N-CSRS 1 tm2024218d3_ncsrs.htm N-CSRS

 

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, 2019—May 31, 2020

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

 

 

 

Semiannual Report | May 31, 2020

 

 

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

 

About Your Fund’s Expenses 1
New Jersey Municipal Money Market Fund 3
New Jersey Long-Term Tax-Exempt Fund 18
Trustees Approve Advisory Arrangements 58
Liquidity Risk Management 60

 

 

 

 

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.

 

1

 

 

Six Months Ended May 31, 2020

 

  Beginning Ending Expenses
  Account Value Account Value Paid During
  11/30/2019 5/31/2020 Period
Based on Actual Fund Return      
New Jersey Municipal Money Market Fund $1,000.00 $1,004.75 $0.80
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $985.53 $0.84
Admiral™ Shares 1,000.00 985.92 0.45
Based on Hypothetical 5% Yearly Return      
New Jersey Municipal Money Market Fund $1,000.00 $1,024.20 $0.81
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,024.15 $0.86
Admiral Shares 1,000.00 1,024.55 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 (183/366).

 

2

 

 

New Jersey Municipal Money Market Fund

 

Distribution by Effective Maturity1

As of May 31, 2020

 

1 - 7 Days 72.9 %
8 - 30 Days 4.4  
31 - 60 Days 4.8  
61 - 90 Days 2.5  
91 - 180 Days 7.7  
Over 180 Days 7.7  

1 Percentage of investments.

 

3

 

 

 

New Jersey Municipal Money Market Fund

 

Financial Statements (unaudited)

 

Schedule of Investments

 

As of May 31, 2020

 

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 (90.9%)          
New Jersey (90.9%)          
  Bergen County NJ GO 3.000% 7/15/20   2,470 2,475
  Bergen County NJ GO 2.000% 12/11/20   19,895 19,989
      Bergen County NJ Improvement Authority Revenue (Bergen New Bridge Medical Center Project)     4.000%     9/1/20       1,675     1,686
  Brick Township NJ BAN 2.250% 6/24/20   4,000 4,002
    Burlington County NJ Bridge Commission Revenue   5.000%   12/1/20     1,500   1,530
  Edison Township NJ BAN 2.500% 1/13/21   10,000 10,093
    Essex County NJ Improvement Authority Revenue (Fern Senior Housing Project) VRDO   0.160%   6/5/20 LOC   7,300   7,300
      Essex County NJ Improvement Authority Revenue (Jewish Community Center of MetroWest Inc. Project) VRDO     0.090%     6/5/20 LOC     7,965     7,965
    Essex County NJ Improvement Authority Revenue (Pooled Government Loan) VRDO   0.050%   6/5/20 LOC   17,115   17,115
  Fair Lawn NJ BAN 1.750% 9/11/20   2,500 2,504
      Gloucester County NJ Pollution Control Financing Authority Revenue (ExxonMobil Project) VRDO     0.010%     6/1/20       21,750     21,750
  Hoboken NJ BAN 1.750% 3/3/21   4,754 4,777
  Howell Township NJ BAN 2.000% 10/9/20   3,000 3,007
    Hudson County NJ Improvement Authority Lease Revenue   2.500%   9/18/20     4,750   4,766
1     Hudson County NJ Improvement Authority Lease Revenue (Hudson County Vocational - Technical Schools Project) TOB VRDO     0.140%     6/5/20       1,730     1,730
1     Hudson County NJ Improvement Authority Lease Revenue (Hudson County Vocational - Technical Schools Project) TOB VRDO     0.190%     6/5/20       4,875     4,875
    Hudson County NJ Improvement Authority Pooled Revenue   2.000%   2/19/21     10,000   10,072
  Hudson NJ BAN 2.000% 12/8/20   16,854 16,902
  Jefferson Township NJ BAN 2.250% 6/19/20   2,851 2,852
  Jersey City NJ BAN 3.000% 1/13/21   10,000 10,123
  Lawrence Township NJ BAN 2.250% 6/19/20   3,015 3,016
  Lawrence Township NJ BAN 2.000% 7/17/20   6,950 6,955
  Livingston NJ BAN 2.000% 10/9/20   13,000 13,032
  Livingston NJ BAN 1.750% 2/2/21   10,217 10,263
  Mahwah Township NJ BAN 2.000% 7/31/20   5,000 5,005

 

4

 

 

New Jersey Municipal Money Market Fund          
          Face Market
      Maturity   Amount Value•
    Coupon Date   ($000) ($000)
  Mahwah Township NJ BAN 1.750% 10/2/20   3,950 3,955
  Mercer County NJ BAN 2.000% 6/15/20   10,000 10,003
  Middlesex NJ BAN 3.000% 6/5/20   14,554 14,556
  Monmouth County NJ GO 2.000% 12/29/20   5,000 5,026
  Monroe Township NJ Middlesex County BAN 2.500% 6/10/20   6,000 6,001
  Monroe Township NJ Middlesex County GO 4.000% 8/1/20   1,000 1,005
  Montclair NJ BAN 2.500% 10/30/20   5,034 5,060
    Morris County NJ Improvement Authority Revenue   3.000%   8/4/20     2,000   2,006
  Morris Plains NJ BAN 2.000% 12/11/20   1,416 1,421
  Morristown NJ BAN 2.500% 6/5/20   1,822 1,822
      New Jersey Economic Development Authority Industrial Development Revenue (Ocean Spray Cranberries Inc. Project) VRDO     0.170%     6/5/20 LOC     8,000     8,000
      New Jersey Economic Development Authority Natural Gas Facilities Revenue (New Jersey Natural Gas) VRDO     0.030%     6/5/20 LOC     20,800     20,800
    New Jersey Economic Development Authority Revenue (Columbia University Project) CP   1.000%   6/12/20     4,665   4,665
      New Jersey Economic Development Authority Revenue (Cooper Health System Project) VRDO     0.120%     6/5/20 LOC     34,100     34,100
1     New Jersey Economic Development Authority Revenue (New Jersey Natural Gas Co.) TOB VRDO     0.180%     6/5/20 LOC     13,575     13,575
1     New Jersey Economic Development Authority Revenue (New Jersey Natural Gas Co.) TOB VRDO     0.190%     6/5/20 LOC     4,460     4,460
        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       3,000
1     New Jersey Economic Development Authority Revenue (School Facilities Construction) TOB VRDO     0.200%     6/5/20 LOC     9,805     9,805
      New Jersey Economic Development Authority Revenue (Trustees of the Lawrenceville School Project) VRDO     0.020%     6/1/20       21,000     21,000
      New Jersey Economic Development Authority Revenue (Trustees of the Lawrenceville School Project) VRDO     0.030%     6/1/20       24,100     24,100
      New Jersey Economic Development Authority Revenue Pollution Control Revenue (Exxon Project) VRDO     0.030%     6/1/20       1,700     1,700
1   New Jersey Economic Development Authority Revenue TOB VRDO   0.170%   6/5/20     7,500   7,500
1   New Jersey Economic Development Authority TOB VRDO   0.180%   6/5/20 LOC   15,650   15,650
      New Jersey Educational Facilities Authority Revenue (Institute for Advanced Studies) VRDO     0.010%     6/5/20       16,800     16,800
1   New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO   0.100%   6/5/20     6,000   6,000

 

 

5

 

 

New Jersey Municipal Money Market Fund          
          Face Market
      Maturity   Amount Value•
    Coupon Date   ($000) ($000)
1   New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO   0.100%   6/5/20     4,000   4,000
1   New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO   0.110%   6/5/20     3,330   3,330
1   New Jersey Educational Facilities Authority Revenue (Princeton University) TOB VRDO   0.180%   6/5/20     4,330   4,330
    New Jersey Environmental Infrastructure Trust Revenue   5.000%   9/1/20     1,565   1,580
    New Jersey Environmental Infrastructure Trust Revenue   5.000%   9/1/20     1,220   1,232
    New Jersey Environmental Infrastructure Trust Revenue   5.000%   9/1/20     860   868
      New Jersey Health Care Facilities Finance Authority (Community Hospital Group Inc.) VRDO     0.190%     6/5/20 LOC     800     800
      New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) VRDO     0.110%     6/5/20 LOC     17,000     17,000
      New Jersey Health Care Facilities Financing Authority Revenue (Hospital Capital Asset Pooled Program) VRDO     0.120%     6/5/20 LOC     24,565     24,565
      New Jersey Health Care Facilities Financing Authority Revenue (Hospital Capital Asset Pooled Program) VRDO     0.120%     6/5/20 LOC     23,950     23,950
1     New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) TOB VRDO     0.290%     6/5/20       8,975     8,975
1     New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) TOB VRDO     0.290%     6/5/20       2,175     2,175
    New Jersey Health Care Facilities Financing Authority Revenue (MHAC I LLC) VRDO   0.100%   6/5/20 LOC   10,520   10,520
    New Jersey Health Care Facilities Financing Authority Revenue (MHAC I LLC) VRDO   0.100%   6/5/20 LOC   8,540   8,540
1     New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) TOB VRDO     0.140%     6/5/20       4,140     4,140
      New Jersey Health Care Facilities Financing Authority Revenue (Southern Ocean County Hospital) VRDO     0.100%     6/5/20 LOC     13,600     13,600
    New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO   0.090%   6/5/20 LOC   11,895   11,895
    New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO   0.100%   6/5/20 LOC   42,000   42,000
    New Jersey Health Care Facilities Financing Authority Revenue VRDO   0.130%   6/5/20 LOC   3,260   3,260
1   New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO   0.180%   6/5/20     14,905   14,905
1   New Jersey Higher Education Assistance Authority Student Loan Revenue TOB VRDO   0.180%   6/5/20     1,965   1,965
    New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue PUT   1.580%   6/1/20     1,700   1,700
    New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue VRDO   0.030%   6/5/20 LOC   6,315   6,315

 

 

6

 

 

New Jersey Municipal Money Market Fund          
          Face Market
      Maturity   Amount Value•
    Coupon Date   ($000) ($000)
    New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue VRDO   0.140%   6/5/20 LOC   58,705   58,705
1     New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO     0.170%     6/5/20       5,515     5,515
1     New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO     0.170%     6/5/20       4,780     4,780
1     New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue TOB VRDO     0.220%     6/5/20       6,500     6,500
1     New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO     0.170%     6/5/20 LOC     19,335     19,335
1     New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO     0.170%     6/5/20 (15)LOC     6,720     6,720
1     New Jersey Transportation Trust Fund Authority Transportation Program Revenue TOB VRDO     0.190%     6/5/20 LOC     12,700     12,700
1     New Jersey Transportation Trust Fund Authority Transportation System Revenue TOB VRDO     0.200%     6/5/20 LOC     18,750     18,750
1,2     New Jersey Turnpike Authority Revenue TOB PUT, SIFMA Municipal Swap Index Yield + 0.150%     0.290%     7/1/20 LOC     2,500     2,500
1   New Jersey Turnpike Authority Revenue TOB VRDO   0.200%   6/5/20 LOC   12,215   12,215
  North Brunswick Township NJ BAN 3.000% 7/21/20   8,951 8,972
  North Brunswick Township NJ GO 2.750% 7/15/20   1,000 1,002
  Parsippany-Troy Hills Township NJ BAN 2.000% 11/13/20   3,185 3,197
  Passaic County NJ BAN 2.000% 12/3/20   7,000 7,030
    Port Authority of New York & New Jersey Revenue CP   0.450%   7/22/20     12,165   12,165
    Port Authority of New York & New Jersey Revenue CP   0.350%   9/16/20     14,100   14,100
    Port Authority of New York & New Jersey Revenue CP   1.900%   9/30/20     13,755   13,755
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.110%   6/1/20     18,250   18,250
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.150%   6/5/20     2,100   2,100
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.150%   6/5/20     100   100
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.160%   6/5/20     850   850
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.160%   6/5/20     530   530
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.170%   6/5/20     2,360   2,360
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.180%   6/5/20     9,160   9,160
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.190% 6/5/20 LOC   6,595   6,595

 

7

 

 

New Jersey Municipal Money Market Fund          
          Face Market
      Maturity   Amount Value•
    Coupon Date   ($000) ($000)
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.190%   6/5/20     1,000   1,000
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.220%   6/5/20     10,845   10,845
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.240%   6/5/20     3,500   3,500
1   Port Authority of New York & New Jersey Revenue TOB VRDO   0.240%   6/5/20     1,170   1,170
  Princeton University New Jersey CP 0.250% 8/3/20   15,000 15,000
  River Vale NJ GO 1.750% 7/17/20   6,157 6,160
  Rutgers State University New Jersey CP 0.250% 7/23/20   20,207 20,207
1   Rutgers State University New Jersey Revenue TOB VRDO   0.040%   6/5/20     6,700   6,700
1   Rutgers State University New Jersey Revenue TOB VRDO   0.100%   6/5/20     5,000   5,000
1   Rutgers State University New Jersey Revenue TOB VRDO   0.110%   6/5/20     1,840   1,840
1   Rutgers State University New Jersey Revenue TOB VRDO   0.120%   6/5/20     25,510   25,510
1   Rutgers State University New Jersey Revenue TOB VRDO   0.170%   6/5/20     11,780   11,780
    Rutgers State University New Jersey Revenue VRDO   0.050%   6/1/20     37,285   37,285
  Secaucus NJ BAN 1.750% 8/7/20   4,000 4,003
  Somerset County NJ BAN 3.000% 9/11/20   5,000 5,026
    Somerset County NJ Improvement Authority Capital Equipment Lease Revenue   3.000%   9/11/20     10,000   10,051
  Sussex County NJ BAN 2.500% 6/19/20   7,383 7,387
  Toms River NJ BAN 2.500% 6/18/20   11,000 11,006
1   Union County NJ Improvement Authority Lease Revenue TOB VRDO   0.140%   6/5/20     1,600   1,600
    Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO   0.010%   6/1/20     22,700   22,700
    Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO   0.030%   6/1/20     17,900   17,900
1   Union County NJ Utilities Authority Revenue TOB VRDO   0.080%   6/1/20     3,500   3,500
1   Union County NJ Utilities Authority Revenue TOB VRDO   0.220%   6/5/20     8,815   8,815
  Voorhees NJ BAN 1.750% 8/20/20   5,208 5,214
  Wayne Township NJ BAN 1.500% 6/24/20   7,000 7,001
  West Milford NJ BAN 1.750% 9/18/20   8,449 8,461
  Woodbridge Township NJ BAN 3.000% 10/16/20   5,620 5,668
Total Tax-Exempt Municipal Bonds (Cost $1,159,654)       1,159,654

 

8

 

 

 

New Jersey Municipal Money Market Fund      
       
       
      Market
      Value•
  Coupon Shares ($000)
Temporary Cash Investment (8.4%)      
Money Market Fund (8.4%)      
3    Vanguard Municipal Cash Management Fund      
(Cost $107,281) 0.169% 1,072,810 107,303
Total Investments (99.3%) (Cost $1,266,935)     1,266,957
Other Assets and Liabilities—Net (0.7%)     9,534
Net Assets (100%)     1,276,491

Cost is in $000.

•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 May 31, 2020, the aggregate value of these securities was $317,635,000, representing 24.9% of net assets.
2Adjustable-rate security; rate shown is effective rate at period end. Certain adjustable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions.
3Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

 

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

 

9

 

 

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).

(20)NATL (National Public Financial Guarantee Corporation).

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.

 

10

 

 

New Jersey Municipal Money Market Fund

 

 

Statement of Assets and Liabilities

As of May 31, 2020

 

($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $1,159,654) 1,159,654
Affiliated Issuers (Cost $107,281) 107,303
Total Investments in Securities 1,266,957
Investment in Vanguard 61
Cash 63
Receivables for Investment Securities Sold 2,570
Receivables for Accrued Income 5,382
Receivables for Capital Shares Issued 2,270
Other Assets 1,646
Total Assets 1,278,949
Liabilities  
Payables for Investment Securities Purchased 16
Payables for Capital Shares Redeemed 2,320
Payables for Distributions 21
Payables to Vanguard 101
Total Liabilities 2,458
Net Assets 1,276,491
   

 

At May 31, 2020, net assets consisted of:  
   
Paid-in Capital 1,276,446
Total Distributable Earnings (Loss) 45
Net Assets 1,276,491
   
Net Assets  
Applicable to 1,276,107,906 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 1,276,491
Net Asset Value Per Share $1.00

 

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

 

11

 

 

New Jersey Municipal Money Market Fund

 

 

Statement of Operations

 

 

  Six Months Ended
  May 31, 2020
  ($000)
Investment Income  
Income  
Interest1 7,559
Total Income 7,559
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 153
Management and Administrative 783
Marketing and Distribution 105
Shareholders’ Reports 46
Trustees’ Fees and Expenses 1
Total Expenses 1,088
Net Investment Income 6,471
Realized Net Gain (Loss) on Investment Securities Sold1 9
Change in Unrealized Appreciation (Depreciation) on Investment Securities1 22
Net Increase (Decrease) in Net Assets Resulting from Operations 6,502
1Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $94,000, $1,000, and $22,000, respectively. Purchases and sales are for temporary cash investment purposes.

 

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

 

12

 

 

New Jersey Municipal Money Market Fund

 

 

Statement of Changes in Net Assets

 

 

  Six Months Ended Year Ended
  May 31, November 30,
  2020   2019
  ($000) ($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 6,471 18,526
Realized Net Gain (Loss) 9 110
Change in Unrealized Appreciation (Depreciation) 22 —
Net Increase (Decrease) in Net Assets Resulting from Operations 6,502 18,636
Distributions1    
Total Distributions (6,471) (18,525)
Capital Share Transactions (at $1.00 per share)    
Issued 426,868 737,215
Issued in Lieu of Cash Distributions 5,904 17,199
Redeemed (554,746) (777,596)
Net Increase (Decrease) from Capital Share Transactions (121,974) (23,182)
Total Increase (Decrease) (121,943) (23,071)
Net Assets    
Beginning of Period 1,398,434 1,421,505
End of Period 1,276,491 1,398,434

1 Certain prior period numbers have been reclassified to conform with current period presentation.

 

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

 

13

 

 

New Jersey Municipal Money Market Fund

 

 

Financial Highlights

 

Six Months          
  Ended      
For a Share Outstanding May 31,     Year Ended November 30,
Throughout Each Period 2020 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Investment Operations            
Net Investment Income .0051 .0131 .0121 .0061 .002 .0001
Net Realized and Unrealized Gain (Loss) on Investments — — — — — —
Total from Investment Operations .005 .013 .012 .006 .002 .0001
Distributions            
Dividends from Net Investment Income (.005) (.013) (.012) (.006) (.002) (.0001)
Distributions from Realized Capital Gains — — — — — —
Total Distributions (.005) (.013) (.012) (.006) (.002) (.0001)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
             
Total Return2 0.48% 1.31% 1.21% 0.63% 0.24% 0.01%
             
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $1,276 $1,398 $1,422 $1,289 $1,198 $1,345
Ratio of Total Expenses to Average Net Assets 0.16% 0.16% 0.16% 0.16% 0.14%3 0.08%3
Ratio of Net Investment Income to Average Net Assets 0.95% 1.31% 1.21% 0.63% 0.23% 0.01%

The expense ratio and net investment income ratio for the current period have been annualized.

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.

 

14

 

 

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. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.

 

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. Investments in Vanguard Municipal Cash Management Fund are valued at that fund’s net asset 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 for the period ended May 31, 2020, 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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

 

4.  Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.

 

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and

 

15

 

 

New Jersey Municipal Money Market Fund

 

 

 

 

 

borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

 

For the six months ended May 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.

 

5. Other: Interest income includes income distributions received from Vanguard Municipal Cash Management Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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.

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At May 31, 2020, the fund had contributed to Vanguard capital in the amount of $61,000, representing less than 0.01% of the fund’s net assets and 0.02% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

C. 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 Schedule of Investments.

 

The fund’s investment in Vanguard Municipal Cash Management Fund is valued based on Level 1 inputs. All of the fund’s other investments were valued 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.

 

16

 

 

New Jersey Municipal Money Market Fund

 

 

 

 

 

D. As of May 31, 2020, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

 

  Amount
  ($000)
Tax Cost 1,266,935
Gross Unrealized Appreciation 46
Gross Unrealized Depreciation (24)
Net Unrealized Appreciation (Depreciation) 22

 

E. 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 six months ended May 31, 2020, such purchases and sales were $141,885,000 and $46,600,000, respectively.

 

F. Management has determined that no events or transactions occurred subsequent to May 31, 2020, that would require recognition or disclosure in these financial statements.

 

17

 

 

New Jersey Long-Term Tax-Exempt Fund

 

Distribution by Stated Maturity

As of May 31, 2020

 

Under 1 Year 4.6 %
1 - 3 Years 2.8  
3 - 5 Years 3.1  
5 - 10 Years 13.3  
10 - 20 Years 45.5  
20 - 30 Years 26.7  
Over 30 Years 4.0  

 

The table reflects the fund’s investments, except for short-term investments and derivatives.

 

18

 

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Financial Statements (unaudited)

 

 

Schedule of Investments

As of May 31, 2020

 

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 (99.1%)        
New Jersey (98.5%)        
  Atlantic City NJ GO 5.000% 11/1/22 3,000 2,973
  Atlantic City NJ GO 4.000% 11/1/23 (4) 1,425 1,506
  Atlantic City NJ GO 5.000% 12/1/23 1,115 1,100
  Atlantic City NJ GO 5.000% 3/1/26 (15) 250 305
  Atlantic City NJ GO 5.000% 3/1/32 (15) 750 913
  Atlantic City NJ GO 5.000% 3/1/37 (15) 1,000 1,194
  Atlantic City NJ GO 5.000% 3/1/42 (15) 1,250 1,477
  Atlantic City NJ Municipal Utilities Authority Revenue 4.000% 5/1/21 200 202
  Atlantic County NJ Improvement Authority Revenue 5.000% 9/1/28 (4) 3,000 3,594
  Atlantic County NJ Improvement Authority Revenue 4.000% 7/1/46 (4) 5,000 5,330
  Bergen County NJ GO 3.000% 7/15/38 1,620 1,705
  Bergen County NJ Improvement Authority Pooled Loan Revenue 5.000% 2/15/39 4,000 4,589
  Brigantine NJ GO 5.000% 10/1/20 1,020 1,036
  Burlington County NJ Bridge Commission Revenue 5.000% 4/15/32 500 654
  Burlington County NJ Bridge Commission Revenue 5.000% 10/1/36 1,000 1,234
  Burlington County NJ GO 3.000% 5/1/30 1,610 1,813
  Burlington County NJ GO 3.000% 5/1/31 1,650 1,846
  Burlington County NJ GO 3.000% 5/1/32 1,695 1,880
  Burlington County NJ GO 3.000% 5/1/33 1,745 1,922
  Burlington County NJ GO 3.000% 5/1/34 1,790 1,962
  Camden County NJ GO 3.000% 3/1/33 550 606
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/28 1,500 1,644
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/29 3,500 3,825
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/30 3,805 4,143
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/31 5,970 6,476

 

19

 

 

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% 2/15/32 2,500 2,701
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/33 2,000 2,153
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.000% 2/15/34 1,500 1,612
  Camden County NJ Improvement Authority Health Care Redevelopment Project Revenue (Cooper Health System Obligated Group) 5.750% 2/15/42 12,625 13,474
  Camden County NJ Improvement Authority Lease Revenue (Rowan University School of Osteopathic Medicine Project) 5.000% 12/1/32 6,035 6,440
  Camden County NJ Improvement Authority Revenue 5.000% 1/15/32 515 633
  Camden County NJ Improvement Authority Revenue 5.000% 1/15/34 500 609
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/36 500 569
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/36 3,310 3,885
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/37 3,470 4,057
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/38 880 995
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/38 1,705 1,987
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/39 1,000 1,128
  Camden County NJ Improvement Authority Revenue 4.000% 1/15/39 1,260 1,464
  Cedar Grove Township NJ School District GO 2.000% 8/15/24 290 307
  Cumberland NJ Improvement Authority Lease Revenue (Correctional Facility Project) 4.000% 10/1/54 (15) 6,000 6,813
  Cumberland NJ Improvement Authority Lease Revenue (Correctional Facility Project) 5.000% 10/1/58 (15) 5,500 6,640
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/35 1,000 1,066
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/36 1,000 1,061
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/37 1,000 1,057
  Delaware River & Bay Authority Delaware Revenue 3.000% 1/1/38 1,000 1,054
  Delaware River & Bay Authority Delaware Revenue 5.000% 1/1/42 9,980 10,735
  Delaware River & Bay Authority Delaware Revenue 4.000% 1/1/44 2,000 2,245
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/24 625 742
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/25 (Prere.) 300 370

 

20

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/25 (Prere.) 500 616
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/31 1,540 1,950
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/33 2,250 2,816
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/33 100 131
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 4.000% 7/1/34 (15) 2,660 2,945
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/34 135 176
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/35 4,495 5,589
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/35 175 227
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/36 155 200
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/37 150 193
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/38 170 218
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/39 170 217
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/42 9,000 10,998
  Delaware River Joint Toll Bridge Commission Pennsylvania & New Jersey Revenue 5.000% 7/1/47 5,500 6,670
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/24 420 440
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/24 2,500 2,887
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/26 4,460 4,632
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/27 2,660 2,751
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/31 1,730 2,181
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/33 3,000 3,346
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/35 1,385 1,707
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/37 12,020 13,309
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/38 3,500 4,248
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/39 3,500 4,235
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/40 2,500 2,757
  Delaware River Port Authority Pennsylvania & New Jersey Revenue 5.000% 1/1/40 3,000 3,622
  Delran Township NJ GO 2.000% 10/15/23 600 630

 

21

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  East Brunswick Township NJ Board of Education GO 4.000% 5/15/33 350 432
  East Brunswick Township NJ Board of Education GO 4.000% 5/15/36 350 421
  East Brunswick Township NJ Board of Education GO 3.000% 5/15/37 620 672
  East Brunswick Township NJ Board of Education GO 3.000% 5/15/38 500 539
  East Brunswick Township NJ Board of Education GO 3.000% 5/15/39 730 784
  East Brunswick Township NJ Board of Education GO 3.000% 5/15/40 755 810
  East Orange NJ (Board of Education Project) GO 5.000% 10/15/32 (4) 795 1,039
  East Orange NJ (Board of Education Project) GO 5.000% 10/15/33 (4) 610 793
  East Orange NJ (Board of Education Project) GO 3.000% 10/15/34 (4) 400 438
  East Orange NJ (Board of Education Project) GO 3.000% 10/15/35 (4) 400 434
  East Orange NJ (Board of Education Project) GO 4.000% 10/15/40 (4) 1,345 1,545
  East Orange NJ GO 4.000% 9/15/23 (4) 705 784
  East Orange NJ GO 4.000% 9/15/24 (4) 255 291
  East Orange NJ GO 4.000% 9/15/25 (4) 1,360 1,586
  Edgewater NJ GO 1.000% 2/15/34 1,105 946
  Essex County NJ Improvement Authority GO 4.000% 9/1/40 1,440 1,604
  Essex County NJ Improvement Authority GO 4.000% 9/1/41 1,440 1,600
  Essex County NJ Improvement Authority GO 4.000% 9/1/42 1,440 1,598
  Essex County NJ Improvement Authority GO 4.000% 9/1/43 1,440 1,595
  Essex County NJ Improvement Authority GO 4.000% 9/1/44 1,440 1,592
  Essex County NJ Improvement Authority GO 4.000% 9/1/45 1,440 1,590
  Essex County NJ Improvement Authority GO 4.000% 9/1/46 1,000 1,104
  Essex County NJ Improvement Authority GO 4.000% 9/1/47 1,440 1,589
  Essex County NJ Improvement Authority GO 4.000% 9/1/48 1,440 1,587
  Essex County NJ Improvement Authority Revenue 4.000% 11/1/37 1,540 1,754
  Essex County NJ Improvement Authority Revenue 4.000% 11/1/38 1,000 1,137
  Ewing Township NJ School District GO 4.000% 7/15/32 2,610 3,087
  Ewing Township NJ School District GO 4.000% 7/15/34 3,040 3,563
  Ewing Township NJ School District GO 4.000% 7/15/35 3,045 3,553
  Ewing Township NJ School District GO 4.000% 7/15/37 3,000 3,475
  Fort Lee NJ Parking Authority Parking Revenue 5.000% 9/15/46 5,500 6,734
  Garden State Preservation Trust New Jersey Revenue (Open Space & Farmland Preservation) 0.000% 11/1/28 (4) 6,535 5,308
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 11/1/29 (4) 1,500 1,776
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/30 3,910 4,404
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 11/1/30 (4) 1,200 1,411

 

22

 

 

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% 7/1/31 1,950 2,180
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/32 1,775 1,975
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/33 2,275 2,521
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/34 1,200 1,327
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/37 750 878
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/38 700 817
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/39 600 698
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/44 1,500 1,627
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 5.000% 7/1/44 2,250 2,775
  Gloucester County NJ Improvement Authority Revenue (Rowan University) 4.000% 7/1/48 2,000 2,289
  Harrison NJ GO 2.000% 5/15/23 270 281
  Harrison NJ GO 4.000% 3/1/38 (15) 1,945 2,230
  Harrison NJ GO 4.000% 3/1/41 (15) 2,180 2,481
  Haworth NJ GO 2.000% 8/1/23 450 470
  Haworth NJ GO 2.000% 8/1/24 455 481
  Hawthorne NJ School District GO 3.000% 9/1/31 (15) 1,350 1,478
  Hudson County NJ Improvement Authority Lease Revenue 5.000% 5/1/41 5,515 6,607
  Hudson County NJ Improvement Authority Lease Revenue 5.000% 8/1/42 1,300 1,539
  Hudson County NJ Improvement Authority Lease Revenue 5.250% 5/1/51 7,100 8,517
  Hudson County NJ Improvement Authority Lease Revenue (Union City School District Parking Project) 5.000% 6/15/37 1,500 1,748
  Jersey City NJ GO 4.000% 12/1/24 (15) 250 287
  Jersey City NJ GO 5.000% 11/1/31 510 641
  Jersey City NJ GO 5.000% 11/1/33 415 516
  Jersey City NJ GO 4.000% 11/1/34 2,000 2,337
  Jersey City NJ GO 4.000% 11/1/35 1,170 1,362
  Jersey City NJ GO 4.000% 11/1/36 1,765 2,050
  Jersey City NJ GO 5.000% 11/1/37 1,000 1,227
  Kingsway NJ Regional School District GO 3.000% 1/15/28 365 399
  Longport NJ GO 2.000% 7/15/23 490 514
  Longport NJ GO 2.000% 7/15/24 500 532
  Maple Shade Township NJ School District GO 3.000% 7/15/25 (4) 950 1,061
  Maple Shade Township NJ School District GO 3.000% 7/15/31 (4) 1,850 2,013
  Maple Shade Township NJ School District GO 3.000% 7/15/37 (4) 1,920 2,020
  Maple Shade Township NJ School District GO 3.000% 7/15/38 (4) 1,925 2,020
  Maple Shade Township NJ School District GO 3.000% 7/15/39 (4) 1,925 2,016
  Maple Shade Township NJ School District GO 3.000% 7/15/40 (4) 1,985 2,076
  Mercer County NJ GO 3.000% 2/15/31 1,000 1,094
  Mercer County NJ GO 0.050% 2/15/32 5,000 4,028

 

23

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  Mercer County NJ Improvement Authority Revenue (Courthouse Annex Project) 5.000% 9/1/40 2,480 2,980
  Middlesex County NJ COP 4.000% 6/15/28 350 432
  Monmouth County NJ GO 5.000% 7/15/34 580 769
  Monmouth County NJ GO 5.000% 7/15/34 1,340 1,776
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 5.000% 7/15/32 1,000 1,236
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/33 950 1,157
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 7/15/34 1,800 2,077
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/34 650 788
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 5.000% 7/15/35 1,275 1,565
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/35 525 633
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 5.000% 7/15/36 1,200 1,469
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/36 500 600
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 7/15/37 2,000 2,283
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/37 275 329
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 7/15/38 1,500 1,708
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/38 250 298
  Monmouth County NJ Improvement Authority Revenue (Pooled Government Loan) 4.000% 8/1/39 200 238
  Monmouth NJ Regional High School District GO 3.000% 2/1/31 1,755 1,939
  Monmouth NJ Regional High School District GO 3.000% 2/1/32 1,255 1,370
  Monmouth NJ Regional High School District GO 3.000% 2/1/33 1,015 1,098
  Monroe Township NJ Board of Education GO 5.000% 3/1/25 (Prere.) 3,000 3,658
  New Brunswick NJ GO 3.000% 2/15/30 (15) 3,880 4,223
  New Brunswick NJ GO 3.000% 2/15/31 (15) 1,370 1,479
  New Brunswick NJ GO 3.000% 2/15/32 (15) 1,370 1,464
  New Brunswick NJ GO 3.000% 2/15/36 (15) 1,370 1,444
  New Brunswick NJ GO 3.000% 2/15/37 (15) 1,370 1,440
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/25 615 666
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/28 465 502
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/30 570 613
  New Brunswick NJ Parking Authority Revenue 5.000% 9/1/31 600 644
  New Brunswick NJ Parking Authority Revenue 4.000% 9/1/37 (4) 2,000 2,248
  New Jersey Building Authority Revenue 4.000% 6/15/26 (Prere.) 395 477
  New Jersey Building Authority Revenue 4.000% 6/15/30 605 602
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/28 (4) 2,000 2,207
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/29 (4) 2,500 2,750

 

24

 

 

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% 11/1/30 (4) 2,950 3,234
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/31 (4) 1,500 1,638
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.000% 11/1/32 (4) 1,250 1,360
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.250% 11/1/39 5,000 5,042
  New Jersey Casino Reinvestment Development Authority Revenue (Luxury Tax) 5.250% 11/1/44 13,930 13,965
  New Jersey Economic Development Authority Lease Revenue (Rutgers State University) 5.000% 6/15/46 8,770 9,648
  New Jersey Economic Development Authority Revenue 5.000% 6/15/23 2,440 2,544
  New Jersey Economic Development Authority Revenue 4.000% 6/15/24 425 432
  New Jersey Economic Development Authority Revenue 5.000% 6/15/24 (Prere.) 2,150 2,551
  New Jersey Economic Development Authority Revenue 5.250% 6/15/25 (Prere.) 550 683
  New Jersey Economic Development Authority Revenue 4.000% 11/1/25 125 127
  New Jersey Economic Development Authority Revenue 4.125% 6/15/26 2,515 2,558
  New Jersey Economic Development Authority Revenue 4.125% 6/15/27 2,850 2,888
  New Jersey Economic Development Authority Revenue 5.000% 6/15/28 245 257
  New Jersey Economic Development Authority Revenue 5.250% 6/15/29 2,500 2,667
  New Jersey Economic Development Authority Revenue 5.500% 6/15/29 5,000 5,495
  New Jersey Economic Development Authority Revenue 5.500% 6/15/31 5,475 5,961
  New Jersey Economic Development Authority Revenue 5.000% 6/15/33 3,500 3,677
  New Jersey Economic Development Authority Revenue 5.000% 6/15/33 1,420 1,513
  New Jersey Economic Development Authority Revenue 5.250% 6/15/33 6,000 6,293
  New Jersey Economic Development Authority Revenue 5.000% 6/15/34 3,000 3,140
  New Jersey Economic Development Authority Revenue 5.000% 6/15/34 1,180 1,251
  New Jersey Economic Development Authority Revenue 5.000% 3/1/35 4,230 4,293
  New Jersey Economic Development Authority Revenue 5.000% 6/15/35 1,800 1,875
  New Jersey Economic Development Authority Revenue 4.000% 6/15/36 1,740 1,643
  New Jersey Economic Development Authority Revenue 3.350% 7/15/36 325 285
  New Jersey Economic Development Authority Revenue 4.000% 11/1/37 3,000 2,810

 

25

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Economic Development Authority Revenue 5.000% 6/15/38 11,790 12,263
  New Jersey Economic Development Authority Revenue 5.000% 6/15/40 9,335 9,514
  New Jersey Economic Development Authority Revenue 5.250% 6/15/40 9,450 9,777
  New Jersey Economic Development Authority Revenue 5.000% 6/15/41 4,250 4,368
  New Jersey Economic Development Authority Revenue 5.000% 6/15/42 5,000 5,141
  New Jersey Economic Development Authority Revenue 5.000% 6/15/42 5,000 5,150
  New Jersey Economic Development Authority Revenue 4.000% 11/1/44 3,000 2,744
  New Jersey Economic Development Authority Revenue 5.000% 11/1/44 4,000 4,125
  New Jersey Economic Development Authority Revenue 5.000% 6/15/47 10,000 10,240
  New Jersey Economic Development Authority Revenue 4.625% 6/15/48 8,000 7,985
  New Jersey Economic Development Authority Revenue (Bancroft NeuroHealth Project) 5.000% 6/1/41 2,105 2,059
  New Jersey Economic Development Authority Revenue (Beloved Community Charter School Inc. Project) 4.000% 6/15/29 1,330 1,334
  New Jersey Economic Development Authority Revenue (Beloved Community Charter School Inc. Project) 5.000% 6/15/54 730 715
  New Jersey Economic Development Authority Revenue (Biomedical Research Facilities) 5.000% 7/15/30 1,000 1,062
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/23 2,500 2,672
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/24 3,845 4,100
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/25 5,990 6,372
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/26 8,500 9,015
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 4.250% 6/15/27 155 161
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/28 2,000 2,113
  New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.000% 6/15/29 1,400 1,475
  New Jersey Economic Development Authority Revenue (Cranes Mill Project) 5.000% 1/1/49 6,000 5,281
  New Jersey Economic Development Authority Revenue (Department of the Treasury) 5.000% 6/15/26 425 455
  New Jersey Economic Development Authority Revenue (Department of the Treasury) 5.000% 6/15/28 840 913
  New Jersey Economic Development Authority Revenue (Lions Gate Project) 4.375% 1/1/24 500 477
  New Jersey Economic Development Authority Revenue (Lions Gate Project) 5.250% 1/1/44 4,255 3,659

 

26

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 5.250% 7/1/24 (14) 6,000 6,389
  New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 5.250% 7/1/26 (14) 3,275 3,555
  New Jersey Economic Development Authority Revenue (Motor Vehicle Surcharge) 5.000% 7/1/33 4,465 4,691
  New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Kean University Student Housing Project) 5.000% 7/1/32 1,100 1,083
  New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Kean University Student Housing Project) 5.000% 7/1/37 600 569
  New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Kean University Student Housing Project) 5.000% 7/1/47 1,750 1,589
  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 1,440
  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 1,160
  New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) 5.875% 6/1/20 (Prere.) 5,920 5,920
  New Jersey Economic Development Authority Revenue (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project) 5.000% 6/1/30 (4) 650 785
  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 11,463
  New Jersey Economic Development Authority Revenue (Provident Group - Rowan Properties LLC - Rowan University Housing Project) 5.000% 1/1/30 1,515 1,545
  New Jersey Economic Development Authority Revenue (Provident Group - Rowan Properties LLC - Rowan University Housing Project) 5.000% 1/1/35 2,000 2,007
  New Jersey Economic Development Authority Revenue (Provident Group - Rowan Properties LLC - Rowan University Housing Project) 5.000% 1/1/48 13,000 12,419
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 3/1/21 (Prere.) 3,005 3,119
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 3/1/21 (Prere.) 1,210 1,256

 

27

 

 

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) 5.750% 3/1/21 (Prere.) 2,700 2,809
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 9/1/22 (Prere.) 6,360 7,046
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 9/1/22 (Prere.) 5,000 5,539
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 9/1/22 (Prere.) 4,005 4,437
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/23 940 969
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.750% 9/1/23 300 310
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/24 (2) 1,500 1,615
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/25 3,265 3,389
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/25 (4) 2,380 2,568
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/25 (4) 3,210 3,590
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 3/1/26 125 129
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/26 3,105 3,328
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/26 3,000 3,091
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/26 (2) 2,000 2,201
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.250% 9/1/27 1,000 1,030
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/27 (14) 3,000 3,337
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.000% 11/1/27 615 621
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 6/15/28 6,465 7,123
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/28 (14) 2,220 2,494
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.500% 9/1/29 (14) 9,055 10,249
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/30 6,975 7,273
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.750% 6/15/31 3,890 4,024
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/31 4,000 4,156
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/31 100 108
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/32 1,265 1,358
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/33 (4) 1,500 1,588
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/34 2,685 2,778

 

28

 

 

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% 6/15/35 2,620 2,760
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/36 6,000 6,296
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/37 1,440 1,507
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/38 1,280 1,336
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.000% 6/15/44 2,500 2,292
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/44 1,500 1,548
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/48 3,585 3,676
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 4.000% 6/15/49 2,500 2,261
  New Jersey Economic Development Authority Revenue (School Facilities Construction) 5.000% 6/15/49 3,400 3,490
1 New Jersey Economic Development Authority Revenue (School Facilities Construction) TOB VRDO 0.170% 6/5/20 LOC 17,100 17,100
  New Jersey Economic Development Authority Revenue (Seeing Eye Inc. Project) 5.000% 6/1/32 2,295 2,723
  New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) 5.000% 6/15/35 900 944
  New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) 4.500% 6/15/40 1,565 1,551
  New Jersey Economic Development Authority Revenue (State Capitol Joint Management Commission) 5.000% 6/15/43 3,545 3,659
  New Jersey Economic Development Authority Revenue (Team Academy Charter School Project) 5.000% 12/1/48 2,500 2,627
  New Jersey Economic Development Authority Revenue (Transit Transportation Project) 4.000% 11/1/38 1,090 1,017
  New Jersey Economic Development Authority Revenue (Transit Transportation Project) 4.000% 11/1/39 1,115 1,036
  New Jersey Economic Development Authority Revenue (United Methodist Homes Obligated Group) 4.000% 7/1/24 2,000 1,914
  New Jersey Economic Development Authority Revenue (United Methodist Homes Obligated Group) 5.000% 7/1/29 2,000 1,971
  New Jersey Economic Development Authority Revenue (West Campus Housing LLC) 5.000% 7/1/35 6,025 5,790
  New Jersey Economic Development Authority Revenue (West Campus Housing LLC) 5.000% 7/1/38 720 679
  New Jersey Economic Development Authority Revenue (West Campus Housing LLC) 5.000% 7/1/47 7,905 7,116
  New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) 4.000% 7/1/29 350 358

 

29

 

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) 5.000% 7/1/38 350 368
  New Jersey Economic Development Authority School Revenue (Foundation Academy Charter School Project) 5.000% 7/1/50 1,100 1,136
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/28 1,000 1,155
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/29 750 863
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 4.000% 7/1/32 1,000 1,059
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 4.000% 7/1/33 1,250 1,318
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/38 1,250 1,314
  New Jersey Educational Facilities Authority Revenue (College of New Jersey) 5.000% 7/1/43 2,500 2,617
  New Jersey Educational Facilities Authority Revenue (Higher Education Capital Improvement Fund) 4.000% 9/1/25 105 107
  New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) 4.000% 9/1/26 320 324
  New Jersey Educational Facilities Authority Revenue (Higher Education Trust Fund) 5.000% 9/1/26 1,100 1,156
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/30 2,500 2,866
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/31 13,385 15,273
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/32 1,730 1,963
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/33 3,170 3,518
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/33 75 85
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/34 2,000 2,215
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/35 2,100 2,319
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/36 1,150 1,267
  New Jersey Educational Facilities Authority Revenue (Montclair State University) 5.000% 7/1/39 8,015 8,637
  New Jersey Educational Facilities Authority Revenue (New Jersey City University) 5.000% 7/1/40 4,065 4,333
  New Jersey Educational Facilities Authority Revenue (New Jersey City University) 5.000% 7/1/45 1,000 1,059
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/32 3,000 3,814
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/32 1,000 1,271
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/34 1,825 2,302
  New Jersey Educational Facilities Authority Revenue (Princeton University) 5.000% 7/1/36 4,975 6,228

 

30

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/29 1,430 1,507
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/30 1,500 1,578
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/31 1,575 1,654
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/33 (4) 2,500 2,908
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/34 (4) 2,500 2,909
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/37 2,065 2,151
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/40 2,150 2,349
  New Jersey Educational Facilities Authority Revenue (Ramapo College) 5.000% 7/1/42 2,390 2,481
  New Jersey Educational Facilities Authority Revenue (Rider University) 5.000% 7/1/47 1,845 1,751
  New Jersey Educational Facilities Authority Revenue (Rowan University) 5.000% 7/1/24 (4) 1,090 1,244
  New Jersey Educational Facilities Authority Revenue (Rowan University) 5.000% 7/1/30 (4) 565 661
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/31 1,165 1,271
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/33 1,000 1,050
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/33 430 464
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/34 850 916
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/37 1,595 1,706
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/38 1,225 1,277
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/42 2,900 3,138
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 5.000% 7/1/43 1,500 1,556
  New Jersey Educational Facilities Authority Revenue (Seton Hall University) 4.000% 7/1/47 6,000 6,082
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/22 430 456
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/32 2,530 2,862
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/33 2,340 2,630
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/34 2,340 2,623
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/34 940 1,095
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/35 1,485 1,660
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/35 565 656

 

31

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/36 1,095 1,267
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/37 1,100 1,267
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/38 990 1,137
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/39 1,050 1,202
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/40 1,290 1,472
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/42 2,000 2,197
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/45 6,220 7,007
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 5.000% 7/1/47 1,750 1,911
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 3.000% 7/1/50 3,925 3,542
  New Jersey Educational Facilities Authority Revenue (Stevens Institute of Technology) 4.000% 7/1/50 9,175 9,267
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/28 3,000 3,402
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/30 4,000 4,497
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/31 6,250 6,993
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/32 2,890 3,216
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/33 2,475 2,742
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/34 (4) 1,475 1,689
  New Jersey Educational Facilities Authority Revenue (Stockton University) 5.000% 7/1/35 (4) 2,100 2,397
  New Jersey Educational Facilities Authority Revenue (Stockton University) 4.000% 7/1/36 (4) 1,800 1,920
  New Jersey Educational Facilities Authority Revenue (William Paterson University) 5.000% 7/1/31 (15) 2,145 2,496
  New Jersey Educational Facilities Authority Revenue (William Paterson University) 5.000% 7/1/37 (4) 1,450 1,682
  New Jersey Educational Facilities Authority Revenue (William Paterson University) 5.000% 7/1/42 (4) 1,750 2,009
  New Jersey GO 3.000% 6/1/25 10,000 10,480
  New Jersey GO 5.000% 6/1/31 4,590 5,235
  New Jersey GO 5.000% 6/1/31 4,000 4,772
  New Jersey GO 5.000% 6/1/32 2,760 3,133
  New Jersey GO 2.250% 6/1/34 5,065 4,880
  New Jersey GO 2.250% 6/1/34 (15) 2,405 2,387
  New Jersey Health Care Facilities Financing Authority Lease Revenue (Greystone Park Psychiatric Hospital Project) 5.000% 9/15/27 11,095 11,444
  New Jersey Health Care Facilities Financing Authority Lease Revenue (Marlboro Psychiatric Hospital Project) 5.000% 9/15/33 5,085 5,173

 

32

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  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% 7/1/30 500 610
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 5.000% 7/1/31 300 363
  New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.) 4.000% 7/1/41 16,050 17,744
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 4.000% 7/1/30 6,515 7,192
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 4.000% 7/1/43 6,900 7,237
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) 5.000% 7/1/44 17,790 19,392
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT 5.000% 7/1/24 4,500 5,105
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT 5.000% 7/1/25 5,000 5,804
  New Jersey Health Care Facilities Financing Authority Revenue (Barnabas Health) PUT 5.000% 7/1/26 5,000 5,916
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 5.000% 7/1/27 3,645 3,949
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 5.000% 7/1/32 2,000 2,207
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 4.000% 7/1/34 1,280 1,476
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack Meridian Health) 4.000% 7/1/36 5,000 5,717
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/31 2,345 2,874
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/32 2,370 2,886
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/33 3,315 4,016
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/35 6,925 8,335
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/37 6,755 8,078
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/38 2,500 2,982
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/39 8,000 9,521

 

33

 

 

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 University Medical Center) 5.000% 7/1/52 3,000 3,512
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.000% 7/1/57 5,000 5,843
  New Jersey Health Care Facilities Financing Authority Revenue (Hackensack University Medical Center) 5.250% 7/1/57 6,250 7,568
  New Jersey Health Care Facilities Financing Authority Revenue (Hospital Asset Transformation Program) 5.000% 10/1/25 4,380 4,619
  New Jersey Health Care Facilities Financing Authority Revenue (Hospital Asset Transformation Program) 5.000% 10/1/28 425 453
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/31 700 777
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/32 800 885
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/33 1,615 1,780
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/34 1,415 1,557
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center Obligated Group) 5.000% 7/1/45 4,050 4,379
  New Jersey Health Care Facilities Financing Authority Revenue (Hunterdon Medical Center) 4.000% 7/1/45 65 68
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/24 190 218
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/28 5,130 6,051
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/30 5,000 5,847
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/33 2,220 2,551
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/34 2,725 3,124
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/35 2,500 2,910
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/36 2,365 2,743

 

34

 

  

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% 7/1/37 2,000 2,313
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 4.000% 7/1/41 4,145 4,430
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/42 3,000 3,422
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 5.000% 7/1/46 2,000 2,234
  New Jersey Health Care Facilities Financing Authority Revenue (Inspira Health Obligated Group) 4.000% 7/1/47 15,335 16,309
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/31 2,000 2,390
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/32 2,630 3,126
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/33 3,340 3,952
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/34 2,190 2,585
  New Jersey Health Care Facilities Financing Authority Revenue (Princeton Healthcare System) 5.000% 7/1/39 5,000 5,825
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/32 1,000 1,116
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/33 2,150 2,392
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/34 1,200 1,333
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.250% 7/1/35 7,070 7,632
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/39 3,500 3,852
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.000% 7/1/43 4,000 4,374
  New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University) 5.500% 7/1/43 8,010 8,646
  New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) 5.000% 7/1/31 2,500 2,912

 

35

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) 5.000% 7/1/33 5,080 5,859
  New Jersey Health Care Facilities Financing Authority Revenue (RWJ Barnabas Health Obligated Group) 5.000% 7/1/43 20,775 23,435
  New Jersey Health Care Facilities Financing Authority Revenue (St. Barnabas Health Care System) 0.000% 7/1/21 (ETM) 1,260 1,255
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/28 1,560 1,797
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/29 1,335 1,527
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/30 1,100 1,249
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/31 1,200 1,356
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 3.125% 7/1/33 3,420 3,443
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/35 3,185 3,535
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/36 1,000 1,106
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 5.000% 7/1/41 9,795 10,725
  New Jersey Health Care Facilities Financing Authority Revenue (St. Joseph’s Healthcare System) 4.000% 7/1/48 13,060 13,318
  New Jersey Health Care Facilities Financing Authority Revenue (St. Luke’s Warren Hospital Obligated Group) 5.000% 8/15/31 540 587
  New Jersey Health Care Facilities Financing Authority Revenue (St. Luke’s Warren Hospital Obligated Group) 4.500% 8/15/43 5,800 6,077
  New Jersey Health Care Facilities Financing Authority Revenue (St. Peter’s University Hospital Obligated Group) 6.250% 7/1/35 2,115 2,185
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/26 50 60
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/27 1,165 1,386
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/28 1,000 1,180

 

36

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/29 2,875 3,378
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/30 800 930
  New Jersey Health Care Facilities Financing Authority Revenue (Trinitas Hospital Obligated Group) 5.000% 7/1/30 2,745 3,193
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/27 (4) 2,000 2,162
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/29 (4) 1,950 2,095
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/30 (4) 1,650 1,766
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 4.125% 7/1/38 (4) 3,780 3,801
  New Jersey Health Care Facilities Financing Authority Revenue (University Hospital) 5.000% 7/1/46 (4) 7,950 8,225
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/30 1,530 1,906
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/32 2,455 3,002
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/33 3,305 4,016
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 5.000% 7/1/34 2,000 2,422
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/35 1,000 1,109
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/36 2,000 2,208
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/37 2,130 2,340
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/38 5,510 6,037
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/39 1,730 1,890
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 4.000% 7/1/44 10,000 10,793
  New Jersey Health Care Facilities Financing Authority Revenue (Valley Health System) 3.000% 7/1/49 7,500 7,230
  New Jersey Health Care Facilities Financing        
  Authority Revenue (Virtua Health) 5.000% 7/1/28 3,000 3,439
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) 5.000% 7/1/29 2,410 2,756
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO 0.020% 6/1/20 LOC 21,810 21,810
  New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health) VRDO 0.020% 6/1/20 LOC 21,300 21,300
  New Jersey Higher Education Assistance Authority Student Loan Revenue 4.750% 12/1/21 1,905 1,905
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/23 5,480 6,173

 

37

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/24 3,630 4,193
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/25 610 610
  New Jersey Higher Education Assistance Authority Student Loan Revenue 5.000% 12/1/26 550 550
  New Jersey Higher Education Assistance Authority Student Loan Revenue 2.375% 12/1/29 6,000 5,755
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 3.950% 11/1/43 1,100 1,211
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 3.750% 11/1/45 1,000 1,063
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 4.100% 11/1/47 675 733
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 4.000% 11/1/48 825 906
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 3.050% 11/1/49 865 907
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 3.900% 11/1/50 3,000 3,185
  New Jersey Housing & Mortgage Finance Agency Multifamily Housing Revenue 4.100% 11/1/53 500 550
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.500% 10/1/34 7,170 7,792
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.750% 10/1/35 8,860 9,883
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.850% 10/1/39 5,255 5,651
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 3.950% 10/1/44 3,185 3,410
  New Jersey Housing & Mortgage Finance Agency Single Family Housing Revenue 4.000% 4/1/49 2,390 2,556
  New Jersey Institute of Technology Revenue 5.000% 7/1/22 (Prere.) 3,000 3,296
  New Jersey Institute of Technology Revenue 5.000% 7/1/31 925 1,160
  New Jersey Institute of Technology Revenue 5.000% 7/1/33 330 408
  New Jersey Institute of Technology Revenue 5.000% 7/1/40 6,910 7,749
  New Jersey Institute of Technology Revenue 5.000% 7/1/45 9,090 10,123
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/21 135 138
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/22 595 622
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/27 13,975 15,248
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/28 6,580 7,147
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/29 5,805 6,274
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/29 270 292

 

38

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/30 9,550 10,268
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/30 11,600 12,472
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 4.100% 6/15/31 125 127
  New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue 5.000% 6/15/31 12,285 13,147
  New Jersey Transportation Trust Fund Authority Revenue 5.250% 12/15/21 (4) 295 315
  New Jersey Transportation Trust Fund Authority Revenue 5.500% 12/15/21 (14) 315 325
  New Jersey Transportation Trust Fund Authority Revenue 0.000% 12/15/24 (12) 100 92
  New Jersey Transportation Trust Fund Authority Revenue 0.000% 12/15/26 (13)(2) 825 737
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/30 1,000 1,083
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/31 1,000 1,076
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/32 1,000 1,067
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/32 3,000 3,192
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/33 1,000 1,059
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/33 2,810 2,973
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/34 1,000 1,055
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/34 3,250 3,421
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/35 1,000 1,049
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/35 2,325 2,433
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/36 1,000 944
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 12/15/36 2,370 2,473
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/37 6,000 5,637
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 12/15/37 (15) 2,610 2,614
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/38 6,000 5,614
  New Jersey Transportation Trust Fund Authority Revenue 4.250% 12/15/38 1,855 1,787
  New Jersey Transportation Trust Fund Authority Revenue 3.250% 6/15/39 1,000 849

 

39

 

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/44 7,115 6,523
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/44 2,000 2,059
  New Jersey Transportation Trust Fund Authority Revenue 3.500% 6/15/46 4,520 3,810
  New Jersey Transportation Trust Fund Authority Revenue 4.000% 6/15/50 9,130 8,234
  New Jersey Transportation Trust Fund Authority Revenue 5.000% 6/15/50 2,000 2,046
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/25 4,500 4,625
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/27 4,880 5,060
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/28 215 230
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/29 2,000 2,134
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.000% 6/15/30 320 319
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/31 1,500 1,555
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.000% 12/15/31 5,315 5,221
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/32 10,040 10,223
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/33 3,000 3,048
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.000% 6/15/36 7,600 7,178
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 0.000% 12/15/36 850 386
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.750% 6/15/38 3,030 3,061
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.125% 6/15/39 2,525 2,391
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.500% 6/15/39 5,400 5,558
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/41 5,200 5,372
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.250% 6/15/43 5,500 5,772
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/46 5,385 5,478
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 5.000% 6/15/46 3,000 3,081
  New Jersey Transportation Trust Fund Authority Transportation Program Revenue 4.500% 6/15/49 5,200 5,074
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/20 200 200
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.750% 6/15/20 2,570 2,572
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 6.000% 6/15/21 (Prere.) 385 408

 

40

 

 

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 5.250% 12/15/22 250 261
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/23 3,950 3,499
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 12/15/23 (2) 100 106
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/24 (2) 1,045 894
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/24 550 467
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/25 380 309
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/25 1,315 1,070
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/26 445 467
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/26 5,850 4,538
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/26 (2) 2,000 1,569
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/28 3,955 2,777
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/28 (2) 945 675
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/29 2,785 2,882
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/29 (4) 10,060 7,932
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 6/15/30 3,565 3,615
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 6/15/31 5,395 5,466
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.500% 6/15/31 6,015 6,109
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/31 (14) 14,190 8,992
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/31 12,875 7,710
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 6/15/32 8,615 8,948
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/32 (4) 19,280 13,439
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/32 1,080 614
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/32 625 355
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 12/15/32 1,000 1,070
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/33 3,670 1,966
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/33 5,000 2,679
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.000% 12/15/33 1,000 1,063

 

41

 

 

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% 12/15/34 405 207
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/34 1,175 599
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/35 170 82
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 5.250% 6/15/36 3,000 3,027
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/36 6,760 3,070
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/37 1,850 793
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/37 5,785 2,481
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/38 9,725 3,931
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/38 3,855 1,558
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/39 315 120
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 4.000% 12/15/39 10,620 9,861
  New Jersey Transportation Trust Fund Authority Transportation System Revenue 0.000% 12/15/40 1,805 653
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31 3,000 3,689
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31 3,000 3,610
  New Jersey Turnpike Authority Revenue 5.000% 1/1/31 2,565 3,154
  New Jersey Turnpike Authority Revenue 5.000% 1/1/32 20 23
  New Jersey Turnpike Authority Revenue 5.000% 1/1/32 3,100 3,783
  New Jersey Turnpike Authority Revenue 5.000% 1/1/33 15 18
  New Jersey Turnpike Authority Revenue 5.000% 1/1/33 1,250 1,516
  New Jersey Turnpike Authority Revenue 4.000% 1/1/34 5,000 5,568
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34 20 22
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34 3,395 3,859
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34 5,000 5,919
  New Jersey Turnpike Authority Revenue 5.000% 1/1/34 7,100 8,577
  New Jersey Turnpike Authority Revenue 4.000% 1/1/35 2,000 2,218
  New Jersey Turnpike Authority Revenue 5.000% 1/1/35 4,000 4,720
  New Jersey Turnpike Authority Revenue 4.000% 1/1/36 650 717
  New Jersey Turnpike Authority Revenue 5.000% 1/1/36 3,890 4,664
  New Jersey Turnpike Authority Revenue 4.000% 1/1/37 2,500 2,748
  New Jersey Turnpike Authority Revenue 5.000% 1/1/37 9,755 11,657
  New Jersey Turnpike Authority Revenue 5.000% 1/1/40 3,000 3,558
  New Jersey Turnpike Authority Revenue 4.000% 1/1/43 12,525 13,547
  New Jersey Turnpike Authority Revenue 5.000% 1/1/43 3,200 3,377
  New Jersey Turnpike Authority Revenue 5.000% 1/1/45 14,360 16,008
  New Jersey Turnpike Authority Revenue 4.000% 1/1/48 170 184
  New Jersey Turnpike Authority Revenue 5.000% 1/1/48 4,000 4,725
1 New Jersey Turnpike Authority Revenue TOB VRDO 0.170% 6/5/20 LOC 15,535 15,535
1  New Jersey Turnpike Authority Revenue TOB VRDO 0.340% 6/5/20 10,615 10,615

 

42

 

 

New Jersey Long-Term Tax-Exempt Fund        
           
           
           
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  Newark NJ Housing Authority Port Authority - Port Newark Marine Terminal Revenue (City of Newark Redevelopment Projects) 5.000% 1/1/32 (14) 2,500 2,832
  Newark NJ Housing Authority Port Authority - Port Newark Marine Terminal Revenue (City of Newark Redevelopment Projects) 4.000% 1/1/37 8,600 9,601
  North Brunswick NJ Township Board of Education GO 3.250% 8/15/31 395 444
  North Brunswick NJ Township Board of Education GO 3.375% 8/15/36 1,940 2,126
  North Brunswick NJ Township Board of Education GO 3.375% 8/15/37 1,695 1,847
  Passaic County NJ GO 3.000% 5/1/32 540 614
  Passaic County NJ Improvement Authority Government Loan Revenue (City of Paterson Project) 5.000% 6/15/34 1,000 1,254
  Passaic County NJ Improvement Authority Government Loan Revenue (City of Paterson Project) 5.000% 6/15/35 1,200 1,496
  Passaic County NJ Improvement Authority Lease Revenue 5.000% 5/1/33 720 856
  Passaic County NJ Improvement Authority Revenue (200 Hospital Plaza Corp. Project) 5.000% 5/1/42 2,500 2,989
  Passaic NJ GO 1.000% 12/1/35 1,675 1,397
  Pennsauken Township NJ School District GO 4.000% 7/15/38 2,525 2,776
  Pinelands NJ Regional School District GO 4.000% 3/1/24 230 257
  Plainfield NJ Board of Education GO 5.000% 8/1/20 (15) 1,470 1,481
  Plainfield NJ Board of Education GO 5.000% 8/1/22 (15) 1,600 1,761
  Plainfield NJ Board of Education GO 5.000% 8/1/24 (15) 1,000 1,185
  Plainfield NJ Board of Education GO 5.000% 8/1/25 (15) 1,000 1,221
2 Port Authority of New York & New Jersey Revenue 5.375% 3/1/28 1,280 1,501
  Port Authority of New York & New Jersey Revenue 5.000% 12/1/34 7,000 7,836
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/35 2,000 2,392
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/36 5,560 6,857
  Port Authority of New York & New Jersey Revenue 5.000% 11/15/36 5,000 5,954
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/37 3,630 4,095
  Port Authority of New York & New Jersey Revenue 5.000% 7/15/38 3,605 4,322
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/38 4,000 4,494
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/39 4,555 5,100
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/39 4,090 4,637
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/43 5,000 5,490

 

43

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
         
         
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  Port Authority of New York & New Jersey Revenue 4.000% 9/1/45 2,000 2,208
  Port Authority of New York & New Jersey Revenue 5.000% 10/15/47 4,000 4,611
  Port Authority of New York & New Jersey Revenue 5.000% 9/1/48 3,740 4,409
  Port Authority of New York & New Jersey Revenue 4.000% 11/1/49 4,125 4,544
  Port Authority of New York & New Jersey Revenue 5.250% 10/15/55 5,080 5,942
  Port Authority of New York & New Jersey Revenue 5.250% 11/15/56 5,010 5,959
  Port Authority of New York & New Jersey Revenue 5.000% 4/15/57 4,000 4,585
  Port Authority of New York & New Jersey Revenue 5.000% 5/15/57 3,000 3,473
  Port Authority of New York & New Jersey Revenue 5.250% 11/15/57 4,405 5,173
1 Port Authority of New York & New Jersey Revenue TOB VRDO 0.160% 6/5/20 20 20
  Rancocas Valley NJ Regional High School District GO 3.000% 3/15/39 1,300 1,387
  Rancocas Valley NJ Regional High School District GO 3.000% 3/15/40 1,300 1,384
  Rutgers State University New Jersey Revenue 5.000% 5/1/23 (Prere.) 350 398
  Rutgers State University New Jersey Revenue 5.000% 5/1/23 (Prere.) 7,000 7,967
  Rutgers State University New Jersey Revenue 5.000% 5/1/23 (Prere.) 14,290 16,264
  Rutgers State University New Jersey Revenue VRDO 0.050% 6/1/20 12,195 12,195
  Salem County NJ 3.000% 6/15/32 (15) 640 692
  Salem County NJ 3.000% 6/15/33 (15) 270 290
  Somers Point NJ GO 3.000% 10/1/23 1,165 1,264
  Somers Point NJ GO 3.000% 10/1/24 1,265 1,400
  Somers Point NJ GO 4.000% 10/1/26 1,360 1,624
  South Jersey NJ Port Corp. Revenue 5.000% 1/1/39 2,440 2,507
  South Jersey NJ Port Corp. Revenue 5.000% 1/1/49 2,500 2,521
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/21 3,000 3,185
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/22 2,780 2,967
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/22 (Prere.) 2,050 2,282
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/23 250 266
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/25 4,000 4,237
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/26 5,000 5,293
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/27 2,960 3,129
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/28 (4) 200 236
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/28 (4) 1,140 1,345

 

44

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
         
         
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/28 240 253
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/29 (4) 500 592
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/30 450 490
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/30 (4) 500 585
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/31 (4) 500 579
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/32 (4) 500 574
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/32 750 809
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/33 (4) 500 571
  South Jersey Transportation Authority New Jersey Transportation System Revenue 5.000% 11/1/39 10,925 11,613
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/24 1,000 1,135
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/25 1,200 1,396
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/26 1,405 1,668
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/28 1,955 2,409
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/29 1,500 1,835
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/30 1,500 1,824
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/31 3,500 4,232
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/32 2,850 3,422
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/33 2,750 3,281
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/34 2,000 2,377
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/35 2,500 2,958
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/36 2,000 2,355
  Tobacco Settlement Financing Corp. New Jersey Revenue 4.000% 6/1/37 3,000 3,259
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/37 2,000 2,346
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/46 12,765 14,007
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.000% 6/1/46 2,500 2,621
  Tobacco Settlement Financing Corp. New Jersey Revenue 5.250% 6/1/46 13,000 14,508
  Toms River NJ Board of Education GO 3.000% 7/15/29 1,500 1,662
  Toms River NJ Board of Education GO 3.000% 7/15/30 1,150 1,265

 

45

 

 

New Jersey Long-Term Tax-Exempt Fund        
         
         
         
        Face Market
      Maturity Amount Value•
    Coupon Date ($000) ($000)
  Toms River NJ Board of Education GO 3.000% 7/15/31 1,500 1,637
  Toms River NJ Board of Education GO 3.000% 7/15/32 640 692
  Toms River NJ Board of Education GO 3.000% 7/15/33 2,000 2,147
  Toms River NJ Board of Education GO 3.000% 7/15/38 2,675 2,800
  Trenton NJ GO 5.000% 7/15/37 (4) 1,055 1,293
  Trenton NJ GO 5.000% 7/15/40 (4) 500 607
  Union City NJ GO 5.000% 11/1/23 1,060 1,179
  Union County NJ Pollution Control Financing Authority Revenue (Exxon Project) VRDO 0.030% 6/1/20 800 800
  Union Township NJ Union City GO 1.000% 8/1/32 1,094 990
  West Deptford Township NJ GO 2.000% 2/15/24 385 408
  West Deptford Township NJ GO 3.000% 2/15/30 645 717
  West Deptford Township NJ GO 3.000% 2/15/32 640 700
  Woodland Park NJ GO 3.000% 7/15/24 435 478
          2,327,628
Puerto Rico (0.3%)        
  Puerto Rico Aqueduct & Sewer Authority Revenue 5.000% 7/1/33 175 174
  Puerto Rico Aqueduct & Sewer Authority Revenue 5.250% 7/1/42 610 602
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/24 520 457
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/27 1,204 950
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/29 1,132 819
  Puerto Rico Sales Tax Financing Corp. Revenue 0.000% 7/1/31 130 85
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40 5,121 4,916
  Puerto Rico Sales Tax Financing Corp. Revenue 4.329% 7/1/40 367 352
          8,355
Guam (0.3%)        
  Guam Government Waterworks Authority Water & Waste Water System Revenue 5.500% 7/1/43 3,000 3,157
  Guam Power Authority Revenue 5.000% 10/1/27 1,135 1,223
  Guam Power Authority Revenue 5.000% 10/1/29 1,355 1,449
3  Guam Waterworks Authority Water & Wastewater System Revenue 5.000% 1/1/50 500 553
          6,382
Total Tax-Exempt Municipal Bonds (Cost $2,277,347)       2,342,365
Other Assets and Liabilities—Net (0.9%)       20,312
Net Assets (100%)       2,362,677

Cost is in $000.

•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 May 31, 2020, the aggregate value of these securities was $43,270,000, representing 1.8% of net assets.
2Securities with a value of $168,000 have been segregated as initial margin for open futures contracts.
3Security purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2020.

 

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

 

46

 

 

 

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).

(20) NATL (National Public Financial Guarantee Corporation).

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.

 

47

 

 

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)
Short Futures Contracts        
Ultra Long U.S. Treasury Bond September 2020 (8) (1,744) 4

 

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

 

48

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Statement of Assets and Liabilities

As of May 31, 2020

 

($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers Cost ($2,277,347) 2,342,365
Investment in Vanguard 109
Cash 97
Receivables for Investment Securities Sold 185
Receivables for Accrued Income 35,516
Receivables for Capital Shares Issued 1,769
Other Assets 136
Total Assets 2,380,177
Liabilities  
Payables for Investment Securities Purchased 13,021
Payables for Capital Shares Redeemed 2,537
Payables for Distributions 1,808
Payables to Vanguard 114
Variation Margin Payable—Futures Contracts 20
Total Liabilities 17,500
Net Assets 2,362,677
   
At May 31, 2020, net assets consisted of:  
   
Paid-in Capital 2,291,420
Total Distributable Earnings (Loss) 71,257
Net Assets 2,362,677
   
Investor Shares—Net Assets  
Applicable to 23,323,777 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 281,066
Net Asset Value Per Share—Investor Shares $12.05
   
Admiral Shares—Net Assets  
Applicable to 172,739,173 outstanding $.001 par value shares of beneficial interest (unlimited authorization) 2,081,611
Net Asset Value Per Share—Admiral Shares $12.05

 

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

 

49

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Statement of Operations

 

 

  Six Months Ended
  May 31, 2020
  ($000)
Investment Income  
Income  
Interest 40,574
Total Income 40,574
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 139
Management and Administrative—Investor Shares 179
Management and Administrative—Admiral Shares 758
Marketing and Distribution—Investor Shares 21
Marketing and Distribution—Admiral Shares 60
Custodian Fees 8
Shareholders’ Reports—Investor Shares 30
Shareholders’ Reports—Admiral Shares 38
Trustees’ Fees and Expenses 1
Total Expenses 1,234
Expenses Paid Indirectly (7)
Net Expenses 1,227
Net Investment Income 39,347
Realized Net Gain (Loss)  
Investment Securities Sold 9,306
Futures Contracts (632)
Realized Net Gain (Loss) 8,674
Change in Unrealized Appreciation (Depreciation)  
Investment Securities (89,007)
Futures Contracts (11)
Change in Unrealized Appreciation (Depreciation) (89,018)
Net Increase (Decrease) in Net Assets Resulting from Operations (40,997)

 

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

 

50

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Statement of Changes in Net Assets

 

 

  Six Months Ended   Year Ended
  May 31,   November 30,
  2020   2019
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 39,347   78,170
Realized Net Gain (Loss) 8,674   12,718
Change in Unrealized Appreciation (Depreciation) (89,018)   129,337
Net Increase (Decrease) in Net Assets Resulting from Operations (40,997)   220,225
Distributions1      
Investor Shares (6,195)   (9,467)
Admiral Shares (47,470)   (77,076)
Total Distributions (53,665)   (86,543)
Capital Share Transactions      
Investor Shares 2,155   46,437
Admiral Shares (43,208)   224,674
Net Increase (Decrease) from Capital Share Transactions (41,053)   271,111
Total Increase (Decrease) (135,715)   404,793
Net Assets      
Beginning of Period 2,498,392   2,093,599
End of Period 2,362,677   2,498,392

1 Certain prior period numbers have been reclassified to conform with current period presentation.

 

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

 

51

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Financial Highlights

 

 

Investor Shares

 

Six Months          
  Ended     Year Ended November 30,
For a Share Outstanding May 31,      
Throughout Each Period 2020 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $12.49 $11.78 $12.09 $11.69 $12.00 $12.22
Investment Operations            
Net Investment Income .1921 .4021 .4191 .4251 .430 .427
Net Realized and Unrealized Gain (Loss) on Investments (.369) .758 (.242) .494 (.289) (.167)
Total from Investment Operations (.177) 1.160 .177 .919 .141 .260
Distributions            
Dividends from Net Investment Income (.191) (.403) (.420) (.422) (.430) (.427)
Distributions from Realized Capital Gains (.072) (.047) (.067) (.097) (.021) (.053)
Total Distributions (.263) (.450) (.487) (.519) (.451) (.480)
Net Asset Value, End of Period $12.05 $12.49 $11.78 $12.09 $11.69 $12.00
Total Return2 -1.45% 10.00% 1.49% 8.03% 1.06% 2.17%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $281 $290 $229 $235 $234 $241
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.19% 0.19% 0.20%
Ratio of Net Investment Income to Average Net Assets 3.12% 3.28% 3.53% 3.57% 3.50% 3.54%
Portfolio Turnover Rate 11% 12% 19% 19% 19% 25%

The expense ratio and net investment income ratio for the current period have been annualized.

1 Calculated based on average shares outstanding.

2 Total 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.

 

52

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

Financial Highlights

 

 

Admiral Shares

 

Six Months          
  Ended     Year Ended November 30,
For a Share Outstanding May 31,      
Throughout Each Period 2020 2019 2018 2017 2016 2015
Net Asset Value, Beginning of Period $12.49 $11.78 $12.09 $11.69 $12.00 $12.22
Investment Operations            
Net Investment Income .1971 .4131 .4291 .4371 .443 .436
Net Realized and Unrealized Gain (Loss) on Investments (.369) .757 (.242) .494 (.289) (.167)
Total from Investment Operations (.172) 1.170 .187 .931 .154 .269
Distributions            
Dividends from Net Investment Income (.196) (.413) (.430) (.434) (.443) (.436)
Distributions from Realized Capital Gains (.072) (.047) (.067) (.097) (.021) (.053)
Total Distributions (.268) (.460) (.497) (.531) (.464) (.489)
Net Asset Value, End of Period $12.05 $12.49 $11.78 $12.09 $11.69 $12.00
Total Return2 -1.41% 10.09% 1.57% 8.14% 1.16% 2.25%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,082 $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% 0.09% 0.12%
Ratio of Net Investment Income to Average Net Assets 3.20% 3.36% 3.61% 3.67% 3.60% 3.62%
Portfolio Turnover Rate 11% 12% 19% 19% 19% 25%

The expense ratio and net investment income ratio for the current period have been annualized.

1 Calculated based on average shares outstanding.

2 Total 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.

 

53

 

 

 

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 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.

 

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. Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.

 

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 Schedule of Investments.

 

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities 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 gains (losses) on futures contracts.

 

During the six months ended May 31, 2020, the fund’s average investments in long and short futures contracts represented 1% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

 

54

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

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 for the period ended May 31, 2020, 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 at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

 

5. Credit Facilities and Interfund Lending Program: 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 and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.

 

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

 

For the six months ended May 31, 2020, the fund did not utilize the credit facilities or the Interfund Lending Program.

 

6. Other: Interest income is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. 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

 

55

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

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 and 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 May 31, 2020, the fund had contributed to Vanguard capital in the amount of $109,000, representing less than 0.01% of the fund’s net assets and 0.04% 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. During the six months ended May 31, 2020, custodian fee offset arrangements reduced the fund’s expenses by $7,000 (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 Schedule of Investments.

 

The following table summarizes the market value of the fund’s investments and derivatives as of May 31, 2020, based on the inputs used to value them:

 

  Level 1 Level 2 Level 3 Total
  ($000) ($000) ($000) ($000)
Investments        
Assets        
Tax-Exempt Municipal Bonds — 2,342,365 — 2,342,365
Derivative Financial Instruments        
Liabilities        
Futures Contracts1 20 — — 20

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

 

56

 

 

New Jersey Long-Term Tax-Exempt Fund

 

 

E. As of May 31, 2020, 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 2,279,830
Gross Unrealized Appreciation 90,264
Gross Unrealized Depreciation (27,725)
Net Unrealized Appreciation (Depreciation) 62,539

 

F. During the six months ended May 31, 2020, the fund purchased $271,290,000 of investment securities and sold $347,423,000 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 six months ended May 31, 2020, such purchases and sales were $118,130,000 and $161,090,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

 

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

 

  Six Months Ended   Year Ended
    May 31, 2020   November 30, 2019
  Amount Shares Amount Shares
  ($000) (000) ($000) (000)
Investor Shares        
Issued 65,754 5,375 99,631 8,139
Issued in Lieu of Cash Distributions 5,216 423 7,830 640
Redeemed (68,815) (5,702) (61,024) (4,993)
Net Increase (Decrease)—Investor Shares 2,155 96 46,437 3,786
Admiral Shares        
Issued 181,576 14,755 384,692 31,557
Issued in Lieu of Cash Distributions 33,556 2,721 53,692 4,389
Redeemed (258,340) (21,463) (213,710) (17,490)
Net Increase (Decrease)—Admiral Shares (43,208) (3,987) 224,674 18,456

 

H. Management has determined that no events or transactions occurred subsequent to May 31, 2020, that would require recognition or disclosure in these financial statements.

 

57

 

 

Trustees Approve Advisory Arrangements

 

 

 

The board of trustees of Vanguard New Jersey Municipal Money Market Fund and Vanguard New Jersey Long-Term Tax-Exempt Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.

 

The board based its decision upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

 

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

 

In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.

 

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decision.

 

Nature, extent, and quality of services

The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Fixed Income Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

 

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

 

Investment performance

The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with a relevant benchmark index (as applicable) and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

 

Cost

The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.

 

58

 

 

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

 

The benefit of economies of scale

The board concluded that each fund’s arrangement with Vanguard ensures that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

 

The board will consider whether to renew the advisory arrangements again after a one-year period.

 

59

 

 

Liquidity Risk Management

 

 

 

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

 

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

 

The board of trustees of Vanguard New Jersey Tax-Free Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard New Jersey Long-Term Tax-Exempt Fund’s Program, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from December 1, 2018, through December 31, 2019 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds’ liquidity risk.

 

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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.

 

 

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.

 

 

 

 

 

 

 

 

  © 2020 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
   
  Q142 072020

 

 

 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

(a) Audit Fees.

 

Not applicable.

 

 

 

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

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)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: July 17, 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: July 17, 2020

 

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

 

Date: July 17, 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.