority, Revenue
VRDN (Essential Purpose Pooled Government Loan)
4.15% (LOC; First Union National Bank) 16,240,000 (a) 16,240,000
Jersey City, BAN 4.75%, 1/12/2001 9,000,000 9,022,059
Jersey City Redevelopment Authority, Multi-Family
Revenue, Refunding, VRDN (Dixon Mills)
3.90%, Series A (LOC; FNMA) 10,800,000 (a) 10,800,000
Little Ferry, BAN 5%, 8/2/2001 2,000,000 2,011,060
Middlesex County, BAN:
4.50%, 1/19/2001 13,300,000 13,330,580
4.75%, 7/24/2001 10,000,000 10,051,588
Monmouth County Improvement Authority, Revenue
VRDN ( Pooled Government Loan Program)
3.85% (LOC; The Bank of New York) 11,985,000 (a) 11,985,000
Morristown, BAN 5%, 4/30/2001 5,000,000 5,021,409
State of New Jersey, GO Notes, Refunding
5.25%, Series D, 2/15/2001 1,200,000 1,206,691
New Jersey Economic Development Authority:
Exempt Facilities Revenue, CP
(Chambers Cogen):
3.80%, 9/8/2000 (LOC; Credit Locale de France) 9,000,000 9,000,000
3.90%, 9/8/2000 (LOC; Credit Locale de France) 6,000,000 6,000,000
VRDN:
Dock Facilities Revenue, Refunding
(Bayonne Improvement Project)
4.05%, Series B (LOC; Bank One Corp) 4,000,000 (a) 4,000,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Economic Development Authority VRDN (continued):
EDR:
(Exit 8A Limited Partnership Project)
4.20% (LOC; European American Bank) 5,400,000 (a) 5,400,000
Refunding:
(Foreign Trade Zone Project)
4.10% (LOC; Bank of New York) 3,900,000 (a) 3,900,000
(Hartz and Rex Associates)
4.425%, Series B (LOC; Citibank) 2,000,000 (a) 2,000,000
(White Horse Pike Limited Project)
4.43% (Corp. Guaranty; Household Finance Corp.) 7,600,000 (a) 7,600,000
Industrial Revenue, Refunding (El Dorado Terminals)
4.05%, Series A (LOC; Dow Chemical Company) 4,600,000 (a) 4,600,000
Mortgage Facilities Revenue (Rennoc Corp. Project)
4.50% (LOC; LaSalle National Bank) 3,105,000 (a) 3,105,000
PCR, Refunding:
(Hoffman La Roche Inc.)
4.25%, (LOC; Wachovia Bank of Georgia) 20,000,000 (a) 20,000,000
(Public Service Electric and Gas Co.)
4.10%, Series A (Insured; MBIA and
Liquidity Facility; Union Bank of Switzerland) 17,300,000 (a) 17,300,000
Revenues (Behavorial Health Care)
4.15%, Series A (LOC; First Union National Bank) 3,595,000 (a) 3,595,000
School Revenue, Refunding (Blair Academy)
4.10% (LOC; First Union National Bank) 5,290,000 (a) 5,290,000
Water Facilities Revenue, Refunding
(United Water Project):
4.25%, Series B (Insured; AMBAC and
LOC; The Bank of New York) 1,100,000 (a) 1,100,000
4.30%, Series C (Insured; AMBAC and
LOC; The Bank of New York) 3,400,000 (a) 3,400,000
New Jersey Educational Facilities Authority, Revenues:
CP (Princeton University):
4%, 10/11/2000
(Guaranteed by; Princeton University) 4,000,000 4,000,000
4.20%, 10/12/2000
(Guaranteed by; Princeton University) 10,400,000 10,400,000
3.70%, 12/13/2000
(Guaranteed by; Princeton University) 5,000,000 5,000,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY (CONTINUED)
New Jersey Educational Facilities Authority, Revenues (continued):
Refunding, VRDN (College of New Jersey)
4.05%, Series A (Insured; AMBAC and
LOC: Bank of Nova Scotia and
Toronto-Dominion Bank) 23,900,000 (a) 23,900,000
New Jersey Health Care Facilities Financing Authority
Revenues, VRDN:
(Hospital Capital Asset Financing)
4.05%, Series A (LOC; Chase Manhattan Bank) 2,200,000 (a) 2,200,000
Refunding (Christian Health)
4.10%, (LOC; Valley National Bank) 3,700,000 (a) 3,700,000
New Jersey Housing and Management Finance Agency,
Multi-Family Housing Revenue
3.30%, Series A, 11/1/2000 (Insured; FSA) 1,500,000 1,496,452
New Jersey Sports and Exposition Authority
Recreational Revenue, VRDN
4%, Series C (Insured; MBIA and LOC; Credit Suisse) 25,300,000 (a) 25,300,000
New Jersey Turnpike Authority, Turnpike Revenue
VRDN:
(Merlots) 4.34%, Series EEE (Insured; MBIA and
LOC; First Union Bank of North Carolina) 6,500,000 (a) 6,500,000
Refunding, 3.70%, Series D (Insured; FGIC and
Liquidity Facility; Societe Generale) 26,000,000 (a) 26,000,000
Pennsauken Township, BAN 4.68%, 6/19/2001 2,000,000 2,000,495
Port Authority of New York and New Jersey:
Revenues:
4.10%, Series 88, 10/1/2000 600,000 599,543
Equipment Notes, CP
4.10%, Series 2, 11/17/2000
(LOC; Bank of Nova Scotia) 5,725,000 5,725,000
Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
4.15%, Series 4 (LOC; Landesbank Hessen) 13,950,000 (a) 13,950,000
4.15%, Series 6 (Liquidity Facility; Bank of
Nova Scotia) 23,700,000 (a) 23,700,000
Rahway, BAN 4.15%, 12/20/2000 9,000,000 9,007,670
Rockaway Township, BAN 4.35%, 7/26/2001 5,654,000 5,654,501
Somerset County, GAN 5.875%, 12/1/2000 1,025,000 1,030,864
Somerset County Industrial Pollution Control Financing
Authority, Industrial Revenue, Refunding, VRDN
(American Cyanamid)
4% (LOC; American Home Products) 3,100,000 3,100,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
State of New Jersey Transit Corporation, GAN:
4.80%, Series A, 9/1/2000 (Insured; FSA) 2,000,000 2,000,628
5%, Series A, 9/1/2000 (Insured; FSA) 4,000,000 4,001,327
Vernon Township, BAN 4.85%, 7/27/2001 5,000,000 5,023,588
Woodbridge Township, BAN 4.625%, 7/27/2001 8,000,000 8,023,815
U.S. RELATED--5.0%
Commonwealth of Puerto Rico Government
Development Bank, Tax Exempt Revenue, CP:
4.50%, 10/27/2000 5,000,000 5,000,000
4.05%, 12/14/2000 10,000,000 10,000,000
Guam Power Authority, Revenue, CP
3.95%, 10/16/2000 (Insured; AMBAC and
LOC; Kredietbank) 6,000,000 6,000,000
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TOTAL INVESTMENTS (cost $422,096,905) 99.7% 422,097,521
CASH AND RECEIVABLES (NET) .3% 1,390,273
NET ASSETS 100.0% 423,487,794
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
</TABLE>
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
BAN Bond Anticipation Notes
CP Commercial Paper
EDR Economic Development Revenue
FGIC Financial Guaranty Insurance
Company
FNMA Federal National Mortgage
Association
FSA Financial Security Assurance
GAN Grant Anticipation Notes
GO General Obligation
LOC Letter of Credit
MBIA Municipal Bond Investors
Assurance
Insurance Corporation
PCR Pollution Control Revenue
<TABLE>
<CAPTION>
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 73.9
AAA/AA(b) Aaa/Aa(b) AAA/AA(b) 16.2
Not Rated(c) Not Rated(c) Not Rated(c) 9.9
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
July 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 422,096,905 422,097,521
Cash 510,686
Interest receivable 3,111,360
Prepaid expenses and other assets 24,545
425,744,112
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 198,689
Payable for investment securities purchased 2,011,060
Accrued expenses and other liabilities 46,569
2,256,318
--------------------------------------------------------------------------------
NET ASSETS ($) 423,487,794
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 423,716,766
Accumulated net realized gain (loss) on investments (229,588)
Accumulated gross unrealized appreciation of investments 616
--------------------------------------------------------------------------------
NET ASSETS ($) 423,487,794
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(2 billion shares of $.001 par value Common Stock authorized) 423,716,766
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended July 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 8,196,435
EXPENSES:
Management fee--Note 2(a) 1,054,982
Shareholder servicing costs--Note 2(b) 279,416
Professional fees 23,515
Custodian fees 20,854
Directors' fees and expenses--Note 2(c) 16,528
Prospectus and shareholders' reports 10,703
Registration fees 3,925
Miscellaneous 4,260
TOTAL EXPENSES 1,414,183
INVESTMENT INCOME--NET 6,782,252
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($):
Net realized gain (loss) on investments 12,733
Net unrealized appreciation (depreciation) on investments 616
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 13,349
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 6,795,601
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
Six Months Ended
July 31, 2000 Year Ended
(Unaudited) January 31, 2000
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 6,782,252 11,543,678
Net realized gain (loss) from investments 12,733 --
Net unrealized appreciation
(depreciation) of investments 616 --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 6,795,601 11,543,678
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (6,782,252) (11,543,678)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 338,272,337 529,895,068
Dividends reinvested 6,056,572 10,241,115
Cost of shares redeemed (352,397,602) (583,639,144)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS (8,068,693) (43,502,961)
TOTAL INCREASE (DECREASE) IN NET ASSETS (8,055,344) (43,502,961)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 431,543,138 475,046,099
END OF PERIOD 423,487,794 431,543,138
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<TABLE>
<CAPTION>
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.
Six Months Ended
July 31, 2000 Year Ended January 31,
----------------------------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
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PER SHARE DATA ($):
Net asset value, beginning
<S> <C> <C> <C> <C> <C> <C>
of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .016 .025 .027 .029 .027 .032
Distributions:
Dividends from investment
income--net (.016) (.025) (.027) (.029) (.027) (.032)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 3.23(a) 2.54 2.69 2.96 2.75 3.25
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .67(a) .66 .67 .64 .65 .59
Ratio of net investment income
to average net assets 3.21(a) 2.50 2.65 2.92 2.71 3.21
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- -- -- -- .06
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 423,488 431,543 475,046 526,266 561,260 647,557
(A) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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., which is a wholly-owned subsidiary of Mellon
Financial Corporation. Effective March 22, 2000, Dreyfus Service Corporation ("
DSC" ), a wholly-owned subsidiary of Dreyfus, became the distributor of the
fund' s shares, which are sold to the public without a sales charge. Prior to
March 22, 2000, Premier Mutual Fund Services, Inc. was the distributor.
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. The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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 $21,269 during the period ended July 31, 2000
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 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.
During the period ended July 31, 2000, the fund reclassified $971 between
accumulated net gain (loss) on investments and paid in capi
tal due to the expiration of capital loss carryovers. The results of operative
and net assets were not affected by the reclassification.
At July 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.
(b) Under the Shareholder Services Plan, the fund reimburses DSC 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, 2000, 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, 2000, the fund was charged $78,720 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.
The Fund
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
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) 2000 Dreyfus Service Corporation 758SA007
