|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| |
| |
| FORM N-CSR |
| |
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT |
| INVESTMENT COMPANIES |
Investment Company Act file number 811-5527
|
| DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC. |
| (Exact name of Registrant as specified in charter) |
| | |
| | | c/o The Dreyfus Corporation |
| | | 200 Park Avenue |
| | | New York, New York 10166 |
| | | (Address of principal executive offices) (Zip code) |
| |
| | | Mark N. Jacobs, Esq. |
| | | 200 Park Avenue |
| | | New York, New York 10166 |
| | | (Name and address of agent for service) |
| |
| Registrant's telephone number, including area code: (212) 922-6000 |
| |
| Date of fiscal year end: | | 1/31 |
| |
| Date of reporting period: | | 7/31/04 |
FORM N-CSR
Item 1. Reports to Stockholders.
Dreyfus New Jersey
Municipal Money Market
Fund, Inc.
SEMIANNUAL REPORT July 31, 2004
|
The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
| Contents |
| |
| | | THE FUND |
| |
|
| 2 | | Letter from the Chairman |
| 3 | | Discussion of Fund Performance |
| 6 | | Understanding Your Fund's Expenses |
| 6 | | Comparing Your Fund's Expenses |
| With Those of Other Funds |
| 7 | | Statement of Investments |
| 14 | | Statement of Assets and Liabilities |
| 15 | | Statement of Operations |
| 16 | | Statement of Changes in Net Assets |
| 17 | | Financial Highlights |
| 18 | | Notes to Financial Statements |
| FOR MORE INFORMATION |
|
| | | Back Cover |
| Dreyfus New Jersey |
| Municipal Money Market Fund, Inc. |
The Fund
LETTER FROM THE CHAIRMAN
This semiannual report for Dreyfus New Jersey Municipal Money Market Fund, Inc. covers the six-month period from February 1, 2004, through July 31, 2004. 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, Joseph Irace.
The U.S. economy has increasingly shown signs of sustainable growth during the reporting period, leading to incrementally higher yields for many tax-exempt money market securities.As it became clearer that a strong job market and higher energy prices might lead to renewed inflationary pressures, the Federal Reserve Board raised short-term interest rates by 25 basis points at its meeting in late June.This shift in monetary policy represents the first increase in short-term rates in more than four years, and many analysts believe that additional, gradual increases are likely to follow.
For many investors, the move to a less accommodative monetary policy marks the beginning of a new phase in the economic cycle. At times such as these, when market conditions are in a period of transition, we believe it is especially important for you to stay in close contact with your financial advisor, who can help you position your portfolio in a way that is designed to respond to the challenges and opportunities of today's changing investment environment.
Thank you for your continued confidence and support.
| Stephen E. Canter |
| Chairman and Chief Executive Officer |
| The Dreyfus Corporation |
| August 16, 2004 |
2
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
|
How did Dreyfus New Jersey Municipal Money Market Fund, Inc. perform during the period?
For the six-month period ended July 31, 2004, the fund produced an annualized yield of 0.40% . Taking into account the effects of compounding, the fund produced an annualized effective yield of 0.40% .1
We attribute the fund's returns to low short-term interest rates. However, money market yields began to rise in the spring, when signs of renewed inflationary pressures arose.
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. To pursue this goal, the fund normally invests substantially all of its assets in short-term, high-quality municipal obligations that provide income exempt from federal and New Jersey state income taxes.
When pursuing the fund's objective, we employ two primary strategies. First, we attempt to add value by constructing a portfolio of high-quality, tax-exempt money market municipal obligations that provide income exempt from federal and New Jersey state income taxes. 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 reduce the weighted average maturity of the fund, which should better position the fund to purchase new securities with higher yields, if higher yields materialize.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 range and tend to lengthen the
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
|
fund's weighted average maturity. If we anticipate limited new-issue supply, we may extend the fund's average maturity to maintain then-current yields for as long as we think 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?
Money market yields remained anchored by the 1% federal funds rate during the first quarter of 2004, despite mounting evidence of sustainable economic growth. During the second quarter, however, money market yields began to climb when higher energy prices and stronger-than-expected job growth fueled investors' concerns that inflationary pressures might be rising. Indeed, to forestall a potential acceleration of inflation, on June 30 the Federal Reserve Board (the "Fed") increased the overnight federal funds rate by 25 basis points to 1.25% .Tax-exempt money market yields began to rise even before the Fed announced the rate hike, and longer-term yields continued to rise in July as investors factored in the likelihood of future rate hikes.
As the national economy improved, so did the fiscal condition of many states, including New Jersey.Tax revenues exceeded expectations during the reporting period, driven higher by unexpectedly strong corporate business tax revenues.While the state's fiscal 2005 budget was completed in a timely manner, constitutional challenges to some of its borrowing strategies proved successful, and the courts have barred New Jersey from issuing bonds to balance future budgets.As a result, the state anticipates a $2.8 billion budget gap for fiscal 2006, and in July the three major bond rating agencies reduced New Jersey's credit rating by one notch resulting in ratings at the lower end of the "double-A" range.
In this market environment, we continued to invest in high-quality money market securities from New Jersey issuers. However, with short-term interest rates rising, we recently have focused on securities with maturities of approximately six months or less.This strategy
4
is designed to maintain the flexibility we need to capture higher yields as they become available. Accordingly, the fund's weighted average maturity fell from just over 70 days near the beginning of the reporting period to approximately 50 days as of July 31. To achieve this position, we have invested a substantial portion of the fund's assets in variable-rate demand notes on which yields are reset weekly, and we have complemented those holdings with short-term municipal notes and tax-exempt commercial paper.
In addition, we have attempted to "ladder" the balance of the fund's holdings so that securities mature and funds can be reinvested at regular intervals through June 2005.This strategy is designed to ensure liquidity and guard against the possibility that a disproportionate amount of securities may mature during a time of unusually low reinvestment rates.
What is the fund's current strategy?
Investors apparently believe that the Fed's June 2004 rate-hike was the first in a series of increases, as evidenced by an increase in the yield differences among money market instruments of various maturities. Despite the availability of higher yields at the longer end of the maturity spectrum, we currently believe it is prudent to maintain a shorter weighted average maturity in anticipation of further rate hikes. In our judgment, a cautious investment posture makes sense until the Fed's intentions become clearer.
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 5
STATEMENT OF INVESTMENTS UNDERSTANDING YOUR FUND'S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund's prospectus or talk to your financial advisor.
| | Review your fund's expenses
|
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus New Jersey Municipal Money Market Fund from February 1, 2004 to July 31, 2004. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
| Expenses and Value of a $1,000 Investment |
| assuming actual returns for the six months ended July 31, 2004 |
|
| |
| Expenses paid per $1,000 † | | $ 3.34 |
| Ending value (after expenses) | | $1,002.00 |
| COMPARING YOUR FUND'S EXPENSES |
| WITH THOSE OF OTHER FUNDS (Unaudited) |
Using the SEC's method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund's expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make these comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| Expenses and Value of a $1,000 Investment |
| assuming a hypothetical 5% annualized return for the six months ended July 31, 2004 |
|
| |
| Expenses paid per $1,000 † | | $ 3.37 |
| Ending value (after expenses) | | $1,021.53 |
| | † Expenses are calculated using the fund's annualized expense ratio, which represents the ongoing expenses as a percentage
of net assets for the six months ended 7/31/04. Expenses are calculated by multiplying the expense ratio by the average
account value for the period; then multiplying the result by the number of days in the period; and then dividing that result
by the number of days in the year.
|
6
STATEMENT OF INVESTMENTS
July 31, 2004 (Unaudited)
|
| | | Principal | | | | |
| Tax Exempt Investments—99.0% | | Amount ($) | | Value ($) |
| |
| |
|
| Atlantic City, GO Notes | | | | | | |
| 2%, 8/1/2004 (Insured; MBIA) | | 1,750,000 | | | | 1,750,047 |
| Atlantic Highlands, GO Notes, BAN | | | | | | |
| 2%, 12/9/2004 | | 1,050,000 | | | | 1,052,947 |
| Bayshore Regional Sewer Authority | | | | | | |
| Sewer Revenue, Refunding | | | | | | |
| 5%, 5/1/2005 (Insured; MBIA) | | 1,100,000 | | | | 1,129,158 |
| Bergen County Improvement Authority, MFHR | | | | | | |
| VRDN (Kentshire Apartments Project) | | | | | | |
| 1.12% (Insured; FNMA and Liquidity Facility; FNMA) | | 9,000,000 | | a | | 9,000,000 |
| Burlington County, GO Notes, BAN | | | | | | |
| 1.12%, 10/29/2004 | | 4,191,500 | | | | 4,191,695 |
| Borough of Butler, GO Notes, BAN | | | | | | |
| 1.625%, 9/3/2004 | | 2,155,000 | | | | 2,155,912 |
| East Brunswick Township, GO Notes, BAN | | | | | | |
| 1.75%, 3/18/2005 | | 3,600,000 | | | | 3,611,119 |
| Essex County Improvement Authority, VRDN: | | | | | | |
| Private Schools Revenue | | | | | | |
| (The Children's Institute Project) | | | | | | |
| 1.17% (LOC; Wachovia Bank) | | 1,580,000 | | a | | 1,580,000 |
| Revenue | | | | | | |
| (County Asset Sale Project) | | | | | | |
| 1.07% (Insured; AMBAC and Liquidity Facility; | | | | | | |
| JPMorgan Chase Bank) | | 3,300,000 | | a | | 3,300,000 |
| Freehold Township, GO Notes, BAN | | | | | | |
| 1.70%, 10/20/2004 | | 8,164,000 | | | | 8,174,947 |
| Gloucester County, GO Notes, BAN | | | | | | |
| 2%, 10/27/2004 | | 2,000,000 | | | | 2,004,371 |
| Hamilton Township and Mercer County, GO Notes, TAN | | | | | | |
| 2%, 10/20/2004 | | 5,500,000 | | | | 5,510,114 |
| Hudson County Improvement Authority, Revenue, VRDN | | | | |
| Essential Purpose Pooled Government Program | | | | | | |
| 1.08% (LOC; The Bank of New York) | | 9,500,000 | | a | | 9,500,000 |
| Mahwah Township, GO Notes, BAN | | | | | | |
| 2.375%, 1/14/2005 | | 3,250,000 | | | | 3,264,889 |
| Manalapan Township, GO Notes | | | | | | |
| 2%, 10/1/2004 (Insured; AMBAC) | | 1,070,000 | | | | 1,071,592 |
| Marlboro Township Municipal Utilities Authority, GO Notes | | | | |
| 2%, 12/10/2004 | | 2,200,000 | | | | 2,206,301 |
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Monmouth County Improvement Authority: | | | | | | |
| Revenue: | | | | | | |
| Capital Equipment Pooled Lease Program | | | | | | |
| 4%, 10/1/2004 | | 1,000,000 | | | | 1,004,973 |
| Governmental Loan Program: | | | | | | |
| 2.50%, 12/1/2004 (Insured; AMBAC) | | 560,000 | | | | 562,476 |
| Refunding 3.50%, 4/15/2005 (Insured; AMBAC) | | 1,020,000 | | | | 1,036,729 |
| Water Revenue, Refunding | | | | | | |
| Water Treatment Facilities | | | | | | |
| 2%, 8/1/2004 (Insured; MBIA) | | 725,000 | | | | 725,019 |
| Montclair Township, GO Notes | | | | | | |
| 1.75%, 3/18/2005 | | 8,000,000 | | | | 8,024,709 |
| Morristown, GO Notes, TAN | | | | | | |
| 1.80%, 2/18/2005 | | 1,000,000 | | | | 1,000,785 |
| Township of Mount Laurel, GO Notes, BAN | | | | | | |
| 3%, 6/24/2005 | | 1,300,000 | | | | 1,314,302 |
| State of New Jersey | | | | | | |
| GO Notes, Refunding 5.625%, 2/15/2005 | | 540,000 | | | | 552,813 |
| New Jersey Building Authority, Building Revenue | | | | | | |
| VRDN, Putters Program 1.09% (Insured; MBIA | | | | | | |
| and Liquidity Facility;JPMorgan Chase Bank) | | 5,580,000 | | a | | 5,580,000 |
| New Jersey Economic Development Authority | | | | | | |
| VRDN: | | | | | | |
| EDR: | | | | | | |
| (Institute of Electrical Engineers) | | | | | | |
| 1.12% (LOC; Wachovia Bank) | | 2,925,000 | | a | | 2,925,000 |
| (Kenwood USA Corp. Project) | | | | | | |
| 1.09% (LOC; The Bank of New York) | | 6,000,000 | | a | | 6,000,000 |
| Refunding: | | | | | | |
| (Airis Newark LLC Project) | | | | | | |
| 1.10% (Insured; AMBAC and Liquidity | | | | | | |
| Facility; KBC Bank) | | 8,705,000 | | a | | 8,705,000 |
| (Jewish Community Metropolitan West) | | | | | | |
| 1.12% (LOC; Wachovia Bank) | | 1,000,000 | | a | | 1,000,000 |
| (Stamato Realty LLC Project) | | | | | | |
| 1.13% (LOC; Valley National Bank) | | 4,390,000 | | a | | 4,390,000 |
| (Superior Bakers Inc.) | | | | | | |
| 1.09% (LOC; PNC Bank N.A.) | | 2,235,000 | | a | | 2,235,000 |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| New Jersey Economic Development Authority (continued): | | | | |
| VRDN (continued): | | | | | | |
| Industrial Revenue: | | | | | | |
| (Buchanan and Zweigle Project) | | | | | | |
| 1.25% (LOC; Wachovia Bank) | | 2,555,000 | | a | | 2,555,000 |
| (RFC Container Co. Inc.) | | | | | | |
| 1.09% (LOC; PNC Bank N.A.) | | 1,445,000 | | a | | 1,445,000 |
| Manufacturing Facilities Revenue | | | | | | |
| (Rennoc Corp./Santa's Best Project) | | | | | | |
| 1.20% (LOC; ABN-AMRO) | | 1,505,000 | | a | | 1,505,000 |
| PCR, Refunding | | | | | | |
| (Hoffman La Roche Inc.) | | | | | | |
| 1.03% (LOC; Wachovia Bank) | | 12,365,000 | | a | | 12,365,000 |
| Revenues: | | | | | | |
| (CPC Behavioral Health Care) | | | | | | |
| 1.17% (LOC; Wachovia Bank) | | 3,595,000 | | a | | 3,595,000 |
| (Developmental Disabilities) | | | | | | |
| 1.17% (LOC; Wachovia Bank) | | 2,605,000 | | a | | 2,605,000 |
| (Four Woodbury Mews Project) | | | | | | |
| 1.15% (LOC; Fleet National Bank) | | 6,600,000 | | a | | 6,600,000 |
| (Presbyterian Homes) | | | | | | |
| 1.08% (LOC; Commerce Bank N.A.) | | 5,000,000 | | a | | 5,000,000 |
| (School Facilities Construction) | | | | | | |
| 1.13% (Insured; AMBAC and Liquidity | | | | |
| Facility; The Bank of New York) | | 2,000,000 | | a | | 2,000,000 |
| (Three Woodbury Mews Project) | | | | | | |
| 1.15% (LOC; Fleet National Bank) | | 9,525,000 | | a | | 9,525,000 |
| (Young Men's Christian Association) | | | | | | |
| 1.17% (LOC; Wachovia Bank) | | 1,530,000 | | a | | 1,530,000 |
| School Revenue, Refunding | | | | | | |
| (Blair Academy) | | | | | | |
| 1.12% (LOC; Wachovia Bank) | | 5,355,000 | | a | | 5,355,000 |
| Special Facilities Revenue | | | | | | |
| (Port Newark Container LLC) | | | | | | |
| 1.12% (LOC; Citibank N.A.) | | 14,000,000 | | a | | 14,000,000 |
| Thermal Energy Facilities Revenue | | | | | | |
| (Thermal Energy Limited) | | | | | | |
| 1.08% (LOC; Bank One) | | 1,800,000 | | a | | 1,800,000 |
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| New Jersey Educational Facilities Authority: | | | | | | |
| College and University Revenue, VRDN: | | | | | | |
| (Caldwell College) | | | | | | |
| 1.12% (LOC; Allied Irish Bank) | | 5,935,000 | | a | | 5,935,000 |
| (College of New Jersey) | | | | | | |
| 1.06% (Insured; AMBAC and Liquidity Facility: | | | | | | |
| Bank of Nova Scotia and Toronto Dominion Bank) | | 15,000,000 | | a | | 15,000,000 |
| Revenue | | | | | | |
| (Capital Improvement Fund) 5%, 9/1/2004 | | 1,500,000 | | | | 1,504,861 |
| New Jersey Environmental Infrastructure Trust, Revenue | | | | |
| VRDN, Municipal Securities Trust Receipts | | | | | | |
| 1.09% (Liquidity Facility; JPMorgan Chase Bank) | | 500,000 | | a | | 500,000 |
| New Jersey Health Care Facilities Financing Authority | | | | | | |
| Revenue, VRDN: | | | | | | |
| (RWJ Health Care Corp.) | | | | | | |
| 1.13% (LOC; Commerce Bank N.A.) | | 18,880,000 | | a | | 18,880,000 |
| (St. Barnabas Medical Center) | | | | | | |
| 1.07% (LOC; JPMorgan Chase Bank) | | 2,400,000 | | a | | 2,400,000 |
| (St. Peters University Hospital) | | | | | | |
| 1.07% (LOC; Fleet National Bank) | | 1,700,000 | | a | | 1,700,000 |
| (Wiley Mission Project) | | | | | | |
| 1.08% (LOC; Commerce Bank N.A.) | | 5,000,000 | | a | | 5,000,000 |
| New Jersey Housing and Mortgage Finance Agency | | | | | | |
| Revenue: | | | | | | |
| Single Family Housing | | | | | | |
| 1.10%, 10/1/2004 | | 3,000,000 | | | | 3,000,000 |
| VRDN, Merlots Program | | | | | | |
| 1.17% (Insured; MBIA and Liquidity Facility; | | | | | | |
| Wachovia Bank) | | 1,830,000 | | a | | 1,830,000 |
| New Jersey Transit Corporation: | | | | | | |
| COP | | | | | | |
| 5.25%, 9/15/2004 (Insured; AMBAC) | | 1,250,000 | | | | 1,256,249 |
| Revenue, GAN | | | | | | |
| 5.50%, 2/1/2005 (Insured; AMBAC) | | 6,000,000 | | | | 6,119,401 |
| New Jersey Transportation Trust Fund Authority | | | | | | |
| Revenue, VRDN, Merlots Program 1.12% (Insured; FSA | | | | |
| and Liquidity Facility; Wachovia Bank) | | 2,980,000 | | a | | 2,980,000 |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| New Jersey Turnpike Authority | | | | | | |
| Turnpike Revenue, VRDN | | | | | | |
| Merlots Program 1.12% (Insured; MBIA | | | | | | |
| and Liquidity Facility; Wachovia Bank) | | 11,680,000 | | a | | 11,680,000 |
| Newark Housing Authority, MFHR, VRDN | | | | | | |
| 1.22% (Liquidity Facility; Merrill Lynch) | | 4,675,000 | | a | | 4,675,000 |
| North Plainfield, GO Notes, BAN | | | | | | |
| 3%, 6/29/2005 | | 2,600,000 | | | | 2,629,050 |
| Paramus, GO Notes, BAN | | | | | | |
| 1.50%, 8/11/2004 | | 5,232,899 | | | | 5,233,607 |
| County of Passaic, GO Notes: | | | | | | |
| 3%, 3/15/2005 (Insured; MBIA) | | 1,025,000 | | | | 1,037,270 |
| Refunding 4.75%, 9/1/2004 (Insured; FSA) | | 2,925,000 | | | | 2,934,043 |
| Paterson, GO Notes, BAN | | | | | | |
| 2.75%, 6/24/2005 | | 10,000,000 | | | | 10,074,717 |
| Perth Amboy, GO Notes, Refunding | | | | | | |
| 4.85%, 9/1/2004 (Insured; FSA) | | 1,690,000 | | | | 1,695,394 |
| Port Authority of New York and New Jersey: | | | | | | |
| CP | | | | | | |
| .93%, 8/10/2004 (Liquidity Facility: Bank of | | | | | | |
| Nova Scotia, JPMorgan Chase Bank, and Lloyds Bank) | | 20,100,000 | | | | 20,098,900 |
| Revenue: | | | | | | |
| (131st Street Series) 2%, 12/15/2004 | | 1,000,000 | | | | 1,002,955 |
| VRDN, Putters Program 1.13% (Insured; MBIA and | | | | | | |
| Liquidity Facility; JPMorgan Chase Bank) | | 3,000,000 | | a | | 3,000,000 |
| Special Obligation Revenue, Versatile Structure | | | | | | |
| Obligation, VRDN: | | | | | | |
| 1.07% (Liquidity Facility; JPMorgan Chase Bank) | | 1,900,000 | | a | | 1,900,000 |
| 1.09% (Liquidity Facility; JPMorgan Chase Bank) | | 2,900,000 | | a | | 2,900,000 |
| 1.11% (Liquidity Facility; Bank of Nova Scotia) | | 11,700,000 | | a | | 11,700,000 |
| 1.11% (Liquidity Facility; Landesbank Hessen- | | | | | | |
| Thueringen Girozentrale) | | 10,900,000 | | a | | 10,900,000 |
| Putters Program 1.13% (Insured; MBIA and | | | | | | |
| Liquidity Facility; JPMorgan Chase Bank) | | 3,000,000 | | a | | 3,000,000 |
| Merlots Program 1.17% (Insured; MBIA and | | | | | | |
| Liquidity Facility; Wachovia Bank) | | 1,605,000 | | a | | 1,605,000 |
The Fund 11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Rahway Redevelopment Agency, Revenue | | | | | | |
| (Public Library Project) 1.15%, 10/29/2004 | | 3,500,000 | | | | 3,500,000 |
| Rahway Valley Sewerage Authority, Revenue | | | | | | |
| (Sewer Project) 2%, 1/14/2005 | | 3,500,000 | | | | 3,512,541 |
| Roselle Park School District, GO Notes | | | | | | |
| 2.70%, 10/20/2004 | | 3,000,000 | | | | 3,007,780 |
| Saddle Brook Township, GO Notes, BAN | | | | | | |
| 2%, 2/4/2005 | | 11,902,854 | | | | 11,952,385 |
| Salem County Improvement Authority, Revenue | | | | | | |
| VRDN (Friends Home Woodstown Inc. Project) | | | | | | |
| 1.06% (LOC; Fleet National Bank) | | 10,000,000 | | a | | 10,000,000 |
| Union County Improvement Authority: | | | | | | |
| LR, Refunding, Capital Equipment and Facilities Program | | | | |
| 2.25%, 4/1/2005 | | 1,410,000 | | | | 1,415,276 |
| Revenue, VRDN (Cedar Glen Housing Corp. Project) | | | | | | |
| 1.12% (Insured; FNMA and Liquidity Facility; FNMA) | | 10,110,000 | | a | | 10,110,000 |
| Township of Vernon, GO Notes, BAN | | | | | | |
| 1.75%, 9/17/2004 | | 2,761,000 | | | | 2,763,137 |
| Township of Verona, GO Notes, BAN | | | | | | |
| 2%, 1/14/2005 | | 2,000,000 | | | | 2,007,952 |
| |
| |
| |
|
| |
| Total Investments (cost $384,866,240) | | 99.0% | | | | 384,880,416 |
| Cash and Receivables (Net) | | 1.0% | | | | 3,716,797 |
| Net Assets | | 100.0% | | | | 388,597,213 |
| Summary of Abbreviations | | | | |
| |
| AMBAC | | American Municipal Bond | | GO | | General Obligation |
| | | Assurance Corporation | | LOC | | Letter of Credit |
| BAN | | Bond Anticipation Notes | | LR | | Lease Revenue |
| CP | | Commercial Paper | | MBIA | | Municipal Bond Investors |
| COP | | Certificate of Participation | | | | Assurance Insurance |
| EDR | | Economic Development Revenue | | | | Corporation |
| FNMA | | Federal National Mortgage | | MFHR | | Multi-Family Housing Revenue |
| | | Association | | PCR | | Pollution Control Revenue |
| FSA | | Financial Security Assurance | | TAN | | Tax Anticipation Notes |
| GAN | | Grant Anticipation Notes | | VRDN | | Variable Rate Demand Notes |
| Summary of Combined Ratings (Unaudited) | | |
| |
| Fitch | | or | | Moody's | | or | | Standard & Poor's | | Value (%) |
| |
| |
| |
| |
| |
|
| F1+, F1 | | | | VMIG1, MIG1, P1 | | | | SP1+, SP1, A1+, A1 | | 66.0 |
| AAA, AA, A b | | | | AAA, AA, A b | | | | AAA, AA, A b | | 11.5 |
| Not Rated c | | | | Not Rated c | | | | Not Rated c | | 22.5 |
| | | | | | | | | | | 100.0 |
a Securities payable on demand.Variable interest rate—subject to periodic change.
b Notes which are not F, MIG and 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.
|
| Portfolio Summary (Unaudited) † | | | | |
| |
| | | Value (%) | | | | Value (%) |
| |
| |
| |
|
| Transportation | | 22.3 | | Pollution Control | | 3.7 |
| City/Municipal General Obligation | | 20.8 | | State/Territory General Obligation | | 3.0 |
| Housing | | 11.8 | | Resource Recovery | | 2.4 |
| Industrial Revenue | | 9.6 | | County General Obligation | | 2.4 |
| Health Care | | 9.4 | | Other | | 4.7 |
| Education | | 8.9 | | | | 99.0 |
| | † Based on net assets.
See notes to financial statements.
|
The Fund 13
STATEMENT OF ASSETS AND LIABILITIES
July 31, 2004 (Unaudited)
|
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 384,866,240 | | 384,880,416 |
| Cash | | | | 2,426,256 |
| Interest receivable | | | | 1,551,576 |
| Prepaid expenses | | | | 13,580 |
| | | | | 388,871,828 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | | | 187,196 |
| Payable for shares of Common Stock redeemed | | | | 60,824 |
| Accrued expenses | | | | 26,595 |
| | | | | 274,615 |
| |
| |
|
| Net Assets ($) | | | | 388,597,213 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 388,666,950 |
| Accumulated net realized gain (loss) on investments | | | | (83,913) |
| Accumulated net unrealized appreciation | | | | |
| (depreciation) of investments | | | | 14,176 |
| |
| |
|
| Net Assets ($) | | | | 388,597,213 |
| |
| |
|
| Shares Outstanding | | | | |
| (2 billion shares of $.001 par value Common Stock authorized) | | 388,763,616 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
See notes to financial statements.
|
STATEMENT OF OPERATIONS
Six Months Ended July 31, 2004 (Unaudited)
|
| Investment Income ($): | | |
| Interest Income | | 1,982,465 |
| Expenses: | | |
| Management fee—Note 2(a) | | 937,015 |
| Shareholder servicing costs—Note 2(b) | | 219,823 |
| Professional fees | | 23,792 |
| Custodian fees | | 22,524 |
| Prospectus and shareholders' reports | | 9,926 |
| Directors' fees and expenses—Note 2(c) | | 9,725 |
| Registration fees | | 6,202 |
| Miscellaneous | | 10,597 |
| Total Expenses | | 1,239,604 |
| Less—expense reduction in custody fees | | |
| due to earnings credit—Note 1(b) | | (16,652) |
| Net Expenses | | 1,222,952 |
| Investment Income—Net | | 759,513 |
| |
|
| Net Unrealized Gain (Loss) on Investments | | 14,176 |
| Net Increase in Net Assets Resulting from Operations | | 773,689 |
See notes to financial statements.
|
The Fund 15
STATEMENT OF CHANGES IN NET ASSETS
| | | Six Months Ended | | |
| | | July 31, 2004 | | Year Ended |
| | | (Unaudited) | | January 31, 2004 |
| |
| |
|
| Operations ($): | | | | |
| Investment income—net | | 759,513 | | 1,897,402 |
| Net realized gain (loss) from investments | | — | | 3,295 |
| Net unrealized appreciation | | | | |
| (depreciation) of investments | | 14,176 | | — |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | 773,689 | | 1,900,697 |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | | (759,513) | | (1,897,402) |
| |
| |
|
| Capital Stock Transactions ($1.00 per share): | | |
| Net proceeds from shares sold | | 268,413,208 | | 519,029,161 |
| Dividends reinvested | | 673,152 | | 1,562,187 |
| Cost of shares redeemed | | (252,887,213) | | (575,210,483) |
| Increase (Decrease) in Net Assets | | | | |
| from Capital Stock Transactions | | 16,199,147 | | (54,619,135) |
| Total Increase (Decrease) in Net Assets | | 16,213,323 | | (54,615,840) |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 372,383,890 | | 426,999,730 |
| End of Period | | 388,597,213 | | 372,383,890 |
See notes to financial statements.
|
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, 2004 | | | | Year Ended January 31, | | |
| | | |
| |
| |
|
| | | (Unaudited) | | 2004 | | 2003 | | 2002 | | 2001 | | 2000 |
| |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | | | |
| Net asset value, | | | | | | | | | | | | |
| beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | | | |
| Investment income—net | | .002 | | .005 | | .008 | | .020 | | .033 | | .025 |
| Distributions: | | | | | | | | | | | | |
| Dividends from investment | | | | | | | | | | | | |
| income—net | | (.002) | | (.005) | | (.008) | | (.020) | | (.033) | | (.025) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
| |
|
| Total Return (%) | | .40a | | .46 | | .83 | | 2.06 | | 3.32 | | 2.54 |
| |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses to | | | | | | | | | | | | |
| average net assets | | .67a | | .64 | | .65 | | .65 | | .67 | | .66 |
| Ratio of net expenses to | | | | | | | | | | | | |
| average net assets | | .66a | | .64 | | .65 | | .65 | | .67 | | .66 |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | | .41a | | .46 | | .83 | | 2.04 | | 3.25 | | 2.50 |
| |
| |
| |
| |
| |
| |
|
| Net Assets, end of period | | | | | | | | | | | | |
| ($ x 1,000) | | 388,597 | | 372,384 | | 427,000 | | 468,492 | | 439,244 | | 431,543 |
a Annualized.
See notes to financial statements.
|
The Fund 17
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 state income taxes as is consistent with the preservation of capital and the maintenance of liquidity.The Dreyfus Corporation (the "Manager" or "Dreyfus") serves as the fund's investment adviser.The Manager is a wholly-owned subsidiary of Mellon Financial Corporation ("Mellon Financial"). Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of the Manager, 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 U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, 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
18
amortization of discount and premium on investments, is earned from settlement date and recognized on the accrual basis. Realized gain and loss from securities transactions are recorded on the identified cost basis.
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
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 $83,913 available for federal income tax purposes to be applied against future net securities profit, if any, realized subsequent to January 31, 2004. If not applied, $4,210 of the carryover expires in fiscal 2005, $16,731 expires in fiscal 2006 and $62,972 expires in fiscal 2007.
The Fund 19
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid to shareholders during the fiscal year ended January 31, 2004 was all tax exempt income.The tax character of current year distributions will be determined at the end of the current fiscal year.
At July 31, 2004, 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 the Distributor, 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, 2004, the fund was charged $107,861 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, 2004, the fund was charged $55,340 pursuant to the transfer agency agreement.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $166,314, shareholder services plan fees $1,882 and transfer agency per account fees $19,000.
20
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Two class actions (which have been consolidated) have been filed against Mellon Financial and Mellon Bank, N.A., and Dreyfus and Founders Asset Management LLC (the "Investment Advisers"), and the directors of all or substantially all of the Dreyfus funds, alleging that the Investment Advisers improperly used assets of the Dreyfus funds, in the form of directed brokerage commissions and 12b-1 fees, to pay brokers to promote sales of Dreyfus funds, and that the use of fund assets to make these payments was not properly disclosed to investors. The complaints further allege that the directors breached their fiduciary duties to fund shareholders under the Investment Company Act of 1940 and at common law.The complaints seek unspecified compensatory and punitive damages, rescission of the funds' contracts with the Investment Advisers, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. Dreyfus and the Dreyfus funds believe the allegations to be totally without merit and will defend the actions vigorously.
Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus' ability to perform its contracts with the Dreyfus funds.
The Fund 21
For More Information
| Dreyfus | | | | Transfer Agent & |
| |
| New Jersey Municipal | | Dividend Disbursing Agent |
| |
| Money Market Fund, Inc. | | |
| | | | | Dreyfus Transfer, Inc. |
| 200 Park Avenue | | |
| | | | | 200 Park Avenue |
| New York, NY | | 10166 | | |
| | | | | New York, NY 10166 |
| |
| |
| Manager | | | | Distributor |
| |
| The Dreyfus Corporation | | |
| | | | | Dreyfus Service Corporation |
| 200 Park Avenue | | |
| | | | | 200 Park Avenue |
| New York, NY | | 10166 | | |
| | | | | New York, NY 10166 |
| |
| Custodian | | | | |
| |
| The Bank of New York | | |
| |
| One Wall Street | | |
| |
| New York, NY | | 10286 | | |
| | Telephone 1-800-645-6561
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request to info@dreyfus.com
Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
A description of the policies and procedures that the fund uses to determine how to vote
proxies relating to portfolio securities, and information regarding how the fund voted these
proxies for the 12-month period ended June 30, 2004, is available through the fund's
website at http://www.dreyfus.com and on the SEC's website at http://www.sec.gov. The
description of the policies and procedures is also available without charge, upon request,
by calling 1-800-645-6561.
|
| | Beginning with the fund's fiscal quarter ending October 31, 2004, the fund will file its complete
schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year
on Form N-Q; the fund's Forms N-Q will be available on the SEC's website at http://www.sec.gov;
and the fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room
in Washington, DC, and information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
|
© 2004 Dreyfus Service Corporation
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 10. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 11. Exhibits.
(a)(1) not applicable
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC. |
| |
| |
| |
| By: | | /s/ Stephen E. Canter |
| |
|
| | | Stephen E. Canter |
| | | President |
| |
| Date: | | September 17, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Stephen E. Canter |
| |
|
| | | Stephen E. Canter |
| | | Chief Executive Officer |
| Date: | | September 17, 2004 |
| |
| By: | | /s/ James Windels |
| |
|
| James Windels |
| | | Chief Financial Officer |
| Date: | | September 17, 2004 |
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
-4-
