N-CSR 1 tm203782-3_ncsr.htm N-CSR

 

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: 811-05340

 

Name of Registrant: Vanguard New Jersey Tax-Free Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

 

Name and address of agent for service: Anne E. Robinson, Esquire
P.O. Box 876
Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: November 30

 

Date of reporting period: December 1, 2018—November 30, 2019

 

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

 

 

 

 

 

 

 

Annual Report | November 30, 2019

 

 

Vanguard New Jersey Tax-Exempt Funds

 

 

 

 

 

 

 

 

 

 

 

 

Vanguard New Jersey Municipal Money Market Fund

 

Vanguard New Jersey Long-Term Tax-Exempt Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.

 

 

 

 

Important information about access to shareholder reports

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.

 

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

 

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.

 

 

 

Contents

 

A Note From Our Chairman 1
Your Fund’s Performance at a Glance 2
Advisor’s Report 3
About Your Fund’s Expenses 7
New Jersey Municipal Money Market Fund 9
New Jersey Long-Term Tax-Exempt Fund 24

 

 

 

 

 

 

 

 

 

 

 

 

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

 

 

  

A Note From Our Chairman

 

 

 

Tim Buckley

Chairman and Chief Executive Officer

 

 

 

Dear Shareholder,

 

Recent volatility in financial markets—affecting stocks, bonds, and commodities—has been a good reminder of the wise old adage, “Never keep all your eggs in one basket.” Maintaining balance and diversification in your investment portfolio can help to both limit risk and set you up for long-term success.

 

It’s understandable why some investors might become complacent after a long market run-up like the one that lifted stock prices, especially U.S. stock prices, in the years following the global financial crisis. But failing to rebalance regularly can leave a portfolio with a much different mix of assets than intended and, often, more risk than intended.

 

Balance across and diversification within asset classes are powerful tools for managing risk and achieving your investment goals. A portfolio’s allocation will determine a large portion of its long-term return and also the majority of its volatility risk. A well-diversified portfolio is less vulnerable to significant swings in the performance of any one segment of the asset classes in which it invests.

 

Balance and diversification will never eliminate the risk of loss, nor will they guarantee positive returns in a declining market. But they may reduce the chance that you’ll suffer disproportionate losses in one particular high-flying asset class or sector when it comes back to earth. And exposure to all key market components should give you at least some participation in the sectors that are performing best at any given time.

 

Vanguard is committed to helping you achieve balance and diversification in your portfolios to help meet your investment goals. We thank you for your continued loyalty.

 

Sincerely,

 

 

Mortimer J. Buckley

Chairman and Chief Executive Officer

December 17, 2019

 

1

 

 

Your Fund’s Performance at a Glance

 

·     For the 12 months ended November 30, 2019, Vanguard New Jersey Long-Term Tax-Exempt Fund returned 10.00% for Investor Shares and 10.09% for Admiral Shares. These results slightly trailed those of the fund’s benchmark, the Bloomberg Barclays New Jersey Municipal Bond Index, which returned 10.18%.

 

·     Vanguard New Jersey Municipal Money Market Fund returned 1.31%.

 

·     Global monetary policy shifted markedly during the fiscal year. Faced with slowing global growth and intensifying trade disputes, many central banks turned more accommodative. The U.S. Federal Reserve, after raising its target for short-term interest rates four times in 2018, cut rates three times in 2019 and ended its balance-sheet tapering. Bonds, including municipal issues, saw their yields fall and prices rise.

 

·     Compared with its benchmark index, the Long-Term Fund is more diversified and tilted more toward higher-quality investment-grade bonds. This difference held back relative results for the period, as lower-quality municipal bonds outperformed. Specifically, the fund’s underweighting of three top BBB-rated issuers that together account for nearly two-thirds of the benchmark detracted. The fund’s average duration (a measure of the price sensitivity of the fund’s holdings to movements in interest rates) was longer than that of its benchmark, a stance that helped returns.

 

 

 

Market Barometer

 

    Average Annual Total Returns
  Periods Ended November 30, 2019
  One Year Three Years Five Years
Stocks      
Russell 1000 Index (Large-caps) 16.10% 14.67% 10.80%
Russell 2000 Index (Small-caps) 7.51 8.57 8.22
Russell 3000 Index (Broad U.S. market) 15.49 14.22 10.61
FTSE All-World ex US Index (International) 11.50 9.39 4.20
       
Bonds      
Bloomberg Barclays U.S. Aggregate Bond Index (Broad taxable market) 10.79% 4.10% 3.08%
Bloomberg Barclays Municipal Bond Index (Broad tax-exempt market) 8.49 5.02 3.57
FTSE Three-Month U.S. Treasury Bill Index 2.31 1.61 1.01
       
CPI      
Consumer Price Index 2.05% 2.14% 1.72%

 

2

 

 

Advisor’s Report

 

 

For the 12 months ended November 30, 2019, Vanguard New Jersey Long-Term Tax-Exempt Fund returned 10.00% for Investor Shares and 10.09% for Admiral Shares. Those results fell short of the 10.18% return of its benchmark, the Bloomberg Barclays NJ Municipal Bond Index.

 

 

Municipal bond yields declined across the board; prices increased most at the long end. For both Investor and Admiral Shares, the capital return was 6.45%. Return from income was 3.55% for Investor Shares and 3.64% for Admiral Shares. The Long-Term Fund’s 30-day SEC yield fell 130 basis points to 2.07% for Investor Shares and 128 basis points to 2.15% for Admiral Shares. (A basis point is one-hundredth of a percentage point.)

 

 

Vanguard New Jersey Municipal Money Market Fund returned 1.31%. The fund’s 7-day SEC yield fell 49 basis points to 0.93%.

 

 

Please note that the funds are permitted to invest in securities that can generate income distributions subject to the alternative minimum tax (AMT). At the end of the fiscal year, only the Money Market Fund owned such securities.

 

 

The investment environment

The financial markets were driven largely by shifts in the outlook for global growth and monetary policy during the 12 months.

 

 

Further signs of a global slowdown and tepid inflation at the start of 2019 led to a pivot in monetary policy across much of the world as major central banks took a more accommodative stance. In the United States, the labor market remained robust even as the pace of job creation eased a little. The unemployment rate continued to trend lower—it fell to 3.5% by the end of the 12 months—supporting consumer spending.

 

 

Although gross domestic product, the broadest measure of economic activity, expanded in the first quarter of 2019 at an annual rate of about 3% after adjusting for inflation, its growth then slowed amid fading effects from tax cuts, weaker business confidence, and trade disputes. Inflation remained tame.

 

 

 

Yields of Tax-Exempt Municipal Securities

(National Averages, AAA-Rated General Obligation Issues)

 

  November 30, November 30,
Maturity 2018 2019
2 years 1.98% 1.10%
5 years 2.16 1.17
10 years 2.55 1.50
30 years 3.27 2.13

 

Source: Vanguard.

 

3

 

 

After raising rates in December 2018, the Federal Reserve began to reverse gears with an announcement in March that it would end its balance-sheet tapering. It went on to lower the federal funds rate in August, September, and October. Those cuts, the first in more than a decade, were characterized by policymakers as “insurance” meant to cushion the effects of trade policies and prolong an economic expansion already in its 11th year.

 

 

Although international developments typically have little effect on municipal bonds, the bonds largely took their cues from U.S. Treasuries, whose yields fell across the maturity spectrum. The average yield of 2-year AAA-rated general obligation issues slipped 88 basis points to 1.10% by the end of the period. The comparable 10-year yield dropped 105 basis points to 1.50%.

 

 

Demand for muni bonds was strong through much of the fiscal year. That supported prices, as did supply in recent months. The 2017 tax reform legislation eliminated municipal issuers’ ability to advance-refund their outstanding debt prior to the call date with another tax-exempt debt issuance. However, with rates falling, municipalities have been pre-refunding tax-exempt securities by issuing taxable securities, thereby shrinking the supply of longer-dated tax-exempt munis.

 

 

Credit quality in the municipal market remained solid overall as revenue collections were supported by the strong economy.

 

 

New Jersey ended fiscal 2019 with estimated revenues that enabled the operating fund balance of $1.2 billion (3.2% of the overall budget) to exceed the $990 million (2.8%) balance for the prior fiscal year. The state projects a slight decrease in the fund balance for fiscal 2020, but overall reserves are expected to remain higher than in prior years at $1.3 billion (3.3%), including a $401 million deposit into a rainy day fund for the first time in 11 years. This contribution improves flexibility; since 2008, the state had used the operating fund balance as a budgetary cushion.

 

 

The fiscal 2020 budget was adopted on time in June. It was balanced by health care savings of $800 million and departmental savings of $200 million. The state will benefit from the ability to tax online sales following a U.S. Supreme Court decision that was implemented in November 2018. Several one-time and temporary revenue sources were included in the fiscal 2019 budget and will be discontinued or reduced in fiscal 2020. Future budgets should address new sources of revenue and expenditure cuts to offset continued growth in long-term liabilities such as pensions.

 

 

New Jersey funded its pension actuarially determined contribution (ADC) at 60% during fiscal 2019 and has budgeted to fund the ADC at 70% in fiscal 2020 with a goal of 100% funding by fiscal 2023.

 

 

New Jersey’s credit ratings and outlook were stable for the period. Standard & Poor’s has maintained an A–/stable rating since August 2017, Moody’s Investors

 

4

 

 

Service has maintained an A3/stable rating since March 2017, and Fitch Ratings has maintained an A/stable rating since August 2016. The ratings primarily reflect the continued phasing-in of 10-percentage-point increases per year in pension ADC contributions.

 

 

We expect ratings to remain stable for the next 12 to 18 months. However, we expect that the state will be challenged to meet the additional ADC funding requirements if it doesn’t come up with additional revenue sources or expenditure cuts—which could weaken credit, especially in a recessionary scenario.

 

 

Although the state has a diverse economy in the central Northeast Corridor and high wealth and education levels, the cost of living and doing business is very high. New Jersey has one of the highest property taxes in the nation and a large foreclosure inventory. Migration out of the state, combined with the effects of the state and local tax deduction cap implemented as part of the 2017 federal tax legislation, could limit future economic performance and revenue growth.

 

 

The state typically issues debt between September and January following the finalization of the annual budget and before the budget process commences for the upcoming fiscal year. In 2019, New Jersey issued $1.85 billion of new debt to fund transportation and education projects. The state also issued refinancing deals of $2 billion for the Transportation Trust Fund and approximately $350 million for school facilities construction. Vanguard participated in all bond issues during 2019.

 

 

Management of the funds

The Long-Term Fund’s average duration—a measure, expressed in years, of a portfolio’s sensitivity to changes in interest rates—was longer than that of its benchmark, boosting the fund’s relative performance. However, the fund is also considerably more diversified than the index, which had a countervailing effect. The top three issuers in the index constitute approximately two-thirds of the index but only 38% of our fund. Those issuers also have investment-grade ratings in the BBB range, meaning that our fund is higher in quality as well as more diversified. Lower quality paid during this period and the underweighting of those three issuers was a detractor. However, we strongly believe in the value of diversification over time.

 

 

Outlook

Global growth is expected to keep softening, owing in part to trade tensions and policy uncertainty. U.S. growth may slow to a pace of around 1% in 2020 after adjusting for inflation, below its normal trend growth of around 2%.

 

 

Other major economies are likely to see a slowdown as well. Growth in China, the world’s second-largest economy, is likely to slow to a below-trend pace of around 5.8% in 2020—but that figure could be markedly lower without further stimulus. Likewise, in the euro area, growth may stay below trend, at about 1%, given

 

5

 

 

recent indications that manufacturing weakness is spilling over into supply chains and the services sector.

 

 

This backdrop, along with modest wage gains and structural factors such as technology advancements and globalization, is unlikely to fuel a surge in consumer prices.

 

 

We expect to see periods of turbulence in the global economy in the year ahead. Based on that outlook and the fact that rates are low and credit spreads are tight, we are positioned going into the new fiscal year with plenty of dry powder on hand, which will allow us to take advantage of price dislocations as they arise.

 

 

Whatever the markets may bring, our experienced team of portfolio managers, traders, and credit analysts will continue to navigate this large, fragmented market to seek attractive investment opportunities that will add to the funds’ performance.

 

 

Paul M. Malloy, CFA, Principal,

 

Head of Municipal Bond Group

 

John M. Carbone, Principal,

 

Portfolio Manager

 

Adam M. Ferguson, CFA,

 

Portfolio Manager

 

Vanguard Fixed Income Group

 

December 18, 2019

 

6

 

 

About Your Fund’s Expenses

 

 

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

 

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

 

The accompanying table illustrates your fund’s costs in two ways:

 

·    Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

 

·    Based on hypothetical 5% yearly return. This section is intended to help you compare your fund’s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

 

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

 

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

 

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

 

7

 

 

Six Months Ended November 30, 2019

 

  Beginning Ending Expenses
  Account Value Account Value Paid During
  5/31/2019 11/30/2019 Period
Based on Actual Fund Return      
New Jersey Municipal Money Market Fund $1,000.00 $1,005.88 $0.80
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,027.38 $0.86
Admiral™ Shares 1,000.00 1,027.80 0.46
Based on Hypothetical 5% Yearly Return      
New Jersey Municipal Money Market Fund $1,000.00 $1,024.27 $0.81
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.22 $0.86
Admiral Shares 1,000.00 1,024.62 0.46

 

The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the New Jersey Municipal Money Market Fund, 0.16%; and for the New Jersey Long-Term Tax-Exempt Fund, 0.17% for Investor Shares and 0.09% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/365).

 

8

 

 

New Jersey Municipal Money Market Fund

 

 

Distribution by Issuer

As of November 30, 2019

 

 

Tax-Exempt Securities 100.0%

 

9

 

 

 

New Jersey Municipal Money Market Fund

 

 

Financial Statements

 

 

Statement of Net Assets

As of November 30, 2019

 

The fund publishes its holdings on a monthly basis on Vanguard’s website and files them with the Securities and Exchange Commission (SEC) on Form N-MFP. The fund’s Form N-MFP filings may be viewed via a link on the “Portfolio Holdings” page at www.vanguard.com or on the SEC’s website at www.sec.gov.

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
Tax-Exempt Municipal Bonds (97.6%)                
New Jersey (97.5%)                
  Bergen County NJ GO 3.250% 12/12/19     12,900   12,906  
  Bergen County NJ GO 3.000% 7/15/20     2,470   2,498  
  Bergen County NJ Improvement Authority Revenue (Bergen New Bridge Medical Center Project) 4.000% 9/1/20     1,675   1,707  
  Brick Township NJ BAN 2.250% 6/24/20     4,000   4,019  
  Burlington County NJ Bridge Commission Revenue 2.750% 4/17/20     12,500   12,550  
  Burlington County NJ Bridge Commission Revenue 3.000% 4/17/20     15,000   15,108  
  Burlington County NJ Bridge Commission Revenue (Lutheran Home at Moorestown Project) VRDO 1.120% 12/6/19   LOC 1,780   1,780  
  Burlington County NJ GO 2.500% 5/7/20     8,000   8,026  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/20   (Prere.) 1,340   1,344  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/20   (Prere.) 9,742   9,773  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/20   (Prere.) 2,710   2,719  
  Edison Township NJ BAN 4.000% 2/7/20     2,000   2,010  
  Essex County NJ Improvement Authority Revenue (Fern Senior Housing Project) VRDO 1.100% 12/6/19   LOC 7,300   7,300  
  Essex County NJ Improvement Authority Revenue (Jewish Community Center of MetroWest Inc. Project) VRDO 1.070% 12/6/19   LOC 8,515   8,515  
  Essex County NJ Improvement Authority Revenue (Pooled Government Loan) VRDO 0.980% 12/6/19   LOC 17,115   17,115  
  Evesham NJ BAN 2.750% 5/7/20     2,906   2,918  
  Fair Lawn NJ BAN 1.750% 9/11/20     2,500   2,510  
  Gloucester County NJ Pollution Control Financing Authority Revenue (ExxonMobil Project) VRDO 0.380% 12/2/19     31,540   31,540  
  Haddonfield NJ BAN 2.250% 2/20/20     6,000   6,010  
  Hamilton Township NJ Mercer County BAN 2.500% 5/19/20     13,966   14,024  
  Hopewell Township NJ BAN 2.000% 4/3/20     4,444   4,454  
  Hopewell Township NJ BAN 2.500% 4/3/20     8,757   8,780  
  Howell Township NJ BAN 2.000% 10/9/20     3,000   3,018  
  Hudson County NJ BAN 4.000% 12/10/19     18,451   18,461  

 

10

 

 

New Jersey Municipal Money Market Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  Hudson County NJ Improvement Authority Lease Revenue 2.500% 9/18/20     3,750   3,782  
1 Hudson County NJ Improvement Authority Lease Revenue (Hudson County Vocational-Technical Schools Project) TOB VRDO 1.100% 12/6/19     1,730   1,730  
1 Hudson County NJ Improvement Authority Lease Revenue (Hudson County Vocational-Technical Schools Project) TOB VRDO 1.140% 12/6/19     4,875   4,875  
  Hudson County NJ Improvement Authority Pooled BAN 3.000% 5/22/20     1,500   1,510  
  Hudson County NJ Improvement Authority Pooled Revenue 3.000% 3/6/20     5,951   5,969  
  Jefferson Township NJ BAN 2.250% 6/19/20     2,851   2,863  
  Lawrence Township NJ BAN 2.250% 6/19/20     3,015   3,027  
  Lawrence Township NJ BAN 2.000% 7/17/20     6,950   6,975  
  Livingston NJ BAN 3.000% 2/4/20     5,211   5,220  
  Livingston NJ BAN 2.000% 10/9/20     13,000   13,077  
  Mahwah Township NJ BAN 2.000% 7/31/20     5,000   5,021  
  Mahwah Township NJ BAN 1.750% 10/2/20     3,950   3,962  
  Mercer County NJ BAN 5.000% 2/26/20     1,000   1,009  
  Middlesex NJ BAN 3.000% 6/5/20     14,554   14,669  
  Monmouth County NJ GO 5.000% 1/15/20     5,060   5,085  
  Monroe Township NJ Middlesex County BAN 2.500% 6/10/20     6,000   6,031  
  Montclair NJ BAN 2.500% 10/30/20     5,034   5,091  
  Morristown NJ BAN 2.500% 6/5/20     1,822   1,829  
  New Jersey Economic Development Authority Industrial Development Revenue (Ocean Spray Cranberries Inc. Project) VRDO 1.150% 12/6/19   LOC 8,000   8,000  
  New Jersey Economic Development Authority Natural Gas Facilities Revenue (New Jersey Natural Gas) VRDO 0.450% 12/6/19   LOC 24,900   24,900  
  New Jersey Economic Development Authority Revenue (Applewood Estates Project) VRDO 0.880% 12/6/19   LOC 15,000   15,000  
  New Jersey Economic Development Authority Revenue (Columbia University Project) CP 1.230% 1/6/20     4,665   4,665  
  New Jersey Economic Development Authority Revenue (Cooper Health System Project) VRDO 1.120% 12/6/19   LOC 34,100   34,100  
1 New Jersey Economic Development Authority Revenue (New Jersey Gas Co. Project) TOB VRDO 1.140% 12/6/19   LOC 13,575   13,575  
1 New Jersey Economic Development Authority Revenue (School Facilities Construction) TOB VRDO 1.150% 12/6/19   LOC 9,805   9,805  
1 New Jersey Economic Development Authority Revenue VRDO 1.130% 12/6/19     3,000   3,000  
  New Jersey Economic Development Authority Revenue(Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.875% 6/1/20   (Prere.) 3,000   3,071  
  New Jersey Economic Development Authority Revenue(Trustees of the Lawrenceville School Project) VRDO 0.430% 12/2/19     21,100   21,100  

 

11

 

 

New Jersey Municipal Money Market Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Economic Development Authority Revenue (Trustees of the Lawrenceville School Project) VRDO 0.470% 12/2/19     17,450   17,450  
1 New Jersey Economic Development Authority TOB VRDO 1.140% 12/6/19   LOC 15,525   15,525  
  New Jersey Educational Facilities Authority Revenue (Institute for Advanced Studies) VRDO 0.400% 12/6/19     13,600   13,600  
  New Jersey Educational Facilities Authority Revenue (Institute for Advanced Studies) VRDO 0.400% 12/6/19     18,100   18,100  
1 New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO 0.950% 12/6/19     6,000   6,000  
1 New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO 0.950% 12/6/19     4,000   4,000  
1 New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO 1.070% 12/6/19     3,330   3,330  
1 New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO 1.130% 12/6/19     4,330   4,330  
  New Jersey Environmental Infrastructure Trust Revenue 5.000% 9/1/20     1,220   1,255  
  New Jersey Environmental Infrastructure Trust Revenue 5.000% 9/1/20     860   884  
  New Jersey Environmental Infrastructure Trust Revenue 5.000% 9/1/20     1,565   1,610  
  New Jersey Health Care Facilities Finance Authority (Community Hospital Group Inc.) VRDO 1.170% 12/6/19   LOC 800   800  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) VRDO 1.000% 12/6/19   LOC 12,965   12,965  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) VRDO 1.000% 12/6/19   LOC 29,540   29,540  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) VRDO 1.000% 12/6/19   LOC 19,540   19,540  
  New Jersey Health Care Facilities Financing Authority Revenue (Hospital Capital Asset Pooled Program) VRDO 1.120% 12/6/19   LOC 23,365   23,365  
  New Jersey Health Care Facilities Financing Authority Revenue (Hospital Capital Asset Pooled Program) VRDO 1.120% 12/6/19   LOC 23,950   23,950  
  New Jersey Health Care Facilities Financing Authority Revenue (MHAC I LLC) VRDO 0.820% 12/6/19   LOC 10,520   10,520  
  New Jersey Health Care Facilities Financing Authority Revenue (MHAC I LLC) VRDO 0.820% 12/6/19   LOC 8,540   8,540  
1 New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) TOB VRDO 1.100% 12/6/19     4,140   4,140  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 1/1/20   (Prere.) 3,000   3,010  

 

 

12

 

 

New Jersey Municipal Money Market Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 )
  New Jersey Health Care Facilities Financing Authority Revenue (Southern Ocean County Hospital) VRDO 0.820% 12/6/19   LOC 14,020   14,020  
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO 0.470% 12/2/19   LOC 400   400  
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO 0.700% 12/6/19   LOC 4,730   4,730  
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO 0.700% 12/6/19   LOC 7,820   7,820  
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO 0.700% 12/6/19   LOC 46,940   46,940  
  New Jersey Health Care Facilities Financing Authority Revenue VRDO 1.080% 12/6/19   LOC 3,260   3,260  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 4.500% 12/1/19     1,000   1,000  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/19     3,850   3,850  
1 New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO 1.130% 12/6/19     2,380   2,380  
1 New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO 1.140% 12/6/19     17,150   17,150  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue PUT 1.580% 6/1/20     1,700   1,700  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue VRDO 0.450% 12/6/19   LOC 6,415   6,415  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue VRDO 1.160% 12/6/19   LOC 65,435   65,435  
1 New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO 1.100% 12/6/19     6,800   6,800  
1 New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO 1.110% 12/6/19     4,780   4,780  
1 New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO 1.150% 12/6/19     1,060   1,060  
1 New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO 1.130% 12/6/19   LOC 16,900   16,900  
1 New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO 1.130% 12/6/19   LOC 6,720   6,720  
1 New Jersey Transportation Trust Fund Authority Transportation System Revenue TOB VRDO 1.150% 12/6/19   LOC 18,750   18,750  
1 New Jersey Turnpike Authority Revenue TOB VRDO 1.150% 12/6/19   LOC 15,430   15,430  
  New Milford NJ GO 2.500% 4/9/20     11,211   11,241  
  North Bergen Township NJ BAN 2.500% 4/30/20     4,593   4,608  
  North Brunswick Township NJ BAN 3.000% 7/21/20     8,951   9,048  
  Paramus NJ TAN 2.000% 2/14/20     8,400   8,409  
  Parsippany-Troy Hills Township NJ BAN 2.000% 11/13/20     3,185   3,210  
2 Passaic County NJ BAN 2.000% 12/3/20     7,000   7,059  

 

13

 

 

New Jersey Municipal Money Market Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  Passaic County NJ Improvement Authority Revenue (200 Hospital Plaza Corp. Project) 5.000% 5/1/20   (Prere.) 1,000   1,016  
  Port Authority of New York & New Jersey Revenue CP 1.290% 12/4/19     6,700   6,700  
  Port Authority of New York & New Jersey Revenue CP 1.300% 12/11/19     5,905   5,905  
  Port Authority of New York & New Jersey Revenue CP 1.300% 12/18/19     13,715   13,715  
  Port Authority of New York & New Jersey Revenue CP 1.250% 1/2/20     2,000   2,000  
  Port Authority of New York & New Jersey Revenue CP 1.340% 1/2/20     10,550   10,550  
  Port Authority of New York & New Jersey Revenue CP 1.350% 1/8/20     1,430   1,430  
  Port Authority of New York & New Jersey Revenue CP 1.300% 1/16/20     3,595   3,595  
  Port Authority of New York & New Jersey Revenue CP 1.380% 1/22/20     5,065   5,065  
  Port Authority of New York & New Jersey Revenue CP 1.350% 1/29/20     18,015   18,015  
  Port Authority of New York & New Jersey Revenue CP 1.300% 2/5/20     8,945   8,945  
  Port Authority of New York & New Jersey Revenue CP 1.250% 2/6/20     11,025   11,025  
  Port Authority of New York & New Jersey Revenue CP 1.170% 2/20/20     11,000   11,000  
  Port Authority of New York & New Jersey Revenue CP 1.110% 2/26/20     12,090   12,090  
  Port Authority of New York & New Jersey Revenue CP 1.170% 3/18/20     13,700   13,700  
  Port Authority of New York & New Jersey Revenue CP 1.180% 3/26/20     12,160   12,160  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.120% 12/6/19     8,000   8,000  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.120% 12/6/19     4,295   4,295  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.120% 12/6/19     6,110   6,110  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.120% 12/6/19     1,215   1,215  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.130% 12/6/19     1,170   1,170  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.130% 12/6/19     3,500   3,500  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.150% 12/6/19     15,500   15,500  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.150% 12/6/19     850   850  
1 Port Authority of New York & New Jersey Revenue TOB VRDO 1.150% 12/6/19     1,000   1,000  
1 Port Authority of New York & New Jersey TOB VRDO 1.130% 12/6/19     5,265   5,265  
  Princeton University New Jersey CP 1.190% 12/12/19     12,000   12,000  
  Princeton University New Jersey CP 1.190% 12/12/19     3,000   3,000  

  

14

 

 

New Jersey Municipal Money Market Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  River Vale NJ GO 1.750% 7/17/20     6,157   6,171  
  Rutgers State University New Jersey CP 1.150% 3/4/20     20,207   20,207  
1 Rutgers State University New Jersey Revenue TOB VRDO 1.080% 12/6/19     24,985   24,985  
1 Rutgers State University New Jersey Revenue TOB VRDO 1.090% 12/6/19     1,840   1,840  
1 Rutgers State University New Jersey Revenue TOB VRDO 1.090% 12/6/19     3,315   3,315  
1 Rutgers State University New Jersey Revenue TOB VRDO 1.110% 12/6/19     4,035   4,035  
1 Rutgers State University New Jersey Revenue TOB VRDO 1.130% 12/6/19     6,700   6,700  
1 Rutgers State University New Jersey Revenue TOB VRDO 1.130% 12/6/19     11,780   11,780  
  Rutgers State University New Jersey Revenue VRDO 1.110% 12/2/19     5,250   5,250  
  Secaucus NJ BAN 1.750% 8/7/20     4,000   4,010  
  Somerset County NJ BAN 3.000% 9/11/20     5,000   5,072  
  Somerset County NJ Improvement Authority Capital Equipment Lease Revenue 2.750% 2/28/20     2,070   2,075  
  Somerset County NJ Improvement Authority Capital Equipment Lease Revenue 3.000% 9/11/20     10,000   10,142  
  Sussex County NJ BAN 2.500% 6/19/20     7,383   7,427  
1 Union County NJ Improvement Authority Lease Revenue TOB VRDO 1.100% 12/6/19     1,600   1,600  
  Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO 0.380% 12/2/19     27,145   27,145  
  Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO 0.400% 12/2/19     12,200   12,200  
1 Union County NJ Utilities Authority Revenue TOB VRDO 1.100% 12/6/19     3,500   3,500  
1 Union County NJ Utilities Authority Revenue TOB VRDO 1.170% 12/6/19     8,815   8,815  
  Union Township NJ BAN 3.000% 2/3/20     5,063   5,072  
  Voorhees NJ BAN 1.750% 1/15/20     5,709   5,712  
  Voorhees NJ BAN 1.750% 8/20/20     5,208   5,227  
  Wall Township NJ BAN 2.250% 2/25/20     5,000   5,009  
  West Milford NJ BAN 1.750% 9/18/20     8,449   8,481  
  Woodbridge Township NJ BAN 3.000% 3/20/20     21,950   22,026  
  Woodbridge Township NJ BAN 3.000% 10/16/20     2,500   2,539  
  Woodland Park NJ BAN 2.500% 5/29/20     4,352   4,371  
                1,363,117  
Guam (0.1%)                
  Guam Government Limited Obligation Revenue 5.625% 12/1/19   (Prere.) 1,500   1,500  
  Guam Government Limited Obligation Revenue 5.750% 12/1/19   (Prere.) 600   600  
                2,100  
Total Tax-Exempt Municipal Bonds (Cost $1,365,217)           1,365,217  

 

15

 

 

New Jersey Municipal Money Market Fund

 

 

 

  Amount
  ($000)
Other Assets and Liabilities (2.4%)  
Other Assets  
Investment in Vanguard 65
Receivables for Investment Securities Sold 11,125
Receivables for Capital Shares Issued 3,463
Receivables for Accrued Income 6,725
Other Assets 23,562
Total Other Assets 44,940
Liabilities  
Payables for Investment Securities Purchased (10,130)
Payables for Capital Shares Redeemed (1,405)
Payables for Distributions (84)
Payables to Vanguard (104)
Total Liabilities (11,723)
Net Assets (100%)  
Applicable to 1,398,081,547 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 1,398,434
Net Asset Value Per Share $1.00

 

 

At November 30, 2019, net assets consisted of:

 

  Amount
  ($000)
Paid-in Capital 1,398,420
Total Distributable Earnings (Loss) 14
Net Assets 1,398,434

 

 •See Note A in Notes to Financial Statements.

 

1Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2019, the aggregate value of these securities was $273,755,000, representing 19.6% of net assets.

 

2Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2019.

 

A key to abbreviations and other references follows the Statement of Net Assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 16

 

 

New Jersey Municipal Money Market Fund

 

 

 

Key to Abbreviations

 

 

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

CMT—Constant Maturing Treasury Rate.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

LIBOR—London Interbank Offered Rate.

PILOT—Payments in Lieu of Taxes.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

SIFMA—Securities Industry and Financial Markets Association.

SOFR—Secured Overnight Financing Rate.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

VRDO—Variable Rate Demand Obligation.

VRDP—Variable Rate Demand Preferred.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

 

Scheduled principal and interest payments are guaranteed by:

 

(1) MBIA (Municipal Bond Investors Assurance).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) AGM (Assured Guaranty Municipal Corporation).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) AGC (Assured Guaranty Corporation).

(13) BHAC (Berkshire Hathaway Assurance Corporation).

(14) NPFG (National Public Finance Guarantee Corporation).

(15) BAM (Build America Mutual Assurance Company).

(16) MAC (Municipal Assurance Corporation).

(17) RAA (Radian Asset Assurance Inc.).

(18) SBLF (Michigan School Bond Loan Fund).

(19) TPSF (Texas Permanent School Fund).

The insurance does not guarantee the market value of the municipal bonds.

 

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

 

 17

 

 

New Jersey Municipal Money Market Fund

 

 

 

Statement of Operations

 

  Year Ended
    November 30, 2019
  ($000)
Investment Income  
Income  
Interest 20,797
Total Income 20,797
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 395
Management and Administrative 1,602
Marketing and Distribution 200
Custodian Fees 10
Auditing Fees 28
Shareholders’ Reports and Proxy 44
Trustees’ Fees and Expenses 1
Total Expenses 2,280
Expenses Paid Indirectly (9)
Net Expenses 2,271
Net Investment Income 18,526
Realized Gain (Loss) on Investment Securities Sold 110
Net Increase (Decrease) in Net Assets Resulting from Operations 18,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 18

 

 

New Jersey Municipal Money Market Fund

 

 

 

Statement of Changes in Net Assets

 

  Year Ended November 30,
  2019 2018
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 18,526 16,431
Realized Net Gain (Loss) 110 (42)
Net Increase (Decrease) in Net Assets Resulting from Operations 18,636 16,389
Distributions    
Net Investment Income (18,525) (16,432)
Realized Capital Gain — —
Total Distributions (18,525) (16,432)
Capital Share Transactions (at $1.00 per share)    
Issued 737,215 899,807
Issued in Lieu of Cash Distributions 17,199 15,409
Redeemed (777,596) (783,089)
Net Increase (Decrease) from Capital Share Transactions (23,182) 132,127
Total Increase (Decrease) (23,071) 132,084
Net Assets    
Beginning of Period 1,421,505 1,289,421
End of Period 1,398,434 1,421,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 19

 

 

New Jersey Municipal Money Market Fund

 

 

 

Financial Highlights

 

 

For a Share Outstanding     Year Ended November 30,
Throughout Each Period 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations          
Net Investment Income .0131 .0121 .0061 .002 .0001
Net Realized and Unrealized Gain (Loss) on Investments — — — — —
Total from Investment Operations .013 .012 .006 .002 .0001
Distributions          
Dividends from Net Investment Income (.013) (.012) (.006) (.002) (.0001)
Distributions from Realized Capital Gains — — — — —
Total Distributions (.013) (.012) (.006) (.002) (.0001)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
           
Total Return2 1.31% 1.21% 0.63% 0.24% 0.01%
           
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $1,398 $1,422 $1,289 $1,198 $1,345
Ratio of Total Expenses to Average Net Assets 0.16% 0.16% 0.16% 0.14%3 0.08%3
Ratio of Net Investment Income to Average Net Assets 1.31% 1.21% 0.63% 0.23% 0.01%

 

1Calculated based on average shares outstanding.

 

2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

 

3The ratio of total expenses to average net assets before an expense reduction was 0.16% for 2016 and 0.16% for 2015. Vanguard and the board of trustees have agreed to temporarily limit certain net operating expenses in excess of the fund’s daily yield in order to maintain a zero or positive yield for the fund. The fund is not obligated to repay this amount to Vanguard.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 20

 

 

 

New Jersey Municipal Money Market Fund

 

 

Notes to Financial Statements

 

 

Vanguard New Jersey Municipal Money Market Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state.

 

A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

 

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Securities are valued at amortized cost, which approximates market value.

 

2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

3. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

 

4. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at November 30, 2019, or at any time during the period then ended.

 

5. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

 

B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

 

21

 

 

New Jersey Municipal Money Market Fund

 

 

 

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $65,000, representing less than 0.01% of the fund’s net assets and 0.03% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

C.  The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2019, custodian fee offset arrangements reduced the fund’s expenses by $9,000 (an annual rate of less than 0.01% of average net assets).

 

D.  Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

 

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.

 

At November 30, 2019, 100% of the market value of the fund’s investments was determined using amortized cost, in accordance with rules under the Investment Company Act of 1940. Amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, securities valued at amortized cost are considered to be valued using Level 2 inputs.

 

E.  Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.

 

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

 

  Amount
  ($000)
Undistributed Ordinary Income —
Undistributed Tax-Exempt Income 84
Undistributed Long-Term Gains —
Capital Loss Carryforwards (Non-expiring)* —
Net Unrealized Gains (Losses) —

 

*The fund used capital loss carryforwards of $47,000 to offset taxable capital gains realized during the year ended November 30, 2019.

 

22

 

 

New Jersey Municipal Money Market Fund

 

 

 

 

As of November 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

 

  Amount
  ($000)
Tax Cost 1,365,217
Gross Unrealized Appreciation —
Gross Unrealized Depreciation —
Net Unrealized Appreciation (Depreciation) —

 

 

F.  The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $423,000,000 and $299,815,000, respectively.

 

G.  Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.

 

23

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Performance Summary

 

 

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

 

Cumulative Performance: November 30, 2009, Through November 30, 2019

Initial Investment of $10,000

 

 

 

    Average Annual Total Returns  
    Periods Ended November 30, 2019  
          Final Value
    One Five Ten of a $10,000
    Year Years Years Investment
New Jersey Long-Term Tax-Exempt Fund Investor Shares 10.00% 4.49% 4.70% $15,827
Bloomberg Barclays NJ Municipal Bond Index 10.18 4.44 4.76 15,914
Bloomberg Barclays Municipal Bond Index 8.49 3.57 4.34 15,300

 

        Final Value
  One Five Ten of a $50,000
  Year Years Years Investment
New Jersey Long-Term Tax-Exempt Fund Admiral Shares 10.09% 4.58% 4.79% $79,797
Bloomberg Barclays NJ Municipal Bond Index 10.18 4.44 4.76 79,571
Bloomberg Barclays Municipal Bond Index 8.49 3.57 4.34 76,500

 

 

 

 

 

See Financial Highlights for dividend and capital gains information.

 

24

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Distribution by Stated Maturity

As of November 30, 2019

 

Under 1 Year 3.1%
1 - 3 Years 4.0
3 - 5 Years 4.3
5 - 10 Years 13.9
10 - 20 Years 44.8
20 - 30 Years 26.9
Over 30 Years 3.0

 

25

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Financial Statements

 

 

Statement of Net Assets

As of November 30, 2019

 

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 as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
Tax-Exempt Municipal Bonds (100.7%)                          
New Jersey (100.2%)                
  Atlantic City NJ GO 5.000% 11/1/22     3,000   3,137  
  Atlantic City NJ GO 4.000% 11/1/23   (4) 1,425   1,523  
  Atlantic City NJ GO 5.000% 12/1/23     1,115   1,183  
  Atlantic City NJ GO 5.000% 3/1/26   (15) 250   297  
  Atlantic City NJ GO 5.000% 3/1/32   (15) 750   891  
  Atlantic City NJ GO 5.000% 3/1/37   (15) 1,000   1,174  
  Atlantic City NJ GO 5.000% 3/1/42   (15) 1,250   1,451  
  Atlantic City NJ Municipal Utilities Authority Revenue 4.000% 5/1/21     200   201  
  Atlantic County NJ Improvement Authority Revenue 5.000% 9/1/28   (4) 3,000   3,636  
  Atlantic County NJ Improvement Authority Revenue 4.000% 7/1/46   (4) 5,000   5,375  
  Bergen County NJ GO 3.000% 7/15/38     1,620   1,678  
  Bergen County NJ Improvement Authority Pooled Loan Revenue 5.000% 2/15/20     455   458  
  Bergen County NJ Improvement Authority Pooled Loan Revenue 5.000% 2/15/39     4,000   4,570  
  Brick Township NJ BAN 4.000% 3/1/22     1,110   1,180  
  Brick Township NJ BAN 3.000% 3/1/23     1,155   1,220  
  Brigantine NJ GO 5.000% 10/1/20     1,020   1,053  
  Brigantine NJ GO 5.000% 10/1/21     935   1,000  
  Brigantine NJ GO 5.000% 10/1/22     1,175   1,296  
  Brigantine NJ GO 5.000% 10/1/23     1,220   1,388  
  Burlington County NJ Bridge Commission Revenue 5.000% 4/15/32     500   641  
  Burlington County NJ Bridge Commission Revenue 5.000% 10/1/36     1,000   1,250  
  Burlington County NJ Bridge Commission Revenue (Burlington County Solid Waste Project) 5.000% 10/1/27     4,100   4,650  
  Burlington County NJ GO 3.000% 5/1/30     1,610   1,733  
  Burlington County NJ GO 3.000% 5/1/31     1,650   1,758  
  Burlington County NJ GO 3.000% 5/1/32     1,695   1,791  
  Burlington County NJ GO 3.000% 5/1/33     1,745   1,831  
  Burlington County NJ GO 3.000% 5/1/34     1,790   1,874  
  Camden County NJ GO 3.000% 3/1/33     550   575  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/28     1,500   1,687  

 

26

 

  

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/29               3,500   3,926  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/30     3,805   4,257  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/31     4,970   5,547  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/32     2,500   2,786  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/33     1,000   1,112  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/34     1,500   1,665  
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.750% 2/15/42     12,625   14,014  
  Camden County NJ Improvement Authority Lease Revenue (Rowan University School of Osteopathic Medicine Project) 5.000% 12/1/32     6,035   6,725  
  Camden County NJ Improvement Authority Revenue 5.000% 1/15/22   (Prere.) 3,600   3,894  
  Camden County NJ Improvement Authority Revenue 5.000% 1/15/22   (Prere.) 3,225   3,488  
  Camden County NJ Improvement Authority Revenue 5.000% 1/15/32     515   625  
  Camden County NJ Improvement Authority Revenue 5.000% 1/15/34     500   603  
1 Camden County NJ Improvement Authority Revenue 4.000% 1/15/36     1,655   1,868  
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/36     500   561  
1 Camden County NJ Improvement Authority Revenue 4.000% 1/15/37     3,470   3,912  
1 Camden County NJ Improvement Authority Revenue 4.000% 1/15/38     1,705   1,919  
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/38     880   983  
1 Camden County NJ Improvement Authority Revenue 4.000% 1/15/39     1,260   1,414  
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/39     1,000   1,114  
  Cedar Grove Township NJ School District GO 2.000% 8/15/24     290   296  
  Cumberland NJ Improvement Authority Lease Revenue (Correctional Facility Project) 4.000% 10/1/54   (15) 6,000   6,492  
  Cumberland NJ Improvement Authority Lease Revenue (Correctional Facility Project) 5.000% 10/1/58   (15) 5,500   6,498  
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/35     1,000   1,039  
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/36     1,000   1,033  

 

27

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 ) 
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/37               1,000   1,029  
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/38     1,000   1,024  
  Delaware River & Bay Authority Delaware Revenue 5.000% 1/1/42     9,980   10,845  
  Delaware River & Bay Authority Delaware Revenue 4.000% 1/1/44     2,000   2,236  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/24     625   730  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/25   (Prere.) 500   599  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/25   (Prere.) 300   359  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/31     1,540   1,897  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/33     100   127  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/33     2,250   2,758  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 4.000% 7/1/34   (15) 2,660   2,922  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/34     135   171  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/35     175   221  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/35     4,495   5,487  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/36     155   196  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/37     150   189  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/38     170   213  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/39     170   212  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/42     9,000   10,812  
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/47     5,500   6,558  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/24     420   462  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/26     4,460   4,896  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/27     2,660   2,914  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/31     1,730   2,199  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/33     3,000   3,397  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/35     1,385   1,737  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/37     15,020   16,896  

 

28

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 ) 
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/38               3,500   4,348  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/39     3,500   4,334  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/40     3,000   3,703  
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/40     2,500   2,800  
  Delran Township NJ GO 2.000% 10/15/23     1,000   1,014  
  Delran Township NJ GO 2.000% 10/15/24     1,000   1,012  
  East Orange NJ (Board of Education Project) GO 5.000% 10/15/32   (4) 795   1,004  
  East Orange NJ (Board of Education Project) GO 5.000% 10/15/33   (4) 610   769  
  East Orange NJ (Board of Education Project) GO 3.000% 10/15/34   (4) 400   418  
  East Orange NJ (Board of Education Project) GO 3.000% 10/15/35   (4) 400   417  
  East Orange NJ (Board of Education Project) GO 4.000% 10/15/40   (4) 1,345   1,524  
  East Orange NJ GO 4.000% 9/15/23   (4) 705   771  
  East Orange NJ GO 4.000% 9/15/24   (4) 255   284  
  East Orange NJ GO 4.000% 9/15/25   (4) 1,360   1,544  
  Essex County NJ Improvement Authority GO 4.000% 9/1/40     1,440   1,592  
  Essex County NJ Improvement Authority GO 4.000% 9/1/41     1,440   1,588  
  Essex County NJ Improvement Authority GO 4.000% 9/1/42     1,440   1,586  
  Essex County NJ Improvement Authority GO 4.000% 9/1/43     1,440   1,584  
  Essex County NJ Improvement Authority GO 4.000% 9/1/44     1,440   1,582  
  Essex County NJ Improvement Authority GO 4.000% 9/1/45     1,440   1,580  
  Essex County NJ Improvement Authority GO 4.000% 9/1/46     1,440   1,578  
  Essex County NJ Improvement Authority GO 4.000% 9/1/47     1,440   1,577  
  Essex County NJ Improvement Authority GO 4.000% 9/1/48     1,440   1,576  
  Essex County NJ Improvement Authority Revenue 4.000% 11/1/37     1,540   1,720  
  Essex County NJ Improvement Authority Revenue 4.000% 11/1/38     1,000   1,114  
  Essex County NJ Improvement Authority Revenue 4.000% 11/1/44     2,470   2,723  
  Ewing Township NJ School District GO 4.000% 7/15/32     2,610   2,978  
  Ewing Township NJ School District GO 4.000% 7/15/34     3,040   3,447  
  Ewing Township NJ School District GO 4.000% 7/15/35     3,045   3,441  
  Ewing Township NJ School District GO 4.000% 7/15/37     3,000   3,365  
  Fort Lee NJ Parking Authority Parking Revenue 5.000% 9/15/46     5,000   5,976  
  Garden State Preservation Trust New Jersey Revenue (Open Space & Farmland Preservation) 0.000% 11/1/28   (4) 6,535   5,376  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 11/1/29   (4) 1,500   1,815  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/30     3,910   4,555  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 11/1/30   (4) 1,200   1,445  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/31     1,950   2,266  

 

29

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 ) 
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/32               1,775   2,059  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/33     2,275   2,634  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/34     1,200   1,387  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/37     750   867  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/38     700   807  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/39     600   690  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/44     1,500   1,706  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/44     2,250   2,786  
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/48     2,000   2,249  
  Hardyston NJ School District GO 4.000% 8/1/23     570   623  
  Harrison NJ GO 4.000% 3/1/38   (15) 1,945   2,174  
  Harrison NJ GO 4.000% 3/1/41   (15) 2,180   2,420  
  Harrison Township NJ GO 2.000% 5/15/23     270   275  
  Harrison Township NJ GO 2.000% 5/15/24     645   657  
  Haworth NJ GO 2.000% 8/1/23     450   458  
  Haworth NJ GO 2.000% 8/1/24     455   465  
  Hawthorne NJ School District GO 3.000% 9/1/31   (15) 1,350   1,400  
  Hawthorne NJ School District GO 3.000% 9/1/32   (15) 1,350   1,397  
  Hudson County NJ Improvement Authority Lease Revenue 5.000% 5/1/41     5,515   6,452  
  Hudson County NJ Improvement Authority Lease Revenue 5.000% 8/1/42     1,300   1,498  
  Hudson County NJ Improvement Authority Lease Revenue 5.250% 5/1/51     7,000   8,214  
  Hudson County NJ Improvement Authority Lease Revenue (Union City School District Parking Project) 5.000% 6/15/37     1,500   1,741  
  Hudson County NJ Improvement Authority Solid Waste Systems Revenue 5.750% 1/1/35     2,000   2,007  
  Hudson County NJ Improvement Authority Solid Waste Systems Revenue 6.000% 1/1/40     3,000   3,011  
2 Inspira Health Obligated Group TOB VRDO 1.220% 12/6/19     200   200  
  Jersey City NJ GO 4.000% 12/1/24   (15) 250   280  
  Jersey City NJ GO 5.000% 11/1/31     510   623  
  Jersey City NJ GO 5.000% 11/1/33     415   504  
  Jersey City NJ GO 4.000% 11/1/34     2,000   2,279  
  Jersey City NJ GO 4.000% 11/1/35     1,170   1,330  
  Jersey City NJ GO 4.000% 11/1/36     1,765   2,004  
  Jersey City NJ GO 5.000% 11/1/37     1,000   1,203  
  Kingsway NJ Regional School District GO 3.000% 1/15/28     430   456  
  Longport NJ GO 2.000% 7/15/23     490   503  
  Longport NJ GO 2.000% 7/15/24     500   514  
  Maple Shade Township NJ School District GO 3.000% 7/15/23   (4) 1,150   1,214  
  Maple Shade Township NJ School District GO 3.000% 7/15/24   (4) 1,180   1,259  
  Maple Shade Township NJ School District GO 3.000% 7/15/25   (4) 950   1,023  
  Maple Shade Township NJ School District GO 3.000% 7/15/31   (4) 1,850   1,923  

 

30

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date               ($000 )  ($000 ) 
  Maple Shade Township NJ School District GO 3.000% 7/15/37   (4) 1,920   1,962  
  Maple Shade Township NJ School District GO 3.000% 7/15/38   (4) 1,925   1,962  
  Maple Shade Township NJ School District GO 3.000% 7/15/39   (4) 1,925   1,959  
  Maple Shade Township NJ School District GO 3.000% 7/15/40   (4) 1,985   2,016  
  Mercer County NJ GO 3.000% 2/15/31     1,000   1,050  
  Mercer County NJ Improvement Authority Revenue (Courthouse Annex Project) 5.000% 9/1/40     2,480   2,896  
  Middle Township NJ School District GO 3.000% 7/15/29   (4) 1,000   1,044  
  Middlesex County NJ COP 4.000% 6/15/28     350   411  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 5.000% 7/15/32     1,000   1,217  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/33     950   1,141  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 7/15/34     1,800   2,061  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/34     650   779  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 5.000% 7/15/35     1,275   1,542  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/35     525   624  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 5.000% 7/15/36     1,200   1,448  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/36     500   591  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 7/15/37     2,000   2,264  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/37     275   323  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 7/15/38     1,500   1,690  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/38     250   292  
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/39     200   232  
  Monmouth NJ Regional High School District GO 3.000% 2/1/31     1,755   1,838  
  Monmouth NJ Regional High School District GO 3.000% 2/1/32     1,255   1,309  
  Monmouth NJ Regional High School District GO 3.000% 2/1/33     1,015   1,054  
  Monroe Township NJ Board of Education GO 5.000% 3/1/38     3,000   3,463  
  New Brunswick NJ GO 3.000% 2/15/30   (15) 3,880   4,090  
  New Brunswick NJ GO 3.000% 2/15/31   (15) 1,370   1,433  
  New Brunswick NJ GO 3.000% 2/15/32   (15) 1,370   1,423  
  New Brunswick NJ GO 3.000% 2/15/36   (15) 1,370   1,405  
  New Brunswick NJ GO 3.000% 2/15/37   (15) 1,370   1,402  
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/25     615   673  
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/28     465   507  
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/30     570   621  
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/31     600   654  
  New Brunswick NJ Parking Authority Revenue 4.000% 9/1/37   (4) 2,000   2,208  
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/39   (15) 2,000   2,362  
  New Jersey Building Authority Revenue 4.000% 6/15/26   (Prere.) 395   460  
  New Jersey Building Authority Revenue 4.000% 6/15/30     605   649  

 

 31

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date               ($000 )  ($000 ) 
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/28   (4) 2,000   2,242  
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/29   (4) 2,500   2,794  
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/30   (4) 2,950   3,292  
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/31   (4) 1,500   1,672  
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/32   (4) 1,250   1,392  
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.250% 11/1/44     13,930   15,065  
  New Jersey Economic Development Authority Lease Revenue (Rutgers State University) 5.000% 6/15/38     4,650   5,175  
  New Jersey Economic Development Authority Lease Revenue (Rutgers State University) 5.000% 6/15/46     8,150   9,047  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/23     2,375   2,645  
  New Jersey Economic Development Authority Revenue 4.000% 6/15/24     150   164  
  New Jersey Economic Development Authority Revenue 4.000% 11/1/25     125   138  
  New Jersey Economic Development Authority Revenue 4.125% 6/15/26     2,515   2,753  
  New Jersey Economic Development Authority Revenue 4.125% 6/15/27     2,750   2,991  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/28     245   275  
  New Jersey Economic Development Authority Revenue 5.500% 6/15/29     5,000   5,981  
  New Jersey Economic Development Authority Revenue 5.500% 6/15/30     9,000   10,720  
  New Jersey Economic Development Authority Revenue 5.500% 6/15/31     5,475   6,501  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/33     1,420   1,680  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/33     3,500   4,026  
  New Jersey Economic Development Authority Revenue 5.250% 6/15/33     6,000   6,833  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/34     1,180   1,391  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/34     3,000   3,440  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/35     1,800   2,055  
  New Jersey Economic Development Authority Revenue 3.350% 7/15/36     325   326  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/38     11,790   13,569  
  New Jersey Economic Development Authority Revenue 5.250% 6/15/40     10,000   11,308  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/41     4,250   4,802  

 

32

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date               ($000 )  ($000 ) 
  New Jersey Economic Development Authority Revenue 5.000% 6/15/42     5,000   5,626  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/42     5,000   5,595  
  New Jersey Economic Development Authority Revenue 5.000% 6/15/47     10,000   11,200  
  New Jersey Economic Development Authority Revenue 4.625% 6/15/48     8,000   8,745  
  New Jersey Economic Development Authority Revenue (Bancroft NeuroHealth Project) 5.000% 6/1/41     2,105   2,262  
  New Jersey Economic Development Authority Revenue (Beloved Community Charter School Inc. Project) 4.000% 6/15/29     1,330   1,406  
  New Jersey Economic Development Authority Revenue (Beloved Community Charter School Inc. Project) 5.000% 6/15/54     730   778  
  New Jersey Economic Development Authority Revenue (Biomedical Research Facilities) 5.000% 7/15/30     1,000   1,150  
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/23     2,500   2,696  
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/25     5,990   6,430  
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/26     8,500   9,104  
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/28     2,000   2,134  
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/29     1,400   1,491  
  New Jersey Economic Development Authority Revenue (Cranes Mill Project) 5.000% 1/1/49     3,000   3,360  
  New Jersey Economic Development Authority Revenue (Lions Gate Project) 5.250% 1/1/44     4,130   4,296  
  New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 5.250% 7/1/26   (14) 2,025   2,412  
  New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 5.000% 7/1/33     4,465   5,139  
  New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 4.000% 7/1/34     2,500   2,655  
2 New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) TOB VRDO 1.250% 12/6/19     4,250   4,250  
3 New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharges) 5.250% 7/1/24   (14) 6,000   6,897  
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Kean University Student Housing Project) 5.000% 7/1/32     1,100   1,242  
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Kean University Student Housing Project) 5.000% 7/1/37     600   670  
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Kean University Student Housing Project) 5.000% 7/1/47     1,500   1,649  

 

33

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date               ($000 )  ($000 ) 
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.375% 6/1/20   (Prere.) 1,440   1,471  
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.750% 6/1/20   (Prere.) 1,160   1,187  
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.875% 6/1/20   (Prere.) 8,280   8,476  
  New Jersey Economic Development Authority Revenue (Provident Group-Montclair Properties LLC - Montclair State University Student Housing Project) 5.000% 6/1/42   (4) 10,000   11,648  
  New Jersey Economic Development Authority Revenue (Provident Group-Rowan Properties LLC - Rowan University Housing Project) 5.000% 1/1/30     2,515   2,768  
  New Jersey Economic Development Authority Revenue (Provident Group-Rowan Properties LLC - Rowan University Housing Project) 5.000% 1/1/35     2,000   2,178  
  New Jersey Economic Development Authority Revenue (Provident Group-Rowan Properties LLC - Rowan University Housing Project) 5.000% 1/1/48     13,000   13,936  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 3/1/21   (Prere.) 3,005   3,154  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 3/1/21   (Prere.) 1,210   1,270  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.750% 3/1/21   (Prere.) 2,700   2,850  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 9/1/22   (Prere.) 4,005   4,410  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 9/1/22   (Prere.) 6,360   7,003  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 9/1/22   (Prere.) 5,000   5,506  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/22     1,110   1,162  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/23     2,290   2,396  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.750% 9/1/23     300   315  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/24     375   392  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/24   (2) 1,500   1,749  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/25     3,265   3,603  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/25   (4) 2,380   2,728  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/25     3,460   3,618  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/25   (4) 3,210   3,885  

 

34

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date               ($000 )  ($000 ) 
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/26     6,105   7,162  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/26     3,000   3,136  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/26   (2) 2,000   2,421  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/27     1,000   1,045  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/27   (14) 3,000   3,695  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 6/15/28     6,465   7,774  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/28   (14) 2,165   2,707  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/29   (14) 9,055   11,480  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/30     6,975   7,776  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.750% 6/15/31     3,890   4,366  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/31     4,000   4,450  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 12/15/31     7,105   7,222  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/32     1,290   1,530  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 12/15/32     3,780   3,841  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/33   (4) 1,500   1,680  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/34     2,685   3,019  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/35     12,095   12,992  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/35     1,620   1,903  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/36     1,500   1,756  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/37     1,440   1,679  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/38     1,280   1,488  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/40     11,485   12,611  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.000% 6/15/44     2,500   2,608  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/44     1,500   1,718  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.000% 6/15/49     2,500   2,591  
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/49     2,500   2,844  
2 New Jersey Economic Development Authority Revenue (School Facilities Construction) TOB VRDO 1.130% 12/6/19   LOC 18,310   18,310  

 

35

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date               ($000 )  ($000 ) 
  New Jersey Economic Development Authority Revenue (Seeing Eye Inc. Project) 5.000% 6/1/32     2,295   2,798  
  New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) 5.000% 6/15/35     900   1,046  
  New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) 4.500% 6/15/40     1,565   1,717  
  New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) 5.000% 6/15/43     3,545   4,029  
  New Jersey Economic Development Authority Revenue (Team Academy Charter School Project) 5.000% 12/1/48     2,500   2,846  
  New Jersey Economic Development Authority Revenue (United Methodist Homes Obligated Group) 4.000% 7/1/24     2,000   2,087  
  New Jersey Economic Development Authority Revenue (United Methodist Homes Obligated Group) 5.000% 7/1/29     2,000   2,171  
  New Jersey Economic Development Authority Revenue (West Campus Housing LLC) 5.000% 7/1/35     6,025   6,451  
  New Jersey Economic Development Authority Revenue (West Campus Housing LLC) 5.000% 7/1/38     720   767  
  New Jersey Economic Development Authority Revenue (West Campus Housing LLC) 5.000% 7/1/47     7,905   8,345  
2 New Jersey Economic Development Authority Revenue TOB VRDO 1.130% 12/6/19     4,500   4,500  
  New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) 4.000% 7/1/29     350   380  
  New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) 5.000% 7/1/38     350   401  
  New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) 5.000% 7/1/50     1,100   1,239  
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/28     1,000   1,200  
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/29     750   896  
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 4.000% 7/1/32     1,000   1,121  
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 4.000% 7/1/33     1,250   1,399  
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/38     1,250   1,379  
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/43     2,500   2,750  
  New Jersey Educational Facilities Authority Revenue (Higher Education Capital Improvement Fund) 4.000% 9/1/25     105   116  
  New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) 5.000% 6/1/21     4,335   4,560  

 

36

 

 

New Jersey Long-Term Tax-Exempt Fund

 

                      Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 ) 
  New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) 4.000% 9/1/26     320   353  
  New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) 5.000% 9/1/26     1,100   1,245  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/30     2,500   2,999  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/31     13,385   16,011  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/32     1,730   2,065  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/33     3,170   3,690  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/33     75   89  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/34     2,000   2,325  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/35     2,100   2,437  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/36     1,150   1,332  
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/39     8,015   9,032  
  New Jersey Educational Facilities Authority Revenue (New Jersey City University) 5.000% 7/1/40     4,000   4,529  
  New Jersey Educational Facilities Authority Revenue (New Jersey City University) 5.000% 7/1/45     1,000   1,125  
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/31     3,800   4,749  
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/32     3,000   3,739  
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/32     1,000   1,246  
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/34     1,825   2,265  
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/36     4,975   6,162  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/29     1,430   1,550  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/30     1,500   1,625  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/31     1,575   1,706  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/33   (4) 2,500   3,016  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/34   (4) 2,500   3,010  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/37     2,065   2,227  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/40     2,150   2,452  
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/42     2,390   2,573  
  New Jersey Educational Facilities Authority Revenue (Rowan University) 5.000% 7/1/24   (4) 1,090   1,269  

 

37

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Educational Facilities Authority Revenue (Rowan University) 5.000% 7/1/30   (4) 565   676  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/31     1,165   1,346  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/33     1,000   1,111  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/33     430   495  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/34     850   977  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/37     1,445   1,653  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/38     1,225   1,356  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/42     2,900   3,402  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/43     1,500   1,653  
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 4.000% 7/1/47     6,000   6,519  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/22     430   469  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/32     2,530   3,053  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/33     2,340   2,810  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/34     1,340   1,606  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/35     1,485   1,776  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/42     2,000   2,354  
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/47     1,750   2,047  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/28     3,000   3,552  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/30     4,000   4,698  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/31     6,250   7,320  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/32     2,890   3,377  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/33     1,475   1,720  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/34   (4) 1,475   1,740  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/35   (4) 2,100   2,472  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 4.000% 7/1/36   (4) 1,800   1,976  
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/41     3,000   3,465  
  New Jersey Educational Facilities Authority Revenue (William Paterson University) 5.000% 7/1/31   (15) 2,145   2,545  

 

38

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Educational Facilities Authority Revenue (William Paterson University) 5.000% 7/1/37   (4) 1,450   1,734  
  New Jersey Educational Facilities Authority Revenue (William Paterson University) 5.000% 7/1/42   (4) 1,750   2,070  
  New Jersey GO 3.000% 6/1/25     10,000   10,426  
  New Jersey GO 5.000% 6/1/29     4,955   5,991  
  New Jersey GO 5.000% 6/1/31     4,590   5,298  
  New Jersey GO 5.000% 6/1/31     4,000   4,798  
  New Jersey GO 5.000% 6/1/32     2,760   3,181  
  New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) 5.000% 9/15/27     11,095   12,316  
  New Jersey Health Care Facilities Financing Authority Lease Revenue (Marlboro Psychiatric Hospital Project) 5.000% 9/15/33     5,085   5,569  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 6.000% 7/1/21   (Prere.) 1,500   1,614  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 5.000% 7/1/27     95   95  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 5.000% 7/1/30     500   607  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 5.000% 7/1/31     300   362  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 4.000% 7/1/41     16,050   17,720  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) VRDO 1.000% 12/6/19   LOC 5,375   5,375  
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) VRDO 1.000% 12/6/19   LOC 12,010   12,010  
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 4.000% 7/1/30     6,515   7,353  
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 4.000% 7/1/43     6,900   7,482  
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 5.000% 7/1/44     17,730   20,257  
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT 5.000% 7/1/24     4,000   4,636  
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT 5.000% 7/1/25     5,000   5,943  
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT 5.000% 7/1/26     5,000   6,085  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 5.000% 1/1/20   (Prere.) 2,025   2,031  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 5.000% 7/1/27     3,645   3,974  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 5.000% 7/1/32     2,000   2,229  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 4.000% 7/1/34     1,280   1,437  

 

39

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 4.000% 7/1/36     5,000   5,585  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/31     2,345   2,876  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/32     2,370   2,895  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/33     3,315   4,035  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/35     6,925   8,383  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/37     6,755   8,123  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/38     2,500   2,995  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/39     8,000   9,550  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/52     3,000   3,532  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/57     5,000   5,867  
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.250% 7/1/57     6,250   7,437  
  New Jersey Health Care Facilities Financing Authority Revenue (Holy Name Medical Center) 5.000% 7/1/25     3,625   3,696  
  New Jersey Health Care Facilities Financing Authority Revenue (Hospital Asset Transformation Program) 5.000% 10/1/25     4,380   5,088  
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/31     700   786  
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/32     800   897  
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/33     1,615   1,807  
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/34     1,415   1,582  
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/45     4,050   4,446  

 

40

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/24     190   220  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/35     2,500   3,007  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/36     2,365   2,834  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/37     2,000   2,390  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/42     3,000   3,546  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 4.000% 7/1/47     15,335   16,838  
2 New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) TOB VRDO 1.250% 12/6/19     8,975   8,975  
2 New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) TOB VRDO 1.250% 12/6/19     2,175   2,175  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health System Obligated Group) 5.000% 7/1/28     5,130   6,172  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health System Obligated Group) 5.000% 7/1/30     5,000   5,968  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health System Obligated Group) 5.000% 7/1/33     2,220   2,629  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health System Obligated Group) 5.000% 7/1/34     2,725   3,222  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health System Obligated Group) 4.000% 7/1/41     3,710   4,064  
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health System Obligated Group) 5.000% 7/1/46     2,000   2,311  
  New Jersey Health Care Facilities Financing Authority Revenue (Kennedy Health Systems) 5.000% 7/1/22   (Prere.) 1,750   1,921  
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/31     2,000   2,409  
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/32     2,630   3,160  
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/33     3,340   4,006  

 

41

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/34     2,190   2,622  
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/39     5,000   5,897  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/32     1,000   1,156  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/33     2,150   2,483  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/34     1,200   1,385  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.250% 7/1/35     7,070   7,908  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/39     3,500   4,022  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/43     4,000   4,576  
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.500% 7/1/43     8,010   9,037  
  New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) 5.000% 7/1/31     2,500   2,999  
  New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) 5.000% 7/1/33     5,080   6,068  
  New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) 5.000% 7/1/43     20,000   23,497  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Barnabas Health Care System) 0.000% 7/1/21   (ETM) 1,260   1,234  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Barnabas Health Care System) 5.000% 7/1/21   (Prere.) 2,000   2,119  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Barnabas Health Care System) 5.625% 7/1/21   (Prere.) 2,330   2,491  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Barnabas Health Care System) 5.625% 7/1/21   (Prere.) 5,260   5,624  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/28     1,500   1,760  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/29     1,335   1,560  

 

42

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/30     1,100   1,280  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/31     1,200   1,393  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 3.125% 7/1/33     3,420   3,442  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/35     3,185   3,667  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/36     1,000   1,149  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/41     9,510   10,794  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 4.000% 7/1/48     10,060   10,706  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Luke’s Warren Hospital Obligated Group) 4.500% 8/15/43     5,800   6,132  
  New Jersey Health Care Facilities Financing Authority Revenue (St. Peter’s University Hospital Obligated Group) 6.250% 7/1/35     2,115   2,237  
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/26     50   59  
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/27     1,165   1,379  
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/28     1,000   1,178  
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/29     2,875   3,379  
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/30     800   935  
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/30     2,745   3,208  
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/27   (4) 2,000   2,325  
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/29   (4) 1,950   2,252  
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/30   (4) 1,650   1,897  
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 4.125% 7/1/38   (4) 3,780   4,040  
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/46   (4) 7,950   8,954  

 

43

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 ) 
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/30     1,530   1,943  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/32     2,455   3,087  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/33     3,305   4,135  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/34     2,000   2,493  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/35     1,000   1,144  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/36     2,000   2,279  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/37     2,130   2,420  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/38     1,000   1,134  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/39     1,730   1,956  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/44     8,000   8,937  
1 New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 3.000% 7/1/49     7,000   6,900  
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) 5.000% 7/1/28     3,000   3,406  
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) 5.000% 7/1/29     2,410   2,729  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 4.750% 12/1/21     2,300   2,302  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/23     5,480   6,249  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/24     3,630   4,251  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/25     740   741  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/26     665   665  
  New Jersey Higher Education Assistance Authority Student Loan Revenue 2.375% 12/1/29     6,000   6,051  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue 3.950% 11/1/43     1,100   1,173  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue 3.750% 11/1/45     1,000   1,038  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue 4.000% 11/1/48     825   886  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue 3.900% 11/1/50     3,000   3,127  
  New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue 4.100% 11/1/53     500   535  
2 New Jersey Housing & Mortgage Finance Agency Multi-Family Housing Revenue TOB VRDO 1.130% 12/6/19     10,000   10,000  
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 4.250% 10/1/32     400   405  
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.500% 10/1/34     7,170   7,670  

 

44

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.750% 10/1/35     9,085   9,732  
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.850% 10/1/39     5,255   5,627  
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.950% 10/1/44     3,185   3,401  
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 4.000% 4/1/49     2,390   2,563  
  New Jersey Institute of Technology Revenue 5.000% 7/1/22   (Prere.) 460   505  
  New Jersey Institute of Technology Revenue 5.000% 7/1/32     1,075   1,169  
  New Jersey Institute of Technology Revenue 5.000% 7/1/40     6,910   7,991  
  New Jersey Institute of Technology Revenue 5.000% 7/1/42     4,810   5,205  
  New Jersey Institute of Technology Revenue 5.000% 7/1/45     9,090   10,494  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/21     135   142  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/22     595   646  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/27     13,975   16,492  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/28     6,580   7,731  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/29     5,805   6,790  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/30     8,020   9,338  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/30     10,600   12,343  
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/31     10,945   12,706  
  New Jersey Transportation Trust Fund Authority Revenue 5.250% 12/15/21   (4) 295   318  
  New Jersey Transportation Trust Fund Authority Revenue 5.500% 12/15/21   (14) 315   341  
  New Jersey Transportation Trust Fund Authority Revenue 0.000% 12/15/24   (12)(2) 100   91  
  New Jersey Transportation Trust Fund Authority Revenue 0.000% 12/15/26   (13)(2) 475   412  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/30     1,000   1,186  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/31     1,000   1,178  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/32     1,000   1,173  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/32     3,000   3,513  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/33     1,000   1,168  

 

45

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/33     2,810   3,281  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/34     1,000   1,166  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/34     2,810   3,273  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/35     1,000   1,163  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/35     2,325   2,701  
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/36     1,000   1,064  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/36     2,370   2,750  
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/37     1,000   1,060  
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 12/15/37   (15) 2,610   2,854  
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/38     1,000   1,057  
  New Jersey Transportation Trust Fund Authority Revenue 4.250% 12/15/38     2,355   2,532  
  New Jersey Transportation Trust Fund Authority Revenue 3.250% 6/15/39     1,000   981  
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/44     2,500   2,613  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/44     2,000   2,274  
  New Jersey Transportation Trust Fund Authority Revenue 3.500% 6/15/46     2,500   2,451  
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/50     2,500   2,597  
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/50     2,000   2,266  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/25     4,500   4,874  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/27     4,880   5,405  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/29     2,000   2,302  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/31     1,500   1,662  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.000% 12/15/31     5,165   5,597  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/32     10,000   10,722  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/33     4,500   4,821  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.000% 6/15/36     2,500   2,660  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 0.000% 12/15/36     700   405  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.750% 6/15/38     3,030   3,293  

 

46

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/38     10,550   11,633  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/38     6,575   6,995  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.125% 6/15/39     2,500   2,661  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.500% 6/15/39     5,400   5,951  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/41     7,700   8,668  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/43     3,000   3,488  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/44     3,585   3,860  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/45     1,000   1,102  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/46     5,385   5,926  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/46     3,000   3,402  
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.500% 6/15/49     5,000   5,432  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/20     200   204  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.750% 6/15/20     2,570   2,628  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 12/15/22     250   277  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/23     3,950   3,651  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 12/15/23   (2) 100   114  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/24     550   494  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/24   (2) 775   698  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/25     380   331  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/25     1,315   1,144  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/26   (2) 2,000   1,693  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/26     5,850   4,919  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.125% 6/15/28     5,245   5,513  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/28   (2) 755   592  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/28     3,955   3,090  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/28     11,915   9,308  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/29     2,785   3,071  

 

47

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/29   (4) 10,000   7,739  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 6/15/30     3,565   3,748  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 6/15/31     5,395   5,668  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.500% 6/15/31     6,015   6,342  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/31   (14) 14,190   10,108  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/31     12,195   8,554  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/32     8,275   9,306  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/32   (4) 19,280   13,660  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/32     995   673  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/32     150   101  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/33     5,000   3,261  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/33     3,000   1,956  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/34     60   38  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 6.000% 6/15/35     385   408  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/35     170   103  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 6/15/36     3,000   3,143  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/36     6,710   3,884  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/37     5,785   3,196  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/37     1,265   699  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/38     3,855   2,044  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/38     9,725   5,167  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/39     315   160  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/40     1,575   769  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.500% 6/15/41     8,000   8,388  
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/42     15,535   16,156  
  New Jersey Turnpike Authority Revenue 5.000% 7/1/22   (Prere.) 10,355   11,381  
  New Jersey Turnpike Authority Revenue 5.000% 7/1/22   (Prere.) 5,395   5,930  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31     3,000   3,637  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31     2,000   2,470  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31     3,000   3,705  

 

48

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  New Jersey Turnpike Authority Revenue 5.000% 1/1/32     3,250   3,780  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/32     3,100   3,814  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/33     3,000   3,482  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/33     1,250   1,533  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/33     15   18  
  New Jersey Turnpike Authority Revenue 4.000% 1/1/34     5,000   5,702  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34     20   23  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34     3,395   3,936  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34     5,000   6,011  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34     7,100   8,693  
  New Jersey Turnpike Authority Revenue 4.000% 1/1/35     2,000   2,276  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/35     4,000   4,796  
  New Jersey Turnpike Authority Revenue 4.000% 1/1/36     650   737  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/36     3,890   4,740  
  New Jersey Turnpike Authority Revenue 4.000% 1/1/37     2,500   2,824  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/37     9,755   11,856  
  New Jersey Turnpike Authority Revenue 4.000% 1/1/43     12,525   13,946  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/43     3,200   3,459  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/45     14,360   16,411  
  New Jersey Turnpike Authority Revenue 4.000% 1/1/48     4,440   4,966  
  New Jersey Turnpike Authority Revenue 5.000% 1/1/48     4,000   4,840  
2 New Jersey Turnpike Authority Revenue TOB VRDO 1.130% 12/6/19   LOC 65   65  
2 New Jersey Turnpike Authority Revenue TOB VRDO 1.220% 12/6/19     15,615   15,615  
2 New Jersey Turnpike Authority Revenue TOB VRDO 1.250% 12/6/19     6,665   6,665  
  Newark NJ Housing Authority Port Authority-Port Newark Marine Terminal Revenue (City of Newark Redevelopment Projects) 5.000% 1/1/32   (14) 2,500   3,139  
  Newark NJ Housing Authority Port Authority-Port Newark Marine Terminal Revenue (City of Newark Redevelopment Projects) 4.000% 1/1/37     8,500   9,519  
  North Brunswick NJ Township Board of Education GO 3.250% 8/15/31     395   426  
  North Brunswick NJ Township Board of Education GO 3.375% 8/15/36     1,940   2,073  
  North Brunswick NJ Township Board of Education GO 3.375% 8/15/37     1,695   1,802  
  North Brunswick Township NJ GO 2.000% 7/15/23     265   272  
  North Brunswick Township NJ GO 2.000% 7/15/24     225   232  
  Passaic County NJ GO 3.000% 5/1/32     540   578  
  Passaic County NJ Improvement Authority Government Loan Revenue (City of Paterson Project) 5.000% 6/15/34     1,000   1,213  
  Passaic County NJ Improvement Authority Government Loan Revenue (City of Paterson Project) 5.000% 6/15/35     1,200   1,452  
  Passaic County NJ Improvement Authority Lease Revenue 5.000% 5/1/33     720   835  
  Passaic County NJ Improvement Authority Revenue (200 Hospital Plaza Corp. Project) 5.000% 5/1/42     2,500   2,938  
1 Passaic NJ GO 1.000% 12/1/35     1,675   1,270  
  Passaic Valley NJ Sewage Commissioners Revenue 5.000% 12/1/24   (4) 3,010   3,534  

 

49

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 ) 
  Passaic Valley NJ Water Commission Revenue 5.000% 12/15/32   (4) 1,385   1,606  
  Pennsauken Township NJ School District GO 4.000% 7/15/38     2,525   2,727  
  Pinelands NJ Regional School District GO 4.000% 3/1/24     230   253  
  Plainfield NJ Board of Education GO 5.000% 8/1/20   (15) 1,470   1,506  
  Plainfield NJ Board of Education GO 5.000% 8/1/21   (15) 1,175   1,247  
  Plainfield NJ Board of Education GO 5.000% 8/1/22   (15) 1,600   1,754  
  Plainfield NJ Board of Education GO 5.000% 8/1/23   (15) 1,750   1,976  
  Plainfield NJ Board of Education GO 5.000% 8/1/24   (15) 1,000   1,161  
  Plainfield NJ Board of Education GO 5.000% 8/1/25   (15) 1,000   1,192  
  Port Authority of New York & New Jersey Revenue 5.375% 3/1/28     1,280   1,521  
  Port Authority of New York & New Jersey Revenue 5.000% 12/1/34     7,000   7,970  
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/35     2,000   2,468  
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/36     5,560   7,067  
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/36     5,000   6,154  
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/37     3,630   4,192  
  Port Authority of New York & New Jersey Revenue 5.000% 7/15/38     3,605   4,448  
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/38     4,000   4,605  
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/39     4,555   5,230  
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/39     4,090   4,660  
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/43     5,000   5,619  
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/45     2,000   2,266  
  Port Authority of New York & New Jersey Revenue 5.000% 10/15/47     4,000   4,764  
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/48     1,740   2,111  
1 Port Authority of New York & New Jersey Revenue 4.000% 11/1/49     4,125   4,662  
  Port Authority of New York & New Jersey Revenue 5.250% 10/15/55     5,080   5,999  
  Port Authority of New York & New Jersey Revenue 5.250% 11/15/56     5,010   6,019  
  Port Authority of New York & New Jersey Revenue 5.000% 4/15/57     4,000   4,721  
  Port Authority of New York & New Jersey Revenue 5.000% 5/15/57     3,000   3,580  
  Port Authority of New York & New Jersey Revenue 5.250% 11/15/57     4,405   5,370  
2 Port Authority of New York & New Jersey Revenue TOB VRDO 1.150% 12/6/19     20   20  
  Port Authority of New York & New Jersey Special Obligation Revenue (John F.   Kennedy International Air Terminal LLC) 5.500% 12/1/31     5,000   5,212  

 

50

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  Port Authority of New York & New Jersey Special Obligation Revenue (John F. Kennedy International Air Terminal LLC) 6.000% 12/1/42     5,000   5,220  
  Rutgers State University New Jersey Revenue 5.000% 5/1/23   (Prere.) 350   395  
  Rutgers State University New Jersey Revenue 5.000% 5/1/23   (Prere.) 7,000   7,896  
  Rutgers State University New Jersey Revenue 5.000% 5/1/23   (Prere.) 3,010   3,395  
  Rutgers State University New Jersey Revenue 5.000% 5/1/23   (Prere.) 14,290   16,120  
  Rutgers State University New Jersey Revenue 5.000% 5/1/23   (Prere.) 13,650   15,398  
  Rutgers State University New Jersey Revenue VRDO 1.110% 12/2/19     19,850   19,850  
  Salem County NJ 3.000% 6/15/32   (15) 765   790  
  Salem County NJ 3.000% 6/15/33   (15) 270   278  
  Somers Point NJ GO 3.000% 10/1/23     1,165   1,236  
  Somers Point NJ GO 3.000% 10/1/24     1,265   1,360  
  Somers Point NJ GO 4.000% 10/1/25     1,085   1,240  
  Somers Point NJ GO 4.000% 10/1/26     1,360   1,575  
  South Jersey NJ Port Corp. Revenue 5.000% 1/1/39     2,440   2,752  
  South Jersey NJ Port Corp. Revenue 5.000% 1/1/49     2,500   2,870  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/21     3,000   3,195  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/22   (Prere.) 4,010   4,440  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/22     2,780   3,051  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/22   (Prere.) 2,050   2,270  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/23     250   274  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/25     4,000   4,377  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/26     5,000   5,462  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/27     2,960   3,228  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/28   (4) 200   252  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/28   (4) 1,140   1,418  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/28     240   261  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/29   (4) 500   638  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/30     450   511  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/30   (4) 500   635  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/31   (4) 500   632  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/32   (4) 500   629  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/33   (4) 500   628  
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/39     5,600   6,268  
  Sussex County NJ GO 3.000% 6/1/24     1,600   1,724  

 

51

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 ) ($000 )
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/22     1,000   1,082  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/25     1,200   1,400  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/26     1,405   1,673  
  Tobacco Settlement Financing Corp. New Jersey Revenue 3.200% 6/1/27     3,085   3,149  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/28     1,955   2,406  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/29     1,500   1,836  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/30     1,500   1,825  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/31     3,500   4,233  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/32     2,850   3,428  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/33     2,750   3,298  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/34     2,000   2,385  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/35     2,500   2,972  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/36     2,000   2,369  
  Tobacco Settlement Financing Corp. New Jersey Revenue 4.000% 6/1/37     3,000   3,221  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/37     2,000   2,360  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/46     2,500   2,760  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/46     5,000   5,673  
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.250% 6/1/46     13,300   15,410  
  Toms River NJ Board of Education GO 3.000% 7/15/29     1,500   1,580  
  Toms River NJ Board of Education GO 3.000% 7/15/30     1,500   1,572  
  Toms River NJ Board of Education GO 3.000% 7/15/31     1,500   1,567  
  Toms River NJ Board of Education GO 3.000% 7/15/32     1,500   1,558  
  Toms River NJ Board of Education GO 3.000% 7/15/33     2,000   2,073  
  Toms River NJ Board of Education GO 3.000% 7/15/38     2,675   2,719  
  Trenton NJ GO 5.000% 7/15/37   (4) 1,055   1,264  
  Trenton NJ GO 5.000% 7/15/40   (4) 500   593  
  Union City NJ GO 5.000% 11/1/23     1,060   1,196  
  Union County NJ Improvement Authority Lease Revenue (Family Court Building    Project) 5.000% 5/1/42     5,000   5,405  
  Union Township NJ Union City GO 1.000% 8/1/32     1,094   912  
  West Deptford Township NJ GO 2.000% 2/15/24     385   395  
  West Deptford Township NJ GO 3.000% 2/15/30     645   689  
  West Deptford Township NJ GO 3.000% 2/15/32     925   978  
  Woodland Park NJ GO 3.000% 7/15/24     435   467  
                2,504,376  

 

52

 

 

New Jersey Long-Term Tax-Exempt Fund

 

            Face   Market  
      Maturity     Amount   Value·  
    Coupon Date     ($000 )  ($000 ) 
Guam (0.3%)                
  Guam Government Waterworks Authority                
    Water & Waste Water System Revenue 5.500% 7/1/43     3,000   3,287  
  Guam Power Authority Revenue 5.000% 10/1/27     1,135   1,273  
  Guam Power Authority Revenue 5.000% 10/1/29     1,355   1,512  
                6,072  
Puerto Rico (0.2%)                
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/24     520   455  
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/27     1,204   958  
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/29     1,032   763  
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40     125   127  
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40     1,948   1,975  
  Puerto Rico Sales Tax Financing Corp. Revenue 5.000% 7/1/58     335   351  
                4,629  
Total Tax-Exempt Municipal Bonds (Cost $2,361,052)           2,515,077  

 

   Amount 
   ($000)
Other Assets and Liabilities (-0.7%)     
Other Assets     
Investment in Vanguard   114 
Receivables for Investment Securities Sold   1,000 
Receivables for Accrued Income   35,698 
Receivables for Capital Shares Issued   681 
Variation Margin Receivable—Futures Contracts   66 
Other Assets   201 
Total Other Assets   37,760 
Liabilities     
Payables for Investment Securities Purchased   (51,120)
Payables for Capital Shares Redeemed   (410)
Payables for Distributions   (1,851)
Payables to Vanguard   (1,064)
Total Liabilities   (54,445)
Net Assets (100%)   2,498,392 
      
At November 30, 2019, net assets consisted of:     
    Amount 
   ($000)
Paid-in Capital   2,332,473 
Total Distributable Earnings (Loss)   165,919 
Net Assets   2,498,392 
      
Investor Shares—Net Assets     
Applicable to 23,227,668 outstanding $.001 par value shares of beneficial interest (unlimited authorization)   290,227 
Net Asset Value Per Share—Investor Shares   $12.49 

 

53

 

 

New Jersey Long-Term Tax-Exempt Fund

 

   Amount 
   ($000)
Admiral Shares—Net Assets     
Applicable to 176,725,724 outstanding $.001 par value shares of beneficial interest (unlimited authorization)   2,208,165 
Net Asset Value Per Share—Admiral Shares   $12.49 

 

•See Note A in Notes to Financial Statements.
  
1Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of November 30, 2019.
  
2Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2019, the aggregate value of these securities was $70,775,000, representing 2.8% of net assets.
  
3Securities with a value of $402,000 have been segregated as initial margin for open futures contracts.

A key to abbreviations and other references follows the Statement of Net Assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

54

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Key to Abbreviations

 

 

ARS—Auction Rate Security.

BAN—Bond Anticipation Note.

CMT—Constant Maturing Treasury Rate.

COP—Certificate of Participation.

CP—Commercial Paper.

FR—Floating Rate.

GAN—Grant Anticipation Note.

GO—General Obligation Bond.

LIBOR—London Interbank Offered Rate.

PILOT—Payments in Lieu of Taxes.

PUT—Put Option Obligation.

RAN—Revenue Anticipation Note.

SIFMA—Securities Industry and Financial Markets Association.

SOFR—Secured Overnight Financing Rate.

TAN—Tax Anticipation Note.

TOB—Tender Option Bond.

TRAN—Tax Revenue Anticipation Note.

VRDO—Variable Rate Demand Obligation.

VRDP—Variable Rate Demand Preferred.

(ETM)—Escrowed to Maturity.

(Prere.)—Prerefunded.

 

Scheduled principal and interest payments are guaranteed by:

(1) MBIA (Municipal Bond Investors Assurance).

(2) AMBAC (Ambac Assurance Corporation).

(3) FGIC (Financial Guaranty Insurance Company).

(4) AGM (Assured Guaranty Municipal Corporation).

(5) BIGI (Bond Investors Guaranty Insurance).

(6) Connie Lee Inc.

(7) FHA (Federal Housing Authority).

(8) CapMAC (Capital Markets Assurance Corporation).

(9) American Capital Access Financial Guaranty Corporation.

(10) XL Capital Assurance Inc.

(11) CIFG (CDC IXIS Financial Guaranty).

(12) AGC (Assured Guaranty Corporation).

(13) BHAC (Berkshire Hathaway Assurance Corporation).

(14) NPFG (National Public Finance Guarantee Corporation).

(15) BAM (Build America Mutual Assurance Company).

(16) MAC (Municipal Assurance Corporation).

(17) RAA (Radian Asset Assurance Inc.).

(18) SBLF (Michigan School Bond Loan Fund).

(19)TPSF (Texas Permanent School Fund).

The insurance does not guarantee the market value of the municipal bonds.

 

LOC—Scheduled principal and interest payments are guaranteed by bank letter of credit.

 

55

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

Derivative Financial Instruments Outstanding as of Period End        
                 
Futures Contracts                    
               ($000)
                   Value and 
         Number of         Unrealized 
         Long (Short)    Notional    Appreciation 
    Expiration    Contracts    Amount    (Depreciation) 
Long Futures Contracts                    
2-Year U.S. Treasury Note   March 2020    276    59,502    (31)
5-Year U.S. Treasury Note   March 2020    94    11,183    (10)
                   (41)
                     
Short Futures Contracts                    
Ultra 10-Year U.S. Treasury Note   March 2020    (135)   (19,200)   44 
10-Year U.S. Treasury Note   March 2020    (43)   (5,562)   11 
Ultra Long U.S. Treasury Bond   March 2020    (16)   (3,004)   1 
                   56 
                   15 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

56

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

Statement of Operations

 

 

   Year Ended 
   November 30, 2019 
   ($000)
Investment Income     
Income     
Interest   80,475 
Total Income   80,475 
Expenses     
The Vanguard Group—Note B     
Investment Advisory Services   324 
Management and Administrative—Investor Shares   339 
Management and Administrative—Admiral Shares   1,412 
Marketing and Distribution—Investor Shares   34 
Marketing and Distribution—Admiral Shares   94 
Custodian Fees   13 
Auditing Fees   34 
Shareholders’ Reports—Investor Shares   31 
Shareholders’ Reports—Admiral Shares   35 
Trustees’ Fees and Expenses   1 
Total Expenses   2,317 
Expenses Paid Indirectly   (12)
Net Expenses   2,305 
Net Investment Income   78,170 
Realized Net Gain (Loss)     
Investment Securities Sold   14,482 
Futures Contracts   (1,764)
Realized Net Gain (Loss)   12,718 
Change in Unrealized Appreciation (Depreciation)     
Investment Securities   129,314 
Futures Contracts   23 
Change in Unrealized Appreciation (Depreciation)   129,337 
Net Increase (Decrease) in Net Assets Resulting from Operations   220,225 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

57

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

Statement of Changes in Net Assets

 

 

   Year Ended November 30, 
   2019   2018 
   ($000)   ($000)
Increase (Decrease) in Net Assets          
Operations          
Net Investment Income   78,170    75,756 
Realized Net Gain (Loss)   12,718    9,451 
Change in Unrealized Appreciation (Depreciation)   129,337    (53,109)
Net Increase (Decrease) in Net Assets Resulting from Operations   220,225    32,098 
Distributions          
Net Investment Income          
Investor Shares   (8,559)   (8,278)
Admiral Shares   (69,641)   (67,557)
Realized Capital Gain1          
Investor Shares   (908)   (1,291) 
Admiral Shares   (7,435)   (10,355) 
Total Distributions   (86,543)   (87,481) 
Capital Share Transactions          
Investor Shares   46,437    289 
Admiral Shares   224,674    38,927 
Net Increase (Decrease) from Capital Share Transactions   271,111    39,216 
Total Increase (Decrease)   404,793    (16,167)
Net Assets          
Beginning of Period   2,093,599    2,109,766 
End of Period   2,498,392    2,093,599 

 

1Includes fiscal 2019 and 2018 short-term gain distributions totaling $89,000 and $819,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

58

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

Financial Highlights

 

 

Investor Shares                    
                     
For a Share Outstanding          Year Ended November 30, 
Throughout Each Period  2019   2018   2017   2016   2015 
Net Asset Value, Beginning of Period  $11.78   $12.09   $11.69   $12.00   $12.22 
Investment Operations                    
Net Investment Income  .4021  .4191   .4251   .430   .427
Net Realized and Unrealized Gain (Loss) on Investments  .758  (.242)  .494  (.289)  (.167)
Total from Investment Operations  1.160   .177   .919   .141   .260 
Distributions                    
Dividends from Net Investment Income  (.403)  (.420)  (.422)  (.430)  (.427)
Distributions from Realized Capital Gains  (.047)  (.067)  (.097)  (.021)  (.053)
Total Distributions  (.450)  (.487)  (.519)  (.451)  (.480)
Net Asset Value, End of Period  $12.49   $11.78   $12.09   $11.69   $12.00 
                     
Total Return2  10.00%  1.49%  8.03%  1.06%  2.17%
                     
Ratios/Supplemental Data                    
Net Assets, End of Period (Millions)  $290   $229   $235   $234   $241 
Ratio of Total Expenses to Average Net Assets  0.17%  0.17%  0.19%  0.19%  0.20%
Ratio of Net Investment Income to                    
Average Net Assets  3.28%  3.53%  3.57%  3.50%  3.54%
Portfolio Turnover Rate  12%  19%  19%  19%  25%

 

1Calculated based on average shares outstanding.
   
2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

59

 

 

New Jersey Long-Term Tax-Exempt Fund

 

Financial Highlights

 

Admiral Shares                    
                     
For a Share Outstanding  Year Ended November 30, 
Throughout Each Period  2019   2018   2017   2016   2015 
Net Asset Value, Beginning of Period  $11.78   $12.09   $11.69   $12.00   $12.22 
Investment Operations                    
Net Investment Income  .4131  .4291  .4371   .443   .436 
Net Realized and Unrealized Gain (Loss) on Investments  .757  (.242)  .494   (.289)  (.167)
Total from Investment Operations  1.170  .187   .931   .154   .269 
Distributions                    
Dividends from Net Investment Income  (.413)  (.430)  (.434)  (.443)  (.436)
Distributions from Realized Capital Gains  (.047)  (.067)  (.097)  (.021)  (.053)
Total Distributions  (.460)  (.497)  (.531)  (.464)  (.489)
Net Asset Value, End of Period  $12.49   $11.78   $12.09   $11.69   $12.00 
                     
Total Return2  10.09%  1.57%  8.14%  1.16%   2.25%
                     
Ratios/Supplemental Data                    
Net Assets, End of Period (Millions)  $2,208   $1,865  $1,875   $1,742   $1,738 
Ratio of Total Expenses to Average Net Assets  0.09%  0.09%  0.09%  0.09%  0.12%
Ratio of Net Investment Income to                    
Average Net Assets  3.36%  3.61%  3.67%  3.60%   3.62%
Portfolio Turnover Rate  12%  19%  19%  19% 25%

 

1Calculated based on average shares outstanding.

 

2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

60

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

Notes to Financial Statements

 

 

 

Vanguard New Jersey Long-Term Tax-Exempt Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund invests in debt instruments of municipal issuers whose ability to meet their obligations may be affected by economic and political developments in the state. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

 

A.   The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

 

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value.

 

2. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.

 

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

 

During the year ended November 30, 2019, the fund’s average investments in long and short futures contracts represented 6% and 3% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

 

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (November 30, 2016–2019), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

4. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

 

61

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

 

 

 

5. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at November 30, 2019, or at any time during the period then ended.

 

6. Other: Interest income is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

 

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

 

B.   In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At November 30, 2019, the fund had contributed to Vanguard capital in the amount of $114,000, representing less than 0.01% of the fund’s net assets and 0.05% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

C.   The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended November 30, 2019, custodian fee offset arrangements reduced the fund’s expenses by $12,000 (an annual rate of less than 0.01% of average net assets).

 

62

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

 

 

 

D.   Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

 

Level 1—Quoted prices in active markets for identical securities.

 

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Statement of Net Assets.

 

The following table summarizes the market value of the fund’s investments and derivatives as of November 30, 2019, based on the inputs used to value them:

 

  Level 1 Level 2 Level 3
Investments ($000) ($000) ($000)
Tax-Exempt Municipal Bonds — 2,515,077 —
Futures Contracts—Assets1 66 — —
Total 66 2,515,077 —

 

1 Represents variation margin on the last day of the reporting period.

 

E.   Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for distributions in connection with fund share redemptions were reclassified between the following accounts:

 

  Amount
  ($000)
Paid-in Capital 397
Total Distributable Earnings (Loss) (397)

 

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to the tax deferral of losses on wash sales and straddles; the realization of unrealized gains or losses on certain futures contracts; and payables for distributions. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:

 

  Amount
  ($000)
Undistributed Ordinary Income 1,498
Undistributed Tax-Exempt Income 2,817
Undistributed Long-Term Gains 12,861
Capital Loss Carryforwards (Non-expiring) —
Net Unrealized Gains (Losses) 151,542

 

63

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

 

 

 

As of November 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

  Amount
  ($000)
Tax Cost 2,363,535
Gross Unrealized Appreciation 152,105
Gross Unrealized Depreciation (563)
Net Unrealized Appreciation (Depreciation) 151,542

 

 

F.   During the year ended November 30, 2019, the fund purchased $530,755,000 of investment securities and sold $270,532,000 of investment securities, other than U.S. government securities and temporary cash investments.

 

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended November 30, 2019, such purchases and sales were $231,399,000 and $253,950,000, respectively; these amounts are included in the purchases and sales of investment securities noted above.

 

G.   Capital share transactions for each class of shares were:

 

   Year Ended November 30, 
   2019   2018 
   Amount   Shares   Amount   Shares 
   ($000)   (000)  ($000)   (000)
Investor Shares                    
Issued   99,631    8,139    60,864    5,111 
Issued in Lieu of Cash Distributions   7,830    640    7,770    652 
Redeemed   (61,024)   (4,993)   (68,345)   (5,754)
Net Increase (Decrease)—Investor Shares   46,437    3,786    289    9 
Admiral Shares                    
Issued   384,692    31,557    238,561    20,065 
Issued in Lieu of Cash Distributions   53,692    4,389    55,011    4,616 
Redeemed   (213,710)   (17,490)   (254,645)   (21,427)
Net Increase (Decrease)—Admiral Shares   224,674    18,456    38,927    3,254 

 

 

H.    Management has determined that no events or transactions occurred subsequent to November 30, 2019, that would require recognition or disclosure in these financial statements.

 

64

 

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of Vanguard New Jersey Tax-Free Funds and Shareholders of Vanguard New Jersey Municipal Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund

 

Opinions on the Financial Statements

We have audited the accompanying statements of net assets of Vanguard New Jersey Municipal Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund (constituting Vanguard New Jersey Tax-Free Funds, hereafter collectively referred to as the “Funds”) as of November 30, 2019, the related statements of operations for the year ended November 30, 2019, the statements of changes in net assets for each of the two years in the period ended November 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2019 and each of the financial highlights for each of the five years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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 of these financial statements 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.

 

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 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. Our procedures included confirmation of securities owned as of November 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

 

 

 

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 16, 2020

 

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

 

65

 

 

 

Special 2019 tax information (unaudited) for Vanguard New Jersey Tax-Exempt Funds

 

This information for the fiscal year ended November 30, 2019, is included pursuant to provisions of the Internal Revenue Code.

 

The Long-Term Tax- Exempt Fund distributed $8,610,000 as capital gain dividends (20% rate gain distributions) to shareholders during the fiscal year.

 

For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the Long-Term Tax-Exempt Fund are qualified short-term capital gains.

 

Each fund designates 100% of its income dividends as exempt-interest dividends.

 

66

 

 

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays NJ Municipal Bond Index (Index or Bloomberg Barclays Index).

 

Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the New Jersey Long-Term Tax-Exempt Fund and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the New Jersey Long-Term Tax-Exempt Fund. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the New Jersey Long-Term Tax-Exempt Fund. Bloomberg and Barclays’ only relationship with Vanguard in respect of the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the New Jersey Long-Term Tax-Exempt Fund or the owners of the New Jersey Long-Term Tax-Exempt Fund.

 

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the New Jersey Long-Term Tax-Exempt Fund. Investors acquire the New Jersey Long-Term Tax-Exempt Fund from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the New Jersey Long-Term Tax-Exempt Fund. The New Jersey Long-Term Tax-Exempt Fund is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the New Jersey Long-Term Tax-Exempt Fund or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the New Jersey Long-Term Tax-Exempt Fund with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the New Jersey Long-Term Tax-Exempt Fund to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the New Jersey Long-Term Tax-Exempt Fund or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the New Jersey Long-Term Tax-Exempt Fund.

 

67

 

 

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the New Jersey Long-Term Tax-Exempt Fund, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the New Jersey Long-Term Tax-Exempt Fund, investors or other third parties.

 

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE NEW JERSEY LONG-TERM TAX-EXEMPT FUND.

 

None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

 

© 2020 Bloomberg. Used with Permission.

 

Source: Bloomberg Index Services Limited. Copyright 2020, Bloomberg. All rights reserved. 

 

68

 

 

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The People Who Govern Your Fund

 

 

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

 

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 213 Vanguard funds.

 

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

 

Interested Trustee1

 

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chairman of the board (January 2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (January 2018–present) of Vanguard; chief executive officer, president, and trustee (January 2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (February 2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; trustee (2018–present) of The Shipley School.

 

Independent Trustees

 

Emerson U. Fullwood

Born in 1948. Trustee since January 2008. Principal occupation(s) during the past five years and other experience: executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute of Technology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College. Trustee of the University of Rochester.

 

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal occupation(s) during the past five years and other experience: president (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. Trustee of the National Constitution Center.

 

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services), and the Lumina Foundation.

 

1Mr. Buckley is considered an “interested person,” as defined in the Investment Company Act of 1940, because he is an officer of the Vanguard funds.

 

 

 

Director of the V Foundation and Oxfam America. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame.

 

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

 

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: chief investment officer (1989–present) and vice president (1996–present) of the University of Notre Dame. Assistant professor of finance at the Mendoza College of Business, University of Notre Dame, and member of the Notre Dame 403(b) Investment Committee. Chairman of the board of TIFF Advisory Services, Inc. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion.

 

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: president (2010–present) and chief executive officer (2011–present) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of The Guardian Life Insurance Company of America. Member of the board of The Guardian Life Insurance Company of America, the American Council of Life Insurers, the Partnership for New York City (business leadership), and the Committee Encouraging Corporate Philanthropy. Trustee of the Economic Club of New York and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business.

 

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies (private investment firm). Board of advisors and investment committee member of the Museum of Fine Arts Boston. Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System.

 

Sarah Bloom Raskin

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Member of the board of directors (2012–2014) of Neighborhood Reinvestment Corporation. Director (2017–present) of i(x) Investments; director (2017–present) of Reserve Trust. Rubinstein Fellow (2017–present) of Duke University; trustee (2017–present) of Amherst College.

 

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the board of Hypertherm Inc. (industrial cutting systems, software, and consumables).

 

 

 

Executive Officers

 

John Bendl

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (October 2019–present) of each of the investment companies served by Vanguard. Chief accounting officer, treasurer, and controller of Vanguard (2017–present). Partner (2003–2016) at KPMG (audit, tax, and advisory services).

 

Glenn Booraem

Born in 1967. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (2017–present), treasurer (2015–2017), controller (2010–2015), and assistant controller (2001–2010) of each of the investment companies served by Vanguard.

 

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Treasurer (2017–present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

 

David Cermak

Born in 1960. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan.

 

Thomas J. Higgins

Born in 1957. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (October 2019–present), chief financial officer (2008–2019), and treasurer (1998–2008) of each of the investment companies served by Vanguard.

 

Peter Mahoney

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008–2014) at Vanguard.

 

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express.

 

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

 

John E. Schadl

Born in 1972. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (May 2019–present) of Vanguard Marketing Corporation.

 

 

Vanguard Senior Management Team
   
Joseph Brennan Chris D. McIsaac
Mortimer J. Buckley James M. Norris
Gregory Davis Thomas M. Rampulla
John James Karin A. Risi
Martha G. King Anne E. Robinson
John T. Marcante Michael Rollings

 

 

 

   
   
  P.O. Box 2600
  Valley Forge, PA 19482-2600

 

Connect with Vanguard® > vanguard.com

 

 

 

Fund Information > 800-662-7447

 

Direct Investor Account Services > 800-662-2739

 

Institutional Investor Services > 800-523-1036

 

Text Telephone for People

Who Are Deaf or Hard of Hearing > 800-749-7273

 

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

 

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

 

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

 

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

 

CFA® is a registered trademark owned by CFA Institute.

 

  © 2020 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
   
  Q140 012020

 

 

 

 

 

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. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert. All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

 

 

Item 4: Principal Accountant Fees and Services.

 

(a)       Audit Fees.

 

Audit Fees of the Registrant.

 

Fiscal Year Ended November 30, 2019: $62,000
Fiscal Year Ended November 30, 2018: $64,000

 

Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.

 

Fiscal Year Ended November 30, 2019: $9,568,215
Fiscal Year Ended November 30, 2018: $9,734,277

 

Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(b)       Audit-Related Fees.

 

Fiscal Year Ended November 30, 2019: $3,012,031
Fiscal Year Ended November 30, 2018: $5,581,336

 

Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(c)       Tax Fees.

 

Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985

 

Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(d)       All Other Fees.

 

Fiscal Year Ended November 30, 2019: $0
Fiscal Year Ended November 30, 2018: $0

 

Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

 

 

(e)        (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.

 

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.

 

The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.

 

(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f)       For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.

 

(g)       Aggregate Non-Audit Fees.

 

Fiscal Year Ended November 30, 2019: $357,238
Fiscal Year Ended November 30, 2018: $347,985

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

(h)       For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

 

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.

 

Item 6: Investments.

 

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: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: Controls and Procedures.

 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

 

 

Item 13: Exhibits.

 

(a)Code of Ethics.
(b)Certifications.

 

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.

 

  VANGUARD NEW JERSEY TAX-FREE FUNDS
         
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 21, 2020

 

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.

 

  VANGUARD NEW JERSEY TAX-FREE FUNDS
         
BY: /s/ MORTIMER J. BUCKLEY*  
  MORTIMER J. BUCKLEY  
  CHIEF EXECUTIVE OFFICER  

 

Date: January 21, 2020

 

  VANGUARD NEW JERSEY TAX-FREE FUNDS
         
BY: /s/ JOHN BENDL*  
  JOHN BENDL  
  CHIEF FINANCIAL OFFICER  

 

Date: January 21, 2020

 

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018 (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019 (see file Number 811-02554), Incorporated by Reference.