N-CSRS 1 tm2121030d3_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, 2020—May 31, 2021

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

Semiannual Report   |   May 31, 2021
Vanguard New Jersey Long-Term Tax-Exempt Fund
Contents
About Your Fund’s Expenses
1
Financial Statements
4
Trustees Approve Advisory Arrangement
41
Liquidity Risk Management
43
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, 2021      
  Beginning
Account Value
11/30/2020 		Ending
Account Value
5/31/2021 		Expenses
Paid During
Period
Based on Actual Fund Return      
New Jersey Long-Term Tax-Exempt Fund      
Investor Shares $1,000.00 $1,033.80 $0.86
Admiral™ Shares 1,000.00 1,034.20 0.46
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,024.08 $0.86
Admiral Shares 1,000.00 1,024.48 0.45
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 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 (182/365).
2
New Jersey Long-Term Tax-Exempt Fund
Distribution by Stated Maturity
As of May 31, 2021
Under 1 Year 5.4%
1 - 3 Years 3.2
3 - 5 Years 3.1
5 - 10 Years 12.2
10 - 20 Years 44.9
20 - 30 Years 27.9
Over 30 Years 3.3
The table reflects the fund’s investments, except for short-term investments and derivatives.
3
New Jersey Long-Term Tax-Exempt Fund
Financial Statements (unaudited)
Schedule of Investments
As of May 31, 2021
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.
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Tax-Exempt Municipal Bonds (99.4%)
New Jersey (90.9%)
1 Atlantic City Board of Education GO 4.000%   4/1/22    170       175
1 Atlantic City Board of Education GO 4.000%   4/1/23    150       159
1 Atlantic City Board of Education GO 4.000%   4/1/24    165       182
1 Atlantic City Board of Education GO 4.000%   4/1/25    175       198
1 Atlantic City Board of Education GO 4.000%   4/1/26    200       227
1 Atlantic City Board of Education GO 4.000%   4/1/27    210       243
1 Atlantic City Board of Education GO 4.000%   4/1/28    230       269
1 Atlantic City Board of Education GO 4.000%   4/1/29    215       254
1 Atlantic City Board of Education GO 4.000%   4/1/30    170       198
1 Atlantic City Board of Education GO 4.000%   4/1/31    175       203
1 Atlantic City Board of Education GO 4.000%   4/1/32    175       202
1 Atlantic City Board of Education GO 4.000%   4/1/33    180       207
1 Atlantic City Board of Education GO 4.000%   4/1/34    150       172
1 Atlantic City Board of Education GO 4.000%   4/1/35    175       200
  Atlantic City NJ GO 5.000%  11/1/22  3,000     3,097
1 Atlantic City NJ GO 4.000%  11/1/23  1,425     1,494
  Atlantic City NJ GO 5.000%  12/1/23  1,115     1,176
2 Atlantic City NJ GO 5.000%   3/1/26    250       296
2 Atlantic City NJ GO 5.000%   3/1/32    750       906
2 Atlantic City NJ GO 5.000%   3/1/37  1,000     1,197
2 Atlantic City NJ GO 5.000%   3/1/42  1,250     1,484
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/24    125       143
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/25    125       147
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/26    125       151
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/27    175       217
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/28    150       190
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/29    125       161
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/30    150       197
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/31    200       267
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/32    125       166
4
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/33    225       297
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/34    150       198
1 Atlantic County Improvement Authority College & University Revenue 5.000%   7/1/35    200       263
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/36    275       333
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/37    200       241
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/38    350       421
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/39    300       360
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/40    425       509
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/41    275       328
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/47  1,180     1,396
1 Atlantic County Improvement Authority College & University Revenue 4.000%   7/1/53  1,500     1,763
1 Atlantic County Improvement Authority Government Fund/Grant Revenue 4.000%   7/1/46  5,000     5,396
1 Atlantic County Improvement Authority Miscellaneous Revenue 5.000%   9/1/28  3,000     3,541
  Bergen County NJ GO 3.000%  7/15/38  1,620     1,781
  Burlington County Bridge Commission Highway Revenue 5.000%  10/1/36  1,000     1,221
  Burlington County Bridge Commission Lease (Non-Terminable) Revenue 4.000%   4/1/33  1,000     1,245
  Burlington County Bridge Commission Lease (Non-Terminable) Revenue 4.000%   4/1/34  1,365     1,693
  Burlington County Bridge Commission Lease (Non-Terminable) Revenue 4.000%   4/1/35  1,000     1,236
  Burlington County Bridge Commission Lease Revenue 5.000%  4/15/32    555       716
  Burlington NJ GO 3.000%   5/1/30  1,610     1,831
  Burlington NJ GO 3.000%   5/1/31  1,650     1,861
  Burlington NJ GO 3.000%   5/1/32  1,695     1,899
  Burlington NJ GO 3.000%   5/1/33  1,745     1,949
  Burlington NJ GO 3.000%   5/1/34  1,790     1,994
  Camden County Improvement Authority College & University Revenue 5.000%  12/1/32  6,035     6,630
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue 5.750%  2/15/42 12,625    13,446
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/28  1,500     1,661
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/29  3,500     3,864
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/30  3,805     4,188
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/31  6,055     6,652
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/32  2,500     2,744
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/33  2,000     2,192
  Camden County Improvement Authority Health, Hospital, Nursing Home Revenue (Cooper Health Systems Project) 5.000%  2/15/34  1,650     1,807
5
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/36  3,310     3,912
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/37  3,470     4,090
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/38  1,705     2,005
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Capital Program) 4.000%  1/15/39  1,260     1,479
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/32    515       628
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 5.000%  1/15/34    500       608
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 4.000%  1/15/36    500       572
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 4.000%  1/15/38    880     1,004
  Camden County Improvement Authority Lease (Non-Terminable) Revenue (County Guaranteed Loan-Capital Program) 4.000%  1/15/39  1,000     1,139
  Camden County NJ GO 3.000%   3/1/33    550       613
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/28  2,000     2,242
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/29  2,500     2,792
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/30  2,950     3,285
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/31  1,500     1,668
1 Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.000%  11/1/32  1,450     1,610
  Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.250%  11/1/39  5,000     5,410
  Casino Reinvestment Development Authority Inc. Miscellaneous Taxes Revenue 5.250%  11/1/44 13,930    15,004
2 Cumberland County Improvement Authority Lease Revenue (County Correctional Facility Project) 4.000%  10/1/54  6,000     6,801
  East Brunswick Township Board of Education GO 4.000%  5/15/33    350       429
  East Brunswick Township Board of Education GO 4.000%  5/15/36    350       425
  East Brunswick Township Board of Education GO 3.000%  5/15/37    620       691
  East Brunswick Township Board of Education GO 3.000%  5/15/38    500       556
  East Brunswick Township Board of Education GO 3.000%  5/15/39    730       809
  East Brunswick Township Board of Education GO 3.000%  5/15/40    755       836
1 East Orange NJ (East Orange Board Education Project) GO 5.000% 10/15/32    795     1,015
1 East Orange NJ (East Orange Board Education Project) GO 5.000% 10/15/33    610       777
1 East Orange NJ (East Orange Board Education Project) GO 3.000% 10/15/34    400       436
1 East Orange NJ (East Orange Board Education Project) GO 3.000% 10/15/35    400       434
1 East Orange NJ (East Orange Board Education Project) GO 4.000% 10/15/40  1,345     1,540
  Edgewater Borough NJ GO 1.000%  2/15/34  1,105       961
3 Essex County Improvement Authority Charter School Aid Revenue 4.000%   8/1/60  1,000     1,092
3 Essex County Improvement Authority College & University Revenue 4.000%  7/15/40  1,575     1,770
3 Essex County Improvement Authority College & University Revenue 4.000%  7/15/50  2,750     3,050
  Essex County Improvement Authority Lease Revenue 4.000%  11/1/37  1,540     1,767
  Essex County Improvement Authority Lease Revenue 4.000%  11/1/38  1,000     1,145
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/33    170       226
6
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/34    175       232
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/35    250       331
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 5.000%   8/1/36    250       330
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/37    300       364
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/38    615       743
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/39    635       763
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/40    665       798
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/41    690       825
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/51  1,600     1,897
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/56  1,300     1,535
2 Essex County Improvement Authority Local or Guaranteed Housing Revenue 4.000%   8/1/60  1,125     1,319
  Essex County NJ GO 2.000%   9/1/33  1,905     1,984
  Essex County NJ GO 2.000%   9/1/36  1,250     1,274
  Essex County NJ GO 2.000%   9/1/37  2,035     2,064
  Essex County NJ GO 4.000%   9/1/40  1,440     1,631
  Essex County NJ GO 4.000%   9/1/41  1,440     1,628
  Essex County NJ GO 4.000%   9/1/42  1,440     1,626
  Essex County NJ GO 4.000%   9/1/43  1,440     1,624
  Essex County NJ GO 4.000%   9/1/44  1,440     1,621
  Essex County NJ GO 4.000%   9/1/45  1,440     1,619
  Essex County NJ GO 4.000%   9/1/46  1,000     1,124
  Essex County NJ GO 2.000%   9/1/47  3,900     3,729
  Essex County NJ GO 4.000%   9/1/47  1,440     1,617
  Essex County NJ GO 4.000%   9/1/48  1,440     1,616
  Ewing Township Board of Education GO 4.000%  7/15/34  3,040     3,557
  Ewing Township Board of Education GO 4.000%  7/15/35  3,045     3,557
  Ewing Township Board of Education GO 4.000%  7/15/37  3,000     3,488
  Fort Lee Borough NJ GO 2.000%  11/1/33  2,715     2,772
  Fort Lee Parking Authority Auto Parking Revenue 5.000%  9/15/46  5,500     6,644
1 Garden State Preservation Trust Recreational Revenue 0.000%  11/1/28  6,535     5,790
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/30  3,910     4,562
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/31  1,950     2,273
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/31    225       295
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/32  1,775     2,069
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/32    250       327
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/33  2,275     2,647
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/33    275       358
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/34  1,200     1,394
7
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/34    350       454
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/35    500       648
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/36  1,000     1,293
2 Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/37    675       870
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/38  1,550     1,848
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/39  1,340     1,593
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/40    650       771
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/41    275       326
  Gloucester County Improvement Authority College & University Revenue 5.000%   7/1/44  1,500     1,727
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/46  1,000     1,171
2 Gloucester County Improvement Authority College & University Revenue 4.000%   7/1/51  1,500     1,750
1 Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 5.000%  11/1/30  1,200     1,444
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/37    750       884
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/38    700       824
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/39    600       704
  Gloucester County Improvement Authority College & University Revenue (Rowan University Project) 4.000%   7/1/48  2,000     2,303
  Gloucester County Pollution Control Financing Authority Industrial Revenue VRDO 0.010%   6/1/21  7,700     7,700
2 Harrison NJ GO 4.000%   3/1/38  1,945     2,223
  Howell Township NJ GO 2.000%  10/1/36  1,980     1,998
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue 5.000%   5/1/41  5,565     6,616
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue 5.250%   5/1/51  7,100     8,477
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/34  2,000     2,245
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/35  2,000     2,240
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/36  2,000     2,231
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/37  2,000     2,225
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/38  2,000     2,219
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 3.000%  10/1/39  2,000     2,213
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 4.000%  10/1/41  4,500     5,425
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 4.000%  10/1/46 12,500    14,888
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson Country Courthouse Project) 4.000%  10/1/51 12,500    14,794
8
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Hudson County Improvement Authority Lease (Non-Terminable) Revenue (Hudson County Courthouse Project) 4.000%  10/1/33  1,405     1,739
  Hudson County Improvement Authority Lease Revenue 5.000%  6/15/37  1,500     1,748
  Hudson County Improvement Authority Lease Revenue 5.000%   8/1/42  1,300     1,509
  Hudson County NJ GO 2.000% 11/15/34  1,775     1,814
  Hudson County NJ GO 2.000% 11/15/35  1,000     1,020
  Hudson County NJ GO 2.125% 11/15/36  1,920     1,970
  Hudson County NJ GO 2.125% 11/15/37  1,000     1,023
  Hudson County NJ GO 2.250% 11/15/38  1,520     1,565
  Hudson County NJ GO 2.375% 11/15/39  1,000     1,036
  Hudson County NJ GO 2.375% 11/15/40  1,000     1,034
  Industrial Pollution Control Financing Authority of Union County Industrial Revenue (Exxon Project) VRDO 0.010%   6/1/21  3,100     3,100
  Jersey City NJ GO 5.000%  11/1/31    510       635
  Jersey City NJ GO 5.000%  11/1/33    415       515
  Jersey City NJ GO 4.000%  11/1/34  2,000     2,327
  Jersey City NJ GO 4.000%  11/1/35  1,170     1,359
  Jersey City NJ GO 4.000%  11/1/36  1,765     2,046
  Jersey City NJ GO 5.000%  11/1/37  1,000     1,231
1 Kearny NJ GO 3.000%   2/1/30  1,680     1,868
1 Maple Shade Township School District GO 3.000%  7/15/31    910       979
1 Maple Shade Township School District GO 3.000%  7/15/37  1,920     2,040
1 Maple Shade Township School District GO 3.000%  7/15/40  1,985     2,099
  Mercer County Improvement Authority Lease (Non-Terminable) Revenue (Courthouse Annex Project) 5.000%   9/1/40  2,480     2,892
  Mercer County NJ GO 0.050%  2/15/32  5,000     4,091
  Monmouth County Improvement Authority Lease Revenue 5.000%  7/15/32  1,000     1,216
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/33    950     1,164
  Monmouth County Improvement Authority Lease Revenue 4.000%  7/15/34  1,800     2,073
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/34    650       794
  Monmouth County Improvement Authority Lease Revenue 5.000%  7/15/35  1,275     1,545
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/35    525       640
  Monmouth County Improvement Authority Lease Revenue 5.000%  7/15/36  1,200     1,452
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/36    500       608
  Monmouth County Improvement Authority Lease Revenue 4.000%  7/15/37  2,000     2,275
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/37    275       334
  Monmouth County Improvement Authority Lease Revenue 4.000%  7/15/38  1,500     1,704
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/38    250       302
  Monmouth County Improvement Authority Lease Revenue 4.000%   8/1/39    200       241
  Monmouth County NJ GO 5.000%  7/15/34    580       752
  Monmouth County NJ GO 5.000%  7/15/34  1,350     1,750
  Monmouth Regional High School District GO 3.000%   2/1/31  1,755     1,904
  Monmouth Regional High School District GO 3.000%   2/1/32  1,255     1,358
  Monmouth Regional High School District GO 3.000%   2/1/33  1,015     1,096
  Monroe Township Board of Education GO, Prere. 5.000%   3/1/25  3,000     3,519
2 New Brunswick NJ GO 3.000%  2/15/30  1,830     1,986
2 New Brunswick NJ GO 3.000%  2/15/31  1,370     1,481
2 New Brunswick NJ GO 3.000%  2/15/32  1,370     1,477
2 New Brunswick NJ GO 3.000%  2/15/36  1,370     1,465
2 New Brunswick NJ GO 3.000%  2/15/37  1,370     1,462
  New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/25    615       649
  New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/28    465       491
  New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/30    570       601
  New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/31    600       633
1 New Brunswick Parking Authority Auto Parking Revenue 4.000%   9/1/37  2,000     2,230
2 New Brunswick Parking Authority Auto Parking Revenue 5.000%   9/1/39  1,025     1,225
9
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Building Authority Lease (Appropriation) Revenue 4.000%  6/15/30    605       682
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/23  2,595     2,846
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/24    880       976
4 New Jersey Economic Development Authority Appropriations Revenue 5.250%   7/1/24  6,025     6,920
5 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/24  1,500     1,749
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   3/1/25  3,295     3,564
1 New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/25  2,380     2,714
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   3/1/26    580       627
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/28    470       531
4 New Jersey Economic Development Authority Appropriations Revenue 5.500%   9/1/28  2,220     2,912
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/29  2,500     2,913
  New Jersey Economic Development Authority Appropriations Revenue 5.500%  6/15/29  2,500     3,082
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   3/1/30    200       215
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  7/15/30  1,000     1,185
  New Jersey Economic Development Authority Appropriations Revenue 4.750%  6/15/31  4,890     5,751
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/31  4,145     4,663
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/31    100       128
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/31    350       394
  New Jersey Economic Development Authority Appropriations Revenue 5.500%  6/15/31  5,475     6,696
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/33  1,420     1,800
1 New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/33  1,500     1,692
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/33  9,000    10,387
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   7/1/33  6,965     8,251
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/34  3,685     4,212
  New Jersey Economic Development Authority Appropriations Revenue 4.000%   7/1/34  1,260     1,413
  New Jersey Economic Development Authority Appropriations Revenue 5.000%   3/1/35  4,230     4,451
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/35    200       215
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/35  2,620     3,305
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/36  1,740     2,022
  New Jersey Economic Development Authority Appropriations Revenue 3.350%  7/15/36    325       344
10
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/37  1,440     1,806
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/38  6,790     8,406
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/38  1,280     1,603
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/40  9,335    10,388
  New Jersey Economic Development Authority Appropriations Revenue 5.250%  6/15/40  9,450    10,854
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/41  4,790     5,652
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/44  2,500     2,853
  New Jersey Economic Development Authority Appropriations Revenue 4.625%  6/15/48  5,000     5,856
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/48  3,585     4,364
  New Jersey Economic Development Authority Appropriations Revenue 4.000%  6/15/49  2,500     2,834
  New Jersey Economic Development Authority Appropriations Revenue 5.000%  6/15/49  3,400     4,173
3,6 New Jersey Economic Development Authority Appropriations Revenue TOB VRDO 0.080%   6/4/21 13,600    13,600
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%   9/1/22  5,000     5,305
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%   9/1/22  4,005     4,250
  New Jersey Economic Development Authority Appropriations Revenue, Prere. 5.000%  6/15/24  2,150     2,459
3 New Jersey Economic Development Authority Charter School Aid Revenue 4.000%  6/15/29  1,330     1,446
  New Jersey Economic Development Authority Charter School Aid Revenue 4.000%   7/1/29    350       385
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%   7/1/38    350       406
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  12/1/48  2,500     2,908
  New Jersey Economic Development Authority Charter School Aid Revenue 5.000%   7/1/50  1,100     1,257
3 New Jersey Economic Development Authority Charter School Aid Revenue 5.000%  6/15/54    730       793
1 New Jersey Economic Development Authority College & University Revenue 5.000%   6/1/30    650       793
1 New Jersey Economic Development Authority College & University Revenue 5.000%   6/1/42 10,000    12,024
  New Jersey Economic Development Authority College & University Revenue, Prere. 5.000%  6/15/23  8,800     9,662
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/24  2,000     2,064
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  2,250     2,423
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Bancroft NeuroHealth Project) 5.000%   6/1/41  2,105     2,340
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Cranes Mill Project) 5.000%   1/1/49  5,000     5,723
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) 4.375%   1/1/24    385       394
11
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Health, Hospital, Nursing Home Revenue (Lions Gate Project) 5.250%   1/1/44  5,005     5,135
  New Jersey Economic Development Authority Industrial Revenue (Exxon Project) VRDO 0.010%   6/1/21  3,700     3,700
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.000%  11/1/25    260       298
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.125%  6/15/26  2,515     2,857
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  6/15/34  3,000     3,613
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  6/15/35  1,800     2,165
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 4.000%  6/15/37  1,150     1,290
  New Jersey Economic Development Authority Lease (Appropriation) Revenue 5.000%  6/15/42  6,075     7,217
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (New Jersey Transit Transportation Project) 5.000%  11/1/40  5,000     6,213
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/31    345       438
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/35  2,000     2,513
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/37  3,000     3,469
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/38  1,090     1,258
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/39  1,250     1,440
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 4.000%  11/1/44  3,035     3,455
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (NJ Transit Transportation Project) 5.000%  11/1/44  4,000     4,925
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/30    600       737
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/42  5,000     6,014
  New Jersey Economic Development Authority Lease (Appropriation) Revenue (State Government Buildings Project) 5.000%  6/15/47  5,000     5,973
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/35    900     1,122
  New Jersey Economic Development Authority Lease Revenue (State House Project) 4.500%  6/15/40  1,565     1,838
  New Jersey Economic Development Authority Lease Revenue (State House Project) 5.000%  6/15/43  3,645     4,467
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 4.000%   7/1/25     90        94
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/30  1,150     1,229
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/32  2,000     2,180
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/35  2,000     2,124
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/35  5,985     6,429
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/37  1,350     1,457
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/38    720       770
12
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/47  1,750     1,866
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   7/1/47  6,905     7,333
  New Jersey Economic Development Authority Local or Guaranteed Housing Revenue 5.000%   1/1/48  8,000     8,409
  New Jersey Economic Development Authority Miscellaneous Revenue (Lawrenceville School Project) VRDO 0.010%   6/1/21  2,900     2,900
  New Jersey Economic Development Authority Miscellaneous Revenue (Seeing Eye, Inc. 2017 Project) 5.000%   6/1/32  2,345     2,765
  New Jersey Economic Development Authority Private Schools Revenue (Lawrenceville School Project) VRDO 0.010%   6/1/21 16,900    16,900
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 5.000%  6/15/23  2,600     2,710
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 5.000%  6/15/24  3,845     4,002
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 5.000%  6/15/25  5,990     6,223
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 5.000%  6/15/26  8,585     8,902
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 4.250%  6/15/27    395       405
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 5.000%  6/15/28  2,000     2,068
  New Jersey Economic Development Authority Tobacco & Liquor Taxes Revenue 5.000%  6/15/29  1,400     1,446
  New Jersey Educational Facilities Authority Appropriations Revenue 4.000%   9/1/25    130       148
  New Jersey Educational Facilities Authority Appropriations Revenue 5.000%   9/1/26  2,960     3,385
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/22    430       451
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/25    460       536
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/27    350       434
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    935     1,141
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28  3,000     3,567
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/28    295       374
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/29  1,430     1,494
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/29    490       595
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/29  1,000     1,207
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30  1,500     1,567
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30  2,850     3,423
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30    565       673
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30  4,000     4,707
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/30    440       513
13
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  1,575     1,646
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  1,165     1,321
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31 14,265    17,081
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  6,250     7,335
2 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/31  2,150     2,564
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/32    285       324
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  1,000     1,251
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,845     3,414
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  3,000     3,754
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,305     2,755
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32  2,890     3,386
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/32    420       538
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   3/1/33  9,695    12,213
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/33    390       442
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  1,000     1,072
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,500     3,049
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,340     2,800
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  3,170     3,689
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33    430       486
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33     95       113
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/33  2,475     2,894
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,825     2,276
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34    940     1,197
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  2,500     3,043
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  2,340     2,794
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  2,000     2,324
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34    850       959
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/34  1,475     1,765
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/35     81        92
14
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/35    300       352
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35    565       718
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  1,485     1,770
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  2,100     2,440
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/35  2,100     2,509
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/36  1,175     1,201
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/36  1,800     2,038
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/36    775       933
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  4,975     6,184
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  1,095     1,388
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/36  1,250     1,450
  New Jersey Educational Facilities Authority College & University Revenue 2.000%   3/1/37  2,350     2,393
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  2,065     2,158
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,100     1,390
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,595     1,793
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/37  1,450     1,765
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/38  1,225     1,308
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/38  1,980     2,498
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/39  1,050     1,321
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/39 10,295    11,531
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  1,290     1,619
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  4,115     4,492
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/40  2,200     2,528
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/42    515       510
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/42  2,390     2,498
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/42  2,150     2,533
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/42  2,900     3,400
1 New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/42  1,750     2,118
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/43  1,500     1,600
15
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/44  9,200    10,304
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/45  7,220     8,961
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/45  1,000     1,085
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/47  6,000     6,615
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/47  1,750     2,039
  New Jersey Educational Facilities Authority College & University Revenue 5.000%   7/1/47  1,845     1,946
1 New Jersey Educational Facilities Authority College & University Revenue 3.250%   7/1/49  1,400     1,493
  New Jersey Educational Facilities Authority College & University Revenue 3.000%   7/1/50  5,395     5,642
  New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/50 11,450    13,102
1 New Jersey Educational Facilities Authority College & University Revenue 4.000%   7/1/50  2,850     3,264
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/24    200       227
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/26    175       211
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/28    275       348
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/29    400       516
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/30    280       367
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/31    275       368
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/32    250       333
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 5.000%   7/1/33    275       364
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/34    350       384
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/35    225       247
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/36    375       454
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/37    820       893
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 4.000%   7/1/38    300       361
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/39    770       833
1 New Jersey Educational Facilities Authority College & University Revenue (William Paterson University Project) 3.000%   7/1/40    275       297
  New Jersey Educational Facilities Authority College & University Revenue VRDO 0.030%   6/4/21  1,335     1,335
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 5.000%   7/1/23  2,500     2,752
  New Jersey Educational Facilities Authority College & University Revenue, Prere. 4.000%   7/1/26     10        12
  New Jersey GO 5.000%   6/1/24  5,000     5,688
  New Jersey GO 5.000%   6/1/25  5,000     5,881
16
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey GO 5.000%   6/1/26  5,000     6,058
  New Jersey GO 5.000%   6/1/27  6,000     7,457
  New Jersey GO 5.000%   6/1/28  6,000     7,636
  New Jersey GO 5.000%   6/1/29  6,000     7,798
  New Jersey GO 4.000%   6/1/30  6,000     7,411
  New Jersey GO 4.000%   6/1/31 14,000    17,546
  New Jersey GO 5.000%   6/1/31  4,590     5,307
  New Jersey GO 5.000%   6/1/31  4,000     4,877
  New Jersey GO 3.000%   6/1/32  4,770     5,467
  New Jersey GO 4.000%   6/1/32 12,000    15,268
  New Jersey GO 5.000%   6/1/32  2,760     3,187
  New Jersey GO 2.000%   6/1/33  1,500     1,509
  New Jersey GO 2.000%   6/1/34  1,500     1,503
  New Jersey GO 2.250%   6/1/34  2,785     2,832
  New Jersey GO 2.000%   6/1/35  1,500     1,492
  New Jersey GO 2.000%   6/1/36  1,500     1,484
  New Jersey GO 2.000%   6/1/37  1,500     1,475
  New Jersey GO 5.000%   6/1/41  2,500     3,061
6 New Jersey Health Care Facilities Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.020%   6/4/21 12,500    12,500
6 New Jersey Health Care Facilities Finance Authority Health, Hospital, Nursing Home Revenue VRDO 0.050%   6/4/21  2,575     2,575
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) TRAN 5.000%  10/1/25  4,380     5,196
  New Jersey Health Care Facilities Financing Authority Appropriations Revenue (Hospital Asset Transformation Program) TRAN 5.000%  10/1/28  1,225     1,528
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/24    190       216
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/26     65        78
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  1,165     1,393
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27     95        95
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/27  2,000     2,354
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,560     1,868
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/28  1,000     1,189
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.250%   7/1/29    465       514
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,335     1,590
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  2,875     3,401
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  2,410     2,669
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/29  1,950     2,275
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/30  6,515     7,531
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,100     1,304
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  5,000     5,998
17
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30    800       941
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  2,745     3,227
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30    500       595
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,530     1,987
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/30  1,850     2,152
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/31    500       560
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  1,200     1,419
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31    300       356
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,500     3,038
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,445     2,999
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/31  2,000     2,434
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%  8/15/31    540       585
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,455     3,166
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,370     2,901
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,000     2,150
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  1,000     1,140
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/32  2,630     3,196
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.125%   7/1/33  3,620     3,849
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  2,220     2,657
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  5,080     6,153
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,315     4,048
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,305     4,250
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  2,150     2,450
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/33  3,340     4,053
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  1,280     1,468
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/34  1,165     1,304
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,725     3,255
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,040     2,616
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  1,200     1,367
18
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/34  2,190     2,654
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/35  1,000     1,190
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  3,185     3,740
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  6,925     8,428
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/35  2,500     3,067
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/35  7,070     7,759
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 6.250%   7/1/35  2,115     2,122
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  5,060     5,784
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/36  2,000     2,373
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  1,000     1,172
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/36  2,365     2,899
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/37  3,670     4,343
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  6,755     8,187
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/37  3,600     4,401
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/38  6,560     7,745
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.125%   7/1/38  3,780     4,133
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/38  2,500     3,025
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/39  1,730     2,038
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  8,000     9,663
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  3,500     3,981
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/39  5,000     6,031
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41  4,335     4,781
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/41 16,050    17,882
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/41  9,795    11,425
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/42  3,000     3,650
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/43  4,900     5,584
7 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43 15,775    18,855
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/43  4,000     4,545
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.500%   7/1/43  8,010     8,825
19
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.500%  8/15/43  5,800     6,084
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/44 11,525    13,404
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/44 17,790    20,203
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/45     65        68
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  2,000     2,318
1 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/46  7,950     9,125
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/47 15,335    17,195
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 4.000%   7/1/48 15,810    17,441
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 3.000%   7/1/49 10,400    11,084
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/52  5,000     5,982
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.000%   7/1/57  5,000     5,967
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue 5.250%   7/1/57  6,250     7,568
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue PUT 5.000%   7/1/24  4,500     5,128
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.010%   6/1/21  1,205     1,205
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.010%   6/1/21    500       500
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.020%   6/4/21 15,670    15,670
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.040%   6/4/21 12,685    12,685
6 New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue VRDO 0.040%   6/4/21  1,520     1,520
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    700       801
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24    800       915
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  1,615     1,848
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  1,415     1,619
  New Jersey Health Care Facilities Financing Authority Health, Hospital, Nursing Home Revenue, Prere. 5.000%   7/1/24  4,050     4,633
  New Jersey Health Care Facilities Financing Authority Lease (Appropriation) Revenue 5.000%  9/15/33  5,085     5,513
  New Jersey Health Care Facilities Financing Authority Lease Revenue 5.000%  9/15/27 11,395    12,487
  New Jersey Higher Education Student Assistance Authority Student Loan Revenue 2.375%  12/1/29  4,905     5,127
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%  10/1/34  6,960     7,595
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  10/1/35  7,845     8,663
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.875%  11/1/38  1,500     1,667
20
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.850%  10/1/39  5,100     5,605
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.250%  10/1/40    960       976
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.300%  11/1/40  1,000     1,010
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.950%  11/1/43  1,100     1,217
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.400%  10/1/45    960       976
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.450%  11/1/45  1,000     1,009
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.750%  11/1/45  1,000     1,063
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/47    675       732
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%  11/1/48    825       910
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.000%   4/1/49  2,320     2,521
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.050%  11/1/49    865       910
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.550%  11/1/50  1,000     1,009
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.900%  11/1/50  3,000     3,185
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 3.500%   4/1/51 12,370    13,757
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 4.100%  11/1/53    500       552
  New Jersey Housing & Mortgage Finance Agency Local or Guaranteed Housing Revenue 2.625%  11/1/56  1,000     1,009
8 New Jersey Infrastructure Bank Lease Revenue 2.000%   9/1/46  2,500     2,400
8 New Jersey Infrastructure Bank Lease Revenue 2.250%   9/1/50  1,500     1,482
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/31    925     1,186
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/33    330       421
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/40  6,910     7,996
  New Jersey NJ Institute of Technology College & University Revenue 5.000%   7/1/45  9,340    10,817
  New Jersey Rutgers State University College & University Revenue VRDO 0.010%   6/1/21 35,950    35,950
  New Jersey Rutgers State University College & University Revenue, Prere. 5.000%   5/1/23  7,000     7,653
  New Jersey Rutgers State University College & University Revenue, Prere. 5.000%   5/1/23 14,290    15,623
1 New Jersey Transportation Trust Fund Authority Appropriation Revenue 0.000% 12/15/34    285       217
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/21    135       135
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/22    595       624
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250% 12/15/22    250       269
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/23  4,060     3,993
21
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250% 12/15/23    145       163
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/24  1,045     1,020
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/24    685       664
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/25  1,440     1,368
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/25  1,485     1,411
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26  2,515     2,359
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/26  6,020     5,586
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/27  4,075     4,901
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/28  6,580     7,871
5 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28    945       840
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28  4,655     4,081
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/28    755       678
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29  5,805     6,907
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/29    270       321
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/29  5,060     4,417
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.625%  6/15/30  1,075     1,219
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30 11,750    13,911
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/30 10,550    12,490
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.100%  6/15/31  1,335     1,509
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/31 10,000    11,807
4 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31 10,000     8,107
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/31  7,945     6,341
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/31  2,025     2,396
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/32  9,295    10,628
1 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32 10,000     8,037
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/32    650       504
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/32  3,000     3,755
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/32  1,000     1,269
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/33  5,000     3,756
22
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33  2,810     3,512
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/33  1,000     1,266
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/34  1,375     1,712
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/34  1,175       856
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/34  3,250     4,054
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/35  1,625     2,016
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35    170       120
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/35  1,790     1,322
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/35  2,325     2,894
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/36  1,500     1,855
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/36    875       595
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/36  6,760     4,599
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000% 12/15/36  2,420     3,005
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/37  1,000     1,233
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/37  5,785     3,793
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/37  2,175     1,426
2 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/37  2,610     3,024
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/38  1,000     1,131
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/38  1,000     1,230
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/38  7,175     4,536
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.250% 12/15/38  2,305     2,676
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/39  1,050     1,184
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.125%  6/15/39  2,625     3,019
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000% 12/15/39  8,620     9,942
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/40  1,800     2,025
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 0.000% 12/15/40  1,805     1,061
8 New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.000%  6/15/41  1,000     1,122
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.250%  6/15/43  5,500     6,838
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 5.000%  6/15/46  3,000     3,659
23
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Appropriations Revenue 4.500%  6/15/49  5,200     6,039
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/25  4,585     4,813
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/26    470       534
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/27  4,980     5,437
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/28    215       252
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/29  2,785     3,031
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/29  2,000     2,330
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/30    400       416
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/30    450       491
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.000%  6/15/31  1,000     1,039
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/31  1,000     1,256
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/31  1,600     1,743
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/31    400       463
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/32 10,300    10,813
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/33  4,000     4,199
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.750%  6/15/38  3,330     3,733
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/38  1,010     1,126
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.500%  6/15/39  5,400     5,887
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.250%  6/15/41  5,200     5,963
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 4.250%  6/15/44  1,815     1,958
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/44    625       673
  New Jersey Transportation Trust Fund Authority Appropriations Revenue (Transportation Program) 5.000%  6/15/46  5,585     6,340
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/32  1,000     1,254
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/33  1,000     1,252
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/34  1,000     1,248
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/35  1,000     1,246
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/36  1,000     1,151
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/36  1,000     1,181
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/37  1,500     1,911
24
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/38  4,500     5,151
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/38  1,800     2,112
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.250%  6/15/39  1,000     1,072
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/39  1,250     1,462
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/40  1,000     1,167
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/40  2,000     2,528
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/44  6,000     6,783
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/44  2,000     2,446
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/45  6,000     6,885
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/45  3,000     3,740
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.500%  6/15/46  4,520     4,859
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 3.000%  6/15/50  6,040     6,300
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/50  4,000     4,477
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 4.000%  6/15/50  6,000     6,825
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/50  2,000     2,429
  New Jersey Transportation Trust Fund Authority Fuel Sales Tax Revenue 5.000%  6/15/50  3,000     3,719
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/32  1,140       883
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/33  3,730     2,802
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/34    650       473
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/38  9,725     6,148
  New Jersey Transportation Trust Fund Authority Lease (Appropriation) Revenue 0.000% 12/15/39    675       411
4 New Jersey Transportation Trust Fund Authority Transit Revenue 5.500% 12/15/21    315       324
5,9 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/24    100        98
5,10 New Jersey Transportation Trust Fund Authority Transit Revenue 0.000% 12/15/26    825       785
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31  3,000     3,632
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31  2,600     3,215
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/31  3,035     3,753
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32    145       167
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/32  3,100     3,822
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/33     30        37
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/33  1,250     1,538
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/34  5,000     5,788
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34     20        23
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34  3,450     3,966
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34  5,000     6,045
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/34  7,250     8,897
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/35  2,000     2,305
25
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/35  4,000     4,833
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/36    650       750
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/36  3,890     4,757
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/37  2,500     2,877
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/37  9,755    11,903
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/40  3,000     3,641
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/42  5,665     6,775
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/43 12,525    14,255
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/45 14,795    16,884
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/48    170       195
  New Jersey Turnpike Authority Highway Revenue 5.000%   1/1/48  4,000     4,911
  New Jersey Turnpike Authority Highway Revenue 4.000%   1/1/51  7,500     8,844
3,6 New Jersey Turnpike Authority Highway Revenue TOB VRDO 0.210%   6/4/21 11,915    11,915
4 Newark Housing Authority Scholarship Foundation A New Jersey Non Lease Revenue (ADDL-Newark Redevelopment Project) 5.000%   1/1/32  2,500     2,998
  Newark Housing Authority Scholarship Foundation A New Jersey Non Lease Revenue (Newark Redevelopment Project) 4.000%   1/1/37  8,600     9,656
  North Brunswick Township Board of Education GO 3.250%  8/15/31    395       442
  North Brunswick Township Board of Education GO 3.375%  8/15/36  1,940     2,161
  North Brunswick Township Board of Education GO 3.375%  8/15/37  1,695     1,883
  Passaic County Improvement Authority Auto Parking Revenue 5.000%   5/1/42  2,500     2,981
  Passaic County Improvement Authority Lease (Non-Terminable) Revenue (DPW Building Project) 5.000%   5/1/33    720       836
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/33    110       135
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 4.000%  8/15/34    125       153
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/35    130       145
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/36    145       162
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/37    150       167
  Passaic County Improvement Authority Lease Revenue (Paterson City Project) 3.000%  8/15/44    755       825
  Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) 5.000%  6/15/34  1,000     1,233
  Passaic County Improvement Authority Miscellaneous Revenue (Guaranteed-City Paterson Project) 5.000%  6/15/35  1,200     1,476
  Passaic County NJ GO 3.000%   5/1/32    540       619
  Passaic County NJ GO 3.000%  11/1/35  3,000     3,312
  Passaic County NJ GO 1.000%  12/1/35  1,675     1,462
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/36  1,495     1,635
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/37  1,935     2,109
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/38    970     1,053
1 Passaic Valley Sewerage Commission Sewer Revenue 3.000%  12/1/39    500       542
  Pennsauken Township School District GO 4.000%  7/15/38  2,525     2,813
2,8 Perth Amboy NJ GO 5.000%  3/15/29    690       857
2,8 Perth Amboy NJ GO 5.000%  3/15/30    600       757
2,8 Perth Amboy NJ GO 5.000%  3/15/31    750       964
  Rancocas Valley Regional High School District GO 3.000%  3/15/39  1,300     1,425
  Rancocas Valley Regional High School District GO 3.000%  3/15/40  1,300     1,422
2 Salem County NJ GO 3.000%  6/15/33    270       290
  Salem County NJ GO 2.000%  6/15/36  1,680     1,691
  Salem County NJ GO 2.000%  6/15/37  1,835     1,843
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/39  2,440     2,788
  South Jersey Port Corp. Port, Airport & Marina Revenue 5.000%   1/1/49  2,500     2,977
26
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/22  2,780     2,959
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/23    250       266
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/28    200       256
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/28  1,140     1,461
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/29    500       653
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/30    450       508
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/30    500       649
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/31    500       647
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/32    750       844
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/32    500       645
1 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/33    500       643
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/39 10,925    12,182
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/40  2,125     2,489
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/41  3,250     4,147
  South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45  5,410     6,777
2 South Jersey Transportation Authority Highway Revenue 5.000%  11/1/45  3,525     4,454
  South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50 11,735    13,469
2 South Jersey Transportation Authority Highway Revenue 4.000%  11/1/50  3,265     3,790
  South Jersey Transportation Authority Highway Revenue, Prere. 5.000%  11/1/22  4,000     4,268
  South Jersey Transportation Authority Highway Revenue, Prere. 5.000%  11/1/22  5,000     5,335
  South Jersey Transportation Authority Highway Revenue, Prere. 5.000%  11/1/22  3,010     3,212
  South Jersey Transportation Authority Highway Revenue, Prere. 5.000%  11/1/22  2,050     2,187
  South Orange & Maplewood School District GO 2.250%  11/1/37  1,120     1,152
  South Orange & Maplewood School District GO 2.250%  11/1/38  1,000     1,026
  South Orange & Maplewood School District GO 2.500%  11/1/42  3,100     3,208
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/25  1,650     1,941
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/26  1,405     1,705
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/28  1,955     2,496
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/29  1,500     1,898
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/30  1,500     1,884
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/31  3,550     4,442
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/32  2,850     3,554
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/33  2,750     3,415
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/34  2,000     2,476
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/35  2,870     3,544
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/36  2,000     2,461
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 4.000%   6/1/37  3,100     3,599
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/37  2,050     2,514
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46 14,265    17,036
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.000%   6/1/46  2,500     2,938
  Tobacco Settlement Financing Corp. Tobacco Settlement Funded Revenue 5.250%   6/1/46 11,500    14,005
27
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Toms River Board of Education GO 3.000%  7/15/30  1,150     1,242
  Toms River Board of Education GO 3.000%  7/15/31  1,500     1,612
  Toms River Board of Education GO 3.000%  7/15/33  2,000     2,138
  Toms River Board of Education GO 3.000%  7/15/38  2,675     2,837
  Union City NJ GO 5.000%  11/1/23  1,060     1,154
  Union Township NJ/Union County GO 1.000%   8/1/32  1,094     1,017
  West Deptford Township NJ GO 3.000%  2/15/30    645       713
  West Deptford Township NJ GO 3.000%  2/15/32    640       700
                 2,455,644
Delaware (0.6%)
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/35  1,000     1,093
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/36  1,000     1,091
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/37  1,000     1,088
  Delaware River & Bay Authority Highway Revenue 3.000%   1/1/38  1,000     1,082
  Delaware River & Bay Authority Highway Revenue 5.000%   1/1/42  9,980    10,631
  Delaware River & Bay Authority Highway Revenue 4.000%   1/1/44  2,000     2,291
                 17,276
Guam (0.2%)
  Guam Government Waterworks Authority Water Revenue, Prere. 5.500%   7/1/23  3,000     3,321
8 Guam Miscellaneous Taxes Revenue 4.000%   1/1/36    200       232
8 Guam Miscellaneous Taxes Revenue 4.000%   1/1/42     70        80
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/27  1,135     1,269
  Guam Power Authority Electric Power & Light Revenue 5.000%  10/1/29  1,355     1,504
                 6,406
New York (3.8%)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.375%   3/1/28  1,165     1,368
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/34  2,500     3,299
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/35  2,000     2,496
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/36  5,560     7,157
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 11/15/36  5,000     6,236
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/37  3,140     3,784
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/37  3,635     4,340
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/38  1,310     1,574
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/38  3,800     4,730
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/38  4,000     4,762
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/39  4,560     5,413
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/39  4,090     4,659
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/40  3,150     3,819
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%   9/1/43  2,500     2,908
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/46  2,500     2,990
28
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000% 10/15/47  4,000     4,835
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%   9/1/48  3,740     4,565
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/51  2,250     2,677
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 10/15/55  5,080     5,932
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  7/15/56  2,500     3,177
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 11/15/56  5,010     6,079
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  4/15/57  4,000     4,787
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.000%  5/15/57  3,000     3,646
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 5.250% 11/15/57  4,405     5,376
  Port Authority of New York & New Jersey Port, Airport & Marina Revenue 4.000%  7/15/61  2,500     2,944
3,6 Port Authority of New York & New Jersey Port, Airport & Marina Revenue TOB VRDO 0.130%   6/4/21     20        20
                 103,573
Pennsylvania (3.4%)
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/31  1,540     1,904
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/33  2,250     2,768
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/33    135       174
2 Delaware River Joint Toll Bridge Commission Highway Revenue 4.000%   7/1/34  2,660     2,975
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34  1,000     1,228
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/34    135       174
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/35  4,530     5,558
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/35    175       224
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36  2,260     2,769
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/36    155       198
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/37  2,515     3,078
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/37    150       191
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/38    215       273
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/39    170       215
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/42 12,000    14,569
  Delaware River Joint Toll Bridge Commission Highway Revenue 5.000%   7/1/47  5,500     6,618
  Delaware River Port Authority Highway Revenue 5.000%   1/1/31  1,730     2,230
  Delaware River Port Authority Highway Revenue 5.000%   1/1/33  3,000     3,347
  Delaware River Port Authority Highway Revenue 5.000%   1/1/35  1,420     1,799
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37 12,040    13,402
  Delaware River Port Authority Highway Revenue 5.000%   1/1/37  1,000     1,258
  Delaware River Port Authority Highway Revenue 5.000%   1/1/38  3,900     4,887
  Delaware River Port Authority Highway Revenue 5.000%   1/1/39  3,500     4,374
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  2,510     2,792
  Delaware River Port Authority Highway Revenue 5.000%   1/1/40  4,080     5,089
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/24    455       486
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/26  4,560     4,855
  Delaware River Port Authority Port, Airport & Marina Revenue (Port District Project) 5.000%   1/1/27  2,660     2,826
                 90,261
29
New Jersey Long-Term Tax-Exempt Fund
    Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•

($000)
Puerto Rico (0.5%)
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/24    520       495
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/27  1,204     1,081
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/29  1,622     1,380
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/31    130       102
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40  6,461     7,152
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.329%   7/1/40    687       761
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.550%   7/1/40     50        56
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.550%   7/1/40     70        78
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 0.000%   7/1/46    445       144
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 5.000%   7/1/58    930     1,059
                 12,308
Total Tax-Exempt Municipal Bonds (Cost $2,477,442) 2,685,468
Total Investments (99.4%) (Cost $2,477,442) 2,685,468
Other Assets and Liabilities—Net (0.6%) 17,400
Net Assets (100%) 2,702,868
Cost is in $000.
• See Note A in Notes to Financial Statements.
1 Scheduled principal and interest payments are guaranteed by Assured Guaranty Municipal Corp.
2 Scheduled principal and interest payments are guaranteed by Build America Mutual Assurance Co.
3 Security 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, 2021, the aggregate value was $33,686,000, representing 1.2% of net assets.
4 Scheduled principal and interest payments are guaranteed by National Public Finance Guarantee Corp.
5 Scheduled principal and interest payments are guaranteed by Ambac Assurance Corp.
6 Scheduled principal and interest payments are guaranteed by bank letter of credit.
7 Securities with a value of $971,000 have been segregated as initial margin for open futures contracts.
8 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of May 31, 2021.
9 Scheduled principal and interest payments are guaranteed by Assured Guaranty Corp.
10 Scheduled principal and interest payments are guaranteed by Berkshire Hathaway Assurance Corp.
  GO—General Obligation Bond.
  Prere.—Prerefunded.
  PUT—Put Option Obligation.
  TOB—Tender Option Bond.
  TRAN—Tax Revenue Anticipation Note.
  VRDO—Variable Rate Demand Obligation.
30
New Jersey Long-Term Tax-Exempt Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts        
5-Year U.S. Treasury Note September 2021 398 49,293 (13)
 
Short Futures Contracts        
Long U.S. Treasury Bond September 2021 (10) (1,565) (4)
Ultra 10-Year U.S. Treasury Note September 2021 (197) (28,556) (119)
Ultra Long U.S. Treasury Bond September 2021 (62) (11,486) (11)
        (134)
        (147)
  
See accompanying Notes, which are an integral part of the Financial Statements.
31
New Jersey Long-Term Tax-Exempt Fund
Statement of Assets and Liabilities
As of May 31, 2021
($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value—Unaffiliated Issuers (Cost $2,477,442) 2,685,468
Investment in Vanguard 94
Cash 991
Receivables for Investment Securities Sold 65
Receivables for Accrued Income 35,110
Receivables for Capital Shares Issued 4,374
Other Assets 102
Total Assets 2,726,204
Liabilities  
Payables for Investment Securities Purchased 20,075
Payables for Capital Shares Redeemed 1,345
Payables for Distributions 1,721
Payables to Vanguard 117
Variation Margin Payable—Futures Contracts 78
Total Liabilities 23,336
Net Assets 2,702,868
At May 31, 2021, net assets consisted of:  
   
Paid-in Capital 2,481,593
Total Distributable Earnings (Loss) 221,275
Net Assets 2,702,868
 
Investor Shares—Net Assets  
Applicable to 24,228,355 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		310,354
Net Asset Value Per Share—Investor Shares $12.81
 
Admiral Shares—Net Assets  
Applicable to 186,775,744 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		2,392,514
Net Asset Value Per Share—Admiral Shares $12.81
  
See accompanying Notes, which are an integral part of the Financial Statements.
32
New Jersey Long-Term Tax-Exempt Fund
Statement of Operations
  Six Months Ended
May 31, 2021
  ($000)
Investment Income  
Income  
Interest 38,178
Total Income 38,178
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 109
Management and Administrative—Investor Shares 198
Management and Administrative—Admiral Shares 872
Marketing and Distribution—Investor Shares 13
Marketing and Distribution—Admiral Shares 40
Custodian Fees 6
Shareholders’ Reports—Investor Shares 26
Shareholders’ Reports—Admiral Shares 37
Trustees’ Fees and Expenses —
Total Expenses 1,301
Net Investment Income 36,877
Realized Net Gain (Loss)  
Investment Securities Sold 13,538
Futures Contracts 1,691
Realized Net Gain (Loss) 15,229
Change in Unrealized Appreciation (Depreciation)  
Investment Securities 35,421
Futures Contracts (184)
Change in Unrealized Appreciation (Depreciation) 35,237
Net Increase (Decrease) in Net Assets Resulting from Operations 87,343
  
See accompanying Notes, which are an integral part of the Financial Statements.
33
New Jersey Long-Term Tax-Exempt Fund
Statement of Changes in Net Assets
  Six Months Ended
May 31,
2021 		  Year Ended
November 30,
2020
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 36,877   76,568
Realized Net Gain (Loss) 15,229   22,295
Change in Unrealized Appreciation (Depreciation) 35,237   18,602
Net Increase (Decrease) in Net Assets Resulting from Operations 87,343   117,465
Distributions      
Investor Shares (6,259)   (10,406)
Admiral Shares (50,793)   (80,404)
Total Distributions (57,052)   (90,810)
Capital Share Transactions      
Investor Shares 26,300   (12,400)
Admiral Shares 97,519   36,111
Net Increase (Decrease) from Capital Share Transactions 123,819   23,711
Total Increase (Decrease) 154,110   50,366
Net Assets      
Beginning of Period 2,548,758   2,498,392
End of Period 2,702,868   2,548,758
  
See accompanying Notes, which are an integral part of the Financial Statements.
34
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2021 		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $12.66 $12.49 $11.78 $12.09 $11.69 $12.00
Investment Operations            
Net Investment Income .1741 .3751 .4021 .4191 .4251 .430
Net Realized and Unrealized Gain (Loss) on Investments .249 .242 .758 (.242) .494 (.289)
Total from Investment Operations .423 .617 1.160 .177 .919 .141
Distributions            
Dividends from Net Investment Income (.173) (.375) (.403) (.420) (.422) (.430)
Distributions from Realized Capital Gains (.100) (.072) (.047) (.067) (.097) (.021)
Total Distributions (.273) (.447) (.450) (.487) (.519) (.451)
Net Asset Value, End of Period $12.81 $12.66 $12.49 $11.78 $12.09 $11.69
Total Return2 3.38% 5.07% 10.00% 1.49% 8.03% 1.06%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $310 $281 $290 $229 $235 $234
Ratio of Total Expenses to Average Net Assets 0.17% 0.17% 0.17% 0.17% 0.19% 0.19%
Ratio of Net Investment Income to Average Net Assets 2.73% 3.04% 3.28% 3.53% 3.57% 3.50%
Portfolio Turnover Rate 12% 31% 12% 19% 19% 19%
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.
35
New Jersey Long-Term Tax-Exempt Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period  		Six Months
Ended
May 31,
2021 		Year Ended November 30,
2020 2019 2018 2017 2016
Net Asset Value, Beginning of Period $12.66 $12.49 $11.78 $12.09 $11.69 $12.00
Investment Operations            
Net Investment Income .1791 .3851 .4131 .4291 .4371 .443
Net Realized and Unrealized Gain (Loss) on Investments .249 .242 .757 (.242) .494 (.289)
Total from Investment Operations .428 .627 1.170 .187 .931 .154
Distributions            
Dividends from Net Investment Income (.178) (.385) (.413) (.430) (.434) (.443)
Distributions from Realized Capital Gains (.100) (.072) (.047) (.067) (.097) (.021)
Total Distributions (.278) (.457) (.460) (.497) (.531) (.464)
Net Asset Value, End of Period $12.81 $12.66 $12.49 $11.78 $12.09 $11.69
Total Return2 3.42% 5.16% 10.09% 1.57% 8.14% 1.16%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,393 $2,268 $2,208 $1,865 $1,875 $1,742
Ratio of Total Expenses to Average Net Assets 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%
Ratio of Net Investment Income to Average Net Assets 2.81% 3.12% 3.36% 3.61% 3.67% 3.60%
Portfolio Turnover Rate 12% 31% 12% 19% 19% 19%
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.
36
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. Many municipalities insure repayment of their bonds. The insurance does not guarantee the market value of the municipal bonds. 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 securities 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 Statement of Assets and Liabilities. 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, 2021, the fund’s average investments in long and short futures contracts represented 2% and 1% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
37
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. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for 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 alternate 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, 2021, 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.
38
New Jersey Long-Term Tax-Exempt Fund
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees 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, 2021, the fund had contributed to Vanguard capital in the amount of $94,000, 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. Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives 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, 2021, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Tax-Exempt Municipal Bonds — 2,685,468 — 2,685,468
Derivative Financial Instruments         
Liabilities        
Futures Contracts1 147 — — 147
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
39
New Jersey Long-Term Tax-Exempt Fund
D. As of May 31, 2021, 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 2,479,445
Gross Unrealized Appreciation 206,278
Gross Unrealized Depreciation (402)
Net Unrealized Appreciation (Depreciation) 205,876
E. During the six months ended May 31, 2021, the fund purchased $443,579,000 of investment securities and sold $322,751,000 of investment securities, other than 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 ended May 31, 2021, such purchases and sales were $139,795,000 and $79,125,000, respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
    
  Six Months Ended
May 31, 2021 		  Year Ended
November 30, 2020
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 60,510 4,747   111,379 9,049
Issued in Lieu of Cash Distributions 5,318 418   8,777 708
Redeemed (39,528) (3,106)   (132,556) (10,816)
Net Increase (Decrease)—Investor Shares 26,300 2,059   (12,400) (1,059)
Admiral Shares          
Issued 190,481 14,955   380,517 30,732
Issued in Lieu of Cash Distributions 36,982 2,910   56,435 4,554
Redeemed (129,944) (10,210)   (400,841) (32,891)
Net Increase (Decrease)—Admiral Shares 97,519 7,655   36,111 2,395
G. Management has determined that no events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in these financial statements.
40
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard New Jersey Long-Term Tax-Exempt Fund has renewed the fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Fixed Income Group. The board determined that continuing the 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 the 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 the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also well below the peer-group average.
41
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 the fund’s arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
42
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 January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
43
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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.
© 2021 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Q142 072021

 

 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

 

 

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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 the 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)(1)Not applicable.

(a)(2)Certifications filed herewith.

(b)Certifications filed herewith.

 

 

 

 

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 16, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

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

 

Date: July 16, 2021

 

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

 

Date: July 16, 2021

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference