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) | |
| | |
| John Pak 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: | 5/31/15 | |
| | | | | | | |
FORM N-CSR
Item 1. Reports to Stockholders.
|
| Dreyfus New Jersey |
| Municipal Money |
| Market Fund, Inc. |
SEMIANNUAL REPORT May 31, 2015
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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 President |
| 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 |
| 27 | Statement of Assets and Liabilities |
| 28 | Statement of Operations |
| 29 | Statement of Changes in Net Assets |
| 30 | Financial Highlights |
| 31 | Notes to Financial Statements |
| | FOR MORE INFORMATION |
| | Back Cover |
Dreyfus New Jersey
Municipal Money Market Fund, Inc.
The Fund
A LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New Jersey Municipal Money Market Fund, covering the six-month period from December 1, 2014, through May 31, 2015. 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.
Longer term U.S. Treasury securities fared well early in the reporting period when long-term interest rates fell amid robust demand from global investors, but returns later moderated amid heightened market volatility stemming from renewed domestic economic concerns and expectations of higher short-term interest rates over the months ahead. Yet, yields of money market instruments remained steady, anchored near zero percent by an unchanged target for overnight interest rates. Yields also experienced downward pressure from robust demand for a relatively limited supply of money market-eligible instruments.
We remain optimistic regarding the outlook for the U.S. economy. We believe the domestic economic recovery has resumed after a winter soft patch, labor markets remain strong, energy prices have climbed from previous lows, and aggressively accommodative monetary policies from the world’s major central banks seem likely to address persistent global economic weakness. Nonetheless, we believe short-term interest rates remain near current levels at least until later in 2015, and any eventual rate hikes may be gradual and modest. As always, we urge you to discuss these observations with your financial advisor, who can help you assess their implications for your investment portfolio.
Thank you for your continued confidence and support.
J. Charles Cardona
President
The Dreyfus Corporation
June 15, 2015
2
DISCUSSION OF FUND PERFORMANCE
For the period of December 1, 2014 through May 31, 2015, as provided by Joseph Irace, Senior Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended May 31, 2015, 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
A persistent-but-choppy economic recovery continued over the reporting period, but the Federal Reserve Board (the “Fed”) left its target for short-term interest rates unchanged. Consequently, yields of tax-exempt money market instruments remained near zero percent.
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 yields materialize.Yields tend to rise when there is an increase in new-issue supply competing for investor interest.
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
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.
Accommodative Fed Policy Kept Yields Low
The U.S. economy continued to recover early in the reporting period as labor markets and consumer confidence strengthened.The economy stumbled during the first quarter of 2015 due to unusually harsh winter weather and an appreciating U.S. dollar, but growth resumed in the spring.
Long-term interest rates fell early in the reporting period when global investors flocking to U.S. Treasury securities caused a supply-and-demand imbalance, but long-term rates soon began to climb amid stronger-than-expected employment data and expectations of short-term rate hikes later this year. Meanwhile, technical factors remained positive due to robust investor demand and a diminished need for short-term financing, which kept new issuance volumes low. Still, short-term rates were relatively unaffected by these developments as the Fed maintained the federal funds rate near historical lows.
Municipal credit quality generally continued to improve when many states and local governments balanced their budgets and replenished reserves. However, New Jersey has lagged in the national recovery, and its fiscal condition continued to struggle with unrealistic budget assumptions and public pension shortfalls.
Focus on Quality and Liquidity
As we have for some time, we retained the fund’s focus on instruments with strong liquidity characteristics, including variable rate demand notes (VRDNs) on which yields are reset weekly.As part of our risk management strategy, we maintained broad diversification across both municipal issuers and instruments backed by third parties. For example, we have identified stable credits among general obligation bonds;
4
essential-service revenue bonds issued by water, sewer, and electric enterprises; certain local credits with strong financial positions and stable tax bases; and various health care and education issuers.
Due to the availability of longer dated New Jersey money market instruments, we generally maintained the fund’s weighted average maturity in a position that was modestly longer than industry averages.
Fed: Neither Patient nor Impatient
The Fed has reiterated that “it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2%,” and “economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Federal Open Market Committee views as normal in the longer run.” Therefore, while many analysts expect rate hikes to begin later this year, those increases are likely to be modest and gradual. Meanwhile, the outlook for higher yields and money market reforms could move the one-year note index off historical lows, and we will carefully monitor the upcoming note issuance season for evidence of this trend.As for now, in our judgment, the prudent course for fund management continues to be an emphasis on preservation of capital and liquidity.
June 15, 2015
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, 2014 to May 31, 2015. 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, 2015
| | |
| Expenses paid per $1,000† | $ | .95 |
| 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, 2015
| | |
| Expenses paid per $1,000† | $ | .96 |
| Ending value (after expenses) | $ | 1,023.98 |
|
| † Expenses are equal to the fund’s annualized expense ratio of .19%; 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, 2015 (Unaudited)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments—100.4% | Rate (%) | Date | Amount ($) | | Value ($) |
| Allamuchy Township Board of | | | | | |
| Education, GO Notes | | | | | |
| (School Bonds) | 4.50 | 3/15/16 | 150,000 | a | 154,643 |
| Allendale Borough, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.75 | 7/1/15 | 150,000 | | 150,423 |
| Barrington Borough, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds and Sewer Utility Bonds) | 2.00 | 7/15/15 | 170,000 | | 170,327 |
| Bayonne, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 8/1/15 | 175,000 | a | 175,333 |
| Bergen County, | | | | | |
| GO Notes (County College Bonds | | | | | |
| and Special Services | | | | | |
| School Bonds) | 2.00 | 1/15/16 | 200,000 | a | 201,949 |
| Bergen County, | | | | | |
| GO Notes (County College Bonds | | | | | |
| and State Aid County | | | | | |
| College Bonds) | 2.00 | 6/15/15 | 100,000 | a | 100,065 |
| Bergen County, | | | | | |
| GO Notes (County College | | | | | |
| Bonds, General Improvement | | | | | |
| Bonds, School Bonds and State | | | | | |
| Aid County College Bonds) | 4.00 | 10/15/15 | 300,000 | a | 303,889 |
| Bergen County Improvement | | | | | |
| Authority, County Guaranteed | | | | | |
| Governmental Loan Revenue, | | | | | |
| Refunding (Saddle Brook | | | | | |
| Township Project) | 2.00 | 9/1/15 | 225,000 | | 225,903 |
| Bergenfield Borough, | | | | | |
| GO Notes, BAN | 1.00 | 3/2/16 | 523,000 | | 525,150 |
| Boonton Town School District Board | | | | | |
| of Education, GO Notes, | | | | | |
| Refunding (School Bonds) | 1.50 | 1/15/16 | 145,000 | a | 145,916 |
| Bordentown Regional School | | | | | |
| District Board of Education, | | | | | |
| GO Notes, Refunding | 5.00 | 1/15/16 | 650,000 | a | 668,165 |
| Bound Brook Borough Board of | | | | | |
| Education, GO Notes | | | | | |
| (School Bonds) | 3.00 | 1/15/16 | 560,000 | a | 568,890 |
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Branch Banking and Trust Co. | | | | | |
| Municipal Trust (Series 2044) | | | | | |
| (Port Authority-Port Newark, | | | | | |
| Marine Terminal Rent-Backed | | | | | |
| Revenue (Newark Redevelopment | | | | | |
| Projects)) (Liquidity | | | | | |
| Facility; Branch Banking and | | | | | |
| Trust Co. and LOC; Branch | 0.14 | 6/7/15 | 8,200,000 | b,c,d | 8,200,000 |
| Branch Banking and Trust Co. | | | | | |
| Municipal Trust (Series 2056) | | | | | |
| (New Jersey Economic | | | | | |
| Development Authority, School | | | | | |
| Facilities Construction | | | | | |
| Revenue) (Liquidity Facility; | | | | | |
| Branch Banking and Trust Co. | | | | | |
| and LOC; Branch Banking and | 0.14 | 6/7/15 | 10,105,000 | a,b,c,d 10,105,000 |
| Brick Township, | | | | | |
| GO Notes, Refunding | 5.00 | 5/1/16 | 155,000 | | 161,142 |
| Brick Township Municipal Utilities | | | | | |
| Authority, Revenue, Refunding | 5.00 | 12/1/15 | 100,000 | | 102,214 |
| Brigantine, | | | | | |
| GO Notes, BAN | 1.00 | 12/9/15 | 3,466,000 | | 3,474,293 |
| Burlington County, | | | | | |
| GO Notes | 4.13 | 9/1/15 | 100,000 | | 100,930 |
| Burlington County, | | | | | |
| GO Notes (County College Bonds) | 1.00 | 6/1/15 | 360,000 | a | 360,000 |
| Burlington County, | | | | | |
| GO Notes (County College Bonds) | 2.50 | 6/1/15 | 175,000 | a | 175,000 |
| Burlington County, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.38 | 9/1/15 | 100,000 | | 100,751 |
| Burlington County Bridge | | | | | |
| Commission, County-Guaranteed | | | | | |
| Lease Revenue, Refunding | | | | | |
| (Governmental Leasing Program) | 2.00 | 8/15/15 | 295,000 | | 296,050 |
| Burlington County Bridge | | | | | |
| Commission, County-Guaranteed | | | | | |
| Lease Revenue, Refunding | | | | | |
| (Governmental Leasing Program) | 3.00 | 8/15/15 | 220,000 | | 221,180 |
| Burlington County Bridge | | | | | |
| Commission, County-Guaranteed | | | | | |
| Lease Revenue, Refunding | | | | | |
| (Governmental Leasing Program) | 4.00 | 8/15/15 | 100,000 | | 100,763 |
8
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Burlington Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 7/15/15 | 255,000 | a | 255,798 |
| Camden County Improvement | | | | | |
| Authority, County Guaranteed | | | | | |
| Lease Revenue, Refunding | 4.50 | 9/1/15 | 100,000 | | 101,035 |
| Camden County Improvement | | | | | |
| Authority, County Guaranteed | | | | | |
| Loan Revenue (County | | | | | |
| Capital Program) | 3.00 | 1/15/16 | 390,000 | | 396,175 |
| Camden County Improvement | | | | | |
| Authority, LR, Refunding | 3.00 | 9/1/15 | 100,000 | | 100,623 |
| Camden County Improvement | | | | | |
| Authority, Special Revenue | | | | | |
| (Congregation Beth El Project) | | | | | |
| (LOC; TD Bank) | 0.13 | 6/7/15 | 1,300,000 | a,b | 1,300,000 |
| Cape May, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds and Utility Bonds) | 2.00 | 7/15/15 | 100,000 | | 100,136 |
| Cape May County, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 4.00 | 9/1/15 | 100,000 | | 100,917 |
| Cape May County Municipal | | | | | |
| Utilities Authority, Sewer | | | | | |
| Revenue, Refunding | 5.75 | 1/1/16 | 495,000 | | 510,524 |
| Cherry Hill Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and Sewer | | | | | |
| Utility Bonds) | 3.00 | 8/15/15 | 100,000 | | 100,561 |
| Cherry Hill Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 4.00 | 2/15/16 | 220,000 | a | 225,428 |
| Colts Neck Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 2/1/16 | 125,000 | a | 126,244 |
| Cumberland County, | | | | | |
| GO Notes (County College | | | | | |
| Bonds and General | | | | | |
| Improvement Bonds) | 3.00 | 2/15/16 | 780,000 | a | 794,274 |
| Cumberland County, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 5.00 | 11/1/15 | 635,000 | | 647,259 |
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Deutsche Bank Spears/Lifers Trust | | | | | |
| (Series DBE-1138X) (New Jersey | | | | | |
| Transportation Trust Fund | | | | | |
| Authority (Transportation | | | | | |
| System)) (Liquidity Facility; | | | | | |
| Deutsche Bank AG and LOC; | | | | | |
| Deutsche Bank AG) | 0.36 | 6/7/15 | 16,250,000 | b,c,d | 16,250,000 |
| East Orange, | | | | | |
| GO Notes, Refunding (Water | | | | | |
| Utility Bonds) | 2.00 | 7/15/15 | 410,000 | | 410,682 |
| Edgewater Borough, | | | | | |
| GO Notes, Refunding | 3.00 | 6/1/15 | 205,000 | | 205,000 |
| Essex County, | | | | | |
| GO Notes (County College | | | | | |
| Bonds, County Vocational | | | | | |
| School Bonds and General | | | | | |
| Improvement Bonds) | 5.00 | 8/1/15 | 225,000 | a | 226,776 |
| Essex County, | | | | | |
| GO Notes, Refunding (County | | | | | |
| College Bonds and General | | | | | |
| Improvement Bonds) | 4.00 | 6/1/15 | 550,000 | a | 550,000 |
| Essex County Improvement | | | | | |
| Authority, Airport Revenue, | | | | | |
| Refunding | 2.00 | 10/1/15 | 245,000 | | 246,199 |
| Essex County Improvement | | | | | |
| Authority, Guaranteed Lease | | | | | |
| Revenue, Refunding (County | | | | | |
| Correctional Facility Project) | 4.00 | 10/1/15 | 100,000 | | 101,169 |
| Essex County Improvement | | | | | |
| Authority, Project | | | | | |
| Consolidation Revenue, | | | | | |
| Refunding | 3.00 | 12/15/15 | 470,000 | | 476,541 |
| Florham Park Borough Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.75 | 7/15/15 | 200,000 | a | 200,563 |
| Franklin Borough, | | | | | |
| GO Notes, BAN | 1.00 | 8/21/15 | 2,572,085 | | 2,574,694 |
| Franklin Borough, | | | | | |
| GO Notes, Refunding | | | | | |
| (Water Bonds) | 2.00 | 8/15/15 | 100,000 | | 100,317 |
10
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Franklin Lakes Borough, | | | | | |
| GO Notes (General | | | | | |
| Capital Bonds) | 1.00 | 9/1/15 | 230,000 | | 230,404 |
| Franklin Lakes Borough Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 8/1/15 | 200,000 | a | 200,892 |
| Garfield, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and Water | | | | | |
| Utility Bonds) | 1.00 | 7/15/15 | 775,000 | | 775,470 |
| Garwood Borough, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 1.50 | 4/1/16 | 135,000 | | 136,233 |
| Hamilton Township, | | | | | |
| GO Notes | 2.00 | 6/1/16 | 250,000 | | 253,473 |
| Hamilton Township, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.00 | 7/15/15 | 100,000 | | 100,302 |
| Hanover Park Regional High School | | | | | |
| District Board of Education, | | | | | |
| GO Notes (School Bonds) | 4.00 | 10/1/15 | 100,000 | a | 101,196 |
| Harding Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 4.00 | 7/15/15 | 100,000 | a | 100,422 |
| Hardyston Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 8/1/15 | 125,000 | a | 125,342 |
| Hillsborough Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 5.38 | 10/1/15 | 100,000 | a | 101,623 |
| Hopewell Township, | | | | | |
| GO Notes (Affordable | | | | | |
| Housing Bonds, | | | | | |
| General Improvement | | | | | |
| Bonds and Open Space Bonds) | 3.00 | 2/15/16 | 100,000 | | 101,798 |
| Jackson Township, | | | | | |
| GO Notes | 2.00 | 6/1/15 | 280,000 | | 280,000 |
| Jackson Township, | | | | | |
| GO Notes, BAN | 1.00 | 8/4/15 | 1,891,241 | | 1,893,090 |
The Fund 11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Jackson Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 5.00 | 6/15/15 | 100,000 | a | 100,176 |
| Jersey City, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 5.00 | 1/15/16 | 100,000 | | 102,559 |
| Jersey City, | | | | | |
| GO Notes (Real Property Tax | | | | | |
| Appeal Refunding Notes and | | | | | |
| Special Emergency Notes) | 1.00 | 4/14/16 | 2,268,740 | | 2,277,946 |
| Lakewood Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and | | | | | |
| Pension Bonds) | 4.00 | 1/15/16 | 200,000 | | 204,366 |
| Lavallette Borough, | | | | | |
| GO Notes, Refunding | 1.50 | 4/1/16 | 315,000 | | 317,877 |
| Leonia Borough Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 4.00 | 8/15/15 | 150,000 | a | 151,115 |
| Linden, | | | | | |
| GO Notes | 2.00 | 3/15/16 | 425,000 | | 430,342 |
| Linwood, | | | | | |
| GO Notes, Refunding | 3.00 | 7/15/15 | 260,000 | | 260,816 |
| Little Egg Harbor Township, | | | | | |
| GO Notes, BAN | 1.00 | 2/3/16 | 4,000,000 | | 4,010,746 |
| Little Egg Harbor Township Board | | | | | |
| of Education, GO Notes, | | | | | |
| Refunding (School Bonds) | 2.00 | 1/15/16 | 200,000 | a | 201,844 |
| Little Falls Township, | | | | | |
| GO Notes, (BAN and Tax Appeal | | | | | |
| Refunding BAN) | 1.00 | 12/18/15 | 1,000,000 | | 1,002,341 |
| Livingston Township, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 2.00 | 1/1/16 | 200,000 | | 201,879 |
| Livingston Township Board of | | | | | |
| Education, GO Notes, GAN | 1.00 | 9/24/15 | 4,000,000 | a | 4,007,020 |
| Lumberton Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 2/15/16 | 810,000 | a | 818,667 |
12
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Madison Borough Board of | | | | | |
| Education, GO Notes | | | | | |
| (School Bonds) | 4.50 | 7/15/15 | 100,000 | a | 100,500 |
| Mantua Township, | | | | | |
| GO Notes | 2.00 | 12/1/15 | 190,000 | | 191,521 |
| Margate City, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 4.25 | 6/1/15 | 100,000 | | 100,000 |
| Merchantville Borough, | | | | | |
| GO Notes | 2.00 | 8/15/15 | 175,000 | | 175,594 |
| Middlesex County, | | | | | |
| GO Notes | 4.00 | 6/1/15 | 100,000 | | 100,000 |
| Middlesex County, | | | | | |
| GO Notes, Refunding | 1.00 | 6/15/15 | 250,000 | | 250,067 |
| Midland Park Borough Board of | | | | | |
| Education, GO Notes | | | | | |
| (School Bonds) | 2.00 | 8/15/15 | 270,000 | a | 270,907 |
| Monmouth County, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and | | | | | |
| Reclamation Center | | | | | |
| Utility Bonds) | 4.00 | 3/1/16 | 300,000 | | 308,049 |
| Monmouth County Improvement | | | | | |
| Authority, Capital Equipment | | | | | |
| Pooled Lease Revenue | 4.00 | 10/1/15 | 235,000 | | 237,826 |
| Monmouth County Improvement | | | | | |
| Authority, Capital Equipment | | | | | |
| Pooled Lease Revenue | 4.00 | 10/1/15 | 115,000 | | 116,388 |
| Monmouth County Improvement | | | | | |
| Authority, Governmental | | | | | |
| Pooled Loan Revenue | 2.75 | 1/15/16 | 100,000 | | 101,455 |
| Monmouth County Improvement | | | | | |
| Authority, Governmental | | | | | |
| Pooled Loan Revenue, | | | | | |
| Refunding | 5.00 | 12/1/15 | 100,000 | | 102,301 |
| Monroe Township Board of | | | | | |
| Education, GO Notes, | | | | | |
| Refunding (School | | | | | |
| District Bonds) | 2.00 | 3/1/16 | 120,000 | a | 121,431 |
The Fund 13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Montclair Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and Water | | | | | |
| Utility Bonds) | 3.00 | 2/1/16 | 125,000 | | 127,157 |
| Morris Plains Borough, | | | | | |
| GO Notes | 1.00 | 11/1/15 | 405,000 | | 406,189 |
| Morris Township, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds, Parking Utility Bonds, | | | | | |
| Pool Utility Bonds and Sewer | | | | | |
| Utility Bonds) | 4.35 | 7/15/15 | 100,000 | | 100,477 |
| Mount Laurel Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 8/1/15 | 115,000 | a | 115,495 |
| Mount Laurel Township | | | | | |
| Commissioners of Fire District | | | | | |
| Number 1, GO Notes | 2.00 | 10/1/15 | 125,000 | | 125,687 |
| Mount Olive Township, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds and Water Utility Bonds) | 2.00 | 10/15/15 | 515,000 | | 518,253 |
| Mount Olive Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 1/15/16 | 300,000 | a | 302,977 |
| New Brunswick, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 10/1/15 | 225,000 | a | 226,916 |
| New Brunswick Housing Authority, | | | | | |
| LR, Refunding (Rutgers | | | | | |
| University Easton | | | | | |
| Avenue Project) | 5.00 | 7/1/15 | 200,000 | a | 200,752 |
| New Brunswick Parking Authority, | | | | | |
| Parking Revenue, Refunding | 4.00 | 1/1/16 | 320,000 | | 326,567 |
| New Jersey Economic Development | | | | | |
| Authority, Economic Growth | | | | | |
| Revenue (Greater Mercer County | | | | | |
| Composite Issue) (LOC; Wells | | | | | |
| Fargo Bank) | 0.72 | 6/7/15 | 85,000 | b | 85,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Community | | | | | |
| Options, Inc. Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.21 | 6/7/15 | 3,695,000 | b | 3,695,000 |
14
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Diocese of | | | | | |
| Metuchen Project) (LOC; Bank | | | | | |
| of America) | 0.11 | 6/7/15 | 22,695,000 | a,b | 22,695,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Hathaway | | | | | |
| Associates, LLC Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.24 | 6/7/15 | 1,195,000 | b | 1,195,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Marco Holdings, | | | | | |
| LLC Project) (LOC; Wells Fargo Bank) | 0.24 | 6/7/15 | 800,000 | b | 800,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Maroukian Realty, | | | | | |
| LLC Project) (LOC; TD Bank) | 0.18 | 6/7/15 | 685,000 | b | 685,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Paddock | | | | | |
| Realty, LLC Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.24 | 6/7/15 | 1,245,000 | b | 1,245,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (PB Tower, LLC | | | | | |
| and Metro Packaging and | | | | | |
| Imaging, Inc. Project) | | | | | |
| (LOC; TD Bank) | 0.24 | 6/7/15 | 2,685,000 | b | 2,685,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (PB Tower, LLC | | | | | |
| and Metro Packaging and | | | | | |
| Imaging, Inc. Project) | | | | | |
| (LOC; TD Bank) | 0.24 | 6/7/15 | 730,000 | b | 730,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (RCC | | | | | |
| Properties, LLC Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.24 | 6/7/15 | 390,000 | b | 390,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (The Challenge | | | | | |
| Printing Company, Inc. Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.24 | 6/7/15 | 285,000 | b | 285,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR (The Trustees | | | | | |
| of the Lawrenceville School | | | | | |
| Project) (Liquidity Facility; | | | | | |
| JPMorgan Chase Bank) | 0.08 | 6/1/15 | 2,300,000 | a,b | 2,300,000 |
The Fund 15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey Economic Development | | | | | |
| Authority, EDR (Volunteers of | | | | | |
| America Delaware Valley | | | | | |
| Property, Inc. Project) | | | | | |
| (LOC; TD Bank) | 0.13 | 6/7/15 | 1,180,000 | b | 1,180,000 |
| New Jersey Economic Development | | | | | |
| Authority, EDR, Refunding (RDR | | | | | |
| Investment Company LLC) (LOC; | | | | | |
| JPMorgan Chase Bank) | 0.24 | 6/7/15 | 895,000 | b | 895,000 |
| New Jersey Economic Development | | | | | |
| Authority, IDR (Penwell | | | | | |
| Holdings LLC Project) | | | | | |
| (LOC; TD Bank) | 0.18 | 6/7/15 | 530,000 | b | 530,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (CPC | | | | | |
| Behavioral Healthcare Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.21 | 6/7/15 | 1,400,000 | b | 1,400,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue | | | | | |
| (Developmental Disabilities | | | | | |
| Association of New Jersey Inc. | | | | | |
| Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.21 | 6/7/15 | 1,300,000 | b | 1,300,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue | | | | | |
| (ESARC, Inc.) (Liquidity | | | | | |
| Facility; TD Bank) | 0.15 | 6/7/15 | 1,940,000 | b | 1,940,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Falcon | | | | | |
| Safety Products, Inc. Project) | | | | | |
| (LOC; PNC Bank NA) | 0.19 | 6/7/15 | 1,020,000 | b | 1,020,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Melrich | | | | | |
| Road Development Company, LLC | | | | | |
| Project) (LOC; Wells Fargo Bank) | 0.24 | 6/7/15 | 1,585,000 | b | 1,585,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (MZR Real | | | | | |
| Estate, L.P. Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.24 | 6/7/15 | 2,845,000 | b | 2,845,000 |
16
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Oak Hill | | | | | |
| Academy Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.21 | 6/7/15 | 1,070,000 | a,b | 1,070,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Parke | | | | | |
| Place Associates, LLC Project) | | | | | |
| (LOC; TD Bank) | 0.18 | 6/7/15 | 4,655,000 | b | 4,655,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Somerset | | | | | |
| Hills YMCA Project) | | | | | |
| (LOC; TD Bank) | 0.13 | 6/7/15 | 2,140,000 | a,b | 2,140,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (The Peddie | | | | | |
| School Project) (Liquidity | | | | | |
| Facility; U.S. Bank NA) | 0.10 | 6/7/15 | 995,000 | a,b | 995,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (The Peddie | | | | | |
| School Project) (Liquidity | | | | | |
| Facility; U.S. Bank NA) | 0.10 | 6/7/15 | 2,250,000 | a,b | 2,250,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (The Peddie | | | | | |
| School Project) (Liquidity | | | | | |
| Facility; U.S. Bank NA) | 0.10 | 6/7/15 | 6,505,000 | a,b | 6,505,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (The | | | | | |
| Peddie School Project) | | | | | |
| (Liquidity Facility; U.S. | | | | | |
| Bank NA) | 0.10 | 6/7/15 | 4,800,000 | a,b | 4,800,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Visiting | | | | | |
| Nurse Association Home Care, | | | | | |
| Inc. Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.16 | 6/7/15 | 3,275,000 | b | 3,275,000 |
| New Jersey Economic Development | | | | | |
| Authority, Revenue (Young | | | | | |
| Men’s Christian Association of | | | | | |
| Metuchen Project) (LOC; Wells | | | | | |
| Fargo Bank) | 0.21 | 6/7/15 | 740,000 | b | 740,000 |
The Fund 17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey Economic Development | | | | | |
| Authority, School Facilities | | | | | |
| Construction Revenue, | | | | | |
| Refunding (Escrowed | | | | | |
| to Maturity) | 5.00 | 3/1/16 | 100,000 | | 103,391 |
| New Jersey Economic Development | | | | | |
| Authority, Thermal Energy | | | | | |
| Facilities Revenue (Marina | | | | | |
| Energy LLC Project) (LOC; | | | | | |
| JPMorgan Chase Bank) | 0.13 | 6/7/15 | 10,000,000 | b | 10,000,000 |
| New Jersey Economic Development | | | | | |
| Authority, Thermal Energy | | | | | |
| Facilities Revenue (Marina | | | | | |
| Energy LLC Project) (LOC; | | | | | |
| JPMorgan Chase Bank) | 0.13 | 6/7/15 | 5,470,000 | b | 5,470,000 |
| New Jersey Educational Facilities | | | | | |
| Authority, Revenue | | | | | |
| (Princeton University) | 4.00 | 7/1/15 | 100,000 | a | 100,303 |
| New Jersey Educational Facilities | | | | | |
| Authority, Revenue, CP | | | | | |
| (Princeton University) | 0.05 | 7/6/15 | 5,000,000 | a | 5,000,000 |
| New Jersey Educational Facilities | | | | | |
| Authority, Revenue, Refunding | | | | | |
| (Princeton University) | 5.25 | 7/1/15 | 245,000 | a | 245,968 |
| New Jersey Environmental | | | | | |
| Infrastructure Trust, | | | | | |
| Environmental Infrastructure | | | | | |
| Revenue | 4.00 | 9/1/15 | 195,000 | | 196,765 |
| New Jersey Environmental | | | | | |
| Infrastructure Trust, | | | | | |
| Environmental Infrastructure | | | | | |
| Revenue | 5.00 | 9/1/15 | 100,000 | | 101,161 |
| New Jersey Environmental | | | | | |
| Infrastructure Trust, | | | | | |
| Environmental Infrastructure | | | | | |
| Revenue, Refunding | 5.00 | 9/1/15 | 100,000 | | 101,156 |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (Rahway Hospital) (LOC; Wells | | | | | |
| Fargo Bank) | 0.10 | 6/7/15 | 1,070,000 | b | 1,070,000 |
18
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (The Matheny School and | | | | | |
| Hospital, Inc.) (LOC; | | | | | |
| Bank of America) | 0.20 | 6/7/15 | 1,800,000 | b | 1,800,000 |
| New Jersey Health Care Facilities | | | | | |
| Financing Authority, Revenue | | | | | |
| (Virtua Health Issue) (LOC; | | | | | |
| JPMorgan Chase Bank) | 0.08 | 6/1/15 | 3,200,000 | b | 3,200,000 |
| New Jersey Housing and Mortgage | | | | | |
| Finance Agency, SFHR | 5.05 | 10/1/15 | 85,000 | | 86,276 |
| New Jersey Housing and Mortgage | | | | | |
| Finance Agency, SFHR | | | | | |
| (Liquidity Facility; | | | | | |
| Bank of America) | 0.10 | 6/7/15 | 1,800,000 | b | 1,800,000 |
| New Jersey Housing and Mortgage | | | | | |
| Finance Agency, SFHR | | | | | |
| (Liquidity Facility; | | | | | |
| Barclays Bank PLC) | 0.10 | 6/7/15 | 5,420,000 | b | 5,420,000 |
| New Jersey Housing and Mortgage | | | | | |
| Finance Agency, SFHR | | | | | |
| (Liquidity Facility; Royal | | | | | |
| Bank of Canada) | 0.09 | 6/7/15 | 16,000,000 | b | 16,000,000 |
| Newton, | | | | | |
| GO Notes, BAN | 1.00 | 8/27/15 | 3,411,575 | | 3,414,804 |
| North Bergen Municipal Utilities | | | | | |
| Authority, Sewer Revenue, | | | | | |
| Refunding | 2.00 | 12/15/15 | 135,000 | | 136,162 |
| North Bergen Township, | | | | | |
| GO Notes, Refunding | 5.00 | 8/15/15 | 120,000 | | 121,067 |
| North Bergen Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds) | 3.00 | 4/1/16 | 370,000 | | 377,677 |
| North Haledon Borough, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 1.00 | 3/15/16 | 375,000 | | 376,761 |
| North Plainfield Borough, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds and Sewer Utility Bonds) | 3.00 | 6/1/16 | 1,180,000 | | 1,207,872 |
The Fund 19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| North Wildwood, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.00 | 11/1/15 | 100,000 | | 101,061 |
| Northfield Board of Education, | | | | | |
| Temporary Notes | 1.00 | 8/20/15 | 2,000,000 | a | 2,001,748 |
| Norwood Borough, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.75 | 8/1/15 | 100,000 | | 100,519 |
| Ocean City, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 2.00 | 9/1/15 | 400,000 | | 401,710 |
| Ocean City, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.00 | 12/15/15 | 240,000 | | 243,149 |
| Ocean County, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.00 | 8/1/15 | 150,000 | | 150,629 |
| Ocean County, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 4.13 | 8/1/15 | 100,000 | | 100,652 |
| Ocean County, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds) | 4.00 | 12/1/15 | 100,000 | | 101,819 |
| Ocean Township, | | | | | |
| GO Notes | 3.00 | 11/1/15 | 925,000 | | 935,472 |
| Ocean Township Board Of Education, | | | | | |
| GO Notes (School Bonds) | 4.13 | 9/1/15 | 365,000 | a | 368,236 |
| Ocean Township Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 3.50 | 6/1/15 | 250,000 | a | 250,000 |
| Old Bridge Municipal Utilities | | | | | |
| Authority, Revenue, Refunding | 3.00 | 11/1/15 | 250,000 | | 252,735 |
| Old Bridge Township, | | | | | |
| GO Notes | 4.00 | 7/1/15 | 100,000 | | 100,295 |
| Old Bridge Township, | | | | | |
| GO Notes, Refunding | 3.00 | 7/1/15 | 165,000 | | 165,349 |
| Old Tappan Borough, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and Sewer | | | | | |
| Utility Assessment Bonds) | 2.00 | 8/15/15 | 355,000 | | 356,227 |
20
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Parsippany-Troy Hills Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds, Sewer | | | | | |
| Utility Bonds and Water | | | | | |
| Utility Bonds) | 3.00 | 7/15/15 | 120,000 | | 120,345 |
| Parsippany-Troy Hills Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds, Sewer | | | | | |
| Utility Bonds and Water | | | | | |
| Utility Bonds) | 3.00 | 10/1/15 | 175,000 | | 176,457 |
| Parsippany-Troy Hills Township, | | | | | |
| Board of Education, GO Notes | | | | | |
| (School Bonds) | 4.38 | 8/15/15 | 100,000 | a | 100,823 |
| Passaic County, | | | | | |
| GO Notes | 3.00 | 4/1/16 | 100,000 | | 102,134 |
| Passaic County, | | | | | |
| GO Notes (County College Bonds) | 2.00 | 6/15/15 | 230,000 | a | 230,124 |
| Passaic County, | | | | | |
| GO Notes, Refunding (County | | | | | |
| College Bonds and General | | | | | |
| Improvement Bonds) | 5.00 | 9/1/15 | 200,000 | a | 202,265 |
| Pinelands Regional School District | | | | | |
| Board of Education, GO Notes, | | | | | |
| Refunding (School Bonds) | 2.00 | 3/1/16 | 375,000 | a | 379,332 |
| Piscataway Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 8/15/15 | 450,000 | a | 452,443 |
| Pompton Lakes Borough, | | | | | |
| GO Notes, BAN | 1.00 | 7/10/15 | 2,377,000 | | 2,378,415 |
| Port Authority of New York and New | | | | | |
| Jersey (Consolidated Bonds, | | | | | |
| 152nd Series) (JPMorgan Chase | | | | | |
| Bank PUTTERS, Series 2945) | | | | | |
| (Liquidity Facility; JPMorgan | | | | | |
| Chase Bank) | 0.13 | 6/7/15 | 1,660,000 | b,c,d | 1,660,000 |
| Port Authority of New York and New | | | | | |
| Jersey (Consolidated Bonds, | | | | | |
| 185th Series) (Citigroup ROCS, | | | | | |
| Series RR II R-14086) | | | | | |
| (Liquidity Facility; | | | | | |
| Citibank NA) | 0.14 | 6/7/15 | 2,050,000 | b,c,d | 2,050,000 |
The Fund 21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Princeton, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 2.00 | 9/15/15 | 500,000 | | 502,458 |
| Rahway, | | | | | |
| GO Notes, BAN | 1.25 | 9/29/15 | 2,503,000 | | 2,509,937 |
| Ramapo Indian Hills Regional High | | | | | |
| School District Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.50 | 6/1/15 | 220,000 | a | 220,000 |
| Ramapo Indian Hills Regional High | | | | | |
| School District Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 2.50 | 6/1/16 | 1,075,000 | a | 1,095,276 |
| Randolph Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 5.00 | 8/1/15 | 200,000 | a | 201,577 |
| Randolph Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 2/1/16 | 100,000 | a | 101,668 |
| Ridgefield Borough Board of | | | | | |
| Education, GO Notes | | | | | |
| (School Bonds) | 2.00 | 2/15/16 | 100,000 | a | 101,131 |
| River Edge Borough Board of | | | | | |
| Education, GO Notes | | | | | |
| (School Bonds) | 4.13 | 10/15/15 | 150,000 | a | 152,108 |
| River Vale Township, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 4.25 | 6/15/15 | 400,000 | | 400,604 |
| River Vale Township, | | | | | |
| GO Notes (Golf Course | | | | | |
| Utility Bonds) | 2.00 | 10/1/15 | 255,000 | | 256,445 |
| Robbinsville Township, | | | | | |
| GO Notes | 3.00 | 12/1/15 | 100,000 | | 101,320 |
| Rutgers, The State University, | | | | | |
| GO Notes (Liquidity Facility; | | | | | |
| U.S. Bank NA) | 0.08 | 6/1/15 | 4,390,000 | a,b | 4,390,000 |
| Rutgers, The State University, | | | | | |
| GO Notes, Refunding | 4.00 | 5/1/16 | 260,000 | a | 268,029 |
| Rutgers, The State University, | | | | | |
| GO Notes, Refunding (Liquidity | | | | | |
| Facility; TD Bank) | 0.06 | 6/1/15 | 6,000,000 | a,b | 6,000,000 |
22
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Sayreville Borough, | | | | | |
| GO Notes (General | | | | | |
| Improvement Bonds) | 3.25 | 9/15/15 | 100,000 | | 100,812 |
| Scotch Plains-Fanwood Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School District Bonds) | 3.00 | 7/15/15 | 100,000 | a | 100,318 |
| Somerset County Improvement | | | | | |
| Authority, County Guaranteed | | | | | |
| Governmental Loan Revenue | | | | | |
| (Bridgewater Project) | 2.25 | 9/1/15 | 100,000 | | 100,490 |
| South Brunswick Township, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds, Open Space Bonds and | | | | | |
| Water-Sewer Utility Bonds) | 4.00 | 11/15/15 | 100,000 | | 101,668 |
| South Brunswick Township, | | | | | |
| GO Notes, Refunding (General | | | | | |
| Improvement Bonds and | | | | | |
| Water-Sewer Utility Bonds) | 4.00 | 7/1/15 | 500,000 | | 501,415 |
| South Orange—Maplewood School | | | | | |
| District Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 4.00 | 11/1/15 | 100,000 | a | 101,506 |
| South Plainfield Borough Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 4.50 | 7/15/15 | 115,000 | a | 115,559 |
| Stafford Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 4.25 | 9/1/15 | 150,000 | a | 151,458 |
| Swedesboro-Woolwich Consolidated | | | | | |
| School District Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 1.00 | 2/15/16 | 625,000 | a | 627,150 |
| Toms River Regional Schools Board | | | | | |
| of Education, GO Notes (School | | | | | |
| District Bonds) | 4.00 | 7/15/15 | 100,000 | a | 100,436 |
| Toms River Township, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds and Golf Utility | | | | | |
| Improvement Bonds) | 2.25 | 6/15/15 | 100,000 | | 100,069 |
| Trenton, | | | | | |
| GO Notes (School Bonds) | 3.00 | 4/15/16 | 100,000 | a | 101,978 |
The Fund 23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Trenton, | | | | | |
| GO Notes, Refunding (School | | | | | |
| Bonds) | 3.00 | 7/15/15 | 2,075,000 | a | 2,081,525 |
| Union Beach Borough, | | | | | |
| GO Notes | 2.00 | 2/15/16 | 100,000 | | 100,912 |
| Union County Improvement | | | | | |
| Authority, GO Lease Revenue, | | | | | |
| Refunding (Juvenile Detention | | | | | |
| Center Facility Project) | 3.60 | 5/1/16 | 245,000 | | 251,583 |
| Union Township Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 8/15/15 | 300,000 | a | 301,609 |
| Union Township Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 1/1/16 | 110,000 | a | 110,970 |
| Upper Freehold Regional School | | | | | |
| District Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 1.00 | 2/15/16 | 235,000 | a | 235,908 |
| Vineland, | | | | | |
| GO Notes (Electric | | | | | |
| Utility Bonds) | 2.00 | 7/15/15 | 725,000 | | 726,446 |
| Waldwick Borough, | | | | | |
| GO Notes (General Improvement | | | | | |
| Bonds and Water Utility Bonds) | 2.00 | 11/1/15 | 240,000 | | 241,661 |
| Wall Township Board of Education, | | | | | |
| GO Notes, Refunding | | | | | |
| (School Bonds) | 2.00 | 7/15/15 | 225,000 | a | 225,434 |
| Wanaque Borough, | | | | | |
| GO Notes (Assessment Bonds, | | | | | |
| General Bonds and Water Bonds) | 2.25 | 2/1/16 | 250,000 | | 253,091 |
| Washington Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 5.00 | 1/1/16 | 200,000 | a | 205,365 |
| Washington Township Board of | | | | | |
| Education, GO Notes, Refunding | | | | | |
| (School Bonds) | 3.00 | 2/1/16 | 240,000 | a | 244,045 |
| West Deptford Township, | | | | | |
| GO Notes, Refunding | 1.00 | 9/1/15 | 2,020,000 | | 2,023,551 |
| West Windsor-Plainsboro Regional | | | | | |
| School District, GO Notes, | | | | | |
| Refunding (School Bonds) | 5.00 | 9/15/15 | 540,000 | a | 547,343 |
24
| | | | | | | |
| Short-Term | Coupon | Maturity | Principal | | | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | | Value ($) | |
| West Windsor-Plainsboro Regional | | | | | | | |
| School District, GO Notes, | | | | | | | |
| Refunding (School Bonds) | 3.00 | 12/1/15 | 100,000 | | a | 101,295 | |
| Westfield Board of Education, | | | | | | | |
| GO Notes (School Bonds) | 1.50 | 8/1/15 | 250,000 | | a | 250,492 | |
| Willingboro Township, | | | | | | | |
| GO Notes (General | | | | | | | |
| Improvement Bonds) | 2.00 | 4/15/16 | 650,000 | | | 659,031 | |
| Wood-Ridge Borough, | | | | | | | |
| GO Notes, BAN | 1.00 | 2/11/16 | 956,000 | | | 959,788 | |
| |
| Total Investments (cost $249,753,102) | | | 100.4 | % | | 249,753,102 | |
| |
| Liabilities, Less Cash and Receivables | | | (.4 | %) | | (961,864 | ) |
| Net Assets | | | 100.0 | % | | 248,791,238 | |
|
| a At May 31, 2015, the fund had $94,103,630 or 37.8% of net assets invested in securities whose payment of |
| principal and interest is dependent upon revenues generated from education. |
| b Variable rate demand note—rate shown is the interest rate in effect at May 31, 2015. Maturity date represents the |
| next demand date, or the ultimate maturity date if earlier. |
| c Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be |
| resold in transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2015, these |
| securities amounted to $38,265,000 or 15.4% of net assets. |
| d The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity |
| that, in turn, owns the underlying municipal security.The special purpose entity permits the fund to own interests in |
| underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., |
| enhanced liquidity, yields linked to short-term rates). |
| | | |
| Portfolio Summary (Unaudited)† | | |
| |
| | Value (%) | | Value (%) |
| Education | 37.8 | Utility-Electric | 4.0 |
| City | 16.7 | County | 2.8 |
| Housing | 13.0 | Utility-Water and Sewer | .3 |
| Industrial | 8.9 | Other | 2.5 |
| Transportation Services | 8.2 | | |
| Health Care | 6.2 | | 100.4 |
The Fund 25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | |
| Summary of Abbreviations | | |
| |
| ABAG | Association of Bay Area | ACA | American Capital Access |
| | Governments | | |
| AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
| AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
| | Assurance Corporation | | Receipt Notes |
| BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
| CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
| CP | Commercial Paper | DRIVERS | Derivative Inverse |
| | | | Tax-Exempt Receipts |
| EDR | Economic Development | EIR | Environmental Improvement |
| | Revenue | | Revenue |
| FGIC | Financial Guaranty | FHA | Federal Housing |
| | Insurance Company | | Administration |
| FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
| | Loan Bank | | Corporation |
| FNMA | Federal National | GAN | Grant Anticipation Notes |
| | Mortgage Association | | |
| GIC | Guaranteed Investment | GNMA | Government National Mortgage |
| | Contract | | Association |
| GO | General Obligation | HR | Hospital Revenue |
| IDB | Industrial Development Board | IDC | Industrial Development Corporation |
| IDR | Industrial Development | LIFERS | Long Inverse Floating |
| | Revenue | | Exempt Receipts |
| LOC | Letter of Credit | LOR | Limited Obligation Revenue |
| LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
| | | | Liquidity Option Tender |
| MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
| PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
| P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
| | Tax-Exempt Receipts | | |
| RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
| RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
| ROCS | Reset Options Certificates | 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 | SPEARS | Short Puttable Exempt |
| | Mortgage Agency | | Adjustable Receipts |
| SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
| TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
| XLCA | XL Capital Assurance | | |
| |
| See notes to financial statements. | | |
26
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2015 (Unaudited)
| | |
| | Cost | Value |
| Assets ($): | | |
| Investments in securities—See Statement of Investments | 249,753,102 | 249,753,102 |
| Cash | | 572,483 |
| Interest receivable | | 567,016 |
| Prepaid expenses | | 23,763 |
| | | 250,916,364 |
| Liabilities ($): | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | 44,406 |
| Payable for investment securities purchased | | 1,963,853 |
| Payable for shares of Common Stock redeemed | | 71,651 |
| Accrued expenses | | 45,216 |
| | | 2,125,126 |
| Net Assets ($) | | 248,791,238 |
| Composition of Net Assets ($): | | |
| Paid-in capital | | 248,605,058 |
| Accumulated net realized gain (loss) on investments | | 186,180 |
| Net Assets ($) | | 248,791,238 |
| Shares Outstanding | | |
| (2 billion shares of $.001 par value Common Stock authorized) | | 248,701,725 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
| |
| See notes to financial statements. | | |
The Fund 27
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2015 (Unaudited)
| | |
| Investment Income ($): | | |
| Interest Income | 247,885 | |
| Expenses: | | |
| Management fee—Note 2(a) | 651,778 | |
| Shareholder servicing costs—Note 2(b) | 61,979 | |
| Professional fees | 35,095 | |
| Custodian fees—Note 2(b) | 14,131 | |
| Prospectus and shareholders’ reports | 13,195 | |
| Directors’ fees and expenses—Note 2(c) | 12,994 | |
| Registration fees | 10,534 | |
| Miscellaneous | 25,226 | |
| Total Expenses | 824,932 | |
| Less—reduction in expenses due to undertaking—Note 2(a) | (577,041 | ) |
| Less—reduction in fees due to earnings credits—Note 2(b) | (42 | ) |
| Net Expenses | 247,849 | |
| Investment Income—Net | 36 | |
| Net Realized Gain (Loss) on Investments—Note 1(b) ($) | 186,180 | |
| Net Increase in Net Assets Resulting from Operations | 186,216 | |
| |
| See notes to financial statements. | | |
28
STATEMENT OF CHANGES IN NET ASSETS
| | | | |
| | Six Months Ended | | | |
| | May 31, 2015 | | Year Ended | |
| | (Unaudited) | | November 30, 2014 | |
| Operations ($): | | | | |
| Investment income—net | 36 | | 64 | |
| Net realized gain (loss) on investments | 186,180 | | — | |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | 186,216 | | 64 | |
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | (36 | ) | (290 | ) |
| Capital Stock Transactions ($1.00 per share): | | | | |
| Net proceeds from shares sold | 160,230,082 | | 376,089,226 | |
| Dividends reinvested | 32 | | 267 | |
| Cost of shares redeemed | (179,800,022 | ) | (350,404,780 | ) |
| Increase (Decrease) in Net Assets | | | | |
| from Capital Stock Transactions | (19,569,908 | ) | 25,684,713 | |
| Total Increase (Decrease) in Net Assets | (19,383,728 | ) | 25,684,487 | |
| Net Assets ($): | | | | |
| Beginning of Period | 268,174,966 | | 242,490,479 | |
| End of Period | 248,791,238 | | 268,174,966 | |
| |
| See notes to financial statements. | | | | |
The Fund 29
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 dis-tributions.These figures have been derived from the fund’s financial statements.
| | | | | | | | | | | | |
| Six Months Ended | | | | | | | | | | | |
| | May 31, 2015 | | | | Year Ended November 30, | | | |
| | (Unaudited) | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
| Per Share Data ($): | | | | | | | | | | | | |
| Net asset value, | | | | | | | | | | | | |
| beginning of period | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
| Investment Operations: | | | | | | | | | | | | |
| Investment income—neta | .000 | | .000 | | .000 | | .000 | | .000 | | .000 | |
| Distributions: | | | | | | | | | | | | |
| Dividends from | | | | | | | | | | | | |
| investment income—neta | (.000 | ) | (.000 | ) | (.000 | ) | (.000 | ) | (.000 | ) | (.000 | ) |
| Net asset value, end of period | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
| Total Return (%)b | .00 | c | .00 | | .00 | | .00 | | .00 | | .00 | |
| Ratios/Supplemental Data (%): | | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | | | |
| to average net assets | .63 | c | .64 | | .64 | | .65 | | .66 | | .64 | |
| Ratio of net expenses | | | | | | | | | | | | |
| to average net assets | .19 | c | .22 | | .31 | | .35 | | .43 | | .49 | |
| Ratio of net investment income | | | | | | | | | | | | |
| to average net assetsb | .00 | c | .00 | | .00 | | .00 | | .00 | | .00 | |
| Net Assets, end of period | | | | | | | | | | | | |
| ($ x 1,000) | 248,791 | | 268,175 | | 242,490 | | 259,234 | | 277,305 | | 316,484 | |
| |
| a | Amount represents less than $.001 per share. |
| b | Amount represents less than .01%. |
| c | Annualized. |
See notes to financial statements.
30
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 Dreyfus, is the distributor of the fund’s shares, which are sold 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.
The Fund 31
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the fund’s Board of Directors (the “Board”).
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, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is
32
not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of May 31, 2015 in valuing the fund’s investments:
| |
| | Short-Term |
| Valuation Inputs | Investments ($)† |
| Level 1—Unadjusted Quoted Prices | — |
| Level 2—Other Significant Observable Inputs | 249,753,102 |
| Level 3—Significant Unobservable Inputs | — |
| Total | 249,753,102 |
† See Statement of Investments for additional detailed categorizations.
At May 31, 2015, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
(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 is 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 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.
The Fund 33
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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, 2015, 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 ended May 31, 2015, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended November 30, 2014 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, 2014 was as follows: tax-exempt income $64 and ordinary income $226.The tax character of current year distributions will be determined at the end of the current fiscal year.
At May 31, 2015, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
NOTE 2—Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with Dreyfus, 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.
Dreyfus has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time.This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $577,041 during the period ended May 31, 2015.
34
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at an amount not to exceed an annual rate of .25% of the value of the fund’s average daily net assets for the provision of certain services. 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, 2015, the fund was charged $41,361 pursuant to the Shareholder Services Plan.
The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended May 31, 2015, the fund was charged $17,379 for transfer agency services and $857 for cash management services.These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $42.
The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for the fund.These fees are determined based on net assets, geographic region and transaction activity. During the period ended May 31, 2015, the fund was charged $14,131 pursuant to the custody agreement.
The Fund 35
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The fund compensates The Bank of New York Mellon for performing certain cash management services related to fund subscriptions and redemptions, including shareholder redemption draft processing, under a cash management agreement. During the period ended May 31, 2015, the fund was charged $665 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended May 31, 2015, the fund was charged $6,140 for services performed by the Chief Compliance Officer and his staff.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $107,047, Shareholder Services Plan fees $7,000, custodian fees $8,826, Chief Compliance Officer fees $2,113 and transfer agency fees $6,340, which are offset against an expense reimbursement currently in effect in the amount of $86,920.
(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. 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 Directors and/or common officers, complies with Rule 17a-7 under the Act. During the period ended May 31, 2015, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $77,435,000 and $52,165,000, respectively.
36
NOTE 4—Regulatory Developments:
On July 23, 2014, the SEC adopted amendments to the rules that govern money market mutual funds. In part, the amendments will require structural changes to most types of money market funds to one extent or another; however, the SEC provided for an extended two-year transition period to comply with such structural requirements. At this time, management is evaluating the reforms adopted and the manner for implementing these reforms over time and its impact on the financial statements.
NOTE 5—Subsequent Event:
On May 4, 2015, the Board approved, effective September 1, 2015, to change the name of the fund from “Dreyfus New Jersey Municipal Money Market Fund, Inc.” to “General New Jersey Municipal Money Market Fund, Inc.” and the shares will be designated as Class A.
The Fund 37
For More Information
Telephone 1-800-DREYFUS
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request to info@dreyfus.com
Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.
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 20, 2015
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 20, 2015
By: /s/ James Windels
James Windels,
Treasurer
Date: July 20, 2015
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)
