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 (212) 922-6000
area code:
Date of fiscal year end: January 31
Date of reporting period: July 31, 2003
(PAGE)
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus New Jersey
Municipal Money Market
Fund, Inc.
SEMIANNUAL REPORT July 31, 2003
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY(TM)
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 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
17 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 CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus New Jersey Municipal Money Market Fund, Inc.
covers the six-month period from February 1, 2003, through July 31, 2003.
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 reporting period was a challenging time for tax-exempt money market funds.
In its ongoing attempts to stimulate renewed economic growth, the Federal
Reserve Board reduced a key short-term interest rate to just 1% in June 2003,
and yields of tax-exempt money market funds hovered near historical lows. As a
result, maintaining a steady stream of current, tax-exempt income has become a
challenge for many investors.
Nonetheless, we believe that it is important for investors to remember that
tax-exempt money market funds have continued to achieve their primary objective
of preserving their shareholders' capital. For emergency reserves and money
earmarked for near-term needs, we believe that money market funds remain a sound
investment. Your financial advisor may be in the best position to recommend the
income strategies that are right for you in today's market environment.
Thank you for your continued confidence and support.
Sincerely,
/S/STEPHEN E. CANTER
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
August 15, 2003
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, 2003, the fund produced an annualized
yield of 0.52% . Taking into account the effects of compounding, the fund
produced an annualized effective yield of 0.52%.(1)
During the reporting period we attribute the fund's modest returns to the
Federal Reserve Board' s (the "Fed" ) accommodative monetary policy, which
included a further reduction of short-term interest rates in June 2003
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
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
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 fund's
weighted average maturity. If we anticipate limited new-issue supply, we may
extend the portfolio'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?
During the reporting period, short-term interest rates generally trended lower
as economic weakness persisted. In an attempt to stimulate renewed growth, the
Fed reduced short-term interest rates by 25 basis points in late June 2003.
Since investors widely anticipated the interest-rate reduction before it was
announced, tax-exempt money market yields began to decline in the spring
Downward pressure on money-market yields was intensified by ongoing investor
demand for short-term tax-exempt securities. During the opening months of the
reporting period, uncertainty related to the war in Iraq contributed to
investors' cautious attitudes. Despite the success of major combat operations in
early April, a subsequent stock market rally and mounting signs of a
long-awaited economic recovery, investor demand for tax-exempt money market
instruments remained relatively strong through the reporting period's end.
The weak economy influenced the fund and tax-exempt money markets in other ways
as well. For example, due to lower than expected tax revenues, most states and
municipalities faced widening budget deficits. New Jersey's fiscal problems were
severe enough to cause one of the major credit-rating agencies to place the
state on "negative outlook" early in the reporting period. Soon after the
reporting period ended, however, New Jersey bridged its budget gap for the 2004
fiscal year by passing a $24 billion balanced budget that includes $600 million
in tax and fee increases, as well as cuts in spending on the arts, higher
education and property-tax rebates.
In this challenging environment, we focused on local issuers that we consider
fiscally sound. In addition, because yield differences among money market
instruments of various maturities were relatively narrow during much of the
reporting period, we maintained the fund's weighted average maturity in a range
that we consider in line with that of other municipal money market funds. Toward
the end of the reporting period, however, we began to extend the fund's weighted
average maturity as yield differences widened. This shift was a result of our
efforts to reduce the fund's holdings of relatively low-yielding variable-rate
demand notes, on which yields are reset daily or weekly, in favor of what we
regarded as more attractive yields among longer-term municipal notes.
WHAT IS THE FUND'S CURRENT STRATEGY?
Amid more convincing signs of economic recovery, long-term bond yields surged in
July. While yields of tax-exempt money market funds have not risen nearly as
much, the yield differences between very short-term money market instruments and
one-year municipal notes have widened. Accordingly, we recently have taken
advantage of opportunities to build a "laddered" portfolio of municipal notes
that mature in stages over the next year. We expect this strategy to help us
strike an appropriate balance between our ability to capture potential
opportunities for higher yields and the need to manage the risks of unexpected
interest-rate declines.
August 15, 2003
(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 $1.00
PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND.
The Fund
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Principal
TAX EXEMPT INVESTMENTS--102.3% Amount ($) Value ($)
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Atlantic City, GO Notes
2%, 8/1/2004 (Insured; MBIA) 1,750,000 1,767,115
Atlantic County Improvement Authority, Revenue, VRDN
Pooled Governmental Loan Program
.85% (LOC; KBC Bank) 1,200,000 (a) 1,200,000
Bergen County Improvement Authority, MFHR
VRDN (Kentshire Apartments Project)
.90% (LOC; FNMA) 9,000,000 (a) 9,000,000
Boonton, GO Notes, BAN
1%, 1/30/2004 1,138,888 1,138,888
Brigantine, GO Notes, BAN
1.70%, 1/30/2004 4,300,000 4,310,592
Burlington County, GO Notes:
BAN:
1.25%, 2/5/2004 10,916,500 10,920,672
1.15%, 3/6/2004 3,996,000 3,996,575
Refunding 4%, 10/1/2003 (Insured; AMBAC) 760,000 763,598
Burlington County Bridge Commission
Pooled Loan Revenue
County Guaranteed Governmental Loan Program
3%, 10/15/2003 1,155,000 1,158,519
Camden County Improvement Authority, LR
(Cherry Hill Township Library Project)
3%, 5/1/2004 520,000 527,742
Cape May County Municipal Utilities Authority, Refunding:
Sewer Revenue
4%, 1/1/2004 (Insured; MBIA) 3,815,000 3,859,110
Solid Waste Revenue
5%, 8/1/2003 (Insured; AMBAC) 250,000 250,000
Chester Township, GO Notes
3.30%, 12/15/2003 (Insured; FGIC) 280,000 282,117
Colts Neck Township, GO Notes, BAN
1.65%, 5/28/2004 1,757,500 1,765,493
Cranbury Township, GO Notes, BAN
2%, 1/8/2004 4,458,000 4,473,438
Dover Municipal Utilities Authority
Sewer Revenue, Refunding
2%, 2/15/2004 (Insured; FGIC) 1,460,000 1,466,298
East Brunswick Township, GO Notes, BAN
2%, 9/17/2003 1,400,000 1,400,977
Egg Harbor Township School District, GO Notes
Refunding 1.60%, 2/15/2004 (Insured; FSA) 1,000,000 1,002,152
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Essex County, GO Notes
Refunding 5%, 11/15/2003 (Insured; FGIC) 1,390,000 1,405,275
Essex County Improvement Authority
Private Schoools Revenue, VRDN
(The Children's Institute Project)
.90% (LOC; Wachovia Bank) 1,665,000 (a) 1,665,000
Garden State Preservation Trust, Revenue, VRDN
(Open Space & Farmland) .99% (Insured; FSA and
Liquidity Facility; BNP Paribas) 4,180,000 (a) 4,180,000
Garfield, GO Notes, TAN
1.10%, 11/12/2003 3,500,000 3,500,957
Haledon, GO Notes, BAN
1.80%, 4/30/2004 3,762,000 3,778,911
Hudson County Improvement Authority, Revenue, VRDN
Essential Purpose Pooled Government Program
.80% (LOC; The Bank of New York) 14,500,000 (a) 14,500,000
Hunterdon County, GO Notes, General Improvement
2%, 12/1/2003 600,000 601,487
Linden, GO Notes, BAN
1.50%, 6/3/2004 2,475,000 2,484,243
Medford Township, GO Notes, BAN
1.20%, 7/23/2004 1,723,300 1,726,291
County of Mercer, GO Notes, Refunding
4%, 8/1/2003 470,000 470,000
Mercer County Improvement Authority, LR
Governmental Lease Program
2%, 9/1/2003 (Insured; AMBAC) 915,000 915,716
Middle Township School District, GO Notes, GAN
2%, 10/17/2003 5,000,000 5,005,084
Middlesex County Improvement Authority, LR:
2%, 9/15/2003 1,025,000 1,025,687
2%, 6/15/2004 950,000 957,794
Monmouth County Improvement Authority, Revenue:
Capital Equipment Pooled Lease Program
5%, 10/1/2003 500,000 503,140
Governmental Loan Program
4.50%, 12/1/2003 (Insured; AMBAC) 515,000 520,536
Township of Montgomery, GO Notes
2.25%, 2/1/2004 2,500,000 2,514,045
Montgomery Township School District, GO Notes
5.45%, 8/1/2003 (Insured; FGIC) 100,000 100,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Morris Plains, GO Notes, BAN
1.75%, 7/29/2004 2,569,000 2,587,906
Morristown, GO Notes, TAN
1.15%, 2/27/2004 3,000,000 3,002,549
New Brunswick, GO Notes:
1.85%, 8/13/2003 5,000,000 5,000,598
BAN 1.85%, 8/13/2003 7,207,000 7,207,862
New Jersey Building Authority, Building Revenue
VRDN, Putters Program
.85% (Insured; MBIA and Liquidity Facility;
JPMorgan Chase Bank) 4,185,000 (a) 4,185,000
New Jersey Economic Development Authority
VRDN:
EDR:
(Diocese of Metuchen)
.80% (LOC; Fleet National Bank) 6,000,000 (a) 6,000,000
(Encap Golf Holdings LLC):
.85% Series A (LOC; Bayerische Landesbank) 9,500,000 (a) 9,500,000
.85% Series B (LOC; Bayerische Landesbank) 15,000,000 (a) 15,000,000
(Institute of Electrical Engineers)
.85% (LOC; Wachovia Bank) 3,065,000 (a) 3,065,000
(Kenwood USA Corp. Project)
.85% (LOC; The Bank of New York) 5,900,000 (a) 5,900,000
(Stamato Realty LLC Project)
.90% (LOC; Valley National Bank) 4,735,000 (a) 4,735,000
(Wood Hollow Associates)
.90% (LOC; Wachovia Bank) 2,015,000 (a) 2,015,000
Refunding:
(Airis Newark LLC Project)
.85% (Insured; AMBAC and Liquidity
Facility; KBC Bank) 7,005,000 (a) 7,005,000
(Jewish Community Metropolitan West)
.85% (LOC; Wachovia Bank) 1,000,000 (a) 1,000,000
Industrial Revenue
(Buchanan and Zweigle Project)
1% (LOC; Wachovia Bank) 2,760,000 (a) 2,760,000
Manufacturing Facilities Revenue
(Rennoc Corp./Santa's Best Project)
1.05% (LOC; ABN-AMRO) 1,905,000 (a) 1,905,000
PCR, Refunding
(Hoffman La Roche Inc.)
.88% (LOC; Wachovia Bank) 20,000,000 (a) 20,000,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey Economic Development Authority (continued)
VRDN (continued):
Revenues:
(CPC Behavioral Health Care)
.90% (LOC; Wachovia Bank) 3,595,000 (a) 3,595,000
(Developmental Disabilities)
.90% (LOC; Wachovia Bank) 2,690,000 (a) 2,690,000
(Four Woodbury Mews Project)
.96% (LOC; Fleet National Bank) 6,600,000 (a) 6,600,000
(Three Woodbury Mews Project)
.96% (LOC; Fleet National Bank) 9,525,000 (a) 9,525,000
(Young Men's Christian Associates)
.90% (LOC; Wachovia Bank) 1,585,000 (a) 1,585,000
School Revenue, Refunding
(Blair Academy)
.85% (LOC; Wachovia Bank) 5,090,000 (a) 5,090,000
Special Facilities Revenue
(Port Newark Container LLC)
.88% (LOC; Citibank N.A.) 14,000,000 (a) 14,000,000
Thermal Energy Facilities Revenue
(Thermal Energy Limited)
.85% (LOC; Bank One) 1,300,000 (a) 1,300,000
New Jersey Educational Facilities Authority:
College and University Revenue, VRDN
(College of New Jersey)
.80% (Insured; AMBAC and Liquidity Facility:
Bank of Nova Scotia and Toronto Dominion Bank) 24,000,000 (a) 24,000,000
LR (Higher Education Equipment Leasing Fund)
4%, 9/1/2003 2,000,000 2,004,315
New Jersey Environmental Infrastructure Trust, Revenue:
Refunding, Waste Water Treatment
2%, 3/1/2004 (Insured; AMBAC) 3,465,000 3,480,970
VRDN, Municipal Securities Trust Receipts
.92% (Liquidity Facility; JPMorgan Chase Bank) 500,000 (a) 500,000
New Jersey Health Care Facilities Financing Authority
Revenues, VRDN:
(Holy Name Hospital)
.80% (LOC; Fleet National Bank) 1,800,000 (a) 1,800,000
(Hospital Capital Asset Financing)
.80% (LOC; JPMorgan Chase Bank) 5,700,000 (a) 5,700,000
(RWJ Health Care Corp.)
.90% (LOC; Commerce Bank N.A.) 14,900,000 (a) 14,900,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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New Jersey Health Care Facilities Financing Authority
Revenues, VRDN (continued):
(St. Barnabas Medical Center)
.80% (LOC; JPMorgan Chase Bank) 7,500,000 (a) 7,500,000
(St. Peters University Hospital)
.80% (LOC; Fleet National Bank) 16,000,000 (a) 16,000,000
New Jersey Housing and Mortgage Finance Agency
Revenue, VRDN, Merlots Program
.95% (Insured; MBIA and Liquidity Facility;
Wachovia Bank) 2,295,000 (a) 2,295,000
New Jersey Sports and Exposition Authority
Recreational Revenue, VRDN .80% (Insured; MBIA
and Liquidity Facility; Credit Suisse) 18,000,000 (a) 18,000,000
New Jersey Transit Corporation
Transit Revenue, GAN
5.50%, 2/1/2004 (Insured; AMBAC) 2,000,000 2,042,980
New Jersey Transportation Trust Fund Authority, Revenue
VRDN, Merlots Program .90% (Insured; FSA and
Liquidity Facility; Wachovia Bank) 2,990,000 (a) 2,990,000
New Jersey Turnpike Authority
Turnpike Revenue, VRDN:
Merlots Program .90% (Insured; MBIA
and Liquidity Facility; Wachovia Bank) 11,680,000 (a) 11,680,000
1.03% (Insured; FGIC and Liquidity
Facility; BNP Paribas) 4,000,000 (a) 4,000,000
Newark Housing Authority, MFHR, VRDN
1.05% (Liquidity Facility; Merrill Lynch and
LOC; Merrill Lynch) 4,755,000 (a) 4,755,000
Ocean City, GO Notes, BAN
1.75%, 12/9/2003 4,500,000 4,509,978
Ocean County, GO Notes, Refunding
3%, 8/1/2003 2,070,000 2,070,000
Township of Old Bridge, GO Notes, BAN
1.15%, 6/3/2004 2,600,000 2,600,416
Paramus, GO Notes, BAN
1.50%, 8/11/2004 5,232,899 5,258,802
Parsippany Troy Hills Township, GO Notes
Refunding 2%, 12/1/2003 1,965,000 1,970,879
Township of Pennsauken, GO Notes, BAN
1.15%, 7/29/2004 8,000,000 8,011,775
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Port Authority of New York and New Jersey
Special Obligation Revenue, VRDN
Merlots Program .95% (Insured; MBIA and
Liquidity Facility; Wachovia Bank) 1,415,000 (a) 1,415,000
Rahway Redevelopment Agency, Revenue
(Public Library Project) 2.25%, 10/29/2003 5,780,000 5,789,006
Rahway Valley Sewerage Authority, GO Notes
(Sewer Project) 2.25%, 1/14/2004 5,750,000 5,777,118
Rockaway Township, GO Notes, BAN
1.50%, 7/23/2004 1,920,000 1,929,270
Rutherford Board of Education, GO Notes
3.25%, 1/15/2004 (Insured; FGIC) 590,000 595,483
Somerset County Industrial Pollution Control Financing
Authority, Industrial Revenue, Refunding, VRDN
(American Cyanamid) 1.40% 2,700,000 (a) 2,700,000
Sparta Township, GO Notes, BAN 1.70%, 1/16/2004 7,000,000 7,014,312
Union County Improvement Authority, LR:
BAN (Train Station Project) 1.20%, 2/12/2004 4,675,000 4,675,000
Capital Equipment and Infrastructure Program
2%, 5/1/2004 (Insured; AMBAC) 1,080,000 1,086,905
Township of Voorhees, GO Notes, BAN:
2%, Series A, 2/11/2004 2,302,000 2,312,217
2%, Series C, 2/11/2004 1,838,250 1,846,408
West Amwell Township School District
Hunterdon County, GO Notes
1.50%, 2/4/2004 1,000,000 1,002,480
Wildwood Crest, GO Notes, BAN
1.75%, 5/21/2004 2,700,000 2,713,505
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TOTAL INVESTMENTS (cost $425,318,186) 102.3% 425,318,186
LIABILITIES, LESS CASH AND RECEIVABLES (2.3%) (9,365,779)
NET ASSETS 100.0% 415,952,407
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond Assurance GO General Obligation
Corporation LOC Letter of Credit
BAN Bond Anticipation Notes LR Lease Revenue
EDR Economic Development Revenue MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Insurance Corporation
Company MFHR Multi--Family Housing Revenue
FNMA Federal National Mortgage PCR Pollution Control Revenue
Association TAN Tax Anticipation Notes
FSA Financial Security Assurance TRAN Tax and Revenue Anticipation Notes
GAN Grant Anticipation Notes VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+, F1 VMIG1, MIG1, P1 SP1+SP1, A1+,A1 57.6
AAA, AA, A (b) Aaa, Aa, A (b) AAA, AA, A (b) 14.8
Not Rated (c) Not Rated (c) Not Rated (c) 27.6
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(B) NOTES WHICH ARE NOT F, MIG AND SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
July 31, 2003 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 425,318,186 425,318,186
Interest receivable 1,457,273
Prepaid expenses 11,399
426,786,858
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 213,340
Cash overdraft due to Custodian 2,517,814
Payable for investment securities purchased 8,028,883
Payable for shares of Common Stock redeemed 42,432
Accrued expenses 31,982
10,834,451
- --------------------------------------------------------------------------------
NET ASSETS ($) 415,952,407
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 416,132,746
Accumulated net realized gain (loss) on investments (180,339)
- --------------------------------------------------------------------------------
NET ASSETS ($) 415,952,407
- --------------------------------------------------------------------------------
SHARES OUTSTANDING
(2 billion shares of $.001 par value Common Stock authorized) 416,133,716
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended July 31, 2003 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 2,464,718
EXPENSES:
Management fee--Note 2(a) 1,063,495
Shareholder servicing costs--Note 2(b) 205,618
Professional fees 21,742
Directors' fees and expenses--Note 2(c) 21,404
Custodian fees 21,332
Prospectus and shareholders' reports 9,943
Registration fees 5,639
Miscellaneous 8,981
TOTAL EXPENSES 1,358,154
INVESTMENT INCOME--NET 1,106,564
- --------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) 2,565
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 1,109,129
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 2003 Year Ended
(Unaudited) January 31, 2003
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 1,106,564 3,656,189
Net realized gain (loss) on investments 2,565 20,852
Net unrealized appreciation (depreciation)
on investments -- (735)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,109,129 3,676,306
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (1,106,564) (3,656,189)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 283,113,269 547,671,550
Dividends reinvested 990,798 3,258,279
Cost of shares redeemed (295,153,955) (592,442,039)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS (11,049,888) (41,512,210)
TOTAL INCREASE (DECREASE) IN NET ASSETS (11,047,323) (41,492,093)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 426,999,730 468,491,823
END OF PERIOD 415,952,407 426,999,730
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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 Year Ended January 31,
July 31, 2003 --------------------------------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .003 .008 .020 .033 .025 .027
Distributions:
Dividends from investment
income--net (.003) (.008) (.020) (.033) (.025) (.027)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) .52(a) .83 2.06 3.32 2.54 2.69
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .64(a) .65 .65 .67 .66 .67
Ratio of net investment income
to average net assets .52(a) .83 2.04 3.25 2.50 2.65
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 415,952 427,000 468,492 439,244 431,543 475,046
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
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") serves as the fund's investment adviser. The Manager
is a wholly-owned subsidiary of Mellon Bank, N.A., which is a wholly-owned
subsidiary of Mellon Financial Corporation. 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 accounting
principles generally accepted in the United States, 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
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 amortization of
discounts and premiums on investment, is earned from settlement date and
recognized on the accrual basis. Realized gain and loss from securities
transactions are recorded on the identified cost
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
basis. Under the terms of the custody agreement, the fund received net earnings
credits of $26,778 during the period ended July 31, 2003 based on available cash
balances left on deposit. Income earned under this arrangement is included in
interest income.
The fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain, if any, are normally declared and paid annually,
but the fund may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
"Code"). To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all federal income and excise taxes.
The fund has an unused capital loss carryover of $182,904 available for federal
income tax purposes to be applied against future net securities profit, if any,
realized subsequent to January 31, 2003. If not applied, $98,991 of the
carryover expires in fiscal 2004, $4,210 expires in fiscal 2005, $16,731 expires
in fiscal 2006 and $62,972 expires in fiscal 2007.
The tax character of distributions paid to shareholders during the fiscal year
ended January 31, 2003 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, 2003, 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, 2003, the fund was charged $129,182 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, 2003, the fund was charged $61,895 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
NOTES
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.
200 Park Avenue
New York, NY 10166
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 info@dreyfus.com
ON THE INTERNET Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 2003 Dreyfus Service Corporation 758SA0703
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. [RESERVED]
ITEM 9. 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 controls over
financial reporting that occurred during the Registrant's most recently ended
fiscal half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 10. 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.
(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 24, 2003
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 24, 2003
By: /S/JAMES WINDELS
James Windels
Chief Financial Officer
Date: September 24, 2003
(PAGE)
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)
[EX-99.CERT]
Exhibit (a)(2)
SECTION 302 CERTIFICATIONS
I, Stephen E. Canter, certify that:
1. I have reviewed this report on Form N-CSR of DREYFUS NEW JERSEY MUNICIPAL
MONEY MARKET FUND, INC.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement
of cash flows) of the registrant as of, and for, the periods presented in
this report;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant
and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
(b) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
(c) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal half-year (the registrant's second fiscal half-year
in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
By: /S/Stephen E. Canter
Stephen E. Canter
Chief Executive Officer
Date: September 24, 2003
SECTION 302 CERTIFICATIONS
I, James Windels, certify that:
1. I have reviewed this report on Form N-CSR of DREYFUS NEW JERSEY MUNICIPAL
MONEY MARKET FUND, INC.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement
of cash flows) of the registrant as of, and for, the periods presented in
this report;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant
and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
(b) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
(c) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal half-year (the registrant's second fiscal half-year
in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
By: /S/JAMES WINDELS
James Windels
Chief Financial Officer
Date: September 24, 2003
(PAGE)
[EX-99.906CERT]
Exhibit (b)
SECTION 906 CERTIFICATIONS
In connection with this report on Form N-CSR for the Registrant as
furnished to the Securities and Exchange Commission on the date hereof (the
"Report"), the undersigned hereby certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as applicable; and
(2) the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.
By: /S/STEPHEN E. CANTER
Stephen E. Canter
Chief Executive Officer
Date: September 24, 2003
By: /S/JAMES WINDELS
James Windels
Chief Financial Officer
Date: September 24, 2003
THIS CERTIFICATE IS FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM N-CSR AND
SHALL NOT BE DEEMED "FILED" FOR PURPOSES OF SECTION 18 OF THE SECURITIES
EXCHANGE ACT OF 1934, OR OTHERWISE SUBJECT TO THE LIABILITY OF THAT SECTION,
AND SHALL NOT BE DEEMED TO BE INCORPORATED BY REFERENCE INTO ANY FILING UNDER
THE SECURITIES ACT OF 1933 OR THE EXCHANGE ACT OF 1934.