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) | |
| | |
| Michael A. Rosenberg, Esq. 200 Park Avenue New York, New York 10166 | |
| (Name and address of agent for service) | |
|
Registrant's telephone number, including area code: | (212) 922-6000 |
| |
Date of fiscal year end: | 11/30 | |
Date of reporting period: | 5/31/11 | |
| | | | | | | |
FORM N-CSR
Item 1. Reports to Stockholders.
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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.
| | Contents |
| | THE FUND |
| 2 | A Letter from the Chairman and CEO |
| 3 | Discussion of Fund Performance |
| 6 | Understanding Your Fund’s Expenses |
| 6 | Comparing Your Fund’s Expenses With Those of Other Funds |
| 7 | Statement of Investments |
| 18 | Statement of Assets and Liabilities |
| 19 | Statement of Operations |
| 20 | Statement of Changes in Net Assets |
| 21 | Financial Highlights |
| 22 | Notes to Financial Statements |
| | FOR MORE INFORMATION |
| | Back Cover |
|
| Dreyfus New Jersey |
| Municipal Money Market Fund, Inc. |
A LETTER FROM THE CHAIRMAN AND CEO
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New Jersey Municipal Money Market Fund, Inc., covering the six-month period from December 1, 2010, through May 31, 2011. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The U.S. economy appears to have hit a soft patch in the spring of 2011 after accelerating over the second half of 2010. Disappointing labor, housing and manufacturing data have come at a time of higher energy prices and some tightening of monetary policy in global markets. In our view, the current slowdown should be relatively brief as the world recovers from the supply shocks created by weather impacts on food production, the decline in Libyan oil exports and supply-chain disruptions stemming from Japan’s natural and nuclear disasters. Yields of money market instruments remained near zero percent in this choppy economic environment, as the Federal Reserve Board maintained its aggressively accommodative policy stance.
We remain optimistic as the U.S. economy moves through the middle stages of its cycle. Indeed, global macroeconomic policy generally has remained stimulative despite the recent efforts of some central banks to forestall inflationary pressures. We continue to expect sustainable economic growth, a rising but volatile uptrend in inflation and an improving U.S. labor market in the months ahead.As always, to determine how these forces may affect your investments, we urge you to talk regularly with your financial advisor.
Thank you for your continued confidence and support.
Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
June 15, 2011
2
DISCUSSION OF FUND PERFORMANCE
For the period of December 1, 2010, through May 31, 2011, as provided by Joseph Irace, Senior Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended May 31, 2011, Dreyfus New Jersey Municipal Money Market Fund produced an annualized yield of 0.00%. Taking into account the effects of compounding, the fund produced an annualized effective yield of 0.00%.1
Although the U.S. economic recovery gained momentum during the reporting period, yields of short-term municipal money market instruments remained anchored by a historically low federal funds rate.
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 its 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 personal income taxes. The fund also may invest in high-quality, short-term structured notes, which are derivative instruments whose value is tied to underlying municipal obligations.
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
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
yields materialize.Yields tend to rise when there is an increase in new-issue supply competing for investor interest. New securities generally are issued with maturities in the one-year range and tend to lengthen the fund’s weighted average maturity if purchased. If we anticipate limited new-issue supply, we may extend the fund’s average maturity to maintain then-current yields for as long as we think practical. At other times, we try to maintain an average maturity that reflects our view of short-term interest-rate trends and future supply-and-demand considerations.
Low Yields Persisted Despite a Stronger Economic Recovery
The reporting period began during an upturn in economic sentiment sparked by a new quantitative easing program from the Federal Reserve Board (the “Fed”). Greater economic optimism was reinforced by improved hiring activity and greater consumer spending. Indeed, the U.S. Department of Commerce estimated that U.S. GDP expanded at a 3.1% annualized rate during the fourth quarter of 2010, up from 2.6% during the third quarter. Expectations of continued economic growth in 2011 drove yields of longer-term U.S.Treasury securities and highly rated municipal bonds higher.
Many analysts were surprised by a lower-than-expected estimate of 1.8% annualized GDP growth for the first quarter of 2011, and surging energy prices added to their economic concerns. Nonetheless, the Fed left the overnight federal funds rate in a range between 0% and 0.25%, and tax-exempt money market instruments continued to offer yields of little more than zero percent.
The supply of newly issued municipal money market instruments remained ample in December 2010, and the expiration of the Build America Bonds program at the end of the year had relatively little impact on issuance volumes during the first five months of 2011. Meanwhile, demand for municipal money market instruments remained robust.
Like other states, New Jersey has struggled with fiscal pressures in the aftermath of the recession, but it faces more severe fiscal pressures than most due to unfunded pension and health care liabilities. Still, tax receipts have trended up over the past year, and we believe that well-publicized
4
concerns regarding potential municipal defaults are overblown. In addition, several banks have initiated programs providing municipal issuers with credit, a positive development that we believe is likely to continue.
Focus on Liquidity and Capital Preservation
Throughout the reporting period, we maintained a conservative investment posture, emphasizing direct, high-quality municipal obligations and commercial paper that were deemed creditworthy by our analysts. We also favored instruments backed by pledged tax appropriations or dedicated revenues. We generally shied away from general obligation debt issued by localities that depend heavily on state aid. Finally, we maintained the fund’s weighted average maturity in a range that was slightly longer than industry averages.
Increased Supply Could Lift Yields
Despite ongoing signs of economic recovery and higher commodity prices, the Fed appears set to maintain its aggressively accommodative monetary policy for some time.Therefore, we believe the prudent course continues to be an emphasis on preservation of capital and liquidity.We expect the supply of newly issued tax-exempt money market instruments to increase later in 2011, which could support higher yields.
June 15, 2011
An investment in the fund is not insured or guaranteed by the FDIC or any other government agency.Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Short-term municipal securities holdings involve credit and liquidity risks and risk of principal loss.
| |
| 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.Yields provided reflect the absorption of certain fund |
| | expenses by The Dreyfus Corporation pursuant to an undertaking in effect that may be extended, |
| | terminated or modified at any time. Had these expenses not been absorbed, fund yields would |
| | have been lower. |
The Fund 5
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus New Jersey Municipal Money Market Fund, Inc. from December 1, 2010 to May 31, 2011. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended May 31, 2011
| |
| Expenses paid per $1,000† | $ 2.59 |
| Ending value (after expenses) | $1,000.00 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended May 31, 2011
| |
| Expenses paid per $1,000† | $ 2.62 |
| Ending value (after expenses) | $1,022.34 |
|
| † Expenses are equal to the fund’s annualized expense ratio of .52%, multiplied by the average account value over the |
| period, multiplied by 182/365 (to reflect the one-half year period). |
6
STATEMENT OF INVESTMENTS
May 31, 2011 (Unaudited)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments—90.2% | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey—84.5% | | | | | |
| Brick Township, | | | | | |
| General Improvement GO Notes | | | | | |
| (Landfill Closure Project) | 3.00 | 11/1/11 | 490,000 | | 494,130 |
| Camden County Improvement | | | | | |
| Authority, MFHR (Liberty Park | | | | | |
| Housing Project) (Liquidity | | | | | |
| Facility; FHLMC and LOC; FHLMC) | 0.34 | 6/7/11 | 6,630,000 | a,b | 6,630,000 |
| Cape May County, | | | | | |
| GO Notes (County College) | 4.00 | 8/15/11 | 200,000 | | 201,358 |
| Carteret Redevelopment Agency, | | | | | |
| Revenue (Project Notes) | 1.50 | 9/28/11 | 1,500,000 | | 1,502,421 |
| Cherry Hill Township, | | | | | |
| GO Notes, Refunding | 5.25 | 7/15/11 | 100,000 | | 100,524 |
| East Brunswick Township, | | | | | |
| GO Notes, BAN | 2.00 | 1/6/12 | 5,000,000 | | 5,027,676 |
| East Brunswick Township, | | | | | |
| GO Notes, BAN | 2.00 | 4/13/12 | 3,000,000 | | 3,031,416 |
| Glassboro Borough, | | | | | |
| GO Notes, BAN | 1.75 | 8/11/11 | 3,000,000 | | 3,003,921 |
| Gloucester Township, | | | | | |
| GO Notes, BAN | 1.75 | 6/8/11 | 5,794,507 | | 5,795,276 |
| Howell Township, | | | | | |
| GO Notes (General Capital | | | | | |
| Improvements Bonds) | 2.25 | 11/1/11 | 700,000 | | 703,926 |
| Howell Township, | | | | | |
| GO Notes (Sewer Utility | | | | | |
| Assessment Bonds) | 2.25 | 11/1/11 | 120,000 | | 120,673 |
| Hudson County Improvement | | | | | |
| Authority, County Guaranteed | | | | | |
| Pooled Notes (Local Unit | | | | | |
| Loan Program) | 1.50 | 8/31/11 | 1,155,000 | | 1,156,411 |
| JPMorgan Chase Putters/Drivers | | | | | |
| Trust (New Jersey, TRAN) | | | | | |
| (Liquidity Facility; JPMorgan | | | | | |
| Chase Bank) | 0.15 | 6/1/11 | 7,900,000 | a,b | 7,900,000 |
| Keyport, | | | | | |
| GO Notes, BAN | 1.50 | 8/4/11 | 8,165,900 | | 8,170,854 |
| Middlesex County Improvement | | | | | |
| Authority, County-Guaranteed | | | | | |
| Capital Improvement | | | | | |
| Revenue, Refunding | 3.00 | 6/15/11 | 325,000 | | 325,283 |
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| Middletown Township, | | | | | |
| GO Notes, BAN | 1.50 | 9/21/11 | 2,604,325 | | 2,608,282 |
| Millstone Township Board of | | | | | |
| Education, School District Notes | 4.25 | 7/15/11 | 500,000 | | 502,118 |
| Monmouth County, | | | | | |
| GO Notes | 4.00 | 9/1/11 | 650,000 | | 655,632 |
| Monmouth County, | | | | | |
| GO Notes, Refunding | 3.00 | 1/15/12 | 250,000 | | 253,092 |
| Monmouth County Improvement | | | | | |
| Authority, Capital Equipment | | | | | |
| Pooled Lease Revenue | 4.00 | 10/1/11 | 250,000 | | 252,641 |
| New Jersey, | | | | | |
| COP (Equipment Lease | | | | | |
| Purchase Agreement) | 5.00 | 6/15/11 | 1,755,000 | | 1,757,672 |
| New Jersey, | | | | | |
| GO Notes, Refunding | 3.80 | 7/1/11 | 105,000 | | 105,264 |
| New Jersey, | | | | | |
| GO Notes, Refunding | 5.25 | 7/15/11 | 125,000 | | 125,673 |
| New Jersey Building Authority, | | | | | |
| State Building Revenue, Refunding | 5.00 | 6/15/11 | 500,000 | | 500,813 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (ARND, LLC | | | | | |
| Project) (LOC; PNC Bank NA) | 0.25 | 6/7/11 | 1,480,000 | a | 1,480,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Catholic | | | | | |
| Community Services Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.23 | 6/7/11 | 290,000 | a | 290,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Community | | | | | |
| Options, Inc. Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.28 | 6/7/11 | 800,000 | a | 800,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Diocese of | | | | | |
| Metuchen Project) | | | | | |
| (LOC; Bank of America) | 0.22 | 6/7/11 | 700,000 | a | 700,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Hathaway | | | | | |
| Associates, LLC Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 1,650,000 | a | 1,650,000 |
8
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| New Jersey Economic Development | | | | | |
| Authority, EDR (J James Realty | | | | | |
| Project) (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 100,000 | a | 100,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Marco Holdings, LLC | | | | | |
| Project) (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 1,115,000 | a | 1,115,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Maroukian | | | | | |
| Realty, LLC Project) (LOC; | | | | | |
| Commerce Bank NA) | 0.31 | 6/7/11 | 1,130,000 | a | 1,130,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (RCC | | | | | |
| Properties, LLC Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 1,095,000 | a | 1,095,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Republic | | | | | |
| Services, Inc. Project) | | | | | |
| (LOC; Bank of America) | 0.30 | 6/7/11 | 625,000 | a | 625,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Stone Brothers | | | | | |
| Secaucus LLC Project) | | | | | |
| (LOC; TD Bank) | 0.31 | 6/7/11 | 1,755,000 | a | 1,755,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Superior | | | | | |
| Bakers, Inc./Ginsburg Bakery, | | | | | |
| Inc. Project) (LOC; PNC Bank NA) | 0.22 | 6/7/11 | 1,535,000 | a | 1,535,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (The Challenge | | | | | |
| Printing Company, Inc. Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 1,325,000 | a | 1,325,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Volunteers of | | | | | |
| America Delaware Valley | | | | | |
| Property, Inc. Project) (LOC; | | | | | |
| Commerce Bank NA) | 0.21 | 6/7/11 | 2,360,000 | a | 2,360,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR, Refunding | | | | | |
| (Phoenix Realty Partners Project) | | | | | |
| (LOC: Wells Fargo Bank) | 0.23 | 6/7/11 | 2,500,000 | a | 2,500,000 |
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| New Jersey Economic Development | | | | | |
| Authority, First Mortgage Revenue, | | | | | |
| Refunding (Winchester Gardens at | | | | | |
| Ward Homestead Project) | | | | | |
| (LOC; Valley National Bank) | 0.46 | 6/7/11 | 2,515,000 | a | 2,515,000 |
| New Jersey Economic Development | | | | | |
| Authority, IDR (Penwell | | | | | |
| Holdings LLC Project) | | | | | |
| (LOC; TD Bank) | 0.23 | 6/7/11 | 1,540,000 | a | 1,540,000 |
| New Jersey Economic Development | | | | | |
| Authority, Market Transition | | | | | |
| Facility Senior Lien | | | | | |
| Revenue, Refunding | 5.00 | 7/1/11 | 2,000,000 | | 2,007,200 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Cascade | | | | | |
| Corporation—Courthouse | | | | | |
| Convalescent and Rehabilitation | | | | | |
| Center and Eastern Shore Nursing | | | | | |
| and Rehabilitation Center Projects) | | | | | |
| (LOC; Bank of America) | 0.26 | 6/7/11 | 5,525,000 | a | 5,525,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Cascade | | | | | |
| Corporation—Courthouse | | | | | |
| Convalescent and Rehabilitation | | | | | |
| Center and Eastern Shore Nursing | | | | | |
| and Rehabilitation Center Projects) | | | | | |
| (LOC; Bank of America) | 0.26 | 6/7/11 | 4,210,000 | a | 4,210,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Catholic | | | | | |
| Charities Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.23 | 6/7/11 | 620,000 | a | 620,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Catholic | | | | | |
| Community Services Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.28 | 6/7/11 | 300,000 | a | 300,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Developmental | | | | | |
| Disabilities Association of | | | | | |
| New Jersey Inc. Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.28 | 6/7/11 | 1,860,000 | a | 1,860,000 |
10
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| New Jersey Economic | | | | | |
| Development Authority, | | | | | |
| Revenue (Falcon Safety | | | | | |
| Products, Inc. Project) | | | | | |
| (LOC; PNC Bank NA) | 0.22 | 6/7/11 | 1,680,000 | a | 1,680,000 |
| New Jersey Economic | | | | | |
| Development Authority, | | | | | |
| Revenue (Green Hill Project) | | | | | |
| (LOC; Valley National Bank) | 0.31 | 6/7/11 | 4,700,000 | a | 4,700,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Jewish | | | | | |
| Home at Rockleigh Project) | | | | | |
| (LOC; Valley National Bank) | 0.28 | 6/7/11 | 8,680,000 | a | 8,680,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Jewish | | | | | |
| Home at Rockleigh Project) | | | | | |
| (LOC; Valley National Bank) | 0.28 | 6/7/11 | 8,680,000 | a | 8,680,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Joseph H. | | | | | |
| Moreng, Jr. and James Moreng | | | | | |
| Leasing Partnership) (LOC; | | | | | |
| Wells Fargo Bank) | 0.30 | 6/7/11 | 275,000 | a | 275,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Melrich | | | | | |
| Road Development Company, LLC | | | | | |
| Project) (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 100,000 | a | 100,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (MZR Real | | | | | |
| Estate, L.P. Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.35 | 6/7/11 | 2,000,000 | a | 2,000,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Parke | | | | | |
| Place Associates, LLC Project) | | | | | |
| (LOC; Commerce Bank NA) | 0.31 | 6/7/11 | 5,920,000 | a | 5,920,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Visiting | | | | | |
| Nurse Association Home Care, | | | | | |
| Inc. Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.23 | 6/7/11 | 655,000 | a | 655,000 |
The Fund 11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Young | | | | | |
| Men’s Christian Association of | | | | | |
| Metuchen Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.28 | 6/7/11 | 1,075,000 | a | 1,075,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue, Refunding | | | | | |
| (Station Plaza Park and Ride, L.P. | | | | | |
| Project) (LOC; Wells Fargo Bank) | 0.35 | 6/7/11 | 2,400,000 | a | 2,400,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue, Refunding | | | | | |
| (Trenton Office Complex) | 5.25 | 6/15/11 | 840,000 | | 841,465 |
| New Jersey Educational Facilities | | | | | |
| Authority, Revenue | | | | | |
| (Princeton University) | 3.50 | 7/1/11 | 250,000 | | 250,557 |
| New Jersey Educational Facilities | | | | | |
| Authority, Revenue, Refunding | | | | | |
| (Princeton University) | 5.00 | 7/1/11 | 100,000 | | 100,353 |
| New Jersey Environmental | | | | | |
| Infrastructure Trust, Environmental | | | | | |
| Infrastructure Bonds | 3.35 | 9/1/11 | 100,000 | | 100,627 |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (Christian Health Care Center | | | | | |
| Issue) (LOC; Valley National Bank) | 0.31 | 6/7/11 | 9,685,000 | a | 9,685,000 |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (Christian Health Care Center) | | | | | |
| (LOC; Valley National Bank) | 0.34 | 6/7/11 | 200,000 | a | 200,000 |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (Hackensack University Medical | | | | | |
| Center Issue) (Insured; Assured | | | | | |
| Guaranty Municipal Corp. and | | | | | |
| Liquidity Facility; Citibank NA) | 0.38 | 6/7/11 | 1,000,000 | a,b | 1,000,000 |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (Meridian Hospitals Corporation) | | | | | |
| (LOC; Bank of America) | 0.24 | 6/7/11 | 1,800,000 | a | 1,800,000 |
12
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, | | | | | |
| Revenue (The Matheny | | | | | |
| School and Hospital, Inc.) | | | | | |
| (LOC; Bank of America) | 0.28 | 6/7/11 | 200,000 | a | 200,000 |
| New Jersey Transportation | | | | | |
| Trust Fund Authority | | | | | |
| (Transportation System) | 5.00 | 12/15/11 | 175,000 | | 178,876 |
| New Jersey Transportation | | | | | |
| Trust Fund Authority | | | | | |
| (Transportation System) | 5.25 | 12/15/11 | 200,000 | | 204,552 |
| New Jersey Transportation | | | | | |
| Trust Fund Authority | | | | | |
| (Transportation System) | 5.50 | 12/15/11 | 1,700,000 | | 1,743,008 |
| New Jersey Turnpike Authority, | | | | | |
| Turnpike Revenue (Insured; | | | | | |
| Assured Guaranty Municipal | | | | | |
| Corp. and Liquidity Facility; | | | | | |
| Westdeutsche Landesbank) | 0.38 | 6/7/11 | 28,000,000 | a | 28,000,000 |
| New Jersey Turnpike Authority, | | | | | |
| Turnpike Revenue (Liquidity | | | | | |
| Facility; Societe Generale) | 0.19 | 6/7/11 | 20,200,000 | a | 20,200,000 |
| Ocean County, | | | | | |
| GO Notes, Refunding | 4.00 | 12/1/11 | 750,000 | | 762,931 |
| Palmyra Borough, | | | | | |
| GO Notes, BAN | 1.50 | 6/8/11 | 2,648,000 | | 2,648,226 |
| Piscataway Township, | | | | | |
| GO Notes (General Improvement) | 4.00 | 10/15/11 | 100,000 | | 101,143 |
| Port Authority of New York and | | | | | |
| New Jersey (Consolidated Bonds, | | | | | |
| 152nd Series) (Liquidity | | | | | |
| Facility; JPMorgan Chase Bank) | 0.27 | 6/7/11 | 1,660,000 | a,b | 1,660,000 |
| Port Authority of New York and | | | | | |
| New Jersey, CP | 0.32 | 8/11/11 | 3,000,000 | | 3,000,000 |
| Port Authority of New York and | | | | | |
| New Jersey, Equipment Notes | 0.24 | 6/7/11 | 1,255,000 | a | 1,255,000 |
| Port Authority of New York and | | | | | |
| New Jersey, Equipment Notes | 0.24 | 6/7/11 | 5,800,000 | a | 5,800,000 |
The Fund 13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey (continued) | | | | | |
| Puttable Floating Option Tax | | | | | |
| Exempt Receipts (New Jersey | | | | | |
| Economic Development | | | | | |
| Authority, Assisted Living | | | | | |
| Facility Revenue (Meridian | | | | | |
| Assisted Living at Bridgewater | | | | | |
| Project)) (LOC; Merrill Lynch | | | | | |
| Capital Services and Liquidity | | | | | |
| Facility; Merrill Lynch | | | | | |
| Capital Services) | 0.51 | 6/7/11 | 13,850,000 | a,b | 13,850,000 |
| Rahway Redevelopment Agency, | | | | | |
| City-Secured Arts District | | | | | |
| Extension Project Notes | 1.75 | 9/15/11 | 2,150,000 | | 2,153,859 |
| Red Bank, | | | | | |
| GO Notes, BAN | 1.50 | 11/30/11 | 2,090,500 | | 2,095,653 |
| River Vale Township, | | | | | |
| GO Notes, BAN | 1.50 | 1/13/12 | 9,000,000 | | 9,027,571 |
| Spotswood Borough, | | | | | |
| GO Notes, BAN | 1.50 | 12/7/11 | 2,400,000 | | 2,406,143 |
| Stafford Township, | | | | | |
| GO Notes, Refunding | 3.00 | 7/1/11 | 250,000 | | 250,463 |
| Stafford Township, | | | | | |
| GO Notes, Refunding (Insured; | | | | | |
| Assured Guaranty Municipal Corp.) | 2.00 | 12/1/11 | 125,000 | | 125,621 |
| Trenton, | | | | | |
| GO Notes | 2.00 | 7/15/11 | 1,168,000 | | 1,169,327 |
| Vernon Township, | | | | | |
| GO Notes | 3.00 | 1/1/12 | 585,000 | | 591,486 |
| Vineland, | | | | | |
| Electric Utility GO Notes, | | | | | |
| Refunding (LOC; Wells Fargo Bank) | 0.20 | 6/7/11 | 8,400,000 | a | 8,400,000 |
14
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| U.S. Related—5.7% | | | | | |
| Puerto Rico Industrial, Tourist, | | | | | |
| Educational, Medical and | | | | | |
| Environmental Control Facilities | | | | | |
| Financing Authority, Environmental | | | | | |
| Control Facilities Revenue | | | | | |
| (Bristol-Myers Squibb | | | | | |
| Company Project) | 0.28 | 6/7/11 | 5,300,000 | a | 5,300,000 |
| Puerto Rico Sales Tax Financing | | | | | |
| Corporation, Sales Tax Revenue | | | | | |
| (Liquidity Facility; Citibank NA) | 0.19 | 6/7/11 | 7,600,000 | a,b | 7,600,000 |
| Puttable Floating Option Tax | | | | | |
| Exempt Receipts (Puerto Rico | | | | | |
| Electric Power Authority, | | | | | |
| Power Revenue) (Liquidity | | | | | |
| Facility; Bank of America and | | | | | |
| LOC; Bank of America) | 0.29 | 6/7/11 | 3,630,000 | a,b | 3,630,000 |
| |
| Total Investments (cost $260,459,117) | | | 90.2% | | 260,459,117 |
| |
| Cash and Receivables (Net) | | | 9.8% | | 28,225,102 |
| |
| Net Assets | | | 100.0% | | 288,684,219 |
|
| a Variable rate demand note—rate shown is the interest rate in effect at May 31, 2011. Maturity date represents the |
| next demand date, or the ultimate maturity date if earlier. |
| b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in |
| transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2011, these securities |
| amounted to $42,270,000 or 14.6% of net assets. |
The Fund 15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | |
| Summary of Abbreviations | | |
| |
| ABAG | Association of Bay Area Governments | ACA | American Capital Access |
| AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
| AMBAC | American Municipal Bond | ARRN | Adjustable Rate Receipt Notes |
| | Assurance Corporation | | |
| BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
| CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
| CP | Commercial Paper | EDR | Economic Development Revenue |
| EIR | Environmental Improvement Revenue | FGIC | Financial Guaranty Insurance |
| | | | Company |
| FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage | FNMA | Federal National |
| | Corporation | | Mortgage Association |
| GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
| GNMA | Government National | GO | General Obligation |
| | Mortgage Association | | |
| HR | Hospital Revenue | IDB | Industrial Development Board |
| IDC | Industrial Development Corporation | IDR | Industrial Development Revenue |
| LOC | Letter of Credit | LOR | Limited Obligation Revenue |
| LR | Lease Revenue | MFHR | Multi-Family Housing Revenue |
| MFMR | Multi-Family Mortgage Revenue | PCR | Pollution Control Revenue |
| PILOT | Payment in Lieu of Taxes | PUTTERS Puttable Tax-Exempt Receipts |
| RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
| RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
| SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
| SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
| SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
| TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
| TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
16
| | | | | |
| Summary of Combined Ratings (Unaudited) | |
| |
| Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† |
| F1+,F1 | | VMIG1,MIG1,P1 | | SP1+,SP1,A1+,A1 | 50.7 |
| AAA,AA,Ac | | Aaa,Aa,Ac | | AAA,AA,Ac | 17.6 |
| Not Ratedd | | Not Ratedd | | Not Ratedd | 31.7 |
| | | | | | 100.0 |
|
| † Based on total investments. |
| c Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. |
| d 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.
The Fund 17
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2011 (Unaudited)
| | |
| | Cost | Value |
| Assets ($): | | |
| Investments in securities—See Statement of Investments | 260,459,117 | 260,459,117 |
| Cash | | 144,949 |
| Receivable for investment securities sold | | 28,774,794 |
| Interest receivable | | 775,594 |
| Prepaid expenses | | 22,800 |
| | | 290,177,254 |
| Liabilities ($): | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | 136,358 |
| Payable for shares of Common Stock redeemed | | 1,270,997 |
| Accrued expenses | | 85,680 |
| | | 1,493,035 |
| Net Assets ($) | | 288,684,219 |
| Composition of Net Assets ($): | | |
| Paid-in capital | | 288,683,894 |
| Accumulated net realized gain (loss) on investments | | 325 |
| Net Assets ($) | | 288,684,219 |
| Shares Outstanding | | |
| (2 billion shares of $.001 par value Common Stock authorized) | | 288,780,561 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
| |
| See notes to financial statements. | | |
18
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2011 (Unaudited)
| |
| Investment Income ($): | |
| Interest Income | 794,968 |
| Expenses: | |
| Management fee—Note 2(a) | 761,823 |
| Shareholder servicing costs—Note 2(b) | 124,153 |
| Professional fees | 37,000 |
| Prospectus and shareholders’ reports | 29,228 |
| Directors’ fees and expenses—Note 2(c) | 22,967 |
| Custodian fees—Note 2(b) | 12,672 |
| Registration fees | 8,163 |
| Miscellaneous | 13,322 |
| Total Expenses | 1,009,328 |
| Less—reduction in expenses due to undertaking—Note 2(a) | (214,201) |
| Less—reduction in fees due to earnings credits—Note 2(b) | (194) |
| Net Expenses | 794,933 |
| Investment Income—Net | 35 |
| Net Realized Gain (Loss) on Investments—Note 1(b) ($) | 325 |
| Net Increase in Net Assets Resulting from Operations | 360 |
| |
| See notes to financial statements. | |
The Fund 19
STATEMENT OF CHANGES IN NET ASSETS
| | |
| | Six Months Ended | |
| | May 31, 2011 | Year Ended |
| | (Unaudited) | November 30, 2010 |
| Operations ($): | | |
| Investment income—net | 35 | 90 |
| Net realized gain (loss) on investments | 325 | — |
| Net Increase (Decrease) in Net Assets | | |
| Resulting from Operations | 360 | 90 |
| Dividends to Shareholders from ($): | | |
| Investment income—net | (35) | (90) |
| Capital Stock Transactions ($1.00 per share): | | |
| Net proceeds from shares sold | 236,617,262 | 575,090,844 |
| Dividends reinvested | 32 | 74 |
| Cost of shares redeemed | (264,417,831) | (692,999,773) |
| Increase (Decrease) in Net Assets | | |
| from Capital Stock Transactions | (27,800,537) | (117,908,855) |
| Total Increase (Decrease) in Net Assets | (27,800,212) | (117,908,855) |
| Net Assets ($): | | |
| Beginning of Period | 316,484,431 | 434,393,286 |
| End of Period | 288,684,219 | 316,484,431 |
| |
| See notes to financial statements. | | |
20
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 | | | | | |
| | May 31, 2011 | | Year Ended November 30, | |
| | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
| Per Share Data ($): | | | | | | |
| Net asset value, | | | | | | |
| beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Investment Operations: | | | | | | |
| Investment income—net | .000a | .000a | .003 | .021 | .031 | .027 |
| Distributions: | | | | | | |
| Dividends from | | | | | | |
| investment income—net | (.000)a | (.000)a | (.003) | (.021) | (.031) | (.027) |
| Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Return (%) | .00b,c | .00b | .27 | 2.13 | 3.11 | 2.76 |
| Ratios/Supplemental Data (%): | | | | | |
| Ratio of total expenses | | | | | | |
| to average net assets | .66c | .64 | .64 | .60 | .62 | .64 |
| Ratio of net expenses | | | | | | |
| to average net assets | .52c | .49 | .60 | .59 | .61 | .64 |
| Ratio of net investment income | | | | | | |
| to average net assets | .00b,c | .00b | .27 | 2.05 | 3.07 | 2.73 |
| Net Assets, end of period | | | | | | |
| ($ x 1,000) | 288,684 | 316,484 | 434,393 | 497,086 | 476,915 | 374,567 |
| |
| a | Amount represents less than $.001 per share. |
| b | Amount represents less than .01%. |
| c | Annualized. |
See notes to financial statements.
The Fund 21
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 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 Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions.Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
22
(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 Board of Directors to represent the fair value of the fund’s investments.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, 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).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost,
The Fund 23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used as of May 31, 2011 in valuing the fund’s investments:
| |
| | Short-Term |
| Valuation Inputs | Investments ($)† |
| Level 1—Unadjusted Quoted Prices | — |
| Level 2—Other Significant Observable Inputs | 260,459,117 |
| Level 3—Significant Unobservable Inputs | — |
| Total | 260,459,117 |
| |
| † | See Statement of Investments for additional detailed categorizations. |
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
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 gains, 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 gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
24
(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.
As of and during the period ended May 31, 2011, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended November 30, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2010 was all tax exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.
At May 31, 2011, the cost of investments for federal income tax purposes was substantially the same as 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 the value of the fund’s average daily net assets and is payable monthly.
The Manager has undertaken to reimburse expenses in the event that current yields drop below a certain level. Such expense limitations may fluctuate daily, are voluntary and not contractual and may be terminated
The Fund 25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
at any time. The reduction in expenses, pursuant to the undertaking, amounted to $214,201 during the period ended May 31, 2011.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25% 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 May 31, 2011, the fund was charged $72,596 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 May 31, 2011, the fund was charged $34,061 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.
The fund has arrangements with the custodian and cash management bank whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
The fund compensates The Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended May 31, 2011, the fund was charged $3,433 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $194.
26
The fund also compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. During the period ended May 31, 2011, the fund was charged $12,672 pursuant to the custody agreement.
During the period ended May 31, 2011, the fund was charged $3,146 for services performed by the Chief Compliance Officer.
The components of “Due toThe Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $123,416, custodian fees $12,700, shareholder services plan fees $12,000, chief compliance officer fees $3,006 and transfer agency per account fees $10,500, which are offset against an expense reimbursement currently in effect in the amount of $25,264.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
The fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Directors.The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Director and/or common officers, complies with Rule 17a-7 of the Act. During the period ended May 31, 2011, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act amounting to $76,655,000 and $113,000,000, respectively.
The Fund 27
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. Investments.
(a) Not applicable.
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 Companies and Affiliated Purchasers.
Not applicable. [CLOSED END FUNDS ONLY]
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
DREYFUS NEW JERSEY MUNICIPAL MONEY MARKET FUND, INC.
By: /s/ Bradley J. Skapyak |
Bradley J. Skapyak, President |
Date: | July 25, 2011 |
|
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/ Bradley J. Skapyak |
Bradley J. Skapyak, President |
Date: | July 25, 2011 |
|
By: /s/ James Windels |
James Windels, Treasurer |
Date: | July 25, 2011 |
|
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)
