lp1-750.htm - Generated by SEC Publisher for SEC Filing

N-CSR 1 lp1-750.htm ANNUAL REPORT lp1-750.htm - Generated by SEC Publisher for SEC Filing

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			811-05454

	BNY Mellon New Jersey Municipal Bond Fund, Inc.
	(Exact name of Registrant as specified in charter)

	c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286
	(Address of principal executive offices) (Zip code)

	Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		12/31
Date of reporting period:		12/31/2020

FORM N-CSR

Item 1. Reports to Stockholders.

BNY Mellon New Jersey Municipal Bond Fund, Inc.

ANNUAL REPORT

December 31, 2020

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The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND


Discussion of Fund Performance	2
Fund Performance	5
Understanding Your Fund’s Expenses	8
Comparing Your Fund’s Expenses
With Those of Other Funds	8
Statement of Investments	9
Statement of Assets and Liabilities	21
Statement of Operations	22
Statement of Changes in Net Assets	23
Financial Highlights	25
Notes to Financial Statements	30
Report of Independent Registered
Public Accounting Firm	40
Important Tax Information	41
Board Members Information	42
Officers of the Fund	44

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from January 1, 2020 through December 31, 2020, as provided by Daniel Barton and Jeffrey Burger, Portfolio Managers

Market and Fund Performance Overview

For the 12-month period ended December 31, 2020, BNY Mellon New Jersey Municipal Bond Fund, Inc.’s Class A shares produced a total return of 4.15%, Class C shares returned 3.45%, Class I shares returned 4.41%, Class Y shares returned 4.43% and Class Z shares returned 4.38%.¹ In comparison, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), the fund’s benchmark index, which is composed of bonds issued nationally and not solely within New Jersey, produced a total return of 5.21% for the same period.²

Municipal bonds experienced volatility due to the COVID-19 pandemic and government shutdowns, but the market largely recovered in response to supportive monetary and fiscal policy and the beginning of an economic recovery. The fund lagged the Index, due largely to the underperformance of New Jersey bonds generally and to the fund’s overweight position in revenue bonds.

The Fund’s Investment Approach

The fund seeks as high a level of current income exempt from federal and New Jersey state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal and New Jersey state income taxes. The fund invests at least 80% of its net assets in investment-grade municipal bonds or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. The fund may invest up to 20% of its assets in municipal bonds rated below investment grade (“high-yield” or “junk” bonds) or the unrated equivalent as determined by BNY Mellon Investment Adviser, Inc. The dollar-weighted average maturity of the fund’s portfolio normally exceeds 10 years.

We focus on identifying undervalued sectors and securities and minimizing the use of interest-rate forecasting. We select municipal bonds for the fund’s portfolio by using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities, and to exploit pricing inefficiencies in the municipal bond market. We actively trade among various sectors, such as pre-refunded, general obligation and revenue, based on their apparent relative values. Although the fund seeks to provide income exempt from federal and New Jersey state income taxes, interest from some of the fund’s holdings may be subject to the federal alternative minimum tax.

Market Recovers Following Volatility

Early in the reporting period, the municipal bond market benefited from strong demand resulting from concerns about economic momentum. Demand was also driven by investors in states with high income-tax rates who moved into municipal bonds as a way to reduce their federal income tax liability, which rose as a result of the cap on the federal deductibility of state and local taxes in the Tax Cuts and Jobs Act of 2017.

Actions by the Federal Reserve (the “Fed”) prior to the period, including an October 2019 rate cut, also helped the municipal bond market. This contributed to a decline in yields across the municipal bond yield curve.

The emergence of the COVID-19 pandemic resulted in unprecedented volatility later in the reporting period, as government shutdowns caused the economy to slow dramatically, raising the

prospect of diminished revenues for states and other issuers of municipal bonds. Early in the reporting period, yields on municipal bonds had reached record lows, but as the pandemic spread, large outflows from municipal bond mutual funds, combined with illiquidity, caused yields to soar.

In response to the pandemic, the Fed made two emergency reductions in March 2020 and also launched a $500 billion Municipal Liquidity Facility (MLF) to purchase short-term municipal securities. This, combined with the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, dramatically changed investor sentiment, which helped the municipal bond market to bounce back relatively quickly.

While new issuance dried up during the height of the crisis in the first quarter of 2020, it rebounded along with the market, as issuers sought to take advantage of record-low funding costs. Much of the new issuance was in taxable bonds, as low yields have made taxable issuance attractive. Late in the reporting period, many issuers sought to secure financing ahead of the November 2020 election, and the surge in supply caused the market to soften somewhat.

Strong inflows to municipal bond funds late in the year bolstered the market, as did news of the approval of multiple COVID-19 vaccines and a federal stimulus package. Although the stimulus package did not include relief for states and municipalities, the market took a favorable view of funding for hospitals and mass transit, among other segments, as well as for consumers and businesses.

In New Jersey, fundamentals remain challenging, given out migration and high debt levels. In addition, the state’s pension system remains significantly underfunded. The state issued new debt to cover the expected budget gap for 2021, but this issuance was less than expected. The state has increased its “millionaire’s tax,” indicating a willingness to take steps to raise revenues, and is on track to raise its pension funding level. The state appears to have the will to address its fiscal problems, but with COVID-19 cases rising, challenges will remain.

New Jersey Bonds Lagged the Index; Fund Hampered by Revenue Bonds

The fund’s performance versus the Index was hindered primarily by the performance of New Jersey bonds generally, which were especially hurt by the volatility in March 2020, as states with fiscal challenges underperformed in the early stages of the pandemic. Though the state rebounded in the last half of 2020, it still lagged the Index. The fund’s overweight allocation to revenue bonds was also detrimental, especially holdings in transportation, hospitals and education. Essential service bonds, such as power and water & sewer, performed well, but in New Jersey, the supply of these in the municipal market is limited. As a result, the fund’s position versus the Index was underweighted, which also detracted from returns.

On a more positive note, the fund’s relative performance was helped somewhat by its longer duration positioning. As rates declined, longer-duration bonds gained more than shorter-duration bonds. More specifically, overweight positions in the 10-year and 20-year portions of the curve were beneficial. In addition to exiting certain segments of the market in the early phase of the pandemic, including airlines and student housing, the fund also benefitted by avoiding certain tourism-related segments that were particularly hard hit by shutdown orders. The fund did not make use of derivatives during the period.

Recovery in Hard-hit Segments Expected to Continue

We expect supply and demand factors to remain favorable, and we anticipate that the market will benefit from an improving economy. We are optimistic about the opportunities that still remain

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

in certain segments of the market that were hit hard in 2020, especially education, hospitals and airports. As the COVID-19 vaccines are distributed, the economy will continue to open up, and these segments are likely to continue to recover. Nevertheless, we continue to avoid the highest-risk pockets of the market. With the economy improving, interest rates may keep rising, and therefore we have reduced the fund’s duration somewhat.

January 15, 2021

¹ Total return includes reinvestment of dividends and any capital gains paid and does not take into consideration the maximum initial sales charge in the case of Class A shares or the applicable contingent deferred sales charge imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Class I shares, Class Y shares, and Class Z shares are not subject to any initial or deferred sales charge. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. 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. Capital gains, if any, are fully taxable. Return figures reflect the absorption of certain fund expenses pursuant to an agreement by BNY Mellon Investment Adviser, Inc. which may be terminated after May 1, 2021. Had these expenses not been absorbed, the returns would have been lower.

²Source: Lipper Inc. — The Bloomberg Barclays U.S. Municipal Bond Index covers the U.S. dollar-denominated, long-term, tax-exempt bond market. Investors cannot invest directly in any index.

Bonds are subject generally to interest-rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

High-yield bonds involve increased credit and liquidity risk than higher-rated bonds and are considered speculative in terms of the issuer’s ability to pay interest and repay principal on a timely basis.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

FUND PERFORMANCE (Unaudited)

Comparison of change in value of a $10,000 investment in Class A shares, Class C shares, and Class I shares of BNY Mellon New Jersey Municipal Bond Fund, Inc. with a hypothetical investment of $10,000 in the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”)

^† Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a hypothetical $10,000 investment made in Class A shares, Class C shares and Class I shares of BNY Mellon New Jersey Municipal Bond Fund, Inc. on 12/31/10 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund invests primarily in New Jersey municipal securities and its performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses of the applicable classes. Performance for Class Z shares will vary from the performance of Class A shares, Class C shares, and Class I shares shown above due to differences in charges and expenses. The Index is not limited to investments in New Jersey municipal obligations. The Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE (Unaudited) (continued)

Comparison of change in value of a $1,000,000 investment in Class Y shares of BNY Mellon New Jersey Municipal Bond Fund, Inc. with a hypothetical investment of $1,000,000 in the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”)

^† Source: Lipper Inc.

^†† The total return figures presented for Class Y shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 7/1/13 (the inception date for Class Y shares).

Past performance is not predictive of future performance.

The above graph compares a hypothetical $1,000,000 investment made in Class Y shares of BNY Mellon New Jersey Municipal Bond Fund, Inc. on 12/31/10 to a hypothetical investment of $1,000,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the graph above takes into account all applicable fees and expenses of the fund’s Class Y shares. Performance for Class Z shares will vary from the performance of Class Y shares shown above due to differences in charges and expenses. The Index is not limited to investments in New Jersey municipal obligations. The Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 12/31/2020
	Inception Date	1 Year	5 Years	10 Years
Class A shares
with maximum sales charge (4.5%)	11/6/87	-0.54%	2.62%	3.81%
without sales charge	11/6/87	4.15%	3.56%	4.29%
Class C shares
with applicable redemption charge ^†	1/7/03	2.45%	2.79%	3.52%
without redemption	1/7/03	3.45%	2.79%	3.52%
Class I shares	12/15/08	4.41%	3.80%	4.53%
Class Y shares	7/1/13	4.43%	3.90%	4.52%^††
Class Z shares	6/7/07	4.38%	3.78%	4.48%
Bloomberg Barclays U.S. Municipal Bond Index		5.21%	3.91%	4.63%

^† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.

^†† The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 7/1/13 (the inception date for Class Y shares), not reflecting the applicable sales charges for Class A shares.

The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.

The fund’s performance shown in the graphs and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In addition to the performance of Class A shares shown with and without a maximum sales charge, the fund’s performance shown in the table takes into account all other applicable fees and expenses on all classes.

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 BNY Mellon New Jersey Municipal Bond Fund, Inc. from July 1, 2020 to December 31, 2020. 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
Assume actual returns for the six months ended December 31, 2020

	Class A	Class C	Class I	Class Y	Class Z
Expense paid per $1,000^†	$4.36	$8.20	$3.08	$3.08	$3.34
Ending value (after expenses)	$1,041.10	$1,038.00	$1,042.40	$1,042.60	$1,042.20

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 December 31, 2020

	Class A	Class C	Class I	Class Y	Class Z
Expense paid per $1,000^†	$4.32	$8.11	$3.05	$3.05	$3.30
Ending value (after expenses)	$1,020.86	$1,017.09	$1,022.12	$1,022.12	$1,021.87
^†Expenses are equal to the fund’s annualized expense ratio of .85% for Class A, 1.60% for Class C, .60% for Class I, .60% for Class Y and .65% for Class Z, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
December 31, 2020



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9%
New Jersey - 79.2%
Bayonne, GO, Refunding (Insured; Build America Mutual)		5.00	7/1/2039	1,000,000		1,199,290
East Orange Board of Education, COP (Insured; Assured Guaranty Municipal Corp.)		0.00	2/1/2026	745,000	^a	708,339
East Orange Board of Education, COP (Insured; Assured Guaranty Municipal Corp.)		0.00	2/1/2028	2,345,000	^a	2,136,834
East Orange Board of Education, COP (Insured; Assured Guaranty Municipal Corp.)		0.00	2/1/2021	685,000	^a	684,726
Garden Preservation Trust, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.75	11/1/2028	10,000,000		12,584,600
Hudson County Improvement Authority, Revenue Bonds		5.00	5/1/2046	2,500,000		2,962,075
Hudson County Improvement Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A1		0.00	12/15/2034	3,000,000	^a	2,341,530
Hudson County Improvement Authority, Revenue Bonds, Refunding (Insured; County Gtd)		4.00	1/1/2037	2,000,000		2,382,220
Hudson County Improvement Authority, Revenue Bonds, Refunding (Insured; County Gtd)		4.00	1/1/2036	1,250,000		1,493,700
Irvington Township, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	7/15/2032	2,000,000		2,282,200
Jersey City, GO, Refunding, Ser. A		5.00	11/1/2033	400,000		497,284
Middletown Township Board of Education, GO, Refunding (Insured; School Bond Reserve Fund)		5.00	8/1/2026	3,175,000		3,970,464
Monroe Township Board of Education, GO, Refunding (Insured; School Bond Reserve Fund)		5.00	3/1/2025	1,250,000	^b	1,495,875
New Brunswick Parking Authority, Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. A		5.00	9/1/2035	2,000,000		2,355,320
New Jersey, GO (Covid 19 Emergency State Aid) Ser. A		4.00	6/1/2031	1,000,000		1,237,700

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A		5.00	6/15/2054	725,000	^c	770,711
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A		5.00	6/15/2049	1,105,000	^c	1,178,228
New Jersey Economic Development Authority, Revenue Bonds (Charter Foundation Academy Charter School Project) Ser. A		5.00	7/1/2050	1,000,000		1,144,570
New Jersey Economic Development Authority, Revenue Bonds (Motor Vehicle Surcharge) (Insured; National Public Finance Guarantee Corp.)		0.00	7/1/2021	2,620,000	^a	2,608,524
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project)		5.38	1/1/2043	3,500,000		3,868,970
New Jersey Economic Development Authority, Revenue Bonds, Refunding (American Water Co.) Ser. A		2.20	12/3/2029	3,000,000		3,250,410
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Cigarette Tax)		5.00	6/15/2028	3,625,000		3,786,639
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Cigarette Tax)		5.00	6/15/2024	3,000,000		3,154,110
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Cranes Mill Project)		5.00	1/1/2049	2,000,000		2,172,380
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; American Municipal Bond Assurance Corp.)		0.00	1/1/2022	6,000,000	^a	5,955,720
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. N1		5.50	9/1/2027	10,000,000		12,601,200
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey Natural Gas Company Project)		2.45	4/1/2026	2,250,000		2,401,133



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey Natural Gas Company Project)		3.00	8/1/2043	3,500,000	3,567,165
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey Natural Gas Company Project)		3.50	4/1/2042	2,000,000	2,087,880
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Port Newark Container Terminal)		5.00	10/1/2047	7,500,000	8,556,000
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Provident Group-Montclair Properties) (Insured; Assured Guaranty Municipal Corp.)		5.00	6/1/2042	1,000,000	1,181,790
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2033	1,000,000	1,156,950
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. GG		5.75	9/1/2023	385,000	388,149
New Jersey Economic Development Authority, Revenue Bonds, Ser. A		6.25	7/1/2024	130,000	130,480
New Jersey Educational Facilities Authority, Revenue Bonds (Green Bond) Ser. A		4.00	7/1/2050	3,000,000	3,307,350
New Jersey Educational Facilities Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C		4.00	7/1/2050	1,000,000	1,153,850
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Ramapo College of New Jersey) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	7/1/2034	2,000,000	2,436,000
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Ramapo College) Ser. B		5.00	7/1/2042	3,000,000	3,144,090
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (Stockton University) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	7/1/2035	1,600,000	1,875,728

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (The Princeton University) Ser. B		5.00	7/1/2034	1,000,000		1,275,540
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (The William Paterson University) (Insured; Build America Mutual) Ser. E		5.00	7/1/2030	2,025,000		2,427,347
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (The William Paterson University) Ser. C		5.00	7/1/2029	2,130,000		2,420,447
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (The William Paterson University) Ser. C		5.00	7/1/2022	2,165,000		2,301,308
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding (The William Paterson University) Ser. C		5.00	7/1/2030	2,255,000		2,554,013
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding, Ser. F		4.00	7/1/2035	1,365,000		1,510,113
New Jersey Educational Facilities Authority, Revenue Bonds, Refunding, Ser. F		4.00	7/1/2026	385,000	^b	461,330
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Inspira Health Obligated Group)		5.00	7/1/2042	3,500,000		4,235,805
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Valley Health System Obligated Group)		4.00	7/1/2035	1,000,000		1,184,700
New Jersey Health Care Facilities Financing Authority, Revenue Bonds (Valley Health System Obligated Group)		5.00	7/1/2034	2,000,000		2,560,440
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding		5.00	7/1/2039	2,000,000		2,412,880
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (AHS Hospital Corp.)		4.00	7/1/2041	7,500,000		8,480,175



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (AHS Hospital Corp.) Ser. A		5.00	7/1/2027	350,000		351,061
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Hackensack Meridian Health Obligated Group) Ser. A		5.00	7/1/2039	1,500,000		1,837,740
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Inspira Health Obligated Group) Ser. A		4.00	7/1/2041	3,250,000		3,637,303
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Inspira Health Obligated Group) Ser. A		5.00	7/1/2046	3,000,000		3,531,810
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. B		0.00	7/1/2023	2,280,000	^a	2,260,802
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Meridian Health System Obligated Group)		5.00	7/1/2023	2,500,000		2,680,700
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Meridian Health System Obligated Group)		5.00	7/1/2026	1,000,000		1,069,250
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (RWJ Barnabas Health Obligated Group) Ser. A		5.00	7/1/2043	3,500,000		4,183,305
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (RWJ Barnabas Health Obligated Group) Ser. B3		5.00	7/1/2026	6,000,000		7,398,480
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (St. Joseph's Healthcare System Obligated Group)		5.00	7/1/2041	1,000,000		1,139,270
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (St. Joseph's Healthcare System Obligated Group)		5.00	7/1/2036	2,790,000		3,206,770

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (University Hospital) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	7/1/2046	2,000,000		2,250,460
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Refunding, Ser. C		3.63	12/1/2049	2,750,000		2,827,605
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. 1A		5.00	12/1/2027	1,050,000		1,274,060
New Jersey Higher Education Student Assistance Authority, Revenue Bonds, Ser. A		3.35	12/1/2029	5,330,000		5,684,658
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Refunding, Ser. A		3.75	10/1/2035	1,490,000		1,674,626
New Jersey Infrastructure Bank, Revenue Bonds (Green Bond) Ser. AR2		4.00	9/1/2023	10,000		10,986
New Jersey Infrastructure Bank, Revenue Bonds, Refunding (Green Bond) Ser. AR2		4.00	9/1/2023	2,085,000		2,295,168
New Jersey Institute of Technology, Revenue Bonds, Ser. A		5.00	7/1/2031	3,385,000		3,952,495
New Jersey Institute of Technology, Revenue Bonds, Ser. A		5.00	7/1/2022	695,000	^b	744,679
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.00	6/15/2046	2,800,000		3,305,792
New Jersey Transportation Trust Fund Authority, Revenue Bonds		5.25	6/15/2043	3,500,000		4,221,805
New Jersey Transportation Trust Fund Authority, Revenue Bonds (Insured; American Municipal Bond Assurance Corp.) Ser. C		0.00	12/15/2024	1,000,000	^a	952,050
New Jersey Transportation Trust Fund Authority, Revenue Bonds (Insured; Build America Mutual) Ser. A		0.00	12/15/2038	6,330,000	^a	4,200,841
New Jersey Transportation Trust Fund Authority, Revenue Bonds (Insured; Build America Mutual) Ser. A		0.00	12/15/2028	12,000,000	^a	10,709,880
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding		5.00	12/15/2031	4,600,000		5,814,124



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A		5.00	12/15/2036	6,745,000		8,168,060
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A		5.50	12/15/2023	7,000,000		7,977,550
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. B		5.50	6/15/2031	2,500,000		2,552,225
New Jersey Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.25	1/1/2027	3,000,000		3,837,810
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B		5.00	1/1/2040	1,000,000		1,233,970
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. E		5.00	1/1/2031	2,500,000		3,174,500
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. F		5.00	1/1/2026	2,000,000		2,181,340
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. G		5.00	1/1/2035	1,000,000		1,252,040
New Jersey Turnpike Authority, Revenue Bonds, Ser. A		5.00	1/1/2034	2,000,000		2,268,820
New Jersey Turnpike Authority, Revenue Bonds, Ser. A1		5.00	1/1/2031	2,500,000		3,080,825
New Jersey Turnpike Authority, Revenue Bonds, Ser. A1		5.00	1/1/2035	1,500,000		1,826,895
New Jersey Turnpike Authority, Revenue Bonds, Ser. E		5.00	1/1/2045	4,000,000		4,540,080
Newark, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	10/1/2028	750,000		962,820
Rutgers University, Revenue Bonds, Refunding, Ser. J		5.00	5/1/2023	5,000,000	^b	5,560,700
Rutgers University, Revenue Bonds, Refunding, Ser. M		5.00	5/1/2034	1,600,000		1,901,408
Salem County Pollution Control Financing Authority, Revenue Bonds, Refunding (Chambers Project) Ser. A		5.00	12/1/2023	725,000		765,419
South Jersey Port Corp., Revenue Bonds, Ser. B		5.00	1/1/2042	1,500,000		1,703,790
South Jersey Port Corp., Revenue Bonds, Ser. B		5.00	1/1/2048	2,830,000		3,182,788
South Jersey Port Corp., Revenue Bonds, Ser. P2		5.75	1/1/2023	4,000,000		4,012,000

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
South Jersey Transportation Authority, Revenue Bonds, Refunding, Ser. A		5.00	11/1/2023	4,250,000		4,599,180
South Jersey Transportation Authority, Revenue Bonds, Ser. A		4.00	11/1/2050	1,000,000		1,140,980
The Atlantic County Improvement Authority, Revenue Bonds (Stockton University) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	7/1/2048	3,000,000		3,401,580
The Camden County Improvement Authority, Revenue Bonds (Cooper Health System Obligated Group)		5.75	2/15/2042	5,000,000		5,384,050
The Camden County Improvement Authority, Revenue Bonds (Insured; County Gtd) Ser. A		5.00	1/15/2031	3,000,000		3,627,510
The Camden County Improvement Authority, Revenue Bonds (Insured; County Gtd) Ser. A		5.00	1/15/2032	2,695,000		3,251,329
The Camden County Improvement Authority, Revenue Bonds, Refunding (Cooper Health System Project)		5.00	2/15/2034	1,000,000		1,098,980
The Camden County Improvement Authority, Revenue Bonds, Refunding (Rowan University Foundation Project) (Insured; Build America Mutual) Ser. A		5.00	7/1/2035	5,165,000		6,769,817
The Gloucester County Improvement Authority, Revenue Bonds, Refunding (Rowan University Foundation Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	11/1/2030	1,000,000		1,215,310
The Gloucester County Industrial Pollution Control Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	12/1/2024	765,000		807,901
The Monmouth County Improvement Authority, Revenue Bonds, Refunding (Insured; County Gtd)		5.00	2/15/2031	625,000		785,813
The Rahway Valley Sewerage Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A		0.00	9/1/2030	7,550,000	^a	6,533,090
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A		5.25	6/1/2046	3,850,000		4,693,227



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
New Jersey - 79.2% (continued)
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B		3.20	6/1/2027	6,250,000		6,424,312
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. B		5.00	6/1/2046	5,000,000		5,840,150
					339,006,271
New York - 15.8%
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 167th		5.00	9/15/2024	2,400,000		2,420,760
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 167th		5.50	9/15/2026	7,600,000		7,670,376
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 186th		5.00	10/15/2044	9,730,000		10,999,765
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 186th		5.00	10/15/2021	1,555,000		1,612,224
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 195th		5.00	10/1/2035	4,295,000		5,123,377
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 197th		5.00	11/15/2033	7,000,000		8,419,530
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 212th		4.00	9/1/2038	2,000,000		2,374,500
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 212th		4.00	9/1/2037	3,000,000		3,576,720
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 218th		5.00	11/1/2049	6,900,000		8,539,854
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 172nd		5.00	10/1/2033	5,000,000		5,243,200
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 178th		5.00	12/1/2024	2,000,000		2,245,780
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 184th		5.00	9/1/2032	3,000,000		3,447,540
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 185th		5.00	9/1/2031	2,270,000		2,593,634
Port Authority of New York & New Jersey, Revenue Bonds, Ser. 93rd		6.13	6/1/2094	3,000,000		3,440,160
					67,707,420
Pennsylvania - 2.1%
Delaware River Joint Toll Bridge Commission, Revenue Bonds		5.00	7/1/2037	2,500,000		3,092,175

STATEMENT OF INVESTMENTS (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 97.9% (continued)
Pennsylvania - 2.1% (continued)
Delaware River Joint Toll Bridge Commission, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2031	750,000		995,243
Delaware River Joint Toll Bridge Commission, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2032	1,000,000		1,319,840
Delaware River Joint Toll Bridge Commission, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2028	1,000,000		1,310,570
Delaware River Joint Toll Bridge Commission, Revenue Bonds, Ser. A		5.00	7/1/2031	600,000		796,194
Delaware River Port Authority, Revenue Bonds, Ser. A		5.00	1/1/2038	1,200,000		1,497,336
					9,011,358
U.S. Related - .8%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC		5.25	7/1/2034	3,000,000		3,601,500
Total Long-Term Municipal Investments (cost $385,416,919)				419,326,549

Short-Term Municipal Investments - 1.0%
New Jersey - 1.0%
Washington Township, BAN, Ser. A (cost $4,025,112)		1.75	6/22/2021	4,000,000		4,026,080
Total Investments (cost $389,442,031)				98.9%	423,352,629
Cash and Receivables (Net)				1.1%	4,831,461
Net Assets				100.0%	428,184,090

^a Security issued with a zero coupon. Income is recognized through the accretion of discount.

^b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

^c Security 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 December 31, 2020, these securities were valued at $1,948,939 or .46% of net assets.


Portfolio Summary (Unaudited) ^†	Value (%)
Transportation	28.6
General	21.0
Medical	15.2
Education	10.5
Development	5.5
Tobacco Settlement	4.0
Water	2.8
General Obligation	2.4
Student Loan	2.3
Prerefunded	1.9
Pollution	1.1
Housing	1.1
School District	.9
Facilities	.7
Nursing Homes	.5
Single Family Housing	.4
	98.9

^†Based on net assets.

See notes to financial statements.



Summary of Abbreviations (Unaudited)

ABAG	Association of Bay Area Governments	AGC	ACE Guaranty Corporation
AGIC	Asset Guaranty Insurance Company	AMBAC	American Municipal Bond Assurance Corporation
BAN	Bond Anticipation Notes	CIFG	CDC Ixis Financial Guaranty
COP	Certificate of Participation	CP	Commercial Paper
DRIVERS	Derivative Inverse Tax-Exempt Receipts	FGIC	Financial Guaranty Insurance Company
FHA	Federal Housing Administration	FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation	FNMA	Federal National Mortgage Association
GAN	Grant Anticipation Notes	GIC	Guaranteed Investment Contract
GNMA	Government National Mortgage Association	GO	General Obligation
IDC	Industrial Development Corporation	LIBOR	London Interbank Offered Rate
LOC	Letter of Credit	LR	Lease Revenue
NAN	Note Anticipation Notes	MFHR	Multi-Family Housing Revenue
MFMR	Multi-Family Mortgage Revenue	MUNIPSA	Securities Industry and Financial Markets Association Municipal Swap Index Yield
PILOT	Payment in Lieu of Taxes	PRIME	Prime Lending Rate
PUTTERS	Puttable Tax-Exempt Receipts	RAC	Revenue Anticipation Certificates
RAN	Revenue Anticipation Notes	RIB	Residual Interest Bonds
SFHR	Single Family Housing Revenue	SFMR	Single Family Mortgage Revenue
SOFR	Secured Overnight Financing Rate	TAN	Tax Anticipation Notes
TRAN	Tax and Revenue Anticipation Notes	U.S. T-Bill	U.S. Treasury Bill Money Market Yield
XLCA	XL Capital Assurance

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2020



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	389,442,031	423,352,629
Cash		3,012
Interest receivable		5,100,440
Receivable for shares of Common Stock subscribed		197,498
Prepaid expenses		36,527
		428,690,106
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)		285,719
Payable for shares of Common Stock redeemed		142,540
Directors’ fees and expenses payable		2,647
Other accrued expenses		75,110
		506,016
Net Assets ($)		428,184,090
Composition of Net Assets ($):
Paid-in capital		393,266,876
Total distributable earnings (loss)		34,917,214
Net Assets ($)		428,184,090


Net Asset Value Per Share	Class A	Class C	Class I	Class Y	Class Z
Net Assets ($)	321,409,783	1,706,773	17,418,611	1,033	87,647,890
Shares Outstanding	24,456,780	130,001	1,325,343	78.31	6,667,946
Net Asset Value Per Share ($)	13.14	13.13	13.14	13.19	13.14

See notes to financial statements.

STATEMENT OF OPERATIONS
Year Ended December 31, 2020




Investment Income ($):
Interest Income					14,156,094
Expenses:
Management fee—Note 3(a)					2,557,145
Shareholder servicing costs—Note 3(c)					1,001,780
Professional fees					95,035
Registration fees					70,843
Directors’ fees and expenses—Note 3(d)					35,177
Distribution fees—Note 3(b)					17,913
Prospectus and shareholders’ reports					16,310
Loan commitment fees—Note 2					14,758
Chief Compliance Officer fees—Note 3(c)					13,982
Custodian fees—Note 3(c)					7,281
Miscellaneous					38,842
Total Expenses					3,869,066
Less—reduction in expenses due to undertaking—Note 3(a)					(424,951)
Less—reduction in fees due to earnings credits—Note 3(c)					(7,281)
Net Expenses					3,436,834
Investment Income—Net					10,719,260
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					(457,300)
Net change in unrealized appreciation (depreciation) on investments					7,169,413
Net Realized and Unrealized Gain (Loss) on Investments					6,712,113
Net Increase in Net Assets Resulting from Operations					17,431,373

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2020	2019
Operations ($):
Investment income—net	10,719,260	12,389,194
Net realized gain (loss) on investments	(457,300)	2,191,150
Net change in unrealized appreciation (depreciation) on investments	7,169,413	14,374,037
Net Increase (Decrease) in Net Assets Resulting from Operations	17,431,373	28,954,381
Distributions ($):
Distributions to shareholders:
Class A	(8,338,428)	(10,767,702)
Class C	(45,771)	(104,115)
Class I	(451,401)	(498,083)
Class Y	(2,132)	(4,209)
Class Z	(2,464,100)	(3,237,425)
Total Distributions	(11,301,832)	(14,611,534)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	13,540,732	16,934,227
Class C	41,708	619,228
Class I	4,094,695	5,185,037
Class Y	-	20,000
Class Z	3,237,410	2,525,337
Distributions reinvested:
Class A	6,412,552	8,364,728
Class C	36,186	79,314
Class I	449,656	495,574
Class Y	2,029	4,173
Class Z	2,029,800	2,675,506
Cost of shares redeemed:
Class A	(30,616,039)	(26,480,324)
Class C	(2,001,312)	(1,719,763)
Class I	(2,992,859)	(3,039,098)
Class Y	(132,169)	-
Class Z	(8,616,601)	(10,148,112)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(14,514,212)	(4,484,173)
Total Increase (Decrease) in Net Assets	(8,384,671)	9,858,674
Net Assets ($):
Beginning of Period	436,568,761	426,710,087
End of Period	428,184,090	436,568,761

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Year Ended December 31,
	2020	2019
Capital Share Transactions (Shares):
Class A^a
Shares sold	1,046,985	1,319,632
Shares issued for distributions reinvested	500,839	649,739
Shares redeemed	(2,379,180)	(2,060,334)
Net Increase (Decrease) in Shares Outstanding	(831,356)	(90,963)
Class C
Shares sold	3,316	48,495
Shares issued for distributions reinvested	2,837	6,175
Shares redeemed	(155,961)	(133,970)
Net Increase (Decrease) in Shares Outstanding	(149,808)	(79,300)
Class I
Shares sold	317,544	401,874
Shares issued for distributions reinvested	35,066	38,464
Shares redeemed	(235,328)	(236,261)
Net Increase (Decrease) in Shares Outstanding	117,282	204,077
Class Y
Shares sold	-	1,526
Shares issued for distributions reinvested	159	323
Shares redeemed	(10,286)	-
Net Increase (Decrease) in Shares Outstanding	(10,127)	1,849
Class Z^a
Shares sold	251,714	196,102
Shares issued for distributions reinvested	158,386	207,814
Shares redeemed	(674,063)	(787,718)
Net Increase (Decrease) in Shares Outstanding	(263,963)	(383,802)

^aDuring the period ended December 31, 2019, 4,435 Class A shares representing $57,620 were exchanged for 4,443 Class Z shares.
See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the fund’s financial statements.



	Year Ended December 31,
Class A Shares	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	12.95	12.53	12.95	12.64	13.03
Investment Operations:
Investment income—net^a	.32	.36	.39	.41	.43
Net realized and unrealized gain (loss) on investments	.21	.49	(.25)	.31	(.40)
Total from Investment Operations	.53	.85	.14	.72	.03
Distributions:
Dividends from investment income—net	(.32)	(.36)	(.39)	(.40)	(.42)
Dividends from net realized gain on investments	(.02)	(.07)	(.17)	(.01)	-
Total Distributions	(.34)	(.43)	(.56)	(.41)	(.42)
Net asset value, end of period	13.14	12.95	12.53	12.95	12.64
Total Return (%)^b	4.15	6.82	1.17	5.64	.17
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.95	.95	.95	.95	.95
Ratio of net expenses to average net assets	.85	.85	.85	.85	.85
Ratio of net investment income to average net assets	2.46	2.80	3.09	3.20	3.27
Portfolio Turnover Rate	14.13	17.36	13.71	11.13	13.81
Net Assets, end of period ($ x 1,000)	321,410	327,410	317,888	338,412	346,829

^a Based on average shares outstanding.

^b Exclusive of sales charge.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended December 31,
Class C Shares	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	12.93	12.51	12.93	12.62	13.02
Investment Operations:
Investment income—net^a	.22	.26	.30	.32	.33
Net realized and unrealized gain (loss) on investments	.22	.49	(.26)	.30	(.41)
Total from Investment Operations	.44	.75	.04	.62	(.08)
Distributions:
Dividends from investment income—net	(.22)	(.26)	(.29)	(.30)	(.32)
Dividends from net realized gain on investments	(.02)	(.07)	(.17)	(.01)	-
Total Distributions	(.24)	(.33)	(.46)	(.31)	(.32)
Net asset value, end of period	13.13	12.93	12.51	12.93	12.62
Total Return (%)^b	3.45	6.04	.34	4.94	(.66)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.79	1.76	1.75	1.73	1.72
Ratio of net expenses to average net assets	1.60	1.60	1.60	1.60	1.60
Ratio of net investment income to average net assets	1.74	2.06	2.35	2.46	2.51
Portfolio Turnover Rate	14.13	17.36	13.71	11.13	13.81
Net Assets, end of period ($ x 1,000)	1,707	3,619	4,493	6,301	10,488

^a Based on average shares outstanding.

^b Exclusive of sales charge.

See notes to financial statements.



	Year Ended December 31,
Class I Shares	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	12.95	12.53	12.95	12.64	13.04
Investment Operations:
Investment income—net^a	.35	.39	.42	.45	.47
Net realized and unrealized gain (loss) on investments	.21	.49	(.25)	.30	(.42)
Total from Investment Operations	.56	.88	.17	.75	.05
Distributions:
Dividends from investment income—net	(.35)	(.39)	(.42)	(.43)	(.45)
Dividends from net realized gain on investments	(.02)	(.07)	(.17)	(.01)	-
Total Distributions	(.37)	(.46)	(.59)	(.44)	(.45)
Net asset value, end of period	13.14	12.95	12.53	12.95	12.64
Total Return (%)	4.41	7.09	1.36	5.99	.34
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.72	.73	.72	.71	.71
Ratio of net expenses to average net assets	.60	.60	.60	.60	.60
Ratio of net investment income to average net assets	2.71	3.04	3.35	3.44	3.51
Portfolio Turnover Rate	14.13	17.36	13.71	11.13	13.81
Net Assets, end of period ($ x 1,000)	17,419	15,642	12,576	17,269	8,172

^a Based on average shares outstanding.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



	Year Ended December 31,
Class Y Share	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	13.00	12.58	12.99	12.64	13.03
Investment Operations:
Investment income—net^a	.35	.39	.43	.44	.46
Net realized and unrealized gain (loss) on investments	.20	.49	(.25)	.35	(.40)
Total from Investment Operations	.55	.88	.18	.79	.06
Distributions:
Dividends from investment income—net	(.34)	(.39)	(.42)	(.43)	(.45)
Dividends from net realized gain on investments	(.02)	(.07)	(.17)	(.01)	-
Total Distributions	(.36)	(.46)	(.59)	(.44)	(.45)
Net asset value, end of period	13.19	13.00	12.58	12.99	12.64
Total Return (%)	4.43	7.07	1.50	6.32	.34
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.76	.71	.75	.67	.72
Ratio of net expenses to average net assets	.60	.60	.60	.60	.60
Ratio of net investment income to average net assets	2.81	3.04	3.30	3.52	3.53
Portfolio Turnover Rate	14.13	17.36	13.71	11.13	13.81
Net Assets, end of period ($ x 1,000)	1	133	105	13	236

^a Based on average shares outstanding.

See notes to financial statements.



	Year Ended December 31,
Class Z Shares	2020	2019	2018	2017	2016
Per Share Data ($):
Net asset value, beginning of period	12.95	12.53	12.95	12.64	13.03
Investment Operations:
Investment income—net^a	.35	.39	.42	.44	.46
Net realized and unrealized gain (loss) on investments	.20	.49	(.25)	.31	(.40)
Total from Investment Operations	.55	.88	.17	.75	.06
Distributions:
Dividends from investment income—net	(.34)	(.39)	(.42)	(.43)	(.45)
Dividends from net realized gain on investments	(.02)	(.07)	(.17)	(.01)	-
Total Distributions	(.36)	(.46)	(.59)	(.44)	(.45)
Net asset value, end of period	13.14	12.95	12.53	12.95	12.64
Total Return (%)	4.38	7.07	1.31	5.94	.36
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.76	.77	.76	.76	.76
Ratio of net expenses to average net assets	.65	.65	.65	.65	.65
Ratio of net investment income to average net assets	2.69	3.04	3.31	3.40	3.47
Portfolio Turnover Rate	14.13	17.36	13.71	11.13	13.81
Net Assets, end of period ($ x 1,000)	87,648	89,765	91,648	102,772	105,396

^a Based on average shares outstanding.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

BNY Mellon New Jersey Municipal Bond Fund, Inc. (the “fund”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), is 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 income taxes as is consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares. The fund is authorized to issue 775 million shares of $.001 par value Common Stock. The fund currently has authorized five classes of shares: Class A (200 million shares authorized), Class C (150 million shares authorized), Class I (150 million shares authorized), Class Y (150 million shares authorized) and Class Z (125 million shares authorized). Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge (“CDSC”) of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares ten years after the date of purchase, without the imposition of a sales charge. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. Class Z shares are sold at net asset value per share to certain shareholders of the fund. Class Z shares generally are not available for new accounts. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

As of December 31, 2020, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Class Y shares of the fund.

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 is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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.

(a) Portfolio valuation: 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

NOTES TO FINANCIAL STATEMENTS (continued)

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund’s Board of Directors (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general oversight of the Board.

When market quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

The following is a summary of the inputs used as of December 31, 2020 in valuing the fund’s investments:


	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments In Securities:^†
Municipal Securities	-	423,352,629	-	423,352,629

^† See Statement of Investments for additional detailed categorizations, if any.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost 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. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.

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) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

NOTES TO FINANCIAL STATEMENTS (continued)

(d) Dividends and distributions 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. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(e) 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 December 31, 2020, 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 December 31, 2020, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended December 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $1,121,744, accumulated capital losses $333,111 and unrealized appreciation $34,128,581.

The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to December 31, 2020. The fund has $333,111 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal periods ended December 31, 2020 and December 31, 2019 were as follows: tax-exempt income $10,608,056 and $12,304,923, ordinary income

$517,494 and $610,265 and long term capital gains $176,282 and $1,696,346, respectively.

During the period ended December 31, 2020, as a result of permanent book to tax differences, primarily due to the tax treatment for amortization adjustments, the fund increased total distributable earnings (loss) by $1,057,324 and decreased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.

(f) New Accounting Pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), a subsidiary of BNY Mellon and an affiliate of the Adviser, each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. Prior to September 30, 2020, the Citibank Credit Facility was $927 million with Tranche A available in an amount equal to $747 million and Tranche B available in an amount equal to $180 million. Prior to March 11, 2020, the Citibank Credit Facility was $1.030 billion with Tranche A available in an amount equal to $830 million and Tranche B available in an amount equal to $200 million. In connection

NOTES TO FINANCIAL STATEMENTS (continued)

therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended December 31, 2020 the fund did not borrow under the Facilities.

NOTE 3—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .60% of the value of the fund’s average daily net assets and is payable monthly. The Adviser has contractually agreed, from January 1, 2020 through May 1, 2021, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of none of the classes (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .60% of the value of the fund’s average daily net assets. On or after May 1, 2021, Dreyfus may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $424,951 during the period ended December 31, 2020.

During the period ended December 31, 2020, the Distributor retained $896 from commissions earned on sales of the fund’s Class A shares and $95 from CDSC fees on redemptions of the fund’s Class C shares.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended December 31, 2020, Class C shares were charged $17,913 pursuant to the Distribution Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their 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. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended

December 31, 2020, Class A and Class C shares were charged $801,547 and $5,971, respectively, pursuant to the Shareholder Services Plan.

Under the Shareholder Services Plan, Class Z shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of Class Z shares’ 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 Class Z shares and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended December 31, 2020, Class Z shares were charged $46,684 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 transfer agent net earnings credits, if any, as shareholder servicing costs and includes custody net earnings credits, if any, as an expense offset in the in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services inclusive of earnings credits, if any, 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 December 31, 2020, the fund was charged $95,712 for transfer agency services, inclusive of earnings credit, if any. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York Mellon 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 December 31, 2020, the fund was charged $7,281 pursuant to the custody agreement. These fees were offset by earnings credits of $7,281.

The fund compensates The Bank of New York Mellon under a shareholder redemption draft processing agreement for providing certain services related to the fund’s check writing privilege. During the period ended December 31, 2020, the fund was charged $4,876 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

NOTES TO FINANCIAL STATEMENTS (continued)

During the period ended December 31, 2020, the fund was charged $13,982 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $217,182, Distribution Plan fees of $1,085, Shareholder Services Plan fees of $72,345, custodian fees of $2,509, Chief Compliance Officer fees of $2,903 and transfer agency fees of $18,391, which are offset against an expense reimbursement currently in effect in the amount of $28,696.

(d) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended December 31, 2020, amounted to $59,157,295 and $75,998,725, respectively.

At December 31, 2020, the cost of investments for federal income tax purposes was $389,224,048; accordingly, accumulated net unrealized appreciation on investments was $34,128,581, consisting of $34,237,570 gross unrealized appreciation and $108,989 gross unrealized depreciation.

NOTE 5—Subsequent Event:

On February 10, 2021, BNY Mellon Investment Management announced its intention to realign several of its investment firms. As a result of this realignment, which is scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”), portfolio managers responsible for managing the fund’s investments who are employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, will become employees of Insight North America LLC (“INA”), which, like Mellon, is an affiliate of the Adviser, and will no longer be employees of Mellon. Consequently, effective as of the Effective Date and subject to the approval of the fund’s board, the Adviser will engage INA to serve as the fund’s sub-adviser, pursuant to a sub-investment advisory agreement between the Adviser and INA. As the fund’s sub-adviser, INA will provide the day-to-day management of the fund’s investments, subject to the Adviser’s supervision and approval. It is currently anticipated that the fund’s portfolio managers who are responsible for the day-to-day management of the fund’s investments will continue to manage the fund’s investments as

of the Effective Date. It is also currently anticipated that there will be no material changes to the fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increase in the management fee payable by the fund as a result of the engagement of INA as the fund’s sub-adviser. The Adviser (and not the fund) will pay INA for its sub-advisory services.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of BNY Mellon New Jersey Municipal Bond Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of BNY Mellon New Jersey Municipal Bond Fund, Inc. (the “Fund”), including the statement of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York
February 25, 2021

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during the fiscal year ended December 31, 2020 as “exempt-interest dividends” (not subject to regular federal and, for individuals who are New Jersey residents, New Jersey personal income taxes), except $54,378 that is being reported as an ordinary income distribution for reporting purposes. Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2020 calendar year on Form 1099-DIV, which will be mailed in early 2021. Also, the fund hereby reports $.0139 per share as a short-term capital gain distribution and $.0054 per share as a long-term capital gain distribution paid on March 23, 2020.

BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (77)
Chairman of the Board (1995)
Principal Occupation During Past 5 Years:

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 109

———————

Peggy C. Davis (77)
Board Member (2006)
Principal Occupation During Past 5 Years:

· Shad Professor of Law, New York University School of Law (1983-Present)

No. of Portfolios for which Board Member Serves: 39

———————

Gina D. France (62)
Board Member (2019)
Principal Occupation During Past 5 Years:

· Founder, President and Chief Executive Officer, France Strategic Partners, a strategy and advisory firm serving corporate clients across the United States (2003-Present)

· Corporate Director and Baldwin Wallace University, Trustee (2013-Present)

· Dance Cleveland, non-profit, Trustee (2001-Present)

Other Public Company Board Memberships During Past 5 Years:

· Huntington Bancshares, a bank holding company headquartered in Columbus, Ohio, Director (2016-Present)

· Cedar Fair, L.P., a publicly-traded partnership that owns and operates amusement parks and hotels in the U.S. and Canada, Director (2011-Present)

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2015-Present)

· FirstMerit Corporation, a diversified financial services company, Director (2004-2016)

No. of Portfolios for which Board Member Serves: 25

———————

Joan Gulley (73)
Board Member (2017)
Principal Occupation During Past 5 Years:

· Director, Nantucket Library (2015-Present)

· Governor, Orchard Island Club (2016-Present)

No. of Portfolios for which Board Member Serves: 43

———————

Robin A. Melvin (57)
Board Member (2012)
Principal Occupation During Past 5 Years:

· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois (2014 – 2020); Board member, Mentor Illinois (2013-2020)

· Trustee, Westover School, a private girls’ boarding school in Middlebury, Connecticut (2019-Present)

No. of Portfolios for which Board Member Serves: 87

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.

David P. Feldman, Emeritus Board Member

Ehud Houminer, Emeritus Board Member

Lynn Martin, Emeritus Board Member

Dr. Martin Peretz, Emeritus Board Member

Philip L. Toia, Emeritus Board Member

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

Head of North America Product, BNY Mellon Investment Management since January 2018, Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017; Head of US Retail Product and Channel Marketing, BNY Mellon Investment Management from January 2014 to December 2015. He is an officer of 62 investment companies (comprised of 117 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 42 years old and has been an employee of BNY Mellon since 2005.

JAMES WINDELS, Treasurer since November 2001.

Director-BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.

Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank–Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 49 years old and has been an employee of the Adviser since June 2015.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since December 1996.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 30 years old and has been an employee of the Adviser since August 2018.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since October 1990.

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 35 years old and has been an employee of the Adviser since June 2019.

PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.

Senior Managing Counsel of BNY Mellon since December 2020; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 63 investment companies (comprised of 140 portfolios) managed by the the Adviser or an affiliate of the the Adviser. He is 52 years old and has been an employee of BNY Mellon since April 2004.

NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.

Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Assistant Secretary of the Adviser since 2018; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 35 years old and has been an employee of the Adviser since May 2016.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager-BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 52 years old and has been an employee of the Adviser since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since August 2005.

Senior Accounting Manager-BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 141 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 63 investment companies (comprised of 140 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2002.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (62 investment companies, comprised of 132 portfolios). He is 63 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 56 investment companies (comprised of 133 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 52 years old and has been an employee of the Distributor since 1997.

For More Information

BNY Mellon New Jersey Municipal Bond Fund, Inc.
240 Greenwich Street
New York, NY 10286

Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286


Ticker Symbols:	Class A: DRNJX Class C: DCNJX Class I: DNMIX Class Y: DNJYX Class Z: DZNJX

Telephone Call your financial representative or 1-800-373-9387

Mail The BNY Mellon Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@bnymellon.com

Internet Information can be viewed online or downloaded at www.im.bnymellon.com

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-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.


© 2021 BNY Mellon Securities Corporation 0750AR1220

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3. Audit Committee Financial Expert.

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $36,970 in 2019 and $35,495 in 2020.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $10,591 in 2019 and $11,012 in 2020. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2019 and $0 in 2020.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,032 in 2019 and $3,104 in 2020. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2019 and $0 in 2020.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $1,346 in 2019 and $0 in 2020. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2019 and $0 in 2020.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $605,259 in 2019 and $1,264,899 in 2020.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

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.

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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics referred to in Item 2.

(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.

BNY Mellon New Jersey Municipal Bond Fund, Inc.

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: February 25, 2021

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/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: February 25, 2021

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: February 25, 2021

EXHIBIT INDEX

(a)(1) Code of ethics referred to in Item 2.

(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)