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: | | 811-02619 |
MoneyMart Assets, Inc.
|
| Exact name of registrant as specified in charter: |
|
Gateway Center 3, 100 Mulberry Street, Newark, New Jersey 07102 |
| Address of principal executive offices: |
Deborah A. Docs
Gateway Center 3,
100 Mulberry Street,
Newark, New Jersey 07102
|
| Name and address of agent for service: |
Registrant’s telephone number, including area code: 800-225-1852
Date of fiscal year end: 7/31/2009
Date of reporting period: 1/31/2009
Item 1 – Reports to Stockholders
SEMIANNUAL REPORT
JANUARY 31, 2009
MONEYMART ASSETS, INC.
FUND TYPE
Money market
OBJECTIVE
Maximum current income consistent with stability of capital and the maintenance of liquidity
This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.
The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.
The accompanying financial statements as of January 31, 2009 were not audited and, accordingly, no auditor’s opinion is expressed on them.
Prudential, Prudential Financial and the Rock Prudential logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.
March 16, 2009
Dear Shareholder:
On the following pages, you’ll find your semiannual report for MoneyMart Assets, including a listing of its holdings at period-end. Money market investments such as MoneyMart Assets are at the low-risk, low-reward end of the risk/reward spectrum, and the primary measure of their performance is the seven-day current yield, which is included in the attached report.
MoneyMart Assets may be an important part of your overall financial plan. We recommend you review your financial plan regularly with your financial professional. He or she can help you create a diversified investment plan that may include mutual funds covering all the basic asset classes and that reflects your tolerance for risk, time horizon, and financial goals. Keep in mind that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.
Thank you for choosing MoneyMart Assets.
Sincerely,
Judy A. Rice, President
MoneyMart Assets, Inc.
Your Fund’s Performance
Fund objective
The investment objective of MoneyMart Assets, Inc. is to seek maximum current income consistent with stability of capital and the maintenance of liquidity. There can be no assurance that the Fund will achieve its investment objective.
The Fund is a diversified portfolio of high-quality, U.S. dollar-denominated money market securities issued by the U.S. government, its agencies and instrumentalities, and major corporations and commercial banks in the United States and foreign countries. Maturities can range from one day to 13 months. The Fund generally only purchases securities rated in one of the two highest short-term rating categories or one of the three highest long-term rating categories by at least two major rating agencies, or, if not rated, deemed to be of equivalent quality by the investment subadviser.
Yields will fluctuate from time to time, and past performance does not guarantee future results. Current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. For the most recent month-end performance update, call (800) 225-1852. Gross operating expenses: Class A, 0.56%; Class B, 0.43%; Class C, 0.43%; Class L, 0.93%; Class M, 1.43%; Class X, 1.43%; and Class Z, 0.43%. Net operating expenses: Class A, 0.56%; Class B, 0.43%; Class C, 0.43%; Class L, 0.90%; Class M, 1.08%; Class X, 1.08%; Class Z, 0.43%, after a voluntary waiver of distribution fees on Class L, M, and X shares.
| | | | | | | | | | | |
| Fund Facts as of 1/31/09 | | | | | | | |
| | | 7-Day
Current Yield | | | Net Asset
Value (NAV) | | Weighted Avg.
Maturity (WAM) | | Net Assets
(Millions) |
Class A | | 0.70 | % | | $ | 1.00 | | 44 Days | | $ | 791.6 |
Class B* | | 0.83 | | | $ | 1.00 | | 44 Days | | $ | 82.1 |
Class C* | | 0.83 | | | $ | 1.00 | | 44 Days | | $ | 31.5 |
Class L | | 0.50 | | | $ | 1.00 | | 44 Days | | $ | 6.7 |
Class M | | 0.50 | | | $ | 1.00 | | 44 Days | | $ | 12.4 |
Class X | | 0.50 | | | $ | 1.00 | | 44 Days | | $ | 6.6 |
Class Z* | | 0.83 | | | $ | 1.00 | | 44 Days | | $ | 170.5 |
iMoneyNet, Inc. Prime Retail Avg.** | | 0.51 | | | | N/A | | 53 Days | | | N/A |
| * | Class B, Class C, and Class Z shares are not subject to distribution and service (12b-1) fees. |
| ** | iMoneyNet, Inc. regularly reports a 7-day current yield and WAM on Tuesdays. This is based on the data of all funds in the iMoneyNet, Inc. Prime Retail Average category as of January 27, 2009, the closest reported date prior to the end of our reporting period. |
An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to
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preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.
Notwithstanding the preceding statements, the Fund is participating in the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds. The Program generally does not guarantee any new investments in the Fund made after September 19, 2008, and is scheduled to expire on April 30, 2009, unless extended by the U.S. Treasury Department. For more information about the Program’s scope and limitations, please see the Fund’s current prospectus as supplemented on December 4, 2008 and as may be supplemented from time to time.
Money Market Fund Yield Comparison
Weighted Average Maturity Comparison
Your Fund’s Performance (continued)
Yields will fluctuate from time to time, and past performance does not guarantee future results. Current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. For the most recent month-end performance update, call (800) 225-1852. Gross operating expenses: Class A, 0.56%; Class B, 0.43%; Class C, 0.43%; Class L, 0.93%; Class M, 1.43%; Class X, 1.43%; and Class Z, 0.43%. Net operating expenses: Class A, 0.56%; Class B, 0.43%; Class C, 0.43%; Class L, 0.90%; Class M, 1.08%; Class X, 1.08%; Class Z, 0.43%, after a voluntary waiver of distribution fees on Class L, M, and X shares.
The graphs portray weekly 7-day current yields and weekly WAMs for MoneyMart Assets, Inc. (Class A shares—yields only) and the iMoneyNet, Inc. Prime Retail Average every Tuesday from January 29, 2008 to January 27, 2009, the closest dates to the beginning and end of the Fund’s reporting period. Note: iMoneyNet, Inc. regularly reports a 7-day current yield and WAM on Tuesdays. As a result, the data portrayed for the Fund at the end of the reporting period in the graphs may not match the data portrayed in the Fund Facts table as of January 31, 2009.
An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.
Notwithstanding the preceding statements, the Fund is participating in the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds. The Program generally does not guarantee any new investments in the Fund made after September 19, 2008, and is scheduled to expire on April 30, 2009, unless extended by the U.S. Treasury Department. For more information about the Program’s scope and limitations, please see the Fund’s current prospectus as supplemented on December 4, 2008 and as may be supplemented from time to time.
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Fees and Expenses (Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested on August 1, 2008, at the beginning of the period, and held through the six-month period ended January 31, 2009. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.
The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of JennisonDryden Funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.
Actual Expenses
The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before
Fees and Expenses (continued)
expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | |
MoneyMart
Assets, Inc. | | Beginning Account
Value
August 1, 2008 | | Ending Account
Value January 31, 2009 | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* |
| | | | | | | | | | | | | | |
| Class A | | Actual | | $ | 1,000.00 | | $ | 1,009.30 | | 0.56 | % | | $ | 2.84 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,022.38 | | 0.56 | % | | $ | 2.85 |
| | | | | | | | | | | | | | |
| Class B | | Actual | | $ | 1,000.00 | | $ | 1,010.00 | | 0.43 | % | | $ | 2.18 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,023.04 | | 0.43 | % | | $ | 2.19 |
| | | | | | | | | | | | | | |
| Class C | | Actual | | $ | 1,000.00 | | $ | 1,010.00 | | 0.43 | % | | $ | 2.18 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,023.04 | | 0.43 | % | | $ | 2.19 |
| | | | | | | | | | | | | | |
| Class L | | Actual** | | $ | 1,000.00 | | $ | 1,003.30 | | 0.90 | % | | $ | 2.40 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,020.67 | | 0.90 | % | | $ | 4.58 |
| | | | | | | | | | | | | | |
| Class M | | Actual** | | $ | 1,000.00 | | $ | 1,002.70 | | 1.08 | % | | $ | 2.87 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,019.76 | | 1.08 | % | | $ | 5.50 |
| | | | | | | | | | | | | | |
| Class X | | Actual** | | $ | 1,000.00 | | $ | 1,002.70 | | 1.08 | % | | $ | 2.87 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,019.76 | | 1.08 | % | | $ | 5.50 |
| | | | | | | | | | | | | | |
| Class Z | | Actual | | $ | 1,000.00 | | $ | 1,010.00 | | 0.43 | % | | $ | 2.18 |
| | | Hypothetical | | $ | 1,000.00 | | $ | 1,023.04 | | 0.43 | % | | $ | 2.19 |
| | | | | | | | | | | | | | |
* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2009, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2009 (to reflect the six-month period) with the exception of
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the Class L, Class M and Class X “Actual” information, which reflects the 97-day period ended January 31, 2009 due to its inception date of October 27, 2008. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
** Class L, Class M and Class X shares commenced operations on October 27, 2008.
Portfolio of Investments
as of January 31, 2009 (Unaudited)
| | | | | | |
Principal
Amount (000) | | Description | | Value (Note 1) |
| | | | | | |
| | Certificates of Deposit 22.0% | | | |
| $ | 15,000 | | Australia & New Zealand Banking Group Ltd.
2.05%, 2/19/09 | | $ | 14,999,995 |
| | 30,000 | | Bank of Nova Scotia (Scotiabank)
0.35%, 2/20/09 | | | 30,000,000 |
| | 21,000 | | Barclays Bank PLC
2.00%, 10/7/09 | | | 21,000,000 |
| | 10,000 | | 2.00%, 10/9/09 | | | 10,000,000 |
| | 32,000 | | Royal Bank of Scotland/New York
2.11%, 2/2/09 | | | 32,000,000 |
| | 30,000 | | State Street Bank and Trust Co.
0.25%, 2/17/09 | | | 30,000,000 |
| | 44,000 | | Toronto-Dominion Bank (The)
1.97%, 9/24/09 | | | 44,000,000 |
| | 50,000 | | U.S. Bank N.A.
1.00%, 3/30/09 | | | 50,000,000 |
| | 10,000 | �� | UBS AG
1.055%, 3/9/09 | | | 10,000,000 |
| | | | | | |
| | | | | | 241,999,995 |
| | | | | | |
| |
| | Commercial Paper 47.5% | | | |
| | 20,000 | | Australia & New Zealand Banking Group Ltd.
2.6012%, 10/2/09(b), 144A | | | 20,000,000 |
| | 9,000 | | AXA SA, 144A
0.90%, 3/12/09(a) | | | 8,991,225 |
| | 34,000 | | Bank of Ireland
2.7012%, 9/4/09(b) | | | 34,000,000 |
| | 12,000 | | Bank of Nova Scotia (Scotiabank)
0.34%, 2/20/09(a) | | | 11,997,847 |
| | 25,000 | | CBA (Delaware) Finance, Inc.
2.00%, 3/3/09(a) | | | 24,958,333 |
| | 30,839 | | Citigroup Funding, Inc.
1.00%, 2/10/09(a)(e) | | | 30,831,290 |
| | 25,000 | | 1.274%, 4/30/09(b)(e) | | | 25,000,000 |
| | 15,000 | | Edison Asset Securitization, LLC, 144A
0.25%, 2/23/09(a) | | | 14,997,708 |
| | 16,000 | | Electricite de France, 144A
0.40%, 2/17/09(a) | | | 15,997,156 |
| | 25,000 | | General Electric Capital Corp.
0.60%, 6/23/09(a)(e) | | | 24,940,833 |
| | 40,000 | | HSBC USA, Inc.
2.00%, 2/5/09(a) | | | 39,991,111 |
See Notes to Financial Statements.
Portfolio of Investments
as of January 31, 2009 (Unaudited) continued
| | | | | | |
Principal
Amount (000) | | Description | | Value (Note 1) |
| | | | | | |
| | Commercial Paper (cont’d.) | | | |
| $ | 50,000 | | Lloyds TSB Bank PLC
1.08%, 2/17/09(a) | | $ | 49,975,999 |
| | 42,000 | | National Australia Funding (Delaware), Inc., 144A
1.899%, 2/2/09(a) | | | 41,997,782 |
| | 25,000 | | New York Capital Corp., 144A
0.45%, 2/26/09(a) | | | 24,992,188 |
| | 13,000 | | New York Life Capital Corp., 144A
0.37%, 2/9/09(a) | | | 12,998,931 |
| | 15,000 | | Nokia Corp., 144A
0.75%, 3/9/09(a) | | | 14,988,750 |
| | 41,093 | | Old Line Funding LLC, 144A
0.36%, 2/20/09(a) | | | 41,085,180 |
| | 2,000 | | Reckitt Benckiser TSY, 144A
1.90%, 2/9/09(a) | | | 1,999,156 |
| | 22,000 | | SanPaolo IMI U.S. Financial Corp.
2.05%, 2/2/09(a) | | | 21,998,747 |
| | 7,000 | | 2.07%, 2/4/09(a) | | | 6,998,793 |
| | 20,000 | | Societe Generale North America, Inc.
0.68%, 3/2/09(a) | | | 19,989,044 |
| | 7,574 | | 0.76%, 4/14/09(a) | | | 7,562,488 |
| | 25,000 | | State Street Corp.
0.40%, 2/24/09(a) | | | 24,993,611 |
| | 2,000 | | UBS Finance (Delaware), LLC
1.17%, 2/18/09(a) | | | 1,998,895 |
| | | | | | |
| | | | | | 523,285,067 |
| | | | | | |
| |
| | Other Corporate Obligations 15.7% | | | |
| | 10,000 | | Bank of America Corp.
1.586%, 9/25/09(b) | | | 9,918,853 |
| | 20,000 | | 1.234%, 4/29/09(b)(e) | | | 20,000,000 |
| | 8,000 | | 0.40%, 2/27/09(b) | | | 7,996,992 |
| | 20,000 | | Bank of America, NA, Notes
2.906%, 8/6/09(b) | | | 20,000,000 |
| | 5,000 | | General Electric Capital Corp., MTN
3.342%, 2/2/09(b) | | | 5,000,005 |
| | 50,000 | | Goldman Sachs, Gtd. Notes
2.25%, 3/9/09(a)(c)(e) | | | 50,000,001 |
| | 40,000 | | Nordea Bank AB, 144A
1.509%, 9/24/09(b) | | | 39,999,999 |
| | 20,000 | | Wells Fargo & Co., MTN
1.667%, 9/23/09 | | | 20,008,063 |
| | | | | | |
| | | | | | 172,923,913 |
| | | | | | |
See Notes to Financial Statements.
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| | | | | | | |
Principal
Amount (000) | | Description | | Value (Note 1) | |
| | | | | | | |
| | U.S. Government Agency Obligations 9.4% | | | | |
| $ | 10,000 | | Federal Home Loan Bank, Notes
0.23%, 2/17/09(b) | | $ | 10,000,000 | |
| | 20,000 | | 0.38%, 2/19/09(b) | | | 20,000,000 | |
| | 25,000 | | 0.41%, 2/23/09(b) | | | 25,000,000 | |
| | 24,000 | | 0.46%, 2/27/09(b) | | | 24,000,000 | |
| | 25,000 | | 0.49%, 3/27/09(b) | | | 25,000,000 | |
| | | | | | | |
| | | | | | 104,000,000 | |
| | | | | | | |
|
| | Repurchase Agreements 5.5% | |
| | 59,984 | | Merrill Lynch, Inc.
0.30%, dated 1/31/09, due 2/02/09 in the amount of $59,985,500 (cost $59,984,000; the value of the collateral including accrued interest was $61,183,631)(d) | | | 59,984,000 | |
| | | | | | | |
| | | Total Investments 100.1%
(amortized cost $1,102,192,975)(f) | | | 1,102,192,975 | |
| | | Liabilities in excess of other assets (0.1%) | | | (889,017 | ) |
| | | | | | | |
| | | Net Assets 100.0% | | $ | 1,101,303,958 | |
| | | | | | | |
MTN—Medium Term Note.
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
| (a) | Rate quoted represents yield-to-maturity as of purchase date. |
| (b) | Floating Rate Security. The interest rate shown reflects the rate in effect at January 31, 2009. |
| (c) | Indicates a security that has been deemed illiquid. |
| (d) | Repurchase agreements are collateralized by United States Treasury or Federal Agency obligations. |
| (e) | FDIC-Guaranteed issued under temporary liquidity guarantee program. |
| (f) | The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes. |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
See Notes to Financial Statements.
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| MoneyMart Assets, Inc. | | 11 |
Portfolio of Investments
as of January 31, 2009 (Unaudited) continued
The following is a summary of the inputs used as of January 31, 2009 in valuing the Fund’s assets carried at fair value:
| | | | | |
Valuation inputs | | Investments
in Securities | | Other Financial
Instruments* |
Level 1—Quoted Prices | | $ | — | | — |
Level 2—Other Significant Observable Inputs | | | 1,102,192,975 | | — |
Level 3—Significant Unobservable Inputs | | | — | | — |
| | | | | |
Total | | $ | 1,102,192,975 | | — |
| | | | | |
| * | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
As of July 31, 2008 and January 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2009 was as follows:
| | | |
Commercial Banks | | 22.9 | % |
Foreign Banks | | 22.4 | |
Non-Captive Finance | | 20.1 | |
Security Brokers & Dealers | | 10.0 | |
U.S. Government Agency Obligations | | 9.4 | |
Financial Services | | 6.0 | |
Asset Backed Securities | | 5.1 | |
Telecom | | 1.4 | |
Electric | | 1.4 | |
Life Insurance | | 1.2 | |
Consumer | | 0.2 | |
| | | |
| | 100.1 | |
Liabilities in excess of other assets | | (0.1 | ) |
| | | |
| | 100.0 | % |
| | | |
See Notes to Financial Statements.
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Financial Statements
(Unaudited)
| | |
| JANUARY 31, 2009 | | SEMIANNUAL REPORT |
MoneyMart Assets, Inc.
Statement of Assets and Liabilities
as of January 31, 2009 (Unaudited)
| | | |
Assets | | | |
Investments, at amortized cost which approximates market value | | $ | 1,102,192,975 |
Cash | | | 1,532 |
Receivable for Fund shares sold | | | 4,337,451 |
Interest receivable | | | 1,135,907 |
Prepaid expenses | | | 133,505 |
| | | |
Total assets | | | 1,107,801,370 |
| | | |
| |
Liabilities | | | |
Payable for Fund shares reacquired | | | 4,534,810 |
Accrued expenses | | | 1,241,633 |
Management fee payable | | | 291,102 |
Affiliated transfer agent fee payable | | | 138,113 |
Dividends payable | | | 126,627 |
Distribution fee payable | | | 96,528 |
Deferred directors’ fees | | | 68,599 |
| | | |
Total liabilities | | | 6,497,412 |
| | | |
| |
Net Assets | | $ | 1,101,303,958 |
| | | |
| | | | |
Net assets were comprised of: | | | |
Common stock, at par ($.001 par value; 20 billion shares authorized for issuance) | | $ | 1,101,293 |
Paid-in capital in excess of par | | | 1,100,202,665 |
| | | |
Net assets, January 31, 2009 | | $ | 1,101,303,958 |
| | | |
See Notes to Financial Statements.
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| | | |
Class A | | | |
Net asset value, offering price and redemption price per share
($791,575,678 ÷ 791,567,043 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
| |
Class B | | | |
Net asset value, offering price and redemption price per share
($82,055,842 ÷ 82,053,910 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
| |
Class C | | | |
Net asset value, offering price and redemption price per share
($31,499,623 ÷ 31,499,137 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
| |
Class L | | | |
Net asset value, offering price and redemption price per share
($6,694,705 ÷ 6,694,705 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
| |
Class M | | | |
Net asset value, offering price and redemption price per share
($12,435,910 ÷ 12,435,911 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
| |
Class X | | | |
Net asset value, offering price and redemption price per share
($6,583,140 ÷ 6,583,140 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
| |
Class Z | | | |
Net asset value, offering price and redemption price per share
($170,459,060 ÷ 170,459,060 shares of common stock issued and outstanding) | | $ | 1.00 |
| | | |
See Notes to Financial Statements.
| | |
| MoneyMart Assets, Inc. | | 15 |
Statement of Operations
Six Months Ended January 31, 2009 (Unaudited)
| | | |
Net Investment Income | | | |
Income | | | |
Interest | | $ | 12,887,192 |
| | | |
| |
Expenses | | | |
Management fee | | | 1,671,657 |
Distribution fee—Class A | | | 491,664 |
Distribution fee—Class L | | | 3,762 |
Distribution fee—Class M | | | 9,926 |
Distribution fee—Class X | | | 5,160 |
Transfer agent’s fees and expenses (including affiliated expense of $301,000) (Note 3) | | | 301,000 |
Reports to shareholders | | | 75,000 |
Custodian’s fees and expenses | | | 45,000 |
Registration fees | | | 40,000 |
Legal fees and expenses | | | 15,000 |
Directors’ fees | | | 10,000 |
Audit fee | | | 9,000 |
Miscellaneous (Note 8) | | | 154,219 |
| | | |
Total expenses | | | 2,831,388 |
| | | |
Net investment income | | | 10,055,804 |
| | | |
| |
Net Realized Gain On Investments | | | |
Net realized gain on investment transactions | | | 56,081 |
| | | |
Net Increase In Net Assets Resulting From Operations | | $ | 10,111,885 |
| | | |
See Notes to Financial Statements.
| | |
| 16 | | Visit our website at www.jennisondryden.com |
Statement of Changes in Net Assets
(Unaudited)
| | | | | | | | |
| | | Six Months
Ended
January 31, 2009 | | | Year
Ended
July 31, 2008 | |
Increase (Decrease) In Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income | | $ | 10,055,804 | | | $ | 34,574,612 | |
Net realized gain on investment transactions | | | 56,081 | | | | 77,264 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 10,111,885 | | | | 34,651,876 | |
| | | | | | | | |
| | |
Dividends to shareholders (Note 1) | | | | | | | | |
Class A | | | (7,272,042 | ) | | | (25,003,689 | ) |
Class B | | | (779,105 | ) | | | (2,540,527 | ) |
Class C | | | (256,770 | ) | | | (567,710 | ) |
Class L | | | (5,486 | ) | | | — | |
Class M | | | (7,623 | ) | | | — | |
Class X | | | (3,971 | ) | | | — | |
Class Z | | | (1,786,888 | ) | | | (6,539,950 | ) |
| | | | | | | | |
| | | (10,111,885 | ) | | | (34,651,876 | ) |
| | | | | | | | |
| | |
Fund share transactions (Note 4) (at $1.00 per share) | | | | | | | | |
Net proceeds from shares sold | | | 1,046,628,535 | | | | 1,751,125,165 | |
Net asset value of shares issued to shareholders in reinvestment of dividends | | | 9,935,883 | | | | 34,543,045 | |
Net asset value of shares issued in connection with merger (Note 7) | | | 50,060,780 | | | | — | |
Cost of shares reacquired | | | (1,026,903,684 | ) | | | (1,643,316,580 | ) |
| | | | | | | | |
Net increase in net assets from Fund share transactions | | | 79,721,514 | | | | 142,351,630 | |
| | | | | | | | |
Total increase | | | 79,721,514 | | | | 142,351,630 | |
| | |
Net Assets | | | | | | | | |
Beginning of period | | | 1,021,582,444 | | | | 879,230,814 | |
| | | | | | | | |
End of period | | $ | 1,101,303,958 | | | $ | 1,021,582,444 | |
| | | | | | | | |
See Notes to Financial Statements.
| | |
| MoneyMart Assets, Inc. | | 17 |
Notes to Financial Statements
(Unaudited)
MoneyMart Assets, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund invests primarily in a portfolio of money market instruments maturing in thirteen months or less whose ratings are within the two highest rating categories by a nationally recognized statistical rating organization or, if not rated, are of comparable quality. The ability of the issuers of the securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or region.
Note 1. Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Securities Valuations: Portfolio securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. If the amortized cost method is determined not to represent fair value, the fair value shall be determined by or under the direction of the Board of Directors. When determining the fair valuation of securities some of the factors influencing the valuation include the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates.
Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Interest income including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis.
Net investment income or loss (other than distribution fees, which are charged directly to the respective class) and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.
| | |
| 18 | | Visit our website at www.jennisondryden.com |
Repurchase Agreements: In connection with transactions in repurchase agreements with United States financial institutions, it is the Fund’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked to market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.
Loan Participations: The Fund may invest in loan participations. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (“Selling Participant”), but not the borrower. As a result, the Fund assumes the credit risk of the borrower, the selling participant and any other persons interpositioned between the Fund and borrower (“intermediate participants”). The Fund may not directly benefit from the collateral supporting the senior loan in which it has purchased the loan participation.
Federal Income Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required.
Dividends and Distributions: The Fund declares daily dividends from net investment income and net realized short-term capital gains or losses. Payment of dividends is made monthly. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles are recorded on the ex-dividend date.
Restricted Securities: The Fund may hold up to 10% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities, sometimes referred to as private placements, are valued pursuant to the valuation procedures noted above.
Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
| | |
| MoneyMart Assets, Inc. | | 19 |
Notes to Financial Statements
(Unaudited) continued
Note 2. Agreements
The Fund has a management agreement with Prudential Investments LLC (“PI”). Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a subadvisory agreement with Prudential Investment Management, Inc. (“PIM”). The subadvisory agreement provides that PIM will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PIM is obligated to keep certain books and records of the Fund. PI pays for the services of PIM, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.
The management fee paid to PI is accrued daily and payable monthly, at an annual rate of .50 of 1% of the Fund’s average daily net assets up to $50 million and .30 of 1% of the Fund’s average daily net assets in excess of $50 million. The effective management fee rate was .309 of 1% of the average daily net assets for the six months ended January 31, 2009.
The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class L, Class M, Class X and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class L, Class M and Class X shares, pursuant to plans of distribution (the “Class A, L, M and X Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly.
Pursuant to the Class A, L, M and X Plans, the Fund compensates PIMS for distribution related activities at an annual rate of .125 of 1%, .50 of 1%, 1% and 1% of the average daily net assets of the Class A, Class L, Class M and Class X shares, respectively. No distribution or service fees are paid to PIMS as distributor of Class B, Class C and Class Z shares of the Fund.
During the six months ended January 31, 2009, PIMS voluntarily waived a portion of its distribution fees on Class L, M and X shares.
PI, PIM and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).
| | |
| 20 | | Visit our website at www.jennisondryden.com |
Note 3. Other Transactions with Affiliates
Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket and sub-transfer agent expenses paid to non-affiliates, where applicable.
The Fund pays networking fees to affiliated and unaffiliated broker-dealers including fees related to the services of Pruco LLP (“Pruco”) and First Clearing, LLC (“First Clearing”), affiliates of PI. These networking fees are payments made to broker/dealers that clear mutual fund transactions through a national clearing system. For the six months ended January 31, 2009, the Fund incurred approximately $116,200 in total networking fees of which approximately $83,700 and $14,700 was paid to Pruco and First Clearing, respectively. These amounts are included in transfer agent’s fees and expenses in the Statement of Operations.
Note 4. Capital
The Fund offers Class A, Class B, Class C, Class L, Class M, Class X and Class Z shares. Class B, C and Z shares are not subject to any distribution and/or service fees and are offered exclusively for sale to a limited group of investors. There are 20 billion authorized shares of $.001 par value common stock divided into seven classes, which consist of 10 billion Class A, 2.5 billion Class B, 2.5 billion Class C, 1 billion Class L, 1 billion Class M, 1 billion Class X and 2 billion Class Z shares.
Transactions in shares and dollars of common stock (at $1 net asset value per share) were as follows:
| | | | | | | |
Class A | | Shares | | | Amount | |
Six months ended January 31, 2009: | | | | | | | |
Shares sold | | 947,585,441 | | | $ | 947,586,497 | |
Shares issued in reinvestment of dividends | | 7,120,200 | | | | 7,120,206 | |
Shares issued in connection with reorganization (Note 7) | | 17,875,062 | | | | 17,875,062 | |
Shares reacquired | | (933,356,295 | ) | | | (933,356,295 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 39,224,408 | | | $ | 39,225,470 | |
| | | | | | | |
Year ended July 31, 2008: | | | | | | | |
Shares sold | | 1,604,991,711 | | | $ | 1,604,999,281 | |
Shares issued in reinvestment of dividends | | 24,998,524 | | | | 24,998,528 | |
Shares reacquired | | (1,524,606,662 | ) | | | (1,524,606,663 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 105,383,573 | | | $ | 105,391,146 | |
| | | | | | | |
| | |
| MoneyMart Assets, Inc. | | 21 |
Notes to Financial Statements
(Unaudited) continued
| | | | | | | |
Class B | | Shares | | | Amount | |
Six months ended January 31, 2009: | | | | | | | |
Shares sold | | 33,270,323 | | | $ | 33,271,860 | |
Shares issued in reinvestment of dividends | | 733,344 | | | | 733,344 | |
Shares reacquired | | (21,539,315 | ) | | | (21,539,315 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 12,464,352 | | | $ | 12,465,889 | |
| | | | | | | |
Year ended July 31, 2008: | | | | | | | |
Shares sold | | 33,711,191 | | | $ | 33,711,559 | |
Shares issued in reinvestment of dividends | | 2,372,559 | | | | 2,372,587 | |
Shares reacquired | | (30,681,829 | ) | | | (30,681,830 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 5,401,921 | | | $ | 5,402,316 | |
| | | | | | | |
Class C | | | | | | |
Six months ended January 31, 2009: | | | | | | | |
Shares sold | | 22,927,067 | | | $ | 22,927,293 | |
Shares issued in reinvestment of dividends | | 236,262 | | | | 236,262 | |
Shares issued in connection with reorganization (Note 7) | | 4,983,003 | | | | 4,983,003 | |
Shares reacquired | | (17,999,666 | ) | | | (17,999,666 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 10,146,666 | | | $ | 10,146,892 | |
| | | | | | | |
Year ended July 31, 2008: | | | | | | | |
Shares sold | | 28,700,102 | | | $ | 28,700,361 | |
Shares issued in reinvestment of dividends | | 531,085 | | | | 531,085 | |
Shares reacquired | | (21,300,511 | ) | | | (21,300,511 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 7,930,676 | | | $ | 7,930,935 | |
| | | | | | | |
Class L | | | | | | |
Period ended January 31, 2009*: | | | | | | | |
Shares sold | | 918,226 | | | $ | 918,226 | |
Shares issued in reinvestment of dividends | | 4,787 | | | | 4,787 | |
Shares issued in connection with reorganization (Note 7) | | 6,783,328 | | | | 6,783,328 | |
Shares reacquired | | (1,011,636 | ) | | | (1,011,636 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 6,694,705 | | | $ | 6,694,705 | |
| | | | | | | |
Class M | | | | | | |
Period ended January 31, 2009*: | | | | | | | |
Shares sold | | 904,853 | | | $ | 904,853 | |
Shares issued in reinvestment of dividends | | 6,297 | | | | 6,297 | |
Shares issued in connection with reorganization (Note 7) | | 13,301,528 | | | | 13,301,528 | |
Shares reacquired | | (1,776,767 | ) | | | (1,776,767 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 12,435,911 | | | $ | 12,435,911 | |
| | | | | | | |
| | |
| 22 | | Visit our website at www.jennisondryden.com |
| | | | | | | |
Class X | | Shares | | | Amount | |
Period ended January 31, 2009*: | | | | | | | |
Shares sold | | 217,713 | | | $ | 217,713 | |
Shares issued in reinvestment of dividends | | 3,336 | | | | 3,336 | |
Shares issued in connection with reorganization (Note 7) | | 7,117,859 | | | | 7,117,859 | |
Shares reacquired | | (755,768 | ) | | | (755,768 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 6,583,140 | | | $ | 6,583,140 | |
| | | | | | | |
Class Z | | | | | | |
Six months ended January 31, 2009: | | | | | | | |
Shares sold | | 40,802,093 | | | $ | 40,802,093 | |
Shares issued in reinvestment of dividends | | 1,831,651 | | | | 1,831,651 | |
Shares reacquired | | (50,464,237 | ) | | | (50,464,237 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | (7,830,493 | ) | | $ | (7,830,493 | ) |
| | | | | | | |
Year ended July 31, 2008: | | | | | | | |
Shares sold | | 83,713,964 | | | $ | 83,713,964 | |
Shares issued in reinvestment of dividends | | 6,640,845 | | | | 6,640,845 | |
Shares reacquired | | (66,727,576 | ) | | | (66,727,576 | ) |
| | | | | | | |
Net increase (decrease) in shares outstanding | | 23,627,233 | | | $ | 23,627,233 | |
| | | | | | | |
| * | Commenced offering on October 27, 2008. |
Note 5. Tax Information
Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that as of January 31, 2009, no provision for income tax would be required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Note 6. New Accounting Pronouncements
In March 2008, the Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for any reporting period beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements has not yet been determined.
| | |
| MoneyMart Assets, Inc. | | 23 |
Notes to Financial Statements
(Unaudited) continued
Note 7. Reorganization
At the close of business on December 19, 2008, the Fund acquired all of the net assets of Dryden Money Market Fund, a series of Strategic Partners Mutual Funds, Inc., pursuant to a plan of reorganization approved by the Dryden Money Market Fund shareholders on November 25, 2008. The acquisition was accomplished by a tax-free issue of Class A, Class C, Class L, Class M and Class X shares for the corresponding classes of Dryden Money Market Fund. Class D shareholders of Dryden Money Market Fund received Class A shares of the Fund.
| | | | | | | | | |
| Dryden Money Market Fund | | MoneyMart Assets, Inc. |
Class | | Shares | | Class | | Shares | | Value |
| A | | 11,983,673 | | A | | 17,875,062 | | $ | 17,875,062 |
| C | | 4,981,703 | | C | | 4,983,003 | | | 4,983,003 |
| D | | 5,948,710 | | L | | 6,783,328 | | | 6,783,328 |
| L | | 6,782,613 | | M | | 13,301,528 | | | 13,301,528 |
| M | | 13,336,994 | | X | | 7,117,859 | | | 7,117,859 |
| X | | 7,142,761 | | | | | | | |
The aggregate net assets of Dryden Money Market Fund and the Fund immediately before the acquisition were $50,136,632 and $1,072,491,665, respectively.
The Fund acquired a capital loss carryforward from the merger with Dryden Money Market Fund of approximately $13,200. The future utilization of the acquired capital loss carryforward may be limited under certain conditions defined in the Internal Revenue Code of 1986, as amended.
Note 8. Other
On October 6, 2008 and December 3, 2008, the Board of Directors approved the Fund’s participation in the U.S. Treasury Department’s Temporary Guarantee Program for Money Market Funds (the “Program”) through December 18, 2008 and its subsequent extension by the Treasury through April 30, 2009, respectively.
The Fund is responsible for payment of fees required to participate in the Program which would not be subject to any waivers or expense limitation in effect for the Fund, if any. The participation fee paid for the initial three-month term of the Program and the extension was 0.01% and 0.015%, respectively, of the net asset value of the Fund as of
| | |
| 24 | | Visit our website at www.jennisondryden.com |
September 19, 2008. Such fee is included in miscellaneous expenses on the Statement of Operations.
As a requirement of participation in the Program, the Fund has agreed to be liquidated if its net asset value declines to below $0.995 (a “Guarantee Event”) if such Guarantee Event is not cured as specified in the Program. The Program’s guarantee, subject to certain conditions, only applies to the lesser of the number of shares held by an investor as of the close of business on September 19, 2008 or the number of shares owned when a Guarantee Event occurs.
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| MoneyMart Assets, Inc. | | 25 |
Financial Highlights
(Unaudited)
| | | | |
| |
| | | Class A | |
| | | Six Months Ended
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .009 | |
Dividends to shareholders | | | (.009 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(b): | | | .93 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 791,576 | |
Average net assets (000) | | $ | 780,249 | |
Ratios to average net assets: | | | | |
Expenses, including distribution and service (12b-1) fees | | | .56 | %(c) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(c) |
Net investment income | | | 1.84 | %(c) |
| (a) | For the seven-month period ended July 31, 2007. The Fund changed its fiscal year end from December 31 to July 31, effective July 31, 2007. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
See Notes to Financial Statements.
| | |
| 26 | | Visit our website at www.jennisondryden.com |
| | | | | | | | | | | | | | | | | | | | | | |
| Class A | | | | |
Year Ended
July 31, 2008 | | | Seven-Month
Period Ended
July 31, 2007(a) | | | Year Ended December 31, | |
| | | 2006 | | | 2005 | | | 2004 | | | 2003 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| .037 | | | | .028 | | | | .044 | | | | .025 | | | | .007 | | | | .006 | |
| | (.037 | ) | | | (.028 | ) | | | (.044 | ) | | | (.025 | ) | | | (.007 | ) | | | (.006 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 3.79 | % | | | 2.74 | % | | | 4.46 | % | | | 2.58 | % | | | .70 | % | | | .65 | % |
$ | 752,350 | | | $ | 646,959 | | | $ | 652,403 | | | $ | 698,040 | | | $ | 890,637 | | | $ | 5,089,405 | |
| $ | 698,827 | | | $ | 640,915 | | | $ | 651,453 | | | $ | 786,418 | | | $ | 2,823,600 | | | $ | 6,535,734 | |
| .54 | % | | | .58 | %(c) | | | .68 | % | | | .80 | % | | | .71 | % | | | .62 | % |
| | .42 | % | | | .45 | %(c) | | | .56 | % | | | .67 | % | | | .58 | % | | | .49 | % |
| | 3.57 | % | | | 4.84 | %(c) | | | 4.38 | % | | | 2.46 | % | | | .54 | % | | | .63 | % |
See Notes to Financial Statements.
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| MoneyMart Assets, Inc. | | 27 |
Financial Highlights
(Unaudited) continued
| | | | |
| |
| | | Class B | |
| | | Six Months Ended
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .010 | |
Dividends to shareholders | | | (.010 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(c): | | | 1.00 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 82,056 | |
Average net assets (000) | | $ | 79,037 | |
Ratios to average net assets: | | | | |
Expenses, including distribution and service (12b-1) fees | | | .43 | %(d) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(d) |
Net investment income | | | 1.95 | %(d) |
| (a) | For the seven-month period ended July 31, 2007. The Fund changed its fiscal year end from December 31 to July 31, effective July 31, 2007. |
| (b) | Commencement of offering. |
| (c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
See Notes to Financial Statements.
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| 28 | | Visit our website at www.jennisondryden.com |
| | | | | | | | | | | | | | |
| Class B | |
Year Ended
July 31, 2008 | | | Seven-Month
Period Ended
July 31, 2007(a) | | | Year Ended
December 31, 2006 | | | March 11, 2005(b)
through
December 31, 2005 | |
| | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | .038 | | | | .029 | | | | .045 | | | | .023 | |
| | (.038 | ) | | | (.029 | ) | | | (.045 | ) | | | (.023 | ) |
| | | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | |
| | 3.92 | % | | | 2.81 | % | | | 4.59 | % | | | 2.37 | % |
| | | | | | | | | | | | | | |
| $ | 69,590 | | | $ | 64,188 | | | $ | 70,962 | | | $ | 83,891 | |
| $ | 67,467 | | | $ | 67,491 | | | $ | 76,873 | | | $ | 90,153 | |
| | | | | | | | | | | | | | |
| | .42 | % | | | .45 | %(d) | | | .56 | % | | | .65 | %(d) |
| | .42 | % | | | .45 | %(d) | | | .56 | % | | | .65 | %(d) |
| | 3.76 | % | | | 4.97 | %(d) | | | 4.51 | % | | | 2.84 | %(d) |
See Notes to Financial Statements.
| | |
| MoneyMart Assets, Inc. | | 29 |
Financial Highlights
(Unaudited) continued
| | | | |
| |
| | | Class C | |
| | | Six Months Ended
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .010 | |
Dividends to shareholders | | | (.010 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(c): | | | 1.00 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 31,500 | |
Average net assets (000) | | $ | 26,564 | |
Ratios to average net assets: | | | | |
Expenses, including distribution and service (12b-1) fees | | | .43 | %(d) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(d) |
Net investment income | | | 1.91 | %(d) |
| (a) | For the seven-month period ended July 31, 2007. The Fund changed its fiscal year end from December 31 to July 31, effective July 31, 2007. |
| (b) | Commencement of offering. |
| (c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
See Notes to Financial Statements.
| | |
| 30 | | Visit our website at www.jennisondryden.com |
| | | | | | | | | | | | | | |
| Class C | |
Year Ended
July 31, 2008 | | | Seven-Month
Period Ended
July 31, 2007(a) | | | Year Ended
December 31, 2006 | | | March 11, 2005(b)
through
December 31, 2005 | |
| | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | .038 | | | | .029 | | | | .045 | | | | .023 | |
| | (.038 | ) | | | (.029 | ) | | | (.045 | ) | | | (.023 | ) |
| | | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | |
| | 3.92 | % | | | 2.81 | % | | | 4.59 | % | | | 2.37 | % |
| | | | | | | | | | | | | | |
| $ | 21,353 | | | $ | 13,422 | | | $ | 12,373 | | | $ | 10,882 | |
| $ | 15,596 | | | $ | 12,867 | | | $ | 13,294 | | | $ | 12,218 | |
| | | | | | | | | | | | | | |
| | .42 | % | | | .45 | %(d) | | | .56 | % | | | .65 | %(d) |
| | .42 | % | | | .45 | %(d) | | | .56 | % | | | .65 | %(d) |
| | 3.63 | % | | | 4.97 | %(d) | | | 4.56 | % | | | 2.87 | %(d) |
See Notes to Financial Statements.
| | |
| MoneyMart Assets, Inc. | | 31 |
Financial Highlights
(Unaudited) continued
| | | | |
| | | Class L | |
| | | October 27, 2008(a)
through
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .003 | |
Dividends to shareholders | | | (.003 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(b): | | | .33 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 6,695 | |
Average net assets (000) | | $ | 3,027 | |
Ratios to average net assets(c): | | | | |
Expenses, including distribution and service (12b-1) fees | | | .90 | %(d) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(d) |
Net investment income | | | .68 | %(d) |
| (a) | Commencement of offering. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
| (c) | A portion of the distribution fees was waived during the six months ended January 31, 2009. If a portion of the distribution fees was not waived, the expense ratio, including distribution and service (12b-1) fees and net investment income ratio would have been .93% and .65%, respectively. |
See Notes to Financial Statements.
| | |
| 32 | | Visit our website at www.jennisondryden.com |
| | | | |
| | | Class M | |
| | | October 27, 2008(a)
through
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .003 | |
Dividends to shareholders | | | (.003 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(b): | | | .27 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 12,436 | |
Average net assets (000) | | $ | 5,734 | |
Ratios to average net assets(c): | | | | |
Expenses, including distribution and service (12b-1) fees | | | 1.08 | %(d) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(d) |
Net investment income | | | .50 | %(d) |
| (a) | Commencement of offering. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
| (c) | A portion of the distribution fees was waived during the six months ended January 31, 2009. If a portion of the distribution fees was not waived, the expense ratio, including distribution and service (12b-1) fees and net investment income ratio would have been 1.43% and .15%, respectively. |
See Notes to Financial Statements.
| | |
| MoneyMart Assets, Inc. | | 33 |
Financial Highlights
(Unaudited) continued
| | | | |
| | | Class X | |
| | | October 27, 2008(a)
through
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .003 | |
Dividends to shareholders | | | (.003 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(b): | | | .27 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 6,583 | |
Average net assets (000) | | $ | 2,987 | |
Ratios to average net assets(c): | | | | |
Expenses, including distribution and service (12b-1) fees | | | 1.08 | %(d) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(d) |
Net investment income | | | .50 | %(d) |
| (a) | Commencement of offering. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
| (c) | A portion of the distribution fees was waived during the six months ended January 31, 2009. If a portion of the distribution fees was not waived, the expense ratio, including distribution and service (12b-1) fees and net investment income ratio would have been 1.43% and .15%, respectively. |
See Notes to Financial Statements.
| | |
| 34 | | Visit our website at www.jennisondryden.com |
This Page Intentionally Left Blank
Financial Highlights
(Unaudited) continued
| | | | |
| |
| | | Class Z | |
| | | Six Months Ended
January 31, 2009 | |
Per Share Operating Performance: | | | | |
Net Asset Value, Beginning Of Period | | $ | 1.000 | |
| | | | |
Income from investment operations: | | | | |
Net investment income and net realized gains | | | .010 | |
Dividends to shareholders | | | (.010 | ) |
| | | | |
Net asset value, end of period | | $ | 1.000 | |
| | | | |
Total Return(b): | | | 1.00 | % |
Ratios/Supplemental Data: | | | | |
Net assets, end of period (000) | | $ | 170,459 | |
Average net assets (000) | | $ | 179,977 | |
Ratios to average net assets: | | | | |
Expenses, including distribution and service (12b-1) fees | | | .43 | %(c) |
Expenses, excluding distribution and service (12b-1) fees | | | .43 | %(c) |
Net investment income | | | 1.96 | %(c) |
| (a) | For the seven-month period ended July 31, 2007. The Fund changed its fiscal year end from December 31 to July 31, effective July 31, 2007. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized. |
See Notes to Financial Statements.
| | |
| 36 | | Visit our website at www.jennisondryden.com |
| | | | | | | | | | | | | | | | | | | | | | |
| Class Z | | | | |
Year Ended
July 31, 2008 | | | Seven-Month
Period Ended
July 31, 2007(a) | | | Year Ended December 31, | |
| | | 2006 | | | 2005 | | | 2004 | | | 2003 | |
$ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| .038 | | | | .029 | | | | .045 | | | | .027 | | | | .008 | | | | .008 | |
| | (.038 | ) | | | (.029 | ) | | | (.045 | ) | | | (.027 | ) | | | (.008 | ) | | | (.008 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | 3.92 | % | | | 2.81 | % | | | 4.59 | % | | | 2.70 | % | | | .82 | % | | | .77 | % |
$ | 178,289 | | | $ | 154,662 | | | $ | 150,156 | | | $ | 187,925 | | | $ | 192,613 | | | $ | 187,718 | |
| $ | 173,762 | | | $ | 150,056 | | | $ | 178,667 | | | $ | 187,379 | | | $ | 188,931 | | | $ | 198,143 | |
| .42 | % | | | .45 | %(c) | | | .56 | % | | | .67 | % | | | .58 | % | | | .49 | % |
| | .42 | % | | | .45 | %(c) | | | .56 | % | | | .67 | % | | | .58 | % | | | .49 | % |
| | 3.76 | % | | | 4.97 | %(c) | | | 4.43 | % | | | 2.64 | % | | | .83 | % | | | .75 | % |
See Notes to Financial Statements.
| | |
| MoneyMart Assets, Inc. | | 37 |
| | | | |
| n MAIL | | n TELEPHONE | | n WEBSITE |
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102 | | (800) 225-1852 | | www.jennisondryden.com |
|
| PROXY VOTING |
| The Board of Directors of the Fund has delegated to the Fund’s investment subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Commission’s website. |
|
| DIRECTORS |
| Kevin J. Bannon • Linda W. Bynoe • David E. A. Carson • Robert F. Gunia • Michael S. Hyland • Robert E. La Blanc • Douglas H. McCorkindale • Stephen P. Munn • Richard A. Redeker • Judy A. Rice • Robin B. Smith • Stephen G. Stoneburn |
|
| OFFICERS |
| Judy A. Rice, President • Robert F. Gunia, Vice President • Grace C. Torres, Treasurer and Principal Financial and Accounting Officer • Kathryn L. Quirk, Chief Legal Officer • Deborah A. Docs, Secretary • Timothy J. Knierim, Chief Compliance Officer • Valerie M. Simpson, Deputy Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Noreen M. Fierro, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • John P. Schwartz, Assistant Secretary • Andrew R. French, Assistant Secretary • M. Sadiq Peshimam, Assistant Treasurer • Peter Parrella, Assistant Treasurer |
| | | | |
| MANAGER | | Prudential Investments LLC | | Gateway Center Three
100 Mulberry Street
Newark, NJ 07102 |
|
| INVESTMENT SUBADVISER | | Prudential Investment
Management, Inc. | | Gateway Center Two
100 Mulberry Street
Newark, NJ 07102 |
|
| DISTRIBUTOR | | Prudential Investment
Management Services LLC | | Gateway Center Three
100 Mulberry Street
Newark, NJ 07102 |
|
| CUSTODIAN | | The Bank of New York Mellon | | One Wall Street
New York, NY 10286 |
|
| TRANSFER AGENT | | Prudential Mutual Fund
Services LLC | | PO Box 9658
Providence, RI 02940 |
|
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | KPMG LLP | | 345 Park Avenue
New York, NY 10154 |
|
| FUND COUNSEL | | Sullivan & Cromwell LLP | | 125 Broad Street
New York, NY 10004 |
|
| An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus for the Fund contains this and other information about the Fund. An investor may obtain a prospectus by visiting our website at www.jennisondryden.com or by calling (800) 225-1852. The prospectus should be read carefully before investing. |
E-DELIVERY
To receive your mutual fund documents on-line, go to www.prudential.com/myaccess and enroll. Instead of receiving printed documents by mail, you will receive notification via e-mail when new materials are available. You can cancel your enrollment or change your e-mail address at any time by clicking on the view/change option at the website address above.
SHAREHOLDER COMMUNICATIONS WITH DIRECTORS
Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, MoneyMart Assets, Inc., Attn: Board of Directors, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications to the Board or individual Directors are not screened before being delivered to the addressee.
|
| AVAILABILITY OF PORTFOLIO SCHEDULE |
| The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each fiscal quarter. |
Mutual Funds:
| | | | |
| ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY | | MAY LOSE VALUE | | ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE |
| | | | | | | | | | | | | | | | | | |
| MoneyMart Assets, Inc. | | |
| | | Share Class | | A | | B | | C | | L | | M | | X | | Z | | |
| | NASDAQ | | PBMXX | | MJBXX | | MJCXX | | N/A | | N/A | | N/A | | PMZXX | | |
| | CUSIP | | 60936A308 | | 60936A506 | | 60936A605 | | 60936A704 | | 60936A803 | | 60936A886 | | 60936A407 | | |
| | | | | | | | | | | | | | | | | | |
MF108E2 IFS-A162676 Ed. 03/2009
Item 2 – Code of Ethics – Not required, as this is not an annual filing.
Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 – Audit Committee of Listed Registrants – Not applicable.
Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.
Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 – Controls and Procedures
| | (a) | It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| | (b) | There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12 – Exhibits
| | |
| (a) | | (1) Code of Ethics – Not required, as this is not an annual filing. |
| |
| | (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT. |
| |
| | (3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable. |
| |
| (b) | | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT. |
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.
| | |
| (Registrant) | | MoneyMart Assets, Inc. |
| |
| By (Signature and Title)* | | /s/ Deborah A. Docs |
| | Deborah A. Docs |
| | Secretary |
| |
| Date | | March 31, 2009 |
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 (Signature and Title)* | | /s/ Judy A. Rice |
| | Judy A. Rice |
| | President and Principal Executive Officer |
| |
| Date | | March 31, 2009 |
| |
| By (Signature and Title)* | | /s/ Grace C. Torres |
| | Grace C. Torres |
| | Treasurer and Principal Financial Officer |
| |
| Date | | March 31, 2009 |
* | Print the name and title of each signing officer under his or her signature. |
